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Bank of the Ozarks, Inc. Message Board

  • bluecheese4u bluecheese4u Oct 11, 2012 10:29 PM Flag

    Bank of the Ozarks, Inc. Announces Third Quarter 2012 Earnings

    Bank of the Ozarks, Inc. Announces Third Quarter 2012 Earnings

    LITTLE ROCK, ARKANSAS: Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income for the quarter ended September 30, 2012 was $19.3 million, a 2.0% increase from $18.9 million for the third quarter of 2011. Diluted earnings per common share for the third quarter of 2012 were $0.55, unchanged from $0.55 for the third quarter of 2011.

    For the nine months ended September 30, 2012, net income totaled $56.4 million, a 32.7% decrease from net income of $83.8 million for the first nine months of 2011. Diluted earnings per common share for the first nine months of 2012 were $1.62, a 33.3% decrease from $2.43 for the first nine months of 2011.

    The Company made no FDIC-assisted acquisitions during the first nine months of 2012, and its results for the third quarter and first nine months of 2012 did not include any bargain purchase gains or any acquisition or conversion costs related to its seven previous FDIC-assisted acquisitions. The Company’s results for the third quarter of 2011 included after-tax costs of $0.7 million, or $0.02 per diluted common share, related to completion of systems conversions for acquisitions previously made. The Company’s results for the first nine months of 2011 included three FDIC-assisted acquisitions which resulted in a gain, net of acquisition and conversion costs, of approximately $36.6 million after taxes, or approximately $1.06 of diluted earnings per common share.

    The Company’s annualized returns on average assets and average common stockholders’ equity for the third quarter of 2012 were 2.05% and 16.40%, respectively, compared to 1.91% and 18.97%, respectively, for the third quarter of 2011. Annualized returns on average assets and average common stockholders’ equity for the first nine months of 2012 were 2.00% and 16.73%, respectively, compared to 3.01% and 31.01%, respectively, for the first nine months of 2011.

    In commenting on these results, George Gleason, Chairman and Chief Executive Officer, stated, “We are very pleased to report our excellent results for the quarter just ended. Our net interest margin continued to be among the best in the industry, and non-interest income included record income from service charges on deposit accounts and excellent mortgage lending income. We achieved good growth in non-covered loans and leases, giving us our fifth consecutive quarter of growth in non-covered loans and leases. Several of our asset quality ratios reached their best levels in over four years.”

    Loans and leases, excluding loans covered by FDIC loss share agreements (“covered loans”), were $2.03 billion at September 30, 2012, a 9.1% increase compared to $1.86 billion at September 30, 2011. Including covered loans, total loans and leases were $2.69 billion at September 30, 2012, a 1.4% decrease from $2.72 billion at September 30, 2011.

    Mr. Gleason stated, “During the quarter just ended, our balance of loans and leases outstanding, excluding covered loans, increased $51 million, and our unfunded balance of closed loans increased $143 million from $554 million at June 30, 2012 to $697 million at September 30, 2012. The increase in our unfunded balance of closed loans has favorable implications for further growth in the balance of loans and leases outstanding in future quarters.”

    Deposits were $2.89 billion at September 30, 2012, a 5.1% decrease compared to $3.05 billion at September 30, 2011.

    Total assets were $3.82 billion at September 30, 2012, a 2.8% decrease compared to $3.93 billion at September 30, 2011.

    Common stockholders’ equity was $478 million at September 30, 2012, a 17.4% increase from $407 million at September 30, 2011. Book value per common share was $13.78 at September 30, 2012, a 16.1% increase from $11.87 at September 30, 2011. Changes in common stockholders’ equity and book value per common share reflect earnings, dividends paid, stock option and stock grant transactions, and changes in the Company’s mark-to-market adjustment for unrealized gains and losses on investment securities available for sale.

    The Company’s ratio of common stockholders’ equity to total assets increased to 12.50% as of September 30, 2012, compared to 10.35% as of September 30, 2011. Its ratio of tangible common stockholders’ equity to tangible total assets increased to 12.25% as of September 30, 2012 compared to 10.06% as of September 30, 2011.

    NET INTEREST INCOME
    Net interest income for the third quarter of 2012 increased 0.2% to $44.4 million compared to $44.3 million for the third quarter of 2011 and increased 5.1% compared to $42.3 million in the second quarter of 2012. Net interest margin, on a fully taxable equivalent (“FTE”)

    bankozarks

 
OZRK
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