George Gleason
Bank of the Ozarks Inc. of Little Rock reported first quarter net income of $39.9 million, up 58 percent from the same quarter last year.
The publicly traded company (Nasdaq: OZRK) said diluted earnings per share was 47 cents, up 38 percent from the same quarter last year.
The results beat Wall Street expectations of 45 cents per share.
“During the quarter just ended, our non-purchased loans and leases grew $331 million, and our unfunded balance of closed loans grew $445 million,” George Gleason, chairman and CEO, said in a news release. “This was very good growth considering the seasonal headwinds we typically experience in the first quarter.”
The quarter was a busy one, with the company completing its $228.5 million acquisition of Intervest Bancshares Corp., and its wholly owned subsidiary, Intervest National Bank. The all-stock transaction of the Intervest, which has operations in New York and Florida, pushed Bank of the Ozarks’ assets to about $8.3 billion, up 65 percent from the same quarter last year.
Deposits reached $6.72 billion, up 72 percent from the same period last year, which was before the May 2014 acquisition of Summit Bank of Arkadelphia.
Net interest income was $85.5 million, up 63 percent increase from $52.4 million in the first quarter of 2014. Net interest margin was 5.42 percent, down 4 basis points from 5.46 percent in the first quarter of 2014.
Non-interest income for the first quarter increased 43 percent to $29.1 million compared to $20.4 million for the first quarter of 2014.
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