Bank of the Ozarks, Inc. : Announces Record 2011 Earnings
01/17/2012| 06:05pm US/Eastern
Recommend:
0
Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income
for 2011 was a record $101.3 million, a 58.3% increase from $64.0
million for 2010. The Company has now achieved record net income in
eleven consecutive years. Diluted earnings per common share for 2011
were a record $2.94, an increase of 56.4% from $1.88 for 2010.
For the fourth quarter of 2011, net income was $17.6 million, an
increase of 3.8% from $16.9 million for the fourth quarter of 2010.
Diluted earnings per common share for the fourth quarter of 2011 were
$0.51, an increase of 4.1% from $0.49 for the fourth quarter of 2010.
The Company's results for the full year of 2011 included gains
recognized on a total of three Federal Deposit Insurance Corporation
("FDIC") assisted acquisitions, two in the second quarter and one in the
first quarter. After taxes, gains on these three acquisitions, net of
acquisition and conversion costs, contributed approximately $36.1
million to net income for 2011, or approximately $1.05 to diluted
earnings per common share. For the full year of 2010, the Company's
results included gains recognized on four FDIC-assisted acquisitions
which, net of acquisition and conversion costs, contributed
approximately $19.0 million after taxes to net income, or approximately
$0.56 to diluted earnings per common share.
The Company made no FDIC-assisted acquisitions during the fourth quarter
of 2011, but its results for the quarter included after-tax costs of
approximately $0.47 million, or $0.01 per diluted common share, related
to finalizing systems conversions and other matters for previous
acquisitions. Results for the fourth quarter of 2010 included the
effects of one FDIC-assisted acquisition which, net of acquisition and
conversion costs, contributed approximately $4.6 million after taxes to
net income, or approximately $0.13 to diluted earnings per common share.
On August 16, 2011 the Company completed a 2-for-1 stock split, in the
form of a stock dividend, effected by issuing one share of common stock
for each share of such stock outstanding on August 5, 2011. All share
and per share information contained in this release has been adjusted to
give effect to this stock split.
The Company's returns on average assets and average common stockholders'
equity for 2011 were 2.70% and 27.04%, respectively, compared to 2.13%
and 21.62%, respectively, for 2010. For the fourth quarter of 2011,
annualized returns on average assets and average common stockholders'
equity were 1.80% and 16.80%, respectively, compared to 2.12% and
21.16%, respectively, for the fourth quarter of 2010.
In commenting on these results, George Gleason, Chairman and Chief
Executive Officer, stated, "We are very pleased with our excellent
results for both the fourth quarter and the full year of 2011, which was
our eleventh consecutive year of record net income. Our results for both
the full year and the fourth quarter of 2011 included record net
interest income, our best net interest margin as a public company,
record income from service charges on deposit accounts and favorable
results for asset quality."
Loans and leases, excluding loans covered by FDIC loss share agreements
("covered loans"), were $1.89 billion at December 31, 2011, a 1.6%
increase from $1.86 billion at December 31, 2010. Including covered
loans, total loans and leases were $2.69 billion at December 31, 2011, a
14.8% increase from $2.35 billion at December 31, 2010.
Deposits were $2.94 billion at December 31, 2011, a 15.9% increase
compared to $2.54 billion at December 31, 2010.
Total assets were $3.84 billion at December 31, 2011, a 17.3% increase
from $3.27 billion at December 31, 2010.
Common stockholders' equity was $425 million at December 31, 2011, a
32.5% increase from $320 million at December 31, 2010. Book value per
common share was $12.32 at December 31, 2011, a 31.2% increase from
$9.39 at December 31, 2010. Changes in common stockholders' equity and
book value per common share reflect earnings, dividends paid, stock
option and stock grant transactions, and changes in the Company's
mark-to-market adjustment for unrealized gains and losses on investment
securities available for sale.
The Company's ratio of common stockholders' equity to total assets was
11.06% as of December 31, 2011 compared to 9.79% as of December 31,
2010. Its ratio of tangible common stockholders' equity to tangible
total assets was 10.77% as of December 31, 2011 compared to 9.57% as of
December 31, 2010.
NET INTEREST INCOME
Net interest income for 2011 increased 36.5% to a record $168.7 million
compared to $123.6 million for 2010. Net interest margin, on a fully
taxable equivalent ("FTE") basis, was 5.84% in 2011, a 66 basis point
increase from 5.18% in 2010. Average earning assets were $3.04 billion
in 2011, an 18.0% increase from $2.58 billion in 2010. The increase in
average earning assets in 2011 compared to 2010 was due primarily to a
$549 million increase in the average balance of covered loans, partially
offset by a $60 million decrease in the average balance of non-covered
loans and leases and a $25 million decrease in the average balance of
investment securities.
Net interest income for the fourth quarter of 2011 increased 35.0% to a
record $45.8 million, compared to $33.9 million for the fourth quarter
of 2010. Net interest margin, on a FTE basis, was 6.05% in the fourth
quarter of 2011, an increase of 70 basis points from 5.35% in the fourth
quarter of 2010. Average earning assets were $3.15 billion in the fourth
quarter of 2011, a 17.0% increase from $2.69 billion for the fourth
quarter of 2010. The increase in average earning assets in the fourth
quarter of 2011 compared to the fourth quarter of 2010 was primarily due
to a $429 million increase in the average balance of covered loans, a
$25 million increase in the average balance of investment securities and
a $5 million increase in the average balance of non-covered loans and
leases.
NON-INTEREST INCOME
Non-interest income for 2011 was $117.1 million, a 66.5% increase from
$70.3 million for 2010. Non-interest income for 2011 included total
pre-tax bargain purchase gains of $65.7 million on three FDIC-assisted
acquisitions. Non-interest income for 2010 included total pre-tax
bargain purchase gains of $35.0 million on four FDIC-assisted
acquisitions.
Non-interest income for the fourth quarter of 2011 was $13.0 million, a
30.5% decrease from $18.6 million for the fourth quarter of 2010. The
Company made no FDIC-assisted acquisitions and had no bargain purchase
gains in the fourth quarter of 2011. Non-interest income for the fourth
quarter of 2010 included a pre-tax bargain purchase gain of $8.9 million
on one FDIC-assisted acquisition.
Service charges on deposit accounts were a record $18.1 million in 2011,
an increase of 19.4% from $15.2 million in 2010. This was the Company's
third consecutive year of record income from service charges on deposit
accounts. For the fourth quarter of 2011, service charges on deposit
accounts were a record $4.94 million, an increase of 22.8% from $4.02
million in the fourth quarter of 2010. This was the Company's third
consecutive quarter of record income from service charges on deposit
accounts.
Mortgage lending income was $3.28 million in 2011, a decrease of 15.2%
from $3.86 million in 2010. Mortgage lending income was $1.15 million in
the fourth quarter of 2011, a decrease of 23.3% from $1.50 million in
the fourth quarter of 2010.
Trust income for 2011 was $3.21 million, a decrease of 5.9% from $3.41
million in 2010. For the fourth quarter of 2011, trust income was $0.81
million, an 8.7% decrease from $0.89 million in the fourth quarter of
2010.
Income from accretion of the Company's FDIC loss share receivable, net
of amortization of the Company's FDIC clawback payable, increased to
$10.14 million in 2011 compared to $2.43 million in 2010. For the fourth
quarter of 2011, income from accretion of the Company's FDIC loss share
receivable, net of amortization of the Company's FDIC clawback payable,
increased to $2.36 million compared to $1.25 million in the fourth
quarter of 2010. Other loss share income increased to $6.43 million in
2011 compared to $0.60 million in 2010. Other loss share income
increased to $1.50 million in the fourth quarter of 2011 compared to
$0.30 million in the fourth quarter of 2010. Income from these sources
increased in 2011 compared to 2010 primarily because the Company had
entered into seven FDIC-assisted acquisitions as of December 31, 2011
compared to four as of December 31, 2010.
Net gains on investment securities decreased to $0.93 million in 2011
compared to $4.54 million in 2010. Net losses on investment securities
were $0.06 million in the fourth quarter of 2011 compared to net gains
of $0.23 million in the fourth quarter of 2010.
Net gains on sales of other assets increased to $3.74 million in 2011
compared to $0.80 million in 2010. Net gains on sales of other assets
were $0.90 million in the fourth quarter of 2011 compared to $0.57
million in the fourth quarter of 2010. These annual and quarterly
increases in 2011 were primarily due to increased net gains on sales of
foreclosed real estate covered by FDIC loss share agreements.
NON-INTEREST EXPENSE
Non-interest expense for 2011 was $122.5 million compared to $87.4
million for 2010, an increase of 40.2%. Non-interest expense included
pre-tax acquisition and conversion costs related to FDIC-assisted
acquisitions of approximately $6.3 million in 2011 and approximately
$3.8 million in 2010. The Company's efficiency ratio for 2011 was 41.6%
compared to 42.9% for 2010.
Non-interest expense for the fourth quarter of 2011 was $29.3 million
compared to $25.3 million for the fourth quarter of 2010, an increase of
16.1%. Non-interest expense included pre-tax acquisition and conversion
costs related to FDIC-assisted acquisitions of approximately $0.8
million in the fourth quarter of 2011 and approximately $1.3 million in
the fourth quarter of 2010. The Company's efficiency ratio for the
fourth quarter of 2011 was 48.1% compared to 46.0% for the fourth
quarter of 2010.
In addition to acquisition and conversion costs, the increases in the
Company's non-interest expense for both 2011 and 2010 included expenses
attributable to the Company's addition of offices and personnel,
primarily through the FDIC-assisted acquisitions, extensive training
activities associated with the Company's acquired offices, increased
expenses for loan collection, repossessions and foreclosed real estate
related to the Company's acquired portfolios and ongoing due diligence
related to the Company's FDIC-assisted acquisition opportunities. The
Company had 111 offices and 1,084 full-time equivalent employees at
December 31, 2011 compared to 90 offices and 881 full-time equivalent
employees at December 31, 2010 and 73 offices and 722 full-time
equivalent employees at December 31, 2009.
ASSET QUALITY, CHARGE-OFFS AND ALLOWANCE
Loans, repossessions and foreclosed real estate covered by FDIC loss
share agreements, along with the related FDIC loss share receivable, are
presented in the Company's financial reports with a carrying value equal
to the net present value of expected future proceeds. At December 31,
2011, the carrying value of loans covered by loss share was $807
million, repossessions and foreclosed real estate covered by loss share
were $73 million and the FDIC loss share receivable was $278 million. At
December 31, 2010, the carrying value of loans covered by loss share was
$489 million, repossessions and foreclosed real estate covered by loss
share were $31 million and the FDIC loss share receivable was $158
million. The carrying values at December 31, 2010 have been adjusted to
reflect the Company's final valuations for assets acquired and
liabilities assumed from its four FDIC-assisted acquisitions in 2010. As
a result of the FDIC indemnification related to loans, repossessions and
foreclosed real estate covered by loss share and the net present value
method of valuing these assets, such assets are generally excluded from
the Company's computations of its asset quality ratios, except for their
inclusion in total assets or where otherwise indicated.
Excluding covered loans, nonperforming loans and leases as a percent of
total loans and leases decreased to 0.70% as of year-end 2011 compared
to 0.75% as of year-end 2010.
Excluding covered loans and repossessions and foreclosed other real
estate covered by FDIC loss share agreements, nonperforming assets as a
percent of total assets decreased to 1.17% as of year-end 2011 compared
to 1.72% as of year-end 2010.
Excluding covered loans, 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 decreased to 1.56% as of December 31, 2011,
compared to 2.02% as of year-end 2010.
The Company's net charge-offs decreased to $12.8 million for the full
year of 2011, compared to $15.4 million for 2010. The Company's net
charge-offs for the full year of 2011 included $12.5 million for
non-covered loans and leases and $0.3 million for covered loans. There
were no net charge-offs of covered loans in 2010. For the fourth quarter
of 2011, the Company's net charge-offs increased to $4.2 million,
compared to $4.1 million for the fourth quarter of 2010. The Company's
net charge-offs for the fourth quarter of 2011 included $3.9 million for
non-covered loans and leases and $0.3 million for covered loans.
The Company's net charge-off ratio for its non-covered loans and leases
was 0.69% for the full year of 2011, compared to 0.81% in 2010. The
Company's net charge-off ratio for all loans and leases, including both
covered and non-covered loans and leases, was 0.49% for the full year of
2011, compared to 0.73% for 2010. The Company's annualized net
charge-off ratio for its non-covered loans and leases was 0.84% for the
fourth quarter of 2011 compared to 0.87% for the fourth quarter of 2010.
The Company's annualized net charge-off ratio for all loans and leases
was 0.62% for the fourth quarter of 2011 compared to 0.72% for the
fourth quarter of 2010.
For the full year of 2011, the Company's provision for loan and lease
losses decreased to $11.8 million, including $11.5 million for
non-covered loans and leases and $0.3 million for covered loans,
compared to $16.0 million for non-covered loans and leases and no
provision for covered loans in 2010. For the fourth quarter of 2011, the
Company's provision for loan and lease losses increased to $4.3 million,
including $4.0 million for non-covered loans and leases and $0.3 million
for covered loans, compared to $4.1 million for non-covered loans and
leases and no provision for covered loans in the fourth quarter of 2010.
The Company's allowance for loan and lease losses was $39.2 million, or
2.08% of total non-covered loans and leases at December 31, 2011,
compared to $40.2 million, or 2.17% of total non-covered loans and
leases at December 31, 2010. The Company had no allowance for covered
loans at December 31, 2011 or 2010.
CONFERENCE CALL
Management will conduct a conference call to review announcements made
in this press release at 10:00 a.m. CST (11:00 a.m. EST) on Wednesday,
January 18, 2012. The call will be available live or in recorded version
on the Company's website www.bankozarks.com
under "Investor Relations" or interested parties calling from locations
within the United States and Canada may call the updated numbers of
1-800-967-7143 up to ten minutes prior to the beginning of the
conference and ask for the Bank of the Ozarks conference call. A
recorded playback of the entire call will be available on the Company's
website or by telephone by calling 1-888-203-1112 in the United States
and Canada or 719-457-0820 internationally. The passcode for this
telephone playback is 7604107. The telephone playback will be available
through January 26, 2012, and the website recording of the call will be
available for 12 months.
FORWARD LOOKING STATEMENTS
This release and other communications by the Company contain forward
looking statements regarding the Company's plans, expectations,
thoughts, beliefs, estimates, goals and outlook for the future. Actual
results may differ materially from those projected in such forward
looking statements due to, among other things, potential delays or other
problems implementing the Company's growth and expansion strategy
including delays in identifying satisfactory sites, hiring qualified
personnel, obtaining regulatory or other approvals, obtaining permits
and designing, constructing and opening new offices; the ability to
enter into additional FDIC-assisted acquisitions or problems with
integrating or managing acquisitions; opportunities to profitably deploy
capital; the ability to attract new deposits, loans, and leases or
retain deposits, loans and leases; the ability to generate future
revenue growth or to control future growth in non-interest expense;
interest rate fluctuations, including changes in the yield curve between
short-term and long-term interest rates; competitive factors and pricing
pressures, including their effect on the Company's net interest margin;
general economic, unemployment, credit market and real estate market
conditions, including their effect on the creditworthiness of borrowers
and lessees, collateral values, the value of investment securities and
asset recovery values, including the value of the FDIC loss share
receivable and related assets covered by FDIC loss share agreements;
changes in legal and regulatory requirements; recently enacted and
potential legislation and regulatory actions, including legislation and
regulatory actions intended to stabilize economic conditions and credit
markets, increase regulation of the financial services industry and
protect homeowners or consumers; changes in U.S. government monetary and
fiscal policy; adoption of new accounting standards or changes in
existing standards; and adverse results in current or future litigation
as well as other factors identified in this press release or in
Management's Discussion and Analysis under the caption "Forward Looking
Information" contained in the Company's 2010 Annual Report to
Stockholders and the most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission.
GENERAL INFORMATION
Bank of the Ozarks, Inc. common stock trades on the NASDAQ Global Select
Market under the symbol "OZRK". The Company owns a state-chartered
subsidiary bank that conducts banking operations through 112 offices,
including 66 Arkansas offices, 27 Georgia offices, 11 Texas offices,
four Florida offices, two North Carolina offices, and one office each in
South Carolina and Alabama. 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
Years Ended
December 31,
December 31,
2011
2010
% Change
2011
2010
% Change
Income statement data:
Net interest income
$
45,839
$
33,945
35.0
%
$
168,734
$
123,635
36.5
%
Provision for loan and lease losses
4,275
4,100
4.3
11,775
16,000
(26.4
)
Non-interest income
12,964
18,646
(30.5
)
117,083
70,322
66.5
Non-interest expense
29,339
25,274
16.1
122,531
87,419
40.2
Net income available to common stockholders
17,570
16,931
3.8
101,321
64,001
58.3
Common stock data:*
Net income per share - diluted
$
0.51
$
0.49
4.1
%
$
2.94
$
1.88
56.4
%
Net income per share - basic
0.51
0.49
4.1
2.96
1.89
56.6
Cash dividends per share
0.10
0.08
25.0
0.37
0.30
23.3
Book value per share
12.32
9.39
31.2
12.32
9.39
31.2
Diluted shares outstanding (thousands)
34,712
34,296
34,482
34,090
End of period shares outstanding (thousands)
34,464
34,107
34,464
34,107
Balance sheet data at period end:
Assets
$
3,839,987
$
3,273,271
17.3
%
$
3,839,987
$
3,273,271
17.3
%
Loans and leases not covered by loss share
1,885,282
1,856,429
1.6
1,885,282
1,856,429
1.6
Allowance for loan and lease losses
39,169
40,230
(2.6
)
39,169
40,230
(2.6
)
Loans covered by loss share
806,924
489,468
64.9
806,924
489,468
64.9
Foreclosed real estate covered by loss share
72,907
31,145
134.1
72,907
31,145
134.1
FDIC loss share receivable
278,263
158,137
76.0
278,263
158,137
76.0
Investment securities
438,910
398,698
10.1
438,910
398,698
10.1
Goodwill
5,243
5,243
-
5,243
5,243
-
Other intangibles - net of amortization
6,964
2,682
159.7
6,964
2,682
159.7
Deposits
2,943,919
2,540,753
15.9
2,943,919
2,540,753
15.9
Repurchase agreements with customers
32,810
43,324
(24.3
)
32,810
43,324
(24.3
)
Other borrowings
301,847
282,139
7.0
301,847
282,139
7.0
Subordinated debentures
64,950
64,950
-
64,950
64,950
-
Common stockholders' equity
424,551
320,355
32.5
424,551
320,355
32.5
Net unrealized gain (loss) on AFS investment securities included in
common stockholders' equity
9,327
(167
)
9,327
(167
)
Loan and lease including covered loans to deposit ratio
91.45
%
92.33
%
91.45
%
92.33
%
Selected ratios:
Return on average assets**
1.80
%
2.12
%
2.70
%
2.13
%
Return on average common stockholders' equity**
16.80
21.16
27.04
21.62
Average common equity to total average assets
10.70
10.02
9.98
9.87
Net interest margin - FTE**
6.05
5.35
5.84
5.18
Efficiency ratio
48.09
46.01
41.56
42.86
Net charge-offs to average loans and leases**(1)
0.84
0.87
0.69
0.81
Nonperforming loans and leases to total loans and leases(1)
0.70
0.75
0.70
0.75
Nonperforming assets to total assets(1)
1.17
1.72
1.17
1.72
Allowance for loan and lease losses to total loans and leases(1)
2.08
2.17
2.08
2.17
Other information:
Non-accrual loans and leases(1)
$
12,144
$
13,944
$
12,144
$
13,944
Accruing loans and leases - 90 days past due(1)
-
-
-
-
Troubled and restructured loans and leases(1)
1,000
-
1,000
-
ORE and repossessions(1)
31,762
42,216
31,762
42,216
Impaired covered loans
1,854
-
1,854
-
* Adjusted to give effect to 2-for-1 stock split effective August
16, 2011.
** Ratios for interim periods annualized based on actual days.
(1) Excludes loans, repossessions and/or foreclosed real estate
covered by FDIC loss share agreements, except for their inclusion in
total assets.
Bank of the Ozarks, Inc.
Supplemental Quarterly Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
3/31/10
6/30/10
9/30/10
12/31/10
3/31/11
6/30/11
9/30/11
12/31/11
Earnings Summary:
Net interest income
$
27,193
$
29,729
$
32,768
$
33,945
$
36,083
$
42,476
$
44,336
$
45,839
Federal tax (FTE) adjustment
2,649
2,554
2,447
2,341
2,318
2,235
2,256
2,210
Net interest income (FTE)
29,842
32,283
35,215
36,286
38,401
44,711
46,592
48,049
Provision for loan and lease losses
(4,200
)
(3,400
)
(4,300
)
(4,100
)
(2,250
)
(3,750
)
(1,500
)
(4,275
)
Non-interest income
17,365
9,127
25,183
18,646
12,990
75,058
16,071
12,964
Non-interest expense
(17,471
)
(21,110
)
(23,565
)
(25,274
)
(26,192
)
(35,200
)
(31,800
)
(29,339
)
Pretax income (FTE)
25,536
16,900
32,533
25,558
22,949
80,819
29,363
27,399
FTE adjustment
(2,649
)
(2,554
)
(2,447
)
(2,341
)
(2,318
)
(2,235
)
(2,256
)
(2,210
)
Provision for income taxes
(6,944
)
(3,488
)
(9,878
)
(6,303
)
(6,004
)
(28,380
)
(8,220
)
(7,604
)
Noncontrolling interest
11
32
17
17
3
13
17
(15
)
Net income available to common stockholders
$
15,954
$
10,890
$
20,225
$
16,931
$
14,630
$
50,217
$
18,904
$
17,570
Earnings per common share - diluted *
$
0.47
$
0.32
$
0.59
$
0.49
$
0.43
$
1.46
$
0.55
$
0.51
Non-interest Income:
Service charges on deposit accounts
$
3,202
$
3,933
$
4,002
$
4,019
$
3,838
$
4,586
$
4,734
$
4,936
Mortgage lending income
527
815
1,024
1,495
681
634
815
1,147
Trust income
922
794
802
888
782
803
810
811
Bank owned life insurance income
464
534
580
574
568
575
585
580
Accretion of FDIC loss share receivable, net of amortization of FDIC
clawback payable
-
271
906
1,252
1,998
2,923
2,861
2,359
Other loss share income, net
-
-
295
304
971
984
2,976
1,501
Gains (losses) on investment securities
1,697
2,052
570
226
152
199
638
(56
)
Gains (losses) on sales of other assets
(73
)
38
267
571
407
705
1,727
899
Gains on FDIC-assisted transactions
10,037
-
16,122
8,859
2,952
62,756
-
-
Other
589
690
615
458
641
893
925
787
Total non-interest income
$
17,365
$
9,127
$
25,183
$
18,646
$
12,990
$
75,058
$
16,071
$
12,964
Non-interest Expense:
Salaries and employee benefits
$
8,275
$
8,996
$
10,539
$
12,351
$
11,647
$
14,817
$
14,597
$
15,202
Net occupancy expense
2,421
2,416
2,782
2,999
3,106
3,775
4,301
3,522
Other operating expenses
6,748
9,587
10,111
9,764
11,211
16,172
12,398
10,106
Amortization of intangibles
27
111
133
160
228
436
504
509
Total non-interest expense
$
17,471
$
21,110
$
23,565
$
25,274
$
26,192
$
35,200
$
31,800
$
29,339
Allowance for Loan and Lease Losses:
Balance at beginning of period
$
39,619
$
39,774
$
40,176
$
40,250
$
40,230
$
39,225
$
39,124
$
39,136
Net charge-offs
(4,045
)
(2,998
)
(4,226
)
(4,120
)
(3,255
)
(3,851
)
(1,488
)
(4,242
)
Provision for loan and lease losses
4,200
3,400
4,300
4,100
2,250
3,750
1,500
4,275
Balance at end of period
$
39,774
$
40,176
$
40,250
$
40,230
$
39,225
$
39,124
$
39,136
$
39,169
Selected Ratios:
Net interest margin - FTE**
4.99
%
5.10
%
5.31
%
5.35
%
5.61
%
5.80
%
5.90
%
6.05
%
Efficiency ratio
37.01
50.98
39.02
46.01
50.97
29.39
50.75
48.09
Net charge-offs to average loans and leases**(1)
0.86
0.64
0.88
0.87
0.72
0.85
0.33
0.84
Nonperforming loans and leases/total loans and leases(1)
1.02
0.87
0.90
0.75
0.77
1.09
1.22
0.70
Nonperforming assets/total assets(1)
2.68
2.12
1.85
1.72
1.62
1.39
1.45
1.17
Allowance for loan and lease losses to total loans and leases(1)
2.11
2.11
2.13
2.17
2.17
2.17
2.10
2.08
Loans and leases past due 30 days or more, including past due
non-accrual loans and leases, to total loans and leases(1)
1.70
1.80
1.90
2.02
2.19
2.47
1.89
1.56
* Adjusted to give effect to 2-for-1 stock split effective August
16, 2011.
** Annualized based on actual days.
(1) Excludes loans, repossessions and/or foreclosed real estate
covered by FDIC loss share agreements, except for their inclusion in
total assets.
Bank of the Ozarks, Inc.
Average Consolidated Balance Sheet and Net Interest Analysis -
FTE
(Dollars in Thousands)
Unaudited
Quarters Ended December 31,
Years Ended December 31,
2011
2010
2011
2010
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
ASSETS
Earning assets:
Interest earning deposits and federal funds sold
$
850
$
3
1.32
%
$
766
$
3
1.30
$
1,609
$
36
2.24
%
$
1,230
$
18
1.50
%
Investment securities:
Taxable
88,250
691
3.11
42,286
428
4.02
98,270
3,013
3.07
85,554
4,130
4.83
Tax-exempt - FTE
347,264
6,296
7.19
368,686
6,680
7.19
345,454
25,695
7.44
383,433
28,512
7.44
Loans and leases - FTE
1,877,590
29,574
6.25
1,873,057
29,138
6.17
1,830,779
113,308
6.19
1,890,357
118,163
6.25
Covered loans*
835,358
18,016
8.56
406,018
8,179
7.99
767,079
66,135
8.62
218,274
17,140
7.85
Total earning assets - FTE
3,149,312
54,580
6.88
2,690,813
44,428
6.55
3,043,191
208,187
6.84
2,578,848
167,963
6.51
Non earning assets
727,363
477,564
712,100
420,002
Total assets
$
3,876,675
$
3,168,377
$
3,755,291
$
2,998,850
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction
$
1,592,897
$
1,443
0.36
%
$
1,239,450
$
2,192
0.70
%
$
1,524,082
$
8,297
0.54
%
$
1,121,528
$
8,735
0.78
%
Time deposits of $100,000 or more
412,192
813
0.78
461,511
1,363
1.17
438,030
4,032
0.92
476,748
5,829
1.22
Other time deposits
529,434
1,063
0.80
427,372
1,355
1.26
569,428
5,357
0.94
392,671
5,483
1.40
Total interest bearing deposits
2,534,523
3,319
0.52
2,128,333
4,910
0.92
2,531,540
17,686
0.70
1,990,947
20,047
1.01
Repurchase agreements with customers
38,731
21
0.21
49,318
78
0.62
39,638
174
0.44
49,835
380
0.76
Other borrowings
310,175
2,739
3.50
295,699
2,713
3.64
296,195
10,835
3.66
317,796
12,146
3.82
Subordinated debentures
64,950
452
2.76
64,950
441
2.69
64,950
1,740
2.68
64,950
1,764
2.72
Total interest bearing liabilities
2,948,379
6,531
0.88
2,538,300
8,142
1.27
2,932,323
30,435
1.04
2,423,528
34,337
1.42
Non-interest bearing liabilities:
Non-interest bearing deposits
438,767
289,196
392,780
256,910
Other non-interest bearing liabilities
71,273
19,956
52,102
18,940
Total liabilities
3,458,419
2,847,452
3,377,205
2,699,378
Common stockholders' equity
414,843
317,504
374,664
296,035
Noncontrolling interest
3,413
3,421
3,422
3,437
Total liabilities and stockholders' equity
$
3,876,675
$
3,168,377
$
3,755,291
$
2,998,850
Net interest income - FTE
$
48,049
$
36,286
$
177,752
$
133,626
Net interest margin - FTE
6.05
%
5.35
%
5.84
%
5.18
%
* Covered loans are loans covered by FDIC loss share agreements.
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