Welcome to our dedicated page for Bank OZK news (Ticker: OZK), a resource for investors and traders seeking the latest updates and insights on Bank OZK stock.
Bank OZK (Nasdaq: OZK) is a prominent regional banking institution headquartered in Little Rock, Arkansas, with a history dating back to 1903. The bank offers a comprehensive suite of financial services and solutions across more than 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California, and Mississippi. With a strong focus on customer service, prudent lending practices, and sound management, Bank OZK has built a reputation for reliability and growth.
The bank’s service offerings encompass a wide range of deposit services such as checking, savings, money market accounts, time deposits, and individual retirement accounts. In addition, Bank OZK provides loan services including real estate, consumer, commercial, and industrial loans. The institution also offers advanced financial services such as treasury management, trust and wealth management, and financial planning.
One of the key differentiators of Bank OZK is its commitment to personalized customer service. The bank’s local decision-making empowers its bankers to understand and meet the specific needs of their clients effectively, fostering long-term relationships. This customer-centric approach has allowed Bank OZK to expand its footprint and continuously grow its deposit base and loan portfolio.
Financially, Bank OZK has demonstrated robust performance. For the third quarter of 2023, the bank reported a record net income available to common stockholders of $169.7 million, marking a 32.3% increase from the same quarter in the previous year. Diluted earnings per common share for the same period were a record $1.49, showcasing a 38.0% increase year-over-year. These results underscore the bank's strategic positioning and effective management amidst a dynamic economic environment.
The bank’s financial health is further highlighted by its solid asset quality and growth metrics. As of September 30, 2023, total loans stood at $25.33 billion, a 29.8% increase from the previous year, while deposits reached $25.55 billion, reflecting a 25.2% increase. Total assets amounted to $32.77 billion, demonstrating a 24.9% increase from the prior year. These figures highlight the bank’s capacity to grow its financial footprint while maintaining a strong balance sheet.
Bank OZK's management team, led by Chairman and CEO George Gleason, continues to emphasize strategic growth and innovation. The bank’s recent achievements include handling rising interest rates and market volatility effectively, which has translated into record performance metrics. Looking forward, Bank OZK aims to capitalize on new opportunities while maintaining its commitment to excellence and customer satisfaction.
For the latest updates and further information on Bank OZK's performance, events, and developments, visit their investor relations website.
Bank OZK announced a quarterly cash dividend of $0.30 per share, marking a 3.45% increase from the previous quarter. This marks the 46th consecutive quarter of dividend increases. The dividend is payable on January 21, 2022, to shareholders of record as of January 14, 2022. Additionally, a dividend of $0.32 per share on the 4.625% Series A Preferred Stock will be paid on February 15, 2022. Bank OZK has been part of the S&P High Yield Dividend Aristocrats® index since January 2018, highlighting its consistent dividend policy.
Bank OZK (Nasdaq: OZK) will announce its fourth quarter and full year 2021 earnings on January 20, 2022, after the market closes. The management's commentary will accompany the earnings release and be accessible on the investor relations website. A conference call is scheduled for January 21, 2022, at 10:00 a.m. CT, for a Q&A session, available via dial-in or webcast. As of September 30, 2021, the bank reported $26.1 billion in total assets and operates over 240 offices across eight states, showcasing its extensive regional presence.
Riverside Investment & Development and Convexity Properties have partnered with Canyon Partners Real Estate to develop the 30-story office tower, 1900 Lawrence, in Denver. Canyon has invested $80 million in preferred equity alongside a senior construction loan from Bank OZK. Construction is set to start in March 2022, aiming for completion in early 2024. The project will feature over 700,000 square feet of office space and 10,000 square feet of retail, designed with advanced technology and sustainability in mind, including features that prioritize tenant wellness.
Bank OZK (Nasdaq: OZK) has announced a public offering of 14 million shares of its 4.625% Series A Non-Cumulative Perpetual Preferred Stock, priced at $25 per share. The offering is expected to close by November 4, 2021, with estimated net proceeds of approximately $339 million. The funds will be allocated to the company's stock repurchase program, increasing it to a total of $650 million. This initiative aims to support organic growth, enhance regulatory capital levels, and assist in working capital needs.
On October 25, 2021, Bank OZK (OZK) announced the hiring of Jim Lyons as Managing Director for its new Equipment Finance and Capital Solutions Group. This group aims to provide a full range of equipment-oriented collateral products, enhancing the bank's specialty lending capabilities. With over 30 years of experience, Lyons is expected to leverage his expertise to make Bank OZK the preferred lender for middle-market specialty financing. The bank currently holds $26.61 billion in total assets, showcasing its strong financial standing in the regional banking sector.
Bank OZK reported a 19.3% increase in net income for Q3 2021, reaching $130.3 million, up from $109.3 million in Q3 2020. Diluted earnings per share grew 19.0% to $1.00, while net income for the first nine months soared 150.5% to $429.2 million. The Bank registered a negative provision for credit losses of $7.5 million during Q3, which decreased its total credit loss allowance. Key metrics showed improvements in return ratios, although total assets and loans experienced declines.
Bank OZK (Nasdaq: OZK) has made its third quarter 2021 management comments available on its investor relations website. As a regional bank headquartered in Little Rock, Arkansas, Bank OZK operates 249 offices across eight states. The Bank is recognized for offering innovative financial solutions. Interested investors can access detailed reports and updates through the Bank's official communications and the FDIC's electronic filing system.
Bank OZK has declared a quarterly cash dividend of $0.29 per share, payable on October 22, 2021, to shareholders recorded as of October 15, 2021. This represents a 1.75% increase over the previous quarter's dividend. With this announcement, Bank OZK continues its impressive streak of 45 consecutive quarters of dividend increases, solidifying its status as part of the S&P High Yield Dividend Aristocrats index since January 2018. As of June 30, 2021, Bank OZK reported total assets of $26.61 billion.
Bank OZK (Nasdaq: OZK) is set to announce its third quarter 2021 earnings on October 21, 2021, after market close. The earnings press release will include management's insights and will be accessible on the bank's investor relations page. A conference call is scheduled for October 22, 2021, at 10:00 a.m. CT, for stakeholders to ask questions about the earnings report.
As of June 30, 2021, Bank OZK reported total assets of $26.61 billion, operating through 249 branches across eight states.
Bank OZK (Nasdaq: OZK) has priced its public offering of $350 million in subordinated notes with a fixed interest rate of 2.750% until October 1, 2026, after which it will shift to a floating rate based on SOFR plus 209 basis points. The offering is set to close on September 16, 2021, pending standard conditions. Proceeds will support general corporate needs, including growth financing and share repurchases. The notes are unsecured and will rank junior to senior debts, not insured by the FDIC. Forward-looking statements are cautioned due to potential risks and uncertainties.
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