Bank of the Ozarks, Inc. (NASDAQ:OZRK) today announced that net income for the fourth quarter of 2013 was $24.4 million, an 18.1% increase from $20.7 million for the fourth quarter of 2012. Diluted earnings per common share for the fourth quarter of 2013 were $0.66, an 11.9% increase from $0.59 for the fourth quarter of 2012.
For the full year of 2013, net income totaled $87.1 million, a 13.1% increase from $77.0 million for the full year of 2012. Diluted earnings per common share for 2013 were $2.41, a 9.0% increase from $2.21 for 2012.
The Company’s results for 2013 included the July 31, 2013 acquisition of The First National Bank of Shelby (“FNB Shelby”) in Shelby, North Carolina. This acquisition resulted in bargain purchase gain, net of acquisition and conversion costs, of approximately $0.2 million after applicable taxes during the third quarter of 2013. The Company’s results for the fourth quarter and full year of 2012 included bargain purchase gain, net of acquisition and conversion costs, of approximately $1.1 million after applicable taxes as a result of the acquisition of Genala Banc, Inc. (“Genala”).
The Company’s annualized returns on average assets and average common stockholders’ equity for the fourth quarter of 2013 were 2.02% and 15.73%, respectively, compared to 2.15% and 16.99%, respectively, for the fourth quarter of 2012. Returns on average assets and average common stockholders’ equity for the full year of 2013 were 2.04% and 15.60%, respectively, compared to 2.04% and 16.80%, respectively, for 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 $2.63 billion at December 31, 2013, a 24.4% increase from $2.12 billion at December 31, 2012. Including covered loans and purchased non-covered loans, total loans and leases were $3.36 billion at December 31, 2013, a 21.9% increase from $2.75 billion at December 31, 2012.
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