Bank Of The Ozarks, Inc. Announces Second 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 115 offices, including 66 Arkansas offices, 28 Georgia offices, 13 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											Six Months Ended
		June 30,											June 30,
		2012				2011				% Change			2012				2011				% Change
Income statement data:
Net interest income		$	42,298			$	42,476			(0.4	)%		$	86,132			$	78,559			9.6	%
Provision for loan and lease losses			3,055				3,750			(18.5	)			6,131				6,000			2.2
Non-interest income			15,710				75,058			(79.1	)			29,520				88,048			(66.5	)
Non-interest expense			27,282				35,200			(22.5	)			55,889				61,392			(9.0	)
Net income available to common stockholders			19,092				50,217			(62.0	)			37,102				64,847			(42.8	)
Common stock data:*
Net income per share – diluted		$	0.55			$	1.46			(62.3	)%		$	1.06			$	1.88			(43.6	)%
Net income per share – basic			0.55				1.47			(62.6	)			1.07				1.90			(43.7	)
Cash dividends per share			0.12				0.09			33.3				0.23				0.175			31.4
Book value per share			13.29				11.27			17.9				13.29				11.27			17.9
Diluted shares outstanding (thousands)			34,887				34,464							34,851				34,406
End of period shares outstanding (thousands)			34,594				34,237							34,594				34,237
Balance sheet data at period end:
Assets		$	3,764,860			$	4,028,339			(6.5	)%		$	3,764,860			$	4,028,339			(6.5	)%
Loans and leases not covered by loss share			1,981,684				1,802,127			10.0				1,981,684				1,802,127			10.0
Allowance for loan and lease losses			38,862				39,124			(0.7	)			38,862				39,124			(0.7	)
Loans covered by loss share			711,723				902,832			(21.2	)			711,723				902,832			(21.2	)
Foreclosed assets covered by loss share			65,405				77,538			(15.6	)			65,405				77,538			(15.6	)
FDIC loss share receivable			208,758				357,449			(41.6	)			208,758				357,449			(41.6	)
Investment securities			414,898				499,244			(16.9	)			414,898				499,244			(16.9	)
Goodwill			5,243				5,243			-				5,243				5,243			-
Other intangibles – net of amortization			5,946				7,977			(25.5	)			5,946				7,977			(25.5	)
Deposits			2,808,986				3,170,483			(11.4	)			2,808,986				3,170,483			(11.4	)
Repurchase agreements with customers			31,600				39,403			(19.8	)			31,600				39,403			(19.8	)
Other borrowings			339,703				292,682			16.1				339,703				292,682			16.1
Subordinated debentures			64,950				64,950			-				64,950				64,950			-
Common stockholders’ equity			459,590				385,683			19.2				459,590				385,683			19.2
Net unrealized gains (losses) on investment securities AFS included in common stockholders’ equity			11,452				3,330							11,452				3,330
Loan and lease, including covered loans, to deposit ratio			95.89	%			85.32	%						95.89	%			85.32	%
Selected ratios:
Return on average assets**			2.04	%			5.24	%						1.97	%			3.63	%
Return on average common stockholders’ equity**			17.07				55.88							16.91				38.05
Average common equity to total average assets			11.95				9.38							11.66				9.55
Net interest margin – FTE**			5.84				5.80							5.91				5.71
Efficiency ratio			45.35				29.39							46.54				35.87
Net charge-offs to average loans and leases**(1)(2)			0.18				0.85							0.31				0.79
Nonperforming loans and leases to total loans and leases(1)			0.50				1.09							0.50				1.09
Nonperforming assets to total assets(1)			0.63				1.39							0.63				1.39
Allowance for loan and lease losses to total loans and leases(1)			1.96				2.17							1.96				2.17
Other information:
Non-accrual loans and leases(1)		$	9,832			$	19,599						$	9,832			$	19,599
Accruing loans and leases – 90 days past due(1)			-				-							-				-
Troubled and restructured loans and leases(1)			-				-							-				-
ORE and repossessions(1)			13,898				36,348							13,898				36,348
Impaired covered loans			22,758				-							22,758				-
* 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.
(2) Excludes net charge-offs related to loans covered by FDIC loss share agreements.

Bank of the Ozarks, Inc. Supplemental Quarterly Financial Data (Dollars in Thousands, Except Per Share Amounts) Unaudited
			9/30/10				12/31/10				3/31/11				6/30/11				9/30/11				12/31/11				3/31/12				6/30/12
Earnings Summary:
Net interest income			$	32,768			$	33,945			$	36,083			$	42,476			$	44,336			$	45,839			$	43,833			$	42,298
Federal tax (FTE) adjustment				2,447				2,341				2,318				2,235				2,256				2,210				2,288				2,151
Net interest income (FTE)				35,215				36,286				38,401				44,711				46,592				48,049				46,121				44,449
Provision for loan and lease losses				(4,300	)			(4,100	)			(2,250	)			(3,750	)			(1,500	)			(4,275	)			(3,076	)			(3,055	)
Non-interest income				25,183				18,646				12,990				75,058				16,071				12,964				13,810				15,710
Non-interest expense				(23,565	)			(25,274	)			(26,192	)			(35,200	)			(31,800	)			(29,339	)			(28,607	)			(27,282	)
Pretax income (FTE)				32,533				25,558				22,949				80,819				29,363				27,399				28,248				29,822
FTE adjustment				(2,447	)			(2,341	)			(2,318	)			(2,235	)			(2,256	)			(2,210	)			(2,288	)			(2,151	)
Provision for income taxes				(9,878	)			(6,303	)			(6,004	)			(28,380	)			(8,220	)			(7,604	)			(7,950	)			(8,584	)
Noncontrolling interest				17				17				3				13				17				(15	)			(1	)			5
Net income available to common stockholders			$	20,225			$	16,931			$	14,630			$	50,217			$	18,904			$	17,570			$	18,009			$	19,092
Earnings per common share – diluted *			$	0.59			$	0.49			$	0.43			$	1.46			$	0.55			$	0.51			$	0.52			$	0.55
Non-interest Income:
Service charges on deposit accounts			$	4,002			$	4,019			$	3,838			$	4,586			$	4,734			$	4,936			$	4,693			$	4,908
Mortgage lending income				1,024				1,495				681				634				815				1,147				1,101				1,328
Trust income				802				888				782				803				810				811				774				888
Bank owned life insurance income				580				574				568				575				585				580				576				567
Accretion of FDIC loss share receivable, net of amortization of FDIC clawback payable				906				1,252				1,998				2,923				2,861				2,359				2,305				2,035
Other loss share income, net				295				304				971				984				2,976				1,501				1,983				3,197
Gains (losses) on investment securities				570				226				152				199				638				(56	)			1				402
Gains on sales of other assets				267				571				407				705				1,727				899				1,555				1,397
Gains on FDIC-assisted transactions				16,122				8,859				2,952				62,756				-				-				-				-
Other				615				458				641				893				925				787				822				988
Total non-interest income			$	25,183			$	18,646			$	12,990			$	75,058			$	16,071			$	12,964			$	13,810			$	15,710
Non-interest Expense:
Salaries and employee benefits			$	10,539			$	12,351			$	11,647			$	14,817			$	14,597			$	15,202			$	14,052			$	14,574
Net occupancy expense				2,782				2,999				3,106				3,775				4,301				3,522				3,878				3,650
Other operating expenses				10,111				9,764				11,211				16,172				12,398				10,106				10,168				8,549
Amortization of intangibles				133				160				228				436				504				509				509				509
Total non-interest expense			$	23,565			$	25,274			$	26,192			$	35,200			$	31,800			$	29,339			$	28,607			$	27,282
Allowance for Loan and Lease Losses:
Balance at beginning of period			$	40,176			$	40,250			$	40,230			$	39,225			$	39,124			$	39,136			$	39,169			$	38,632
Net charge-offs				(4,226	)			(4,120	)			(3,255	)			(3,851	)			(1,488	)			(4,242	)			(3,613	)			(2,825	)
Provision for loan and lease losses				4,300				4,100				2,250				3,750				1,500				4,275				3,076				3,055
Balance at end of period			$	40,250			$	40,230			$	39,225			$	39,124			$	39,136			$	39,169			$	38,632			$	38,862
Selected Ratios:
Net interest margin - FTE**				5.31	%			5.35	%			5.61	%			5.80	%			5.90	%			6.05	%			5.98	%			5.84	%
Efficiency ratio				39.02				46.01				50.97				29.39				50.75				48.09				47.73				45.35
Net charge-offs to average loans and leases**(1)(2)				0.88				0.87				0.72				0.85				0.33				0.84				0.44				0.18
Nonperforming loans and leases to total loans and leases(1)				0.90				0.75				0.77				1.09				1.22				0.70				0.61				0.50
Nonperforming assets to total assets(1)				1.85				1.72				1.62				1.39				1.45				1.17				0.77				0.63
Allowance for loan and lease losses to total loans and leases(1)				2.13				2.17				2.17				2.17				2.10				2.08				2.04				1.96
Loans and leases past due 30 days or more, including past due non-accrual loans and leases, to total loans and leases(1)				1.90				2.02				2.19				2.47				1.89				1.56				0.86				0.75
* 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.
(2) Excludes net charge-offs related to loans covered by FDIC loss share agreements.

Bank of the Ozarks, Inc. Average Consolidated Balance Sheets and Net Interest Analysis – FTE Unaudited
			Three Months Ended June 30,																		Six Months Ended June 30,
			2012									2011									2012									2011
			Average			Income/			Yield/			Average			Income/			Yield/			Average			Income/			Yield/			Average			Income/			Yield/
			Balance			Expense			Rate			Balance			Expense			Rate			Balance			Expense			Rate			Balance			Expense			Rate
			(Dollars in thousands)
ASSETS
Earning assets:
Interest earning deposits and federal funds sold			$	1,361		$	1		0.44	%		$	3,178		$	25		3.16	%		$	1,094		$	3		0.58	%		$	2,092		$	28		2.66	%
Investment securities:
Taxable				82,434			705		3.44				131,223			1,057		3.23				84,170			1,420		3.39				86,977			1,484		3.44
Tax-exempt – FTE				337,208			6,127		7.31				340,696			6,368		7.50				343,573			12,644		7.40				346,103			12,972		7.56
Loans and leases – FTE				1,907,898			27,422		5.78				1,814,949			28,052		6.20				1,897,170			55,725		5.91				1,821,998			55,935		6.19
Covered loans				732,038			15,668		8.61				802,371			17,607		8.80				756,503			32,362		8.58				676,111			29,030		8.66
Total earning assets – FTE				3,060,939			49,923		6.56				3,092,417			53,109		6.89				3,082,510			102,154		6.66				2,933,281			99,449		6.84
Non-interest earning assets				704,404									751,287									700,967									665,309
Total assets			$	3,765,343								$	3,843,704								$	3,783,477								$	3,598,590
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction			$	1,574,598		$	1,138		0.29	%		$	1,527,094		$	2,516		0.66	%		$	1,562,376		$	2,515		0.32	%		$	1,433,168		$	4,783		0.67	%
Time deposits of $100,000 or more				348,278			494		0.57				524,381			1,239		0.95				372,520			1,163		0.63				502,693			2,474		0.99
Other time deposits				455,629			679		0.60				581,600			1,436		0.99				475,043			1,548		0.66				522,541			2,715		1.05
Total interest bearing deposits				2,378,505			2,311		0.39				2,633,075			5,191		0.79				2,409,939			5,226		0.44				2,458,402			9,972		0.82
Repurchase agreements with customers				35,952			12		0.14				40,213			57		0.57				37,313			33		0.18				41,396			118		0.58
Other borrowings				285,210			2,691		3.79				294,042			2,718		3.71				292,142			5,391		3.71				295,683			5,389		3.68
Subordinated debentures				64,950			460		2.85				64,950			432		2.67				64,950			934		2.89				64,950			858		2.66
Total interest bearing liabilities				2,764,617			5,474		0.80				3,032,280			8,398		1.11				2,804,344			11,584		0.83				2,860,431			16,337		1.15
Non-interest bearing liabilities:
Non-interest bearing deposits				490,760									396,788									471,526									355,516
Other non-interest bearing liabilities				56,591									50,749									62,938									35,525
Total liabilities				3,311,968									3,479,817									3,338,808									3,251,472
Common stockholders’ equity				449,955									360,459									441,246									343,686
Noncontrolling interest				3,420									3,428									3,423									3,432
Total liabilities and stockholders’ equity			$	3,765,343								$	3,843,704								$	3,783,477								$	3,598,590
Net interest income – FTE						$	44,449								$	44,711								$	90,570								$	83,112
Net interest margin – FTE									5.84	%								5.80	%								5.91	%								5.71	%

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