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The Lafayette, La., bank ended its M&A break Monday by announcing an agreement to buy a nearby rival, Teche Holding. It says more deals are likely, adding to the rise of buyers based in the South.
January 13
Bank of the Ozarks (OZRK) in Little Rock, Ark., got an earnings boost ahead of its acquisition of a Houston bank.
The $4.8 billion-asset company made a profit of $24.4 million in the fourth quarter, up 18% from the same period in 2012, it said Friday. Per-share earnings of 66 cents were 1 cent higher than analysts polled by Bloomberg had forecast.
Bank of the Ozarks' net interest income rose 26%, to $55.3 million, as asset growth offset shrinking yield. Its loan and lease portfolio expanded by 24%, to $2.6 billion, while net interest margin tightened by 21 basis points, to 5.63%.
Bank of the Ozarks is set to grow further this year through the
Bank of the Ozarks' noninterest income shrank by slightly more than 1%, to $18.6 million, due mainly to lower gains on asset sales. Its revenue from service charges rose 26%, to $6 million.
Its asset quality indicators were mixed but generally positive, as net chargeoffs fell 36%, to $1.5 million, while provision for loan losses grew by 13%, to $2.9 million. Nonaccrual loans and leases dropped by 4%, to $8.7 million.
Overhead costs rose 16%, to $34.7 million, as compensation and real-estate-occupancy costs rose.
