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 anda 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."
Financial Condition as of March 31, 2013 Compared with
December 31, 2012
Total assets 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 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.
Cash and cash equivalents decreased $6.9 million, or 28.7
percent, to $17.0 million at March 31, 2013 from $23.9 million at
December 31, 2012, primarily due to $98.0 million in cash used to
purchase investment securities available for sale, $96.6 million in
cash used to originate loans, $80.0 million in cash used to repay
Federal Home Loan Bank advances, $11.0 million in cash used to
repay overnight borrowings, $10.0 million in cash used to purchase
bank-owned life insurance, and $6.0 million in cash used to repay
repurchase agreements. These decreases were partially offset by
increases due to $105.0 million in cash received from Federal Home
Loan Bank advances, $71.3 million in cash received from loan
principal repayments, $46.2 million in proceeds from the sales of
securities available for sale, $32.1 million in proceeds from
principal repayments and maturities of securities, $26.9 million in
proceeds from the sales of loans, and $10.4 million in cash from
the net increase in deposits.
Loans held for sale decreased $6.7 million, or 75.8 percent
to $2.1 million at March 31, 2013 from $8.8 million at
December 31, 2012, primarily due to sales of loans held for sale of
$26.3 million, partially offset by originations of loans held for
sale of $19.6 million.
Securities classified as available for sale increased $17.3
million, or 4.5 percent, to $401.2 million at March 31, 2013 from
$383.9 million at December 31, 2012. The increase in securities
classified as available for sale is primarily attributable to
purchases of securities available for sale of $98.0 million,
partially offset by decreases due to the sales of securities
available for sale of $44.5 million, principal repayments and
maturities of $32.1 million, and amortization of net premiums on
investments of $934,000 during the quarter ended
March 31, 2013.
Loans, net of the allowance for loan losses and deferred fees
and discounts, increased $5.2 million, or 0.7 percent, to $740.5
million at March 31, 2013 from $735.3 million at December 31, 2012.
The increase in loans included an $8.5 million increase in
automobile loans and a $3.0 million increase in real estate
construction loans, partially offset by a $3.8 million decrease in
one- to four-family residential real estate loans, a $1.4 million
decrease in commercial real estate loans, a $637,000 decrease in
commercial business loans, and a $543,000 decrease in other
consumer loans.
Bank-owned life insurance increased $10.3 million, or 32.1
percent, to $42.5 million at March 31, 2013 from $32.2 million
at December 31, 2012, primarily due to the purchase of an
additional $10.0 million of life insurance policies on certain key
employees during the quarter ended March 31, 2013.
Deposits increased $10.4 million, or 1.3 percent, to $826.7
million at March 31, 2013 from $816.3 million at December 31, 2012.
The increase was primarily due to increases in interest-bearing
demand deposits of $8.1 million, noninterest-bearing demand
deposits of $6.2 million, and savings deposits of $807,000,
partially offset by decreases in money market deposits of $3.6
million and certificates of deposit of $1.1 million. The increase
in demand deposits was primarily due to increases in the balances
in our consumer deposit accounts. The decrease in certificates of
deposit was primarily due to certificates of deposit that matured
and were not renewed.
Federal Home Loan Bank advances increased $25.0 million, or 12.1
percent, to $232.0 million at March 31, 2013 from $207.0 million at
December 31, 2012. The increase in Federal Home Loan Bank advances
was attributable to advances of $105.0 million, partially offset by
scheduled maturities of $80.0 million during the quarter ended
March 31, 2013. Other borrowings decreased $17.0 million, or
89.5 percent, to $2.0 million at March 31, 2013 from $19.0
million at December 31, 2012, primarily due to an $11.0 million
repayment of overnight borrowings during the quarter ended March
31, 2013 and the maturity and repayment of repurchase agreements
totaling $6.0 million in January 2013.
Stockholders' equity increased $513,000, or 0.2 percent, to
$206.1 million at March 31, 2013 from $205.6 million at December
31, 2012. The increase in stockholders' equity was primarily due to
net income of $1.9 million, share-based compensation expense of
$395,000, and ESOP compensation expense of $242,000 for the quarter
ended March 31, 2013. These increases were partially offset by a
decrease due to other comprehensive losses of $2.1 million,
primarily due to the sale of $44.5 million in investment securities
that resulted in a realized gain of $1.7 million during the quarter
ended March 31, 2013.
Asset Quality as of March 31, 2013 Compared with
December 31, 2012
Non-performing assets increased $233,000, or 1.8 percent, to
$13.3 million, or 1.04 percent of total assets, as of
March 31, 2013, from $13.0 million, or 1.04 percent of total
assets, as of December 31, 2012, primarily due to an increase of
$533,000 in loans on nonaccrual status, partially offset by a
decrease of $244,000 in other real estate owned. The decrease in
other real estate owned resulted primarily from sales of other real
estate owned properties totaling $282,000 during the quarter ended
March 31, 2013.
Operating Results for the Three Months Ended March 31,
2013 Compared with the Three Months Ended March 31,
2012
Net income increased $1.1 million, or 140.7 percent, to $1.9
million, or $0.18 per diluted share, for the quarter ended
March 31, 2013 from $803,000, or $0.08 per diluted share, for
the quarter ended March 31, 2012.
Net interest income decreased $1.0 million, or 10.0 percent, to
$9.0 million for the quarter ended March 31, 2013 from $10.0
million for the quarter ended March 31, 2012, primarily due to a
decrease in the average yield on interest-earning assets, partially
offset by a decrease in the average balance and average rates of
interest-bearing liabilities. Total interest income decreased $2.0
million, or 15.3 percent, to $11.1 million for the three months
ended March 31, 2013 from $13.1 million for the three months ended
March 31, 2012, primarily due to a 35 basis point decrease in the
average yield on interest-earning assets and a 7.5 percent decrease
in the average balance of interest-earning assets. Total interest
expense decreased $1.0 million, or 32.4 percent, to $2.1 million
for the three months ended March 31, 2013 from $3.1 million for the
three months ended March 31, 2012, primarily due to a 8.9 percent
decrease in the average balance of interest-bearing liabilities and
a 30 basis point decrease in the average rate paid on
interest-bearing liabilities.
The provision for loan losses decreased $900,000, or 64.3
percent, to $500,000 for the quarter ended March 31, 2013 from $1.4
million for the quarter ended March 31, 2012. The provision for
loan losses is charged to operations to bring the allowance for
loan losses to a level that reflects management's best estimate of
the losses inherent in the loan portfolio. The allowance for loan
losses to total loans receivable ratio decreased to 0.93 percent at
March 31, 2013 from 1.08 percent at March 31, 2012. Net charge-offs
decreased $1.1 million, to $478,000, or 0.26 percent of average
loans outstanding, for the three months ended March 31, 2013 from
$1.6 million, or 0.89 percent of average loans outstanding, for the
three months ended March 31, 2012.
Noninterest income increased $2.4 million, or 68.3 percent, to
$5.9 million for the quarter ended March 31, 2013 from $3.5 million
for the quarter ended March 31, 2012, primarily due to increases in
gains on sales of securities available for sale of $1.7 million,
gains on sales of loans of $467,000, and gains on sales of premises
and equipment of $344,000. The increase in gains on sales of
investment securities is attributable to sales of $44.5 million of
investment securities in the first quarter of 2013. No sales of
investment securities occurred during the first quarter of 2012.
The increase in gains on sales of loans resulted primarily from
increased sales of mortgage loans as the Company began selling a
portion of its fixed-rate one- to four-family residential real
estate loans with terms of 15 to 25 years during the second half of
2012. The increase in gains on sales of premises and equipment
resulted primarily from the sale of land adjacent to one of our
branch locations during the quarter ended March 31, 2013.
Noninterest expense increased $445,000, or 4.1 percent, to $11.3
million for the quarter ended March 31, 2013 from $10.9 million for
the quarter ended March 31, 2012, primarily due to a $630,000
increase in salaries and benefits expense, partially offset by a
$240,000 decrease in the net loss on write-down of other real
estate owned. The increase in salaries and benefits expense was due
primarily to a $272,000 increase in salaries expense due in part to
annual salary increases implemented at the beginning of 2013, a
$134,000 increase in health insurance expense due to unfavorable
medical claims experience, and a $126,000 increase in equity
incentive plan expenses. In addition, salaries expense for the
first quarter of 2013 included $120,000 of severance payments as we
trimmed our workforce in response to earnings pressures resulting
from the current challenging regulatory and rate environment. The
decrease in the net loss on write-down of other real estate owned
expense resulted primarily from four properties that were written
down for a total of $240,000 during the quarter ended March 31,
2012 while none of our other real estate owned properties were
written down during the quarter ended March 31, 2013.
About OmniAmerican Bancorp, Inc.
OmniAmerican Bancorp, Inc. is traded on the NASDAQ Global Select
Market under the symbol "OABC" and is the holding company for
OmniAmerican Bank, a full-service financial institution
headquartered in Fort Worth, Texas. OmniAmerican Bank operates 15
full-service branches in the Dallas/Fort Worth Metroplex and offers
a full array of consumer products and services as well as
business/commercial services, mortgages and retirement planning.
Founded over 50 years ago, OmniAmerican Bank had $1.28 billion in
assets at March 31, 2013 and is proud to provide the highest level
of personal service. Additional information is available at
www.OmniAmerican.com.
Cautionary Statement About Forward-Looking
Information
This news release contains forward-looking statements, which can
be identified by the use of words such as "estimate," "project,"
"believe," "intend," "anticipate," "plan," "seek," "expect," "may,"
and words of similar meaning. These forward-looking statements
include, but are not limited to, statements of our goals,
intentions, and expectations; statements regarding our business
plans, prospects, growth, and operating strategies; statements
regarding the asset quality of our loan and investment portfolios;
and estimates of our risks and future costs and benefits.
These forward-looking statements are based on our current
beliefs and expectations and are inherently subject to significant
business, economic, and competitive uncertainties and
contingencies, many of which are beyond our control. In addition,
these forward-looking statements are subject to assumptions with
respect to future business strategies and decisions that are
subject to change. We are under no duty to and do not take any
obligation to update any forward-looking statements after the date
of this earnings release.
The following factors, among others, could cause actual results
to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: general
economic conditions, either nationally or in our market areas, that
are worse than expected; competition among depository and other
financial institutions; inflation and changes in the interest rate
environment that reduce our margins or reduce the fair value of
financial instruments; adverse changes in the securities markets;
changes in laws or government regulations or policies affecting
financial institutions, including changes in regulatory fees and
capital requirements; our ability to enter new markets successfully
and capitalize on growth opportunities; our ability to successfully
integrate acquired entities, if any; changes in consumer spending,
borrowing, and savings habits; changes in accounting policies and
practices, as may be adopted by the bank regulatory agencies, the
Financial Accounting Standards Board, the Securities and Exchange
Commission, and the Public Company Accounting Oversight Board;
inability of borrowers and/or third-party providers to perform
their obligations to us; the effect of developments in the
secondary market affecting our loan pricing; changes in our
organization, compensation, and benefit plans; changes in our
financial condition or results of operations that reduce capital
available to pay dividends; changes in the financial condition or
future prospects of issuers of securities that we own; changes
resulting from intense compliance and regulatory costs associated
with the Dodd-Frank Wall Street Reform and Consumer Protection Act;
and changes in our regulatory capital resulting from compliance
with the proposed Basel III capital rules.
Because of these and a wide variety of other uncertainties, our
actual future results may be materially different from the results
indicated by these forward-looking statements.
OmniAmerican Bancorp,
Inc. and Subsidiary Consolidated Balance Sheets
(Unaudited) (Dollars in thousands, except per
share data) |
|
|
March 31, |
December 31, |
|
2013 |
2012 |
ASSETS |
|
|
Cash and cash equivalents |
$17,007 |
$23,853 |
Investments: |
|
|
Securities available for sale at fair
value |
401,225 |
383,909 |
Other |
13,620 |
12,867 |
Loans held for sale |
2,136 |
8,829 |
|
|
|
Loans, net of deferred fees and
discounts |
747,380 |
742,171 |
Less allowance for loan losses |
(6,922) |
(6,900) |
Loans, net |
740,458 |
735,271 |
Premises and equipment, net |
42,641 |
43,126 |
Bank-owned life insurance |
42,499 |
32,183 |
Other real estate owned |
4,525 |
4,769 |
Mortgage servicing rights |
1,205 |
1,009 |
Deferred tax asset, net |
2,060 |
1,039 |
Accrued interest receivable |
3,367 |
3,340 |
Other assets |
5,834 |
7,154 |
Total assets |
$1,276,577 |
$1,257,349 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Deposits: |
|
|
Noninterest-bearing |
53,504 |
47,331 |
Interest-bearing |
773,219 |
768,971 |
Total deposits |
826,723 |
816,302 |
|
|
|
Federal Home Loan Bank advances |
232,000 |
207,000 |
Other secured borrowings |
2,000 |
19,000 |
Accrued expenses and other liabilities |
9,763 |
9,469 |
Total liabilities |
1,070,486 |
1,051,771 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
Common stock, par value $0.01 per share;
100,000,000 shares authorized; 11,443,704 shares issued and
outstanding at March 31, 2013 and 11,444,800 shares issued and
outstanding at December 31, 2012 |
114 |
114 |
Additional paid-in capital |
107,225 |
106,684 |
Unallocated Employee Stock Ownership Plan
("ESOP") shares |
(8,284) |
(8,379) |
Retained earnings |
103,810 |
101,877 |
Accumulated other comprehensive
income |
3,226 |
5,282 |
Total stockholders'
equity |
206,091 |
205,578 |
Total liabilities and
stockholders' equity |
$1,276,577 |
$1,257,349 |
|
OmniAmerican Bancorp,
Inc. and Subsidiary Consolidated Statements of
Income (Unaudited) (Dollars in thousands, except
per share data) |
|
|
Three Months
Ended |
|
March
31, |
|
2013 |
2012 |
Interest income: |
|
|
Loans, including fees |
$8,901 |
$9,673 |
Securities—taxable |
2,163 |
3,383 |
Total interest income |
11,064 |
13,056 |
Interest expense: |
|
|
Deposits |
1,457 |
1,672 |
Borrowed funds |
623 |
1,405 |
Total interest expense |
2,080 |
3,077 |
Net interest income |
8,984 |
9,979 |
Provision for loan losses |
500 |
1,400 |
Net interest income after provision for
loan losses |
8,484 |
8,579 |
Noninterest income: |
|
|
Service charges and other fees |
2,218 |
2,312 |
Net gains on sales of loans |
786 |
319 |
Net gains on sales of securities
available for sale |
1,701 |
— |
Net gains on sales of premises and
equipment |
344 |
— |
Net (losses) gains on sales of
repossessed assets |
(30) |
94 |
Commissions |
308 |
403 |
Increase in cash surrender value of
bank-owned life insurance |
316 |
219 |
Other income |
219 |
137 |
Total noninterest income |
5,862 |
3,484 |
Noninterest expense: |
|
|
Salaries and benefits |
6,757 |
6,127 |
Software and equipment maintenance |
610 |
620 |
Depreciation of furniture, software and
equipment |
413 |
445 |
FDIC insurance |
190 |
211 |
Net loss on write-down of other real
estate owned |
— |
240 |
Real estate owned (income) expense |
(20) |
30 |
Service fees |
114 |
129 |
Communications costs |
224 |
268 |
Other operations expense |
761 |
744 |
Occupancy |
980 |
978 |
Professional and outside services |
1,038 |
896 |
Loan servicing |
111 |
74 |
Marketing |
150 |
121 |
Total noninterest expense |
11,328 |
10,883 |
Income before income tax expense |
3,018 |
1,180 |
Income tax expense |
1,085 |
377 |
Net income |
$1,933 |
$803 |
|
|
|
Earnings per share: |
|
|
Basic |
$0.19 |
$0.08 |
Diluted |
$0.18 |
$0.08 |
OmniAmerican Bancorp,
Inc. and Subsidiary Selected Consolidated
Financial Ratios and Other Data (Unaudited)
(Dollars in thousands, except per share data) |
|
|
At or For the
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
2013 |
2012 |
2012 |
2012 |
2012 |
Share Data: |
|
|
|
|
|
Total shares outstanding at period end |
11,443,704 |
11,444,800 |
11,435,300 |
11,277,134 |
11,313,213 |
Weighted average shares outstanding —
Basic |
10,358,984 |
10,349,386 |
10,338,792 |
10,327,370 |
10,325,857 |
Weighted average shares outstanding —
Diluted |
10,530,373 |
10,467,533 |
10,420,382 |
10,388,720 |
10,352,824 |
Basic earnings per share |
$0.19 |
$0.11 |
$0.22 |
$0.14 |
$0.08 |
Diluted earnings per share |
$0.18 |
$0.11 |
$0.22 |
$0.14 |
$0.08 |
Book value per share |
$18.01 |
$17.96 |
$17.91 |
$17.91 |
$17.73 |
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Return on average assets (1) |
0.61% |
0.36% |
0.70% |
0.42% |
0.24% |
Return on average equity (1) |
3.75% |
2.25% |
4.50% |
2.85% |
1.60% |
Noninterest expense to average total assets
(1) |
3.59% |
3.69% |
3.25% |
3.27% |
3.24% |
Efficiency ratio (2) |
76.30% |
86.35% |
72.90% |
84.04% |
80.84% |
|
|
|
|
|
|
Selected Balance Sheet
Data: |
|
|
|
|
|
Equity to total assets |
16.14% |
16.35% |
15.97% |
15.02% |
14.68% |
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
Total capital (to risk-weighted assets) |
25.22% |
25.47% |
25.46% |
24.35% |
25.16% |
Tier I capital (to risk-weighted assets) |
24.32% |
24.56% |
24.49% |
23.41% |
24.13% |
Tier I capital (to total assets) |
15.64% |
15.67% |
15.20% |
14.22% |
13.91% |
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
Non-performing assets to total assets |
1.04% |
1.04% |
1.11% |
1.17% |
1.27% |
Non-performing loans to total loans |
1.13% |
1.06% |
1.14% |
1.18% |
1.43% |
Allowance for loan losses to non-performing
loans |
82.49% |
87.81% |
87.45% |
80.65% |
75.50% |
Allowance for loan losses to total loans |
0.93% |
0.93% |
1.00% |
0.95% |
1.08% |
Net charge-offs to average loans outstanding
(1) |
0.26% |
0.22% |
0.21% |
0.31% |
0.89% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized. |
(2) The efficiency ratio
represents noninterest expense divided by the sum of net interest
income and noninterest income. |
OmniAmerican Bancorp,
Inc. and Subsidiary Selected Consolidated
Financial Ratios and Other Data (Unaudited)
(Dollars in thousands, except per share data)
|
|
|
At or For the
Three Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
|
2013 |
2012 |
2012 |
2012 |
2012 |
|
Average Balances: |
|
|
|
|
|
|
Loans |
$746,674 |
$743,417 |
$751,068 |
$733,042 |
$704,648 |
|
Securities |
391,258 |
390,761 |
439,636 |
507,390 |
522,257 |
|
Other interest-earning assets |
17,523 |
32,323 |
20,226 |
16,662 |
22,335 |
|
Total interest-earning assets |
$1,155,455 |
$1,166,501 |
$1,210,930 |
$1,257,094 |
$1,249,240 |
|
Deposits: |
|
|
|
|
|
|
Interest-bearing demand |
$137,507 |
$134,784 |
$134,473 |
$135,294 |
$132,352 |
|
Savings and money market |
332,490 |
334,297 |
332,969 |
337,317 |
323,221 |
|
Certificates of deposit |
293,204 |
295,271 |
296,217 |
303,554 |
314,709 |
|
FHLB advances and other borrowings |
233,331 |
244,927 |
293,700 |
330,438 |
323,319 |
|
Total interest-bearing liabilities |
$996,532 |
$1,009,279 |
$1,057,359 |
$1,106,603 |
$1,093,601 |
|
|
|
|
|
|
|
|
Yields/Rates (1): |
|
|
|
|
|
|
Loans |
4.77% |
4.96% |
5.19% |
5.30% |
5.49% |
|
Securities |
2.19% |
2.36% |
2.47% |
2.51% |
2.57% |
|
Other interest-earning assets |
0.50% |
0.41% |
0.47% |
0.60% |
0.45% |
|
Total interest earning assets |
3.83% |
3.96% |
4.13% |
4.11% |
4.18% |
|
Deposits: |
|
|
|
|
|
|
Interest-bearing demand |
0.09% |
0.09% |
0.09% |
0.09% |
0.09% |
|
Savings and money market |
0.18% |
0.19% |
0.19% |
0.19% |
0.23% |
|
Certificates of deposit |
1.74% |
1.78% |
1.82% |
1.83% |
1.85% |
|
FHLB advances and other borrowings |
1.07% |
1.20% |
1.34% |
1.75% |
1.74% |
|
Total interest-bearing liabilities |
0.83% |
0.88% |
0.95% |
1.09% |
1.13% |
|
|
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
|
Interest rate spread (2) |
3.00% |
3.08% |
3.18% |
3.02% |
3.05% |
|
Net interest margin (3) |
3.11% |
3.20% |
3.30% |
3.15% |
3.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized. |
|
|
|
|
|
|
(2) The interest rate spread
represents the difference between the weighted-average yield on
interest-earning assets and the weighted average cost of
interest-bearing liabilities for the period. |
(3) The net interest margin
represents net interest income as a percent of average
interest-earning assets for the period. |
CONTACT: Keishi High, Investor Relations Officer
817-367-4640
Keishi.High@OmniAmerican.com
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