Bank Of The Ozarks Q2 Earnings Top Estimations

Bank of the Ozarks Inc OZRK announced 21.7 percent growth in profit for the second quarter driven by 27 percent increase in net interest income. Earnings came in above the Street analysts' expectations.

Bank of the Ozarks disclosed net income of $54.5 million for the second quarter compared to $44.8 million representing an increase of 21.7 percent. On a per share basis, earnings grew 17.6 percent to $0.60 from $0.51 in the year-ago quarter. This was higher by a penny from the Street analysts' expectations.

Net interest income advanced 27 percent to $119.04 million from $93.76 million while non-interest income slackened to $22.73 million from $23.27 million in the previous year quarter. The company's provision for loan and lease losses grew 12 percent to $4.83 million from $4.31 million in the comparable period.

Bank of the Ozarks Chairman and CEO, George Gleason, stated, "We are very pleased with our excellent second quarter results, highlighted by quarterly records for net income, earnings per share, net interest income, service charge income, mortgage income and trust income. Combined with our 4.82% net interest margin, 35.4% efficiency ratio, excellent growth in both the funded and unfunded balances of closed loans, and some of our best asset quality ratios as a public company, we are clearly hitting on all cylinders."

On Friday, the stock closed with 3.69 percent gain.