OZK
$45.65
Bank Ozk
$.36
.79%
Earnings Details
3rd Quarter September 2021
Thursday, October 21, 2021 4:01:00 PM
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Summary

Bank Ozk (OZK) Recent Earnings

Bank Ozk (OZK) reported 3rd Quarter September 2021 earnings of $1.00 per share on revenue of $288.6 million. The consensus earnings estimate was $0.97 per share on revenue of $266.3 million. Revenue fell 2.1% compared to the same quarter a year ago.

Results
Reported Earnings
$1.00
Earnings Whisper
-
Consensus Estimate
$0.97
Reported Revenue
$288.6 Mil
Revenue Estimate
$266.3 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Bank OZK Announces Third Quarter 2021 Earnings

LITTLE ROCK, Ark., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the third quarter of 2021 was $130.3 million, a 19.3% increase from $109.3 million for the third quarter of 2020. Diluted earnings per common share for the third quarter of 2021 were $1.00, a 19.0% increase from $0.84 for the third quarter of 2020.

For the nine months ended September 30, 2021, net income was $429.2 million, a 150.5% increase from $171.4 million for the first nine months of 2020. Diluted earnings per common share for the first nine months of 2021 were $3.30, a 150.0% increase from $1.32 for the first nine months of 2020.

As a result of improved economic conditions and prospects for improvement in the U.S. economy, management recorded negative provision for credit losses of $7.5 million during the third quarter and $69.9 million during the first nine months of 2021, reducing the Bank’s total allowance for credit losses (“ACL”) from $377.3 million at December 31, 2020 to $298.8 million at September 30, 2021. The Bank’s provision for credit losses was $7.2 million during the third quarter and $196.9 million during the first nine months of 2020, reflecting significant economic uncertainty at that time.

The Bank’s results for the first nine months of 2021 included pretax gains of $4.4 million from the sale of its South Carolina branches and $1.4 million of tax-exempt bank-owned life insurance (“BOLI”) death benefits, both of which were recognized during the first quarter of 2021. The Bank had no gains from branch sales and had $0.6 million of tax-exempt BOLI death benefits during the first nine months of 2020.

Pre-tax pre-provision net revenue (“PPNR”) was $163.5 million for the third quarter of 2021, a 12.3% increase from $145.7 million for the third quarter of 2020. For the nine months ended September 30, 2021, PPNR was $489.0 million, a 17.3% increase from $417.0 million for the first nine months of 2020. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the third quarter of 2021 were 1.98%, 11.41% and 13.39%, respectively, compared to 1.63%, 10.48% and 12.52%, respectively, for the third quarter of 2020. The Bank’s annualized returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the first nine months of 2021 were 2.15%, 12.98% and 15.31%, respectively, compared to 0.90%, 5.55%, and 6.65%, respectively, for the first nine months of 2020. The calculation of the Bank’s return on average tangible common stockholders’ equity and the reconciliation to GAAP are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer stated, “We are pleased to report our highest level of quarterly RESG loan originations since 2017 along with record net interest income for the quarter just ended. Our strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the future.”

KEY BALANCE SHEET METRICS

Total loans were $18.31 billion at September 30, 2021, a 5.4% decrease from $19.36 billion at September 30, 2020. Non-purchased loans were $17.71 billion at September 30, 2021, a 3.9% decrease from $18.42 billion at September 30, 2020, but a 0.5% increase from $17.61 billion at June 30, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.60 billion at September 30, 2021, a 36.3% decrease from $0.94 billion at September 30, 2020.

Deposits were $20.10 billion at September 30, 2021, a 5.6% decrease from $21.29 billion at September 30, 2020. Total assets were $26.14 billion at September 30, 2021, a 2.8% decrease from $26.89 billion at September 30, 2020.

Common stockholders’ equity was $4.55 billion at September 30, 2021, an 8.8% increase from $4.19 billion at September 30, 2020. Tangible common stockholders’ equity was $3.88 billion at September 30, 2021, a 10.6% increase from $3.51 billion at September 30, 2020. Book value per common share was $35.35 at September 30, 2021, a 9.2% increase from $32.37 at September 30, 2020. Tangible book value per common share was $30.14 at September 30, 2021, an 11.1% increase from $27.13 at September 30, 2020. The calculations of the Bank’s tangible common stockholders’ equity and tangible book value per common share and the reconciliations to GAAP are included in the schedules accompanying this release.

The Bank’s ratio of total common stockholders’ equity to total assets was 17.42% at September 30, 2021 compared to 15.57% at September 30, 2020. Its ratio of total tangible common stockholders’ equity to total tangible assets was 15.24% at September 30, 2021 compared to 13.39% at September 30, 2020. The calculation of the Bank’s ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliation to GAAP are included in the schedules accompanying this release.

SUBORDINATED DEBT REDEMPTION AND OFFERING

On July 1, 2021, the Bank redeemed all of its $225 million of 5.50% Fixed-to-Floating rate Subordinated Notes at a redemption price equal to 100% of the principal amount of the subordinated notes plus accrued and unpaid interest. As a result of the subordinated debt redemption, the Bank recognized approximately $0.8 million in remaining unamortized debt issue cost as non-interest expense during the third quarter of 2021.

On September 16, 2021, the Bank completed its public offering of $350 million in aggregate principal amount of its 2.75% Fixed-to-Floating rate Subordinated Notes (the “2.75% Notes”) due 2031, which will initially bear interest at a fixed rate of 2.75% per annum until September 30, 2026. On October 1, 2026, the 2.75% Notes will bear interest at a floating rate equal to a benchmark (which is expected to be three-month SOFR) plus 209 basis points. The 2.75% Notes are unsecured, subordinated debt obligations and mature on October 1, 2031, and the Bank expects to use the net proceeds from the offering for general corporate purposes, which may include, among other things, financing organic growth or strategic acquisitions, repurchase of shares of the Bank’s common stock, supporting the Bank’s regulatory capital levels and ongoing working capital needs. As of September 30, 2021, the Bank’s subordinated debt had a carrying value of $345.9 million and remaining unamortized debt issuance cost of $4.1 million.

STOCK REPURCHASE PROGRAM

In July 2021, the Bank adopted a stock repurchase program authorizing the purchase of up to $300 million of the Bank’s outstanding shares of common stock. During the quarter just ended, the Bank repurchased 888,567 shares at a weighted average cost of $41.61, for a total of $37.0 million. The timing and amount of future repurchases will be determined by management based on a variety of factors such as the Bank’s capital position, liquidity, financial performance and alternative uses of capital, stock price, regulatory requirements and general market and economic conditions. The repurchase program may be suspended by the Bank at any time.

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 on these quarterly results and management’s comments at 10:00 a.m. CT (11:00 a.m. ET) on October 22, 2021. Interested parties may listen to this call by dialing 1-844-818-5110 (U.S. and Canada) or 210-229-8841 (internationally) and asking for the Bank OZK conference call. A recorded playback of the call will be available for one week following the call at 1-855-859-2056 (U.S. and Canada) or 404-537-3406 (internationally). The conference ID for this playback is 8870579. The call will be available live or in a recorded version on the Bank’s Investor Relations website at ir.ozk.com under “Company News/Webcasts.” The Bank will also provide a transcript of the conference call on its Investor Relations website.

The Bank files with the Federal Deposit Insurance Corporation (“FDIC”) annual, quarterly and current reports, proxy materials and other information required by the Securities Exchange Act of 1934, 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 http://ir.ozk.com. To receive automated email alerts for these materials, please visit http://ir.ozk.com/EmailNotification 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 tangible common stockholders’ equity, tangible book value per common share, 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 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 implementing the Bank’s growth, expansion and acquisition strategies, including delays in identifying satisfactory sites, hiring or retaining qualified personnel, obtaining regulatory or other approvals, obtaining permits and designing, constructing and opening new offices or relocating, selling or closing existing offices; the ability to enter into and/or close additional 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 or acquired 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; the potential impact of the phase-out of the London Interbank Offered Rate (“LIBOR”) or other changes involving LIBOR; 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; changes in legal, financial and/or regulatory requirements; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new and/or existing legislation and regulatory actions, including those in response to the COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act, the Consolidated Appropriations Act of 2021, the American Rescue Plan Act of 2021, and any similar or related laws, rules and regulations; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in U.S. government monetary and fiscal policy; FDIC special assessments or changes to regular assessments; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity; the impact of failure in, or breach of, the Bank’s operational or security systems or infrastructure, or those of third parties with whom it does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Bank or its customers; natural disasters or acts of war or terrorism; the adverse effects of the COVID-19 pandemic, including the duration of the pandemic and actions taken to contain or treat COVID-19, on the Bank, the Bank’s customers, the Bank’s staff, the global economy and financial markets; potential impact of supply chain disruptions; national, international or political instability; impairment of the Bank’s goodwill or other intangible assets; 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 press release or as detailed from time to time in the other public reports the Bank files with the FDIC, including those factors described in the disclosures under the headings “Forward-Looking Information” and “Item 1A. Risk Factors” in the Bank’s most recent Annual Report on Form 10-K for the year ended December 31, 2020 and its 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 projected 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. Headquartered in Little Rock, Arkansas, Bank OZK conducts operations through 249 offices in eight states, including Arkansas, Georgia, Florida, North Carolina, Texas, California, New York and Mississippi. Bank OZK can be found at www.ozk.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811.

 
Bank OZK
Consolidated Balance Sheets
Unaudited
       
  September 30,  December 31, 
  2021  2020 
  (Dollars in thousands, except per share amounts) 
ASSETS        
Cash and cash equivalents $1,782,503  $2,393,662 
Investment securities ? available for sale ("AFS")  3,846,496   3,405,351 
Federal Home Loan Bank of Dallas and other bankers' bank stocks  40,698   38,486 
Non-purchased loans  17,707,452   18,401,495 
Purchased loans  597,851   807,673 
Allowance for loan losses  (237,722)  (295,824)
Net loans  18,067,581   18,913,344 
Premises and equipment, net  699,427   738,842 
Foreclosed assets  9,444   11,085 
Accrued interest receivable  84,358   88,077 
Bank owned life insurance (“BOLI”)  770,829   758,071 
Goodwill and other intangible assets, net  670,580   675,458 
Other, net  171,451   140,220 
Total assets $26,143,367  $27,162,596 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Deposits:        
Demand non-interest bearing $4,586,163  $3,996,546 
Savings and interest bearing transaction  8,961,316   8,160,982 
Time  6,554,961   9,292,828 
Total deposits  20,102,440   21,450,356 
Repurchase agreements with customers  7,735   8,013 
Other borrowings  750,217   750,928 
Subordinated notes  345,927   224,047 
Subordinated debentures  120,892   120,475 
Reserve for losses on unfunded loan commitments  61,076   81,481 
Accrued interest payable and other liabilities  198,728   251,940 
Total liabilities  21,587,015   22,887,240 
         
Commitments and contingencies        
         
Stockholders’ equity:        
Preferred stock; $0.01 par value; 100,000,000 shares authorized; no shares issued or outstanding at September 30, 2021 or December 31, 2020      
Common stock; $0.01 par value; 300,000,000 shares authorized; 128,817,819 and 129,350,448 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively  1,288   1,294 
Additional paid-in capital  2,245,012   2,265,850 
Retained earnings  2,266,234   1,946,875 
Accumulated other comprehensive income  40,706   58,252 
Total stockholders’ equity before noncontrolling interest  4,553,240   4,272,271 
Noncontrolling interest  3,112   3,085 
Total stockholders’ equity  4,556,352   4,275,356 
Total liabilities and stockholders’ equity $26,143,367  $27,162,596 
         


 
Bank OZK
Consolidated Statements of Income
Unaudited
      
 Three Months Ended September 30,  Nine Months Ended September 30, 
 2021  2020  2021  2020 
 (Dollars in thousands, except per share amounts) 
Interest income:               
Non-purchased loans$238,258  $236,621  $716,639  $701,290 
Purchased loans 11,350   16,269   34,985   54,743 
Investment securities:               
Taxable 9,236   9,666   26,786   31,480 
Tax-exempt 3,296   5,193   10,860   14,636 
Deposits with banks and federal funds sold 523   532   1,556   5,237 
Total interest income 262,663   268,281   790,826   807,386 
                
Interest expense:               
Deposits 12,326   38,273   54,908   141,206 
Repurchase agreements with customers 4   4   14   17 
Other borrowings 1,013   1,156   2,996   2,168 
Subordinated notes 429   3,207   6,755   9,551 
Subordinated debentures 934   984   2,814   3,420 
Total interest expense 14,706   43,624   67,487   156,362 
                
Net interest income 247,957   224,657   723,339   651,024 
Provision for credit losses (7,454)  7,200   (69,946)  196,889 
Net interest income after provision for credit losses 255,411   217,457   793,285   454,135 
                
Non-interest income:               
Service charges on deposit accounts 11,177   9,427   31,154   27,717 
Trust income 2,247   1,936   6,365   5,635 
BOLI income:               
Increase in cash surrender value 4,940   5,081   14,739   15,205 
Death benefits       1,409   608 
Loan service, maintenance and other fees 3,307   3,351   10,811   10,461 
Gains on sales of other assets 463   891   8,632   1,674 
Net gains on investment securities    2,244      4,467 
Other 3,850   3,746   12,733   10,180 
Total non-interest income 25,984   26,676   85,843   75,947 
                
Non-interest expense:               
Salaries and employee benefits 53,769   53,119   159,533   153,003 
Net occupancy and equipment 17,161   16,676   49,797   47,761 
Other operating expenses 39,467   35,846   110,840   109,255 
Total non-interest expense 110,397   105,641   320,170   310,019 
                
Income before taxes 170,998   138,492   558,958   220,063 
Provision for income taxes 40,713   29,251   129,691   48,707 
Net income 130,285   109,241   429,267   171,356 
Earnings attributable to noncontrolling interest 5   12   (27)  29 
Net income available to common stockholders$130,290  $109,253  $429,240  $171,385 
                
Basic earnings per common share$1.01  $0.84  $3.31  $1.33 
                
Diluted earnings per common share$1.00  $0.84  $3.30  $1.32 
                


 
Bank OZK
Consolidated Statements of Stockholders’ Equity
Unaudited
                   
  Common
Stock
  Additional
Paid-In
Capital
  Retained
Earnings
  Accumulated
Other
Comprehensive
Income
  Non-
Controlling
Interest
  Total 
  (Dollars in thousands, except per share amounts) 
Three months ended September 30, 2021:                        
Balances – June 30, 2021 $1,297  $2,277,138  $2,173,114  $50,127  $3,117  $4,504,793 
Net income        130,285         130,285 
Earnings attributable to noncontrolling interest        5      (5)   
Total other comprehensive loss           (9,421)     (9,421)
Common stock dividends, $0.285 per share        (37,170)        (37,170)
Issuance of 33,850 shares of common stock for exercise of stock options  1   1,085            1,086 
Repurchase and cancellation of 888,567 shares of common stock  (9)  (36,990)           (36,999)
Stock-based compensation expense     3,778            3,778 
Forfeitures of 47,604 shares of unvested restricted common stock  (1)  1             
Balances – September 30, 2021 $1,288  $2,245,012  $2,266,234  $40,706  $3,112  $4,556,352 
                         
Nine months ended September 30, 2021:                        
Balances – December 31, 2020 $1,294  $2,265,850  $1,946,875  $58,252  $3,085  $4,275,356 
Net income        429,267         429,267 
Earnings attributable to noncontrolling interest        (27)     27    
Total other comprehensive loss           (17,546)     (17,546)
Common stock dividends, $0.8425 per share        (109,881)        (109,881)
Issuance of 176,250 shares of common stock for exercise of stock options  2   6,092            6,094 
Issuance of 332,831 shares of unvested restricted common stock  3   (3)            
Repurchase and cancellation of 944,460 shares of common stock  (10)  (38,966)           (38,976)
Stock-based compensation expense     12,038            12,038 
Forfeitures of 97,250 shares of unvested restricted common stock  (1)  1             
Balances – September 30, 2021 $1,288  $2,245,012  $2,266,234  $40,706  $3,112  $4,556,352 
                         


 
Bank OZK
Consolidated Statements of Stockholders’ Equity
Unaudited
                   
  Common
Stock
  Additional
Paid-In
Capital
  Retained
Earnings
  Accumulated
Other
Comprehensive
Income
  Non-
Controlling
Interest
  Total 
  (Dollars in thousands, except per share amounts) 
Three months ended September 30, 2020:                        
Balances – June 30, 2020 $1,293  $2,257,867  $1,788,329  $63,177  $3,100  $4,113,766 
Net income        109,241         109,241 
Earnings attributable to noncontrolling interest        12      (12)   
Total other comprehensive loss           (2,061)     (2,061)
Common stock dividends, $0.2725 per share        (35,570)        (35,570)
Stock-based compensation expense     3,997            3,997 
Forfeitures of 8,228 shares of unvested restricted common stock                  
Balances – September 30, 2020 $1,293  $2,261,864  $1,862,012  $61,116  $3,088  $4,189,373 
                         
Nine months ended September 30, 2020:                        
Balances – December 31, 2019 $1,289  $2,251,824  $1,869,983  $27,255  $3,117  $4,153,468 
Cumulative effect of change in accounting principle        (75,344)        (75,344)
Balances – January 1, 2020  1,289   2,251,824   1,794,639   27,255   3,117   4,078,124 
Net income        171,356         171,356 
Earnings attributable to noncontrolling interest        29      (29)   
Total other comprehensive income           33,861      33,861 
Common stock dividends, $0.8025 per share        (104,012)        (104,012)
Issuance of 4,300 shares of common stock for exercise of stock options     45            45 
Issuance of 493,761 shares of unvested restricted common stock  5   (5)            
Repurchase and cancellation of 61,873 shares of common stock  (1)  (1,852)           (1,853)
Stock-based compensation expense     11,852            11,852 
Forfeitures of 45,139 shares of unvested restricted common stock                  
Balances – September 30, 2020 $1,293  $2,261,864  $1,862,012  $61,116  $3,088  $4,189,373 
                         


 
Bank OZK
Summary of Non-Interest Expense
Unaudited
       
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
  2021  2020  2021  2020 
  (Dollars in thousands) 
Salaries and employee benefits $53,769  $53,119  $159,533  $153,003 
Net occupancy and equipment  17,161   16,676   49,797   47,761 
Other operating expenses:                
Professional and outside services  7,084   8,263   21,134   22,618 
Software and data processing  5,897   5,431   17,695   15,550 
Deposit insurance and assessments  2,655   3,595   9,060   11,600 
Telecommunication services  1,966   2,352   6,363   6,863 
Postage and supplies  1,530   1,808   4,718   5,753 
ATM expense  1,846   1,604   4,615   3,766 
Travel and meals  1,617   689   3,811   3,501 
Writedowns of foreclosed and other assets  990   488   2,476   2,087 
Loan collection and repossession expense  407   1,030   1,456   2,581 
Advertising and public relations  719   1,557   1,621   4,964 
Amortization of intangibles  1,545   1,914   4,878   7,291 
Amortization of CRA and tax credit investments  4,972   1,611   12,324   7,458 
Other  8,239   5,504   20,689   15,223 
Total non-interest expense $110,397  $105,641  $320,170  $310,019 
                 


 
Bank OZK
Summary of Total Loans Outstanding
Unaudited
       
  September 30, 2021  December 31, 2020 
  (Dollars in thousands) 
Real estate:                
Residential 1-4 family $887,769   4.8% $911,115   4.7%
Non-farm/non-residential  4,080,616   22.3   4,267,147   22.2 
Construction/land development  7,718,567   42.2   7,993,467   41.6 
Agricultural  237,073   1.3   204,868   1.1 
Multifamily residential  1,242,202   6.8   856,297   4.5 
Total real estate  14,166,227   77.4   14,232,894   74.1 
Commercial and industrial  528,866   2.9   842,206   4.4 
Consumer  2,168,307   11.8   2,393,964   12.5 
Other  1,441,903   7.9   1,740,104   9.0 
Total loans  18,305,303   100.0%  19,209,168   100.0%
Allowance for loan losses  (237,722)      (295,824)    
Net loans $18,067,581      $18,913,344     
                 


 
Bank OZK
Allowance for Credit Losses
Unaudited
             
  Allowance for Loan Losses  Reserve for Losses on Unfunded Loan Commitments  Total Allowance for Credit Losses 
  (Dollars in thousands) 
Three months ended September 30, 2021:            
Balances – June 30, 2021 $248,753  $58,811  $307,564 
Net charge-offs  (1,312)     (1,312)
Provision for credit losses  (9,719)  2,265   (7,454)
Balances – September 30, 2021 $237,722  $61,076  $298,798 
             
Nine months ended September 30, 2021:            
Balances – December 31, 2020 $295,824  $81,481  $377,305 
Net charge-offs  (8,561)     (8,561)
Provision for credit losses  (49,541)  (20,405)  (69,946)
Balances – September 30, 2021 $237,722  $61,076  $298,798 
             
Three months ended September 30, 2020:            
Balances – June 30, 2020 $306,196  $68,298  $374,494 
Net charge-offs  (4,421)     (4,421)
Provision for credit losses  7,072   128   7,200 
Balances – September 30, 2020 $308,847  $68,426  $377,273 
             
Nine months ended September 30, 2020:            
Balances – December 31, 2019 $108,525  $  $108,525 
Adoption of CECL(1) methodology  39,588   54,924   94,512 
Balances – January 1, 2020  148,113   54,924   203,037 
Net charge-offs  (22,653)     (22,653)
Provision for credit losses  183,387   13,502   196,889 
Balances – September 30, 2020 $308,847  $68,426  $377,273 

(1)  Current Expected Credit Loss.

 
Bank OZK
Summary of Deposits – By Account Type
Unaudited
       
  September 30, 2021  December 31, 2020 
  (Dollars in thousands) 
Non-interest bearing $4,586,163   22.8% $3,996,546   18.6%
Interest bearing:                
Transaction (NOW)  3,188,840   15.9   3,124,007   14.6 
Savings and money market  5,772,476   28.7   5,036,975   23.5 
Time deposits less than $100  1,994,503   9.9   3,075,845   14.3 
Time deposits of $100 or more  4,560,458   22.7   6,216,983   29.0 
Total deposits $20,102,440   100.0% $21,450,356   100.0%
                 


 
Summary of Deposits – By Customer Type
Unaudited
       
  September 30, 2021  December 31, 2020 
  (Dollars in thousands) 
Consumer $10,186,211   50.7% $11,165,603   52.1%
Commercial  6,502,287   32.3   6,056,536   28.2 
Public Funds  2,028,243   10.1   2,111,971   9.8 
Brokered  894,791   4.5   1,600,116   7.5 
Reciprocal  490,908   2.4   516,130   2.4 
Total deposits $20,102,440   100.0% $21,450,356   100.0%
                 


 
Bank OZK
Selected Consolidated Financial Data
Unaudited
       
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
  2021  2020  % Change  2021  2020  % Change 
  (Dollars in thousands, except per share amounts) 
Income statement data:                        
Net interest income $247,957  $224,657   10.4% $723,339  $651,024   11.1%
Provision for credit losses  (7,454)  7,200   (203.5)  (69,946)  196,889   (135.5)
Non-interest income  25,984   26,676   (2.6)  85,843   75,947   13.0 
Non-interest expense  110,397   105,641   4.5   320,170   310,019   3.3 
Net income available to common stockholders  130,290   109,253   19.3   429,240   171,385   150.5 
Pre-tax pre-provision net revenue(1)  163,544   145,692   12.3   489,012   416,952   17.3 
Common share and per common share data:                        
Earnings per share - diluted $1.00  $0.84   19.0% $3.30  $1.32   150.0%
Earnings per share - basic  1.01   0.84   20.2   3.31   1.33   148.9 
Dividends per share  0.285   0.2725   4.6   0.8425   0.8025   5.0 
Book value per share  35.35   32.37   9.2   35.35   32.37   9.2 
Tangible book value per share(1)  30.14   27.13   11.1   30.14   27.13   11.1 
Weighted-average diluted shares outstanding (thousands)  129,929   129,470   0.4   130,063   129,398   0.5 
End of period shares outstanding (thousands)  128,818   129,342   (0.4)  128,818   129,342   (0.4)
Balance sheet data at period end:                        
Total assets $26,143,367  $26,888,308   (2.8)% $26,143,367  $26,888,308   (2.8)%
Total loans  18,305,303   19,358,443   (5.4)  18,305,303   19,358,443   (5.4)
Non-purchased loans  17,707,452   18,419,958   (3.9)  17,707,452   18,419,958   (3.9)
Purchased loans  597,851   938,485   (36.3)  597,851   938,485   (36.3)
Allowance for loan losses  237,722   308,847   (23.0)  237,722   308,847   (23.0)
Foreclosed assets  9,444   16,543   (42.9)  9,444   16,543   (42.9)
Investment securities - AFS  3,846,496   3,468,243   10.9   3,846,496   3,468,243   10.9 
Goodwill and other intangible assets, net  670,580   677,251   (1.0)  670,580   677,251   (1.0)
Deposits  20,102,440   21,287,405   (5.6)  20,102,440   21,287,405   (5.6)
Other borrowings  750,217   750,949   (0.1)  750,217   750,949   (0.1)
Subordinated notes  345,927   223,950   54.5   345,927   223,950   54.5 
Subordinated debentures  120,892   120,335   0.5   120,892   120,335   0.5 
Unfunded balance of closed loans  12,385,369   11,604,614   6.7   12,385,369   11,604,614   6.7 
Reserve for losses on unfunded loan commitments  61,076   68,426   (10.7)  61,076   68,426   (10.7)
Total common stockholders’ equity  4,553,240   4,186,285   8.8   4,553,240   4,186,285   8.8 
Net unrealized gains on investment securities AFS
included in common stockholders' equity
  40,706   61,116       40,706   61,116     
Loan (including purchased loans) to deposit ratio  91.06%  90.94%      91.06%  90.94%    
Selected ratios:                        
Return on average assets(2)  1.98%  1.63%      2.15%  0.90%    
Return on average common stockholders’ equity(2)  11.41   10.48       12.98   5.55     
Return on average tangible common stockholders’ equity(1) (2)  13.39   12.52       15.31   6.65     
Average common equity to total average assets  17.38   15.56       16.57   16.23     
Net interest margin – FTE(2)  4.16   3.69       3.99   3.79     
Efficiency ratio  40.14   41.77       39.39   42.38     
Net charge-offs to average non-purchased loans(2) (3)  0.04   0.09       0.07   0.07     
Net charge-offs to average total loans(2)  0.03   0.09       0.06   0.16     
Nonperforming loans to total loans(4)  0.20   0.15       0.20   0.15     
Nonperforming assets to total assets(4)  0.17   0.17       0.17   0.17     
Allowance for loan losses to total loans(5)  1.30   1.60       1.30   1.60     
Other information:                        
Non-accrual loans(4) $34,920  $27,181      $34,920  $21,181     
Accruing loans - 90 days past due(4)                    
Troubled and restructured non-purchased loans - accruing(4)  1,253   1,251       1,253   1,251     

(1) Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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.

 
Selected Consolidated Financial Data (continued)
Unaudited
    
  Three Months Ended 
  September 30,  June 30,     
  2021  2021  % Change 
 (Dollars in thousands, except per share amounts) 
Income statement data:            
Net interest income $247,957  $240,746   3.0%
Provision for credit losses  (7,454)  (30,932)  (75.9)
Non-interest income  25,984   27,742   (6.3)
Non-interest expense  110,397   103,711   6.4 
Net income available to common stockholders  130,290   150,535   (13.4)
Pre-tax pre-provision net revenue(1)  163,544   164,777   (0.7)
Common share and per common share data:            
Earnings per share - diluted $1.00  $1.16   (13.8)%
Earnings per share - basic  1.01   1.16   (12.9)
Dividends per share  0.285   0.28   1.8 
Book value per share  35.35   34.70   1.9 
Tangible book value per share(1)  30.14   29.52   2.1 
Weighted-average diluted shares outstanding (thousands)  129,929   130,255   (0.3)
End of period shares outstanding (thousands)  128,818   129,720   (0.7)
Balance sheet data at period end:            
Total assets $26,143,367  $26,605,938   (1.7)%
Total loans  18,305,303   18,271,670   0.2 
Non-purchased loans  17,707,452   17,611,848   0.5 
Purchased loans  597,851   659,822   (9.4)
Allowance for loan losses  237,722   248,753   (4.4)
Foreclosed assets  9,444   7,542   25.2 
Investment securities - AFS  3,846,496   4,693,396   (18.0)
Goodwill and other intangible assets, net  670,580   672,125   (0.2)
Deposits  20,102,440   20,706,777   (2.9)
Other borrowings  750,217   750,228   (0.1)
Subordinated notes  345,927   224,236   54.3 
Subordinated debentures  120,892   120,752   0.1 
Unfunded balance of closed loans  12,385,369   11,709,818   5.8 
Reserve for losses on unfunded loan commitments  61,076   58,811   3.9 
Total common stockholders’ equity  4,553,240   4,501,676   1.1 
Net unrealized gains on investment securities AFS included in common stockholders' equity  40,706   50,127     
Loan (including purchased loans) to deposit ratio  91.06%  88.24%    
Selected ratios:            
Return on average assets(2)  1.98%  2.24%    
Return on average common stockholders’ equity(2)  11.41   13.65     
Return on average tangible common stockholders’ equity(1) (2)  13.39   16.10     
Average common equity to total average assets  17.38   16.42     
Net interest margin – FTE(2)  4.16   3.95     
Efficiency ratio  40.14   38.43     
Net charge-offs to average non-purchased loans(2) (3)  0.04   0.09     
Net charge-offs to average total loans(2)  0.03   0.08     
Nonperforming loans to total loans(4)  0.20   0.22     
Nonperforming assets to total assets(4)  0.17   0.18     
Allowance for loan losses to total loans(5)  1.30   1.36     
Other information:            
Non-accrual loans(4) $34,920  $38,195     
Accruing loans - 90 days past due(4)          
Troubled and restructured non-purchased loans - accruing(4)  1,253   1,365     

(1)  Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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 OZK
Supplemental Quarterly Financial Data
Unaudited
                         
  12/31/19  3/31/20  6/30/20  9/30/20  12/31/20  3/31/21  6/30/21  9/30/21 
 (Dollar in thousands) 
Earnings Summary:                                
Net interest income $214,977  $209,775  $216,593  $224,657  $237,600  $234,636  $240,746  $247,957 
Federal tax (FTE) adjustment  1,028   1,133   1,753   1,605   1,533   1,275   1,355   1,106 
Net interest income (FTE)  216,005   210,908   218,346   226,262   239,133   235,911   242,101   249,063 
Provision for credit losses  (4,938)  (117,663)  (72,026)  (7,200)  (6,750)  31,559   30,932   7,454 
Non-interest income  30,406   27,680   21,591   26,676   28,661   32,117   27,742   25,984 
Non-interest expense  (104,406)  (103,425)  (100,953)  (105,641)  (103,394)  (106,059)  (103,711)  (110,397)
Pretax income (FTE)  137,067   17,500   66,958   140,097   157,650   193,528   197,064   172,104 
FTE adjustment  (1,028)  (1,133)  (1,753)  (1,605)  (1,533)  (1,275)  (1,355)  (1,106)
Provision for income taxes  (35,240)  (4,509)  (14,948)  (29,251)  (35,607)  (43,818)  (45,161)  (40,713)
Noncontrolling interest  7   8   9   12   3   (19)  (13)  5 
Net income available to common stockholders $100,806  $11,866  $50,266  $109,253  $120,513  $148,416  $150,535  $130,290 
Earnings per common share – diluted $0.78  $0.09  $0.39  $0.84  $0.93  $1.14  $1.16  $1.00 
Non-interest Income:                                
Service charges on deposit accounts $10,933  $10,009  $8,281  $9,427  $9,983  $9,665  $10,311  $11,177 
Trust income  2,010   1,939   1,759   1,936   1,909   2,206   1,911   2,247 
BOLI income:                                
Increase in cash surrender value  5,167   5,067   5,057   5,081   5,034   4,881   4,919   4,940 
Death benefits  2,989   608            1,409       
Loan service, maintenance and other fees  4,282   3,716   3,394   3,351   3,797   3,551   3,953   3,307 
Gains on sales of other assets  1,358   161   621   891   5,189   5,828   2,341   463 
Net gains on investment securities     2,223      2,244             
Other  3,667   3,957   2,479   3,746   2,749   4,577   4,307   3,850 
Total non-interest income $30,406  $27,680  $21,591  $26,676  $28,661  $32,117  $27,742  $25,984 
Non-interest Expense:                                
Salaries and employee benefits $52,050  $51,473  $48,410  $53,119  $53,832  $53,645  $52,119  $53,769 
Net occupancy and equipment  14,855   15,330   15,756   16,676   15,617   16,468   16,168   17,161 
Other operating expenses  37,501   36,622   36,787   35,846   33,945   35,946   35,424   39,467 
Total non-interest expense $104,406  $103,425  $100,953  $105,641  $103,394  $106,059  $103,711  $110,397 
Balance Sheet Data:                                
Total assets $23,555,728  $24,565,810  $26,380,409  $26,888,308  $27,162,596  $27,276,892  $26,605,938  $26,143,367 
Non-purchased loans  16,224,539   17,030,378   18,247,431   18,419,958   18,401,495   17,979,435   17,611,848   17,707,452 
Purchased loans  1,307,504   1,197,826   1,063,647   938,485   807,673   735,630   659,822   597,851 
Investment securities – AFS  2,277,389   2,816,556   3,299,944   3,468,243   3,405,351   4,162,479   4,693,396   3,846,496 
Deposits  18,474,259   18,809,190   20,723,598   21,287,405   21,450,356   21,296,442   20,706,777   20,102,440 
Unfunded balance of closed loans  11,325,598   11,334,737   11,411,441   11,604,614   11,847,117   11,780,099   11,709,818   12,385,369 
Common stockholders' equity  4,150,351   4,083,150   4,110,666   4,186,285   4,272,271   4,383,205   4,501,676   4,553,240 
                                 


 
Bank OZK
Supplemental Quarterly Financial Data (Continued)
Unaudited
                         
  12/31/19  3/31/20  6/30/20  9/30/20  12/31/20  3/31/21  6/30/21  9/30/21 
 (Dollars in thousands)     
Allowance for Credit Losses:                                
Balance at beginning of period $109,001  $108,525  $316,409  $374,494  $377,273  $377,305  $342,307  $307,564 
Adoption of CECL(1) methodology     94,512                   
Net charge-offs  (5,414)  (4,291)  (13,941)  (4,421)  (6,718)  (3,439)  (3,811)  (1,312)
Provision for credit losses  4,938   117,663   72,026   7,200   6,750   (31,559)  (30,932)  (7,454)
Balance at end of period $108,525  $316,409  $374,494  $377,273  $377,305  $342,307  $307,564  $298,798 
Allowance for loan losses $108,525  $238,737  $306,196  $308,847  $295,824  $268,077  $248,753  $237,722 
Reserve for losses on unfunded loan commitments     77,672   68,298   68,426   81,481   74,230   58,811   61,076 
Total allowance for credit losses $108,525  $316,409  $374,494  $377,273  $377,305  $342,307  $307,564  $298,798 
Selected Ratios:                                
Net interest margin – FTE(2)  4.15%  3.96%  3.74%  3.69%  3.88%  3.86%  3.95%  4.16%
Efficiency ratio  42.37   43.35   42.07   41.77   38.61   39.57   38.43   40.14 
Net charge-offs to average non-purchased loans(2) (3)  0.10   0.08   0.05   0.09   0.14   0.08   0.09   0.04 
Net charge-offs to average total loans(2)  0.12   0.10   0.29   0.09   0.14   0.07   0.08   0.03 
Nonperforming loans to total loans(4)  0.15   0.16   0.18   0.15   0.25   0.25   0.22   0.20 
Nonperforming assets to total assets(4)  0.18   0.19   0.19   0.17   0.21   0.19   0.18   0.17 
Allowance for loan losses to total loans (5)  0.62   1.31   1.59   1.60   1.54   1.43   1.36   1.30 
Loans past due 30 days or more, including past due non-accrual loans, to total loans(4)  0.19   0.18   0.13   0.13   0.16   0.13   0.10   0.13 

(1)  Current Expected Credit Loss.
(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 OZK
Average Consolidated Balance Sheets and Net Interest Analysis – FTE
Unaudited
       
  Three Months Ended September 30,  Nine Months Ended September 30, 
  2021  2020  2021  2020 
  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                                                
Earning assets:                                                
Interest earning deposits and federal funds sold $1,287,890  $523   0.16% $1,705,652  $532   0.12% $1,792,191  $1,556   0.12% $1,459,814  $5,237   0.48%
Investment securities:                                                
Taxable  3,509,465   9,236   1.04   2,216,041   9,666   1.74   3,150,732   26,786   1.14   1,979,368   31,480   2.12 
Tax-exempt – FTE  740,809   4,172   2.23   1,193,407   6,573   2.19   955,822   13,747   1.92   944,552   18,527   2.62 
Non-purchased loans – FTE  17,559,654   238,488   5.39   18,311,166   236,846   5.15   17,761,807   717,488   5.40   17,602,817   701,892   5.33 
Purchased loans  627,436   11,350   7.18   999,438   16,269   6.48   699,678   34,985   6.69   1,132,334   54,743   6.46 
Total earning assets – FTE  23,725,254   263,769   4.41   24,425,704   269,886   4.40   24,360,230   794,562   4.36   23,118,885   811,879   4.69 
Non-interest earning assets  2,348,740           2,235,853           2,324,716           2,302,225         
Total assets $26,073,994          $26,661,557          $26,684,946          $25,421,110         
LIABILITIES AND STOCKHOLDERS’ EQUITY                                                
Interest bearing liabilities:                                                
Deposits:                                                
Savings and interest bearing transaction $8,891,042  $2,885   0.13% $7,581,707  $5,496   0.29% $8,656,762  $9,840   0.15% $7,742,865  $32,945   0.57%
Time deposits of $100 or more  4,852,566   6,508   0.53   6,101,542   20,858   1.36   5,509,055   30,737   0.75   5,259,616   66,813   1.70 
Other time deposits  2,067,947   2,933   0.56   3,664,931   11,919   1.29   2,455,649   14,331   0.78   3,584,047   41,448   1.54 
Total interest bearing deposits  15,811,555   12,326   0.31   17,348,180   38,273   0.88   16,621,466   54,908   0.44   16,586,528   141,206   1.14 
Repurchase agreements with customers  7,565   4   0.21   7,093   4   0.24   6,849   14   0.27   7,686   17   0.29 
Other borrowings(1)  750,221   1,013   0.54   793,350   1,156   0.58   750,292   2,996   0.53   711,408   2,168   0.41 
Subordinated notes  56,468   429   3.01   223,899   3,207   5.70   167,636   6,755   5.39   223,801   9,551   5.70 
Subordinated debentures(1)  120,822   934   3.07   120,253   984   3.26   120,681   2,814   3.12   120,119   3,420   3.80 
Total interest bearing liabilities  16,746,631   14,706   0.35   18,492,775   43,624   0.94   17,666,924   67,487   0.51   17,649,542   156,362   1.18 
Non-interest bearing liabilities:                                                
Non-interest bearing deposits  4,523,521           3,764,063           4,289,589           3,391,162         
Other non-interest bearing liabilities  269,733           253,211           304,086           251,723         
Total liabilities  21,539,885           22,510,049           22,260,599           21,292,427         
Common stockholders’ equity  4,530,995           4,148,409           4,421,240           4,125,578         
Noncontrolling interest  3,114           3,099           3,107           3,105         
Total liabilities and stockholders’
equity
 $26,073,994          $26,661,557          $26,684,946          $25,421,110         
Net interest income – FTE     $249,063          $226,262          $727,075          $655,517     
Net interest margin – FTE          4.16%          3.69%          3.99%          3.79%
Core spread(2)          5.08%          4.27%          4.96%          4.19%

(1)   The interest expense and the rates for “other borrowings” and for “subordinated debentures” were affected by capitalized interest. Capitalized interest included in other borrowings totaled $0.02 million for the third quarter $0.07 million for the first nine months of 2021 compared to $0.03 million for the third quarter and $0.65 million for the first nine months of 2020. In the absence of this interest capitalization, the rates on other borrowings would have been 0.54% for the third quarter and 0.55% for the first nine months of 2021 compared to 0.59% for the third quarter and 0.53% for the first nine months of 2020. Capitalized interest included in subordinated debentures totaled $0.01 million for the third quarter and $0.18 million for the first nine months of 2020 (none in the third quarter or first nine months of 2021). In the absence of this interest capitalization, the rates on subordinated debentures would have been 3.27% for the third quarter and 4.00% for the first nine months of 2020.

(2)   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 OZK
Reconciliation of Non-GAAP Financial Measures

 
Calculation of Average Tangible Common Stockholders’ Equity
and the Annualized Return on Average Tangible Common Stockholders’ Equity
Unaudited
                    
 Three Months Ended  Nine Months Ended 
 September 30,  June 30,  September 30, 
 2021  2020  2021  2021  2020 
 (Dollars in thousands) 
Net income available to common stockholders$130,290  $109,253  $150,535  $429,240  $171,385 
Average common stockholders’ equity before noncontrolling interest$4,530,995  $4,148,409  $4,423,093  $4,421,240  $4,125,578 
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 (10,617)  (17,461)  (12,175)  (12,195)  (19,803)
Total average intangibles (671,406)  (678,250)  (672,964)  (672,984)  (680,592)
Average tangible common stockholders’ equity$3,859,589  $3,470,159  $3,750,129  $3,748,256  $3,444,986 
Return on average common stockholders’ equity(1) 11.41%  10.48%  13.65%  12.98%  5.55%
Return on average tangible common stockholders' equity(1) 13.39%  12.52%  16.10%  15.31%  6.65%

(1) Ratios for interim periods annualized based on actual days.

 
Calculation of Total Tangible Common Stockholders’ Equity
and Tangible Book Value per Common Share
Unaudited
       
  September 30,  June 30, 
  2021  2020  2021 
  (In thousands, except per share amounts) 
Total common stockholders’ equity before noncontrolling interest $4,553,240  $4,186,285  $4,501,676 
Less intangible assets:            
Goodwill  (660,789)  (660,789)  (660,789)
Core deposit and other intangible assets, net of accumulated amortization  (9,791)  (16,462)  (11,336)
Total intangibles  (670,580)  (677,251)  (672,125)
Total tangible common stockholders' equity $3,882,660  $3,509,034  $3,829,551 
Shares of common stock outstanding  128,818   129,342   129,720 
Book value per common share $35.35  $32.37  $34.70 
Tangible book value per common share $30.14  $27.13  $29.52 
             


 
Calculation of Total Tangible Common Stockholders’ Equity
and the Ratio of Total Tangible Common Stockholders’ Equity
to Total Tangible Assets
Unaudited
    
  September 30, 
  2021  2020 
  (Dollars in thousands) 
Total common stockholders’ equity before noncontrolling interest $4,553,240  $4,186,285 
Less intangible assets:        
Goodwill  (660,789)  (660,789)
Core deposit and other intangible assets, net of accumulated amortization  (9,791)  (16,462)
Total intangibles  (670,580)  (677,251)
Total tangible common stockholders' equity $3,882,660  $3,509,034 
Total assets $26,143,367  $26,888,308 
Less intangible assets:        
Goodwill  (660,789)  (660,789)
Core deposit and other intangible assets, net of accumulated amortization  (9,791)  (16,462)
Total intangibles  (670,580)  (677,251)
Total tangible assets $25,472,787  $26,211,057 
Ratio of total common stockholders’ equity to total assets  17.42%  15.57%
Ratio of total tangible common stockholders’ equity to total tangible assets  15.24%  13.39%
         


 
Calculation of Pre-Tax Pre-Provision Net Revenue
Unaudited
                     
  Three Months Ended  Nine Months Ended 
  September 30,  June 30,  September 30, 
  2021  2020  2021  2021  2020 
  (Dollars in thousands) 
Income before taxes $170,998  $138,492  $195,709  $558,958  $220,063 
Provision for credit losses  (7,454)  7,200   (30,932)  (69,946)  196,889 
Pre-tax pre-provision net revenue $163,544  $145,692  $164,777  $489,012  $416,952 
                     


Investor Contact: Tim Hicks (501) 978-2336
Media Contact: Susan Blair (501) 978-2217

 


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Source: Bank OZK