Bank of the Ozarks posts 1Q profit bump of 26 percent

Little Rock, Ark.-based Bank of the Ozarks Inc. – which comprises 66 banking offices in Arkansas and 75 across eight other states, primarily in the south – posted first quarter earnings of $25.3 million. That is up 26 percent compared to net income in the first quarter of last year of $20 million, according to Arkansas Business.

During the quarter, Bank of the Ozarks acquired Bancshares Inc., the holding company of Houston, Texas-based Omnibank, which held assets valued at $301 million. The $21.5 million cash transaction, which took place on March 5, resulted in a tax-exempt bargain gain of $4.7 million, helping to boost the bottom line.

The deal pushed total assets to more than $5 billion, which is an increase of 27 percent from a year ago, and deposits rose to $3.9 billion, up 30.9 percent.

Read more from Arkansas Business.