Bank of the Ozarks 3Q Net Income Up 16 Percent to $22.4M

by Lance Turner  on Thursday, Oct. 10, 2013 5:20 pm  

Bank of the Ozarks Inc. of Little Rock on Thursday announced third-quarter net income of $22.4 million, up 16 percent from $19.3 million during the same quarter last year.

Diluted earnings per common share was 61 cents, an 11 percent increase from 55 cents in the same quarter last year.

In a news release (PDF), George Gleason, chairman and CEO, called the company's quarterly results "excellent" and said the bank continued to see loan and lease growth.

"Our capabilities to generate loan and lease growth have been clearly evident this year," he said. "Our balance of loans and leases outstanding, excluding covered loans and purchased non-covered loans, increased $79 million in the quarter just ended and $407 million for the first three quarters this year. Our unfunded balance of closed loans increased $196 million during the third quarter, growing to $1.13 billion at September 30, 2013 compared to $935 million at June 30, 2013 and $769 million at December 31, 2012."

Net interest income for the third quarter of 2013 was $50.6 million, up 14 percent from $44.4 million from the same quarter last year and up 16 percent from $43.5 million from the second quarter of 2013.

Net interest margin, on a fully taxable equivalent basis, decreased 42 basis points to 5.55 percent in the third quarter of 2013 compared to 5.97 percent in the third quarter of 2012. It dropped one basis point compared to 5.56 percent in the second quarter of 2013.

Average earning assets increased to $3.78 billion for the third quarter of 2013 compared to $3.10 billion for the third quarter of 2012 and compared to $3.29 billion for the second quarter of 2013.

During the quarter, Bank of the Ozarks completed its acquisition of First National Bank of Shelby in North Carolina, a $68.5 million deal the company first announced in January.

The deal adds 14 North Carolina banking offices in a four-county area west of Charlotte, N.C., that are now operating as Bank of the Ozarks. Bank of the Ozarks has been operating in nearby Charlotte for mroe than a decade and plans to add a new banking office in Cornelius, N.C. in 2014.

Bank of the Ozarks is a bank holding company with $4 billion in total assets as of June 30. The company has operations through 132 offices in Arkansas, Georgia, North Carolina, Texas, Florida, Alabama, South Carolina and New York.

 

 

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