Bank of the Ozarks (the “Bank”) (NASDAQ:OZRK) today announced
that net income for the fourth quarter of 2017 was a record $146.2
million, a 66.5% increase from $87.8 million for the fourth quarter
of 2016. Diluted earnings per common share for the fourth quarter
of 2017 were a record $1.14, a 58.3% increase from $0.72 for the
fourth quarter of 2016.
For the full year of 2017, net income was a record $421.9
million, a 56.3% increase from net income of $270.0 million for the
full year of 2016. Diluted earnings per common share for the full
year of 2017 were a record $3.35, a 29.8% increase from $2.58 for
the full year of 2016.
As a result of the Tax Cuts and Jobs Act that was enacted into
law on December 22, 2017, the Bank revalued its net deferred tax
liability position to reflect the reduction in its federal
corporate income tax rate from 35% to 21%. This revaluation
resulted in a one-time income tax benefit of approximately $49.8
million, or $0.39 of diluted earnings per common share, for the
fourth quarter of 2017.
The Bank’s annualized returns on average assets, average common
stockholders’ equity and average tangible common stockholders’
equity for the fourth quarter of 2017 were 2.81%, 17.23% and
21.84%, respectively, compared to 1.92%, 12.62% and 17.08%,
respectively, for the fourth quarter of 2016. The Bank’s returns on
average assets, average common stockholders’ equity and average
tangible common stockholders’ equity for the full year of 2017 were
2.15%, 13.49% and 17.49%, respectively, compared to 1.89%, 13.05%
and 16.25%, respectively, for the full year 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 our excellent results for 2017, including
annual records for net income, diluted earnings per share and net
interest income, excellent asset quality and continued strong
growth in both the funded and unfunded balance of our non-purchased
loans.”
KEY BALANCE SHEET
METRICS
Total loans, including purchased loans, were $16.04 billion at
December 31, 2017, a 10.2% increase from $14.56 billion at December
31, 2016. Non-purchased loans, which exclude loans acquired in
previous acquisitions, were $12.73 billion at December 31, 2017, a
32.6% increase from $9.61 billion at December 31, 2016. Purchased
loans, which consist of loans acquired in previous acquisitions,
were $3.31 billion at December 31, 2017, a 33.3% decrease from
$4.96 billion at December 31, 2016. The unfunded balance of closed
loans totaled $13.19 billion at December 31, 2017, a 31.0% increase
from $10.07 billion at December 31, 2016.
Deposits were $17.19 billion at December 31, 2017, a 10.4%
increase from $15.57 billion at December 31, 2016. Total assets
were $21.28 billion at December 31, 2017, a 12.6% increase from
$18.89 billion at December 31, 2016.
Common stockholders’ equity was $3.46 billion at December 31,
2017, a 24.0% increase from $2.79 billion at December 31, 2016.
Tangible common stockholders’ equity was $2.75 billion at December
31, 2017, a 32.9% increase from $2.07 billion at December 31, 2016.
Book value per common share was $26.98 at December 31, 2017, a
17.2% increase from $23.02 at December 31, 2016. Tangible book
value per common share was $21.45 at December 31, 2017, a 25.6%
increase from $17.08 at December 31, 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 16.27% at December 31, 2017 compared to 14.78% at December 31,
2016. Its ratio of tangible common stockholders’ equity to total
tangible assets was 13.38% at December 31, 2017 compared to 11.40%
at December 31, 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 fourth quarter of 2017 was a record
$214.8 million, a 10.3% increase from $194.8 million for the fourth
quarter of 2016. Net interest margin, on a fully taxable equivalent
(“FTE”) basis, was 4.72% for the fourth quarter of 2017, a decrease
of 30 basis points from 5.02% for the fourth quarter of 2016.
Average earning assets were $18.28 billion for the fourth quarter
of 2017, a 16.5% increase from $15.69 billion for the fourth
quarter of 2016.
Net interest income for the full year of 2017 was a record
$817.4 million, a 35.9% increase from $601.5 million for the full
year of 2016. Net interest margin, on a FTE basis, was 4.85% for
the full year of 2017, a decrease of seven basis points from 4.92%
for the full year of 2016. Average earning assets were $17.11
billion for the full year of 2017, a 37.8% increase from $12.42
billion for the full year of 2016.
NON-INTEREST INCOME
Non-interest income for the fourth quarter of 2017 decreased
1.2% to $30.2 million compared to $30.6 million for the fourth
quarter of 2016. Non-interest income for the full year of 2017
increased 21.0% to $123.9 million compared to $102.4 million for
the full year of 2016.
Included in non-interest income were gains on investment
securities totaling $1.2 million for the fourth quarter of 2017 and
$4.0 million for the full year of 2017, compared to no significant
gains on investment securities for the fourth quarter or full year
of 2016.
NON-INTEREST EXPENSE
Non-interest expense for the fourth quarter of 2017 increased
10.0% to $86.2 million compared to $78.4 million for the fourth
quarter of 2016. Non-interest expense for the full year of 2017
increased 30.1% to $332.7 million compared to $255.8 million for
the full year of 2016.
During the fourth quarter of 2017, the Bank incurred $1.14
million of employee severance expenses associated with the
elimination of the small ticket equipment finance group in its
Leasing Division, the elimination of the secondary market mortgage
loan group in its Mortgage Division and other restructuring of
staff.
The Bank’s efficiency ratio (non-interest expense divided by the
sum of net interest income FTE and non-interest income) for the
fourth quarter of 2017 was 34.8% compared to 34.3% for the fourth
quarter of 2016. The Bank’s efficiency ratio for the full year of
2017 was 34.9% compared to 35.8% for the full year of 2016.
ASSET QUALITY, CHARGE-OFFS AND
ALLOWANCE
Excluding purchased loans, the Bank’s ratio of nonperforming
loans as a percent of total loans was 0.10% at December 31, 2017
compared to 0.15% at December 31, 2016.
Excluding purchased loans, the Bank’s ratio of nonperforming
assets as a percent of total assets was 0.18% at December 31, 2017
compared to 0.31% at December 31, 2016.
Excluding purchased loans, the Bank’s ratio of loans past due 30
days or more, including past due non-accrual loans, to total loans
was 0.15% at December 31, 2017 compared to 0.16% at December 31,
2016.
The Bank’s annualized net charge-off ratio for all loans was
0.05% for the fourth quarter of 2017 compared to 0.09% for the
fourth quarter of 2016. The Bank’s net charge-off ratio for all
loans was 0.07% for both the full years of 2017 and 2016.
The Bank’s allowance for loan losses for its non-purchased loans
was $92.5 million, or 0.73% of total non-purchased loans, at
December 31, 2017 compared to $74.9 million, or 0.78% of total
non-purchased loans, at December 31, 2016. The Bank had $1.6
million of allowance for loan losses for its purchased loans at
both December 31, 2017 and December 31, 2016.
CONFERENCE CALL, TRANSCRIPT AND
FILINGS
Management will conduct a conference call to discuss its
quarterly and year end results at 10:00 a.m. CT (11:00 a.m. ET) on
Tuesday, January 16, 2018. Interested parties may listen to this
call by dialing 1-844-818-5110 (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 1-888-859-2056 (U.S. and Canada) or
404-537-3406 (internationally). The passcode for this playback is
7979578. 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.
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, 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, collateral values,
the value of investment securities and asset recovery values;
failure to receive approval of our pending applications for change
in accounting methods with the Internal Revenue Service; 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 and/or existing 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; FDIC special
assessments or changes to regular assessments; 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 or
rulings 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 253 offices in Arkansas, Georgia,
Florida, North Carolina, Texas, Alabama, South Carolina,
California, New York, and Mississippi. 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
Quarters Ended December 31, Years
Ended December 31, 2017 2016
% Change 2017 2016 %
Change Income statement data:
Net interest income $ 214,831 $ 194,800 10.3 % $ 817,429 $
601,505 35.9 % Provision for loan losses 9,279 9,855 (5.8 ) 28,092
23,792 18.1 Non-interest income 30,213 30,571 (1.2 ) 123,858
102,399 21.0 Non-interest expense 86,177 78,358 10.0 332,672
255,754 30.1 Net income available to common stockholders 146,164
87,787 66.5 421,891 269,979 56.3
Common stock
data: Net income per share - diluted $ 1.14 $ 0.72 58.3
% $ 3.35 $ 2.58 29.8 % Net income per share - basic 1.14 0.72 58.3
3.36 2.59 29.7 Cash dividends per share 0.185 0.165 12.1 0.71 0.63
12.7 Book value per share 26.98 23.02 17.2 26.98 23.02 17.2
Tangible book value per share(1) 21.45 17.08 25.6 21.45 17.08 25.6
Diluted shares outstanding (thousands) 128,510 121,476 125,809
104,700 End of period shares outstanding (thousands) 128,288
121,268 128,288 121,268
Balance sheet data at period
end: Assets $ 21,275,647 $ 18,890,142 12.6 % $
21,275,647 $ 18,890,142 12.6 % Non-purchased loans 12,733,937
9,605,093 32.6 12,733,937 9,605,093 32.6 Purchased loans 3,309,092
4,958,022 (33.3 ) 3,309,092 4,958,022 (33.3 ) Allowance for loan
losses 94,120 76,541 23.0 94,120 76,541 23.0 Foreclosed assets
25,357 43,702 (42.0 ) 25,357 43,702 (42.0 ) Investment securities
2,622,796 1,471,612 78.2 2,622,796 1,471,612 78.2 Goodwill 660,789
660,119 0.1 660,789 660,119 0.1 Other intangibles - net of
amortization 48,251 60,831 (20.7 ) 48,251 60,831 (20.7 ) Deposits
17,192,345 15,574,878 10.4 17,192,345 15,574,878 10.4 Repurchase
agreements with customers 69,331 65,110 6.5 69,331 65,110 6.5 Other
borrowings 22,320 41,903 (46.7 ) 22,320 41,903 (46.7 ) Subordinated
notes 222,899 222,516 0.2 222,899 222,516 0.2 Subordinated
debentures 118,800 118,242 0.5 118,800 118,242 0.5 Common
stockholders’ equity 3,460,728 2,791,607 24.0 3,460,728 2,791,607
24.0 Net unrealized gains (losses) on investment securities AFS
included in common stockholders'
equity
(9,304 ) (25,920 ) (9,304 ) (25,920 ) Loan (including purchased
loans) to deposit ratio 93.31 % 93.50 % 93.31 % 93.50 %
Selected ratios: Return on average assets (2)
2.81 % 1.92 % 2.15 % 1.89 % Return on average common stockholders’
equity (2) 17.23 12.62 13.49 13.05 Return on average tangible
common stockholders’ equity (1) (2) 21.84 17.08 17.49 16.25 Average
common equity to total average assets 16.32 15.21 15.91 14.49 Net
interest margin – FTE (2) 4.72 5.02 4.85 4.92 Efficiency ratio
34.82 34.27 34.88 35.84 Net charge-offs to average non-purchased
loans(2) (3) 0.08 0.08 0.06 0.06 Net charge-offs to average total
loans(2) 0.05 0.09 0.07 0.07 Nonperforming loans to total loans(4)
0.10 0.15 0.10 0.15 Nonperforming assets to total assets(4) 0.18
0.31 0.18 0.31 Allowance for loan losses to non-purchased
loans(4)
0.73 0.78 0.73 0.78
Other information:
Non-accrual loans(4) $ 12,899 $ 14,371 $ 12,899 $ 14,371 Accruing
loans - 90 days past due(4) — — — — Troubled and restructured loans
(4) — — — — Impaired purchased loans 10,019 6,516 10,019 6,516
(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
3/31/16 6/30/16 9/30/16 12/31/16
3/31/17 6/30/17 9/30/17 12/31/17
Earnings Summary: Net interest income $ 112,517
$ 119,038 $ 175,150 $ 194,800 $ 190,771 $ 202,105 $ 209,722 $
214,831 Federal tax (FTE) adjustment 1,911 2,067
2,533 3,254 3,594 3,396
3,014 2,450 Net interest income (FTE) 114,428 121,105
177,683 198,054 194,365 205,501 212,736 217,281 Provision for loan
losses (2,017 ) (4,834 ) (7,086 ) (9,855 ) (4,933 ) (6,103 ) (7,777
) (9,279 ) Non-interest income 19,865 22,733 29,231 30,571 29,058
31,840 32,747 30,213 Non-interest expense (47,686 )
(50,928 ) (78,781 ) (78,358 ) (78,268 )
(83,828 ) (84,399 ) (86,177 ) Pretax income
(FTE) 84,590 88,076 121,047 140,412 140,222 147,410 153,307 152,038
FTE adjustment (1,911 ) (2,067 ) (2,533 ) (3,254 ) (3,594 ) (3,396
) (3,014 ) (2,450 ) Provision for income taxes (30,984 ) (31,514 )
(42,470 ) (49,312 ) (47,417 ) (53,488 ) (54,246 ) (3,434 )
Noncontrolling interest (7 ) (21 ) (14 )
(59 ) (23 ) 6 (40 ) 10
Net income available to
common stockholders
$ 51,688 $ 54,474 $ 76,030 $ 87,787 $ 89,188 $ 90,532 $
96,007 $ 146,164 Earnings per common share – diluted $ 0.57 $ 0.60
$ 0.66 $ 0.72 $ 0.73 $ 0.73 $ 0.75 $ 1.14
Non-interest
Income: Service charges on deposit accounts $ 7,657 $
8,119 $ 10,926 $ 11,759 $ 11,301 $ 11,764 $ 9,729 $ 10,058 Mortgage
lending income 1,284 2,057 2,616 2,097 1,574 1,910 1,620 1,294
Trust income 1,507 1,574 1,564 1,623 1,631 1,577 1,755 1,729 BOLI
income 2,861 2,745 4,638 4,564 4,464 4,594 4,453 5,166 Other income
from purchased loans 3,052 4,599 4,635 4,993 3,737 4,777 2,933
2,009 Loan service, maintenance and other
fees
949 1,238 1,687 2,962 2,706 3,427 5,274 4,289 Net gains on
investment securities — — — 4 — 404 2,429 1,201 Gains on sales of
other assets 1,027 998 594 1,537 1,619 672 1,363 1,899 Other
1,528 1,403 2,571 1,032 2,026
2,715 3,191 2,568 Total non-interest income $
19,865 $ 22,733 $ 29,231 $ 30,571 $ 29,058 $ 31,840 $ 32,747
$ 30,213
Non-interest Expense: Salaries and
employee benefits $ 23,362 $ 24,921 $ 38,069 $ 36,481 $ 38,554 $
39,892 $ 35,331 $ 38,417 Net occupancy expense 8,531 8,388 11,669
13,936 13,192 12,937 13,595 13,474 Other operating expenses 14,067
16,062 26,447 24,783 23,377 27,854 32,328 31,141 Amortization of
intangibles 1,726 1,557 2,596 3,158
3,145 3,145 3,145 3,145 Total
non-interest expense $ 47,686 $ 50,928 $ 78,781 $ 78,358 $ 78,268
$ 83,828 $ 84,399 $ 86,177
Balance Sheet
Data: Total assets $ 11,427,419 $ 12,279,579 $
18,451,783 $ 18,890,142 $ 19,152,212 $ 20,064,589 $ 20,768,493 $
21,275,647 Non-purchased loans 7,591,339 8,214,900 8,759,766
9,605,093 10,216,875 11,025,203 12,047,094 12,733,937 Purchased
loans 1,678,351 1,515,104 5,399,831 4,958,022 4,580,047 4,159,139
3,731,536 3,309,092 Deposits 9,626,825 10,195,072 15,123,804
15,574,878 15,713,427 16,241,440 16,823,359 17,192,345 Common
stockholders' equity 1,508,080 1,556,921 2,756,346 2,791,607
2,873,317 3,260,123 3,334,740 3,460,728
Allowance for Loan
Losses: Balance at beginning of period $ 60,854 $ 61,760
$ 65,133 $ 69,760 $ 76,541 $ 78,224 $ 82,320 $ 86,784 Net
charge-offs (1,111 ) (1,461 ) (2,459 ) (3,074 ) (3,250 ) (2,007 )
(3,313 ) (1,943 ) Provision for loan losses 2,017
4,834 7,086 9,855 4,933 6,103
7,777 9,279 Balance at end of period $ 61,760 $
65,133 $ 69,760 $ 76,541 $ 78,224 $ 82,320 $ 86,784 $ 94,120
Selected Ratios: Net interest margin – FTE(1)
4.92 % 4.82 % 4.90 % 5.02 % 4.88 % 4.99 % 4.84 % 4.72 % Efficiency
ratio 35.51 35.41 38.07 34.27 35.03 35.32 34.38 34.82 Net
charge-offs to average
non-purchased loans(1) (2)
0.06 0.05 0.06 0.08 0.05 0.03 0.08 0.08 Net charge-offs to average
total loans(1)
0.05 0.06 0.07 0.09 0.09 0.05 0.09 0.05 Nonperforming loans
to total loans(3)
0.15 0.09 0.08 0.15 0.11 0.11 0.11 0.10 Nonperforming assets to
total assets(3) 0.29 0.25 0.28 0.31 0.25 0.23 0.20 0.18 Allowance
for loan losses to
total non-purchased loans(3)
0.80 0.78 0.78 0.78 0.75 0.73 0.71 0.73 Loans past due 30 days or
more, including past due non-accrual
loans, to total loans(3)
0.23 0.22 0.17 0.16 0.16 0.15 0.12 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
Quarters Ended December 31, Years Ended
December 31, 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
$ 56,500 $ 268 1.88 % $ 52,300 $ 214 1.63 % $ 81,504 $ 656 0.81 % $
30,260 $ 366 1.21 % Investment securities: Taxable 1,818,633 9,661
2.11 686,632 3,559 2.06 1,158,519 25,460 2.20 466,059 11,373 2.44
Tax-exempt – FTE 577,614 6,680 4.59 737,712 9,037 4.87 714,329
34,508 4.83 514,545 27,049 5.26 Non-purchased loans– FTE 12,293,725
178,638 5.76 9,017,000 116,565 5.14 10,979,369 607,925 5.54
8,083,647 411,181 5.09 Purchased loans 3,528,823
56,303 6.33 5,197,439 89,408 6.84
4,175,146 276,499 6.62 3,325,443
222,350 6.69 Total earning assets –
FTE
18,275,295 251,550 5.46 15,691,083 218,783 5.55 17,108,867 945,048
5.52 12,419,954 672,319 5.41 Non-interest earning assets
2,345,373 2,492,341 2,545,797
1,850,124 Total assets $ 20,620,668 $ 18,183,424 $
19,654,664 $ 14,270,078
LIABILITIES AND
STOCKHOLDERS’
EQUITY
Interest bearing liabilities: Deposits: Savings and interest
bearing transaction
$ 9,409,297 $ 18,052 0.76 % $ 7,344,679 $ 6,450 0.35 % $ 8,587,404
$ 53,496 0.62 % $ 5,897,821 $ 20,316 0.34 % Time deposits of
$100,000
or more
3,043,311 8,218 1.07 3,209,817 6,808 0.84 3,164,843 31,222 0.99
2,439,447 19,906 0.82 Other time deposits 1,452,325
2,880 0.79 1,768,097 2,738 0.62
1,560,035 11,365 0.73 1,448,166
8,372 0.58 Total interest bearing
deposits
13,904,933 29,150 0.83 12,322,593 15,996 0.52 13,312,282 96,083
0.72 9,785,434 48,594 0.50 Repurchase agreements with
customers
74,233 38 0.21 69,664 26 0.15 75,915 132 0.17 64,044 89 0.14 Other
borrowings 124,340 574 1.83 41,947 287 2.72 62,988 1,305 2.07
46,949 1,168 2.49 Subordinated notes 222,846 3,190 5.68 222,467
3,259 5.83 222,705 12,620 5.67 116,679 6,801 5.83 Subordinated
debentures 118,723 1,317 4.40
118,165 1,161 3.91 118,515 5,024
4.24 117,958 4,398 3.73 Total interest bearing
liabilities
14,445,075 34,269 0.94 12,774,836 20,729 0.65 13,792,405 115,164
0.83 10,131,064 61,050 0.60 Non-interest bearing liabilities:
Non-interest bearing deposits 2,729,090 2,565,123 2,652,895
2,006,933 Other non-interest bearing
liabilities
77,588 73,806 78,684
60,553 Total liabilities 17,251,753 15,413,765 16,523,984
12,198,550 Common stockholders’ equity 3,365,848 2,766,415
3,127,576 2,068,328 Noncontrolling interest 3,067
3,244 3,104 3,200 Total
liabilities and
stockholders’ equity
$ 20,620,668 $ 18,183,424
$ 19,654,664 $ 14,270,078
Net interest income – FTE $ 217,281 $ 198,054 $
829,884 $ 611,269 Net interest margin – FTE 4.72 %
5.02 % 4.85 % 4.92 %
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
Quarters Ended Years Ended December
31, December 31, 2017 2016
2017 2016 (Dollars in thousands) Net income
available to common stockholders $ 146,164 $ 87,787 $ 421,891 $
269,979 Average common stockholders’ equity before noncontrolling
interest $ 3,365,848 $ 2,766,415 $ 3,127,576 $ 2,068,328 Less
average intangible assets: Goodwill (660,789 ) (658,224 ) (660,632
) (363,324 ) Core deposit and other intangibles, net of accumulated
amortization (49,927 ) (62,937 ) (54,702 )
(43,623 ) Total average intangibles (710,716 )
(721,161 ) (715,334 ) (406,947 ) Average tangible
common stockholders’ equity $ 2,655,132 $ 2,045,254 $ 2,412,242 $
1,661,381 Return on average common stockholders’ equity(1)
17.23 % 12.62 % 13.49 % 13.05 % Return on
average tangible common stockholders’ equity(1) 21.84 %
17.08 % 17.49 % 16.25 % (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
December 31, 2017 2016 (In
thousands, except per share amounts) Total common stockholders’
equity before noncontrolling interest $ 3,460,728 $ 2,791,607 Less
intangible assets: Goodwill (660,789 ) (660,119 ) Core deposit and
other intangibles, net of accumulated amortization (48,251 )
(60,831 ) Total intangibles (709,040 )
(720,950 ) Total tangible common stockholders’ equity $ 2,751,688 $
2,070,657 Shares of common stock outstanding 128,288
121,268 Book value per common share $ 26.98 $ 23.02 Tangible book
value per common share $ 21.45 $ 17.08
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
December 31, 2017 2016 (Dollars
in thousands) Total common stockholders’ equity before
noncontrolling interest $ 3,460,728 $ 2,791,607 Less intangible
assets: Goodwill (660,789 ) (660,119 ) Core deposit and other
intangibles, net of accumulated amortization (48,251 )
(60,831 ) Total intangibles (709,040 )
(720,950 ) Total tangible common stockholders’ equity $ 2,751,688 $
2,070,657 Total assets $ 21,275,647 $ 18,890,142 Less intangible
assets: Goodwill (660,789 ) (660,119 ) Core deposit and other
intangibles, net of
accumulated amortization
(48,251 ) (60,831 ) Total intangibles (709,040
) (720,950 ) Total tangible assets $ 20,566,607 $ 18,169,192
Ratio of total common stockholders’ equity to total assets
16.27 % 14.78 % Ratio of total tangible common stockholders’
equity to total tangible assets 13.38 % 11.40 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180116005745/en/
Bank of the OzarksMediaSusan Blair, 501-978-2217orInvestorsTim
Hicks, 501-978-2336
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