Business
Bank OZK Announces Record Third Quarter 2024 Earnings
LITTLE ROCK, Ark., Oct. 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., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the third quarter of 2024 was $177.1 million, its eighth consecutive quarterly record and a 4.4% increase from $169.7 million for the third quarter of 2023. For the first nine months of 2024, net income available to common stockholders was $522.1 million, a 3.7% increase from $503.5 million for the first nine months of 2023. Diluted earnings per common share for the third quarter of 2024 were $1.55, its eighth consecutive quarterly record and a 4.0% increase from $1.49 for the third quarter of 2023. For the first nine months of 2024, diluted earnings per common share were $4.58, a 4.8% increase from $4.37 for the first nine months of 2023. Pre-tax pre-provision net revenue (“PPNR”) was a record $282.6 million for the third quarter of 2024, a 7.0% increase from $264.0 million for the third quarter of 2023. For the first nine months of 2024, PPNR was $834.6 million, an 8.4% increase from $769.9 million for the first nine months of 2023. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release. Provision for credit losses was $46.4 million for the third quarter of 2024 compared to $44.0 million for the third quarter of 2023, while our net charge-offs were only $26.0 million and $9.4 million, respectively, for those quarters. For the first nine months of 2024, provision for credit losses was $138.4 million compared to $121.6 million for the first nine months of 2023, while our net charge-offs were only $45.1 million and $25.4 million, respectively, for those nine month periods. The Bank’s total allowance for credit losses (“ACL”) was $594.5 million at September 30, 2024, an increase of $133.1 million or 28.8% compared to $461.5 million at September 30, 2023. The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the third quarter of 2024 were 1.90%, 13.65% and 15.65%, respectively, compared to 2.13%, 14.81% and 17.33%, respectively, for the third quarter of 2023. For the first nine months of 2024, the Bank’s annualized returns on average assets, average common stockholders’ equity and average tangib...