Bank of the Ozarks 3Q Profit Up 26 Percent
by George Waldon on Wednesday, Oct. 11, 2017 8:24 am 1 min read (Dustin Nevill) Bank of the Ozarks this…
by George Waldon on Wednesday, Oct. 11, 2017 8:24 am 1 min read
Bank of the Ozarks this morning announced record profits of $96 million for the third quarter. The performance topped last year’s third quarter net income of $76 million by 26.3 percent.
The Little Rock bank produced net income of $275.7 million through the first nine months of 2017. That total was a 51.3 percent increase over $182.2 million last year.
“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,” said George Gleason, chairman and CEO of the $20.7 billion-asset bank.
For the quarter, Bank of the Ozarks reported annualized returns on average assets of 1.89 percent compared to 1.80 percent a year ago. For the nine months ending Sept. 30, ROAA stood at 1.91 percent and 1.88 percent in 2016.
The bank recorded a 14.76 percent return on average tangible common stockholders’ equity for the third quarter compared to 16.01 percent a year ago.
For the nine months, return on equity was 15.81 percent this year and 15.88 percent in 2016.
The efficiency ratio at Bank of the Ozarks for the quarter was 34.38 percent compared to 38.07 last year. For the first nine months of 2017, the bank registered an efficiency ratio of 34.9 percent compared to 36.6 percent in 2016.
The bank ended the quarter with deposits of $16.8 billion, an 11.2 percent increase from $15.1 billion at Sept. 30, 2016.
Total assets grew to nearly $20.8 billion in the third quarter, a 12.6 percent increase from more than $18.4 billion a year ago.
Source: Arkansas Business Bank of the Ozarks 3Q Profit Up 26 Percent