Bank of the Ozarks' 2Q Profit Up 27 Percent; Name Changes on Monday

Bank of the Ozarks' 2Q Profit Up 27 Percent; Name Changes on Monday
Bank of the Ozarks' rebranding includes a new logo.

Bank of the Ozarks on Wednesday announced a $114.8 million profit for the second quarter of 2018.

The 27 percent increase over the second quarter 2017 matches the year-to-year increase in net income for the six months ending June 30, which totaled $227.9 million.

"We are very pleased to report another excellent quarter, continuing our long tradition of achieving industry-leading results quarter after quarter," said George Gleason, chairman and CEO of the $22.2 billion-asset regional bank.

"Our 2.1 percent annualized return on average assets, 4.66 percent net interest margin, 35.2 percent efficiency ratio and 0.07 percent annualized net charge-off ratio for total loans are just a few among many highlights in the quarter," he said. "Our outstanding team continues to work hard delivering great results for both our shareholders and customers."

The company also said that, effective Monday, its name will change to Bank OZK, and its new Nasdaq ticker symbol will be "OZK." The company announced the name change in March.

"Our presence and brand have evolved in recent decades from an Arkansas community bank into a much larger regional bank with nationwide lending businesses," the company said. "We believe this new name will be beneficial in achieving our long-term objectives, including continued growth and expansion in new markets."

The company said the name change will result in one-time expenses of between $15 million and $25 million, "primarily related to marketing, rebranding and other related expenses."

Headquartered in Little Rock, Bank of the Ozarks conducts operations through 253 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, California, New York, and Mississippi.