Bank of the Ozarks announced that net income for the third quarter of 2015 was $46.1 million, a 43.7% increase from $32.1 million for the third quarter of 2014.
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Diluted earnings per common share for the third quarter of 2015 were $0.52, a 30.0% increase from $0.40 for the third quarter of 2014.
The company’s results during the quarter just ended included approximately $2.9 million of acquisition-related and systems conversion expenses and $0.2 million of software and contract termination charges.
Net of applicable income taxes, these items, in the aggregate, reduced the company’s diluted earnings per common share by approximately $0.02 in the quarter just ended. For the nine months ended September 30, 2015, net income totaled $130.8 million, a 56.0% increase from net income of $83.9 million for the first nine months of 2014.
Diluted earnings per common share for the first nine months of 2015 were $1.51, a 39.8% increase from $1.08 for the first nine months of 2014.
The company’s results for the first nine months of 2015 included $2.3 million of taxexempt income from bank owned life insurance (BOLI) death benefits, $2.6 million in net gains on sales of investment securities, $2.5 million in prepayment penalties from prepaying Federal Home Loan Bank (FHLB) advances, approximately $5.7 million of acquisition-related and systems conversion expenses and $1.0 million of software and contract termination charges.
Net of applicable income taxes, these items, in the aggregate, reduced the company’s diluted earnings per common share by approximately $0.02 in the first nine months of 2015.
The company’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the third quarter of 2015 were 2.05%, 14.46% and 16.48%, respectively, compared to 1.98%, 14.80% and 16.93%, respectively, for the third quarter of 2014.
The company’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the first nine months of 2015 were 2.11%, 14.95% and 17.08%, respectively, compared to 1.98%, 14.92% and 16.27%, respectively, for the first nine months of 2014.
The calculation of the company’s annualized return on average tangible common stockholders’ equity and the reconciliation to generally accepted accounting principles (GAAP) is included in the schedules accompanying this release.
Non-purchased loans and leases were $5.45 billion at September 30, 2015, a 49.7% increase from $3.64 billion at September 30, 2014. Including purchased loans, total loans and leases were $7.41 billion at September 30, 2015, a 50.6% increase from $4.92 billion at September 30, 2014.
The unfunded balance of closed loans increased 88.2% to $4.86 billion at September 30, 2015, compared to $2.58 billion at September 30, 2014. ■