Shares of Bank of the Ozarks (OZRK) rose in early trading Tuesday after the Little Rock, Ark., company reported a 30% increase in its second-quarter profit.
Fueled by loan and deposit gains from recent acquisitions, Bank of the Ozarks reported earnings of $26.5 million in the quarter that ended June 30, up from $20.4 million in the same period a year earlier.
The bank's shares were trading at $33.78 mid-morning Tuesday, up 2.6% from Monday's close.
Bank of the Ozarks has completed three acquisitions over the last four quarters, boosting its assets by 56%, to $6.3 billion. Total loans increased 55% year over, to $4.6 billion, while deposits climbed 67%, to $5 billion.
The increase in loans and leases helped fuel a 49% jump in net interest income, to $64.8 million and a 6-basis-point jump in its net interest margin, to 5.62%.
Noninterest income declined 8.4%, to about $17.4 million, due primarily to a decline in gains on sales of assets. Meanwhile, noninterest expenses increased 17.6%, to almost $37.9, due largely to higher operating costs associated with the acquisitions.