OZRK announced 2nd Quarter Earnings 7/12/12 of 19.1M, up from 18.01 in Q1 and EPS of $0.55 compared to $0.52. While Q2 2012 is generally significantly lower than Q2 2011, Q2 2011 was bolstered greatly by gains from FDIC assisted transactions. Guidance given in the Q1 2012 Earnings Report Conference Call was that each subsequent quarter would see gains greater than the one before, and that has proven to be the case with Q2. Legacy loans and leases (excluding covered loans) increase from 1.8B on 6/30/11 to 1.98B on 6/30/12.For Q2 2012, the efficiency ration was 45.4, down slightly from Q1's 47.7, but up fromQ1&Q2 of 2011's 35.9 and net interest margin was 5.84%. Stock price jumped $2.62 on the day in response. I have a projected price target of 37.26, which still seems appropriate if the bank continues to not have additional FDIC assisted transactions, but should any acquisitions occur (FDIC or otherwise), that number will be adjusted.