Bank of the Ozarks Inc. (OZRK) said Monday its second quarter profit increased by 10.4%, driven by significant net gains on sales of investment securities.
Net income available to common stockholders was $9.5 million for the second quarter, up 10.4% from $8.6 million in the prior year quarter. Earnings improved 9.8% to $0.56 per share from $0.51 in the year-ago quarter. On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.53 per share for the second quarter. Analysts' estimates typically exclude one-time items.
Net interest income increased 28.2% to $30.26 million from $23.60 million in the second quarter of 2008.
Non-interest income for the second quarter of 2009 jumped 306.9% to $22.61 million from $5.56 million in the previous year quarter, driven by significant gains on sales of investment securities during the quarter.
Net gains on investment securities and from sales of other assets climbed to $16.49 million from $206,000 in the second quarter of 2008.
During the second quarter of 2009, the company's provisions to the allowance for loan and lease losses totaled $21.1 million, compared to $4.0 million in the year-ago quarter.
Deposits were $2.13 billion at June 30, 2009, a 7.6% decrease from $2.31 billion at June 30, 2008. Total assets were $2.96 billion at June 30, 2009, a 3.3% decrease from $3.06 billion at June 30, 2008.
For the first half of 2009, net income rose $18.8 million or $1.11 per share from $16.4 million or $0.97 per share in the year-ago period.
Net interest income increased 33.6% to $60.60 million from $45.35 million in the previous year period. Non-interest income surged to $31.98 million from $10.68 million in the prior year period.
OZRK closed Monday's regular trading session at $23.52, up $1.09 or 4.86%. In the after-hours, the shares further gained 78 cents or 3.32%.
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