Business
Bank OZK Announces Second Quarter 2022 Earnings
LITTLE ROCK, Ark., July 21, 2022 (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., July 21, 2022 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the second quarter of 2022 was $132.4 million, a 12.1% decrease from $150.5 million for the second quarter of 2021. Diluted earnings per common share for the second quarter of 2022 were $1.10, a 5.2% decrease from $1.16 for the second quarter of 2021. For the six months ended June 30, 2022, net income available to common stockholders was $260.4 million, a 12.9% decrease from $299.0 million for the first six months of 2021. Diluted earnings per common share for the first six months of 2022 were $2.12, a 7.8% decrease from $2.30 for the first six months of 2021. The Bank’s provision for credit losses was $7.0 million for the second quarter and $11.2 million for the first six months of 2022 compared to negative provision for credit losses of $30.9 million for the second quarter and $62.5 million for the first six months of 2021. The Bank’s total allowance for credit losses (“ACL”) was $299.9 million at June 30, 2022. The calculations of the Bank’s provision expense for the second quarter and first six months of 2022 and its total ACL at June 30, 2022 were based on a number of key estimates, assumptions and economic forecasts. The Bank’s provision expense for the second quarter and first six months of 2022 and its ACL at June 30, 2022 included certain qualitative adjustments to capture items that management believed were not fully reflected in its modeled results. Pre-tax pre-provision net revenue (“PPNR”) was $182.8 million for the second quarter of 2022, a 10.9% increase from $164.8 million for the second quarter of 2021. For the six months ended June 30, 2022, PPNR was $355.9 million, a 9.4% increase from $325.5 million for the first six months of 2021. 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 second quarter of 2022 were 2.02%, 12.40% and 14.69%, respectively, compared to 2.24%, 13.65% and 16.10%, respectively, for the second quarter of 2021. The Bank’s annualized returns on average assets, average common stockholder’s eq...