Bank of the Ozarks, Inc. Announces Second Quarter 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 that net income for the quarter ended June June: see month. 30, 2006 was $7,931,000, a 2.8% increase over net income of $7,713,000 for the second quarter of 2005, but down from $8,397,000 for the first quarter of 2006. 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 $0.47 for the second quarter of 2006, an increase of 2.2% from $0.46 in the second quarter of 2005, but down from $0.50 for the first quarter of 2006. For the six months ended June 30, 2006, net income totaled $16,328,000, an 8.6% increase over net income of $15,035,000 for the first six months of 2005. Diluted earnings per share for the first six months of 2006 were $0.97, compared to $0.90 for the first six months of 2005, an increase of 7.8% The Company's 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 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 the second quarter of 2006 were 1.37% and 21.13%, respectively, compared with 1.66% and 23.07%, respectively, for the second quarter of 2005. Annualized returns on average assets and average stockholders' equity for the six months ended June 30, 2006 were 1.46% and 21.72%, respectively, compared with 1.67% and 23.37%, respectively, for the six months ended June 30, 2005. Loans and leases were $1.55 billion at June 30, 2006 compared to $1.22 billion at June 30, 2005, an increase of 27.2%. Second quarter 2006 loan and lease growth totaled $130 million and was the Company's largest ever quarterly loan and lease growth. Deposits were $1.82 billion at June 30, 2006 compared to $1.47 billion at June 30, 2005, an increase of 24.0%. Total assets were $2.42 billion at June 30, 2006, a 27.2% increase from $1.90 billion at June 30, 2005. Stockholders' equity was $150 million at June 30, 2006 compared to $140 million at June 30, 2005, an increase of 7.1%. Book value per share was $8.95 at June 30, 2006 compared to $8.40 at June 30, 2005, a 6.5% increase, but down from $9.15 at March 31, 2006. Changes in stockholders' equity and book value per share reflect earnings, dividends paid, exercise of stock options and changes in unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. and losses on investment securities available for sale. The Company's ratio of common equity to assets was 6.18% as of June 30, 2006 compared to 7.34% as of June 30, 2005, 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 5.94% as of June 30, 2006 compared to 7.03% as of June 30, 2005. 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, "During the second quarter we continued to pursue previously announced initiatives as part of our plans for 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. growth. These initiatives have resulted in increases in both overhead and interest expense in 2006, but they have also resulted in strong growth in loans, leases and deposits and contributed to our achievement of record net interest and service charge income and good growth in trust and mortgage income in the second quarter. While the cost of these initiatives has impacted 2006 earnings, we believe they will result in meaningful future balance sheet and income growth." NET INTEREST INCOME Net interest income for the second quarter of 2006 increased 7.0% to a record $17,985,000 compared to $16,811,000 for the second quarter of 2005. Net interest margin, on a fully taxable equivalent basis, was 3.61% in the second quarter of 2006, a decrease of 61 basis points from 4.22% in the second quarter of 2005 and a decrease of 23 basis points from the first quarter of 2006. Net interest income for the six months ended June 30, 2006 increased 6.5% to $35,423,000 compared to $33,271,000 for the six months ended June 30, 2005. The Company's net interest margin for the first half of 2006 was 3.72%, a decrease of 56 basis points from 4.28% in the first half of 2005. Mr. Gleason stated, "As expected, second quarter 2006 net interest income was a record as strong 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 , primarily loans and leases, more than offset our decline in net interest margin. The 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. 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 rates, a challenging competitive environment for pricing both loans and deposits and our early 2006 decision to more aggressively price a number of deposit products contributed to the decline in net interest margin. Our move to more aggressive pricing in 2006, in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of an already challenging margin environment, has put pressure on earnings. However, we believe the additions of new customers we have achieved and expect to achieve will justify our decision." NON-INTEREST INCOME Non-interest income for the second quarter of 2006 was $4,954,000 compared with $4,913,000 for the second quarter of 2005, a 0.8% increase. Non-interest income for the six months ended June 30, 2006 was $11,118,000 compared to $9,284,000 for the six months ended June 30, 2005, a 19.8% increase. Second quarter 2006 income from service charges on deposit accounts was a record $2,587,000, an increase of 0.9% from $2,564,000 in the second quarter of 2005. Mortgage lending income increased 9.4% to $779,000 in the second quarter of 2006 compared to $712,000 in the second quarter of 2005. Trust income for the quarter just ended was $478,000, an increase of 21.3% from $394,000 in the second quarter of 2005. Net gains from sales of investment securities and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. were $38,000 in the second quarter of 2006 compared to $335,000 in the second quarter of 2005. NON-INTEREST EXPENSE Non-interest expense for the second quarter of 2006 was $11,017,000 compared with $10,008,000 for the second quarter of 2005, an increase of 10.1%, but down slightly from $11,160,000 in the first quarter of 2006. The Company's efficiency ratio for the quarter ended June 30, 2006 was 45.8% compared to 43.9% for the second quarter of 2005. Non-interest expense for the first six months of 2006 was $22,177,000 compared with $19,504,000 for the first six months of 2005, an increase of 13.7%. The Company's efficiency ratio for the first six months of 2006 was 45.2% compared to 43.9% for the first six months of 2005. During the first half of 2006, the Company opened three new banking offices including its new Northwest Division Two of North America's major professional sports leagues contain a Northwest Division.
the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time financial and competitive position we presently enjoy and the talent now available to us, we believe it is in the best long-term interests of our shareholders to aggressively pursue a number of initiatives intended to contribute to our future growth and expansion." The Company expects to continue its 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. Including the three offices opened in the first half of 2006, it currently plans to open a total of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 12 new banking offices in 2006. While adding these offices will increase 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 0.18% as of June 30, 2006 matching the Company's record for this ratio. This compares to 0.26% as of June 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 0.13% as of June 30, 2006 also matching the Company's record for this ratio. This compares to 0.21% as of June 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 0.45% at both June 30, 2006 and June 30, 2005. The Company's annualized 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 the second quarter of 2006 was 0.09% compared to 0.06% for the second quarter of 2005. The Company's annualized net charge-off ratio was 0.09% for the first six months of 2006 compared to 0.07% for the first six months of 2005. The Company's allowance for loan and lease losses increased to $17.3 million at June 30, 2006, or 1.12% of total loans and leases, from $16.7 million, or 1.37% of total loans and leases, at June 30, 2005. The increase in the allowance for loan and lease losses since June 30, 2005 is a result of the growth in the Company's loan and lease portfolio. As of June 30, 2006, the Company's allowance for loan and lease losses equaled 623% of its total nonperforming loans and leases. GROWTH AND EXPANSION The three offices opened in the first half of 2006 and the approximately nine additional offices the Company expects to add in 2006 are intended to give the Company a presence in four important new markets. By 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. 2006 the Company expects to grow from its present four offices to eight banking offices in 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 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 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. , the state's second and third largest counties in terms of bank deposits and among the state's fastest growing counties. In addition to the initial Hot Springs office opened in the first quarter, during 2006 the Company expects to open a second office 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. The Company 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 open its first permanent 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. . 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. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT (11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , July July: see month. 14, 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, including expectations for opening new offices, balance sheet and income growth, addition of new customers, and growth in deposits, loans and leases. 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, loans and leases, delays in identifying and acquiring satisfactory sites and building 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 section and the description of certain Risk Factors contained in the Company's 2005 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 Global Select Market under the symbol "OZRK". The Company owns a state-chartered subsidiary bank that conducts banking operations through 56 offices in 31 communities throughout northern, western and central Arkansas, three Texas banking offices, and loan production offices in 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
June 30,
-----------------------------------
2006 2005 % Change
---------- ---------- ----------
Income statement data:
-----------------------------------
Net interest income $ 17,985 $ 16,811 7.0%
Provision for loan and lease
losses 500 500 -
Non-interest income 4,954 4,913 0.8
Non-interest expense 11,017 10,008 10.1
Net income 7,931 7,713 2.8
Common stock data:
-----------------------------------
Net income per share - diluted $ 0.47 $ 0.46 2.2%
Net income per share - basic 0.47 0.46 2.2
Cash dividends per share 0.10 0.09 11.1
Book value per share 8.95 8.40 6.5
Diluted shares outstanding
(thousands) 16,808 16,770
End of period shares outstanding
(thousands) 16,718 16,639
Balance sheet data at period end:
-----------------------------------
Total assets $2,420,597 $1,902,603 27.2%
Total loans and leases 1,553,893 1,221,840 27.2
Allowance for loan and lease
losses 17,332 16,745 3.5
Total investment securities 655,631 506,058 29.6
Goodwill 5,243 5,243 -
Other intangibles - net of
amortization 1,028 1,290 (20.3)
Total deposits 1,818,628 1,466,541 24.0
Repurchase agreements with
customers 55,230 24,306 127.2
Other borrowings 342,027 219,031 56.2
Subordinated debentures 44,331 44,331 -
Stockholders' equity 149,610 139,746 7.1
Loan and lease to deposit ratio 85.44% 83.31%
Selected ratios:
-----------------------------------
Return on average assets (a) 1.37% 1.66%
Return on average stockholders'
equity (a) 21.13 23.07
Average equity to total average
assets 6.47 7.19
Net interest margin - FTE (a) 3.61 4.22
Overhead ratio (a) 1.90 2.15
Efficiency ratio 45.77 43.86
Allowance for loan and lease
losses to total loans and leases 1.12 1.37
Nonperforming loans and leases to
total loans and leases 0.18 0.26
Nonperforming assets to total
assets 0.13 0.21
Net charge-offs to average loans
and leases (a) 0.09 0.06
Other information:
-----------------------------------
Non-accrual loans and leases $ 2,784 $ 3,180
Accruing loans and leases - 90
days past due - -
ORE and repossessions 391 727
Six Months Ended
June 30,
----------------------------------
2006 2005 % Change
---------- ---------- ----------
Income statement data:
-----------------------------------
Net interest income $ 35,423 $ 33,271 6.5%
Provision for loan and lease
losses 1,000 1,000 -
Non-interest income 11,118 9,284 19.8
Non-interest expense 22,177 19,504 13.7
Net income 16,328 15,035 8.6
Common stock data:
-----------------------------------
Net income per share - diluted $ 0.97 $ 0.90 7.8%
Net income per share - basic 0.98 0.90 8.9
Cash dividends per share 0.20 0.17 17.6
Book value per share 8.95 8.40 6.5
Diluted shares outstanding
(thousands) 16,802 16,752
End of period shares outstanding
(thousands) 16,718 16,639
Balance sheet data at period end:
-----------------------------------
Total assets $2,420,597 $1,902,603 27.2%
Total loans and leases 1,553,893 1,221,840 27.2
Allowance for loan and lease
losses 17,332 16,745 3.5
Total investment securities 655,631 506,058 29.6
Goodwill 5,243 5,243 -
Other intangibles - net of
amortization 1,028 1,290 (20.3)
Total deposits 1,818,628 1,466,541 24.0
Repurchase agreements with
customers 55,230 24,306 127.2
Other borrowings 342,027 219,031 56.2
Subordinated debentures 44,331 44,331 -
Stockholders' equity 149,610 139,746 7.1
Loan and lease to deposit ratio 85.44% 83.31%
Selected ratios:
-----------------------------------
Return on average assets (a) 1.46% 1.67%
Return on average stockholders'
equity (a) 21.72 23.37
Average equity to total average
assets 6.74 7.15
Net interest margin - FTE (a) 3.72 4.28
Overhead ratio (a) 1.99 2.17
Efficiency ratio 45.23 43.91
Allowance for loan and lease
losses to total loans and leases 1.12 1.37
Nonperforming loans and leases to
total loans and leases 0.18 0.26
Nonperforming assets to total
assets 0.13 0.21
Net charge-offs to average loans
and leases (a) 0.09 0.07
Other information:
-----------------------------------
Non-accrual loans and leases $ 2,784 $ 3,180
Accruing loans and leases - 90
days past due - -
ORE and repossessions 391 727
(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
9/30/04 12/31/04 3/31/05 6/30/05
--------- ----------- -------- --------
Earnings Summary:
------------------------------
Net interest income $ 15,908 $ 16,075 $ 16,459 $ 16,811
Federal tax (FTE) adjustment 625 702 767 1,095
--------- ----------- -------- --------
Net interest income (FTE) 16,533 16,777 17,226 17,906
Loan and lease loss provision (1,040) (500) (500) (500)
Non-interest income 4,631 4,397 4,371 4,913
Non-interest expense (9,766) (9,845) (9,495) (10,008)
--------- ----------- -------- --------
Pretax income (FTE) 10,358 10,829 11,602 12,311
FTE adjustment (625) (702) (767) (1,095)
Provision for taxes (3,086) (3,116) (3,513) (3,503)
--------- ----------- -------- --------
Net income $ 6,647 $ 7,011 $ 7,322 $ 7,713
========= =========== ======== ========
Earnings per share - diluted $ 0.40 $ 0.42 $ 0.44 $ 0.46
Non-interest Income:
------------------------------
Service charges on deposit
accounts $ 2,520 $ 2,411 $ 2,204 $ 2,564
Mortgage lending income 863 629 671 712
Trust income 390 427 389 394
Bank owned life insurance
income 258 448 449 455
Gains (losses) on sales of
assets 108 13 131 335
Investment security gains
(losses) 22 - - -
Other 470 469 527 453
--------- ----------- -------- --------
Total non-interest income $ 4,631 $ 4,397 $ 4,371 $ 4,913
Non-interest Expense:
------------------------------
Salaries and employee
benefits $ 5,550 $ 5,358 $ 5,445 $ 5,866
Net occupancy expense 1,286 1,436 1,447 1,502
Other operating expenses 2,865 2,985 2,538 2,574
Amortization of intangibles 65 66 65 66
--------- ----------- -------- --------
Total non-interest expense $ 9,766 $ 9,845 $ 9,495 $ 10,008
Allowance for Loan and Lease
Losses:
------------------------------
Balance beginning of period $ 15,113 $ 15,888 $ 16,133 $ 16,437
Net charge-offs (265) (255) (196) (192)
Loan and lease loss provision 1,040 500 500 500
--------- ----------- -------- --------
Balance at end of period $ 15,888 $ 16,133 $ 16,437 $ 16,745
Selected Ratios:
------------------------------
Net interest margin - FTE (b) 4.47% 4.34% 4.33% 4.22%
Overhead expense ratio (b) 2.44 2.33 2.18 2.15
Efficiency ratio 46.14 46.50 43.96 43.86
Nonperforming loans and
leases/total loans and
leases 0.27 0.57 0.36 0.26
Nonperforming assets/total
assets 0.23 0.39 0.39 0.21
Loans and leases past due 30
days or more, including past
due non-accrual loans and
leases, to total loans and
leases 0.46 0.76 0.49 0.45
9/30/05 12/31/05 3/31/06 6/30/06
--------- ---------- -------- --------
Earnings Summary:
------------------------------
Net interest income $ 17,460 $ 17,845 $ 17,438 $ 17,985
Federal tax (FTE) adjustment 1,247 1,357 1,357 1,130
--------- ---------- -------- --------
Net interest income (FTE) 18,707 19,202 18,795 19,115
Loan and lease loss provision (800) (500) (500) (500)
Non-interest income 5,164 4,804 6,164 4,954
Non-interest expense (10,270) (10,306) (11,160) (11,017)
--------- ---------- -------- --------
Pretax income (FTE) 12,801 13,200 13,299 12,552
FTE adjustment (1,247) (1,357) (1,357) (1,130)
Provision for taxes (3,483) (3,460) (3,545) (3,491)
--------- ---------- -------- --------
Net income $ 8,071 $ 8,383 $ 8,397 $ 7,931
========= ========== ======== ========
Earnings per share - diluted $ 0.48 $ 0.50 $ 0.50 $ 0.47
Non-interest Income:
------------------------------
Service charges on deposit
accounts $ 2,570 $ 2,537 $ 2,322 $ 2,587
Mortgage lending income 888 763 603 779
Trust income 448 442 433 478
Bank owned life insurance
income 465 446 443 455
Gains (losses) on sales of
assets 33 68 2 11
Investment security gains
(losses) 211 3 1,831 27
Other 549 545 530 617
--------- ---------- -------- --------
Total non-interest income $ 5,164 $ 4,804 $ 6,164 $ 4,954
Non-interest Expense:
------------------------------
Salaries and employee
benefits $ 6,221 $ 5,945 $ 6,584 $ 6,569
Net occupancy expense 1,632 1,673 1,660 1,738
Other operating expenses 2,351 2,622 2,850 2,644
Amortization of intangibles 66 66 66 66
--------- ---------- -------- --------
Total non-interest expense $ 10,270 $ 10,306 $ 11,160 $ 11,017
Allowance for Loan and Lease
Losses:
------------------------------
Balance beginning of period $ 16,745 $ 16,915 $ 17,007 $ 17,175
Net charge-offs (630) (408) (332) (343)
Loan and lease loss provision 800 500 500 500
--------- ---------- -------- --------
Balance at end of period $ 16,915 $ 17,007 $ 17,175 $ 17,332
Selected Ratios:
------------------------------
Net interest margin - FTE (b) 4.19% 4.02% 3.84% 3.61%
Overhead expense ratio (b) 2.10 1.97 2.08 1.90
Efficiency ratio 43.02 42.93 44.71 45.77
Nonperforming loans and
leases/total loans and
leases 0.18 0.25 0.24 0.18
Nonperforming assets/total
assets 0.13 0.18 0.17 0.13
Loans and leases past due 30
days or more, including past
due non-accrual loans and
leases, to total loans and
leases 0.38 0.39 0.63 0.45
(b) Annualized
Bank of the Ozarks, Inc.
Average Consolidated Balance Sheet and Net Interest Analysis
(Dollars in Thousands)
Unaudited
Quarter Ended
June 30, 2006
-----------------------------------
Average Income/ Yield/
Balance Expense Rate
-----------------------------------
ASSETS
Earnings assets:
Interest earning deposits and
federal funds sold $ 225 $ 2 2.99%
Investment securities:
Taxable 456,441 6,382 5.61
Tax-exempt - FTE 180,401 3,170 7.05
Loans and leases - FTE 1,484,649 29,430 7.95
---------- -------
Total earnings assets 2,121,716 38,984 7.37
Non-earning assets 205,022
----------
Total assets $2,326,738
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing
transaction $ 543,036 $ 3,579 2.64%
Time deposits of $100,000 or more 704,744 7,813 4.45
Other time deposits 378,558 3,648 3.86
---------- -------
Total interest bearing deposits 1,626,338 15,040 3.71
Repurchase agreements with
customers 38,118 306 3.22
Other borrowings 300,946 3,664 4.88
Subordinated debentures 44,331 859 7.77
---------- -------
Total interest bearing
liabilities 2,009,733 19,869 3.97
Non-interest bearing liabilities:
Non-interest bearing deposits 156,608
Other non-interest bearing
liabilities 9,867
----------
Total liabilities 2,176,208
Stockholders' equity 150,530
----------
Total liabilities and
stockholders' equity $2,326,738
==========
Interest rate spread - FTE 3.40%
-------
Net interest income - FTE $19,115
=======
Net interest margin - FTE 3.61%
Six Months Ended
June 30, 2006
------------------------------------
Average Income/ Yield/
Balance Expense Rate
-----------------------------------
ASSETS
Earnings assets:
Interest earning deposits and
federal funds sold $ 232 $ 3 2.84%
Investment securities:
Taxable 418,888 11,518 5.54
Tax-exempt - FTE 199,833 6,979 7.04
Loans and leases - FTE 1,433,912 55,622 7.82
---------- -------
Total earnings assets 2,052,865 74,122 7.28
Non-earning assets 196,838
----------
Total assets $2,249,703
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing
transaction $ 522,332 $ 6,295 2.43%
Time deposits of $100,000 or more 678,924 14,245 4.23
Other time deposits 356,026 6,372 3.61
---------- -------
Total interest bearing deposits 1,557,282 26,912 3.48
Repurchase agreements with
customers 36,142 544 3.03
Other borrowings 300,458 7,099 4.76
Subordinated debentures 44,331 1,658 7.54
---------- -------
Total interest bearing
liabilities 1,938,213 36,213 3.77
Non-interest bearing liabilities:
Non-interest bearing deposits 150,924
Other non-interest bearing
liabilities 9,002
----------
Total liabilities 2,098,139
Stockholders' equity 151,564
----------
Total liabilities and
stockholders' equity $2,249,703
==========
Interest rate spread - FTE 3.51%
-------
Net interest income - FTE $37,909
=======
Net interest margin - FTE 3.72%
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion