Bank of the Ozarks' 1Q Profit Up 11 Percent

by Lance Turner  on Thursday, Apr. 11, 2013 5:16 pm  

Bank of the Ozarks Inc. of Little Rock on Thursday announced first-quarter net income of $20 million, up 11 percent from the same time last year.

The bank company said earnings per share reached 56 cents, up nearly 8 percent from the same time last year. Earnings per share beat analysts' estimates of 55 cents per share. 

"We are very pleased to report an excellent first quarter," George Gleason, the company's chairman and CEO, said in a news release. "While our results for the quarter, including loan and lease growth, reflect some of the headwinds typically encountered during the first quarter, our excellent net interest margin, superb asset quality, near-record mortgage lending income and good control of non-interest expenses provide a great start for 2013."

The company noted that its most recent fourth quarter, it completed its $27.3 million acquisition of Genala Banc Inc. and its wholly owned subsidiary, The Citizens Bank, in Geneva, Ala. The company said the deal resulted in a gain, net of acquisition and conversion costs, of about $1.1 million after taxes, or earnings per share of about 3 cents.

The company (Nasdaq: OZRK) said first-quarter net interest income was $44.1 million, up 0.7 percent from $43.8 million during the same quarter last year.



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