Bank of the Ozarks Inc. announced second quarter net income of $10.9 million, an increase of 14.6% from $9.5 million one year ago.
Net interest income for the second quarter of 2010 was $29.7 million, a 1.8% decrease from $30.3 million in the previous year's second quarter. Non-interest income topped $9.1 million, a 59.6% decrease from last year. Bank of the Ozarks said the decrease was due primarily to a $14.4 million reduction in net gains on investment securities and sales of other assets in the second quarter.
Despite a lagging economy, CEO George Gleason said that loan and lease demand grew during a quarter-over-quarter comparison.
Loans and leases, excluding those covered by FDIC loss share agreements, were $1.9 billion at June 30, 2010, a decrease of 4.8% from $2 billion at June 30, 2009. but an increase of 1.0% from $1.88 billion at March 31, 2010. Bank of the Ozarks acquired FDIC-troubled Unity National Bank of Cartersville, Georgia earlier this year.
Deposits rose 1.2% during the quarter to $2.16 billion at June 30, 2010. Total assets for the Little Rock-based bank were $2.88 billion at the end of June.
Shares (NASDAQ: OZRK) of the bank operation opened Tuesday (July 13) at $37.39. During the past 52 weeks, the share price has ranged from a $39.78 high to a $22.26 low.