Bank OZK Announces $300 Million Stock Repurchase Program

Rhea-AI Summary

Bank OZK (Nasdaq: OZK) announced a new stock repurchase program allowing for the buyback of up to $300 million of its outstanding common stock. This program follows the expiration of a previous repurchase initiative on November 4, 2022, and has received all necessary regulatory approvals. The repurchase may occur until November 9, 2023, or until the total cost of shares reaches $300 million. Management will decide on the timing of repurchases based on various financial and market conditions.

Positive

• New buyback program up to $300 million enhances shareholder value.
• Repurchase initiative reflects confidence in the company's financial position.
• Expected to positively influence stock price by reducing share supply.

Negative

• None.

LITTLE ROCK, Ark., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that its Board of Directors approved a new stock repurchase program pursuant to which the Bank may repurchase up to $300 million of its outstanding common stock (the “Repurchase Program”). The Bank’s previous stock repurchase program expired on November 4, 2022.

The Repurchase Program, which has received all required regulatory approval, will expire on the earlier to occur of: (i) the Bank repurchasing shares of its common stock at an aggregate cost of $300 million, or (ii) November 9, 2023. The Repurchase Program may be suspended or discontinued at any time. Repurchases may be made at management’s discretion from time to time on the open market, through privately negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934. The number of shares to be repurchased and the timing of repurchases will be based on a variety of factors, including the Bank’s capital position, expected growth, alternative uses of capital, liquidity, financial performance, stock price, current and expected macroeconomic environment, regulatory requirements and other factors.

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 through over 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California and Mississippi and had $26.23 billion in total assets as of September 30, 2022. Bank OZK can be found at www.ozk.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811.

CAUTION ABOUT FORWARD-LOOKING STATEMENTS
This release and certain other communications by the Bank contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Bank’s present expectations. Additional information regarding these risks and uncertainties is contained in the Bank’s filings with the Federal Deposit Insurance Corporation. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Bank undertakes no obligation to update such statements.

Investor Contact:	Jay Staley (501) 906-7842
Media Contact:	Michelle Rossow (501) 906-3922

FAQ

What is the new stock repurchase program for Bank OZK?

Bank OZK has launched a stock repurchase program allowing up to $300 million in buybacks of its outstanding common stock.

When does the Bank OZK stock repurchase program expire?

The stock repurchase program for Bank OZK will expire on November 9, 2023, unless the $300 million limit is reached first.

How might the stock buyback impact Bank OZK's stock price?

The buyback program may positively influence Bank OZK's stock price by reducing the number of shares available in the market.

What factors will influence the timing of the stock repurchases by Bank OZK?

The timing of repurchases will depend on the Bank's capital position, expected growth, and market conditions.