Bank of the Ozarks Reports 7 Percent Rise in Earnings

Bank of the Ozarks reported a 6.8 percent increase in second quarter earnings. The $20.4 million performance compares to $19.1 million a year ago.

Net income for the six months ending June 30 totaled $40.4 million, an 8.9 percent increase over the $37.1 million recorded by the company for the first six months of 2012.

Helping drive the improved profits was growth in the bank's loan portfolio. Loans grew from $1.98 billion a year ago to $2.44 billion, a 23.5 percent. Those figures exclude loans covered by FDIC loss share agreements and purchased loans not covered by loss share.

"Our capabilities to generate loan and lease growth were evident in our second quarter results," George Gleason, chairman and CEO, said in prepared statement that accompanied the second quarter results. 

"Our balance of loans and leases outstanding, excluding covered loans and purchased non-covered loans, increased $286 million in the quarter just ended. Our unfunded balance of closed loans increased $146 million during the second quarter, growing from $789 million at March 31, 2013 to $935 million at June 30, 2013. These are noteworthy results given current economic and competitive conditions."

Mortgage lending income increased 23.7 percent to $1.64 million in the second quarter of 2013 compared to $1.33 million in the second quarter of 2012. However, that was a 5.6 percent decrease from $1.74 million in the first quarter of 2013. 

Mortgage lending income was $3.38 million in the first six months of 2013, a 39.3 percent increase from $2.43 million in the first six months of 2012.

Non-interest income for the second quarter of 2013 increased 20.9 percent to $19million compared to $15.7 million for the second quarter of 2012. Non-interest income for the first six months of 2013 increased 19.7 percent to $35.3 million from $29.5 million for the first six months of 2012.

Total assets were $4.04 billion at June 30, 2013, a 7.4 percent increase compared to $3.76 billion at June 30, 2012.