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

For the fourth quarter of 2012, the Company’s provision for loan and lease losses decreased to $2.5 million, which included $1.5 million for non-covered loans and leases and $1.0 million for covered loans. For the fourth quarter of 2011, the Company’s provision for loan and lease losses was $4.3 million, which included $4.0 million for non-covered loans and leases and $0.3 million for covered loans. For the full year of 2012, the Company’s provision for loan and lease losses was $11.7 million, which included $5.5 million for non-covered loans and leases and $6.2 million for covered loans. For the full year of 2011, the Company’s provision for loan and lease losses was $11.8 million, which included $11.5 million for non-covered loans and leases and $0.3 million for covered loans.

The Company’s allowance for loan and lease losses was $38.7 million at December 31, 2012, compared to $39.2 million at December 31, 2011, and $38.7 million at September 30, 2012. The Company had no allowance for covered loans or purchased non-covered loans at December 31, 2012 or 2011 or September 30, 2012. The Company’s allowance for loan and lease losses as a percentage of total loans and leases, excluding covered loans and purchased non-covered loans, was 1.83% at December 31, 2012, compared to 2.08% at December 31, 2011, and 1.90% at September 30, 2012.

ACQUISITION

On December 31, 2012, the Company completed its acquisition of Genala in a transaction valued at approximately $27.5 million. The Company paid $13.4 million of cash and issued 423,616 shares of its common stock valued at approximately $14.1 million in exchange for all outstanding shares of Genala common stock.

Genala was the holding company for The Citizens Bank, which operated one banking office in Geneva, Alabama. During the fourth quarter of 2012, the Company recognized a pre-tax bargain purchase gain of $2.4 million and incurred pre-tax acquisition and conversion costs of approximately $0.6 million related to such acquisition. The transaction was accretive to the Company’s book value per common share, tangible book value per common share, and diluted earnings per common share.

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