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Business OmniAmerican reports 4Q, full-year results

OmniAmerican reports 4Q, full-year results

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

OmniAmerican Bancorp Inc., the holding company for OmniAmerican Bank, generated net income of $6.4 million for the 2013 fiscal year, an increase of $729,000, or 12.8 percent, compared with net income of $5.7 million for the prior year. The Fort Worth-based company reported on Feb. 28 its unaudited earnings for the fourth quarter and year ended Dec. 31, 2013. Diluted earnings per share increased 6 cents, or 10.9 percent, to 61 cents in 2013 from 55 cents in 2012. The company said the primary contributors to the increase in net income for 2013 compared with 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 Dec. 31, from $735.3 million a year ago. 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. For the fourth quarter, OABC reported net income of $1.6 million and diluted earnings per share of 15 cents compared with net income of $1.2 million and diluted earnings per share of 11 cents for the fourth quarter of 2012. Net income increased 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 as of Dec. 31, from $1.26 billion at Dec. 31, 2012, attributable 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, in a news release. “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.”

Deposits decreased $2.7 million, or 0.3 percent, to $813.6 million as of Dec. 31, 2013, from $816.3 million at Dec. 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 CDs was related to those that matured and were not renewed, while the increase in demand deposits and money market deposits was 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 Dec. 31, 2013, from $207.0 million at Dec. 31, 2012. OABC said the increase was attributable to advances of $410.0 million, partially offset by scheduled maturities of $255.0 million during the year ended Dec. 31, 2013. Other borrowings decreased $17.0 million, or 89.5 percent, to $2.0 million at Dec. 31, 2013, from $19.0 million a year ago, 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. OmniAmerican Bancorp Inc. is traded on the NASDAQ Global Select Market under the symbol “OABC.” OmniAmerican Bank operates 14 full-service branches in the Dallas-Fort Worth Metroplex. Founded more than 50 years ago, OmniAmerican Bank had $1.39 billion in assets at Dec. 31, 2013. Additional information is available at www.OmniAmerican.com.  

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