Net income at Little Rock’s Bank of the Ozarks Inc. rose 69.1 percent to $44.8 million during the second quarter. The company reported net income of $26.5 million for the same period a year ago.
Diluted earnings per common share for the second quarter were 51 cents, up 50 percent from 34 cents for the second quarter of 2014.
“Our annualized return on average assets of 2.17 percent during the quarter builds on our track record of having achieved returns on average assets in excess of 2 percent in each of the last five years,” said George Gleason, chairman and CEO.
For the six months ending June 30, net income totaled $84.7 million, a 63.6 percent increase over net income of $51.8 million for the same period in 2014. Diluted earnings per common share for the first six months of 2015 were $0.98, a 44.1 percent increase from 68 cents for the first six months of 2014.
The company reported quarterly net interest income of $93.7 million, up 44.7 percent compared to $64.8 million a year ago.
For the six months ending June 30, net interest income increased to $179.2 million, up 52.9 percent compared to nearly $117.2 million in 2014.
The lender’s efficiency ratio for the second quarter improved to 36.6 percent compared to 44.6 percent for the second quarter of 2014.
Its efficiency ratio for the first six months of 2015 improved to 39.7 percent compared to 47.1 percent for the first six months of 2014.
Bank of the Ozarks (Nasdaq: OZRK) operates a network of 164 offices spread across Arkansas, 80; Georgia, 28; Texas, 21; North Carolina, 16; Florida, 11; Alabama, three; with two offices each in South Carolina and New York and one in California.
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