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.
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