OmniAmerican Bancorp Inc. (OABC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Omniamerican Bancorp Inc. has a market cap of $138.79 million; its shares were traded at around $11.66 .
Loans. Loans, net of the allowance for loan losses and deferred fees and discounts, decreased $14.6 million, or 2.1%, to $683.5 million at March 31, 2010 from $698.1 million at December 31, 2009. Automobile loans (consisting of direct and indirect loans) decreased $12.0 million, or 5.8%, to $193.5 million at March 31, 2010. Commercial real estate loans decreased $1.9 million, or 1.9%, to $99.1 million. Commercial business loans decreased $1.1 million, or 1.8%, to $58.2 million at March 31, 2010. One- to four-family residential mortgage loans increased $1.9 million, or 0.7%, to $259.2 million at March 31, 2010 from $257.3 million at December 31, 2009 as $26.2 million in originations and purchases of one- to four-family residential mortgage loans were offset by sales of $14.5 million, repayments of $10.3 million and a $478,000 reclassification to other real estate owned.
Deposits. Deposits decreased $134.7 million, or 14.8%, to $775.2 million at March 31, 2010 from $910.0 million at December 31, 2009. Our core deposits (consisting of interest-bearing and non-interest-bearing demand accounts, money market accounts and savings accounts) decreased $135.5 million, or 23.5%, to $440.7 million at March 31, 2010 from $576.2 million at December 31, 2009. The core deposit balance at December 31, 2009 included $159.5 million in subscriptions for the purchase of shares of common stock in our stock offering, which was completed on January 20, 2010. Certificates of deposit increased $687,000, or 0.2%, to $334.5 million at March 31, 2010 from $333.8 million at December 31, 2009.
Interest Expense. Interest expense decreased by $2.4 million, or 40.7%, to $3.5 million for the three months ended March 31, 2010 from $5.9 million for the three months ended March 31, 2009. The decrease resulted primarily from decreases in interest expense on deposits of $1.3 million and interest expense on borrowed funds of $1.1 million. The average rate we paid on deposits decreased 80 basis points to 1.39% for the three months ended March 31, 2010 from 2.19% for the three months ended March 31, 2009. Partially offsetting the decrease in interest expense was an increase in the average balance of interest-bearing deposits of $13.4 million, or 2.0%, to $694.1 million for the three months ended March 31, 2010 from $680.7 million for the three months ended March 31, 2009. The increase in the average balance of our deposits was primarily due to a $30.4 million increase in the average balance of our core deposits (consisting of demand accounts, money market accounts and savings accounts), partially offset by a $17.0 million decrease in the average balance of our certificates of deposit.
Interest expense on certificates of deposit decreased $1.2 million, or 40.0%, to $1.8 million for the three months ended March 31, 2010 from $3.0 million for the three months ended March 31, 2009. The average rate paid on certificates of deposit decreased 123 basis points to 2.19% for the three months ended March 31, 2010 from 3.42% for the three months ended March 31, 2009, reflecting lower market interest rates. In addition, the average balance of certificates of deposit decreased by $17.0 million, to $330.3 million for the three months ended March 31, 2010 from $347.3 million for the three months ended March 31, 2009. The interest expense on our core deposits decreased $152,000, or 20.2%, to $602,000 for the three months ended March 31, 2010 from $754,000 for the prior year period, primarily due to a 24 basis point decrease in the average rate paid on core deposits, partially offset by a $30.4 million increase in the average balance of core deposits.
Provision for Loan Losses. We recorded a provision for loan losses of $800,000 for the three months ended March 31, 2010 compared to a provision for loan losses of $1.5 million for the three months ended March 31, 2009, primarily due to a $586,000 decrease in net charge-offs to $433,000 for the three months ended March 31, 2010 from $1.0 million for the three months ended March 31, 2009. Net charge-offs decreased to 0.25% of average loans outstanding for the three months ended March 31, 2010 from 0.55% for the three months ended March 31, 2009. Substandard loans increased $4.9 million, or 19.2%, to $30.4 million at March 31, 2010 from $25.5 million at March 31, 2009. At March 31, 2010, we identified 69 impaired loans with balances totaling $21.4 million. Seven of these impaired loans with balances totaling $6.6 million had specific allowance for loan losses totaling $1.5 million. At March 31, 2009, 20 loans with balances totaling $4.7 million were considered to be impaired. One of the impaired loans at March 31, 2009 with a balance of $2.3 million had a specific allowance for loan losses of $836,000. In addition, two loans with balances totaling $478,000 were reclassified to other real estate owned during the three months ended March 31, 2010. The allowance for loan losses to total loans receivable increased to 1.25% at March 31, 2010 from 1.19% at March 31, 2009.
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Omniamerican Bancorp Inc. has a market cap of $138.79 million; its shares were traded at around $11.66 .
Highlight of Business Operations:
Cash and Cash Equivalents. Total cash and cash equivalents decreased $114.7 million, or 81.9%, to $25.4 million at March 31, 2010 from $140.1 million at December 31, 2009 primarily due to $113.4 million in cash used to purchase securities classified as available for sale, $48.3 million used to originate and purchase loans, and $10.4 million used to repay Federal Home Loan Bank advances during the three months ended March 31, 2010. These cash decreases were partially offset by $19.1 million of proceeds from sales, principal repayments and maturities of securities, $18.4 million in cash received from loan principal repayments and $14.8 million of proceeds from the sales of longer term (greater than 15 years) one- to four-family residential mortgage loans during the three months ended March 31, 2010.Loans. Loans, net of the allowance for loan losses and deferred fees and discounts, decreased $14.6 million, or 2.1%, to $683.5 million at March 31, 2010 from $698.1 million at December 31, 2009. Automobile loans (consisting of direct and indirect loans) decreased $12.0 million, or 5.8%, to $193.5 million at March 31, 2010. Commercial real estate loans decreased $1.9 million, or 1.9%, to $99.1 million. Commercial business loans decreased $1.1 million, or 1.8%, to $58.2 million at March 31, 2010. One- to four-family residential mortgage loans increased $1.9 million, or 0.7%, to $259.2 million at March 31, 2010 from $257.3 million at December 31, 2009 as $26.2 million in originations and purchases of one- to four-family residential mortgage loans were offset by sales of $14.5 million, repayments of $10.3 million and a $478,000 reclassification to other real estate owned.
Deposits. Deposits decreased $134.7 million, or 14.8%, to $775.2 million at March 31, 2010 from $910.0 million at December 31, 2009. Our core deposits (consisting of interest-bearing and non-interest-bearing demand accounts, money market accounts and savings accounts) decreased $135.5 million, or 23.5%, to $440.7 million at March 31, 2010 from $576.2 million at December 31, 2009. The core deposit balance at December 31, 2009 included $159.5 million in subscriptions for the purchase of shares of common stock in our stock offering, which was completed on January 20, 2010. Certificates of deposit increased $687,000, or 0.2%, to $334.5 million at March 31, 2010 from $333.8 million at December 31, 2009.
Interest Expense. Interest expense decreased by $2.4 million, or 40.7%, to $3.5 million for the three months ended March 31, 2010 from $5.9 million for the three months ended March 31, 2009. The decrease resulted primarily from decreases in interest expense on deposits of $1.3 million and interest expense on borrowed funds of $1.1 million. The average rate we paid on deposits decreased 80 basis points to 1.39% for the three months ended March 31, 2010 from 2.19% for the three months ended March 31, 2009. Partially offsetting the decrease in interest expense was an increase in the average balance of interest-bearing deposits of $13.4 million, or 2.0%, to $694.1 million for the three months ended March 31, 2010 from $680.7 million for the three months ended March 31, 2009. The increase in the average balance of our deposits was primarily due to a $30.4 million increase in the average balance of our core deposits (consisting of demand accounts, money market accounts and savings accounts), partially offset by a $17.0 million decrease in the average balance of our certificates of deposit.
Interest expense on certificates of deposit decreased $1.2 million, or 40.0%, to $1.8 million for the three months ended March 31, 2010 from $3.0 million for the three months ended March 31, 2009. The average rate paid on certificates of deposit decreased 123 basis points to 2.19% for the three months ended March 31, 2010 from 3.42% for the three months ended March 31, 2009, reflecting lower market interest rates. In addition, the average balance of certificates of deposit decreased by $17.0 million, to $330.3 million for the three months ended March 31, 2010 from $347.3 million for the three months ended March 31, 2009. The interest expense on our core deposits decreased $152,000, or 20.2%, to $602,000 for the three months ended March 31, 2010 from $754,000 for the prior year period, primarily due to a 24 basis point decrease in the average rate paid on core deposits, partially offset by a $30.4 million increase in the average balance of core deposits.
Provision for Loan Losses. We recorded a provision for loan losses of $800,000 for the three months ended March 31, 2010 compared to a provision for loan losses of $1.5 million for the three months ended March 31, 2009, primarily due to a $586,000 decrease in net charge-offs to $433,000 for the three months ended March 31, 2010 from $1.0 million for the three months ended March 31, 2009. Net charge-offs decreased to 0.25% of average loans outstanding for the three months ended March 31, 2010 from 0.55% for the three months ended March 31, 2009. Substandard loans increased $4.9 million, or 19.2%, to $30.4 million at March 31, 2010 from $25.5 million at March 31, 2009. At March 31, 2010, we identified 69 impaired loans with balances totaling $21.4 million. Seven of these impaired loans with balances totaling $6.6 million had specific allowance for loan losses totaling $1.5 million. At March 31, 2009, 20 loans with balances totaling $4.7 million were considered to be impaired. One of the impaired loans at March 31, 2009 with a balance of $2.3 million had a specific allowance for loan losses of $836,000. In addition, two loans with balances totaling $478,000 were reclassified to other real estate owned during the three months ended March 31, 2010. The allowance for loan losses to total loans receivable increased to 1.25% at March 31, 2010 from 1.19% at March 31, 2009.
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