Bank Of The Ozarks Net Income Rises In Q3

Business

by Roby Brock ([email protected]) October 11, 2012 5:42 pm 75 views 

Bank of the Ozarks reported net income for the quarter ended September 30, 2012 of $19.3 million, a 2.0% increase from $18.9 million for the third quarter of 2011.

Diluted earnings per common share for the third quarter of 2012 were $0.55, unchanged from $0.55 for the third quarter of 2011.

For the nine months ended September 30, 2012, net income totaled $56.4 million, a 32.7% decrease from net income of $83.8 million for the first nine months of 2011.

Diluted earnings per common share for the first nine months of 2012 were $1.62, a 33.3% decrease from $2.43 for the first nine months of 2011.

“We are very pleased to report our excellent results for the quarter just ended. Our net interest margin continued to be among the best in the industry, and non-interest income included record income from service charges on deposit accounts and excellent mortgage lending income. We achieved good growth in non-covered loans and leases, giving us our fifth consecutive quarter of growth in non-covered loans and leases. Several of our asset quality ratios reached their best levels in over four years,” said George Gleason, Chairman and CEO.

Several key financial measurements for the quarter included:

  • Deposits were $2.89 billion at September 30, 2012, a 5.1% decrease compared to $3.05 billion at September 30, 2011.
  • Total assets were $3.82 billion at September 30, 2012, a 2.8% decrease compared to $3.93 billion at September 30, 2011.
  • Net interest income for the third quarter of 2012 increased 0.2% to $44.4 million compared to $44.3 million for the third quarter of 2011.
  • Non-interest income for the third quarter of 2012 decreased 9.8% to $14.5 million compared to $16.1 million for the third quarter of 2011.

Last week, Bank of the Ozarks announced it would acquire Genala Banc of Alabama in a $27.3 million transaction.

Bank of the Ozarks (NASDAQ: OZRK) shares closed trading on Thursday at $34.13. The company’s stock has traded between a low of $22.99 per share and a high of $34.98 per share during the past year.