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WKN: A2JQ1Z | ISIN: US06417N1037 | Ticker-Symbol: BO8
Tradegate
11.10.24
15:52 Uhr
39,260 Euro
-0,660
-1,65 %
1-Jahres-Chart
BANK OZK Chart 1 Jahr
5-Tage-Chart
BANK OZK 5-Tage-Chart
RealtimeGeldBriefZeit
39,45040,41011.10.
39,59040,24011.10.
GlobeNewswire (Europe)
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Bank OZK Announces Record Second Quarter 2024 Earnings and $200 Million Stock Repurchase Program

LITTLE ROCK, Ark., July 17, 2024 (GLOBE NEWSWIRE) -- Bank OZK (the "Bank") (Nasdaq: OZK) today announced that net income available to common stockholders for the second quarter of 2024 was a record $173.5 million, a 3.3% increase from $167.9 million for the second quarter of 2023. For the first six months of 2024, net income available to common stockholders was $345.0 million, a 3.4% increase from $333.8 million for the first six months of 2023.

Diluted earnings per common share for the second quarter of 2024 were a record $1.52, a 3.4% increase from $1.47 for the second quarter of 2023. For the first six months of 2024, diluted earnings per common share were $3.03, a 5.2% increase from $2.88 for the first six months of 2023.

Pre-tax pre-provision net revenue ("PPNR") was a record $279.3 million for the second quarter of 2024, a 7.7% increase from $259.5 million for the second quarter of 2023. For the first six months of 2024, PPNR was $552.0 million, a 9.1% increase from the $505.9 million for the first six months of 2023. The calculation of PPNR and the reconciliation to generally accepted accounting principles ("GAAP") are included in the schedules accompanying this release.

Provision for credit losses was $49.0 million for the second quarter of 2024 compared to $41.8 million for the second quarter of 2023, while our net charge-offs were only $11.8 million and $8.7 million, respectively, for those quarters. For the first six months of 2024, provision for credit losses was $91.9 million compared to $77.6 million for the first six months of 2023, while our net charge-offs were only $19.1 million and $16.1 million, respectively, for those six-month periods. The Bank's total allowance for credit losses ("ACL") was $574.1 million at June 30, 2024, an increase of $147.3 million compared to $426.8 million at June 30, 2023.

The Bank's annualized returns on average assets, average common stockholders' equity and average tangible common stockholders' equity for the second quarter of 2024 were 1.92%, 13.98% and 16.11%, respectively, compared to 2.27%, 15.14% and 17.78%, respectively, for the second quarter of 2023. For the first six months of 2024, the Bank's annualized returns on average assets, average common stockholders' equity and average tangible common stockholders' equity were 1.94%, 14.07%, and 16.24%, respectively, compared to 2.34%, 15.19%, and 17.86%, respectively, for the first six months of 2023. The calculation of the Bank's returns on average common stockholders' equity and average tangible common stockholders' equity and the reconciliations to GAAP are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer, stated, "We are very pleased with our record results for the quarter just ended giving us our seventh consecutive quarter of record net income and earnings per share and eighth consecutive quarter of record net interest income. These record results have allowed us to consistently increase dividends, significantly grow capital and opportunistically repurchase shares, all while almost doubling our allowance for credit losses."

KEY BALANCE SHEET METRICS

Total loans were $28.67 billion at June 30, 2024, a 21.5% increase from $23.61 billion at June 30, 2023. Deposits were $29.94 billion at June 30, 2024, a 24.9% increase from $23.98 billion at June 30, 2023. Total assets were $36.84 billion at June 30, 2024, a 19.7% increase from $30.76 billion at June 30, 2023.

Common stockholders' equity was $5.07 billion at June 30, 2024, a 13.4% increase from $4.47 billion at June 30, 2023. Tangible common stockholders' equity was $4.41 billion at June 30, 2024, a 15.7% increase from $3.81 billion at June 30, 2023.

Book value per common share was $44.67 at June 30, 2024, a $5.16 increase from $39.51 at June 30, 2023. Tangible book value per common share was $38.85 at June 30, 2024, a $5.18 increase from $33.67 at June 30, 2023.

The Bank's strong profitability has allowed it to maintain strong capital ratios even as it has achieved significant growth. The Bank's ratio of total common stockholders' equity to total assets was 13.76% at June 30, 2024, compared to 14.53% at June 30, 2023. The Bank's ratio of total tangible common stockholders' equity to total tangible assets was 12.19% at June 30, 2024, compared to 12.66% at June 30, 2023. The calculations of the Bank's total common stockholders' equity, tangible common stockholders' equity, ratio of total tangible common stockholders' equity to total tangible assets and tangible book value per common share, and the reconciliations to GAAP, are included in the schedules accompanying this release.

The Bank's Board recently approved a stock repurchase program authorizing the purchase of up to $200 million of outstanding common stock through expiration of the program on July 1, 2025. In evaluating stock repurchases, management will consider a variety of factors including the Bank's stock price, expected growth, capital position, alternative uses of capital, liquidity, financial performance, current and expected macroeconomic environment, regulatory requirements and other factors.

ASSET QUALITY

The Bank's various asset quality ratios for the quarter just ended continued to perform well compared to the industry, notwithstanding the challenging macroeconomic environment. This reflects the Bank's long-term focus on asset quality. The Bank's ratio of nonperforming non-purchased loans to total loans (excluding purchased loans) was 0.28% at June 30, 2024, compared to 0.15% as of June 30, 2023. The Bank's ratio of nonperforming assets to total assets (excluding purchased loans, except for their inclusion in total assets) was 0.41% at June 30, 2024, compared to 0.32% as of June 30, 2023. The Bank's annualized ratio of net charge-offs to average total loans was 0.17% for the quarter and 0.14% for the six months ended June 30, 2024, compared to 0.15% for both the second quarter and six months ended June 30, 2023.

MANAGEMENT'S COMMENTS, CONFERENCE CALL, TRANSCRIPT AND FILINGS

In connection with this release, the Bank released management's comments on its quarterly results, which are available at http://ir.ozk.com. This release should be read in conjunction with management's comments on the quarterly results.

Management will conduct a conference call to take questions at 10:00 a.m. CT (11:00 a.m. ET) on Thursday, July 18, 2024. Interested parties may access the conference call live via webcast on the Bank's investor relations website at https://ir.ozk.com/news/event-calendar, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank's website for at least 30 days.

The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation ("FDIC"), copies of which are available electronically at the FDIC's website at https://efr.fdic.gov/fcxweb/efr/index.html and are also available on the Bank's investor relations website at ir.ozk.com. To receive automated email alerts for these materials please visit https://ir.ozk.com/other/email-alerts to sign up.

NON-GAAP FINANCIAL MEASURES

This release contains certain non-GAAP financial measures. The Bank uses these non-GAAP financial measures, specifically return on average common stockholders' equity, return on average tangible common stockholders' equity, tangible book value per common share, total common stockholders' equity, total tangible common stockholders' equity, the ratio of total tangible common stockholders' equity to total tangible assets, and PPNR, to assess the strength of its capital, its ability to generate earnings on tangible capital invested by its shareholders and trends in its net revenue. These measures typically adjust GAAP financial measures to exclude intangible assets or provision for credit losses. Management believes presentation of these non-GAAP financial measures provides useful supplemental information which contributes to a proper understanding of the financial results and capital levels of the Bank. These non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP performance measures that may be presented by other banks. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release under the caption "Reconciliation of Non-GAAP Financial Measures."

FORWARD-LOOKING STATEMENTS

This press release and other communications by the Bank include certain "forward-looking statements" regarding the Bank's plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's expectations as well as certain assumptions and estimates made by, and information available to, management at the time. Those statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: potential delays or other problems in implementing the Bank's growth, expansion and acquisition strategies, including obtaining regulatory or other approvals, delays in acquiring satisfactory sites, obtaining permits and designing, constructing and opening new offices, relocating, selling or closing existing offices, or integrating any acquisitions; the availability of and access to capital; possible downgrades in the Bank's credit ratings or outlook which could increase the costs of or decrease the availability of funding from capital markets; the ability to attract new or retain existing deposits or to retain or grow loans, including growth from unfunded closed loans; the ability to generate future revenue growth or to control future growth in non-interest expense; interest rate fluctuations, including changes in the yield curve between short-term and long-term interest rates or changes in the relative relationships of various interest rate indices; competitive factors and pricing pressures, including their effect on the Bank's net interest margin or core spread; general economic, unemployment, credit market and real estate market conditions, and the effect of such conditions on the creditworthiness of borrowers, collateral values, the value of investment securities and asset recovery values; conditions within the banking industry; recently enacted and potential new laws and regulatory requirements or changes to existing laws and regulatory requirements, including changes affecting oversight of the financial services industry, changes intended to manage or mitigate climate and related environmental risks or changes in the interpretation and enforcement of such laws and requirements, changes as a result of the U.S. presidential and congressional elections, and the costs and expenses to comply with new and/or existing legislation and regulatory requirements; uncertainty regarding changes in U.S. government monetary and fiscal policy; the impact of any U.S. federal government shutdown or budgetary crisis; FDIC special assessments or changes to regular assessments; the ability to keep pace with technological changes, including changes regarding artificial intelligence and maintaining cybersecurity; the impact of any failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business or others, including as a result of cyberattacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Bank, its customers or others; natural disasters; acts of war or terrorism; the potential impact of continuing inflationary pressures; the potential impact of supply chain disruptions; national or international political instability or military conflict, including the conflict in the Middle East and the ongoing war in Ukraine; competition for and costs of recruiting and retaining qualified personnel; impairment of our goodwill; adoption of new accounting standards, or changes in existing standards; and adverse results (including costs, fines, reputational harm and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions or rulings as well as other factors identified in this communication or as detailed from time to time in our public filings, including those factors described in the disclosures under the headings "Forward-Looking Information" and "Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K for the year ended December 31, 2023 and our quarterly reports on Form 10-Q. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described in, or implied by, such forward-looking statements. The Bank disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.

GENERAL INFORMATION

Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in approximately 240 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Tennessee, Texas, New York, California and Mississippi and had $36.84 billion in total assets as of June 30, 2024. For more information, visit www.ozk.com.

Bank OZK
Consolidated Balance Sheets
Unaudited
June 30, 2024 December 31, 2023
(Dollars in thousands)
ASSETS
Cash and cash equivalents$ 2,568,813 $ 2,149,529
Investment securities - available for sale ("AFS") 2,981,929 3,244,371
Federal Home Loan Bank of Dallas ("FHLB") and other bankers' bank stocks 24,453 50,400
Non-purchased loans 28,455,342 26,195,030
Purchased loans 218,343 264,045
Allowance for loan losses (407,079) (339,394)
Net Loans 28,266,606 26,119,681
Premises and equipment, net 702,505 676,821
Foreclosed assets 71,023 61,720
Accrued interest receivable 177,403 170,110
Bank owned life insurance ("BOLI") 819,602 808,490
Goodwill 660,789 660,789
Other, net 563,050 295,546
Total assets$ 36,836,173 $ 34,237,457
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand non-interest bearing$ 4,045,666 $ 4,095,874
Savings and interest bearing transaction 9,209,732 9,074,296
Time 16,688,265 14,234,973
Total deposits 29,943,663 27,405,143
Other borrowings 400,943 805,318
Subordinated notes 348,164 347,761
Subordinated debentures 121,652 121,652
Reserve for losses on unfunded credit commitments 167,022 161,834
Accrued interest payable and other liabilities 445,944 255,773
Total liabilities$ 31,427,388 $ 29,097,481
Commitments and contingencies
Stockholders' equity:
Preferred Stock: $0.01 par value; 100,000,000 shares authorized; 14,000,000 issued and outstanding at June 30, 2024 and December 31, 2023 338,980 338,980
Common Stock: $0.01 par value; 300,000,000 shares authorized; 113,465,238 and 113,148,672 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,135 1,131
Additional paid-in capital 1,615,101 1,612,446
Retained earnings 3,553,523 3,283,818
Accumulated other comprehensive loss (100,939) (97,374)
Total stockholders' equity before noncontrolling interest 5,407,800 5,139,001
Noncontrolling interest 985 975
Total stockholders' equity 5,408,785 5,139,976
Total liabilities and stockholders' equity$ 36,836,173 $ 34,237,457
Bank OZK
Consolidated Statements of Income
Unaudited
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
(Dollars in thousands, except per share amounts)
Interest income:
Non-purchased loans$ 616,648 $ 472,524 $ 1,203,629 $ 887,420
Purchased loans 4,644 5,322 9,604 11,840
Investment securities:
Taxable 8,793 9,704 18,126 19,875
Tax-exempt 11,147 9,489 22,321 18,753
Deposits with banks 26,604 11,407 51,210 19,277
Total interest income 667,836 508,446 1,304,890 957,165
Interest expense:
Deposits 270,804 136,122 525,126 229,754
Other borrowings 3,964 10,591 4,715 16,013
Subordinated notes 2,603 2,603 5,177 5,177
Subordinated debentures 2,471 2,306 4,944 4,545
Total interest expense 279,842 151,622 539,962 255,489
Net interest income 387,994 356,824 764,928 701,676
Provision for credit losses 49,012 41,774 91,935 77,602
Net interest income after provision for credit losses 338,982 315,050 672,993 624,074
Non-interest income:
Service charges on deposit accounts:
NSF fees - 1,004 - 1,995
Overdraft fees 3,364 3,369 6,790 6,656
All other service charges 7,558 7,187 14,397 13,688
Trust income 2,082 2,113 4,406 4,146
BOLI income 5,606 5,069 11,112 10,043
Loan service, maintenance and other fees 6,481 4,095 12,824 8,170
Gains on sales of other assets 1,073 5,033 1,532 5,377
Net gains on investment securities 125 620 535 2,336
Other 2,493 3,497 6,271 7,384
Total non-interest income 28,782 31,987 57,867 59,795
Non-interest expense:
Salaries and employee benefits 73,409 65,219 142,973 128,468
Net occupancy and equipment 18,421 19,476 36,395 37,560
Other operating expenses 45,621 44,660 91,396 89,543
Total non-interest expense 137,451 129,355 270,764 255,571
Income before taxes 230,313 217,682 460,096 428,298
Provision for income taxes 52,778 45,717 107,005 86,420
Net income 177,535 171,965 353,091 341,878
Earnings attributable to noncontrolling interest 8 (1) (10) (13)
Preferred stock dividends 4,047 4,047 8,094 8,094
Net income available to common stockholders$ 173,496 $ 167,917 $ 344,987 $ 333,771
Basic earnings per common share$ 1.53 $ 1.47 $ 3.04 $ 2.89
Diluted earnings per common share$ 1.52 $ 1.47 $ 3.03 $ 2.88
Bank OZK
Consolidated Statements of Stockholders' Equity
Unaudited
Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income Non-Controlling Interest Total
(Dollars in thousands, except per share amounts)
Three months ended June 30, 2024:
Balances - March 31, 2024$ 338,980 $ 1,134 $ 1,609,268 $ 3,424,672 $ (107,207) $ 993 $ 5,267,840
Net income - - - 177,535 - - 177,535
Earnings attributable to noncontrolling interest - - - 8 - (8) -
Total other comprehensive income - - - - 6,268 - 6,268
Preferred stock dividends, $0.28906 per share - - - (4,047) - - (4,047)
Common stock dividends, $0.39 per share - - - (44,645) - - (44,645)
Issuance of 33,636 shares of common stock pursuant to stock-based compensation plans - 1 232 - - - 233
Stock-based compensation expense - - 5,601 - - - 5,601
Forfeitures of 3,214 shares of unvested restricted common stock - - - - - - -
Balances - June 30, 2024$ 338,980 $ 1,135 $ 1,615,101 $ 3,553,523 $ (100,939) $ 985 $ 5,408,785
Six months ended June 30, 2024:
Balances - December 31, 2023$ 338,980 $ 1,131 $ 1,612,446 $ 3,283,818 $ (97,374) $ 975 $ 5,139,976
Cumulative effect of change in accounting principle - - - 12,690 - - 12,690
Balances - January 1, 2024 338,980 1,131 1,612,446 3,296,508 (97,374) 975 5,152,666
Net income - - - 353,091 - - 353,091
Earnings attributable to noncontrolling interest - - - (10) - 10 -
Total other comprehensive loss - - - - (3,565) - (3,565)
Preferred stock dividends, $0.57812 per share - - - (8,094) - - (8,094)
Common stock dividends, $0.77 per share - - - (87,972) - - (87,972)
Issuance of 518,454 shares of common stock pursuant to stock-based compensation plans - 6 411 - - - 417
Repurchase and cancellation of 184,415 shares of common stock withheld for tax pursuant to stock-based compensation plans - (2) (8,008) - - - (8,010)
Stock-based compensation expense - - 10,252 - - - 10,252
Forfeitures of 17,473 shares of unvested restricted common stock - - - - - - -
Balances - June 30, 2024$ 338,980 $ 1,135 $ 1,615,101 $ 3,553,523 $ (100,939) $ 985 $ 5,408,785
Bank OZK
Consolidated Statements of Stockholders' Equity
Unaudited
Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income Non-Controlling Interest Total
(Dollars in thousands, except per share amounts)
Three months ended June 30, 2023:
Balances - March 31, 2023$ 338,980 $ 1,151 $ 1,664,569 $ 2,898,904 $ (141,677) $ 1,371 $ 4,763,298
Net income - - - 171,965 - - 171,965
Earnings attributable to noncontrolling interest - - - (1) - 1 -
Total other comprehensive income (loss) - - - - (17,754) - (17,754)
Preferred stock dividends, $0.28906 per share - - - (4,047) - (4,047)
Common stock dividends, $0.35 per share - - - (40,574) - - (40,574)
Issuance of 30,148 shares of common stock pursuant to stock-based compensation plans - - 23 - - - 23
Repurchase and cancellation of 1,956,101 shares of common stock under share repurchase program, including excise tax - (20) (66,106) - - - (66,126)
Stock-based compensation expense - - 4,478 - - - 4,478
Forfeitures of 8,706 shares of unvested restricted common stock - - - - - - -
Balances - June 30, 2023$ 338,980 $ 1,131 $ 1,602,964 $ 3,026,247 $ (159,431) $ 1,372 $ 4,811,263
Six months ended June 30, 2023:
Balances - December 31, 2022$ 338,980 $ 1,172 $ 1,753,941 $ 2,773,135 $ (177,649) $ 1,359 $ 4,690,938
Net income - - - 341,878 - - 341,878
Earnings attributable to noncontrolling
interest
- - - (13) - 13 -
Total other comprehensive income - - - - 18,218 - 18,218
Preferred stock dividends, $0.57812 per share - - - (8,094) - (8,094)
Common stock dividends, $0.69 per share - - - (80,659) - - (80,659)
Issuance of 503,187 shares of common stock pursuant to stock-based compensation plans - 5 541 - - - 546
Repurchase and cancellation of 4,304,239 shares of common stock under share repurchase program, including excise tax - (44) (151,421) - - - (151,465)
Repurchase and cancellation of 215,362 shares of common stock withheld for tax pursuant to stock-based compensation plans - (2) (8,672) - - - (8,674)
Stock-based compensation expense - - 8,575 - - - 8,575
Forfeitures of 15,065 shares of unvested restricted common stock - - - - - - -
Balances - June 30, 2023$ 338,980 $ 1,131 $ 1,602,964 $ 3,026,247 $ (159,431) $ 1,372 $ 4,811,263
Bank OZK
Summary of Non-Interest Expense
Unaudited
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
(Dollars in thousands)
Salaries and employee benefits$ 73,409 $ 65,219 $ 142,973 $ 128,468
Net occupancy and equipment 18,421 19,476 36,395 37,560
Other operating expenses:
Software and data processing 12,159 9,768 23,274 19,051
Deposit insurance and assessments 5,309 4,900 13,559 9,048
Professional and outside services 6,683 5,445 12,652 10,550
Advertising and public relations 6,888 3,184 10,785 7,219
Amortization of CRA and tax credit investments (1) - 5,566 - 11,980
Other 14,582 15,797 31,126 31,695
Total non-interest expense$ 137,451 $ 129,355 $ 270,764 $ 255,571
(1) Effective January 1, 2024, the Bank adopted ASU 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which resulted in the amortization of the Bank's CRA and tax credit investments being included in income tax expense instead of non-interest expense.
Bank OZK
Summary of Total Loans Outstanding
Unaudited
June 30, 2024 December 31, 2023
(Dollars in thousands)
Real estate:
Residential 1-4 family$ 1,001,809 3.5% $ 961,338 3.6%
Non-farm/non-residential 6,479,285 22.6 5,309,239 20.1
Construction/land development 11,491,193 40.1 11,653,487 44.0
Agricultural 276,785 1.0 256,423 1.0
Multifamily residential 2,359,446 8.2 2,064,106 7.8
Total real estate 21,608,518 75.4 20,244,593 76.5
Commercial and industrial 1,499,489 5.2 1,269,610 4.8
Consumer 3,419,053 11.9 2,965,042 11.2
Other 2,146,625 7.5 1,979,830 7.5
Total loans 28,673,685 100.0% 26,459,075 100.0%
Allowance for loan losses (407,079) (339,394)
Net loans$ 28,266,606 $ 26,119,681
Bank OZK
Allowance for Credit Losses
Unaudited
Allowance for Loan Losses Reserve for Losses on Unfunded Credit Commitments Total Allowance for Credit Losses
(Dollars in thousands)
Three months ended June 30, 2024:
Balances - March 31, 2024$ 365,935 $ 170,952 $ 536,887
Net charge-offs (11,798) - (11,798)
Provision for credit losses 52,942 (3,930) 49,012
Balances - June 30, 2024$ 407,079 $ 167,022 $ 574,101
Six months ended June 30, 2024:
Balances - December 31, 2023$ 339,394 $ 161,834 $ 501,228
Net charge-offs (19,062) - (19,062)
Provision for credit losses 86,747 5,188 91,935
Balances - June 30, 2024$ 407,079 $ 167,022 $ 574,101
Three months ended June 30, 2023:
Balances - March 31, 2023$ 222,025 $ 171,742 $ 393,767
Net charge-offs (8,721) - (8,721)
Provision for credit losses 49,884 (8,110) 41,774
Balances - June 30, 2023$ 263,188 $ 163,632 $ 426,820
Six months ended June 30, 2023:
Balances - December 31, 2022$ 208,858 $ 156,419 $ 365,277
Net charge-offs (16,059) - (16,059)
Provision for credit losses 70,389 7,213 77,602
Balances - June 30, 2023$ 263,188 $ 163,632 $ 426,820
Bank OZK
Deposits - By Customer Type
Unaudited
June 30, 2024 December 31, 2023
(Dollars in thousands)
Non-interest bearing$ 4,045,666 13.5% $ 4,095,874 14.9%
Interest bearing:
Consumer and commercial:
Consumer - Non-Time 2,832,203 9.5 2,792,199 10.2
Consumer - Time 12,188,301 40.7 10,216,217 37.3
Commercial - Non-Time 2,780,634 9.3 2,439,175 8.9
Commercial - Time 906,077 3.0 767,566 2.8
Public funds 3,760,669 12.6 3,725,766 13.6
Brokered 2,860,164 9.6 2,655,317 9.7
Reciprocal 569,949 1.8 713,029 2.6
Total deposits$ 29,943,663 100.0% $ 27,405,143 100.0%
Bank OZK
Selected Consolidated Financial Data
Unaudited
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 %
Change
2024 2023 %
Change
(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income$ 387,994 $ 356,824 8.7% $ 764,928 $ 701,676 9.0%
Provision for credit losses 49,012 41,774 17.3 91,935 77,602 18.5
Non-interest income 28,782 31,987 (10.0) 57,867 59,795 (3.2)
Non-interest expense 137,451 129,355 6.3 270,764 255,571 5.9
Net income 177,535 171,965 3.2 353,091 341,878 3.3
Preferred stock dividends 4,047 4,047 - 8,094 8,094 -
Net income available to common stockholders 173,496 167,917 3.3 344,987 333,771 3.4
Pre-tax pre-provision net revenue (1) 279,325 259,456 7.7 552,031 505,900 9.1
Common share and per common share data:
Diluted earnings per common share$ 1.52 $ 1.47 3.4% $ 3.03 $ 2.88 5.2%
Basic earnings per common share 1.53 1.47 4.1 3.04 2.89 5.2
Common stock dividends per share 0.39 0.35 11.4 0.77 0.69 11.6
Book value per share 44.67 39.51 13.1 44.67 39.51 13.1
Tangible book value per common share (1) 38.85 33.67 15.4 38.85 33.67 15.4
Weighted-average diluted shares outstanding (thousands) 113,995 114,284 (0.3) 113,954 115,871 (1.7)
End of period shares outstanding (thousands) 113,465 113,145 0.3 113,465 113,145 0.3
Balance sheet data at period end:
Total assets$ 36,836,173 $ 30,761,870 19.7% $ 36,836,173 $ 30,761,870 19.7%
Total loans 28,673,685 23,607,446 21.5 28,673,685 23,607,446 21.5
Non-purchased loans 28,455,342 23,291,785 22.2 28,455,342 23,291,785 22.2
Purchased loans 218,343 315,661 (30.8) 218,343 315,661 (30.8)
Allowance for loan losses 407,079 263,188 54.7 407,079 263,188 54.7
Foreclosed assets 71,023 62,048 14.5 71,023 62,048 14.5
Investment securities - AFS 2,981,929 3,262,366 (8.6) 2,981,929 3,262,366 (8.6)
Deposits 29,943,663 23,983,397 24.9 29,943,663 23,983,397 24.9
Other borrowings 400,943 1,104,478 (63.7) 400,943 1,104,478 (63.7)
Unfunded credit commitments 19,737,557 21,119,761 (6.5) 19,737,557 21,119,761 (6.5)
Reserve for losses on unfunded credit commitments 167,022 163,632 2.1 167,022 163,632 2.1
Preferred stock 338,980 338,980 - 338,980 338,980 -
Total common stockholders' equity (1) 5,068,820 4,470,911 13.4 5,068,820 4,470,911 13.4
Total tangible common stockholders' equity (1) 4,408,031 3,809,745 15.7 4,408,031 3,809,745 15.7
Net unrealized losses on investment securities AFS included in stockholders' equity (100,939) (159,431) (100,939) (159,431)
Loan (including purchased loans) to deposit ratio 95.76% 98.43% 95.76% 98.43%
Selected ratios:
Return on average assets (2) 1.92% 2.27% 1.94% 2.34%
Return on average common stockholders' equity (1) (2) 13.98 15.14 14.07 15.19
Return on average tangible common stockholders' equity (1) (2) 16.11 17.78 16.24 17.86
Total tangible common stockholders' equity to total tangible assets (1) 12.19 12.66 12.19 12.66
Net interest margin - FTE (2) 4.68 5.32 4.70 5.43
Efficiency ratio 32.74 33.05 32.67 33.33
Net charge-offs to average non-purchased loans (2) (3) 0.18 0.03 0.14 0.09
Net charge-offs to average total loans (2) 0.17 0.15 0.14 0.15
Nonperforming loans to total loans (4) 0.28 0.15 0.28 0.15
Nonperforming assets to total assets (4) 0.41 0.32 0.41 0.32
Allowance for loan losses to total loans (5) 1.42 1.11 1.42 1.11
Allowance for credit losses to total loans and unfunded credit commitments 1.19 0.95 1.19 0.95
Other information:
Non-accrual loans (4)$ 80,523 $ 35,320 $ 80,523 $ 35,320
(1)
See accompanying schedules for reconciliation of non-GAAP financial measures.
(2)
Ratios for interim periods annualized based on actual days.
(3)
Excludes purchased loans and net charge-offs related to such loans.
(4)
Excludes purchased loans, except for their inclusion in total assets.
(5)
Excludes reserve for losses on unfunded loan commitments.
Bank OZK
Selected Consolidated Financial Data (continued)
Unaudited
Three Months Ended
June 30, 2024 March 31, 2024 %
Change
(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income$ 387,994 $ 376,934 2.9%
Provision for credit losses 49,012 42,923 14.2
Non-interest income 28,782 29,084 (1.0)
Non-interest expense 137,451 133,314 3.1
Net income 177,535 175,555 1.1
Preferred stock dividends 4,047 4,047 -
Net income available to common stockholders 173,496 171,490 1.2
Pre-tax pre-provision net revenue (1) 279,325 272,704 2.4
Common share and per common share data:
Diluted earnings per common share$ 1.52 $ 1.51 0.7%
Basic earnings per common share 1.53 1.51 1.3
Common stock dividends per share 0.39 0.38 2.6
Book value per share 44.67 43.44 2.8
Tangible book value per common share (1) 38.85 37.62 3.3
Weighted-average diluted shares outstanding (thousands) 113,995 113,883 0.1
End of period shares outstanding (thousands) 113,465 113,435 -
Balance sheet data at period end:
Total assets$ 36,836,173 $ 36,029,904 2.2%
Total loans 28,673,685 28,031,348 2.3
Non-purchased loans 28,455,342 27,781,091 2.4
Purchased loans 218,343 250,257 (12.8)
Allowance for loan losses 407,079 365,935 11.2
Foreclosed assets 71,023 60,782 16.8
Investment securities - AFS 2,981,929 3,072,391 (2.9)
Deposits 29,943,663 29,406,070 1.8
Other borrowings 400,943 202,009 98.5
Unfunded credit commitments 19,737,557 20,458,796 (3.5)
Reserve for losses on unfunded credit commitments 167,022 170,952 (2.3)
Total common stockholders' equity (1) 5,068,820 4,927,867 2.9
Total tangible common stockholders' equity (1) 4,408,031 4,267,078 3.3
Net unrealized losses on investment securities AFS included in stockholders' equity (100,939) (107,207)
Loan (including purchased loans) to deposit ratio 95.76% 95.33%
Selected ratios:
Return on average assets (2) 1.92% 1.96%
Return on average common stockholders' equity (1) (2) 13.98 14.16
Return on average tangible common stockholders' equity (1) (2) 16.11 16.38
Total tangible common stockholders' equity to total tangible assets (1) 12.19 12.06
Net interest margin - FTE (2) 4.68 4.71
Efficiency ratio 32.74 32.59
Net charge-offs to average non-purchased loans (2) (3) 0.18 0.11
Net charge-offs to average total loans (2) 0.17 0.11
Nonperforming loans to total loans (4) 0.28 0.20
Nonperforming assets to total assets (4) 0.41 0.32
Allowance for loan losses to total loans (5) 1.42 1.31
Allowance for credit losses to total loans and unfunded credit commitments 1.19 1.11
Other information:
Non-accrual loans (4)$ 80,523 $ 56,217
(1)
See accompanying schedules for reconciliation of non-GAAP financial measures.
(2)
Ratios for interim periods annualized based on actual days.
(3)
Excludes purchased loans and net charge-offs related to such loans.
(4)
Excludes purchased loans, except for their inclusion in total assets.
(5)
Excludes reserve for losses on unfunded loan commitments.
Bank OZK
Supplemental Quarterly Financial Data
Unaudited
6/30/24 3/31/24 12/31/23 9/30/23 6/30/23
(Dollars in thousands, except per share amounts)
Earnings summary:
Net interest income$ 387,994 $ 376,934 $ 370,548 $ 367,261 $ 356,824
Federal tax (FTE) adjustment 3,037 3,030 2,925 2,632 2,602
Net interest income (FTE) 391,031 379,964 373,473 369,893 359,426
Provision for credit losses (49,012) (42,923) (43,832) (44,036) (41,774)
Non-interest income 28,782 29,084 37,027 25,727 31,987
Non-interest expense (137,451) (133,314) (145,011) (128,978) (129,355)
Pre-tax income (FTE) 233,350 232,811 221,657 222,606 220,284
FTE adjustment (3,037) (3,030) (2,925) (2,632) (2,602)
Provision for income taxes (52,778) (54,226) (43,600) (46,144) (45,717)
Noncontrolling interest 8 (18) (6) (37) (1)
Preferred stock dividend (4,047) (4,047) (4,047) (4,047) (4,047)
Net income available to common stockholders$ 173,496 $ 171,490 $ 171,079 $ 169,746 $ 167,917
Earnings per common share - diluted$ 1.52 $ 1.51 $ 1.50 $ 1.49 $ 1.47
Pre-tax pre-provision net revenue (1)$ 279,325 $ 272,704 $ 262,564 $ 264,010 $ 259,456
Selected balance sheet data at period end:
Total assets$ 36,836,173 $ 36,029,904 $ 34,237,457 $ 32,767,328 $ 30,761,870
Non-purchased loans 28,455,342 27,781,091 26,195,030 25,051,214 23,291,785
Purchased loans 218,343 250,257 264,045 280,526 315,661
Investment securities - AFS 2,981,929 3,072,391 3,244,371 3,153,817 3,262,366
Deposits 29,943,663 29,406,070 27,405,143 25,552,856 23,983,397
Unfunded credit commitments 19,737,557 20,458,796 20,561,029 20,625,371 21,119,761
Allowance for credit losses:
Balance at beginning of period$ 536,887 $ 501,228 $ 461,486 $ 426,820 $ 393,767
Net charge-offs (11,798) (7,264) (4,090) (9,370) (8,721)
Provision for credit losses 49,012 42,923 43,832 44,036 41,774
Balance at end of period$ 574,101 $ 536,887 $ 501,228 $ 461,486 $ 426,820
Allowance for loan losses$ 407,079 $ 365,935 $ 339,394 $ 303,358 $ 263,188
Reserve for losses on unfunded credit commitments 167,022 170,952 161,834 158,128 163,632
Total allowance for credit losses$ 574,101 $ 536,887 $ 501,228 $ 461,486 $ 426,820
Selected ratios:
Net interest margin - FTE (2) 4.68% 4.71% 4.82% 5.05% 5.32%
Efficiency ratio 32.74 32.59 35.33 32.60 33.05
Net charge-offs to average non-purchased loans (2) (3) 0.18 0.11 0.07 0.17 0.03
Net charge-offs to average total loans (2) 0.17 0.11 0.06 0.15 0.15
Nonperforming loans to total loans (4) 0.28 0.20 0.23 0.25 0.15
Nonperforming assets to total assets (4) 0.41 0.32 0.36 0.40 0.32
Allowance for loan losses to total loans (5) 1.42 1.31 1.28 1.20 1.11
Allowance for credit losses to total loans and unfunded credit commitments 1.19 1.11 1.07 1.00 0.95
Loans past due 30 days or more, including past due non-accrual loans, to total loans (4) 0.16 0.17 0.20 0.21 0.14
(1)
Calculations of pre-tax pre-provision net revenue and the reconciliation to GAAP are included in the schedules accompanying this release.
(2)
Ratios for interim periods annualized based on actual days.
(3)
Excludes purchased loans and net charge-offs related to such loans.
(4)
Excludes purchased loans, except for their inclusion in total assets.
(5)
Excludes reserve for losses on unfunded loan commitments.
Bank OZK
Average Consolidated Balance Sheets and Net Interest Analysis - FTE
Unaudited
Three Months Ended June 30, Six months ended June 30,
2024 2023 2024 2023
Average Balance Income/ Expense Yield/Rate Average Balance Income/ Expense Yield/Rate Average Balance Income/ Expense Yield/Rate Average Balance Income/ Expense Yield/Rate
(Dollars in thousands)
ASSETS
Interest earning assets:
Interest earning deposits$ 2,013,116 $ 26,604 5.32% $ 957,439 $ 11,407 4.78% $ 1,937,493 $ 51,210 5.32% $ 849,082 $ 19,277 4.58%
Investment securities:
Taxable 1,877,176 8,793 1.88 2,363,265 9,704 1.65 1,965,078 18,126 1.85 2,406,769 19,875 1.67
Tax-exempt - FTE 1,143,254 14,111 4.96 1,040,757 12,011 4.63 1,157,685 28,254 4.91 1,034,317 23,738 4.63
Non-purchased loans - FTE 28,303,265 616,720 8.76 22,368,771 472,604 8.47 27,709,736 1,203,762 8.74 21,613,844 887,640 8.28
Purchased loans 240,778 4,644 7.76 346,696 5,322 6.16 249,283 9,604 7.75 358,725 11,840 6.66
Total earning assets - FTE 33,577,589 670,872 8.04 27,076,928 511,048 7.57 33,019,275 1,310,956 7.98 26,262,737 962,370 7.39
Non-interest earning assets 2,761,795 2,587,338 2,750,997 2,552,387
Total assets$ 36,339,384 $ 29,664,266 $ 35,770,272 $ 28,815,124
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction$ 9,277,131 $ 68,593 2.97% $ 9,075,132 $ 48,650 2.15% $ 9,229,938 $ 135,494 2.95% $ 9,402,496 $ 91,164 1.96%
Time deposits 16,385,329 202,211 4.96 9,650,599 87,472 3.64 15,930,851 389,632 4.92 8,612,573 138,590 3.24
Total interest bearing deposits 25,662,460 270,804 4.24 18,725,731 136,122 2.92 25,160,789 525,126 4.20 18,015,069 229,754 2.57
Other borrowings (2) 321,521 3,964 4.96 828,644 10,591 5.13 203,281 4,715 4.66 648,870 16,013 4.98
Subordinated notes 348,066 2,603 3.01 347,251 2,603 3.01 347,965 5,177 2.99 347,151 5,177 3.01
Subordinated debentures 121,652 2,471 8.17 121,652 2,306 7.60 121,652 4,944 8.17 121,645 4,545 7.54
Total interest bearing liabilities 26,453,699 279,842 4.25 20,023,278 151,622 3.04 25,833,687 539,962 4.20 19,132,735 255,489 2.69
Non-interest bearing liabilities:
Non-interest bearing deposits 3,893,094 4,348,639 3,996,931 4,409,684
Other non-interest bearing liabilities 660,618 502,394 667,969 501,203
Total liabilities 31,007,411 24,874,311 30,498,587 24,043,622
Total stockholders' equity before noncontrolling interest 5,330,984 4,788,584 5,270,700 4,770,135
Noncontrolling interest 989 1,371 985 1,367
Total liabilities and stockholders' equity$ 36,339,384 $ 29,664,266 $ 35,770,272 $ 28,815,124
Net interest income - FTE $ 391,030 $ 359,426 $ 770,994 $ 706,881
Net interest margin - FTE 4.68% 5.32% 4.70% 5.43%
Core spread (1) 4.52% 5.55% 4.54% 5.71%
(1)
Core spread is the difference between the yield on the Bank's non-purchased loans-FTE and the rate on its interest bearing deposits.
(2)
The interest expense and the rates paid "other borrowings" include capitalized interest which totaled $0.5 million and $0.8 million for the second quarter and first six months of 2024. Capitalized interest was not material for the second quarter and first six months of 2023.
Bank OZK
Reconciliation of Non-GAAP Financial Measures

Calculation of Average Common Stockholders' Equity,
Average Tangible Common Stockholders' Equity
and the Annualized Returns on Average Common Stockholders' Equity and
Average Tangible Common Stockholders' Equity

Unaudited
Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2024 2023 2024 2024 2023
(Dollars in thousands)
Net income available to common stockholders$ 173,496 $ 167,917 $ 171,490 $ 344,987 $ 333,771
Average stockholders' equity before noncontrolling interest$ 5,330,984 $ 4,788,584 $ 5,210,418 $ 5,270,700 $ 4,770,135
Less average preferred stock (338,980) (338,980) (338,980) (338,980) (338,980)
Total average common stockholders' equity 4,992,004 4,449,604 $ 4,871,438 4,931,720 4,431,155
Less average intangible assets:
Goodwill (660,789) (660,789) (660,789) (660,789) (660,789)
Core deposit and other intangible assets, net of accumulated amortization - (999) - (1,618)
Total average intangibles (660,789) (661,788) (660,789) (660,789) (662,407)
Average tangible common stockholders' equity$ 4,331,215 $ 3,787,816 $ 4,210,649 $ 4,270,931 $ 3,768,748
Return on average common stockholders' equity(1) 13.98% 15.14% 14.16% 14.07% 15.19%
Return on average tangible common stockholders' equity(1) 16.11% 17.78% 16.38% 16.24% 17.86%
(1) Ratios for interim periods annualized based on actual days.
Calculation of Total Common Stockholders' Equity,
Total Tangible Common Stockholders' Equity
and Tangible Book Value per Common Share
Unaudited
June 30, March 31,
2024 2023 2024
(In thousands, except per share amounts)
Total stockholders' equity before noncontrolling interest$ 5,407,800 $ 4,809,891 $ 5,266,847
Less preferred stock (338,980) (338,980) (338,980)
Total common stockholders' equity$ 5,068,820 $ 4,470,911 $ 4,927,867
Less intangible assets:
Goodwill (660,789) (660,789) (660,789)
Core deposit and other intangible assets, net of accumulated amortization - (377) -
Total intangibles (660,789) (661,166) (660,789)
Total tangible common stockholders' equity$ 4,408,031 $ 3,809,745 $ 4,267,078
Shares of common stock outstanding 113,465 113,145 113,435
Book value per common share$ 44.67 $ 39.51 $ 43.44
Tangible book value per common share$ 38.85 $ 33.67 $ 37.62
Calculation of Total Common Stockholders' Equity,
Total Tangible Common Stockholders' Equity
and the Ratio of Total Tangible Common Stockholders' Equity
to Total Tangible Assets

Unaudited
June 30, March 31,
2024 2023 2024
(Dollars in thousands)
Total stockholders' equity before noncontrolling interest$ 5,407,800 $ 4,809,891 $ 5,266,847
Less preferred stock (338,980) (338,980) (338,980)
Total common stockholders' equity$ 5,068,820 $ 4,470,911 $ 4,927,867
Less intangible assets:
Goodwill (660,789) (660,789) (660,789)
Core deposit and other intangible assets, net of accumulated amortization - (377) -
Total intangibles (660,789) (661,166) (660,789)
Total tangible common stockholders' equity 4,408,031 3,809,745 4,267,078
Total assets$ 36,836,173 $ 30,761,870 $ 36,029,904
Less intangible assets:
Goodwill$ (660,789) $ (660,789) $ (660,789)
Core deposit and other intangible assets, net of accumulated amortization - (377) -
Total intangibles (660,789) (661,166) (660,789)
Total tangible assets$ 36,175,384 $ 30,100,704 $ 35,369,115
Ratio of total common stockholders' equity to total assets 13.76% 14.53% 13.68%
Ratio of total tangible common stockholders' equity to total tangible assets 12.19% 12.66% 12.06%
Calculation of Pre-Tax Pre-Provision Net Revenue
Unaudited
Three Months Ended Six Months Ended
June 30, March 31, December 31, September 30 June 30, June 30,
2024 2024 2023 2023 2023 2024 2023
(Dollars in thousands)
Net income available to common stockholders$ 173,496 $ 171,490 $ 171,079 $ 169,746 $ 167,917 $ 344,987 $ 333,771
Preferred stock dividends 4,047 4,047 4,047 4,047 4,047 8,094 8,094
Earnings attributable to noncontrolling interest (8) 18 6 37 1 10 13
Provision for income taxes 52,778 54,226 43,600 46,144 45,717 107,005 86,420
Provision for credit losses 49,012 42,923 43,832 44,036 41,774 91,935 77,602
Pre-tax pre-provision net revenue$ 279,325 $ 272,704 $ 262,564 $ 264,010 $ 259,456 $ 552,031 $ 505,900
Investor Contact: Jay Staley (501) 906-7842
Media Contact: Michelle Rossow (501) 906-3922

© 2024 GlobeNewswire (Europe)
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