Bank of the Ozarks (OZRK, Financial) filed Quarterly Report for the period ended 2010-09-30.
Bank Of The Ozarks has a market cap of $665.86 million; its shares were traded at around $39.27 with a P/E ratio of 15.9 and P/S ratio of 3.07. The dividend yield of Bank Of The Ozarks stocks is 1.63%. 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 $3.18 billion at September 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 $1.89 billion at September 30, 2010 compared to $1.90 billion at December 31, 2009. Loans covered by FDIC loss share agreements were $0.39 billion at September 30, 2010 compared to none at December 31, 2009. Deposits were $2.42 billion at September 30, 2010 compared to $2.03 billion at December 31, 2009.
Common stockholders equity was $316 million at September 30, 2010 compared to $269 million at December 31, 2009. Book value per common share was $18.60 at September 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 $2.4 million and $2.6 million for the quarters ended September 30, 2010 and 2009, respectively, and $7.7 million and $9.8 million for the nine months ended September 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 third quarter of 2010 increased 10.8% to $35.2 million compared to $31.8 million for the third quarter of 2009. Net interest income decreased 2.3% to $97.3 million for the nine months ended September 30, 2010 compared to $99.6 million for the nine months ended September 30, 2009.
The Companys other interest bearing liabilities include (i) repurchase agreements with customers (repos), (ii) other borrowings comprised primarily of Federal Home Loan Bank (FHLB) advances, and, to a lesser extent, Federal Reserve Bank (FRB) borrowings and federal funds purchased, and (iii) subordinated debentures. The rates paid on repos decreased 38 bps for the third quarter and 32 bps for the nine months ended September 30, 2010 compared to the same periods in 2009. The rates paid on the Companys other borrowings decreased 13 bps for the third quarter and increased 25 bps for the nine months ended September 30, 2010 compared to the same periods in 2009. Other borrowings consist primarily of fixed rate callable FHLB advances. The decrease in rates for other borrowings for the quarter ended September 30, 2010 compared to the same period in 2009 was primarily due to the repayment of $60 million of callable FHLB advances with a weighted-average interest rate of 6.25% that were repaid on their maturity dates in May 2010. The increase in rates for other borrowings for the nine months ended September 30, 2010 compared to the first nine months of 2009 was due primarily to the decreased utilization of lower rate short-term federal funds purchased and short-term FHLB advances during the first nine months of 2010 compared to the same period in 2009, partially offset by the repayment of $60 million of FHLB advances. The rates paid on the Companys subordinated debentures, which are tied to a spread over the 90-day London Interbank Offered Rate (LIBOR) and reset periodically, declined 13 bps for the third quarter and 81 bps for the nine months ended September 30, 2010 compared to the same periods of 2009 as a result of the decrease in the 90-day LIBOR.
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Bank Of The Ozarks has a market cap of $665.86 million; its shares were traded at around $39.27 with a P/E ratio of 15.9 and P/S ratio of 3.07. The dividend yield of Bank Of The Ozarks stocks is 1.63%. 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 $20.2 million for the third quarter of 2010, a 141.0% increase from $8.4 million for the comparable quarter in 2009. Diluted earnings per common share were $1.19 for the quarter ended September 30, 2010, a 138.0% increase from $0.50 for the quarter ended September 30, 2009. For the nine months ended September 30, 2010, net income available to common stockholders totaled $47.1 million, a 73.2% increase from $27.2 million for the first nine months of 2009. Diluted earnings per common share for the first nine months of 2010 were $2.77 compared to $1.61 for the comparable period in 2009, a 72.0% increase.Total assets were $3.18 billion at September 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 $1.89 billion at September 30, 2010 compared to $1.90 billion at December 31, 2009. Loans covered by FDIC loss share agreements were $0.39 billion at September 30, 2010 compared to none at December 31, 2009. Deposits were $2.42 billion at September 30, 2010 compared to $2.03 billion at December 31, 2009.
Common stockholders equity was $316 million at September 30, 2010 compared to $269 million at December 31, 2009. Book value per common share was $18.60 at September 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 $2.4 million and $2.6 million for the quarters ended September 30, 2010 and 2009, respectively, and $7.7 million and $9.8 million for the nine months ended September 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 third quarter of 2010 increased 10.8% to $35.2 million compared to $31.8 million for the third quarter of 2009. Net interest income decreased 2.3% to $97.3 million for the nine months ended September 30, 2010 compared to $99.6 million for the nine months ended September 30, 2009.
The Companys other interest bearing liabilities include (i) repurchase agreements with customers (repos), (ii) other borrowings comprised primarily of Federal Home Loan Bank (FHLB) advances, and, to a lesser extent, Federal Reserve Bank (FRB) borrowings and federal funds purchased, and (iii) subordinated debentures. The rates paid on repos decreased 38 bps for the third quarter and 32 bps for the nine months ended September 30, 2010 compared to the same periods in 2009. The rates paid on the Companys other borrowings decreased 13 bps for the third quarter and increased 25 bps for the nine months ended September 30, 2010 compared to the same periods in 2009. Other borrowings consist primarily of fixed rate callable FHLB advances. The decrease in rates for other borrowings for the quarter ended September 30, 2010 compared to the same period in 2009 was primarily due to the repayment of $60 million of callable FHLB advances with a weighted-average interest rate of 6.25% that were repaid on their maturity dates in May 2010. The increase in rates for other borrowings for the nine months ended September 30, 2010 compared to the first nine months of 2009 was due primarily to the decreased utilization of lower rate short-term federal funds purchased and short-term FHLB advances during the first nine months of 2010 compared to the same period in 2009, partially offset by the repayment of $60 million of FHLB advances. The rates paid on the Companys subordinated debentures, which are tied to a spread over the 90-day London Interbank Offered Rate (LIBOR) and reset periodically, declined 13 bps for the third quarter and 81 bps for the nine months ended September 30, 2010 compared to the same periods of 2009 as a result of the decrease in the 90-day LIBOR.
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