story by Talk Business, a content partner with The City Wire
Bank of the Ozarks, Inc. announced that net income for the quarter ended March 31, 2013 was $20.0 million, an 11.1% increase from $18 million for the first quarter of 2012.
During the fourth quarter of 2012, Little Rock-based Bank of the Ozarks completed its acquisition of Genala Banc Inc. of Alabama and its wholly owned subsidiary, The Citizens Bank. The acquisition resulted in a gain, net of acquisition and conversion costs, of approximately $1.1 million after taxes.
“We are very pleased to report an excellent first quarter,” said Bank of the Ozarks CEO George Gleason. “While our results for the quarter, including loan and lease growth, reflect some of the headwinds typically encountered during the first quarter, our excellent net interest margin, superb asset quality, near-record mortgage lending income and good control of non-interest expenses provide a great start for 2013.”
Bank of the Ozarks financial highlights included:
• Total loans and leases were $2.74 billion at March 31, 2013, a 3.4% increase from $2.65 billion at March 31, 2012.
• Deposits were $2.99 billion at March 31, 2013, a 2.2% increase compared to $2.93 billion at March 31, 2012.
• Total assets were $3.95 billion at March 31, 2013, a 3.0% increase compared to $3.84 billion at March 31, 2012.