Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income
available to common stockholders for the first quarter of 2024 was
a record $171.5 million, a 3.4% increase from $165.9 million for
the first quarter of 2023. Diluted earnings per common share for
the first quarter of 2024 were a record $1.51, a 7.1% increase from
$1.41 for the first quarter of 2023.
Pre-tax pre-provision net revenue (“PPNR”) was a record $272.7
million for the first quarter of 2024, a 10.7% increase from $246.4
million for the first quarter 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 $42.9 million for the first
quarter of 2024 compared to $35.8 million for the first quarter of
2023. The Bank’s total allowance for credit losses (“ACL”) was
$536.9 million at March 31, 2024 compared to $393.8 million at
March 31, 2023.
The Bank’s annualized returns on average assets, average common
stockholders’ equity and average tangible common stockholders’
equity for the first quarter of 2024 were 1.96%, 14.16% and 16.38%,
respectively, compared to 2.41%, 15.24% and 17.94%, respectively,
for the first quarter 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,
“Our record net income and record diluted earnings per share in the
quarter just ended are an excellent start to 2024. We feel that we
are well positioned for the year, and we look forward to
capitalizing on new opportunities.”
KEY BALANCE SHEET METRICS
Total loans were $28.03 billion at March 31, 2024, a 27.1%
increase from $22.06 billion at March 31, 2023. Deposits were
$29.41 billion at March 31, 2024, a 32.0% increase from $22.28
billion at March 31, 2023. Total assets were $36.03 billion at
March 31, 2024, a 24.4% increase from $28.97 billion at March 31,
2023.
Common stockholders’ equity was $4.93 billion at March 31, 2024,
an 11.4% increase from $4.42 billion at March 31, 2023. Tangible
common stockholders’ equity was $4.27 billion at March 31, 2024, a
13.5% increase from $3.76 billion at March 31, 2023. The Bank’s
ratio of total common stockholders’ equity to total assets was
13.68% at March 31, 2024, compared to 15.27% at March 31, 2023. The
Bank's ratio of total tangible common stockholders’ equity to total
tangible assets was 12.06% at March 31, 2024, compared to 13.28% at
March 31, 2023.
Book value per common share was $43.44 at March 31, 2024, a
13.0% increase from $38.43 at March 31, 2023. Tangible book value
per common share was $37.62 at March 31, 2024, a 15.1% increase
from $32.68 at March 31, 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 non-purchased loans to total
loans (excluding purchased loans) was 0.20% at March 31, 2024,
compared to 0.15% as of March 31, 2023. The Bank’s ratio of
nonperforming assets to total assets (excluding purchased loans,
except for their inclusion in total assets) was 0.33% at March 31,
2024, compared to 0.34% as of March 31, 2023. The Bank's annualized
ratio of net charge-offs to average total loans was 0.11% for the
quarter ended March 31, 2024, compared to 0.14% for the quarter
ended March 31, 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
9:00 a.m. CT (10:00 a.m. ET) on Thursday, April 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, 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 eight states
including Arkansas, Georgia, Florida, North Carolina, Texas, New
York, California and Mississippi and had $36.03 billion in total
assets as of March 31, 2024. For more information, visit
www.ozk.com.
|
|
|
Bank OZKConsolidated Balance
SheetsUnaudited |
|
|
| |
|
March 31, 2024 |
|
December 31, 2023 |
| |
|
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,323,813 |
|
|
$ |
2,149,529 |
|
| Investment securities –
available for sale (“AFS”) |
|
|
3,072,391 |
|
|
|
3,244,371 |
|
| Federal Home Loan Bank of
Dallas (“FHLB”) and other bankers’ bank stocks |
|
|
14,484 |
|
|
|
50,400 |
|
| Non-purchased loans |
|
|
27,781,091 |
|
|
|
26,195,030 |
|
| Purchased loans |
|
|
250,257 |
|
|
|
264,045 |
|
| Allowance for loan losses |
|
|
(365,935 |
) |
|
|
(339,394 |
) |
|
Net Loans |
|
|
27,665,413 |
|
|
|
26,119,681 |
|
| Premises and equipment,
net |
|
|
681,865 |
|
|
|
676,821 |
|
| Foreclosed assets |
|
|
60,782 |
|
|
|
61,720 |
|
| Accrued interest
receivable |
|
|
175,201 |
|
|
|
170,110 |
|
| Bank owned life insurance
(“BOLI”) |
|
|
813,996 |
|
|
|
808,490 |
|
| Goodwill |
|
|
660,789 |
|
|
|
660,789 |
|
| Other, net |
|
|
561,170 |
|
|
|
295,546 |
|
|
Total assets |
|
$ |
36,029,904 |
|
|
$ |
34,237,457 |
|
| |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| Deposits: |
|
|
|
|
|
Demand non-interest bearing |
|
$ |
4,046,054 |
|
|
$ |
4,095,874 |
|
|
Savings and interest bearing transaction |
|
|
9,504,445 |
|
|
|
9,074,296 |
|
|
Time |
|
|
15,855,571 |
|
|
|
14,234,973 |
|
|
Total deposits |
|
|
29,406,070 |
|
|
|
27,405,143 |
|
| Other borrowings |
|
|
202,009 |
|
|
|
805,318 |
|
| Subordinated notes |
|
|
347,961 |
|
|
|
347,761 |
|
| Subordinated debentures |
|
|
121,652 |
|
|
|
121,652 |
|
| Reserve for losses on unfunded
loan commitments |
|
|
170,952 |
|
|
|
161,834 |
|
| Accrued interest payable and
other liabilities |
|
|
513,420 |
|
|
|
255,773 |
|
|
Total liabilities |
|
$ |
30,762,064 |
|
|
$ |
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 March 31, 2024 and
December 31, 2023 |
|
|
338,980 |
|
|
|
338,980 |
|
|
Common Stock: $0.01 par value; 300,000,000 shares authorized;
113,434,816 and 113,148,672 shares issued and outstanding at March
31, 2024 and December 31, 2023, respectively |
|
|
1,134 |
|
|
|
1,131 |
|
|
Additional paid-in capital |
|
|
1,609,268 |
|
|
|
1,612,446 |
|
|
Retained earnings |
|
|
3,424,672 |
|
|
|
3,283,818 |
|
|
Accumulated other comprehensive loss |
|
|
(107,207 |
) |
|
|
(97,374 |
) |
|
Total stockholders’ equity before noncontrolling interest |
|
|
5,266,847 |
|
|
|
5,139,001 |
|
|
Noncontrolling interest |
|
|
993 |
|
|
|
975 |
|
|
Total stockholders’ equity |
|
|
5,267,840 |
|
|
|
5,139,976 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
36,029,904 |
|
|
$ |
34,237,457 |
|
|
|
|
Bank OZKConsolidated Statements of
IncomeUnaudited |
|
|
| |
|
Three Months Ended March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
(Dollars in thousands, except per share amounts) |
| Interest income: |
|
|
|
|
|
Non-purchased loans |
|
$ |
586,981 |
|
|
$ |
414,896 |
|
|
Purchased loans |
|
|
4,960 |
|
|
|
6,518 |
|
|
Investment securities: |
|
|
|
|
|
Taxable |
|
|
9,333 |
|
|
|
10,171 |
|
|
Tax-exempt |
|
|
11,173 |
|
|
|
9,264 |
|
|
Deposits with banks |
|
|
24,606 |
|
|
|
7,870 |
|
|
Total interest income |
|
|
637,053 |
|
|
|
448,719 |
|
| |
|
|
|
|
| Interest expense: |
|
|
|
|
|
Deposits |
|
|
254,323 |
|
|
|
93,632 |
|
|
Other borrowings |
|
|
750 |
|
|
|
5,422 |
|
|
Subordinated notes |
|
|
2,574 |
|
|
|
2,574 |
|
|
Subordinated debentures |
|
|
2,472 |
|
|
|
2,239 |
|
|
Total interest expense |
|
|
260,119 |
|
|
|
103,867 |
|
| |
|
|
|
|
| Net interest income |
|
|
376,934 |
|
|
|
344,852 |
|
| Provision for credit
losses |
|
|
42,923 |
|
|
|
35,829 |
|
| Net interest income after
provision for credit losses |
|
|
334,011 |
|
|
|
309,023 |
|
| |
|
|
|
|
| Non-interest income: |
|
|
|
|
|
Service charges on deposit accounts: |
|
|
|
|
|
NSF fees |
|
|
— |
|
|
|
991 |
|
|
Overdraft fees |
|
|
3,427 |
|
|
|
3,287 |
|
|
All other service charges |
|
|
6,839 |
|
|
|
6,502 |
|
|
Trust income |
|
|
2,324 |
|
|
|
2,033 |
|
|
BOLI income |
|
|
5,506 |
|
|
|
4,974 |
|
|
Loan service, maintenance and other fees |
|
|
6,343 |
|
|
|
4,076 |
|
|
Gains on sales of other assets |
|
|
459 |
|
|
|
343 |
|
|
Net gains on investment securities |
|
|
410 |
|
|
|
1,716 |
|
|
Other |
|
|
3,776 |
|
|
|
3,887 |
|
|
Total non-interest income |
|
|
29,084 |
|
|
|
27,809 |
|
| |
|
|
|
|
| Non-interest expense: |
|
|
|
|
|
Salaries and employee benefits |
|
|
69,564 |
|
|
|
63,249 |
|
|
Net occupancy and equipment |
|
|
17,974 |
|
|
|
17,870 |
|
|
Other operating expenses |
|
|
45,776 |
|
|
|
45,098 |
|
|
Total non-interest expense |
|
|
133,314 |
|
|
|
126,217 |
|
| |
|
|
|
|
| Income before taxes |
|
|
229,781 |
|
|
|
210,615 |
|
| Provision for income
taxes |
|
|
54,226 |
|
|
|
40,703 |
|
| Net income |
|
|
175,555 |
|
|
|
169,912 |
|
| Earnings attributable to
noncontrolling interest |
|
|
(18 |
) |
|
|
(12 |
) |
| Preferred stock dividends |
|
|
4,047 |
|
|
|
4,047 |
|
| Net income available to common
stockholders |
|
$ |
171,490 |
|
|
$ |
165,853 |
|
| |
|
|
|
|
| Basic earnings per common
share |
|
$ |
1.51 |
|
|
$ |
1.42 |
|
| |
|
|
|
|
| Diluted earnings per common
share |
|
$ |
1.51 |
|
|
$ |
1.41 |
|
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
March 31, 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 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
175,555 |
|
|
|
— |
|
|
|
— |
|
|
175,555 |
|
|
Earnings attributable to noncontrolling interest |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(18 |
) |
|
|
— |
|
|
|
18 |
|
|
— |
|
|
Total other comprehensive loss |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,833 |
) |
|
|
— |
|
|
(9,833 |
) |
|
Preferred stock dividends, $0.28906 per share |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(4,047 |
) |
|
|
— |
|
|
|
— |
|
|
(4,047 |
) |
|
Common stock dividends, $0.38 per share |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(43,326 |
) |
|
|
— |
|
|
|
— |
|
|
(43,326 |
) |
|
Issuance of 484,818 shares of common stock pursuant to stock-based
compensation plans |
|
|
— |
|
|
5 |
|
|
|
179 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
184 |
|
|
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 |
|
|
— |
|
|
— |
|
|
|
4,651 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
4,651 |
|
|
Forfeitures of 14,259 shares of unvested restricted common
stock |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
Balances - March 31, 2024 |
|
$ |
338,980 |
|
$ |
1,134 |
|
|
$ |
1,609,268 |
|
|
$ |
3,424,672 |
|
|
$ |
(107,207 |
) |
|
$ |
993 |
|
$ |
5,267,840 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three months ended
March 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances - December 31, 2022 |
|
$ |
338,980 |
|
$ |
1,172 |
|
|
$ |
1,753,941 |
|
|
$ |
2,773,135 |
|
|
$ |
(177,649 |
) |
|
$ |
1,359 |
|
$ |
4,690,938 |
|
|
Net income |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
169,912 |
|
|
|
— |
|
|
|
— |
|
|
169,912 |
|
|
Earnings attributable to noncontrolling interest |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(12 |
) |
|
|
— |
|
|
|
12 |
|
|
— |
|
|
Total other comprehensive income |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,972 |
|
|
|
— |
|
|
35,972 |
|
|
Preferred stock dividends, $0.28906 per share |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(4,047 |
) |
|
|
— |
|
|
|
|
|
(4,047 |
) |
|
Common stock dividends, $0.34 per share |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(40,084 |
) |
|
|
— |
|
|
|
— |
|
|
(40,084 |
) |
|
Issuance of 473,039 shares of common stock pursuant to
stock-based compensation plans |
|
|
— |
|
|
5 |
|
|
|
518 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
523 |
|
|
Repurchase and cancellation of 2,348,138 shares of common stock
under share repurchase program |
|
|
— |
|
|
(24 |
) |
|
|
(85,315 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(85,339 |
) |
|
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 |
|
|
— |
|
|
— |
|
|
|
4,097 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
4,097 |
|
|
Forfeitures of 6,359 shares of unvested restricted common
stock |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
Balances - March 31, 2023 |
|
$ |
338,980 |
|
$ |
1,151 |
|
|
$ |
1,664,569 |
|
|
$ |
2,898,904 |
|
|
$ |
(141,677 |
) |
|
$ |
1,371 |
|
$ |
4,763,298 |
|
|
|
|
Bank OZKSummary of Non-Interest
ExpenseUnaudited |
|
|
| |
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
| |
(Dollars in thousands) |
| Salaries and employee
benefits |
$ |
69,564 |
|
|
$ |
63,249 |
| Net occupancy and
equipment |
|
17,974 |
|
|
|
17,870 |
| Other operating expenses: |
|
|
|
|
|
Software and data processing |
|
11,115 |
|
|
|
9,283 |
|
Deposit insurance and assessments |
|
8,250 |
|
|
|
4,148 |
|
Professional and outside services |
|
5,970 |
|
|
|
5,105 |
|
Advertising and public relations |
|
3,897 |
|
|
|
4,036 |
|
Amortization of CRA and tax credit investments (1) |
|
— |
|
|
|
6,414 |
|
Other |
|
16,544 |
|
|
|
16,112 |
|
Total non-interest expense |
$ |
133,314 |
|
|
$ |
126,217 |
(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 |
|
|
| |
March 31, 2024 |
|
December 31, 2023 |
| |
(Dollars in thousands) |
| Real estate: |
|
|
|
|
|
|
|
|
Residential 1-4 family |
$ |
967,941 |
|
|
3.5 |
% |
|
$ |
961,338 |
|
|
3.6 |
% |
|
Non-farm/non-residential |
|
5,590,632 |
|
|
19.9 |
|
|
|
5,309,239 |
|
|
20.1 |
|
|
Construction/land development |
|
12,322,321 |
|
|
44.0 |
|
|
|
11,653,487 |
|
|
44.0 |
|
|
Agricultural |
|
252,232 |
|
|
0.9 |
|
|
|
256,423 |
|
|
1.0 |
|
|
Multifamily residential |
|
2,408,875 |
|
|
8.6 |
|
|
|
2,064,106 |
|
|
7.8 |
|
|
Total real estate |
|
21,542,001 |
|
|
76.9 |
|
|
|
20,244,593 |
|
|
76.5 |
|
| Commercial and industrial |
|
1,355,125 |
|
|
4.8 |
|
|
|
1,269,610 |
|
|
4.8 |
|
| Consumer |
|
3,169,016 |
|
|
11.3 |
|
|
|
2,965,042 |
|
|
11.2 |
|
| Other |
|
1,965,206 |
|
|
7.0 |
|
|
|
1,979,830 |
|
|
7.5 |
|
|
Total loans |
|
28,031,348 |
|
|
100.0 |
% |
|
|
26,459,075 |
|
|
100.0 |
% |
| Allowance for loan losses |
|
(365,935 |
) |
|
|
|
|
(339,394 |
) |
|
|
|
Net loans |
$ |
27,665,413 |
|
|
|
|
$ |
26,119,681 |
|
|
|
|
|
|
Bank OZKAllowance for Credit
LossesUnaudited |
|
|
| |
Allowance for Loan Losses |
|
Reserve for Losses on Outstanding Credit
Commitments |
|
Total Allowance for Credit Losses |
| |
(Dollars in thousands) |
| Three months ended
March 31, 2024: |
|
|
|
|
|
|
Balances – December 31, 2023 |
$ |
339,394 |
|
|
$ |
161,834 |
|
$ |
501,228 |
|
| Net charge-offs |
|
(7,264 |
) |
|
|
— |
|
|
(7,264 |
) |
| Provision for credit
losses |
|
33,805 |
|
|
|
9,118 |
|
|
42,923 |
|
| Balances – March 31, 2024 |
$ |
365,935 |
|
|
$ |
170,952 |
|
$ |
536,887 |
|
| |
|
|
|
|
|
| Three months ended
March 31, 2023: |
|
|
|
|
|
| Balances – December 31,
2022 |
$ |
208,858 |
|
|
$ |
156,419 |
|
$ |
365,277 |
|
| Net charge-offs |
|
(7,339 |
) |
|
|
— |
|
|
(7,339 |
) |
| Provision for credit
losses |
|
20,506 |
|
|
|
15,323 |
|
|
35,829 |
|
| Balances – March 31, 2023 |
$ |
222,025 |
|
|
$ |
171,742 |
|
$ |
393,767 |
|
|
|
|
Bank OZKDeposits – By Customer
TypeUnaudited |
|
|
| |
March 31, 2024 |
|
December 31, 2023 |
| |
(Dollars in thousands) |
|
Non-interest bearing |
$ |
4,046,054 |
|
13.8 |
% |
|
$ |
4,095,874 |
|
14.9 |
% |
| Interest bearing: |
|
|
|
|
|
|
|
|
Consumer and commercial: |
|
|
|
|
|
|
|
|
Consumer – Non-Time |
|
2,807,465 |
|
9.5 |
|
|
|
2,792,199 |
|
10.2 |
|
|
Consumer – Time |
|
11,545,695 |
|
39.3 |
|
|
|
10,216,217 |
|
37.3 |
|
|
Commercial – Non-Time |
|
2,860,322 |
|
9.7 |
|
|
|
2,439,175 |
|
8.9 |
|
|
Commercial – Time |
|
868,118 |
|
3.0 |
|
|
|
767,566 |
|
2.8 |
|
|
Public funds |
|
3,631,328 |
|
12.3 |
|
|
|
3,725,766 |
|
13.6 |
|
|
Brokered |
|
2,842,124 |
|
9.7 |
|
|
|
2,655,317 |
|
9.7 |
|
|
Reciprocal |
|
804,964 |
|
2.7 |
|
|
|
713,029 |
|
2.6 |
|
|
Total deposits |
$ |
29,406,070 |
|
100.0 |
% |
|
$ |
27,405,143 |
|
100.0 |
% |
|
|
|
Bank OZKSelected Consolidated Financial
DataUnaudited |
|
|
| |
Three Months Ended March 31, |
| |
|
2024 |
|
|
|
2023 |
|
|
% Change |
| |
(Dollars in thousands, except per share amounts) |
| Income statement
data: |
|
|
|
|
|
|
Net interest income |
$ |
376,934 |
|
|
$ |
344,852 |
|
|
9.3 |
% |
|
Provision for credit losses |
|
42,923 |
|
|
|
35,829 |
|
|
19.8 |
|
|
Non-interest income |
|
29,084 |
|
|
|
27,809 |
|
|
4.6 |
|
|
Non-interest expense |
|
133,314 |
|
|
|
126,217 |
|
|
5.6 |
|
|
Net income |
|
175,555 |
|
|
|
169,912 |
|
|
3.3 |
|
|
Preferred stock dividends |
|
4,047 |
|
|
|
4,047 |
|
|
— |
|
|
Net income available to common stockholders |
|
171,490 |
|
|
|
165,853 |
|
|
3.4 |
|
|
Pre-tax pre-provision net revenue (1) |
|
272,704 |
|
|
|
246,444 |
|
|
10.7 |
|
|
Common share and per common share data: |
|
|
|
|
|
|
Diluted earnings per common share |
$ |
1.51 |
|
|
$ |
1.41 |
|
|
7.1 |
% |
|
Basic earnings per common share |
|
1.51 |
|
|
|
1.42 |
|
|
6.3 |
|
|
Common stock dividends per share |
|
0.38 |
|
|
|
0.34 |
|
|
11.8 |
|
|
Book value per share |
|
43.44 |
|
|
|
38.43 |
|
|
13.0 |
|
|
Tangible book value per common share (1) |
|
37.62 |
|
|
|
32.68 |
|
|
15.1 |
|
|
Weighted-average diluted shares outstanding (thousands) |
|
113,883 |
|
|
|
117,405 |
|
|
(3.0 |
) |
|
End of period shares outstanding (thousands) |
|
113,435 |
|
|
|
115,080 |
|
|
(1.4 |
) |
|
Balance sheet data at period end: |
|
|
|
|
|
|
Total assets |
$ |
36,029,904 |
|
|
$ |
28,971,170 |
|
|
24.4 |
% |
|
Total loans |
|
28,031,348 |
|
|
|
22,062,006 |
|
|
27.1 |
|
|
Non-purchased loans |
|
27,781,091 |
|
|
|
21,700,941 |
|
|
28.0 |
|
|
Purchased loans |
|
250,257 |
|
|
|
361,065 |
|
|
(30.7 |
) |
|
Allowance for loan losses |
|
365,935 |
|
|
|
222,025 |
|
|
64.8 |
|
|
Foreclosed assets |
|
60,782 |
|
|
|
66,227 |
|
|
(8.2 |
) |
|
Investment securities – AFS |
|
3,072,391 |
|
|
|
3,422,031 |
|
|
(10.2 |
) |
|
Goodwill and intangibles |
|
660,789 |
|
|
|
662,354 |
|
|
(0.2 |
) |
|
Deposits |
|
29,406,070 |
|
|
|
22,282,983 |
|
|
32.0 |
|
|
Other borrowings |
|
202,009 |
|
|
|
994,079 |
|
|
(79.7 |
) |
|
Subordinated notes |
|
347,961 |
|
|
|
347,147 |
|
|
0.2 |
|
|
Subordinated debentures |
|
121,652 |
|
|
|
121,652 |
|
|
— |
|
|
Unfunded balance of outstanding credit commitments |
|
20,458,796 |
|
|
|
20,965,040 |
|
|
(2.4 |
) |
|
Reserve for losses on unfunded loan commitments |
|
170,952 |
|
|
|
171,742 |
|
|
(0.5 |
) |
|
Preferred stock |
|
338,980 |
|
|
|
338,980 |
|
|
— |
|
|
Total common stockholders’ equity (1) |
|
4,927,867 |
|
|
|
4,422,947 |
|
|
11.4 |
|
|
Net unrealized losses on investment securities AFS included
in stockholders' equity |
|
(107,207 |
) |
|
|
(141,677 |
) |
|
|
|
Loan (including purchased loans) to deposit ratio |
|
95.33 |
% |
|
|
99.01 |
% |
|
|
|
Selected ratios: |
|
|
|
|
|
|
Return on average assets (2) |
|
1.96 |
% |
|
|
2.41 |
% |
|
|
|
Return on average common stockholders' equity (1) (2) |
|
14.16 |
|
|
|
15.24 |
|
|
|
|
Return on average tangible common stockholders' equity (1) (2) |
|
16.38 |
|
|
|
17.94 |
|
|
|
|
Average common equity to total average assets |
|
13.84 |
|
|
|
15.78 |
|
|
|
|
Net interest margin – FTE (2) |
|
4.71 |
|
|
|
5.54 |
|
|
|
|
Efficiency ratio |
|
32.59 |
|
|
|
33.63 |
|
|
|
|
Net charge-offs to average non-purchased loans (2) (3) |
|
0.11 |
|
|
|
0.15 |
|
|
|
|
Net charge-offs to average total loans (2) |
|
0.11 |
|
|
|
0.14 |
|
|
|
|
Nonperforming loans to total loans (4) |
|
0.20 |
|
|
|
0.15 |
|
|
|
|
Nonperforming assets to total assets (4) |
|
0.33 |
|
|
|
0.34 |
|
|
|
|
Allowance for loan losses to total loans (5) |
|
1.31 |
|
|
|
1.01 |
|
|
|
|
Allowance for credit losses to total loans and unfunded
credit commitments |
|
1.11 |
|
|
|
0.92 |
|
|
|
|
Other information: |
|
|
|
|
|
|
Non-accrual loans (4) |
$ |
56,341 |
|
|
$ |
33,371 |
|
|
|
|
Accruing loans - 90 days past due (4) |
|
— |
|
|
|
— |
|
|
|
(1) Calculations of pre-tax pre-provision net
revenue, total common stockholders’ equity, tangible book value per
common share and 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.(2) Ratios for interim periods annualized
based on actual days.(3) Excludes purchased loans and
net charge-offs related to such loans.(4) Excludes
purchased loans, except for their inclusion in total
assets.(5) Excludes reserve for losses on unfunded loan
commitments.
|
|
|
Bank OZKSelected Consolidated Financial
Data (continued)Unaudited |
|
|
| |
Three Months Ended |
| |
March 31, 2024 |
|
December 31, 2023 |
|
% Change |
| |
(Dollars in thousands, except per share amounts) |
| Income statement
data: |
|
|
|
|
|
|
Net interest income |
$ |
376,934 |
|
|
$ |
370,548 |
|
|
1.7 |
% |
|
Provision for credit losses |
|
42,923 |
|
|
|
43,832 |
|
|
(2.1 |
) |
|
Non-interest income |
|
29,084 |
|
|
|
37,027 |
|
|
(21.5 |
) |
|
Non-interest expense |
|
133,314 |
|
|
|
145,011 |
|
|
(8.1 |
) |
|
Net income |
|
175,555 |
|
|
|
175,132 |
|
|
0.2 |
|
|
Preferred stock dividends |
|
4,047 |
|
|
|
4,047 |
|
|
— |
|
|
Net income available to common stockholders |
|
171,490 |
|
|
|
171,079 |
|
|
0.2 |
|
|
Pre-tax pre-provision net revenue (1) |
|
272,704 |
|
|
|
262,564 |
|
|
3.9 |
|
|
Common share and per common share data: |
|
|
|
|
|
|
Diluted earnings per common share |
$ |
1.51 |
|
|
$ |
1.50 |
|
|
0.7 |
% |
|
Basic earnings per common share |
|
1.51 |
|
|
|
1.51 |
|
|
— |
|
|
Common stock dividends per share |
|
0.38 |
|
|
|
0.37 |
|
|
2.7 |
|
|
Book value per share |
|
43.44 |
|
|
|
42.42 |
|
|
2.4 |
|
|
Tangible book value per common share (1) |
|
37.62 |
|
|
|
36.58 |
|
|
2.8 |
|
|
Weighted-average diluted shares outstanding (thousands) |
|
113,883 |
|
|
|
113,756 |
|
|
0.1 |
|
|
End of period shares outstanding (thousands) |
|
113,435 |
|
|
|
113,149 |
|
|
0.3 |
|
|
Balance sheet data at period end: |
|
|
|
|
|
|
Total assets |
$ |
36,029,904 |
|
|
$ |
34,237,457 |
|
|
5.2 |
% |
|
Total loans |
|
28,031,348 |
|
|
|
26,459,075 |
|
|
5.9 |
|
|
Non-purchased loans |
|
27,781,091 |
|
|
|
26,195,030 |
|
|
6.1 |
|
|
Purchased loans |
|
250,257 |
|
|
|
264,045 |
|
|
(5.2 |
) |
|
Allowance for loan losses |
|
365,935 |
|
|
|
339,394 |
|
|
7.8 |
|
|
Foreclosed assets |
|
60,782 |
|
|
|
61,720 |
|
|
(1.5 |
) |
|
Investment securities – AFS |
|
3,072,391 |
|
|
|
3,244,371 |
|
|
(5.3 |
) |
|
Goodwill and intangibles |
|
660,789 |
|
|
|
660,789 |
|
|
— |
|
|
Deposits |
|
29,406,070 |
|
|
|
27,405,143 |
|
|
7.3 |
|
|
Other borrowings |
|
202,009 |
|
|
|
805,318 |
|
|
(74.9 |
) |
|
Subordinated notes |
|
347,961 |
|
|
|
347,761 |
|
|
0.1 |
|
|
Subordinated debentures |
|
121,652 |
|
|
|
121,652 |
|
|
— |
|
|
Unfunded balance of outstanding credit commitments |
|
20,458,796 |
|
|
|
20,561,029 |
|
|
(0.5 |
) |
|
Reserve for losses on unfunded loan commitments |
|
170,952 |
|
|
|
161,834 |
|
|
5.6 |
|
|
Preferred stock |
|
338,980 |
|
|
|
338,980 |
|
|
— |
|
|
Total common stockholders’ equity (1) |
|
4,927,867 |
|
|
|
4,800,021 |
|
|
2.7 |
|
|
Net unrealized losses on investment securities AFS included
in stockholders' equity |
|
(107,207 |
) |
|
|
(97,374 |
) |
|
|
|
Loan (including purchased loans) to deposit ratio |
|
95.33 |
% |
|
|
96.55 |
% |
|
|
|
Selected ratios: |
|
|
|
|
|
|
Return on average assets (2) |
|
1.96 |
% |
|
|
2.04 |
% |
|
|
|
Return on average common stockholders' equity (1) (2) |
|
14.16 |
|
|
|
14.58 |
|
|
|
|
Return on average tangible common stockholders' equity (1) (2) |
|
16.38 |
|
|
|
16.99 |
|
|
|
|
Average common equity to total average assets |
|
13.84 |
|
|
|
13.99 |
|
|
|
|
Net interest margin – FTE (2) |
|
4.71 |
|
|
|
4.82 |
|
|
|
|
Efficiency ratio |
|
32.59 |
|
|
|
35.33 |
|
|
|
|
Net charge-offs to average non-purchased loans (2) (3) |
|
0.11 |
|
|
|
0.07 |
|
|
|
|
Net charge-offs to average total loans (2) |
|
0.11 |
|
|
|
0.06 |
|
|
|
|
Nonperforming loans to total loans (4) |
|
0.20 |
|
|
|
0.23 |
|
|
|
|
Nonperforming assets to total assets (4) |
|
0.33 |
|
|
|
0.36 |
|
|
|
|
Allowance for loan losses to total loans (5) |
|
1.31 |
|
|
|
1.28 |
|
|
|
|
Allowance for credit losses to total loans and unfunded
credit commitments |
|
1.11 |
|
|
|
1.07 |
|
|
|
|
Other information: |
|
|
|
|
|
|
Non-accrual loans (4) |
$ |
56,341 |
|
|
$ |
60,982 |
|
|
|
|
Accruing loans - 90 days past due (4) |
|
— |
|
|
|
— |
|
|
|
(1) Calculations of pre-tax pre-provision net
revenue, total common stockholders’ equity, tangible book value per
common share and 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. (2) Ratios for interim periods annualized
based on actual days.(3) Excludes purchased loans and
net charge-offs related to such loans.(4) Excludes
purchased loans, except for their inclusion in total
assets.(5) Excludes reserve for losses on unfunded loan
commitments.
|
|
|
Bank OZKSupplemental Quarterly Financial
DataUnaudited |
|
|
| |
3/31/24 |
|
12/31/23 |
|
9/30/23 |
|
6/30/23 |
|
3/31/23 |
| |
(Dollars in thousands) |
| Earnings
summary: |
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
376,934 |
|
|
$ |
370,548 |
|
|
$ |
367,261 |
|
|
$ |
356,824 |
|
|
$ |
344,852 |
|
|
Federal tax (FTE) adjustment |
|
3,030 |
|
|
|
2,925 |
|
|
|
2,632 |
|
|
|
2,602 |
|
|
|
2,603 |
|
|
Net interest income (FTE) |
|
379,964 |
|
|
|
373,473 |
|
|
|
369,893 |
|
|
|
359,426 |
|
|
|
347,455 |
|
|
Provision for credit losses |
|
(42,923 |
) |
|
|
(43,832 |
) |
|
|
(44,036 |
) |
|
|
(41,774 |
) |
|
|
(35,829 |
) |
|
Non-interest income |
|
29,084 |
|
|
|
37,027 |
|
|
|
25,727 |
|
|
|
31,987 |
|
|
|
27,809 |
|
|
Non-interest expense |
|
(133,314 |
) |
|
|
(145,011 |
) |
|
|
(128,978 |
) |
|
|
(129,355 |
) |
|
|
(126,217 |
) |
|
Pre-tax income (FTE) |
|
232,811 |
|
|
|
221,657 |
|
|
|
222,606 |
|
|
|
220,284 |
|
|
|
213,218 |
|
|
FTE adjustment |
|
(3,030 |
) |
|
|
(2,925 |
) |
|
|
(2,632 |
) |
|
|
(2,602 |
) |
|
|
(2,603 |
) |
|
Provision for income taxes |
|
(54,226 |
) |
|
|
(43,600 |
) |
|
|
(46,144 |
) |
|
|
(45,717 |
) |
|
|
(40,703 |
) |
|
Noncontrolling interest |
|
(18 |
) |
|
|
(6 |
) |
|
|
(37 |
) |
|
|
(1 |
) |
|
|
(12 |
) |
|
Preferred stock dividend |
|
(4,047 |
) |
|
|
(4,047 |
) |
|
|
(4,047 |
) |
|
|
(4,047 |
) |
|
|
(4,047 |
) |
|
Net income available to common stockholders |
$ |
171,490 |
|
|
$ |
171,079 |
|
|
$ |
169,746 |
|
|
$ |
167,917 |
|
|
$ |
165,853 |
|
|
Earnings per common share – diluted |
$ |
1.51 |
|
|
$ |
1.50 |
|
|
$ |
1.49 |
|
|
$ |
1.47 |
|
|
$ |
1.41 |
|
|
Pre-tax pre-provision net revenue (1) |
$ |
272,704 |
|
|
$ |
262,564 |
|
|
$ |
264,010 |
|
|
$ |
259,456 |
|
|
$ |
246,444 |
|
| Selected balance sheet
data at period end: |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
36,029,904 |
|
|
$ |
34,237,457 |
|
|
$ |
32,767,328 |
|
|
$ |
30,761,870 |
|
|
$ |
28,971,170 |
|
|
Non-purchased loans |
|
27,781,091 |
|
|
|
26,195,030 |
|
|
|
25,051,214 |
|
|
|
23,291,785 |
|
|
|
21,700,941 |
|
|
Purchased loans |
|
250,257 |
|
|
|
264,045 |
|
|
|
280,526 |
|
|
|
315,661 |
|
|
|
361,065 |
|
|
Investment securities – AFS |
|
3,072,391 |
|
|
|
3,244,371 |
|
|
|
3,153,817 |
|
|
|
3,262,366 |
|
|
|
3,422,031 |
|
|
Deposits |
|
29,406,070 |
|
|
|
27,405,143 |
|
|
|
25,552,856 |
|
|
|
23,983,397 |
|
|
|
22,282,983 |
|
|
Unfunded balance of outstanding credit commitments |
|
20,458,796 |
|
|
|
20,561,029 |
|
|
|
20,625,371 |
|
|
|
21,119,761 |
|
|
|
20,965,040 |
|
| Allowance for credit
losses: |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
501,228 |
|
|
$ |
461,486 |
|
|
$ |
426,820 |
|
|
$ |
393,767 |
|
|
$ |
365,277 |
|
|
Net charge-offs |
|
(7,264 |
) |
|
|
(4,090 |
) |
|
|
(9,370 |
) |
|
|
(8,721 |
) |
|
|
(7,339 |
) |
|
Provision for credit losses |
|
42,923 |
|
|
|
43,832 |
|
|
|
44,036 |
|
|
|
41,774 |
|
|
|
35,829 |
|
|
Balance at end of period |
$ |
536,887 |
|
|
$ |
501,228 |
|
|
$ |
461,486 |
|
|
$ |
426,820 |
|
|
$ |
393,767 |
|
|
Allowance for loan losses |
$ |
365,935 |
|
|
$ |
339,394 |
|
|
$ |
303,358 |
|
|
$ |
263,188 |
|
|
$ |
222,025 |
|
|
Reserve for losses on unfunded loan commitments |
|
170,952 |
|
|
|
161,834 |
|
|
|
158,128 |
|
|
|
163,632 |
|
|
|
171,742 |
|
|
Total allowance for credit losses |
$ |
536,887 |
|
|
$ |
501,228 |
|
|
$ |
461,486 |
|
|
$ |
426,820 |
|
|
$ |
393,767 |
|
| Selected
ratios: |
|
|
|
|
|
|
|
|
|
|
Net interest margin – FTE (2) |
|
4.71 |
% |
|
|
4.82 |
% |
|
|
5.05 |
% |
|
|
5.32 |
% |
|
|
5.54 |
% |
|
Efficiency ratio |
|
32.59 |
|
|
|
35.33 |
|
|
|
32.60 |
|
|
|
33.05 |
|
|
|
33.63 |
|
|
Net charge-offs to average non-purchased loans (2) (3) |
|
0.11 |
|
|
|
0.07 |
|
|
|
0.17 |
|
|
|
0.03 |
|
|
|
0.15 |
|
|
Net charge-offs to average total loans (2) |
|
0.11 |
|
|
|
0.06 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.14 |
|
|
Nonperforming loans to total loans (4) |
|
0.20 |
|
|
|
0.23 |
|
|
|
0.25 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
Nonperforming assets to total assets (4) |
|
0.33 |
|
|
|
0.36 |
|
|
|
0.40 |
|
|
|
0.32 |
|
|
|
0.34 |
|
|
Allowance for loan losses to total loans (5) |
|
1.31 |
|
|
|
1.28 |
|
|
|
1.20 |
|
|
|
1.11 |
|
|
|
1.01 |
|
|
Allowance for credit losses to total loans and unfunded credit
commitments |
|
1.11 |
|
|
|
1.07 |
|
|
|
1.00 |
|
|
|
0.95 |
|
|
|
0.92 |
|
|
Loans past due 30 days or more, including past due non-accrual
loans, to total loans (4) |
|
0.17 |
|
|
|
0.20 |
|
|
|
0.21 |
|
|
|
0.14 |
|
|
|
0.15 |
|
(1) Calculations of pre-tax pre-provision net revenue
and the reconciliation to GAAP are included in the schedules
accompanying this release.(2) Ratios for interim periods
annualized based on actual days.(3) Excludes purchased
loans and net charge-offs related to such
loans.(4) Excludes purchased loans, except for their
inclusion in total assets.(5) Excludes reserve for
losses on unfunded loan commitments.
|
|
|
Bank OZKAverage Consolidated Balance
Sheets and Net Interest Analysis – FTEUnaudited |
|
|
| |
Three Months Ended March 31, |
| |
|
2024 |
|
|
|
2023 |
|
| |
Average Balance |
|
Income/ Expense |
|
Yield/Rate |
|
Average Balance |
|
Income/ Expense |
|
Yield/Rate |
| |
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning deposits |
$ |
1,861,871 |
|
$ |
24,606 |
|
5.32 |
% |
|
$ |
739,521 |
|
$ |
7,870 |
|
4.32 |
% |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
2,052,980 |
|
|
9,333 |
|
1.83 |
|
|
|
2,450,756 |
|
|
10,171 |
|
1.68 |
|
|
Tax-exempt – FTE |
|
1,172,116 |
|
|
14,144 |
|
4.85 |
|
|
|
1,027,806 |
|
|
11,727 |
|
4.63 |
|
|
Non-purchased loans – FTE |
|
27,116,207 |
|
|
587,040 |
|
8.71 |
|
|
|
20,850,529 |
|
|
415,037 |
|
8.07 |
|
|
Purchased loans |
|
257,788 |
|
|
4,960 |
|
7.74 |
|
|
|
370,887 |
|
|
6,518 |
|
7.13 |
|
|
Total earning assets – FTE |
|
32,460,962 |
|
|
640,083 |
|
7.93 |
|
|
|
25,439,499 |
|
|
451,323 |
|
7.19 |
|
| Non-interest earning
assets |
|
2,747,337 |
|
|
|
|
|
|
2,517,047 |
|
|
|
|
|
Total assets |
$ |
35,208,299 |
|
|
|
|
|
$ |
27,956,546 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest bearing transaction |
$ |
9,182,745 |
|
$ |
66,902 |
|
2.93 |
% |
|
$ |
9,733,499 |
|
$ |
42,515 |
|
1.77 |
% |
|
Time deposits |
|
15,476,373 |
|
|
187,421 |
|
4.87 |
|
|
|
7,563,013 |
|
|
51,117 |
|
2.74 |
|
|
Total interest bearing deposits |
|
24,659,118 |
|
|
254,323 |
|
4.15 |
|
|
|
17,296,512 |
|
|
93,632 |
|
2.20 |
|
|
Other borrowings |
|
85,041 |
|
|
750 |
|
3.55 |
|
|
|
467,098 |
|
|
5,422 |
|
4.71 |
|
|
Subordinated notes |
|
347,864 |
|
|
2,574 |
|
2.98 |
|
|
|
347,049 |
|
|
2,574 |
|
3.01 |
|
|
Subordinated debentures |
|
121,652 |
|
|
2,472 |
|
8.18 |
|
|
|
121,638 |
|
|
2,239 |
|
7.47 |
|
|
Total interest bearing liabilities |
|
25,213,675 |
|
|
260,119 |
|
4.15 |
|
|
|
18,232,297 |
|
|
103,867 |
|
2.31 |
|
| Non-interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
4,100,769 |
|
|
|
|
|
|
4,471,407 |
|
|
|
|
|
Other non-interest bearing liabilities |
|
682,455 |
|
|
|
|
|
|
499,997 |
|
|
|
|
|
Total liabilities |
|
29,996,899 |
|
|
|
|
|
|
23,203,701 |
|
|
|
|
| Total
stockholders’ equity before noncontrolling interest |
|
5,210,418 |
|
|
|
|
|
|
4,751,481 |
|
|
|
|
| Noncontrolling interest |
|
982 |
|
|
|
|
|
|
1,364 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
35,208,299 |
|
|
|
|
|
$ |
27,956,546 |
|
|
|
|
| Net interest income – FTE |
|
|
$ |
379,964 |
|
|
|
|
|
$ |
347,456 |
|
|
| Net interest margin – FTE |
|
|
|
|
4.71 |
% |
|
|
|
|
|
5.54 |
% |
| Core spread (1) |
|
|
|
|
4.56 |
% |
|
|
|
|
|
5.87 |
% |
(1) Core spread is the difference between the yield on the
Bank’s non-purchased loans-FTE and the rate on its interest bearing
deposits.
|
|
|
Bank OZKReconciliation of Non-GAAP
Financial MeasuresCalculation 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 EndedMarch 31, |
|
Three Months Ended December
31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
| |
(Dollars in thousands) |
| Net income available to common
stockholders |
$ |
171,490 |
|
|
$ |
165,853 |
|
|
$ |
171,079 |
|
| Average stockholders’ equity
before noncontrolling interest |
$ |
5,210,418 |
|
|
$ |
4,751,481 |
|
|
$ |
4,995,217 |
|
| Less average preferred
stock |
|
(338,980 |
) |
|
|
(338,980 |
) |
|
|
(338,980 |
) |
|
Total average common stockholders’ equity |
|
4,871,438 |
|
|
|
4,412,501 |
|
|
|
4,656,237 |
|
| Less average intangible
assets: |
|
|
|
|
|
|
Goodwill |
|
(660,789 |
) |
|
|
(660,789 |
) |
|
|
(660,789 |
) |
|
Core deposit and other intangible assets, net of accumulated
amortization |
|
— |
|
|
|
(2,243 |
) |
|
|
— |
|
|
Total average intangibles |
|
(660,789 |
) |
|
|
(663,032 |
) |
|
|
(660,789 |
) |
| Average tangible common
stockholders’ equity |
$ |
4,210,649 |
|
|
$ |
3,749,469 |
|
|
$ |
3,995,448 |
|
| Return on average common
stockholders’ equity(1) |
|
14.16 |
% |
|
|
15.24 |
% |
|
|
14.58 |
% |
| Return on average tangible
common stockholders’ equity(1) |
|
16.38 |
% |
|
|
17.94 |
% |
|
|
16.99 |
% |
(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
ShareUnaudited |
|
|
| |
March 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
| |
(In thousands, except per share amounts) |
| Total stockholders’ equity
before noncontrolling interest |
$ |
5,266,847 |
|
|
$ |
4,761,927 |
|
|
$ |
5,139,001 |
|
| Less preferred stock |
|
(338,980 |
) |
|
|
(338,980 |
) |
|
|
(338,980 |
) |
|
Total common stockholders’ equity |
$ |
4,927,867 |
|
|
$ |
4,422,947 |
|
|
$ |
4,800,021 |
|
| Less intangible assets: |
|
|
|
|
|
|
Goodwill |
|
(660,789 |
) |
|
|
(660,789 |
) |
|
|
(660,789 |
) |
|
Core deposit and other intangible assets, net of accumulated
amortization |
|
— |
|
|
|
(1,565 |
) |
|
|
— |
|
|
Total intangibles |
|
(660,789 |
) |
|
|
(662,354 |
) |
|
|
(660,789 |
) |
|
Total tangible common stockholders’ equity |
$ |
4,267,078 |
|
|
$ |
3,760,593 |
|
|
$ |
4,139,232 |
|
| Shares of common stock
outstanding |
|
113,435 |
|
|
|
115,080 |
|
|
|
113,149 |
|
| Book value per common
share |
$ |
43.44 |
|
|
$ |
38.43 |
|
|
$ |
42.42 |
|
| Tangible book value per common
share |
$ |
37.62 |
|
|
$ |
32.68 |
|
|
$ |
36.58 |
|
|
|
|
Calculation of Total Common Stockholders’
Equity,Total Tangible Common Stockholders’
Equityand the Ratio of Total Tangible Common
Stockholders’ Equity to Total Tangible
AssetsUnaudited |
|
|
| |
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
| |
(Dollars in thousands) |
| Total stockholders’ equity
before noncontrolling interest |
$ |
5,266,847 |
|
|
$ |
4,761,927 |
|
| Less preferred stock |
|
(338,980 |
) |
|
|
(338,980 |
) |
|
Total common stockholders’ equity |
$ |
4,927,867 |
|
|
$ |
4,422,947 |
|
| Less intangible assets: |
|
|
|
|
Goodwill |
|
(660,789 |
) |
|
|
(660,789 |
) |
|
Core deposit and other intangible assets, net of accumulated
amortization |
|
— |
|
|
|
(1,565 |
) |
|
Total intangibles |
|
(660,789 |
) |
|
|
(662,354 |
) |
|
Total tangible common stockholders’ equity |
|
4,267,078 |
|
|
|
3,760,593 |
|
| Total assets |
$ |
36,029,904 |
|
|
$ |
28,971,170 |
|
| Less intangible assets: |
|
|
|
|
Goodwill |
$ |
(660,789 |
) |
|
$ |
(660,789 |
) |
|
Core deposit and other intangible assets, net of accumulated
amortization |
|
— |
|
|
|
(1,565 |
) |
|
Total intangibles |
|
(660,789 |
) |
|
|
(662,354 |
) |
|
Total tangible assets |
$ |
35,369,115 |
|
|
$ |
28,308,816 |
|
| Ratio of total common
stockholders’ equity to total assets |
|
13.68 |
% |
|
|
15.27 |
% |
| Ratio of total tangible common
stockholders’ equity to total tangible assets |
|
12.06 |
% |
|
|
13.28 |
% |
|
|
|
|
Calculation of Pre-Tax Pre-Provision Net
RevenueUnaudited |
|
|
|
|
| |
Three Months Ended |
|
| |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
| |
(Dollars in thousands) |
|
| Net income available to common
stockholders |
$ |
171,490 |
|
$ |
171,079 |
|
$ |
169,746 |
|
$ |
167,917 |
|
$ |
165,853 |
|
| Preferred stock dividends |
|
4,047 |
|
|
4,047 |
|
|
4,047 |
|
|
4,047 |
|
|
4,047 |
|
| Earnings attributable to
noncontrolling interest |
|
18 |
|
|
6 |
|
|
37 |
|
|
1 |
|
|
12 |
|
| Provision for income
taxes |
|
54,226 |
|
|
43,600 |
|
|
46,144 |
|
|
45,717 |
|
|
40,703 |
|
| Provision for credit
losses |
|
42,923 |
|
|
43,832 |
|
|
44,036 |
|
|
41,774 |
|
|
35,829 |
|
|
Pre-tax pre-provision net revenue |
$ |
272,704 |
|
$ |
262,564 |
|
$ |
264,010 |
|
$ |
259,456 |
|
$ |
246,444 |
|
|
|
|
| Investor Contact: |
Jay Staley (501)
906-7842 |
| Media Contact: |
Michelle Rossow
(501) 906-3922 |
Bank OZK (NASDAQ:OZK)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Bank OZK (NASDAQ:OZK)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
