Bank of the Ozarks, Inc. (NASDAQ:OZRK) today announced that net income for the quarter ended September 30, 2013 was $22.4 million, a 16.0% increase from $19.3 million for the third quarter of 2012. Diluted earnings per common share for the third quarter of 2013 were $0.61, a 10.9% increase from $0.55 for the third quarter of 2012.
For the nine months ended September 30, 2013, net income totaled $62.7 million, an 11.3% increase from net income of $56.4 million for the first nine months of 2012. Diluted earnings per common share for the first nine months of 2013 were $1.74, a 7.4% increase from $1.62 for the first nine months of 2012.
On July 31, 2013 the Company completed its acquisition of The First National Bank of Shelby (“FNB Shelby”) in Shelby, North Carolina. This acquisition resulted in a bargain purchase gain, net of acquisition and conversion costs, of approximately $0.2 million after applicable taxes, or slightly less than $0.01 of diluted earnings per common share, for the third quarter and first nine months of 2013.
The Company’s annualized returns on average assets and average common stockholders’ equity for the third quarter of 2013 were 1.99% and 15.40%, respectively, decreasing from 2.05% and 16.40%, respectively, for the third quarter of 2012. Annualized returns on average assets and average common stockholders’ equity for the first nine months of 2013 were 2.05% and 15.55%, respectively, compared to 2.00% and 16.73%, respectively, for the first nine 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 $2.52 billion at September 30, 2013, a 24.2% increase from $2.03 billion at September 30, 2012. Including covered loans and purchased non-covered loans, total loans and leases were $3.33 billion at September 30, 2013, a 24.0% increase from $2.69 billion at September 30, 2012.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV