Bank of the Ozarks Inc. of Little Rock on Tuesday said net income for the first quarter was a record $89.2 million, up 73 percent from the same quarter last year.
Diluted earnings per common share were a record 73 cents, up 28 percent from the same quarter last year.
The publicly traded company (Nasdaq: OZRK) nearly doubled its assets last year to almost $19 billion by acquiring Community & Southern Bank of Atlanta and C1 Bank of St. Petersburg, Florida. It is the largest bank chartered in Arkansas when ranked by assets.
In a news release, Chairman and CEO George Gleason said the company set quarterly records in net income, diluted earnings per common share and trust income.
The company said that total loans and leases, including purchased loans, were $14.8 billion at March 31, up nearly 60 percent from the same point last year. Non-purchased loans and leases were $10.2 billion, up about 35 percent. Purchased loans were $4.6 billion, up 173 percent increase.
Deposits were $15.7 billion, up 63 percent; total assets were $19.2 billion, up 68 percent.
Net interest income for the first quarter was $190.8 million, up about 70 percent from the first quarter of 2016. Net interest margin, on a fully taxable equivalent basis, was 4.88 percent for the first quarter of 2017, down four basis points from the same time last year. Average earning assets were $16.1 billion, up 72 percent.
Non-interest income was $29.1 million, up 46 percent from the same time last year.
Gleason also noted the company's efficiency ratio of 35.0 percent.