Bank of the Ozarks 4Q Net Up 4 Percent as 2011 Sees Another Record

Bank of the Ozarks Inc. of Little Rock said Tuesday that fourth-quarter net income reached $17.6 million, up 3.8 percent from $16.9 million during the same quarter last year.

The said fourth-quarter diluted earnings per common share rose as well, up 4.1 percent from the same time last year to 51 cents.

The company also posted record full-year net income of $101.3 million, up 58.3 percent from $64 million for 2010. Bank of the Ozarks said it has now achieved record net income in 11 consecutive years.

Diluted earnings per common share for 2011 was $2.94, up 56.4 percent from $1.88 for 2010.

"We are very pleased with our excellent results for both the fourth quarter and the full year of 2011, which was our 11th consecutive year of record net income," George Gleason, chairman and CEO, said in a news release.

"Our results for both the full year and the fourth quarter of 2011 included record net interest income, our best net interest margin as a public company, record income from service charges on deposit accounts and favorable results for asset quality." 

Full-year 2011 results included gains from three Federal Deposit Insurance Corporation-assisted acquisitions, two in the second quarter and one in the first quarter. After taxes, gains on the three acquisitions contributed about $36.1 million to net income for 2011, or about $1.05 diluted earnings per common share.

Full-year 2010 results included gains from four FDIC-assisted acquisitions, which contributed about $19 million after taxes to net income, or about 56 cents to diluted earnings per common share.