Bank of the Ozarks, Inc. Announces Second Quarter 2013 Earnings
Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income
for the quarter ended June 30, 2013 was $20.4 million, a 6.8% increase
from $19.1 million for the second quarter of 2012. Diluted earnings per
common share for the second quarter of 2013 were $0.57, a 3.6% increase
from $0.55 for the second quarter of 2012.
For the six months ended June 30, 2013, net income totaled $40.4
million, an 8.9% increase from net income of $37.1 million for the first
six months of 2012. Diluted earnings per common share for the first six
months of 2013 were $1.13, a 6.6% increase from $1.06 for the first six
months of 2012.
The Company’s annualized returns on average assets and average common
stockholders’ equity for the second quarter of 2013 were 2.08% and
15.50%, respectively, compared to 2.04% and 17.07%, respectively, for
the second quarter of 2012. Annualized returns on average assets and
average common stockholders’ equity for the first six months of 2013
were 2.07% and 15.63%, respectively, compared to 1.97% and 16.91%,
respectively, for the first six months of 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 $2.44 billion at June 30, 2013, a
23.5% increase from $1.98 billion at June 30, 2012. Including covered
loans and purchased non-covered loans, total loans and leases were $2.96
billion at June 30, 2013, a 9.7% increase from $2.69 billion at June 30,
2012.
In commenting on these results, George Gleason, Chairman and Chief
Executive Officer, stated, “Our capabilities to generate loan and lease
growth were evident in our second quarter results. Our balance of loans
and leases outstanding, excluding covered loans and purchased
non-covered loans, increased $286 million in the quarter just ended. Our
unfunded balance of closed loans increased $146 million during the
second quarter, growing from $789 million at March 31, 2013 to $935
million at June 30, 2013. These are noteworthy results given current
economic and competitive conditions.”
Deposits were $2.98 billion at June 30, 2013, a 6.3% increase compared
to $2.81 billion at June 30, 2012.
Total assets were $4.04 billion at June 30, 2013, a 7.4% increase
compared to $3.76 billion at June 30, 2012.
Common stockholders’ equity was $531 million at June 30, 2013, a 15.6%
increase from $460 million at June 30, 2012. Book value per common share
was $14.99 at June 30, 2013, a 12.8% increase from $13.29 at June 30,
2012. 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.
As a result of increases in market interest rates on many debt
securities during the second quarter of 2013, at June 30, 2013 the
Company’s unrealized gains and losses on investment securities available
for sale, net of applicable taxes, were a negative $0.9 million compared
to a positive $9.0 million at March 31, 2013. At June 30, 2012,
unrealized gains and losses on investment securities available for sale,
net of applicable taxes, were a positive $11.5 million.
The Company’s ratio of common stockholders’ equity to total assets was
13.13% at June 30, 2013, an increase compared to 12.21% at June 30,
2012, but a decrease compared to 13.25% at March 31, 2013. Its ratio of
tangible common stockholders’ equity to tangible total assets was 12.90%
at June 30, 2013, an increase compared to 11.95% at June 30, 2012, but a
decrease compared to 13.00% at March 31, 2013. The decrease in both
ratios from March 31, 2013 to June 30, 2013 was primarily due to the
fact that the change in unrealized gains and losses on investment
securities available for sale reduced the Company’s growth in common
stockholders’ equity and tangible common stockholders’ equity during the
quarter just ended.
NET INTEREST INCOME
Net interest income for the second quarter of 2013 increased 2.8% to
$43.5 million compared to $42.3 million for the second quarter of 2012,
but decreased 1.5% compared to $44.1 million for the first quarter of
2013. Net interest margin, on a fully taxable equivalent (“FTE”) basis,
decreased 28 basis points to 5.56% in the second quarter of 2013
compared to 5.84% in the second quarter of 2012, and decreased 27 basis
points compared to 5.83% in the first quarter of 2013. Average earning
assets increased to $3.29 billion for the second quarter of 2013
compared to $3.06 billion for the second quarter of 2012 and $3.21
billion for the first quarter of 2013.
Net interest income for the first six months of 2013 was $87.6 million,
a 1.7% increase from $86.1 million for the first six months of 2012. The
Company’s net interest margin (“FTE”) for the first six months of 2013
was 5.68%, a 23 basis point decrease from 5.91% for the first six months
of 2012. Average earning assets increased to $3.26 billion for the first
six months of 2013 compared to $3.08 billion for the first six months of
2012.
NON-INTEREST INCOME
Non-interest income for the second quarter of 2013 increased 20.9% to
$19.0 million compared to $15.7 million for the second quarter of 2012.
Non-interest income for the first six months of 2013 increased 19.7% to
$35.3 million from $29.5 million for the first six months of 2012.
Service charges on deposit accounts increased 3.4% to a record $5.07
million in the second quarter of 2013 compared to $4.91 million in the
second quarter of 2012. Service charges on deposit accounts were $9.80
million in the first six months of 2013, a 2.0% increase from $9.60
million in the first six months of 2012.
Mortgage lending income increased 23.7% to $1.64 million in the second
quarter of 2013 compared to $1.33 million in the second quarter of 2012,
but decreased 5.6% from $1.74 million in the first quarter of 2013.
Mortgage lending income was $3.38 million in the first six months of
2013, a 39.3% increase from $2.43 million in the first six months of
2012.
Trust income for the second quarter of 2013 decreased 2.6% to $0.87
million compared to $0.89 million for the second quarter of 2012, and
decreased 2.0% from $0.88 million in the first quarter of 2013. Trust
income was $1.75 million in the first six months of 2013, a 5.2%
increase from $1.66 million in the first six months of 2012.
Income from accretion of the Company’s FDIC loss share receivable, net
of amortization of the Company’s FDIC clawback payable, was $2.48
million in the second quarter of 2013, an increase of 21.9% compared to
$2.04 million in the second quarter of 2012. For the first six months of
2013, income from accretion of the Company’s FDIC loss share receivable,
net of amortization of the Company’s FDIC clawback payable, was $4.87
million, an increase of 12.3% compared to $4.34 million in the first six
months of 2012.
Other income from loss share and purchased non-covered loans was $3.69
million in the second quarter of 2013, an increase of 15.4% compared to
$3.20 million in the second quarter of 2012. For the first six months of
2013, other income from loss share and purchased non-covered loans was
$5.84 million, an increase of 12.8% compared to $5.18 million in the
first six months of 2012.
Net gains on sales of other assets were $3.11 million in the second
quarter of 2013 compared to $1.40 million in the second quarter of 2012.
Net gains on sales of other assets were $5.08 million in the first six
months of 2013 compared to $2.95 million in the first six months of 2012.
NON-INTEREST EXPENSE
Non-interest expense for the second quarter of 2013 increased 9.6% to
$29.9 million compared to $27.3 million for the second quarter of 2012,
and increased 2.3% from $29.2 million in the first quarter of 2013. The
Company’s efficiency ratio for the second quarter of 2013 was 46.3%
compared to 45.4% for the second quarter of 2012 and 46.8% for the first
quarter of 2013.
Non-interest expense for the first six months of 2013 was $59.1 million,
a 5.8% increase from $55.9 million for the first six months of 2012. The
Company’s efficiency ratio was 46.5% for both the first six months of
2013 and the first six months of 2012.
ASSET QUALITY, CHARGE-OFFS AND ALLOWANCE
Loans, repossessions and foreclosed assets covered by FDIC loss share
agreements, along with the related FDIC loss share receivable, are
presented in the Company’s financial reports with a carrying value equal
to the net present value of expected future proceeds. At June 30, 2013,
the carrying value of covered loans was $481 million, foreclosed assets
covered by loss share was $46 million and the FDIC loss share receivable
was $113 million. At June 30, 2012, the carrying value of covered loans
was $712 million, foreclosed assets covered by loss share was $65
million and the FDIC loss share receivable was $209 million.
Purchased non-covered loans include a small volume of non-covered loans
acquired in FDIC-assisted acquisitions and loans acquired in the
December 31, 2012 acquisition of Genala Banc, Inc. Purchased non-covered
loans that contain evidence of credit deterioration on the date of
purchase are initially recorded at fair value and are presented in the
Company’s financial reports with a carrying value equal to the net
present value of expected future proceeds. Other purchased non-covered
loans are initially recorded at fair value on the date of purchase and
are presented in the Company’s financial reports at their initial fair
value, adjusted for subsequent advances, pay downs, amortization or
accretion of any premium or discount on purchase, charge-offs and any
other adjustment to carrying value. The carrying value of purchased
non-covered loans was $31.0 million at June 30, 2013 compared to $3.0
million at June 30, 2012.
Excluding covered loans and purchased non-covered loans, nonperforming
loans and leases as a percent of total loans and leases increased to
0.65% at June 30, 2013 compared to 0.49% at June 30, 2012 and 0.40% at
March 31, 2013.
Excluding covered loans, purchased non-covered loans and foreclosed
assets covered by loss share, nonperforming assets as a percent of total
assets increased to 0.66% at June 30, 2013 compared to 0.63% at June 30,
2012 and 0.50% at March 31, 2013.
Excluding covered loans and purchased non-covered loans, the Company’s
ratio of loans and leases past due 30 days or more, including past due
non-accrual loans and leases, to total loans and leases was 0.74% at
June 30, 2013, unchanged from 0.74% at June 30, 2012, but an increase
from 0.56% at March 31, 2013.
The Company’s net charge-offs for the second quarter of 2013 decreased
to $1.7 million compared to $2.8 million for the second quarter of 2012
and $3.0 million for the first quarter of 2013. The Company’s net
charge-offs for the second quarter of 2013 included $0.6 million for
non-covered loans and leases and $1.1 million for covered loans. The
Company’s net charge-offs for the second quarter of 2012 included $0.8
million for non-covered loans and leases and $2.0 million for covered
loans. The Company’s net charge-offs for the first quarter of 2013
included $1.0 million for non-covered loans and leases and $2.0 million
for covered loans. Net charge-offs for covered loans are reported net of
applicable FDIC loss share receivable amounts.
The Company’s annualized net charge-off ratio for its non-covered loans
and leases improved to 0.12% for the second quarter of 2013 compared to
0.18% for the second quarter of 2012 and 0.19% for the first quarter of
2013. The Company’s annualized net charge-off ratio for all loans and
leases, including covered loans, was 0.25% for the second quarter of
2013 compared to 0.43% for the second quarter of 2012 and 0.45% for the
first quarter of 2013.
The Company’s net charge-offs for the first six months of 2013 decreased
to $4.8 million compared to $6.4 million for the first six months of
2012. The Company’s net charge-offs for the first six months of 2013
included $1.7 million for non-covered loans and leases and $3.1 million
for covered loans. The Company’s net charge-offs for the first six
months of 2012 included $3.0 million for non-covered loans and leases
and $3.4 million for covered loans.
The Company’s annualized net charge-off ratio for its non-covered loans
and leases improved to 0.15% for the first six months of 2013 compared
to 0.31% for the first six months of 2012. The Company’s annualized net
charge-off ratio for all loans and leases, including covered loans,
improved to 0.35% for the first six months of 2013 compared to 0.49% for
the first six months of 2012.
For the second quarter of 2013, the Company’s provision for loan and
lease losses was $2.7 million, which included $1.6 million for
non-covered loans and leases and $1.1 million for covered loans. For the
second quarter of 2012, the Company’s provision for loan and lease
losses was $3.1 million, which included $1.1 million for non-covered
loans and leases and $2.0 million for covered loans. For the first six
months of 2013, the Company’s provision for loan and lease losses was
$5.4 million, which included $2.3 million for non-covered loans and
leases and $3.1 million for covered loans. For the first six months of
2012, the Company’s provision for loan and lease losses was $6.1
million, which included $2.7 million for non-covered loans and leases
and $3.4 million for covered loans.
The Company’s allowance for loan and lease losses was $39.4 million, or
1.61% of total loans and leases, excluding covered loans and purchased
non-covered loans, at June 30, 2013, compared to $38.9 million, or 1.96%
of total loans and leases, excluding covered loans and purchased
non-covered loans, at June 30, 2012 and $38.4 million, or 1.78% of total
loans and leases, excluding covered loans and purchased non-covered
loans, at March 31, 2013. The Company had no allowance for covered loans
or purchased non-covered loans at June 30, 2013, June 30, 2012 or March
31, 2013.
PROPOSED TRANSACTION
On January 24, 2013, the Company entered into a definitive agreement and
plan of merger (the “Agreement”) with The First National Bank of Shelby
(“First National Bank”), in Shelby, North Carolina, pursuant to which
the Company expects to acquire all of the outstanding common stock of
First National Bank and certain real property which is being
simultaneously purchased from parties related to First National Bank and
on which certain First National Bank offices are located.
Under the terms of the Agreement, each outstanding share of common stock
of First National Bank will be converted, at the election of each First
National Bank shareholder, into the right to receive shares of the
Company’s common stock, plus cash in lieu of any fractional share, or
the right to receive cash, all subject to certain conditions and
potential adjustments, provided that at least 51% of the merger
consideration paid to First National Bank shareholders will consist of
shares of the Company’s common stock. The number of Company shares to be
issued will be determined based on First National Bank shareholder
elections and the Company’s 10-day average closing stock price as of the
fifth business day prior to the closing date, provided that, for purpose
of determining the price of the Company’s common stock, such stock shall
be valued at not less than $27.00 per share and not more than $44.20 per
share. Upon the closing of the transaction, which is expected to occur
in the third quarter of 2013, First National Bank will merge into the
Company’s bank subsidiary. Completion of the transaction is subject to
certain closing conditions, including the approval of the shareholders
of First National Bank.
ADDITIONAL INFORMATION ABOUT THE PROPOSED
TRANSACTION AND WHERE TO FIND IT
This Release does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or
approval. In connection with the proposed transaction with First
National Bank, the Company has filed with the Securities and Exchange
Commission (the “SEC”) a Registration Statement on Form S-4 that
includes a proxy statement of First National Bank, and that also
constitutes a prospectus of the Company. The Company has also filed
other documents with the SEC, and may file additional documents with the
SEC, with respect to the proposed transaction. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL
AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS FILED
WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Such documents may
be found on the SEC’s website at http://www.sec.gov.
Investors and security holders may also obtain free copies of the
documents filed with the SEC by the Company at the Company’s website at http://www.bankozarks.com,
under “Investor Relations”, or by contacting Susan Blair, by telephone
at (501) 978-2217.
CONFERENCE CALL
Management will conduct a conference call to review announcements made
in this press release at 10:00 a.m. CDT (11:00 a.m. EDT) on Friday, July
12, 2013. The call will be available live or in recorded version on the
Company’s website www.bankozarks.com
under “Investor Relations” or interested parties calling from locations
within the United States and Canada may call 1-888-401-4669 up to ten
minutes prior to the beginning of the call and ask for the Bank of the
Ozarks conference call. A recorded playback of the entire call will be
available on the Company’s website or by telephone by calling
1-888-203-1112 in the United States and Canada or 719-457-0820
internationally. The passcode for this telephone playback is 2060195.
The telephone playback will be available for one week following the
call, and the website recording of the call will be available for 12
months.
FORWARD LOOKING STATEMENTS
This release and other communications by the Company contain forward
looking statements regarding the Company’s plans, expectations,
thoughts, beliefs, estimates, goals and outlook for the future. Actual
results may differ materially from those projected in such forward
looking statements due to, among other things, potential delays or other
problems implementing the Company’s growth and expansion strategy
including delays in identifying satisfactory sites, hiring or retaining
qualified personnel, obtaining regulatory or other approvals, obtaining
permits and designing, constructing and opening new offices; the ability
to enter into additional FDIC-assisted or traditional acquisitions;
problems with integrating or managing acquisitions; opportunities to
profitably deploy capital; the ability to achieve growth in loans,
leases and deposits, including growth from unfunded closed loans; the
ability to generate future revenue growth or to control future growth in
non-interest expense; interest rate fluctuations, including changes in
the yield curve between short-term and long-term interest rates;
competitive factors and pricing pressures, including their effect on the
Company’s net interest margin; general economic, unemployment, credit
market and real estate market conditions, including their effect on the
creditworthiness of borrowers and lessees, collateral values, the value
of investment securities and asset recovery values, including the value
of the FDIC loss share receivable and related assets covered by FDIC
loss share agreements; changes in legal and regulatory requirements;
recently enacted and potential legislation and regulatory actions,
including legislation and regulatory actions intended to stabilize
economic conditions and credit markets, strengthen the capital of
financial institutions, increase regulation of the financial services
industry and protect homeowners or consumers; changes in U.S. government
monetary and fiscal policy; possible further downgrade of U.S. Treasury
securities; adoption of new accounting standards or changes in existing
standards; and adverse results in current or future litigation as well
as other factors identified in this press release or in Management’s
Discussion and Analysis under the caption “Forward Looking Information”
contained in the Company’s 2012 Annual Report to Stockholders and the
most recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission.
GENERAL INFORMATION
Bank of the Ozarks, Inc. common stock trades on the NASDAQ Global Select
Market under the symbol “OZRK”. The Company owns a state-chartered
subsidiary bank that conducts banking operations through 118 offices,
including 66 Arkansas offices, 28 Georgia offices, 13 Texas offices,
four Florida offices, three Alabama offices, two North Carolina offices
and one office each in South Carolina and New York. The Company may be
contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas
72231-8811. The Company’s website is: www.bankozarks.com.
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Bank of the Ozarks, Inc.
Selected Consolidated Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
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Quarters Ended
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Six Months Ended
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June 30,
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June 30,
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2013
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2012
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% Change
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2013
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2012
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% Change
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Income statement data:
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Net interest income
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$
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43,465
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$
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42,298
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2.8
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%
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$
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87,604
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$
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86,132
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1.7
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%
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Provision for loan and lease losses
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2,666
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3,055
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(12.7
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)
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5,394
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6,131
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(12.0
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)
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Non-interest income
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18,987
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15,710
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20.9
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35,344
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29,520
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19.7
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Non-interest expense
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29,901
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27,282
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9.6
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59,132
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55,889
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5.8
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Net income available to common stockholders
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20,387
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19,092
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6.8
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40,387
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37,102
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8.9
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Common stock data:
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Net income per share – diluted
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$
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0.57
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$
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0.55
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3.6
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%
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$
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1.13
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$
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1.06
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6.6
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%
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Net income per share – basic
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0.58
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0.55
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5.5
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1.14
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1.07
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6.5
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Cash dividends per share
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0.17
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0.12
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41.7
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0.32
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0.23
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39.1
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Book value per share
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14.99
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13.29
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12.8
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14.99
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13.29
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12.8
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Diluted shares outstanding (thousands)
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35,741
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34,887
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35,671
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34,851
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End of period shares outstanding (thousands)
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35,438
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34,594
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35,438
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34,594
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Balance sheet data at period end:
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Assets
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$
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4,043,632
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$
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3,764,860
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7.4
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%
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$
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4,043,632
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$
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3,764,860
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7.4
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%
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Loans and leases
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2,443,342
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1,978,701
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23.5
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2,443,342
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1,978,701
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23.5
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Purchased loans not covered by loss share
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31,027
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2,983
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940.1
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31,027
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2,983
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940.1
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Loans covered by loss share
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480,752
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711,723
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(32.5
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)
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480,752
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711,723
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(32.5
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)
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Allowance for loan and lease losses
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39,373
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38,862
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1.3
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39,373
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38,862
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1.3
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Foreclosed assets covered by loss share
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46,157
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65,405
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(29.4
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)
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46,157
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65,405
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(29.4
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)
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FDIC loss share receivable
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112,716
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208,758
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(46.0
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)
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112,716
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208,758
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(46.0
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)
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Investment securities
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490,748
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414,898
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18.3
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490,748
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414,898
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18.3
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Goodwill
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5,243
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5,243
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-
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5,243
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5,243
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-
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Other intangibles – net of amortization
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5,447
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5,946
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|
|
(8.4
|
)
|
|
|
5,447
|
|
|
|
5,946
|
|
|
(8.4
|
)
|
Deposits
|
|
|
2,984,629
|
|
|
|
2,808,986
|
|
|
6.3
|
|
|
|
2,984,629
|
|
|
|
2,808,986
|
|
|
6.3
|
|
Repurchase agreements with customers
|
|
|
24,704
|
|
|
|
31,600
|
|
|
(21.8
|
)
|
|
|
24,704
|
|
|
|
31,600
|
|
|
(21.8
|
)
|
Other borrowings
|
|
|
391,690
|
|
|
|
339,703
|
|
|
15.3
|
|
|
|
391,690
|
|
|
|
339,703
|
|
|
15.3
|
|
Subordinated debentures
|
|
|
64,950
|
|
|
|
64,950
|
|
|
-
|
|
|
|
64,950
|
|
|
|
64,950
|
|
|
-
|
|
Common stockholders’ equity
|
|
|
531,125
|
|
|
|
459,590
|
|
|
15.6
|
|
|
|
531,125
|
|
|
|
459,590
|
|
|
15.6
|
|
Net unrealized gains (losses) on investment securities AFS included
in common stockholders’ equity
|
|
|
(898
|
)
|
|
|
11,452
|
|
|
|
|
|
(898
|
)
|
|
|
11,452
|
|
|
|
Loan and lease, including covered loans and purchased non-covered
loans, to deposit ratio
|
|
|
99.01
|
%
|
|
|
95.89
|
%
|
|
|
|
|
99.01
|
%
|
|
|
95.89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets*
|
|
|
2.08
|
%
|
|
|
2.04
|
%
|
|
|
|
|
2.07
|
%
|
|
|
1.97
|
%
|
|
|
Return on average common stockholders’ equity*
|
|
|
15.50
|
|
|
|
17.07
|
|
|
|
|
|
15.63
|
|
|
|
16.91
|
|
|
|
Average common equity to total average assets
|
|
|
13.43
|
|
|
|
11.95
|
|
|
|
|
|
13.25
|
|
|
|
11.66
|
|
|
|
Net interest margin – FTE*
|
|
|
5.56
|
|
|
|
5.84
|
|
|
|
|
|
5.68
|
|
|
|
5.91
|
|
|
|
Efficiency ratio
|
|
|
46.34
|
|
|
|
45.35
|
|
|
|
|
|
46.54
|
|
|
|
46.54
|
|
|
|
Net charge-offs to average loans and leases*(1)
|
|
|
0.12
|
|
|
|
0.18
|
|
|
|
|
|
0.15
|
|
|
|
0.31
|
|
|
|
Nonperforming loans and leases to total loans and leases(2)
|
|
|
0.65
|
|
|
|
0.49
|
|
|
|
|
|
0.65
|
|
|
|
0.49
|
|
|
|
Nonperforming assets to total assets(2)
|
|
|
0.66
|
|
|
|
0.63
|
|
|
|
|
|
0.66
|
|
|
|
0.63
|
|
|
|
Allowance for loan and lease losses to total loans and leases(2)
|
|
|
1.61
|
|
|
|
1.96
|
|
|
|
|
|
1.61
|
|
|
|
1.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases(2)
|
|
$
|
16,136
|
|
|
$
|
9,832
|
|
|
|
|
$
|
16,136
|
|
|
$
|
9,832
|
|
|
|
Accruing loans and leases – 90 days past due(2)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Troubled and restructured loans and leases(2)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
ORE and repossessions(2)
|
|
|
10,451
|
|
|
|
13,898
|
|
|
|
|
|
10,451
|
|
|
|
13,898
|
|
|
|
Impaired covered loans
|
|
|
52,586
|
|
|
|
22,758
|
|
|
|
|
|
52,586
|
|
|
|
22,758
|
|
|
|
Impaired purchased non-covered loans
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Ratios for interim periods annualized based on actual days.
|
(1) Excludes covered loans and net charge-offs related to covered
loans.
|
(2) Excludes purchased non-covered loans, covered loans and
covered foreclosed assets, except for their inclusion in total
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of the Ozarks, Inc.
Supplemental Quarterly Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/11
|
|
12/31/11
|
|
3/31/12
|
|
6/30/12
|
|
9/30/12
|
|
12/31/12
|
|
3/31/13
|
|
6/30/13
|
Earnings Summary:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
44,336
|
|
|
$
|
45,839
|
|
|
$
|
43,833
|
|
|
$
|
42,298
|
|
|
$
|
44,444
|
|
|
$
|
43,771
|
|
|
$
|
44,139
|
|
|
$
|
43,465
|
|
Federal tax (FTE) adjustment
|
|
|
2,256
|
|
|
|
2,210
|
|
|
|
2,288
|
|
|
|
2,151
|
|
|
|
2,087
|
|
|
|
2,009
|
|
|
|
2,020
|
|
|
|
2,076
|
|
Net interest income (FTE)
|
|
|
46,592
|
|
|
|
48,049
|
|
|
|
46,121
|
|
|
|
44,449
|
|
|
|
46,531
|
|
|
|
45,780
|
|
|
|
46,159
|
|
|
|
45,541
|
|
Provision for loan and lease losses
|
|
|
(1,500
|
)
|
|
|
(4,275
|
)
|
|
|
(3,076
|
)
|
|
|
(3,055
|
)
|
|
|
(3,080
|
)
|
|
|
(2,533
|
)
|
|
|
(2,728
|
)
|
|
|
(2,666
|
)
|
Non-interest income
|
|
|
16,071
|
|
|
|
12,964
|
|
|
|
13,810
|
|
|
|
15,710
|
|
|
|
14,491
|
|
|
|
18,848
|
|
|
|
16,357
|
|
|
|
18,987
|
|
Non-interest expense
|
|
|
(31,800
|
)
|
|
|
(29,339
|
)
|
|
|
(28,607
|
)
|
|
|
(27,282
|
)
|
|
|
(28,682
|
)
|
|
|
(29,891
|
)
|
|
|
(29,231
|
)
|
|
|
(29,901
|
)
|
Pretax income (FTE)
|
|
|
29,363
|
|
|
|
27,399
|
|
|
|
28,248
|
|
|
|
29,822
|
|
|
|
29,260
|
|
|
|
32,204
|
|
|
|
30,557
|
|
|
|
31,961
|
|
FTE adjustment
|
|
|
(2,256
|
)
|
|
|
(2,210
|
)
|
|
|
(2,288
|
)
|
|
|
(2,151
|
)
|
|
|
(2,087
|
)
|
|
|
(2,009
|
)
|
|
|
(2,020
|
)
|
|
|
(2,076
|
)
|
Provision for income taxes
|
|
|
(8,220
|
)
|
|
|
(7,604
|
)
|
|
|
(7,950
|
)
|
|
|
(8,584
|
)
|
|
|
(7,883
|
)
|
|
|
(9,519
|
)
|
|
|
(8,526
|
)
|
|
|
(9,506
|
)
|
Noncontrolling interest
|
|
|
17
|
|
|
|
(15
|
)
|
|
|
(1
|
)
|
|
|
5
|
|
|
|
(15
|
)
|
|
|
(9
|
)
|
|
|
(11
|
)
|
|
|
8
|
|
Net income available to common stockholders
|
|
$
|
18,904
|
|
|
$
|
17,570
|
|
|
$
|
18,009
|
|
|
$
|
19,092
|
|
|
$
|
19,275
|
|
|
$
|
20,667
|
|
|
$
|
20,000
|
|
|
$
|
20,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share – diluted
|
|
$
|
0.55
|
|
|
$
|
0.51
|
|
|
$
|
0.52
|
|
|
$
|
0.55
|
|
|
$
|
0.55
|
|
|
$
|
0.59
|
|
|
$
|
0.56
|
|
|
$
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
$
|
4,734
|
|
|
$
|
4,936
|
|
|
$
|
4,693
|
|
|
$
|
4,908
|
|
|
$
|
5,000
|
|
|
$
|
4,799
|
|
|
$
|
4,722
|
|
|
$
|
5,074
|
|
Mortgage lending income
|
|
|
815
|
|
|
|
1,147
|
|
|
|
1,101
|
|
|
|
1,328
|
|
|
|
1,672
|
|
|
|
1,483
|
|
|
|
1,741
|
|
|
|
1,643
|
|
Trust income
|
|
|
810
|
|
|
|
811
|
|
|
|
774
|
|
|
|
888
|
|
|
|
865
|
|
|
|
928
|
|
|
|
883
|
|
|
|
865
|
|
Bank owned life insurance income
|
|
|
585
|
|
|
|
580
|
|
|
|
576
|
|
|
|
567
|
|
|
|
598
|
|
|
|
1,027
|
|
|
|
1,083
|
|
|
|
1,104
|
|
Accretion of FDIC loss share receivable, net of amortization of FDIC
clawback payable
|
|
|
2,861
|
|
|
|
2,359
|
|
|
|
2,305
|
|
|
|
2,035
|
|
|
|
1,699
|
|
|
|
1,336
|
|
|
|
2,392
|
|
|
|
2,481
|
|
Other income from loss share and purchased non-covered loans, net
|
|
|
2,976
|
|
|
|
1,501
|
|
|
|
1,983
|
|
|
|
3,197
|
|
|
|
2,270
|
|
|
|
3,194
|
|
|
|
2,155
|
|
|
|
3,689
|
|
Gains (losses) on investment securities
|
|
|
638
|
|
|
|
(56
|
)
|
|
|
1
|
|
|
|
402
|
|
|
|
-
|
|
|
|
55
|
|
|
|
156
|
|
|
|
-
|
|
Gains on sales of other assets
|
|
|
1,727
|
|
|
|
899
|
|
|
|
1,555
|
|
|
|
1,397
|
|
|
|
1,425
|
|
|
|
2,431
|
|
|
|
1,974
|
|
|
|
3,110
|
|
Gains on merger and acquisition transactions
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,403
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
925
|
|
|
|
787
|
|
|
|
822
|
|
|
|
988
|
|
|
|
962
|
|
|
|
1,192
|
|
|
|
1,251
|
|
|
|
1,021
|
|
Total non-interest income
|
|
$
|
16,071
|
|
|
$
|
12,964
|
|
|
$
|
13,810
|
|
|
$
|
15,710
|
|
|
$
|
14,491
|
|
|
$
|
18,848
|
|
|
$
|
16,357
|
|
|
$
|
18,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
$
|
14,597
|
|
|
$
|
15,202
|
|
|
$
|
14,052
|
|
|
$
|
14,574
|
|
|
$
|
15,040
|
|
|
$
|
15,362
|
|
|
$
|
15,694
|
|
|
$
|
15,294
|
|
Net occupancy expense
|
|
|
4,301
|
|
|
|
3,522
|
|
|
|
3,878
|
|
|
|
3,650
|
|
|
|
4,105
|
|
|
|
4,160
|
|
|
|
4,514
|
|
|
|
4,370
|
|
Other operating expenses
|
|
|
12,398
|
|
|
|
10,106
|
|
|
|
10,168
|
|
|
|
8,549
|
|
|
|
9,028
|
|
|
|
9,860
|
|
|
|
8,455
|
|
|
|
9,669
|
|
Amortization of intangibles
|
|
|
504
|
|
|
|
509
|
|
|
|
509
|
|
|
|
509
|
|
|
|
509
|
|
|
|
509
|
|
|
|
568
|
|
|
|
568
|
|
Total non-interest expense
|
|
$
|
31,800
|
|
|
$
|
29,339
|
|
|
$
|
28,607
|
|
|
$
|
27,282
|
|
|
$
|
28,682
|
|
|
$
|
29,891
|
|
|
$
|
29,231
|
|
|
$
|
29,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
39,124
|
|
|
$
|
39,136
|
|
|
$
|
39,169
|
|
|
$
|
38,632
|
|
|
$
|
38,862
|
|
|
$
|
38,672
|
|
|
$
|
38,738
|
|
|
$
|
38,422
|
|
Net charge-offs
|
|
|
(1,488
|
)
|
|
|
(4,242
|
)
|
|
|
(3,613
|
)
|
|
|
(2,825
|
)
|
|
|
(3,270
|
)
|
|
|
(2,467
|
)
|
|
|
(3,044
|
)
|
|
|
(1,715
|
)
|
Provision for loan and lease losses
|
|
|
1,500
|
|
|
|
4,275
|
|
|
|
3,076
|
|
|
|
3,055
|
|
|
|
3,080
|
|
|
|
2,533
|
|
|
|
2,728
|
|
|
|
2,666
|
|
Balance at end of period
|
|
$
|
39,136
|
|
|
$
|
39,169
|
|
|
$
|
38,632
|
|
|
$
|
38,862
|
|
|
$
|
38,672
|
|
|
$
|
38,738
|
|
|
$
|
38,422
|
|
|
$
|
39,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - FTE*
|
|
|
5.90
|
%
|
|
|
6.05
|
%
|
|
|
5.98
|
%
|
|
|
5.84
|
%
|
|
|
5.97
|
%
|
|
|
5.84
|
%
|
|
|
5.83
|
%
|
|
|
5.56
|
%
|
Efficiency ratio
|
|
|
50.75
|
|
|
|
48.09
|
|
|
|
47.73
|
|
|
|
45.35
|
|
|
|
47.00
|
|
|
|
46.25
|
|
|
|
46.76
|
|
|
|
46.34
|
|
Net charge-offs to average loans and leases*(1)
|
|
|
0.33
|
|
|
|
0.84
|
|
|
|
0.44
|
|
|
|
0.18
|
|
|
|
0.32
|
|
|
|
0.28
|
|
|
|
0.19
|
|
|
|
0.12
|
|
Nonperforming loans and leases to total loans and leases(2)
|
|
|
1.20
|
|
|
|
0.70
|
|
|
|
0.60
|
|
|
|
0.49
|
|
|
|
0.43
|
|
|
|
0.43
|
|
|
|
0.40
|
|
|
|
0.65
|
|
Nonperforming assets to total assets(2)
|
|
|
1.44
|
|
|
|
1.17
|
|
|
|
0.76
|
|
|
|
0.63
|
|
|
|
0.59
|
|
|
|
0.57
|
|
|
|
0.50
|
|
|
|
0.66
|
|
Allowance for loan and lease losses to total loans and leases(2)
|
|
|
2.11
|
|
|
|
2.08
|
|
|
|
2.04
|
|
|
|
1.96
|
|
|
|
1.90
|
|
|
|
1.83
|
|
|
|
1.78
|
|
|
|
1.61
|
|
Loans and leases past due 30 days or more, including past due
non-accrual loans and leases, to total loans and leases(2)
|
|
|
1.86
|
|
|
|
1.53
|
|
|
|
0.83
|
|
|
|
0.74
|
|
|
|
0.61
|
|
|
|
0.73
|
|
|
|
0.56
|
|
|
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Ratios for interim periods annualized based on actual days.
|
(1) Excludes covered loans and net charge-offs related to covered
loans.
|
(2) Excludes purchased non-covered loans, covered loans and
covered foreclosed assets, except for their inclusion in total
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of the Ozarks, Inc.
Average Consolidated Balance Sheets and Net Interest Analysis –
FTE
Unaudited
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
(Dollars in thousands)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning deposits and federal funds sold
|
|
$
|
1,312
|
|
|
$
|
2
|
|
|
0.84
|
%
|
|
|
$
|
1,361
|
|
|
$
|
1
|
|
|
0.44
|
%
|
|
|
$
|
1,090
|
|
|
$
|
10
|
|
|
1.81
|
%
|
|
|
$
|
1,094
|
|
|
$
|
3
|
|
|
0.58
|
%
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
141,836
|
|
|
|
1,183
|
|
|
3.34
|
|
|
|
|
82,434
|
|
|
|
705
|
|
|
3.44
|
|
|
|
|
147,097
|
|
|
|
2,468
|
|
|
3.38
|
|
|
|
|
84,170
|
|
|
|
1,420
|
|
|
3.39
|
|
Tax-exempt – FTE
|
|
|
349,878
|
|
|
|
5,921
|
|
|
6.79
|
|
|
|
|
337,208
|
|
|
|
6,127
|
|
|
7.31
|
|
|
|
|
343,284
|
|
|
|
11,681
|
|
|
6.86
|
|
|
|
|
343,573
|
|
|
|
12,644
|
|
|
7.40
|
|
Loans and leases – FTE
|
|
|
2,242,441
|
|
|
|
30,723
|
|
|
5.50
|
|
|
|
|
1,904,761
|
|
|
|
27,354
|
|
|
5.78
|
|
|
|
|
2,183,975
|
|
|
|
60,606
|
|
|
5.60
|
|
|
|
|
1,893,553
|
|
|
|
55,570
|
|
|
5.90
|
|
Purchased non-covered loans
|
|
|
34,864
|
|
|
|
724
|
|
|
8.33
|
|
|
|
|
3,137
|
|
|
|
68
|
|
|
8.72
|
|
|
|
|
37,373
|
|
|
|
1,713
|
|
|
9.24
|
|
|
|
|
3,617
|
|
|
|
155
|
|
|
8.62
|
|
Covered loans
|
|
|
515,547
|
|
|
|
11,480
|
|
|
8.93
|
|
|
|
|
732,038
|
|
|
|
15,668
|
|
|
8.61
|
|
|
|
|
542,675
|
|
|
|
24,344
|
|
|
9.05
|
|
|
|
|
756,503
|
|
|
|
32,362
|
|
|
8.58
|
|
Total earning assets – FTE
|
|
|
3,285,878
|
|
|
|
50,033
|
|
|
6.11
|
|
|
|
|
3,060,939
|
|
|
|
49,923
|
|
|
6.56
|
|
|
|
|
3,255,494
|
|
|
|
100,822
|
|
|
6.25
|
|
|
|
|
3,082,510
|
|
|
|
102,154
|
|
|
6.66
|
|
Non-interest earning assets
|
|
|
642,650
|
|
|
|
|
|
|
|
|
|
704,404
|
|
|
|
|
|
|
|
|
|
676,198
|
|
|
|
|
|
|
|
|
|
700,967
|
|
|
|
|
|
|
Total assets
|
|
$
|
3,928,528
|
|
|
|
|
|
|
|
|
$
|
3,765,343
|
|
|
|
|
|
|
|
|
$
|
3,931,692
|
|
|
|
|
|
|
|
|
$
|
3,783,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest bearing transaction
|
|
$
|
1,654,637
|
|
|
$
|
806
|
|
|
0.20
|
%
|
|
|
$
|
1,574,598
|
|
|
$
|
1,138
|
|
|
0.29
|
%
|
|
|
$
|
1,660,156
|
|
|
$
|
1,670
|
|
|
0.20
|
%
|
|
|
$
|
1,562,376
|
|
|
$
|
2,515
|
|
|
0.32
|
%
|
Time deposits of $100,000 or more
|
|
|
331,094
|
|
|
|
243
|
|
|
0.29
|
|
|
|
|
348,278
|
|
|
|
494
|
|
|
0.57
|
|
|
|
|
332,939
|
|
|
|
532
|
|
|
0.32
|
|
|
|
|
372,520
|
|
|
|
1,163
|
|
|
0.63
|
|
Other time deposits
|
|
|
404,408
|
|
|
|
325
|
|
|
0.32
|
|
|
|
|
455,629
|
|
|
|
679
|
|
|
0.60
|
|
|
|
|
415,499
|
|
|
|
718
|
|
|
0.35
|
|
|
|
|
475,043
|
|
|
|
1,548
|
|
|
0.66
|
|
Total interest bearing deposits
|
|
|
2,390,139
|
|
|
|
1,374
|
|
|
0.23
|
|
|
|
|
2,378,505
|
|
|
|
2,311
|
|
|
0.39
|
|
|
|
|
2,408,594
|
|
|
|
2,920
|
|
|
0.24
|
|
|
|
|
2,409,939
|
|
|
|
5,226
|
|
|
0.44
|
|
Repurchase agreements with customers
|
|
|
29,815
|
|
|
|
6
|
|
|
0.08
|
|
|
|
|
35,952
|
|
|
|
12
|
|
|
0.14
|
|
|
|
|
31,872
|
|
|
|
13
|
|
|
0.09
|
|
|
|
|
37,313
|
|
|
|
33
|
|
|
0.18
|
|
Other borrowings
|
|
|
286,719
|
|
|
|
2,684
|
|
|
3.75
|
|
|
|
|
285,210
|
|
|
|
2,691
|
|
|
3.79
|
|
|
|
|
283,755
|
|
|
|
5,332
|
|
|
3.79
|
|
|
|
|
292,142
|
|
|
|
5,391
|
|
|
3.71
|
|
Subordinated debentures
|
|
|
64,950
|
|
|
|
428
|
|
|
2.65
|
|
|
|
|
64,950
|
|
|
|
460
|
|
|
2.85
|
|
|
|
|
64,950
|
|
|
|
857
|
|
|
2.66
|
|
|
|
|
64,950
|
|
|
|
934
|
|
|
2.89
|
|
Total interest bearing liabilities
|
|
|
2,771,623
|
|
|
|
4,492
|
|
|
0.65
|
|
|
|
|
2,764,617
|
|
|
|
5,474
|
|
|
0.80
|
|
|
|
|
2,789,171
|
|
|
|
9,122
|
|
|
0.66
|
|
|
|
|
2,804,344
|
|
|
|
11,584
|
|
|
0.83
|
|
Non-interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
|
|
577,930
|
|
|
|
|
|
|
|
|
|
490,760
|
|
|
|
|
|
|
|
|
|
567,153
|
|
|
|
|
|
|
|
|
|
471,526
|
|
|
|
|
|
|
Other non-interest bearing liabilities
|
|
|
47,814
|
|
|
|
|
|
|
|
|
|
56,591
|
|
|
|
|
|
|
|
|
|
50,840
|
|
|
|
|
|
|
|
|
|
62,938
|
|
|
|
|
|
|
Total liabilities
|
|
|
3,397,367
|
|
|
|
|
|
|
|
|
|
3,311,968
|
|
|
|
|
|
|
|
|
|
3,407,164
|
|
|
|
|
|
|
|
|
|
3,338,808
|
|
|
|
|
|
|
Common stockholders’ equity
|
|
|
527,713
|
|
|
|
|
|
|
|
|
|
449,955
|
|
|
|
|
|
|
|
|
|
521,082
|
|
|
|
|
|
|
|
|
|
441,246
|
|
|
|
|
|
|
Noncontrolling interest
|
|
|
3,448
|
|
|
|
|
|
|
|
|
|
3,420
|
|
|
|
|
|
|
|
|
|
3,446
|
|
|
|
|
|
|
|
|
|
3,423
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
3,928,528
|
|
|
|
|
|
|
|
|
$
|
3,765,343
|
|
|
|
|
|
|
|
|
$
|
3,931,692
|
|
|
|
|
|
|
|
|
$
|
3,783,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income – FTE
|
|
|
|
|
$
|
45,541
|
|
|
|
|
|
|
|
|
$
|
44,449
|
|
|
|
|
|
|
|
|
$
|
91,700
|
|
|
|
|
|
|
|
|
$
|
90,570
|
|
|
|
Net interest margin – FTE
|
|
|
|
|
|
|
|
5.56
|
%
|
|
|
|
|
|
|
|
|
5.84
|
%
|
|
|
|
|
|
|
|
|
5.68
|
%
|
|
|
|
|
|
|
|
|
5.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2013