Bank Of The Ozarks Posts Higher Q3 Profit

(RTTNews) - Bank of the Ozarks Inc. (OZRK) reported net income for the third quarter of $22.4 million or $0.61 per share, up from $19.3 million or $0.55 per share for the year-ago quarter.

On July 31, Bank of the Ozarks completed its acquisition of The First National Bank of Shelby in Shelby, North Carolina. The acquisition resulted in a bargain purchase gain, net of acquisition and conversion costs, of about $0.2 million after applicable taxes, or slightly less than $0.01 of earnings per common share, for the third quarter 2013.

Analysts polled by Thomson Reuters expected the company to earn $0.60 per share for the third quarter.

Net interest income for the third quarter rose 13.9% to $50.6 million from $44.4 million a year ago. Provision for loan losses for the third quarter was $3.8 million, up from $3.1 million last year.

Non-interest income for the third quarter increased 24.2% to $18.0 million from $14.5 million in the same quarter last year.