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Bank OZK Announces Fourth Quarter and Full Year 2022 Earnings
来源: Nasdaq GlobeNewswire / 19 1月 2023 16:01:01 America/New_York
LITTLE ROCK, Ark., Jan. 19, 2023 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the fourth quarter of 2022 was $158.8 million, a 6.1% increase from $149.8 million for the fourth quarter of 2021. Diluted earnings per common share for the fourth quarter of 2022 were $1.34, a 14.5% increase from $1.17 for the fourth quarter of 2021. These results were impacted by a $32.5 million provision for credit losses in the fourth quarter of 2022 compared to a negative provision for credit losses of $8.0 million in the fourth quarter of 2021.
For the full year of 2022, net income available to common stockholders was $547.5 million, a 5.4% decrease from $579.0 million for the full year of 2021. Diluted earnings per common share for the full year of 2022 were a record $4.54, a 1.6% increase from $4.47 for the full year of 2021. These results were impacted by a $83.5 million provision for credit losses for 2022 compared to a negative provision for credit losses of $77.9 million for 2021.
Growth in both funded and unfunded loan balances during the quarter and full year of 2022 contributed to the higher provision for credit losses. The Bank’s total allowance for credit losses (“ACL”) was $365.3 million at December 31, 2022 compared to $289.0 million at December 31, 2021. The calculations of the Bank’s provision expense for the fourth quarter and full year of 2022 and its total ACL at December 31, 2022 were based on a number of key estimates, assumptions and economic forecasts and included certain qualitative adjustments to capture items not fully reflected in the modeled results.
Pre-tax pre-provision net revenue (“PPNR”) was $241.0 million for the fourth quarter of 2022, a 29.6% increase from $186.0 million for the fourth quarter of 2021. PPNR was $805.0 million for the full year of 2022, a 19.3% increase from $675.0 million for the full year 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 fourth quarter of 2022 were 2.35%, 14.76% and 17.48%, respectively, compared to 2.25%, 13.08% and 15.34%, respectively, for the fourth quarter of 2021. The Bank’s returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the full year of 2022 were 2.08%, 12.66%, and 14.97%, respectively, compared to 2.17%, 13.01%, and 15.32%, respectively, for the full year of 2021. 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, “We are pleased to report our strong results for the fourth quarter and full year of 2022. Our high level of profitability, strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the current environment and the longer term.”
KEY BALANCE SHEET METRICS
Total loans were $20.78 billion at December 31, 2022, a 13.5% increase from $18.31 billion at December 31, 2021. Non-purchased loans were $20.40 billion at December 31, 2022, a 14.7% increase from $17.79 billion at December 31, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.38 billion at December 31, 2022, a 26.7% decrease from $0.52 billion at December 31, 2021.
Deposits were $21.50 billion at December 31, 2022, a 6.4% increase from $20.21 billion at December 31, 2021. Total assets were $27.66 billion at December 31, 2022, a 4.2% increase from $26.53 billion at December 31, 2021.
Common stockholders’ equity was $4.35 billion at December 31, 2022, a 3.3% decrease from $4.50 billion at December 31, 2021. Tangible common stockholders’ equity was $3.69 billion at December 31, 2022, a 3.7% decrease from $3.83 billion at December 31, 2021. During 2022, the Bank repurchased approximately 8.37 million shares of its common stock at a weighted average cost of $41.80, for a total of $350.0 million.
Book value per common share was $37.13 at December 31, 2022, a 3.6% increase from $35.85 at December 31, 2021. Tangible book value per common share was $31.47 at December 31, 2022, a 3.1% increase from $30.52 at December 31, 2021.
The Bank’s ratio of total common stockholders’ equity to total assets was 15.73% at December 31, 2022, compared to 16.95% at December 31, 2021. Its ratio of total tangible common stockholders’ equity to total tangible assets was 13.66% at December 31, 2022, compared to 14.80% at December 31, 2021.
The calculations of the Bank’s common stockholders’ equity, tangible common stockholders’ equity, tangible book value per common share, and ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.
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 January 20, 2023. Interested parties may access the conference call live via webcast on the Bank’s investor relations website at https://ir.ozk.com/news/event-calendar, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank's website for at least 30 days.
The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), 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 ir.ozk.com. To receive automated email alerts for these materials please visit https://ir.ozk.com/other/email-alerts 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 common stockholders’ equity, average tangible common stockholders’ equity, tangible book value per common share, common stockholders’ equity, 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 presentation 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 in implementing the Bank’s growth, expansion and acquisition strategies, including hiring or retaining qualified personnel, obtaining regulatory or other approvals, delays in identifying satisfactory sites, 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 transition from the London Interbank Offered Rate (“LIBOR”) as a reference rate; 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; recently enacted and potential laws and regulatory requirements, or changes to existing laws and regulatory requirements, including changes affecting oversight of the financial services industry, changes intended to manage or mitigate climate and related environmental risks, or changes in the interpretation and enforcement of such laws and requirements, and the costs and expenses to comply with new and/or existing legislation and regulatory requirements; uncertainty regarding the U.S. 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, our operational or security systems or infrastructure, or those of third parties with whom we do 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 ongoing global coronavirus (“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 the financial markets; the potential impact of continuing inflationary pressures; the potential impact of supply chain disruptions; national, international or political instability or military conflict, including the ongoing war in Ukraine; the competition and costs of recruiting and retaining human talent; impairment of our 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 communication or as detailed from time to time in our public filings, including those factors described in the disclosures under the headings “Forward-Looking Information” and “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2021 and our 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 described 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. Established in 1903, Bank OZK conducts banking operations with over 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California and Mississippi and had $27.66 billion in total assets as of December 31, 2022. 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 December 31, 2022 2021 (Dollars in thousands, except per share amounts) ASSETS Cash and cash equivalents $ 1,033,454 $ 2,053,829 Investment securities ― available for sale (“AFS”) 3,491,613 3,916,733 Investment securities ― trading 8,817 14,957 Federal Home Loan Bank of Dallas and other bankers’ bank stocks 42,406 40,788 Non-purchased loans 20,400,154 17,791,610 Purchased loans 378,637 516,215 Allowance for loan losses (208,858 ) (217,380 ) Net loans 20,569,933 18,090,445 Premises and equipment, net 678,405 695,857 Foreclosed assets 6,616 5,744 Accrued interest receivable 125,130 83,025 Bank owned life insurance (“BOLI”) 789,805 774,822 Goodwill and other intangible assets, net 663,543 669,063 Other, net 246,846 185,167 Total assets $ 27,656,568 $ 26,530,430 LIABILITIES AND STOCKHOLDERS’ EQUITY Deposits: Demand non-interest bearing $ 4,658,451 $ 4,983,788 Savings and interest bearing transaction 9,905,717 9,245,727 Time 6,935,975 5,979,619 Total deposits 21,500,143 20,209,134 Other borrowings 606,666 756,321 Subordinated notes 346,947 346,133 Subordinated debentures 121,591 121,033 Reserve for losses on unfunded loan commitments 156,419 71,609 Accrued interest payable and other liabilities 233,864 186,840 Total liabilities 22,965,630 21,691,070 Commitments and contingencies Stockholders’ equity: Preferred stock; $0.01 par value; 100,000,000 shares authorized; 14,000,000 issued and outstanding at December 31, 2022 and 2021, respectively 338,980 338,980 Common stock; $0.01 par value; 300,000,000 shares authorized; 117,176,928 and 125,443,748 shares issued and outstanding at December 31, 2022 and 2021, respectively 1,172 1,254 Additional paid-in capital 1,753,941 2,093,702 Retained earnings 2,773,135 2,378,466 Accumulated other comprehensive (loss) income (177,649 ) 23,841 Total stockholders’ equity before noncontrolling interest 4,689,579 4,836,243 Noncontrolling interest 1,359 3,117 Total stockholders’ equity 4,690,938 4,839,360 Total liabilities and stockholders’ equity $ 27,656,568 $ 26,530,430 Bank OZK Consolidated Statements of Income Unaudited Three Months Ended
December 31,Year Ended
December 31,2022 2021 2022 2021 (Dollars in thousands, except per share amounts) Interest income: Non-purchased loans $ 367,019 $ 256,021 $ 1,158,332 $ 972,660 Purchased loans 7,141 11,190 31,441 46,174 Investment securities: Taxable 10,280 9,448 41,526 36,234 Tax-exempt 8,521 2,869 22,653 13,729 Deposits with banks and federal funds sold 5,961 953 12,116 2,510 Total interest income 398,922 280,481 1,266,068 1,071,307 Interest expense: Deposits 53,230 9,514 94,574 64,422 Other borrowings 8,534 1,020 13,033 4,029 Subordinated notes 2,631 2,631 10,439 9,386 Subordinated debentures 2,039 935 5,780 3,750 Total interest expense 66,434 14,100 123,826 81,587 Net interest income 332,488 266,381 1,142,242 989,720 Provision for credit losses 32,508 (7,992 ) 83,494 (77,938 ) Net interest income after provision for credit losses 299,980 274,373 1,058,748 1,067,658 Non-interest income: Service charges on deposit accounts: NSF/Overdraft fees 4,467 4,315 17,724 14,962 All other service charges 7,138 7,149 28,102 27,656 Trust income 1,977 2,141 7,990 8,506 BOLI income: Increase in cash surrender value 4,953 4,901 19,532 19,640 Death benefits — 618 807 2,028 Loan service, maintenance and other fees 3,780 3,148 13,819 13,959 Gains on sales of other assets 510 1,330 11,467 9,962 Net gains on investment securities 1,256 504 2,019 504 Other 3,463 5,589 13,043 18,321 Total non-interest income 27,544 29,695 114,503 115,538 Non-interest expense: Salaries and employee benefits 59,946 55,034 226,373 214,567 Net occupancy and equipment 17,584 17,004 70,058 66,801 Other operating expenses 41,483 38,068 155,290 148,907 Total non-interest expense 119,013 110,106 451,721 430,275 Income before taxes 208,511 193,962 721,530 752,921 Provision for income taxes 45,686 44,197 157,440 173,888 Net income 162,825 149,765 564,090 579,033 Earnings attributable to noncontrolling interest 54 (5 ) 51 (32 ) Preferred stock dividends 4,047 — 16,621 — Net income available to common stockholders $ 158,832 $ 149,760 $ 547,520 $ 579,001 Basic earnings per common share $ 1.35 $ 1.17 $ 4.55 $ 4.49 Diluted earnings per common share $ 1.34 $ 1.17 $ 4.54 $ 4.47 Bank OZK Consolidated Statements of Stockholders’ Equity Unaudited Preferred
StockCommon
StockAdditional
Paid-In
CapitalRetained
EarningsAccumulated
Other
Comprehensive
(Loss) IncomeNon-
Controlling
InterestTotal (Dollars in thousands, except per share amounts) Three months ended December 31, 2022: Balances – September 30, 2022 $ 338,980 $ 1,178 $ 1,773,562 $ 2,653,377 $ (227,673 ) $ 3,120 $ 4,542,544 Net income — — — 162,825 — — 162,825 Earnings attributable to noncontrolling interest — — — 54 — (54 ) — Total other comprehensive loss — — — — 50,024 — 50,024 Preferred stock dividends, $0.28906 per share — — — (4,047 ) — — (4,047 ) Common stock dividends, $0.33 per share — — — (39,074 ) — — (39,074 ) Return of capital to non-controlling interest — — — — — (1,707 ) (1,707 ) Issuance of 7,039 shares of common stock for exercise of stock options — — 241 — — — 241 Issuance of 3,457 shares of unvested restricted common stock — — — — — — — Repurchase and cancellation of 574,878 shares of common stock under share repurchase program — (6 ) (23,219 ) — — — (23,225 ) Repurchase and cancellation of 3,890 shares of common stock withheld for tax pursuant to restricted stock vesting — — (174 ) — — — (174 ) Stock-based compensation expense — — 3,531 — — — 3,531 Forfeitures of 16,405 shares of unvested restricted common stock — — — — — — — Balances – December 31, 2022 $ 338,980 $ 1,172 $ 1,753,941 $ 2,773,135 $ (177,649 ) $ 1,359 $ 4,690,938 Year ended December 31, 2022: Balances – December 31, 2021 $ 338,980 $ 1,254 $ 2,093,702 $ 2,378,466 $ 23,841 $ 3,117 $ 4,839,360 Net income — — — 564,090 — — 564,090 Earnings attributable to noncontrolling interest — — — 51 — (51 ) — Total other comprehensive loss — — — — (201,490 ) — (201,490 ) Preferred stock dividends, $1.187 per share — — — (16,621 ) — — (16,621 ) Common stock dividends, $1.26 per share — — — (152,851 ) — — (152,851 ) Return of capital to non-controlling interest — — — — — (1,707 ) (1,707 ) Issuance of 81,560 shares of common stock for exercise of stock options — 1 2,492 — — — 2,493 Issuance of 224,279 shares of unvested restricted common stock — 2 (2 ) — — — — Repurchase and cancellation of 8,373,398 shares of common stock under share repurchase program — (83 ) (349,886 ) — — — (349,969 ) Repurchase and cancellation of 116,864 shares of common stock withheld for tax pursuant to restricted stock vesting — (1 ) (5,572 ) — — — (5,573 ) Stock-based compensation expense — — 13,206 — — — 13,206 Forfeitures of 82,397 shares of unvested restricted common stock — (1 ) 1 — — — — Balances – December 31, 2022 $ 338,980 $ 1,172 $ 1,753,941 $ 2,773,135 $ (177,649 ) $ 1,359 $ 4,690,938 Bank OZK Consolidated Statements of Stockholders’ Equity Unaudited Preferred
StockCommon
StockAdditional
Paid-In
CapitalRetained
EarningsAccumulated
Other
Comprehensive
IncomeNon-
Controlling
InterestTotal (Dollars in thousands, except per share amounts) Three months ended December 31, 2021: Balances – September 30, 2021 $ — $ 1,288 $ 2,245,012 $ 2,266,234 $ 40,706 $ 3,112 $ 4,556,352 Net income — — — 149,765 — — 149,765 Earnings attributable to noncontrolling interest — — — (5 ) — 5 — Total other comprehensive loss — — — — (16,865 ) — (16,865 ) Common stock dividends, $0.29 per share — — — (37,528 ) — — (37,528 ) Issuance of 14,000,000 shares of preferred stock, net of offering costs 338,980 — — — — — 338,980 Issuance of 31,400 shares of common stock for exercise of stock options — — 1,131 — — — 1,131 Repurchase and cancellation of 3,387,421 shares of common stock under share repurchase program — (34 ) (156,410 ) — — — (156,444 ) Stock-based compensation expense — — 3,969 — — — 3,969 Forfeitures of 18,050 shares of unvested restricted common stock — — — — — — — Balances – December 31, 2021 $ 338,980 $ 1,254 $ 2,093,702 $ 2,378,466 $ 23,841 $ 3,117 $ 4,839,360 Year ended December 31, 2021: Balances – December 31, 2020 $ — $ 1,294 $ 2,265,850 $ 1,946,875 $ 58,252 $ 3,085 $ 4,275,356 Net income — — — 579,033 — — 579,033 Earnings attributable to noncontrolling interest — — — (32 ) — 32 — Total other comprehensive loss — — — — (34,411 ) — (34,411 ) Common stock dividends, $1.1325 per share — — — (147,410 ) — — (147,410 ) Issuance of 14,000,000 shares of preferred stock, net of offering costs 338,980 — — — — — 338,980 Issuance of 207,650 shares of common stock for exercise of stock options — 2 7,224 — — — 7,226 Issuance of 332,831 shares of unvested restricted common stock — 3 (3 ) — — — — Repurchase and cancellation of 4,275,988 shares of common stock under share repurchase program — (43 ) (193,401 ) — — — (193,444 ) Repurchase and cancellation of 55,893 shares of common stock withheld for taxes pursuant to restricted stock vesting — (1 ) (1,976 ) — — — (1,977 ) Stock-based compensation expense — — 16,007 — — — 16,007 Forfeitures of 115,300 shares of unvested restricted common stock — (1 ) 1 — — — — Balances – December 31, 2021 $ 338,980 $ 1,254 $ 2,093,702 $ 2,378,466 $ 23,841 $ 3,117 $ 4,839,360 Bank OZK Summary of Non-Interest Expense Unaudited Three Months Ended
December 31,Year Ended
December 31,2022 2021 2022 2021 (Dollars in thousands) Salaries and employee benefits $ 59,946 $ 55,034 $ 226,373 $ 214,567 Net occupancy and equipment 17,584 17,004 70,058 66,801 Other operating expenses: Professional and outside services 8,303 7,880 31,905 29,013 Software and data processing 6,861 6,165 25,049 23,860 Deposit insurance and assessments 2,710 2,125 9,610 11,185 Advertising and public relations 2,987 1,151 8,797 2,772 Telecommunication services 2,134 2,064 7,986 8,427 Travel and meals 1,755 1,883 7,661 5,694 Postage and supplies 1,906 1,909 7,146 6,627 ATM expense 1,834 1,639 6,331 6,255 Amortization of intangibles 1,189 1,517 5,520 6,394 Loan collection and repossession expense 306 587 1,387 2,044 Writedowns of foreclosed and other assets 710 985 1,055 3,461 Amortization of CRA and tax credit investments 5,408 2,755 20,293 15,078 Other 5,380 7,408 22,550 28,097 Total non-interest expense $ 119,013 $ 110,106 $ 451,721 $ 430,275 Bank OZK Summary of Total Loans Outstanding Unaudited December 31, 2022 2021 (Dollars in thousands) Real estate: Residential 1-4 family $ 981,567 4.7 % $ 887,024 4.8 % Non-farm/non-residential 4,665,268 22.5 3,782,892 20.7 Construction/land development 8,287,936 39.9 8,246,674 45.0 Agricultural 239,689 1.2 247,727 1.4 Multifamily residential 1,503,398 7.2 934,845 5.1 Total real estate 15,677,858 75.5 14,099,162 77.0 Commercial and industrial 902,321 4.3 510,784 2.8 Consumer 2,445,851 11.8 2,185,429 11.9 Other 1,752,761 8.4 1,512,450 8.3 Total loans 20,778,791 100.0 % 18,307,825 100.0 % Allowance for loan losses (208,858 ) (217,380 ) Net loans $ 20,569,933 $ 18,090,445 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 December 31, 2022: Balances – September 30, 2022 $ 200,098 $ 135,537 $ 335,635 Net charge-offs (2,866 ) — (2,866 ) Provision for credit losses 11,626 20,882 32,508 Balances – December 31, 2022 $ 208,858 $ 156,419 $ 365,277 Year ended December 31, 2022: Balances – December 31, 2021 $ 217,380 $ 71,609 $ 288,989 Net charge-offs (7,206 ) — (7,206 ) Provision for credit losses (1,316 ) 84,810 83,494 Balances – December 31, 2022 $ 208,858 $ 156,419 $ 365,277 Three months ended December 31, 2021: Balances – September 30, 2021 $ 237,722 $ 61,076 $ 298,798 Net charge-offs (1,817 ) — (1,817 ) Provision for credit losses (18,525 ) 10,533 (7,992 ) Balances – December 31, 2021 $ 217,380 $ 71,609 $ 288,989 Year ended December 31, 2021: Balances – December 31, 2020 $ 295,824 $ 81,481 $ 377,305 Net charge-offs (10,378 ) — (10,378 ) Provision for credit losses (68,066 ) (9,872 ) (77,938 ) Balances – December 31, 2021 $ 217,380 $ 71,609 $ 288,989 Bank OZK Summary of Deposits – By Account Type Unaudited December 31, 2022 2021 (Dollars in thousands) Non-interest bearing $ 4,658,451 21.7 % $ 4,983,788 24.7 % Interest bearing: Transaction (NOW) 4,097,532 19.1 3,412,369 16.9 Savings and money market 5,808,185 27.0 5,833,358 28.9 Time deposits 6,935,975 32.2 5,979,619 29.5 Total deposits $ 21,500,143 100.0 % $ 20,209,134 100.0 % Summary of Deposits – By Customer Type Unaudited December 31, 2022 2021 (Dollars in thousands) Non-interest bearing $ 4,658,451 21.7 % $ 4,983,788 24.7 % Interest bearing: Consumer and commercial: Consumer – non-time 3,916,078 18.2 4,334,378 21.4 Consumer – time 4,936,061 23.0 4,318,742 21.4 Commercial – non-time 2,741,007 12.7 2,634,817 13.0 Commercial – time 516,477 2.4 905,347 4.5 Public funds 2,103,392 9.8 2,094,800 10.4 Brokered 2,050,294 9.5 452,137 2.2 Reciprocal 578,383 2.7 485,125 2.4 Total deposits $ 21,500,143 100.0 % $ 20,209,134 100.0 % Bank OZK Selected Consolidated Financial Data Unaudited Three Months Ended
December 31,Year Ended
December 31,2022 2021 % Change 2022 2021 % Change (Dollars in thousands, except per share amounts) Income statement data: Net interest income $ 332,488 $ 266,381 24.8 % $ 1,142,242 $ 989,720 15.4 % Provision for credit losses 32,508 (7,992 ) NM 83,494 (77,938 ) NM Non-interest income 27,544 29,695 (7.2 ) 114,503 115,538 (0.9 ) Non-interest expense 119,013 110,106 8.1 451,721 430,275 5.0 Net income 162,825 149,765 8.7 564,090 579,033 (2.6 ) Preferred stock dividends 4,047 — NM 16,621 — NM Net income available to common stockholders 158,832 149,760 6.1 547,520 579,001 (5.4 ) Pre-tax pre-provision net revenue(1) 241,019 185,970 29.6 805,024 674,983 19.3 Common share and per common share data: Diluted earnings per common share $ 1.34 $ 1.17 14.5 % $ 4.54 $ 4.47 1.6 % Basic earnings per common share 1.35 1.17 15.4 4.55 4.49 1.3 Common stock dividends per share 0.33 0.29 13.8 1.26 1.1325 11.3 Book value per share 37.13 35.85 3.6 37.13 35.85 3.6 Tangible book value per common share(1) 31.47 30.52 3.1 31.47 30.52 3.1 Weighted-average diluted shares outstanding (thousands) 118,201 128,246 (7.8 ) 120,700 129,618 (6.9 ) End of period shares outstanding (thousands) 117,177 125,444 (6.6 ) 117,177 125,444 (6.6 ) Balance sheet data at period end: Total assets $ 27,656,568 $ 26,530,430 4.2 % $ 27,656,568 $ 26,530,430 4.2 % Total loans 20,778,791 18,307,825 13.5 20,778,791 18,307,825 13.5 Non-purchased loans 20,400,154 17,791,610 14.7 20,400,154 17,791,610 14.7 Purchased loans 378,637 516,215 (26.7 ) 378,637 516,215 (26.7 ) Allowance for loan losses 208,858 217,380 (3.9 ) 208,858 217,380 (3.9 ) Foreclosed assets 6,616 5,744 15.2 6,616 5,744 15.2 Investment securities − AFS 3,491,613 3,916,733 (10.9 ) 3,491,613 3,916,733 (10.9 ) Goodwill and other intangible assets, net 663,543 669,063 (0.8 ) 663,543 669,063 (0.8 ) Deposits 21,500,143 20,209,134 6.4 21,500,143 20,209,134 6.4 Other borrowings 606,666 756,321 (19.8 ) 606,666 756,321 (19.8 ) Subordinated notes 346,947 346,133 0.2 346,947 346,133 0.2 Subordinated debentures 121,591 121,033 0.5 121,591 121,033 0.5 Unfunded balance of closed loans 21,062,733 13,619,578 54.7 21,062,733 13,619,578 54.7 Reserve for losses on unfunded loan commitments 156,419 71,609 118.4 156,419 71,609 118.4 Preferred stock 338,980 338,980 — 338,980 338,980 — Total common stockholders’ equity(1) 4,350,599 4,497,263 (3.3 ) 4,350,599 4,497,263 (3.3 ) Net unrealized (losses) gains on investment securities AFS included in stockholders’ equity (177,649 ) 23,841 NM (177,649 ) 23,841 NM Loan (including purchased loans) to deposit ratio 96.64 % 90.59 % 96.64 % 90.59 % Selected ratios: Return on average assets(2) 2.35 % 2.25 % 2.08 % 2.17 % Return on average common stockholders’ equity(1) (2) 14.76 13.08 12.66 13.01 Return on average tangible common stockholders’ equity(1) (2) 17.48 15.34 14.97 15.32 Average common equity to total average assets 15.90 17.17 16.42 16.72 Net interest margin – FTE(2) 5.46 4.41 4.82 4.09 Efficiency ratio 32.84 37.06 35.75 38.76 Net charge-offs to average non-purchased loans(2) (3) 0.09 0.05 0.07 0.06 Net charge-offs to average total loans(2) 0.06 0.04 0.04 0.06 Nonperforming loans to total loans(4) 0.22 0.19 0.22 0.19 Nonperforming assets to total assets(4) 0.19 0.15 0.19 0.15 Allowance for loan losses to total loans(5) 1.01 1.19 1.01 1.19 Allowance for credit losses to total loans and unfunded loan commitments 0.87 0.91 0.87 0.91 Other information: Non-accrual loans(4) $ 43,411 $ 33,274 $ 43,411 $ 33,274 Accruing loans − 90 days past due(4) — — — — Troubled and restructured non-purchased loans − accruing(4) 1,680 1,285 1,680 1,285 (1) Calculations of pre-tax pre-provision net revenue, total common stockholders’ equity, tangible book value per common share and 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.
(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.
NM – Not meaningfulSelected Consolidated Financial Data (continued) Unaudited Three Months Ended December 31,
2022September 30,
2022% Change (Dollars in thousands, except per share amounts) Income statement data: Net interest income $ 332,488 $ 294,617 12.9 % Provision for credit losses 32,508 39,771 (18.3 ) Non-interest income 27,544 29,163 (5.6 ) Non-interest expense 119,013 115,691 2.9 Net income 162,825 132,349 23.0 Preferred stock dividends 4,047 4,047 — Net income available to common stockholders 158,832 128,302 23.8 Pre-tax pre-provision net revenue(1) 241,019 208,089 15.8 Common share and per common share data: Diluted earnings per common share $ 1.34 $ 1.08 24.1 % Basic earnings per common share 1.35 1.08 25.0 Common stock dividends per share 0.33 0.32 3.1 Book value per share 37.13 35.67 4.1 Tangible book value per common share(1) 31.47 30.02 4.8 Weighted-average diluted shares outstanding (thousands) 118,201 118,856 (0.6 ) End of period shares outstanding (thousands) 117,177 117,762 (0.5 ) Balance sheet data at period end: Total assets $ 27,656,568 $ 26,232,119 5.4 % Total loans 20,778,791 19,513,712 6.5 Non-purchased loans 20,400,154 19,103,546 6.8 Purchased loans 378,637 410,166 (7.7 ) Allowance for loan losses 208,858 200,098 4.4 Foreclosed assets 6,616 6,559 0.9 Investment securities − AFS 3,491,613 3,528,077 (1.0 ) Goodwill and other intangible assets, net 663,543 664,732 (0.2 ) Deposits 21,500,143 20,401,876 5.4 Other borrowings 606,666 456,466 32.9 Subordinated notes 346,947 346,741 0.1 Subordinated debentures 121,591 121,450 0.1 Unfunded balance of closed loans 21,062,733 20,091,101 4.8 Reserve for losses on unfunded loan commitments 156,419 135,537 15.4 Preferred stock 338,980 338,980 — Total common stockholders’ equity(1) 4,350,599 4,200,444 3.6 Net unrealized losses on investment securities AFS included in stockholders’ equity (177,649 ) (227,673 ) (22.0 ) Loan (including purchased loans) to deposit ratio 96.64 % 95.65 % Selected ratios: Return on average assets(2) 2.35 % 1.97 % Return on average common stockholders’ equity(1) (2) 14.76 11.85 Return on average tangible common stockholders’ equity(1) (2) 17.48 14.02 Average common equity to average assets 15.90 16.61 Net interest margin – FTE(2) 5.46 5.03 Efficiency ratio 32.84 35.50 Net charge-offs to average non-purchased loans(2) (3) 0.09 0.09 Net charge-offs to average total loans(2) 0.06 0.09 Nonperforming loans to total loans(4) 0.22 0.14 Nonperforming assets to total assets(4) 0.19 0.13 Allowance for loan losses to total loans(5) 1.01 1.03 Allowance for credit losses to total loans and unfunded loan commitments 0.87 0.85 Other information: Non-accrual loans(4) $ 43,411 $ 24,633 Accruing loans − 90 days past due(4) — — Troubled and restructured non-purchased loans − accruing(4) 1,680 1,610 (1) Calculations of pre-tax pre-provision net revenue, total common stockholders’ equity, tangible book value per common share and 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.
(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 3/31/21 6/30/21 9/30/21 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 (Dollars in thousands, except per share amounts) Earnings summary: Net interest income $ 234,636 $ 240,746 $ 247,957 $ 266,381 $ 249,343 $ 265,793 $ 294,617 $ 332,488 Federal tax (FTE) adjustment 1,275 1,355 1,106 1,009 1,017 1,300 2,151 2,383 Net interest income (FTE) 235,911 242,101 249,063 267,390 250,360 267,093 296,768 334,871 Provision for credit losses 31,559 30,932 7,454 7,992 (4,190 ) (7,025 ) (39,771 ) (32,508 ) Non-interest income 32,117 27,742 25,984 29,695 31,475 26,320 29,163 27,544 Non-interest expense (106,059 ) (103,711 ) (110,397 ) (110,106 ) (107,715 ) (109,300 ) (115,691 ) (119,013 ) Pre-tax income (FTE) 193,528 197,064 172,104 194,971 169,930 177,088 170,469 210,894 FTE adjustment (1,275 ) (1,355 ) (1,106 ) (1,009 ) (1,017 ) (1,300 ) (2,151 ) (2,383 ) Provision for income taxes (43,818 ) (45,161 ) (40,713 ) (44,197 ) (36,410 ) (39,375 ) (35,969 ) (45,686 ) Noncontrolling interest (19 ) (13 ) 5 (5 ) 5 (8 ) — 54 Preferred stock dividend — — — — (4,480 ) (4,047 ) (4,047 ) (4,047 ) Net income available to common stockholders $ 148,416 $ 150,535 $ 130,290 $ 149,760 $ 128,028 $ 132,358 $ 128,302 $ 158,832 Earnings per common share – diluted $ 1.14 $ 1.16 $ 1.00 $ 1.17 $ 1.02 $ 1.10 $ 1.08 $ 1.34 Pre-tax pre-provision net revenue $ 160,694 $ 164,777 $ 163,544 $ 185,970 $ 173,103 $ 182,813 $ 208,089 $ 241,019 Selected balance sheet data at period end: Total assets $ 27,276,892 $ 26,605,938 $ 26,143,367 $ 26,530,430 $ 26,562,353 $ 25,919,965 $ 26,232,119 $ 27,656,568 Non-purchased loans 17,979,435 17,611,848 17,707,452 17,791,610 18,449,723 18,297,638 19,103,546 20,400,154 Purchased loans 735,630 659,822 597,851 516,215 481,299 445,080 410,166 378,637 Investment securities – AFS 4,162,479 4,693,396 3,846,496 3,916,733 3,728,284 3,705,807 3,528,077 3,491,613 Deposits 21,296,442 20,706,777 20,102,440 20,209,134 20,329,662 19,984,187 20,401,876 21,500,143 Unfunded balance of closed loans 11,780,099 11,709,818 12,385,369 13,619,578 14,954,367 17,369,767 20,091,101 21,062,733 Allowance for credit losses: Balance at beginning of period $ 377,305 $ 342,307 $ 307,564 $ 298,798 $ 288,989 $ 293,540 $ 299,938 $ 335,635 Net charge-offs (3,439 ) (3,811 ) (1,312 ) (1,817 ) 361 (627 ) (4,074 ) (2,866 ) Provision for credit losses (31,559 ) (30,932 ) (7,454 ) (7,992 ) 4,190 7,025 39,771 32,508 Balance at end of period $ 342,307 $ 307,564 $ 298,798 $ 288,989 $ 293,540 $ 299,938 $ 335,635 $ 365,277 Allowance for loan losses $ 268,077 $ 248,753 $ 237,722 $ 217,380 $ 204,213 $ 190,795 $ 200,098 $ 208,858 Reserve for losses on unfunded loan commitments 74,230 58,811 61,076 71,609 89,327 109,143 135,537 156,419 Total allowance for credit losses $ 342,307 $ 307,564 $ 298,798 $ 288,989 $ 293,540 $ 299,938 $ 335,635 $ 365,277 Selected ratios: Net interest margin – FTE(1) 3.86 % 3.95 % 4.16 % 4.41 % 4.24 % 4.52 % 5.03 % 5.46 % Efficiency ratio 39.57 38.43 40.14 37.06 38.22 37.25 35.50 32.84 Net charge-offs to average non-purchased loans(1) (2) 0.08 0.09 0.04 0.05 0.08 0.03 0.09 0.09 Net charge-offs to average total loans(1) 0.07 0.08 0.03 0.04 (0.01 ) 0.01 0.09 0.06 Nonperforming loans to total loans(3) 0.25 0.22 0.20 0.19 0.21 0.16 0.14 0.22 Nonperforming assets to total assets(3) 0.19 0.18 0.17 0.15 0.16 0.12 0.13 0.19 Allowance for loan losses to total loans(4) 1.43 1.36 1.30 1.19 1.08 1.02 1.03 1.01 Allowance for credit losses to total loans and unfunded commitments 1.12 1.03 0.97 0.91 0.87 0.83 0.85 0.87 Loans past due 30 days or more, including past due non-accrual loans, to total loans(3) 0.13 0.10 0.13 0.15 0.14 0.11 0.11 0.13 (1) Ratios for interim periods annualized based on actual days.
(2) Excludes purchased loans and net charge-offs related to such loans.
(3) Excludes purchased loans, except for their inclusion in total assets.
(4) Excludes reserve for losses on unfunded loan commitments.Bank OZK Average Consolidated Balance Sheets and Net Interest Analysis – FTE Unaudited Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Average
BalanceIncome/
ExpenseYield/
RateAverage
BalanceIncome/
ExpenseYield/
RateAverage
BalanceIncome/
ExpenseYield/
RateAverage
BalanceIncome/
ExpenseYield/
Rate(Dollars in thousands) ASSETS Interest earning assets: Interest earning deposits and federal funds sold $ 692,066 $ 5,961 3.42 % $ 2,106,395 $ 953 0.18 % $ 940,116 $ 12,116 1.29 % $ 1,871,388 $ 2,510 0.13 % Investment securities: Taxable 2,566,011 10,280 1.59 3,375,895 9,448 1.11 2,950,929 41,526 1.41 3,207,485 36,234 1.13 Tax-exempt – FTE 974,070 10,786 4.39 593,242 3,632 2.43 774,038 28,675 3.70 864,432 17,378 2.01 Non-purchased loans – FTE 19,728,477 367,136 7.38 17,449,281 256,267 5.83 18,744,652 1,159,161 6.18 17,683,033 973,755 5.51 Purchased loans 391,801 7,141 7.23 551,917 11,190 8.04 445,955 31,441 7.05 662,434 46,174 6.97 Total earning assets – FTE 24,352,425 401,304 6.54 24,076,730 281,490 4.64 23,855,690 1,272,919 5.34 24,288,772 1,076,051 4.43 Non-interest earning assets 2,508,505 2,370,349 2,472,672 2,335,412 Total assets $ 26,860,930 $ 26,447,079 $ 26,328,362 $ 26,624,184 LIABILITIES AND STOCKHOLDERS’ EQUITY Interest bearing liabilities: Deposits: Savings and interest bearing transaction $ 9,519,104 $ 26,543 1.11 % $ 9,178,225 $ 2,641 0.11 % $ 9,588,372 $ 48,344 0.50 $ 8,788,200 $ 12,481 0.14 % Time deposits 6,321,731 26,687 1.67 6,256,904 6,873 0.44 5,680,395 46,229 0.81 7,534,244 51,941 0.69 Total interest bearing deposits 15,840,835 53,230 1.33 15,435,129 9,514 0.24 15,268,767 94,573 0.62 16,322,444 64,422 0.39 Other borrowings 753,605 8,533 4.49 757,784 1,020 0.53 673,932 13,034 1.93 757,303 4,029 0.53 Subordinated notes 346,847 2,631 3.01 346,025 2,631 3.02 346,538 10,439 3.01 212,600 9,386 4.42 Subordinated debentures 121,523 2,039 6.66 120,956 935 3.07 121,310 5,780 4.76 120,751 3,750 3.11 Total interest bearing liabilities 17,062,810 66,433 1.54 16,659,894 14,100 0.34 16,410,547 123,826 0.75 17,413,098 81,587 0.47 Non-interest bearing liabilities: Non-interest bearing deposits 4,751,644 4,651,656 4,873,842 4,380,850 Other non-interest bearing liabilities 435,108 376,706 378,471 321,583 Total liabilities 22,249,562 21,688,256 21,662,860 22,115,531 Total stockholders’ equity before noncontrolling interest 4,608,570 4,755,706 4,662,467 4,505,544 Noncontrolling interest 2,798 3,117 3,035 3,109 Total liabilities and stockholders’ equity $ 26,860,930 $ 26,447,079 $ 26,328,362 $ 26,624,184 Net interest income – FTE $ 334,871 $ 267,390 $ 1,149,093 $ 994,464 Net interest margin – FTE 5.46 % 4.41 % 4.82 % 4.09 % Core spread(1) 6.05 % 5.59 % 5.56 % 5.12 % (1) 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 Common Stockholders’ Equity, Average Tangible Common Stockholders’ Equity and the Annualized Returns on Average Common Stockholders’ Equity and Average Tangible Common Stockholders’ Equity Unaudited Three Months Ended December 31, September 30, Year Ended December 31, 2022 2021 2022 2022 2021 (Dollars in thousands) Net income available to common stockholders $ 158,832 $ 149,760 $ 128,302 $ 547,520 $ 579,001 Average stockholders’ equity before noncontrolling interest $ 4,608,570 $ 4,755,706 $ 4,635,887 $ 4,662,467 $ 4,505,544 Less average preferred stock (338,980 ) (213,693 ) (338,980 ) (338,980 ) (53,862 ) Total average common stockholders' equity 4,269,590 4,542,013 4,296,907 4,323,487 4,451,682 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 (3,421 ) (9,032 ) (4,747 ) (5,443 ) (11,398 ) Total average intangibles (664,210 ) (669,821 ) (665,536 ) (666,232 ) (672,187 ) Average tangible common stockholders’ equity $ 3,605,380 $ 3,872,192 $ 3,631,371 $ 3,657,255 $ 3,779,495 Return on average common stockholders’ equity (1) 14.76 % 13.08 % 11.85 % 12.66 % 13.01 % Return on average tangible common stockholders’ equity (1) 17.48 % 15.34 % 14.02 % 14.97 % 15.32 % (1) Ratios for interim periods annualized based on actual days.
Calculation of Total Common Stockholders’ Equity, Total Tangible Common Stockholders’ Equity and Tangible Book Value per Common Share Unaudited December 31, September 30, 2022 2021 2022 (In thousands, except per share amounts) Total stockholders’ equity before noncontrolling interest $ 4,689,579 $ 4,836,243 $ 4,539,424 Less preferred stock (338,980 ) (338,980 ) (338,980 ) Total common stockholders' equity 4,350,599 4,497,263 4,200,444 Less intangible assets: Goodwill (660,789 ) (660,789 ) (660,789 ) Core deposit and other intangible assets, net of accumulated amortization (2,754 ) (8,274 ) (3,943 ) Total intangibles (663,543 ) (669,063 ) (664,732 ) Total tangible common stockholders’ equity $ 3,687,056 $ 3,828,200 $ 3,535,712 Shares of common stock outstanding 117,177 125,444 117,762 Book value per common share $ 37.13 $ 35.85 $ 35.67 Tangible book value per common share $ 31.47 $ 30.52 $ 30.02 Calculation of Total Common Stockholders’ Equity,Total Tangible Common Stockholders’ Equityand the Ratio of Total Tangible Common Stockholders’ Equityto Total Tangible Assets Unaudited December 31, 2022 2021 (Dollars in thousands) Total stockholders’ equity before noncontrolling interest $ 4,689,579 $ 4,836,243 Less preferred stock (338,980 ) (338,980 ) Total common stockholders’ equity 4,350,599 4,497,263 Less intangible assets: Goodwill (660,789 ) (660,789 ) Core deposit and other intangible assets, net of accumulated amortization (2,754 ) (8,274 ) Total intangibles (663,543 ) (669,063 ) Total tangible common stockholders’ equity $ 3,687,056 $ 3,828,200 Total assets $ 27,656,568 $ 26,530,430 Less intangible assets: Goodwill (660,789 ) (660,789 ) Core deposit and other intangible assets, net of accumulated amortization (2,754 ) (8,274 ) Total intangibles (663,543 ) (669,063 ) Total tangible assets $ 26,993,025 $ 25,861,367 Ratio of total common stockholders’ equity to total assets 15.73 % 16.95 % Ratio of total tangible common stockholders’ equity to total tangible assets 13.66 % 14.80 % Calculation of Pre-Tax Pre-Provision Net Revenue Unaudited Three Months Ended December 31,
2022September 30,
2022June 30,
2022March 31,
2022December 31,
2021(Dollars in thousands) Net income available to common stockholders $ 158,832 $ 128,302 $ 132,358 $ 128,028 $ 149,760 Preferred stock dividends 4,047 4,047 4,047 4,480 — Earnings attributable to noncontrolling interest (54 ) — 8 (5 ) 5 Provision for income taxes 45,686 35,969 39,375 36,410 44,197 Provision for credit losses 32,508 39,771 7,025 4,190 (7,992 ) Pre-tax pre-provision net revenue $ 241,019 $ 208,089 $ 182,813 $ 173,103 $ 185,970 Three Months Ended Year Ended December 31, September 30,
2021June 30,
2021March 31,
20212022 2021 (Dollars in thousands) Net income available to common stockholders $ 130,290 $ 150,535 $ 148,416 $ 547,520 $ 579,001 Preferred stock dividends — — — 16,621 — Earnings attributable to noncontrolling interest (5 ) 13 19 (51 ) 32 Provision for income taxes 40,713 45,161 43,818 157,440 173,888 Provision for credit losses (7,454 ) (30,932 ) (31,559 ) 83,494 (77,938 ) Pre-tax pre-provision net revenue $ 163,544 $ 164,777 $ 160,694 $ 805,024 $ 674,983 Investor Contact: Jay Staley (501) 906-7842 Media Contact: Michelle Rossow (501) 906-3922 
