Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income for the quarter ended June 30, 2013 was $20.4 million, a 6.8% increase from $19.1 million for the second quarter of 2012. Diluted earnings per common share for the second quarter of 2013 were $0.57, a 3.6% increase from $0.55 for the second quarter of 2012.
For the six months ended June 30, 2013, net income totaled $40.4 million, an 8.9% increase from net income of $37.1 million for the first six months of 2012. Diluted earnings per common share for the first six months of 2013 were $1.13, a 6.6% increase from $1.06 for the first six months of 2012.
The Company’s annualized returns on average assets and average common stockholders’ equity for the second quarter of 2013 were 2.08% and 15.50%, respectively, compared to 2.04% and 17.07%, respectively, for the second quarter of 2012. Annualized returns on average assets and average common stockholders’ equity for the first six months of 2013 were 2.07% and 15.63%, respectively, compared to 1.97% and 16.91%, respectively, for the first six months of 2012.
Loans and leases, excluding loans covered by FDIC loss share agreements (“covered loans”) and purchased loans not covered by loss share (“purchased non-covered loans”) were $2.44 billion at June 30, 2013, a 23.5% increase from $1.98 billion at June 30, 2012. Including covered loans and purchased non-covered loans, total loans and leases were $2.96 billion at June 30, 2013, a 9.7% increase from $2.69 billion at June 30, 2012.In commenting on these results, George Gleason, Chairman and Chief Executive Officer, stated, “Our capabilities to generate loan and lease growth were evident in our second quarter results. Our balance of loans and leases outstanding, excluding covered loans and purchased non-covered loans, increased $286 million in the quarter just ended. Our unfunded balance of closed loans increased $146 million during the second quarter, growing from $789 million at March 31, 2013 to $935 million at June 30, 2013. These are noteworthy results given current economic and competitive conditions.”
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