Bank Of The Ozarks Net Income Up 16%

Business

by Talk Business & Politics staff ([email protected]) October 10, 2013 9:18 pm 84 views 

Net income for Bank of the Ozarks jumped 16% in the latest quarter and more than 11% year-to-date as the Little Rock-based financial institution saw gains from a North Carolina expansion and “excellent” loan and lease growth drove profits.

Bank of the Ozarks posted net income for the quarter ended September 30, 2013 of $22.4 million, a 16% increase from $19.3 million for the third quarter of 2012. Diluted earnings per common share for the third quarter of 2013 were $0.61, a 10.9% increase from $0.55 for the third quarter of 2012.

For the nine months ended September 30, 2013, net income totaled $62.7 million, an 11.3% increase from net income of $56.4 million for the first nine months of 2012. Diluted earnings per common share for the first nine months of 2013 were $1.74, a 7.4% increase from $1.62 for the first nine months of 2012.

“We are pleased to report our excellent third quarter results. Highlights of the quarter included significant expansion in North Carolina with the FNB Shelby acquisition, stellar asset quality and another quarter of excellent loan and lease growth,” said Chairman and CEO George Gleason.

“Our capabilities to generate loan and lease growth have been clearly evident this year. Our balance of loans and leases outstanding, excluding covered loans and purchased non-covered loans, increased $79 million in the quarter just ended and $407 million for the first three quarters this year. Our unfunded balance of closed loans increased $196 million during the third quarter, growing to $1.13 billion at September 30, 2013 compared to $935 million at June 30, 2013 and $769 million at December 31, 2012.”

On July 31, 2013 Bank of the Ozarks completed its acquisition of The First National Bank of Shelby in Shelby, North Carolina.

The company also reported the following financial highlights:

  • Total loans and leases were $3.33 billion at September 30, 2013, a 24.0% increase from $2.69 billion at September 30, 2012.
  • Deposits were $3.65 billion at September 30, 2013, a 26.4% increase compared to $2.89 billion at September 30, 2012.
  • Total assets were $4.71 billion at September 30, 2013, a 23.1% increase compared to $3.82 billion at September 30, 2012.
  • Net interest income for the third quarter of 2013 was $50.6 million, an increase of 13.9% from $44.4 million for the third quarter of 2012.
  • Non-interest income for the third quarter of 2013 increased 24.2% to $18.0 million from $14.5 million for the third quarter of 2012.

Bank of the Ozarks stock (NASDAQ: OZRK) closed trading Thursday (Oct. 10) at $45.97 per share. The company’s shares have traded between $30.76 and $48.94 during the last year.