OmniAmerican Bancorp, Inc. (Nasdaq:OABC), the holding company for
OmniAmerican Bank, today announced earnings for the three and nine
month periods ended September 30, 2013. The financial information
contained herein at and for the three and nine month periods ended
September 30, 2013 is unaudited.
Third Quarter 2013 Highlights
- Loans, net of the allowance for loan losses and
deferred fees and discounts increased $127.4 million, or 17.3
percent, to $862.7 million at September 30, 2013 from $735.3
million at December 31, 2012. This increase
includes a $69.4 million increase in consumer loans, a $50.0
million increase in commercial loans, and a $5.5 million increase
in residential real estate loans.
- OABC generated net income for the third quarter of 2013
of $2.2 million. This is a decrease of $100,000, or 4.4 percent,
from net income for the third quarter of 2012 of $2.3
million. On a per-share basis, third quarter 2013 earnings
were $0.21 per basic and diluted share, a decrease of $0.01, or 4.5
percent, compared to $0.22 per basic and diluted share reported in
the third quarter of 2012.
- Other real estate owned decreased $3.8 million, or
80.6 percent, to $927,000 at September 30, 2013
from $4.8 million at December 31, 2012. The
decrease resulted primarily from sales of other real estate owned
properties totaling $3.8 million during the nine months ended
September 30, 2013.
- Total assets for OABC increased $191.0 million, or 15.2
percent, to $1.45 billion at September 30, 2013 from $1.26
billion at December 31, 2012, primarily due to a
$127.4 million increase in loans, net of the allowance for loan
losses and deferred fees and discounts, a $68.6 million increase in
securities classified as available for sale, and an $11.0 million
increase in bank-owned life insurance, partially offset by a $9.8
million decrease in cash and cash equivalents.
The decrease in net income for the quarter ended
September 30, 2013 compared to the quarter ended
September 30, 2012 was primarily due to a $1.2 million
increase in noninterest expense and a $907,000 decrease in
noninterest income. The increase in noninterest expense was
primarily due to increases in salaries and benefits expense and
loan servicing expense. The decrease in noninterest income was
primarily attributable to decreases in net gains on sales of
securities available for sale and net gains on sales of loans.
These decreases in net income were partially offset by a $1.6
million increase in net interest income and a $350,000 decrease in
the provision for loan losses. The net interest margin increased 36
basis points, or 10.9 percent, to 3.66 percent for the quarter
ended September 30, 2013 from 3.30 percent for the quarter
ended September 30, 2012. The increases in net interest income
and the net interest margin resulted primarily from $1.3 million in
interest income recognized upon payoff of a loan that had been on
nonaccrual status. Excluding this nonaccrual interest income, net
interest income would have increased $364,000 and and the net
interest margin would have decreased three basis points for the
quarter ended September 30, 2013 compared to the quarter ended
September 30, 2012. The decrease in the provision for loan losses
related primarily to improvements in asset quality.
"I am pleased with our strong earnings, improvement in asset
quality and growth in the commercial loan portfolio during the
third quarter," said Tim Carter, president and CEO of OmniAmerican
Bank. "As we recently announced, OmniAmerican is
discontinuing the purchase of auto loans originated through auto
dealerships due to an extremely competitive rate environment.
In addition, we have taken various actions to reduce overall costs
and increase efficiency, including an eight percent workforce
reduction. We believe these steps are a critical part of our
evolution towards a greater focus on commercial lending,
residential real estate lending and retail banking, as part of our
plan for success as a full-service, relationship-focused community
bank."
OmniAmerican Bancorp, Inc. expects to record employee separation
expense of approximately $800,000 during the fourth quarter of 2013
as a result of the workforce reductions.
Financial Condition as of September 30, 2013
Compared with December 31, 2012
Total assets increased $191.0 million, or 15.2 percent, to $1.45
billion at September 30, 2013 from $1.26 billion at
December 31, 2012, primarily due to a $127.4 million
increase in loans, net of the allowance for loan losses and
deferred fees and discounts, a $68.6 million increase in securities
available for sale, and an $11.0 million increase in bank-owned
life insurance, partially offset by a $9.8 million decrease in cash
and cash equivalents.
Cash and cash equivalents decreased $9.8 million, or 41.1
percent, to $14.1 million at September 30, 2013 from $23.9
million at December 31, 2012, primarily due to $398.4 million
in cash used to originate loans, $210.0 million in cash used to
purchase investment securities available for sale, a $14.3 million
net decrease in deposits, $10.0 million in cash used to purchase
bank-owned life insurance, and $10.0 million in cash used to repay
other borrowings during the nine months ended September 30,
2013. These decreases were partially offset by $225.7 million in
cash received from loan principal repayments, a $210.0 million net
increase in Federal Home Loan Bank advances, $84.7 million in
proceeds from principal repayments and maturities of securities,
$54.2 million in proceeds from the sales of loans, and $46.2
million in proceeds from the sales of securities available for
sale.
Loans held for sale decreased $7.5 million, or 84.8 percent
to $1.3 million at September 30, 2013 from $8.8 million
at December 31, 2012, primarily due to sales of loans held for
sale of $53.0 million, partially offset by originations of loans
held for sale of $45.5 million.
Securities classified as available for sale increased $68.6
million, or 17.9 percent, to $452.5 million at September 30,
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
$210.0 million during the nine months ended September 30,
2013, partially offset by decreases due to principal repayments and
maturities of $84.7 million, the sales of securities available for
sale of $44.5 million, a decrease in unrealized gains of $9.7
million, and the amortization of net premiums on investments of
$2.5 million.
Loans, net of the allowance for loan losses and deferred fees
and discounts, increased $127.4 million, or 17.3 percent, to $862.7
million at September 30, 2013 from $735.3 million at
December 31, 2012. The increase in loans included a
$70.6 million increase in automobile loans, a $20.0 million
increase in commercial real estate loans, a $17.0 million increase
in real estate construction loans, a $12.9 million increase in
commercial business loans, and a $7.0 million increase in one- to
four-family residential real estate loans.
Bank-owned life insurance increased $11.0 million, or 34.3
percent, to $43.2 million at September 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 nine months ended
September 30, 2013.
Deposits decreased $14.3 million, or 1.7 percent, to $802.0
million at September 30, 2013 from $816.3 million at
December 31, 2012. The decrease was primarily due to a $20.8
million decrease in certificates of deposit, partially offset by
increases in noninterest-bearing demand deposits of $3.9 million
and money market deposits of $2.6 million. The decrease in
certificates of deposit was primarily due to certificates of
deposit that matured and were not renewed. The increase in
noninterest-bearing demand deposits was primarily related to growth
in commercial deposits. The increase in money market deposits was
primarily attributable to increased sales of a cash sweep
product.
Federal Home Loan Bank advances increased $210.0 million, or
101.4 percent, to $417.0 million at September 30, 2013 from
$207.0 million at December 31, 2012. The increase in Federal
Home Loan Bank advances was attributable to advances of $335.0
million, partially offset by scheduled maturities of $125.0 million
during the nine months ended September 30, 2013. Other
borrowings decreased $10.0 million, or 52.6 percent, to $9.0
million at September 30, 2013 from $19.0 million at
December 31, 2012, primarily due to the maturity and repayment
of repurchase agreements totaling $6.0 million that occurred in
January 2013 and a $4.0 million decrease in overnight
borrowings.
Stockholders' equity increased $725,000, or 0.4 percent, to
$206.3 million at September 30, 2013 from $205.6 million at
December 31, 2012. The increase in stockholders' equity was
primarily due to increases resulting from net income of $4.8
million, share-based compensation expense of $1.5 million, and ESOP
compensation expense of $685,000 during the nine months ended
September 30, 2013. These increases were partially offset by
other comprehensive losses resulting from a decrease in unrealized
gains on available for sale securities of $9.7 million ($6.4
million after tax).
Asset Quality as of September 30, 2013 Compared
with December 31, 2012
Non-performing assets decreased $5.7 million, or 44.1 percent,
to $7.3 million, or 0.50 percent of total assets, as of
September 30, 2013, from $13.0 million, or 1.04 percent of
total assets, as of December 31, 2012, primarily due to
decreases of $3.8 million in other real estate owned and
$1.9 million in non-performing loans. The decrease in other
real estate owned resulted primarily from sales of other real
estate owned properties totaling $3.8 million during the nine
months ended September 30, 2013. The decrease in
non-performing loans was primarily attributable to the repayment of
a non-performing commercial real estate loan in July 2013 with a
balance of $3.6 million at December 31, 2012.
Operating Results for the Three Months Ended
September 30, 2013 Compared with the Three Months Ended
September 30, 2012
Net income decreased $100,000, or 4.4 percent, to $2.2 million,
or $0.21 per diluted share, for the quarter ended
September 30, 2013 from $2.3 million, or $0.22 per diluted
share, for the quarter ended September 30, 2012.
Net interest income increased $1.6 million, or 16.2 percent, to
$11.6 million for the quarter ended September 30, 2013 from
$10.0 million for the quarter ended September 30, 2012.
Total interest income increased $937,000, or 7.5 percent, to $13.4
million for the quarter ended September 30, 2013 from $12.5
million for the quarter ended September 30, 2012, primarily
due to the recognition of $1.3 million of interest income on a
non-performing loan that paid off in July 2013. Excluding this
$1.3 million of interest income, total interest income decreased
$320,000, primarily due to a 29 basis point decrease in the average
yield on interest-earning assets, partially offset by a 4.7 percent
increase in the average balance of interest-earning assets. Total
interest expense decreased $684,000, or 27.2 percent, to $1.8
million for the three months ended September 30, 2013 from
$2.5 million for the three months ended September 30, 2012,
primarily due to a 29 basis point decrease in the average rate paid
on interest-bearing liabilities, partially offset by a 4.4 percent
increase in the average balance of interest-bearing
liabilities.
We recorded a provision for loan losses of $200,000 for the
quarter ended September 30, 2013 compared to a provision of
$550,000 for the quarter ended September 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
decrease in the provision for loan losses was primarily due to
improvements in asset quality. Total loans receivable increased
$131.7 million, or 18.0 percent, to $864.0 million at
September 30, 2013 from $732.3 million at
September 30, 2012. Impaired loans decreased $6.6 million, or
30.3 percent, to $15.3 million at September 30, 2013 from $21.9
million at September 30, 2012. Non-performing loans totaled $5.9
million, or 0.69 percent, of total loans at September 30, 2013,
compared to $8.4 million, or 1.14 percent, of total loans, at
September 30, 2012. The allowance for loan losses as a
percentage of non-performing loans increased to 112.70 percent at
September 30, 2013 from 87.45 percent at September 30,
2012. Loans past due 30 days and greater decreased $2.0 million, or
25.7 percent, to $5.8 million at September 30, 2013 from $7.8
million at September 30, 2012. The allowance for loan losses to
total loans receivable ratio decreased to 0.77 percent at
September 30, 2013 from 1.00 percent at September 30,
2012.
Noninterest income decreased $907,000, or 19.3 percent, to $3.8
million for the quarter ended September 30, 2013 from
$4.7 million for the quarter ended September 30, 2012,
primarily due to decreases in net gains on sales of securities
available for sale of $762,000 and net gains on sales of loans of
$536,000. The decrease in net gains on sales of securities
available for sale is primarily attributable to sales of $33.1
million of investment securities in the third quarter of 2012,
while $3,000 of investment securities were sold in the third
quarter of 2013. The decrease in net gains on sales of loans
resulted primarily from a decrease in the volume of loans sold to
63 loans in the third quarter of 2013 from 150 loans in the third
quarter of 2012.
Noninterest expense increased $1.2 million, or 11.0 percent, to
$11.9 million for the quarter ended September 30, 2013 from
$10.7 million for the quarter ended September 30, 2012,
primarily due to a $586,000 increase in salaries and benefits
expense, a $237,000 increase in loan servicing expense, a $172,000
increase in software and equipment maintenance expense, and a
$164,000 increase in net loss on write-downs of other real estate
owned. The increase in salaries and benefits expense resulted
primarily from a $312,000 increase in health insurance expense due
to unfavorable medical claims experience and a $213,000 increase in
equity incentive plan expenses. The increase in loan servicing
expense was primarily due to a $228,000 increase in the accrued
liability for credit losses on loan commitments resulting from a
$57.4 million increase in the balance of unfunded commitments at
September 30, 2013 compared to September 30, 2012. The increase in
software and equipment maintenance expense resulted primarily from
the addition of new software related to our enhanced E-banking and
mobile banking services as well as higher costs on renewals of
existing maintenance contracts. The increase in the net loss on
write-down of other real estate owned expense was primarily
attributable to write-downs of other real estate owned properties
to their current fair value less estimated costs to sell totaling
$205,000 during the quarter ended September 30, 2013, compared
to a total of $41,000 in write-downs during the quarter ended
September 30, 2012.
Operating Results for the Nine Months Ended
September 30, 2013 Compared with the Nine Months Ended
September 30, 2012
Net income increased $264,000, or 5.8 percent, to $4.8 million,
or $0.46 per diluted share, for the nine months ended
September 30, 2013 from $4.5 million, or $0.44 per diluted
share, for the nine months ended September 30, 2012.
Net interest income increased $159,000, or 0.5 percent, to $30.0
million for the nine months ended September 30, 2013 from
$29.9 million for the nine months ended September 30, 2012,
primarily due to decreases in the average balances and the average
rates on interest-bearing liabilities, partially offset by a
decrease in the average yield and the average balance of
interest-earning assets. Total interest income decreased $2.6
million, or 6.7 percent, to $35.9 million for the nine months ended
September 30, 2013 from $38.5 million for the nine months
ended September 30, 2012, primarily due to a 30 basis point
decrease in the average yield on interest-earning assets and a 2.9
percent decrease in the average balance of interest-earning assets,
partially offset by $1.3 million of interest income recognized on a
non-performing loan that paid off in July 2013. Total interest
expense decreased $2.8 million, or 32.0 percent, to $5.9 million
for the nine months ended September 30, 2013 from $8.6 million
for the nine months ended September 30, 2012, primarily due to
a 4.2 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 decreased $150,000, or 7.7
percent, to $1.8 million for the nine months ended
September 30, 2013 from $2.0 million for the nine months ended
September 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 decrease in the provision for loan losses
was primarily due to improvements in asset quality. Total loans
receivable increased $131.7 million, or 18.0 percent, to
$864.0 million at September 30, 2013 from
$732.3 million at September 30, 2012. Impaired loans
decreased $6.6 million, or 30.3 percent, to $15.3 million at
September 30, 2013 from $21.9 million at September 30, 2012.
Non-performing loans totaled $5.9 million, or 0.69 percent, of
total loans at September 30, 2013, compared to $8.4 million, or
1.14 percent, of total loans, at September 30, 2012. The
allowance for loan losses as a percentage of non-performing loans
increased to 112.70 percent at September 30, 2013 from 87.45
percent at September 30, 2012. Loans past due 30 days and
greater decreased $2.0 million, or 25.7 percent, to $5.8 million at
September 30, 2013 from $7.8 million at September 30, 2012. The
allowance for loan losses to total loans receivable ratio decreased
to 0.77 percent at September 30, 2013 from 1.00 percent at
September 30, 2012.
Noninterest income increased $1.5 million, or 13.1 percent, to
$13.0 million for the nine months ended September 30, 2013
from $11.5 million for the nine months ended September 30,
2012, primarily due to increases in gains on sales of securities
available for sale of $841,000, gains on sales of premises and
equipment of $344,000, and service charges and other fees of
$254,000, partially offset by a decrease in gains on sales of loans
of $334,000. 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 nine months ended
September 30, 2013, while $59.6 million of investment
securities were sold for a gain of $860,000 during the nine months
ended September 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 nine months ended September 30, 2013. The
increase in service charges and other fees was due primarily to a
decrease in mortgage servicing rights impairment of $421,000 during
the nine months ended September 30, 2013 compared to the same
period in the prior year. The decrease in gains on sales of loans
resulted primarily from less favorable pricing on loans sold due to
rising interest rates in the nine months ended September 30,
2013 compared to the nine months ended September 30, 2012.
Noninterest expense increased $1.2 million, or 3.7 percent, to
$33.9 million for the nine months ended September 30, 2013
from $32.7 million for the nine months ended September 30,
2012. Increases in salaries and benefits expense of $1.2 million,
and loan servicing expenses of $308,000, were partially offset by a
decrease in the net loss on write-down of other real estate owned
of $546,000. The increase in salaries and benefits expense was due
primarily to a $581,000 increase in health insurance expense due to
unfavorable medical claims experience, a $334,000 increase in
equity incentive plan expenses, and a $257,000 increase in salaries
expense primarily due to annual salary increases implemented at the
beginning of 2013. The increase in loan servicing costs was
primarily due to a $239,000 increase in the accrued liability for
credit losses on loan commitments due to a $57.4 million increase
in the balance of unfunded commitments at September 30, 2013
compared to September 30, 2012. The decrease in the net loss
on write-down of other real estate owned expense was primarily
attributable to write-downs of other real estate owned properties
to their current fair value less estimated costs to sell totaling
$227,000 during the nine months ended September 30, 2013,
compared to a total of $773,000 in write-downs during the nine
months ended September 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 $1.45 billion in
assets at September 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) |
|
|
|
|
September 30, |
December 31, |
|
2013 |
2012 |
ASSETS |
|
|
Cash and cash equivalents |
$ 14,060 |
$ 23,853 |
Investments: |
|
|
Securities available for sale
at fair value |
452,500 |
383,909 |
Other |
20,352 |
12,867 |
Loans held for sale |
1,341 |
8,829 |
|
|
|
Loans, net of deferred fees and
discounts |
869,344 |
742,171 |
Less allowance for loan
losses |
(6,690) |
(6,900) |
Loans, net |
862,654 |
735,271 |
Premises and equipment, net |
41,714 |
43,126 |
Bank-owned life insurance |
43,234 |
32,183 |
Other real estate owned |
927 |
4,769 |
Mortgage servicing rights |
1,385 |
1,009 |
Deferred tax asset, net |
3,765 |
1,039 |
Accrued interest receivable |
3,502 |
3,340 |
Other assets |
2,948 |
7,154 |
Total
assets |
$ 1,448,382 |
$ 1,257,349 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Deposits: |
|
|
Noninterest-bearing |
$ 51,209 |
$ 47,331 |
Interest-bearing |
750,808 |
768,971 |
Total deposits |
802,017 |
816,302 |
|
|
|
Federal Home Loan Bank advances |
417,000 |
207,000 |
Other borrowings |
9,000 |
19,000 |
Accrued expenses and other liabilities |
14,062 |
9,469 |
Total
liabilities |
1,242,079 |
1,051,771 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
Common stock, par value $0.01
per share; 100,000,000 shares authorized; 11,464,131 shares issued
and outstanding at September 30, 2013 and 11,444,800 shares issued
and outstanding at December 31, 2012 |
115 |
114 |
Additional paid-in capital |
108,741 |
106,684 |
Unallocated Employee Stock
Ownership Plan ("ESOP") shares |
(8,094) |
(8,379) |
Retained earnings |
106,680 |
101,877 |
Accumulated other comprehensive
(loss) income |
(1,139) |
5,282 |
Total stockholders'
equity |
206,303 |
205,578 |
Total liabilities and
stockholders' equity |
$ 1,448,382 |
$ 1,257,349 |
|
OmniAmerican Bancorp,
Inc. and Subsidiary |
Consolidated Statements
of Income (Unaudited) |
(Dollars in thousands,
except per share data) |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2013 |
2012 |
2013 |
2012 |
Interest income: |
|
|
|
|
Loans, including fees |
$ 11,097 |
$ 9,753 |
$ 29,263 |
$ 29,139 |
Securities — taxable |
2,335 |
2,742 |
6,613 |
9,331 |
Securities — nontaxable |
— |
— |
2 |
— |
Total interest income |
13,432 |
12,495 |
35,877 |
38,470 |
Interest expense: |
|
|
|
|
Deposits |
1,181 |
1,530 |
4,028 |
4,782 |
Borrowed funds |
646 |
981 |
1,832 |
3,831 |
Total interest expense |
1,827 |
2,511 |
5,860 |
8,612 |
Net interest income |
11,605 |
9,984 |
30,017 |
29,858 |
Provision for loan losses |
200 |
550 |
1,800 |
1,950 |
Net interest income after
provision for loan losses |
11,405 |
9,434 |
28,217 |
27,908 |
Noninterest income: |
|
|
|
|
Service charges and other
fees |
2,349 |
2,263 |
6,795 |
6,541 |
Net gains on sales of
loans |
405 |
941 |
1,427 |
1,761 |
Net gains on sales of
securities available for sale |
— |
762 |
1,702 |
860 |
Net gains (losses) on sales of
premises and equipment |
— |
(1) |
344 |
— |
Net gains (losses) on sales of
repossessed assets |
20 |
(91) |
17 |
(65) |
Commissions |
462 |
341 |
1,067 |
1,080 |
Increase in cash surrender
value of bank-owned life insurance |
368 |
317 |
1,051 |
854 |
Other income |
193 |
172 |
640 |
497 |
Total noninterest income |
3,797 |
4,704 |
13,042 |
11,528 |
Noninterest expense: |
|
|
|
|
Salaries and benefits |
6,645 |
6,059 |
19,442 |
18,226 |
Software and equipment
maintenance |
719 |
547 |
2,025 |
1,765 |
Depreciation of furniture,
software and equipment |
394 |
432 |
1,222 |
1,321 |
FDIC insurance |
193 |
211 |
522 |
635 |
Net loss on write-down of other
real estate owned |
205 |
41 |
227 |
773 |
Real estate owned (income)
expense |
(29) |
47 |
(64) |
135 |
Service fees |
133 |
116 |
373 |
353 |
Communications costs |
258 |
267 |
731 |
805 |
Other operations expense |
775 |
733 |
2,341 |
2,296 |
Occupancy |
959 |
1,004 |
2,884 |
2,918 |
Professional and outside
services |
1,145 |
1,063 |
3,185 |
2,919 |
Loan servicing |
281 |
44 |
513 |
205 |
Marketing |
212 |
144 |
520 |
362 |
Total noninterest expense |
11,890 |
10,708 |
33,921 |
32,714 |
Income before income tax expense |
3,312 |
3,430 |
7,338 |
6,722 |
Income tax expense |
1,116 |
1,134 |
2,536 |
2,183 |
Net income |
$ 2,196 |
$ 2,296 |
$ 4,803 |
$ 4,539 |
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.21 |
$ 0.22 |
$ 0.46 |
$ 0.44 |
Diluted |
$ 0.21 |
$ 0.22 |
$ 0.46 |
$ 0.44 |
|
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 |
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
2013 |
2013 |
2013 |
2012 |
2012 |
Share Data: |
|
|
|
|
|
Total shares outstanding at period end |
11,464,131 |
11,452,552 |
11,443,704 |
11,444,800 |
11,435,300 |
Weighted average shares outstanding —
Basic |
10,447,002 |
10,376,689 |
10,358,984 |
10,349,386 |
10,338,792 |
Weighted average shares outstanding —
Diluted |
10,559,323 |
10,525,558 |
10,530,373 |
10,467,533 |
10,420,382 |
Basic earnings per share |
$ 0.21 |
$ 0.06 |
$ 0.19 |
$ 0.11 |
$ 0.22 |
Diluted earnings per share |
$ 0.21 |
$ 0.06 |
$ 0.18 |
$ 0.11 |
$ 0.22 |
Book value per share |
$ 18.00 |
$ 17.67 |
$ 18.01 |
$ 17.96 |
$ 17.91 |
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Return on average assets (1) |
0.64% |
0.21% |
0.61% |
0.36% |
0.70% |
Return on average equity (1) |
4.31% |
1.30% |
3.75% |
2.25% |
4.50% |
Noninterest expense to average total assets
(1) |
3.46% |
3.32% |
3.59% |
3.69% |
3.25% |
Efficiency ratio (2) |
77.20% |
83.55% |
76.30% |
86.35% |
72.90% |
|
|
|
|
|
|
Selected Balance Sheet
Data: |
|
|
|
|
|
Equity to total assets |
14.24% |
15.38% |
16.14% |
16.35% |
15.97% |
|
|
|
|
|
|
Capital Ratios:(3) |
|
|
|
|
|
Total capital (to risk-weighted assets) |
22.29% |
23.88% |
25.22% |
25.47% |
25.46% |
Tier I capital (to risk-weighted assets) |
21.54% |
23.03% |
24.32% |
24.56% |
24.49% |
Tier I capital (to total assets) |
14.13% |
15.29% |
15.64% |
15.67% |
15.20% |
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
Non-performing assets to total assets |
0.50% |
1.03% |
1.04% |
1.04% |
1.11% |
Non-performing loans to total loans |
0.69% |
1.12% |
1.13% |
1.06% |
1.14% |
Allowance for loan losses to non-performing
loans |
112.70% |
78.41% |
82.49% |
87.81% |
87.45% |
Allowance for loan losses to total loans |
0.77% |
0.88% |
0.93% |
0.93% |
1.00% |
Net charge-offs to average loans outstanding
(1) |
0.28% |
0.49% |
0.26% |
0.22% |
0.21% |
|
|
|
|
|
|
_______________________ |
(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 |
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
2013 |
2013 |
2013 |
2012 |
2012 |
Average Balances: |
|
|
|
|
|
Loans |
$ 842,492 |
$ 771,460 |
$ 746,674 |
$ 743,417 |
$ 751,068 |
Securities |
403,988 |
391,626 |
391,258 |
390,761 |
439,636 |
Other interest-earning assets |
20,912 |
15,810 |
17,523 |
32,323 |
20,226 |
Total interest-earning assets |
$ 1,267,392 |
$ 1,178,896 |
$ 1,155,455 |
$ 1,166,501 |
$ 1,210,930 |
Deposits: |
|
|
|
|
|
Interest-bearing demand |
$ 140,172 |
$ 142,766 |
$ 137,507 |
$ 134,784 |
$ 134,473 |
Savings and money market |
334,025 |
332,483 |
332,490 |
334,297 |
332,969 |
Certificates of deposit |
276,817 |
288,778 |
293,204 |
295,271 |
296,217 |
FHLB advances and other borrowings |
352,634 |
254,437 |
233,331 |
244,927 |
293,700 |
Total interest-bearing liabilities |
$ 1,103,648 |
$ 1,018,464 |
$ 996,532 |
$ 1,009,279 |
$ 1,057,359 |
|
|
|
|
|
|
Yields/Rates (1): |
|
|
|
|
|
Loans (2) |
5.27% |
4.80% |
4.77% |
4.96% |
5.19% |
Securities |
2.29% |
2.14% |
2.19% |
2.36% |
2.47% |
Other interest-earning assets |
0.36% |
0.43% |
0.50% |
0.41% |
0.47% |
Total interest-earning assets (2) |
4.24% |
3.86% |
3.83% |
3.96% |
4.13% |
Deposits: |
|
|
|
|
|
Interest-bearing demand |
0.06% |
0.07% |
0.09% |
0.09% |
0.09% |
Savings and money market |
0.17% |
0.17% |
0.18% |
0.19% |
0.19% |
Certificates of deposit |
1.47% |
1.69% |
1.74% |
1.78% |
1.82% |
FHLB advances and other borrowings |
0.73% |
0.89% |
1.07% |
1.20% |
1.34% |
Total interest-bearing liabilities |
0.66% |
0.77% |
0.83% |
0.88% |
0.95% |
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
Interest rate spread (2) (3) |
3.58% |
3.09% |
3.00% |
3.08% |
3.18% |
Net interest margin (2) (4) |
3.66% |
3.20% |
3.11% |
3.20% |
3.30% |
|
|
|
|
|
|
_______________________ |
(1) Annualized. |
(2) Yields on loans and total
interest-earning assets, the interest rate spread and the net
interest margin include the effects of $1.3 million of non-accrual
interest income recorded during the quarter ended September 30,
2013. The yields on loans and total interest-earning assets would
have been 4.68% and 3.84%, respectively, excluding this non-accrual
interest income. In addition, the interest rate spread would have
been 3.18% and the net interest margin would have been 3.27%. |
(3) 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. |
(4) 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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