4Q Profit Up 18 Percent at Bank of the Ozarks

Fourth quarter profits at Bank of the Ozarks Inc. grew to $24.4 million, an 18.1 percent increase compared to a year ago.

Net income at the Little Rock bank holding company was up by 13.1 percent during 2013, the company announced after the market closed on Thursday. The $87.1 million total compares to $77 million for 2012.

Results for 2013 included the purchase of The First National Bank of Shelby. The acquisition of the Shelby, N.C., bank was completed in July and produced a bargain purchase gain of $200,000 in the third quarter.

Annualized returns on average assets and average common stockholders’ equity for the fourth quarter of 2013 were 2.02 percent and 15.73 percent. Those performance measurements were down slightly compared to 2.15 percent and 16.99 percent in fourth quarter of 2012.

Returns on average assets and average common stockholders’ equity for the full year of 2013 were 2.04 percent and 15.60 percent, compared to 2.04 percent and 16.80 percent for 2012.

Loans and leases, excluding loans covered by FDIC loss share agreements and purchased loans not covered by loss share were $2.63 billion at year-end 2013, a 24.4 percent increase.

Deposits grew by 19.9 percent to $3.72 billion and total assets increased to $4.79 billion

"Highlights of the quarter included stellar asset quality and another quarter of excellent loan and lease growth," said George Gleason, chairman and chief executive officer of Bank of the Ozarks. "Our capabilities to generate loan and lease growth have been clearly evident this year."

The company owns a state-chartered subsidiary bank that conducts banking operations through 132 offices, including 66 Arkansas offices, 28 Georgia offices, 15 North Carolina offices, 14 Texas offices, four Florida offices, three Alabama offices and one office each in South Carolina and New York.