Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income
for the fourth quarter of 2014 was $34.8 million, a 42.4% increase from
$24.4 million for the fourth quarter of 2013. Diluted earnings per
common share for the fourth quarter of 2014 were $0.43, a 30.3% increase
from $0.33 for the fourth quarter of 2013.
For the full year of 2014, net income was a record $118.6 million, a
30.0% increase from $91.2 million for the full year of 2013. Diluted
earnings per common share for 2014 were $1.52, a 20.6% increase from
$1.26 for 2013.
During the last six quarters, the Company has completed three
acquisitions including its July 2013 acquisition of The First National
Bank of Shelby (“FNB Shelby”), its March 2014 acquisition of Bancshares,
Inc. (“Bancshares”) and its May 2014 acquisition of Summit Bancorp, Inc.
(“Summit”). On July 31, 2014, the Company entered into a definitive
agreement and plan of merger with Intervest Bancshares Corporation
(“Intervest”). This transaction, which is subject to approval of the
Intervest stockholders and other closing conditions, is expected to
close on or about February 10, 2015.
On June 23, 2014, the Company completed a 2-for-1 stock split, in the
form of a stock dividend, by issuing one share of common stock for each
share of such stock outstanding on June 13, 2014. All share and per
share information in this release has been adjusted to give effect to
this stock split.
The Company’s annualized returns on average assets, average common
stockholders’ equity and average tangible common stockholders’ equity
for the fourth quarter of 2014 were 2.06%, 15.50% and 17.60%,
respectively, compared to 2.02%, 15.62% and 16.13%, respectively, for
the fourth quarter of 2013. Returns on average assets, average common
stockholders’ equity and average tangible common stockholders’ equity
for the full year of 2014 were 2.01%, 15.08% and 16.64%, respectively,
compared to 2.14%, 16.28% and 16.73%, respectively, for the full year of
2013. The calculation of the Company’s return on average tangible common
stockholders’ equity and the reconciliation to generally accepted
accounting principles (“GAAP”) is included in the schedules accompanying
this release.
Non-purchased loans and leases were $3.98 billion at December 31, 2014,
a 51.2% increase from $2.63 billion at December 31, 2013. Non-purchased
loans and leases increased $341 million, or 9.4%, during the fourth
quarter of 2014. Including purchased loans, total loans and leases were
$5.13 billion at December 31, 2014, a 52.7% increase from $3.36 billion
at December 31, 2013. Total loans and leases increased $209 million, or
4.2%, during the fourth quarter of 2014.
The unfunded balance of closed loans increased $380 million during the
fourth quarter of 2014 and $1.76 billion during the full year of 2014.
Such unfunded balance totaled $2.96 billion at December 31, 2014,
compared to $1.21 billion at December 31, 2013.
George Gleason, Chairman and Chief Executive Officer, stated, “2014 was
an excellent year for our Company. We achieved record loan and lease
growth, record growth of our unfunded balances of closed loans, record
deposit growth, a robust net interest margin, an excellent net
charge-off ratio, a favorable efficiency ratio, and excellent returns on
average assets and stockholders’ equity. In fact, it was our fifth
consecutive year of achieving a return on average assets in excess of
2.00%. We completed our Bancshares and Summit acquisitions in March and
May, and we announced our pending Intervest acquisition in July. We
selected Fiserv Premier as our new core operating system and completed
the conversions of our legacy, Bancshares and Summit systems. In the
fourth quarter, we entered into agreements with the Federal Deposit
Insurance Corporation terminating the loss share agreements on all seven
of our FDIC-assisted acquisitions. Our outstanding team of bankers was,
once again, hitting on all cylinders.”
Deposits were $5.50 billion at December 31, 2014, a 47.9% increase
compared to $3.72 billion at December 31, 2013.
Total assets were $6.77 billion at December 31, 2014, a 41.2% increase
compared to $4.79 billion at December 31, 2013.
Common stockholders’ equity was $908 million at December 31, 2014, a
44.4% increase from $629 million at December 31, 2013. Tangible common
stockholders’ equity was $803 million at December 31, 2014, a 31.6%
increase from $610 million at December 31, 2013. Book value per common
share was $11.37 at December 31, 2014, a 33.3% increase from $8.53 at
December 31, 2013. Tangible book value per common share was $10.04 at
December 31, 2014, a 21.4% increase from $8.27 at December 31, 2013. The
calculations of the Company’s tangible common stockholders’ equity and
tangible book value per common share and the reconciliations to GAAP are
included in the schedules accompanying this release.
Changes in common stockholders’ equity, tangible common stockholders’
equity, book value per common share and tangible book value per common
share reflect earnings, dividends paid, stock option and stock grant
transactions, stock consideration issued in connection with the
Company’s Summit acquisition, changes in the Company’s mark-to-market
adjustment for unrealized gains and losses on investment securities
available for sale and, for tangible common stockholders’ equity and
tangible book value per share, changes in intangible assets.
During the second quarter of 2014, the Company revised its initial
estimates regarding the expected recovery of acquired assets with
built-in losses in the FNB Shelby acquisition, specifically the timing
and amount of expected charge-offs of purchased loans. As a result of
such revision, the Company concluded that the previously established
deferred tax asset valuation allowance of approximately $4.1 million was
not necessary. Because such revision occurred during the first 12 months
following the date of acquisition and was not the result of changes in
circumstances, the Company recast its third quarter 2013 financial
statements, along with all subsequent financial statements, to increase
the bargain purchase gain on the FNB Shelby acquisition by $4.1 million,
or approximately $0.05 of diluted earnings per common share, to reflect
this change in estimate.
The Company’s ratio of common stockholders’ equity to total assets was
13.42% at December 31, 2014, compared to 13.13% at December 31, 2013.
Its ratio of tangible common stockholders’ equity to total tangible
assets was 12.05% at December 31, 2014, compared to 12.78% at December
31, 2013. The calculation of the Company’s ratio of tangible common
stockholders’ equity to total tangible assets and the reconciliation to
GAAP is included in the schedules accompanying this release.
NET INTEREST INCOME
Net interest income for the fourth quarter of 2014 was a record $78.7
million, a 42.3% increase from $55.3 million for the fourth quarter of
2013. Net interest margin, on a fully taxable equivalent (“FTE”) basis,
was 5.53% in the fourth quarter of 2014, a 10 basis point decrease from
5.63% in the fourth quarter of 2013. Average earning assets were $5.84
billion for the fourth quarter of 2014, a 43.9% increase from $4.06
billion for the fourth quarter of 2013.
Net interest income for the full year of 2014 was a record $270.5
million, a 39.8% increase from $193.5 million for the full year of 2013.
Net interest margin, on an FTE basis, for 2014 was 5.52%, an 11 basis
point decrease from 5.63% for 2013. Average earning assets were $5.09
billion for 2014, a 41.8% increase from $3.59 billion for 2013.
NON-INTEREST INCOME
Non-interest income for the fourth quarter of 2014 increased 50.0% to
$27.9 million compared to $18.6 million for the fourth quarter of 2013.
Non-interest income for the fourth quarter of 2014 included a pretax
gain of $8.0 million from termination of the Company’s Federal Deposit
Insurance Corporation (“FDIC”) loss share agreements.
Non-interest income for the full year of 2014 increased 11.6% to $84.9
million compared to $76.0 million for 2013. Non-interest income for 2014
included a pretax gain of $8.0 million from termination of the Company’s
FDIC loss share agreements and a tax-exempt bargain purchase gain of
$4.7 million on the Bancshares acquisition. Non-interest income for 2013
included a tax-exempt bargain purchase gain of $5.2 million on the FNB
Shelby acquisition.
Service charges on deposit accounts increased 16.2% to $7.01 million in
the fourth quarter of 2014 compared to $6.03 million in the fourth
quarter of 2013, but decreased 4.7% compared to $7.36 million in the
third quarter of 2014. Service charges on deposit accounts increased
22.9% to a record $26.6 million for the full year of 2014 compared to
$21.6 million for the full year of 2013.
Mortgage lending income increased 42.6% to $1.38 million in the fourth
quarter of 2014 compared to $0.97 million in the fourth quarter of 2013,
but decreased 20.2% compared to $1.73 million in the third quarter of
2014. Mortgage lending income decreased 7.8% to $5.19 million for the
full year of 2014 compared to $5.63 million for the full year of 2013.
Trust income for the fourth quarter of 2014 increased 15.8% to a record
$1.49 million compared to $1.29 million for the fourth quarter of 2013.
Trust income increased 36.5% to a record $5.59 million for the full year
of 2014 compared to $4.10 million for the full year of 2013.
Accretion/amortization of the Company’s FDIC loss share receivable,
including amortization of the Company’s FDIC clawback payable, was zero
in the fourth quarter of 2014 compared to net accretion income of $0.90
million in the fourth quarter of 2013 and net amortization expense of
$0.56 million in the third quarter of 2014. For the full year of 2014,
accretion/amortization of the Company’s FDIC loss share receivable,
including amortization of the Company’s FDIC clawback payable, resulted
in net amortization expense of $0.61 million compared to net accretion
income of $7.17 million for 2013.
Other income from purchased loans decreased 6.9% to $4.49 million in the
fourth quarter of 2014 compared to $4.83 million in the fourth quarter
of 2013, but increased 33.4% compared to $3.37 million in the third
quarter of 2014. For the full year of 2014, other income from purchased
loans was $14.8 million, an increase of 12.5% compared to $13.2 million
for the full year of 2013.
Net gains on sales of other assets increased 6.2% to $1.91 million in
the fourth quarter of 2014 compared to $1.80 million in the fourth
quarter of 2013. Net gains on sales of other assets decreased 35.8% to
$6.02 million for the full year of 2014 compared to $9.39 million for
the full year of 2013.
NON-INTEREST EXPENSE
Non-interest expense for the fourth quarter of 2014 increased 38.7% to
$48.2 million compared to $34.7 million for the fourth quarter of 2013.
During the fourth quarter of 2014, the Company incurred unusual items of
non-interest expense including prepayment penalties of $8.1 million
resulting from prepaying $90 million of the Company’s highest cost
Federal Home Loan Bank of Dallas (“FHLB”) advances and
acquisition-related and systems conversion expenses of approximately
$1.1 million. There were no unusual items of non-interest expense during
the fourth quarter of 2013. The Company’s efficiency ratio (non-interest
expense divided by the sum of net interest income FTE and non-interest
income) for the fourth quarter of 2014 was 44.1% compared to 45.5% for
the fourth quarter of 2013.
Non-interest expense for the full year of 2014 was $166.0 million, a
31.7% increase from $126.1 million for 2013. During 2014, the Company
incurred several unusual items of non-interest expense including
prepayment penalties of $8.1 million resulting from prepaying $90
million of the Company’s highest cost FHLB advances, software and other
contract termination charges of $5.6 million, acquisition-related and
systems conversion expenses of approximately $4.7 million and
approximately $0.6 million of fraud losses attributable to The Home
Depot system breach. During 2013, the Company incurred approximately
$1.4 million of acquisition-related expenses. The Company’s efficiency
ratio was 45.3% for both 2014 and 2013.
ASSET QUALITY, CHARGE-OFFS AND ALLOWANCE
Purchased loans include loans acquired in FDIC-assisted and other
acquisitions. Purchased 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 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 adjustments to carrying value. The
carrying value of purchased loans was $1.15 billion at December 31,
2014, compared to $725 million at December 31, 2013.
Excluding purchased loans, nonperforming loans and leases as a percent
of total loans and leases increased to 0.53% at December 31, 2014,
compared to 0.33% at December 31, 2013 and 0.49% at September 30, 2014.
Excluding purchased loans, nonperforming assets as a percent of total
assets decreased to 0.87% at December 31, 2014, compared to 1.22% at
December 31, 2013 and 0.92% at September 30, 2014. During the fourth
quarter of 2014, the Company entered into agreements with the FDIC
terminating loss share on all seven of its FDIC-assisted acquisitions.
As a result, all foreclosed assets previously covered by FDIC loss share
have been combined into foreclosed assets. For consistency of
presentation, all prior period ratios of nonperforming assets to total
assets have been recalculated to include foreclosed assets previously
covered by FDIC loss share as nonperforming assets.
Excluding purchased 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 increased to 0.79% at December 31, 2014 compared
to 0.45% at December 31, 2013 and 0.63% at September 30, 2014.
The Company’s net charge-offs increased to $3.0 million for the fourth
quarter of 2014, including $1.6 million for non-purchased loans and
leases and $1.4 million for purchased loans. The Company’s net
charge-offs were $1.6 million for the fourth quarter of 2013, including
$0.9 million for non-purchased loans and leases and $0.7 million for
purchased loans.
The Company’s annualized net charge-off ratio for its non-purchased
loans and leases increased to 0.17% for the fourth quarter of 2014
compared to 0.14% for the fourth quarter of 2013 and 0.06% for the third
quarter of 2014. The Company’s annualized net charge-off ratio for its
purchased loans increased to 0.47% for the fourth quarter of 2014
compared to 0.34% for the fourth quarter of 2013 and 0.15% for the third
quarter of 2014. The Company’s annualized net charge-off ratio for all
loans and leases increased to 0.24% for the fourth quarter of 2014
compared to 0.18% for the fourth quarter of 2013 and 0.09% for the third
quarter of 2014.
The Company’s net charge-offs for the full year of 2014 were $6.9
million, including $3.7 million for non-purchased loans and leases and
$3.2 million for purchased loans. The Company’s net charge-offs for 2013
were $7.9 million, including $3.2 million for non-purchased loans and
leases and $4.7 million for purchased loans.
The Company’s net charge-off ratio for its non-purchased loans and
leases decreased to 0.12% for 2014 compared to 0.14% for 2013. The
Company’s net charge-off ratio for its purchased loans decreased to
0.29% for 2014 compared to 0.70% for 2013. The Company’s net charge-off
ratio for all loans and leases decreased to 0.16% for 2014 compared to
0.26% for 2013.
For the fourth quarter of 2014, the Company’s provision for loan and
lease losses increased to $6.3 million, including $4.9 million for
non-purchased loans and leases and $1.4 million for purchased loans. For
the fourth quarter of 2013, the Company’s provision for loan and lease
losses was $2.9 million, including $2.2 million for non-purchased loans
and leases and $0.7 million for purchased loans.
For the full year of 2014, the Company’s provision for loan and lease
losses increased to $16.9 million, including $13.7 million for
non-purchased loans and leases and $3.2 million for purchased loans. For
the full year of 2013, the Company’s provision for loan and lease losses
was $12.1 million, including $7.4 million for non-purchased loans and
leases and $4.7 million for purchased loans.
The Company’s allowance for loan and lease losses was $52.9 million, or
1.33% of total non-purchased loans and leases, at December 31, 2014,
compared to $42.9 million, or 1.63% of total non-purchased loans and
leases, at December 31, 2013, and $49.6 million, or 1.36% of total
non-purchased loans and leases, at September 30, 2014.
CONFERENCE CALL AND TRANSCRIPT
Management will conduct a conference call to review announcements made
in this release at 10:00 a.m. CST (11:00 a.m. EST) on Friday, January
16, 2015. 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 1-888-771-4371 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
1-888-843-7419 in the United States and Canada or 630-652-3042
internationally. The passcode for this telephone playback is 38753951#.
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.
The Company will also provide a transcript of the conference call on the
Company’s website under Investor Relations. The transcript will be
available for 90 days.
NON-GAAP FINANCIAL MEASURES
This release contains certain non-GAAP financial measures. The Company’s
management uses these non-GAAP financial measures, specifically tangible
common stockholders’ equity, tangible book value per common share, the
ratio of tangible common stockholders’ equity to total tangible assets
and return on average tangible common stockholders’ equity, as important
measures of the strength of its capital and its ability to generate
earnings on its tangible capital invested by its shareholders. These
measures typically adjust GAAP financial measures to exclude intangible
assets. Management believes presentation of these non-GAAP financial
measures provides useful supplemental information that contributes to a
proper understanding of the financial results and capital levels of the
Company. These non-GAAP disclosures should not be viewed as a substitute
for financial results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures are included in the table at the end of this release under the
caption “Reconciliation of Non-GAAP Financial Measures.”
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 that are
intended to be covered by the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are based on management’s
expectations as well as certain assumptions and estimates made by, and
information available to, management at the time. Those statements are
subject to certain risks, uncertainties and other factors that may cause
actual results to differ materially from those projected in such forward
looking statements. These risks, uncertainties, and other factors
include, but are not limited to: potential delays or other problems
implementing the Company’s growth and expansion strategy including
delays in identifying 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 and/or close additional acquisitions; problems with, or additional
expenses relating to, integrating or managing acquisitions; the ability
to attract new or retain existing or acquired deposits; the ability to
achieve growth in loans and leases, 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,
and the effect of such conditions on the creditworthiness of borrowers
and lessees, collateral values, the value of investment securities and
asset recovery values; changes in legal and regulatory requirements;
recently enacted and potential legislation and regulatory actions and
the costs and expenses to comply with new 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; the ability to keep pace with technological changes,
including changes regarding cyber security; losses in connection with
cyber security breaches or other security breaches; adoption of new
accounting standards or changes in existing standards; and adverse
results in current or future litigation or regulatory examinations as
well as other factors identified in this press release or as detailed
from time to time in the Company’s reports filed with the Securities and
Exchange Commission (“SEC”), including those factors included in the
disclosures under the headings “Forward-Looking Information” and “Item
1A. Risk Factors” in the Company’s most recent Annual Report on Form
10-K for the year ended December 31, 2013 filed with the SEC. Should one
or more of the foregoing risks materialize, or should underlying
assumptions prove incorrect, actual results or outcomes may vary
materially from those projected or described in such forward-looking
statements. The Company disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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 159 offices,
including 81 in Arkansas, 28 in Georgia, 21 in Texas, 17 in North
Carolina, five in Florida, three in Alabama, two in South Carolina, and
one office each in New York and California. 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.
IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER
This communication is being made in respect of the proposed merger
transaction involving the Company and Intervest. This communication 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. The Company
filed with the SEC a registration statement on Form S-4 (Registration
Statement No. 333-199012) that includes a prospectus of the Company and
a proxy statement of Intervest. The SEC declared the registration
statement effective on December 5, 2014. A definitive proxy
statement/prospectus dated December 8, 2014 (the “Merger Proxy
Statement”) was mailed on or about December 10, 2014 to Intervest’s
stockholders. The Merger Proxy Statement contains important information
about the Company, Intervest, the proposed merger and related matters.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO
READ THE MERGER PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS
CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION. The Merger Proxy Statement, as well
other filings containing information about the Company and Intervest are
available without charge at the SEC’s Internet site (http://www.sec.gov).
Copies of the Merger Proxy Statement and the filings that are
incorporated by reference in the Merger Proxy Statement can also be
obtained, without charge, from the Company’s website (http://www.bankozarks.com)
under the Investor Relations tab and on Intervest’s website (http://www.intervestbancsharescorporation.com)
under the proxy statements tab.
The Company and Intervest and their respective directors, executive
officers and certain other members of management and employees may be
deemed “participants” in the solicitation of proxies from stockholders
of Intervest in connection with the merger transaction. Information
regarding the persons who may, under the rules of the SEC, be considered
participants in the solicitation of Intervest’s stockholders in
connection with the proposed merger are set forth in the Merger Proxy
Statement. You can find information about the directors and executive
officers of the Company in its Annual Report on Form 10-K for the year
ended December 31, 2013 and in its definitive proxy statement as filed
with the SEC on February 28, 2014 and March 11, 2014, respectively. You
can find information about the executive officers and directors of
Intervest in its Annual Report on Form 10-K for the year ended December
31, 2013 and in its definitive proxy statement as filed with the SEC on
March 3, 2014 and April 1, 2014, respectively.
|
|
|
Bank of the Ozarks, Inc. Selected Consolidated
Financial Data (Dollars in Thousands, Except Per Share
Amounts) Unaudited
|
|
|
|
|
|
Quarters Ended December 31,
|
|
|
|
Years Ended December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% Change
|
|
|
|
2014
|
|
|
2013
|
|
|
% Change
|
Income statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$
|
78,675
|
|
|
|
$
|
55,282
|
|
|
|
42.3
|
%
|
|
|
|
$
|
270,494
|
|
|
|
$
|
193,519
|
|
|
|
39.8
|
%
|
Provision for loan and lease losses
|
|
|
|
|
6,341
|
|
|
|
|
2,863
|
|
|
|
121.5
|
|
|
|
|
|
16,915
|
|
|
|
|
12,075
|
|
|
|
40.1
|
|
Non-interest income
|
|
|
|
|
27,887
|
|
|
|
|
18,592
|
|
|
|
50.0
|
|
|
|
|
|
84,883
|
|
|
|
|
76,039
|
|
|
|
11.6
|
|
Non-interest expense
|
|
|
|
|
48,158
|
|
|
|
|
34,728
|
|
|
|
38.7
|
|
|
|
|
|
166,015
|
|
|
|
|
126,069
|
|
|
|
31.7
|
|
Net income available to common stockholders
|
|
|
|
|
34,752
|
|
|
|
|
24,398
|
|
|
|
42.4
|
|
|
|
|
|
118,606
|
|
|
|
|
91,237
|
|
|
|
30.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock data*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share – diluted
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.33
|
|
|
|
30.3
|
%
|
|
|
|
$
|
1.52
|
|
|
|
$
|
1.26
|
|
|
|
20.6
|
%
|
Net income per share – basic
|
|
|
|
|
0.44
|
|
|
|
|
0.33
|
|
|
|
33.3
|
|
|
|
|
|
1.53
|
|
|
|
|
1.27
|
|
|
|
20.5
|
|
Cash dividends per share
|
|
|
|
|
0.125
|
|
|
|
|
0.105
|
|
|
|
19.0
|
|
|
|
|
|
0.47
|
|
|
|
|
0.36
|
|
|
|
30.6
|
|
Book value per share
|
|
|
|
|
11.37
|
|
|
|
|
8.53
|
|
|
|
33.3
|
|
|
|
|
|
11.37
|
|
|
|
|
8.53
|
|
|
|
33.3
|
|
Tangible book value per share
|
|
|
|
|
10.04
|
|
|
|
|
8.27
|
|
|
|
21.4
|
|
|
|
|
|
10.04
|
|
|
|
|
8.27
|
|
|
|
21.4
|
|
Diluted shares outstanding (thousands)
|
|
|
|
|
80,455
|
|
|
|
|
74,299
|
|
|
|
|
|
|
|
|
78,060
|
|
|
|
|
72,402
|
|
|
|
|
End of period shares outstanding (thousands)
|
|
|
|
|
79,924
|
|
|
|
|
73,712
|
|
|
|
|
|
|
|
|
79,924
|
|
|
|
|
73,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data at period end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
$
|
6,766,499
|
|
|
|
$
|
4,791,170
|
|
|
|
41.2
|
%
|
|
|
|
$
|
6,766,499
|
|
|
|
$
|
4,791,170
|
|
|
|
41.2
|
%
|
Non-purchased loans and leases
|
|
|
|
|
3,979,870
|
|
|
|
|
2,632,565
|
|
|
|
51.2
|
|
|
|
|
|
3,979,870
|
|
|
|
|
2,632,565
|
|
|
|
51.2
|
|
Purchased loans**
|
|
|
|
|
1,147,947
|
|
|
|
|
724,514
|
|
|
|
58.4
|
|
|
|
|
|
1,147,947
|
|
|
|
|
724,514
|
|
|
|
58.4
|
|
Allowance for loan and lease losses
|
|
|
|
|
52,918
|
|
|
|
|
42,945
|
|
|
|
23.2
|
|
|
|
|
|
52,918
|
|
|
|
|
42,945
|
|
|
|
23.2
|
|
Foreclosed assets**
|
|
|
|
|
37,775
|
|
|
|
|
49,811
|
|
|
|
(24.2
|
)
|
|
|
|
|
37,775
|
|
|
|
|
49,811
|
|
|
|
(24.2
|
)
|
FDIC loss share receivable
|
|
|
|
|
-
|
|
|
|
|
71,854
|
|
|
|
(100.0
|
)
|
|
|
|
|
-
|
|
|
|
|
71,854
|
|
|
|
(100.0
|
)
|
Investment securities
|
|
|
|
|
839,321
|
|
|
|
|
669,384
|
|
|
|
25.4
|
|
|
|
|
|
839,321
|
|
|
|
|
669,384
|
|
|
|
25.4
|
|
Goodwill
|
|
|
|
|
78,669
|
|
|
|
|
5,243
|
|
|
|
1,400.5
|
|
|
|
|
|
78,669
|
|
|
|
|
5,243
|
|
|
|
1,400.5
|
|
Other intangibles – net of amortization
|
|
|
|
|
26,907
|
|
|
|
|
13,915
|
|
|
|
93.4
|
|
|
|
|
|
26,907
|
|
|
|
|
13,915
|
|
|
|
93.4
|
|
Deposits
|
|
|
|
|
5,496,382
|
|
|
|
|
3,717,027
|
|
|
|
47.9
|
|
|
|
|
|
5,496,382
|
|
|
|
|
3,717,027
|
|
|
|
47.9
|
|
Repurchase agreements with customers
|
|
|
|
|
65,578
|
|
|
|
|
53,103
|
|
|
|
23.5
|
|
|
|
|
|
65,578
|
|
|
|
|
53,103
|
|
|
|
23.5
|
|
Other borrowings
|
|
|
|
|
190,855
|
|
|
|
|
280,895
|
|
|
|
(32.1
|
)
|
|
|
|
|
190,855
|
|
|
|
|
280,895
|
|
|
|
(32.1
|
)
|
Subordinated debentures
|
|
|
|
|
64,950
|
|
|
|
|
64,950
|
|
|
|
-
|
|
|
|
|
|
64,950
|
|
|
|
|
64,950
|
|
|
|
-
|
|
Common stockholders’ equity
|
|
|
|
|
908,390
|
|
|
|
|
629,060
|
|
|
|
44.4
|
|
|
|
|
|
908,390
|
|
|
|
|
629,060
|
|
|
|
44.4
|
|
Net unrealized gains (losses) on investment securities AFS included
in common stockholders’ equity
|
|
|
|
|
14,132
|
|
|
|
|
(3,672
|
)
|
|
|
|
|
|
|
|
14,132
|
|
|
|
|
(3,672
|
)
|
|
|
|
Loan and lease, including purchased loans, to deposit ratio
|
|
|
|
|
93.29
|
%
|
|
|
|
90.32
|
%
|
|
|
|
|
|
|
|
93.29
|
%
|
|
|
|
90.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets***
|
|
|
|
|
2.06
|
%
|
|
|
|
2.02
|
%
|
|
|
|
|
|
|
|
2.01
|
%
|
|
|
|
2.14
|
%
|
|
|
|
Return on average common stockholders’ equity***
|
|
|
|
|
15.50
|
|
|
|
|
15.62
|
|
|
|
|
|
|
|
|
15.08
|
|
|
|
|
16.28
|
|
|
|
|
Return on average tangible common stockholders’ equity***
|
|
|
|
|
17.60
|
|
|
|
|
16.13
|
|
|
|
|
|
|
|
|
16.64
|
|
|
|
|
16.73
|
|
|
|
|
Average common equity to total average assets
|
|
|
|
|
13.29
|
|
|
|
|
12.94
|
|
|
|
|
|
|
|
|
13.30
|
|
|
|
|
13.12
|
|
|
|
|
Net interest margin – FTE***
|
|
|
|
|
5.53
|
|
|
|
|
5.63
|
|
|
|
|
|
|
|
|
5.52
|
|
|
|
|
5.63
|
|
|
|
|
Efficiency ratio
|
|
|
|
|
44.08
|
|
|
|
|
45.55
|
|
|
|
|
|
|
|
|
45.35
|
|
|
|
|
45.32
|
|
|
|
|
Net charge-offs to average loans and leases***(1)
|
|
|
|
|
0.17
|
|
|
|
|
0.14
|
|
|
|
|
|
|
|
|
0.12
|
|
|
|
|
0.14
|
|
|
|
|
Nonperforming loans and leases to total loans and leases(2)
|
|
|
|
|
0.53
|
|
|
|
|
0.33
|
|
|
|
|
|
|
|
|
0.53
|
|
|
|
|
0.33
|
|
|
|
|
Nonperforming assets to total assets(2)(3)
|
|
|
|
|
0.87
|
|
|
|
|
1.22
|
|
|
|
|
|
|
|
|
0.87
|
|
|
|
|
1.22
|
|
|
|
|
Allowance for loan and lease losses to total loans and leases(2)
|
|
|
|
|
1.33
|
|
|
|
|
1.63
|
|
|
|
|
|
|
|
|
1.33
|
|
|
|
|
1.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases(2)
|
|
|
|
$
|
21,085
|
|
|
|
$
|
8,737
|
|
|
|
|
|
|
|
$
|
21,085
|
|
|
|
$
|
8,737
|
|
|
|
|
Accruing loans and leases – 90 days past due(2)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
Troubled and restructured loans and leases(2)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
Impaired purchased loans
|
|
|
|
|
14,040
|
|
|
|
|
46,179
|
|
|
|
|
|
|
|
|
14,040
|
|
|
|
|
46,179
|
|
|
|
|
|
*Adjusted to give effect to 2-for-1 stock split on June 23, 2014.
|
**Prior periods have been adjusted to include loans and/or
foreclosed assets previously covered by FDIC loss share.
|
***Ratios for interim periods annualized based on actual days.
|
(1) Excludes purchased loans and net charge-offs
related to such loans.
|
(2) Excludes purchased loans, except for their
inclusion in total assets.
|
(3) Ratios for prior periods have been recalculated to
include foreclosed assets previously covered by FDIC loss share as
nonperforming assets.
|
|
|
|
Bank of the Ozarks, Inc. Supplemental Quarterly
Financial Data (Dollars in Thousands, Except Per Share
Amounts) Unaudited
|
|
|
|
|
|
3/31/13
|
|
|
6/30/13
|
|
|
9/30/13
|
|
|
12/31/13
|
|
|
3/31/14
|
|
|
6/30/14
|
|
|
9/30/14
|
|
|
12/31/14
|
Earnings Summary:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$
|
44,139
|
|
|
|
$
|
43,465
|
|
|
|
$
|
50,633
|
|
|
|
$
|
55,282
|
|
|
|
$
|
52,396
|
|
|
|
$
|
64,801
|
|
|
|
$
|
74,621
|
|
|
|
$
|
78,675
|
|
Federal tax (FTE) adjustment
|
|
|
|
|
2,020
|
|
|
|
|
2,076
|
|
|
|
|
2,161
|
|
|
|
|
2,372
|
|
|
|
|
2,424
|
|
|
|
|
2,737
|
|
|
|
|
2,892
|
|
|
|
|
2,690
|
|
Net interest income (FTE)
|
|
|
|
|
46,159
|
|
|
|
|
45,541
|
|
|
|
|
52,794
|
|
|
|
|
57,654
|
|
|
|
|
54,820
|
|
|
|
|
67,538
|
|
|
|
|
77,513
|
|
|
|
|
81,365
|
|
Provision for loan and lease losses
|
|
|
|
|
(2,728
|
)
|
|
|
|
(2,666
|
)
|
|
|
|
(3,818
|
)
|
|
|
|
(2,863
|
)
|
|
|
|
(1,304
|
)
|
|
|
|
(5,582
|
)
|
|
|
|
(3,687
|
)
|
|
|
|
(6,341
|
)
|
Non-interest income
|
|
|
|
|
16,357
|
|
|
|
|
18,987
|
|
|
|
|
22,102
|
|
|
|
|
18,592
|
|
|
|
|
20,360
|
|
|
|
|
17,388
|
|
|
|
|
19,248
|
|
|
|
|
27,887
|
|
Non-interest expense
|
|
|
|
|
(29,231
|
)
|
|
|
|
(29,901
|
)
|
|
|
|
(32,208
|
)
|
|
|
|
(34,728
|
)
|
|
|
|
(37,454
|
)
|
|
|
|
(37,878
|
)
|
|
|
|
(42,523
|
)
|
|
|
|
(48,158
|
)
|
Pretax income (FTE)
|
|
|
|
|
30,557
|
|
|
|
|
31,961
|
|
|
|
|
38,870
|
|
|
|
|
38,655
|
|
|
|
|
36,422
|
|
|
|
|
41,466
|
|
|
|
|
50,551
|
|
|
|
|
54,753
|
|
FTE adjustment
|
|
|
|
|
(2,020
|
)
|
|
|
|
(2,076
|
)
|
|
|
|
(2,161
|
)
|
|
|
|
(2,372
|
)
|
|
|
|
(2,424
|
)
|
|
|
|
(2,737
|
)
|
|
|
|
(2,892
|
)
|
|
|
|
(2,690
|
)
|
Provision for income taxes
|
|
|
|
|
(8,526
|
)
|
|
|
|
(9,506
|
)
|
|
|
|
(10,224
|
)
|
|
|
|
(11,893
|
)
|
|
|
|
(8,730
|
)
|
|
|
|
(12,251
|
)
|
|
|
|
(15,579
|
)
|
|
|
|
(17,300
|
)
|
Noncontrolling interest
|
|
|
|
|
(11
|
)
|
|
|
|
8
|
|
|
|
|
(33
|
)
|
|
|
|
8
|
|
|
|
|
8
|
|
|
|
|
8
|
|
|
|
|
13
|
|
|
|
|
(11
|
)
|
Net income available to common stockholders
|
|
|
|
$
|
20,000
|
|
|
|
$
|
20,387
|
|
|
|
$
|
26,452
|
|
|
|
$
|
24,398
|
|
|
|
$
|
25,276
|
|
|
|
$
|
26,486
|
|
|
|
$
|
32,093
|
|
|
|
$
|
34,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share – diluted*
|
|
|
|
$
|
0.28
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.36
|
|
|
|
$
|
0.33
|
|
|
|
$
|
0.34
|
|
|
|
$
|
0.34
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
|
$
|
4,722
|
|
|
|
$
|
5,074
|
|
|
|
$
|
5,817
|
|
|
|
$
|
6,031
|
|
|
|
$
|
5,639
|
|
|
|
$
|
6,605
|
|
|
|
$
|
7,356
|
|
|
|
$
|
7,009
|
|
Mortgage lending income
|
|
|
|
|
1,741
|
|
|
|
|
1,643
|
|
|
|
|
1,276
|
|
|
|
|
967
|
|
|
|
|
954
|
|
|
|
|
1,126
|
|
|
|
|
1,728
|
|
|
|
|
1,379
|
|
Trust income
|
|
|
|
|
883
|
|
|
|
|
865
|
|
|
|
|
1,060
|
|
|
|
|
1,289
|
|
|
|
|
1,316
|
|
|
|
|
1,364
|
|
|
|
|
1,419
|
|
|
|
|
1,493
|
|
Bank owned life insurance income
|
|
|
|
|
1,083
|
|
|
|
|
1,104
|
|
|
|
|
1,179
|
|
|
|
|
1,164
|
|
|
|
|
1,130
|
|
|
|
|
1,278
|
|
|
|
|
1,390
|
|
|
|
|
1,385
|
|
Accretion/amortization of FDIC loss share receivable, net of
amortization of FDIC clawback payable
|
|
|
|
|
2,392
|
|
|
|
|
2,481
|
|
|
|
|
1,396
|
|
|
|
|
901
|
|
|
|
|
692
|
|
|
|
|
(741
|
)
|
|
|
|
(562
|
)
|
|
|
|
–
|
|
Other income from purchased loans
|
|
|
|
|
2,155
|
|
|
|
|
3,689
|
|
|
|
|
2,484
|
|
|
|
|
4,825
|
|
|
|
|
3,311
|
|
|
|
|
3,629
|
|
|
|
|
3,369
|
|
|
|
|
4,494
|
|
Gains on investment securities
|
|
|
|
|
156
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
4
|
|
|
|
|
5
|
|
|
|
|
18
|
|
|
|
|
43
|
|
|
|
|
78
|
|
Gains on sales of other assets
|
|
|
|
|
1,974
|
|
|
|
|
3,110
|
|
|
|
|
2,501
|
|
|
|
|
1,801
|
|
|
|
|
974
|
|
|
|
|
1,448
|
|
|
|
|
1,688
|
|
|
|
|
1,912
|
|
Gains on merger and acquisition transactions
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
5,163
|
|
|
|
|
–
|
|
|
|
|
4,667
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
Gain on termination of FDIC loss share agreements
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
7,996
|
|
Other
|
|
|
|
|
1,251
|
|
|
|
|
1,021
|
|
|
|
|
1,226
|
|
|
|
|
1,610
|
|
|
|
|
1,672
|
|
|
|
|
2,661
|
|
|
|
|
2,817
|
|
|
|
|
2,141
|
|
Total non-interest income
|
|
|
|
$
|
16,357
|
|
|
|
$
|
18,987
|
|
|
|
$
|
22,102
|
|
|
|
$
|
18,592
|
|
|
|
$
|
20,360
|
|
|
|
$
|
17,388
|
|
|
|
$
|
19,248
|
|
|
|
$
|
27,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
|
$
|
15,694
|
|
|
|
$
|
15,294
|
|
|
|
$
|
16,456
|
|
|
|
$
|
17,381
|
|
|
|
$
|
17,689
|
|
|
|
$
|
18,831
|
|
|
|
$
|
20,876
|
|
|
|
$
|
19,488
|
|
Net occupancy expense
|
|
|
|
|
4,514
|
|
|
|
|
4,370
|
|
|
|
|
4,786
|
|
|
|
|
5,039
|
|
|
|
|
5,044
|
|
|
|
|
5,707
|
|
|
|
|
6,823
|
|
|
|
|
6,528
|
|
Other operating expenses
|
|
|
|
|
8,455
|
|
|
|
|
9,669
|
|
|
|
|
10,178
|
|
|
|
|
11,427
|
|
|
|
|
13,908
|
|
|
|
|
12,221
|
|
|
|
|
13,292
|
|
|
|
|
20,610
|
|
Amortization of intangibles
|
|
|
|
|
568
|
|
|
|
|
568
|
|
|
|
|
788
|
|
|
|
|
881
|
|
|
|
|
813
|
|
|
|
|
1,119
|
|
|
|
|
1,532
|
|
|
|
|
1,532
|
|
Total non-interest expense
|
|
|
|
$
|
29,231
|
|
|
|
$
|
29,901
|
|
|
|
$
|
32,208
|
|
|
|
$
|
34,728
|
|
|
|
$
|
37,454
|
|
|
|
$
|
37,878
|
|
|
|
$
|
42,523
|
|
|
|
$
|
48,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
|
|
$
|
38,738
|
|
|
|
$
|
38,422
|
|
|
|
$
|
39,373
|
|
|
|
$
|
41,660
|
|
|
|
$
|
42,945
|
|
|
|
$
|
43,861
|
|
|
|
$
|
46,958
|
|
|
|
$
|
49,606
|
|
Net charge-offs
|
|
|
|
|
(3,044
|
)
|
|
|
|
(1,715
|
)
|
|
|
|
(1,531
|
)
|
|
|
|
(1,578
|
)
|
|
|
|
(388
|
)
|
|
|
|
(2,485
|
)
|
|
|
|
(1,039
|
)
|
|
|
|
(3,029
|
)
|
Provision for loan and lease losses
|
|
|
|
|
2,728
|
|
|
|
|
2,666
|
|
|
|
|
3,818
|
|
|
|
|
2,863
|
|
|
|
|
1,304
|
|
|
|
|
5,582
|
|
|
|
|
3,687
|
|
|
|
|
6,341
|
|
Balance at end of period
|
|
|
|
$
|
38,422
|
|
|
|
$
|
39,373
|
|
|
|
$
|
41,660
|
|
|
|
$
|
42,945
|
|
|
|
$
|
43,861
|
|
|
|
$
|
46,958
|
|
|
|
$
|
49,606
|
|
|
|
$
|
52,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - FTE**
|
|
|
|
|
5.83
|
%
|
|
|
|
5.56
|
%
|
|
|
|
5.55
|
%
|
|
|
|
5.63
|
%
|
|
|
|
5.46
|
%
|
|
|
|
5.62
|
%
|
|
|
|
5.49
|
%
|
|
|
|
5.53
|
%
|
Efficiency ratio
|
|
|
|
|
46.76
|
|
|
|
|
46.34
|
|
|
|
|
43.00
|
|
|
|
|
45.55
|
|
|
|
|
49.82
|
|
|
|
|
44.60
|
|
|
|
|
43.95
|
|
|
|
|
44.08
|
|
Net charge-offs to average loans and leases**(1)
|
|
|
|
|
0.19
|
|
|
|
|
0.12
|
|
|
|
|
0.10
|
|
|
|
|
0.14
|
|
|
|
|
0.03
|
|
|
|
|
0.19
|
|
|
|
|
0.06
|
|
|
|
|
0.17
|
|
Nonperforming loans and leases to total loans and leases(2)
|
|
|
|
|
0.40
|
|
|
|
|
0.66
|
|
|
|
|
0.41
|
|
|
|
|
0.33
|
|
|
|
|
0.42
|
|
|
|
|
0.58
|
|
|
|
|
0.49
|
|
|
|
|
0.53
|
|
Nonperforming assets to total assets(2)(3)
|
|
|
|
|
1.79
|
|
|
|
|
1.80
|
|
|
|
|
1.33
|
|
|
|
|
1.22
|
|
|
|
|
1.44
|
|
|
|
|
1.19
|
|
|
|
|
0.92
|
|
|
|
|
0.87
|
|
Allowance for loan and lease losses to total loans and leases(2)
|
|
|
|
|
1.78
|
|
|
|
|
1.61
|
|
|
|
|
1.65
|
|
|
|
|
1.63
|
|
|
|
|
1.58
|
|
|
|
|
1.48
|
|
|
|
|
1.36
|
|
|
|
|
1.33
|
|
Loans and leases past due 30 days or more, including past due
non-accrual loans and leases, to total loans and leases(2)
|
|
|
|
|
0.56
|
|
|
|
|
0.74
|
|
|
|
|
0.54
|
|
|
|
|
0.45
|
|
|
|
|
0.75
|
|
|
|
|
0.63
|
|
|
|
|
0.63
|
|
|
|
|
0.79
|
|
|
*Adjusted to give effect to 2-for-1 stock split on June 23, 2014.
|
**Ratios for interim periods annualized based on actual days.
|
(1) Excludes purchased loans and net charge-offs
related to such loans.
|
(2) Excludes purchased loans, except for their
inclusion in total assets.
|
(3) Ratios for prior periods have been recalculated to
include foreclosed assets previously covered by FDIC loss share
agreements as nonperforming assets.
|
|
|
|
Bank of the Ozarks, Inc. Average Consolidated
Balance Sheets and Net Interest Analysis – FTE Unaudited
|
|
|
|
|
Quarters Ended December 31,
|
|
|
Years Ended December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
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
|
|
|
$
|
3,943
|
|
|
$
|
7
|
|
|
0.66
|
%
|
|
|
$
|
1,028
|
|
|
$
|
12
|
|
|
4.58
|
%
|
|
|
$
|
4,897
|
|
|
$
|
56
|
|
|
1.15
|
%
|
|
|
$
|
1,108
|
|
|
$
|
33
|
|
|
2.96
|
%
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
352,178
|
|
|
|
2,990
|
|
|
3.37
|
|
|
|
|
279,904
|
|
|
|
2,382
|
|
|
3.38
|
|
|
|
|
325,611
|
|
|
|
11,125
|
|
|
3.42
|
|
|
|
|
202,783
|
|
|
|
6,838
|
|
|
3.37
|
|
Tax-exempt – FTE
|
|
|
|
493,826
|
|
|
|
7,494
|
|
|
6.02
|
|
|
|
|
391,750
|
|
|
|
6,668
|
|
|
6.75
|
|
|
|
|
472,310
|
|
|
|
29,983
|
|
|
6.35
|
|
|
|
|
359,068
|
|
|
|
24,512
|
|
|
6.83
|
|
Non-purchased loans and leases – FTE
|
|
|
|
3,773,100
|
|
|
|
49,234
|
|
|
5.18
|
|
|
|
|
2,618,101
|
|
|
|
35,676
|
|
|
5.41
|
|
|
|
|
3,189,308
|
|
|
|
162,812
|
|
|
5.10
|
|
|
|
|
2,362,827
|
|
|
|
129,470
|
|
|
5.48
|
|
Purchased loans
|
|
|
|
1,219,046
|
|
|
|
27,513
|
|
|
8.95
|
|
|
|
|
768,666
|
|
|
|
17,718
|
|
|
9.14
|
|
|
|
|
1,098,851
|
|
|
|
98,212
|
|
|
8.94
|
|
|
|
|
663,490
|
|
|
|
59,930
|
|
|
9.03
|
|
Total earning assets – FTE
|
|
|
|
5,842,093
|
|
|
|
87,238
|
|
|
5.92
|
|
|
|
|
4,059,449
|
|
|
|
62,456
|
|
|
6.10
|
|
|
|
|
5,090,977
|
|
|
|
302,188
|
|
|
|
|
|
|
3,589,276
|
|
|
|
220,783
|
|
|
6.15
|
|
Non-interest earning assets
|
|
|
|
853,851
|
|
|
|
|
|
|
|
|
|
727,557
|
|
|
|
|
|
|
|
|
|
822,830
|
|
|
|
|
|
|
|
|
|
680,776
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
6,695,944
|
|
|
|
|
|
|
|
|
$
|
4,787,006
|
|
|
|
|
|
|
|
|
$
|
5,913,807
|
|
|
|
|
|
|
|
|
$
|
4,270,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest bearing transaction
|
|
|
$
|
2,843,302
|
|
|
$
|
1,579
|
|
|
0.22
|
%
|
|
|
$
|
2,026,879
|
|
|
$
|
1,052
|
|
|
0.21
|
%
|
|
|
$
|
2,564,250
|
|
|
$
|
5,424
|
|
|
0.21
|
%
|
|
|
$
|
1,798,692
|
|
|
$
|
3,636
|
|
|
0.20
|
%
|
Time deposits of $100,000 or more
|
|
|
|
731,077
|
|
|
|
704
|
|
|
0.38
|
|
|
|
|
465,222
|
|
|
|
280
|
|
|
0.24
|
|
|
|
|
558,389
|
|
|
|
1,632
|
|
|
0.29
|
|
|
|
|
390,894
|
|
|
|
1,108
|
|
|
0.28
|
|
Other time deposits
|
|
|
|
637,574
|
|
|
|
590
|
|
|
0.37
|
|
|
|
|
481,733
|
|
|
|
314
|
|
|
0.26
|
|
|
|
|
541,938
|
|
|
|
1,510
|
|
|
0.28
|
|
|
|
|
444,862
|
|
|
|
1,359
|
|
|
0.31
|
|
Total interest bearing deposits
|
|
|
|
4,211,953
|
|
|
|
2,873
|
|
|
0.27
|
|
|
|
|
2,973,834
|
|
|
|
1,646
|
|
|
0.22
|
|
|
|
|
3,664,577
|
|
|
|
8,566
|
|
|
0.23
|
|
|
|
|
2,634,448
|
|
|
|
6,103
|
|
|
0.23
|
|
Repurchase agreements with customers
|
|
|
|
69,364
|
|
|
|
15
|
|
|
0.09
|
|
|
|
|
50,365
|
|
|
|
10
|
|
|
0.08
|
|
|
|
|
63,869
|
|
|
|
55
|
|
|
0.09
|
|
|
|
|
39,056
|
|
|
|
31
|
|
|
0.08
|
|
Other borrowings
|
|
|
|
265,915
|
|
|
|
2,559
|
|
|
3.82
|
|
|
|
|
281,885
|
|
|
|
2,716
|
|
|
3.82
|
|
|
|
|
281,829
|
|
|
|
10,642
|
|
|
3.78
|
|
|
|
|
289,615
|
|
|
|
10,780
|
|
|
3.72
|
|
Subordinated debentures
|
|
|
|
64,950
|
|
|
|
426
|
|
|
2.61
|
|
|
|
|
64,950
|
|
|
|
430
|
|
|
2.63
|
|
|
|
|
64,950
|
|
|
|
1,693
|
|
|
2.61
|
|
|
|
|
64,950
|
|
|
|
1,720
|
|
|
2.65
|
|
Total interest bearing liabilities
|
|
|
|
4,612,182
|
|
|
|
5,873
|
|
|
0.51
|
|
|
|
|
3,371,034
|
|
|
|
4,802
|
|
|
0.57
|
|
|
|
|
4,075,225
|
|
|
|
20,956
|
|
|
0.51
|
|
|
|
|
3,028,069
|
|
|
|
18,634
|
|
|
0.62
|
|
Non-interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
|
|
|
1,124,470
|
|
|
|
|
|
|
|
|
|
754,025
|
|
|
|
|
|
|
|
|
|
989,073
|
|
|
|
|
|
|
|
|
|
639,521
|
|
|
|
|
|
|
Other non-interest bearing liabilities
|
|
|
|
65,928
|
|
|
|
|
|
|
|
|
|
38,840
|
|
|
|
|
|
|
|
|
|
59,557
|
|
|
|
|
|
|
|
|
|
38,653
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
5,802,580
|
|
|
|
|
|
|
|
|
|
4,163,899
|
|
|
|
|
|
|
|
|
|
5,123,855
|
|
|
|
|
|
|
|
|
|
3,706,243
|
|
|
|
|
|
|
Common stockholders’ equity
|
|
|
|
889,778
|
|
|
|
|
|
|
|
|
|
619,634
|
|
|
|
|
|
|
|
|
|
786,430
|
|
|
|
|
|
|
|
|
|
560,351
|
|
|
|
|
|
|
Noncontrolling interest
|
|
|
|
3,586
|
|
|
|
|
|
|
|
|
|
3,473
|
|
|
|
|
|
|
|
|
|
3,522
|
|
|
|
|
|
|
|
|
|
3,458
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
6,695,944
|
|
|
|
|
|
|
|
|
$
|
4,787,006
|
|
|
|
|
|
|
|
|
$
|
5,913,807
|
|
|
|
|
|
|
|
|
$
|
4,270,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income – FTE
|
|
|
|
|
|
$
|
81,365
|
|
|
|
|
|
|
|
|
$
|
57,654
|
|
|
|
|
|
|
|
|
$
|
281,232
|
|
|
|
|
|
|
|
|
$
|
202,149
|
|
|
|
Net interest margin – FTE
|
|
|
|
|
|
|
|
|
5.53
|
%
|
|
|
|
|
|
|
|
|
5.63
|
%
|
|
|
|
|
|
|
|
|
5.52
|
%
|
|
|
|
|
|
|
|
|
5.63
|
%
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Bank
of the Ozarks, Inc. Calculation of Return on Average Tangible
Common Stockholders’ Equity Unaudited
|
|
|
|
|
|
Quarters Ended
|
|
|
Years Ended
|
|
|
|
|
December 31,
|
|
|
December 31
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders
|
|
|
|
$
|
34,752
|
|
|
|
$
|
24,398
|
|
|
|
$
|
118,606
|
|
|
|
$
|
91,237
|
|
Average common stockholders’ equity before noncontrolling interest
|
|
|
|
$
|
889,778
|
|
|
|
$
|
619,634
|
|
|
|
$
|
786,430
|
|
|
|
$
|
560,351
|
|
Less average intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
(78,669
|
)
|
|
|
|
(5,243
|
)
|
|
|
|
(51,793
|
)
|
|
|
|
(5,243
|
)
|
Core deposit and bank charter intangibles, net of accumulated
amortization
|
|
|
|
|
(27,816
|
)
|
|
|
|
(14,422
|
)
|
|
|
|
(21,651
|
)
|
|
|
|
(9,661
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common stockholders’ equity before noncontrolling
interest
|
|
|
|
$
|
783,293
|
|
|
|
$
|
599,969
|
|
|
|
$
|
712,986
|
|
|
|
$
|
545,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common stockholders’ equity
|
|
|
|
|
17.60
|
%
|
|
|
|
16.13
|
%
|
|
|
|
16.64
|
%
|
|
|
|
16.73
|
%
|
|
|
|
|
|
|
Bank of the Ozarks, Inc. Calculation of the Ratio
of Tangible Book Value per Common Share Unaudited
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Total common stockholders’ equity before noncontrolling interest
|
|
|
|
$
|
908,390
|
|
|
|
$
|
629,060
|
|
Less intangible assets:
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
(78,669
|
)
|
|
|
|
(5,243
|
)
|
Core deposit and bank charter intangibles, net of accumulated
amortization
|
|
|
|
|
(26,907
|
)
|
|
|
|
(13,915
|
)
|
Total intangibles
|
|
|
|
|
(105,576
|
)
|
|
|
|
(19,158
|
)
|
|
|
|
|
|
|
|
|
|
Total tangible common stockholders’ equity
|
|
|
|
$
|
802,814
|
|
|
|
$
|
609,902
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding
|
|
|
|
|
79,924
|
|
|
|
73,712
|
*
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share
|
|
|
|
$
|
10.04
|
|
|
|
$
|
8.27
|
|
|
|
*Adjusted to give effect to 2-for-1 stock split on June 23, 2014.
|
|
|
|
Bank of the Ozarks, Inc. Calculation of the Ratio
of Total Tangible Common Stockholders’ Equity to Total
Tangible Assets Unaudited
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
Total common stockholders’ equity before noncontrolling interest
|
|
|
|
$
|
908,390
|
|
|
|
$
|
629,060
|
|
Less intangible assets:
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
(78,669
|
)
|
|
|
|
(5,243
|
)
|
Core deposit and bank charter intangibles, net of accumulated
amortization
|
|
|
|
|
(26,907
|
)
|
|
|
|
(13,915
|
)
|
Total intangibles
|
|
|
|
|
(105,576
|
)
|
|
|
|
(19,158
|
)
|
|
|
|
|
|
|
|
|
Total tangible common stockholders’ equity
|
|
|
|
$
|
802,814
|
|
|
|
$
|
609,902
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
6,766,499
|
|
|
|
$
|
4,791,170
|
|
Less intangible assets:
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
(78,669
|
)
|
|
|
|
(5,243
|
)
|
Core deposit and bank charter intangibles, net of accumulated
amortization
|
|
|
|
|
(26,907
|
)
|
|
|
|
(13,915
|
)
|
Total intangibles
|
|
|
|
|
(105,576
|
)
|
|
|
|
(19,158
|
)
|
|
|
|
|
|
|
|
|
Total tangible assets
|
|
|
|
$
|
6,660,923
|
|
|
|
$
|
4,772,012
|
|
|
|
|
|
|
|
|
|
Ratio of total tangible common stockholders’ equity to total
tangible assets
|
|
|
|
|
12.05
|
%
|
|
|
|
12.78
|
%
|
|
|
|
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150115006348r1&sid=ntxv4&distro=nx&lang=en)
Copyright Business Wire 2015