Bank Of The Ozarks Profit Rises

(RTTNews) - Bank of the Ozarks Inc (OZRK) on Monday reported second-quarter net income of $44.8 million or $0.51 per share compared with $26.5 million or $0.34 per share last year.

Analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

The company said its results for the latest quarter included $0.1 million in net gains on sales of investment securities and about $1.6 million of acquisition-related and systems conversion expenses.

Net of applicable income taxes, the aforesaid items, in the aggregate, reduced the company's earnings by about $0.01 per share in the quarter.

The company's net interest income for the quarter rose to $93.8 million from $64.8 million last year, and non-interest income climbed to $23.3 million from $17.4 million.

Analysts expected revenues of $121.2 million for the quarter.

Net interest margin, on a fully taxable equivalent basis, was 5.37% for the quarter of 2015, a decrease of 25 basis points from 5.62% a year ago, the company said.

Its provision for loan and lease losses for the quarter was lower at $4.3 million, compared to $5.6 million in the prior year quarter.