Bank OZK - OZK STOCK NEWS

Bank OZK announced a record net income of $165.9 million for Q1 2023, a 29.5% increase from Q1 2022. Diluted EPS rose to $1.41, marking a 38.2% increase year-over-year. The provision for credit losses was $35.8 million, significantly up from $4.2 million a year prior. Total loans reached $22.06 billion, a 16.5% increase, while deposits also climbed by 9.6% to $22.28 billion. The Bank's annualized return on equity improved to 15.24%, compared to 11.67% in Q1 2022. Total assets increased to $28.97 billion, reflecting a 9.1% gain year-over-year. Management emphasized strong capital and profitability positions for future growth.

Bank OZK (Nasdaq: OZK) has released its first quarter 2023 management comments, outlining its operational performance and financial health. As of March 31, 2023, the bank reported total assets of $28.97 billion and operates over 240 offices across eight states, including Arkansas, Georgia, and Florida. The bank is committed to delivering innovative financial solutions and maintaining a pursuit of excellence in its services. Further details, including annual and quarterly filings with the FDIC, can be accessed through its investor relations website.

Bank OZK (Nasdaq: OZK) has introduced a five-part relief and recovery program following severe storms and tornadoes that impacted Central Arkansas on March 31, 2023. This program includes a $25 million disaster relief loan program offering discounted interest rates and no fees, with loans up to $100,000 for businesses and $10,000 for individuals. Other initiatives include a payment deferral program allowing for 90-day loan extensions, a $50,000 donation to local community organizations, and donation sites at branches for food and personal items. Employees affected by the disaster will also receive tax-free assistance payments. The loan program expires on July 6, 2023, and aims to assist those directly affected by the storm's devastation.

Bank OZK (Nasdaq: OZK) announced a quarterly cash dividend of $0.35 per share, marking a 2.94% increase over the prior quarter, part of its track record of 51 consecutive quarters of increased dividends. This dividend is payable on April 21, 2023, to shareholders of record as of April 14, 2023.

Additionally, the Bank declared a dividend of $0.28906 per share on its Series A Preferred Stock (Nasdaq: OZKAP), payable on May 15, 2023. Bank OZK has been included in the S&P High Yield Dividend Aristocrats® index since January 2018 due to its consistent dividend increases.

Bank OZK (NASDAQ: OZK) is set to report its first quarter 2023 earnings on April 20, 2023, after market close. Simultaneously, management will provide comments on the earnings, available on their investor relations website. A conference call for Q&A will be held on April 21, 2023, at 10:00 a.m. CT, accessible via webcast or telephone registration. As of December 31, 2022, the bank reported total assets of $27.66 billion and operates over 240 branches across eight states, including Arkansas and California.

Bank OZK (Nasdaq: OZK) announced the appointment of Andrea Chomakos as the new Chief Fiduciary Officer on March 21, 2023. In her role, Chomakos will oversee the fiduciary administration of personal trust accounts. With over 20 years of experience, she previously held a partner position at McGuireWoods, focusing on fiduciary litigation. Chomakos is recognized as a fellow of the American College of Trust and Estate Counsel and has received multiple accolades, including North Carolina’s Legal Elite in Tax/Estate Planning. Bank OZK, established in 1903, operates over 240 offices across eight states with total assets of $27.66 billion as of December 31, 2022.

Bank OZK has provided a $75.1 million construction loan to EJF Capital LLC and North Signal Capital LLC for developing three Class A warehouses at RiverPort Commerce Park, located near the Port of Savannah, the fastest-growing container terminal in the U.S. The project will add 1.3 million square feet of warehouse space, expanding the total to seven buildings in the area. The new warehouses are set to leverage tax benefits under the Qualified Opportunity Zone program and are strategically positioned for the growing e-commerce sector. Completion dates are projected for the third quarter and end of 2023.

Bank OZK (Nasdaq: OZK) has made its fourth quarter and full year 2022 management comments available for review on its investor relations website. As of December 31, 2022, the bank reported total assets of $27.66 billion and operates over 240 offices across eight states, including Arkansas and California. Established in 1903, Bank OZK continues its commitment to providing innovative financial solutions through expert banking services. The bank files required reports with the FDIC, which are accessible through its website.

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

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