Attached files
file | filename |
---|---|
8-K - FORM 8-K - OmniAmerican Bancorp, Inc. | c24127e8vk.htm |
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Keishi High, Investor Relations Officer
817-367-4640
Keishi.High@OmniAmerican.com
817-367-4640
Keishi.High@OmniAmerican.com
OMNIAMERICAN BANCORP, INC. REPORTS
THIRD QUARTER 2011 EARNINGS
THIRD QUARTER 2011 EARNINGS
Fort Worth, Texas November 4, 2011 OmniAmerican Bancorp, Inc. (NASDAQ: OABC) (the Company),
the holding company for OmniAmerican Bank, reported earnings today for the quarter ended September
30, 2011. Third quarter results include:
| Net income increased 413.9% to $1.0 million for the quarter ended September 30, 2011,
compared to net income of $201,000 for the quarter ended September 30, 2010. |
| Basic and diluted earnings per share increased to $0.10 per share for the quarter ended
September 30, 2011 compared to $0.02 for the same period in 2010. |
| Book value per share increased 6.0% to $17.92 at September 30, 2011 compared to $16.91
at September 30, 2010. |
| Net interest income increased 4.5% to $10.4 million for the quarter ended September 30,
2011 from $10.0 million for the prior year period. |
| Provision for loan losses decreased by $2.2 million, to $550,000 for the quarter ended
September 30, 2011 from $2.8 million for the same period in 2010. |
| Nonperforming assets decreased to $21.1 million, or 1.59% of total assets, at September
30, 2011 from $22.2 million, or 1.97% of total assets, at September 30, 2010. |
A share repurchase program was authorized by our Board of Directors in January 2011 and completed
during the third quarter of 2011, under which the Company repurchased 595,125 shares of its common
stock. A second share repurchase program was authorized by our Board of Directors in September
2011, under which the Company may repurchase up to 565,369 shares of its common stock. As of
September 30, 2011, 630,125 shares of common stock had been repurchased under these programs at an
average cost of $14.58 per share.
A share-based compensation program was authorized by our Board of Directors and approved by
shareholders during the second quarter of 2011, under which the Company may grant up to 1,190,250
options to purchase common stock and 476,100 restricted shares of common stock. As of September
30, 2011, 373,552 options to purchase common stock and 118,738 restricted shares of common stock
had been granted under this program, which resulted in share-based compensation expense of
approximately $116,000 and $159,000 for the three and nine month periods ended September 30, 2011,
respectively.
Financial Condition as of September 30, 2011 Compared with December 31, 2010
Total assets increased $218.7 million, or 19.7%, to $1.33 billion at September 30, 2011 from $1.11
billion at December 31, 2010. The increase was primarily the result of increases in securities
classified as available for sale of $210.0 million and other investments of $10.5 million,
partially offset by decreases in deferred tax assets of $5.7 million and other real estate owned of
$5.5 million.
Total cash and cash equivalents increased $6.5 million, or 26.4%, to $31.1 million at September 30,
2011 from $24.6 million at December 31, 2010. The increase in total cash and cash equivalents
reflects $206.0 million in cash received from Federal Home Loan Bank advances, $170.7 million in
cash received from loan principal repayments and $142.0 million of proceeds from sales, principal
repayments, and maturities of securities classified as available for sale, partially offset by
decreases of $340.8 million in cash used to purchase securities classified as available for sale
and $206.0 million in cash used to originate loans.
Securities classified as available for sale increased $210.0 million, or 66.1%, to $527.8 million
at September 30, 2011 from $317.8 million at December 31, 2010. The increase in securities
classified as available for sale was primarily attributable to purchases of $340.8 million during
the nine months ended September 30, 2011, partially offset by sales of $71.8 million and principal
repayments and maturities of $70.2 million.
Other investments increased $10.5 million, or 338.7%, to $13.6 million at September 30, 2011 from
$3.1 million at December 31, 2010, primarily due to the purchases of additional Federal Home Loan
Bank of Dallas stock of $9.4 million as a required investment associated with the $206.0 million
increase in Federal Home Loan Bank advances.
Loans, net of the allowance for loan losses and deferred fees and discounts, increased $5.1
million, or 0.8%, to $665.5 million at September 30, 2011 from $660.4 million at December 31,
2010. The increase in loans includes a $12.5 million increase in automobile loans and a $12.4
million increase in real estate construction loans, partially offset by an $8.2 million
decrease in commercial business loans and an $8.0 million decrease in one- to four-family
residential mortgage loans.
Deposits increased $4.8 million, or 0.6%, to $805.9 million at September 30, 2011 from $801.2
million at December 31, 2010. The increase in deposits was primarily attributable to an
increase in money market deposits, partially offset by a decrease in certificates of deposits.
Money market deposits increased $28.9 million, or 28.7%, to $129.7 million at September 30,
2011 from $100.8 million at December 31, 2010. Certificates of deposit decreased $25.4
million, or 7.4%, to $317.5 million at September 30, 2011 from $343.0 million at December 31,
2010. The decrease in certificates of deposits resulted from certificates of deposit that
matured and were not renewed.
Federal Home Loan Bank advances increased $206.0 million, or 502.4%, to $247.0 million at September
30, 2011 from $41.0 million at December 31, 2010, reflecting additional borrowings used to purchase
available for sale securities. At September 30, 2011 and December 31, 2010, other secured
borrowings totaled $58.0 million.
Stockholders equity was $202.0 million at September 30, 2011 compared to $198.6 million at
December 31, 2010, reflecting an increase of $3.4 million, or 1.7%. The increase resulted
primarily from a $9.3 million increase in accumulated other comprehensive income and $2.8 million
of net income for the nine months ended September 30, 2011, partially offset by a decrease due to
open market purchases of 630,125 shares of our common stock at a cost of $9.2 million during the
nine months ended September 30, 2011.
Asset Quality as of September 30, 2011 Compared with December 31, 2010
Non-performing assets decreased $3.2 million, or 13.2%, to $21.1 million, or 1.59% of total assets
at September 30, 2011 from $24.3 million, or 2.19% of total assets, as of December 31, 2010. The
decrease in non-performing assets reflects a net decrease of $5.5 million in other real estate
owned, primarily due to the sales of ten properties totaling $5.7 million and a $2.2 million
write-down of ten properties to the current fair values less costs to sell, partially offset by the
reclassification of eight loans totaling $2.4 million to other real estate owned. Partially
offsetting the decrease in other real estate owned was a $2.4 million increase in non-accrual
loans.
Operating Results for the Three Months Ended September 30, 2011 Compared with the Three Months
Ended September 30, 2010
Net income increased to $1.0 million, or $0.10 per share, for the three months ended September 30,
2011, compared to $201,000, or $0.02 per share, for the three months ended September 30, 2010.
Net interest income increased by $452,000, or 4.5%, to $10.4 million for the quarter ended
September 30, 2011 from $10.0 million for the quarter ended September 30, 2010, primarily due to an
increase in total interest income and a decrease in total interest expense. Total interest income
increased $150,000, or 1.1%, to $13.7 million for the quarter ended September 30, 2011 from $13.5
million for the quarter ended September 30, 2010, primarily due to a $168.6 million increase in the
average balance of interest-earning assets (primarily investment securities), partially offset by a
66 basis point decrease in the average yield on interest-earning assets. Total interest expense
decreased by $302,000, or 8.4%, to $3.3 million for the quarter ended September 30, 2011 from $3.6
million for the quarter ended September 30, 2010, primarily due to a 42 basis point decrease in the
average rate paid on interest-bearing liabilities, partially offset by a $183.7 million increase in
the average balance of interest-bearing liabilities.
The provision for loan losses decreased by $2.2 million, or 78.6%, to $550,000 for the quarter
ended September 30, 2011 from $2.8 million for the quarter ended September 30, 2010 primarily due
to lower net charge-offs, a decrease in the loan portfolio, and stabilizing credit quality trends.
Net charge-offs decreased $748,000, to $699,000 for the three months ended September 30, 2011 from
$1.4 million for the three months ended September 30, 2010. Total loans decreased $4.2 million, or
0.6%, to $673.0 million at September 30, 2011 from $677.2 million at September 30, 2010.
Noninterest income decreased $558,000, or 15.9%, to $2.9 million for the three months ended
September 30, 2011 from $3.5 million for the three months ended September 30, 2010. The
decrease was primarily attributable to a $373,000 increase in net losses on sales of
repossessed assets and a $298,000 decrease in service charges and other fees, partially offset
by an increase in the cash surrender value of bank-owned life insurance of $242,000.
Noninterest expense increased $800,000, or 7.6%, to $11.3 million for the three months ended
September 30, 2011 from $10.5 million for the three months ended September 30, 2010. The
increase was primarily attributable to a $844,000 increase in salaries and benefits expense
and a $666,000 increase in net loss on write-down of other real estate owned, partially offset
by a $244,000 decrease in FDIC insurance premium expense, a $166,000 decrease in professional
and outside services and a $155,000 decrease in depreciation of furniture, software and
equipment. The increase in salaries and benefits expense is primarily due to increases in
lending staff and incentive compensation expense. The increase in net loss on write-down of
other real estate owned was primarily due to decreases in the valuation of the properties held
as real estate owned. The decrease in professional and outside services expense is primarily
due to expenses for professional services related to the implementation of Sarbanes-Oxley
controls over financial reporting incurred in the three months ended September 30, 2010. The
decrease in the FDIC insurance premium expense resulted primarily from a change in the FDICs
assessment methodology effective on April 1, 2011 to base assessments on the average total
consolidated assets less average tangible equity as required by the Dodd-Frank Act. The
decrease in depreciation of furniture, software and equipment is primarily attributable to
certain assets being fully depreciated.
Operating Results for the Nine Months Ended September 30, 2011 Compared with the Nine Months Ended
September 30, 2010
Net income increased to $2.8 million, or $0.26 per share, for the nine months ended September 30,
2011, compared to $1.3 million, or $0.11 per share, for the nine months ended September 30, 2010.
OmniAmerican Bank completed its mutual to stock conversion on January 20, 2010. The earnings per
share for the nine months ended September 30, 2010 is calculated as if the conversion had been
completed prior to January 1, 2010.
Net interest income increased by $1.2 million, or 4.1%, to $30.8 million for the nine months ended
September 30, 2011 from $29.6 million for the nine months ended September 30, 2010, primarily due
to a decrease in total interest expense and an increase in total interest income. Total interest
expense decreased by $690,000, or 6.6%, to $9.9 million for the nine months ended September 30,
2011 from $10.5 million for the nine months ended September 30, 2010, primarily due to a 36 basis
point decrease in the average rate paid on interest-bearing liabilities, partially offset by a
$154.4 million increase in the average balance of interest-bearing liabilities. Total interest
income increased $511,000, or 1.3%, to $40.7 million for the nine months ended September 30, 2011
from $40.2 million for the nine months ended September 30, 2010, primarily due to a $137.8 million
increase in the average balance of interest-earning assets, partially offset by a 56 basis point
decrease in the average yield on interest-earning assets.
The provision for loan losses decreased by $3.4 million, or 68.0%, to $1.6 million for the nine
months ended September 30, 2011 from $5.0 million for the nine months ended September 30, 2010
primarily due to lower net charge-offs, a decrease in the loan portfolio, and stabilizing credit
quality trends. Net charge-offs decreased $2.0 million, to $2.0 million for the nine months ended
September 30, 2011 from $4.0 million for the nine months ended September 30, 2010. Total loans
decreased $4.2 million, or 0.6%, to $673.0 million at September 30, 2011 from $677.2 million at
September 30, 2010.
Noninterest income decreased $931,000, or 9.2%, to $9.2 million for the nine months ended September
30, 2011 from $10.1 million for the nine months ended September 30, 2010 primarily due to a
$700,000 decrease in service charges and other fees, a $517,000 decrease in net gains on the sale
of loans, and a $376,000 increase in net losses on sales of repossessed assets, partially offset by
an increase in the cash surrender value of bank-owned life insurance of $718,000.
Noninterest expense increased $1.6 million, or 4.8%, to $34.6 million for the nine months ended
September 30, 2011 from $33.0 million for the nine months ended September 30, 2010. The
increase was primarily attributable to increases in net loss on write-down of other real
estate owned of $2.2 million and salaries and benefits expense of $1.4 million, partially
offset by decreases in the FDIC insurance assessment of $419,000, software and equipment
maintenance of $397,000, professional and outside services expense of
$372,000, depreciation of
furniture, software and equipment of $248,000, and marketing expense of $223,000. The
increase in net loss on write-down of other real estate owned was primarily due to decreases
in the valuation of the properties held as real estate owned. The increase in salaries and
benefits expense is primarily due to an increase in lending staff, an increase in incentive
compensation expense, and higher health insurance expense. The decrease in the FDIC insurance
premium expense was primarily attributable to a decrease in the general assessment rate
applied to our insured deposits and the change in the FDICs assessment methodology effective
on April 1, 2011 to base assessments on the average total consolidated assets less average
tangible equity as required by the Dodd-Frank Act. The decrease in software and equipment
maintenance expense related primarily to savings from a new annual contract negotiated with
our ATM servicing contractor. The decrease in professional and outside services related
primarily to refunds received and a reduction in rates charged for services provided by our
debit card vendor as a result of a contract renegotiation and expenses for professional
services related to the implementation of Sarbanes-Oxley controls over financial reporting
incurred in the nine months ended September 30, 2010. The decrease in depreciation of
furniture, software and equipment is primarily attributable to certain assets being fully
depreciated. The decrease in marketing expense is primarily due to the discontinuance of our
debit card reward program on December 31, 2010.
About OmniAmerican Bancorp, Inc.
OmniAmerican Bancorp is traded on the NASDAQ Global 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 plus business/commercial
services, mortgages and retirement planning. Founded over 50 years ago, OmniAmerican Bank had
$1.33 billion in assets at September 30, 2011 and is proud to provide the highest level of personal
service. Electronic banking and additional information are 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; 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; and changes resulting from intense compliance and regulatory
costs associated with the Dodd-Frank Wall Street Reform and Consumer Protection Act and the
transition from the Office of Thrift Supervision to the Office of the Comptroller of the Currency
as our primary regulator.
Because of these and 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)
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ | 31,098 | $ | 24,597 | ||||
Investments: |
||||||||
Securities available for sale at fair value |
527,768 | 317,806 | ||||||
Other |
13,577 | 3,060 | ||||||
Loans held for sale |
975 | 861 | ||||||
Loans, net of deferred fees and discounts |
673,970 | 669,357 | ||||||
Less allowance for loan losses |
(8,489 | ) | (8,932 | ) | ||||
Loans, net |
665,481 | 660,425 | ||||||
Premises and equipment, net |
45,118 | 47,665 | ||||||
Bank-owned life insurance |
20,796 | 20,078 | ||||||
Other real estate owned |
9,318 | 14,793 | ||||||
Mortgage servicing rights |
1,180 | 1,242 | ||||||
Deferred tax asset, net |
1,212 | 6,935 | ||||||
Accrued interest receivable |
3,869 | 3,469 | ||||||
Other assets |
6,765 | 7,488 | ||||||
Total assets |
$ | 1,327,157 | $ | 1,108,419 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Deposits: |
||||||||
Noninterest-bearing |
$ | 75,602 | $ | 74,583 | ||||
Interest-bearing |
730,320 | 726,575 | ||||||
Total deposits |
805,922 | 801,158 | ||||||
Federal Home Loan Bank advances |
247,000 | 41,000 | ||||||
Other secured borrowings |
58,000 | 58,000 | ||||||
Accrued expenses and other liabilities |
14,188 | 9,634 | ||||||
Total liabilities |
1,125,110 | 909,792 | ||||||
Commitments and contingencies |
||||||||
Stockholders equity: |
||||||||
Common stock |
113 | 119 | ||||||
Additional paid-in capital |
106,588 | 115,470 | ||||||
Unallocated Employee Stock Ownership Plan (ESOP) shares |
(8,856 | ) | (9,141 | ) | ||||
Retained earnings |
94,981 | 92,212 | ||||||
Accumulated other comprehensive income (loss) |
9,221 | (33 | ) | |||||
Total stockholders equity |
202,047 | 198,627 | ||||||
Total liabilities and stockholders equity |
$ | 1,327,157 | $ | 1,108,419 | ||||
OmniAmerican Bancorp, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest income: |
||||||||||||||||
Loans, including fees |
$ | 9,806 | $ | 10,705 | $ | 29,696 | $ | 32,022 | ||||||||
Securities taxable |
3,886 | 2,831 | 10,974 | 8,106 | ||||||||||||
Securities nontaxable |
| 6 | | 31 | ||||||||||||
Total interest income |
13,692 | 13,542 | 40,670 | 40,159 | ||||||||||||
Interest expense: |
||||||||||||||||
Deposits |
1,755 | 2,393 | 5,603 | 7,269 | ||||||||||||
Borrowed funds |
1,519 | 1,183 | 4,256 | 3,280 | ||||||||||||
Total interest expense |
3,274 | 3,576 | 9,859 | 10,549 | ||||||||||||
Net interest income |
10,418 | 9,966 | 30,811 | 29,610 | ||||||||||||
Provision for loan losses |
550 | 2,750 | 1,550 | 5,000 | ||||||||||||
Net interest income after provision
for loan losses |
9,868 | 7,216 | 29,261 | 24,610 | ||||||||||||
Noninterest income: |
||||||||||||||||
Service charges and other fees |
2,280 | 2,578 | 7,047 | 7,747 | ||||||||||||
Net gains on sales of loans |
380 | 455 | 563 | 1,080 | ||||||||||||
Net gains on sales of securities available for sale |
| 13 | 11 | 104 | ||||||||||||
Net losses on disposition of premises and equipment |
(1 | ) | | (6 | ) | | ||||||||||
Net losses on sales of repossessed assets |
(413 | ) | (40 | ) | (391 | ) | (15 | ) | ||||||||
Commissions |
246 | 162 | 615 | 483 | ||||||||||||
Increase in cash surrender value of bank-owned
life insurance |
242 | | 718 | | ||||||||||||
Other income |
159 | 283 | 658 | 747 | ||||||||||||
Total noninterest income |
2,893 | 3,451 | 9,215 | 10,146 | ||||||||||||
Noninterest expense: |
||||||||||||||||
Salaries and benefits |
5,815 | 4,971 | 17,457 | 16,013 | ||||||||||||
Software and equipment maintenance |
596 | 575 | 1,803 | 2,200 | ||||||||||||
Depreciation of furniture, software and equipment |
638 | 793 | 2,136 | 2,384 | ||||||||||||
FDIC insurance |
190 | 434 | 863 | 1,282 | ||||||||||||
Net loss on write-down of other real estate owned |
714 | 48 | 2,226 | 67 | ||||||||||||
Real estate owned expense |
176 | 255 | 387 | 567 | ||||||||||||
Service fees |
125 | 150 | 374 | 548 | ||||||||||||
Communications costs |
230 | 165 | 694 | 637 | ||||||||||||
Other operations expense |
868 | 941 | 2,745 | 2,740 | ||||||||||||
Occupancy |
911 | 917 | 2,675 | 2,844 | ||||||||||||
Professional and outside services |
823 | 989 | 2,459 | 2,831 | ||||||||||||
Loan servicing |
94 | 71 | 311 | 199 | ||||||||||||
Marketing |
130 | 201 | 446 | 669 | ||||||||||||
Total noninterest expense |
11,310 | 10,510 | 34,576 | 32,981 | ||||||||||||
Income before income tax expense |
1,451 | 157 | 3,900 | 1,775 | ||||||||||||
Income tax expense (benefit) |
418 | (44 | ) | 1,131 | 434 | |||||||||||
Net income |
$ | 1,033 | $ | 201 | $ | 2,769 | $ | 1,341 | ||||||||
Earnings per share: |
||||||||||||||||
Basic |
$ | 0.10 | $ | 0.02 | $ | 0.26 | $ | 0.11 | (1) | |||||||
Diluted |
$ | 0.10 | $ | 0.02 | $ | 0.26 | $ | 0.11 | (1) | |||||||
(1) | The Company completed its mutual to stock conversion on January 20,
2010. The earnings per share for the nine months ended September 30,
2010 is calculated as if the conversion had been completed prior to
January 1, 2010. |
OmniAmerican Bancorp, Inc. and Subsidiary
Selected Consolidated Financial Ratios and Other Data (Unaudited)
(Dollars in thousands, except per share data)
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, 2011 | March 31, 2011 | December 31, | September 30, | ||||||||||||||||
2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||||||||
Share Data for Earnings per Share
Calculation: |
||||||||||||||||||||
Weighted average common shares
outstanding |
11,454,290 | 11,772,331 | 11,884,456 | 11,902,500 | 11,902,500 | |||||||||||||||
Less: Average unallocated ESOP shares |
(888,720 | ) | (898,242 | ) | (907,764 | ) | (917,286 | ) | (926,808 | ) | ||||||||||
Basic average shares |
10,565,570 | 10,874,089 | 10,976,692 | 10,985,214 | 10,975,692 | |||||||||||||||
Add: Dilutive effects of share-based
compensation |
4,338 | 163 | | | | |||||||||||||||
Diluted average shares |
10,569,908 | 10,874,252 | 10,976,692 | 10,985,214 | 10,975,692 | |||||||||||||||
Net income |
$ | 1,033 | $ | 1,217 | $ | 519 | $ | 316 | $ | 201 | ||||||||||
Basic earnings per share |
$ | 0.10 | $ | 0.11 | $ | 0.05 | $ | 0.03 | $ | 0.02 | ||||||||||
Diluted earnings per share |
$ | 0.10 | $ | 0.11 | $ | 0.05 | $ | 0.03 | $ | 0.02 | ||||||||||
Share data at period end: |
||||||||||||||||||||
Total shares issued |
11,902,500 | 11,902,500 | 11,902,500 | 11,902,500 | 11,902,500 | |||||||||||||||
Less: Shares repurchased |
(630,125 | ) | (240,830 | ) | (63,025 | ) | | | ||||||||||||
Total shares outstanding |
11,272,375 | 11,661,670 | 11,839,475 | 11,902,500 | 11,902,500 | |||||||||||||||
Performance Ratios: |
||||||||||||||||||||
Return on average assets (1) |
0.31 | % | 0.36 | % | 0.18 | % | 0.11 | % | 0.07 | % | ||||||||||
Return on average equity (1) |
2.04 | % | 2.43 | % | 1.04 | % | 0.62 | % | 0.40 | % | ||||||||||
Noninterest expense to average total
assets (1) |
3.42 | % | 3.47 | % | 4.04 | % | 3.93 | % | 3.70 | % | ||||||||||
Efficiency ratio (2) |
84.97 | % | 83.15 | % | 91.40 | % | 85.51 | % | 78.33 | % | ||||||||||
Selected Balance Sheet Data: |
||||||||||||||||||||
Book value per share |
$ | 17.92 | $ | 17.26 | $ | 16.76 | $ | 16.69 | $ | 16.91 | ||||||||||
Equity to total assets |
15.22 | % | 15.16 | % | 14.86 | % | 17.92 | % | 17.88 | % | ||||||||||
Capital Ratios: |
||||||||||||||||||||
Total capital (to risk-weighted assets) |
25.66 | % | 26.44 | % | 26.56 | % | 27.86 | % | 28.01 | % | ||||||||||
Tier I capital (to risk-weighted assets) |
24.81 | % | 25.57 | % | 25.69 | % | 26.93 | % | 27.11 | % | ||||||||||
Tier I capital (to total assets) |
14.24 | % | 14.49 | % | 14.42 | % | 17.40 | % | 17.14 | % | ||||||||||
Asset Quality Data and Ratios: |
||||||||||||||||||||
Non-performing assets to total assets |
1.59 | % | 1.89 | % | 1.74 | % | 2.19 | % | 1.97 | % | ||||||||||
Non-performing loans to total loans |
1.73 | % | 2.03 | % | 1.41 | % | 1.38 | % | 1.62 | % | ||||||||||
Allowance for loan losses to
non-performing loans |
72.91 | % | 63.60 | % | 94.29 | % | 96.55 | % | 84.48 | % | ||||||||||
Net charge-offs to average loans
outstanding (1) |
0.42 | % | 0.48 | % | 0.30 | % | 1.23 | % | 0.85 | % |
(1) | Ratios are annualized. |
|
(2) | The efficiency ratio represents noninterest
expense divided by the sum of net interest income and noninterest income. |
OmniAmerican Bancorp, Inc. and Subsidiary
Selected Consolidated Financial Ratios and Other Data (Unaudited)
(Dollars in thousands)
Selected Consolidated Financial Ratios and Other Data (Unaudited)
(Dollars in thousands)
For the Three Months Ended | ||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||||||||
Average Balances: |
||||||||||||||||||||
Loans |
$ | 668,004 | $ | 666,361 | $ | 665,652 | $ | 676,952 | $ | 680,668 | ||||||||||
Securities |
539,886 | 551,289 | 351,119 | 338,317 | 355,165 | |||||||||||||||
Other interest-earning assets |
16,627 | 18,297 | 32,137 | 13,956 | 20,060 | |||||||||||||||
Total interest-earning assets |
$ | 1,224,517 | $ | 1,235,947 | $ | 1,048,908 | $ | 1,029,225 | $ | 1,055,893 | ||||||||||
Deposits: |
||||||||||||||||||||
Interest-bearing demand |
$ | 81,627 | $ | 80,161 | $ | 75,769 | $ | 75,715 | $ | 74,994 | ||||||||||
Savings and money market |
320,681 | 322,567 | 311,276 | 309,325 | 304,026 | |||||||||||||||
Certificates of deposit |
317,804 | 327,053 | 338,358 | 343,292 | 357,506 | |||||||||||||||
FHLB advances and other borrowings |
311,640 | 320,698 | 145,827 | 106,783 | 111,531 | |||||||||||||||
Total interest-bearing liabilities |
$ | 1,031,752 | $ | 1,050,479 | $ | 871,230 | $ | 835,115 | $ | 848,057 | ||||||||||
Yields/Rates (1): |
||||||||||||||||||||
Loans |
5.87 | % | 5.87 | % | 6.07 | % | 6.09 | % | 6.29 | % | ||||||||||
Securities |
2.86 | % | 3.19 | % | 3.05 | % | 2.80 | % | 3.18 | % | ||||||||||
Other interest-earning assets |
0.72 | % | 0.22 | % | 0.16 | % | 0.34 | % | 0.30 | % | ||||||||||
Total interest earning assets |
4.47 | % | 4.59 | % | 4.88 | % | 4.93 | % | 5.13 | % | ||||||||||
Deposits: |
||||||||||||||||||||
Interest-bearing demand |
0.12 | % | 0.20 | % | 0.26 | % | 0.26 | % | 0.30 | % | ||||||||||
Savings and money market |
0.24 | % | 0.30 | % | 0.38 | % | 0.49 | % | 0.59 | % | ||||||||||
Certificates of deposit |
1.94 | % | 1.93 | % | 1.94 | % | 2.02 | % | 2.11 | % | ||||||||||
FHLB advances and other borrowings |
1.95 | % | 1.92 | % | 3.28 | % | 4.45 | % | 4.24 | % | ||||||||||
Total interest-bearing liabilities |
1.27 | % | 1.30 | % | 1.46 | % | 1.61 | % | 1.69 | % | ||||||||||
Other Data: |
||||||||||||||||||||
Net interest spread (2) |
3.20 | % | 3.29 | % | 3.42 | % | 3.32 | % | 3.44 | % | ||||||||||
Net interest margin (3) |
3.40 | % | 3.49 | % | 3.66 | % | 3.63 | % | 3.78 | % |
(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
percentage of average interest-earning assets for the period. |
###