Bank of the Ozarks (the “Bank”) (NASDAQ: OZRK) today announced
that net income for the third quarter of 2017 was a record $96.0
million, a 26.3% increase from $76.0 million for the third quarter
of 2016. Diluted earnings per common share for the third quarter of
2017 were a record $0.75, a 13.6% increase from $0.66 for the third
quarter of 2016.
For the first nine months of 2017, net income totaled $275.7
million, a 51.3% increase from net income of $182.2 million for the
first nine months of 2016. Diluted earnings per common share for
the first nine months of 2017 were $2.21, a 20.1% increase from
$1.84 for the first nine months of 2016.
The Bank’s annualized returns on average assets, average common
stockholders’ equity and average tangible common stockholders’
equity for the third quarter of 2017 were 1.89%, 11.56% and 14.76%,
respectively, compared to 1.80%, 12.18% and 16.01%, respectively,
for the third quarter of 2016. The Bank’s annualized returns on
average assets, average common stockholders’ equity and average
tangible common stockholders’ equity for the first nine months of
2017 were 1.91%, 12.10% and 15.81%, respectively, compared to
1.88%, 13.27% and 15.88%, respectively, for the first nine months
of 2016. The calculation of the Bank’s return on average tangible
common stockholders’ equity and the reconciliation to generally
accepted accounting principles (“GAAP”) are included in the
schedules accompanying this release.
George Gleason, Chairman and Chief Executive Officer, stated,
“We are pleased to report another quarter of great results,
including record net income for the eighth consecutive quarter,
record diluted earnings per share, excellent asset quality and
growth of $1.02 billion in non-purchased loans and leases.”
KEY BALANCE SHEET
METRICS
Total loans and leases, including purchased loans, were $15.78
billion at September 30, 2017, an 11.4% increase from $14.16
billion at September 30, 2016. Non-purchased loans and leases,
which exclude loans acquired in previous acquisitions, were $12.05
billion at September 30, 2017, a 37.5% increase from $8.76 billion
at September 30, 2016. Purchased loans, which consist of loans
acquired in previous acquisitions, were $3.73 billion at September
30, 2017, a 30.9% decrease from $5.40 billion at September 30,
2016. The unfunded balance of closed loans totaled $12.52 billion
at September 30, 2017, a 44.6% increase from $8.66 billion at
September 30, 2016.
Deposits were $16.82 billion at September 30, 2017, an 11.2%
increase from $15.12 billion at September 30, 2016. Total assets
were $20.77 billion at September 30, 2017, a 12.6% increase from
$18.45 billion at September 30, 2016.
Common stockholders’ equity was $3.33 billion at September 30,
2017, a 21.0% increase from $2.76 billion at September 30, 2016.
Tangible common stockholders’ equity was $2.62 billion at September
30, 2017, a 28.9% increase from $2.03 billion at September 30,
2016. Book value per common share was $26.02 at September 30, 2017,
a 14.4% increase from $22.75 at September 30, 2016. Tangible book
value per common share was $20.46 at September 30, 2017, a 21.9%
increase from $16.79 at September 30, 2016. The calculations of the
Bank’s tangible common stockholders’ equity and tangible book value
per common share and the reconciliations to GAAP are included in
the schedules accompanying this release.
The Bank’s ratio of common stockholders’ equity to total assets
was 16.06% at September 30, 2017 compared to 14.94% at September
30, 2016. Its ratio of tangible common stockholders’ equity to
total tangible assets was 13.08% at September 30, 2017 compared to
11.47% at September 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 third quarter of 2017 was $209.7
million, a 19.7% increase from $175.2 million for the third quarter
of 2016. Net interest margin, on a fully taxable equivalent (“FTE”)
basis, was 4.84% for the third quarter of 2017, a decrease of six
basis points from 4.90% for the third quarter of 2016. Average
earning assets were $17.44 billion for the third quarter of 2017, a
20.9% increase from $14.43 billion for the third quarter of
2016.
Net interest income for the first nine months of 2017 was $602.6
million, a 48.2% increase from $406.7 million for the first nine
months of 2016. Net interest margin, on a FTE basis, was 4.90% for
the first nine months of 2017, an increase of two basis points from
4.88% for the first nine months of 2016. Average earning assets
were $16.72 billion for the first nine months of 2017, a 47.6%
increase from $11.32 billion for the first nine months of 2016.
NON-INTEREST INCOME
Non-interest income for the third quarter of 2017 increased
12.0% to $32.7 million compared to $29.2 million for the third
quarter of 2016. Non-interest income for the first nine months of
2017 increased 30.4% to $93.6 million compared to $71.8 million for
the first nine months of 2016.
Included in non-interest income for the third quarter and first
nine months of 2017 were gains on investment securities totaling
$2.43 million and $2.83 million, respectively, compared to no gains
on investment securities for the third quarter and first nine
months of 2016.
NON-INTEREST EXPENSE
Non-interest expense for the third quarter of 2017 increased
7.1% to $84.4 million compared to $78.8 million for the third
quarter of 2016. Non-interest expense for the first nine months of
2017 increased 39.0% to $246.5 million compared to $177.4 million
for the first nine 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
third quarter of 2017 was 34.4% compared to 38.1% for the third
quarter of 2016. The Bank’s efficiency ratio for the first nine
months of 2017 was 34.9% compared to 36.6% for the first nine
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 September 30, 2017 compared to 0.08% at September 30, 2016.
Excluding purchased loans, the Bank’s ratio of nonperforming
assets as a percent of total assets was 0.20% at September 30, 2017
compared to 0.28% at September 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 0.12% at September
30, 2017 compared to 0.17% at September 30, 2016.
The Bank’s annualized net charge-off ratio for all loans and
leases was 0.09% for the third quarter of 2017 compared to 0.07%
for the third quarter of 2016. The Bank’s annualized net charge-off
ratio for all loans and leases was 0.08% for the first nine months
of 2017 compared to 0.06% for the first nine months of 2016.
The Bank’s allowance for loan and lease losses for its
non-purchased loans and leases was $85.2 million, or 0.71% of total
non-purchased loans and leases, at September 30, 2017 compared to
$68.2 million, or 0.78% of total non-purchased loans and leases, at
September 30, 2016. The Bank had $1.6 million of allowance for loan
and lease losses for its purchased loans at both September 30, 2017
and 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 Wednesday,
October 11, 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
83984173. 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, financial and/or 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; the impact of failure in, or breach of, our
operational or security systems or infrastructure, or those of
third parties with whom we do business, including as a result of
cyber-attacks or 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 252 offices in Arkansas,
Georgia, Florida, North Carolina, Texas, Alabama, South Carolina,
California and New York and had $20.77 billion in total assets at
September 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
September 30,
Nine Months Ended
September 30,
2017 2016 % Change
2017 2016 % Change
Income statement
data:
Net interest income $ 209,722 $ 175,150 19.7 % $
602,598 $ 406,705 48.2 % Provision for loan and lease losses 7,777
7,086 9.8 18,814 13,937 35.0 Non-interest income 32,747 29,231 12.0
93,645 71,829 30.4 Non-interest expense 84,399 78,781 7.1 246,493
177,395 39.0 Net income available to common stockholders 96,007
76,030 26.3 275,727 182,193 51.3
Common stock
data:
Net income per share - diluted $ 0.75 $ 0.66 13.6 % $ 2.21 $ 1.84
20.1 % Net income per share - basic 0.75 0.66 13.6
2.21
1.84 20.7 Cash dividends per share 0.180 0.160 12.5 0.525 0.465
12.9 Book value per share 26.02 22.75 14.4 26.02 22.75 14.4
Tangible book value per share(1) 20.46 16.79 21.9 20.46 16.79 21.9
Diluted shares outstanding (thousands) 128,472 115,007 124,900
99,064 End of period shares outstanding (thousands) 128,174 121,134
128,174 121,134
Balance sheet
data at period end:
Assets $ 20,768,493 $ 18,451,783 12.6 % $ 20,768,493 $ 18,451,783
12.6 % Non-purchased loans and leases 12,047,094 8,759,766 37.5
12,047,094 8,759,766 37.5 Purchased loans 3,731,536 5,399,831 (30.9
) 3,731,536 5,399,831 (30.9 ) Allowance for loan and lease losses
86,784 69,760 24.4 86,784 69,760 24.4 Foreclosed assets 28,016
44,250 (36.7 ) 28,016 44,250 (36.7 ) Investment securities
1,975,102 1,341,894 47.2 1,975,102 1,341,894 47.2 Goodwill 660,789
657,806 0.5 660,789 657,806 0.5 Other intangibles - net of
amortization 51,396 64,347 (20.1 ) 51,396 64,347 (20.1 ) Deposits
16,823,359 15,123,804 11.2 16,823,359 15,123,804 11.2 Repurchase
agreements with customers 70,165 70,640 (0.7 ) 70,165 70,640 (0.7 )
Other borrowings 42,404 41,978 1.0 42,404 41,978 1.0 Subordinated
notes 222,802 222,420 0.2 222,802 222,420 0.2 Subordinated
debentures 118,660 118,102 0.5 118,660 118,102 0.5 Common
stockholders’ equity 3,334,740 2,756,346 21.0 3,334,740 2,756,346
21.0
Net unrealized (losses) gains on
investment securities AFS included in common stockholders'
equity
(5,626 ) 13,635 (5,626 ) 13,635 Loan and lease (including purchased
loans) to deposit ratio 93.79 % 93.62 % 93.79 % 93.62 %
Selected
ratios:
Return on average assets (2) 1.89 % 1.80 % 1.91 % 1.88 % Return on
average common stockholders’ equity (2) 11.56 12.18 12.10 13.27
Return on average tangible common stockholders’ equity (1) (2)
14.76 16.01 15.81 15.88 Average common equity to total average
assets 16.35 14.74 15.77 14.15 Net interest margin – FTE (2) 4.84
4.90 4.90 4.88 Efficiency ratio 34.38 38.07 34.90 36.57 Net
charge-offs to average non-purchased loans and leases (2) (3) 0.08
0.06 0.06 0.06 Net charge-offs to average total loans and leases(2)
0.09 0.07 0.08 0.06 Nonperforming loans and leases to total loans
and leases(4) 0.11 0.08 0.11 0.08 Nonperforming assets to total
assets(4) 0.20 0.28 0.20 0.28
Allowance for loan and lease losses to
non-purchased loans and leases(4)
0.71 0.78 0.71 0.78
Other
information:
Non-accrual loans and leases(4) $ 13,269 $ 7,428 $ 13,269 $ 7,428
Accruing loans and leases - 90 days past due(4) — — — — Troubled
and restructured loans and leases(4) — — — — Impaired purchased
loans 9,502 6,048 9,502 6,048
(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
12/31/15 3/31/16 6/30/16 9/30/16
12/31/16 3/31/17 6/30/17 9/30/17
Earnings
Summary:
Net interest income $ 106,518 $ 112,517 $ 119,038 $ 175,150 $
194,800 $ 190,771 $ 202,105 $ 209,722 Federal tax (FTE) adjustment
2,092 1,911 2,067 2,533 3,254
3,594 3,396 3,014 Net interest income (FTE)
108,610 114,428 121,105 177,683 198,054 194,365 205,501 212,736
Provision for loan and lease losses (5,211 ) (2,017 ) (4,834 )
(7,086 ) (9,855 ) (4,933 ) (6,103 ) (7,777 ) Non-interest income
30,540 19,865 22,733 29,231 30,571 29,058 31,840 32,747
Non-interest expense (51,646 ) (47,686 )
(50,928 ) (78,781 ) (78,358 ) (78,268 )
(83,828 ) (84,399 ) Pretax income (FTE) 82,293 84,590 88,076
121,047 140,412 140,222 147,410 153,307 FTE adjustment (2,092 )
(1,911 ) (2,067 ) (2,533 ) (3,254 ) (3,594 ) (3,396 ) (3,014 )
Provision for income taxes (28,740 ) (30,984 ) (31,514 ) (42,470 )
(49,312 ) (47,417 ) (53,488 ) (54,246 ) Noncontrolling interest
(6 ) (7 ) (21 ) (14 ) (59 )
(23 ) 6 (40 )
Net income available to common
stockholders
$ 51,455 $ 51,688 $ 54,474 $ 76,030 $ 87,787 $ 89,188 $ 90,532 $
96,007 Earnings per common share – diluted $ 0.57 $ 0.57 $ 0.60 $
0.66 $ 0.72 $ 0.73 $ 0.73 $ 0.75
Non-interest
Income:
Service charges on deposit accounts $ 7,558 $ 7,657 $ 8,119 $
10,926 $ 11,759 $ 11,301 $ 11,764 $ 9,729 Mortgage lending income
1,713 1,284 2,057 2,616 2,097 1,574 1,910 1,620 Trust income 1,508
1,507 1,574 1,564 1,623 1,631 1,577 1,755 BOLI income 2,412 2,861
2,745 4,638 4,564 4,464 4,594 4,453 Other income from purchased
loans 4,790 3,052 4,599 4,635 4,993 3,737 4,777 2,933
Loan service, maintenance and other
fees
908 949 1,238 1,687 2,962 2,706 3,427 5,274 Net gains on investment
securities 2,863 — — — 4 — 404 2,429 Gains on sales of other assets
7,463 1,027 998 594 1,537 1,619 672 1,363 Other 1,325
1,528 1,403 2,571 1,032 2,026
2,715 3,191 Total non-interest income $ 30,540 $ 19,865 $
22,733 $ 29,231 $ 30,571 $ 29,058 $ 31,840 $ 32,747
Non-interest
Expense:
Salaries and employee benefits $ 21,504 $ 23,362 $ 24,921 $ 38,069
$ 36,481 $ 38,554 $ 39,892 $ 35,331 Net occupancy expense 8,537
8,531 8,388 11,669 13,936 13,192 12,937 13,595 Other operating
expenses 19,879 14,067 16,062 26,447 24,783 23,377 27,854 32,328
Amortization of intangibles 1,726 1,726 1,557
2,596 3,158 3,145 3,145 3,145
Total non-interest expense $ 51,646 $ 47,686 $ 50,928 $ 78,781 $
78,358 $ 78,268 $ 83,828 $ 84,399
Balance Sheet
Data:
Total assets $ 9,879,459 $ 11,427,419 $ 12,279,579 $ 18,451,783 $
18,890,142 $ 19,152,212 $ 20,064,589 $ 20,768,493 Non-purchased
loans and leases 6,528,634 7,591,339 8,214,900 8,759,766 9,605,093
10,216,875 11,025,203 12,047,094 Purchased loans 1,806,037
1,678,351 1,515,104 5,399,831 4,958,022 4,580,047 4,159,139
3,731,536 Deposits 7,971,468 9,626,825 10,195,072 15,123,804
15,574,878 15,713,427 16,241,440 16,823,359 Common stockholders'
equity 1,464,631 1,508,080 1,556,921 2,756,346 2,791,607 2,873,317
3,260,123 3,334,740
Allowance for
Loan and Lease Losses:
Balance at beginning of period $ 59,017 $ 60,854 $ 61,760 $ 65,133
$ 69,760 $ 76,541 $ 78,224 $ 82,320 Net charge-offs (3,374 ) (1,111
) (1,461 ) (2,459 ) (3,074 ) (3,250 ) (2,007 ) (3,313 ) Provision
for loan and lease losses 5,211 2,017 4,834
7,086 9,855 4,933 6,103 7,777
Balance at end of period $ 60,854 $ 61,760 $ 65,133 $ 69,760 $
76,541 $ 78,224 $ 82,320 $ 86,784
Selected
Ratios:
Net interest margin – FTE (1) 4.98 % 4.92 % 4.82 % 4.90 % 5.02 %
4.88 % 4.99 % 4.84 % Efficiency ratio 37.12 35.51 35.41 38.07 34.27
35.03 35.32 34.38
Net charge-offs to average non-purchased
loans and leases (1) (2)
0.22 0.06 0.05 0.06 0.08 0.05 0.03 0.08
Net charge-offs to average total loans and
leases (1)
0.17 0.05 0.06 0.07 0.09 0.09 0.05 0.09
Nonperforming loans and leases to total
loans and leases (3)
0.20 0.15 0.09 0.08 0.15 0.11 0.11 0.11 Nonperforming assets to
total assets (3) 0.37 0.29 0.25 0.28 0.31 0.25 0.23 0.20
Allowance for loan and lease losses to
total non-purchased loans and leases (3)
0.91 0.80 0.78 0.78 0.78 0.75 0.73 0.71
Loans and leases past due 30 days or more,
including past due non-accrual loans and leases, to total loans and
leases (3)
0.28 0.23 0.22 0.17 0.16 0.16 0.15 0.12
(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 September 30, Nine Months Ended
September 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
$ 102,972 $ 253 0.98 % $ 58,786 $ 133 0.90 % $ 89,930 $ 388 0.58 %
$ 22,860 $ 151 0.89 % Investment securities: Taxable 1,397,768
7,802 2.21 615,459 3,102 2.01 936,059 15,799 2.26 391,998 7,814
2.66 Tax-exempt – FTE 703,873 8,351 4.71 562,511 6,999 4.95 760,401
27,827 4.89 439,612 18,013 5.47
Non-purchased loans and leases – FTE
11,248,314 159,701 5.63 8,499,333 109,448 5.12 10,536,436 429,287
5.45 7,770,259 294,616 5.06 Purchased loans 3,988,881
68,473 6.81 4,695,139 77,208 6.54
4,392,955 220,196 6.70 2,696,890
132,942 6.58
Total earning assets – FTE
17,441,808 244,580 5.56 14,431,228 196,890 5.43 16,715,781 693,497
5.55 11,321,619 453,536 5.35 Non-interest earning assets
2,714,176 2,418,569 2,613,342
1,636,012 Total assets $ 20,155,984 $ 16,849,797 $
19,329,123 $ 12,957,631
LIABILITIES AND STOCKHOLDERS’
EQUITY
Interest bearing liabilities: Deposits:
Savings and interest bearing
transaction
$ 8,972,419 $ 16,074 0.71 % $ 6,865,627 $ 6,086 0.35 % $ 8,310,430
$ 35,445 0.57 % $ 5,412,015 $ 13,866 0.34 %
Time deposits of $100,000 or more
3,164,875 8,135 1.02 2,967,149 6,012 0.81 3,205,799 23,003 0.96
2,180,783 13,099 0.80 Other time deposits 1,518,430
2,868 0.75 1,713,471 2,437 0.57
1,596,332 8,485 0.71 1,340,744
5,633 0.56
Total interest bearing deposits
13,655,724 27,077 0.79 11,546,247 14,535 0.50 13,112,561 66,933
0.68 8,933,542 32,598 0.49
Repurchase agreements with customers
73,026 33 0.18 59,910 22 0.15 76,481 93 0.16 62,156 64 0.14 Other
borrowings 42,433 255 2.39 42,004 286 2.71 42,312 732 2.31 48,628
880 2.42 Subordinated notes 222,749 3,190 5.68 222,369 3,259 5.83
222,658 9,430 5.66 81,159 3,542 5.83 Subordinated debentures
118,582 1,289 4.31 118,028 1,105
3.72 118,445 3,707 4.18 117,889
3,237 3.67
Total interest bearing liabilities
14,112,514 31,844 0.90 11,988,558 19,207 0.64 13,572,457 80,895
0.80 9,243,374 40,321 0.58 Non-interest bearing liabilities:
Non-interest bearing deposits 2,662,265 2,303,728 2,627,214
1,819,530
Other non-interest bearing liabilities
82,764 71,132 79,056
57,609 Total liabilities 16,857,543 14,363,418 16,278,727
11,120,513 Common stockholders’ equity 3,295,394 2,483,181
3,047,279 1,833,933 Noncontrolling interest 3,047
3,198 3,117 3,185
Total liabilities and stockholders’
equity
$ 20,155,984 $ 16,849,797
$ 19,329,123 $ 12,957,631
Net interest income – FTE $ 212,736 $ 177,683 $
612,602 $ 413,215 Net interest margin – FTE 4.84 %
4.90 % 4.90 % 4.88 %
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 Nine Months Ended
September 30, September 30, 2017
2016 2017 2016 (Dollars in
thousands) Net income available to common stockholders $ 96,007
$ 76,030 $ 275,727 $ 182,193 Average common
stockholders’ equity before
noncontrolling interest
$ 3,295,394 $ 2,483,181 $ 3,047,279 $ 1,833,933 Less average
intangible assets: Goodwill (660,789 ) (538,583 ) (659,871 )
(264,306 )
Core deposit and other intangibles, net of
accumulated amortization
(53,128 ) (55,693 ) (56,311 ) (36,844 )
Total average intangibles (713,917 ) (594,276 )
(716,182 ) (301,150 ) Average tangible common
stockholders’ equity $ 2,581,477 $ 1,888,905 $ 2,331,097
$ 1,532,783 Return on average common stockholders’ equity(1)
11.56 % 12.18 % 12.10 % 13.27 % Return
on average tangible common stockholders’ equity(1) 14.76 %
16.01 % 15.81 % 15.88 %
(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
September 30, 2017
2016 (In thousands, except per share amounts) Total common
stockholders’ equity before noncontrolling interest $ 3,334,740 $
2,756,346 Less intangible assets: Goodwill (660,789 ) (657,806 )
Core deposit and other tangible assets, net of accumulated
amortization (51,396 ) (64,347 ) Total intangibles
(712,185 ) (722,153 ) Total tangible common
stockholders’ equity $ 2,622,555 $ 2,034,193 Shares of
common stock outstanding 128,174 121,134 Book
value per common share $ 26.02 $ 22.75 Tangible book value
per common share $ 20.46 $ 16.79
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
September 30, 2017
2016 (Dollars in thousands) Total common stockholders’
equity before noncontrolling interest $ 3,334,740 $ 2,756,346 Less
intangible assets: Goodwill (660,789 ) (657,806 ) Core deposit and
other intangible assets, net of accumulated amortization
(51,396 ) (64,347 ) Total intangibles (712,185 )
(722,153 ) Total tangible common stockholders’ equity $
2,622,555 $ 2,034,193 Total assets $ 20,768,493 $ 18,451,783 Less
intangible assets: Goodwill (660,789 ) (657,806 ) Core deposit and
other intangible assets, net of accumulated amortization
(51,396 ) (64,347 ) Total intangibles (712,185 )
(722,153 ) Total tangible assets $ 20,056,308 $ 17,729,630
Ratio of total common stockholders’ equity to total assets
16.06 % 14.94 %
Ratio of total tangible common
stockholders’ equity to total tangible assets
13.08 % 11.47 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171011005176/en/
Bank of the OzarksMedia Contact:Susan Blair,
501-978-2217orInvestor Contact:Tim Hicks, 501-978-2336
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