Bank of Ozarks Inc. in Little Rock posted record earnings in the second quarter after acquisitions of two failed banks helped boost net income by more than 360%.
The $4 billion-asset company announced late Wednesday that it earned $50.2 million in the quarter, up from $10.9 million in last year's second quarter. A majority of that increase came from $36.4 million in after-tax gains from its acquisitions of Park Avenue Bank in Valdosta, Ga., and First Choice Community Bank in Dallas, Ga.
Bank of the Ozarks has been one of the industry's most aggressive buyers of failed banks over the last two years. The company has bought seven failed banks since the start of 2010, including five in Georgia.
The acquisitions also helped the company record its best-ever quarterly net interest margin of 5.8% and significantly lowered its efficiency ratio to 29.4% from 51% the same time last year.
Net income for the first six months rose 142%, to $64.8 million.
