Bank of the Ozarks, Inc. Announces Record 2010 Earnings

LITTLE ROCK, Ark.--(BUSINESS WIRE)--Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced that net income for 2010 was a record $64.0 million, an increase of 73.8% from $36.8 million for 2009. This was the Company’s tenth consecutive year of record net income. Diluted earnings per common share for 2010 were a record $3.75, an increase of 72.0% from $2.18 for 2009.

For the quarter ended December 31, 2010, net income was $16.9 million, an increase of 75.5% from $9.65 million for the fourth quarter of 2009. Diluted earnings per common share for the fourth quarter of 2010 were $0.99, an increase of 73.7% from $0.57 for the fourth quarter of 2009.

During the quarter just ended, the Company completed its fourth Federal Deposit Insurance Corporation (“FDIC”) assisted acquisition of 2010. This acquisition resulted in recognition of a gain, which, net of acquisition and conversion costs incurred during the fourth quarter, contributed approximately $4.6 million after taxes to fourth quarter net income, or $0.27 to diluted earnings per common share.

The Company’s results for the full year of 2010 included gains recognized on a total of four FDIC-assisted acquisitions, one in the first quarter, two in the third quarter and one in the fourth quarter. After taxes, gains on these four acquisitions, net of acquisition and conversion costs, contributed approximately $19.0 million to net income for the year, or $1.11 to diluted earnings per common share.

The Company’s returns on average assets and average common stockholders’ equity for 2010 increased to 2.13% and 21.62%, respectively, compared to 1.23% and 13.75%, respectively, for 2009. For the fourth quarter of 2010, annualized returns on average assets and average common stockholders’ equity were 2.12% and 21.16%, respectively, compared to 1.36% and 14.08%, respectively, for the fourth quarter of 2009.

In commenting on these results, George Gleason, Chairman and Chief Executive Officer, stated, “We are very pleased with our excellent results for both the fourth quarter and the full year of 2010, which was our tenth consecutive year of record net income. Highlights of the quarter included another profitable acquisition, record net interest income, our best quarterly net interest margin as a public company, record income from service charges on deposit accounts, and favorable results for mortgage lending income, trust income and asset quality.”

Loans and leases, excluding those covered by FDIC loss share agreements (“covered loans”), were $1.86 billion at December 31, 2010, a decrease of 2.5% from $1.90 billion at December 31, 2009. Including covered loans, loans and leases were $2.35 billion at December 31, 2010, an increase of 23.6% from $1.90 billion at December 31, 2009 when the Company had no covered loans.

Deposits were $2.54 billion at December 31, 2010, an increase of 25.2% compared to $2.03 billion at December 31, 2009.

Total assets were $3.27 billion at December 31, 2010, an increase of 18.1% from $2.77 billion at December 31, 2009.

Common stockholders’ equity was $320 million at December 31, 2010, an increase of 19.1% from $269 million at December 31, 2009. Book value per common share was $18.79 at December 31, 2010, an increase of 18.1% from $15.91 at December 31, 2009. Changes in common stockholders’ equity and book value per common share reflect earnings, dividends paid, stock option and stock grant transactions, and changes in the Company’s mark-to-market adjustment for unrealized gains and losses on available for sale investment securities.

The Company’s ratio of common stockholders’ equity to total assets was 9.79% as of December 31, 2010 compared to 9.71% as of December 31, 2009. Its ratio of tangible common stockholders’ equity to tangible total assets was 9.57% as of December 31, 2010 compared to 9.53% as of December 31, 2009.

NET INTEREST INCOME

Net interest income for 2010 increased 4.5% to a record $123.6 million compared to $118.3 million for 2009. Net interest margin, on a fully taxable equivalent (“FTE”) basis, was 5.18% in 2010, an increase of 38 basis points from 4.80% in 2009. Average earning assets were $2.58 billion in 2010, a decrease of 5.0% from $2.72 billion in 2009. The decrease in average earning assets in 2010 compared to 2009 was due primarily to a $265 million decrease in the average balance of investment securities and a $91 million decrease in the average balance of non-covered loans and leases, partially offset by a $218 million dollar increase in the average balance of covered loans.

Net interest income for the fourth quarter of 2010 increased 19.1% to a record $33.9 million compared to $28.5 million for the fourth quarter of 2009. Net interest margin, on an FTE basis, was 5.35% in the fourth quarter of 2010, an increase of 46 basis points from 4.89% in the fourth quarter of 2009. Average earning assets were $2.69 billion in the fourth quarter of 2010, a 7.9% increase from $2.49 billion for the fourth quarter of 2009. The increase in average earning assets in the fourth quarter of 2010 compared to the fourth quarter of 2009 was primarily due to a $406 million increase in the average balance of covered loans which more than offset a $151 million decrease in the average balance of investment securities and a $59 million decrease in the average balance of non-covered loans and leases.

NON-INTEREST INCOME

Non-interest income for 2010 was $70.3 million, a 37.7% increase from $51.1 million for 2009. Included in non-interest income for 2010 were total pre-tax bargain purchase gains of $35.0 million on the Company’s four FDIC-assisted acquisitions during the year. There were no such bargain purchase gains in 2009. These bargain purchase gains more than offset a $21.5 million reduction in pre-tax net gains on investment securities and on sales of other assets in 2010 compared to 2009.

Non-interest income for the fourth quarter of 2010 was $18.6 million, a 40.7% increase from $13.3 million for the fourth quarter of 2009. Included in non-interest income for the fourth quarter of 2010 was a pre-tax bargain purchase gain of $8.86 million on the Company’s FDIC-assisted acquisition during the quarter.

Service charges on deposit accounts were a record $15.2 million in 2010, an increase of 22.0% from $12.4 million in 2009. For the fourth quarter of 2010, service charges on deposit accounts were a record $4.02 million, an increase of 20.4% from $3.34 million in the fourth quarter of 2009. This was the Company’s third consecutive quarter of record income from service charges on deposit accounts.

Mortgage lending income was $3.86 million in 2010, an increase of 16.6% from $3.31 million in 2009. Mortgage lending income was $1.50 million in the fourth quarter of 2010, an increase of 119.2% from $682,000 in the fourth quarter of 2009.

Trust income for 2010 was a record $3.41 million, an increase of 10.7% from $3.08 million in 2009. For the fourth quarter of 2010, trust income was $888,000, an increase of 0.9% from $880,000 in the fourth quarter of 2009.

Net gains on investment securities and sales of other assets were $5.35 million in 2010 compared to net gains of $26.8 million in 2009. Such net gains were $797,000 in the fourth quarter of 2010 compared to net gains of $6.18 million for the fourth quarter of 2009. During both 2009 and 2010, the Company was a net seller of investment securities. As a result, the Company reduced its investment securities portfolio by $438 million during 2009 and $108 million during 2010. These reductions were undertaken as part of the Company’s ongoing management of its investment securities portfolio and balance sheet, and they were primarily based on the Company’s ongoing evaluations of interest rate risk and plans to free capital for making FDIC-assisted acquisitions.

NON-INTEREST EXPENSE

Non-interest expense for 2010 was $87.4 million compared to $68.6 million for 2009, an increase of 27.4%. The Company’s efficiency ratio for 2010 was 42.9% compared to 37.8% for 2009.

Non-interest expense for the fourth quarter of 2010 was $25.3 million compared to $19.0 million for the fourth quarter of 2009, an increase of 33.0%. The Company’s efficiency ratio for the fourth quarter of 2010 was 46.0% compared to 43.2% for 2009.

Non-interest expense for the fourth quarter of 2010 included two unusual expenses. First, the Company paid general cash bonuses totaling $984,000 based on its excellent 2010 financial results. Second, non-interest expense for the quarter just ended included $1.32 million of unusual expenses related to the Company’s FDIC-assisted acquisition in December and completing and preparing for systems conversions related to the Company’s various acquisitions in 2010.

Non-interest expense for the fourth quarter also included the costs of ongoing due diligence efforts related to other FDIC-assisted bank acquisition opportunities and $1.83 million to write down the carrying value of foreclosed real estate. Primarily as a result of the Company’s recent acquisitions, the Company’s number of full time equivalent employees increased to 881 at December 31, 2010 compared to 722 at December 31, 2009 and 838 at September 30, 2010.

ASSET QUALITY, CHARGE-OFFS AND ALLOWANCE

Loans and foreclosed real estate covered by FDIC loss share agreements, along with the related FDIC loss share receivable, are presented in the Company’s December 31, 2010 financial reports as “covered” assets (i.e., covered by FDIC loss share agreements) with a carrying value equal to the net present value of expected future proceeds. At December 31, 2010, loans covered by loss share were carried at $498 million, foreclosed real estate covered by loss share was carried at $31 million and the FDIC loss share receivable was carried at $153 million. As a result of the FDIC loss share indemnification related to these assets and the net present value method of valuing these assets, such assets are excluded from the computations of the following asset quality ratios, except for their inclusion in total assets.

Nonperforming loans and leases as a percent of total loans and leases decreased to 0.75% at year-end 2010 compared to 1.24% at year-end 2009 and 0.90% as of September 30, 2010. Nonperforming assets as a percent of total assets decreased to 1.72% at year-end 2010 compared to 3.06% as of year-end 2009 and 1.85% as of September 30, 2010.

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 increased to 2.02% at year-end 2010 compared to 1.99% at year-end 2009 and 1.90% as of September 30, 2010.

The Company’s net charge-off ratio for 2010 decreased to 0.81% compared to 1.75% in 2009. The Company’s annualized net charge-off ratio for the fourth quarter of 2010 decreased to 0.87% compared to 1.08% for the fourth quarter of 2009 and 0.88% for the third quarter of 2010.

During 2010 the Company’s provisions for loan and lease losses decreased to $16.0 million compared to $44.8 million in 2009. For the fourth quarter of 2010, the Company’s provision for loan and lease losses decreased to $4.1 million compared to $5.6 million in the fourth quarter of 2009.

The Company’s allowance for loan and lease losses was $40.2 million at December 31, 2010, or 2.17% of total loans and leases, compared to $39.6 million, or 2.08% of total loans and leases, at December 31, 2009 and $40.3 million, or 2.13% of total loans and leases, at September 30, 2010.

FOURTH QUARTER ACQUISITION

On December 17, 2010, the Company, through its wholly-owned bank subsidiary, entered into a purchase and assumption agreement with loss share agreements with the FDIC pursuant to which it acquired substantially all the assets and assumed all the deposits and certain other liabilities of the former Chestatee State Bank with four offices in Dawsonville (2), Cumming and Marble Hill, Georgia. The Company recognized a pre-tax bargain purchase gain of $8.86 million on the Chestatee transaction and, during the quarter, incurred pre-tax acquisition and conversion costs of $1.32 million in connection with this acquisition and the completion of and preparation for the systems conversions related to the Company’s other 2010 acquisitions. After taxes, this bargain purchase gain, net of acquisition and conversion costs, contributed approximately $4.6 million to fourth quarter net income, or $0.27 to diluted earnings per common share.

SUBSEQUENT EVENT

On January 14, 2011, the Company, through its wholly-owned bank subsidiary, entered into a purchase and assumption agreement with loss share agreements with the FDIC pursuant to which it acquired substantially all the assets and assumed substantially all the deposits and certain other liabilities of the former Oglethorpe Bank with two offices in Brunswick and St. Simons Island, Georgia. In this transaction the Company assumed approximately $195 million of deposits and acquired approximately $193 million of assets including approximately $162 million of loans, approximately $15 million of other real estate owned and approximately $16 million of other assets. Through the loss share provisions of the purchase and assumption agreement, the FDIC will reimburse the Company for 80% of the losses incurred on the disposition of covered loans and foreclosed other real estate. The net assets were purchased at a discount of $38 million with no stated deposit premium. The valuation and purchase price of acquired assets and liabilities will be determined upon completion of appropriate valuation processes.

CONFERENCE CALL

Management will conduct a conference call to review announcements made in this press release at 10:00 a.m. CST (11:00 a.m. EST) on Tuesday, January 25, 2011. 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 1-800-990-4845 up to ten minutes prior to the beginning of the conference 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 1-800-642-1687 in the United States and Canada or 706-645-9291 internationally. The passcode for this telephone playback is 35181231. The telephone playback will be available through February 28, 2011, and the website recording of the call will be available for 12 months.

FORWARD LOOKING STATEMENTS

This release and other communications by the Company contain forward looking statements regarding the Company’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future. Actual results may differ materially from those projected in such forward looking statements due to, among other things, continued interest rate changes including changes in the shape of the yield curve; competitive factors; general economic and real estate market conditions and their effects on the creditworthiness of borrowers, collateral values and asset recovery values, including the value of the FDIC loss share receivable and related covered assets; recently enacted and potential legislation and regulatory actions including legislation and regulatory actions intended to stabilize economic conditions and credit markets, increase regulation of the financial services industry and protect homeowners and consumers; changes in the value and volume of investment securities; changes in U.S. government monetary and fiscal policy; changes in credit market conditions; the ability to attract new deposits and loans and leases; and delays or changes in the Company’s expectations for opening or closing offices or making additional acquisitions or inability to obtain all required regulatory or other approvals for opening or closing offices or making additional acquisitions; as well as other factors identified in this press release or in Management’s Discussion and Analysis under the caption “Forward Looking Information” contained in the Company’s 2009 Annual Report to Stockholders and the most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

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 92 offices, including 66 Arkansas offices, 12 Georgia offices, seven Texas offices, three Florida offices, two North Carolina offices, and one office each in South Carolina and Alabama. The Company may be contacted at [phone] 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								Years Ended
	December 31,								December 31,
	2010			2009			% Change		2010			2009			% Change
Income statement data:
Net interest income	$	33,945		$	28,495		19.1	%	$	123,635		$	118,323		4.5	%
Provision for loan and lease losses		4,100			5,600		(26.8	)		16,000			44,800		(64.3	)
Non-interest income		18,646			13,257		40.7			70,322			51,051		37.7
Non-interest expense		25,274			19,001		33.0			87,419			68,632		27.4
Noncontrolling interest		17			17		-			77			19		305.3
Preferred dividends		-			(3,048	)	-			-			(6,276	)	-
Net income available to common stockholders		16,931			9,648		75.5			64,001			36,826		73.8
Common stock data:
Net income per share – diluted	$	0.99		$	0.57		73.7	%	$	3.75		$	2.18		72.0	%
Net income per share – basic		0.99			0.57		73.7			3.77			2.18		72.9
Cash dividends per share		0.16			0.13		23.1			0.60			0.52		15.4
Book value per share		18.79			15.91		18.1			18.79			15.91		18.1
Diluted shares outstanding (thousands)		17,148			16,924					17,045			16,900
End of period shares outstanding (thousands)		17,054			16,905					17,054			16,905
Balance sheet data at period end:
Assets	$	3,273,659		$	2,770,811		18.1	%	$	3,273,659		$	2,770,811		18.1	%
Loans and leases not covered by loss share		1,856,429			1,904,104		(2.5	)		1,856,429			1,904,104		(2.5	)
Allowance for loan and lease losses		40,230			39,619		1.5			40,230			39,619		1.5
Loans covered by loss share		497,545			-		-			497,545			-		-
ORE covered by loss share		31,145			-		-			31,145			-		-
FDIC loss share receivable		153,111			-		-			153,111			-		-
Investment securities		398,698			506,678		(21.3	)		398,698			506,678		(21.3	)
Goodwill		5,243			5,243		-			5,243			5,243		-
Other intangibles – net of amortization		2,682			311		762.4			2,682			311		762.4
Deposits		2,540,753			2,028,994		25.2			2,540,753			2,028,994		25.2
Repurchase agreements with customers		43,324			44,269		(2.1	)		43,324			44,269		(2.1	)
Other borrowings		282,139			342,553		(17.6	)		282,139			342,553		(17.6	)
Subordinated debentures		64,950			64,950		-			64,950			64,950		-
Common stockholders’ equity		320,355			269,028		19.1			320,355			269,028		19.1
Net unrealized gain (loss) on AFS investment securities included in common stockholders’ equity		(167	)		6,032		(102.8	)		(167	)		6,032		(102.8	)
Loan and lease including covered loans to deposit ratio		92.65	%		93.84	%				92.65	%		93.84	%
Selected ratios:
Return on average assets*		2.12	%		1.36	%				2.13	%		1.23	%
Return on average common stockholders’ equity*		21.16			14.08					21.62			13.75
Average common equity to total average assets		10.02			9.65					9.87			8.92
Net interest margin – FTE*		5.35			4.89					5.18			4.80
Efficiency ratio		46.01			43.20					42.86			37.84
Net charge-offs to average loans and leases*		0.87			1.08					0.81			1.75
Nonperforming loans and leases to total loans and leases**		0.75			1.24					0.75			1.24
Nonperforming assets to total assets**		1.72			3.06					1.72			3.06
Allowance for loan and lease losses to total loans and leases**		2.17			2.08					2.17			2.08
Other information:
Non-accrual loans and leases**	$	13,944		$	23,604				$	13,944		$	23,604
Accruing loans and leases – 90 days past due**		-			-					-			-
ORE and repossessions**		42,216			61,148					42,216			61,148
*Ratios for interim periods annualized based on actual days.
**Excludes loans and/or ORE covered by FDIC loss share agreements, except for their inclusion in total assets.

Bank of the Ozarks, Inc. Supplemental Quarterly Financial Data (Dollars in Thousands, Except Per Share Amounts) Unaudited
	3/31/09			6/30/09			9/30/09			12/31/09			3/31/10			6/30/10			9/30/10			12/31/10
Earnings Summary:
Net interest income	$	30,334		$	30,262		$	29,232		$	28,495		$	27,193		$	29,729		$	32,768		$	33,945
Federal tax (FTE) adjustment		4,169			3,060			2,557			2,229			2,649			2,554			2,447			2,341
Net interest income (FTE)		34,503			33,322			31,789			30,724			29,842			32,283			35,215			36,286
Provision for loan and lease losses		(10,600	)		(21,100	)		(7,500	)		(5,600	)		(4,200	)		(3,400	)		(4,300	)		(4,100	)
Non-interest income		9,373			22,610			5,810			13,257			17,365			9,127			25,183			18,646
Non-interest expense		(16,187	)		(17,945	)		(15,499	)		(19,001	)		(17,471	)		(21,110	)		(23,565	)		(25,274	)
Pretax income (FTE)		17,089			16,887			14,600			19,380			25,536			16,900			32,533			25,558
FTE adjustment		(4,169	)		(3,060	)		(2,557	)		(2,229	)		(2,649	)		(2,554	)		(2,447	)		(2,341	)
Provision for income taxes		(2,537	)		(3,250	)		(2,599	)		(4,472	)		(6,944	)		(3,488	)		(9,878	)		(6,303	)
Noncontrolling interest		(23	)		-			25			17			11			32			17			17
Preferred stock dividend		(1,074	)		(1,076	)		(1,078	)		(3,048	)		-			-			-			-
Net income available to common stockholders	$	9,286		$	9,501		$	8,391		$	9,648		$	15,954		$	10,890		$	20,225		$	16,931
Earnings per common share – diluted	$	0.55		$	0.56		$	0.50		$	0.57		$	0.94		$	0.64		$	1.19		$	0.99
Non-interest Income:
Service charges on deposit accounts	$	2,803		$	3,047		$	3,234		$	3,338		$	3,202		$	3,933		$	4,002		$	4,019
Mortgage lending income		861			1,096			672			682			527			815			1,024			1,495
Trust income		647			751			801			880			922			794			802			888
Bank owned life insurance income		477			484			495			1,729			464			534			580			574
Gains (losses) on investment securities		3,999			16,519			142			6,322			1,697			2,052			570			226
Gains (losses) on sales of other assets		48			(32	)		(51	)		(142	)		(73	)		38			267			571
Gains on FDIC-assisted transactions		-			-			-			-			10,037			-			16,122			8,859
Other		538			745			517			448			589			961			1,816			2,014
Total non-interest income	$	9,373		$	22,610		$	5,810		$	13,257		$	17,365		$	9,127		$	25,183		$	18,646
Non-interest Expense:
Salaries and employee benefits	$	7,916		$	7,978		$	7,823		$	8,131		$	8,275		$	8,996		$	10,539		$	12,351
Net occupancy expense		2,578			2,449			2,558			2,156			2,421			2,416			2,782			2,999
Other operating expenses		5,666			7,490			5,091			8,686			6,748			9,587			10,111			9,764
Amortization of intangibles		27			28			27			28			27			111			133			160
Total non-interest expense	$	16,187		$	17,945		$	15,499		$	19,001		$	17,471		$	21,110		$	23,565		$	25,274
Allowance for Loan and Lease Losses:
Balance at beginning of period	$	29,512		$	36,949		$	43,635		$	39,280		$	39,619		$	39,774		$	40,176		$	40,250
Net charge-offs		(3,163	)		(14,414	)		(11,855	)		(5,261	)		(4,045	)		(2,998	)		(4,226	)		(4,120	)
Provision for loan and lease losses		10,600			21,100			7,500			5,600			4,200			3,400			4,300			4,100
Balance at end of period	$	36,949		$	43,635		$	39,280		$	39,619		$	39,774		$	40,176		$	40,250		$	40,230
Selected Ratios:
Net interest margin - FTE*		4.73	%		4.80	%		4.80	%		4.89	%		4.99	%		5.10	%		5.31	%		5.35	%
Efficiency ratio		36.95			32.08			41.22			43.20			37.01			50.98			39.02			46.01
Net charge-offs to average loans and leases*(1)		0.64			2.89			2.38			1.08			0.86			0.64			0.88			0.87
Nonperforming loans and leases/total loans and leases(1)		1.15			0.90			1.00			1.24			1.02			0.87			0.90			0.75
Nonperforming assets/total assets(1)		1.17			1.37			2.88			3.06			2.68			2.12			1.85			1.72
Loans and leases past due 30 days or more, including past due non-accrual loans and leases, to total loans and leases(1)		2.24			2.34			1.77			1.99			1.70			1.80			1.90			2.02
* Annualized based on actual days.
(1) Excludes loans and/or ORE covered by FDIC loss share agreements, except for their inclusion in total assets.

Bank of the Ozarks, Inc. Average Consolidated Balance Sheet and Net Interest Analysis (Dollars in Thousands) Unaudited
	Quarter Ended						Year Ended
	December 31, 2010						December 31, 2010
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
ASSETS
Earning assets:
Interest earning deposits and federal funds sold	$	766	$	3	1.30	%	$	1,230	$	18	1.50	%
Investment securities:
Taxable		42,286		428	4.02			85,554		4,130	4.83
Tax-exempt – FTE		368,686		6,680	7.19			383,433		28,512	7.44
Loans and leases – FTE		1,873,057		29,138	6.17			1,890,357		118,163	6.25
Covered loans*		406,018		8,179	7.99			218,274		17,140	7.85
Total earning assets – FTE		2,690,813		44,428	6.55			2,578,848		167,963	6.51
Non-earning assets		477,564						420,002
Total assets	$	3,168,377					$	2,998,850
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction	$	1,239,450	$	2,192	0.70	%	$	1,121,528	$	8,735	0.78	%
Time deposits of $100,000 or more		461,511		1,363	1.17			476,748		5,829	1.22
Other time deposits		427,372		1,355	1.26			392,671		5,483	1.40
Total interest bearing deposits		2,128,333		4,910	0.92			1,990,947		20,047	1.01
Repurchase agreements with customers		49,318		78	0.62			49,835		380	0.76
Other borrowings		295,699		2,713	3.64			317,796		12,146	3.82
Subordinated debentures		64,950		441	2.69			64,950		1,764	2.72
Total interest bearing liabilities		2,538,300		8,142	1.27			2,423,528		34,337	1.42
Non-interest bearing liabilities:
Non-interest bearing deposits		289,196						256,910
Other non-interest bearing liabilities		19,956						18,940
Total liabilities		2,847,452						2,699,378
Common stockholders’ equity		317,504						296,035
Noncontrolling interest		3,421						3,437
Total liabilities and stockholders’ equity	$	3,168,377					$	2,998,850
Net interest income – FTE			$	36,286					$	133,626
Net interest margin – FTE					5.35	%					5.18	%
* Covered loans are loans covered by FDIC loss share agreements.