Bank of the Ozarks (OZRK, Financial) filed Quarterly Report for the period ended 2010-03-31.
Bank Of The Ozarks has a market cap of $603.1 million; its shares were traded at around $35.65 with a P/E ratio of 16 and P/S ratio of 2.8. The dividend yield of Bank Of The Ozarks stocks is 1.7%. 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 $3.02 billion at March 31, 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 $1.88 billion at March 31, 2010 compared to $1.90 billion at December 31, 2009. Deposits, including $0.21 billion of recently acquired deposits in Georgia, were $2.25 billion at March 31, 2010 compared to $2.03 billion at December 31, 2009.
Common stockholders equity was $284 million at March 31, 2010 compared to $269 million at December 31, 2009. Book value per common share was $16.75 at March 31, 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).
On March 26, 2010 the Company, through the Bank, entered into a purchase and assumption agreement with loss share agreements with the FDIC pursuant to which it acquired substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of the former Unity National Bank (Unity) with five offices in Cartersville, Rome, Adairsville and Calhoun, Georgia. This FDIC-assisted transaction resulted in the Company recognizing a pre-tax gain of $10.0 million and incurring pre-tax acquisition costs of $0.3 million in the first quarter of 2010. Except for the $10.0 million pre-tax gain and the $0.3 million of pre-tax acquisition costs, the Unity transaction did not significantly impact the Companys results of operations for the first quarter of 2010.
The decrease in average earning assets for the quarter ended March 31, 2010 compared to the first quarter of 2009 was due primarily to a decrease in the Companys investment securities portfolio and, to a lesser extent, a decrease in the Companys loan and lease portfolio. From March 31, 2009 to March 31, 2010, the Company was a net seller of investment securities, reducing its period-end portfolio by $349 million at March 31, 2010 compared to March 31, 2009 and its average portfolio balance for the first quarter of 2010 by $427 million compared to the first quarter of 2009. This reduction in the investment securities portfolio was a result of the Companys ongoing evaluations of interest rate risk. The decrease in loans and leases was principally due to loan and lease paydowns more than offsetting the origination of new loans and leases.
Net gains on investment securities and from sales of other assets were $1.6 million for the first quarter of 2010 compared to net gains in such categories of $4.0 million for the same period in 2009. During the first quarters of 2010 and 2009, respectively, the Company sold $21 million and $68 million of investment securities AFS.
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Bank Of The Ozarks has a market cap of $603.1 million; its shares were traded at around $35.65 with a P/E ratio of 16 and P/S ratio of 2.8. The dividend yield of Bank Of The Ozarks stocks is 1.7%. 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 $16.0 million for the first quarter of 2010, a 71.8% increase from net income available to common stockholders of $9.3 million for the comparable quarter in 2009. Diluted earnings per common share were $0.94 for the quarter ended March 31, 2010, a 70.9% increase from $0.55 for the quarter ended March 31, 2009.Total assets were $3.02 billion at March 31, 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 $1.88 billion at March 31, 2010 compared to $1.90 billion at December 31, 2009. Deposits, including $0.21 billion of recently acquired deposits in Georgia, were $2.25 billion at March 31, 2010 compared to $2.03 billion at December 31, 2009.
Common stockholders equity was $284 million at March 31, 2010 compared to $269 million at December 31, 2009. Book value per common share was $16.75 at March 31, 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).
On March 26, 2010 the Company, through the Bank, entered into a purchase and assumption agreement with loss share agreements with the FDIC pursuant to which it acquired substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of the former Unity National Bank (Unity) with five offices in Cartersville, Rome, Adairsville and Calhoun, Georgia. This FDIC-assisted transaction resulted in the Company recognizing a pre-tax gain of $10.0 million and incurring pre-tax acquisition costs of $0.3 million in the first quarter of 2010. Except for the $10.0 million pre-tax gain and the $0.3 million of pre-tax acquisition costs, the Unity transaction did not significantly impact the Companys results of operations for the first quarter of 2010.
The decrease in average earning assets for the quarter ended March 31, 2010 compared to the first quarter of 2009 was due primarily to a decrease in the Companys investment securities portfolio and, to a lesser extent, a decrease in the Companys loan and lease portfolio. From March 31, 2009 to March 31, 2010, the Company was a net seller of investment securities, reducing its period-end portfolio by $349 million at March 31, 2010 compared to March 31, 2009 and its average portfolio balance for the first quarter of 2010 by $427 million compared to the first quarter of 2009. This reduction in the investment securities portfolio was a result of the Companys ongoing evaluations of interest rate risk. The decrease in loans and leases was principally due to loan and lease paydowns more than offsetting the origination of new loans and leases.
Net gains on investment securities and from sales of other assets were $1.6 million for the first quarter of 2010 compared to net gains in such categories of $4.0 million for the same period in 2009. During the first quarters of 2010 and 2009, respectively, the Company sold $21 million and $68 million of investment securities AFS.
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