OmniAmerican Bancorp, Inc. (Nasdaq:OABC), the holding company for
OmniAmerican Bank, today announced earnings for the fourth quarter
and year ended December 31, 2013. The financial information
contained herein at and for the quarter and year ended December 31,
2013 is unaudited.
On January 28, 2014, OABC announced that it had declared its
initial quarterly cash dividend of $0.05 per share on its
outstanding common stock. The dividend is payable on or about March
7, 2014 to all shareholders of record as of the close of business
on February 14, 2014.
2013 Highlights
- OABC generated net income of $6.4 million for the 2013
fiscal year. This represents an increase of $729,000, or 12.8
percent, compared to net income of $5.7 million for the prior
year. Diluted earnings per share increased $0.06, or 10.9
percent, to $0.61 in 2013 from $0.55 in 2012.
- The primary contributors to the increase in net income
for 2013 compared to the prior year were a $1.4 million increase in
net interest income and a $574,000 increase in noninterest
income. These increases in net income were partially
offset by decreases attributable to a $540,000 increase in
noninterest expense, a $448,000 increase in income tax expense, and
a $300,000 increase in the provision for loan losses.
- Loans, net of the allowance for loan losses and
deferred fees and discounts increased $89.6 million, or 12.2
percent, to $824.9 million at December 31, 2013 from $735.3 million
at December 31, 2012. This increase includes a $45.6
million increase in consumer loans, a $35.1 million increase in
commercial loans, and a $7.2 million increase in residential real
estate loans.
- OABC reported net income of $1.6 million and diluted
earnings per share of $0.15 for the fourth quarter of 2013 compared
to net income of $1.2 million and diluted earnings per share of
$0.11 for the fourth quarter of 2012. The increase in net
income was primarily due to a $1.3 million increase in net interest
income and a $667,000 decrease in noninterest expense, partially
offset by a $940,000 decrease in noninterest income and a $450,000
increase in the provision for loan losses.
- Total assets for OABC increased $134.0 million, or 10.7
percent, to $1.39 billion at December 31, 2013 from $1.26 billion
at December 31, 2012, primarily due to an $89.6 million
increase in loans, net of the allowance for loan losses and
deferred fees and discounts, a $46.9 million increase in securities
classified as available for sale, and an $11.4 million increase in
bank-owned life insurance, partially offset by an $8.0 million
decrease in cash and cash equivalents.
"OmniAmerican has made significant progress toward our goal of
commercial relationship growth," said Tim Carter, president and CEO
of OmniAmerican Bank and OABC. "Our strong increase in commercial
loans and deposits is attributed to the expansion of our commercial
teams. In addition, we continued to make banking more convenient
for our customers by introducing mobile deposit. I am pleased with
the bank's year-over-year consistent growth and our dedication to
being a financial partner to the communities we serve."
Financial Condition as of December 31, 2013 Compared
with December 31, 2012
Total assets increased $134.0 million, or 10.7 percent, to $1.39
billion at December 31, 2013 from $1.26 billion at
December 31, 2012, primarily due to an $89.6 million
increase in loans, net of the allowance for loan losses and
deferred fees and discounts, a $46.9 million increase in securities
available for sale, and an $11.4 million increase in bank-owned
life insurance, partially offset by an $8.0 million decrease in
cash and cash equivalents.
Cash and cash equivalents decreased $8.0 million, or 33.4
percent, to $15.9 million at December 31, 2013 from $23.9
million at December 31, 2012, primarily due to $462.2 million
in cash used to originate loans, $210.0 million in cash used to
purchase investment securities available for sale, $17.0 million in
cash used to repay other borrowings, and $10.0 million in cash used
to purchase bank-owned life insurance during the year ended
December 31, 2013. These decreases were partially offset by
$309.8 million in cash received from loan principal repayments, a
$155.0 million net increase in Federal Home Loan Bank advances,
$101.7 million in proceeds from principal repayments and maturities
of securities, $65.9 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 $7.3 million, or 82.9 percent
to $1.5 million at December 31, 2013 from $8.8 million at
December 31, 2012, primarily due to sales of loans held for
sale of $64.6 million, partially offset by originations of loans
held for sale of $57.3 million.
Securities classified as available for sale increased $46.9
million, or 12.2 percent, to $430.8 million at December 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
$210.0 million during the year ended December 31, 2013,
partially offset by decreases due to principal repayments and
maturities of $101.7 million, the sales of securities available for
sale of $44.5 million, a decrease in unrealized gains of $13.7
million, and the amortization of net premiums on investments of
$3.2 million.
Loans, net of the allowance for loan losses and deferred fees
and discounts, increased $89.6 million, or 12.2 percent, to $824.9
million at December 31, 2013 from $735.3 million at
December 31, 2012. The increase in loans included a $45.6
million increase in consumer loans, a $21.8 million increase in
commercial real estate loans, a $7.2 million increase in
residential real estate loans, a $7.4 million increase in real
estate construction loans, and a $5.9 million increase in
commercial business loans.
Bank-owned life insurance increased $11.4 million, or 35.5
percent, to $43.6 million at December 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 year ended December 31,
2013.
Deposits decreased $2.7 million, or 0.3 percent, to $813.6
million at December 31, 2013 from $816.3 million at
December 31, 2012. The decrease was primarily due to a $23.8
million decrease in certificates of deposit, partially offset by
increases in demand deposits of $17.6 million and money market
deposits of $4.4 million. The decrease in certificates of deposit
was primarily due to certificates of deposit that matured and were
not renewed. The increase in demand deposits and money market
deposits was primarily related to growth in commercial deposits.
Increased sales of a cash sweep product also contributed to the
increase in money market deposits.
Federal Home Loan Bank advances increased $155.0 million, or
74.9 percent, to $362.0 million at December 31, 2013 from
$207.0 million at December 31, 2012. The increase in Federal
Home Loan Bank advances was attributable to advances of $410.0
million, partially offset by scheduled maturities of $255.0 million
during the year ended December 31, 2013. Other borrowings
decreased $17.0 million, or 89.5 percent, to $2.0 million at
December 31, 2013 from $19.0 million at December 31,
2012, primarily due to an $11.0 million decrease in overnight
borrowings and the maturity and repayment of repurchase agreements
totaling $6.0 million that occurred in January 2013.
Stockholders' equity increased $1.5 million, or 0.8 percent, to
$207.1 million at December 31, 2013 from $205.6 million at
December 31, 2012. The increase in stockholders' equity was
primarily due to increases resulting from net income of
$6.4 million, share-based compensation expense of $1.8
million, and ESOP compensation expense of $893,000 during the year
ended December 31, 2013. These increases were partially offset
by other comprehensive losses resulting primarily from a decrease
in unrealized gains on available for sale securities of $13.8
million ($9.1 million after tax).
Asset Quality as of December 31, 2013 Compared with
December 31, 2012
Non-performing assets decreased $7.6 million, or 58.8 percent,
to $5.4 million, or 0.39 percent of total assets, as of
December 31, 2013, from $13.0 million, or 1.04 percent of
total assets, as of December 31, 2012, primarily due to
decreases of $4.6 million in other real estate owned and
$3.5 million in non-performing loans. The decrease in other
real estate owned resulted primarily from sales of other real
estate owned properties totaling $4.5 million during the year ended
December 31, 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
December 31, 2013 Compared with the Three Months Ended
December 31, 2012
Net income increased $465,000, or 40.1 percent, to $1.6 million,
or $0.15 per diluted share, for the quarter ended December 31,
2013 from $1.2 million, or $0.11 per diluted share, for the quarter
ended December 31, 2012.
Net interest income increased $1.3 million, or 13.8 percent, to
$10.6 million for the quarter ended December 31, 2013 from
$9.3 million for the quarter ended December 31, 2012.
Total interest income increased $831,000, or 7.2 percent, to
$12.4 million for the quarter ended December 31, 2013
from $11.6 million for the quarter ended December 31, 2012,
primarily due to a 13.3 percent increase in the average balance of
interest-earning assets, partially offset by a 21 basis point
decrease in the average yield on interest-earning assets. Total
interest expense decreased $453,000, or 20.3 percent, to $1.8
million for the three months ended December 31, 2013 from $2.2
million for the three months ended December 31, 2012,
primarily due to a 26 basis point decrease in the average rate paid
on interest-bearing liabilities, partially offset by a 13.6 percent
increase in the average balance of interest-bearing
liabilities.
We recorded a provision for loan losses of $450,000 for the
quarter ended December 31, 2013 while no provision was
recorded for the quarter ended December 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
increase in the provision for loan losses was primarily due to
growth in the loan portfolio. Total loans receivable increased
$87.9 million, or 11.9 percent, to $827.0 million at
December 31, 2013 from $739.1 million at
December 31, 2012. Impaired loans decreased $7.4 million, or
36.5 percent, to $13.0 million at December 31, 2013 from $20.4
million at December 31, 2012. Non-performing loans totaled
$4.3 million, or 0.53 percent of total loans at
December 31, 2013, compared to $7.9 million, or 1.06
percent of total loans, at December 31, 2012. The allowance
for loan losses as a percentage of non-performing loans increased
to 148.37 percent at December 31, 2013 from 87.81 percent at
December 31, 2012. The allowance for loan losses to total
loans receivable ratio decreased to 0.78 percent at
December 31, 2013 from 0.93 percent at December 31,
2012.
Noninterest income decreased $940,000, or 22.1 percent, to $3.3
million for the quarter ended December 31, 2013 from
$4.3 million for the quarter ended December 31, 2012,
primarily due to a decrease in net gains on sales of loans of $1.1
million resulting primarily from a decrease in the volume of loans
sold to 73 loans sold in the fourth quarter of 2013 from 131 loans
sold in the fourth quarter of 2012.
Noninterest expense decreased $667,000, or 5.7 percent, to $11.1
million for the quarter ended December 31, 2013 from
$11.7 million for the quarter ended December 31, 2012,
primarily due to decreases in net loss on write-down of other real
estate owned of $256,000 and professional and outside services
expense of $249,000. No write-downs of other real estate owned
properties to their current fair value less estimated costs to sell
were required to be recorded during the quarter ended
December 31, 2013, compared to a total of $256,000 in
write-downs during the quarter ended December 31, 2012. The
decrease in professional and outside services expense resulted
primarily from costs incurred in association with the enhancement
of our electronic banking capabilities in the fourth quarter of
2012.
Operating Results for the Year Ended December 31,
2013 Compared with the Year Ended December 31,
2012
Net income increased $729,000, or 12.8 percent, to $6.4 million,
or $0.61 per diluted share, for the year ended December 31,
2013 from $5.7 million, or $0.55 per diluted share, for the year
ended December 31, 2012.
Net interest income increased $1.4 million, or 3.7 percent, to
$40.6 million for the year ended December 31, 2013 from
$39.2 million for the year ended December 31, 2012,
primarily due to decreases in the average balances and the average
rates on interest-bearing liabilities and an increase in the
average balances of interest-earning assets, partially offset by a
decrease in the average yield on interest-earning assets. Total
interest income decreased $1.7 million, or 3.5 percent, to $48.3
million for the year ended December 31, 2013 from $50.0
million for the year ended December 31, 2012, primarily due to
a 28 basis point decrease in the yield on interest earning assets,
partially offset by $1.3 million in interest income recognized upon
payoff in July 2013 of a loan that had been on nonaccrual status
and a 0.8 percent increase in the average balances of
interest-earning assets. Total interest expense decreased $3.2
million, or 29.6 percent, to $7.6 million for the year ended
December 31, 2013 from $10.8 million for the year ended
December 31, 2012, primarily due to a 30 basis point decrease
in the average rate paid on interest-bearing liabilities.
The provision for loan losses increased $300,000, or 15.4
percent, to $2.3 million for the year ended December 31, 2013
from $2.0 million for the year ended December 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
increase in the provision for loan losses was primarily due to
growth in the loan portfolio. Total loans receivable increased
$87.9 million, or 11.9 percent, to $827.0 million at
December 31, 2013 from $739.1 million at
December 31, 2012. Impaired loans decreased $7.4 million, or
36.5 percent, to $13.0 million at December 31, 2013 from $20.4
million at December 31, 2012. Non-performing loans totaled
$4.3 million, or 0.53 percent of total loans at
December 31, 2013, compared to $7.9 million, or 1.06
percent of total loans, at December 31, 2012. The allowance
for loan losses as a percentage of non-performing loans increased
to 148.37 percent at December 31, 2013 from 87.81 percent at
December 31, 2012. The allowance for loan losses to total
loans receivable ratio decreased to 0.78 percent at
December 31, 2013 from 0.93 percent at December 31,
2012.
Noninterest income increased $574,000, or 3.6 percent, to $16.4
million for the year ended December 31, 2013 from
$15.8 million for the year ended December 31, 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 $320,000, increase in the cash surrender value of
bank-owned life insurance of $256,000, and service charges and
other fees of $194,000, partially offset by a decrease in gains on
sales of loans of $1.4 million. 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 year ended
December 31, 2013, while $59.6 million of investment
securities were sold for a gain of $860,000 during the year ended
December 31, 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
year ended December 31, 2013. The improvement in the increase
in cash surrender value of bank-owned life insurance was primarily
due to the purchase of an additional $10.0 million of life
insurance policies during the year ended December 31, 2013. The
increase in service charges and other fees was due primarily to a
decrease in mortgage servicing rights impairment of $372,000 during
the year ended December 31, 2013 compared to 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 year ended December 31, 2013 compared to the year ended
December 31, 2012.
Noninterest expense increased $540,000, or 1.2 percent, to $45.0
million for the year ended December 31, 2013 from
$44.4 million for the year ended December 31, 2012.
Increases in salaries and benefits expense of $1.4 million and
software and equipment maintenance expense of $347,000 were
partially offset by a decrease in the net loss on write-down of
other real estate owned of $802,000. The increase in salaries and
benefits expense was due primarily to an $855,000 increase in
health insurance expense due to unfavorable medical claims
experience, a $391,000 increase in salaries expense primarily due
to $599,000 in severance expenses related to a reduction in force
partially offset by a decrease in expense related to the reduction
in headcount, and a $326,000 increase in equity incentive plan
expenses. 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 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 year ended
December 31, 2013, compared to a total of $1.0 million in
write-downs during the year ended December 31, 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 14
full-service branches in the Dallas/Fort Worth Metroplex and offers
a full array of business/commercial services as well as consumer
products and services, mortgages and retirement planning. Founded
over 50 years ago, OmniAmerican Bank had $1.39 billion in assets at
December 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 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) |
|
|
|
|
December
31, |
|
2013 |
2012 |
ASSETS |
|
|
Cash and cash equivalents |
$ 15,880 |
$ 23,853 |
Investments: |
|
|
Securities available for sale at fair
value |
430,775 |
383,909 |
Other |
19,782 |
12,867 |
Loans held for sale |
1,509 |
8,829 |
|
|
|
Loans, net of deferred fees and
discounts |
831,326 |
742,171 |
Less allowance for loan losses |
(6,445) |
(6,900) |
Loans, net |
824,881 |
735,271 |
Premises and equipment, net |
41,512 |
43,126 |
Bank-owned life insurance |
43,606 |
32,183 |
Other real estate owned |
177 |
4,769 |
Mortgage servicing rights |
1,473 |
1,009 |
Deferred tax asset, net |
4,066 |
1,039 |
Accrued interest receivable |
3,447 |
3,340 |
Other assets |
4,205 |
7,154 |
Total assets |
$ 1,391,313 |
$ 1,257,349 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Deposits: |
|
|
Noninterest-bearing |
$ 58,071 |
$ 47,331 |
Interest-bearing |
755,503 |
768,971 |
Total deposits |
813,574 |
816,302 |
|
|
|
Federal Home Loan Bank advances |
362,000 |
207,000 |
Other borrowings |
2,000 |
19,000 |
Accrued expenses and other liabilities |
6,597 |
9,469 |
Total liabilities |
1,184,171 |
1,051,771 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
Common stock, par value $0.01 per share;
100,000,000 shares authorized; 11,451,596 shares issued and
outstanding at December 31 2013 and 11,444,800 shares issued and
outstanding at December 31, 2012 |
115 |
114 |
Additional paid-in capital |
109,250 |
106,684 |
Unallocated Employee Stock Ownership Plan
("ESOP") shares |
(7,999) |
(8,379) |
Retained earnings |
108,304 |
101,877 |
Accumulated other comprehensive (loss)
income |
(2,528) |
5,282 |
Total stockholders'
equity |
207,142 |
205,578 |
Total liabilities and
stockholders' equity |
$ 1,391,313 |
$ 1,257,349 |
|
|
OmniAmerican Bancorp,
Inc. and Subsidiary |
Consolidated Statements
of Income (Unaudited) |
(Dollars in thousands,
except per share data) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
Interest income: |
|
|
|
|
Loans, including fees |
$ 9,764 |
$ 9,222 |
$ 39,027 |
$ 38,361 |
Securities — taxable |
2,624 |
2,336 |
9,237 |
11,667 |
Securities — nontaxable |
1 |
— |
2 |
— |
Total interest income |
12,389 |
11,558 |
48,266 |
50,028 |
Interest expense: |
|
|
|
|
Deposits |
1,043 |
1,500 |
5,071 |
6,281 |
Borrowed funds |
736 |
732 |
2,568 |
4,563 |
Total interest expense |
1,779 |
2,232 |
7,639 |
10,844 |
Net interest income |
10,610 |
9,326 |
40,627 |
39,184 |
Provision for loan losses |
450 |
— |
2,250 |
1,950 |
Net interest income after provision for
loan losses |
10,160 |
9,326 |
38,377 |
37,234 |
Noninterest income: |
|
|
|
|
Service charges and other fees |
2,327 |
2,387 |
9,122 |
8,928 |
Net gains on sales of loans |
83 |
1,180 |
1,510 |
2,941 |
Net gains on sales of securities
available for sale |
— |
— |
1,701 |
860 |
Net (losses) gains on sales of premises
and equipment |
(32) |
(8) |
312 |
(8) |
Net gains (losses) on sales of
repossessed assets |
17 |
(41) |
34 |
(106) |
Commissions |
400 |
273 |
1,467 |
1,353 |
Increase in cash surrender value of
bank-owned life insurance |
372 |
313 |
1,423 |
1,167 |
Other income |
150 |
153 |
790 |
650 |
Total noninterest income |
3,317 |
4,257 |
16,359 |
15,785 |
Noninterest expense: |
|
|
|
|
Salaries and benefits |
6,542 |
6,374 |
25,984 |
24,600 |
Software and equipment maintenance |
661 |
574 |
2,686 |
2,339 |
Depreciation of furniture, software, and
equipment |
332 |
419 |
1,554 |
1,740 |
FDIC insurance |
179 |
195 |
701 |
830 |
Net loss on write-down of other real
estate owned |
— |
256 |
227 |
1,029 |
Real estate owned expense (income) |
48 |
75 |
(16) |
210 |
Service fees |
142 |
129 |
515 |
482 |
Communications costs |
284 |
268 |
1,015 |
1,074 |
Other operations expense |
681 |
835 |
3,022 |
3,131 |
Occupancy |
874 |
890 |
3,758 |
3,808 |
Professional and outside services |
1,048 |
1,297 |
4,233 |
4,216 |
Loan servicing |
73 |
152 |
586 |
357 |
Marketing |
198 |
265 |
718 |
627 |
Total noninterest expense |
11,062 |
11,729 |
44,983 |
44,443 |
Income before income tax expense |
2,415 |
1,854 |
9,753 |
8,576 |
Income tax expense |
791 |
695 |
3,326 |
2,878 |
Net income |
$ 1,624 |
$ 1,159 |
$ 6,427 |
$ 5,698 |
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.16 |
$ 0.11 |
$ 0.62 |
$ 0.55 |
Diluted |
$ 0.15 |
$ 0.11 |
$ 0.61 |
$ 0.55 |
|
|
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 |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
2013 |
2013 |
2013 |
2013 |
2012 |
Share Data: |
|
|
|
|
|
Total shares outstanding at period end |
11,451,596 |
11,464,131 |
11,452,552 |
11,443,704 |
11,444,800 |
Weighted average shares outstanding —
Basic |
10,464,009 |
10,447,002 |
10,376,689 |
10,358,984 |
10,349,386 |
Weighted average shares outstanding —
Diluted |
10,564,641 |
10,559,323 |
10,525,558 |
10,530,373 |
10,467,533 |
Basic earnings per share |
$ 0.16 |
$ 0.21 |
$ 0.06 |
$ 0.19 |
$ 0.11 |
Diluted earnings per share |
$ 0.15 |
$ 0.21 |
$ 0.06 |
$ 0.18 |
$ 0.11 |
Book value per share |
$ 18.09 |
$ 18.00 |
$ 17.67 |
$ 18.01 |
$ 17.96 |
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Return on average assets (1) |
0.46% |
0.64% |
0.21% |
0.61% |
0.36% |
Return on average equity (1) |
3.12% |
4.31% |
1.30% |
3.75% |
2.25% |
Noninterest expense to average total assets
(1) |
3.11% |
3.46% |
3.32% |
3.59% |
3.69% |
Efficiency ratio (2) |
79.43% |
77.20% |
83.55% |
76.30% |
86.35% |
|
|
|
|
|
|
Selected Balance Sheet
Data: |
|
|
|
|
|
Equity to total assets |
14.89% |
14.24% |
15.38% |
16.14% |
16.35% |
|
|
|
|
|
|
Capital Ratios:(3) |
|
|
|
|
|
Total capital (to risk-weighted assets) |
23.41% |
22.29% |
23.88% |
25.22% |
25.47% |
Tier I capital (to risk-weighted assets) |
22.66% |
21.54% |
23.03% |
24.32% |
24.56% |
Tier I capital (to total assets) |
14.86% |
14.13% |
15.29% |
15.64% |
15.67% |
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
Non-performing assets to total assets |
0.39% |
0.50% |
1.03% |
1.04% |
1.04% |
Non-performing loans to total loans |
0.53% |
0.69% |
1.12% |
1.13% |
1.06% |
Allowance for loan losses to non-performing
loans |
148.37% |
112.70% |
78.41% |
82.49% |
87.81% |
Allowance for loan losses to total loans |
0.78% |
0.77% |
0.88% |
0.93% |
0.93% |
Net charge-offs to average loans outstanding
(1) |
0.33% |
0.28% |
0.49% |
0.26% |
0.22% |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
2013 |
2013 |
2013 |
2013 |
2012 |
Average Balances: |
|
|
|
|
|
Loans |
$ 852,202 |
$ 842,492 |
$ 771,460 |
$ 746,674 |
$ 743,417 |
Securities |
444,195 |
403,988 |
391,626 |
391,258 |
390,761 |
Other interest-earning assets |
24,646 |
20,912 |
15,810 |
17,523 |
32,323 |
Total interest-earning assets |
$ 1,321,043 |
$ 1,267,392 |
$ 1,178,896 |
$ 1,155,455 |
$ 1,166,501 |
Deposits: |
|
|
|
|
|
Interest-bearing demand |
$ 142,375 |
$ 140,172 |
$ 142,766 |
$ 137,507 |
$ 134,784 |
Savings and money market |
338,961 |
334,025 |
332,483 |
332,490 |
334,297 |
Certificates of deposit |
270,949 |
276,817 |
288,778 |
293,204 |
295,271 |
FHLB advances and other borrowings |
394,322 |
352,634 |
254,437 |
233,331 |
244,927 |
Total interest-bearing liabilities |
$ 1,146,607 |
$ 1,103,648 |
$ 1,018,464 |
$ 996,532 |
$ 1,009,279 |
|
|
|
|
|
|
Yields/Rates (1): |
|
|
|
|
|
Loans (2) |
4.58% |
5.27% |
4.80% |
4.77% |
4.96% |
Securities |
2.34% |
2.29% |
2.14% |
2.19% |
2.36% |
Other interest-earning assets |
0.39% |
0.36% |
0.43% |
0.50% |
0.41% |
Total interest-earning assets (2) |
3.75% |
4.24% |
3.86% |
3.83% |
3.96% |
Deposits: |
|
|
|
|
|
Interest-bearing demand |
0.06% |
0.06% |
0.07% |
0.09% |
0.09% |
Savings and money market |
0.17% |
0.17% |
0.17% |
0.18% |
0.19% |
Certificates of deposit |
1.29% |
1.47% |
1.69% |
1.74% |
1.78% |
FHLB advances and other borrowings |
0.75% |
0.73% |
0.89% |
1.07% |
1.20% |
Total interest-bearing liabilities |
0.62% |
0.66% |
0.77% |
0.83% |
0.88% |
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
Interest rate spread (2) (3) |
3.13% |
3.58% |
3.09% |
3.00% |
3.08% |
Net interest margin (2) (4) |
3.21% |
3.66% |
3.20% |
3.11% |
3.20% |
|
|
|
|
|
|
|
|
|
|
|
|
(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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