Bank of the Ozarks (OZRK, Financial) filed Quarterly Report for the period ended 2010-06-30.
Bank Of The Ozarks has a market cap of $658.59 million; its shares were traded at around $38.91 with a P/E ratio of 16.92 and P/S ratio of 3.04. The dividend yield of Bank Of The Ozarks stocks is 1.54%. Bank Of The Ozarks had an annual average earning growth of 16.1% over the past 10 years. GuruFocus rated Bank Of The Ozarks the business predictability rank of 3.5-star.
Total assets were $2.88 billion at June 30, 2010 compared to $2.77 billion at December 31, 2009. Loans and leases, excluding those covered by Federal Deposit Insurance Corporation (FDIC) loss share agreements, were $1.90 billion at both June 30, 2010 and December 31, 2009. Deposits were $2.16 billion at June 30, 2010 compared to $2.03 billion at December 31, 2009.
Common stockholders equity was $292 million at June 30, 2010 compared to $269 million at December 31, 2009. Book value per common share was $17.25 at June 30, 2010 compared to $15.91 at December 31, 2009. 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 (AFS).
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 Companys statutory federal income tax rate of 35%. The FTE adjustments to net interest income were $2.6 million and $3.1 million for the quarters ended June 30, 2010 and 2009, respectively, and $5.2 million and $7.2 million for the six months ended June 30, 2010 and 2009, respectively. 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 second quarter of 2010 decreased 3.1% to $32.3 million compared to $33.3 million for the second quarter of 2009. Net interest income decreased 8.4% to $62.1 million for the six months ended June 30, 2010 compared to $67.8 million for the six months ended June 30, 2009.
The decrease in average earning assets for the second quarter and six months ended June 30, 2010 compared to the second quarter and six months ended June 30, 2009 was due primarily to a decrease in the Companys investment securities portfolio. From June 30, 2009 to June 30, 2010, the Company was a net seller of investment securities, reducing its period-end portfolio by $218 million at June 30, 2010 compared to June 30, 2009. The Companys average portfolio balance for the second quarter of 2010 was $271 million less than the average balance for the second quarter of 2009, and its average portfolio balance for the first six months of 2010 was $349 million less than the average balance for the first six months of 2009. This reduction in the overall investment securities portfolio was primarily a result of the Companys ongoing evaluations of interest rate risk.
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Bank Of The Ozarks has a market cap of $658.59 million; its shares were traded at around $38.91 with a P/E ratio of 16.92 and P/S ratio of 3.04. The dividend yield of Bank Of The Ozarks stocks is 1.54%. Bank Of The Ozarks had an annual average earning growth of 16.1% over the past 10 years. GuruFocus rated Bank Of The Ozarks the business predictability rank of 3.5-star.
Highlight of Business Operations:
Net income available to common stockholders for Bank of the Ozarks, Inc. (the Company) was $10.9 million for the second quarter of 2010, a 14.6% increase from $9.5 million for the comparable quarter in 2009. Diluted earnings per common share were $0.64 for the quarter ended June 30, 2010, a 14.3% increase from $0.56 for the quarter ended June 30, 2009. For the six months ended June 30, 2010, net income available to common stockholders totaled $26.8 million, a 42.9% increase from $18.8 million for the first six months of 2009. Diluted earnings per common share for the first six months of 2010 were $1.58 compared to $1.11 for the comparable period in 2009, a 42.3% increase.Total assets were $2.88 billion at June 30, 2010 compared to $2.77 billion at December 31, 2009. Loans and leases, excluding those covered by Federal Deposit Insurance Corporation (FDIC) loss share agreements, were $1.90 billion at both June 30, 2010 and December 31, 2009. Deposits were $2.16 billion at June 30, 2010 compared to $2.03 billion at December 31, 2009.
Common stockholders equity was $292 million at June 30, 2010 compared to $269 million at December 31, 2009. Book value per common share was $17.25 at June 30, 2010 compared to $15.91 at December 31, 2009. 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 (AFS).
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 Companys statutory federal income tax rate of 35%. The FTE adjustments to net interest income were $2.6 million and $3.1 million for the quarters ended June 30, 2010 and 2009, respectively, and $5.2 million and $7.2 million for the six months ended June 30, 2010 and 2009, respectively. 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 second quarter of 2010 decreased 3.1% to $32.3 million compared to $33.3 million for the second quarter of 2009. Net interest income decreased 8.4% to $62.1 million for the six months ended June 30, 2010 compared to $67.8 million for the six months ended June 30, 2009.
The decrease in average earning assets for the second quarter and six months ended June 30, 2010 compared to the second quarter and six months ended June 30, 2009 was due primarily to a decrease in the Companys investment securities portfolio. From June 30, 2009 to June 30, 2010, the Company was a net seller of investment securities, reducing its period-end portfolio by $218 million at June 30, 2010 compared to June 30, 2009. The Companys average portfolio balance for the second quarter of 2010 was $271 million less than the average balance for the second quarter of 2009, and its average portfolio balance for the first six months of 2010 was $349 million less than the average balance for the first six months of 2009. This reduction in the overall investment securities portfolio was primarily a result of the Companys ongoing evaluations of interest rate risk.
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