Bank Of The Ozarks Profit Rises

(RTTNews) - Bank of the Ozarks Inc (OZRK) Monday reported a higher first-quarter profit, helped mainly by growth in net interest income and non interest income.

The company posted quarterly net income of $25.3 million or $0.68 per share, up from $20 million or $0.56 per share last year.

On average, nine analysts polled by Thomson Reuters estimated earnings of $0.56 per share for the quarter.

Results for the recent quarter included a tax-exempt bargain purchase gain of $4.7 million, acquisition-related costs of $0.4 million and other charges of $3.1 million.

Net interest income for the quarter was $52.4 million, an 18.7% increase from $44.1 million a year ago, while net interest margin fell to 5.46% from 5.83%.

Non-interest income increased 24.5% to $20.4 million from $16.4 million last year, and included the tax-exempt bargain purchase gain of $4.7 million on the Bancshares acquisition.

Analysts estimated revenue of $74.7 million for the quarter.

commenting on the results, CEO George Gleason said, "While our results reflect some of the headwinds typically encountered during the first quarter, our excellent loan and lease growth, our favorable asset quality as shown by our net charge-off ratio, and our record trust income provided a great start for 2014."