OmniAmerican loans up, earnings down
Fort Worth-based OmniAmerican Bank said third-quarter earnings dipped 4 percent from a year, to $2.2 million, or 21 cents a share. Its net loans rose 17 percent to $1.45 billion.
The bank on Oct. 9 announced that it trimmed its staff 8 percent, but severance costs related to the cuts won’t appear until its fourth-quarter results. It also said at the time that it plans to exit the indirect auto lending business, in which it buys vehicle loans from dealers.
The bank's increase in loans for the quarter, which amounted to $127 million, came in its commercial loan portfolio, said CEO Tim Carter. “We believe these steps are a critical part of our evolution towards a greater focus on commercial lending, residential real estate lending and retail banking, as part of our plan for success as a full-service, relationship-focused community bank,” Carter said in a prepared release.
-- Jim Fuquay