Bank of the Ozarks in Little Rock, Ark., reported higher quarterly earnings that reflected a pair of bank acquisitions it completed in the second half of last year.
The $20 billion-asset bank said in a press release Wednesday that its second-quarter profit rose 66% from a year earlier, to $90.5 million, or 73 cents a share. The increase reflected Bank of the Ozarks’ July 2016 purchases of C1 Financial in Tampa, Fla., and Community & Southern Holdings in Atlanta.
Earnings rose by 1.5% from the first quarter.
Net interest income rose 70% from a year earlier to $202.1 million. Total loans increased by 56% to $15.2 billion, while the net interest margin widened by 17 basis points to 4.99%.
Noninterest income went up 40.1% to $31.84 million. Service charges increased by 46% and mortgage income fell slightly.
Noninterest expenses increased by 65% to $83.8 million, reflecting the acquisitions. The bank’s efficiency ratio at June 30 was 35.3%. Bank of the Ozarks recently dissolved its holding company in an effort to improve efficiency.
The bank’s loan-loss provision increased by 26% to $6.1 million.