Noninterest expense decreased by $380,000, or 0.8 percent, to $44.4 million for the year ended December 31, 2012 from $44.8 million for the year ended December 31, 2011, primarily due to a $1.5 million decrease in the net loss on the write-down of other real estate owned, an $866,000 decrease in depreciation of furniture, software, and equipment, and a $407,000 decrease in other operations expense, partially offset by a $1.8 million increase in salaries and benefits expense and an $898,000 increase in professional and outside services expense. The decrease in the net loss on the write-down of other real estate owned was primarily attributable to write-downs of properties to their current fair value less estimated costs to sell totaling $1.0 million during the year ended December 31, 2012 compared to a total of $2.5 million in write-downs during the year ended December 31, 2011. The decrease in depreciation of furniture, software, and equipment was due primarily to certain assets being fully depreciated. The decrease in other operations expense was primarily attributable to our company-wide cost reduction efforts. The increase in salaries and benefits expense was due primarily to expenses related to our equity incentive plan implemented in June 2011 and higher commissions expense reflecting an increase in sales of investment products. The increase in professional and outside services resulted primarily from increases in expenses related to the equity incentive plan attributable to our outside directors and costs associated with the expansion of our ATM network and enhancement of our electronic banking capabilities.About OmniAmerican Bancorp, Inc.
OmniAmerican Bancorp, Inc. Reports Fourth Quarter And Annual 2012 Results
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