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Bank OZK Announces Record Second Quarter 2024 Earnings and $200 Million Stock Repurchase Program

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Bank OZK (Nasdaq: OZK) reported record second quarter 2024 earnings with net income available to common stockholders reaching $173.5 million, a 3.3% increase from Q2 2023. Diluted earnings per share rose 3.4% to $1.52. The bank's pre-tax pre-provision net revenue (PPNR) increased by 7.7% to $279.3 million. Total loans grew 21.5% to $28.67 billion, while deposits increased 24.9% to $29.94 billion. The bank's asset quality remained strong, with a nonperforming non-purchased loans to total loans ratio of 0.28%. Additionally, Bank OZK announced a $200 million stock repurchase program through July 1, 2025.

Positive
  • Record net income of $173.5 million for Q2 2024, up 3.3% year-over-year
  • Diluted earnings per share increased 3.4% to $1.52
  • Pre-tax pre-provision net revenue (PPNR) grew 7.7% to $279.3 million
  • Total loans increased 21.5% to $28.67 billion
  • Deposits rose 24.9% to $29.94 billion
  • Announced $200 million stock repurchase program
Negative
  • Provision for credit losses increased to $49.0 million from $41.8 million in Q2 2023
  • Return on average assets decreased to 1.92% from 2.27% in Q2 2023
  • Return on average common stockholders' equity declined to 13.98% from 15.14% in Q2 2023
  • Ratio of nonperforming non-purchased loans to total loans increased to 0.28% from 0.15% year-over-year

Insights

The release of Bank OZK's record second-quarter earnings for 2024 highlights several key financial performance metrics that could appeal to investors. The net income available to common stockholders rose by 3.3% year-over-year (YoY) to $173.5 million, showcasing consistent profitability. Moreover, the diluted earnings per common share surged by 3.4% to $1.52 YoY, indicating enhanced earnings efficiency.

However, investors should be mindful of the increase in the provision for credit losses, which climbed to $49.0 million from $41.8 million YoY. Although the net charge-offs were relatively low at $11.8 million, the higher provisions suggest caution from the bank regarding potential future loan defaults.

The bank's robust asset growth is another notable highlight. Total loans increased by 21.5% to $28.67 billion and deposits grew by 24.9% to $29.94 billion, reflecting strong customer confidence and lending activity. Despite these achievements, the return on average assets (1.92%) and return on average common equity (13.98%) witnessed a decline compared to the previous year, which might concern investors focusing on efficiency metrics.

Overall, the earnings report paints a picture of solid growth and financial stability, albeit with some cautionary signals in credit provisions and return ratios that investors should carefully monitor moving forward.

Bank OZK's announcement of a $200 million stock repurchase program through July 2025 adds a significant value proposition for shareholders. Stock buybacks can be a strategic move to boost the stock price by reducing the number of outstanding shares, potentially increasing the earnings per share (EPS) further.

From a market perspective, the buyback indicates strong confidence from the management in the bank’s financial health and future prospects. It also signals that the bank views its current stock price as undervalued. For retail investors, this could be interpreted as a positive sign, suggesting the potential for capital appreciation.

Investors should also note the bank's balance sheet strength, with total assets increasing by 19.7% to $36.84 billion and common stockholders' equity rising by 13.4% to $5.07 billion. These metrics underscore the bank's capacity to sustain growth and return value to shareholders through both dividends and buybacks.

Nevertheless, the bank's nonperforming loan ratios have slightly worsened, indicating a need for vigilance regarding asset quality in the upcoming quarters. While the stock repurchase program is an attractive feature, investors should balance this with an awareness of the macroeconomic environment and its potential impacts on the bank's asset quality.

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

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

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

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

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

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

KEY BALANCE SHEET METRICS

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

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

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

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

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

ASSET QUALITY

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

MANAGEMENT’S COMMENTS, CONFERENCE CALL, TRANSCRIPT AND FILINGS

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

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

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

NON-GAAP FINANCIAL MEASURES

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

FORWARD-LOOKING STATEMENTS

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

GENERAL INFORMATION

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

 
Bank OZK
Consolidated Balance Sheets
Unaudited
 
 June 30, 2024 December 31, 2023
 (Dollars in thousands)
ASSETS   
Cash and cash equivalents$        2,568,813  $        2,149,529 
Investment securities – available for sale (“AFS”)         2,981,929           3,244,371 
Federal Home Loan Bank of Dallas (“FHLB”) and other bankers’ bank stocks         24,453           50,400 
Non-purchased loans         28,455,342           26,195,030 
Purchased loans         218,343           264,045 
Allowance for loan losses         (407,079)          (339,394)
Net Loans         28,266,606           26,119,681 
Premises and equipment, net         702,505           676,821 
Foreclosed assets         71,023           61,720 
Accrued interest receivable         177,403           170,110 
Bank owned life insurance (“BOLI”)         819,602           808,490 
Goodwill         660,789           660,789 
Other, net         563,050           295,546 
Total assets$        36,836,173  $        34,237,457 
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Deposits:   
Demand non-interest bearing$        4,045,666  $        4,095,874 
Savings and interest bearing transaction         9,209,732           9,074,296 
Time         16,688,265           14,234,973 
Total deposits         29,943,663           27,405,143 
Other borrowings         400,943           805,318 
Subordinated notes         348,164           347,761 
Subordinated debentures         121,652           121,652 
Reserve for losses on unfunded credit commitments         167,022           161,834 
Accrued interest payable and other liabilities         445,944           255,773 
Total liabilities$        31,427,388  $        29,097,481 
    
Commitments and contingencies   
    
Stockholders’ equity:   
Preferred Stock: $0.01 par value; 100,000,000 shares authorized; 14,000,000 issued and outstanding at June 30, 2024 and December 31, 2023         338,980           338,980 
Common Stock: $0.01 par value; 300,000,000 shares authorized; 113,465,238 and 113,148,672 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively         1,135           1,131 
Additional paid-in capital         1,615,101           1,612,446 
Retained earnings         3,553,523           3,283,818 
Accumulated other comprehensive loss         (100,939)          (97,374)
Total stockholders’ equity before noncontrolling interest         5,407,800           5,139,001 
Noncontrolling interest         985           975 
Total stockholders’ equity         5,408,785           5,139,976 
Total liabilities and stockholders’ equity$        36,836,173  $        34,237,457 


 
Bank OZK
Consolidated Statements of Income
Unaudited
 
 Three Months Ended
June 30,
 Six Months Ended
June 30,
  2024   2023   2024   2023 
 (Dollars in thousands, except per share amounts)
Interest income:       
Non-purchased loans$        616,648  $        472,524  $        1,203,629  $        887,420 
Purchased loans         4,644           5,322           9,604           11,840 
Investment securities:       
Taxable         8,793           9,704           18,126           19,875 
Tax-exempt         11,147           9,489           22,321           18,753 
Deposits with banks         26,604           11,407           51,210           19,277 
Total interest income         667,836           508,446           1,304,890           957,165 
        
Interest expense:       
Deposits         270,804           136,122           525,126           229,754 
Other borrowings         3,964           10,591           4,715           16,013 
Subordinated notes         2,603           2,603           5,177           5,177 
Subordinated debentures         2,471           2,306           4,944           4,545 
Total interest expense         279,842           151,622           539,962           255,489 
        
Net interest income         387,994           356,824           764,928           701,676 
Provision for credit losses         49,012           41,774           91,935           77,602 
Net interest income after provision for credit losses         338,982           315,050           672,993           624,074 
        
Non-interest income:       
Service charges on deposit accounts:       
NSF fees         —           1,004           —           1,995 
Overdraft fees         3,364           3,369           6,790           6,656 
All other service charges         7,558           7,187           14,397           13,688 
Trust income         2,082           2,113           4,406           4,146 
BOLI income         5,606           5,069           11,112           10,043 
Loan service, maintenance and other fees         6,481           4,095           12,824           8,170 
Gains on sales of other assets         1,073           5,033           1,532           5,377 
Net gains on investment securities         125           620           535           2,336 
Other         2,493           3,497           6,271           7,384 
Total non-interest income         28,782           31,987           57,867           59,795 
        
Non-interest expense:       
Salaries and employee benefits         73,409           65,219           142,973           128,468 
Net occupancy and equipment         18,421           19,476           36,395           37,560 
Other operating expenses         45,621           44,660           91,396           89,543 
Total non-interest expense         137,451           129,355           270,764           255,571 
        
Income before taxes         230,313           217,682           460,096           428,298 
Provision for income taxes         52,778           45,717           107,005           86,420 
Net income         177,535           171,965           353,091           341,878 
Earnings attributable to noncontrolling interest         8           (1)          (10)          (13)
Preferred stock dividends         4,047           4,047           8,094           8,094 
Net income available to common stockholders$        173,496  $        167,917  $        344,987  $        333,771 
        
Basic earnings per common share$        1.53  $        1.47  $        3.04  $        2.89 
        
Diluted earnings per common share$        1.52  $        1.47  $        3.03  $        2.88 


 
Bank OZK
Consolidated Statements of Stockholders’ Equity
Unaudited
 
 Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income Non-Controlling Interest Total
 (Dollars in thousands, except per share amounts)
Three months ended June 30, 2024:             
Balances – March 31, 2024$        338,980  $        1,134  $        1,609,268  $        3,424,672  $        (107,207) $        993  $        5,267,840 
Net income         —           —           —           177,535           —           —           177,535 
Earnings attributable to noncontrolling interest         —           —           —           8           —           (8)          — 
Total other comprehensive income         —           —           —           —           6,268           —           6,268 
Preferred stock dividends, $0.28906 per share         —           —           —           (4,047)          —           —           (4,047)
Common stock dividends, $0.39 per share         —           —           —           (44,645)          —           —           (44,645)
Issuance of 33,636 shares of common stock pursuant to stock-based compensation plans         —           1           232           —           —           —           233 
Stock-based compensation expense         —           —           5,601           —           —           —           5,601 
Forfeitures of 3,214 shares of unvested restricted common stock         —           —           —           —           —           —           — 
Balances – June 30, 2024$        338,980  $        1,135  $        1,615,101  $        3,553,523  $        (100,939) $        985  $        5,408,785 
              
Six months ended June 30, 2024:             
Balances – December 31, 2023$        338,980  $        1,131  $        1,612,446  $        3,283,818  $        (97,374) $        975  $        5,139,976 
Cumulative effect of change in accounting principle         —           —           —           12,690           —           —           12,690 
Balances – January 1, 2024         338,980           1,131           1,612,446           3,296,508           (97,374)          975           5,152,666 
Net income         —           —           —           353,091           —           —           353,091 
Earnings attributable to noncontrolling interest         —           —           —           (10)          —           10           — 
Total other comprehensive loss         —           —           —           —           (3,565)          —           (3,565)
Preferred stock dividends, $0.57812 per share         —           —           —           (8,094)          —           —           (8,094)
Common stock dividends, $0.77 per share         —           —           —           (87,972)          —           —           (87,972)
Issuance of 518,454 shares of common stock pursuant to stock-based compensation plans         —           6           411           —           —           —           417 
Repurchase and cancellation of 184,415 shares of common stock withheld for tax pursuant to stock-based compensation plans         —           (2)          (8,008)          —           —           —           (8,010)
Stock-based compensation expense         —           —           10,252           —           —           —           10,252 
Forfeitures of 17,473 shares of unvested restricted common stock         —           —           —           —           —           —           — 
Balances – June 30, 2024$        338,980  $        1,135  $        1,615,101  $        3,553,523  $        (100,939) $        985  $        5,408,785 


 
Bank OZK
Consolidated Statements of Stockholders’ Equity
Unaudited
 
 Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income Non-Controlling Interest Total
 (Dollars in thousands, except per share amounts)
Three months ended June 30, 2023:             
Balances – March 31, 2023$        338,980  $        1,151  $        1,664,569  $        2,898,904  $        (141,677) $        1,371  $        4,763,298 
Net income         —           —           —           171,965           —           —           171,965 
Earnings attributable to noncontrolling interest         —           —           —           (1)          —           1           — 
Total other comprehensive income (loss)         —           —           —           —           (17,754)          —           (17,754)
Preferred stock dividends, $0.28906 per share         —           —           —           (4,047)          —             (4,047)
Common stock dividends, $0.35 per share         —           —           —           (40,574)          —           —           (40,574)
Issuance of 30,148 shares of common stock pursuant to stock-based compensation plans         —           —           23           —           —           —           23 
Repurchase and cancellation of 1,956,101 shares of common stock under share repurchase program, including excise tax         —           (20)          (66,106)          —           —           —           (66,126)
Stock-based compensation expense         —           —           4,478           —           —           —           4,478 
Forfeitures of 8,706 shares of unvested restricted common stock         —           —           —           —           —           —           — 
Balances – June 30, 2023$        338,980  $        1,131  $        1,602,964  $        3,026,247  $        (159,431) $        1,372  $        4,811,263 
              
Six months ended June 30, 2023:             
Balances – December 31, 2022$        338,980  $        1,172  $        1,753,941  $        2,773,135  $        (177,649) $        1,359  $        4,690,938 
Net income         —           —           —           341,878           —           —           341,878 
Earnings attributable to noncontrolling
interest
         —           —           —           (13)          —           13           — 
Total other comprehensive income         —           —           —           —           18,218           —           18,218 
Preferred stock dividends, $0.57812 per share         —           —           —           (8,094)          —             (8,094)
Common stock dividends, $0.69 per share         —           —           —           (80,659)          —           —           (80,659)
Issuance of 503,187 shares of common stock pursuant to stock-based compensation plans         —           5           541           —           —           —           546 
Repurchase and cancellation of 4,304,239 shares of common stock under share repurchase program, including excise tax         —           (44)          (151,421)          —           —           —           (151,465)
Repurchase and cancellation of 215,362 shares of common stock withheld for tax pursuant to stock-based compensation plans         —           (2)          (8,672)          —           —           —           (8,674)
Stock-based compensation expense         —           —           8,575           —           —           —           8,575 
Forfeitures of 15,065 shares of unvested restricted common stock         —           —           —           —           —           —           — 
Balances – June 30, 2023$        338,980  $        1,131  $        1,602,964  $        3,026,247  $        (159,431) $        1,372  $        4,811,263 


 
Bank OZK
Summary of Non-Interest Expense
Unaudited
 
 Three Months Ended
June 30,
 Six Months Ended
June 30,
  2024   2023   2024   2023 
 (Dollars in thousands)
Salaries and employee benefits$        73,409  $        65,219  $        142,973  $        128,468 
Net occupancy and equipment         18,421           19,476           36,395           37,560 
Other operating expenses:       
Software and data processing         12,159           9,768           23,274           19,051 
Deposit insurance and assessments         5,309           4,900           13,559           9,048 
Professional and outside services         6,683           5,445           12,652           10,550 
Advertising and public relations         6,888           3,184           10,785           7,219 
Amortization of CRA and tax credit investments (1)         —           5,566           —           11,980 
Other         14,582           15,797           31,126           31,695 
Total non-interest expense$        137,451  $        129,355  $        270,764  $        255,571 
 
(1) Effective January 1, 2024, the Bank adopted ASU 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which resulted in the amortization of the Bank's CRA and tax credit investments being included in income tax expense instead of non-interest expense.


 
Bank OZK
Summary of Total Loans Outstanding
Unaudited
 
 June 30, 2024 December 31, 2023
 (Dollars in thousands)
Real estate:       
Residential 1-4 family$        1,001,809          3.5% $        961,338          3.6%
Non-farm/non-residential         6,479,285          22.6           5,309,239          20.1 
Construction/land development         11,491,193          40.1           11,653,487          44.0 
Agricultural         276,785          1.0           256,423          1.0 
Multifamily residential         2,359,446         8.2           2,064,106          7.8 
Total real estate         21,608,518          75.4           20,244,593          76.5 
Commercial and industrial         1,499,489          5.2           1,269,610          4.8 
Consumer         3,419,053          11.9           2,965,042          11.2 
Other         2,146,625          7.5           1,979,830          7.5 
Total loans         28,673,685          100.0%          26,459,075          100.0%
Allowance for loan losses         (407,079)            (339,394)  
Net loans$        28,266,606    $        26,119,681   


 
Bank OZK
Allowance for Credit Losses
Unaudited
 
 Allowance for Loan Losses Reserve for Losses on Unfunded Credit Commitments Total Allowance for Credit Losses
 (Dollars in thousands)
Three months ended June 30, 2024:     
Balances – March 31, 2024$        365,935  $        170,952  $        536,887 
Net charge-offs         (11,798)          —           (11,798)
Provision for credit losses         52,942           (3,930)          49,012 
Balances – June 30, 2024$        407,079  $        167,022  $        574,101 
      
Six months ended June 30, 2024:     
Balances – December 31, 2023$        339,394  $        161,834  $        501,228 
Net charge-offs         (19,062)          —           (19,062)
Provision for credit losses         86,747           5,188           91,935 
Balances – June 30, 2024$        407,079  $        167,022  $        574,101 
      
Three months ended June 30, 2023:     
Balances – March 31, 2023$        222,025  $        171,742  $        393,767 
Net charge-offs         (8,721)          —           (8,721)
Provision for credit losses         49,884           (8,110)          41,774 
Balances – June 30, 2023$        263,188  $        163,632  $        426,820 
      
Six months ended June 30, 2023:     
Balances – December 31, 2022$        208,858  $        156,419  $        365,277 
Net charge-offs         (16,059)          —           (16,059)
Provision for credit losses         70,389           7,213           77,602 
Balances – June 30, 2023$        263,188  $        163,632  $        426,820 


 
Bank OZK
Deposits – By Customer Type
Unaudited
 
 June 30, 2024 December 31, 2023
 (Dollars in thousands)
Non-interest bearing$        4,045,666          13.5% $        4,095,874          14.9%
Interest bearing:       
Consumer and commercial:       
Consumer – Non-Time         2,832,203          9.5           2,792,199          10.2 
Consumer – Time         12,188,301          40.7           10,216,217          37.3 
Commercial – Non-Time         2,780,634          9.3           2,439,175          8.9 
Commercial – Time         906,077          3.0           767,566          2.8 
Public funds         3,760,669          12.6           3,725,766          13.6 
Brokered         2,860,164          9.6           2,655,317          9.7 
Reciprocal         569,949          1.8           713,029          2.6 
Total deposits$        29,943,663          100.0% $        27,405,143          100.0%


 
Bank OZK
Selected Consolidated Financial Data
Unaudited
 
 Three Months Ended
June 30,
 Six Months Ended
June 30,
  2024   2023  %
Change
  2024   2023  %
Change
 (Dollars in thousands, except per share amounts)
Income statement data:           
Net interest income$        387,994  $        356,824          8.7% $        764,928  $        701,676          9.0%
Provision for credit losses         49,012           41,774          17.3           91,935           77,602          18.5 
Non-interest income         28,782           31,987          (10.0)          57,867           59,795          (3.2)
Non-interest expense         137,451           129,355          6.3           270,764           255,571          5.9 
Net income         177,535           171,965          3.2           353,091           341,878          3.3 
Preferred stock dividends         4,047           4,047          —           8,094           8,094          — 
Net income available to common stockholders         173,496           167,917          3.3           344,987           333,771          3.4 
Pre-tax pre-provision net revenue (1)         279,325           259,456          7.7           552,031           505,900          9.1 
Common share and per common share data:           
Diluted earnings per common share$        1.52  $        1.47          3.4% $        3.03  $        2.88          5.2%
Basic earnings per common share         1.53           1.47          4.1           3.04           2.89          5.2 
Common stock dividends per share         0.39           0.35          11.4           0.77           0.69          11.6 
Book value per share         44.67           39.51          13.1           44.67           39.51          13.1 
Tangible book value per common share (1)         38.85           33.67          15.4           38.85           33.67          15.4 
Weighted-average diluted shares outstanding (thousands)         113,995           114,284          (0.3)          113,954           115,871          (1.7)
End of period shares outstanding (thousands)         113,465           113,145          0.3           113,465           113,145          0.3 
Balance sheet data at period end:           
Total assets$        36,836,173  $        30,761,870          19.7% $        36,836,173  $        30,761,870          19.7%
Total loans         28,673,685           23,607,446          21.5           28,673,685           23,607,446          21.5 
Non-purchased loans         28,455,342           23,291,785          22.2           28,455,342           23,291,785          22.2 
Purchased loans         218,343           315,661          (30.8)          218,343           315,661          (30.8)
Allowance for loan losses         407,079           263,188          54.7           407,079           263,188          54.7 
Foreclosed assets         71,023           62,048          14.5           71,023           62,048          14.5 
Investment securities – AFS         2,981,929           3,262,366          (8.6)          2,981,929           3,262,366          (8.6)
Deposits         29,943,663           23,983,397          24.9           29,943,663           23,983,397          24.9 
Other borrowings         400,943           1,104,478          (63.7)          400,943           1,104,478          (63.7)
Unfunded credit commitments         19,737,557           21,119,761          (6.5)          19,737,557           21,119,761          (6.5)
Reserve for losses on unfunded credit commitments         167,022           163,632          2.1           167,022           163,632          2.1 
Preferred stock         338,980           338,980          —           338,980           338,980          — 
Total common stockholders’ equity (1)          5,068,820           4,470,911          13.4           5,068,820           4,470,911          13.4 
Total tangible common stockholders' equity (1)         4,408,031           3,809,745          15.7           4,408,031           3,809,745          15.7 
Net unrealized losses on investment securities AFS included in stockholders’ equity         (100,939)          (159,431)            (100,939)          (159,431)  
Loan (including purchased loans) to deposit ratio         95.76%          98.43%            95.76%          98.43%  
Selected ratios:           
Return on average assets (2)         1.92%          2.27%            1.94%          2.34%  
Return on average common stockholders’ equity (1) (2)         13.98           15.14             14.07           15.19   
Return on average tangible common stockholders’ equity (1) (2)         16.11           17.78             16.24           17.86   
Total tangible common stockholders' equity to total tangible assets (1)         12.19           12.66             12.19           12.66   
Net interest margin – FTE (2)         4.68           5.32             4.70           5.43   
Efficiency ratio         32.74           33.05             32.67           33.33   
Net charge-offs to average non-purchased loans (2) (3)         0.18           0.03             0.14           0.09   
Net charge-offs to average total loans (2)         0.17           0.15             0.14           0.15   
Nonperforming loans to total loans (4)         0.28           0.15             0.28           0.15   
Nonperforming assets to total assets (4)         0.41           0.32             0.41           0.32   
Allowance for loan losses to total loans (5)         1.42           1.11             1.42           1.11   
Allowance for credit losses to total loans and unfunded credit commitments         1.19           0.95             1.19           0.95   
Other information:           
Non-accrual loans (4)$        80,523  $        35,320    $        80,523  $        35,320   


 (1)
See accompanying schedules for reconciliation of non-GAAP financial measures.
 (2)
Ratios for interim periods annualized based on actual days.
 (3)
Excludes purchased loans and net charge-offs related to such loans.
 (4)
Excludes purchased loans, except for their inclusion in total assets.
 (5)
Excludes reserve for losses on unfunded loan commitments.


 
Bank OZK
Selected Consolidated Financial Data (continued)
Unaudited
 
 Three Months Ended
 June 30, 2024 March 31, 2024 %
Change
 (Dollars in thousands, except per share amounts)
Income statement data:     
Net interest income$        387,994  $        376,934          2.9%
Provision for credit losses         49,012           42,923          14.2 
Non-interest income         28,782           29,084          (1.0)
Non-interest expense         137,451           133,314          3.1 
Net income         177,535           175,555          1.1 
Preferred stock dividends         4,047           4,047          — 
Net income available to common stockholders         173,496           171,490          1.2 
Pre-tax pre-provision net revenue (1)         279,325           272,704          2.4 
Common share and per common share data:     
Diluted earnings per common share$        1.52  $        1.51          0.7%
Basic earnings per common share         1.53           1.51          1.3 
Common stock dividends per share         0.39           0.38          2.6 
Book value per share         44.67           43.44          2.8 
Tangible book value per common share (1)         38.85           37.62          3.3 
Weighted-average diluted shares outstanding (thousands)         113,995           113,883          0.1 
End of period shares outstanding (thousands)         113,465           113,435          — 
Balance sheet data at period end:     
Total assets$        36,836,173  $        36,029,904          2.2%
Total loans         28,673,685           28,031,348          2.3 
Non-purchased loans         28,455,342           27,781,091          2.4 
Purchased loans         218,343           250,257          (12.8)
Allowance for loan losses         407,079           365,935          11.2 
Foreclosed assets         71,023           60,782          16.8 
Investment securities – AFS         2,981,929           3,072,391          (2.9)
Deposits         29,943,663           29,406,070          1.8 
Other borrowings         400,943           202,009          98.5 
Unfunded credit commitments         19,737,557           20,458,796          (3.5)
Reserve for losses on unfunded credit commitments         167,022           170,952          (2.3)
Total common stockholders’ equity (1)          5,068,820           4,927,867          2.9 
Total tangible common stockholders' equity (1)         4,408,031           4,267,078          3.3 
Net unrealized losses on investment securities AFS included in stockholders’ equity         (100,939)          (107,207)  
Loan (including purchased loans) to deposit ratio         95.76%          95.33%  
Selected ratios:     
Return on average assets (2)         1.92%          1.96%  
Return on average common stockholders’ equity (1) (2)         13.98           14.16   
Return on average tangible common stockholders’ equity (1) (2)         16.11           16.38   
Total tangible common stockholders' equity to total tangible assets (1)         12.19           12.06   
Net interest margin – FTE (2)         4.68           4.71   
Efficiency ratio         32.74           32.59   
Net charge-offs to average non-purchased loans (2) (3)         0.18           0.11   
Net charge-offs to average total loans (2)         0.17           0.11   
Nonperforming loans to total loans (4)         0.28           0.20   
Nonperforming assets to total assets (4)         0.41           0.32   
Allowance for loan losses to total loans (5)         1.42           1.31   
Allowance for credit losses to total loans and unfunded credit commitments         1.19           1.11   
Other information:     
Non-accrual loans (4)$        80,523  $        56,217   


 (1)
See accompanying schedules for reconciliation of non-GAAP financial measures.
 (2)
Ratios for interim periods annualized based on actual days.
 (3)
Excludes purchased loans and net charge-offs related to such loans.
 (4)
Excludes purchased loans, except for their inclusion in total assets.
 (5)
Excludes reserve for losses on unfunded loan commitments.


 
Bank OZK
Supplemental Quarterly Financial Data
Unaudited
 
 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23
 (Dollars in thousands, except per share amounts)
Earnings summary:         
Net interest income$        387,994  $        376,934  $        370,548  $        367,261  $        356,824 
Federal tax (FTE) adjustment         3,037           3,030           2,925           2,632           2,602 
Net interest income (FTE)         391,031           379,964           373,473           369,893           359,426 
Provision for credit losses         (49,012)          (42,923)          (43,832)          (44,036)          (41,774)
Non-interest income         28,782           29,084           37,027           25,727           31,987 
Non-interest expense         (137,451)          (133,314)          (145,011)          (128,978)          (129,355)
Pre-tax income (FTE)         233,350           232,811           221,657           222,606           220,284 
FTE adjustment         (3,037)          (3,030)          (2,925)          (2,632)          (2,602)
Provision for income taxes         (52,778)          (54,226)          (43,600)          (46,144)          (45,717)
Noncontrolling interest         8           (18)          (6)          (37)          (1)
Preferred stock dividend         (4,047)          (4,047)          (4,047)          (4,047)          (4,047)
Net income available to common stockholders$        173,496  $        171,490  $        171,079  $        169,746  $        167,917 
Earnings per common share – diluted$        1.52  $        1.51  $        1.50  $        1.49  $        1.47 
Pre-tax pre-provision net revenue (1)$        279,325  $        272,704  $        262,564  $        264,010  $        259,456 
Selected balance sheet data at period end:         
Total assets$        36,836,173  $        36,029,904  $        34,237,457  $        32,767,328  $        30,761,870 
Non-purchased loans         28,455,342           27,781,091           26,195,030           25,051,214           23,291,785 
Purchased loans         218,343           250,257           264,045           280,526           315,661 
Investment securities – AFS         2,981,929           3,072,391           3,244,371           3,153,817           3,262,366 
Deposits         29,943,663           29,406,070           27,405,143           25,552,856           23,983,397 
Unfunded credit commitments         19,737,557           20,458,796           20,561,029           20,625,371           21,119,761 
Allowance for credit losses:         
Balance at beginning of period$        536,887  $        501,228  $        461,486  $        426,820  $        393,767 
Net charge-offs         (11,798)          (7,264)          (4,090)          (9,370)          (8,721)
Provision for credit losses         49,012           42,923           43,832           44,036           41,774 
Balance at end of period$        574,101  $        536,887  $        501,228  $        461,486  $        426,820 
Allowance for loan losses$        407,079  $        365,935  $        339,394  $        303,358  $        263,188 
Reserve for losses on unfunded credit commitments         167,022           170,952           161,834           158,128           163,632 
Total allowance for credit losses$        574,101  $        536,887  $        501,228  $        461,486  $        426,820 
Selected ratios:         
Net interest margin – FTE (2)         4.68%          4.71%          4.82%          5.05%          5.32%
Efficiency ratio         32.74           32.59           35.33           32.60           33.05 
Net charge-offs to average non-purchased loans (2) (3)         0.18           0.11           0.07           0.17           0.03 
Net charge-offs to average total loans (2)         0.17           0.11           0.06           0.15           0.15 
Nonperforming loans to total loans (4)         0.28           0.20           0.23           0.25           0.15 
Nonperforming assets to total assets (4)         0.41           0.32           0.36           0.40           0.32 
Allowance for loan losses to total loans (5)         1.42           1.31           1.28           1.20           1.11 
Allowance for credit losses to total loans and unfunded credit commitments         1.19           1.11           1.07           1.00           0.95 
Loans past due 30 days or more, including past due non-accrual loans, to total loans (4)         0.16           0.17           0.20           0.21           0.14 


 (1)
Calculations of pre-tax pre-provision net revenue and the reconciliation to GAAP are included in the schedules accompanying this release.
 (2)
Ratios for interim periods annualized based on actual days.
 (3)
Excludes purchased loans and net charge-offs related to such loans.
 (4)
Excludes purchased loans, except for their inclusion in total assets.
 (5)
Excludes reserve for losses on unfunded loan commitments.


 
Bank OZK
Average Consolidated Balance Sheets and Net Interest Analysis – FTE
Unaudited
 
 Three Months Ended June 30, Six months ended June 30,
  2024   2023   2024   2023 
 Average Balance Income/ Expense Yield/Rate Average Balance Income/ Expense Yield/Rate Average Balance Income/ Expense Yield/Rate Average Balance Income/ Expense Yield/Rate
 (Dollars in thousands)
ASSETS                       
Interest earning assets:                       
Interest earning deposits$        2,013,116 $        26,604         5.32% $        957,439 $        11,407         4.78% $        1,937,493 $        51,210         5.32% $        849,082 $        19,277         4.58%
Investment securities:                       
Taxable         1,877,176          8,793         1.88           2,363,265          9,704         1.65           1,965,078          18,126         1.85           2,406,769          19,875         1.67 
Tax-exempt – FTE         1,143,254          14,111         4.96           1,040,757          12,011         4.63           1,157,685          28,254         4.91           1,034,317          23,738         4.63 
Non-purchased loans – FTE         28,303,265          616,720         8.76           22,368,771          472,604         8.47           27,709,736          1,203,762         8.74           21,613,844          887,640         8.28 
Purchased loans         240,778          4,644         7.76           346,696          5,322         6.16           249,283          9,604         7.75           358,725          11,840         6.66 
Total earning assets – FTE         33,577,589          670,872         8.04           27,076,928          511,048         7.57           33,019,275          1,310,956         7.98           26,262,737          962,370         7.39 
Non-interest earning assets         2,761,795              2,587,338              2,750,997              2,552,387    
Total assets$        36,339,384     $        29,664,266     $        35,770,272     $        28,815,124    
LIABILITIES AND STOCKHOLDERS’ EQUITY                    
Interest bearing liabilities:                       
Deposits:                       
Savings and interest bearing transaction$        9,277,131 $        68,593         2.97% $        9,075,132 $        48,650         2.15% $        9,229,938 $        135,494         2.95% $        9,402,496 $        91,164         1.96%
Time deposits         16,385,329          202,211         4.96           9,650,599          87,472         3.64         15,930,851          389,632        4.92           8,612,573          138,590         3.24 
Total interest bearing deposits         25,662,460          270,804         4.24           18,725,731          136,122         2.92           25,160,789          525,126         4.20           18,015,069          229,754         2.57 
Other borrowings (2)         321,521          3,964         4.96           828,644          10,591         5.13           203,281          4,715         4.66           648,870          16,013         4.98 
Subordinated notes         348,066          2,603         3.01           347,251          2,603         3.01           347,965          5,177         2.99           347,151          5,177         3.01 
Subordinated debentures         121,652          2,471         8.17           121,652          2,306        7.60           121,652          4,944         8.17           121,645          4,545         7.54 
Total interest bearing liabilities         26,453,699          279,842         4.25           20,023,278          151,622         3.04           25,833,687          539,962         4.20           19,132,735          255,489         2.69 
Non-interest bearing liabilities:                       
Non-interest bearing deposits         3,893,094              4,348,639              3,996,931              4,409,684    
Other non-interest bearing liabilities         660,618              502,394              667,969              501,203    
Total liabilities         31,007,411              24,874,311              30,498,587              24,043,622    
Total stockholders’ equity before noncontrolling interest         5,330,984              4,788,584              5,270,700              4,770,135    
Noncontrolling interest         989              1,371              985              1,367    
Total liabilities and stockholders’ equity$        36,339,384     $        29,664,266     $        35,770,272     $        28,815,124    
Net interest income – FTE  $        391,030     $        359,426     $        770,994     $        706,881  
Net interest margin – FTE            4.68%             5.32%             4.70%             5.43%
Core spread (1)            4.52%             5.55%             4.54%             5.71%


 (1)
Core spread is the difference between the yield on the Bank’s non-purchased loans-FTE and the rate on its interest bearing deposits.
 (2)
The interest expense and the rates paid "other borrowings" include capitalized interest which totaled $0.5 million and $0.8 million for the second quarter and first six months of 2024. Capitalized interest was not material for the second quarter and first six months of 2023.


 
Bank OZK
Reconciliation of Non-GAAP Financial Measures

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

Unaudited
 
 Three Months Ended Six Months Ended
 June 30, June 30, March 31, June 30, June 30,
  2024   2023   2024   2024   2023 
 (Dollars in thousands)
Net income available to common stockholders$        173,496  $        167,917  $        171,490  $        344,987  $        333,771 
Average stockholders’ equity before noncontrolling interest$        5,330,984  $       4,788,584  $        5,210,418  $        5,270,700  $        4,770,135 
Less average preferred stock         (338,980)          (338,980)          (338,980)          (338,980)          (338,980)
Total average common stockholders’ equity         4,992,004           4,449,604  $        4,871,438           4,931,720           4,431,155 
Less average intangible assets:         
Goodwill         (660,789)          (660,789)          (660,789)          (660,789)          (660,789)
Core deposit and other intangible assets, net of accumulated amortization         —           (999)            —           (1,618)
Total average intangibles         (660,789)          (661,788)          (660,789)          (660,789)          (662,407)
Average tangible common stockholders’ equity$        4,331,215  $        3,787,816  $        4,210,649  $        4,270,931  $        3,768,748 
Return on average common stockholders’ equity(1)         13.98%          15.14%          14.16%          14.07%          15.19%
Return on average tangible common stockholders’ equity(1)         16.11%          17.78%          16.38%          16.24%          17.86%

 

(1) Ratios for interim periods annualized based on actual days.


 
Calculation of Total Common Stockholders’ Equity,
Total Tangible Common Stockholders’ Equity
and Tangible Book Value per Common Share
Unaudited
 
 June 30, March 31,
  2024   2023   2024 
 (In thousands, except per share amounts)
Total stockholders’ equity before noncontrolling interest$        5,407,800  $        4,809,891  $        5,266,847 
Less preferred stock         (338,980)          (338,980)          (338,980)
Total common stockholders’ equity$        5,068,820  $        4,470,911  $        4,927,867 
Less intangible assets:     
Goodwill         (660,789)          (660,789)          (660,789)
Core deposit and other intangible assets, net of accumulated amortization         —           (377)          — 
Total intangibles         (660,789)          (661,166)          (660,789)
Total tangible common stockholders’ equity$        4,408,031  $        3,809,745  $        4,267,078 
Shares of common stock outstanding         113,465           113,145           113,435 
Book value per common share$        44.67  $        39.51  $        43.44 
Tangible book value per common share$        38.85  $        33.67  $        37.62 


 
Calculation of Total Common Stockholders’ Equity,
Total Tangible Common Stockholders’ Equity
and the Ratio of Total Tangible Common Stockholders’ Equity
to Total Tangible Assets

Unaudited
 
 June 30, March 31,
  2024   2023   2024 
 (Dollars in thousands)
Total stockholders’ equity before noncontrolling interest$        5,407,800  $        4,809,891  $        5,266,847 
Less preferred stock         (338,980)          (338,980)          (338,980)
Total common stockholders’ equity$        5,068,820  $        4,470,911  $        4,927,867 
Less intangible assets:     
Goodwill         (660,789)          (660,789)          (660,789)
Core deposit and other intangible assets, net of accumulated amortization         —           (377)          — 
Total intangibles         (660,789)          (661,166)          (660,789)
Total tangible common stockholders’ equity         4,408,031           3,809,745           4,267,078 
Total assets$        36,836,173  $        30,761,870  $        36,029,904 
Less intangible assets:     
Goodwill$        (660,789) $        (660,789) $        (660,789)
Core deposit and other intangible assets, net of accumulated amortization         —           (377)          — 
Total intangibles         (660,789)          (661,166)          (660,789)
Total tangible assets$        36,175,384  $        30,100,704  $        35,369,115 
Ratio of total common stockholders’ equity to total assets         13.76%          14.53%          13.68%
Ratio of total tangible common stockholders’ equity to total tangible assets         12.19%          12.66%          12.06%


 
Calculation of Pre-Tax Pre-Provision Net Revenue
Unaudited
 
 Three Months Ended Six Months Ended
 June 30, March 31, December 31, September 30 June 30, June 30,
  2024   2024   2023   2023   2023   2024   2023 
 (Dollars in thousands)
Net income available to common stockholders$        173,496  $        171,490  $        171,079  $        169,746  $        167,917  $        344,987  $        333,771 
Preferred stock dividends         4,047           4,047           4,047           4,047           4,047           8,094            8,094 
Earnings attributable to noncontrolling interest         (8)          18           6           37           1           10           13 
Provision for income taxes         52,778           54,226           43,600           46,144           45,717           107,005           86,420 
Provision for credit losses         49,012           42,923           43,832           44,036           41,774           91,935           77,602 
Pre-tax pre-provision net revenue$        279,325  $        272,704  $        262,564  $        264,010  $        259,456  $        552,031  $        505,900 


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

FAQ

What was Bank OZK's net income for Q2 2024?

Bank OZK reported a record net income of $173.5 million available to common stockholders for Q2 2024, representing a 3.3% increase from Q2 2023.

How much did Bank OZK's total loans grow in Q2 2024?

Bank OZK's total loans grew by 21.5% to $28.67 billion as of June 30, 2024, compared to $23.61 billion on June 30, 2023.

What is the size of Bank OZK's new stock repurchase program?

Bank OZK announced a $200 million stock repurchase program, which will be effective through July 1, 2025.

How did Bank OZK's deposits change in Q2 2024?

Bank OZK's deposits increased by 24.9% to $29.94 billion as of June 30, 2024, compared to $23.98 billion on June 30, 2023.

What was Bank OZK's diluted earnings per share for Q2 2024?

Bank OZK reported diluted earnings per share of $1.52 for Q2 2024, a 3.4% increase from $1.47 in Q2 2023.

Bank OZK

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5.59B
105.90M
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14.19%
Banks - Regional
Financial Services
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United States of America
Little Rock