OZRK released earnings last night after market close. Net Income was 19.3 million, up 2% from Q3 last year. EPS was .55, in line with estimates and unchanged from last year. Legacy loan portfolio grew 9.1% to 2.03 billion from 1.86 billion while total loans (including loss share loans) dropped 1.4%. Deposits were down 5.1% to 2.89 billion Assets were 3.82 billion down from 3.93 billion Q3 2011. Stockholders' equity was up 17.4% to 478 million. Net interest income was up only .2% to $44.4 million over last year. Non-interest income declined almost 10% to 14.5.
Over all, these results are not fantastic, but not bad. The market responded with a 4% drop in price today. I will incorporate these into my model, but I don't forsee a significant change in my target price of $35.77. I believe the market got overly excited after last quarter's performance and had anticipations a little too high, and I believe the stock will rebound.
No comments:
Post a Comment