OmniAmerican Bancorp, Inc. (Nasdaq:OABC), the holding company for
OmniAmerican Bank, today announced earnings for the three and six
month periods ended June 30, 2013. The financial information
contained herein at and for the three and six month periods ended
June 30, 2013 is unaudited.
Second Quarter 2013 Highlights
- Loans, net of the allowance for loan losses and
deferred fees and discounts increased $65.7 million, or 8.9 percent
to $801.0 million at June 30, 2013 from $735.3 million at December
31, 2012. This increase includes a $34.3 million increase
in commercial loans and a $33.2 million increase in consumer loans,
partially offset by a $2.9 million decrease in residential real
estate loans. The majority of the residential real estate loans
that we originate are currently being sold in the secondary market.
- OABC generated net income for the second quarter of
2013 of $674,000. This is a decrease of $766,000, or 53.2 percent,
from the net income for the second quarter of 2012 of $1.4
million. On a per-share basis, second quarter 2013
earnings were $0.06 per basic and diluted share, a decrease of
$0.08, or 57.1 percent, compared to $0.14 per basic and diluted
share reported in the second quarter of 2012.
- The primary contributors to the decrease in net income
for the quarter ended June 30, 2013 compared to the quarter ended
June 30, 2012 were a $1.1 million increase in the provision for
loan losses and a $467,000 decrease in net interest
income. The increase in the provision for loan losses was
primarily due to an increase in total loans receivable and a
$363,000 increase in net charge-offs. The decrease in net interest
income was primarily attributable to a decrease in the average
yield on interest-earning assets. These decreases in net income
were partially offset by increases due to a $420,000 decrease in
noninterest expense and a $338,000 decrease in income tax expense.
The decrease in noninterest expense was primarily due to a $470,000
decrease in net losses on write-downs of other real estate owned.
- Total assets for OABC increased $58.4 million, or 4.6
percent, to $1.32 billion at June 30, 2013 from $1.26 billion at
December 31, 2012, primarily due to a $65.7 million
increase in loans, net of the allowance for loan losses and
deferred fees and discounts, and a $10.7 million increase in
bank-owned life insurance, partially offset by a $8.4 million
decrease in loans held for sale and a $7.5 million decrease in
securities classified as available for sale.
"OmniAmerican's loan growth during the second quarter of 2013
was extremely strong, which is a result of our emphasis on
generating commercial loans and our robust auto lending activity,"
said Tim Carter, president and CEO of OmniAmerican Bank. "We
improved our net interest margin by increasing commercial loan
balances and reducing our cost of funds during the quarter;
however, our profitability was negatively impacted by the
increased loan loss reserve associated with loan growth this
period."
Financial Condition as of June 30, 2013 Compared with
December 31, 2012
Total assets increased $58.4 million, or 4.6 percent, to $1.32
billion at June 30, 2013 from $1.26 billion at December 31, 2012,
primarily due to a $65.7 million increase in loans, net of the
allowance for loan losses and deferred fees and discounts, and a
$10.7 million increase in bank-owned life insurance, partially
offset by a $8.4 million decrease in loans held for sale and a
$7.5 million decrease in securities available for sale.
Cash and cash equivalents decreased $2.5 million, or 10.1
percent, to $21.4 million at June 30, 2013 from $23.9 million at
December 31, 2012, primarily due to $230.1 million in cash used to
originate loans, $110.2 million in cash used to purchase investment
securities available for sale, $86.7 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 during the six months ended June 30, 2013.
These decreases were partially offset by increases due to $160.0
million in cash received from Federal Home Loan Bank advances,
$130.2 million in cash received from loan principal repayments,
$60.3 million in proceeds from principal repayments and maturities
of securities, $46.2 million in proceeds from the sales of
securities available for sale, and $43.9 million in proceeds from
the sales of loans.
Loans held for sale decreased $8.4 million, or 95.6 percent
to $385,000 at June 30, 2013 from $8.8 million at December 31,
2012, primarily due to sales of loans held for sale of $42.9
million, partially offset by originations of loans held for sale of
$34.5 million.
Securities classified as available for sale decreased $7.5
million, or 2.0 percent, to $376.4 million at June 30, 2013 from
$383.9 million at December 31, 2012. The decrease in securities
classified as available for sale is primarily attributable
to decreases due to principal repayments and maturities of
$60.3 million, the sales of securities available for sale of
$44.5 million, a decrease in unrealized gains of $11.1
million, and the amortization of net premiums on investments of
$1.8 million, partially offset by purchases of securities available
for sale of $110.2 million during the six months ended June 30,
2013.
Loans, net of the allowance for loan losses and deferred fees
and discounts, increased $65.7 million, or 8.9 percent, to $801.0
million at June 30, 2013 from $735.3 million at December 31, 2012.
The increase in loans included an $33.9 million increase in
automobile loans, a $23.7 million increase in commercial business
loans, a $7.3 million increase in real estate construction loans,
and a $3.4 million increase in commercial real estate loans,
partially offset by a $2.3 million decrease in one- to four-family
residential real estate loans.
Bank-owned life insurance increased $10.7 million, or 33.2
percent, to $42.9 million at June 30, 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 six months ended June 30, 2013.
Deposits increased $2.0 million, or 0.2 percent, to $818.3
million at June 30, 2013 from $816.3 million at December 31, 2012.
The increase was primarily due to increases in noninterest-bearing
demand deposits of $10.8 million, interest-bearing demand deposits
of $5.4 million, and savings deposits of $688,000, partially offset
by decreases in certificates of deposit of $9.8 million and money
market deposits of $5.1 million. The increase in demand deposits
was primarily due to the deepening of commercial banking
relationships which has led to growth in commercial loans and
deposits. 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 $73.3 million, or 35.4
percent, to $280.3 million at June 30, 2013 from $207.0 million at
December 31, 2012. The increase in Federal Home Loan Bank advances
was attributable to advances of $160.0 million, partially offset by
scheduled maturities of $86.7 million during the six months ended
June 30, 2013. Other borrowings decreased $17.0 million, or
89.5 percent, to $2.0 million at June 30, 2013 from $19.0
million at December 31, 2012, primarily due to an $11.0 million
repayment of overnight borrowings and the maturity and repayment of
repurchase agreements totaling $6.0 million that occurred in
January 2013.
Stockholders' equity decreased $3.2 million, or 1.6 percent, to
$202.4 million at June 30, 2013 from $205.6 million at December 31,
2012. The decrease in stockholders' equity was primarily due to
other comprehensive losses resulting from a decrease in unrealized
gains on available for sale securities of $11.1 million ($7.3
million after tax). This decrease was partially offset by increases
due to net income of $2.6 million, share-based compensation expense
of $894,000, and ESOP compensation expense of $461,000 during the
six months ended June 30, 2013.
Asset Quality as of June 30, 2013 Compared with December
31, 2012
Non-performing assets increased $552,000, or 4.2 percent, to
$13.6 million, or 1.03 percent of total assets, as of June
30, 2013, from $13.0 million, or 1.04 percent of total assets,
as of December 31, 2012, primarily due to an increase of
$1.2 million in loans on nonaccrual status, partially offset
by a decrease of $542,000 in other real estate owned. The decrease
in other real estate owned resulted primarily from sales of other
real estate owned properties totaling $704,000 during the six
months ended June 30, 2013.
Operating Results for the Three Months Ended June 30,
2013 Compared with the Three Months Ended June 30,
2012
Net income decreased $766,000, or 53.2 percent, to $674,000, or
$0.06 per diluted share, for the quarter ended June 30, 2013 from
$1.4 million, or $0.14 per diluted share, for the quarter ended
June 30, 2012.
Net interest income decreased $467,000, or 4.7 percent, to $9.4
million for the quarter ended June 30, 2013 from $9.9 million
for the quarter ended June 30, 2012, primarily due to a decrease in
the average yield on interest-earning assets. Total interest income
decreased $1.5 million, or 11.9 percent, to $11.4 million for the
quarter ended June 30, 2013 from $12.9 million for the quarter
ended June 30, 2012, primarily due to a 25 basis point decrease in
the average yield on interest-earning assets and a 6.2 percent
decrease in the average balance of interest-earning assets. Total
interest expense decreased $1.0 million, or 35.4 percent, to $2.0
million for the three months ended June 30, 2013 from $3.0 million
for the three months ended June 30, 2012, primarily due to a 8.0
percent decrease in the average balance of interest-bearing
liabilities and a 32 basis point decrease in the average rate paid
on interest-bearing liabilities.
We recorded a provision for loan losses of $1.1 million for the
quarter ended June 30, 2013, while no provision for loan losses was
recorded for the quarter ended June 30, 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 provision for loan
losses increased due in part to an increase in the loan portfolio.
Total loans receivable increased $51.9 million, or 6.9
percent, to $803.7 million at June 30, 2013 from
$751.8 million at June 30, 2012. The allowance for loan losses
to total loans receivable ratio decreased to 0.88 percent at June
30, 2013 from 0.95 percent at June 30, 2012. Net charge-offs
increased $363,000, to $940,000, or 0.49 percent of average loans
outstanding (annualized), for the three months ended June 30, 2013
from $577,000, or 0.31 percent of average loans outstanding
(annualized), for the three months ended June 30, 2012.
Noninterest income increased $43,000, or 1.3 percent, to $3.4
million for the quarter ended June 30, 2013 from $3.3 million
for the quarter ended June 30, 2012, primarily due to an increase
in service charges and other fees of $262,000, offset by a decrease
in net gains on sales of loans of $265,000. The increase in service
charges and other fees is primarily attributable to a $273,000
decrease in mortgage servicing rights impairment recorded in the
quarter ended June 30, 2013 when compared to the quarter ended June
30, 2012. The decrease in net gains on sales of loans resulted
primarily from decreased sales of mortgage loans as mortgage
interest rates began to rise during the quarter ended June 30,
2013.
Noninterest expense decreased $420,000, or 3.8 percent, to $10.7
million for the quarter ended June 30, 2013 from $11.1 million
for the quarter ended June 30, 2012, primarily due to a $470,000
decrease in the net loss on write-down of other real estate owned.
The decrease in the net loss on write-down of other real estate
owned expense resulted primarily from five properties that were
written down for a total of $492,000 during the quarter ended June
30, 2012, while two of our other real estate owned properties were
written down for a total of $22,000 during the quarter ended June
30, 2013.
Operating Results for the Six Months Ended June 30, 2013
Compared with the Six Months Ended June 30, 2012
Net income increased $364,000, or 16.2 percent, to $2.6 million,
or $0.25 per diluted share, for the six months ended June 30, 2013
from $2.2 million, or $0.22 per diluted share, for the six months
ended June 30, 2012.
Net interest income decreased $1.5 million, or 7.4 percent, to
$18.4 million for the six months ended June 30, 2013 from $19.9
million for the six months ended June 30, 2012, primarily due to a
decrease in the average yield on interest-earning assets, partially
offset by decreases in the average balances and the average rates
on interest-bearing liabilities. Total interest income decreased
$3.6 million, or 13.6 percent, to $22.4 million for the six months
ended June 30, 2013 from $26.0 million for the six months ended
June 30, 2012, primarily due to a 30 basis point decrease in the
average yield on interest-earning assets and a 6.9 percent decrease
in the average balance of interest-earning assets. Total interest
expense decreased $2.1 million, or 33.9 percent, to $4.0 million
for the six months ended June 30, 2013 from $6.1 million for the
six months ended June 30, 2012, primarily due to a 8.4 percent
decrease in the average balance of interest-bearing liabilities and
a 31 basis point decrease in the average rate paid on
interest-bearing liabilities.
The provision for loan losses increased $200,000, or 14.3
percent, to $1.6 million for the six months ended June 30, 2013
from $1.4 million for the six months ended June 30, 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
provision for loan losses increased due in part to an increase in
the loan portfolio. Total loans receivable increased
$51.9 million, or 6.9 percent, to $803.7 million at June
30, 2013 from $751.8 million at June 30, 2012. The allowance
for loan losses to total loans receivable ratio decreased to 0.88
percent at June 30, 2013 from 0.95 percent at June 30, 2012. Net
charge-offs decreased $734,000, to $1.4 million, or 0.37 percent of
average loans outstanding (annualized), for the six months ended
June 30, 2013 from $2.2 million, or 0.60 percent of average loans
outstanding (annualized), for the six months ended June 30,
2012.
Noninterest income increased $2.4 million, or 35.5 percent, to
$9.2 million for the six months ended June 30, 2013 from $6.8
million for the six months ended June 30, 2012, primarily due to
increases in gains on sales of securities available for sale of
$1.6 million, gains on sales of premises and equipment of $343,000
and gains on sales of loans of $202,000. The increase in gains on
sales of investment securities is attributable to sales of $44.5
million of investment securities for a gain of $1.7 million in the
six months ended June 30, 2013, while $26.5 million of investment
securities were sold for a gain of $98,000 during the six months
ended June 30, 2012. The increase in gains on sales of premises and
equipment resulted primarily from a $344,000 gain recognized on the
sale of land adjacent to one of our branch locations during the six
months ended June 30, 2013. The increase in gains on sales of loans
resulted primarily from a larger volume of mortgage loans sold in
the six months ended June 30, 2013 compared to the six months ended
June 30, 2012 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 in addition
to loans with terms greater than 25 years.
Noninterest expense remained relatively stable at $22.0 million
for both the six month periods ended June 30, 2013 and June, 30,
2012. Increases in salaries and benefits expense of $630,000 and
professional and outside services expense of $184,000 were offset
by decreases in the net loss on write-down of other real estate
owned of $710,000 and real estate owned expense of $123,000. The
increase in salaries and benefits expense was due primarily to a
$288,000 increase in salaries expense primarily due to annual
salary increases implemented at the beginning of 2013 and $124,000
in severance payments, a $269,000 increase in health insurance
expense due to unfavorable medical claims experience, and a
$121,000 increase in equity incentive plan expenses. The increase
in professional and outside services expense resulted primarily
from a $162,000 increase in equity compensation expense
attributable to our outside directors. The decrease in the net loss
on write-down of other real estate owned expense resulted primarily
from seven properties that were written down for a total of
$732,000 during the six months ended June 30, 2012 while two of our
other real estate owned properties were written down for a total of
$22,000 during the six months ended June 30, 2013. The decrease in
real estate owned expense was primarily due to lower maintenance
and property tax expenses and higher income earned on the
operations of other real estate properties during the six months
ended June 30, 2013 compared to the six months ended June 30,
2012.
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 $1.32 billion in
assets at June 30, 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 final 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) |
|
|
|
|
June 30, |
December 31, |
|
2013 |
2012 |
ASSETS |
|
|
Cash and cash equivalents |
$ 21,435 |
$ 23,853 |
Investments: |
|
|
Securities available for sale
at fair value |
376,413 |
383,909 |
Other |
14,389 |
12,867 |
Loans held for sale |
385 |
8,829 |
|
|
|
Loans, net of deferred fees and
discounts |
808,099 |
742,171 |
Less allowance for loan
losses |
(7,082) |
(6,900) |
Loans, net |
801,017 |
735,271 |
Premises and equipment, net |
42,117 |
43,126 |
Bank-owned life insurance |
42,866 |
32,183 |
Other real estate owned |
4,227 |
4,769 |
Mortgage servicing rights |
1,315 |
1,009 |
Deferred tax asset, net |
4,772 |
1,039 |
Accrued interest receivable |
3,374 |
3,340 |
Other assets |
3,392 |
7,154 |
Total
assets |
$ 1,315,702 |
$ 1,257,349 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Deposits: |
|
|
Noninterest-bearing |
58,121 |
47,331 |
Interest-bearing |
760,191 |
768,971 |
Total deposits |
818,312 |
816,302 |
|
|
|
Federal Home Loan Bank advances |
280,333 |
207,000 |
Other secured borrowings |
2,000 |
19,000 |
Accrued expenses and other liabilities |
12,692 |
9,469 |
Total
liabilities |
1,113,337 |
1,051,771 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
Common stock, par value $0.01
per share; 100,000,000 shares authorized; 11,452,552 shares issued
and outstanding at June 30, 2013 and 11,444,800 shares issued and
outstanding at December 31, 2012 |
114 |
114 |
Additional paid-in capital |
107,977 |
106,684 |
Unallocated Employee Stock
Ownership Plan ("ESOP") shares |
(8,189) |
(8,379) |
Retained earnings |
104,484 |
101,877 |
Accumulated other comprehensive
(loss) income |
(2,021) |
5,282 |
Total stockholders'
equity |
202,365 |
205,578 |
Total liabilities and
stockholders' equity |
$ 1,315,702 |
$ 1,257,349 |
|
OmniAmerican Bancorp,
Inc. and Subsidiary |
Consolidated Statements
of Income (Unaudited) |
(Dollars in thousands,
except per share data) |
|
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
June
30, |
June
30, |
|
2013 |
2012 |
2013 |
2012 |
Interest income: |
|
|
|
|
Loans, including fees |
$ 9,265 |
$ 9,713 |
$ 18,166 |
$ 19,386 |
Securities — taxable |
2,115 |
3,206 |
4,278 |
6,589 |
Securities — nontaxable |
1 |
— |
1 |
— |
Total interest income |
11,381 |
12,919 |
22,445 |
25,975 |
Interest expense: |
|
|
|
|
Deposits |
1,390 |
1,579 |
2,847 |
3,251 |
Borrowed funds |
563 |
1,445 |
1,186 |
2,850 |
Total interest expense |
1,953 |
3,024 |
4,033 |
6,101 |
Net interest income |
9,428 |
9,895 |
18,412 |
19,874 |
Provision for loan losses |
1,100 |
— |
1,600 |
1,400 |
Net interest income after
provision for loan losses |
8,328 |
9,895 |
16,812 |
18,474 |
Noninterest income: |
|
|
|
|
Service charges and other
fees |
2,228 |
1,966 |
4,446 |
4,278 |
Net gains on sales of
loans |
236 |
501 |
1,022 |
820 |
Net gains on sales of
securities available for sale |
— |
98 |
1,701 |
98 |
Net gains on sales of premises
and equipment |
— |
1 |
344 |
1 |
Net gains (losses) on sales of
repossessed assets |
27 |
(68) |
(3) |
26 |
Commissions |
297 |
336 |
605 |
739 |
Increase in cash surrender
value of bank-owned life insurance |
367 |
318 |
683 |
537 |
Other income |
228 |
188 |
447 |
325 |
Total noninterest income |
3,383 |
3,340 |
9,245 |
6,824 |
Noninterest expense: |
|
|
|
|
Salaries and benefits |
6,040 |
6,040 |
12,797 |
12,167 |
Software and equipment
maintenance |
696 |
598 |
1,306 |
1,218 |
Depreciation of furniture,
software and equipment |
415 |
444 |
828 |
889 |
FDIC insurance |
139 |
213 |
329 |
424 |
Net loss on write-down of other
real estate owned |
22 |
492 |
22 |
732 |
Real estate owned (income)
expense |
(15) |
58 |
(35) |
88 |
Service fees |
126 |
108 |
240 |
237 |
Communications costs |
249 |
271 |
473 |
539 |
Other operations expense |
805 |
819 |
1,566 |
1,563 |
Occupancy |
945 |
936 |
1,925 |
1,914 |
Professional and outside
services |
1,002 |
960 |
2,040 |
1,856 |
Loan servicing |
121 |
87 |
232 |
161 |
Marketing |
158 |
97 |
308 |
218 |
Total noninterest expense |
10,703 |
11,123 |
22,031 |
22,006 |
Income before income tax expense |
1,008 |
2,112 |
4,026 |
3,292 |
Income tax expense |
334 |
672 |
1,419 |
1,049 |
Net income |
$ 674 |
$ 1,440 |
$ 2,607 |
$ 2,243 |
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.06 |
$ 0.14 |
$ 0.25 |
$ 0.22 |
Diluted |
$ 0.06 |
$ 0.14 |
$ 0.25 |
$ 0.22 |
|
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 |
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
2013 |
2013 |
2012 |
2012 |
2012 |
Share Data: |
|
|
|
|
|
Total shares outstanding at period end |
11,452,552 |
11,443,704 |
11,444,800 |
11,435,300 |
11,277,134 |
Weighted average shares outstanding —
Basic |
10,376,689 |
10,358,984 |
10,349,386 |
10,338,792 |
10,327,370 |
Weighted average shares outstanding —
Diluted |
10,525,558 |
10,530,373 |
10,467,533 |
10,420,382 |
10,388,720 |
Basic earnings per share |
$ 0.06 |
$ 0.19 |
$ 0.11 |
$ 0.22 |
$ 0.14 |
Diluted earnings per share |
$ 0.06 |
$ 0.18 |
$ 0.11 |
$ 0.22 |
$ 0.14 |
Book value per share |
$ 17.67 |
$ 18.01 |
$ 17.96 |
$ 17.91 |
$ 17.91 |
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Return on average assets (1) |
0.21% |
0.61% |
0.36% |
0.70% |
0.42% |
Return on average equity (1) |
1.30% |
3.75% |
2.25% |
4.50% |
2.85% |
Noninterest expense to average total assets
(1) |
3.32% |
3.59% |
3.69% |
3.25% |
3.27% |
Efficiency ratio (2) |
83.55% |
76.30% |
86.35% |
72.90% |
84.04% |
|
|
|
|
|
|
Selected Balance Sheet
Data: |
|
|
|
|
|
Equity to total assets |
15.38% |
16.14% |
16.35% |
15.97% |
15.02% |
|
|
|
|
|
|
Capital Ratios:(3) |
|
|
|
|
|
Total capital (to risk-weighted assets) |
23.88% |
25.22% |
25.47% |
25.46% |
24.35% |
Tier I capital (to risk-weighted assets) |
23.03% |
24.32% |
24.56% |
24.49% |
23.41% |
Tier I capital (to total assets) |
15.29% |
15.64% |
15.67% |
15.20% |
14.22% |
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
Non-performing assets to total assets |
1.03% |
1.04% |
1.04% |
1.11% |
1.17% |
Non-performing loans to total loans |
1.12% |
1.13% |
1.06% |
1.14% |
1.18% |
Allowance for loan losses to non-performing
loans |
78.41% |
82.49% |
87.81% |
87.45% |
80.65% |
Allowance for loan losses to total loans |
0.88% |
0.93% |
0.93% |
1.00% |
0.95% |
Net charge-offs to average loans outstanding
(1) |
0.49% |
0.26% |
0.22% |
0.21% |
0.31% |
|
|
|
|
|
|
_______________________ |
|
|
|
|
|
(1) Annualized. |
(2) The efficiency ratio
represents noninterest expense divided by the sum of net interest
income and noninterest income. |
(3) Without giving effect to the
final Basel III capital rules that apply to reporting periods
beginning after January 1, 2015. |
|
|
|
|
|
|
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 |
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
2013 |
2013 |
2012 |
2012 |
2012 |
Average Balances: |
|
|
|
|
|
Loans |
$ 771,460 |
$ 746,674 |
$ 743,417 |
$ 751,068 |
$ 733,042 |
Securities |
391,626 |
391,258 |
390,761 |
439,636 |
507,390 |
Other interest-earning assets |
15,810 |
17,523 |
32,323 |
20,226 |
16,662 |
Total interest-earning assets |
$ 1,178,896 |
$ 1,155,455 |
$ 1,166,501 |
$ 1,210,930 |
$ 1,257,094 |
Deposits: |
|
|
|
|
|
Interest-bearing demand |
$ 142,766 |
$ 137,507 |
$ 134,784 |
$ 134,473 |
$ 135,294 |
Savings and money market |
332,483 |
332,490 |
334,297 |
332,969 |
337,317 |
Certificates of deposit |
288,778 |
293,204 |
295,271 |
296,217 |
303,554 |
FHLB advances and other borrowings |
254,437 |
233,331 |
244,927 |
293,700 |
330,438 |
Total interest-bearing liabilities |
$ 1,018,464 |
$ 996,532 |
$ 1,009,279 |
$ 1,057,359 |
$ 1,106,603 |
|
|
|
|
|
|
Yields/Rates (1): |
|
|
|
|
|
Loans |
4.80% |
4.77% |
4.96% |
5.19% |
5.30% |
Securities |
2.14% |
2.19% |
2.36% |
2.47% |
2.51% |
Other interest-earning assets |
0.43% |
0.50% |
0.41% |
0.47% |
0.60% |
Total interest earning assets |
3.86% |
3.83% |
3.96% |
4.13% |
4.11% |
Deposits: |
|
|
|
|
|
Interest-bearing demand |
0.07% |
0.09% |
0.09% |
0.09% |
0.09% |
Savings and money market |
0.17% |
0.18% |
0.19% |
0.19% |
0.19% |
Certificates of deposit |
1.69% |
1.74% |
1.78% |
1.82% |
1.83% |
FHLB advances and other borrowings |
0.89% |
1.07% |
1.20% |
1.34% |
1.75% |
Total interest-bearing liabilities |
0.77% |
0.83% |
0.88% |
0.95% |
1.09% |
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
Interest rate spread (2) |
3.09% |
3.00% |
3.08% |
3.18% |
3.02% |
Net interest margin (3) |
3.20% |
3.11% |
3.20% |
3.30% |
3.15% |
|
|
|
|
|
|
_______________________ |
|
|
|
|
|
(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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