Bank OZK Announces Record Fourth Quarter and Full Year 2024 Earnings
Bank OZK (Nasdaq: OZK) reported record financial results for Q4 and full year 2024. The bank achieved net income of $178.1 million in Q4 2024, up 4.1% year-over-year, marking its ninth consecutive quarterly record. Full-year 2024 net income reached $700.3 million, a 3.8% increase from 2023.
Q4 2024 diluted earnings per share were $1.56, up 4.0% from Q4 2023, while full-year EPS reached $6.14, increasing 4.6% year-over-year. The bank's loan portfolio grew to $29.97 billion, while deposits increased to $31.04 billion, both showing 13.3% growth from 2023. Total assets rose 11.7% to $38.26 billion.
Asset quality metrics showed some pressure, with the nonperforming loans ratio increasing to 0.44% from 0.23% year-over-year, while maintaining strong capital ratios with total common stockholders' equity to total assets at 14.03%.
Bank OZK (Nasdaq: OZK) ha riportato risultati finanziari record per il quarto trimestre e per l'intero anno 2024. La banca ha conseguito un utile netto di 178,1 milioni di dollari nel quarto trimestre del 2024, in aumento del 4,1% rispetto all'anno precedente, segnando il nono record trimestrale consecutivo. L'utile netto per l'intero anno 2024 ha raggiunto 700,3 milioni di dollari, con un incremento del 3,8% rispetto al 2023.
Gli utili per azione diluiti del quarto trimestre 2024 sono stati di 1,56 dollari, in aumento del 4,0% rispetto al quarto trimestre 2023, mentre l'utile per azione per l'intero anno ha raggiunto 6,14 dollari, con un aumento del 4,6% anno su anno. Il portafoglio prestiti della banca è cresciuto fino a 29,97 miliardi di dollari, mentre i depositi sono aumentati a 31,04 miliardi di dollari, entrambi mostrando una crescita del 13,3% rispetto al 2023. Il totale delle attività è aumentato dell'11,7% a 38,26 miliardi di dollari.
I parametri di qualità degli attivi hanno mostrato qualche pressione, con il rapporto di prestiti non performanti che è aumentato dallo 0,23% allo 0,44% anno su anno, mantenendo al contempo forti rapporti di capitale, con il totale del patrimonio netto degli azionisti comuni rispetto al totale delle attività al 14,03%.
Bank OZK (Nasdaq: OZK) reportó resultados financieros récord para el cuarto trimestre y el año completo 2024. El banco logró un ingreso neto de 178,1 millones de dólares en el cuarto trimestre de 2024, un 4,1% más que el año anterior, marcando su noveno récord trimestral consecutivo. El ingreso neto del año completo 2024 alcanzó 700,3 millones de dólares, un aumento del 3,8% con respecto a 2023.
Las ganancias por acción diluidas del cuarto trimestre de 2024 fueron de 1,56 dólares, un 4,0% más que en el cuarto trimestre de 2023, mientras que las ganancias por acción del año completo alcanzaron 6,14 dólares, aumentando un 4,6% año tras año. La cartera de préstamos del banco creció a 29,97 mil millones de dólares, mientras que los depósitos aumentaron a 31,04 mil millones de dólares, ambos mostrando un crecimiento del 13,3% en comparación con 2023. Los activos totales aumentaron un 11,7% a 38,26 mil millones de dólares.
Los métricas de calidad de los activos mostraron cierta presión, con el ratio de préstamos no productivos aumentando del 0,23% al 0,44% año tras año, mientras se mantuvieron fuertes ratios de capital, con el patrimonio total de los accionistas comunes respecto a los activos totales en el 14,03%.
Bank OZK (Nasdaq: OZK)는 2024년 4분기 및 전체 연도의 기록적인 재무 결과를 발표했습니다. 이 은행은 2024년 4분기에 1억 7천 810만 달러의 순이익을 기록하였으며, 이는 전년 대비 4.1% 증가한 수치로 아홉 번째 연속 분기 기록을 경신한 것입니다. 2024년 전체 연도의 순이익은 7억 3천 3백만 달러에 도달하여 2023년 대비 3.8% 증가하였습니다.
2024년 4분기의 희석 주당순이익(EPS)은 1.56달러로, 2023년 4분기 대비 4.0% 증가하였으며, 전체 연도의 EPS는 6.14달러로, 전년 대비 4.6% 증가했습니다. 은행의 대출 포트폴리오는 299억 7천만 달러로 증가하였고, 예금은 310억 4천만 달러로 증가하여 모두 2023년 대비 13.3% 성장했습니다. 총 자산은 11.7% 증가하여 382억 6천만 달러에 달했습니다.
자산 품질 지표에서 약간의 압력이 나타났으며, 부실 대출 비율은 전년 대비 0.23%에서 0.44%로 증가하였으나, 총 자산 대비 보통주 자본 비율은 14.03%로 강한 자본 비율을 유지하고 있습니다.
Bank OZK (Nasdaq: OZK) a rapporté des résultats financiers record pour le quatrième trimestre et l'année complète 2024. La banque a enregistré un revenu net de 178,1 millions de dollars au quatrième trimestre 2024, en hausse de 4,1 % par rapport à l'année précédente, marquant son neuvième record trimestriel consécutif. Le revenu net pour l'année entière 2024 a atteint 700,3 millions de dollars, soit une augmentation de 3,8 % par rapport à 2023.
Le bénéfice par action dilué du quatrième trimestre 2024 était de 1,56 dollars, en hausse de 4,0 % par rapport au quatrième trimestre 2023, tandis que le BPA pour l'ensemble de l'année a atteint 6,14 dollars, augmentant de 4,6 % d'une année sur l'autre. Le portefeuille de prêts de la banque a augmenté pour atteindre 29,97 milliards de dollars, tandis que les dépôts ont augmenté à 31,04 milliards de dollars, les deux affichant une croissance de 13,3 % par rapport à 2023. Les actifs totaux ont augmenté de 11,7 % pour atteindre 38,26 milliards de dollars.
Les indicateurs de la qualité des actifs ont montré une certaine pression, le ratio des prêts non performants passant de 0,23 % à 0,44 % d'une année sur l'autre, tout en maintenant des ratios de capital solides, avec un rapport des capitaux propres des actionnaires ordinaires aux actifs totaux de 14,03 %.
Bank OZK (Nasdaq: OZK) hat rekordverdächtige Finanzergebnisse für das 4. Quartal und das gesamte Jahr 2024 gemeldet. Die Bank erzielte im 4. Quartal 2024 ein Nettoeinkommen von 178,1 Millionen Dollar, was einem Anstieg von 4,1% im Vergleich zum Vorjahr entspricht, und markierte damit den neunten Quartalsrekord in Folge. Das Nettoeinkommen für das gesamte Jahr 2024 erreichte 700,3 Millionen Dollar, was einem Anstieg von 3,8% im Vergleich zu 2023 entspricht.
Der verwässerte Gewinn pro Aktie im 4. Quartal 2024 betrug 1,56 Dollar, was einem Anstieg von 4,0% gegenüber dem 4. Quartal 2023 entspricht, während der Gewinn pro Aktie für das gesamte Jahr 6,14 Dollar betrug, was einem Anstieg von 4,6% im Jahresvergleich entspricht. Das Kreditportfolio der Bank wuchs auf 29,97 Milliarden Dollar, während die Einlagen auf 31,04 Milliarden Dollar anstiegen, was beides ein Wachstum von 13,3% gegenüber 2023 zeigt. Die Gesamtaktiva stiegen um 11,7% auf 38,26 Milliarden Dollar.
Die Qualitätskennzahlen der Vermögenswerte zeigten leichten Druck, da sich die Quote der notleidenden Kredite von 0,23% auf 0,44% im Jahresvergleich erhöhte, während gleichzeitig starke Kapitalquoten aufrechterhalten wurden, mit einem Verhältnis von Eigenkapital der Stammaktionäre zu den gesamten Aktiva von 14,03%.
- Ninth consecutive quarter of record net income, reaching $178.1M in Q4 2024 (+4.1% YoY)
- Full year 2024 EPS grew 4.6% to $6.14
- Loan portfolio and deposits both increased 13.3% YoY
- Strong capital position with 14.03% common equity to assets ratio
- Book value per share increased 11.5% to $47.30
- Nonperforming loans ratio increased to 0.44% from 0.23% YoY
- Q4 PPNR decreased 3.7% from Q3 2024
- Net charge-offs increased to 0.20% for 2024 compared to 0.13% in 2023
- Return on average assets declined to 1.91% in 2024 from 2.20% in 2023
Insights
Bank OZK's Q4 and FY 2024 results showcase remarkable financial strength and consistent growth. The net income of
Particularly noteworthy is the bank's loan portfolio expansion to
The bank's asset quality metrics show slight deterioration, with nonperforming loans ratio increasing to
The risk profile analysis reveals both strengths and emerging challenges. While the
The bank maintains strong capital buffers with a total common stockholders' equity to assets ratio of
The market implications of OZK's performance are compelling. Nine consecutive quarters of record earnings demonstrate exceptional execution amid challenging market conditions. The
The bank's efficiency in capital deployment is reflected in its strong returns, with ROE at
LITTLE ROCK, Ark., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the fourth quarter of 2024 was
Diluted earnings per common share for the fourth quarter of 2024 were
Pre-tax pre-provision net revenue (“PPNR”) was
Provision for credit losses was
The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the fourth quarter of 2024 were
George Gleason, Chairman and Chief Executive Officer stated, “We are very pleased to have achieved record net income and earnings per share in each quarter of 2024 and for the full year. Our results for the quarter just ended were our ninth consecutive quarter of record net income and record earnings per share. Our consistent achievement of record earnings, while maintaining sound asset quality, has allowed us to accumulate capital, increase dividends and significantly expand and grow our business.”
KEY BALANCE SHEET METRICS
Loans were
Common stockholders’ equity was
Book value per common share was
The Bank's strong earnings and earnings retention rate, among other factors, have contributed to its robust capital ratios. The Bank’s ratio of total common stockholders’ equity to total assets was
ASSET QUALITY
The Bank’s ratio of nonperforming loans to loans was
MANAGEMENT COMMENTS, CONFERENCE CALL, TRANSCRIPT AND FILINGS
In connection with this release, the Bank released management comments on its quarterly results, which are available at https://ir.ozk.com. This release should be read in conjunction with management comments on the fourth quarter and full year 2024 results.
Management will conduct a conference call to take questions at 10:00 a.m. CT (11:00 a.m. ET) on Friday, January 17, 2025. 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 adjust GAAP financial measures to exclude certain financial measures, such as, preferred stock, goodwill, provision for income taxes, provision for credit loses, and other measures. 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 recent U.S. presidential and congressional elections; impacts of potential changes in U.S. tax, tariff and immigration laws, regulations and policies; 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 more than 240 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi and had
| Bank OZK Consolidated Balance Sheets Unaudited | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| (Dollars in thousands) | ||||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 2,781,101 | $ | 2,149,529 | ||||
| Investment securities – available for sale (“AFS”) | 2,836,150 | 3,244,371 | ||||||
| Federal Home Loan Bank of Dallas (“FHLB”) and other bankers’ bank stocks | 39,930 | 50,400 | ||||||
| Loans | 29,968,867 | 26,459,075 | ||||||
| Allowance for loan losses | (465,547 | ) | (339,394 | ) | ||||
| Net Loans | 29,503,320 | 26,119,681 | ||||||
| Premises and equipment, net | 739,111 | 676,821 | ||||||
| Foreclosed assets | 69,381 | 61,720 | ||||||
| Accrued interest receivable | 174,025 | 170,110 | ||||||
| Bank owned life insurance (“BOLI”) | 829,405 | 808,490 | ||||||
| Goodwill | 660,789 | 660,789 | ||||||
| Other, net | 625,640 | 295,546 | ||||||
| Total assets | $ | 38,258,852 | $ | 34,237,457 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Deposits: | ||||||||
| Demand non-interest bearing | $ | 3,769,543 | $ | 4,095,874 | ||||
| Savings and interest bearing transaction | 9,954,723 | 9,074,296 | ||||||
| Time | 17,318,806 | 14,234,973 | ||||||
| Total deposits | 31,043,072 | 27,405,143 | ||||||
| Other borrowings | 420,813 | 805,318 | ||||||
| Subordinated notes | 348,575 | 347,761 | ||||||
| Subordinated debentures | 113,652 | 121,652 | ||||||
| Reserve for losses on unfunded loan commitments | 153,813 | 161,834 | ||||||
| Accrued interest payable and other liabilities | 472,733 | 255,773 | ||||||
| Total liabilities | 32,552,658 | 29,097,481 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred Stock: 14,000,000 issued and outstanding at December 31, 2024 and December 31, 2023 | 338,980 | 338,980 | ||||||
| Common Stock: 113,457,726 and 113,148,672 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 1,135 | 1,131 | ||||||
| Additional paid-in capital | 1,625,506 | 1,612,446 | ||||||
| Retained earnings | 3,816,138 | 3,283,818 | ||||||
| Accumulated other comprehensive loss | (76,136 | ) | (97,374 | ) | ||||
| Total stockholders’ equity before noncontrolling interest | 5,705,623 | 5,139,001 | ||||||
| Noncontrolling interest | 571 | 975 | ||||||
| Total stockholders’ equity | 5,706,194 | 5,139,976 | ||||||
| Total liabilities and stockholders’ equity | $ | 38,258,852 | $ | 34,237,457 | ||||
| Bank OZK Consolidated Statements of Income Unaudited | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||
| Interest income: | ||||||||||||||||
| Loans | $ | 615,384 | $ | 563,256 | $ | 2,458,551 | $ | 1,991,546 | ||||||||
| Investment securities: | ||||||||||||||||
| Taxable | 8,736 | 9,667 | 34,736 | 39,429 | ||||||||||||
| Tax-exempt | 12,192 | 10,670 | 46,067 | 38,957 | ||||||||||||
| Deposits with banks | 26,324 | 21,901 | 110,223 | 58,241 | ||||||||||||
| Total interest income | 662,636 | 605,494 | 2,649,577 | 2,128,173 | ||||||||||||
| Interest expense: | ||||||||||||||||
| Deposits | 273,119 | 218,474 | 1,084,855 | 627,050 | ||||||||||||
| Other borrowings | 5,153 | 11,329 | 10,819 | 41,669 | ||||||||||||
| Subordinated notes | 2,631 | 2,631 | 10,439 | 10,439 | ||||||||||||
| Subordinated debentures | 2,335 | 2,512 | 9,740 | 9,530 | ||||||||||||
| Total interest expense | 283,238 | 234,946 | 1,115,853 | 688,688 | ||||||||||||
| Net interest income | 379,398 | 370,548 | 1,533,724 | 1,439,485 | ||||||||||||
| Provision for credit losses | 37,174 | 43,832 | 175,552 | 165,470 | ||||||||||||
| Net interest income after provision for credit losses | 342,224 | 326,716 | 1,358,172 | 1,274,015 | ||||||||||||
| Non-interest income: | ||||||||||||||||
| Deposit-related fees: | ||||||||||||||||
| NSF fees | — | 1,129 | — | 4,228 | ||||||||||||
| Overdraft fees | 3,488 | 3,571 | 13,842 | 13,831 | ||||||||||||
| All other service charges | 7,537 | 7,333 | 29,495 | 27,995 | ||||||||||||
| Loan-related fees | 8,786 | 6,755 | 28,144 | 18,920 | ||||||||||||
| BOLI income: | ||||||||||||||||
| Increase in cash surrender value | 5,807 | 5,401 | 22,677 | 20,696 | ||||||||||||
| Death benefits | — | 2,966 | 1,344 | 2,966 | ||||||||||||
| Trust income | 2,632 | 2,165 | 9,567 | 8,524 | ||||||||||||
| Gains on sales of other assets | 582 | 3,288 | 3,417 | 9,029 | ||||||||||||
| Net gains on investment securities | — | 1,177 | 560 | 3,243 | ||||||||||||
| Other | 4,110 | 3,242 | 15,367 | 13,117 | ||||||||||||
| Total non-interest income | 32,942 | 37,027 | 124,413 | 122,549 | ||||||||||||
| Non-interest expense: | ||||||||||||||||
| Salaries and employee benefits | 77,719 | 66,270 | 296,016 | 258,846 | ||||||||||||
| Net occupancy and equipment | 17,901 | 17,234 | 71,676 | 72,591 | ||||||||||||
| Other operating expenses | 44,507 | 61,507 | 183,601 | 198,124 | ||||||||||||
| Total non-interest expense | 140,127 | 145,011 | 551,293 | 529,561 | ||||||||||||
| Income before taxes | 235,039 | 218,732 | 931,292 | 867,003 | ||||||||||||
| Provision for income taxes | 52,831 | 43,600 | 214,789 | 176,164 | ||||||||||||
| Net income | 182,208 | 175,132 | 716,503 | 690,839 | ||||||||||||
| Earnings attributable to noncontrolling interest | (26 | ) | (6 | ) | (47 | ) | (56 | ) | ||||||||
| Preferred stock dividends | 4,047 | 4,047 | 16,187 | 16,187 | ||||||||||||
| Net income available to common stockholders | $ | 178,135 | $ | 171,079 | $ | 700,269 | $ | 674,596 | ||||||||
| Basic earnings per common share | $ | 1.57 | $ | 1.51 | $ | 6.16 | $ | 5.89 | ||||||||
| Diluted earnings per common share | $ | 1.56 | $ | 1.50 | $ | 6.14 | $ | 5.87 | ||||||||
| 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, 2024: | |||||||||||||||||||||||||||
| Balances – September 30, 2024 | $ | 338,980 | $ | 1,135 | $ | 1,619,832 | $ | 3,684,869 | $ | (51,957 | ) | $ | 696 | $ | 5,593,555 | ||||||||||||
| Net income | — | — | — | 182,208 | — | — | 182,208 | ||||||||||||||||||||
| Earnings attributable to noncontrolling interest | — | — | — | (26 | ) | — | 26 | — | |||||||||||||||||||
| Total other comprehensive income | — | — | — | — | (24,179 | ) | — | (24,179 | ) | ||||||||||||||||||
| Preferred stock dividends, | — | — | — | (4,047 | ) | — | — | (4,047 | ) | ||||||||||||||||||
| Common stock dividends, | — | — | — | (46,866 | ) | — | — | (46,866 | ) | ||||||||||||||||||
| Return of capital paid to non-controlling interest | — | — | — | — | — | (151 | ) | (151 | ) | ||||||||||||||||||
| Issuance of 11,290 shares of common stock pursuant to stock-based compensation plans | — | — | 417 | — | — | — | 417 | ||||||||||||||||||||
| Stock-based compensation expense | — | — | 5,257 | — | — | — | 5,257 | ||||||||||||||||||||
| Forfeitures of 3,450 shares of unvested restricted common stock | — | — | — | — | — | — | — | ||||||||||||||||||||
| Balances – December 31, 2024 | $ | 338,980 | $ | 1,135 | $ | 1,625,506 | $ | 3,816,138 | $ | (76,136 | ) | $ | 571 | $ | 5,706,194 | ||||||||||||
| Year ended December 31, 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 | — | — | — | 716,503 | — | — | 716,503 | ||||||||||||||||||||
| Earnings attributable to noncontrolling interest | — | — | — | (47 | ) | — | 47 | — | |||||||||||||||||||
| Total other comprehensive income | — | — | — | — | 21,238 | — | 21,238 | ||||||||||||||||||||
| Preferred stock dividends, | — | — | — | (16,187 | ) | — | — | (16,187 | ) | ||||||||||||||||||
| Common stock dividends, | — | — | — | (180,639 | ) | — | — | (180,639 | ) | ||||||||||||||||||
| Return of capital to non-controlling interest | — | — | — | — | — | (451 | ) | (451 | ) | ||||||||||||||||||
| Issuance of 532,941 shares of common stock pursuant to stock-based compensation plans | — | 6 | 856 | — | — | — | 862 | ||||||||||||||||||||
| Repurchase and cancellation of 11,903 shares of common stock under share repurchase program, including excise taxes | — | — | (462 | ) | — | — | — | (462 | ) | ||||||||||||||||||
| 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 | — | — | 20,674 | — | — | — | 20,674 | ||||||||||||||||||||
| Forfeitures of 27,569 shares of unvested restricted common stock | — | — | — | — | — | — | — | ||||||||||||||||||||
| Balances – December 31, 2024 | $ | 338,980 | $ | 1,135 | $ | 1,625,506 | $ | 3,816,138 | $ | (76,136 | ) | $ | 571 | $ | 5,706,194 | ||||||||||||
| 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, 2023: | |||||||||||||||||||||||||||
| Balances – September 30, 2023 | $ | 338,980 | $ | 1,131 | $ | 1,607,510 | $ | 3,154,869 | $ | (198,986 | ) | $ | 1,409 | $ | 4,904,913 | ||||||||||||
| Net income | — | — | — | 175,132 | — | — | 175,132 | ||||||||||||||||||||
| Earnings attributable to noncontrolling interest | — | — | — | (6 | ) | — | 6 | — | |||||||||||||||||||
| Total other comprehensive income | — | — | — | — | 101,612 | — | 101,612 | ||||||||||||||||||||
| Preferred stock dividends, | — | — | — | (4,047 | ) | — | — | (4,047 | ) | ||||||||||||||||||
| Common stock dividends, | — | — | — | (42,130 | ) | — | — | (42,130 | ) | ||||||||||||||||||
| Return of capital to non-controlling interest | — | — | — | — | — | (440 | ) | (440 | ) | ||||||||||||||||||
| Issuance of 17,018 shares of common stock pursuant to stock-based compensation plans | — | — | 547 | — | — | — | 547 | ||||||||||||||||||||
| Stock-based compensation expense | — | — | 4,389 | — | — | — | 4,389 | ||||||||||||||||||||
| Forfeitures of 4,578 shares of unvested restricted common stock | — | — | — | — | — | — | — | ||||||||||||||||||||
| Balances – December 31, 2023 | $ | 338,980 | $ | 1,131 | $ | 1,612,446 | $ | 3,283,818 | $ | (97,374 | ) | $ | 975 | $ | 5,139,976 | ||||||||||||
| Year ended December 31, 2023: | |||||||||||||||||||||||||||
| Balances – December 31, 2022 | $ | 338,980 | $ | 1,172 | $ | 1,753,941 | $ | 2,773,135 | $ | (177,649 | ) | $ | 1,359 | $ | 4,690,938 | ||||||||||||
| Net income | — | — | — | 690,839 | — | — | 690,839 | ||||||||||||||||||||
| Earnings attributable to noncontrolling interest | — | — | — | (56 | ) | — | 56 | — | |||||||||||||||||||
| Total other comprehensive income | — | — | — | — | 80,275 | — | 80,275 | ||||||||||||||||||||
| Preferred stock dividends, | — | — | — | (16,187 | ) | — | — | (16,187 | ) | ||||||||||||||||||
| Common stock dividends, | — | — | — | (163,913 | ) | — | — | (163,913 | ) | ||||||||||||||||||
| Return of capital to non-controlling interest | — | — | — | — | — | (440 | ) | (440 | ) | ||||||||||||||||||
| Issuance of 522,651 shares of common stock pursuant to stock-based compensation plans | — | 5 | 1,166 | — | — | — | 1,171 | ||||||||||||||||||||
| Repurchase and cancellation of 4,304,239 shares of common stock under share repurchase program, including excise taxes | — | (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 | — | — | 17,432 | — | — | — | 17,432 | ||||||||||||||||||||
| Forfeitures of 31,306 shares of unvested restricted common stock | — | — | — | — | — | — | — | ||||||||||||||||||||
| Balances – December 31, 2023 | $ | 338,980 | $ | 1,131 | $ | 1,612,446 | $ | 3,283,818 | $ | (97,374 | ) | $ | 975 | $ | 5,139,976 | ||||||||||||
| Bank OZK Summary of Non-Interest Expense Unaudited | |||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| (Dollars in thousands) | |||||||||||
| Salaries and employee benefits | $ | 77,719 | $ | 66,270 | $ | 296,016 | $ | 258,846 | |||
| Net occupancy and equipment | 17,901 | 17,234 | 71,676 | 72,591 | |||||||
| Other operating expenses: | |||||||||||
| Software and data processing | 10,964 | 10,577 | 46,980 | 39,212 | |||||||
| Professional and outside services | 6,600 | 6,233 | 24,872 | 21,423 | |||||||
| Deposit insurance and assessments | 5,975 | 15,803 | 25,584 | 30,351 | |||||||
| Advertising and public relations | 3,702 | 5,153 | 20,576 | 16,150 | |||||||
| Amortization of CRA and tax credit investments(1) | — | 7,618 | — | 27,768 | |||||||
| Other | 17,266 | 16,123 | 65,589 | 63,220 | |||||||
| Total non-interest expense | $ | 140,127 | $ | 145,011 | $ | 551,293 | $ | 529,561 | |||
(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 | |||||||||||||
| December 31, | |||||||||||||
| 2024 | 2023 | ||||||||||||
| (Dollars in thousands) | |||||||||||||
| Real estate: | |||||||||||||
| Residential 1-4 family | $ | 1,323,435 | 4.4 | % | $ | 961,338 | 3.6 | % | |||||
| Non-farm/non-residential | 7,842,692 | 26.2 | 5,309,239 | 20.1 | |||||||||
| Construction/land development | 9,522,676 | 31.8 | 11,653,487 | 44.0 | |||||||||
| Agricultural | 296,898 | 1.0 | 256,423 | 1.0 | |||||||||
| Multifamily residential | 3,272,635 | 10.9 | 2,064,106 | 7.8 | |||||||||
| Total real estate | 22,258,336 | 74.3 | 20,244,593 | 76.5 | |||||||||
| Commercial and industrial | 1,728,801 | 5.8 | 1,269,610 | 4.8 | |||||||||
| Consumer | 3,659,713 | 12.2 | 2,965,042 | 11.2 | |||||||||
| Other | 2,322,017 | 7.7 | 1,979,830 | 7.5 | |||||||||
| Total loans | 29,968,867 | 100.0 | % | 26,459,075 | 100.0 | % | |||||||
| Allowance for loan losses | (465,547 | ) | (339,394 | ) | |||||||||
| Net loans | $ | 29,503,320 | $ | 26,119,681 | |||||||||
| 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, 2024: | |||||||||||
| Balances – September 30, 2024 | $ | 420,058 | $ | 174,479 | $ | 594,537 | |||||
| Net charge-offs | (12,351 | ) | — | (12,351 | ) | ||||||
| Provision for credit losses | 57,840 | (20,666 | ) | 37,174 | |||||||
| Balances – December 31, 2024 | $ | 465,547 | $ | 153,813 | $ | 619,360 | |||||
| Year ended December 31, 2024: | |||||||||||
| Balances – December 31, 2023 | $ | 339,394 | $ | 161,834 | $ | 501,228 | |||||
| Net charge-offs | (57,420 | ) | — | (57,420 | ) | ||||||
| Provision for credit losses | 183,573 | (8,021 | ) | 175,552 | |||||||
| Balances – December 31, 2024 | $ | 465,547 | $ | 153,813 | $ | 619,360 | |||||
| Three months ended December 31, 2023: | |||||||||||
| Balances – September 30, 2023 | $ | 303,358 | $ | 158,128 | $ | 461,486 | |||||
| Net charge-offs | (4,090 | ) | — | (4,090 | ) | ||||||
| Provision for credit losses | 40,126 | 3,706 | 43,832 | ||||||||
| Balances – December 31, 2023 | $ | 339,394 | $ | 161,834 | $ | 501,228 | |||||
| Year ended December 31, 2023: | |||||||||||
| Balances – December 31, 2022 | $ | 208,858 | $ | 156,419 | $ | 365,277 | |||||
| Net charge-offs | (29,519 | ) | — | (29,519 | ) | ||||||
| Provision for credit losses | 160,055 | 5,415 | 165,470 | ||||||||
| Balances – December 31, 2023 | $ | 339,394 | $ | 161,834 | $ | 501,228 | |||||
| Bank OZK Summary of Deposits – By Customer Type Unaudited | |||||||||||
| December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| (Dollars in thousands) | |||||||||||
| Non-interest bearing | $ | 3,769,543 | 12.1 | % | $ | 4,095,874 | 14.9 | % | |||
| Interest bearing: | |||||||||||
| Consumer and commercial: | |||||||||||
| Consumer – Non-Time | 2,983,401 | 9.6 | 2,792,199 | 10.2 | |||||||
| Consumer – Time | 13,446,545 | 43.3 | 10,216,217 | 37.3 | |||||||
| Commercial – Non-Time | 2,728,307 | 8.8 | 2,439,175 | 8.9 | |||||||
| Commercial – Time | 970,320 | 3.1 | 767,566 | 2.8 | |||||||
| Public funds | 3,964,350 | 12.8 | 3,725,766 | 13.6 | |||||||
| Brokered | 2,611,464 | 8.4 | 2,655,317 | 9.7 | |||||||
| Reciprocal | 569,142 | 1.9 | 713,029 | 2.6 | |||||||
| Total deposits | $ | 31,043,072 | 100.0 | % | $ | 27,405,143 | 100.0 | % | |||
| Bank OZK Selected Consolidated Financial Data Unaudited | |||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||||
| Income statement data: | |||||||||||||||||||||
| Net interest income | $ | 379,398 | $ | 370,548 | 2.4 | % | $ | 1,533,724 | $ | 1,439,485 | 6.5 | % | |||||||||
| Provision for credit losses | 37,174 | 43,832 | (15.2 | ) | 175,552 | 165,470 | 6.1 | ||||||||||||||
| Non-interest income | 32,942 | 37,027 | (11.0 | ) | 124,413 | 122,549 | 1.5 | ||||||||||||||
| Non-interest expense | 140,127 | 145,011 | (3.4 | ) | 551,293 | 529,561 | 4.1 | ||||||||||||||
| Net income | 182,208 | 175,132 | 4.0 | 716,503 | 690,839 | 3.7 | |||||||||||||||
| Preferred stock dividends | 4,047 | 4,047 | — | 16,187 | 16,187 | — | |||||||||||||||
| Net income available to common stockholders | 178,135 | 171,079 | 4.1 | 700,269 | 674,596 | 3.8 | |||||||||||||||
| Pre-tax pre-provision net revenue (1) | 272,213 | 262,564 | 3.7 | 1,106,844 | 1,032,473 | 7.2 | |||||||||||||||
| Common share and per common share data: | |||||||||||||||||||||
| Diluted earnings per common share | $ | 1.56 | $ | 1.50 | 4.0 | % | $ | 6.14 | $ | 5.87 | 4.6 | % | |||||||||
| Basic earnings per common share | 1.57 | 1.51 | 4.0 | 6.16 | 5.89 | 4.6 | |||||||||||||||
| Common stock dividends per share | 0.41 | 0.37 | 10.8 | 1.58 | 1.42 | 11.3 | |||||||||||||||
| Book value per common share | 47.30 | 42.42 | 11.5 | 47.30 | 42.42 | 11.5 | |||||||||||||||
| Tangible book value per common share (1) | 41.48 | 36.58 | 13.4 | 41.48 | 36.58 | 13.4 | |||||||||||||||
| Weighted-average diluted shares outstanding (thousands) | 114,101 | 113,756 | 0.3 | 114,015 | 114,833 | (0.7 | ) | ||||||||||||||
| End of period shares outstanding (thousands) | 113,458 | 113,149 | 0.3 | 113,458 | 113,149 | 0.3 | |||||||||||||||
| Balance sheet data at period end: | |||||||||||||||||||||
| Total assets | $ | 38,258,852 | $ | 34,237,457 | 11.7 | % | $ | 38,258,852 | $ | 34,237,457 | 11.7 | % | |||||||||
| Loans | 29,968,867 | 26,459,075 | 13.3 | 29,968,867 | 26,459,075 | 13.3 | |||||||||||||||
| Allowance for loan losses | 465,547 | 339,394 | 37.2 | 465,547 | 339,394 | 37.2 | |||||||||||||||
| Foreclosed assets | 69,381 | 61,720 | 12.4 | 69,381 | 61,720 | 12.4 | |||||||||||||||
| Investment securities – AFS | 2,836,150 | 3,244,371 | (12.6 | ) | 2,836,150 | 3,244,371 | (12.6 | ) | |||||||||||||
| Deposits | 31,043,072 | 27,405,143 | 13.3 | 31,043,072 | 27,405,143 | 13.3 | |||||||||||||||
| Other borrowings | 420,813 | 805,318 | (47.7 | ) | 420,813 | 805,318 | (47.7 | ) | |||||||||||||
| Unfunded loan commitments | 19,078,633 | 20,561,029 | (7.2 | ) | 19,078,633 | 20,561,029 | (7.2 | ) | |||||||||||||
| Reserve for losses on unfunded loan commitments | 153,813 | 161,834 | (5.0 | ) | 153,813 | 161,834 | (5.0 | ) | |||||||||||||
| Total common stockholders’ equity (1) | 5,366,643 | 4,800,021 | 11.8 | 5,366,643 | 4,800,021 | 11.8 | |||||||||||||||
| Total tangible common stockholders’ equity (1) | 4,705,854 | 4,139,232 | 13.7 | 4,705,854 | 4,139,232 | 13.7 | |||||||||||||||
| Accumulated other comprehensive loss | (76,136 | ) | (97,374 | ) | (76,136 | ) | (97,374 | ) | |||||||||||||
| Loan to deposit ratio | 96.54 | % | 96.55 | % | 96.54 | % | 96.55 | % | |||||||||||||
| Selected ratios: | |||||||||||||||||||||
| Return on average assets (2) | 1.87 | % | 2.04 | % | 1.91 | % | 2.20 | % | |||||||||||||
| Return on average common stockholders’ equity (1) (2) | 13.33 | 14.58 | 13.77 | 14.93 | |||||||||||||||||
| Return on average tangible common stockholders’ equity (1) (2) | 15.22 | 16.99 | 15.82 | 17.50 | |||||||||||||||||
| Total tangible common stockholders’ equity to total tangible assets (1) | 12.52 | 12.33 | 12.52 | 12.33 | |||||||||||||||||
| Net interest margin – FTE (2) | 4.33 | 4.82 | 4.56 | 5.16 | |||||||||||||||||
| Efficiency ratio | 33.71 | 35.33 | 33.00 | 33.67 | |||||||||||||||||
| Net charge-offs to average loans (2) | 0.16 | 0.06 | 0.20 | 0.13 | |||||||||||||||||
| Nonperforming loans to loans | 0.44 | 0.25 | 0.44 | 0.25 | |||||||||||||||||
| Nonperforming assets to total assets | 0.53 | 0.38 | 0.53 | 0.38 | |||||||||||||||||
| Allowance for loan losses to loans | 1.55 | 1.28 | 1.55 | 1.28 | |||||||||||||||||
| Allowance for credit losses to loans and unfunded loan commitments | 1.26 | 1.07 | 1.26 | 1.07 | |||||||||||||||||
| Other information: | |||||||||||||||||||||
| Non-accrual loans | $ | 131,494 | $ | 66,677 | $ | 131,494 | $ | 66,677 | |||||||||||||
(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, total tangible common stockholders' equity to total tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.
(2) Ratios for interim periods annualized based on actual days.
| Bank OZK Selected Consolidated Financial Data (continued) Unaudited | ||||||||||
| Three Months Ended | ||||||||||
| December 31, 2024 | September 30, 2024 | % Change | ||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||
| Income statement data: | ||||||||||
| Net interest income | $ | 379,398 | $ | 389,398 | (2.6 | %) | ||||
| Provision for credit losses | 37,174 | 46,443 | (20.0 | ) | ||||||
| Non-interest income | 32,942 | 33,605 | (2.0 | ) | ||||||
| Non-interest expense | 140,127 | 140,401 | (0.2 | ) | ||||||
| Net income | 182,208 | 181,206 | 0.6 | |||||||
| Preferred stock dividends | 4,047 | 4,047 | — | |||||||
| Net income available to common stockholders | 178,135 | 177,147 | 0.6 | |||||||
| Pre-tax pre-provision net revenue (1) | 272,213 | 282,602 | (3.7 | ) | ||||||
| Common share and per common share data: | ||||||||||
| Diluted earnings per common share | $ | 1.56 | $ | 1.55 | 0.6 | % | ||||
| Basic earnings per common share | 1.57 | 1.56 | 0.6 | |||||||
| Common stock dividends per share | 0.41 | 0.40 | 2.5 | |||||||
| Book value per common share | 47.30 | 46.31 | 2.1 | |||||||
| Tangible book value per common share (1) | 41.48 | 40.49 | 2.4 | |||||||
| Weighted-average diluted shares outstanding (thousands) | 114,101 | 114,031 | 0.1 | |||||||
| End of period shares outstanding (thousands) | 113,458 | 113,450 | — | |||||||
| Balance sheet data at period end: | ||||||||||
| Total assets | $ | 38,258,852 | $ | 37,441,804 | 2.2 | % | ||||
| Loans | 29,968,867 | 29,218,144 | 2.6 | |||||||
| Allowance for loan losses | 465,547 | 420,058 | 10.8 | |||||||
| Foreclosed assets | 69,381 | 77,949 | (11.0 | ) | ||||||
| Investment securities – AFS | 2,836,150 | 2,952,022 | (3.9 | ) | ||||||
| Deposits | 31,043,072 | 30,571,613 | 1.5 | |||||||
| Other borrowings | 420,813 | 151,035 | 178.6 | |||||||
| Unfunded loan commitments | 19,078,633 | 19,307,972 | (1.2 | ) | ||||||
| Reserve for losses on unfunded loan commitments | 153,813 | 174,479 | (11.8 | ) | ||||||
| Total common stockholders’ equity (1) | 5,366,643 | 5,253,879 | 2.1 | |||||||
| Total tangible common stockholders’ equity (1) | 4,705,854 | 4,593,090 | 2.5 | |||||||
| Accumulated other comprehensive loss | (76,136 | ) | (51,957 | ) | ||||||
| Loan to deposit ratio | 96.54 | % | 95.57 | % | ||||||
| Selected ratios: | ||||||||||
| Return on average assets (2) | 1.87 | % | 1.90 | % | ||||||
| Return on average common stockholders’ equity (1) (2) | 13.33 | 13.65 | ||||||||
| Return on average tangible common stockholders’ equity (1) (2) | 15.22 | 15.65 | ||||||||
| Total tangible common stockholders’ equity to total tangible assets (1) | 12.52 | 12.49 | ||||||||
| Net interest margin – FTE (2) | 4.33 | 4.55 | ||||||||
| Efficiency ratio | 33.71 | 32.95 | ||||||||
| Net charge-offs to average loans (2) | 0.16 | 0.36 | ||||||||
| Nonperforming loans to loans | 0.44 | 0.60 | ||||||||
| Nonperforming assets to total assets | 0.53 | 0.68 | ||||||||
| Allowance for loan losses to loans | 1.55 | 1.44 | ||||||||
| Allowance for credit losses to loans and unfunded loan commitments | 1.26 | 1.23 | ||||||||
| Other information: | ||||||||||
| Non-accrual loans | $ | 131,494 | $ | 175,665 | ||||||
(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, total tangible common stockholders' equity to total tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.
(2) Ratios for interim periods annualized based on actual days.
| Bank OZK Supplemental Quarterly Financial Data Unaudited | |||||||||||||||||||
| 12/31/24 | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | |||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||
| Earnings summary: | |||||||||||||||||||
| Net interest income | $ | 379,398 | $ | 389,398 | $ | 387,994 | $ | 376,934 | $ | 370,548 | |||||||||
| Federal tax (FTE) adjustment | 3,324 | 3,151 | 3,037 | 3,030 | 2,925 | ||||||||||||||
| Net interest income (FTE) | 382,722 | 392,549 | 391,031 | 379,964 | 373,473 | ||||||||||||||
| Provision for credit losses | (37,174 | ) | (46,443 | ) | (49,012 | ) | (42,923 | ) | (43,832 | ) | |||||||||
| Non-interest income | 32,942 | 33,605 | 28,782 | 29,084 | 37,027 | ||||||||||||||
| Non-interest expense | (140,127 | ) | (140,401 | ) | (137,451 | ) | (133,314 | ) | (145,011 | ) | |||||||||
| Pre-tax income (FTE) | 238,363 | 239,310 | 233,350 | 232,811 | 221,657 | ||||||||||||||
| FTE adjustment | (3,324 | ) | (3,151 | ) | (3,037 | ) | (3,030 | ) | (2,925 | ) | |||||||||
| Provision for income taxes | (52,831 | ) | (54,953 | ) | (52,778 | ) | (54,226 | ) | (43,600 | ) | |||||||||
| Noncontrolling interest | (26 | ) | (12 | ) | 8 | (18 | ) | (6 | ) | ||||||||||
| Preferred stock dividend | (4,047 | ) | (4,047 | ) | (4,047 | ) | (4,047 | ) | (4,047 | ) | |||||||||
| Net income available to common stockholders | $ | 178,135 | $ | 177,147 | $ | 173,496 | $ | 171,490 | $ | 171,079 | |||||||||
| Earnings per common share – diluted | $ | 1.56 | $ | 1.55 | $ | 1.52 | $ | 1.51 | $ | 1.50 | |||||||||
| Pre-tax pre-provision net revenue (1) | $ | 272,213 | $ | 282,602 | $ | 279,325 | $ | 272,704 | $ | 262,564 | |||||||||
| Selected balance sheet data at period end: | |||||||||||||||||||
| Total assets | $ | 38,258,852 | $ | 37,441,804 | $ | 36,836,173 | $ | 36,029,904 | $ | 34,237,457 | |||||||||
| Loans | 29,968,867 | 29,218,144 | 28,673,685 | 28,031,348 | 26,459,075 | ||||||||||||||
| Investment securities – AFS | 2,836,150 | 2,952,022 | 2,981,929 | 3,072,391 | 3,244,371 | ||||||||||||||
| Deposits | 31,043,072 | 30,571,613 | 29,943,663 | 29,406,070 | 27,405,143 | ||||||||||||||
| Unfunded loan commitments | 19,078,633 | 19,307,972 | 19,737,557 | 20,458,796 | 20,561,029 | ||||||||||||||
| Allowance for credit losses: | |||||||||||||||||||
| Balance at beginning of period | $ | 594,537 | $ | 574,101 | $ | 536,887 | $ | 501,228 | $ | 461,486 | |||||||||
| Net charge-offs | (12,351 | ) | (26,007 | ) | (11,798 | ) | (7,264 | ) | (4,090 | ) | |||||||||
| Provision for credit losses | 37,174 | 46,443 | 49,012 | 42,923 | 43,832 | ||||||||||||||
| Balance at end of period | $ | 619,360 | $ | 594,537 | $ | 574,101 | $ | 536,887 | $ | 501,228 | |||||||||
| Allowance for loan losses | $ | 465,547 | $ | 420,058 | $ | 407,079 | $ | 365,935 | $ | 339,394 | |||||||||
| Reserve for losses on unfunded loan commitments | 153,813 | 174,479 | 167,022 | 170,952 | 161,834 | ||||||||||||||
| Total allowance for credit losses | $ | 619,360 | $ | 594,537 | $ | 574,101 | $ | 536,887 | $ | 501,228 | |||||||||
| Selected ratios: | |||||||||||||||||||
| Net interest margin – FTE (2) | 4.33 | % | 4.55 | % | 4.68 | % | 4.71 | % | 4.82 | % | |||||||||
| Efficiency ratio | 33.71 | 32.95 | 32.74 | 32.59 | 35.33 | ||||||||||||||
| Net charge-offs to average loans (2) | 0.16 | 0.36 | 0.17 | 0.11 | 0.06 | ||||||||||||||
| Nonperforming loans to loans | 0.44 | 0.60 | 0.30 | 0.22 | 0.25 | ||||||||||||||
| Nonperforming assets to total assets | 0.53 | 0.68 | 0.42 | 0.34 | 0.38 | ||||||||||||||
| Allowance for loan losses to loans | 1.55 | 1.44 | 1.42 | 1.31 | 1.28 | ||||||||||||||
| Allowance for credit losses to loans and unfunded loan commitments | 1.26 | 1.23 | 1.19 | 1.11 | 1.07 | ||||||||||||||
| Loans past due 30 days or more, including past due non-accrual loans, to total loans | 0.17 | 0.14 | 0.17 | 0.18 | 0.21 | ||||||||||||||
(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.
| Bank OZK Average Consolidated Balance Sheets and Net Interest Analysis – FTE Unaudited | |||||||||||||||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| 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 | $ | 2,263,875 | $ | 26,324 | 4.63 | % | $ | 1,637,395 | $ | 21,902 | 5.31 | % | $ | 2,138,560 | $ | 110,223 | 5.15 | % | $ | 1,164,595 | $ | 58,241 | 5.00 | % | |||||||||||
| Investment securities: | |||||||||||||||||||||||||||||||||||
| Taxable | 1,679,300 | 8,736 | 2.07 | 2,143,606 | 9,667 | 1.79 | 1,846,639 | 34,736 | 1.88 | 2,299,254 | 39,429 | 1.71 | |||||||||||||||||||||||
| Tax-exempt – FTE | 1,262,676 | 15,432 | 4.86 | 1,097,750 | 13,506 | 4.88 | 1,195,851 | 58,312 | 4.88 | 1,049,642 | 49,313 | 4.70 | |||||||||||||||||||||||
| Total loans – FTE | 29,952,752 | 615,468 | 8.17 | 25,861,611 | 563,344 | 8.64 | 28,711,132 | 2,458,847 | 8.56 | 23,580,165 | 1,991,953 | 8.45 | |||||||||||||||||||||||
| Total earning assets – FTE | 35,158,603 | 665,960 | 7.54 | 30,740,362 | 608,419 | 7.85 | 33,892,182 | 2,662,118 | 7.85 | 28,093,656 | 2,138,936 | 7.61 | |||||||||||||||||||||||
| Non-interest earning assets | 2,679,566 | 2,538,592 | 2,723,606 | 2,550,276 | |||||||||||||||||||||||||||||||
| Total assets | $ | 37,838,169 | $ | 33,278,954 | $ | 36,615,788 | $ | 30,643,932 | |||||||||||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||||||||
| Savings and interest bearing transaction | $ | 9,371,509 | $ | 64,674 | 2.75 | % | $ | 9,004,724 | $ | 64,165 | 2.83 | % | $ | 9,247,175 | $ | 269,072 | 2.91 | % | $ | 9,152,060 | $ | 211,498 | 2.31 | % | |||||||||||
| Time deposits | 17,326,058 | 208,445 | 4.79 | 13,280,889 | 154,309 | 4.61 | 16,622,440 | 815,783 | 4.91 | 10,543,800 | 415,552 | 3.94 | |||||||||||||||||||||||
| Total interest bearing deposits | 26,697,567 | 273,119 | 4.07 | 22,285,613 | 218,474 | 3.89 | 25,869,615 | 1,084,855 | 4.19 | 19,695,860 | 627,050 | 3.18 | |||||||||||||||||||||||
| Other borrowings (1) | 500,286 | 5,153 | 4.10 | 863,828 | 11,329 | 5.20 | 257,055 | 10,819 | 4.21 | 803,797 | 41,669 | 5.18 | |||||||||||||||||||||||
| Subordinated notes | 348,475 | 2,631 | 3.00 | 347,661 | 2,631 | 3.00 | 348,170 | 10,439 | 3.00 | 347,356 | 10,439 | 3.01 | |||||||||||||||||||||||
| Subordinated debentures | 121,565 | 2,335 | 7.64 | 121,652 | 2,512 | 8.19 | 121,630 | 9,740 | 8.01 | 121,648 | 9,530 | 7.83 | |||||||||||||||||||||||
| Total interest bearing liabilities | 27,667,893 | 283,238 | 4.07 | 23,618,754 | 234,946 | 3.95 | 26,596,470 | 1,115,853 | 4.20 | 20,968,661 | 688,688 | 3.28 | |||||||||||||||||||||||
| Non-interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
| Non-interest bearing deposits | 3,812,596 | 4,150,323 | 3,917,887 | 4,315,200 | |||||||||||||||||||||||||||||||
| Other non-interest bearing liabilities | 701,650 | 513,326 | 674,873 | 502,732 | |||||||||||||||||||||||||||||||
| Total liabilities | 32,182,139 | 28,282,403 | 31,189,230 | 25,786,593 | |||||||||||||||||||||||||||||||
| Total stockholders’ equity before noncontrolling interest | 5,655,337 | 4,995,217 | 5,425,658 | 4,855,976 | |||||||||||||||||||||||||||||||
| Noncontrolling interest | 693 | 1,334 | 900 | 1,363 | |||||||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 37,838,169 | $ | 33,278,954 | $ | 36,615,788 | $ | 30,643,932 | |||||||||||||||||||||||||||
| Net interest income – FTE | $ | 382,722 | $ | 373,473 | $ | 1,546,265 | $ | 1,450,248 | |||||||||||||||||||||||||||
| Net interest margin – FTE | 4.33 | % | 4.82 | % | 4.56 | % | 5.16 | % | |||||||||||||||||||||||||||
| Core spread (2) | 4.10 | % | 4.75 | % | 4.37 | % | 5.27 | % | |||||||||||||||||||||||||||
(1) The interest expense and the rates paid related to "other borrowings" include capitalized interest which totaled
(2) Core spread is the difference between the yield on the Bank’s 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, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2024 | 2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Net income available to common stockholders | $ | 178,135 | $ | 171,079 | $ | 177,147 | $ | 700,269 | $ | 674,596 | |||||||||
| Average stockholders’ equity before noncontrolling interest | $ | 5,655,337 | $ | 4,995,217 | $ | 5,502,526 | $ | 5,425,658 | $ | 4,855,976 | |||||||||
| Less average preferred stock | (338,980 | ) | (338,980 | ) | (338,980 | ) | (338,980 | ) | (338,980 | ) | |||||||||
| Total average common stockholders’ equity | 5,316,357 | 4,656,237 | 5,163,546 | 5,086,678 | 4,516,996 | ||||||||||||||
| 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 | — | — | — | — | (821 | ) | |||||||||||||
| Total average intangibles | (660,789 | ) | (660,789 | ) | (660,789 | ) | (660,789 | ) | (661,610 | ) | |||||||||
| Average tangible common stockholders’ equity | $ | 4,655,568 | $ | 3,995,448 | $ | 4,502,757 | $ | 4,425,889 | $ | 3,855,386 | |||||||||
| Return on average common stockholders’ equity(1) | 13.33 | % | 14.58 | % | 13.65 | % | 13.77 | % | 14.93 | % | |||||||||
| Return on average tangible common stockholders’ equity(1) | 15.22 | % | 16.99 | % | 15.65 | % | 15.82 | % | 17.50 | % | |||||||||
(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, | ||||||||||
| 2024 | 2023 | 2024 | |||||||||
| (In thousands, except per share amounts) | |||||||||||
| Total stockholders’ equity before noncontrolling interest | $ | 5,705,623 | $ | 5,139,001 | $ | 5,592,859 | |||||
| Less preferred stock | (338,980 | ) | (338,980 | ) | (338,980 | ) | |||||
| Total common stockholders’ equity | $ | 5,366,643 | $ | 4,800,021 | $ | 5,253,879 | |||||
| Less goodwill | (660,789 | ) | (660,789 | ) | (660,789 | ) | |||||
| Total tangible common stockholders’ equity | $ | 4,705,854 | $ | 4,139,232 | $ | 4,593,090 | |||||
| Shares of common stock outstanding | 113,458 | 113,149 | 113,450 | ||||||||
| Book value per common share | $ | 47.30 | $ | 42.42 | $ | 46.31 | |||||
| Tangible book value per common share | $ | 41.48 | $ | 36.58 | $ | 40.49 | |||||
| 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 | |||||||||||
| December 31, | September 30, | ||||||||||
| 2024 | 2023 | 2024 | |||||||||
| (Dollars in thousands) | |||||||||||
| Total stockholders’ equity before noncontrolling interest | $ | 5,705,623 | $ | 5,139,001 | $ | 5,592,859 | |||||
| Less preferred stock | (338,980 | ) | (338,980 | ) | (338,980 | ) | |||||
| Total common stockholders’ equity | $ | 5,366,643 | $ | 4,800,021 | $ | 5,253,879 | |||||
| Less goodwill | (660,789 | ) | (660,789 | ) | (660,789 | ) | |||||
| Total tangible common stockholders’ equity | 4,705,854 | 4,139,232 | 4,593,090 | ||||||||
| Total assets | $ | 38,258,852 | $ | 34,237,457 | $ | 37,441,804 | |||||
| Less goodwill | $ | (660,789 | ) | $ | (660,789 | ) | $ | (660,789 | ) | ||
| Total tangible assets | $ | 37,598,063 | $ | 33,576,668 | $ | 36,781,015 | |||||
| Ratio of total common stockholders’ equity to total assets | 14.03 | % | 14.02 | % | 14.03 | % | |||||
| Ratio of total tangible common stockholders’ equity to total tangible assets | 12.52 | % | 12.33 | % | 12.49 | % | |||||
| Calculation of Pre-Tax Pre-Provision Net Revenue Unaudited | |||||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||||
| Dec 31, | Sept 30, | June 30, | March 31, | Dec 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Net income available to common stockholders | $ | 178,135 | $ | 177,147 | $ | 173,496 | $ | 171,490 | $ | 171,079 | $ | 700,269 | $ | 674,596 | |||||||
| Preferred stock dividends | 4,047 | 4,047 | 4,047 | 4,047 | 4,047 | 16,187 | 16,187 | ||||||||||||||
| Earnings attributable to noncontrolling interest | 26 | 12 | (8 | ) | 18 | 6 | 47 | 56 | |||||||||||||
| Provision for income taxes | 52,831 | 54,953 | 52,778 | 54,226 | 43,600 | 214,789 | 176,164 | ||||||||||||||
| Provision for credit losses | 37,174 | 46,443 | 49,012 | 42,923 | 43,832 | 175,552 | 165,470 | ||||||||||||||
| Pre-tax pre-provision net revenue | $ | 272,213 | $ | 282,602 | $ | 279,325 | $ | 272,704 | $ | 262,564 | $ | 1,106,844 | $ | 1,032,473 | |||||||
| Investor Contact: | Jay Staley (501) 906-7842 | ||
| Media Contact: | Michelle Rossow (501) 906-3922 | ||
FAQ
What was Bank OZK's (OZK) earnings per share for Q4 2024?
How much did Bank OZK's (OZK) loan portfolio grow in 2024?
What was Bank OZK's (OZK) net income for full year 2024?
How did Bank OZK's (OZK) asset quality metrics change in 2024?
What was Bank OZK's (OZK) book value per share at the end of 2024?
