LONDON, UK / ACCESSWIRE / July 17, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Bank of the Ozarks, Inc. (NASDAQ: OZRK), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=OZRK, following the Company’s release of its financial results for the second quarter fiscal 2017 (Q2 FY17) on July 12, 2017. Bank of the Ozarks’ diluted EPS rose 21.7% y-o-y, meeting market forecasts. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:
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During the quarter ended June 30, 2017, Bank of the Ozarks’ net interest income surged 69.8% to $202.11 million from $119.04 million in Q2 FY16. Furthermore, net interest income on fully taxable equivalent (FTE) basis came in at $205.50 million in Q2 FY17 compared to $121.11 million in Q2 FY16. The Company’s non-interest income also increased 40.1% to $31.84 million in Q2 FY17 from $22.73 million in the year ago same quarter. Meanwhile, the non-interest expenses were up by 64.6% in Q2 FY17 to $83.83 million from $50.93 million in Q2 FY16.
The Little Rock, the Arkansas-based bank reported a record net income available to common stockholders of $90.53 million, or $0.73 per diluted common share, in Q2 FY17 versus $54.47 million, or $0.60 per diluted common share, in Q2 FY16. Wall Street had also expected the Company to report net income of $0.73 per diluted share.
During the reported quarter, the bank’s annualized return on average assets was 1.90% versus 1.91% in the prior year’s comparable quarter. The return on average common stockholders’ equity came in at 12.05% in Q2 FY17 compared to 14.35% reported in the year ago corresponding period. Furthermore, annualized returns on average tangible common stockholders’ equity stood at 15.81% in Q2 FY17 compared to 15.92% reported in the year ago same quarter. For Q2 FY17, the bank’s efficiency ratio was 35.32% compared to 35.41% in Q2 FY16.
Net interest margin on FTE basis for the reported quarter increased to 4.99% from 4.82% in Q2 FY16. The bank’s yield on total earning assets improved during Q2 FY17 to 5.63% from 5.29% in the year ago period. In Q2 FY17, average total earning assets surged to $16.51 billion from $10.11 billion in the previous year’s same quarter.
The Company’s allowance for loan and lease losses for its non-purchased loans and leases was $82.32 million, or 0.73% of total non-purchased loans and leases, at June 30, 2017, compared to $65.13 million, or 0.78% of total non-purchased loans and leases, at June 30, 2016.
Balance Sheet Analyzed
Bank of the Ozarks’ average non-purchased loans and leases surged to $11.03 billion during the quarter ended June 30, 2017, from $8.21 billion in Q2 FY16. Total average interest-bearing deposits were $12.87 billion as on June 30, 2017, compared to $7.99 billion recorded as on June 30, 2016. Furthermore, the bank had total assets worth $20.06 billion as on June 30, 2017, up from $12.28 billion as on June 30, 2016.
As on June 30, 2017, the banks’ non-performing assets to total assets was 0.23% compared to 0.25% as at end of last year’s quarter. Furthermore, net charge-offs to average total loans and leases stood at 0.05% as on June 30, 2017, versus 0.06% as on June 30, 2016.
In a separate press release on July 03, 2017, the Company’s Board of Directors announced a $0.005 per common share, or 2.86% hike, in the quarterly cash dividend to $0.18 per common share. The dividend will be payable on July 21, 2017, to shareholders of record as of July 14, 2017. Furthermore, the Company has increased quarterly cash dividend in each of the last twenty-eight quarters.
On Friday, July 14, 2017, the stock closed the trading session at $48.05, climbing 3.00% from its previous closing price of $46.65. A total volume of 2.27 million shares have exchanged hands, which was higher than the 3-month average volume of 1.52 million shares. Bank of the Ozarks’ stock price rallied 2.65% in the last three months and 19.02% in the previous twelve months. The stock is trading at a PE ratio of 17.72 and has a dividend yield of 1.46%. At Friday’s closing price, the stock’s net capitalization stands at $5.98 billion.
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SOURCE: Pro-Trader Daily