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2013 net income up 13% for Bank of the Ozarks

story from Talk Business, a TCW content partner

Bank of the Ozarks Inc. reported 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.

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.

The Little Rock-based bank’s results for 2013 included the July 31, 2013 acquisition of The First National Bank of Shelby in Shelby, North Carolina.

“We are pleased to report our excellent fourth quarter results. Highlights of the quarter included stellar asset quality and another quarter of excellent loan and lease growth,” said CEO George Gleason. “Our capabilities to generate loan and lease growth have been clearly evident this year. Our balance of loans and leases outstanding, excluding covered loans and purchased non-covered loans, increased $110 million in the quarter just ended and $517 million for the full year of 2013. Our unfunded balance of closed loans increased $78 million during the fourth quarter, growing to $1.21 billion at December 31, 2013 compared to $1.13 billion at September 30, 2013 and $769 million at December 31, 2012.”

Additional financial highlights of the quarter included:
• Deposits were $3.72 billion at Dec. 31, 2013, a 19.9% increase compared to $3.10 billion at Dec. 31, 2012.

• Total assets were $4.79 billion at Dec. 31, 2013, an 18.5% increase compared to $4.04 billion at Dec. 31, 2012.

• Net interest income for the fourth quarter of 2013 was $55.3 million, an increase of 26.3% from $43.8 million for the fourth quarter of 2012.

• Non-interest income for the fourth quarter of 2013 was $18.6 million, a 1.4% decrease from $18.8 million for the fourth quarter of 2012.

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• 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 Dec. 31, 2013, a 24.4% increase from $2.12 billion at Dec. 31, 2012.

• Including covered loans and purchased non-covered loans, total loans and leases were $3.36 billion at Dec. 31, 2013, a 21.9% increase from $2.75 billion at Dec. 31, 2012.

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