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Bank Of The Ozarks, Inc. Announces Fourth Quarter And Full Year 2012 Earnings

The Company’s efficiency ratio for 2012 was 46.6% compared to 41.6% for 2011.

ASSET QUALITY, CHARGE-OFFS AND ALLOWANCE

Loans, repossessions and foreclosed assets covered by FDIC loss share agreements, along with the related FDIC loss share receivable, are presented in the Company’s financial reports with a carrying value equal to the net present value of expected future proceeds. At December 31, 2012, the carrying value of covered loans was $596 million, foreclosed assets covered by loss share was $53 million and the FDIC loss share receivable was $152 million. At December 31, 2011, the carrying value of covered loans was $807 million, foreclosed assets covered by loss share was $73 million and the FDIC loss share receivable was $279 million.

Purchased non-covered loans include a small volume of non-covered loans acquired in FDIC-assisted acquisitions and loans acquired in the Genala acquisition and are initially recorded at fair value on the date of purchase. Purchased non-covered loans that contain evidence of credit deterioration on the date of purchase are presented in the Company’s financial reports with a carrying value equal to the net present value of expected future proceeds. All other purchased non-covered loans are presented in the Company’s financial reports at their initial fair value, adjusted for subsequent advances, pay downs, amortization or accretion of any premium or discount on purchase, charge-offs and any other adjustment to carrying value. The carrying value of purchased non-covered loans was $41.5 million at December 31, 2012 and $4.8 million at December 31, 2011.

Excluding covered loans and purchased non-covered loans, nonperforming loans and leases as a percent of total loans and leases were 0.43% at December 31, 2012 compared to 0.70% at December 31, 2011 and 0.43% at September 30, 2012.

Excluding covered loans and foreclosed assets covered by loss share and purchased non-covered loans, nonperforming assets as a percent of total assets were 0.57% at December 31, 2012 compared to 1.17% at December 31, 2011 and 0.59% at September 30, 2012.

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