Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income for 2011 was a record $101.3 million, a 58.3% increase from $64.0 million for 2010. The Company has now achieved record net income in eleven consecutive years. Diluted earnings per common share for 2011 were a record $2.94, an increase of 56.4% from $1.88 for 2010.
For the fourth quarter of 2011, net income was $17.6 million, an increase of 3.8% from $16.9 million for the fourth quarter of 2010. Diluted earnings per common share for the fourth quarter of 2011 were $0.51, an increase of 4.1% from $0.49 for the fourth quarter of 2010.
The Company’s results for the full year of 2011 included gains recognized on a total of three Federal Deposit Insurance Corporation (“FDIC”) assisted acquisitions, two in the second quarter and one in the first quarter. After taxes, gains on these three acquisitions, net of acquisition and conversion costs, contributed approximately $36.1 million to net income for 2011, or approximately $1.05 to diluted earnings per common share. For the full year of 2010, the Company’s results included gains recognized on four FDIC-assisted acquisitions which, net of acquisition and conversion costs, contributed approximately $19.0 million after taxes to net income, or approximately $0.56 to diluted earnings per common share.
The Company made no FDIC-assisted acquisitions during the fourth quarter of 2011, but its results for the quarter included after-tax costs of approximately $0.47 million, or $0.01 per diluted common share, related to finalizing systems conversions and other matters for previous acquisitions. Results for the fourth quarter of 2010 included the effects of one FDIC-assisted acquisition which, net of acquisition and conversion costs, contributed approximately $4.6 million after taxes to net income, or approximately $0.13 to diluted earnings per common share.On August 16, 2011 the Company 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 August 5, 2011. All share and per share information contained in this release has been adjusted to give effect to this stock split.
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