Bank of the Ozarks posts record earnings

That bank acquisition spree certainly boosted Bank of the Ozarks’ bottom line.

The Little Rock-based bank posted year-end net income of $64 million, up 74% from one year ago when Bank of the Ozarks recorded earnings of $36.8 million.

For the quarter ended Dec. 31, 2010, net income was $16.9 million, an increase of 75.5% from $9.65 million for the fourth quarter of 2009.

Analysts expected Bank of the Ozarks to report fourth quarter earnings of 68 cents per share on revenues of $44.1 million, according to Thomson Reuters. A year ago, the Arkansas bank booked record fourth quarter net income of 57 cents per share, or nearly $9.1 million in profits.

“We are very pleased with our excellent results for both the fourth quarter and the full year of 2010, which was our tenth consecutive year of record net income," CEO George Gleason said in the earnings statement.

Since March 2010, Bank of the Ozarks has expanded its footprint across the Southeast by participating in five FDIC-assisted acquisitions of problem banks in Georgia, South Carolina and Florida.

On Jan. 14, the fast-growing Little Rock banking group took over ownership of its third Georgia bank in the past year with the acquisition of Oglethorpe Bank of Brunswick, Ga.

Already, eight U.S. banks have failed across the U.S., including six in the Southeast. There were 157 bank failures in 2010.

Bank of the Ozarks’ stock price has traded nearly 40 percent higher over the past 52 weeks. The Little Rock bank touched a 52-week ahead of Christmas Day, closing on Dec. 22 at $44.94.

Bank of the Ozarks shares (NASDAQ: OZRK) closed Monday at $42.26, down five cents from its previous close.