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Bank Of The Ozarks, Inc. Announces First Quarter 2012 Earnings

NON-INTEREST EXPENSE

Non-interest expense for the first quarter of 2012 increased 9.2% to $28.6 million compared to $26.2 million for the first quarter of 2011, but decreased 2.5% compared to $29.3 million for the fourth quarter of 2011. Non-interest expense for the first quarter of 2011 included pre-tax acquisition and conversion costs related to FDIC-assisted acquisitions of approximately $1.4 million. There were no acquisition and conversion costs included in the Company’s results in the first quarter of 2012. The Company’s efficiency ratio for the first quarter of 2012 improved to 47.7% compared to 51.0% for the first quarter of 2011 and 48.1% in the fourth quarter of 2011.

The Company had 113 offices and 1,103 full-time equivalent employees at March 31, 2012 compared to 94 offices and 911 full-time equivalent employees at March 31, 2011.

ASSET QUALITY, CHARGE-OFFS AND ALLOWANCE

Loans, repossessions and foreclosed assets covered by FDIC loss share agreements, along with the related FDIC loss share receivable, are presented in the Company’s financial reports with a carrying value equal to the net present value of expected future proceeds. At March 31, 2012, the carrying value of loans covered by loss share was $756 million, foreclosed assets covered by loss share was $72 million and the FDIC loss share receivable was $240 million. At March 31, 2011, the carrying value of loans covered by loss share was $537 million, foreclosed assets covered by loss share was $46 million and the FDIC loss share receivable was $201 million.

Excluding covered loans, nonperforming loans and leases as a percent of total loans and leases improved to 0.61% as of March 31, 2012 compared to 0.77% as of March 31, 2011 and 0.70% as of December 31, 2011.

Excluding loans and foreclosed assets covered by loss share, nonperforming assets as a percent of total assets improved to 0.77% as of March 31, 2012 compared to 1.62% as of March 31, 2011 and 1.17% as of December 31, 2011.

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