Bank of the Ozarks (OZRK, Financial) filed Quarterly Report for the period ended 2012-06-30.
Bank Of The Ozarks Inc has a market cap of $1.12 billion; its shares were traded at around $32.26 with a P/E ratio of 15.1 and P/S ratio of 3.6. The dividend yield of Bank Of The Ozarks Inc stocks is 1.6%. Bank Of The Ozarks Inc had an annual average earning growth of 13.1% over the past 10 years. GuruFocus rated Bank Of The Ozarks Inc the business predictability rank of 3.5-star.
Common stockholders equity was $459.6 million at June 30, 2012 compared to $424.6 million at December 31, 2011. Book value per common share was $13.29 at June 30, 2012 compared to $12.32 at December 31, 2011. Tangible book value per common share, which is calculated by dividing total common stockholders equity less intangible assets, by total common shares outstanding, was $12.96 at June 30, 2012 compared to $12.06 at December 31, 2011. Changes in common stockholders equity, book value per common share and tangible book value per common share reflect earnings, dividends paid, stock option and stock grant transactions, changes in unrealized gains and losses on investment securities available for sale (AFS), and, for tangible book value per common share, changes in intangible assets.
Net interest income for the second quarter of 2012 decreased 0.6% to $44.4 million compared to $44.7 million for the second quarter of 2011. Net interest income for the six months ended June 30, 2012 increased 9.0% to $90.6 million compared to $83.1 million for the six months ended June 30, 2011. Net interest margin was 5.84% for the second quarter and 5.91% for the first six months of 2012 compared to 5.80% for the second quarter and 5.71% for the first six months of 2011. The decrease in net interest income for the second quarter of 2012 compared to the second quarter of 2011 was primarily due to a decrease in average earning assets from $3.09 billion for the second quarter of 2011 to $3.06 billion for the second quarter of 2012, partially offset by an increase in net interest margin, which increased four basis points (bps). The increase in net interest income for the first six months of 2012 compared to the first six months of 2011 was a result of the increase in average earning assets from $2.93 billion for the first six months of 2011 to $3.08 billion for the first six months of 2012 and the improvement in net interest margin, which increased 20 bps in the first six months of 2012 compound to the first six months of 2011.
The decrease in average earning assets for the second quarter of 2012 compared to the second quarter of 2011 was primarily due to decreases in the average balances of covered loans of $70 million and aggregate investment securities of $52 million, partially offset by an increase in the average balance of non-covered loans and leases of $93 million. The increase in average earning assets for the first six months of 2012 compared to the first six months of 2011 was primarily due to the $80 million increase in average balance of covered loans and the $75 million increase in the average balance of non-covered loans and leases.
Investing activities provided $121.3 million in the six months ended June 30, 2012 and $593.2 million in the six months ended June 30, 2011. Net activity in the Companys investment securities portfolio provided $29.2 million and $41.8 million in the six months ended June 30, 2012 and 2011, respectively. Net non-covered loans and leases used $91.2 million and provided $57.2 million in the six months ended June 30, 2012 and 2011, respectively. Payments received on covered loans provided $95.4 million and $95.5 million for the six months ended June 30, 2012 and 2011, respectively, and payments received from the FDIC under loss share agreements provided $86.5 million and $28.7 million for the six months ended June 30, 2012 and 2011, respectively. The Company received $365.4 million in the six months ended June 30, 2011 (none in the quarter ended June 30, 2012) in connection with an FDIC-assisted acquisition. Other loss share activity provided $8.7 million and $9.4 million in the six months ended June 30, 2012 and 2011, respectively. The Company had proceeds from sales of other assets of $28.8 million and $9.8 million in the six months ended June 30, 2012 and 2011, respectively. Purchases of premises and equipment used $36.4 million and $12.9 million in the six months ended June 30, 2012 and 2011, respectively.
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Bank Of The Ozarks Inc has a market cap of $1.12 billion; its shares were traded at around $32.26 with a P/E ratio of 15.1 and P/S ratio of 3.6. The dividend yield of Bank Of The Ozarks Inc stocks is 1.6%. Bank Of The Ozarks Inc had an annual average earning growth of 13.1% over the past 10 years. GuruFocus rated Bank Of The Ozarks Inc 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 $19.1 million for the second quarter of 2012, a 62.0% decrease from $50.2 million for the second quarter of 2011. Diluted earnings per common share were $0.55 for the second quarter of 2012, a 62.3% decrease from $1.46 for the second quarter of 2011. For the first six months of 2012, net income available to common stockholders totaled $37.1 million, a 42.8% decrease from $64.8 million for the first six months of 2011. Diluted earnings per common share for the first six months of 2012 were $1.06, a 43.6% decrease from $1.88 for the first six months of 2011.Common stockholders equity was $459.6 million at June 30, 2012 compared to $424.6 million at December 31, 2011. Book value per common share was $13.29 at June 30, 2012 compared to $12.32 at December 31, 2011. Tangible book value per common share, which is calculated by dividing total common stockholders equity less intangible assets, by total common shares outstanding, was $12.96 at June 30, 2012 compared to $12.06 at December 31, 2011. Changes in common stockholders equity, book value per common share and tangible book value per common share reflect earnings, dividends paid, stock option and stock grant transactions, changes in unrealized gains and losses on investment securities available for sale (AFS), and, for tangible book value per common share, changes in intangible assets.
Net interest income for the second quarter of 2012 decreased 0.6% to $44.4 million compared to $44.7 million for the second quarter of 2011. Net interest income for the six months ended June 30, 2012 increased 9.0% to $90.6 million compared to $83.1 million for the six months ended June 30, 2011. Net interest margin was 5.84% for the second quarter and 5.91% for the first six months of 2012 compared to 5.80% for the second quarter and 5.71% for the first six months of 2011. The decrease in net interest income for the second quarter of 2012 compared to the second quarter of 2011 was primarily due to a decrease in average earning assets from $3.09 billion for the second quarter of 2011 to $3.06 billion for the second quarter of 2012, partially offset by an increase in net interest margin, which increased four basis points (bps). The increase in net interest income for the first six months of 2012 compared to the first six months of 2011 was a result of the increase in average earning assets from $2.93 billion for the first six months of 2011 to $3.08 billion for the first six months of 2012 and the improvement in net interest margin, which increased 20 bps in the first six months of 2012 compound to the first six months of 2011.
The decrease in average earning assets for the second quarter of 2012 compared to the second quarter of 2011 was primarily due to decreases in the average balances of covered loans of $70 million and aggregate investment securities of $52 million, partially offset by an increase in the average balance of non-covered loans and leases of $93 million. The increase in average earning assets for the first six months of 2012 compared to the first six months of 2011 was primarily due to the $80 million increase in average balance of covered loans and the $75 million increase in the average balance of non-covered loans and leases.
Investing activities provided $121.3 million in the six months ended June 30, 2012 and $593.2 million in the six months ended June 30, 2011. Net activity in the Companys investment securities portfolio provided $29.2 million and $41.8 million in the six months ended June 30, 2012 and 2011, respectively. Net non-covered loans and leases used $91.2 million and provided $57.2 million in the six months ended June 30, 2012 and 2011, respectively. Payments received on covered loans provided $95.4 million and $95.5 million for the six months ended June 30, 2012 and 2011, respectively, and payments received from the FDIC under loss share agreements provided $86.5 million and $28.7 million for the six months ended June 30, 2012 and 2011, respectively. The Company received $365.4 million in the six months ended June 30, 2011 (none in the quarter ended June 30, 2012) in connection with an FDIC-assisted acquisition. Other loss share activity provided $8.7 million and $9.4 million in the six months ended June 30, 2012 and 2011, respectively. The Company had proceeds from sales of other assets of $28.8 million and $9.8 million in the six months ended June 30, 2012 and 2011, respectively. Purchases of premises and equipment used $36.4 million and $12.9 million in the six months ended June 30, 2012 and 2011, respectively.
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