story from Talk Business, a TCW content partner
Little Rock-based Bank of the Ozarks second quarter net income rose 6.8% to $20.4 million.
For the six months ended June 30, 2013, net income totaled $40.4 million, an 8.9% increase from net income of $37.1 million for the first six months of 2012.
Bank of the Ozarks CEO George Gleason attributed the gains to success in its loan and lease business.
“Our capabilities to generate loan and lease growth were evident in our second quarter results,” Gleason said. “Our balance of loans and leases outstanding, excluding covered loans and purchased non-covered loans, increased $286 million in the quarter just ended. Our unfunded balance of closed loans increased $146 million during the second quarter, growing from $789 million at March 31, 2013 to $935 million at June 30, 2013. These are noteworthy results given current economic and competitive conditions.”
The bank’s loans and leases stood at $2.96 billion at the end of June, a 9.7% increase from $2.69 billion one year ago.
Other financial highlights from the quarter included:
• Deposits were $2.98 billion at June 30, 2013, a 6.3% increase compared to $2.81 billion at June 30, 2012.
• Total assets were $4.04 billion at June 30, 2013, a 7.4% increase compared to $3.76 billion at June 30, 2012.
• Net interest income for the second quarter of 2013 increased 2.8% to $43.5 million compared to $42.3 million for the second quarter of 2012.
• Non-interest income for the second quarter of 2013 increased 20.9% to $19.0 million compared to $15.7 million for the second quarter of 2012.
Bank of the Ozarks (NASDAQ: OZRK) stock closed trading on Thursday at $45.29 per share, near the high end of its 52-week range of $29.60 – $46.85 per share.