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Bank Of The Ozarks, Inc. Announces Fourth Quarter And Full Year 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 117 offices, including 66 Arkansas offices, 28 Georgia offices, 13 Texas offices, four Florida offices, three Alabama offices, two North Carolina offices and one South Carolina office. The Company may be contacted at (501) 978-2265 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   Years Ended
December 31, December 31,

2012

 

2011

 

% Change

2012

 

2011

 

% Change

Income statement data:

Net interest income $ 43,771 $ 45,839 (4.5 )% $ 174,346 $ 168,734 3.3 %
Provision for loan and lease losses 2,533 4,275 (40.7 ) 11,745 11,775 (0.3 )
Non-interest income 18,848 12,964 45.4 62,860 117,083 (46.3 )
Non-interest expense 29,891 29,339 1.9 114,462 122,531 (6.6 )
Net income available to common stockholders 20,667 17,570 17.6 77,044 101,321 (24.0 )
 

Common stock data:

Net income per share – diluted $ 0.59 $ 0.51 15.7 % $ 2.21 $ 2.94 (24.8 )%
Net income per share – basic 0.59 0.51 15.7 2.22 2.96 (25.0 )
Cash dividends per share 0.14 0.10 40.0 0.50 0.37 35.1
Book value per share 14.39 12.32 16.8 14.39 12.32 16.8
Diluted shares outstanding (thousands) 35,096 34,712 34,888 34,482
End of period shares outstanding (thousands) 35,272 34,464 35,272 34,464
 

Balance sheet data at period end:

Assets $ 4,040,207 $ 3,841,651 5.2 % $ 4,040,207 $ 3,841,651 5.2 %
Loans and leases 2,115,834 1,880,483 12.5 2,115,834 1,880,483 12.5
Purchased loans not covered by loss share 41,534 4,799 765.5 41,534 4,799 765.5
Loans covered by loss share 596,239 806,922 (26.1 ) 596,239 806,922 (26.1 )
Allowance for loan and lease losses 38,738 39,169 (1.1 ) 38,738 39,169 (1.1 )
Foreclosed assets covered by loss share 52,951 72,907 (27.4 ) 52,951 72,907 (27.4 )
FDIC loss share receivable 152,198 279,045 (45.5 ) 152,198 279,045 (45.5 )
Investment securities 494,266 438,910 12.6 494,266 438,910 12.6
Goodwill 5,243 5,243 - 5,243 5,243 -
Other intangibles – net of amortization 6,584 6,964 (5.5 ) 6,584 6,964 (5.5 )
Deposits 3,101,055 2,943,919 5.3 3,101,055 2,943,919 5.3
Repurchase agreements with customers 29,550 32,810 (9.9 ) 29,550 32,810 (9.9 )
Other borrowings 280,763 301,847 (7.0 ) 280,763 301,847 (7.0 )
Subordinated debentures 64,950 64,950 - 64,950 64,950 -
Common stockholders’ equity 507,664 424,551 19.6 507,664 424,551 19.6
Net unrealized gains (losses) on investment securities AFS included in common stockholders’ equity

10,783

9,327

 

10,783

9,327

 

Loan and lease, including covered loans and purchased non-covered loans, to deposit ratio

88.80

%

91.45

%

88.80

%

91.45

%

 

Selected ratios:

Return on average assets* 2.15 % 1.80 % 2.04 % 2.70 %
Return on average common stockholders’ equity* 16.99 16.80 16.80 27.04
Average common equity to total average assets 12.68 10.70 12.13 9.98
Net interest margin – FTE* 5.84 6.05 5.91 5.84
Efficiency ratio 46.25 48.09 46.58 41.56
Net charge-offs to average loans and leases*(1) 0.28 0.84 0.30 0.69
Nonperforming loans and leases to total loans and leases(2)

0.43

0.70

0.43

0.70

Nonperforming assets to total assets(2) 0.57 1.17 0.57 1.17
Allowance for loan and lease losses to total loans and leases(2)

1.83

2.08

 

1.83

2.08

 

 

Other information:

Non-accrual loans and leases(2) $ 9,109 $ 12,206 $ 9,109 $ 12,206`
Accruing loans and leases – 90 days past due(2) - - - -
Troubled and restructured loans and leases(2) - 1,000 - 1,000
ORE and repossessions(2) 13,924 31,762 13,924 31,762
Impaired covered loans 38,463 1,854 38,463 1,854
 
* Ratios for interim periods annualized based on actual days.
(1) Excludes loans covered by FDIC loss share agreements and net charge-offs related to such loans.
(2) Excludes purchased loans not covered by FDIC loss share agreements and loans and/or foreclosed assets covered by FDIC loss share agreements, except for their inclusion in total assets.

 
 
 

Bank of the Ozarks, Inc. Supplemental Quarterly Financial Data(Dollars in Thousands, Except Per Share Amounts)Unaudited

 
  3/31/11   6/30/11   9/30/11   12/31/11   3/31/12   6/30/12   9/30/12   12/31/12

Earnings Summary:

Net interest income $ 36,083 $ 42,476 $ 44,336 $ 45,839 $ 43,833 $ 42,298 $ 44,444 $ 43,771
Federal tax (FTE) adjustment   2,318     2,235     2,256     2,210     2,288     2,151     2,087     2,009  
Net interest income (FTE) 38,401 44,711 46,592 48,049 46,121 44,449 46,531 45,780
Provision for loan and lease losses (2,250 ) (3,750 ) (1,500 ) (4,275 ) (3,076 ) (3,055 ) (3,080 ) (2,533 )
Non-interest income 12,990 75,058 16,071 12,964 13,810 15,710 14,491 18,848
Non-interest expense   (26,192 )   (35,200 )   (31,800 )   (29,339 )   (28,607 )   (27,282 )   (28,682 )   (29,891 )
Pretax income (FTE) 22,949 80,819 29,363 27,399 28,248 29,822 29,260 32,204
FTE adjustment (2,318 ) (2,235 ) (2,256 ) (2,210 ) (2,288 ) (2,151 ) (2,087 ) (2,009 )
Provision for income taxes (6,004 ) (28,380 ) (8,220 ) (7,604 ) (7,950 ) (8,584 ) (7,883 ) (9,519 )
Noncontrolling interest   3     13     17     (15 )   (1 )   5     (15 )   (9 )
Net income available to common stockholders

$

14,630

 

$

50,217

 

$

18,904

 

$

17,570

 

$

18,009

 

$

19,092

 

$

19,275

 

$

20,667

 
 
Earnings per common share – diluted * $ 0.43 $ 1.46 $ 0.55 $ 0.51 $ 0.52 $ 0.55 $ 0.55 $ 0.59
 

Non-interest Income:

Service charges on deposit accounts $ 3,838 $ 4,586 $ 4,734 $ 4,936 $ 4,693 $ 4,908 $ 5,000 $ 4,799
Mortgage lending income 681 634 815 1,147 1,101 1,328 1,672 1,483
Trust income 782 803 810 811 774 888 865 928
Bank owned life insurance income 568 575 585 580 576 567 598 1,027
Accretion of FDIC loss share receivable, net of amortization of FDIC clawback payable

 

1,998

 

2,923

 

2,861

 

2,359

 

2,305

 

2,035

 

1,699

 

1,336

Other loss share income, net 971 984 2,976 1,501 1,983 3,197 2,270 3,194
Gains (losses) on investment securities 152 199 638 (56 ) 1 402 - 55
Gains on sales of other assets 407 705 1,727 899 1,555 1,397 1,425 2,431
Gains on merger and acquisition transactions

2,952

62,756

-

-

-

-

-

2,403

Other   641     893     925     787     822     988     962     1,192  
Total non-interest income $ 12,990   $ 75,058   $ 16,071   $ 12,964   $ 13,810   $ 15,710   $ 14,491   $ 18,848  
 

Non-interest Expense:

Salaries and employee benefits $ 11,647 $ 14,817 $ 14,597 $ 15,202 $ 14,052 $ 14,574 $ 15,040 $ 15,362
Net occupancy expense 3,106 3,775 4,301 3,522 3,878 3,650 4,105 4,160
Other operating expenses 11,211 16,172 12,398 10,106 10,168 8,549 9,028 9,860
Amortization of intangibles   228     436     504     509     509     509     509     509  
Total non-interest expense $ 26,192   $ 35,200   $ 31,800   $ 29,339   $ 28,607   $ 27,282   $ 28,682   $ 29,891  
 

Allowance for Loan and Lease Losses:

Balance at beginning of period $ 40,230 $ 39,225 $ 39,124 $ 39,136 $ 39,169 $ 38,632 $ 38,862 $ 38,672
Net charge-offs (3,255 ) (3,851 ) (1,488 ) (4,242 ) (3,613 ) (2,825 ) (3,270 ) (2,467 )
Provision for loan and lease losses   2,250     3,750     1,500     4,275     3,076     3,055     3,080     2,533  
Balance at end of period $ 39,225   $ 39,124   $ 39,136   $ 39,169   $ 38,632   $ 38,862   $ 38,672   $ 38,738  
 

Selected Ratios:

Net interest margin - FTE** 5.61 % 5.80 % 5.90 % 6.05 % 5.98 % 5.84 % 5.97 % 5.84 %
Efficiency ratio 50.97 29.39 50.75 48.09 47.73 45.35 47.00 46.25
Net charge-offs to average loans and leases**(1)

0.72

0.85

0.33

0.84

0.44

0.18

0.32

0.28

Nonperforming loans and leases to total loans and leases(2)

0.74

1.07

1.20

0.70

0.60

0.49

0.43

0.43

Nonperforming assets to total assets(2) 1.60 1.38 1.44 1.17 0.76 0.63 0.59 0.57
Allowance for loan and lease losses to total loans and leases(2)

2.18

2.18

2.11

2.08

2.04

1.96

1.90

1.83

Loans and leases past due 30 days or more, including past due non-accrual loans and leases, to total loans and leases(2)

 

 

2.15

 

 

2.40

 

 

1.86

 

 

1.53

 

 

0.83

 

 

0.74

 

 

0.61

 

 

0.73

 
* Adjusted to give effect to 2-for-1 stock split effective August 16, 2011.
** Annualized based on actual days.
(1) Excludes loans covered by FDIC loss share agreements and net charge-offs related to such loans.
(2) Excludes purchased loans not covered by FDIC loss share agreements and loans and/or foreclosed assets covered by FDIC loss share agreements, except for their inclusion in total assets.

 
 
 

Bank of the Ozarks, Inc. Average Consolidated Balance Sheets and Net Interest Analysis – FTEUnaudited

 
  Quarters Ended December 31,     Years Ended December 31,
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

$

900

$

3

1.30

%

$

850

$

3

1.32

%

$

1,078

$

8

0.74

%

$

1,609

$

36

2.24

%

Investment securities:
Taxable 98,454 773 3.12 88,250 691 3.11 88,182 2,950 3.35 98,270 3,013 3.07
Tax-exempt – FTE 330,401 5,729 6.90 347,264 6,296 7.19 335,784 24,318 7.24 345,454 25,695 7.44
Loans and leases – FTE 2,063,608 30,169 5.82 1,877,590 29,574 6.25 1,965,612 115,386 5.87 1,830,779 113,308 6.19
Covered loans   622,755   14,110 9.01   835,358   18,016 8.56   704,283   61,820 8.78   767,079   66,135 8.62
Total earning assets – FTE 3,116,118 50,784 6.48 3,149,312 54,580 6.88 3,094,939 204,482 6.61 3,043,191 208,187 6.84
Non-interest earning assets   702,343   727,363   684,892   712,100
Total assets $ 3,818,461 $ 3,876,675 $ 3,779,831 $ 3,755,291
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction

$

1,634,983

$

1,062

0.26

%

$

1,592,897

$

1,443

0.36

%

$

1,579,909

$

4,579

0.29

%

$

1,524,082

$

8,297

0.54

%

Time deposits of $100,000 or more

327,313 328 0.40 412,192 813 0.78 351,002 1,867 0.53 438,030 4,032 0.92
Other time deposits   405,753   455 0.45   529,434   1,063 0.80   444,451   2,536 0.57   569,428   5,357 0.94
Total interest bearing deposits 2,368,049 1,845 0.31 2,534,523 3,319 0.52 2,375,362 8,982 0.38 2,531,540 17,686 0.70
Repurchase agreements with customers

32,245

7

0.09

38,731

21

0.21

34,776

47

0.13

39,638

174

0.44

Other borrowings 280,766 2,702 3.83 310,175 2,739 3.50 291,678 10,723 3.68 296,195 10,835 3.66
Subordinated debentures   64,950   450 2.75   64,950   452 2.76   64,950   1,848 2.85   64,950   1,740 2.68
Total interest bearing liabilities 2,746,010 5,004 0.72 2,948,379 6,531 0.88 2,766,766 21,600 0.78 2,932,323 30,435 1.04
Non-interest bearing liabilities:
Non-interest bearing deposits 527,160 438,767 492,299 392,780
Other non-interest bearing liabilities   57,795   71,273   58,746   52,102
Total liabilities 3,330,965 3,458,419 3,317,811 3,377,205
Common stockholders’ equity 484,062 414,843 458,595 374,664
Noncontrolling interest   3,434   3,413   3,425   3,422
Total liabilities and stockholders’ equity

$

3,818,461

$

3,876,675

 

 

$

3,779,831

$

3,755,291

 

 

       
Net interest income – FTE $ 45,780 $ 48,049 $ 182,882 $ 177,752
Net interest margin – FTE 5.84 % 6.05 % 5.91 % 5.84 %




Stock quotes in this article: OZRK 

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