Business
Bank OZK Announces Record First Quarter 2024 Earnings
LITTLE ROCK, Ark., April 17, 2024 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for
About this update from Bank Ozk
[{"type":"text","content":"LITTLE ROCK, Ark., April 17, 2024 (GLOBE NEWSWIRE) -- 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% incre...