Posted 1/16/2013 06:06 pm
Updated 4 months ago
Bank of the Ozarks Inc. announced Wednesday a 17.6 percent gain in profits during the fourth quarter of 2012. Earnings improved to $20.7 million for the quarter ending Dec. 31 compared to $17.6 million in 2011.
However, the regional bank's net income for the year fell by 24 percent to $77 million. Bank of the Ozarks reported net income of $101.3 million during 2011.
The disparity is attributed to unusual gains associated with three FDIC-assisted transactions during 2011.
"The quarter just ended was an excellent conclusion to an excellent year," George Gleason, chairman and CEO, said a prepared statement. "On the last day of the year, we closed our first traditional acquisition since 2003. This was our eighth acquisition, including FDIC-assisted transactions, in the past three years."
The $3.8 billion-asset lender completed its purchase of Genala Banc Inc. on Dec. 31. Fourth-quarter numbers didn't include the operating results for the holding company for The Citizens Bank of Geneva, Ala.
The traditional acquisition resulted in a gain, net of acquisition and conversion costs, of about $1.1 million after taxes, or about three cents of diluted earnings per common share. This was the only acquisition by Bank of the Ozarks during 2012.
Other year-end notables reported by the Little Rock bank holding company include:
Deposits, which grew to $3.1 billion, a 5.3 percent increase compared to $2.94 billion at December 31, 2011.
Total assets, which reached $4.04 billion a 5.2 percent increase compared to $3.84 billion at December 31, 2011.
Common stockholders' equity, which totaled $508 million, a 19.6 percent increase from $425 million at December 31, 2011.
Book value per common share, which improved to $14.39, a 16.8 percent increase from $12.32 at December 31, 2011.
Bank of the Ozarks operates financial network through 117 offices in seven states: Arkansas, 66; Georgia 28; Texas,13; Florida, four; Alabama, three; two North Carolina, two; and South Carolina, one.