Little Rock-based Bank of the Ozarks posted full year net income of $118.6 million, a record for the company and a 30% increase compared to 2013. The total was boosted by fourth quarter income of $34.8 million, up 42.4% compared to the 2013 quarter.
Income gains have largely been the product of acquisitions. The bank holding company completed three bank purchases in the last six quarters. The company announced in July it would buy Intervest Bancshares Corp., with the $228.5 million deal expected to close in February.
“2014 was an excellent year for our Company. We achieved record loan and lease growth, record growth of our unfunded balances of closed loans, record deposit growth, a robust net interest margin, an excellent net charge-off ratio, a favorable efficiency ratio, and excellent returns on average assets and stockholders’ equity,” George Gleason, chairman and CEO, said in a statement. “In fact, it was our fifth consecutive year of achieving a return on average assets in excess of 2.00%.”
Other highlights from the earnings report issued Thursday (Jan. 15) after the markets closed include:
Net interest income for the full year of 2014 was a record $270.5 million, a 39.8% increase from $193.5 million for the full year of 2013;
Non-interest income for the full year of 2014 increased 11.6% to $84.9 million compared to $76.0 million for 2013;
Mortgage lending income decreased 7.8% to $5.19 million for the full year of 2014 compared to $5.63 million for the full year of 2013;
Trust income increased 36.5% to a record $5.59 million for the full year of 2014 compared to $4.10 million for the full year of 2013;
Deposits were $5.5 billion at Dec. 31, 2014, a 47.9% increase compared to $3.72 billion at Dec. 31, 2013; and
Total assets were $6.77 billion at Dec. 31, 2014, a 41.2% increase compared to $4.79 billion at Dec. 31, 2013.
The bank’s shares (NASDAQ: OZRK) closed Thursday at $32.55, down 69 cents. During the past 52 weeks the share price has ranged from a $38.22 high to a $27.51 low.