Bank of the Ozarks, Inc. Announces Record 2002 Earnings; Total Assets Exceed $1 Billion.Business Editors LITTLE ROCK, Ark.--(BUSINESS WIRE)--Jan. 9, 2003 Bank of the Ozarks, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OZRK) today announced record earnings for the year ended December December: see month. 31, 2002. Net income totaled $14,406,000, a 60.8% increase over net income of $8,959,000 for 2001. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $1.84 for 2002 compared to $1.17 for 2001, an increase of 57.3%. For the quarter ended December 31, 2002, net income totaled $4,181,000, a 61.9% increase over net income of $2,583,000 for the fourth quarter of 2001. Diluted earnings per share for the fourth quarter of 2002 were $0.53, compared to $0.34 for the same period in 2001, an increase of 55.9%. On June June: see month. 17, 2002, 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 June 3, 2002. All share and per share information contained in this release has been adjusted to give effect to this stock split. The Company's returns on average assets and average stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. for 2002 were 1.56% and 22.46%, respectively, compared with 1.10% and 17.12%, respectively, for 2001. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. returns on average assets and average stockholders' equity for the fourth quarter of 2002 were 1.65% and 23.44%, respectively, compared with 1.21% and 18.42% for the fourth quarter of 2001. Loans were $718 million at December 31, 2002, compared to $616 million at December 31, 2001, an increase of 16.5%. Deposits were $790 million at December 31, 2002, compared to $678 million at December 31, 2001, an increase of 16.6%. Total assets were $1.036 billion at December 31, 2002, an 18.9% increase from $871 million at December 31, 2001. Stockholders' equity increased 28.8% from $56.6 million at December 31, 2001, to $72.9 million at December 31, 2002, resulting in book value per share increasing 25.6% from $7.49 to $9.41. The Company's ratio of common equity to assets increased from 6.50% as of December 31, 2001 to 7.04% as of December 31, 2002. In commenting on these results, George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Gleason Glea·son , Herbert John Known as "Jackie." 1916-1987. American entertainer best remembered for his portrayal of Ralph Kramden on the television comedy The Honeymooners (1952-1957). , Chairman and Chief Executive Officer, stated, "We are very pleased to report excellent results for the fourth quarter and full year of 2002. This was our eighth consecutive quarter of record net income. We have now achieved record net income in 22 of the last 24 quarters. In 1994 we began implementation of a growth and de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. branching strategy, which we continue to pursue. Our team has done a great job implementing this expansion strategy. Over the last seven years, we have grown from nine offices to 33 offices and have achieved compounded annual growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. for total assets, loans, deposits and net income of 25.4%, 24.7%, 23.3% and 31.1%, respectively. During the quarter just ended, we exceeded $1 billion in total assets for the first time. This is a noteworthy financial milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. for our Company, and it is even more meaningful that it was achieved while accomplishing our primary goals - delivering real value to our customers and solid performance for our shareholders." NET INTEREST INCOME Net interest income for 2002 increased 39.6% to $41,472,000 compared to $29,705,000 for 2001. Net interest margin, on a fully taxable equivalent basis, was 4.88% in 2002 compared to 4.05% in 2001, an increase of 83 basis points. Net interest income for the fourth quarter of 2002 increased 24.1% to $11,093,000 compared to $8,939,000 for the fourth quarter of 2001. Net interest margin, on a fully taxable equivalent basis, was 4.81% for the fourth quarter of 2002, an increase of 19 basis points from 4.62% in the fourth quarter of 2001. The Company has now achieved seven consecutive quarters of record net interest income. NON-INTEREST INCOME AND EXPENSE Non-interest income for 2002 was $11,641,000 compared with $7,353,000 for 2001, a 58.3% increase. Non-interest income accounted for 21.9% of the Company's 2002 revenue compared to 19.8% in 2001. Non-interest income for the fourth quarter of 2002 was $3,782,000 compared with $2,039,000 for the fourth quarter of 2001, an 85.5% increase. Non-interest income accounted for 25.4% of the Company's revenue during the fourth quarter of 2002 compared to 18.6% during the comparable quarter of 2001. This was the Company's fifth consecutive quarter of record non-interest income. During 2002, the Company benefited from record levels of service charges on deposit accounts and strong mortgage lending income, which increased 83.8% and 52.2%, respectively, from 2001. During the quarter just ended, the Company had non-interest income from its mid-October n. 1. the middle part of October. Noun 1. mid-October - the middle part of October period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" purchase of $20 million of bank owned life insurance, the income from which was used to help defray de·fray tr.v. de·frayed, de·fray·ing, de·frays To undertake the payment of (costs or expenses); pay. [French défrayer, from Old French desfrayer : des-, a portion of the costs of employee benefits. The Company's efficiency ratio for 2002 improved to 46.5% compared to 50.3% for 2001. Non-interest expense for 2002 was $24,915,000 compared with $19,030,000 for 2001, an increase of 30.9%. The Company's efficiency ratio for the quarter ended December 31, 2002 improved to 45.6% from 46.5% for the comparable quarter of 2001. Non-interest expense for the fourth quarter of 2002 was $6,839,000 compared with $5,171,000 for the fourth quarter of 2001, a 32.3% increase. The Company's efficiency ratio for the fourth quarter of 2002 was its best since becoming a public company in 1997 and the sixth consecutive quarter in which the ratio has been below 50%. Mr. Gleason stated, "We are very pleased with the further improvement in our efficiency ratio to 45.6% in the fourth quarter and to 46.5% for the full year of 2002. Our growth and de novo branching strategy necessarily entails growth in overhead as we routinely add new offices and staff. Our goal is to utilize these resources well so that we achieve an even faster rate of revenue growth. The continued improvement in our efficiency ratio throughout 2002 shows we accomplished this goal in the past year." ASSET QUALITY, CHARGE-OFFS AND RESERVES Nonperforming loans as a percent of total loans were 0.31% at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2002 compared to 0.29% as of year-end 2001. Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. as a percent of total assets were 0.24% as of year-end 2002, compared to 0.28% as of year-end 2001. The Company's ratio of loans past due 30 days or more, including past due non-accrual loans, to total loans was 0.75% at year-end 2002 compared to 0.72% at year-end 2001. The Company's net charge-off Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. ratio was 0.22% for the year of 2002 compared to 0.24% for the year of 2001. The Company's annualized net charge-off ratio for the fourth quarter of 2002 was 0.26% compared to 0.35% for the fourth quarter of 2001. In commenting on the Company's asset quality ratios, Mr. Gleason stated, "Our ratios of nonperforming loans and assets, past dues and net charge-offs continued to be very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. for the quarter just ended. Our strong emphasis on credit quality is evident in these ratios. The favorable asset quality ratios we achieved throughout 2002 are particularly gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. given the general economic conditions in 2002." The Company's allowance for loan losses increased to $10.9 million at December 31, 2002, or 1.52% of total loans, compared to $8.7 million, or 1.41% of total loans, at December 31, 2001. The increase in the allowance for loan losses in recent quarters reflects the Company's cautious outlook regarding the current uncertainty about economic conditions as well as the change in the mix and size of the Company's loan portfolio. GROWTH AND EXPANSION The Company expects to continue its growth and de novo branching strategy in 2003 by opening approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. six to eight new offices. The Company previously reported plans for four to six new offices in 2003. In commenting on the increase in expected office additions, Mark Ross Ross , Sir Ronald 1857-1932. British physician. He won a 1902 Nobel Prize for proving that malaria is transmitted to humans by the bite of the mosquito. , Vice Chairman, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "Successful implementation of our de novo branching strategy requires that we hire talented people in prime locations in good markets at a time when a competitive opportunity exists. There are currently many attractive markets and competitive opportunities and we are having success attracting experienced personnel. Because of our strong financial performance in 2002 and positive outlook for 2003, we believe we can and should moderately accelerate our expansion plans." The Company's 2003 expansion plans include three previously announced offices for which all regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals have been obtained and construction has commenced. These are a third Conway Conway, city, United States Conway, city (1990 pop. 26,481), seat of Faulkner co., central Ark., in a farm and cotton area; inc. 1873. It is a trade and industrial center. Conway was settled (c.1865) near the site of a French trading post (c.1770). office expected to open in March, a second Bryant Bry·ant , William Cullen 1794-1878. American poet, critic, and editor known especially for his early nature poems, such as "Thanatopsis" (1817) and "To a Waterfowl" (1821). office expected to open in April, and a seventh Little Rock office expected to open in May. The Company recently filed three additional branch applications for a third Fort Smith office and its initial offices in Cabot and Russellville Russellville, city (1990 pop. 21,260), seat of Pope co., central Ark., in an area yielding coal, timber, and diverse agricultural products; settled 1835, inc. 1870. Transportation equipment is manufactured and there is poultry processing. Arkansas Tech Univ. . Opening new offices is subject to availability of suitable sites, hiring qualified personnel, obtaining regulatory approvals and other conditions and contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. . As previously announced, the Company also expects to open in January January: see month. a loan production office focusing on suburban markets in the north Dallas North Dallas is an expansive area of numerous communities and neighborhoods in Dallas, Texas, (USA). It spans portions of three counties: Collin, Dallas, and Denton, and has strong social ties to two enclaves of Dallas (University Park and Highland Park) and a near-enclave , Texas area. This office will concentrate primarily on originating residential mortgage loans for resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. on a non-recourse basis in the secondary market. The office will also originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. construction, development and other loans. CONFERENCE CALL Management will conduct a conference call to review announcements made in this press release at 10:00 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. (11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy ) on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , January 10, 2003. The call will be available live or in recorded version on the Company's website www.bankozarks.com under "Investor Relations Investor relations The process by which the corporation communicates with its investors. " or interested parties calling from locations within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of may call 1-800-990-4845 up to ten minutes prior to the beginning of the conference and ask for Bank of the Ozarks conference call. A recorded playback Playback could mean:
GENERAL This release contains forward looking statements regarding the Company's plans, expectations and outlook for the future and future events including statements regarding the opening of new offices, the prospects for growth and profitability of such offices and the Company's positive outlook for 2003. Actual results may differ materially from those projected in such forward looking statements, due, among other things, to continued interest rate changes, competitive factors, general economic conditions, including the current economic slow down, and their effect on the credit worthiness wor·thy adj. wor·thi·er, wor·thi·est 1. Having worth, merit, or value; useful or valuable. 2. Honorable; admirable: a worthy fellow. 3. of borrowers and collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although values, the ability to attract new deposits and loans, delays in identifying and opening satisfactory sites, as well as, other factors identified in this press release or in Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial under the caption "Forward Looking Information" contained in the Company's 2001 Annual Report to Stockholders and the most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. Bank of the Ozarks, Inc. trades on the NASDAQ National Market under the symbol "OZRK". The Company owns a state chartered subsidiary bank that conducts banking operations through 33 offices in 22 communities throughout northern, western and central Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. and a loan production office in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. . The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas Little Rock, Arkansas required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557] See : Bigotry 72231-8811. The Company's website is: www.bankozarks.com.
Bank of the Ozarks, Inc.
Selected Consolidated Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
Quarters Ended Years Ended
December 31, December 31,
----------------------------- -----------------------------
2002 2001 % Change 2002 2001 % Change
---------- -------- -------- ---------- -------- --------
Earnings
Summary:
---------------
Net interest
income $11,093 $8,939 24.1% $41,472 $29,705 39.6%
Provision for
possible
loan losses 1,085 1,479 (26.6) 3,660 3,401 7.6
Non-interest
income 3,782 2,039 85.5 11,641 7,353 58.3
Non-interest
expenses 6,839 5,171 32.3 24,915 19,030 30.9
Distribution
on trust
preferred
securities 396 397 -- 1,587 1,587 --
Net income to
common
shareholders 4,181 2,583 61.9 14,406 8,959 60.8
Common Stock
Data:(a)
---------------
Net income
per share -
diluted $0.53 $0.34 55.9% $1.84 $1.17 57.3%
Net income
per share -
basic 0.54 0.34 58.8 1.88 1.18 59.3
Cash
dividends
per share 0.10 0.06 66.7 0.31 0.23 34.8
Book value
per share 9.41 7.49 25.6 9.41 7.49 25.6
Diluted shares
outstanding 7,925 7,685 7,844 7,631
End of period
shares
outstanding 7,753 7,564 7,753 7,564
Balance Sheet
Summary - End
of Period:
---------------
Total assets $1,035,853 $871,379 18.9% $1,035,853 $871,379 18.9%
Total loans 717,895 616,076 16.5 717,895 616,076 16.5
Allowance for
loan losses 10,936 8,712 25.5 10,936 8,712 25.5
Total
investment
securities 232,168 187,167 24.0 232,168 187,167 24.0
Goodwill -
net of
amortization 1,808 1,808 -- 1,808 1,808 --
Other
intangibles -
net of
amortization 863 1,015 (15.0) 863 1,015 (15.0)
Total
deposits 790,173 677,743 16.6 790,173 677,743 16.6
Repurchase
agreements
with
customers 20,740 16,213 27.9 20,740 16,213 27.9
Other
borrowings 129,366 99,690 29.8 129,366 99,690 29.8
Stockholders'
equity 72,918 56,617 28.8 72,918 56,617 28.8
Loan to
deposit ratio 90.85% 90.90% 90.85% 90.90%
Selected
Ratios:
---------------
Return on
average
assets(b) 1.65% 1.21% 1.56% 1.10%
Return on
average
stockholders'
equity(b) 23.44 18.42 22.46 17.12
Average equity
to total
average
assets 7.06 6.59 6.96 6.43
Net interest
margin -
FTE(b) 4.81 4.62 4.88 4.05
Overhead
ratio(b) 2.71 2.43 2.70 2.34
Efficiency
ratio 45.63 46.49 46.52 50.25
Allowance for
possible loan
losses to
total loans 1.52 1.41 1.52 1.41
Nonperforming
loans to
total loans 0.31 0.29 0.31 0.29
Nonperforming
assets to
total assets 0.24 0.28 0.24 0.28
Net charge-
offs to
average loans,
net of
unearned
income(b) 0.26 0.35 0.22 0.24
Other
Information:
---------------
Non-accrual
loans $2,194 $1,806 $2,194 $1,806
Accruing loans
- 90 days
past due -- -- -- --
ORE and
repossessions 333 661 333 661
(a) Adjusted to give effect to 2-for-1 stock split effective June 17,
2002
(b) Ratios annualized based on actual days
Bank of the Ozarks, Inc.
Supplemental Quarterly Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
3/31/01 6/30/01 9/30/01 12/31/01
-------- -------- -------- ---------
Earnings Summary:
---------------------------------
Net interest income $6,012 $6,929 $7,825 $8,939
Federal tax (FTE) adjustment 263 217 187 145
-------- -------- -------- ---------
Net interest margin (FTE) 6,275 7,146 8,012 9,084
Loan loss provision (354) (658) (910) (1,479)
Non-interest income 1,657 1,920 1,737 2,039
Non-interest expense (4,296) (4,746) (4,816) (5,171)
-------- -------- -------- ---------
Pretax income (FTE) 3,282 3,662 4,023 4,473
FTE adjustment (263) (217) (187) (145)
Provision for taxes (760) (835) (1,138) (1,348)
Distribution on trust preferred
securities (397) (397) (397) (397)
-------- -------- -------- ---------
Net income $1,862 $2,213 $2,301 $2,583
======== ======== ======== =========
Earnings per share - diluted(a) $0.25 $0.29 $0.30 $0.34
Non-interest Income Detail:
---------------------------------
Trust income $173 $174 $142 $116
Service charges on deposit
accounts 842 919 979 1,035
Mortgage lending income 347 516 410 647
Gain (loss) on sale of assets (11) 2 19 (9)
Security gains (losses) 113 6 (16) 51
Bank owned life insurance income -- -- -- --
Other 193 303 203 199
-------- -------- -------- ---------
Total non-interest income $1,657 $1,920 $1,737 $2,039
Non-interest Expense Detail:
---------------------------------
Salaries and employee benefits $2,359 $2,582 $2,716 $2,894
Net occupancy expense 728 783 792 795
Other operating expenses 1,149 1,321 1,247 1,422
Goodwill charges 22 22 23 22
Amortization of other
intangibles - pretax 38 38 38 38
-------- -------- -------- ---------
Total non-interest expense $4,296 $4,746 $4,816 $5,171
Allowance for Loan Losses:
---------------------------------
Balance beginning of period $6,606 $6,740 $7,139 $7,754
Net charge offs (220) (259) (295) (521)
Loan loss provision 354 658 910 1,479
-------- -------- -------- ---------
Balance at end of period $6,740 $7,139 $7,754 $8,712
Selected Ratios:
---------------------------------
Net interest margin - FTE(b) 3.35% 3.86% 4.35% 4.62%
Overhead expense ratio(b) 2.13 2.37 2.41 2.43
Efficiency ratio 54.16 52.35 49.40 46.49
Nonperforming loans to
total loans 0.25 0.30 0.21 0.29
Nonperforming assets to
total assets 0.33 0.37 0.27 0.28
Loans past due 30 days or more,
including past due non-
accrual loans, to total loans 0.79 0.77 0.74 0.72
3/31/02 6/30/02 9/30/02 12/31/02
-------- -------- -------- ---------
Earnings Summary:
----------------------------------
Net interest income $9,334 $10,194 $10,851 $11,093
Federal tax (FTE) adjustment 138 95 95 114
-------- -------- -------- ---------
Net interest margin (FTE) 9,472 10,289 10,946 11,207
Loan loss provision (550) (945) (1,080) (1,085)
Non-interest income 2,192 2,709 2,958 3,782
Non-interest expense (5,636) (6,058) (6,382) (6,839)
-------- -------- -------- ---------
Pretax income (FTE) 5,478 5,995 6,442 7,065
FTE adjustment (138) (95) (95) (114)
Provision for taxes (1,849) (2,068) (2,254) (2,374)
Distribution on trust preferred
securities (397) (397) (397) (396)
-------- -------- -------- ---------
Net income $3,094 $3,435 $3,696 $4,181
======== ======== ======== =========
Earnings per share - diluted(a) $0.40 $0.44 $0.47 $0.53
Non-interest Income Detail:
----------------------------------
Trust income $162 $163 $177 $227
Service charges on deposit
accounts 1,505 1,806 1,770 1,859
Mortgage lending income 494 498 734 1,197
Gain (loss) on sale of assets 9 21 8 4
Security gains (losses) (217) -- -- --
Bank owned life insurance income -- -- -- 236
Other 239 221 269 259
-------- -------- -------- ---------
Total non-interest income $2,192 $2,709 $2,958 $3,782
Non-interest Expense Detail:
----------------------------------
Salaries and employee benefits $3,202 $3,461 $3,653 $4,078
Net occupancy expense 859 878 872 887
Other operating expenses 1,537 1,681 1,819 1,836
Goodwill charges -- -- -- --
Amortization of other
intangibles - pretax 38 38 38 38
-------- -------- -------- ---------
Total non-interest expense $5,636 $6,058 $6,382 $6,839
Allowance for Loan Losses:
----------------------------------
Balance beginning of period $8,712 $8,963 $9,649 $10,308
Net charge offs (299) (259) (421) (457)
Loan loss provision 550 945 1,080 1,085
-------- -------- -------- ---------
Balance at end of period $8,963 $9,649 $10,308 $10,936
Selected Ratios:
----------------------------------
Net interest margin - FTE(b) 4.78% 4.97% 4.96% 4.81%
Overhead expense ratio(b) 2.65 2.73 2.72 2.71
Efficiency ratio 48.32 46.60 45.90 45.63
Nonperforming loans to
total loans 0.22 0.37 0.39 0.31
Nonperforming assets to
total assets 0.22 0.31 0.34 0.24
Loans past due 30 days or more,
including past due non-
accrual loans, to total loans 0.79 0.69 0.83 0.75
(a) Adjusted to give effect to 2-for-1 stock split effective June 17,
2002
(b) Annualized
Bank of the Ozarks, Inc.
Average Consolidated Balance Sheet and Net Interest Analysis
(Dollars in Thousands)
Unaudited
Quarter Ended Year Ended
December 31, 2002 December 31, 2002
-------------------------- ------------------------
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
----------- ------- ------ --------- ------- ------
ASSETS
Earnings assets:
Interest-bearing
deposits and
federal funds
sold $2,459 $16 2.57% $869 $31 3.54%
Investment
securities:
Taxable 210,336 2,887 5.44 192,579 10,972 5.70
Tax-exempt - FTE 13,520 248 7.29 13,177 986 7.48
Loans -FTE (net of
unearned income) 698,699 12,934 7.34 651,840 49,367 7.57
----------- ------- --------- -------
Total earnings
assets 925,014 16,085 6.90 858,465 61,356 7.15
Non-earning assets 77,587 63,592
----------- ---------
Total assets $1,002,601 $922,057
=========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing
liabilities:
Deposits:
Savings and
interest-bearing
transaction $296,327 $1,102 1.48% $274,580 $4,354 1.59%
Time deposits of
$100,000 or more 232,122 1,375 2.35 194,937 5,115 2.62
Other time
deposits 174,339 1,128 2.57 168,765 4,917 2.91
----------- -------- --------- --------
Total interest-
bearing
deposits 702,788 3,605 2.03 638,282 14,386 2.25
Repurchase
agreements with
customers 23,035 73 1.25 19,657 278 1.41
Other borrowings 100,196 1,200 4.75 99,625 4,777 4.79
----------- -------- --------- --------
Total interest-
bearing
liabilities 826,019 4,878 2.34 757,564 19,441 2.57
Non-interest
liabilities:
Non-interest
bearing deposits 82,871 78,161
Other non-interest
bearing
liabilities 5,686 4,933
----------- ---------
Total
liabilities 914,576 840,658
Trust preferred
securities 17,250 17,250
Stockholders'
equity 70,775 64,149
----------- ---------
Total
liabilities
and
stockholders'
equity $1,002,601 $922,057
=========== =========
Interest rate
spread - FTE 4.56% 4.58%
-------- --------
Net interest income
- FTE $11,207 $41,915
======== ========
Net interest margin
- FTE 4.81% 4.88%
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