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Bank of The Ozarks misses 2Q earnings even as revenue blows past estimates

The Arkansas bank expects its real estate specialties group to continue to be its largest contributor to non-purchased loan growth in most years
Bank of the Ozarks
Industry watcher the Real Deal named Ozark the third-biggest construction lender in the New York metro area

Shares of Bank Of The Ozarks Inc. (NASDAQ:OZRK) fell slightly in premarket trade Thursday after the retail and commercial bank missed second-quarter earnings estimates, but revenue blew past expectations.

For the quarter ended June 2018, the bank reported earnings of US$0.89 per share on revenue of US$301.1mln. The Earnings Whisper number was US$0.91 per share and analysts on average had penciled in revenue of US$256.2mln.

The Little Rock, Arkansas, bank has become one of America’s top construction lenders. Though the bank’s real estate specialties group only accounted for 17% of non-purchased loan growth in the second quarter, Ozarks CEO George Gleason says he expects it to continue to be its largest single contributor to non-purchased loan growth in most years.

Ozarks didn’t have a New York office until 2013; this year, industry watcher the Real Deal named it the city’s third-biggest construction lender. 

The bank’s real estate specialties group accounts for half of total loans on Ozarks' balance sheet. Total loans, including purchased loans, totaled US$16.8bn as of June 2018, up 10% from a year ago.

Bank of The Ozarks was down 2.64% to US$45.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

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