Bank of the Ozarks 1Q Profit Up 26 Percent

Bank of the Ozarks Inc. announced Monday a first-quarter profit of $25.3 million. That is a 26.4 percent increase compared to first quarter net income of $20 million recorded a year ago.

The Little Rock bank holding company, led by George Gleason II, reported that return on average common stockholders equity for the quarter improved to 16.06 percent. That compares to 15.77 percent ROE during the first quarter 2013.

Bank of the Ozarks completed during the quarter the acquisition of Bancshares Inc., the holding company of the $301 million-asset Omnibank of Houston. The $21.5 million cash transaction on March 5 produced a $4.7 million tax-exempt bargain gain for Bank of the Ozarks.

The purchase helped boost total assets to more than $5 billion, up 27.3 percent from a year ago, and helped push deposits to $3.9 billion, an increase of 30.9 percent.

Acquisition costs associated with the Bancshares Inc. deal totaled about $400,000.

Bank of the Ozarks also changed its core banking software, which cost the company $3.1 million.

Still in the pipeline is the $216 million purchase of Summit Bancorp., holding company of the $1.2 billion-asset Summit Bank of Arkadelphia.

Bank of the Ozarks operates 141 banking offices in Arkansas, 66; Georgia, 28; Texas, 21; North Carolina, 15; Florida, five; Alabama, three; and one each in South Carolina, New York and California.