Bank Of The Ozarks Profits Leap 58% In 2011

Bank of the Ozarks today reported record net income of $101.3 million, a 58.3% increase, for 2011. One year ago, the Little Rock-based bank holding company reported profits of $64 million.

Diluted earnings per common share for 2011 were a record $2.94, an increase of 56.4% from $1.88 for 2010.

Bank of the Ozarks fourth quarter net income was only up 3.8% to $17.6 million. The bank recorded most of its bottom line progress in the first and second quarter when it incorporated profits from three key out-of-state acquisitions.

Also on August 16, Bank of the Ozarks completed a 2-for-1 stock split.

“We are very pleased with our excellent results for both the fourth quarter and the full year of 2011, which was our eleventh consecutive year of record net income,” said CEO George Gleason. “Our results for both the full year and the fourth quarter of 2011 included record net interest income, our best net interest margin as a public company, record income from service charges on deposit accounts and favorable results for asset quality.”

Key metrics for the bank at Dec. 31, 2011 included:

• Loans and leases, excluding loans covered by FDIC loss share agreements, were $1.89 billion, up 1.6%.
• Total loans and leases were $2.69 billion at December 31, 2011, a 14.8% increase from the previous year.
• Deposits were $2.94 billion at December 31, 2011, a 15.9% increase.
• Total assets were $3.84 billion at December 31, 2011, a 17.3% increase.
• Net interest income for 2011 increased 36.5% to a record $168.7 million compared to $123.6 million for 2010.
• Non-interest income for 2011 was $117.1 million, a 66.5% increase from $70.3 million for 2010.

Shares of Bank of the Ozarks (NASDAQ: OZRK) closed trading on Tuesday at $30.17. The company’s stock has traded in a 52-week range of $19.14-$31.25 per share.