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Bank OZK Announces Record Third Quarter 2024 Earnings

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Bank OZK (Nasdaq: OZK) reported record third quarter 2024 earnings, with net income available to common stockholders reaching $177.1 million, a 4.4% increase from the same period in 2023. Diluted earnings per common share for Q3 2024 were $1.55, up 4.0% year-over-year. The bank's pre-tax pre-provision net revenue (PPNR) hit a record $282.6 million, a 7.0% increase from Q3 2023.

Key financial highlights include:

  • Loans increased 15.3% to $29.22 billion
  • Deposits grew 19.6% to $30.57 billion
  • Total assets rose 14.3% to $37.44 billion
  • Common stockholders' equity increased 15.1% to $5.25 billion

The bank's asset quality remained strong, with a nonperforming loans to total loans ratio of 0.60% as of September 30, 2024.

Bank OZK (Nasdaq: OZK) ha riportato guadagni record per il terzo trimestre del 2024, con un reddito netto disponibile per gli azionisti comuni che ha raggiunto i 177,1 milioni di dollari, con un incremento del 4,4% rispetto allo stesso periodo del 2023. Gli utili per azione diluiti per il terzo trimestre del 2024 sono stati di 1,55 dollari, in aumento del 4,0% rispetto all'anno precedente. Il reddito netto prima delle imposte e delle accantonamenti (PPNR) della banca ha raggiunto un record di 282,6 milioni di dollari, con un incremento del 7,0% rispetto al terzo trimestre del 2023.

I principali risultati finanziari includono:

  • I prestiti sono aumentati del 15,3% fino a 29,22 miliardi di dollari
  • I depositi sono cresciuti del 19,6% fino a 30,57 miliardi di dollari
  • Il totale degli attivi è aumentato del 14,3% fino a 37,44 miliardi di dollari
  • Il patrimonio netto degli azionisti comuni è aumentato del 15,1% fino a 5,25 miliardi di dollari

La qualità degli attivi della banca è rimasta solida, con un rapporto prestiti non performanti su prestiti totali dello 0,60% al 30 settembre 2024.

Bank OZK (Nasdaq: OZK) reportó ganancias récord en el tercer trimestre de 2024, con un ingreso neto disponible para accionistas comunes alcanzando los 177.1 millones de dólares, un incremento del 4.4% en comparación con el mismo periodo de 2023. Las ganancias diluidas por acción común para el tercer trimestre de 2024 fueron de 1.55 dólares, un aumento del 4.0% año con año. Los ingresos netos antes de impuestos y provisiones (PPNR) del banco alcanzaron un récord de 282.6 millones de dólares, un aumento del 7.0% desde el tercer trimestre de 2023.

Los aspectos financieros clave incluyen:

  • Los préstamos aumentaron un 15.3% hasta 29.22 mil millones de dólares
  • Los depósitos crecieron un 19.6% hasta 30.57 mil millones de dólares
  • Los activos totales aumentaron un 14.3% hasta 37.44 mil millones de dólares
  • El patrimonio de los accionistas comunes aumentó un 15.1% hasta 5.25 mil millones de dólares

La calidad de los activos del banco se mantuvo fuerte, con una relación de préstamos no productivos sobre préstamos totales de 0.60% al 30 de septiembre de 2024.

Bank OZK(나스닥: OZK)는 2024년 3분기 기록적인 수익을 보고하였으며, 일반 주주를 위한 순이익은 1억 7,710만 달러에 달해 2023년 같은 기간 대비 4.4% 증가했습니다. 희석 주당 이익(EPS)는 2024년 3분기에 1.55달러로 전년 대비 4.0% 증가했습니다. 은행의 세전 준비금 전 매출(PPNR)은 2억 8,260만 달러로 기록적인 수치를 기록하며 작년 3분기 대비 7.0% 증가했습니다.

주요 재무 하이라이트는 다음과 같습니다:

  • 대출은 15.3% 증가하여 292억 2천만 달러에 달했습니다.
  • 예금은 19.6% 증가하여 305억 7천만 달러에 도달했습니다.
  • 총 자산은 14.3% 증가하여 374억 4천만 달러에 달했습니다.
  • 보통주 주주의 자본은 15.1% 증가하여 52억 5천만 달러에 달했습니다.

은행의 자산 품질은 여전히 양호하여, 2024년 9월 30일 기준 총 대출 중 불량 대출 비율은 0.60%입니다.

Bank OZK (Nasdaq: OZK) a annoncé des bénéfices record pour le troisième trimestre 2024, avec un revenu net disponible pour les actionnaires ordinaires atteignant 177,1 millions de dollars, soit une augmentation de 4,4 % par rapport à la même période en 2023. Le bénéfice dilué par action ordinaire pour le T3 2024 était de 1,55 dollar, soit une hausse de 4,0 % par rapport à l'année précédente. Le revenu net avant impôt et provisions (PPNR) de la banque a atteint un record de 282,6 millions de dollars, soit une augmentation de 7,0 % par rapport au T3 2023.

Les principaux points financiers incluent :

  • Les prêts ont augmenté de 15,3 % pour atteindre 29,22 milliards de dollars
  • Les dépôts ont progressé de 19,6 % pour atteindre 30,57 milliards de dollars
  • Les actifs totaux ont augmenté de 14,3 % pour atteindre 37,44 milliards de dollars
  • Les capitaux propres des actionnaires ordinaires ont augmenté de 15,1 % pour s'établir à 5,25 milliards de dollars

La qualité des actifs de la banque est restée solide, avec un ratio de prêts non performants sur le total des prêts de 0,60 % au 30 septembre 2024.

Bank OZK (Nasdaq: OZK) meldete rekordverdächtige Gewinne im dritten Quartal 2024, wobei das Nettogewinn für die Stammaktionäre 177,1 Millionen Dollar erreichte, was einem Anstieg von 4,4 % im Vergleich zum gleichen Zeitraum 2023 entspricht. Der verwässerte Gewinn pro Stammaktie für das 3. Quartal 2024 betrug 1,55 Dollar, ein Anstieg von 4,0 % im Jahresvergleich. Der vorsteuerliche Nettoumsatz vor Rückstellungen (PPNR) der Bank erreichte einen Rekord von 282,6 Millionen Dollar, was einem Anstieg von 7,0 % im Vergleich zum 3. Quartal 2023 entspricht.

Wichtige finanzielle Highlights sind:

  • Kredite stiegen um 15,3 % auf 29,22 Milliarden Dollar
  • Einlagen wuchsen um 19,6 % auf 30,57 Milliarden Dollar
  • Gesamtvermögen stieg um 14,3 % auf 37,44 Milliarden Dollar
  • Das Eigenkapital der Stammaktionäre stieg um 15,1 % auf 5,25 Milliarden Dollar

Die Vermögensqualität der Bank blieb stark, mit einem Anteil notleidender Kredite an den Gesamtkrediten von 0,60 % zum 30. September 2024.

Positive
  • Record net income of $177.1 million for Q3 2024, up 4.4% year-over-year
  • Diluted earnings per share increased 4.0% to $1.55 in Q3 2024
  • Pre-tax pre-provision net revenue (PPNR) grew 7.0% to $282.6 million
  • Loans increased 15.3% to $29.22 billion
  • Deposits grew 19.6% to $30.57 billion
  • Total assets rose 14.3% to $37.44 billion
  • Common stockholders' equity increased 15.1% to $5.25 billion
  • Book value per common share increased by $5.96 to $46.31
Negative
  • Nonperforming loans to total loans ratio increased to 0.60% from 0.27% year-over-year
  • Annualized net charge-offs to average total loans ratio increased to 0.36% for Q3 2024 from 0.15% in Q3 2023
  • Return on average assets decreased to 1.90% from 2.13% year-over-year
  • Return on average common stockholders' equity declined to 13.65% from 14.81% year-over-year

Insights

Bank OZK's Q3 2024 results demonstrate robust financial performance and continued growth. Key highlights include:

  • Record net income of $177.1 million, up 4.4% year-over-year
  • Diluted EPS of $1.55, a 4.0% increase
  • PPNR of $282.6 million, up 7.0%
  • Loan growth of 15.3% to $29.22 billion
  • Deposit growth of 19.6% to $30.57 billion

The bank's asset quality remains strong, with a slight increase in nonperforming loans to 0.60% of total loans. The increased provision for credit losses and growth in allowance for credit losses indicate prudent risk management in an uncertain economic environment. Strong capital ratios and consistent dividend growth underscore the bank's financial stability and shareholder focus.

Bank OZK's performance is impressive given the challenging banking environment. The 19.6% deposit growth is particularly noteworthy, suggesting strong customer confidence and effective deposit gathering strategies. This growth outpaces the loan growth of 15.3%, indicating a favorable funding position.

The bank's efficiency is evident in its improving PPNR, which grew faster than net income. However, the slight decline in ROA and ROE metrics suggests some pressure on margins, possibly due to higher funding costs or competitive pressures. The increase in nonperforming loans warrants monitoring but doesn't appear alarming given the robust allowance for credit losses.

Investors should view these results positively, as they demonstrate Bank OZK's ability to grow and maintain profitability in a complex banking landscape. The consistent dividend increases and share repurchases further enhance shareholder value.

LITTLE ROCK, Ark., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the third quarter of 2024 was $177.1 million, its eighth consecutive quarterly record and a 4.4% increase from $169.7 million for the third quarter of 2023. For the first nine months of 2024, net income available to common stockholders was $522.1 million, a 3.7% increase from $503.5 million for the first nine months of 2023.

Diluted earnings per common share for the third quarter of 2024 were $1.55, its eighth consecutive quarterly record and a 4.0% increase from $1.49 for the third quarter of 2023. For the first nine months of 2024, diluted earnings per common share were $4.58, a 4.8% increase from $4.37 for the first nine months of 2023.

Pre-tax pre-provision net revenue (“PPNR”) was a record $282.6 million for the third quarter of 2024, a 7.0% increase from $264.0 million for the third quarter of 2023. For the first nine months of 2024, PPNR was $834.6 million, an 8.4% increase from $769.9 million for the first nine 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 $46.4 million for the third quarter of 2024 compared to $44.0 million for the third quarter of 2023, while our net charge-offs were only $26.0 million and $9.4 million, respectively, for those quarters. For the first nine months of 2024, provision for credit losses was $138.4 million compared to $121.6 million for the first nine months of 2023, while our net charge-offs were only $45.1 million and $25.4 million, respectively, for those nine month periods. The Bank’s total allowance for credit losses (“ACL”) was $594.5 million at September 30, 2024, an increase of $133.1 million or 28.8% compared to $461.5 million at September 30, 2023.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the third quarter of 2024 were 1.90%, 13.65% and 15.65%, respectively, compared to 2.13%, 14.81% and 17.33%, respectively, for the third quarter of 2023. For the first nine months of 2024, the Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity were 1.93%, 13.92%, and 16.04%, respectively, compared to 2.26%, 15.06%, and 17.68%, respectively, for the first nine 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 results for the quarter just ended giving us our eighth consecutive quarter of record net income and earnings per share and ninth consecutive quarter of record net interest income. This consistent achievement of record results has allowed us to consistently increase dividends, significantly grow capital and opportunistically repurchase shares, all while significantly increasing our allowance for credit losses.”

KEY BALANCE SHEET METRICS

Loans were $29.22 billion at September 30, 2024, a 15.3% increase from $25.33 billion at September 30, 2023. Deposits were $30.57 billion at September 30, 2024, a 19.6% increase from $25.55 billion at September 30, 2023. Total assets were $37.44 billion at September 30, 2024, a 14.3% increase from $32.77 billion at September 30, 2023.

Common stockholders’ equity was $5.25 billion at September 30, 2024, a 15.1% increase from $4.56 billion at September 30, 2023. Tangible common stockholders’ equity was $4.59 billion at September 30, 2024, a 17.7% increase from $3.90 billion at September 30, 2023.

Book value per common share was $46.31 at September 30, 2024, a $5.96 increase from $40.35 at September 30, 2023. Tangible book value per common share was $40.49 at September 30, 2024, a $5.99 increase from $34.50 at September 30, 2023.

The Bank’s strong earnings and earning retention rate, among other factors, have contributed to our robust capital ratios. The Bank’s ratio of total common stockholders’ equity to total assets was 14.03% at September 30, 2024, compared to 13.93% at September 30, 2023. The Bank’s ratio of total tangible common stockholders’ equity to total tangible assets was 12.49% at September 30, 2024, compared to 12.16% at September 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.

ASSET QUALITY

The Bank’s ratio of nonperforming loans to total loans was 0.60% at September 30, 2024, compared to 0.30% at June 30, 2024 and 0.27% as of September 30, 2023. The Bank’s ratio of nonperforming assets to total assets was 0.68% at September 30, 2024, compared to 0.42% at June 30, 2024 and September 30, 2023. The Bank's annualized ratio of net charge-offs to average total loans was 0.36% for the quarter and 0.21% for the first nine months of 2024, compared to 0.15% for both the third quarter and first nine months of 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 Friday, October 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 $37.44 billion in total assets as of September 30, 2024. For more information, visit www.ozk.com.

 
Bank OZK
Consolidated Balance Sheets
Unaudited
     
  September 30, 2024 December 31, 2023
  (Dollars in thousands)
ASSETS    
Cash and cash equivalents $2,678,726  $2,149,529 
Investment securities – available for sale (“AFS”)  2,952,022   3,244,371 
Federal Home Loan Bank of Dallas (“FHLB”) and other bankers’ bank stocks  13,808   50,400 
Loans  29,218,144   26,459,075 
Allowance for loan losses  (420,058)  (339,394)
Net Loans  28,798,086   26,119,681 
Premises and equipment, net  712,787   676,821 
Foreclosed assets  77,949   61,720 
Accrued interest receivable  173,246   170,110 
Bank owned life insurance (“BOLI”)  823,598   808,490 
Goodwill  660,789   660,789 
Other, net  550,793   295,546 
Total assets $37,441,804  $34,237,457 
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Deposits:    
Demand non-interest bearing $3,855,214  $4,095,874 
Savings and interest bearing transaction  9,303,466   9,074,296 
Time  17,412,933   14,234,973 
Total deposits  30,571,613   27,405,143 
Other borrowings  151,035   805,318 
Subordinated notes  348,370   347,761 
Subordinated debentures  121,652   121,652 
Reserve for losses on unfunded credit commitments  174,479   161,834 
Accrued interest payable and other liabilities  481,100   255,773 
Total liabilities  31,848,249   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 September 30, 2024 and December 31, 2023  338,980   338,980 
Common stock: $0.01 par value; 300,000,000 shares authorized; 113,449,886 and 113,148,672 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively  1,135   1,131 
Additional paid-in capital  1,619,832   1,612,446 
Retained earnings  3,684,869   3,283,818 
Accumulated other comprehensive loss  (51,957)  (97,374)
Total stockholders’ equity before noncontrolling interest  5,592,859   5,139,001 
Noncontrolling interest  696   975 
Total stockholders’ equity  5,593,555   5,139,976 
Total liabilities and stockholders’ equity $37,441,804  $34,237,457 
         


 
Bank OZK
Consolidated Statements of Income
Unaudited
     
  Three Months Ended
September 30,		 Nine Months Ended
September 30,
  2024 2023 2024 2023
  (Dollars in thousands, except per share amounts)
Interest income:        
Loans $629,934  $529,031  $1,843,167  $1,428,291 
Investment securities:        
Taxable  7,874   9,887   26,000   29,761 
Tax-exempt  11,555   9,534   33,876   28,288 
Deposits with banks  32,689   17,061   83,899   36,338 
Total interest income  682,052   565,513   1,986,942   1,522,678 
         
Interest expense:        
Deposits  286,608   178,823   811,735   408,577 
Other borrowings  953   14,326   5,668   30,339 
Subordinated notes  2,631   2,631   7,808   7,808 
Subordinated debentures  2,462   2,472   7,405   7,017 
Total interest expense  292,654   198,252   832,616   453,741 
         
Net interest income  389,398   367,261   1,154,326   1,068,937 
Provision for credit losses  46,443   44,036   138,378   121,638 
Net interest income after provision for credit losses  342,955   323,225   1,015,948   947,299 
         
Non-interest income:        
Service charges on deposit accounts:        
NSF fees  —   1,102   —   3,097 
Overdraft fees  3,563   3,606   10,354   10,262 
All other service charges  7,561   6,973   21,958   20,662 
Trust income  2,529   2,213   6,935   6,358 
BOLI income:        
Increase in cash surrender value  5,758   5,252   16,870   15,295 
Death benefits  1,344   —   1,344   — 
Loan service, maintenance and other fees  6,534   3,995   19,358   12,165 
Gains on sales of other assets  1,303   364   2,835   5,740 
Net gains (losses) on investment securities  25   (270)  560   2,066 
Other  4,988   2,492   11,257   9,877 
Total non-interest income  33,605   25,727   91,471   85,522 
         
Non-interest expense:        
Salaries and employee benefits  75,324   64,107   218,297   192,576 
Net occupancy and equipment  17,380   17,797   53,775   55,357 
Other operating expenses  47,697   47,074   139,092   136,616 
Total non-interest expense  140,401   128,978   411,164   384,549 
         
Income before taxes  236,159   219,974   696,255   648,272 
Provision for income taxes  54,953   46,144   161,958   132,564 
Net income  181,206   173,830   534,297   515,708 
Earnings attributable to noncontrolling interest  (12)  (37)  (22)  (50)
Preferred stock dividends  4,047   4,047   12,141   12,141 
Net income available to common stockholders $177,147  $169,746  $522,134  $503,517 
         
Basic earnings per common share $1.56  $1.50  $4.60  $4.39 
         
Diluted earnings per common share $1.55  $1.49  $4.58  $4.37 
                 


 
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 September 30, 2024:              
Balances – June 30, 2024 $338,980  $1,135  $1,615,101  $3,553,523  $(100,939) $985  $5,408,785 
Net income  —   —   —   181,206   —   —   181,206 
Earnings attributable to noncontrolling interest  —   —   —   (12)  —   12   — 
Total other comprehensive income  —   —   —   —   48,982   —   48,982 
Preferred stock dividends, $0.28906 per share  —   —   —   (4,047)  —   —   (4,047)
Common stock dividends, $0.40 per share  —   —   —   (45,801)  —   —   (45,801)
Return of capital paid to noncontrolling interest  —   —   —   —   —   (301)  (301)
Issuance of 3,197 shares of common stock pursuant to stock-based compensation plans  —   —   28   —   —   —   28 
Repurchase and cancellation of 11,903 shares of common stock under share repurchase program  —   —   (462)  —   —   —   (462)
Stock-based compensation expense  —   —   5,165   —   —   —   5,165 
Forfeitures of 6,646 shares of unvested restricted common stock  —   —   —   —   —   —   — 
Balances – September 30, 2024 $338,980  $1,135  $1,619,832  $3,684,869  $(51,957) $696  $5,593,555 
               
Nine months ended September 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  —   —   —   534,297   —   —   534,297 
Earnings attributable to noncontrolling interest  —   —   —   (22)  —   22   — 
Total other comprehensive income  —   —   —   —   45,417   —   45,417 
Preferred stock dividends, $0.86718 per share  —   —   —   (12,141)  —   —   (12,141)
Common stock dividends, $1.17 per share  —   —   —   (133,773)  —   —   (133,773)
Return of capital paid to noncontrolling interest  —   —   —   —   —   (301)  (301)
Issuance of 521,651 shares of common stock pursuant to stock-based compensation plans  —   6   439   —   —   —   445 
Repurchase and cancellation of 11,903 shares of common stock under share repurchase program  —   —   (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  —   —   15,417   —   —   —   15,417 
Forfeitures of 24,119 shares of unvested restricted common stock  —   —   —   —   —   —   — 
Balances – September 30, 2024 $338,980  $1,135  $1,619,832  $3,684,869  $(51,957) $696  $5,593,555 
                             


 
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 September 30, 2023:              
Balances – June 30, 2023 $338,980  $1,131  $1,602,964  $3,026,247  $(159,431) $1,372  $4,811,263 
Net income  —   —   —   173,830   —   —   173,830 
Earnings attributable to noncontrolling interest  —   —   —   (37)  —   37   — 
Total other comprehensive loss  —   —   —   —   (39,555)  —   (39,555)
Preferred stock dividends, $0.28906 per share  —   —   —   (4,047)  —     (4,047)
Common stock dividends, $0.36 per share  —   —   —   (41,124)  —   —   (41,124)
Issuance of 2,446 shares of common stock pursuant to stock-based compensation plans  —   —   77   —   —   —   77 
Stock-based compensation expense  —   —   4,469   —   —   —   4,469 
Forfeitures of 11,663 shares of unvested restricted common stock  —   —   —   —   —   —   — 
Balances – September 30, 2023 $338,980  $1,131  $1,607,510  $3,154,869  $(198,986) $1,409  $4,904,913 
               
Nine months ended September 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  —   —   —   515,708   —   —   515,708 
Earnings attributable to noncontrolling interest  —   —   —   (50)  —   50   — 
Total other comprehensive loss  —   —   —   —   (21,337)  —   (21,337)
Preferred stock dividends, $0.86718 per share  —   —   —   (12,141)  —     (12,141)
Common stock dividends, $1.05 per share  —   —   —   (121,783)  —   —   (121,783)
Issuance of 505,633 shares of common stock pursuant to stock-based compensation plans  —   5   618   —   —   —   623 
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  —   —   13,044   —   —   —   13,044 
Forfeitures of 26,728 shares of unvested restricted common stock  —   —   —   —   —   —   — 
Balances – September 30, 2023 $338,980  $1,131  $1,607,510  $3,154,869  $(198,986) $1,409  $4,904,913 
                             


 
Bank OZK
Summary of Non-Interest Expense
Unaudited
    
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
 2024
 2023
 2024
 2023
 (Dollars in thousands)
Salaries and employee benefits$75,324  $64,107  $218,297  $192,576 
Net occupancy and equipment 17,380   17,797   53,775   55,357 
Other operating expenses:       
Software and data processing 12,742   9,584   36,016   28,634 
Deposit insurance and assessments 6,050   5,500   19,609   14,548 
Professional and outside services 5,620   4,640   18,272   15,190 
Advertising and public relations 6,089   3,779   16,874   10,998 
Amortization of CRA and tax credit investments(1) —   8,171   —   20,151 
Other 17,196   15,400   48,321   47,095 
Total non-interest expense$140,401  $128,978  $411,164  $384,549 

(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
    
 September 30, 2024 December 31, 2023
 (Dollars in thousands)
Real estate:       
Residential 1-4 family$1,075,912  3.7% $961,338  3.6%
Non-farm/non-residential 7,924,453  27.1   5,309,239  20.1 
Construction/land development 9,827,974  33.6   11,653,487  44.0 
Agricultural 274,703  0.9   256,423  1.0 
Multifamily residential 3,058,056  10.5   2,064,106  7.8 
Total real estate 22,161,098  75.8   20,244,593  76.5 
Commercial and industrial 1,632,110  5.6   1,269,610  4.8 
Consumer 3,565,400  12.2   2,965,042  11.2 
Other 1,859,536  6.4   1,979,830  7.5 
Total loans 29,218,144  100.0%  26,459,075  100.0%
Allowance for loan losses (420,058)    (339,394)  
Net loans$28,798,086    $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 September 30, 2024:     
Balances – June 30, 2024$407,079  $167,022  $574,101 
Net charge-offs (26,007)  —   (26,007)
Provision for credit losses 38,986   7,457   46,443 
Balances – September 30, 2024$420,058  $174,479  $594,537 
      
Nine months ended September 30, 2024:     
Balances – December 31, 2023$339,394  $161,834  $501,228 
Net charge-offs (45,069)  —   (45,069)
Provision for credit losses 125,733   12,645   138,378 
Balances – September 30, 2024$420,058  $174,479  $594,537 
      
Three months ended September 30, 2023:     
Balances – June 30, 2023$263,188  $163,632  $426,820 
Net charge-offs (9,370)  —   (9,370)
Provision for credit losses 49,540   (5,504)  44,036 
Balances – September 30, 2023$303,358  $158,128  $461,486 
      
Nine months ended September 30, 2023:     
Balances – December 31, 2022$208,858  $156,419  $365,277 
Net charge-offs (25,429)  —   (25,429)
Provision for credit losses 119,929   1,709   121,638 
Balances – September 30, 2023$303,358  $158,128  $461,486 
            


 
Bank OZK
Deposits – By Customer Type
Unaudited
    
 September 30, 2024 December 31, 2023
 (Dollars in thousands)
Non-interest bearing$3,855,214  12.6% $4,095,874  14.9%
Interest bearing:       
Consumer and commercial:       
Consumer – non-time 2,854,094  9.3   2,792,199  10.2 
Consumer – time 13,133,060  43.0   10,216,217  37.3 
Commercial – non-time 2,819,146  9.2   2,439,175  8.9 
Commercial – time 971,632  3.2   767,566  2.8 
Public funds 3,628,461  11.9   3,725,766  13.6 
Brokered 2,716,206  8.9   2,655,317  9.7 
Reciprocal 593,800  1.9   713,029  2.6 
Total deposits$30,571,613  100.0% $27,405,143  100.0%
              


 
Bank OZK
Selected Consolidated Financial Data
Unaudited
    
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
 2024 2023 %
Change		 2024 2023 %
Change
 (Dollars in thousands, except per share amounts)
Income statement data:           
Net interest income$389,398  $367,261  6.0% $1,154,326  $1,068,937  8.0%
Provision for credit losses 46,443   44,036  5.5   138,378   121,638  13.8 
Non-interest income 33,605   25,727  30.6   91,471   85,522  7.0 
Non-interest expense 140,401   128,978  8.9   411,164   384,549  6.9 
Net income 181,206   173,830  4.2   534,297   515,708  3.6 
Preferred stock dividends 4,047   4,047  —   12,141   12,141  — 
Net income available to common stockholders 177,147   169,746  4.4   522,134   503,517  3.7 
Pre-tax pre-provision net revenue(1) 282,602   264,010  7.0   834,633   769,910  8.4 
Common share and per common share data:           
Diluted earnings per common share$1.55  $1.49  4.0% $4.58  $4.37  4.8%
Basic earnings per common share 1.56   1.50  4.0   4.60   4.39  4.8 
Common stock dividends per share 0.40   0.36  11.1   1.17   1.05  11.4 
Book value per share 46.31   40.35  14.8   46.31   40.35  14.8 
Tangible book value per common share(1) 40.49   34.50  17.4   40.49   34.50  17.4 
Weighted-average diluted shares outstanding (thousands) 114,031   113,770  0.2   113,988   115,226  (1.1)
End of period shares outstanding (thousands) 113,450   113,136  0.3   113,450   113,136  0.3 
Balance sheet data at period end:           
Total assets$37,441,804  $32,767,328  14.3% $37,441,804  $32,767,328  14.3%
Loans 29,218,144   25,331,740  15.3   29,218,144   25,331,740  15.3 
Allowance for loan losses 420,058   303,358  38.5   420,058   303,358  38.5 
Foreclosed assets 77,949   68,738  13.4   77,949   68,738  13.4 
Investment securities – AFS 2,952,022   3,153,817  (6.4)  2,952,022   3,153,817  (6.4)
Deposits 30,571,613   25,552,856  19.6   30,571,613   25,552,856  19.6 
Other borrowings 151,035   1,430,192  (89.4)  151,035   1,430,192  (89.4)
Unfunded credit commitments 19,307,972   20,625,371  (6.4)  19,307,972   20,625,371  (6.4)
Reserve for losses on unfunded credit commitments 174,479   158,128  10.3   174,479   158,128  10.3 
Preferred stock 338,980   338,980  —   338,980   338,980  — 
Total common stockholders’ equity(1) 5,253,879   4,564,524  15.1   5,253,879   4,564,524  15.1 
Total tangible common stockholders' equity(1) 4,593,090   3,903,735  17.7   4,593,090   3,903,735  17.7 
Net unrealized losses on investment securities AFS included in stockholders’ equity (51,957)  (198,986)    (51,957)  (198,986)  
Loan to deposit ratio 95.57%  99.13%    95.57%  99.13%  
Selected ratios:           
Return on average assets(2) 1.90%  2.13%    1.93%  2.26%  
Return on average common stockholders’ equity(1)(2) 13.65   14.81     13.92   15.06   
Return on average tangible common stockholders’ equity(1)(2) 15.65   17.33     16.04   17.68   
Total tangible common stockholders' equity to total tangible assets(1) 12.49   12.16     12.49   12.16   
Net interest margin – FTE(2) 4.55   5.05     4.64   5.29   
Efficiency ratio 32.95   32.60     32.76   33.09   
Net charge-offs to average total loans(2) 0.36   0.15     0.21   0.15   
Nonperforming loans to total loans 0.60   0.27     0.60   0.27   
Nonperforming assets to total assets 0.68   0.42     0.68   0.42   
Allowance for loan losses to total loans 1.44   1.20     1.44   1.20   
Allowance for credit losses to total loans and unfunded credit commitments 1.23   1.00     1.23   1.00   
Other information:           
Non-accrual loans$175,665  $68,233    $175,665  $68,233   

(1)  See accompanying schedules for reconciliation of non-GAAP financial measures.
(2)  Ratios for interim periods annualized based on actual days.

 
Bank OZK
Selected Consolidated Financial Data (continued)
Unaudited
  
 Three Months Ended
 September 30, 2024 June 30, 2024 %
Change
 (Dollars in thousands, except per share amounts)
Income statement data:     
Net interest income$389,398  $387,994  0.4%
Provision for credit losses 46,443   49,012  (5.2)
Non-interest income 33,605   28,782  16.8 
Non-interest expense 140,401   137,451  2.1 
Net income 181,206   177,535  2.1 
Preferred stock dividends 4,047   4,047  — 
Net income available to common stockholders 177,147   173,496  2.1 
Pre-tax pre-provision net revenue(1) 282,602   279,325  1.2 
Common share and per common share data:     
Diluted earnings per common share$1.55  $1.52  2.0%
Basic earnings per common share 1.56   1.53  2.0 
Common stock dividends per share 0.40   0.39  2.6 
Book value per share 46.31   44.67  3.7 
Tangible book value per common share(1) 40.49   38.85  4.2 
Weighted-average diluted shares outstanding (thousands) 114,031   113,995  — 
End of period shares outstanding (thousands) 113,450   113,465  — 
Balance sheet data at period end:     
Total assets$37,441,804  $36,836,173  1.6%
Loans 29,218,144   28,673,685  1.9 
Allowance for loan losses 420,058   407,079  3.2 
Foreclosed assets 77,949   71,023  9.8 
Investment securities – AFS 2,952,022   2,981,929  (1.0)
Deposits 30,571,613   29,943,663  2.1 
Other borrowings 151,035   400,943  (62.3)
Unfunded credit commitments 19,307,972   19,737,557  (2.2)
Reserve for losses on unfunded credit commitments 174,479   167,022  4.5 
Total common stockholders’ equity(1) 5,253,879   5,068,820  3.7 
Total tangible common stockholders' equity(1) 4,593,090   4,408,031  4.2 
Net unrealized losses on investment securities AFS included in stockholders’ equity (51,957)  (100,939)  
Loan to deposit ratio 95.57%  95.76%  
Selected ratios:     
Return on average assets(2) 1.90%  1.92%  
Return on average common stockholders’ equity(1)(2) 13.65   13.98   
Return on average tangible common stockholders’ equity(1)(2) 15.65   16.11   
Total tangible common stockholders' equity to total tangible assets(1) 12.49   12.19   
Net interest margin – FTE(2) 4.55   4.68   
Efficiency ratio 32.95   32.74   
Net charge-offs to average total loans(2) 0.36   0.17   
Nonperforming loans to total loans 0.60   0.30   
Nonperforming assets to total assets 0.68   0.42   
Allowance for loan losses to total loans 1.44   1.42   
Allowance for credit losses to total loans and unfunded credit commitments 1.23   1.19   
Other information:     
Non-accrual loans$175,665  $85,265   

(1)  See accompanying schedules for reconciliation of non-GAAP financial measures.
(2)  Ratios for interim periods annualized based on actual days.

 
Bank OZK
Supplemental Quarterly Financial Data
Unaudited
          
 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23
 (Dollars in thousands, except per share amounts)
Earnings summary:         
Net interest income$389,398  $387,994  $376,934  $370,548  $367,261 
Fully taxable equivalent – FTE adjustment 3,151   3,037   3,030   2,925   2,632 
Net interest income – FTE 392,549   391,031   379,964   373,473   369,893 
Provision for credit losses (46,443)  (49,012)  (42,923)  (43,832)  (44,036)
Non-interest income 33,605   28,782   29,084   37,027   25,727 
Non-interest expense (140,401)  (137,451)  (133,314)  (145,011)  (128,978)
Pre-tax income – FTE 239,310   233,350   232,811   221,657   222,606 
FTE adjustment (3,151)  (3,037)  (3,030)  (2,925)  (2,632)
Provision for income taxes (54,953)  (52,778)  (54,226)  (43,600)  (46,144)
Noncontrolling interest (12)  8   (18)  (6)  (37)
Preferred stock dividend (4,047)  (4,047)  (4,047)  (4,047)  (4,047)
Net income available to common stockholders$177,147  $173,496  $171,490  $171,079  $169,746 
Earnings per common share – diluted$1.55  $1.52  $1.51  $1.50  $1.49 
Pre-tax pre-provision net revenue(1)$282,602  $279,325  $272,704  $262,564  $264,010 
Selected balance sheet data at period end:         
Total assets$37,441,804  $36,836,173  $36,029,904  $34,237,457  $32,767,328 
Loans 29,218,144   28,673,685   28,031,348   26,459,075   25,331,740 
Investment securities – AFS 2,952,022   2,981,929   3,072,391   3,244,371   3,153,817 
Deposits 30,571,613   29,943,663   29,406,070   27,405,143   25,552,856 
Unfunded credit commitments 19,307,972   19,737,557   20,458,796   20,561,029   20,625,371 
Allowance for credit losses:         
Balance at beginning of period$574,101  $536,887  $501,228  $461,486  $426,820 
Net charge-offs (26,007)  (11,798)  (7,264)  (4,090)  (9,370)
Provision for credit losses 46,443   49,012   42,923   43,832   44,036 
Balance at end of period$594,537  $574,101  $536,887  $501,228  $461,486 
Allowance for loan losses$420,058  $407,079  $365,935  $339,394  $303,358 
Reserve for losses on unfunded credit commitments 174,479   167,022   170,952   161,834   158,128 
Total allowance for credit losses$594,537  $574,101  $536,887  $501,228  $461,486 
Selected ratios:         
Net interest margin – FTE(2) 4.55%  4.68%  4.71%  4.82%  5.05%
Efficiency ratio 32.95   32.74   32.59   35.33   32.60 
Net charge-offs to average total loans 0.36   0.17   0.11   0.06   0.15 
Nonperforming loans to total loans 0.60   0.30   0.22   0.25   0.27 
Nonperforming assets to total assets 0.68   0.42   0.34   0.38   0.42 
Allowance for loan losses to total loans 1.44   1.42   1.31   1.28   1.20 
Allowance for credit losses to total loans and unfunded credit commitments 1.23   1.19   1.11   1.07   1.00 
Loans past due 30 days or more, including past due non-accrual loans, to total loans 0.14   0.17   0.18   0.21   0.22 

(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 September 30, Nine Months Ended September 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$2,411,007 $32,689 5.39% $1,312,533 $17,061 5.16% $2,096,483 $83,899 5.35% $1,005,263 $36,338 4.83%
Investment securities:                       
Taxable 1,779,675  7,874 1.76   2,243,378  9,887 1.75   1,902,826  26,000 1.83   2,351,707  29,761 1.69 
Tax-exempt – FTE 1,204,528  14,627 4.83   1,031,685  12,068 4.64   1,173,413  42,882 4.88   1,033,430  35,807 4.63 
Total loans - FTE 28,957,386  630,013 8.66   24,461,488  529,129 8.58   28,294,238  1,843,379 8.70   22,811,326  1,428,609 8.37 
Total earning assets – FTE 34,352,596  685,203 7.94   29,049,084  568,145 7.76   33,466,960  1,996,160 7.97   27,201,726  1,530,515 7.52 
Non-interest earning assets 2,713,462      2,557,808      2,738,394      2,554,214    
Total assets$37,066,058     $31,606,892     $36,205,354     $29,755,940    
LIABILITIES AND STOCKHOLDERS’ EQUITY                    
Interest bearing liabilities:                       
Deposits:                       
Savings and interest bearing transaction$9,156,941 $68,903 2.99% $8,806,690 $56,169 2.53% $9,205,428 $204,398 2.97% $9,201,712 $147,334 2.14%
Time deposits 17,286,964  217,705 5.01   11,606,189  122,654 4.19   16,386,188  607,337 4.95   9,621,410  261,243 3.63 
Total interest bearing deposits 26,443,905  286,608 4.31   20,412,879  178,823 3.48   25,591,616  811,735 4.24   18,823,122  408,577 2.90 
Other borrowings(1) 120,203  953 3.15   1,048,566  14,326 5.42   175,386  5,668 4.32   783,566  30,339 5.20 
Subordinated notes 348,270  2,631 3.01   347,456  2,631 3.00   348,067  7,808 3.00   347,254  7,808 3.01 
Subordinated debentures 121,652  2,462 8.05   121,652  2,472 8.06   121,652  7,405 8.13   121,647  7,017 7.71 
Total interest bearing liabilities 27,034,030  292,654 4.31   21,930,553  198,252 3.59   26,236,721  832,616 4.24   20,075,589  453,741 3.02 
Non-interest bearing liabilities:                       
Non-interest bearing deposits 3,866,808      4,294,191      3,953,241      4,370,763    
Other non-interest bearing liabilities 661,754      495,147      665,882      499,163    
Total liabilities 31,562,592      26,719,891      30,855,844      24,945,515    
Total stockholders’ equity before noncontrolling interest 5,502,526      4,885,620      5,348,540      4,809,053    
Noncontrolling interest 940      1,381      970      1,372    
Total liabilities and stockholders’ equity$37,066,058     $31,606,892     $36,205,354     $29,755,940    
Net interest income – FTE  $392,549     $369,893     $1,163,544     $1,076,774  
Net interest margin – FTE    4.55%     5.05%     4.64%     5.29%

(1) The interest expense and the rates paid related to "other borrowings" include capitalized interest which totaled $0.7 million and $1.5 million for the third quarter and first nine months of 2024. Capitalized interest was not material                 
for the third quarter and first nine months of 2023. Excluding capitalized interest from the "other borrowings" expense calculation would result in a rate of 5.42% and 5.46% for the third quarter and first nine months of 2024.

 
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 Nine Months Ended
 Sept. 30, Sept. 30, June 30 Sept. 30, Sept. 30,
 2024 2023 2024 2024 2023
 (Dollars in thousands)
Net income available to common stockholders$177,147  $169,746  $173,496  $522,134  $503,517 
Average stockholders’ equity before noncontrolling interest$5,502,526  $4,885,620  $5,330,984  $5,348,540  $4,809,053 
Less average preferred stock (338,980)  (338,980)  (338,980)  (338,980)  (338,980)
Total average common stockholders’ equity 5,163,546   4,546,640   4,992,004   5,009,560   4,470,073 
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 —   —   —   —   (1,098)
Total average intangibles (660,789)  (660,789)  (660,789)  (660,789)  (661,887)
Average tangible common stockholders’ equity$4,502,757  $3,885,851  $4,331,215  $4,348,771  $3,808,186 
Return on average common stockholders’ equity(1) 13.65%  14.81%  13.98%  13.92%  15.06%
Return on average tangible common stockholders’ equity(1) 15.65%  17.33%  16.11%  16.04%  17.68%

(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
    
 September 30, June 30,
 2024 2023 2024
 (In thousands, except per share amounts)
Total stockholders’ equity before noncontrolling interest$5,592,859  $4,903,504  $5,407,800 
Less preferred stock (338,980)  (338,980)  (338,980)
Total common stockholders’ equity$5,253,879  $4,564,524  $5,068,820 
Less goodwill (660,789)  (660,789)  (660,789)
Total tangible common stockholders’ equity$4,593,090  $3,903,735  $4,408,031 
Shares of common stock outstanding 113,450   113,136   113,465 
Book value per common share$46.31  $40.35  $44.67 
Tangible book value per common share$40.49  $34.50  $38.85 
            


 
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
    
 September 30, June 30,
 2024 2023 2024
 (Dollars in thousands)
Total stockholders’ equity before noncontrolling interest$5,592,859  $4,903,504  $5,407,800 
Less preferred stock (338,980)  (338,980)  (338,980)
Total common stockholders’ equity$5,253,879  $4,564,524  $5,068,820 
Less goodwill (660,789)  (660,789)  (660,789)
Total tangible common stockholders’ equity 4,593,090   3,903,735   4,408,031 
Total assets$37,441,804  $32,767,328  $36,836,173 
Less goodwill$(660,789) $(660,789) $(660,789)
Total tangible assets$36,781,015  $32,106,539  $36,175,384 
Ratio of total common stockholders’ equity to total assets 14.03%  13.93%  13.76%
Ratio of total tangible common stockholders’ equity to total tangible assets 12.49%  12.16%  12.19%
            


 
Calculation of Pre-Tax Pre-Provision Net Revenue
Unaudited
    
 Three Months Ended Nine Months Ended
 Sept 30, June 30, Mar 31, Dec 31, Sept 30, September 30,
 2024
 2024 2024
 2023
 2023
 2024
 2023
 (Dollars in thousands)
Net income available to common stockholders$177,147  $173,496  $171,490  $171,079  $169,746  $522,134  $503,517 
Preferred stock dividends 4,047   4,047   4,047   4,047   4,047   12,141   12,141 
Earnings attributable to noncontrolling interest 12   (8)  18   6   37   22   50 
Provision for income taxes 54,953   52,778   54,226   43,600   46,144   161,958   132,564 
Provision for credit losses 46,443   49,012   42,923   43,832   44,036   138,378   121,638 
Pre-tax pre-provision net revenue$282,602  $279,325  $272,704  $262,564  $264,010  $834,633  $769,910 
                            


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

FAQ

What was Bank OZK's net income for Q3 2024?

Bank OZK's net income available to common stockholders for Q3 2024 was $177.1 million, a 4.4% increase from $169.7 million in Q3 2023.

How much did Bank OZK's (OZK) diluted earnings per share grow in Q3 2024?

Bank OZK's diluted earnings per share for Q3 2024 were $1.55, a 4.0% increase from $1.49 in Q3 2023.

What was the growth rate of Bank OZK's (OZK) loans and deposits in Q3 2024?

Bank OZK's loans increased 15.3% to $29.22 billion, while deposits grew 19.6% to $30.57 billion compared to Q3 2023.

How did Bank OZK's (OZK) asset quality change in Q3 2024?

Bank OZK's nonperforming loans to total loans ratio increased to 0.60% as of September 30, 2024, compared to 0.27% as of September 30, 2023.

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Bank OZK

NASDAQ:OZK

OZK Rankings

#1276 Ranked by Market Cap
#856 Ranked by Dividends

OZK Latest News

Oct 17, 2024
Bank OZK Third Quarter and First Nine Months of 2024 Management Comments
Oct 1, 2024
Bank OZK Announces Increase to Quarterly Common Stock Dividend and Announces Preferred Stock Dividend
Sep 30, 2024
Bank OZK Announces Date for Third Quarter 2024 Earnings Release and Conference Call
Jul 17, 2024
Bank OZK Announces Record Second Quarter 2024 Earnings and $200 Million Stock Repurchase Program
Jul 17, 2024
Bank OZK Second Quarter and First Six Months of 2024 Management Comments

OZK Stock Data

5.26B
115.08M
0.01%
92.39%
14.79%
Banks - Regional
Financial Services
Link
United States of America
Little Rock