Bank Of The Ozarks, Inc. Announces Third Quarter 2012 Earnings
Income from accretion of the Company’s FDIC loss share receivable, net of amortization of the Company’s FDIC clawback payable, was $1.70 million in the third quarter of 2012, a decrease of 40.6% compared to $2.86 million in the third quarter of 2011. For the first nine months of 2012, income from accretion of the Company’s FDIC loss share receivable, net of amortization of the Company’s FDIC clawback payable, was $6.04 million, a decrease of 22.4% compared to $7.78 million in the first nine months of 2011.
Other loss share income was $2.27 million in the third quarter of 2012, a decrease of 23.7% compared to $2.98 million in the third quarter of 2011. Other loss share income was $7.45 million in the first nine months of 2012, an increase of 51.1% compared to $4.93 million in the first nine months of 2011.
Net gains on sales of other assets were $1.43 million in the third quarter of 2012 compared to $1.73 million in the third quarter of 2011. Net gains on sales of other assets were $4.38 million in the first nine months of 2012 compared to $2.84 million in the first nine months of 2011. The net gains on sales of other assets in each of these periods were primarily due to net gains on sales of foreclosed assets covered by FDIC loss share agreements.
The Company had no net gains on investment securities in the third quarter of 2012 compared to $0.64 million of net gains in the third quarter of 2011. Net gains on investment securities were $0.40 million in the first nine months of 2012 compared to $0.99 million in the first nine months of 2011.
NON-INTEREST EXPENSE Non-interest expense for the third quarter of 2012 decreased 9.8% to $28.7 million compared to $31.8 million for the third quarter of 2011, but increased 5.1% compared to $27.3 million for the second quarter of 2012. Non-interest expense for the third quarter of 2011 included pre-tax acquisition and conversion costs related to FDIC-assisted acquisitions of approximately $1.2 million. There were no acquisition and conversion costs included in the Company’s results for the third quarter of 2012.Select the service that is right for you!
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