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Second quarter earnings up 30% for Bank of the Ozarks

Bank of the Ozarks posted second quarter net income of $26.5 million, up 30% over one year ago.

The big earnings boost comes as the Little Rock-based bank has completed three acquisitions in the last year. Most recently, Bank of the Ozarks announced it would acquire Arkadelphia-based Summit Bancorp in a $216 million blockbuster deal.

For the six months ended June 30, 2014, net income totaled $51.8 million, a 28.2% increase from net income of $40.4 million for the first six months of 2013.

“We are pleased to report our excellent results for the second quarter and first six months of 2014. While acquisitions have contributed significantly to our growth and profitability in recent years, our ability to organically grow our portfolio of high quality, good yielding loans and leases has been even more important,” said George Gleason, chairman and CEO.

Pertinent financial information for the quarter included:
• Total loans and leases were $4.58 billion at June 30, 2014, a 54.8% increase from $2.96 billion at June 30, 2013.

• Deposits were $4.98 billion at June 30, 2014, a 67.0% increase compared to $2.98 billion at June 30, 2013.

• Total assets were $6.30 billion at June 30, 2014, a 55.8% increase compared to $4.04 billion at June 30, 2013.

• Common stockholders’ equity was $850 million at June 30, 2014, a 60.1% increase from $531 million at June 30, 2013.

• Tangible common stockholders’ equity was $742 million at June 30, 2014, a 42.5% increase from $520 million at June 30, 2013.

Bank of the Ozarks recorded net interest income of $64.8 million in the second quarter. Non-interest income for the second quarter of 2014 decreased 8.4% to $17.4 million compared to $19.0 million for the second quarter of 2013.

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On June 23, 2014, Bank of the Ozarks completed a 2-for-1 stock split, in the form of a stock dividend, effected by issuing one share of common stock for each share of such stock outstanding on June 13, 2014.

Shares of Bank of the Ozarks (NASDAQ: OZRK) closed trading at $32.94 on Monday. The company’s stock has traded between $22.46 and $35.24 per share in the last year.

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