OmniAmerican Bancorp Inc. in Fort Worth, Texas, reported a five-fold increase in third-quarter earnings from a year earlier, to $1 million, due primarily to improved asset quality.
The $1.3 billion-asset company said late Friday that it earned 10 cents a share, beating the average analysts' estimate by 2 cents, according to Thomson Reuters.
The loan-loss provision fell 80% from a year earlier, to $550,000, due to lower chargeoffs, a shrinking loan portfolio and stabilized credit quality. Nonperforming assets fell 13% from the end of 2010, to $21.1 million, largely due to the sale 10 properties totaling $5.7 million.
Total interest income increased 1.1% from a year earlier, to $13.7 million. The improvement was due to an increase in the average balance of interest-earning assets, primarily investment securities.