Bank Of The Ozarks Net Income Tops $118.6 Million In 2014

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by Talk Business & Politics staff ([email protected]) January 15, 2015 4:26 pm 180 views 

Bank of the Ozarks reported a 42% increase in its fourth quarter earnings and a 21% jump in its annual net income – a record for the Little Rock-based financial institution.

Net income in the fourth quarter was $34.8 million, up from $24.4 million one year ago. For the full year, Bank of the Ozarks reported profits of $118.6 million, an improvement from $91.2 million in 2013.

During the last 18 months, Bank of the Ozarks has completed made or closed on three acquisitions, including Summit Bank, First National Bank of Shelby and Intervest Bancshares. Also, in June, Bank of the Ozarks completed a 2-for-1 stock split.

“2014 was an excellent year for our company. We achieved record loan and lease growth, record growth of our unfunded balances of closed loans, record deposit growth, a robust net interest margin, an excellent net charge-off ratio, a favorable efficiency ratio, and excellent returns on average assets and stockholders’ equity,” said Bank of the Ozarks Chairman and CEO George Gleason. “In fact, it was our fifth consecutive year of achieving a return on average assets in excess of 2.00%.”

Gleason also said that in the fourth quarter of 2014 Bank of the Ozarks entered into agreements with the Federal Deposit Insurance Corporation terminating the loss share agreements on all seven of its FDIC-assisted acquisitions.

Key financial highlights for Bank of the Ozarks included:

  • Deposits were $5.5 billion at December 31, 2014, a 47.9% increase compared to $3.72 billion at December 31, 2013.
  • Total assets were $6.77 billion at December 31, 2014, a 41.2% increase compared to $4.79 billion at December 31, 2013.
  • Net interest income for the fourth quarter of 2014 was a record $78.7 million, a 42.3% increase from $55.3 million for the fourth quarter of 2013.
  • Net interest income for the full year of 2014 was a record $270.5 million, a 39.8% increase from $193.5 million for the full year of 2013.
  • Non-interest income for the fourth quarter of 2014 increased 50.0% to $27.9 million compared to $18.6 million for the fourth quarter of 2013.
  • Non-interest income for the full year of 2014 increased 11.6% to $84.9 million compared to $76.0 million for 2013.

Shares of Bank of the Ozarks closed trading on Thursday (Jan. 15) at $32.55. The company’s stock has traded between $27.51 and $38.22 per share during the past year.