Bank of the Ozarks, Inc. – OZRK – Announces Second Quarter 2012 Earnings
Bank of the Ozarks, Inc. (NASDAQ: OZRK) announced that net income for the quarter ended June 30, 2012 was $19.1 million, a 62.0% decrease from $50.2 million for the second quarter of 2011. Diluted earnings per common share for the second quarter of 2012 were $0.55, a 62.3% decrease from $1.46 for the second quarter of 2011.
For the six months ended June 30, 2012, net income totaled $37.1 million, a 42.8% decrease from net income of $64.8 million for the first six months of 2011. Diluted earnings per common share for the first six months of 2012 were $1.06, a 43.6% decrease from $1.88 for the first six months of 2011.
OZRK made no FDIC-assisted acquisitions during the first six months of 2012, and its results for the second quarter and first six months of 2012 did not include any bargain purchase gains or any acquisition or conversion costs related to its seven previous FDIC-assisted acquisitions.
OZRK’s results for the second quarter of 2011 included two FDIC-assisted acquisitions which resulted in a gain, net of acquisition and conversion costs, of approximately $36.4 million after taxes, or approximately $1.06 of diluted earnings per common share.
OZRK’s results for the first six months of 2011 included three FDIC-assisted acquisitions which resulted in a gain, net of acquisition and conversion costs, of approximately $37.3 million after taxes, or approximately $1.09 of diluted earnings per common share.
On August 16, 2011 the Company completed a 2-for-1 stock split, in the form of a stock dividend, effected by issuing one share of common stock for each share of such stock outstanding on August 5, 2011. All share and per share information contained in this release has been adjusted to give effect to this stock split.
The Company’s annualized returns on average assets and average common stockholders’ equity for the second quarter of 2012 were 2.04% and 17.07%, respectively, compared to 5.24% and 55.88%, respectively, for the second quarter of 2011. Annualized returns on average assets and average common stockholders’ equity for the first six months of 2012 were 1.97% and 16.91%, respectively, compared to 3.63% and 38.05%, respectively, for the first six months of 2011.
About Bank of the Ozarks – OZRK
Bank of the Ozarks, Inc. is a bank holding company. The Company owns an Arkansas state chartered subsidiary bank, Bank of the Ozarks (the Bank). At December 31, 2011, the Company, through the Bank, conducted banking operations through 111 offices, including 66 offices in Arkansas, 27 in Georgia, 10 in Texas, four in Florida, two in North Carolina, and one each in South Carolina and Alabama. Subsequent to December 31, 2011, the Company opened its 11th and 12th Texas offices in Austin and The Colony.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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