Bank of the Ozarks 3Q Net Income Up 2 Percent

by Lance Turner  on Thursday, Oct. 11, 2012 5:32 pm  

Bank of the Ozarks Inc. of Little Rock on Thursday announced third-quarter net income of $19.3 million, up 2 percent from $18.9 million in the same quarter last year.

The company (Nasdaq: OZRK) said diluted earnings per common share was 55 cents, unchanged from the same time last year.

"We are very pleased to report our excellent results for the quarter just ended," Chairman and CEO George Gleason said in a news release. " Our net interest margin continued to be among the best in the industry, and non-interest income included record income from service charges on deposit accounts and excellent mortgage lending income.

"We achieved good growth in non-covered loans and leases, giving us our fifth consecutive quarter of growth in non-covered loans and leases. Several of our asset quality ratios reached their best levels in over four years."

For the nine months ended Sept. 30, net income reached $56.4 million, down about 33 percent from the same time last year. Diluted earnings per common share was $1.62, also down 33 percent.

The company's results for the third quarter of 2011 included after-tax costs of $700,000, or 2 cents per diluted common share, related to completing systems conversions for acquisitions. The company's results in the first nine months of 2011 included three FDIC-assisted acquisitions that resulted in a gain, net of acquisition and conversion costs, of about $36.6 million after taxes, or about $1.06 of diluted earnings per common share.

The company said loans and leases, excluding loans covered by FDIC loss share agreements, were $2.03 billion at Sept. 30, up 9 percent increase from the same time last year. Including covered loans, total loans and leases were $2.69 billion, down 1 percent decrease from the same time last year.

"During the quarter just ended, our balance of loans and leases outstanding, excluding covered loans, increased $51 million, and our unfunded balance of closed loans increased $143 million from $554 million at June 30, 2012 to $697 million at Sept. 30, 2012," he said. "The increase in our unfunded balance of closed loans has favorable implications for further growth in the balance of loans and leases outstanding in future quarters."

Bank of the Ozarks report deposits of $2.89 billion at Sept. 30, down 5 percent from the same period last year. Total assets were $3.82 billion, down about 3 percent from last year. 



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