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Bank of the Ozarks Q2 net income increased 69.1%

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Staff writer ▼ | July 14, 2015
Bank of the Ozarks announced that net income for the second quarter of 2015 was $44.8 million, a 69.1% increase from $26.5 million for the second quarter of 2014.
Bank of the Ozarks
Bank of the Ozarks   Diluted EPS increased 50%
Diluted earnings per common share for the second quarter of 2015 were $0.51, a 50% increase from $0.34 for the second quarter of 2014.

The company’s results during the quarter just ended included $0.1 million in net gains on sales of investment securities and approximately $1.6 million of acquisition-related and systems conversion expenses. Net of applicable income taxes, these items, in the aggregate, reduced the company’s diluted earnings per common share by approximately $0.01 in the quarter just ended.

For the six months ended June 30, 2015, net income totaled $84.7 million, a 63.6% increase from net income of $51.8 million for the first six months of 2014. Diluted earnings per common share for the first six months of 2015 were $0.98, a 44.1% increase from $0.68 for the first six months of 2014.

The company’s results for the first six months of 2015 included $2.3 million of taxexempt income from bank owned life insurance (BOLI) death benefits, $2.6 million in net gains on sales of investment securities, $2.5 million in prepayment penalties from prepaying Federal Home Loan Bank (FHLB) advances, approximately $2.8 million of acquisition-related and systems conversion expenses and $0.7 million of software and contract termination charges.

Net of applicable income taxes, these items, in the aggregate, had no meaningful impact on the company’s diluted earnings per common share in the first six months of 2015.

The company’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the second quarter of 2015 were 2.17%, 15.07% and 17.27%, respectively, compared to 1.88%, 14.17% and 15.41%, respectively, for the second quarter of 2014.

The company’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the first six months of 2015 were 2.15%, 15.23% and 17.43%, respectively, compared to 1.99%, 14.99% and 15.90% for the first six months of 2014.

Non-purchased loans and leases were $4.77 billion at June 30, 2015, a 50.3% increase from $3.17 billion at June 30, 2014. Including purchased loans, total loans and leases were $6.59 billion at June 30, 2015, a 44.1% increase from $4.58 billion at June 30, 2014.

The unfunded balance of closed loans increased 118.5% to $4.01 billion at June 30, 2015, compared to $1.83 billion at June 30, 2014.

George Gleason, chairman and chief executive officer, stated, “We are very pleased with our excellent second quarter results, including our $456 million of growth in non-purchased loans and leases, growth of $596 million in the unfunded balance of closed loans, efficiency ratio of 36.6%, net interest margin of 5.37% and excellent asset quality.

"Our annualized return on average assets of 2.17% during the quarter builds on our track record of having achieved returns on average assets in excess of 2.00% in each of the last five years.”

Deposits were $7.09 billion at June 30, 2015, a 42.2% increase from $4.98 billion at June 30, 2014.

Total assets were $8.71 billion at June 30, 2015, a 38.3% increase from $6.30 billion at June 30, 2014.


 

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