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

Stocks in this article: OZRK

Net gains on sales of other assets were $1.40 million in the second quarter of 2012 compared to $0.71 million in the second quarter of 2011. Net gains on sales of other assets were $2.95 million in the first six months of 2012 compared to $1.11 million in the first six months of 2011. The net gains on sales of other assets in the second quarter and first six months of 2012 were primarily due to net gains on sales of foreclosed assets covered by FDIC loss share agreements.

NON-INTEREST EXPENSE

Non-interest expense for the second quarter of 2012 decreased 22.5% to $27.3 million compared to $35.2 million for the second quarter of 2011. Non-interest expense for the second quarter of 2011 included pre-tax acquisition and conversion costs related to FDIC-assisted acquisitions of approximately $2.9 million. There were no acquisition and conversion costs included in the Company’s results for the second quarter of 2012.

The Company’s efficiency ratio for the quarter ended June 30, 2012 was 45.4% compared to 29.4% for the second quarter of 2011 and 47.7% for the first quarter of 2012.

Non-interest expense for the first six months of 2012 was $55.9 million, a 9.0% decrease from $61.4 million for the first six months of 2011. Non-interest expense for the first six months of 2011 included pre-tax acquisition and conversion costs related to FDIC-assisted acquisitions of approximately $4.3 million. There were no acquisition and conversion costs included in the Company’s results for the first six months of 2012.

The Company’s efficiency ratio for the first six months of 2012 was 46.5% compared to 35.9% for the first six months of 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 June 30, 2012, the carrying value of covered loans was $712 million, foreclosed assets covered by loss share was $65 million and the FDIC loss share receivable was $209 million. At June 30, 2011, the carrying value of covered loans was $903 million, foreclosed assets covered by loss share was $78 million and the FDIC loss share receivable was $357 million.

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