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WIKI ANALYSIS
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Bank of the Ozarks, Inc. is a bank holding company. The Company wholly owns a state-chartered bank subsidiary, Bank of the Ozarks (the Bank). The Bank conducts banking operations through 65 banking offices in 34 communities throughout northern, western and central Arkansas; five Texas banking offices in Frisco, Dallas and Texarkana, and loan production offices located in Charlotte, North Carolina and Little Rock, Arkansas. Bank of the Ozarks, Inc. also wholly owns Ozark Capital Statutory Trust II, Ozark Capital Statutory Trust III, Ozark Capital Statutory Trust IV and Ozark Capital Statutory Trust V. The Company provides a range of retail and commercial banking services. Deposit services include checking, savings, money market, time deposit and individual retirement accounts. Loan services include various types of real estate, consumer, commercial, industrial and agricultural loans, and various leasing services. Bank of the Ozarks, Inc. also provides mortgage lending, corporate cash management services, trust services, safety deposit boxes, real estate appraisals, credit-related life and disability insurance, automated teller machines (ATMs), telephone banking, Internet banking and debit cards.
Lending and Leasing Activities
The Company’s loan portfolio includes most types of real estate loans, consumer loans, commercial and industrial loans, agricultural loans and other types of loans. Bank of the Ozarks, Inc.’s lease portfolio consists primarily of small ticket direct financing commercial equipment leases. The Company’s portfolio of real estate loans includes loans secured by residential one- to four-family, non-farm, non-residential, agricultural, construction, land development and other land loans, and multi-family residential (five or more family) properties. Non-farm non-residential loans include those secured by real estate mortgages on owner-occupied commercial buildings of various types, leased commercial buildings, medical and nursing facilities, and other business and industrial properties. Agricultural real estate loans include loans secured by farmland and related improvements, including loans guaranteed by the Farm Service Agency. The Company’s residential one- to four-family loans include home equity lines of credit.
Bank of the Ozarks, Inc.’s portfolio of consumer loans generally includes loans to individuals for household, family and other personal expenditures. The Company’s commercial and industrial loan portfolio consists of loans for commercial, industrial and professional purposes, including loans to fund working capital requirements (such as inventory, floor plan and receivables financing), purchases of machinery and equipment and other purposes. Bank of the Ozarks, Inc. offers a variety of commercial and industrial loan arrangements, including term loans, balloon loans and lines of credit. These loans are offered to businesses and professionals for short and medium terms on both a collateralized and uncollateralized basis. The Company’s leases are primarily equipment leases for commercial, industrial and professional purposes and are generally collateralized by a lien on the leased property.
The Company’s portfolio of agricultural (non-real estate) loans includes loans for financing agricultural production, including loans to businesses or individuals engaged in the production of timber, poultry, livestock or crops. Bank of the Ozarks, Inc.’s agricultural (non-real estate) loans are generally secured by farm machinery, livestock, crops, vehicles or other agriculture-related collateral.
Deposits
Bank of the Ozarks, Inc. offers an array of deposit products consisting of non-interest bearing checking accounts, interest bearing transaction accounts (including the Company’s MaxYield checking), savings accounts, money market accounts and time deposits. Bank of the Ozarks, Inc. acts as depository for a number of state and local governments and government agencies or instrumentalities. The Company’s deposits come primarily from within its trade area. As of December 31, 2007, Bank of the Ozarks, Inc. had $381.3 million in brokered deposits.
Other Banking Services
The Company offers an array of residential mortgage products, including long-term fixed and variable rate loans to be sold on a servicing released basis in the secondary market. Bank of the Ozarks, Inc. originates residential mortgage loans to be resold on the secondary market primarily through its banking offices located in Arkansas’ larger markets.
Bank of the Ozarks, Inc. offers an array of trust services. These trust services include personal trusts, custodial accounts, investment management accounts, retirement accounts, corporate trust services, including trustee, paying agent and registered transfer agent services and other incidental trust services. As of December 31, 2007 total trust assets were $606 million.
The Company offers cash management products, which are designed to provide specialized support to the treasury operations of business and public funds customers. Bank of the Ozarks, Inc.’s cash management services include automated clearing house services (direct deposit, direct payment and electronic cash concentration and disbursement), wire transfer, zero balance accounts, current and prior day transaction reporting, lock box services, automated credit line transfer, investment sweep accounts, reconciliation services and account analysis.
Bank of the Ozarks, Inc. offers an online banking service providing banking service over the Internet for both business customers and consumers. Through this service customers can access their account information, pay bills, transfer funds, reorder checks, buy United States Savings Bonds, change addresses, issue stop payment requests and handle other banking business electronically. Businesses are offered more advanced features that allow them to handle most cash management functions electronically and access their account information on a timely basis. The Company also provides images of cancelled checks for customers to view online, and provides businesses with the ability to obtain cancelled check images on compact discs for storage and retrieval.
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