Bank of the Ozarks (OZRK) filed Quarterly Report for the period ended 2009-09-30.
Bank of the Ozarks Inc. owns a subsidiary bank Bank of the Ozarks and Ozark Capital Trust a business trust. Bank Of The Ozarks has a market cap of $377.4 million; its shares were traded at around $22.37 with a P/E ratio of 10.4 and P/S ratio of 3.1. The dividend yield of Bank Of The Ozarks stocks is 2.3%. Bank Of The Ozarks had an annual average earning growth of 13.5% over the past 5 years.
Highlight of Business Operations:
Net income available to common stockholders for Bank of the Ozarks, Inc. (the “Company”) was $8.4 million for the third quarter of 2009, a 6.9% decrease from net income available to common stockholders of $9.0 million for the comparable quarter in 2008. Diluted earnings per common share were $0.50 for the quarter ended September 30, 2009, a 5.7% decrease from $0.53 for the quarter ended September 30, 2008. For the nine months ended September 30, 2009, net income available to common stockholders totaled $27.2 million, a 7.1% increase from net income of $25.4 million for the first nine months of 2008. Diluted earnings per common share for the first nine months of 2009 were $1.61 compared to $1.50 for the comparable period in 2008, a 7.3% increase.
Total assets were $2.89 billion at September 30, 2009 compared to $3.23 billion at December 31, 2008. Loans and leases were $1.93 billion at September 30, 2009 compared to $2.02 billion at December 31, 2008. Deposits were $2.05 billion at September 30, 2009 compared to $2.34 billion at December 31, 2008.
Common stockholders’ equity was $274 million at September 30, 2009 compared to $252 million at December 31, 2008. Book value per common share was $16.21 at September 30, 2009 compared to $14.96 at December 31, 2008. Changes in common stockholders’ equity and book value per common share reflect earnings, dividends paid, stock option and warrant transactions and changes in unrealized gains and losses on investment securities available for sale.
Net interest income is analyzed in the discussion and the following tables on a fully taxable equivalent (“FTE”) basis. The adjustment to convert certain income to a FTE basis consists of dividing federal tax-exempt income by one minus the Company’s statutory federal income tax rate of 35%. The FTE adjustments to net interest income were $2.6 million and $2.1 million, respectively, for the quarters ended September 30, 2009 and 2008 and $9.8 million and $6.5 million, respectively, for the nine months ended September 30, 2009 and 2008. No adjustments have been made in this analysis for income exempt from state income taxes or for interest expense deductions disallowed under the provisions of the Internal Revenue Code as a result of investment in certain tax-exempt securities.
Net interest income for the third quarter of 2009 increased 19.1% to $31.8 million compared to $26.7 million for the third quarter of 2008. Net interest income increased 30.2% to $99.6 million for the nine months ended September 30, 2009 compared to $76.5 million for the nine months ended September 30, 2008. Net interest margin was 4.80% during the third quarter of 2009 compared to 3.82% during the third quarter of 2008. Net interest margin was 4.77% during the first nine months of 2009 compared to 3.76% during the first nine months of 2008.
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