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

GENERAL INFORMATION

Bank of the Ozarks, Inc. common stock trades on the NASDAQ Global Select Market under the symbol “OZRK”. The Company owns a state-chartered subsidiary bank that conducts banking operations through 113 offices, including 66 Arkansas offices, 27 Georgia offices, 12 Texas offices, four Florida offices, two North Carolina offices, and one office each in South Carolina and Alabama. The Company may be contacted at [phone] or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company’s website is: www.bankozarks.com.

Bank of the Ozarks, Inc. Selected Consolidated Financial Data (Dollars in Thousands, Except Per Share Amounts) Unaudited
			Quarters Ended
			March 31,
				2012				2011			% Change
Income statement data:
Net interest income			$	43,833			$	36,083			21.5	%
Provision for loan and lease losses				3,076				2,250			36.7
Non-interest income				13,810				12,990			6.3
Non-interest expense				28,607				26,192			9.2
Net income available to common stockholders				18,009				14,630			23.1
Common stock data:*
Net income per share – diluted			$	0.52			$	0.43			20.9	%
Net income per share – basic				0.52				0.43			20.9
Cash dividends per share				0.11				0.085			29.4
Book value per share				12.81				9.79			30.8
Diluted shares outstanding (thousands)				34,826				34,366
End of period shares outstanding (thousands)				34,571				34,196
Balance sheet data at period end:
Assets			$	3,837,382			$	3,326,623			15.4	%
Loans and leases not covered by loss share				1,893,156				1,807,894			4.7
Allowance for loan and lease losses				38,632				39,225			(1.5	)
Loans covered by loss share				755,761				536,748			40.8
Foreclosed assets covered by loss share				71,950				46,132			56.0
FDIC loss share receivable				239,724				200,948			19.3
Investment securities				434,197				390,141			11.3
Goodwill				5,243				5,243			-
Other intangibles – net of amortization				6,455				2,855			126.1
Deposits				2,927,062				2,580,043			13.5
Repurchase agreements with customers				43,686				39,043			11.9
Other borrowings				280,786				282,689			(0.7	)
Subordinated debentures				64,950				64,950			-
Common stockholders’ equity				442,646				334,830			32.2
Net unrealized gains (losses) on investment securities AFS included in common stockholders’ equity				10,565				742
Loan and lease including covered loans to deposit ratio				90.50	%			90.88	%
Selected ratios:
Return on average assets**				1.91	%			1.77	%
Return on average common stockholders’ equity**				16.75				18.16
Average common equity to total average assets				11.38				9.74
Net interest margin – FTE**				5.98				5.61
Efficiency ratio				47.73				50.97
Net charge-offs to average loans and leases**(1)				0.44				0.72
Nonperforming loans and leases to total loans and leases(1)				0.61				0.77
Nonperforming assets to total assets(1)				0.77				1.62
Allowance for loan and lease losses to total loans and leases(1)				2.04				2.17
Other information:
Non-accrual loans and leases(1)			$	11,562			$	13,973
Accruing loans and leases – 90 days past due(1)				-				-
Troubled and restructured loans and leases(1)				-				-
ORE and repossessions(1)				17,825				39,820
Impaired covered loans				7,235				-
* Adjusted to give effect to 2-for-1 stock split effective August 16, 2011.
** Ratios for interim periods annualized based on actual days.
(1) Excludes loans and/or foreclosed assets covered by FDIC loss share agreements, except for their inclusion in total assets.

Bank of the Ozarks, Inc. Supplemental Quarterly Financial Data (Dollars in Thousands, Except Per Share Amounts) Unaudited
				6/30/10				9/30/10				12/31/10				3/31/11				6/30/11				9/30/11				12/31/11				3/31/12
Earnings Summary:
Net interest income			$	29,729			$	32,768			$	33,945			$	36,083			$	42,476			$	44,336			$	45,839			$	43,833
Federal tax (FTE) adjustment				2,554				2,447				2,341				2,318				2,235				2,256				2,210				2,288
Net interest income (FTE)				32,283				35,215				36,286				38,401				44,711				46,592				48,049				46,121
Provision for loan and lease losses				(3,400	)			(4,300	)			(4,100	)			(2,250	)			(3,750	)			(1,500	)			(4,275	)			(3,076	)
Non-interest income				9,127				25,183				18,646				12,990				75,058				16,071				12,964				13,810
Non-interest expense				(21,110	)			(23,565	)			(25,274	)			(26,192	)			(35,200	)			(31,800	)			(29,339	)			(28,607	)
Pretax income (FTE)				16,900				32,533				25,558				22,949				80,819				29,363				27,399				28,248
FTE adjustment				(2,554	)			(2,447	)			(2,341	)			(2,318	)			(2,235	)			(2,256	)			(2,210	)			(2,288	)
Provision for income taxes				(3,488	)			(9,878	)			(6,303	)			(6,004	)			(28,380	)			(8,220	)			(7,604	)			(7,950	)
Noncontrolling interest				32				17				17				3				13				17				(15	)			(1	)
Net income available to common stockholders			$	10,890			$	20,225			$	16,931			$	14,630			$	50,217			$	18,904			$	17,570			$	18,009
Earnings per common share – diluted *			$	0.32			$	0.59			$	0.49			$	0.43			$	1.46			$	0.55			$	0.51			$	0.52
Non-interest Income:
Service charges on deposit accounts			$	3,933			$	4,002			$	4,019			$	3,838			$	4,586			$	4,734			$	4,936			$	4,693
Mortgage lending income				815				1,024				1,495				681				634				815				1,147				1,101
Trust income				794				802				888				782				803				810				811				774
Bank owned life insurance income				534				580				574				568				575				585				580				576
Accretion of FDIC loss share receivable, net of amortization of FDIC clawback payable				271				906				1,252				1,998				2,923				2,861				2,359				2,305
Other loss share income, net				-				295				304				971				984				2,976				1,501				1,983
Gains (losses) on investment securities				2,052				570				226				152				199				638				(56	)			1
Gains on sales of other assets				38				267				571				407				705				1,727				899				1,555
Gains on FDIC-assisted transactions				-				16,122				8,859				2,952				62,756				-				-				-
Other				690				615				458				641				893				925				787				822
Total non-interest income			$	9,127			$	25,183			$	18,646			$	12,990			$	75,058			$	16,071			$	12,964			$	13,810
Non-interest Expense:
Salaries and employee benefits			$	8,996			$	10,539			$	12,351			$	11,647			$	14,817			$	14,597			$	15,202			$	14,052
Net occupancy expense				2,416				2,782				2,999				3,106				3,775				4,301				3,522				3,878
Other operating expenses				9,587				10,111				9,764				11,211				16,172				12,398				10,106				10,168
Amortization of intangibles				111				133				160				228				436				504				509				509
Total non-interest expense			$	21,110			$	23,565			$	25,274			$	26,192			$	35,200			$	31,800			$	29,339			$	28,607
Allowance for Loan and Lease Losses:
Balance at beginning of period			$	39,774			$	40,176			$	40,250			$	40,230			$	39,225			$	39,124			$	39,136			$	39,169
Net charge-offs				(2,998	)			(4,226	)			(4,120	)			(3,255	)			(3,851	)			(1,488	)			(4,242	)			(3,613	)
Provision for loan and lease losses				3,400				4,300				4,100				2,250				3,750				1,500				4,275				3,076
Balance at end of period			$	40,176			$	40,250			$	40,230			$	39,225			$	39,124			$	39,136			$	39,169			$	38,632
Selected Ratios:
Net interest margin - FTE**				5.10	%			5.31	%			5.35	%			5.61	%			5.80	%			5.90	%			6.05	%			5.98	%
Efficiency ratio				50.98				39.02				46.01				50.97				29.39				50.75				48.09				47.73
Net charge-offs to average loans and leases**(1)				0.64				0.88				0.87				0.72				0.85				0.33				0.84				0.44
Nonperforming loans and leases to total loans and leases(1)				0.87				0.90				0.75				0.77				1.09				1.22				0.70				0.61
Nonperforming assets to total assets(1)				2.12				1.85				1.72				1.62				1.39				1.45				1.17				0.77
Allowance for loan and lease losses to total loans and leases(1)				2.11				2.13				2.17				2.17				2.17				2.10				2.08				2.04
Loans and leases past due 30 days or more, including past due non-accrual loans and leases, to total loans and leases(1)				1.80				1.90				2.02				2.19				2.47				1.89				1.56				0.86
* Adjusted to give effect to 2-for-1 stock split effective August 16, 2011.
** Ratios for interim periods annualized based on actual days.
(1) Excludes loans and/or foreclosed assets covered by FDIC loss share agreements, except for their inclusion in total assets.

Bank of the Ozarks, Inc. Average Consolidated Balance Sheets and Net Interest Analysis - FTE (Dollars in Thousands) Unaudited
			Three Months Ended March 31,
			2012														2011
			Average					Income/				Yield/					Average					Income/				Yield/
			Balance					Expense				Rate					Balance					Expense				Rate
ASSETS
Interest earning assets:
Interest earning deposits and federal funds sold			$	827				$	2			0.81	%				$	1,884				$	3			0.54	%
Investment securities:
Taxable				85,906					715			3.35						42,263					427			4.09
Tax-exempt – FTE				349,939					6,516			7.49						351,570					6,604			7.62
Loans and leases – FTE				1,886,441					28,303			6.03						1,827,543					27,882			6.19
Covered loans*				780,969					16,695			8.60						551,629					11,424			8.40
Total interest earning assets – FTE				3,104,082					52,231			6.77						2,774,889					46,340			6.77
Non-interest earning assets				697,528														578,644
Total assets			$	3,801,610													$	3,353,533
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction			$	1,550,154				$	1,376			0.36	%				$	1,338,957				$	2,266			0.69	%
Time deposits of $100,000 or more				396,762					669			0.68						481,032					1,235			1.04
Other time deposits				494,457					870			0.71						464,046					1,279			1.12
Total interest bearing deposits				2,441,373					2,915			0.48						2,284,035					4,780			0.85
Repurchase agreements with customers				38,675					21			0.21						42,595					61			0.58
Other borrowings				299,073					2,700			3.63						297,351					2,672			3.64
Subordinated debentures				64,950					474			2.94						64,950					426			2.66
Total interest bearing liabilities				2,844,071					6,110			0.86						2,688,931					7,939			1.20
Non-interest bearing liabilities:
Non-interest bearing deposits				452,292														314,173
Other non-interest bearing liabilities				69,285														20,207
Total liabilities				3,365,648														3,023,311
Common stockholders’ equity				432,536														326,787
Noncontrolling interest				3,426														3,435
Total liabilities and stockholders’ equity			$	3,801,610													$	3,353,533
Net interest income – FTE								$	46,121													$	38,401
Net interest margin – FTE												5.98	%													5.61	%
* Covered loans are loans covered by FDIC loss share agreements.

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