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02/28/2013

OmniAmerican Bank earnings flat, loans up

Fort Worth-based OmniAmerican Bank said it earned nearly $1.2 million in the fourth quarter, largely unchanged from a year earlier, but earnings per share slipped a penny to 11 cents from 12 cents a year earlier. Outstanding loans rose 7.6 percent for the year to $735 million. The former credit union said improving credit quality was evident in two positive moves: its net charge-offs of bad loans fell by $1.8 million, down 82 percent from a year earlier, and it made no addition to its loan-loss reserve, which a year ago was a $1.7 million expense.

For the year, OmniAmerican earned $5.7 million, up 44 percent from 2011. It finished the year with $1.26 billion in total assets, down 6 percent from 2011. The decline was mainly from a $146 million decrease in securities held for sale. Non-performing assets were down $3.5 million as of Dec. 31, to $13 million. CEO Tim Carter said "2012 was a great year for OmniAmerican." He said the institution built experienced staff and expanded its online and mobile banking options.

-- Jim Fuquay

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