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Bank of the Ozarks' net income rises 26.3% YOY

Little Rock, Ark.-based Bank of the Ozarks on Oct. 11 posted a 26.3% year-over-year rise in third-quarter net income.

Net income applicable to common shares rose to $96.0 million, or 75 cents per share, from net income of $76.0 million, or 66 cents per share, in the third quarter of the prior year.

The S&P Capital IQ consensus mean estimate for third-quarter normalized EPS was 74 cents.

Bank of the Ozarks' total loans and leases saw an 11.4% increase to $15.78 billion from the year ago's figure of $14.16 billion. Deposits were also up at $16.82 billion from $15.12 billion.

The company's net interest margin for the quarter was 4.84%, compared to 4.99% in the linked quarter and down from 4.90% last year.

The company recorded a provision for loan and lease losses of $7.8 million, up from $6.1 million in the previous quarter and up from $7.1 million a year earlier.

Net charge-offs totaled $3.3 million, compared to net charge-offs of $2.0 million in the previous quarter and net charge-offs of $2.5 million in the prior-year quarter.