Bank of the Ozarks (the “Bank”) (NASDAQ: OZRK) today announced
that net income for the second quarter of 2017 was a record $90.5
million, a 66.2% increase from $54.5 million for the second quarter
of 2016. Diluted earnings per common share for the second quarter
of 2017 were $0.73, a 21.7% increase from $0.60 for the second
quarter of 2016.
For the six months ended June 30, 2017, net income totaled
$179.7 million, a 69.3% increase from net income of $106.2 million
for the first six months of 2016. Diluted earnings per common share
for the first six months of 2017 were $1.46, a 25.9% increase from
$1.16 for the first six months of 2016.
On June 26, 2017, the Bank merged with its former parent holding
company, Bank of the Ozarks, Inc., with the Bank as the surviving
corporation. All prior period financial data in this news release
and accompanying schedules gives effect to this merger
transaction.
The Bank’s annualized returns on average assets, average common
stockholders’ equity and average tangible common stockholders’
equity for the second quarter of 2017 were 1.90%, 12.05% and
15.81%, respectively, compared to 1.91%, 14.35% and 15.92%,
respectively, for the second quarter of 2016. The Bank’s annualized
returns on average assets, average common stockholders’ equity and
average tangible common stockholders’ equity for the first six
months of 2017 were 1.92%, 12.41% and 16.45%, respectively,
compared to 1.95%, 14.18% and 15.76%, respectively, for the first
six months of 2016.
George Gleason, Chairman and Chief Executive Officer, stated,
“We are very pleased to report our results for the second quarter
of 2017, including quarterly records in net income, net interest
income and service charge income, a 4.99% net interest margin, a
35.3% efficiency ratio and excellent asset quality and growth in
non-purchased loans and leases.”
KEY BALANCE SHEET
METRICS
Total loans and leases, including purchased loans, were $15.2
billion at June 30, 2017, a 56.1% increase from $9.7 billion at
June 30, 2016. Non-purchased loans and leases were $11.0 billion at
June 30, 2017, a 34.2% increase from $8.2 billion at June 30, 2016.
Purchased loans were $4.16 billion at June 30, 2017, a 174.5%
increase from $1.52 billion at June 30, 2016, but a 9.2% decrease
from $4.58 billion at March 31, 2017. The unfunded balance of
closed loans totaled $11.9 billion at June 30, 2017, a 61.7%
increase from $7.3 billion at June 30, 2016.
Deposits were $16.2 billion at June 30, 2017, a 59.3% increase
from $10.2 billion at June 30, 2016. Total assets were $20.1
billion at June 30, 2017, a 63.4% increase from $12.3 billion at
June 30, 2016.
Common stockholders’ equity was $3.26 billion at June 30, 2017,
a 109.4% increase from $1.56 billion at June 30, 2016. Tangible
common stockholders’ equity was $2.54 billion at June 30, 2017, an
80.9% increase from $1.41 billion at June 30, 2016. Book value per
common share was $25.43 at June 30, 2017, a 48.2% increase from
$17.16 at June 30, 2016. Tangible book value per common share was
$19.85 at June 30, 2017, a 28.0% increase from $15.51 at June 30,
2016. The calculations of the Bank’s tangible common stockholders’
equity and tangible book value per common share and the
reconciliations to accounting principles generally accepted in the
United States (“GAAP”) are included in the schedules accompanying
this release.
The Bank’s ratio of common stockholders’ equity to total assets
was 16.25% at June 30, 2017 compared to 12.68% at June 30, 2016.
Its ratio of tangible common stockholders’ equity to total tangible
assets was 13.15% at June 30, 2017 compared to 11.60% at June 30,
2016. The calculation of the Bank’s ratio of total tangible common
stockholders’ equity to total tangible assets and the
reconciliation to GAAP are included in the schedules accompanying
this release.
NET INTEREST INCOME
Net interest income for the second quarter of 2017 was $202.1
million, a 69.8% increase from $119.0 million for the second
quarter of 2016. Net interest margin, on a fully taxable equivalent
(“FTE”) basis, was 4.99% for the second quarter of 2017, an
increase of 17 basis points from 4.82% for the second quarter of
2016. Average earning assets were $16.5 billion for the second
quarter of 2017, a 63.3% increase from $10.1 billion for the second
quarter of 2016.
Net interest income for the first six months of 2017 was $392.9
million, a 69.7% increase from $231.6 million for the first six
months of 2016. Net interest margin, on a FTE basis, was 4.93% for
the first six months of 2017, an increase of six basis points from
4.87% for the first six months of 2016. Average earning assets were
$16.3 billion for the first six months of 2017, a 68.0% increase
from $9.7 billion for the first six months of 2016.
NON-INTEREST INCOME
Non-interest income for the second quarter of 2017 increased
40.1% to $31.8 million compared to $22.7 million for the second
quarter of 2016. Non-interest income for the first six months of
2017 increased 43.0% to $60.9 million compared to $42.6 million for
the first six months of 2016.
NON-INTEREST EXPENSE
Non-interest expense for the second quarter of 2017 increased
64.6% to $83.8 million compared to $50.9 million for the second
quarter of 2016. Non-interest expense for the first six months of
2017 increased 64.4% to $162.1 million compared to $98.6 million
for the first six months of 2016.
The Bank’s efficiency ratio (non-interest expense divided by the
sum of net interest income FTE and non-interest income) for the
second quarter of 2017 was 35.3% compared to 35.4% for the second
quarter of 2016. The Bank’s efficiency ratio for the first six
months of 2017 was 35.2% compared to 35.5% for the first six months
of 2016.
ASSET QUALITY, CHARGE-OFFS AND
ALLOWANCE
Excluding purchased loans, the Bank’s ratio of nonperforming
loans and leases as a percent of total loans and leases was 0.11%
at June 30, 2017 compared to 0.09% at June 30, 2016.
Excluding purchased loans, the Bank’s ratio of nonperforming
assets as a percent of total assets was 0.23% at June 30, 2017
compared to 0.25% at June 30, 2016.
Excluding purchased loans, the Bank’s ratio of loans and leases
past due 30 days or more, including past due non-accrual loans and
leases, to total loans and leases was a record 0.15% at June 30,
2017 compared to 0.22% at June 30, 2016.
The Bank’s annualized net charge-off ratio for all loans and
leases was 0.05% for the second quarter of 2017 compared to 0.06%
for the second quarter of 2016. The Bank’s annualized net
charge-off ratio for all loans and leases was 0.07% for the first
six months of 2017 compared to 0.06% for the first six months of
2016.
The Bank’s allowance for loan and lease losses for its
non-purchased loans and leases was $80.7 million, or 0.73% of total
non-purchased loans and leases, at June 30, 2017 compared to $63.9
million, or 0.78% of total non-purchased loans and leases, at June
30, 2016. The Bank had $1.6 million of allowance for loan and lease
losses for its purchased loans at June 30, 2017 compared to $1.2
million at June 30, 2016.
CONFERENCE CALL, TRANSCRIPT AND
FILINGS
Management will conduct a conference call to discuss its
quarterly results at 10:00 a.m. CT (11:00 a.m. ET) on July 12,
2017. Interested parties may listen to this call by dialing (844)
818-5110 (U.S. and Canada) or (210) 229-8841 (internationally) and
asking for the Bank of the Ozarks conference call. A recorded
playback of the call will be available for one week following the
call at (855) 859-2056 (U.S. and Canada) or (404) 537-3406
(internationally). The passcode for this playback is 38548410. The
call will be available live or in a recorded version on the Bank’s
Investor Relations website at http://ir.bankozarks.com under
“Company News.” The Bank will also provide a transcript of the
conference call on its Investor Relations website, which will be
available for 90 days.
The Bank files certain reports, proxy materials, and other
information required by the Securities and Exchange Act of 1934
with the Federal Deposit Insurance Corporation (“FDIC”), copies of
which are available electronically at the FDIC’s website at
http://www.fdic.gov and are also available on the Bank’s Investor
Relations website at http://ir.bankozarks.com under “Filings.”
NON-GAAP FINANCIAL
MEASURES
This release contains certain non-GAAP financial measures. The
Bank uses these non-GAAP financial measures, specifically return on
average tangible common stockholders’ equity, tangible book value
per common share, total tangible common stockholders’ equity and
the ratio of total tangible common stockholders’ equity to total
tangible assets, as important measures of the strength of its
capital and its ability to generate earnings on its tangible
capital invested by its shareholders. These measures typically
adjust GAAP financial measures to exclude intangible assets.
Management believes presentation of these non-GAAP financial
measures provides useful supplemental information which contributes
to a proper understanding of the financial results and capital
levels of the Bank. These non-GAAP disclosures should not be viewed
as a substitute for financial results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other banks. Reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP financial measures are included in the tables at the end of
this release under the caption “Reconciliation of Non-GAAP
Financial Measures.”
FORWARD-LOOKING
STATEMENTS
This release and other communications by the Bank include
certain “forward-looking statements” regarding the Bank’s plans,
expectations, thoughts, beliefs, estimates, goals and outlook for
the future that are intended to be covered by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based on management’s expectations as well as
certain assumptions and estimates made by, and information
available to, management at the time. Those statements are not
guarantees of future results or performance and are subject to
certain known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from those
expressed in, or implied by, such forward-looking statements. These
risks, uncertainties and other factors include, but are not limited
to: potential delays or other problems implementing the Bank’s
growth, expansion and acquisition strategies including delays in
identifying sites, hiring or retaining qualified personnel,
obtaining regulatory or other approvals, obtaining permits and
designing, constructing and opening new offices; the ability to
enter into and/or close additional acquisitions; problems with, or
additional expenses relating to, integrating acquisitions; the
inability to realize expected cost savings and/or synergies from
acquisitions; problems with managing acquisitions; the effect of
the announcements of any future acquisition on customer
relationships and operating results; the availability and access to
capital; possible downgrades in the Bank’s credit ratings or
outlook which could increase the costs or availability of funding
from capital markets; the ability to attract new or retain existing
or acquired deposits or to retain or grow loans and leases,
including growth from unfunded closed loans; the ability to
generate future revenue growth or to control future growth in
non-interest expense; interest rate fluctuations, including changes
in the yield curve between short-term and long-term interest rates;
competitive factors and pricing pressures, including their effect
on the Bank’s net interest margin; general economic, unemployment,
credit market and real estate market conditions, and the effect of
such conditions on the creditworthiness of borrowers and lessees,
collateral values, the value of investment securities and asset
recovery values; changes in legal and regulatory requirements;
recently enacted and potential legislation and regulatory actions
and the costs and expenses to comply with new legislation and
regulatory actions; changes in U.S. government monetary and fiscal
policy; the ability to keep pace with technological changes,
including changes regarding maintaining cybersecurity; an increase
in the incidence or severity of fraud, illegal payments, security
breaches or other illegal acts impacting the Bank or its customers;
adoption of new accounting standards or changes in existing
standards; and adverse results (including costs, fines,
reputational harm and/or other negative effects) from current or
future litigation, regulatory examinations or other legal and/or
regulatory actions as well as other factors identified in this
press release or as detailed from time to time in our public
filings, including those factors included in the disclosures under
the headings “Forward-Looking Information” and “Item 1A. Risk
Factors” in our most recent Annual Report on Form 10-K for the year
ended December 31, 2016 or our Quarterly Reports on Form 10-Q.
Should one or more of the foregoing risks materialize, or should
underlying assumptions prove incorrect, actual results or outcomes
may vary materially from those projected in, or implied by, such
forward-looking statements. The Bank disclaims any obligation to
update or revise any forward-looking statements based on the
occurrence of future events, the receipt of new information or
otherwise.
GENERAL INFORMATION
Bank of the Ozarks (NASDAQ: OZRK) is a regional bank providing
innovative financial solutions delivered by expert bankers with a
relentless pursuit of excellence. Bank of the Ozarks has been
recognized as the #1 bank in the nation in its asset size for seven
consecutive years. Headquartered in Little Rock, Arkansas, Bank of
the Ozarks conducts operations through 251 offices in Arkansas,
Georgia, Florida, North Carolina, Texas, Alabama, South Carolina,
New York and California and had $20.1 billion in total assets at
June 30, 2017. Bank of the Ozarks can be found at
www.bankozarks.com and on Facebook, Twitter and LinkedIn or
contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas
72231-8811.
Bank of the Ozarks Selected Consolidated
Financial Data
(Dollars in Thousands, Except Per Share
Amounts)
Unaudited
Three Months Ended
June 30,
Six Months Ended
June 30,
2017 2016 % Change 2017
2016 % Change
Income statement
data:
Net interest income $ 202,105 $ 119,038 69.8 % $
392,876 $ 231,555 69.7 % Provision for loan and lease losses 6,103
4,834 26.3 11,036 6,851 61.1 Non-interest income 31,840 22,733 40.1
60,898 42,597 43.0 Non-interest expense 83,828 50,928 64.6 162,095
98,614 64.4 Net income available to common stockholders 90,532
54,474 66.2 179,720 106,162 69.3
Common stock
data:
Net income per share - diluted $ 0.73 $ 0.60 21.7 % $ 1.46 $ 1.16
25.9 % Net income per share - basic 0.73 0.60 21.7 1.47 1.17 25.6
Cash dividends per share 0.175 0.155 12.9 0.345 0.305 13.1 Book
value per share 25.43 17.16 48.2 25.43 17.16 48.2 Tangible book
value per share(1) 19.85 15.51 28.0 19.85 15.51 28.0 Diluted shares
outstanding (thousands) 124,198 91,288 123,084 91,268 End of period
shares outstanding (thousands) 128,190 90,745 128,190 90,745
Balance sheet
data at period end:
Assets $ 20,064,589 $ 12,279,579 63.4 % $ 20,064,589 $ 12,279,579
63.4 % Non-purchased loans and leases 11,025,203 8,214,900 34.2
11,025,203 8,214,900 34.2 Purchased loans 4,159,139 1,515,104 174.5
4,159,139 1,515,104 174.5 Allowance for loan and lease losses
82,320 65,133 26.4 82,320 65,133 26.4 Foreclosed assets 34,000
23,328 45.7 34,000 23,328 45.7 Investment securities 2,101,751
824,399 154.9 2,101,751 824,399 154.9 Goodwill 660,789 126,289
423.2 660,789 126,289 423.2 Other intangibles - net of amortization
54,541 23,615 131.0 54,541 23,615 131.0 Deposits 16,241,440
10,195,072 59.3 16,241,440 10,195,072 59.3 Repurchase agreements
with customers 68,502 53,997 26.9 68,502 53,997 26.9 Other
borrowings 42,486 42,053 1.0 42,486 42,053 1.0 Subordinated notes
222,706 222,324 0.2 222,706 222,324 0.2 Subordinated debentures
118,519 117,962 0.5 118,519 117,962 0.5 Common stockholders’ equity
3,260,123 1,556,921 109.4 3,260,123 1,556,921 109.4
Net unrealized (losses) gains on
investment securities AFS included in common stockholders'
equity
(4,992 ) 15,106 (4,992 ) 15,106 Loan and lease (including purchased
loans) to deposit ratio 93.49 % 95.44 % 93.49 % 95.44 %
Selected
ratios:
Return on average assets (2) 1.90 % 1.91 % 1.92 % 1.95 % Return on
average common stockholders’ equity (2) 12.05 14.35 12.41 14.18
Return on average tangible common stockholders’ equity (1) (2)
15.81 15.92 16.45 15.76 Average common equity to total average
assets 15.81 13.34 15.45 13.74 Net interest margin – FTE (2) 4.99
4.82 4.93 4.87 Efficiency ratio 35.32 35.41 35.18 35.46 Net
charge-offs to average non-purchased loans and leases (2) (3) 0.03
0.05 0.04 0.06 Net charge-offs to average total loans and leases(2)
0.05 0.06 0.07 0.06 Nonperforming loans and leases to total loans
and leases(4) 0.11 0.09 0.11 0.09 Nonperforming assets to total
assets(4) 0.23 0.25 0.23 0.25
Allowance for loan and lease losses to
non-purchased loans and leases(4)
0.73 0.78 0.73 0.78
Other
information:
Non-accrual loans and leases(4) $ 11,628 $ 7,700 $ 11,628 $ 7,700
Accruing loans and leases - 90 days past due(4) — — — — Troubled
and restructured loans and leases(4) — — — — Impaired purchased
loans 11,679 6,387 11,679 6,387
(1)
Calculations of tangible book value per
common share and return on average tangible common stockholders’
equity and the reconciliations to GAAP are included in the
schedules accompanying this release.
(2)
Ratios for interim periods annualized
based on actual days.
(3)
Excludes purchased loans and net
charge-offs related to such loans.
(4)
Excludes purchased loans and any allowance
for such loans, except for their inclusion in total assets.
Bank of the
Ozarks Supplemental Quarterly Financial Data
(Dollars in Thousands, Except Per Share
Amounts)
Unaudited
9/30/15 12/31/15 3/31/16 6/30/16
9/30/16 12/31/16 3/31/17 6/30/17
Earnings
Summary:
Net interest income $ 96,387 $ 106,518 $ 112,517 $ 119,038 $
175,150 $ 194,800 $ 190,771 $ 202,105 Federal tax (FTE) adjustment
2,368 2,092 1,911
2,067 2,533 3,254 3,594
3,396 Net interest income (FTE) 98,755 108,610
114,428 121,105 177,683 198,054 194,365 205,501 Provision for loan
and lease losses (3,581 ) (5,211 ) (2,017 ) (4,834 ) (7,086 )
(9,855 ) (4,933 ) (6,103 ) Non-interest income 22,138 30,540 19,865
22,733 29,231 30,571 29,058 31,840 Non-interest expense
(45,428 ) (51,646 ) (47,686 ) (50,928 )
(78,781 ) (78,358 ) (78,268 ) (83,828 ) Pretax
income (FTE) 71,884 82,293 84,590 88,076 121,047 140,412 140,222
147,410 FTE adjustment (2,368 ) (2,092 ) (1,911 ) (2,067 ) (2,533 )
(3,254 ) (3,594 ) (3,396 ) Provision for income taxes (23,385 )
(28,740 ) (30,984 ) (31,514 ) (42,470 ) (49,312 ) (47,417 ) (53,488
) Noncontrolling interest (3 ) (6 ) (7 )
(21 ) (14 ) (59 ) (23 ) 6
Net income available to common
stockholders
$ 46,128 $ 51,455 $ 51,688 $ 54,474 $
76,030 $ 87,787 $ 89,188 $ 90,532
Earnings per common share – diluted $ 0.52 $ 0.57 $ 0.57 $ 0.60 $
0.66 $ 0.72 $ 0.73 $ 0.73
Non-interest
Income:
Service charges on deposit accounts $ 7,425 $ 7,558 $ 7,657 $ 8,119
$ 10,926 $ 11,759 $ 11,301 $ 11,764 Mortgage lending income 1,825
1,713 1,284 2,057 2,616 2,097 1,574 1,910 Trust income 1,500 1,508
1,507 1,574 1,564 1,623 1,631 1,577 BOLI income 2,264 2,412 2,861
2,745 4,638 4,564 4,464 4,594 Other income from purchased loans
5,456 4,790 3,052 4,599 4,635 4,993 3,737 4,777 Net gains on
investment securities — 2,863 — — — 4 — 404 Gains on sales of other
assets 1,905 7,463 1,027 998 594 1,537 1,619 672 Other 1,763
2,233 2,477 2,641
4,258 3,994 4,732
6,142 Total non-interest income $ 22,138 $ 30,540
$ 19,865 $ 22,733 $ 29,231 $ 30,571
$ 29,058 $ 31,840
Non-interest
Expense:
Salaries and employee benefits $ 21,207 $ 21,504 $ 23,362 $ 24,921
$ 38,069 $ 36,481 $ 38,554 $ 39,892 Net occupancy expense 8,076
8,537 8,531 8,388 11,669 13,936 13,192 12,937 Other operating
expenses 14,448 19,879 14,067 16,062 26,447 24,783 23,377 27,854
Amortization of intangibles 1,697 1,726
1,726 1,557 2,596
3,158 3,145 3,145 Total
non-interest expense $ 45,428 $ 51,646 $ 47,686
$ 50,928 $ 78,781 $ 78,358 $ 78,268
$ 83,828
Allowance for
Loan and Lease Losses:
Balance at beginning of period $ 56,749 $ 59,017 $ 60,854 $ 61,760
$ 65,133 $ 69,760 $ 76,541 $ 78,224 Net charge-offs (1,313 ) (3,374
) (1,111 ) (1,461 ) (2,459 ) (3,074 ) (3,250 ) (2,007 ) Provision
for loan and lease losses 3,581 5,211
2,017 4,834 7,086
9,855 4,933 6,103 Balance at end
of period $ 59,017 $ 60,854 $ 61,760 $ 65,133
$ 69,760 $ 76,541 $ 78,224 $ 82,320
Selected
Ratios:
Net interest margin – FTE (1) 5.07 % 4.98 % 4.92 % 4.82 % 4.90 %
5.02 % 4.88 % 4.99 % Efficiency ratio 37.58 37.12 35.51 35.41 38.07
34.27 35.03 35.32
Net charge-offs to average non-purchased
loans and leases (1) (2)
0.05 0.22 0.06 0.05 0.06 0.08 0.05 0.03
Net charge-offs to average total loans and
leases (1)
0.08 0.17 0.05 0.06 0.07 0.09 0.09 0.05
Nonperforming loans and leases to total
loans and leases (3)
0.26 0.20 0.15 0.09 0.08 0.15 0.11 0.11 Nonperforming assets to
total assets (3) 0.41 0.37 0.29 0.25 0.28 0.31 0.25 0.23
Allowance for loan and lease losses to
total non-purchased loans and leases (3)
1.08 0.91 0.80 0.78 0.78 0.78 0.75 0.73
Loans and leases past due 30 days or more,
including past due non-accrual loans and leases, to total loans and
leases (3)
0.41 0.28 0.23 0.22 0.17 0.16 0.16 0.15
(1)
Ratios for interim periods annualized
based on actual days.
(2)
Excludes purchased loans and net
charge-offs related to such loans.
(3)
Excludes purchased loans and any allowance
for such loans, except for their inclusion in total assets.
Bank of the Ozarks Average
Consolidated Balance Sheets and Net Interest Analysis – FTE
Unaudited
Three Months Ended June 30, Six Months Ended June
30, 2017 2016 2017
2016 Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
(Dollars in thousands)
ASSETS
Earning assets: Interest earning deposits and
federal funds sold
$ 87,025 $ 115 0.53 % $ 6,048 $ 13 0.85 % $ 83,302 $ 135 0.33 % $
4,517 $ 19 0.82 % Investment securities: Taxable 739,184 4,181 2.27
293,981 2,442 3.34 701,378 7,997 2.30 279,040 4,712 3.40 Tax-exempt
– FTE 774,837 9,458 4.90 415,473 5,733 5.55 789,134 19,477 4.98
377,127 11,014 5.87
Non-purchased loans and leases – FTE
10,517,666 142,071 5.42 7,794,654 98,096 5.06 10,174,598 269,586
5.34 7,401,860 185,168 5.03 Purchased loans 4,391,894
75,729 6.92 1,599,013 26,711 6.72
4,598,340 151,723 6.65 1,669,920
55,734 6.71
Total earning assets – FTE
16,510,606 231,554 5.63 10,109,169 132,995 5.29 16,346,752 448,918
5.54 9,732,464 256,647 5.30
Non-interest earning assets
2,558,960 1,338,147 2,562,131
1,225,357 Total assets $ 19,069,566 $ 11,447,316 $
18,908,883 $ 10,957,821
LIABILITIES AND STOCKHOLDERS’
EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing
transaction
$ 8,084,021 $ 10,912 0.54 % $ 4,742,475 $ 4,063 0.34 % $ 7,973,949
$ 19,370 0.49 % $ 4,668,940 $ 7,780 0.34 %
Time deposits of $100,000 or more
3,211,778 7,737 0.97 1,935,241 4,139 0.86 3,226,600 14,869 0.93
1,778,972 7,087 0.80 Other time deposits 1,572,703
2,830 0.72 1,312,153 2,011 0.62
1,635,929 5,617 0.69 1,149,692
3,196 0.56
Total interest bearing deposits
12,868,502 21,479 0.67 7,989,869 10,213 0.51 12,836,478 39,856 0.63
7,597,604 18,063 0.48
Repurchase agreements with customers
76,610 30 0.16 58,284 22 0.15 78,238 60 0.16 63,293 42 0.13 Other
borrowings 42,365 255 2.41 42,021 293 2.80 42,251 477 2.27 46,537
595 2.57 Subordinated notes 222,660 3,052 5.50 19,557 283 5.83
222,611 6,240 5.65 9,778 283 5.83 Subordinated debentures
118,449 1,237 4.19 117,887 1,079
3.68 118,375 2,418 4.12 117,818
2,132 3.64
Total interest bearing liabilities
13,328,586 26,053 0.78 8,227,618 11,890 0.58 13,297,953 49,051 0.74
7,835,030 21,115 0.54
Non-interest bearing liabilities:
Non-interest bearing deposits
2,643,836 1,635,697 2,609,420 1,572,247
Other non-interest bearing liabilities
79,331 53,987 77,195
41,625
Total liabilities
16,051,753 9,917,302 15,984,568 9,448,902
Common stockholders’ equity
3,014,462 1,526,828 2,921,165 1,505,742 Noncontrolling interest
3,351 3,186 3,150
3,177
Total liabilities and stockholders’
equity
$ 19,069,566 $ 11,447,316
$ 18,908,883 $ 10,957,821
Net interest income – FTE
$ 205,501 $ 121,105 $ 399,867 $ 235,532
Net interest margin – FTE
4.99 % 4.82 % 4.93 % 4.87 %
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES Bank of the Ozarks Calculation of
Average Tangible Common Stockholders’ Equity and the Return
on Average Tangible Common Stockholders’ Equity
Unaudited
Three Months Ended Six Months Ended June
30, June 30, 2017 2016
2017
2016 (Dollars in thousands) Net income available to
common stockholders $ 90,532 $ 54,474 $ 179,720
$ 106,162
Average common stockholders’ equity before
noncontrolling interest
$ 3,014,462 $ 1,526,828 $ 2,921,165 $ 1,505,742 Less average
intangible assets: Goodwill (660,789 ) (125,873 ) (660,472 )
(125,660 )
Core deposit and other intangibles, net of
accumulated amortization
(56,281 ) (24,468 ) (57,929 ) (25,317 )
Total average intangibles (717,070 ) (150,341 )
(718,401 ) (150,977 ) Average tangible common
stockholders’ equity $ 2,297,392 $ 1,376,487 $
2,202,764 $ 1,354,765 Return on average common
stockholders’ equity(1) 12.05 % 14.35 % 12.41
% 14.18 % Return on average tangible common stockholders’
equity(1) 15.81 % 15.92 % 16.45 % 15.76
%
(1)Ratios for interim periods annualized
based on actual days.
Bank of the Ozarks Calculation of Total
Tangible Common Stockholders’ Equity and Tangible
Book Value per Common Share
Unaudited
June 30, 2017 2016 (In
thousands, except per share amounts) Total common stockholders’
equity before noncontrolling interest $ 3,260,123 $ 1,556,921 Less
intangible assets: Goodwill (660,789 ) (126,289 )
Core deposit and other intangibles, net of
accumulated amortization
(54,541 ) (23,615 ) Total intangibles (715,330
) (149,904 ) Total tangible common stockholders’ equity $
2,544,793 $ 1,407,017 Shares of common stock
outstanding 128,190 90,745 Book value
per common share $ 25.43 $ 17.16 Tangible book value
per common share $ 19.85 $ 15.51
Bank of the Ozarks Calculation of Total Tangible Common
Stockholders’ Equity and the Ratio of Total Tangible
Common Stockholders’ Equity to Total Tangible Assets
Unaudited
June 30, 2017 2016
(Dollars in thousands) Total common stockholders’ equity before
noncontrolling interest $ 3,260,123 $ 1,556,921 Less intangible
assets: Goodwill (660,789 ) (126,289 )
Core deposit and other intangibles, net of
accumulated amortization
(54,541 ) (23,615 ) Total intangibles (715,330
) (149,904 ) Total tangible common stockholders’ equity $
2,544,793 $ 1,407,017 Total assets $ 20,064,589 $
12,279,579 Less intangible assets: Goodwill (660,789 ) (126,289 )
Core deposit and other intangibles, net of
accumulated amortization
(54,541 ) (23,615 ) Total intangibles (715,330
) (149,904 ) Total tangible assets $ 19,349,259 $
12,129,675 Ratio of total common stockholders’ equity to
total assets 16.25 % 12.68 %
Ratio of total tangible common
stockholders’ equity to total
tangible assets
13.15 % 11.60 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170712005193/en/
Bank of the OzarksMedia Contact:Susan Blair,
501-978-2217orInvestor Contact:Tim Hicks, 501-978-2336
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