Business
Bank OZK Announces Fourth Quarter and Record Full Year 2019 Earnings
LITTLE ROCK, Ark., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the fourth quarter of 2019 was
About this update from Bank Ozk
[{"type":"text","content":"LITTLE ROCK, Ark., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the fourth quarter of 2019 was $100.8 million, a 12.4% decrease from $115.0 million for the fourth quarter of 2018. Diluted earnings per common share for the fourth quarter of 2019 were $0.78, a 12.4% decrease from $0.89 for the fourth quarter of 2018.\n For the full year of 2019, net income was $425.9 million, a 2.1% increase from $417.1 million for the full year of 2018. Diluted earnings per common share for the full year of 2019 were $3.30, a 1.9% increase from $3.24 for the full year of 2018. The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the fourth quarter of 2019 were 1.74%, 9.73% and 11.68%, respectively, compared to 2.04%, 12.36% and 15.24%, respectively, for the fourth quarter of 2018. The Bank’s returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the full year of 2019 were 1.87%, 10.72% and 12.98%, respectively, compared to 1.90%, 11.59% and 14.41%, respectively, for the full year of 2018. The calculation of the Bank’s return on average tangible common stockholders’ equity and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release. “We are very pleased to have achieved record net income of $425.9 million in 2019 and a 1.87% return on average assets,” stated George Gleason, Chairman and Chief Executive Officer. “Our strong credit culture and consistent discipline have been important ingredients in our long term success, and we are not wavering from those principles in today’s challenging competitive and interest rate environment. We believe our competitive advantages will allow us to capitalize on opportunities throughout 2020 and beyond.” KEY BALANCE SHEET METRICS Total loans, including purchased loans, were $17.53 billion at December 31, 2019, a 2.4% increase from $17.12 billion at December 31, 2018. Non-purchased loans, which exclude loans acquired in previous acquisitions, were $16.22 billion at December 31, 2019, a 7.6% increase from $15.07 billion at December 31, 2018, but a 0.5% decrease from $16.31 billion at September 30, 2019. Purchased loans, which consist of loa...