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.
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