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OmniAmerican Bancorp, Inc. Reports First Quarter 2013 Earnings

Stocks in this article: OABC

FORT WORTH, Texas, May 1, 2013 (GLOBE NEWSWIRE) -- OmniAmerican Bancorp, Inc. (Nasdaq:OABC), the holding company for OmniAmerican Bank, today announced earnings for the quarter ended March 31, 2013. The financial information contained herein at and for the quarter ended March 31, 2013 is unaudited.

First Quarter 2013 Highlights

  • OABC reported net income for the first quarter of 2013 of $1.9 million. This is an increase of $1.1 million, or 140.7 percent, over the net income for the first quarter of 2012 of $803,000. On a per-share basis, first quarter 2013 earnings were $0.18 per diluted share, an increase of $0.10, or 125.0 percent, compared to $0.08 per diluted share reported in the first quarter of 2012.  
  • For the first quarter of 2013, annualized returns on average stockholders' equity and average assets were 3.75 percent and 0.61 percent, respectively, compared to 1.60 percent and 0.24 percent for the first quarter of 2012.  
  • The primary contributors to the increase in net income for the quarter ended March 31, 2013 compared to the quarter ended March 31, 2012 were an increase in noninterest income of $2.4 million and a decrease in the provision for loan losses of $900,000. The increase in noninterest income was primarily due to a $1.7 million increase in gains on sales of investments and a $467,000 increase in gains on sales of loans. The decrease in the provision for loan losses was primarily due to a $1.1 million decrease in net charge-offs. The increases in net income were partially offset by a decrease in net interest income of $1.0 million and an increase in income tax expense of $708,000.  
  • Total assets for OABC increased $19.2 million, or 1.5 percent, to $1.28 billion at March 31, 2013 from $1.26 billion at December 31, 2012, primarily due to a $17.3 million increase in securities classified as available for sale, a $10.3 million increase in bank-owned life insurance, and a $5.2 million increase in loans, net of the allowance for loan losses and deferred fees and discounts, partially offset by a $6.9 million decrease in cash and cash equivalents and a $6.7 million decrease in loans held for sale.

"We are very pleased with OmniAmerican's performance during the first quarter of 2013," said Tim Carter, president and CEO of OmniAmerican Bank. "While we continue to become more efficient, we are seeing positive results from our emphasis on growth through the expansion of services to our existing customers and the multiplicity of services we offer as a community bank.  This is especially true of our progress in the commercial banking arena.  OmniAmerican is in tune with, and focused on, the services which customers need from their financial institutions."

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