Bank of the Ozarks, Inc. Announces Record Fourth Quarter and Full Year 2005 Earnings.LITTLE ROCK, Ark. -- 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 fourth quarter and year ended December December: see month. 31, 2005. Net income for 2005 totaled $31,489,000, a 21.7% increase over net income of $25,883,000 for 2004. 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 $1.88 for 2005 compared to $1.56 for 2004, an increase of 20.5%. For the quarter ended December 31, 2005, net income totaled $8,383,000, a 19.6% increase over net income of $7,011,000 for the fourth quarter of 2004. Diluted earnings per share for the fourth quarter of 2005 were $0.50, compared to $0.42 for the same period in 2004, an increase of 19.0%. 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 2005 were 1.65% and 22.95%, respectively, compared with 1.67% and 23.87%, respectively, for 2004. 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 2005 were 1.60% and 23.02%, respectively, compared with 1.66% and 23.58%, respectively, for the fourth quarter of 2004. Loans and leases were $1.37 billion at December 31, 2005 compared to $1.13 billion at December 31, 2004, an increase of 20.8%. Deposits were $1.59 billion at December 31, 2005 compared to $1.38 billion at December 31, 2004, an increase of 15.3%. Total assets were $2.13 billion at December 31, 2005, a 23.6% increase from $1.73 billion at December 31, 2004. Stockholders' equity was $149.4 million at December 31, 2005 compared to $121.4 million at December 31, 2004, an increase of 23.1%. Book value per share was $8.97 at December 31, 2005 compared to $7.36 at December 31, 2004, a 21.9% increase. The Company's ratio of common equity to assets was 7.00% as of December 31, 2005 compared to 7.03% as of December 31, 2004, and its ratio of tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. common equity to tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. was 6.72% as of December 31, 2005 compared to 6.67% as of December 31, 2004. 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, "Our favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. fourth quarter results wrapped up Adj. 1. wrapped up - deeply devoted to; "bound up in her teaching"; "is wrapped up in his family" bound up committed - bound or obligated, as under a pledge to a particular cause, action, or attitude; "committed church members"; "a committed Marxist" another great year for Bank of the Ozarks. Strong growth in loans and leases, excellent asset quality and a record efficiency ratio helped us achieve record net income and earnings per share in each quarter of 2005. The fourth quarter was our 20th consecutive quarter of record net income and earnings per share. We have now reported record net income in 34 of the last 36 quarters. In addition to posting record earnings, in 2005 we continued our 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 adding six new banking offices and key staff to support future growth." NET INTEREST INCOME Net interest income for 2005 increased 13.1% to $68,576,000 compared to $60,623,000 for 2004. Net interest margin, on a fully taxable equivalent basis, was 4.18% in 2005 compared to 4.43% in 2004, a decrease of 25 basis points. Net interest income for the fourth quarter of 2005 increased 11.0% to $17,845,000 compared to $16,075,000 for the fourth quarter of 2004. The Company has now achieved 19 consecutive quarters of record net interest income. The Company's net interest margin, on a fully taxable equivalent basis, was 4.02% in the fourth quarter of 2005, compared to 4.34% in the fourth quarter of 2004, a decrease of 32 basis points. Net interest margin for the fourth quarter of 2005 decreased 17 basis points from 4.19% in the third quarter of 2005. The increase in the Company's net interest income in the fourth quarter and full year of 2005 is a result of growth in earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . The decline in the Company's net interest margin during the fourth quarter and full year resulted from a number of factors, including increased competitive pressures and the flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. yield curve between short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. interest rates. The Company expects that competitive conditions and the current relatively flat yield curve Flat Yield Curve A chart that shows that the yields of bonds with short maturities are equal to the yields of bonds with longer maturities. will continue to exert pressure on its net interest margin. The Company's goal in recent quarters has been, and will continue to be, for growth in earning assets to more than offset any pressure on its net interest income resulting from a decline in its net interest margin. NON-INTEREST INCOME Non-interest income for 2005 was a record $19,252,000 compared with $18,225,000 for 2004, a 5.6% increase. Non-interest income for the fourth quarter of 2005 was $4,804,000 compared with $4,397,000 for the fourth quarter of 2004, a 9.3% increase. Service charges on deposit accounts and trust income both achieved record levels in 2005. Compared to the previous year, 2005 service charges on deposit accounts increased 4.2% to $9,875,000 and trust income increased 13.3% to $1,673,000. These increases more than offset a 7.8% decline in 2005 mortgage lending income to $3,034,000. NON-INTEREST EXPENSE Non-interest expense for 2005 was $40,080,000 compared with $37,605,000 for 2004, an increase of 6.6%. The Company's efficiency ratio for 2005 improved to 43.4% compared to 46.2% for 2004. Non-interest expense for the fourth quarter of 2005 was $10,306,000 compared with $9,845,000 for the fourth quarter of 2004, an increase of 4.7%. The Company's efficiency ratio for the fourth quarter of 2005 was a record 42.9% compared to 46.5% for the fourth quarter of 2004. A number of factors contributed to the Company's growth in non-interest expense in the fourth quarter and full year of 2005 compared to the fourth quarter and full year of 2004, but the most significant was the Company's continued growth and expansion. During 2005, the Company continued to pursue its growth and de novo branching strategy, resulting in the addition of six new 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. banking offices in North Little Rock, Mountain Home, Bentonville Bentonville, city (2000 pop. 19,730), seat of Benton co., extreme NW Ark., in the Ozark Mts.; settled 1837 and named for Senator Thomas Hart Benton. Local industries produce fabricated metal products, plastic molding, electronic equipment, textiles, cutting tools, , Fayetteville Fayetteville (fā`ĕtvĭl). 1 City (1990 pop. 42,099), seat of Washington co., NW Ark., in the Ozarks; inc. 1836. It is an agricultural trade center with canneries and food processors. The Univ. , Benton Benton, city (1990 pop. 18,177), seat of Saline co., central Ark.; founded 1836. Once a significant aluminum producer, the city manufactures fabricated-metal and wood products. 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. , the expansion of its Marshall, Arkansas Marshall is a city in Searcy County, Arkansas, United States. The population was 1,313 at the 2000 census. The city is the county seat of Searcy CountyGR6. Geography Marshall is located at (35. office and the replacement of two initial temporary banking offices with permanent facilities in Mountain Home, Arkansas Mountain Home is a city located in Baxter County, Arkansas, a wet county, and is the county seat.GR6 It was incorporated in 1888. The city sprang up around the Male and Female Academy which Professor J.S. Howard founded during the 1850s. and Texarkana, Texas Texarkana, Texas is a municipal designation in Bowie County, Texas, United States which forms the western half of Texarkana. It is separated from Texarkana, Arkansas, by State Line Avenue. . The Company expects to continue its growth and de novo branching strategy. It currently plans to open a record 12 new banking offices and replace two current temporary banking offices with permanent facilities in 2006. While adding these offices will increase its non-interest expense, the Company believes these offices are important elements of its plans for future growth. ASSET QUALITY, CHARGE-OFFS AND RESERVES Nonperforming loans and leases as a percent of total loans and leases were 0.25% 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. 2005 compared to 0.57% as of year-end 2004 and 0.18% as of September September: see month. 30, 2005. 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 0.18% as of year-end 2005 compared to 0.39% as of year-end 2004 and 0.13% as of September 30, 2005. 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 0.39% at year-end 2005 compared to 0.76% at year-end 2004 and 0.38% as of September 30, 2005. 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 for 2005 was 0.11% compared to 0.10% in 2004. Its annualized net charge-off ratio for the fourth quarter of 2005 was 0.12% compared to 0.09% for the fourth quarter of 2004. The Company's allowance for loan and lease losses increased to $17.0 million at December 31, 2005, or 1.24% of total loans and leases, from $16.1 million, or 1.42% of total loans and leases, at December 31, 2004. The $0.9 million increase in the allowance for loan and lease losses in 2005 is a result of the growth in the Company's loan and lease portfolio. As of December 31, 2005, the Company's allowance for loan and lease losses equaled 502% of its total nonperforming loans and leases. GROWTH AND EXPANSION The 12 new offices the Company expects to open in 2006 are intended to give the Company a presence in four important new markets. By year-end 2006 the Company expects to grow from its present two offices to nine permanent banking offices in Benton and Washington counties Washington County is the name of 30 counties and one parish in the United States of America, all named for George Washington. It is the most common county name in the United States. in northwest For names and places containing the slightly longer word 'northwestern' (or variants), see . Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. Arkansas, the state's second and third largest counties in terms of bank deposits and among its fastest growing. During 2006 the Company expects to open two offices in Hot Springs in Garland Garland, city (1990 pop. 180,650), Dallas co., N Tex., a suburb of Dallas; inc. 1891. Since World War II, Garland has grown from an agricultural community into an important center for electronics research and for the production of electronic equipment. County, which is Arkansas' sixth largest county in terms of bank deposits. It also expects to expand from its current one office to three banking offices in the Texarkana market (both Bowie County, Texas Bowie County is a county located in the U.S. state of Texas. It is part of the Texarkana, Texas - Texarkana, Arkansas Metropolitan Statistical Area. As of 2000, the population was 89,306. Its county seat is Boston6. and Miller County, Arkansas Miller County is a county located in the southwestern corner of the U.S. state of Arkansas. It is part of the Texarkana, Texas - Texarkana, Arkansas Metropolitan Statistical Area. As of 2000, the population was 40,443. The county seat is Texarkana. ) and expand from one temporary banking office in Frisco, Texas Frisco is a city in Collin County and Denton County, Texas (USA). It is a northern suburb of Dallas. As of the 2000 census, the city population was 33,714, while according to 2007 estimate, the city's population is approximately 95,000. into two permanent banking offices. Opening new offices and replacing existing temporary banking offices with permanent facilities is subject to availability of suitable sites, designing, constructing, equipping e·quip tr.v. e·quipped, e·quip·ping, e·quips 1. a. To supply with necessities such as tools or provisions. b. and staffing such offices, obtaining 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. and other approvals and many 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. that the Company cannot predict with certainty CERTAINTY, UNCERTAINTY, contracts. In matters of obligation, a thing is certain, when its essence, quality, and quantity, are described, distinctly set forth, Dig. 12, 1, 6. It is uncertain, when the description is not that of one individual object, but designates only the kind. Louis. . 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 Wednesday Wednesday: see week. , January January: see month. 18, 2006. 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 the 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, goals and outlook for the future. Actual results may differ materially from those projected in such forward looking statements, due to, among other things, continued interest rate changes including changes in the shape of the yield curve, competitive factors, general economic conditions and their effects on the creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. of borrowers, 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 and the value of investment securities, the ability to attract new deposits and loans and leases, delays in identifying and acquiring satisfactory sites and opening new offices, delays in or inability to obtain required regulatory approvals, the ability to generate future revenue growth or to control future growth in non-interest expense, 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 2004 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 54 offices in 29 communities throughout northern, western and central Arkansas, three Texas banking offices, and loan production offices in Bentonville and Little Rock, Arkansas Little Rock, Arkansas required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557] See : Bigotry and 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 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
December 31,
-------------------------------
2005 2004 % Change
---------- ---------- --------
Income statement data:
----------------------
Net interest income $ 17,845 $ 16,075 11.0%
Provision for loan and lease losses 500 500 -
Non-interest income 4,804 4,397 9.3
Non-interest expense 10,306 9,845 4.7
Net income 8,383 7,011 19.6
Common stock data:
------------------
Net income per share - diluted $0.50 $0.42 19.0%
Net income per share - basic 0.50 0.43 16.3
Cash dividends per share 0.10 0.08 25.0
Book value per share 8.97 7.36 21.9
Diluted shares outstanding
(thousands) 16,793 16,694
End of period shares outstanding
(thousands) 16,665 16,494
Balance sheet data at period end:
---------------------------------
Total assets $2,134,882 $1,726,840 23.6%
Total loans and leases 1,370,723 1,134,591 20.8
Allowance for loan and lease losses 17,007 16,133 5.4
Total investment securities 574,120 434,512 32.1
Goodwill 5,243 5,243 -
Other intangibles - net of
amortization 1,159 1,421 (18.4)
Total deposits 1,591,643 1,379,930 15.3
Repurchase agreements with customers 35,671 33,223 7.4
Other borrowings 304,865 144,065 111.6
Subordinated debentures 44,331 44,331 -
Stockholders' equity 149,403 121,406 23.1
Loan and lease to deposit ratio 86.12% 82.22%
Selected ratios:
----------------
Return on average assets (a) 1.60% 1.66%
Return on average stockholders'
equity (a) 23.02 23.58
Average equity to total average assets 6.96 7.04
Net interest margin - FTE (a) 4.02 4.34
Overhead ratio (a) 1.97 2.33
Efficiency ratio 42.93 46.50
Allowance for loan and lease losses to
total loans and leases 1.24 1.42
Nonperforming loans and leases to
total loans and leases 0.25 0.57
Nonperforming assets to total assets 0.18 0.39
Net charge-offs to average loans and
leases (a) 0.12 0.09
Other information:
------------------
Non-accrual loans and leases $ 3,385 $ 6,497
Accruing loans and leases - 90 days
past due - -
ORE and repossessions 356 157
(a) Ratios for interim periods annualized based on actual days
Years Ended
December 31,
-------------------------------
2005 2004 % Change
---------- ---------- --------
Income statement data:
----------------------
Net interest income $ 68,576 $ 60,623 13.1%
Provision for loan and lease losses 2,300 3,330 (30.9)
Non-interest income 19,252 18,225 5.6
Non-interest expense 40,080 37,605 6.6
Net income 31,489 25,883 21.7
Common stock data:
------------------
Net income per share - diluted $ 1.88 $ 1.56 20.5%
Net income per share - basic 1.89 1.58 19.6
Cash dividends per share 0.37 0.30 23.3
Book value per share 8.97 7.36 21.9
Diluted shares outstanding
(thousands) 16,766 16,635
End of period shares outstanding
(thousands) 16,665 16,494
Balance sheet data at period end:
---------------------------------
Total assets $2,134,882 $1,726,840 23.6%
Total loans and leases 1,370,723 1,134,591 20.8
Allowance for loan and lease losses 17,007 16,133 5.4
Total investment securities 574,120 434,512 32.1
Goodwill 5,243 5,243 -
Other intangibles - net of
amortization 1,159 1,421 (18.4)
Total deposits 1,591,643 1,379,930 15.3
Repurchase agreements with customers 35,671 33,223 7.4
Other borrowings 304,865 144,065 111.6
Subordinated debentures 44,331 44,331 -
Stockholders' equity 149,403 121,406 23.1
Loan and lease to deposit ratio 86.12% 82.22%
Selected ratios:
----------------
Return on average assets (a) 1.65% 1.67%
Return on average stockholders'
equity (a) 22.95 23.87
Average equity to total average
assets 7.17 7.01
Net interest margin - FTE (a) 4.18 4.43
Overhead ratio (a) 2.10 2.43
Efficiency ratio 43.43 46.23
Allowance for loan and lease losses
to total loans and leases 1.24 1.42
Nonperforming loans and leases to
total loans and leases 0.25 0.57
Nonperforming assets to total assets 0.18 0.39
Net charge-offs to average loans and
leases (a) 0.11 0.10
Other information:
------------------
Non-accrual loans and leases $ 3,385 $ 6,497
Accruing loans and leases - 90 days
past due - -
ORE and repossessions 356 157
(a) Ratios for interim periods annualized based on actual days
Bank of the Ozarks, Inc.
Supplemental Quarterly Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
3/31/04 6/30/04 9/30/04 12/31/04
------- ------- ------- --------
Earnings Summary:
-----------------
Net interest income $13,919 $14,721 $15,908 $16,075
Federal tax (FTE) adjustment 591 582 625 702
------- ------- ------- -------
Net interest income (FTE) 14,510 15,303 16,533 16,777
Loan and lease loss provision (745) (1,045) (1,040) (500)
Non-interest income 3,993 5,204 4,631 4,397
Non-interest expense (8,384) (9,610) (9,766) (9,845)
------- ------- ------- -------
Pretax income (FTE) 9,374 9,852 10,358 10,829
FTE adjustment (591) (582) (625) (702)
Provision for taxes (2,818) (3,010) (3,086) (3,116)
------- ------- ------- -------
Net income $ 5,965 $ 6,260 $ 6,647 $ 7,011
======= ======= ======= =======
Earnings per share - diluted $ 0.36 $ 0.38 $ 0.40 $ 0.42
Non-interest Income:
--------------------
Trust income $ 301 $ 358 $ 390 $ 427
Service charges on deposit
accounts 2,107 2,441 2,520 2,411
Mortgage lending income 815 985 863 629
Gains (losses) on sales of assets 100 20 108 13
Investment security gains
(losses) - 752 22 -
Bank owned life insurance income 253 254 258 448
Other 417 394 470 469
------- ------- ------- -------
Total non-interest income $ 3,993 $ 5,204 $ 4,631 $ 4,397
Non-interest Expense:
---------------------
Salaries and employee benefits $ 4,901 $ 5,023 $ 5,550 $ 5,358
Net occupancy expense 1,213 1,254 1,286 1,436
Write-off of deferred debt costs - 852 - -
Other operating expenses 2,208 2,416 2,865 2,985
Amortization of intangibles 62 65 65 66
------- ------- ------- -------
Total non-interest expense $ 8,384 $ 9,610 $ 9,766 $ 9,845
Allowance for Loan and
Lease Losses:
-----------------------
Balance beginning of period $13,820 $14,460 $15,113 $15,888
Net charge-offs (105) (392) (265) (255)
Loan and lease loss provision 745 1,045 1,040 500
------- ------- ------- -------
Balance at end of period $14,460 $15,113 $15,888 $16,133
Selected Ratios:
----------------
Net interest margin - FTE (a) 4.48% 4.43% 4.47% 4.34%
Overhead expense ratio (a) 2.39 2.57 2.44 2.33
Efficiency ratio 45.31 46.86 46.14 46.50
Nonperforming loans and
leases/total loans and leases 0.36 0.25 0.27 0.57
Nonperforming assets/total
assets 0.28 0.21 0.23 0.39
Loans and leases past due 30
days or more, including past
due non-accrual loans and
leases, to total loans and
leases 0.46 0.44 0.46 0.76
(a) Annualized
3/31/05 6/30/05 9/30/05 12/31/05
------- ------- ------- --------
Earnings Summary:
-----------------
Net interest income $16,459 $16,811 $17,460 $17,845
Federal tax (FTE) adjustment 767 1,095 1,247 1,357
------- ------- ------- -------
Net interest income (FTE) 17,226 17,906 18,707 19,202
Loan and lease loss provision (500) (500) (800) (500)
Non-interest income 4,371 4,913 5,164 4,804
Non-interest expense (9,495) (10,008) (10,270) (10,306)
------- ------- ------- -------
Pretax income (FTE) 11,602 12,311 12,801 13,200
FTE adjustment (767) (1,095) (1,247) (1,357)
Provision for taxes (3,513) (3,503) (3,483) (3,460)
------- ------- ------- -------
Net income $ 7,322 $ 7,713 $ 8,071 $ 8,383
======= ======= ======= =======
Earnings per share - diluted $ 0.44 $ 0.46 $ 0.48 $ 0.50
Non-interest Income:
--------------------
Trust income $ 389 $ 394 $ 448 $ 442
Service charges on deposit
accounts 2,204 2,564 2,570 2,537
Mortgage lending income 671 712 888 763
Gains (losses) on sales of assets 131 335 33 68
Investment security gains
(losses) - - 211 3
Bank owned life insurance income 449 455 465 446
Other 527 453 549 545
------- ------- ------- -------
Total non-interest income $ 4,371 $ 4,913 $ 5,164 $ 4,804
Non-interest Expense:
---------------------
Salaries and employee benefits $ 5,445 $ 5,866 $ 6,221 $ 5,945
Net occupancy expense 1,447 1,502 1,632 1,673
Write-off of deferred debt costs - - - -
Other operating expenses 2,538 2,574 2,351 2,622
Amortization of intangibles 65 66 66 66
------- ------- ------- -------
Total non-interest expense $ 9,495 $10,008 $10,270 $10,306
Allowance for Loan and
Lease Losses:
----------------------
Balance beginning of period $16,133 $16,437 $16,745 $16,915
Net charge-offs (196) (192) (630) (408)
Loan and lease loss provision 500 500 800 500
------- ------- ------- -------
Balance at end of period $16,437 $16,745 $16,915 $17,007
Selected Ratios:
----------------
Net interest margin - FTE (a) 4.33% 4.22% 4.19% 4.02%
Overhead expense ratio (a) 2.18 2.15 2.10 1.97
Efficiency ratio 43.96 43.86 43.02 42.93
Nonperforming loans and
leases/total loans and leases 0.36 0.26 0.18 0.25
Nonperforming assets/total assets 0.39 0.21 0.13 0.18
Loans and leases past due 30 days
or more, including past due non-
accrual loans and leases, to
total loans and leases 0.49 0.45 0.38 0.39
(a) Annualized
Bank of the Ozarks, Inc.
Average Consolidated Balance Sheet and Net Interest Analysis
(Dollars in Thousands)
Unaudited
Quarter Ended
December 31, 2005
--------------------------
Average Income/ Yield/
Balance Expense Rate
---------- ------- ------
ASSETS
Earnings assets:
Interest earning deposits and
federal funds sold $ 229 $ 2 3.38%
Investment securities:
Taxable 325,563 4,354 5.31
Tax-exempt - FTE 219,574 3,797 6.86
Loans and leases - FTE 1,351,662 25,250 7.41
---------- -------
Total earnings assets 1,897,028 33,403 6.99
Non-earning assets 178,804
----------
Total assets $2,075,832
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction $ 497,866 $ 2,284 1.82%
Time deposits of $100,000 or more 582,319 5,266 3.59
Other time deposits 311,895 2,370 3.01
---------- --------
Total interest bearing deposits 1,392,080 9,920 2.83
Repurchase agreements with customers 26,413 141 2.11
Other borrowings 315,003 3,376 4.25
Subordinated debentures 44,331 764 6.84
---------- --------
Total interest bearing liabilities 1,777,827 14,201 3.17
Non-interest bearing liabilities:
Non-interest bearing deposits 144,021
Other non-interest bearing liabilities 9,468
----------
Total liabilities 1,931,316
Stockholders' equity 144,516
----------
Total liabilities and stockholders'
equity $2,075,832
==========
Interest rate spread - FTE 3.82%
--------
Net interest income - FTE $ 19,202
========
Net interest margin - FTE 4.02%
Year Ended
December 31, 2005
--------------------------
Average Income/ Yield/
Balance Expense Rate
---------- ------- ------
ASSETS
Earnings assets:
Interest earning deposits and
federal funds sold $ 332 $ 11 3.44%
Investment securities:
Taxable 319,234 16,998 5.32
Tax-exempt - FTE 181,386 12,468 6.87
Loans and leases - FTE 1,245,779 87,869 7.05
---------- --------
Total earnings assets 1,746,731 117,346 6.72
Non-earning assets 166,230
----------
Total assets $1,912,961
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction $ 466,609 $ 7,041 1.51%
Time deposits of $100,000 or more 542,378 16,265 3.00
Other time deposits 299,104 8,008 2.68
---------- --------
Total interest bearing deposits 1,308,091 31,314 2.39
Repurchase agreements with customers 26,620 450 1.69
Other borrowings 251,589 9,848 3.91
Subordinated debentures 44,331 2,693 6.08
---------- --------
Total interest bearing liabilities 1,630,631 44,305 2.72
Non-interest bearing liabilities:
Non-interest bearing deposits 138,072
Other non-interest bearing liabilities 7,073
----------
Total liabilities 1,775,776
Stockholders' equity 137,185
----------
Total liabilities and stockholders'
equity $1,912,961
==========
Interest rate spread - FTE 4.00%
--------
Net interest income - FTE $ 73,041
========
Net interest margin - FTE 4.18%
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