Bank of the Ozarks, Inc. today announced that net income for 2011 was a record $101.3 million, a 58.3% increase from $64.0 million for 2010. The Company has now achieved record net income in eleven consecutive years. Diluted earnings per common share for 2011 were a record $2.94, an increase of 56.4% from $1.88 for 2010.

For the fourth quarter of 2011, net income was $17.6 million, an increase of 3.8% from $16.9 million for the fourth quarter of 2010. Diluted earnings per common share for the fourth quarter of 2011 were $0.51, an increase of 4.1% from $0.49 for the fourth quarter of 2010.

The Company's results for the full year of 2011 included gains recognized on a total of three Federal Deposit Insurance Corporation ("FDIC") assisted acquisitions, two in the second quarter and one in the first quarter. After taxes, gains on these three acquisitions, net of acquisition and conversion costs, contributed approximately $36.1 million to net income for 2011, or approximately $1.05 to diluted earnings per common share. For the full year of 2010, the Company's results included gains recognized on four FDIC-assisted acquisitions which, net of acquisition and conversion costs, contributed approximately $19.0 million after taxes to net income, or approximately $0.56 to diluted earnings per common share.

The Company made no FDIC-assisted acquisitions during the fourth quarter of 2011, but its results for the quarter included after-tax costs of approximately $0.47 million, or $0.01 per diluted common share, related to finalizing systems conversions and other matters for previous acquisitions. Results for the fourth quarter of 2010 included the effects of one FDIC-assisted acquisition which, net of acquisition and conversion costs, contributed approximately $4.6 million after taxes to net income, or approximately $0.13 to diluted earnings per common share.

On August 16, 2011 the Company completed a 2-for-1 stock split, in the form of a stock dividend, effected by issuing one share of common stock for each share of such stock outstanding on August 5, 2011. All share and per share information contained in this release has been adjusted to give effect to this stock split.

The Company's returns on average assets and average common stockholders' equity for 2011 were 2.70% and 27.04%, respectively, compared to 2.13% and 21.62%, respectively, for 2010. For the fourth quarter of 2011, annualized returns on average assets and average common stockholders' equity were 1.80% and 16.80%, respectively, compared to 2.12% and 21.16%, respectively, for the fourth quarter of 2010.

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 2011, which was our eleventh consecutive year of record net income. Our results for both the full year and the fourth quarter of 2011 included record net interest income, our best net interest margin as a public company, record income from service charges on deposit accounts and favorable results for asset quality."

Loans and leases, excluding loans covered by FDIC loss share agreements ("covered loans"), were $1.89 billion at December 31, 2011, a 1.6% increase from $1.86 billion at December 31, 2010. Including covered loans, total loans and leases were $2.69 billion at December 31, 2011, a 14.8% increase from $2.35 billion at December 31, 2010.

Deposits were $2.94 billion at December 31, 2011, a 15.9% increase compared to $2.54 billion at December 31, 2010.

Total assets were $3.84 billion at December 31, 2011, a 17.3% increase from $3.27 billion at December 31, 2010.

Common stockholders' equity was $425 million at December 31, 2011, a 32.5% increase from $320 million at December 31, 2010. Book value per common share was $12.32 at December 31, 2011, a 31.2% increase from $9.39 at December 31, 2010. 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 investment securities available for sale.

The Company's ratio of common stockholders' equity to total assets was 11.06% as of December 31, 2011 compared to 9.79% as of December 31, 2010. Its ratio of tangible common stockholders' equity to tangible total assets was 10.77% as of December 31, 2011 compared to 9.57% as of December 31, 2010.