Bank of the Ozarks Inc. in Little Rock has reported that first-quarter net income slipped 10%, to $7.5 million, from the year earlier.
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The $2.5 billion-asset company's results, released late Wednesday, were hurt by an uptick in noninterest expenses, which rose 9%, to $12.1 million, from the year before. Bank of the Ozarks attributed the increase to the costs associated with branch expansion.
"Our priorities for 2007 include accelerating our rate of revenue growth and decelerating our rate of overhead growth compared to 2006," chairman and chief executive officer George Gleason said in a press release.
The company also said that nonperforming assets as a share of total assets increased 10 basis points, to 0.27%, from the year earlier.
