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Midday Tuesday: Bank of the Ozarks dips following earnings release

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Midday Tuesday: Bank of the Ozarks dips following earnings release

Bank and thrift stocks moved higher in morning trading Tuesday, April 12.Around midday, the SNL U.S. Bank Index went up 0.85% to 375.42 and the SNL U.S.Thrift Index rose 0.67% to 778.79.

The broader markets were also in positive territory, withthe Dow Jones Industrial Average advancing 0.87% to 17,708.28, the S&P 500increasing 0.75% to 2,057.27 and the Nasdaq composite index gaining 0.53% to4,859.96.

Among large-caps, JPMorgan Chase & Co. climbed 0.96% to $58.76,Wells Fargo & Co.rose 0.50% to $47.26, Bank ofAmerica Corp. increased 0.93% to $13.09 and Citigroup Inc. jumped 1.41% to $41.70.

Little Rock, Ark.-based Bank of the Ozarks Inc., meanwhile, saw its stock drop2.05% to $41.05 in morning trading. The company on April 11 reported itsfirst-quarter netincome available to common stockholders of $51.7 million, or 57cents per share, compared to $39.9 million, or 47 cents per diluted share, forthe same period in 2015.

Birmingham, Ala.-based National Commerce Corp. on April 11 filed a forthe sale of up to $100 million of various securities from time to time. Thecompany's stock went up 1.29% to $23.93 in morning trading today.

Among notable movers, New Orleans-based climbed4.34% to $19.46, Houston-based Green Bancorp Inc. rose 5.26% to $7.61, and Sioux Falls,S.D.-based Great Western BancorpInc. jumped 5.19% to $28.37.

In the thrift space, Westbury, N.Y.-based inchedup 0.76% to $15.20, San Diego-based BofI Holding Inc. ticked up 0.50% to $21.91, LakeSuccess, N.Y.-based AstoriaFinancial Corp. rose 1.00% to $15.10, and Cleveland-basedTFS Financial Corp.(MHC) increased 0.70% to $17.37.

In economic news, foreclosure inventory in the U.S. declined 23.9% yearover year in February, and completed foreclosures fell 10%, CoreLogic Inc.reported April 12. Completed foreclosures totaled 34,000 in February, down from38,000 in February 2015. The level of completed foreclosures marks a 71.3% dropfrom the peak of 117,776 in September 2010.

Market prices andindex values are current as of the time of publication and are subject tochange.