Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income for the fourth quarter of 2012 was $20.7 million, a 17.6% increase from $17.6 million for the fourth quarter of 2011. Diluted earnings per common share for the fourth quarter of 2012 were $0.59, a 15.7% increase from $0.51 for the fourth quarter of 2011.
For the year ended December 31, 2012, net income totaled $77.0 million, a 24.0% decrease from $101.3 million for the year ended December 31, 2011. Diluted earnings per common share for 2012 were $2.21, a 24.8% decrease from $2.94 for 2011.
On December 31, 2012, the Company completed its acquisition of Genala Banc, Inc. (“Genala”) and its wholly-owned subsidiary, The Citizens Bank, in Geneva, Alabama. Because the transaction closed at the end of the business day for Genala on December 31, the Company’s results for the fourth quarter and the full year of 2012 include none of Genala’s operating results. However, the acquisition resulted in a gain, net of acquisition and conversion costs, of approximately $1.1 million after taxes, or approximately $0.03 of diluted earnings per common share. This was the Company’s only acquisition in 2012.
The Company’s results for the full year of 2011 included gains recognized on a total of three acquisitions, all of which were Federal Deposit Insurance Corporation (“FDIC”) assisted transactions. Two of these acquisitions occurred in the second quarter and one occurred in the first quarter of 2011. After taxes, gains on these acquisitions, net of acquisition and conversion costs, contributed approximately $36.1 million to net income for 2011, or approximately $1.05 to diluted earnings per common share. Although it made no acquisitions in the fourth quarter of 2011, the Company’s results for such quarter included after-tax costs related to finalizing systems conversions and other matters for FDIC-assisted acquisitions of approximately $0.5 million, or approximately $0.01 per diluted common share.
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