Bank of the Ozarks, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013; Provides Earnings Guidance for 2014
January 16, 2014
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Bank of the Ozarks, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of USD 55.282 million compared to USD 43.771 million a year ago. Net income available to common stock holders was USD 24.398 million compared to USD 20.667 million a year ago. Basic and diluted net income per share was USD 0.66 compared to USD 0.59 a year ago. Book value per share was USD 16.96 compared to USD 14.39 a year ago. Return on average assets was 2.02% compared to 2.15% a year ago. Return on average common shareholders equity was 15.73% compared to 16.99% a year ago. Pretax income was USD 38,655 million against USD 32,204 million for the same period a year ago.
For the year, the company reported net interest income of USD 193.519 million compared to USD 174.346 million a year ago. Net income available to common stock holders was USD 87.135 million compared to USD 77.044 million a year ago. Diluted net income per share was USD 2.41 compared to USD 2.21 a year ago. Book value per share was USD 16.96 compared to USD 14.39 a year ago. Return on average assets was 2.04% compared to 2.04% a year ago. Return on average common shareholders equity was 15.60% compared to 16.80% a year ago.
The company's net charge-offs for the fourth quarter of 2013 were USD 1.6 million compared to USD 2.5 million for the fourth quarter of 2012. The company's net charge-offs for the fourth quarter of 2013 included USD 0.9 million for non-covered loans and leases and USD 0.7 million for covered loans. The company's net charge-offs for the fourth quarter of 2012 included USD 1.5 million for non-covered loans and leases and USD 1.0 million for covered loans.
The company expects some further decline in net interest margin in 2014. Considering growth expectations, the dynamic interest rate environment that the company expects and the continued paydown of covered loan portfolio, frankly, it's difficult to precisely predict net interest margin for each quarter or the full year of 2014. But expectation is that 2014 net interest margin will decline, but that the year-over-year decline from 2013 to 2014 will be less than the 28 basis point decline in net interest margin from 2012 to 2013.
Bank OZK (the Bank) is a regional bank that provides a range of financial solutions. The Bank offers a range of products, including checking, savings, loans, mortgages, treasury management, merchant services, trust and estate services, wealth, and credit cards, among others. Its savings products include certificate of deposits, money market accounts, and individual retirement accounts. Its personal lending options include home equity lines of credit, personal lines of credit and auto loans. It offers both a fixed rate mortgage and an adjustable-rate mortgage. Its online banking enables users to manage their accounts, pay bills, transfer funds, view electronic account statements and others. The Bank also provides individual consultation, financial planning, trust, and investment management services. The Bank conducts banking operations with over 240 offices in eight states, including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California, and Mississippi.
Bank of the Ozarks, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013; Provides Earnings Guidance for 2014
BANK OZK 
