Bank Of The Ozarks Net Income Jumps 21%

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by Talk Business & Politics staff ([email protected]) October 15, 2014 6:01 am 71 views 

Bank Of The Ozarks posted strong third quarter net income on Tuesday of $32.1 million, a 21% increase from one year ago.

The Little Rock-based financial institution recorded diluted earnings per common share for the third quarter of $0.40, an 11% increase from $0.36, on a split-adjusted basis, for the third quarter of 2013.

For the nine months ended September 30, 2014, net income totaled $83.9 million, up 25% from one year ago. Diluted earnings per common share for the first nine months of 2014 were $1.08, an 19% year-over-year increase.

“We are pleased to report our excellent results for the third quarter and first nine months of 2014,” said Bank of the Ozarks CEO George Gleason. “Our ability to organically grow our portfolio of high quality, good yielding loans and leases has contributed significantly to our growth and profitability in recent years. Our balance of non-purchased loans and leases outstanding increased a record $468 million in the quarter just ended and $1.01 billion for the first nine months of 2014.”

During the last five quarters, Bank of the Ozarks has completed three acquisitions including its July 2013 acquisition of The First National Bank of Shelby, its March 2014 acquisition of Bancshares, Inc. and its May 2014 acquisition of Summit Bancorp, Inc.

On July 31, 2014, the company entered into a definitive agreement to acquire Intervest Bancshares Corp. in a deal expected to close in the first quarter of 2015.

Additional financial highlights from the quarter included:

  • Total loans and leases were $4.92 billion at September 30, 2014, a 47.7% increase from $3.33 billion at September 30, 2013.
  • Deposits were $5.14 billion at September 30, 2014, a 40.6% increase compared to $3.65 billion at September 30, 2013.
  • Total assets were $6.58 billion at September 30, 2014, a 39.7% increase compared to $4.71 billion at September 30, 2013.
  • Net interest income for the third quarter of 2014 was a record $74.6 million, a 47.4% increase from $50.6 million for the third quarter of 2013.
  • Non-interest income for the third quarter of 2014 decreased 12.9% to $19.2 million compared to $22.1 million for the third quarter of 2013.

Bank of the Ozarks has also been active with its stock strategy. On June 23, 2014, it completed a 2-for-1 stock split, in the form of a stock dividend, effected by issuing one share of common stock for each share of such stock outstanding on June 13, 2014.

The company’s shares (NASDAQ:OZRK) closed trading on Tuesday at $30.87. The company’s 52-week range has been a low of $24.09 and a high of $35.24 per share.