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Bank of the Ozarks, Inc.$41.24($.88)(2.09%)

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 Bank of the Ozarks, Inc. Announces Record Fourth Quarter and Full Year 2015 Earnings
   Thursday, January 14, 2016 5:00:01 PM ET

Bank of the Ozarks, Inc. (OZRK ) today announced that net income for the fourth quarter of 2015 was a record $51.5 million, a 48.1% increase from $34.8 million for the fourth quarter of 2014. Diluted earnings per common share for the fourth quarter of 2015 were $0.57, a 32.6% increase from $0.43 for the fourth quarter of 2014.

The Company’s results during the quarter just ended included $6.4 million in prepayment penalties from prepaying Federal Home Loan Bank of Dallas ("FHLB") advances, $2.2 million of severance costs associated with the consolidation of Stabilized Properties Group ("SPG") and its remaining servicing team into Real Estate Specialties Group ("RESG") and approximately $1.0 million of acquisition-related and systems conversion expenses, offset by $2.9 million of gains on sales of investment securities and $6.3 million of gains on sales of certain purchased loans. Net of applicable taxes, these items, in the aggregate, reduced the Company’s diluted earnings per common share by approximately one-third of one cent in the quarter just ended.



For the full year of 2015, net income was a record $182.3 million, a 53.7% increase from $118.6 million for the full year of 2014. Diluted earnings per common share for 2015 were $2.09, a 37.5% increase from $1.52 for 2014.

The Company’s results for the full year of 2015 included $8.9 million in prepayment penalties from prepaying FHLB advances, $2.2 million of severance costs associated with the consolidation of SPG, approximately $6.7 million of acquisition-related and systems conversion expenses and $1.0 million of software and contract termination charges, offset by $2.3 million of tax-exempt income from bank owned life insurance ("BOLI") death benefits, $5.5 million of gains on sales of investment securities and $6.3 million of gains on sales of certain purchased loans. Net of applicable taxes, these items, in the aggregate, decreased the Company’s diluted earnings per common share by approximately $0.02 for the full year of 2015.

The Company’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the fourth quarter of 2015 were 2.12%, 15.02% and 16.94%, respectively, compared to 2.06%, 15.50% and 17.60%, respectively, for the fourth quarter of 2014. Returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the full year of 2015 were 2.11%, 14.97% and 17.02%, respectively, compared to 2.01%, 15.08% and 16.64%, respectively, for the full year of 2014. George Gleason, Chairman and Chief Executive Officer, noted, "Our 2.11% return on average assets for the full year of 2015 continued our exceptional record of having achieved returns on average assets in excess of 2.00% for each of the last six years." The calculation of the Company’s return on average tangible common stockholders’ equity and the reconciliation to generally accepted accounting principles ("GAAP") are included in the schedules accompanying this release.

KEY BALANCE SHEET METRICS

Non-purchased loans and leases were $6.53 billion at December 31, 2015, a 64.0% increase from $3.98 billion at December 31, 2014 and a 19.9% increase from $5.45 billion at September 30, 2015. Total loans and leases, including purchased loans, were $8.33 billion at December 31, 2015, a 62.5% increase from $5.13 billion at December 31, 2014 and a 12.5% increase from $7.41 billion at September 30, 2015. The unfunded balance of closed loans totaled $5.80 billion at December 31, 2015, a 95.8% increase from $2.96 billion at December 31, 2014 and a 19.3% increase from $4.86 billion at September 30, 2015.

"We are very pleased with our outstanding fourth quarter results, highlighted by our record quarterly growth of $1.08 billion in non-purchased loans and leases and our record quarterly growth of $939 million in the unfunded balance of our closed loans. This exceptional growth was achieved while adhering to our very conservative credit principles, as evidenced by some of our best asset quality ratios as a public company," said Gleason. "We are also pleased with our excellent 37.12% efficiency ratio for the fourth quarter. Our potent combination of strong growth, a superb net interest margin, excellent asset quality and great efficiency helped us achieve record quarterly and annual earnings."

Deposits were $7.97 billion at December 31, 2015, a 45.0% increase from $5.50 billion at December 31, 2014. Total assets were $9.88 billion at December 31, 2015, a 46.0% increase from $6.77 billion at December 31, 2014.

Common stockholders’ equity was $1.46 billion at December 31, 2015, a 61.2% increase from $908 million at December 31, 2014. Tangible common stockholders’ equity was $1.31 billion at December 31, 2015, a 63.5% increase from $803 million at December 31, 2014. Book value per common share was $16.16 at December 31, 2015, a 42.1% increase from $11.37 at December 31, 2014. Tangible book value per common share was $14.48 at December 31, 2015, a 44.2% increase from $10.04 at December 31, 2014. The calculations of the Company’s tangible common stockholders’ equity and tangible book value per common share and the reconciliations to GAAP are included in the schedules accompanying this release.

The Company’s ratio of common stockholders’ equity to total assets increased to 14.83% at December 31, 2015, compared to 13.42% at December 31, 2014. Its ratio of tangible common stockholders’ equity to total tangible assets increased to 13.49% at December 31, 2015, compared to 12.05% at December 31, 2014. The calculation of the Company’s ratio of tangible common stockholders’ equity to total tangible assets and the reconciliation to GAAP are included in the schedules accompanying this release.

NET INTEREST INCOME

Net interest income for the fourth quarter of 2015 was a record $106.5 million, a 35.4% increase from $78.7 million for the fourth quarter of 2014. Net interest margin, on a fully taxable equivalent ("FTE") basis, was 4.98% for the fourth quarter of 2015, a decrease of 55 basis points from 5.53% for the fourth quarter of 2014. Average earning assets were $8.66 billion for the fourth quarter of 2015, a 48.2% increase from $5.84 billion for the fourth quarter of 2014.

Net interest income for the full year of 2015 was a record $382.2 million, a 41.3% increase from $270.5 million for the full year of 2014. Net interest margin, on an FTE basis, for 2015 was 5.19%, a 33 basis point decrease from 5.52% for 2014. Average earning assets were $7.55 billion for 2015, a 48.3% increase from $5.09 billion for 2014.

NON-INTEREST INCOME

Non-interest income for the fourth quarter of 2015 increased 9.5% to $30.5 million compared to $27.9 million for the fourth quarter of 2014. Non-interest income for the quarter just ended included $2.9 million of gains on sales of investment securities and $6.3 million of gains on sales of certain purchased loans. Non-interest income for the fourth quarter of 2014 included $8.0 million of gains on termination of Federal Deposit Insurance Corporation ("FDIC") loss share agreements.

Non-interest income for the full year of 2015 increased 23.7% to $105.0 million compared to $84.9 million for 2014. Non-interest income for 2015 included $2.3 million of tax-exempt income from BOLI death benefits, $5.5 million of gains on sales of investment securities and $6.3 million of gains on sales of certain purchased loans. Non-interest income for 2014 included $4.7 million of gain on a merger and acquisition transaction and $8.0 million of gains on termination of FDIC loss share agreements.

NON-INTEREST EXPENSE

Non-interest expense for the fourth quarter of 2015 increased 7.2% to $51.6 million compared to $48.2 million for the fourth quarter of 2014. During the fourth quarter of 2015, the Company incurred $6.4 million in prepayment penalties from prepaying FHLB advances, $2.2 million of severance costs associated with the consolidation of SPG and approximately $1.0 million of acquisition-related and systems conversion expenses. During the fourth quarter of 2014, the Company incurred $8.1 million in prepayment penalties from prepaying FHLB advances and approximately $1.1 million of acquisition-related and systems conversion expenses.

The Company’s efficiency ratio (non-interest expense divided by the sum of net interest income FTE and non-interest income) for the fourth quarter of 2015 improved to 37.1% compared to 44.1% for the fourth quarter of 2014.

Non-interest expense for the full year of 2015 increased 15.0% to $191.0 million compared to $166.0 million for the full year of 2014. During 2015 the Company incurred $8.9 million in prepayment penalties from prepaying FHLB advances, $2.2 million of severance costs associated with the consolidation of SPG, approximately $6.7 million of acquisition-related and systems conversion expenses and $1.0 million of software and contract termination charges. During 2014 the Company incurred $8.1 million in prepayment penalties from prepaying FHLB advances, approximately $4.7 million of acquisition-related and systems conversion expenses, $5.6 million of software and contract termination charges and approximately $0.6 million of fraud losses attributable to The Home Depot system breach.

The Company’s efficiency ratio for the full year of 2015 improved to 38.4% compared to 45.3% for 2014.

ASSET QUALITY, CHARGE-OFFS AND ALLOWANCE

Excluding purchased loans, the Company’s ratio of nonperforming loans and leases as a percent of total loans and leases improved to 0.20% at December 31, 2015, compared to 0.53% at December 31, 2014 and 0.26% at September 30, 2015.

Excluding purchased loans, the Company’s ratio of nonperforming assets as a percent of total assets improved to 0.37% at December 31, 2015, compared to 0.87% at December 31, 2014 and 0.41% at September 30, 2015.

Excluding purchased loans, the Company’s ratio of loans and leases past due 30 days or more, including past due non-accrual loans and leases, to total loans and leases improved to 0.28% at December 31, 2015, our best such ratio as a public company, compared to 0.79% at December 31, 2014 and 0.41% at September 30, 2015.

The Company’s annualized net charge-off ratio for all loans and leases was 0.17% for the fourth quarter of 2015 compared to 0.24% for the fourth quarter of 2014 and 0.08% for the third quarter of 2015. The Company’s net charge-off ratio for all loans and leases increased slightly to 0.17% for the full year of 2015 compared to 0.16% for 2014.

The Company’s allowance for loan and lease losses for its non-purchased loans and leases was $59.7 million, or 0.91% of total non-purchased loans and leases, at December 31, 2015, compared to $52.9 million, or 1.33% of total non-purchased loans and leases, at December 31, 2014, and $59.0 million, or 1.08% of total non-purchased loans and leases, at September 30, 2015. At December 31, 2015 the Company had $1.2 million of allowance for loan and lease losses for its purchased loans compared to none at December 31, 2014 or September 30, 2015.

CONFERENCE CALL AND TRANSCRIPT

Management will conduct a conference call to review announcements made in this release at 10:00 a.m. CST (11:00 a.m. EST) on Friday, January 15, 2015. The call will be available live or in recorded version on the Company’s website www.bankozarks.com under "Investor Relations" or interested parties calling from locations within the United States and Canada may call 1-888-771-4371 ten minutes prior to the beginning of the call and ask for the Bank of the Ozarks conference call. A recorded playback of the entire call will be available on the Company’s website or by telephone by calling 1-888-843-7419 in the United States and Canada or 630-652-3042 internationally. The passcode for this telephone playback is 41509505#. The telephone playback will be available for one week following the call, and the website recording of the call will be available for 90 days.

The Company will also provide a transcript of the conference call on the Company’s website under Investor Relations. The transcript will be available for 90 days.

NON-GAAP FINANCIAL MEASURES

This release contains certain non-GAAP financial measures. The Company’s management uses these non-GAAP financial measures, specifically return on average tangible common stockholders’ equity, tangible book value per common share and ratio of total tangible common stockholders’ equity to total tangible assets, as important measures of the strength of its capital and its ability to generate earnings on its tangible capital invested by its shareholders. These measures typically adjust GAAP financial measures to exclude intangible assets. The non-GAAP financial measures also include the calculation of what the Company considers to be its "core" efficiency ratio, which ratio management uses to evaluate the efficiency of its operations excluding non-core revenues and expenses. Management believes presentation of these non-GAAP financial measures provides useful supplemental information that contributes to a proper understanding of the financial results and capital levels of the Company. These non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release under the caption "Reconciliation of Non-GAAP Financial Measures."

FORWARD-LOOKING STATEMENTS

This release and other communications by the Company include certain "forward-looking statements" regarding the Company’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time. Those statements are subject to certain risks, uncertainties and other factors that may cause actual results to differ materially from those projected in such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: potential delays or other problems implementing the Company’s growth, expansion and acquisition strategies including delays in identifying sites, hiring or retaining qualified personnel, obtaining regulatory or other approvals, obtaining permits and designing, constructing and opening new offices, and the ability to enter into and/or close additional acquisitions; problems with, or additional expenses relating to, integrating or managing acquisitions; the ability to attract new or retain existing or acquired deposits or to retain or grow loans and leases, including growth from unfunded closed loans; the ability to generate future revenue growth or to control future growth in non-interest expense; interest rate fluctuations, including changes in the yield curve between short-term and long-term interest rates; competitive factors and pricing pressures, including their effect on the Company’s net interest margin; general economic, unemployment, credit market and real estate market conditions, and the effect of such conditions on the creditworthiness of borrowers and lessees, collateral values, the value of investment securities and asset recovery values; changes in legal and regulatory requirements, including additional legal and regulatory requirements to which the Company will be subject when its total assets reach $10 billion; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new legislation and regulatory actions, including legislation and regulatory actions intended to stabilize economic conditions and credit markets, strengthen the capital of financial institutions, increase regulation of the financial services industry and protect homeowners or consumers; changes in U.S. government monetary and fiscal policy; possible further downgrade of U.S. Treasury securities; the ability to keep pace with technological changes, including changes regarding cybersecurity; an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or its customers; adoption of new accounting standards or changes in existing standards; and adverse results in current or future litigation or regulatory examinations as well as other factors identified in this press release or as detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission ("SEC"), including those factors included in the disclosures under the headings "Forward-Looking Information" and "Item 1A. Risk Factors" in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected or described in such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

GENERAL INFORMATION

Bank of the Ozarks, Inc. common stock trades on the NASDAQ Global Select Market under the symbol "OZRK." The Company owns a state-chartered subsidiary bank that conducts banking operations through 174 offices, including 81 in Arkansas, 28 in Georgia, 25 in North Carolina, 22 in Texas, 10 in Florida, three in Alabama, two offices each in South Carolina and New York and one office in California. The Company may be contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811. The Company’s website is www.bankozarks.com.

 
 
 
                                                                                                                                                                                            Bank of the Ozarks, Inc.
                                                                                                                                                                                              Selected Consolidated
                                                                                                                                                                                                 Financial Data
                                                                                                                                                                                     (Dollars in Thousands, Except Per Share
                                                                                                                                                                                                    Amounts)
                                                                                                                                                                                                    Unaudited
 
                                                                                                                                         Quarters Ended December 31,                                                                                           Years Ended December 31,
                                                                                                                                    -----------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------
                                                                                                                                              2015                       2014                   % Change                                                           2015                       2014                   % Change
                                                                                                                                    ----------------------   -------------------- ----------------------   -------------------- -------------------                                            ----------------------   -------------------- ----------------------   -------------------- -------------------
Income statement data:                                                                                                                                                                                                                                                                                        
-----------------------------------------------------------------------------------------
  Net interest income                                                                                                                  $        106,518                              $         78,675                                 35.4 %                                                      $        382,151                              $        270,494                                 41.3 %
  Provision for loan and lease losses                                                                                                             5,211                                         6,341                                (17.8 )                                                                19,415                                        16,915                                 14.8
  Non-interest income                                                                                                                            30,540                                        27,887                                  9.5                                                                 105,015                                        84,883                                 23.7
  Non-interest expense                                                                                                                           51,646                                        48,158                                  7.2                                                                 190,982                                       166,015                                 15.0
  Net income available to common stockholders                                                                                                    51,455                                        34,752                                 48.1                                                                 182,253                                       118,606                                 53.7
                                                                                                                                                                                                                                                                                                                                                                                            
Common stock data:
-----------------------------------------------------------------------------------------
  Net income per share - diluted                                                                                          $           0.57                              $           0.43                                 32.6 %                                                      $           2.09                              $           1.52                                 37.5 %
  Net income per share - basic                                                                                                        0.58                                          0.44                                 31.8                                                                    2.10                                          1.53                                 37.3
  Cash dividends per share                                                                                                                        0.145                                         0.125                                 16.0                                                                    0.55                                          0.47                                 17.0
  Book value per share                                                                                                                            16.16                                         11.37                                 42.1                                                                   16.16                                         11.37                                 42.1
  Tangible book value per share(1)                                                                                                                14.48                                         10.04                                 44.2                                                                   14.48                                         10.04                                 44.2
  Diluted shares outstanding (thousands)                                                                                                         89,522                                        80,455                                                                                                       87,348                                        78,060
  End of period shares outstanding (thousands)                                                                                                   90,612                                        79,924                                                                                                       90,612                                        79,924
                                                                                                                                                                                                                                                                                                                                                                                            
Balance sheet data at period end:
-----------------------------------------------------------------------------------------
  Assets                                                                                                                               $      9,879,459                              $      6,766,499                                 46.0 %                                                      $      9,879,459                              $      6,766,499                                 46.0 %
  Non-purchased loans and leases                                                                                                              6,528,634                                     3,979,870                                 64.0                                                               6,528,634                                     3,979,870                                 64.0
  Purchased loans                                                                                                                             1,806,037                                     1,147,947                                 57.3                                                               1,806,037                                     1,147,947                                 57.3
  Allowance for loan and lease losses                                                                                                            60,854                                        52,918                                 15.0                                                                  60,854                                        52,918                                 15.0
  Foreclosed assets                                                                                                                              22,870                                        37,775                                (39.5 )                                                                22,870                                        37,775                                (39.5 )
  Investment securities                                                                                                                         602,348                                       839,321                                (28.2 )                                                               602,348                                       839,321                                (28.2 )
  Goodwill                                                                                                                                      125,442                                        78,669                                 59.5                                                                 125,442                                        78,669                                 59.5
  Other intangibles - net of amortization                                                                                           26,898                                        26,907                                 (0.1 )                                                                26,898                                        26,907                                 (0.1 )
  Deposits                                                                                                                                    7,971,468                                     5,496,382                                 45.0                                                               7,971,468                                     5,496,382                                 45.0
  Repurchase agreements with customers                                                                                                           65,800                                        65,578                                  0.3                                                                  65,800                                        65,578                                  0.3
  Other borrowings                                                                                                                              204,540                                       190,855                                  7.2                                                                 204,540                                       190,855                                  7.2
  Subordinated debentures                                                                                                                       117,685                                        64,950                                 81.2                                                                 117,685                                        64,950                                 81.2
  Common stockholders’ equity                                                                                      1,464,631                                       908,390                                 61.2                                                               1,464,631                                       908,390                                 61.2
  Net unrealized gains on investment securities AFS included in common                                                                            7,959                                        14,132                                                                                     7,959                                        14,132
  stockholders’ equity
  Loan and lease, including purchased loans, to deposit ratio                                                                                    104.56 %                                       93.29 %                                                                                                     104.56 %                                       93.29 %
                                                                                                                                                                                                                                                                                                                                                                                            
Selected ratios:
-----------------------------------------------------------------------------------------
  Return on average assets(2)                                                                                                                      2.12 %                                        2.06 %                                                                                                       2.11 %                                        2.01 %
  Return on average common stockholders’ equity(2)                                                                     15.02                                         15.50                                                                                                        14.97                                         15.08
  Return on average tangible common stockholders’ equity(1)(2)                                                         16.94                                         17.60                                                                                                        17.02                                         16.64
  Average common equity to total average assets                                                                                                   14.09                                         13.29                                                                                                        14.12                                         13.30
  Net interest margin - FTE(2)                                                                                                        4.98                                          5.53                                                                                                         5.19                                          5.52
  Efficiency ratio                                                                                                                                37.12                                         44.08                                                                                                        38.45                                         45.35
  Net charge-offs to average loans and leases(2)(3)                                                                                                0.22                                          0.17                                                                                                         0.18                                          0.12
  Nonperforming loans and leases to total loans and leases(4)                                                                                      0.20                                          0.53                                                                                                         0.20                                          0.53
  Nonperforming assets to total assets(4)                                                                                                          0.37                                          0.87                                                                                                         0.37                                          0.87
  Allowance for loan and lease losses to non-purchased loans and leases(4)                                                                         0.91                                          1.33                                                                                                         0.91                                          1.33
                                                                                                                                                                                                                                                                                                                                                                                            
Other information:
-----------------------------------------------------------------------------------------
  Non-accrual loans and leases(4)                                                                                                      $         13,194                              $         21,085                                                                                             $         13,194                              $         21,085
  Accruing loans and leases - 90 days past due(4)                                                                           -                                -                                                                                               -                                -
  Troubled and restructured loans and leases(4)                                                                                          -                                -                                                                                               -                                -
  Impaired purchased loans                                                                                                                        8,054                                        14,040                                                                                                        8,054                                        14,040
 
        (1)Calculations of tangible book value per common share
        and return on average tangible common stockholders’ equity and the
        reconciliations to GAAP are included in the schedules accompanying
        this release.
        (2)Ratios for interim periods annualized based on
        actual days.
        (3)Excludes purchased loans and net charge-offs related
        to such loans.
        (4)Excludes purchased loans, except for their inclusion
        in total assets.
 
 
 
                                                                                                                                                                                                                                     Bank of the Ozarks, Inc.
                                                                                                                                                                                                                                     Supplemental Quarterly
                                                                                                                                                                                                                                     Financial Data
                                                                                                                                                                                                                                     (Dollars in Thousands, Except Per Share
                                                                                                                                                                                                                                     Amounts)
                                                                                                                                                                                                                                     Unaudited
 
                                                                                                           3/31/14                                                       6/30/14                                                       9/30/14                                                      12/31/14                                                    3/31/15                                                    6/30/15                                                    9/30/15                                                      12/31/15
                                                                                                                     ---------------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------------
Earnings Summary:
--------------------------------------------------------------------------
  Net interest income                                                                                                                   $               52,396                                                              $         64,801                                                              $               74,621                                                              $         78,675                                                              $         85,489                                                              $         93,756                                                              $         96,387                                                              $              106,518
  Federal tax (FTE) adjustment                                                                                                        2,424                                   2,737                                         2,892                                   2,690                                   2,570                                   2,552                                   2,368                                         2,092  
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
  Net interest income (FTE)                                                                                                                             54,820                                                                        67,538                                                                              77,513                                                                        81,365                                                                        88,059                                                                        96,308                                                                        98,755                                                                             108,610
  Provision for loan and lease losses                                                                                                                   (1,304 )                                                                      (5,582 )                                                                            (3,687 )                                                                      (6,341 )                                                                      (6,315 )                                                                      (4,308 )                                                                      (3,581 )                                                                            (5,211 )
  Non-interest income                                                                                                                                   20,360                                                                        17,388                                                                              19,248                                                                        27,887                                                                        29,067                                                                        23,270                                                                        22,138                                                                              30,540
  Non-interest expense                                                                                                              (37,454 )                                                  (37,878 )                                                        (42,523 )                                                  (48,158 )                                                  (50,184 )                                                  (43,724 )                                                  (45,428 )                                                        (51,646 )
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
  Pretax income (FTE)                                                                                                                                   36,422                                                                        41,466                                                                              50,551                                                                        54,753                                                                        60,627                                                                        71,546                                                                        71,884                                                                              82,293
  FTE adjustment                                                                                                                                        (2,424 )                                                                      (2,737 )                                                                            (2,892 )                                                                      (2,690 )                                                                      (2,570 )                                                                      (2,552 )                                                                      (2,368 )                                                                            (2,092 )
  Provision for income taxes                                                                                                                            (8,730 )                                                                     (12,251 )                                                                           (15,579 )                                                                     (17,300 )                                                                     (18,139 )                                                                     (24,190 )                                                                     (23,385 )                                                                           (28,740 )
  Noncontrolling interest                                                                                                                 8                                       8                                            13                                     (11 )                                                      (24 )                                                      (28 )                                                       (3 )                                                             (6 )
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
     Net income available to common stockholders                                                                                        $               25,276                                           $         26,486                                           $               32,093                                           $         34,752                                           $         39,894                                           $         44,776                                           $         46,128                                           $               51,455  
                                                                                                                     ==================== ==================== ====================                      ==================== ============== ====================                      ==================== ==================== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
  Earnings per common share - diluted(1)                                                                                   $                 0.34                                                              $           0.34                                                              $                 0.40                                                              $           0.43                                                              $           0.47                                                              $           0.51                                                              $           0.52                                                              $                 0.57
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Non-interest Income:
--------------------------------------------------------------------------
  Service charges on deposit accounts                                                                                                   $                5,639                                                              $          6,605                                                              $                7,356                                                              $          7,009                                                              $          6,627                                                              $          7,088                                                              $          7,425                                                              $                7,558
  Mortgage lending income                                                                                                                                  954                                                                         1,126                                                                               1,728                                                                         1,379                                                                         1,507                                                                         1,772                                                                         1,825                                                                               1,713
  Trust income                                                                                                                                           1,316                                                                         1,364                                                                               1,419                                                                         1,493                                                                         1,432                                                                         1,463                                                                         1,500                                                                               1,508
  Bank owned life insurance income                                                                                                                       1,130                                                                         1,278                                                                               1,390                                                                         1,385                                                                         3,623                                                                         1,785                                                                         2,264                                                                               2,412
  Net (amortization) accretion of FDIC loss share receivable and FDIC                                                                                                                                                (741 )                                                                                                            -                                                                -                                                                -                                                                -                                                                      -
  loss share payable                                                                                                                                       692                                                                                                                                                              (562 )
  Other income from purchased loans                                                                                                                      3,311                                                                         3,629                                                                               3,369                                                                         4,494                                                                         8,908                                                                         6,971                                                                         5,456                                                                               4,790
  Net gains on investment securities                                                                                                                         5                                                                            18                                                                                  43                                                                            78                                                                         2,534                                                                            85                                                                -                                                                               2,863
  Gains on sales of other assets                                                                                                                           974                                                                         1,448                                                                               1,688                                                                         1,912                                                                         2,829                                                                         2,557                                                                         1,905                                                                               7,463
  Gain on merger and acquisition transaction                                                                                                             4,667                                                                -                                                                      -                                                                -                                                                -                                                                -                                                                -                                                                      -
  Gain on termination of FDIC loss share agreements                                                                                             -                                                                -                                                                      -                                                                         7,996                                                                -                                                                -                                                                -                                                                      -
  Other                                                                                                                               1,672                                   2,661                                         2,817                                   2,141                                   1,607                                   1,549                                   1,763                                         2,233  
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
     Total non-interest income                                                                                                          $               20,360                                           $         17,388                                           $               19,248                                           $         27,887                                           $         29,067                                           $         23,270                                           $         22,138                                           $               30,540  
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Non-interest Expense:
--------------------------------------------------------------------------
  Salaries and employee benefits                                                                                                        $               17,689                                                              $         18,831                                                              $               20,876                                                              $         19,488                                                              $         22,597                                                              $         22,646                                                              $         21,207                                                              $               21,504
  Net occupancy expense                                                                                                                                  5,044                                                                         5,707                                                                               6,823                                                                         6,528                                                                         7,291                                                                         7,344                                                                         8,076                                                                               8,537
  Other operating expenses                                                                                                                              13,908                                                                        12,221                                                                              13,292                                                                        20,610                                                                        18,700                                                                        12,094                                                                        14,448                                                                              19,879
  Amortization of intangibles                                                                                                           813                                   1,119                                         1,532                                   1,532                                   1,596                                   1,640                                   1,697                                         1,726  
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
     Total non-interest expense                                                                                                         $               37,454                                           $         37,878                                           $               42,523                                           $         48,158                                           $         50,184                                           $         43,724                                           $         45,428                                           $               51,646  
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Allowance for Loan and Lease Losses:
--------------------------------------------------------------------------
  Balance at beginning of period                                                                                                        $               42,945                                                              $         43,861                                                              $               46,958                                                              $         49,606                                                              $         52,918                                                              $         54,147                                                              $         56,749                                                              $               59,017
  Net charge-offs                                                                                                                                         (388 )                                                                      (2,485 )                                                                            (1,039 )                                                                      (3,029 )                                                                      (5,086 )                                                                      (1,706 )                                                                      (1,313 )                                                                            (3,374 )
  Provision for loan and lease losses                                                                                                 1,304                                   5,582                                         3,687                                   6,341                                   6,315                                   4,308                                   3,581                                         5,211  
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
     Balance at end of period                                                                                                           $               43,861                                           $         46,958                                           $               49,606                                           $         52,918                                           $         54,147                                           $         56,749                                           $         59,017                                           $               60,854  
                                                                                                                     -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Selected Ratios:
--------------------------------------------------------------------------
  Net interest margin - FTE(2)                                                                                                               5.46 %                                                                        5.62 %                                                                              5.49 %                                                                        5.53 %                                                                        5.42 %                                                                        5.37 %                                                                        5.07 %                                                                              4.98 %
  Efficiency ratio                                                                                                                                       49.82                                                                         44.60                                                                               43.95                                                                         44.08                                                                         42.85                                                                         36.56                                                                         37.58                                                                               37.12
  Net charge-offs to average loans and leases(2)(3)                                                                                                       0.03                                                                          0.19                                                                                0.06                                                                          0.17                                                                          0.37                                                                          0.12                                                                          0.05                                                                                0.22
  Nonperforming loans and leases to total loans and leases(4)                                                                                             0.42                                                                          0.58                                                                                0.49                                                                          0.53                                                                          0.33                                                                          0.34                                                                          0.26                                                                                0.20
  Nonperforming assets to total assets(4)                                                                                                                 1.44                                                                          1.19                                                                                0.92                                                                          0.87                                                                          0.56                                                                          0.49                                                                          0.41                                                                                0.37
  Allowance for loan and lease losses to non-purchased loans and leases(4)                                                                                1.58                                                                          1.48                                                                                1.36                                                                          1.33                                                                          1.26                                                                          1.19                                                                          1.08                                                                                0.91
  Loans and leases past due 30 days or more, including past due                                                                                           0.75                                                                          0.63                                                                                0.63                                                                          0.79                                                                          0.57                                                                          0.50                                                                          0.41                                                                 
  non-accrual loans and leases, to total loans and leases(4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        0.28
 
(1)Adjusted to give effect to 2-for-1 stock split on
June 23, 2014.
(2)Ratios for interim periods annualized based on
actual days.
(3)Excludes purchased loans and net charge-offs related
to such loans.
(4)Excludes purchased loans, except for their inclusion
in total assets.
 
 
 
                                                                                                                                                                                                                                     Bank of the Ozarks, Inc.
                                                                                                                                                                                                                                     Average Consolidated
                                                                                                                                                                                                                                     Balance Sheets and Net Interest Analysis - FTE
                                                                                                                                                                                                                                     Unaudited
 
                                                                                                                                                                                                                                                     Quarters Ended December 31,                                                                                                                                                                                                                                                                                                                                                  Years Ended December 31,
                                                                                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                      2015                                                                                                                                                            2014                                                                                                                                                                                                  2015                                                                                                                                                                  2014
                                                                                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      Average                             Income/                 Yield/                                                        Average                             Income/                 Yield/                                                        Average                             Income/                 Yield/                                                        Average                             Income/                       Yield/
                                                                                                                                                      Balance                                                                   Expense                                                        Rate                                                         Balance                                                                   Expense                                                        Rate                                                         Balance                                                                   Expense                                                        Rate                                                         Balance                                                                   Expense                                                              Rate
                                                                                                                                          -----------------------------                                            ------------------------------                                            -------                                            -----------------------------                                            ------------------------------                                            -------                                            -----------------------------                                            ------------------------------                                            -------                                            -----------------------------                                            ------------------------------                                            -------------------
                                                                                                                                                                                                                                                                                                                                                                               (Dollars in thousands)
ASSETS
Earning assets:
 Interest earning deposits and federal funds sold                                                                                                            $     3,863                                                              $          6                                           0.58 %                                                                $     3,943                                                              $          7                                           0.66 %                                                                $     2,902                                                              $         41                                           1.40 %                                                                $     4,897                                                              $         56                                                 1.15 %
 Investment securities:
  Taxable                                                                                                                                                        367,336                                                                     3,162                                           3.42                                                                      352,178                                                                     2,990                                           3.37                                                                      363,254                                                                    13,131                                           3.61                                                                      325,611                                                                    11,125                                                 3.42
  Tax-exempt - FTE                                                                                                                                  388,294                                                                     5,784                                           5.91                                                                      493,826                                                                     7,494                                           6.02                                                                      422,983                                                                    26,406                                           6.24                                                                      472,310                                                                    29,983                                                 6.35
 Non-purchased loans and leases - FTE                                                                                                             5,997,684                                                                    74,949                                           4.96                                                                    3,773,100                                                                    49,234                                           5.18                                                                    4,898,552                                                                   244,978                                           5.00                                                                    3,189,308                                                                   162,812                                                 5.10
 Purchased loans                                                                                                                            1,902,408                                                 32,868                                           6.85                                                 1,219,046                                                 27,513                                           8.95                                                 1,862,102                                                134,745                                           7.24                                                 1,098,851                                                 98,212                                                 8.94
                                                                                                                                          -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------
     Total earning assets - FTE                                                                                                                   8,659,585                                                                   116,769                                           5.35                                                                    5,842,093                                                                    87,238                                           5.92                                                                    7,549,793                                                                   419,301                                           5.55                                                                    5,090,977                                                                   302,188
Non-interest earning assets                                                                                                                   981,900                                                                                                                                                                            853,851                                                                                                                                                                          1,071,541                                                                                                                                                                            822,830
                                                                                                                                          -------------------- ---------                                                                                                                                                                        -------------------- ---------                                                                                                                                                                        -------------------- ---------                                                                                                                                                                        -------------------- ---------
     Total assets                                                                                                                                            $ 9,641,485                                                                                                                                                                                           $ 6,695,944                                                                                                                                                                                           $ 8,621,334                                                                                                                                                                                           $ 5,913,807
                                                                                                                                          ==================== =========                                                                                                                                                                        ==================== =========                                                                                                                                                                        ==================== =========                                                                                                                                                                        ==================== =========
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
  LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
 Deposits:
  Savings and interest bearing transaction                                                                                                                   $ 4,083,514                                                              $      2,551                                           0.25 %                                                                $ 2,843,302                                                              $      1,579                                           0.22 %                                                                $ 3,557,037                                                              $      7,969                                           0.22 %                                                                $ 2,564,250                                                              $      5,424                                                 0.21 %
  Time deposits of $100,000 or more                                                                                                                            1,404,524                                                                     2,150                                           0.61                                                                      731,077                                                                       704                                           0.38                                                                    1,244,879                                                                     6,375                                           0.51                                                                      558,389                                                                     1,632                                                 0.29
  Other time deposits                                                                                                                         914,769                                                    927                                           0.40                                                   637,574                                                    590                                           0.37                                                   880,189                                                  3,372                                           0.38                                                   541,938                                                  1,510                                                 0.28
                                                                                                                                          -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------
     Total interest bearing deposits                                                                                                                           6,402,807                                                                     5,628                                           0.35                                                                    4,211,953                                                                     2,873                                           0.27                                                                    5,682,105                                                                    17,716                                           0.31                                                                    3,664,577                                                                     8,566                                                 0.23
 Repurchase agreements with customers                                                                                                                             74,025                                                                        20                                           0.11                                                                       69,364                                                                        15                                           0.09                                                                       73,995                                                                        76                                           0.10                                                                       63,869                                                                        55                                                 0.09
 Other borrowings                                                                                                                                                237,845                                                                     1,507                                           2.51                                                                      265,915                                                                     2,559                                           3.82                                                                      187,608                                                                     6,111                                           3.26                                                                      281,829                                                                    10,642                                                 3.78
 Subordinated debentures                                                                                                                      117,108                                                  1,004                                           3.40                                                    64,950                                                    426                                           2.61                                                   111,409                                                  3,665                                           3.29                                                    64,950                                                  1,693                                                 2.61
                                                                                                                                          -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------                                                                                              -------------------- ---------                                           -------------------- ----------
     Total interest bearing liabilities                                                                                                                        6,831,785                                                                     8,159                                           0.47                                                                    4,612,182                                                                     5,873                                           0.51                                                                    6,055,117                                                                    27,568                                           0.46                                                                    4,075,225                                                                    20,956                                                 0.51
Non-interest bearing liabilities:
 Non-interest bearing deposits                                                                                                                                 1,402,586                                                                                                                                                                                             1,124,470                                                                                                                                                                                             1,301,574                                                                                                                                                                                               989,073
 Other non-interest bearing liabilities                                                                                                        45,254                                                                                                                                                                             65,928                                                                                                                                                                             43,819                                                                                                                                                                             59,557
                                                                                                                                          -------------------- ---------                                                                                                                                                                        -------------------- ---------                                                                                                                                                                        -------------------- ---------                                                                                                                                                                        -------------------- ---------
     Total liabilities                                                                                                                                         8,279,625                                                                                                                                                                                             5,802,580                                                                                                                                                                                             7,400,510                                                                                                                                                                                             5,123,855
Common stockholders’ equity                                                                                                         1,358,694                                                                                                                                                                                               889,778                                                                                                                                                                                             1,217,475                                                                                                                                                                                               786,430
Noncontrolling interest                                                                                                                         3,166                                                                                                                                                                              3,586                                                                                                                                                                              3,349                                                                                                                                                                              3,522
                                                                                                                                          -------------------- ---------                                                                                                                                                                        -------------------- ---------                                                                                                                                                                        -------------------- ---------                                                                                                                                                                        -------------------- ---------
     Total liabilities and stockholders’ equity                                                                                   $ 9,641,485                                                                                                                                                                                           $ 6,695,944                                                                                                                                                                                           $ 8,621,334                                                                                                                                                                                           $ 5,913,807
                                                                                                                                          ==================== =========                                                                                                                                                                        ==================== =========                                                                                                                                                                        ==================== =========                                                                                                                                                                        ==================== =========
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                   --------------------------------                                                                                                                                                                      --------------------------------                                                                                                                                                                      --------------------------------                                                                                                                                                                      --------------------------------
Net interest income - FTE                                                                                                                                                                                                $    108,610                                                                                                                                                                                          $     81,365                                                                                                                                                                                          $    391,733                                                                                                                                                                                          $    281,232
                                                                                                                                                                                                                   ==================== ==========                                                                                                                                                                       ==================== ==========                                                                                                                                                                       ==================== ==========                                                                                                                                                                       ==================== ==========
Net interest margin - FTE                                                                                                                                                                                                                                                       4.98 %                                                                                                                                                                                                5.53 %                                                                                                                                                                                                5.19 %                                                                                                                                                                                                      5.52 %
                                                                                                                                                                                                                                                                                             ==== ===                                                                                                                                                                                              ==== ===                                                                                                                                                                                              ==== ===                                                                                                                                                                                              ========== =========
 
 
 
                                                                                                                                                                                                                               RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                     Bank of the Ozarks, Inc.
                                                                                                                                                                                                                                     Calculation of Annualized
                                                                                                                                                                                                                                     Return on Average
                                                                                                                                                                                                                      Tangible Common Stockholders’ Equity
                                                                                                                                                                                                                                     Unaudited
 
                                                                                                                                                                       Quarters Ended                                                                                                                                         Years Ended
                                                                                                                                                                                                                                 December 31,                                                                                                                                                                               December 31,
                                                                                                                                                               -------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                       2015                                                   2014                                                                                          2015                                                   2014
                                                                                                                                                               ----------------------------------------------------                                          ---------------------------------------------------                                          ----------------------------------------------------                                          --------------------------------------------------
                                                                                                                                                                                                                                                                                                                         (Dollars in thousands)
                                                                                                                                                                                                                                                                                                                                                                                                                                                         
  Net income available to common stockholders                                                                                                                                     $    51,455                                                                $   34,752                                                                $   182,253                                                                $ 118,606  
                                                                                                                                                               ==================== ========= ====================                                           ==================== ======== ====================                                           ==================== ========= ====================                                           ==================== ======= ====================
  Average common stockholders’ equity before noncontrolling interest                                                                                   $ 1,358,694                                                                                   $  889,778                                                                                   $ 1,217,475                                                                                   $ 786,430
  Less average intangible assets:
    Goodwill                                                                                                                                                                         (125,838 )                                                                                    (78,669 )                                                                                    (118,013 )                                                                                   (51,793 )
    Core deposit and bank charter intangibles, net of accumulated                                                                                                  (27,867 )                                                                 (27,816 )                                                                  (28,660 )                                                                (21,651 )
    amortization
                                                                                                                                                               -------------------- --------- --------------------                                           -------------------- -------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ------- --------------------
        Total average intangibles                                                                                                                                 (153,705 )                                                                (106,485 )                                                                 (146,673 )                                                                (73,444 )
                                                                                                                                                               -------------------- --------- --------------------                                           -------------------- -------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                         
  Average tangible common stockholders’ equity                                                                                                         $ 1,204,989                                                                $  783,293                                                                $ 1,070,802                                                                $ 712,986  
                                                                                                                                                               ==================== ========= ====================                                           ==================== ======== ====================                                           ==================== ========= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                         
  Return on average tangible common stockholders’ equity(1)                                                                               16.94 %                                                                   17.60 %                                                                    17.02 %                                                                  16.64 %
                                                                                                                                                               ==================== ========= ====================                                           ==================== ======== ====================                                           ==================== ========= ====================                                           ==================== ======= ====================
 
   (1)Ratios for interim periods annualized based on
   actual days.
 
 
 
                                                                                                                                          Bank of the Ozarks, Inc.
                                                                                                                                          Calculation of the Ratio
                                                                                                                                              of Tangible Book
                                                                                                                                           Value per Common Share
                                                                                                                                                  Unaudited
 
                                                                                                                                                                    December 31,
                                                                                                                                                           -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                   2015                                                   2014
                                                                                                                                                           ----------------------------------------------------                                          ---------------------------------------------------
                                                                                                                                                                                                               (In thousands, except per share amounts)
                                                                                                                                                                                                                                                          
Total common stockholders’ equity before noncontrolling interest                                                                                   $ 1,464,631                                                                                   $  908,390
Less intangible assets:
   Goodwill                                                                                                                                                                      (125,442 )                                                                                    (78,669 )
                                                                                                                                                               (26,898 )                                                                 (26,907 )
   Core deposit and bank charter intangibles, net of accumulated
   amortization
                                                                                                                                                           -------------------- --------- --------------------                                           -------------------- -------- --------------------
         Total intangibles                                                                                                                                    (152,340 )                                                                (105,576 )
                                                                                                                                                           -------------------- --------- --------------------                                           -------------------- -------- --------------------
                                                                                                                                                                                                                                                          
         Total tangible common stockholders’ equity                                                                                                $ 1,312,291                                                                $  802,814  
                                                                                                                                                           ==================== ========= ====================                                           ==================== ======== ====================
                                                                                                                                                                                                                                                          
Common shares outstanding                                                                                                                                       90,612                                                 79,924  
                                                                                                                                                           ==================== ========= ====================                                           ==================== ======== ====================
                                                                                                                                                                                                                                                          
Tangible book value per common share                                                                                                                                          $     14.48                                                                $    10.04  
                                                                                                                                                           ==================== ========= ====================                                           ==================== ======== ====================
 
 
 
                                                                                                                                          Bank of the Ozarks, Inc.
                                                                                                                                          Calculation of the Ratio
                                                                                                                                          of Total Tangible Common
                                                                                                                          Stockholders’ Equity to Total
                                                                                                                                               Tangible Assets
                                                                                                                                                  Unaudited
 
                                                                                                                                                                     December 31,
                                                                                                                                                           --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                   2015                                                    2014
                                                                                                                                                           ----------------------------------------------------                                          ----------------------------------------------------
                                                                                                                                                                                                                         (Dollars in thousands)
                                                                                                                                                                                                                                                          
Total common stockholders’ equity before noncontrolling interest                                                                                   $ 1,464,631                                                                                   $   908,390
Less intangible assets:
   Goodwill                                                                                                                                                                      (125,442 )                                                                                     (78,669 )
                                                                                                                                                               (26,898 )                                                                  (26,907 )
   Core deposit and bank charter intangibles, net of accumulated
   amortization
                                                                                                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
         Total intangibles                                                                                                                                    (152,340 )                                                                 (105,576 )
                                                                                                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                          
         Total tangible common stockholders’ equity                                                                                                $ 1,312,291                                                                $   802,814  
                                                                                                                                                           ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                          
Total assets                                                                                                                                                                  $ 9,879,459                                                                                   $ 6,766,499
Less intangible assets:
   Goodwill                                                                                                                                                                      (125,442 )                                                                                     (78,669 )
                                                                                                                                                               (26,898 )                                                                  (26,907 )
   Core deposit and bank charter intangibles, net of accumulated
   amortization
                                                                                                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
         Total intangibles                                                                                                                                    (152,340 )                                                                 (105,576 )
                                                                                                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                          
         Total tangible assets                                                                                                                                                $ 9,727,119                                                                $ 6,660,923  
                                                                                                                                                           ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                          
Ratio of total tangible common stockholders’ equity to total                                                                          13.49 %                                                                    12.05 %
tangible assets
                                                                                                                                                           ==================== ========= ====================                                           ==================== ========= ====================
 
 
 
                                                                                                                                                                                                                                     Bank of the Ozarks, Inc.
                                                                                                                                                                                                                  Calculation of "Core"
                                                                                                                                                                                                                                     Efficiency Ratio
                                                                                                                                                                                                                                     Unaudited
 
                                                                                                                                                          Quarters Ended                                                                                                                                                    Years Ended
                                                                                                                                                                                                                    December 31,                                                                                                                                                                                          December 31,
                                                                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                      2015                                                         2014                                                                                               2015                                                         2014
                                                                                                                                            ---------------------------------------------------------                                          ---------------------------------------------------------                                          ---------------------------------------------------------                                          ---------------------------------------------------------
                                                                                                                                                                                                                                                                                                                  (Dollars in thousands)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Non-interest expense                                                                                                                                           $         51,646                                                                                   $         48,158                                                                                   $        190,982                                                                                   $        166,015
Non-core adjustments:
  FHLB prepayment penalties                                                                                                                                              (6,373 )                                                                                           (8,062 )                                                                                           (8,853 )                                                                                           (8,062 )
  SPG severance costs                                                                                                                                                    (2,228 )                                                                                   -                                                                                             (2,228 )                                                                                   -
  Software and contract liquidation charges                                                                                                                      -                                                                                     -                                                                                               (965 )                                                                                           (5,587 )
                                                                                                                                                                           (994 )                                                                                           (1,065 )                                                                                           (6,700 )                                                                                           (4,749 )
  Acquisition-related and systems conversion expenses
  Fraud losses attributable to The Home Depot                                                                                                 -                                               -                                               -                                                         (606 )
                                                                                                                                            -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Non-interest expense adjusted                                                                                                                                  $         42,051                                                                $         39,031                                                                $        172,236                                                                $        147,011  
                                                                                                                                            ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Non-interest income-FTE                                                                                                                                        $        108,610                                                                                   $         81,365                                                                                   $        391,733                                                                                   $        281,232
Non-interest income                                                                                                                                   30,540                                                       27,887                                                      105,015                                                       84,883  
                                                                                                                                            -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
      Total revenue                                                                                                                                                     139,150                                                                                            109,252                                                                                            496,748                                                                                            366,115
Non-core adjustments:
  BOLI death benefits                                                                                                                                            -                                                                                     -                                                                                             (2,259 )                                                                                   -
  Gains on sales of investment securities                                                                                                                                (2,863 )                                                                                              (78 )                                                                                           (5,482 )                                                                                             (144 )
  Gains on sales of purchased loans                                                                                                                                      (6,274 )                                                                                   -                                                                                             (6,274 )                                                                                   -
  Gains on termination of FDIC loss share                                                                                                     -                                                       (7,996 )                                                                -                                                       (7,996 )
                                                                                                                                            -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Total revenue - adjusted                                                                                                                          $        130,013                                                                $        101,178                                                                $        482,733                                                                $        357,975  
                                                                                                                                            ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================
GAAP efficiency ratio                                                                                                                                  37.12 %                                                                         44.08 %                                                                         38.45 %                                                                         45.35 %
                                                                                                                                            ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================
"Core" efficiency ratio                                                                           32.34 %                                                                         38.58 %                                                                         35.68 %                                                                         41.07 %
                                                                                                                                            ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================
 
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160114006364r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160114006364/en/

SOURCE: Bank of the Ozarks, Inc.

Bank of the Ozarks, Inc. 
Susan Blair, 501-978-2217


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