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 OZKConsolidated Balance
SheetsUnaudited |
| |
|
|
|
|
| |
|
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 OZKConsolidated Statements of
IncomeUnaudited |
| |
|
|
|
|
| |
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
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 OZKConsolidated Statements of
Stockholders’ EquityUnaudited |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Preferred Stock |
|
Common Stock |
|
AdditionalPaid-inCapital |
|
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 OZKConsolidated Statements of
Stockholders’ EquityUnaudited |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Preferred Stock |
|
Common Stock |
|
AdditionalPaid-inCapital |
|
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 OZKSummary of Non-Interest
ExpenseUnaudited |
| |
|
|
|
| |
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
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 OZKSummary of Total Loans
OutstandingUnaudited |
| |
|
|
|
| |
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 OZKAllowance for Credit
LossesUnaudited |
| |
|
|
|
|
|
| |
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 OZKDeposits – By Customer
TypeUnaudited |
| |
|
|
|
| |
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 OZKSelected Consolidated Financial
DataUnaudited |
| |
|
|
|
| |
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
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 OZKSelected 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 OZKSupplemental Quarterly Financial
DataUnaudited |
| |
|
|
|
|
|
|
|
|
|
| |
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 OZKAverage Consolidated Balance
Sheets and Net Interest Analysis – FTEUnaudited |
| |
|
|
|
| |
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 OZKReconciliation of Non-GAAP
Financial Measures |
|
|
|
Calculation of Average Common Stockholders’
Equity,Average Tangible Common Stockholders’
Equityand the Annualized Returns on Average Common
Stockholders’ Equity andAverage 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’
Equityand Tangible Book Value per Common
ShareUnaudited |
| |
|
|
|
| |
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’
Equityand the Ratio of Total Tangible Common
Stockholders’ Equityto Total Tangible
AssetsUnaudited |
| |
|
|
|
| |
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
RevenueUnaudited |
| |
|
|
|
| |
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 |
|
|
|
Bank OZK (NASDAQ:OZK)
過去 株価チャート
から 10 2024 まで 11 2024
Bank OZK (NASDAQ:OZK)
過去 株価チャート
から 11 2023 まで 11 2024
