Bank of the Ozarks, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge Off for the Fourth Quarter Ended December 31, 2016
January 17, 2017 at 04:30 pm IST
Share
Bank of the Ozarks, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net interest income of $194,800,000 against $106,518,000 a year ago. Net income available to common stockholders was $87,787,000 against $51,455,000 a year ago. Net income per share diluted was $0.72 against $0.58 per share a year ago. Book value per share was $23.02 against $16.16 per share a year ago. Tangible book value per share was $17.08 against $14.48 per share a year ago. Return on average assets was 1.92% against 2.12% a year ago. Return on average common stockholders' equity was 12.62% against 15.02% a year ago.
For the year, the company reported net interest income of $601,505,000 against $382,151,000 a year ago. Net income available to common stockholders was $269,979,000 against $182,253,000 a year ago. Net income per share diluted was $2.58 against $2.09 per share a year ago. Book value per share was $23.02 against $16.16 per share a year ago. Tangible book value per share was $17.08 against $14.48 per share a year ago. Return on average assets was 1.89% against 2.11% a year ago. Return on average common stockholders' equity was 13.05% against 14.97% a year ago.
For the quarter, the company reported net charge-offs provision for loan and lease losses of $3,074,000.
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 Year Ended December 31, 2016; Reports Net Charge Off for the Fourth Quarter Ended December 31, 2016