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Bank of the Ozarks, Inc. Announces Fourth Quarter and Full Year 2012 Earnings



  Bank of the Ozarks, Inc. Announces Fourth Quarter and Full Year 2012
  Earnings

Business Wire

LITTLE ROCK, Ark. -- January 16, 2013

Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income for
the fourth quarter of 2012 was $20.7 million, a 17.6% increase from $17.6
million for the fourth quarter of 2011. Diluted earnings per common share for
the fourth quarter of 2012 were $0.59, a 15.7% increase from $0.51 for the
fourth quarter of 2011.

For the year ended December 31, 2012, net income totaled $77.0 million, a
24.0% decrease from $101.3 million for the year ended December 31, 2011.
Diluted earnings per common share for 2012 were $2.21, a 24.8% decrease from
$2.94 for 2011.

On December 31, 2012, the Company completed its acquisition of Genala Banc,
Inc. (“Genala”) and its wholly-owned subsidiary, The Citizens Bank, in Geneva,
Alabama. Because the transaction closed at the end of the business day for
Genala on December 31, the Company’s results for the fourth quarter and the
full year of 2012 include none of Genala’s operating results. However, the
acquisition resulted in a gain, net of acquisition and conversion costs, of
approximately $1.1 million after taxes, or approximately $0.03 of diluted
earnings per common share. This was the Company’s only acquisition in 2012.

The Company’s results for the full year of 2011 included gains recognized on a
total of three acquisitions, all of which were Federal Deposit Insurance
Corporation (“FDIC”) assisted transactions. Two of these acquisitions occurred
in the second quarter and one occurred in the first quarter of 2011. After
taxes, gains on these 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. Although it made no
acquisitions in the fourth quarter of 2011, the Company’s results for such
quarter included after-tax costs related to finalizing systems conversions and
other matters for FDIC-assisted acquisitions of approximately $0.5 million, or
approximately $0.01 per diluted common share.

The Company’s annualized returns on average assets and average common
stockholders’ equity for the fourth quarter of 2012 were 2.15% and 16.99%,
respectively, compared to 1.80% and 16.80%, respectively, for the fourth
quarter of 2011. Returns on average assets and average common stockholders’
equity for the full year of 2012 were 2.04% and 16.80%, respectively, compared
to 2.70% and 27.04%, respectively, for 2011.

In commenting on these results, George Gleason, Chairman and Chief Executive
Officer, stated, “The quarter just ended was an excellent conclusion to an
excellent year. On the last day of the year, we closed our first traditional
acquisition since 2003. This was our eighth acquisition, including
FDIC-assisted transactions, in the past three years. Our fourth quarter loan
and lease growth, even excluding loans acquired in acquisitions, was one of
our best ever. For the full year of 2012, our loans and leases, excluding
loans acquired in acquisitions, grew $235 million. Our strong organic loan and
lease growth, combined with our excellent net interest margin, good efficiency
ratio and favorable asset quality, made for a great finish to 2012 and
position us well for the future.”

Loans and leases, excluding loans covered by FDIC loss share agreements
(“covered loans”) and purchased loans not covered by loss share (“purchased
non-covered loans”), were $2.12 billion at December 31, 2012, a 12.5% increase
from $1.88 billion at December 31, 2011. Including covered loans and purchased
non-covered loans, total loans and leases were $2.75 billion at December 31,
2012, a 2.3% increase from $2.69 billion at December 31, 2011.

Mr. Gleason stated, “Our balance of loans and leases outstanding, excluding
covered loans and purchased non-covered loans, increased $85 million in the
quarter just ended and $235 million for the full year of 2012. Our unfunded
balance of closed loans increased $72 million during the fourth quarter and
$456 million for the full year of 2012, growing from $313 million at December
31, 2011 to $769 million at December 31, 2012. This significant increase in
our unfunded balance of closed loans has favorable implications for future
growth in our balance of loans and leases outstanding.”

Deposits were $3.10 billion at December 31, 2012, a 5.3% increase compared to
$2.94 billion at December 31, 2011.

Total assets were $4.04 billion at December 31, 2012, a 5.2% increase compared
to $3.84 billion at December 31, 2011.

Common stockholders’ equity was $508 million at December 31, 2012, a 19.6%
increase from $425 million at December 31, 2011. Book value per common share
was $14.39 at December 31, 2012, a 16.8% increase from $12.32 at December 31,
2011. Changes in common stockholders’ equity and book value per common share
reflect earnings, dividends paid, stock option and stock grant transactions,
the issuance of stock as part of the Genala acquisition, 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 increased
to 12.57% at December 31, 2012, compared to 11.05% at December 31, 2011. Its
ratio of tangible common stockholders’ equity to tangible total assets
increased to 12.31% at December 31, 2012 compared to 10.77% at December 31,
2011.

NET INTEREST INCOME

Net interest income for the fourth quarter of 2012 was $43.8 million, a 4.5%
decrease from $45.8 million for the fourth quarter of 2011. Net interest
margin, on a fully taxable equivalent (“FTE”) basis, was 5.84% in the fourth
quarter of 2012, a 21 basis point decrease from 6.05% in the fourth quarter of
2011. Average earning assets were $3.12 billion in the fourth quarter of 2012,
a 1.1% decrease from $3.15 billion in the fourth quarter of 2011.

Net interest income for the year ended December 31, 2012 was $174.3 million, a
3.3% increase from $168.7 million for the year ended December 31, 2011. The
Company’s net interest margin (FTE) for 2012 was 5.91%, a seven basis point
increase from 5.84% for 2011. Average earning assets were $3.09 billion for
2012, a 1.7% increase from $3.04 billion for 2011.

NON-INTEREST INCOME

Non-interest income for the fourth quarter of 2012 was $18.8 million, a 45.4%
increase from $13.0 million for the fourth quarter of 2011. Non-interest
income for the full year of 2012 was $62.9 million, a 46.3% decrease from
$117.1 million for 2011. Results for the fourth quarter and the full year of
2012 included a pre-tax bargain purchase gain of $2.4 million on the Genala
acquisition. Results for the full year of 2011 included a pre-tax bargain
purchase gain of $65.7 million on three FDIC-assisted acquisitions, none of
which occurred in the fourth quarter of 2011.

Service charges on deposit accounts were $4.80 million in the fourth quarter
of 2012, a 2.8% decrease from $4.94 million in the fourth quarter of 2011.
Service charges on deposit accounts were a record $19.4 million for the full
year of 2012, a 7.2% increase from $18.1 million for 2011.

Mortgage lending income was $1.48 million in the fourth quarter of 2012, an
increase of 29.3% from $1.15 million in the fourth quarter of 2011. Mortgage
lending income was a record $5.58 million for the full year of 2012, an
increase of 70.4% from $3.28 million for 2011.

Trust income was $0.93 million for the fourth quarter of 2012, an increase of
14.4% from $0.81 million for the fourth quarter of 2011. Trust income was a
record $3.46 million for the full year of 2012, an increase of 7.8% from $3.21
million for 2011.

Income from accretion of the Company’s FDIC loss share receivable, net of
amortization of the Company’s FDIC clawback payable, was $1.34 million in the
fourth quarter of 2012, a decrease of 43.4% from $2.36 million in the fourth
quarter of 2011. For the full year of 2012, income from accretion of the
Company’s FDIC loss share receivable, net of amortization of the FDIC clawback
payable, was $7.38 million, a decrease of 27.3% from $10.14 million in 2011.

Other loss share income was $3.19 million in the fourth quarter of 2012, an
increase of 112.8% from $1.50 million in the fourth quarter of 2011. Other
loss share income was $10.64 million in the full year of 2012, an increase of
65.5% from $6.43 million in 2011.

Net gains on sales of other assets were $2.43 million in the fourth quarter of
2012 compared to $0.90 million in the fourth quarter of 2011. Net gains on
sales of other assets were $6.81 million for the full year of 2012 compared to
$3.74 million in 2011. The net gains on sales of other assets in each of these
periods were primarily due to net gains on sales of foreclosed assets covered
by FDIC loss share agreements.

The Company had net gains on investment securities of $0.05 million in the
fourth quarter of 2012 compared to net losses of $0.06 million in the fourth
quarter of 2011. Net gains on investment securities were $0.46 million for the
full year of 2012 compared to $0.93 million in 2011.

NON-INTEREST EXPENSE

Non-interest expense for the fourth quarter of 2012 was $29.9 million, an
increase of 1.9% from $29.3 million for the fourth quarter of 2011.
Non-interest expense for the fourth quarter of 2012 included pre-tax
acquisition and conversion costs of approximately $0.6 million related to the
Genala acquisition. Non-interest expense for the fourth quarter of 2011
included pre-tax acquisition and conversion costs related to FDIC-assisted
acquisitions of approximately $0.8 million.

The Company’s efficiency ratio for the fourth quarter of 2012 was 46.3%
compared to 48.1% for the fourth quarter of 2011.

Non-interest expense for the full year of 2012 was $114.5 million, a decrease
of 6.6% from $122.5 million for 2011. Non-interest expense for 2012 included
pre-tax acquisition and conversion costs of approximately $0.6 million related
to the Genala acquisition. Non-interest expense for 2011 included pre-tax
acquisition and conversion costs related to FDIC-assisted acquisitions of
approximately $6.3 million.

The Company’s efficiency ratio for 2012 was 46.6% compared to 41.6% for 2011.

ASSET QUALITY, CHARGE-OFFS AND ALLOWANCE

Loans, repossessions and foreclosed assets 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, 2012, the carrying
value of covered loans was $596 million, foreclosed assets covered by loss
share was $53 million and the FDIC loss share receivable was $152 million. At
December 31, 2011, the carrying value of covered loans was $807 million,
foreclosed assets covered by loss share was $73 million and the FDIC loss
share receivable was $279 million.

Purchased non-covered loans include a small volume of non-covered loans
acquired in FDIC-assisted acquisitions and loans acquired in the Genala
acquisition and are initially recorded at fair value on the date of purchase.
Purchased non-covered loans that contain evidence of credit deterioration on
the date of purchase are presented in the Company’s financial reports with a
carrying value equal to the net present value of expected future proceeds. All
other purchased non-covered loans are presented in the Company’s financial
reports at their initial fair value, adjusted for subsequent advances, pay
downs, amortization or accretion of any premium or discount on purchase,
charge-offs and any other adjustment to carrying value. The carrying value of
purchased non-covered loans was $41.5 million at December 31, 2012 and $4.8
million at December 31, 2011.

Excluding covered loans and purchased non-covered loans, nonperforming loans
and leases as a percent of total loans and leases were 0.43% at December 31,
2012 compared to 0.70% at December 31, 2011 and 0.43% at September 30, 2012.

Excluding covered loans and foreclosed assets covered by loss share and
purchased non-covered loans, nonperforming assets as a percent of total assets
were 0.57% at December 31, 2012 compared to 1.17% at December 31, 2011 and
0.59% at September 30, 2012.

Excluding covered loans and purchased non-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 was 0.73% at December 31, 2012
compared to 1.53% at December 31, 2011 and 0.61% at September 30, 2012.

The Company’s net charge-offs for the fourth quarter of 2012 were $2.5 million
compared to $4.2 million for the fourth quarter of 2011. The Company’s net
charge-offs for the fourth quarter of 2012 included $1.5 million for
non-covered loans and leases and $1.0 million for covered loans. 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. Net
charge-offs for covered loans are reported net of applicable FDIC loss share
receivable amounts.

The Company’s annualized net charge-off ratio for its non-covered loans and
leases was 0.28% for the fourth quarter of 2012 compared to 0.84% for the
fourth quarter of 2011 and 0.32% for the third quarter of 2012. The Company’s
annualized net charge-off ratio for all loans and leases, including covered
loans, was 0.37% for the fourth quarter of 2012 compared to 0.62% for the
fourth quarter of 2011 and 0.48% for the third quarter of 2012.

The Company’s net charge-offs for the full year of 2012 were $12.2 million
compared to $12.8 million for 2011. The Company’s net charge-offs for 2012
included $6.0 million for non-covered loans and leases and $6.2 million for
covered loans. The Company’s net charge-offs for 2011 included $12.5 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
0.30% for the full year of 2012 compared to 0.69% for 2011. The Company’s net
charge-off ratio for all loans and leases, including covered loans, was 0.46%
for 2012 compared to 0.49% for 2011.

For the fourth quarter of 2012, the Company’s provision for loan and lease
losses decreased to $2.5 million, which included $1.5 million for non-covered
loans and leases and $1.0 million for covered loans. For the fourth quarter of
2011, the Company’s provision for loan and lease losses was $4.3 million,
which included $4.0 million for non-covered loans and leases and $0.3 million
for covered loans. For the full year of 2012, the Company’s provision for loan
and lease losses was $11.7 million, which included $5.5 million for
non-covered loans and leases and $6.2 million for covered loans. For the full
year of 2011, the Company’s provision for loan and lease losses was $11.8
million, which included $11.5 million for non-covered loans and leases and
$0.3 million for covered loans.

The Company’s allowance for loan and lease losses was $38.7 million at
December 31, 2012, compared to $39.2 million at December 31, 2011, and $38.7
million at September 30, 2012. The Company had no allowance for covered loans
or purchased non-covered loans at December 31, 2012 or 2011 or September 30,
2012. The Company’s allowance for loan and lease losses as a percentage of
total loans and leases, excluding covered loans and purchased non-covered
loans, was 1.83% at December 31, 2012, compared to 2.08% at December 31, 2011,
and 1.90% at September 30, 2012.

ACQUISITION

On December 31, 2012, the Company completed its acquisition of Genala in a
transaction valued at approximately $27.5 million. The Company paid $13.4
million of cash and issued 423,616 shares of its common stock valued at
approximately $14.1 million in exchange for all outstanding shares of Genala
common stock.

Genala was the holding company for The Citizens Bank, which operated one
banking office in Geneva, Alabama. During the fourth quarter of 2012, the
Company recognized a pre-tax bargain purchase gain of $2.4 million and
incurred pre-tax acquisition and conversion costs of approximately $0.6
million related to such acquisition. The transaction was accretive to the
Company’s book value per common share, tangible book value per common share,
and diluted earnings per common share.

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 Thursday, January 17,
2013. 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
1-888-455-2296 up to ten minutes prior to the beginning of the call 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 2734257. The
telephone playback will be available for one week following the call, 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 or retaining qualified personnel, obtaining
regulatory or other approvals, obtaining permits and designing, constructing
and opening new offices; the ability to enter into additional FDIC-assisted or
traditional acquisitions; problems with integrating or managing acquisitions;
opportunities to profitably deploy capital; the ability to achieve growth in
loans, leases and deposits, including growth from unfunded closed loans; 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; possible further downgrade of U.S.
Treasury securities; 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 2011 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 117 offices, including 66
Arkansas offices, 28 Georgia offices, 13 Texas offices, four Florida offices,
three Alabama offices, two North Carolina offices and one South Carolina
office. 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,
                   2012            2011            %          2012            2011            %
                                                   Change                                     Change
Income statement
data:
Net interest       $ 43,771        $ 45,839        (4.5  )%   $ 174,346       $ 168,734       3.3   %
income
Provision for
loan and lease       2,533           4,275         (40.7 )      11,745          11,775        (0.3  )
losses
Non-interest         18,848          12,964        45.4         62,860          117,083       (46.3 )
income
Non-interest         29,891          29,339        1.9          114,462         122,531       (6.6  )
expense
Net income
available to         20,667          17,570        17.6         77,044          101,321       (24.0 )
common
stockholders
                                                                                               
Common stock
data:
Net income per     $ 0.59          $ 0.51          15.7  %    $ 2.21          $ 2.94          (24.8 )%
share – diluted
Net income per       0.59            0.51          15.7         2.22            2.96          (25.0 )
share – basic
Cash dividends       0.14            0.10          40.0         0.50            0.37          35.1
per share
Book value per       14.39           12.32         16.8         14.39           12.32         16.8
share
Diluted shares
outstanding          35,096          34,712                     34,888          34,482
(thousands)
End of period
shares               35,272          34,464                     35,272          34,464
outstanding
(thousands)
                                                                                               
Balance sheet
data at period
end:
Assets             $ 4,040,207     $ 3,841,651     5.2   %    $ 4,040,207     $ 3,841,651     5.2   %
Loans and leases     2,115,834       1,880,483     12.5         2,115,834       1,880,483     12.5
Purchased loans
not covered by       41,534          4,799         765.5        41,534          4,799         765.5
loss share
Loans covered by     596,239         806,922       (26.1 )      596,239         806,922       (26.1 )
loss share
Allowance for
loan and lease       38,738          39,169        (1.1  )      38,738          39,169        (1.1  )
losses
Foreclosed
assets covered       52,951          72,907        (27.4 )      52,951          72,907        (27.4 )
by loss share
FDIC loss share      152,198         279,045       (45.5 )      152,198         279,045       (45.5 )
receivable
Investment           494,266         438,910       12.6         494,266         438,910       12.6
securities
Goodwill             5,243           5,243         -            5,243           5,243         -
Other
intangibles –        6,584           6,964         (5.5  )      6,584           6,964         (5.5  )
net of
amortization
Deposits             3,101,055       2,943,919     5.3          3,101,055       2,943,919     5.3
Repurchase
agreements with      29,550          32,810        (9.9  )      29,550          32,810        (9.9  )
customers
Other borrowings     280,763         301,847       (7.0  )      280,763         301,847       (7.0  )
Subordinated         64,950          64,950        -            64,950          64,950        -
debentures
Common
stockholders’        507,664         424,551       19.6         507,664         424,551       19.6
equity
Net unrealized
gains (losses)
on investment
securities AFS       10,783          9,327                      10,783          9,327          
included in
common
stockholders’
equity
Loan and lease,
including
covered loans
and purchased        88.80     %     91.45     %                88.80     %     91.45     %
non-covered
loans, to
deposit ratio
                                                                                               
Selected ratios:
Return on            2.15      %     1.80      %                2.04      %     2.70      %
average assets*
Return on
average common       16.99           16.80                      16.80           27.04
stockholders’
equity*
Average common
equity to total      12.68           10.70                      12.13           9.98
average assets
Net interest         5.84            6.05                       5.91            5.84
margin – FTE*
Efficiency ratio     46.25           48.09                      46.58           41.56
Net charge-offs
to average loans     0.28            0.84                       0.30            0.69
and leases*(1)
Nonperforming
loans and leases     0.43            0.70                       0.43            0.70
to total loans
and leases(2)
Nonperforming
assets to total      0.57            1.17                       0.57            1.17
assets(2)
Allowance for
loan and lease
losses to total      1.83            2.08                       1.83            2.08           
loans and
leases(2)
                                                                                               
Other
information:
Non-accrual
loans and          $ 9,109         $ 12,206                   $ 9,109         $ 12,206`
leases(2)
Accruing loans
and leases – 90      -               -                          -               -
days past due(2)
Troubled and
restructured         -               1,000                      -               1,000
loans and
leases(2)
ORE and              13,924          31,762                     13,924          31,762
repossessions(2)
Impaired covered     38,463          1,854                      38,463          1,854
loans
                                                                                               
* Ratios for interim periods annualized based on actual days.
(1) Excludes loans covered by FDIC loss share agreements and net charge-offs related to such loans.
(2) Excludes purchased loans not covered by FDIC loss share agreements and loans and/or foreclosed
assets 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
 
                 3/31/11       6/30/11       9/30/11       12/31/11      3/31/12       6/30/12       9/30/12       12/31/12
Earnings
Summary:
Net interest     $ 36,083      $ 42,476      $ 44,336      $ 45,839      $ 43,833      $ 42,298      $ 44,444      $ 43,771
income
Federal tax
(FTE)              2,318         2,235         2,256         2,210         2,288         2,151         2,087         2,009    
adjustment
Net interest       38,401        44,711        46,592        48,049        46,121        44,449        46,531        45,780
income (FTE)
Provision for
loan and lease     (2,250  )     (3,750  )     (1,500  )     (4,275  )     (3,076  )     (3,055  )     (3,080  )     (2,533  )
losses
Non-interest       12,990        75,058        16,071        12,964        13,810        15,710        14,491        18,848
income
Non-interest       (26,192 )     (35,200 )     (31,800 )     (29,339 )     (28,607 )     (27,282 )     (28,682 )     (29,891 )
expense
Pretax income      22,949        80,819        29,363        27,399        28,248        29,822        29,260        32,204
(FTE)
FTE adjustment     (2,318  )     (2,235  )     (2,256  )     (2,210  )     (2,288  )     (2,151  )     (2,087  )     (2,009  )
Provision for      (6,004  )     (28,380 )     (8,220  )     (7,604  )     (7,950  )     (8,584  )     (7,883  )     (9,519  )
income taxes
Noncontrolling     3             13            17            (15     )     (1      )     5             (15     )     (9      )
interest
Net income
available to     $ 14,630      $ 50,217      $ 18,904      $ 17,570      $ 18,009      $ 19,092      $ 19,275      $ 20,667   
common
stockholders
                                                                                                                    
Earnings per
common share –   $ 0.43        $ 1.46        $ 0.55        $ 0.51        $ 0.52        $ 0.55        $ 0.55        $ 0.59
diluted *
                                                                                                                    
Non-interest
Income:
Service
charges on       $ 3,838       $ 4,586       $ 4,734       $ 4,936       $ 4,693       $ 4,908       $ 5,000       $ 4,799
deposit
accounts
Mortgage           681           634           815           1,147         1,101         1,328         1,672         1,483
lending income
Trust income       782           803           810           811           774           888           865           928
Bank owned
life insurance     568           575           585           580           576           567           598           1,027
income
Accretion of
FDIC loss
share
receivable,                                                                                                           
net of
amortization       1,998         2,923         2,861         2,359         2,305         2,035         1,699         1,336
of FDIC
clawback
payable
Other loss
share income,      971           984           2,976         1,501         1,983         3,197         2,270         3,194
net
Gains (losses)
on investment      152           199           638           (56     )     1             402           -             55
securities
Gains on sales
of other           407           705           1,727         899           1,555         1,397         1,425         2,431
assets
Gains on
merger and         2,952         62,756        -             -             -             -             -             2,403
acquisition
transactions
Other              641           893           925           787           822           988           962           1,192    
Total
non-interest     $ 12,990      $ 75,058      $ 16,071      $ 12,964      $ 13,810      $ 15,710      $ 14,491      $ 18,848   
income
                                                                                                                    
Non-interest
Expense:
Salaries and
employee         $ 11,647      $ 14,817      $ 14,597      $ 15,202      $ 14,052      $ 14,574      $ 15,040      $ 15,362
benefits
Net occupancy      3,106         3,775         4,301         3,522         3,878         3,650         4,105         4,160
expense
Other
operating          11,211        16,172        12,398        10,106        10,168        8,549         9,028         9,860
expenses
Amortization       228           436           504           509           509           509           509           509      
of intangibles
Total
non-interest     $ 26,192      $ 35,200      $ 31,800      $ 29,339      $ 28,607      $ 27,282      $ 28,682      $ 29,891   
expense
                                                                                                                    
Allowance for
Loan and Lease
Losses:
Balance at
beginning of     $ 40,230      $ 39,225      $ 39,124      $ 39,136      $ 39,169      $ 38,632      $ 38,862      $ 38,672
period
Net                (3,255  )     (3,851  )     (1,488  )     (4,242  )     (3,613  )     (2,825  )     (3,270  )     (2,467  )
charge-offs
Provision for
loan and lease     2,250         3,750         1,500         4,275         3,076         3,055         3,080         2,533    
losses
Balance at end   $ 39,225      $ 39,124      $ 39,136      $ 39,169      $ 38,632      $ 38,862      $ 38,672      $ 38,738   
of period
                                                                                                                    
Selected
Ratios:
Net interest       5.61    %     5.80    %     5.90    %     6.05    %     5.98    %     5.84    %     5.97    %     5.84    %
margin - FTE**
Efficiency         50.97         29.39         50.75         48.09         47.73         45.35         47.00         46.25
ratio
Net
charge-offs to
average loans      0.72          0.85          0.33          0.84          0.44          0.18          0.32          0.28
and
leases**(1)
Nonperforming
loans and
leases to          0.74          1.07          1.20          0.70          0.60          0.49          0.43          0.43
total loans
and leases(2)
Nonperforming
assets to          1.60          1.38          1.44          1.17          0.76          0.63          0.59          0.57
total
assets(2)
Allowance for
loan and lease
losses to          2.18          2.18          2.11          2.08          2.04          1.96          1.90          1.83
total loans
and leases(2)
Loans and
leases past
due 30 days or
more,                                                                                                                 
including past
due                                                                                                                   
non-accrual
loans and          2.15          2.40          1.86          1.53          0.83          0.74          0.61          0.73
leases, to
total loans
and leases(2)
 
* Adjusted to give effect to 2-for-1 stock split effective August 16, 2011.
** Annualized based on actual days.
(1) Excludes loans covered by FDIC loss share agreements and net charge-offs related to such loans.
(2) Excludes purchased loans not covered by FDIC loss share agreements and loans and/or foreclosed assets covered by FDIC loss
share agreements, except for their inclusion in total assets.

 
 
 
Bank of the Ozarks, Inc.
Average Consolidated Balance Sheets and Net Interest Analysis – FTE
Unaudited
 
                 Quarters Ended December 31,                                                     Years Ended December 31,
                 2012                                    2011                                    2012                                     2011
                 Average         Income/      Yield/     Average         Income/      Yield/     Average         Income/       Yield/     Average         Income/       Yield/
                 Balance         Expense      Rate       Balance         Expense      Rate       Balance         Expense       Rate       Balance         Expense       Rate
                 (Dollars in thousands)
ASSETS
Earning
assets:
Interest
earning
deposits and     $ 900           $ 3          1.30 %     $ 850           $ 3          1.32 %     $ 1,078         $ 8           0.74 %     $ 1,609         $ 36          2.24 %
federal funds
sold
Investment
securities:
Taxable            98,454          773        3.12         88,250          691        3.11         88,182          2,950       3.35         98,270          3,013       3.07
Tax-exempt –       330,401         5,729      6.90         347,264         6,296      7.19         335,784         24,318      7.24         345,454         25,695      7.44
FTE
Loans and          2,063,608       30,169     5.82         1,877,590       29,574     6.25         1,965,612       115,386     5.87         1,830,779       113,308     6.19
leases – FTE
Covered loans      622,755         14,110     9.01         835,358         18,016     8.56         704,283         61,820      8.78         767,079         66,135      8.62
Total earning      3,116,118       50,784     6.48         3,149,312       54,580     6.88         3,094,939       204,482     6.61         3,043,191       208,187     6.84
assets – FTE
Non-interest       702,343                                 727,363                                 684,892                                  712,100
earning assets
Total assets     $ 3,818,461                             $ 3,876,675                             $ 3,779,831                              $ 3,755,291
                                                                                                                                                                         
LIABILITIES
AND
STOCKHOLDERS’
EQUITY
Interest
bearing
liabilities:
Deposits:
Savings and
interest         $ 1,634,983     $ 1,062      0.26 %     $ 1,592,897     $ 1,443      0.36 %     $ 1,579,909     $ 4,579       0.29 %     $ 1,524,082     $ 8,297       0.54 %
bearing
transaction
Time deposits
of $100,000 or     327,313         328        0.40         412,192         813        0.78         351,002         1,867       0.53         438,030         4,032       0.92
more
Other time         405,753         455        0.45         529,434         1,063      0.80         444,451         2,536       0.57         569,428         5,357       0.94
deposits
Total interest
bearing            2,368,049       1,845      0.31         2,534,523       3,319      0.52         2,375,362       8,982       0.38         2,531,540       17,686      0.70
deposits
Repurchase
agreements         32,245          7          0.09         38,731          21         0.21         34,776          47          0.13         39,638          174         0.44
with customers
Other              280,766         2,702      3.83         310,175         2,739      3.50         291,678         10,723      3.68         296,195         10,835      3.66
borrowings
Subordinated       64,950          450        2.75         64,950          452        2.76         64,950          1,848       2.85         64,950          1,740       2.68
debentures
Total interest
bearing            2,746,010       5,004      0.72         2,948,379       6,531      0.88         2,766,766       21,600      0.78         2,932,323       30,435      1.04
liabilities
Non-interest
bearing
liabilities:
Non-interest
bearing            527,160                                 438,767                                 492,299                                  392,780
deposits
Other
non-interest       57,795                                  71,273                                  58,746                                   52,102
bearing
liabilities
Total              3,330,965                               3,458,419                               3,317,811                                3,377,205
liabilities
Common
stockholders’      484,062                                 414,843                                 458,595                                  374,664
equity
Noncontrolling     3,434                                   3,413                                   3,425                                    3,422
interest
Total
liabilities
and              $ 3,818,461                             $ 3,876,675                             $ 3,779,831                              $ 3,755,291                    
stockholders’
equity
                                                                                                                                                           
Net interest                     $ 45,780                                $ 48,049                                $ 182,882                                $ 177,752
income – FTE
Net interest                                  5.84 %                                  6.05 %                                   5.91 %                                   5.84 %
margin – FTE

Contact:

Bank of the Ozarks, Inc.
Susan Blair, 501-978-2217
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