Bank of the Ozarks Inc. of Little Rock on Tuesday reported third-quarter net income of $46.1 million, up 44 percent from the same quarter last year.
Diluted earnings per share were 52 cents, up 30 percent from the same quarter last year, matching Wall Street expectations.
The company said the most recent quarter included about $2.9 million in acquisition-related and systems conversion expenses, and another $200,000 in software and contract termination charges. That reduced earnings per share by about 2 cents, the company said.
"We are very pleased with our outstanding third quarter results, including our record $680 million growth in non-purchased loans and leases, our record $859 million growth in the unfunded balance of our closed loans, some of our best asset quality ratios as a public company, and our excellent efficiency ratio of 37.6 percent," George Gleason, chairman and CEO, said in a news release.
"Our annualized returns on average assets of 2.05 percent for the third quarter and 2.11 percent for the first nine months of 2015 continued our track record of having achieved returns on average assets in excess of 2 percent in each of the last five years.”
As of Sept. 30, deposits were $7.61 billion, up 48 percent increase from the same point last year. Total assets were $9.33 billion, up 42 percent from the same time last year.