Bank of the Ozarks posts record quarterly income

Little Rock-based Bank of the Ozarks reported late Monday that its first-quarter net income was $9.28 million, up 19.6% from the same quarter of 2008.

The bank reported the net income was a record for the first quarter.

Loans and leases were $1.99 billion at March 31, an increase of 0.5% compared to $1.98 billion at March 31, 2008. Deposits were $2.29 billion at March 31, 2009, an increase of 4.1% compared to $2.20 billion at March 31, 2008. Total assets were $3.16 billion at March 31, 2009, a 3.5% increase from $3.05 billion at March 31, 2008, but a 2.3% decrease from $3.23 billion at December 31, 2008.

“Our record earnings over the past four quarters have contributed to further increases in our common stockholders’ equity, our tangible common equity ratio and our other capital ratios, putting us in an excellent position for future growth,” Paul Moore, chief financial officer, said in a statement.

Shares of Bank of the Ozarks (Nasdaq: OZRK) closed Monday at $23.84, up $1.43. The bank issued its earnings report after the markets closed. During the past 52 weeks, the share price has ranged from a $36.80 high to a $13.81 low.