Bank of the Ozarks Inc. (OZRK) Tuesday reported an increase in profit for the fourth quarter, driven mainly by higher net interest income, which more than offset a 30 percent decline in non-interest income and higher provisions for loan losses.
The Little Rock, Arkansas-based company's net income for the quarter improved to $17.6 million or $0.51 per share from $16.9 million or $0.49 per share last year.
On average, ten analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.
The bank made no Federal Deposit Insurance Corporation-assisted acquisitions during the fourth quarter, but the results included after-tax costs of about $0.47 million or $0.01 per share, related to finalizing systems conversions and other matters for previous acquisitions. Meanwhile, last year results included the effects of one FDIC-assisted acquisition which contributed about $4.6 million after taxes to net income, or almost $0.13 to earnings share.
Net interest income for the quarter advanced 35 percent to $45.8 million, while non-interest income declined 30.5 percent to $13.0 million from last year.
Seven Wall Street analysts on a consensus estimated revenues of $60.47 million for the quarter.
Fourth-quarter net interest margin, the difference between what the bank pays for funds and what it charges for loans, improved 70 basis points to 6.05 percent from last year.
Non-interest expense for the quarter rose 16.1 percent to $29.3 million from $25.3 million last year. The non-interest expense included pre-tax acquisition and conversion costs related to FDIC-assisted acquisitions of about $1.3 million in the fourth quarter.
Provision for loan and lease losses for the quarter increased to $4.3 million from $4.1 million last year. The company's allowance for loan and lease losses was $39.2 million, or 2.08% of total non-covered loans and leases at December 31, 2011, compared to $40.2 million, or 2.17% of total non-covered loans and leases at December 31, 2010.
OZRK closed Tuesday's trading on the Nasdaq at $30.17, down $0.62 or 2.01%, on a volume of 0.3 million shares. In after hours, the stock gained $0.14 or 0.46%.
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