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

Stocks in this article: OZRK

Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income for the quarter ended September 30, 2012 was $19.3 million, a 2.0% increase from $18.9 million for the third quarter of 2011. Diluted earnings per common share for the third quarter of 2012 were $0.55, unchanged from $0.55 for the third quarter of 2011.

For the nine months ended September 30, 2012, net income totaled $56.4 million, a 32.7% decrease from net income of $83.8 million for the first nine months of 2011. Diluted earnings per common share for the first nine months of 2012 were $1.62, a 33.3% decrease from $2.43 for the first nine months of 2011.

The Company made no FDIC-assisted acquisitions during the first nine months of 2012, and its results for the third quarter and first nine months of 2012 did not include any bargain purchase gains or any acquisition or conversion costs related to its seven previous FDIC-assisted acquisitions. The Company’s results for the third quarter of 2011 included after-tax costs of $0.7 million, or $0.02 per diluted common share, related to completion of systems conversions for acquisitions previously made. The Company’s results for the first nine months of 2011 included three FDIC-assisted acquisitions which resulted in a gain, net of acquisition and conversion costs, of approximately $36.6 million after taxes, or approximately $1.06 of diluted earnings per common share.

The Company’s annualized returns on average assets and average common stockholders’ equity for the third quarter of 2012 were 2.05% and 16.40%, respectively, compared to 1.91% and 18.97%, respectively, for the third quarter of 2011. Annualized returns on average assets and average common stockholders’ equity for the first nine months of 2012 were 2.00% and 16.73%, respectively, compared to 3.01% and 31.01%, respectively, for the first nine months of 2011.

In commenting on these results, George Gleason, Chairman and Chief Executive Officer, stated, “We are very pleased to report our excellent results for the quarter just ended. Our net interest margin continued to be among the best in the industry, and non-interest income included record income from service charges on deposit accounts and excellent mortgage lending income. We achieved good growth in non-covered loans and leases, giving us our fifth consecutive quarter of growth in non-covered loans and leases. Several of our asset quality ratios reached their best levels in over four years.”

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