• Bank OZK Announces Record Second Quarter 2021 Earnings

    来源: Nasdaq GlobeNewswire / 22 7月 2021 15:01:01   America/Chicago

    LITTLE ROCK, Ark., July 22, 2021 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the second quarter of 2021 was a record $150.5 million, a 199.5% increase from $50.3 million for the second quarter of 2020. Diluted earnings per common share for the second quarter of 2021 were a record $1.16, a 197.4% increase from $0.39 for the second quarter of 2020.

    For the six months ended June 30, 2021, net income was $299.0 million, a 381.2% increase from $62.1 million for the first six months of 2020. Diluted earnings per common share for the first six months of 2021 were $2.30, a 379.2% increase from $0.48 for the first six months of 2020.

    As a result of improving economic conditions and prospects for improvement in the U.S. economy, management recorded negative provision for credit losses of $30.9 million during the second quarter and $62.5 million during the first six months of 2021, reducing the Bank’s total allowance for credit losses (“ACL”) from $377.3 million at December 31, 2020 to $307.6 million at June 30, 2021. The Bank’s provision for credit losses was $72.0 million during the second quarter and $189.7 million during the first six months of 2020, reflecting significant economic uncertainty at that time.

    The Bank’s results for the first six months of 2021 included pretax gains of $4.4 million from the sale of its South Carolina branches and $1.4 million of tax-exempt bank-owned life insurance (“BOLI”) death benefits, both of which were recognized during the first quarter of 2021. The Bank had no gains from branch sales and had $0.6 million of tax-exempt BOLI death benefits during the first six months of 2020.

    Pre-tax pre-provision net revenue (“PPNR”) was $164.8 million for the second quarter of 2021, a 20.1% increase from $137.2 million for the second quarter of 2020. For the six months ended June 30, 2021, PPNR was $325.5 million, a 20.0% increase from $271.3 million for the first six months of 2020. 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 2021 were 2.24%, 13.65% and 16.10%, respectively, compared to 0.78%, 4.92% and 5.89%, respectively, for the second quarter of 2020. The Bank’s annualized returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the first six months of 2021 were 2.23%, 13.81% and 16.33%, respectively, compared to 0.50%, 3.04%, and 3.64%, respectively, for the first six months of 2020. The calculation of the Bank’s return on average tangible common stockholders’ equity and the reconciliation to GAAP are included in the schedules accompanying this release.

    George Gleason, Chairman and Chief Executive Officer stated, “We are pleased to report record results for the quarter just ended. Our strong capital and liquidity, our disciplined credit culture and our exceptional team have us well positioned for the future.”

    KEY BALANCE SHEET METRICS

    Total loans were $18.27 billion at June 30, 2021, a 5.4% decrease from $19.31 billion at June 30, 2020. Non-purchased loans were $17.61 billion at June 30, 2021, a 3.5% decrease from $18.25 billion at June 30, 2020. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.66 billion at June 30, 2021, a 38.0% decrease from $1.06 billion at June 30, 2020.

    Deposits were $20.71 billion at June 30, 2021, a 0.1% decrease from $20.72 billion at June 30, 2020. Total assets were $26.61 billion at June 30, 2021, a 0.9% increase from $26.38 billion at June 30, 2020, but a 2.5% decrease from $27.28 billion at March 31, 2021.

    Common stockholders’ equity was $4.50 billion at June 30, 2021, a 9.5% increase from $4.11 billion at June 30, 2020. Tangible common stockholders’ equity was $3.83 billion at June 30, 2021, an 11.6% increase from $3.43 billion at June 30, 2020. Book value per common share was $34.70 at June 30, 2021, a 9.2% increase from $31.78 at June 30, 2020. Tangible book value per common share was $29.52 at June 30, 2021, an 11.3% increase from $26.53 at June 30, 2020. The calculations of the Bank’s tangible common stockholders’ equity and tangible book value per common share and the reconciliations to GAAP are included in the schedules accompanying this release.

    The Bank’s ratio of total common stockholders’ equity to total assets was 16.92% at June 30, 2021 compared to 15.58% at June 30, 2020. Its ratio of total tangible common stockholders’ equity to total tangible assets was 14.77% at June 30, 2021 compared to 13.35% at June 30, 2020. The calculation of the Bank’s ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliation to GAAP are included in the schedules accompanying this release.

    AUTHORIZATION OF STOCK REPURCHASE PROGRAM

    In July 2021, the Bank’s Board of Directors authorized a stock repurchase program pursuant to which the Bank may repurchase up to $300 million of its outstanding common stock. The Bank has received regulatory approval of the repurchase program, and the timing and amount of repurchases will be determined by management based on a variety of factors such as the Bank’s capital position, liquidity, financial performance and alternative uses of capital, stock price, regulatory requirements and general market and economic conditions. The repurchase program will expire on July 1, 2022, unless extended or shortened by the Board of Directors, and may be suspended by the Bank at any time.

    SUBORDINATED DEBT REDEMPTION

    On July 1, 2021, the Bank redeemed all of its $225 million of fixed-to-floating rate subordinated notes at a redemption price equal to 100% of the principal amount of the subordinated notes plus accrued and unpaid interest. As of June 30, 2021, the Bank’s subordinated debt had a carrying value of $224.2 million and remaining unamortized debt issuance cost of $0.8 million.

    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 July 23, 2021. Interested parties may listen to this call by dialing 1-844-818-5110 (U.S. and Canada) or 210-229-8841 (internationally) and asking for the Bank OZK conference call. A recorded playback of the call will be available for one week following the call at 1-855-859-2056 (U.S. and Canada) or 404-537-3406 (internationally). The conference ID for this playback is 3462545. The call will be available live or in a recorded version on the Bank’s Investor Relations website at ir.ozk.com under “Company News/Webcasts.” The Bank will also provide a transcript of the conference call on its Investor Relations website.

    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 http://ir.ozk.com. To receive automated email alerts for these materials, please visit http://ir.ozk.com/EmailNotification 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 tangible common stockholders’ equity, tangible book value per common share, total 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 release 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 implementing the Bank’s growth, expansion and acquisition strategies, including delays in identifying satisfactory sites, hiring or retaining qualified personnel, obtaining regulatory or other approvals, 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 phase-out of the London Interbank Offered Rate (“LIBOR”) or other changes involving LIBOR; 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; changes in legal, financial and/or regulatory requirements; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new and/or existing legislation and regulatory actions, including those in response to the COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act, the Consolidated Appropriations Act of 2021, the American Rescue Plan Act of 2021, and any similar or related laws, rules and regulations; 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, the Bank’s operational or security systems or infrastructure, or those of third parties with whom it does 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 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 financial markets; national, international or political instability; impairment of the Bank’s 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 press release or as detailed from time to time in the other public reports the Bank files with the FDIC, including those factors described in the disclosures under the headings “Forward-Looking Information” and “Item 1A. Risk Factors” in the Bank’s most recent Annual Report on Form 10-K for the year ended December 31, 2020 and its 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 projected 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. Headquartered in Little Rock, Arkansas, Bank OZK conducts operations through 250 branches, loan production offices and other offices in Arkansas, Georgia, Florida, North Carolina, Texas, California, New York and Mississippi. 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
           
      June 30,  December 31, 
      2021  2020 
           
      (Dollars in thousands, except per share amounts) 
    ASSETS        
    Cash and cash equivalents $1,424,249  $2,393,662 
    Investment securities ― available for sale ("AFS")  4,693,396   3,405,351 
    Federal Home Loan Bank of Dallas and other bankers' bank stocks  40,609   38,486 
    Non-purchased loans  17,611,848   18,401,495 
    Purchased loans  659,822   807,673 
    Allowance for loan losses  (248,753)  (295,824)
    Net loans  18,022,917   18,913,344 
    Premises and equipment, net  729,187   738,842 
    Foreclosed assets  7,542   11,085 
    Accrued interest receivable  93,693   88,077 
    Bank owned life insurance (“BOLI”)  766,362   758,071 
    Goodwill and other intangible assets, net  672,125   675,458 
    Other, net  155,858   140,220 
    Total assets $26,605,938  $27,162,596 
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Deposits:        
    Demand non-interest bearing $4,510,678  $3,996,546 
    Savings and interest bearing transaction  8,835,674   8,160,982 
    Time  7,360,425   9,292,828 
    Total deposits  20,706,777   21,450,356 
    Repurchase agreements with customers  8,449   8,013 
    Other borrowings  750,228   750,928 
    Subordinated notes  224,236   224,047 
    Subordinated debentures  120,752   120,475 
    Reserve for losses on unfunded loan commitments  58,811   81,481 
    Accrued interest payable and other liabilities  231,892   251,940 
    Total liabilities  22,101,145   22,887,240 
             
    Commitments and contingencies        
             
    Stockholders’ equity:        
    Preferred stock; $0.01 par value; 100,000,000 shares authorized; no shares issued or outstanding at June 30, 2021 or December 31, 2020      
    Common stock; $0.01 par value; 300,000,000 shares authorized; 129,720,140 and 129,350,448 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively  1,297   1,294 
    Additional paid-in capital  2,277,138   2,265,850 
    Retained earnings  2,173,114   1,946,875 
    Accumulated other comprehensive income  50,127   58,252 
    Total stockholders’ equity before noncontrolling interest  4,501,676   4,272,271 
    Noncontrolling interest  3,117   3,085 
    Total stockholders’ equity  4,504,793   4,275,356 
    Total liabilities and stockholders’ equity $26,605,938  $27,162,596 
             


     
    Bank OZK
    Consolidated Statements of Income
    Unaudited
          
     Three Months Ended June 30,  Six Months Ended June 30, 
     2021  2020  2021  2020 
                
     (Dollars in thousands, except per share amounts) 
    Interest income:               
    Non-purchased loans$238,554  $232,816  $478,381  $464,669 
    Purchased loans 11,699   17,087   23,635   38,474 
    Investment securities:               
    Taxable 9,467   11,055   17,550   21,814 
    Tax-exempt 3,883   5,846   7,563   9,443 
    Deposits with banks and federal funds sold 496   330   1,033   4,706 
    Total interest income 264,099   267,134   528,162   539,106 
                    
    Interest expense:               
    Deposits 18,231   45,251   42,582   102,933 
    Repurchase agreements with customers 6   6   10   13 
    Other borrowings 996   963   1,982   1,013 
    Subordinated notes 3,181   3,172   6,326   6,344 
    Subordinated debentures 939   1,149   1,881   2,436 
    Total interest expense 23,353   50,541   52,781   112,739 
                    
    Net interest income 240,746   216,593   475,381   426,367 
    Provision for credit losses (30,932)  72,026   (62,491)  189,689 
    Net interest income after provision for credit losses 271,678   144,567   537,872   236,678 
                    
    Non-interest income:               
    Service charges on deposit accounts 10,311   8,281   19,976   18,290 
    Trust income 1,911   1,759   4,118   3,698 
    BOLI income:               
    Increase in cash surrender value 4,919   5,057   9,799   10,124 
    Death benefits       1,409   608 
    Loan service, maintenance and other fees 3,953   3,394   7,504   7,110 
    Gains on sales of other assets 2,341   621   8,169   783 
    Net gains on investment securities          2,223 
    Other 4,307   2,479   8,884   6,435 
    Total non-interest income 27,742   21,591   59,859   49,271 
                    
    Non-interest expense:               
    Salaries and employee benefits 52,119   48,410   105,764   99,883 
    Net occupancy and equipment 16,168   15,756   32,636   31,086 
    Other operating expenses 35,424   36,787   71,371   73,409 
    Total non-interest expense 103,711   100,953   209,771   204,378 
                    
    Income before taxes 195,709   65,205   387,960   81,571 
    Provision for income taxes 45,161   14,948   88,978   19,456 
    Net income 150,548   50,257   298,982   62,115 
    Earnings attributable to noncontrolling interest (13)  9   (32)  17 
    Net income available to common stockholders$150,535  $50,266  $298,950  $62,132 
                    
    Basic earnings per common share$1.16  $0.39  $2.31  $0.48 
                    
    Diluted earnings per common share$1.16  $0.39  $2.30  $0.48 
                    


     
    Bank OZK
    Consolidated Statements of Stockholders’ Equity
    Unaudited
                       
      Common
    Stock
      Additional
    Paid-In
    Capital
      Retained
    Earnings
      Accumulated
    Other
    Comprehensive
    Income
      Non-
    Controlling
    Interest
      Total 
                       
      (Dollars in thousands, except per share amounts) 
    Three months ended June 30, 2021:                        
    Balances – March 31, 2021 $1,297  $2,272,046  $2,059,398  $50,464  $3,104  $4,386,309 
    Net income        150,548         150,548 
    Earnings attributable to noncontrolling interest        (13)     13    
    Total other comprehensive loss           (337)     (337)
    Common stock dividends, $0.28 per share        (36,819)        (36,819)
    Issuance of 14,300 shares of common stock for exercise of stock options     515            515 
    Issuance of 20,328 shares of unvested restricted common stock                  
    Repurchase and cancellation of 153 shares of common stock     (6)           (6)
    Stock-based compensation expense     4,583            4,583 
    Forfeitures of 33,241 shares of unvested restricted common stock                  
    Balances – June 30, 2021 $1,297  $2,277,138  $2,173,114  $50,127  $3,117  $4,504,793 
                             
    Six months ended June 30, 2021:                        
    Balances – December 31, 2020 $1,294  $2,265,850  $1,946,875  $58,252  $3,085  $4,275,356 
    Net income        298,982         298,982 
    Earnings attributable to noncontrolling interest        (32)     32    
    Total other comprehensive loss           (8,125)     (8,125)
    Common stock dividends, $0.5575 per share        (72,711)        (72,711)
    Issuance of 142,400 shares of common stock for exercise of stock options  1   5,007            5,008 
    Issuance of 332,831 shares of unvested restricted common stock  3   (3)            
    Repurchase and cancellation of 55,893 shares of common stock  (1)  (1,976)           (1,977)
    Stock-based compensation expense     8,260            8,260 
    Forfeitures of 49,646 shares of unvested restricted common stock                  
    Balances – June 30, 2021 $1,297  $2,277,138  $2,173,114  $50,127  $3,117  $4,504,793 
                             


     
    Bank OZK
    Consolidated Statements of Stockholders’ Equity
    Unaudited
                       
      Common
    Stock
      Additional
    Paid-In
    Capital
      Retained
    Earnings
      Accumulated
    Other
    Comprehensive
    Income (Loss)
      Non-
    Controlling
    Interest
      Total 
                       
      (Dollars in thousands, except per share amounts) 
    Three months ended June 30, 2020:                        
    Balances – March 31, 2020 $1,293  $2,253,991  $1,772,978  $54,888  $3,109  $4,086,259 
    Net income        50,257         50,257 
    Earnings attributable to noncontrolling interest        9      (9)   
    Total other comprehensive income           8,289      8,289 
    Common stock dividends, $0.27 per share        (34,915)        (34,915)
    Issuance of 46,676 shares of unvested restricted common stock                  
    Stock-based compensation expense     3,876            3,876 
    Forfeitures of 20,810 shares of unvested restricted common stock                  
    Balances – June 30, 2020 $1,293  $2,257,867  $1,788,329  $63,177  $3,100  $4,113,766 
                             
    Six months ended June 30, 2020:                        
    Balances – December 31, 2019 $1,289  $2,251,824  $1,869,983  $27,255  $3,117  $4,153,468 
    Cumulative effect of change in accounting principle        (75,344)        (75,344)
    Balances – January 1, 2020  1,289   2,251,824   1,794,639   27,255   3,117   4,078,124 
    Net income        62,115         62,115 
    Earnings attributable to noncontrolling interest        17      (17)   
    Total other comprehensive income           35,922      35,922 
    Common stock dividends, $0.53 per share        (68,442)        (68,442)
    Issuance of 4,300 shares of common stock for exercise of stock options     45            45 
    Issuance of 493,761 shares of unvested restricted common stock  5   (5)            
    Repurchase and cancellation of 61,873 shares of common stock  (1)  (1,852)           (1,853)
    Stock-based compensation expense     7,855            7,855 
    Forfeitures of 36,911 shares of unvested restricted common stock                  
    Balances – June 30, 2020 $1,293  $2,257,867  $1,788,329  $63,177  $3,100  $4,113,766 
                             


     
    Bank OZK
    Summary of Non-Interest Expense
    Unaudited
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
     
      2021  2020  2021  2020 
                 
      (Dollars in thousands) 
    Salaries and employee benefits $52,119  $48,410  $105,764  $99,883 
    Net occupancy and equipment  16,168   15,756   32,636   31,086 
    Other operating expenses:                
    Professional and outside services  7,724   7,629   14,050   14,393 
    Software and data processing  6,006   5,145   11,798   10,119 
    Deposit insurance and assessments  2,885   4,585   6,405   8,005 
    Telecommunication services  2,165   2,334   4,397   4,511 
    Postage and supplies  1,544   1,892   3,188   3,945 
    ATM expense  1,486   1,002   2,769   2,162 
    Travel and meals  1,419   710   2,194   2,812 
    Writedowns of foreclosed and other assets  123   720   1,486   1,599 
    Loan collection and repossession expense  540   857   1,050   1,551 
    Advertising and public relations  593   1,704   902   3,407 
    Amortization of intangibles  1,602   2,582   3,332   5,377 
    Amortization of CRA and tax credit investments  3,227   3,107   7,352   5,847 
    Other  6,110   4,520   12,448   9,681 
    Total non-interest expense $103,711  $100,953  $209,771  $204,378 
                     


     
    Bank OZK
    Summary of Total Loans Outstanding
    Unaudited
           
      June 30, 2021  December 31, 2020 
      (Dollars in thousands) 
    Real estate:                
    Residential 1-4 family $894,404   4.9% $911,115   4.7%
    Non-farm/non-residential  4,415,246   24.2   4,213,636   21.9 
    Construction/land development  7,289,254   39.9   8,046,978   41.9 
    Agricultural  226,345   1.2   204,868   1.1 
    Multifamily residential  1,065,123   5.8   856,297   4.5 
    Total real estate  13,890,372   76.0   14,232,894   74.1 
    Commercial and industrial  651,019   3.6   842,206   4.4 
    Consumer  2,220,660   12.2   2,393,964   12.5 
    Other  1,509,619   8.2   1,740,104   9.0 
    Total loans  18,271,670   100.0%  19,209,168   100.0%
    Allowance for loan losses  (248,753)      (295,824)    
    Net loans $18,022,917      $18,913,344     
                     


     
    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 June 30, 2021:            
    Balances – March 31, 2021 $268,077  $74,230  $342,307 
    Net charge-offs  (3,811)     (3,811)
    Provision for credit losses  (15,513)  (15,419)  (30,932)
    Balances – June 30, 2021 $248,753  $58,811  $307,564 
                 
    Six months ended June 30, 2021:            
    Balances – December 31, 2020 $295,824  $81,481  $377,305 
    Net charge-offs  (7,250)     (7,250)
    Provision for credit losses  (39,821)  (22,670)  (62,491)
    Balances – June 30, 2021 $248,753  $58,811  $307,564 
                 
    Three months ended June 30, 2020:            
    Balances – March 31, 2020 $238,737  $77,672  $316,409 
    Net charge-offs  (13,941)     (13,941)
    Provision for credit losses  81,400   (9,374)  72,026 
    Balances – June 30, 2020 $306,196  $68,298  $374,494 
                 
    Six months ended June 30, 2020:            
    Balances – December 31, 2019 $108,525  $  $108,525 
    Adoption of CECL methodology  39,588   54,924   94,512 
    Balances – January 1, 2020  148,113   54,924   203,037 
    Net charge-offs  (18,232)     (18,232)
    Provision for credit losses  176,315   13,374   189,689 
    Balances – June 30, 2020 $306,196  $68,298  $374,494 
                 


     
    Bank OZK
    Summary of Deposits – By Account Type
    Unaudited
           
      June 30, 2021  December 31, 2020 
           
      (Dollars in thousands) 
    Non-interest bearing $4,510,678   21.8% $3,996,546   18.6%
    Interest bearing:                
    Transaction (NOW)  3,252,394   15.7   3,124,007   14.6 
    Savings and money market  5,583,280   27.0   5,036,975   23.5 
    Time deposits less than $100  2,173,883   10.5   3,075,845   14.3 
    Time deposits of $100 or more  5,186,542   25.0   6,216,983   29.0 
    Total deposits $20,706,777   100.0% $21,450,356   100.0%
                     


     
    Summary of Deposits – By Customer Type
    Unaudited
           
      June 30, 2021  December 31, 2020 
           
      (Dollars in thousands) 
    Consumer $10,679,525   51.6% $11,165,603   52.1%
    Commercial  6,566,031   31.7   6,056,536   28.2 
    Public Funds  2,082,988   10.1   2,111,971   9.8 
    Brokered  914,907   4.4   1,600,116   7.5 
    Reciprocal  463,326   2.2   516,130   2.4 
    Total deposits $20,706,777   100.0% $21,450,356   100.0%
                     


     
    Bank OZK
    Selected Consolidated Financial Data
    Unaudited
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
     
      2021  2020  % Change  2021  2020  % Change 
                       
      (Dollars in thousands, except per share amounts) 
    Income statement data:                        
    Net interest income $240,746  $216,593   11.2% $475,381  $426,367   11.5%
    Provision for credit losses  (30,932)  72,026   (142.9)  (62,491)  189,689   (132.9)
    Non-interest income  27,742   21,591   28.5   59,859   49,271   21.5 
    Non-interest expense  103,711   100,953   2.7   209,771   204,378   2.6 
    Net income available to common stockholders  150,535   50,266   199.5   298,950   62,132   381.2 
    Pre-tax pre-provision net revenue(1)  164,777   137,231   20.1   325,469   271,260   20.0 
    Common share and per common share data:                        
    Net income per share − diluted $1.16  $0.39   197.4% $2.30  $0.48   379.2%
    Net income per share − basic  1.16   0.39   197.4   2.31   0.48   381.3 
    Dividends per share  0.28   0.27   3.7   0.5575   0.53   5.2 
    Book value per share  34.70   31.78   9.2   34.70   31.78   9.2 
    Tangible book value per share(1)  29.52   26.53   11.3   29.52   26.53   11.3 
    Weighted-average diluted shares outstanding (thousands)  130,255   129,399   0.7   130,109   129,349   0.6 
    End of period shares outstanding (thousands)  129,720   129,350   0.3   129,720   129,350   0.3 
    Balance sheet data at period end:                        
    Total assets $26,605,938  $26,380,409   0.9% $26,605,938  $26,380,409   0.9%
    Total loans  18,271,670   19,311,078   (5.4)  18,271,670   19,311,078   (5.4)
    Non-purchased loans  17,611,848   18,247,431   (3.5)  17,611,848   18,247,431   (3.5)
    Purchased loans  659,822   1,063,647   (38.0)  659,822   1,063,647   (38.0)
    Allowance for loan losses  248,753   306,196   (18.8)  248,753   306,196   (18.8)
    Foreclosed assets  7,542   18,328   (58.8)  7,542   18,328   (58.8)
    Investment securities − AFS  4,693,396   3,299,944   42.2   4,693,396   3,299,944   42.2 
    Goodwill and other intangible assets, net  672,125   679,166   (1.0)  672,125   679,166   (1.0)
    Deposits  20,706,777   20,723,598   (0.1)  20,706,777   20,723,598   (0.1)
    Other borrowings  750,228   903,696   (17.0)  750,228   903,696   (17.0)
    Subordinated notes  224,236   223,854   0.2   224,236   223,854   0.2 
    Subordinated debentures  120,752   120,194   0.5   120,752   120,194   0.5 
    Unfunded balance of closed loans  11,709,818   11,411,441   2.6   11,709,818   11,411,441   2.6 
    Reserve for losses on unfunded loan commitments  58,811   68,298   (13.9)  58,811   68,298   (13.9)
    Total common stockholders’ equity  4,501,676   4,110,666   9.5   4,501,676   4,110,666   9.5 
    Net unrealized gains on investment securities AFS included in common stockholders' equity  50,127   63,177       50,127   63,177     
    Loan (including purchased loans) to deposit ratio  88.24%  93.18%      88.24%  93.18%    
    Selected ratios:                        
    Return on average assets(2)  2.24%  0.78%      2.23%  0.50%    
    Return on average common stockholders’ equity(2)  13.65   4.92       13.81   3.04     
    Return on average tangible common stockholders’ equity(1) (2)  16.10   5.89       16.33   3.64     
    Average common equity to total average assets  16.42   15.93       16.17   16.59     
    Net interest margin – FTE(2)  3.95   3.74       3.91   3.84     
    Efficiency ratio  38.43   42.07       39.00   42.71     
    Net charge-offs to average non-purchased loans(2) (3)  0.09   0.05       0.08   0.06     
    Net charge-offs to average total loans(2)  0.08   0.29       0.08   0.20     
    Nonperforming loans to total loans(4)  0.22   0.18       0.22   0.18     
    Nonperforming assets to total assets(4)  0.18   0.19       0.18   0.19     
    Allowance for loan losses to total loans(5)  1.36   1.59       1.36  1.59     
    Other information:                        
    Non-accrual loans(4) $38,195  $31,083      $38,195  $31,083     
    Accruing loans − 90 days past due(4)                    
    Troubled and restructured non-purchased loans − accruing(4)  1,365   934       1,365   934     

    (1) Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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.

     
    Selected Consolidated Financial Data (continued)
    Unaudited
        
      Three Months Ended 
      June 30,  March 31,     
      2021  2021  % Change 
              
     (Dollars in thousands, except per share amounts) 
    Income statement data:            
    Net interest income $240,746  $234,636   2.6%
    Provision for credit losses  (30,932)  (31,559)  (2.0)
    Non-interest income  27,742   32,117   (13.6)
    Non-interest expense  103,711   106,059   (2.2)
    Net income available to common stockholders  150,535   148,416   1.4 
    Pre-tax pre-provision net revenue(1)  164,777   160,694   2.5 
    Common share and per common share data:            
    Net income per share − diluted $1.16  $1.14   1.8%
    Net income per share − basic  1.16   1.15   0.9 
    Dividends per share  0.28   0.2775   0.9 
    Book value per share  34.70   33.79   2.7 
    Tangible book value per share(1)  29.52   28.60   3.2 
    Weighted-average diluted shares outstanding (thousands)  130,255   129,816   0.3 
    End of period shares outstanding (thousands)  129,720   129,719   0.1 
    Balance sheet data at period end:            
    Total assets $26,605,938  $27,276,892   (2.5)%
    Total loans  18,271,670   18,715,065   (2.4)
    Non-purchased loans  17,611,848   17,979,435   (2.0)
    Purchased loans  659,822   735,630   (10.3)
    Allowance for loan losses  248,753   268,077   (7.2)
    Foreclosed assets  7,542   8,436   (10.6)
    Investment securities − AFS  4,693,396   4,162,479   12.8 
    Goodwill and other intangible assets, net  672,125   673,728   (0.2)
    Deposits  20,706,777   21,296,442   (2.8)
    Other borrowings  750,228   750,361   (0.1)
    Subordinated notes  224,236   224,141   0.1 
    Subordinated debentures  120,752   120,613   0.1 
    Unfunded balance of closed loans  11,709,818   11,780,099   (0.6)
    Reserve for losses on unfunded loan commitments  58,811   74,230   (20.8)
    Total common stockholders’ equity  4,501,676   4,383,205   2.7 
    Net unrealized gains on investment securities AFS included in common stockholders' equity  50,127   50,464     
    Loan (including purchased loans) to deposit ratio  88.24%  87.88%    
    Selected ratios:            
    Return on average assets(2)  2.24%  2.23%    
    Return on average common stockholders’ equity(2)  13.65   13.97     
    Return on average tangible common stockholders’ equity(1) (2)  16.10   16.57     
    Average common equity to total average assets  16.42   15.93     
    Net interest margin – FTE(2)  3.95   3.86     
    Efficiency ratio  38.43   39.57     
    Net charge-offs to average non-purchased loans(2) (3)  0.09   0.08     
    Net charge-offs to average total loans(2)  0.08   0.07     
    Nonperforming loans to total loans(4)  0.22   0.25     
    Nonperforming assets to total assets(4)  0.18   0.19     
    Allowance for loan losses to total loans(5)  1.36   1.43     
    Other information:            
    Non-accrual loans(4) $38,195  $43,059     
    Accruing loans − 90 days past due(4)          
    Troubled and restructured non-purchased loans − accruing(4)  1,365   1,380     

    (1)  Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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
                             
      9/30/19  12/31/19  3/31/20  6/30/20  9/30/20  12/31/20  3/31/21  6/30/21 
                             
      (Dollars in thousands, except per share amounts) 
    Earnings Summary:                                
    Net interest income $218,780  $214,977  $209,775  $216,593  $224,657  $237,600  $234,636  $240,746 
    Federal tax (FTE) adjustment  1,038   1,028   1,133   1,753   1,605   1,533   1,275   1,355 
    Net interest income (FTE)  219,818   216,005   210,908   218,346   226,262   239,133   235,911   242,101 
    Provision for credit losses  (7,854)  (4,938)  (117,663)  (72,026)  (7,200)  (6,750)  31,559   30,932 
    Non-interest income  26,446   30,406   27,680   21,591   26,676   28,661   32,117   27,742 
    Non-interest expense  (100,914)  (104,406)  (103,425)  (100,953)  (105,641)  (103,394)  (106,059)  (103,711)
    Pretax income (FTE)  137,496   137,067   17,500   66,958   140,097   157,650   193,528   197,064 
    FTE adjustment  (1,038)  (1,028)  (1,133)  (1,753)  (1,605)  (1,533)  (1,275)  (1,355)
    Provision for income taxes  (32,574)  (35,240)  (4,509)  (14,948)  (29,251)  (35,607)  (43,818)  (45,161)
    Noncontrolling interest  7   7   8   9   12   3   (19)  (13)
    Net income available to common stockholders $103,891  $100,806  $11,866  $50,266  $109,253  $120,513  $148,416  $150,535 
    Earnings per common share – diluted $0.81  $0.78  $0.09  $0.39  $0.84  $0.93  $1.14  $1.16 
    Non-interest Income:                                
    Service charges on deposit accounts $10,827  $10,933  $10,009  $8,281  $9,427  $9,983  $9,665  $10,311 
    Trust income  1,975   2,010   1,939   1,759   1,936   1,909   2,206   1,911 
    BOLI income:                                
    Increase in cash surrender value  5,208   5,167   5,067   5,057   5,081   5,034   4,881   4,919 
    Death benefits  206   2,989   608            1,409    
    Loan service, maintenance and other fees  4,197   4,282   3,716   3,394   3,351   3,797   3,551   3,953 
    Gains on sales of other assets  189   1,358   161   621   891   5,189   5,828   2,341 
    Net gains on investment securities        2,223      2,244          
    Other  3,844   3,667   3,957   2,479   3,746   2,749   4,577   4,307 
    Total non-interest income $26,446  $30,406  $27,680  $21,591  $26,676  $28,661  $32,117  $27,742 
    Non-interest Expense:                                
    Salaries and employee benefits $48,376  $52,050  $51,473  $48,410  $53,119  $53,832  $53,645  $52,119 
    Net occupancy and equipment  14,825   14,855   15,330   15,756   16,676   15,617   16,468   16,168 
    Other operating expenses  37,713   37,501   36,622   36,787   35,846   33,945   35,946   35,424 
    Total non-interest expense $100,914  $104,406  $103,425  $100,953  $105,641  $103,394  $106,059  $103,711 
    Balance Sheet Data:                                
    Total assets $23,402,679  $23,555,728  $24,565,810  $26,380,409  $26,888,308  $27,162,596  $27,276,892  $26,605,938 
    Non-purchased loans  16,307,621   16,224,539   17,030,378   18,247,431   18,419,958   18,401,495   17,979,435   17,611,848 
    Purchased loans  1,427,230   1,307,504   1,197,826   1,063,647   938,485   807,673   735,630   659,822 
    Investment securities – AFS  2,414,722   2,277,389   2,816,556   3,299,944   3,468,243   3,405,351   4,162,479   4,693,396 
    Deposits  18,440,078   18,474,259   18,809,190   20,723,598   21,287,405   21,450,356   21,296,442   20,706,777 
    Unfunded balance of closed loans  11,429,918   11,325,598   11,334,737   11,411,441   11,604,614   11,847,117   11,780,099   11,709,818 
    Common stockholders' equity  4,078,324   4,150,351   4,083,150   4,110,666   4,186,285   4,272,271   4,383,205   4,501,676 
                                     


     
    Bank OZK
    Supplemental Quarterly Financial Data (Continued)
    Unaudited
                             
      9/30/19  12/31/19  3/31/20  6/30/20  9/30/20  12/31/20  3/31/21  6/30/21 
      (Dollars in thousands, except per share amounts) 
    Allowance for Credit Losses:                                
    Balance at beginning of period $106,642  $109,001  $108,525  $316,409  $374,494  $377,273  $377,305  $342,307 
    Adoption of CECL(1) methodology        94,512                
    Net charge-offs  (5,495)  (5,414)  (4,291)  (13,941)  (4,421)  (6,718)  (3,439)  (3,811)
    Provision for credit losses  7,854   4,938   117,663   72,026   7,200   6,750   (31,559)  (30,932)
    Balance at end of period $109,001  $108,525  $316,409  $374,494  $377,273  $377,305  $342,307  $307,564 
    Allowance for loan losses $109,001  $108,525  $238,737  $306,196  $308,847  $295,824  $268,077  $248,753 
    Reserve for losses on unfunded loan commitments        77,672   68,298   68,426   81,481   74,230   58,811 
    Total allowance for credit losses $109,001  $108,525  $316,409  $374,494  $377,273  $377,305  $342,307  $307,564 
    Selected Ratios:                                
    Net interest margin – FTE(2)  4.26%  4.15%  3.96%  3.74%  3.69%  3.88%  3.86%  3.95%
    Efficiency ratio  40.98   42.37   43.35   42.07   41.77   38.61   39.57   38.43 
    Net charge-offs to average non-purchased loans(2) (3)  0.07   0.10   0.08   0.05   0.09   0.14   0.08   0.09 
    Net charge-offs to average total loans(2)  0.12   0.12   0.10   0.29   0.09   0.14   0.07   0.08 
    Nonperforming loans to total loans(4)  0.17   0.15   0.16   0.18   0.15   0.25   0.25   0.22 
    Nonperforming assets to total assets(4)  0.26   0.18   0.19   0.19   0.17   0.21   0.19   0.18 
    Allowance for loan losses to total loans (5)  0.61   0.62   1.31   1.59   1.60   1.54   1.43   1.36 
    Loans past due 30 days or more, including past due non-accrual loans, to total loans(4)  0.14   0.19   0.18   0.13   0.13   0.16   0.13   0.10 

    (1)  Current Expected Credit Loss.
    (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
    Average Consolidated Balance Sheets and Net Interest Analysis – FTE
    Unaudited
           
      Three Months Ended June 30,  Six Months Ended June 30, 
      2021  2020  2021  2020 
      Average
    Balance
      Income/
    Expense
      Yield/
    Rate
      Average
    Balance
      Income/
    Expense
      Yield/
    Rate
      Average
    Balance
      Income/
    Expense
      Yield/
    Rate
      Average
    Balance
      Income/
    Expense
      Yield/
    Rate
     
                                         
      (Dollars in thousands) 
    ASSETS                                            
    Earning assets:                                            
    Interest earning deposits and federal funds sold $1,886,166  $496  0.11% $1,303,791  $330  0.10% $2,048,521  $1,033  0.10% $1,335,544  $4,706  0.71%
    Investment securities:                                            
    Taxable  3,508,655   9,467  1.08   1,923,362   11,055  2.31   2,968,393   17,550  1.19   1,859,711   21,814  2.36 
    Tax-exempt – FTE  963,522   4,915  2.05   1,151,492   7,400  2.58   1,065,110   9,574  1.81   818,777   11,953  2.94 
    Non-purchased loans – FTE  17,544,405   238,877  5.46   17,963,230   233,015  5.22   17,864,558   479,001  5.41   17,244,750   465,046  5.42 
    Purchased loans  697,136   11,699  6.73   1,133,611   17,087  6.06   736,399   23,635  6.47   1,199,512   38,474  6.45 
    Total earning assets – FTE  24,599,884   265,454  4.33   23,475,486   268,887  4.61   24,682,981   530,793  4.34   22,458,294   541,993  4.85 
    Non-interest earning assets  2,345,169          2,318,334          2,312,504          2,335,832        
    Total assets $26,945,053         $25,793,820         $26,995,485         $24,794,126        
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                            
    Interest bearing liabilities:                                            
    Deposits:                                            
    Savings and interest bearing transaction $8,735,178  $3,338  0.15% $7,517,260  $7,702  0.41% $8,537,681  $6,954  0.16% $7,824,330  $27,449  0.71%
    Time deposits of $100 or more  5,592,645   10,317  0.74   5,279,716   23,765  1.81   5,842,740   24,229  0.84   4,834,026   45,955  1.91 
    Other time deposits  2,407,569   4,576  0.76   3,752,793   13,784  1.48   2,652,713   11,399  0.87   3,543,161   29,529  1.68 
    Total interest bearing deposits  16,735,392   18,231  0.44   16,549,769   45,251  1.10   17,033,134   42,582  0.50   16,201,517   102,933  1.28 
    Repurchase agreements with customers  7,161   6  0.33   8,087   6  0.30   6,484   10  0.30   7,985   13  0.31 
    Other borrowings(1)  750,274   996  0.53   1,043,004   963  0.37   750,329   1,982  0.53   669,987   1,013  0.30 
    Subordinated notes  224,188   3,181  5.69   223,793   3,172  5.70   224,140   6,326  5.69   223,752   6,344  5.70 
    Subordinated debentures(1)  120,680   939  3.12   120,120   1,149  3.85   120,610   1,881  3.14   120,052   2,436  4.08 
    Total interest bearing liabilities  17,837,695   23,353  0.53   17,944,773   50,541  1.13   18,134,697   52,781  0.59   17,223,293   112,739  1.32 
    Non-interest bearing liabilities:                                            
    Non-interest bearing deposits  4,366,380          3,478,030          4,170,685          3,202,663        
    Other non-interest bearing liabilities  314,768          257,874          321,546          251,026        
    Total liabilities  22,518,843          21,680,677          22,626,928          20,676,982        
    Common stockholders’ equity  4,423,093          4,110,038          4,365,454          4,114,035        
    Noncontrolling interest  3,117          3,105          3,103          3,109        
    Total liabilities and stockholders’ equity $26,945,053         $25,793,820         $26,995,485         $24,794,126        
    Net interest income – FTE     $242,101         $218,346         $478,012         $429,254    
    Net interest margin – FTE         3.95%         3.74%         3.91%         3.84%
    Core spread(2)         5.02%         4.12%         4.91%         4.14%

    (1)   The interest expense and the rates for “other borrowings” and for “subordinated debentures” were affected by capitalized interest. Capitalized interest included in other borrowings totaled $0.02 million for the second quarter and $0.05 million for the first six months of 2021 compared to $0.27 million for the second quarter and $0.62 million for the first six months of 2020. In the absence of this interest capitalization, the rates on other borrowings would have been 0.54% for the second quarter and 0.55% for the first six months of 2021 compared to 0.47% for the second quarter and 0.49% for the first six months of 2020. Capitalized interest included in subordinated debentures totaled $0.03 million for the second quarter and $0.18 million for the first six months of 2020 (none in the second quarter or first six months of 2021). In the absence of this interest capitalization, the rates on subordinated debentures would have been 3.95% for the second quarter and 4.37% for the first six months of 2020.

    (2)   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 Tangible Common Stockholders’ Equity
    and the Annualized Return on Average Tangible Common Stockholders’ Equity
    Unaudited
                        
     Three Months Ended  Six Months Ended 
     June 30, 2021  June 30, 2020  March 31, 2021  June 30, 2021  June 30, 2020 
                   
     (Dollars in thousands) 
    Net income available to common stockholders$150,535  $50,266  $148,416  $298,950  $62,132 
    Average common stockholders’ equity before noncontrolling interest$4,423,093  $4,110,038  $4,307,174  $4,365,454  $4,114,035 
    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 (12,175)  (19,563)  (13,828)  (12,997)  (20,987)
    Total average intangibles (672,964)  (680,352)  (674,617)  (673,786)  (681,776)
    Average tangible common stockholders’ equity$3,750,129  $3,429,686  $3,632,557  $3,691,668  $3,432,259 
    Return on average common stockholders’ equity(1) 13.65%  4.92%  13.97%  13.81%  3.04%
    Return on average tangible common stockholders' equity(1) 16.10%  5.89%  16.57%  16.33%  3.64%

    (1) Ratios for interim periods annualized based on actual days.

     
    Calculation of Total Tangible Common Stockholders’ Equity
    and Tangible Book Value per Common Share
    Unaudited
           
      June 30,  March 31, 
      2021  2020  2021 
              
      (In thousands, except per share amounts) 
    Total common stockholders’ equity before noncontrolling interest $4,501,676  $4,110,666  $4,383,205 
    Less intangible assets:            
    Goodwill  (660,789)  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (11,336)  (18,377)  (12,939)
    Total intangibles  (672,125)  (679,166)  (673,728)
    Total tangible common stockholders' equity $3,829,551  $3,431,500  $3,709,477 
    Shares of common stock outstanding  129,720   129,350   129,719 
    Book value per common share $34.70  $31.78  $33.79 
    Tangible book value per common share $29.52  $26.53  $28.60 
                 


     
    Calculation of Total Tangible Common Stockholders’ Equity
    and the Ratio of Total Tangible Common Stockholders’ Equity
    to Total Tangible Assets
    Unaudited
        
      June 30, 
      2021  2020 
           
      (Dollars in thousands) 
    Total common stockholders’ equity before noncontrolling interest $4,501,676  $4,110,666 
    Less intangible assets:        
    Goodwill  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (11,336)  (18,377)
    Total intangibles  (672,125)  (679,166)
    Total tangible common stockholders' equity $3,829,551  $3,431,500 
    Total assets $26,605,938  $26,380,409 
    Less intangible assets:        
    Goodwill  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (11,336)  (18,377)
    Total intangibles  (672,125)  (679,166)
    Total tangible assets $25,933,813  $25,701,243 
    Ratio of total common stockholders’ equity to total assets  16.92%  15.58%
    Ratio of total tangible common stockholders’ equity to total tangible assets  14.77%  13.35%
             


     
    Calculation of Pre-Tax Pre-Provision Net Revenue
    Unaudited
                         
      Three Months Ended  Six Months Ended 
      June 30, 2021  June 30, 2020  March 31, 2021  June 30, 2021  June 30, 2020 
                    
      (Dollars in thousands) 
    Income before taxes $195,709  $65,205  $192,253  $387,960  $81,571 
    Provision for credit losses  (30,932)  72,026   (31,559)  (62,491)  189,689 
    Pre-tax pre-provision net revenue $164,777  $137,231  $160,694  $325,469  $271,260 
                         


    Investor Contact: Tim Hicks (501) 978-2336
    Media Contact: Susan Blair (501) 978-2217


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