Bank of the Ozarks, Inc. Announces Record First
Quarter 2010 Earnings
April 28, 2010 06:03 PM Eastern Daylight Time
LITTLE ROCK, Ark.--(EON: Enhanced Online News)--Bank of the Ozarks, Inc. (NASDAQ: OZRK) today
announced that net income available to common stockholders for the quarter ended March 31, 2010 was a record
$15,954,000, an increase of 71.8% from $9,286,000 for the first quarter of 2009. Diluted earnings per common
share for the first quarter of 2010 were a record $0.94, an increase of 70.9% from $0.55 for the first quarter of
On March 26, 2010, the Company, through its wholly owned bank subsidiary, entered into a purchase and
assumption agreement with loss share agreements with the Federal Deposit Insurance Corporation (“FDIC”)
pursuant to which it acquired substantially all of the assets and assumed substantially all of the deposits and certain
other liabilities of the former Unity National Bank (“Unity”) with five offices in Cartersville, Rome, Adairsville and
Calhoun, Georgia. The Company recognized a pre-tax gain of $10.0 million on this transaction and incurred related
pre-tax acquisition costs of $0.3 million. After taxes, this gain, net of acquisition costs, contributed $5.9 million to
first quarter 2010 net income, or $0.35 to first quarter diluted earnings per common share.
The Company’s returns on average assets and average common stockholders’ equity for the first quarter of 2010
were 2.32% and 23.70%, respectively, compared to 1.16% and 14.19%, respectively, for the first quarter of 2009.
Such returns for the first quarter of 2010 include the Unity acquisition.
In commenting on these results, George Gleason, Chairman and Chief Executive Officer, stated, “We are very
pleased with our first quarter results which were at a record level even before our profitable acquisition. Highlights of
the first quarter include our strategic acquisition in north Georgia, further improvement in our net interest margin,
record trust income, and general improvement in our