Bank OZK Announces Fourth Quarter and Full Year 2022 Earnings

Rhea-AI Summary

Bank OZK (Nasdaq: OZK) reported a net income of $158.8 million for Q4 2022, up 6.1% from Q4 2021. The diluted earnings per share increased 14.5% to $1.34. For the full year, net income fell 5.4% to $547.5 million, while EPS rose 1.6% to a record $4.54.

Provisions for credit losses were significant, totaling $32.5 million for Q4 2022 and $83.5 million for the year, compared to negative provisions in 2021. Total loans grew 13.5% year-over-year, and deposits increased 6.4%. The Bank repurchased 8.37 million shares at an average cost of $41.80.

Positive

• Net income for Q4 2022 increased by 6.1% to $158.8 million.
• Diluted EPS for Q4 2022 rose 14.5% to $1.34.
• Total loans increased by 13.5% year-over-year, reaching $20.78 billion.
• Deposits grew by 6.4% to $21.50 billion.
• Record annual diluted EPS of $4.54 for 2022, a 1.6% increase.

Negative

• Net income for the full year 2022 decreased by 5.4% to $547.5 million.
• Provision for credit losses increased to $83.5 million for 2022, compared to a negative provision in 2021.
• Common stockholders’ equity fell by 3.3% to $4.35 billion.

LITTLE ROCK, Ark., Jan. 19, 2023 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the fourth quarter of 2022 was $158.8 million, a 6.1% increase from $149.8 million for the fourth quarter of 2021. Diluted earnings per common share for the fourth quarter of 2022 were $1.34, a 14.5% increase from $1.17 for the fourth quarter of 2021. These results were impacted by a $32.5 million provision for credit losses in the fourth quarter of 2022 compared to a negative provision for credit losses of $8.0 million in the fourth quarter of 2021.

For the full year of 2022, net income available to common stockholders was $547.5 million, a 5.4% decrease from $579.0 million for the full year of 2021. Diluted earnings per common share for the full year of 2022 were a record $4.54, a 1.6% increase from $4.47 for the full year of 2021. These results were impacted by a $83.5 million provision for credit losses for 2022 compared to a negative provision for credit losses of $77.9 million for 2021.

Growth in both funded and unfunded loan balances during the quarter and full year of 2022 contributed to the higher provision for credit losses. The Bank’s total allowance for credit losses (“ACL”) was $365.3 million at December 31, 2022 compared to $289.0 million at December 31, 2021. The calculations of the Bank’s provision expense for the fourth quarter and full year of 2022 and its total ACL at December 31, 2022 were based on a number of key estimates, assumptions and economic forecasts and included certain qualitative adjustments to capture items not fully reflected in the modeled results.

Pre-tax pre-provision net revenue (“PPNR”) was $241.0 million for the fourth quarter of 2022, a 29.6% increase from $186.0 million for the fourth quarter of 2021. PPNR was $805.0 million for the full year of 2022, a 19.3% increase from $675.0 million for the full year of 2021. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the fourth quarter of 2022 were 2.35%, 14.76% and 17.48%, respectively, compared to 2.25%, 13.08% and 15.34%, respectively, for the fourth quarter of 2021. The Bank’s returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the full year of 2022 were 2.08%, 12.66%, and 14.97%, respectively, compared to 2.17%, 13.01%, and 15.32%, respectively, for the full year of 2021. 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 pleased to report our strong results for the fourth quarter and full year of 2022. Our high level of profitability, strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the current environment and the longer term.”

KEY BALANCE SHEET METRICS

Total loans were $20.78 billion at December 31, 2022, a 13.5% increase from $18.31 billion at December 31, 2021. Non-purchased loans were $20.40 billion at December 31, 2022, a 14.7% increase from $17.79 billion at December 31, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.38 billion at December 31, 2022, a 26.7% decrease from $0.52 billion at December 31, 2021.

Deposits were $21.50 billion at December 31, 2022, a 6.4% increase from $20.21 billion at December 31, 2021. Total assets were $27.66 billion at December 31, 2022, a 4.2% increase from $26.53 billion at December 31, 2021.

Common stockholders’ equity was $4.35 billion at December 31, 2022, a 3.3% decrease from $4.50 billion at December 31, 2021. Tangible common stockholders’ equity was $3.69 billion at December 31, 2022, a 3.7% decrease from $3.83 billion at December 31, 2021. During 2022, the Bank repurchased approximately 8.37 million shares of its common stock at a weighted average cost of $41.80, for a total of $350.0 million.

Book value per common share was $37.13 at December 31, 2022, a 3.6% increase from $35.85 at December 31, 2021. Tangible book value per common share was $31.47 at December 31, 2022, a 3.1% increase from $30.52 at December 31, 2021.

The Bank’s ratio of total common stockholders’ equity to total assets was 15.73% at December 31, 2022, compared to 16.95% at December 31, 2021. Its ratio of total tangible common stockholders’ equity to total tangible assets was 13.66% at December 31, 2022, compared to 14.80% at December 31, 2021.

The calculations of the Bank’s common stockholders’ equity, tangible common stockholders’ equity, tangible book value per common share, and ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

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 on these quarterly results and management’s comments at 10:00 a.m. CT (11:00 a.m. ET) on January 20, 2023. 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, average tangible common stockholders’ equity, tangible book value per common share, common stockholders’ equity, 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 presentation 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 hiring or retaining qualified personnel, obtaining regulatory or other approvals, delays in identifying satisfactory sites, obtaining permits and designing, constructing and opening new offices or relocating, selling or closing existing offices; the ability to enter into and/or close additional 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 or acquired 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; the potential impact of the transition from the London Interbank Offered Rate (“LIBOR”) as a reference rate; 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; recently enacted and potential 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, and the costs and expenses to comply with new and/or existing legislation and regulatory requirements; uncertainty regarding the U.S. government’s debt limit or changes in U.S. government monetary and fiscal policy; FDIC special assessments or changes to regular assessments; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity; the impact of failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Bank or its customers; natural disasters or acts of war or terrorism; the adverse effects of the ongoing global coronavirus (“COVID-19”) pandemic, including the duration of the pandemic and actions taken to contain or treat COVID-19, on the Bank, the Bank’s customers, the Bank’s staff, the global economy and the financial markets; the potential impact of continuing inflationary pressures; the potential impact of supply chain disruptions; national, international or political instability or military conflict, including the ongoing war in Ukraine; the competition and costs of recruiting and retaining human talent; impairment of our goodwill or other intangible assets; 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, 2021 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 with over 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California and Mississippi and had $27.66 billion in total assets as of December 31, 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.

Bank OZK
Consolidated Balance Sheets
Unaudited
		December 31,
		2022				2021
		(Dollars in thousands, except per share amounts)
ASSETS
Cash and cash equivalents		$	1,033,454			$	2,053,829
Investment securities ― available for sale (“AFS”)			3,491,613				3,916,733
Investment securities ― trading			8,817				14,957
Federal Home Loan Bank of Dallas and other bankers’ bank stocks			42,406				40,788
Non-purchased loans			20,400,154				17,791,610
Purchased loans			378,637				516,215
Allowance for loan losses			(208,858	)			(217,380	)
Net loans			20,569,933				18,090,445
Premises and equipment, net			678,405				695,857
Foreclosed assets			6,616				5,744
Accrued interest receivable			125,130				83,025
Bank owned life insurance (“BOLI”)			789,805				774,822
Goodwill and other intangible assets, net			663,543				669,063
Other, net			246,846				185,167
Total assets		$	27,656,568			$	26,530,430
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand non-interest bearing		$	4,658,451			$	4,983,788
Savings and interest bearing transaction			9,905,717				9,245,727
Time			6,935,975				5,979,619
Total deposits			21,500,143				20,209,134
Other borrowings			606,666				756,321
Subordinated notes			346,947				346,133
Subordinated debentures			121,591				121,033
Reserve for losses on unfunded loan commitments			156,419				71,609
Accrued interest payable and other liabilities			233,864				186,840
Total liabilities			22,965,630				21,691,070
Commitments and contingencies
Stockholders’ equity:
Preferred stock; $0.01 par value; 100,000,000 shares authorized; 14,000,000 issued and outstanding at December 31, 2022 and 2021, respectively			338,980				338,980
Common stock; $0.01 par value; 300,000,000 shares authorized; 117,176,928 and 125,443,748 shares issued and outstanding at December 31, 2022 and 2021, respectively			1,172				1,254
Additional paid-in capital			1,753,941				2,093,702
Retained earnings			2,773,135				2,378,466
Accumulated other comprehensive (loss) income			(177,649	)			23,841
Total stockholders’ equity before noncontrolling interest			4,689,579				4,836,243
Noncontrolling interest			1,359				3,117
Total stockholders’ equity			4,690,938				4,839,360
Total liabilities and stockholders’ equity		$	27,656,568			$	26,530,430

Bank OZK
Consolidated Statements of Income
Unaudited
	Three Months Ended December 31,								Year Ended December 31,
	2022				2021				2022				2021
	(Dollars in thousands, except per share amounts)
Interest income:
Non-purchased loans	$	367,019			$	256,021			$	1,158,332			$	972,660
Purchased loans		7,141				11,190				31,441				46,174
Investment securities:
Taxable		10,280				9,448				41,526				36,234
Tax-exempt		8,521				2,869				22,653				13,729
Deposits with banks and federal funds sold		5,961				953				12,116				2,510
Total interest income		398,922				280,481				1,266,068				1,071,307
Interest expense:
Deposits		53,230				9,514				94,574				64,422
Other borrowings		8,534				1,020				13,033				4,029
Subordinated notes		2,631				2,631				10,439				9,386
Subordinated debentures		2,039				935				5,780				3,750
Total interest expense		66,434				14,100				123,826				81,587
Net interest income		332,488				266,381				1,142,242				989,720
Provision for credit losses		32,508				(7,992	)			83,494				(77,938	)
Net interest income after provision for credit losses		299,980				274,373				1,058,748				1,067,658
Non-interest income:
Service charges on deposit accounts:
NSF/Overdraft fees		4,467				4,315				17,724				14,962
All other service charges		7,138				7,149				28,102				27,656
Trust income		1,977				2,141				7,990				8,506
BOLI income:
Increase in cash surrender value		4,953				4,901				19,532				19,640
Death benefits		—				618				807				2,028
Loan service, maintenance and other fees		3,780				3,148				13,819				13,959
Gains on sales of other assets		510				1,330				11,467				9,962
Net gains on investment securities		1,256				504				2,019				504
Other		3,463				5,589				13,043				18,321
Total non-interest income		27,544				29,695				114,503				115,538
Non-interest expense:
Salaries and employee benefits		59,946				55,034				226,373				214,567
Net occupancy and equipment		17,584				17,004				70,058				66,801
Other operating expenses		41,483				38,068				155,290				148,907
Total non-interest expense		119,013				110,106				451,721				430,275
Income before taxes		208,511				193,962				721,530				752,921
Provision for income taxes		45,686				44,197				157,440				173,888
Net income		162,825				149,765				564,090				579,033
Earnings attributable to noncontrolling interest		54				(5	)			51				(32	)
Preferred stock dividends		4,047				—				16,621				—
Net income available to common stockholders	$	158,832			$	149,760			$	547,520			$	579,001
Basic earnings per common share	$	1.35			$	1.17			$	4.55			$	4.49
Diluted earnings per common share	$	1.34			$	1.17			$	4.54			$	4.47

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 December 31, 2022:
Balances – September 30, 2022		$	338,980			$	1,178			$	1,773,562			$	2,653,377			$	(227,673	)		$	3,120			$	4,542,544
Net income			—				—				—				162,825				—				—				162,825
Earnings attributable to noncontrolling interest			—				—				—				54				—				(54	)			—
Total other comprehensive loss			—				—				—				—				50,024				—				50,024
Preferred stock dividends, $0.28906 per share			—				—				—				(4,047	)			—				—				(4,047	)
Common stock dividends, $0.33 per share			—				—				—				(39,074	)			—				—				(39,074	)
Return of capital to non-controlling interest			—				—				—				—				—				(1,707	)			(1,707	)
Issuance of 7,039 shares of common stock for exercise of stock options			—				—				241				—				—				—				241
Issuance of 3,457 shares of unvested restricted common stock			—				—				—				—				—				—				—
Repurchase and cancellation of 574,878 shares of common stock under share repurchase program			—				(6	)			(23,219	)			—				—				—				(23,225	)
Repurchase and cancellation of 3,890 shares of common stock withheld for tax pursuant to restricted stock vesting			—				—				(174	)			—				—				—				(174	)
Stock-based compensation expense			—				—				3,531				—				—				—				3,531
Forfeitures of 16,405 shares of unvested restricted common stock			—				—				—				—				—				—				—
Balances – December 31, 2022		$	338,980			$	1,172			$	1,753,941			$	2,773,135			$	(177,649	)		$	1,359			$	4,690,938
Year ended December 31, 2022:
Balances – December 31, 2021		$	338,980			$	1,254			$	2,093,702			$	2,378,466			$	23,841			$	3,117			$	4,839,360
Net income			—				—				—				564,090				—				—				564,090
Earnings attributable to noncontrolling interest			—				—				—				51				—				(51	)			—
Total other comprehensive loss			—				—				—				—				(201,490	)			—				(201,490	)
Preferred stock dividends, $1.187 per share			—				—				—				(16,621	)			—				—				(16,621	)
Common stock dividends, $1.26 per share			—				—				—				(152,851	)			—				—				(152,851	)
Return of capital to non-controlling interest			—				—				—				—				—				(1,707	)			(1,707	)
Issuance of 81,560 shares of common stock for exercise of stock options			—				1				2,492				—				—				—				2,493
Issuance of 224,279 shares of unvested restricted common stock			—				2				(2	)			—				—				—				—
Repurchase and cancellation of 8,373,398 shares of common stock under share repurchase program			—				(83	)			(349,886	)			—				—				—				(349,969	)
Repurchase and cancellation of 116,864 shares of common stock withheld for tax pursuant to restricted stock vesting			—				(1	)			(5,572	)			—				—				—				(5,573	)
Stock-based compensation expense			—				—				13,206				—				—				—				13,206
Forfeitures of 82,397 shares of unvested restricted common stock			—				(1	)			1				—				—				—				—
Balances – December 31, 2022		$	338,980			$	1,172			$	1,753,941			$	2,773,135			$	(177,649	)		$	1,359			$	4,690,938

Bank OZK
Consolidated Statements of Stockholders’ Equity
Unaudited
		Preferred Stock				Common Stock				Additional Paid-In Capital				Retained Earnings				Accumulated Other Comprehensive Income				Non- Controlling Interest				Total
		(Dollars in thousands, except per share amounts)
Three months ended December 31, 2021:
Balances – September 30, 2021		$	—			$	1,288			$	2,245,012			$	2,266,234			$	40,706			$	3,112			$	4,556,352
Net income			—				—				—				149,765				—				—				149,765
Earnings attributable to noncontrolling interest			—				—				—				(5	)			—				5				—
Total other comprehensive loss			—				—				—				—				(16,865	)			—				(16,865	)
Common stock dividends, $0.29 per share			—				—				—				(37,528	)			—				—				(37,528	)
Issuance of 14,000,000 shares of preferred stock, net of offering costs			338,980				—				—				—				—				—				338,980
Issuance of 31,400 shares of common stock for exercise of stock options			—				—				1,131				—				—				—				1,131
Repurchase and cancellation of 3,387,421 shares of common stock under share repurchase program			—				(34	)			(156,410	)			—				—				—				(156,444	)
Stock-based compensation expense			—				—				3,969				—				—				—				3,969
Forfeitures of 18,050 shares of unvested restricted common stock			—				—				—				—				—				—				—
Balances – December 31, 2021		$	338,980			$	1,254			$	2,093,702			$	2,378,466			$	23,841			$	3,117			$	4,839,360
Year ended December 31, 2021:
Balances – December 31, 2020		$	—			$	1,294			$	2,265,850			$	1,946,875			$	58,252			$	3,085			$	4,275,356
Net income			—				—				—				579,033				—				—				579,033
Earnings attributable to noncontrolling interest			—				—				—				(32	)			—				32				—
Total other comprehensive loss			—				—				—				—				(34,411	)			—				(34,411	)
Common stock dividends, $1.1325 per share			—				—				—				(147,410	)			—				—				(147,410	)
Issuance of 14,000,000 shares of preferred stock, net of offering costs			338,980				—				—				—				—				—				338,980
Issuance of 207,650 shares of common stock for exercise of stock options			—				2				7,224				—				—				—				7,226
Issuance of 332,831 shares of unvested restricted common stock			—				3				(3	)			—				—				—				—
Repurchase and cancellation of 4,275,988 shares of common stock under share repurchase program			—				(43	)			(193,401	)			—				—				—				(193,444	)
Repurchase and cancellation of 55,893 shares of common stock withheld for taxes pursuant to restricted stock vesting			—				(1	)			(1,976	)			—				—				—				(1,977	)
Stock-based compensation expense			—				—				16,007				—				—				—				16,007
Forfeitures of 115,300 shares of unvested restricted common stock			—				(1	)			1				—				—				—				—
Balances – December 31, 2021		$	338,980			$	1,254			$	2,093,702			$	2,378,466			$	23,841			$	3,117			$	4,839,360

Bank OZK
Summary of Non-Interest Expense
Unaudited
		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
		(Dollars in thousands)
Salaries and employee benefits		$	59,946			$	55,034			$	226,373			$	214,567
Net occupancy and equipment			17,584				17,004				70,058				66,801
Other operating expenses:
Professional and outside services			8,303				7,880				31,905				29,013
Software and data processing			6,861				6,165				25,049				23,860
Deposit insurance and assessments			2,710				2,125				9,610				11,185
Advertising and public relations			2,987				1,151				8,797				2,772
Telecommunication services			2,134				2,064				7,986				8,427
Travel and meals			1,755				1,883				7,661				5,694
Postage and supplies			1,906				1,909				7,146				6,627
ATM expense			1,834				1,639				6,331				6,255
Amortization of intangibles			1,189				1,517				5,520				6,394
Loan collection and repossession expense			306				587				1,387				2,044
Writedowns of foreclosed and other assets			710				985				1,055				3,461
Amortization of CRA and tax credit investments			5,408				2,755				20,293				15,078
Other			5,380				7,408				22,550				28,097
Total non-interest expense		$	119,013			$	110,106			$	451,721			$	430,275

Bank OZK
Summary of Total Loans Outstanding
Unaudited
		December 31,
		2022								2021
		(Dollars in thousands)
Real estate:
Residential 1-4 family		$	981,567				4.7	%		$	887,024				4.8	%
Non-farm/non-residential			4,665,268				22.5				3,782,892				20.7
Construction/land development			8,287,936				39.9				8,246,674				45.0
Agricultural			239,689				1.2				247,727				1.4
Multifamily residential			1,503,398				7.2				934,845				5.1
Total real estate			15,677,858				75.5				14,099,162				77.0
Commercial and industrial			902,321				4.3				510,784				2.8
Consumer			2,445,851				11.8				2,185,429				11.9
Other			1,752,761				8.4				1,512,450				8.3
Total loans			20,778,791				100.0	%			18,307,825				100.0	%
Allowance for loan losses			(208,858	)							(217,380	)
Net loans		$	20,569,933							$	18,090,445

Bank OZK
Allowance for Credit Losses
Unaudited
		Allowance for Loan Losses				Reserve for Losses on Unfunded Loan Commitments				Total Allowance for Credit Losses
		(Dollars in thousands)
Three months ended December 31, 2022:
Balances – September 30, 2022		$	200,098			$	135,537			$	335,635
Net charge-offs			(2,866	)			—				(2,866	)
Provision for credit losses			11,626				20,882				32,508
Balances – December 31, 2022		$	208,858			$	156,419			$	365,277
Year ended December 31, 2022:
Balances – December 31, 2021		$	217,380			$	71,609			$	288,989
Net charge-offs			(7,206	)			—				(7,206	)
Provision for credit losses			(1,316	)			84,810				83,494
Balances – December 31, 2022		$	208,858			$	156,419			$	365,277
Three months ended December 31, 2021:
Balances – September 30, 2021		$	237,722			$	61,076			$	298,798
Net charge-offs			(1,817	)			—				(1,817	)
Provision for credit losses			(18,525	)			10,533				(7,992	)
Balances – December 31, 2021		$	217,380			$	71,609			$	288,989
Year ended December 31, 2021:
Balances – December 31, 2020		$	295,824			$	81,481			$	377,305
Net charge-offs			(10,378	)			—				(10,378	)
Provision for credit losses			(68,066	)			(9,872	)			(77,938	)
Balances – December 31, 2021		$	217,380			$	71,609			$	288,989

Bank OZK
Summary of Deposits – By Account Type
Unaudited
		December 31,
		2022								2021
		(Dollars in thousands)
Non-interest bearing		$	4,658,451				21.7	%		$	4,983,788				24.7	%
Interest bearing:
Transaction (NOW)			4,097,532				19.1				3,412,369				16.9
Savings and money market			5,808,185				27.0				5,833,358				28.9
Time deposits			6,935,975				32.2				5,979,619				29.5
Total deposits		$	21,500,143				100.0	%		$	20,209,134				100.0	%

Summary of Deposits – By Customer Type
Unaudited
		December 31,
		2022								2021
		(Dollars in thousands)
Non-interest bearing		$	4,658,451				21.7	%		$	4,983,788				24.7	%
Interest bearing:
Consumer and commercial:
Consumer – non-time			3,916,078				18.2				4,334,378				21.4
Consumer – time			4,936,061				23.0				4,318,742				21.4
Commercial – non-time			2,741,007				12.7				2,634,817				13.0
Commercial – time			516,477				2.4				905,347				4.5
Public funds			2,103,392				9.8				2,094,800				10.4
Brokered			2,050,294				9.5				452,137				2.2
Reciprocal			578,383				2.7				485,125				2.4
Total deposits		$	21,500,143				100.0	%		$	20,209,134				100.0	%

Bank OZK
Selected Consolidated Financial Data
Unaudited
		Three Months Ended December 31,												Year Ended December 31,
		2022				2021				% Change				2022				2021				% Change
		(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	332,488			$	266,381				24.8	%		$	1,142,242			$	989,720				15.4	%
Provision for credit losses			32,508				(7,992	)		NM					83,494				(77,938	)		NM
Non-interest income			27,544				29,695				(7.2	)			114,503				115,538				(0.9	)
Non-interest expense			119,013				110,106				8.1				451,721				430,275				5.0
Net income			162,825				149,765				8.7				564,090				579,033				(2.6	)
Preferred stock dividends			4,047				—			NM					16,621				—			NM
Net income available to common stockholders			158,832				149,760				6.1				547,520				579,001				(5.4	)
Pre-tax pre-provision net revenue(1)			241,019				185,970				29.6				805,024				674,983				19.3
Common share and per common share data:
Diluted earnings per common share		$	1.34			$	1.17				14.5	%		$	4.54			$	4.47				1.6	%
Basic earnings per common share			1.35				1.17				15.4				4.55				4.49				1.3
Common stock dividends per share			0.33				0.29				13.8				1.26				1.1325				11.3
Book value per share			37.13				35.85				3.6				37.13				35.85				3.6
Tangible book value per common share(1)			31.47				30.52				3.1				31.47				30.52				3.1
Weighted-average diluted shares outstanding (thousands)			118,201				128,246				(7.8	)			120,700				129,618				(6.9	)
End of period shares outstanding (thousands)			117,177				125,444				(6.6	)			117,177				125,444				(6.6	)
Balance sheet data at period end:
Total assets		$	27,656,568			$	26,530,430				4.2	%		$	27,656,568			$	26,530,430				4.2	%
Total loans			20,778,791				18,307,825				13.5				20,778,791				18,307,825				13.5
Non-purchased loans			20,400,154				17,791,610				14.7				20,400,154				17,791,610				14.7
Purchased loans			378,637				516,215				(26.7	)			378,637				516,215				(26.7	)
Allowance for loan losses			208,858				217,380				(3.9	)			208,858				217,380				(3.9	)
Foreclosed assets			6,616				5,744				15.2				6,616				5,744				15.2
Investment securities − AFS			3,491,613				3,916,733				(10.9	)			3,491,613				3,916,733				(10.9	)
Goodwill and other intangible assets, net			663,543				669,063				(0.8	)			663,543				669,063				(0.8	)
Deposits			21,500,143				20,209,134				6.4				21,500,143				20,209,134				6.4
Other borrowings			606,666				756,321				(19.8	)			606,666				756,321				(19.8	)
Subordinated notes			346,947				346,133				0.2				346,947				346,133				0.2
Subordinated debentures			121,591				121,033				0.5				121,591				121,033				0.5
Unfunded balance of closed loans			21,062,733				13,619,578				54.7				21,062,733				13,619,578				54.7
Reserve for losses on unfunded loan commitments			156,419				71,609				118.4				156,419				71,609				118.4
Preferred stock			338,980				338,980				—				338,980				338,980				—
Total common stockholders’ equity(1)			4,350,599				4,497,263				(3.3	)			4,350,599				4,497,263				(3.3	)
Net unrealized (losses) gains on investment securities AFS included in stockholders’ equity			(177,649	)			23,841			NM					(177,649	)			23,841			NM
Loan (including purchased loans) to deposit ratio			96.64	%			90.59	%							96.64	%			90.59	%
Selected ratios:
Return on average assets(2)			2.35	%			2.25	%							2.08	%			2.17	%
Return on average common stockholders’ equity(1) (2)			14.76				13.08								12.66				13.01
Return on average tangible common stockholders’ equity(1) (2)			17.48				15.34								14.97				15.32
Average common equity to total average assets			15.90				17.17								16.42				16.72
Net interest margin – FTE(2)			5.46				4.41								4.82				4.09
Efficiency ratio			32.84				37.06								35.75				38.76
Net charge-offs to average non-purchased loans(2) (3)			0.09				0.05								0.07				0.06
Net charge-offs to average total loans(2)			0.06				0.04								0.04				0.06
Nonperforming loans to total loans(4)			0.22				0.19								0.22				0.19
Nonperforming assets to total assets(4)			0.19				0.15								0.19				0.15
Allowance for loan losses to total loans(5)			1.01				1.19								1.01				1.19
Allowance for credit losses to total loans and unfunded loan commitments			0.87				0.91								0.87				0.91
Other information:
Non-accrual loans(4)		$	43,411			$	33,274							$	43,411			$	33,274
Accruing loans − 90 days past due(4)			—				—								—				—
Troubled and restructured non-purchased loans − accruing(4)			1,680				1,285								1,680				1,285

⁽¹⁾  Calculations of pre-tax pre-provision net revenue, total common stockholders’ equity, tangible book value per common share and 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.
⁽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.
NM – Not meaningful

Selected Consolidated Financial Data (continued)
Unaudited
		Three Months Ended
		December 31, 2022				September 30, 2022				% Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	332,488			$	294,617				12.9	%
Provision for credit losses			32,508				39,771				(18.3	)
Non-interest income			27,544				29,163				(5.6	)
Non-interest expense			119,013				115,691				2.9
Net income			162,825				132,349				23.0
Preferred stock dividends			4,047				4,047				—
Net income available to common stockholders			158,832				128,302				23.8
Pre-tax pre-provision net revenue(1)			241,019				208,089				15.8
Common share and per common share data:
Diluted earnings per common share		$	1.34			$	1.08				24.1	%
Basic earnings per common share			1.35				1.08				25.0
Common stock dividends per share			0.33				0.32				3.1
Book value per share			37.13				35.67				4.1
Tangible book value per common share(1)			31.47				30.02				4.8
Weighted-average diluted shares outstanding (thousands)			118,201				118,856				(0.6	)
End of period shares outstanding (thousands)			117,177				117,762				(0.5	)
Balance sheet data at period end:
Total assets		$	27,656,568			$	26,232,119				5.4	%
Total loans			20,778,791				19,513,712				6.5
Non-purchased loans			20,400,154				19,103,546				6.8
Purchased loans			378,637				410,166				(7.7	)
Allowance for loan losses			208,858				200,098				4.4
Foreclosed assets			6,616				6,559				0.9
Investment securities − AFS			3,491,613				3,528,077				(1.0	)
Goodwill and other intangible assets, net			663,543				664,732				(0.2	)
Deposits			21,500,143				20,401,876				5.4
Other borrowings			606,666				456,466				32.9
Subordinated notes			346,947				346,741				0.1
Subordinated debentures			121,591				121,450				0.1
Unfunded balance of closed loans			21,062,733				20,091,101				4.8
Reserve for losses on unfunded loan commitments			156,419				135,537				15.4
Preferred stock			338,980				338,980				—
Total common stockholders’ equity(1)			4,350,599				4,200,444				3.6
Net unrealized losses on investment securities AFS included in stockholders’ equity			(177,649	)			(227,673	)			(22.0	)
Loan (including purchased loans) to deposit ratio			96.64	%			95.65	%
Selected ratios:
Return on average assets(2)			2.35	%			1.97	%
Return on average common stockholders’ equity(1) (2)			14.76				11.85
Return on average tangible common stockholders’ equity(1) (2)			17.48				14.02
Average common equity to average assets			15.90				16.61
Net interest margin – FTE(2)			5.46				5.03
Efficiency ratio			32.84				35.50
Net charge-offs to average non-purchased loans(2) (3)			0.09				0.09
Net charge-offs to average total loans(2)			0.06				0.09
Nonperforming loans to total loans(4)			0.22				0.14
Nonperforming assets to total assets(4)			0.19				0.13
Allowance for loan losses to total loans(5)			1.01				1.03
Allowance for credit losses to total loans and unfunded loan commitments			0.87				0.85
Other information:
Non-accrual loans(4)		$	43,411			$	24,633
Accruing loans − 90 days past due(4)			—				—
Troubled and restructured non-purchased loans − accruing(4)			1,680				1,610

⁽¹⁾  Calculations of pre-tax pre-provision net revenue, total common stockholders’ equity, tangible book value per common share and 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.
⁽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
		3/31/21				6/30/21				9/30/21				12/31/21				03/31/22				06/30/22				09/30/22				12/31/22
		(Dollars in thousands, except per share amounts)
Earnings summary:
Net interest income		$	234,636			$	240,746			$	247,957			$	266,381			$	249,343			$	265,793			$	294,617			$	332,488
Federal tax (FTE) adjustment			1,275				1,355				1,106				1,009				1,017				1,300				2,151				2,383
Net interest income (FTE)			235,911				242,101				249,063				267,390				250,360				267,093				296,768				334,871
Provision for credit losses			31,559				30,932				7,454				7,992				(4,190	)			(7,025	)			(39,771	)			(32,508	)
Non-interest income			32,117				27,742				25,984				29,695				31,475				26,320				29,163				27,544
Non-interest expense			(106,059	)			(103,711	)			(110,397	)			(110,106	)			(107,715	)			(109,300	)			(115,691	)			(119,013	)
Pre-tax income (FTE)			193,528				197,064				172,104				194,971				169,930				177,088				170,469				210,894
FTE adjustment			(1,275	)			(1,355	)			(1,106	)			(1,009	)			(1,017	)			(1,300	)			(2,151	)			(2,383	)
Provision for income taxes			(43,818	)			(45,161	)			(40,713	)			(44,197	)			(36,410	)			(39,375	)			(35,969	)			(45,686	)
Noncontrolling interest			(19	)			(13	)			5				(5	)			5				(8	)			—				54
Preferred stock dividend			—				—				—				—				(4,480	)			(4,047	)			(4,047	)			(4,047	)
Net income available to common stockholders		$	148,416			$	150,535			$	130,290			$	149,760			$	128,028			$	132,358			$	128,302			$	158,832
Earnings per common share – diluted		$	1.14			$	1.16			$	1.00			$	1.17			$	1.02			$	1.10			$	1.08			$	1.34
Pre-tax pre-provision net revenue		$	160,694			$	164,777			$	163,544			$	185,970			$	173,103			$	182,813			$	208,089			$	241,019
Selected balance sheet data at period end:
Total assets		$	27,276,892			$	26,605,938			$	26,143,367			$	26,530,430			$	26,562,353			$	25,919,965			$	26,232,119			$	27,656,568
Non-purchased loans			17,979,435				17,611,848				17,707,452				17,791,610				18,449,723				18,297,638				19,103,546				20,400,154
Purchased loans			735,630				659,822				597,851				516,215				481,299				445,080				410,166				378,637
Investment securities – AFS			4,162,479				4,693,396				3,846,496				3,916,733				3,728,284				3,705,807				3,528,077				3,491,613
Deposits			21,296,442				20,706,777				20,102,440				20,209,134				20,329,662				19,984,187				20,401,876				21,500,143
Unfunded balance of closed loans			11,780,099				11,709,818				12,385,369				13,619,578				14,954,367				17,369,767				20,091,101				21,062,733
Allowance for credit losses:
Balance at beginning of period		$	377,305			$	342,307			$	307,564			$	298,798			$	288,989			$	293,540			$	299,938			$	335,635
Net charge-offs			(3,439	)			(3,811	)			(1,312	)			(1,817	)			361				(627	)			(4,074	)			(2,866	)
Provision for credit losses			(31,559	)			(30,932	)			(7,454	)			(7,992	)			4,190				7,025				39,771				32,508
Balance at end of period		$	342,307			$	307,564			$	298,798			$	288,989			$	293,540			$	299,938			$	335,635			$	365,277
Allowance for loan losses		$	268,077			$	248,753			$	237,722			$	217,380			$	204,213			$	190,795			$	200,098			$	208,858
Reserve for losses on unfunded loan commitments			74,230				58,811				61,076				71,609				89,327				109,143				135,537				156,419
Total allowance for credit losses		$	342,307			$	307,564			$	298,798			$	288,989			$	293,540			$	299,938			$	335,635			$	365,277
Selected ratios:
Net interest margin – FTE(1)			3.86	%			3.95	%			4.16	%			4.41	%			4.24	%			4.52	%			5.03	%			5.46	%
Efficiency ratio			39.57				38.43				40.14				37.06				38.22				37.25				35.50				32.84
Net charge-offs to average non-purchased loans(1) (2)			0.08				0.09				0.04				0.05				0.08				0.03				0.09				0.09
Net charge-offs to average total loans(1)			0.07				0.08				0.03				0.04				(0.01	)			0.01				0.09				0.06
Nonperforming loans to total loans(3)			0.25				0.22				0.20				0.19				0.21				0.16				0.14				0.22
Nonperforming assets to total assets(3)			0.19				0.18				0.17				0.15				0.16				0.12				0.13				0.19
Allowance for loan losses to total loans(4)			1.43				1.36				1.30				1.19				1.08				1.02				1.03				1.01
Allowance for credit losses to total loans and unfunded commitments			1.12				1.03				0.97				0.91				0.87				0.83				0.85				0.87
Loans past due 30 days or more, including past due non-accrual loans, to total loans(3)			0.13				0.10				0.13				0.15				0.14				0.11				0.11				0.13

⁽¹⁾  Ratios for interim periods annualized based on actual days.
⁽²⁾  Excludes purchased loans and net charge-offs related to such loans.
⁽³⁾  Excludes purchased loans, except for their inclusion in total assets.
⁽⁴⁾  Excludes reserve for losses on unfunded loan commitments.

Bank OZK
Average Consolidated Balance Sheets and Net Interest Analysis – FTE
Unaudited
		Three Months Ended December 31,																		Year Ended December 31,
		2022									2021									2022									2021
		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 and federal funds sold		$	692,066		$	5,961		3.42	%		$	2,106,395		$	953		0.18	%		$	940,116		$	12,116		1.29	%		$	1,871,388		$	2,510		0.13	%
Investment securities:
Taxable			2,566,011			10,280		1.59				3,375,895			9,448		1.11				2,950,929			41,526		1.41				3,207,485			36,234		1.13
Tax-exempt – FTE			974,070			10,786		4.39				593,242			3,632		2.43				774,038			28,675		3.70				864,432			17,378		2.01
Non-purchased loans – FTE			19,728,477			367,136		7.38				17,449,281			256,267		5.83				18,744,652			1,159,161		6.18				17,683,033			973,755		5.51
Purchased loans			391,801			7,141		7.23				551,917			11,190		8.04				445,955			31,441		7.05				662,434			46,174		6.97
Total earning assets – FTE			24,352,425			401,304		6.54				24,076,730			281,490		4.64				23,855,690			1,272,919		5.34				24,288,772			1,076,051		4.43
Non-interest earning assets			2,508,505									2,370,349									2,472,672									2,335,412
Total assets		$	26,860,930								$	26,447,079								$	26,328,362								$	26,624,184
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction		$	9,519,104		$	26,543		1.11	%		$	9,178,225		$	2,641		0.11	%		$	9,588,372		$	48,344		0.50			$	8,788,200		$	12,481		0.14	%
Time deposits			6,321,731			26,687		1.67				6,256,904			6,873		0.44				5,680,395			46,229		0.81				7,534,244			51,941		0.69
Total interest bearing deposits			15,840,835			53,230		1.33				15,435,129			9,514		0.24				15,268,767			94,573		0.62				16,322,444			64,422		0.39
Other borrowings			753,605			8,533		4.49				757,784			1,020		0.53				673,932			13,034		1.93				757,303			4,029		0.53
Subordinated notes			346,847			2,631		3.01				346,025			2,631		3.02				346,538			10,439		3.01				212,600			9,386		4.42
Subordinated debentures			121,523			2,039		6.66				120,956			935		3.07				121,310			5,780		4.76				120,751			3,750		3.11
Total interest bearing liabilities			17,062,810			66,433		1.54				16,659,894			14,100	0.34					16,410,547			123,826		0.75				17,413,098			81,587		0.47
Non-interest bearing liabilities:
Non-interest bearing deposits			4,751,644									4,651,656									4,873,842									4,380,850
Other non-interest bearing liabilities			435,108									376,706									378,471									321,583
Total liabilities			22,249,562									21,688,256									21,662,860									22,115,531
Total stockholders’ equity before noncontrolling interest			4,608,570									4,755,706									4,662,467									4,505,544
Noncontrolling interest			2,798									3,117									3,035									3,109
Total liabilities and stockholders’ equity		$	26,860,930								$	26,447,079								$	26,328,362								$	26,624,184
Net interest income – FTE					$	334,871								$	267,390								$	1,149,093								$	994,464
Net interest margin – FTE								5.46	%								4.41	%								4.82	%								4.09	%
Core spread(1)								6.05	%								5.59	%								5.56	%								5.12	%

⁽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.

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
	December 31,								September 30,				Year Ended December 31,
	2022				2021				2022				2022				2021
	(Dollars in thousands)
Net income available to common stockholders	$	158,832			$	149,760			$	128,302			$	547,520			$	579,001
Average stockholders’ equity before noncontrolling interest	$	4,608,570			$	4,755,706			$	4,635,887			$	4,662,467			$	4,505,544
Less average preferred stock		(338,980	)			(213,693	)			(338,980	)			(338,980	)			(53,862	)
Total average common stockholders' equity		4,269,590				4,542,013				4,296,907				4,323,487				4,451,682
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		(3,421	)			(9,032	)			(4,747	)			(5,443	)			(11,398	)
Total average intangibles		(664,210	)			(669,821	)			(665,536	)			(666,232	)			(672,187	)
Average tangible common stockholders’ equity	$	3,605,380			$	3,872,192			$	3,631,371			$	3,657,255			$	3,779,495
Return on average common stockholders’ equity (1)		14.76	%			13.08	%			11.85	%			12.66	%			13.01	%
Return on average tangible common stockholders’ equity (1)		17.48	%			15.34	%			14.02	%			14.97	%			15.32	%

⁽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
		December 31,								September 30,
		2022				2021				2022
		(In thousands, except per share amounts)
Total stockholders’ equity before noncontrolling interest		$	4,689,579			$	4,836,243			$	4,539,424
Less preferred stock			(338,980	)			(338,980	)			(338,980	)
Total common stockholders' equity			4,350,599				4,497,263				4,200,444
Less intangible assets:
Goodwill			(660,789	)			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(2,754	)			(8,274	)			(3,943	)
Total intangibles			(663,543	)			(669,063	)			(664,732	)
Total tangible common stockholders’ equity		$	3,687,056			$	3,828,200			$	3,535,712
Shares of common stock outstanding			117,177				125,444				117,762
Book value per common share		$	37.13			$	35.85			$	35.67
Tangible book value per common share		$	31.47			$	30.52			$	30.02

Calculation of Total Common Stockholders’ Equity,Total Tangible Common Stockholders’ Equityand the Ratio of Total Tangible Common Stockholders’ Equityto Total Tangible Assets
Unaudited
		December 31,
		2022				2021
		(Dollars in thousands)
Total stockholders’ equity before noncontrolling interest		$	4,689,579			$	4,836,243
Less preferred stock			(338,980	)			(338,980	)
Total common stockholders’ equity			4,350,599				4,497,263
Less intangible assets:
Goodwill			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(2,754	)			(8,274	)
Total intangibles			(663,543	)			(669,063	)
Total tangible common stockholders’ equity		$	3,687,056			$	3,828,200
Total assets		$	27,656,568			$	26,530,430
Less intangible assets:
Goodwill			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(2,754	)			(8,274	)
Total intangibles			(663,543	)			(669,063	)
Total tangible assets		$	26,993,025			$	25,861,367
Ratio of total common stockholders’ equity to total assets			15.73	%			16.95	%
Ratio of total tangible common stockholders’ equity to total tangible assets			13.66	%			14.80	%

Calculation of Pre-Tax Pre-Provision Net Revenue
Unaudited
		Three Months Ended
		December 31, 2022				September 30, 2022				June 30, 2022				March 31, 2022				December 31, 2021
		(Dollars in thousands)
Net income available to common stockholders		$	158,832			$	128,302			$	132,358			$	128,028			$	149,760
Preferred stock dividends			4,047				4,047				4,047				4,480				—
Earnings attributable to noncontrolling interest			(54	)			—				8				(5	)			5
Provision for income taxes			45,686				35,969				39,375				36,410				44,197
Provision for credit losses			32,508				39,771				7,025				4,190				(7,992	)
Pre-tax pre-provision net revenue		$	241,019			$	208,089			$	182,813			$	173,103			$	185,970
		Three Months Ended												Year Ended December 31,
		September 30, 2021				June 30, 2021				March 31, 2021				2022				2021
		(Dollars in thousands)
Net income available to common stockholders		$	130,290			$	150,535			$	148,416			$	547,520			$	579,001
Preferred stock dividends			—				—				—				16,621				—
Earnings attributable to noncontrolling interest			(5	)			13				19				(51	)			32
Provision for income taxes			40,713				45,161				43,818				157,440				173,888
Provision for credit losses			(7,454	)			(30,932	)			(31,559	)			83,494				(77,938	)
Pre-tax pre-provision net revenue		$	163,544			$	164,777			$	160,694			$	805,024			$	674,983

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

FAQ

What were Bank OZK's earnings for Q4 2022?

Bank OZK reported a net income of $158.8 million for Q4 2022.

How much did the diluted earnings per share increase for Q4 2022?

The diluted earnings per share increased by 14.5% to $1.34 for Q4 2022.

What was the total loan growth for Bank OZK in 2022?

Total loans grew by 13.5% year-over-year, totaling $20.78 billion.

What is the provision for credit losses reported for 2022?

The provision for credit losses for 2022 amounted to $83.5 million.

Did Bank OZK repurchase any shares in 2022?

Yes, Bank OZK repurchased approximately 8.37 million shares at a weighted average cost of $41.80.