• Bank OZK Announces Second Quarter 2022 Earnings

    来源: Nasdaq GlobeNewswire / 21 7月 2022 16:01:01   America/New_York

    LITTLE ROCK, Ark., July 21, 2022 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the second quarter of 2022 was $132.4 million, a 12.1% decrease from $150.5 million for the second quarter of 2021. Diluted earnings per common share for the second quarter of 2022 were $1.10, a 5.2% decrease from $1.16 for the second quarter of 2021.

    For the six months ended June 30, 2022, net income available to common stockholders was $260.4 million, a 12.9% decrease from $299.0 million for the first six months of 2021. Diluted earnings per common share for the first six months of 2022 were $2.12, a 7.8% decrease from $2.30 for the first six months of 2021.

    The Bank’s provision for credit losses was $7.0 million for the second quarter and $11.2 million for the first six months of 2022 compared to negative provision for credit losses of $30.9 million for the second quarter and $62.5 million for the first six months of 2021. The Bank’s total allowance for credit losses (“ACL”) was $299.9 million at June 30, 2022. The calculations of the Bank’s provision expense for the second quarter and first six months of 2022 and its total ACL at June 30, 2022 were based on a number of key estimates, assumptions and economic forecasts. The Bank’s provision expense for the second quarter and first six months of 2022 and its ACL at June 30, 2022 included certain qualitative adjustments to capture items that management believed were not fully reflected in its modeled results.

    Pre-tax pre-provision net revenue (“PPNR”) was $182.8 million for the second quarter of 2022, a 10.9% increase from $164.8 million for the second quarter of 2021. For the six months ended June 30, 2022, PPNR was $355.9 million, a 9.4% increase from $325.5 million for the first six months of 2021. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

    The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the second quarter of 2022 were 2.02%, 12.40% and 14.69%, respectively, compared to 2.24%, 13.65% and 16.10%, respectively, for the second quarter of 2021. The Bank’s annualized returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the first six months of 2022 were 2.00%, 12.03%, and 14.20%, respectively, compared to 2.23%, 13.81%, and 16.33%, respectively, for the first six months 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 excellent results for the second quarter of 2022. Our results were highlighted by our third consecutive quarter of record RESG loan originations and solid contributions from Community Banking and other lending teams, reflecting the importance of organic growth and increased portfolio diversification in our long-term strategy. Our strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the future.”

    KEY BALANCE SHEET METRICS

    Total loans were $18.74 billion at June 30, 2022, a 2.6% increase from $18.27 billion at June 30, 2021. Non-purchased loans were $18.30 billion at June 30, 2022, a 3.9% increase from $17.61 billion at June 30, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.45 billion at June 30, 2022, a 32.5% decrease from $0.66 billion at June 30, 2021.

    Deposits were $19.98 billion at June 30, 2022, a 3.5% decrease from $20.71 billion at June 30, 2021. Total assets were $25.92 billion at June 30, 2022, a 2.6% decrease from $26.61 billion at June 30, 2021.

    Common stockholders’ equity was $4.27 billion at June 30, 2022, a 5.2% decrease from $4.50 billion at June 30, 2021. Tangible common stockholders’ equity was $3.60 billion at June 30, 2022, a 5.9% decrease from $3.83 billion at June 30, 2021. Book value per common share was $35.87 at June 30, 2022, a 3.4% increase from $34.70 at June 30, 2021. Tangible book value per common share was $30.27 at June 30, 2022, a 2.5% increase from $29.52 at June 30, 2021. The calculations of the Bank’s common stockholders’ equity, 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 16.47% at June 30, 2022, compared to 16.92% at June 30, 2021. Its ratio of total tangible common stockholders’ equity to total tangible assets was 14.26% at June 30, 2022, compared to 14.77% at June 30, 2021. 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.

    STOCK REPURCHASES

    During the quarter just ended, the Bank repurchased approximately 3.7 million shares of its common stock at a weighted average price of $39.93, for a total of $147.4 million. During the first six months of 2022, the Bank repurchased approximately 6.6 million shares of its common stock at a weighted average price of $42.42, for a total of $279.0 million. In evaluating its plans for future stock repurchases, the Bank considers a variety of factors including its capital position, alternative uses of capital, liquidity, financial performance, stock price, regulatory requirements and other factors. The Bank may suspend its stock repurchase program at any time.

    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 22, 2022. 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, total common stockholders’ equity, 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 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 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 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; 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 actions in response to the coronavirus (“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, 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 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 $25.92 billion in total assets as of June 30, 2022. Bank OZK can be found at www.ozk.com and on FacebookTwitter 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, 
      2022  2021 
      (Dollars in thousands, except per share amounts) 
    ASSETS        
    Cash and cash equivalents $1,140,448  $2,053,829 
    Investment securities ― available for sale (“AFS”)  3,705,807   3,916,733 
    Investment securities ― trading  4,080   14,957 
    Federal Home Loan Bank of Dallas and other bankers’ bank stocks  36,654   40,788 
    Non-purchased loans  18,297,638   17,791,610 
    Purchased loans  445,080   516,215 
    Allowance for loan losses  (190,795)  (217,380)
    Net loans  18,551,923   18,090,445 
    Premises and equipment, net  687,093   695,857 
    Foreclosed assets  2,593   5,744 
    Accrued interest receivable  82,756   83,025 
    Bank owned life insurance (“BOLI”)  784,117   774,822 
    Goodwill and other intangible assets, net  666,029   669,063 
    Other, net  258,465   185,167 
    Total assets $25,919,965  $26,530,430 
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Deposits:        
    Demand non-interest bearing $5,117,961  $4,983,788 
    Savings and interest bearing transaction  9,655,436   9,245,727 
    Time  5,210,790   5,979,619 
    Total deposits  19,984,187   20,209,134 
    Other borrowings  505,221   756,321 
    Subordinated notes  346,536   346,133 
    Subordinated debentures  121,310   121,033 
    Reserve for losses on unfunded loan commitments  109,143   71,609 
    Accrued interest payable and other liabilities  243,666   186,840 
    Total liabilities  21,310,063   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 June 30, 2022
    and December 31, 2021
      338,980   338,980 
    Common stock; $0.01 par value; 300,000,000 shares authorized;
    118,996,021 and 125,443,748 shares issued and outstanding at
    June 30, 2022 and December 31, 2021, respectively
      1,190   1,254 
    Additional paid-in capital  1,817,650   2,093,702 
    Retained earnings  2,563,130   2,378,466 
    Accumulated other comprehensive (loss) income  (114,168)  23,841 
    Total stockholders’ equity before noncontrolling interest  4,606,782   4,836,243 
    Noncontrolling interest  3,120   3,117 
    Total stockholders’ equity  4,609,902   4,839,360 
    Total liabilities and stockholders’ equity $25,919,965  $26,530,430 


     
    Bank OZK
    Consolidated Statements of Income
    Unaudited
     
     Three Months Ended
    June 30,
      Six Months Ended
    June 30,
     
     2022  2021  2022  2021 
     (Dollars in thousands, except per share amounts) 
    Interest income:               
    Non-purchased loans$256,264  $238,554  $496,259  $478,381 
    Purchased loans 8,982   11,699   17,152   23,635 
    Investment securities:               
    Taxable 10,367   9,467   20,978   17,550 
    Tax-exempt 4,020   3,883   7,006   7,563 
    Deposits with banks and federal funds sold 1,855   496   2,464   1,033 
    Total interest income 281,488   264,099   543,859   528,162 
                    
    Interest expense:               
    Deposits 10,855   18,231   19,347   42,582 
    Other borrowings 1,042   1,002   2,039   1,982 
    Subordinated notes 2,603   3,181   5,177   6,326 
    Subordinated debentures 1,195   939   2,159   1,881 
    Total interest expense 15,695   23,353   28,722   52,771 
                    
    Net interest income 265,793   240,746   515,137   475,381 
    Provision for credit losses 7,025   (30,932)  11,215   (62,491)
    Net interest income after provision for credit losses 258,768   271,678   503,922   537,872 
                    
    Non-interest income:               
    Service charges on deposit accounts:               
    NSF/Overdraft fees 4,247   3,244   8,449   6,567 
    All other service charges 7,184   7,067   13,874   13,409 
    Trust income 1,911   1,911   4,005   4,118 
    BOLI income:               
    Increase in cash surrender value 4,846   4,919   9,639   9,799 
    Death benefits       297   1,409 
    Loan service, maintenance and other fees 3,603   3,953   6,621   7,504 
    Gains on sales of other assets 784   2,341   7,776   8,169 
    Net (losses) gains on investment securities 531      441    
    Other 3,214   4,307   6,694   8,884 
    Total non-interest income 26,320   27,742   57,796   59,859 
                    
    Non-interest expense:               
    Salaries and employee benefits 54,412   52,119   109,060   105,764 
    Net occupancy and equipment 17,014   16,168   34,230   32,636 
    Other operating expenses 37,874   35,424   73,726   71,371 
    Total non-interest expense 109,300   103,711   217,016   209,771 
                    
    Income before taxes 175,788   195,709   344,702   387,960 
    Provision for income taxes 39,375   45,161   75,786   88,978 
    Net income 136,413   150,548   268,916   298,982 
    Earnings attributable to noncontrolling interest (8)  (13)  (3)  (32)
    Preferred stock dividends 4,047      8,527    
    Net income available to common stockholders$132,358  $150,535  $260,386  $298,950 
                    
    Basic earnings per common share$1.10  $1.16  $2.13  $2.31 
                    
    Diluted earnings per common share$1.10  $1.16  $2.12  $2.30 


     
    Bank OZK
    Consolidated Statements of Stockholders’ Equity
    Unaudited
     
      Preferred
    Stock
      Common
    Stock
      Additional
    Paid-In
    Capital
      Retained
    Earnings
      Accumulated
    Other
    Comprehensive
    (Loss) Income
      Non-
    Controlling
    Interest
      Total 
      (Dollars in thousands, except per share amounts) 
    Three months ended June 30, 2022:                     
    Balances – March 31, 2022 $338,980  $1,227  $1,962,126  $2,468,652  $(80,928) $3,112  $4,693,169 
    Net income           136,413         136,413 
    Earnings attributable to noncontrolling interest           (8)     8    
    Total other comprehensive loss              (33,240)     (33,240)
    Preferred stock dividends, $0.28906 per share           (4,047)        (4,047)
    Common stock dividends, $0.31 per share           (37,880)        (37,880)
    Issuance of 20,087 shares of common stock for exercise of stock options        594            594 
    Issuance of 21,416 shares of unvested restricted common stock                     
    Repurchase and cancellation of 3,689,819 shares of common stock under share repurchase program     (37)  (147,396)           (147,433)
    Stock-based compensation expense        2,326            2,326 
    Forfeitures of 32,858 shares of unvested restricted common stock                     
    Balances – June 30, 2022 $338,980  $1,190  $1,817,650  $2,563,130  $(114,168) $3,120  $4,609,902 
                                 
    Six months ended June 30, 2022:                            
    Balances – December 31, 2021 $338,980  $1,254  $2,093,702  $2,378,466  $23,841  $3,117  $4,839,360 
    Net income           268,916         268,916 
    Earnings attributable to noncontrolling interest           (3)     3    
    Total other comprehensive loss              (138,009)     (138,009)
    Preferred stock dividends, $0.60906 per share           (8,527)        (8,527)
    Common stock dividends, $0.61 per share           (75,722)        (75,722)
    Issuance of 69,107 shares of common stock for exercise of stock options     1   2,079            2,080 
    Issuance of 220,822 shares of unvested restricted common stock     2   (2)            
    Repurchase and cancellation of 6,572,832 shares of common stock under share repurchase program     (65)  (278,932)           (278,997)
    Repurchase and cancellation of 112,974 of shares of common stock withheld for tax pursuant to restricted stock vesting     (1)  (5,398)           (5,399)
    Stock-based compensation expense        6,200            6,200 
    Forfeitures of 51,850 shares of unvested restricted common stock     (1)  1             
    Balances – June 30, 2022 $338,980  $1,190  $1,817,650  $2,563,130  $(114,168) $3,120  $4,609,902 


     
    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 income           (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
    Summary of Non-Interest Expense
    Unaudited
     
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
     
      2022  2021  2022  2021 
      (Dollars in thousands) 
    Salaries and employee benefits $54,412  $52,119  $109,060  $105,764 
    Net occupancy and equipment  17,014   16,168   34,230   32,636 
    Other operating expenses:                
    Professional and outside services  8,461   7,724   15,543   14,050 
    Software and data processing  6,223   6,006   12,144   11,798 
    Travel and meals  2,186   1,419   3,944   2,194 
    Deposit insurance and assessments  2,100   2,885   4,250   6,405 
    Telecommunication services  1,921   2,165   3,931   4,397 
    Postage and supplies  1,507   1,544   3,205   3,188 
    ATM expense  1,488   1,486   2,997   2,769 
    Advertising and public relations  1,103   593   2,362   902 
    Loan collection and repossession expense  353   540   678   1,050 
    Writedowns of foreclosed and other assets     123   258   1,486 
    Amortization of intangibles  1,516   1,602   3,033   3,332 
    Amortization of CRA and tax credit investments  4,628   3,227   9,730   7,352 
    Other  6,388   6,110   11,651   12,448 
    Total non-interest expense $109,300  $103,711  $217,016  $209,771 


     
    Bank OZK
    Summary of Total Loans Outstanding
    Unaudited
     
      June 30, 2022  December 31, 2021 
      (Dollars in thousands) 
                     
    Real estate:                
    Residential 1-4 family $975,794   5.2% $887,024   4.8%
    Non-farm/non-residential  4,201,587   22.4   3,782,892   20.7 
    Construction/land development  7,810,223   41.7   8,246,674   45.0 
    Agricultural  238,610   1.3   247,727   1.4 
    Multifamily residential  1,123,955   6.0   934,845   5.1 
                     
                     
                     
    Total real estate  14,350,169   76.6   14,099,162   77.0 
    Commercial and industrial  696,105   3.7   510,784   2.8 
    Consumer  2,332,202   12.4   2,185,429   11.9 
    Other  1,364,242   7.3   1,512,450   8.3 
                     
                     
                     
    Total loans  18,742,718   100.0%  18,307,825   100.0%
    Allowance for loan losses  (190,795)      (217,380)    
                     
                     
                     
    Net loans $18,551,923      $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 June 30, 2022:            
    Balances – March 31, 2022 $204,213  $89,327  $293,540 
    Net charge-offs  (627)     (627)
    Provision for credit losses  (12,791)  19,816   7,025 
    Balances – June 30, 2022 $190,795  $109,143  $299,938 
                 
    Six months ended June 30, 2022:            
    Balances – December 31, 2021 $217,380  $71,609  $288,989 
    Net charge-offs  (266)     (266)
    Provision for credit losses  (26,319)  37,534   11,215 
    Balances – June 30, 2022 $190,795  $109,143  $299,938 
                 
    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 


     
    Bank OZK
    Summary of Deposits – By Account Type
    Unaudited
                     
      June 30, 2022  December 31, 2021 
      (Dollars in thousands) 
    Non-interest bearing $5,117,961   25.6% $4,983,788   24.7%
    Interest bearing:                
    Transaction (NOW)  3,393,659   17.0   3,412,369   16.9 
    Savings and money market  6,261,777   31.3   5,833,358   28.9 
    Time deposits  5,210,790   26.1   5,979,619   29.5 
    Total deposits $19,984,187   100.0% $20,209,134   100.0%


        
    Summary of Deposits – By Customer Type
    Unaudited
        
      June 30, 2022  December 31, 2021 
      (Dollars in thousands) 
    Non-Interest Bearing $5,117,961   25.6% $4,983,788   24.7%
    Interest Bearing:                
    Consumer and Commercial:                
    Consumer – Non-Time  4,462,108   22.3   4,334,378   21.4 
    Consumer – Time  3,939,342   19.7   4,318,742   21.4 
    Commercial – Non-Time  2,788,061   14.0   2,634,817   13.0 
    Commercial – Time  641,777   3.2   905,347   4.5 
    Public Funds  1,828,026   9.1   2,094,800   10.4 
    Brokered  814,633   4.1   452,137   2.2 
    Reciprocal  392,279   2.0   485,125   2.4 
    Total deposits $19,984,187   100.0% $20,209,134   100.0%


     
    Bank OZK
    Selected Consolidated Financial Data
    Unaudited
     
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
     
      2022  2021  %
    Change
      2022  2021  %
    Change
     
      (Dollars in thousands, except per share amounts) 
    Income statement data:                        
    Net interest income $265,793  $240,746   10.4% $515,137  $475,381   8.4%
    Provision for credit losses  7,025   (30,932) NM   11,215   (62,491) NM 
    Non-interest income  26,320   27,742   (5.1)  57,796   59,859   (3.4)
    Non-interest expense  109,300   103,711   5.4   217,016   209,771   3.5 
    Net income  136,413   150,548   (9.4)  268,916   298,982   (10.1)
    Preferred stock dividends  4,047     NM   8,527     NM 
    Net income available to common stockholders  132,358   150,535   (12.1)  260,386   298,950   (12.9)
    Pre-tax pre-provision net revenue (1)  182,813   164,777   10.9   355,917   325,469   9.4 
    Common share and per common share data:                        
    Diluted earnings per common share $1.10  $1.16   (5.2)% $2.12  $2.30   (7.8)%
    Basic earnings per common share  1.10   1.16   (5.2)  2.13   2.31   (7.8)
    Common stock dividends per share  0.31   0.28   10.7   0.61   0.5575   9.4 
    Book value per share  35.87   34.70   3.4   35.87   34.70   3.4 
    Tangible book value per common share (1)  30.27   29.52   2.5   30.27   29.52   2.5 
    Weighted-average diluted shares outstanding (thousands)  120,827   130,255   (7.2)  122,905   130,109   (5.5)
    End of period shares outstanding (thousands)  118,996   129,720   (8.3)  118,996   129,720   (8.3)
    Balance sheet data at period end:                        
    Total assets $25,919,965  $26,605,938   (2.6)% $25,919,965  $26,605,938   (2.6)%
    Total loans  18,742,718   18,271,670   2.6   18,742,718   18,271,670   2.6 
    Non-purchased loans  18,297,638   17,611,848   3.9   18,297,638   17,611,848   3.9 
    Purchased loans  445,080   659,822   (32.5)  445,080   659,822   (32.5)
    Allowance for loan losses  190,795   248,753   (23.3)  190,795   248,753   (23.3)
    Foreclosed assets  2,593   7,542   (65.6)  2,593   7,542   (65.6)
    Investment securities − AFS  3,705,807   4,693,396   (21.0)  3,705,807   4,693,396   (21.0)
    Goodwill and other intangible assets, net  666,029   672,125   (0.9)  666,029   672,125   (0.9)
    Deposits  19,984,187   20,706,777   (3.5)  19,984,187   20,706,777   (3.5)
    Other borrowings  505,221   758,677   (33.4)  505,221   758,677   (33.4)
    Subordinated notes  346,536   224,236   54.5   346,536   224,236   54.5 
    Subordinated debentures  121,310   120,752   0.5   121,310   120,752   0.5 
    Unfunded balance of closed loans  17,369,767   11,709,818   48.3   17,369,767   11,709,818   48.3 
    Reserve for losses on unfunded loan commitments  109,143   58,811   85.6   109,143   58,811   85.6 
    Preferred stock  338,980     NM   338,980     NM 
    Total common stockholders’ equity (1)  4,267,802   4,501,676   (5.2)  4,267,802   4,501,676   (5.2)
    Net unrealized (losses) gains on investment securities AFS included in stockholders’ equity  (114,168)  50,127  NM   (114,168)  50,127  NM 
    Loan (including purchased loans) to deposit ratio  93.79%  88.24%  5.6   93.79%  88.24%  5.6 
    Selected ratios:                        
    Return on average assets (2)  2.02%  2.24%      2.00%  2.23%    
    Return on average common stockholders’ equity (1) (2)  12.40   13.65       12.03   13.81     
    Return on average tangible common stockholders’ equity (1) (2)  14.69   16.10       14.20   16.33     
    Average common equity to total average assets  16.32   16.42       16.60   16.17     
    Net interest margin – FTE (2)  4.52   3.95       4.38   3.91     
    Efficiency ratio  37.25   38.43       37.73   39.00     
    Net charge-offs to average non-purchased loans (2) (3)  0.03   0.09       0.05   0.08     
    Net charge-offs to average total loans (2)  0.01   0.08       0.00   0.08     
    Nonperforming loans to total loans (4)  0.16   0.22       0.16   0.22     
    Nonperforming assets to total assets (4)  0.12   0.18       0.12   0.18     
    Allowance for loan losses to total loans (5)  1.02   1.36       1.02   1.36     
    Other information:                        
    Non-accrual loans (4) $28,171  $38,195      $28,171  $38,195     
    Accruing loans − 90 days past due (4)                    
    Troubled and restructured non-purchased loans − accruing (4)  1,033   1,365       1,033   1,365     


     (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 meaningful


     
    Selected Consolidated Financial Data (continued)
    Unaudited
     
      Three Months Ended 
      June 30, 2022  March 31, 2022  % Change 
     (Dollars in thousands, except per share amounts) 
    Income statement data:            
    Net interest income $265,793  $249,343   6.6%
    Provision for credit losses  7,025   4,190   67.7 
    Non-interest income  26,320   31,475   (16.4)
    Non-interest expense  109,300   107,715   1.5 
    Net income  136,413   132,503   3.0 
    Preferred stock dividends  4,047   4,480   (9.7)
    Net income available to common stockholders  132,358   128,028   3.4 
    Pre-tax pre-provision net revenue (1)  182,813   173,103   5.6 
    Common share and per common share data:            
    Diluted earnings per common share $1.10  $1.02   7.8%
    Basic earnings per common share  1.10   1.03   6.8 
    Common stock dividends per share  0.31   0.300   3.3 
    Book value per share  35.87   35.47   1.1 
    Tangible book value per common share (1)  30.27   30.03   0.8 
    Weighted-average diluted shares outstanding (thousands)  120,827   125,004   (3.3)
    End of period shares outstanding (thousands)  118,996   122,677   (3.0)
    Balance sheet data at period end:            
    Total assets $25,919,965  $26,562,353   (2.4)%
    Total loans  18,742,718   18,931,022   (1.0)
    Non-purchased loans  18,297,638   18,449,723   (0.8)
    Purchased loans  445,080   481,299   (7.5)
    Allowance for loan losses  190,795   204,213   (6.6)
    Foreclosed assets  2,593   3,417   (24.1)
    Investment securities − AFS  3,705,807   3,728,284   (0.6)
    Goodwill and other intangible assets, net  666,029   667,546   (0.2)
    Deposits  19,984,187   20,329,662   (1.7)
    Other borrowings  505,221   756,347   (33.2)
    Subordinated notes  346,536   346,333   0.1 
    Subordinated debentures  121,310   121,171   0.1 
    Unfunded balance of closed loans  17,369,767   14,954,367   16.2 
    Reserve for losses on unfunded loan commitments  109,143   89,327   22.2 
    Preferred stock  338,980   338,980    
    Total common stockholders’ equity (1)  4,267,802   4,351,077   (1.9)
    Net unrealized gains on investment securities AFS included in stockholders’ equity  (114,168)  (80,928)  (41.1)
    Loan (including purchased loans) to deposit ratio  93.79%  93.12%  0.7 
    Selected ratios:            
    Return on average assets (2)  2.02%  1.97%    
    Return on average common stockholders’ equity (1) (2)  12.40   11.67     
    Return on average tangible common stockholders’ equity (1) (2)  14.69   13.73     
    Average common equity to average assets  16.32   16.86     
    Net interest margin – FTE (2)  4.52   4.24     
    Efficiency ratio  37.25   38.22     
    Net charge-offs to average non-purchased loans (2) (3)  0.03   0.08     
    Net charge-offs to average total loans (2)  0.01   (0.01)    
    Nonperforming loans to total loans (4)  0.16   0.21     
    Nonperforming assets to total assets (4)  0.12   0.16     
    Allowance for loan losses to total loans (5)  1.02   1.08     
    Other information:            
    Non-accrual loans (4) $28,171  $37,363     
    Accruing loans − 90 days past due (4)          
    Troubled and restructured non-purchased loans − accruing (4)  1,033   1,263     


     (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
     
      9/30/20  12/31/20  3/31/21  6/30/21  9/30/21  12/31/21  03/31/22  06/30/22 
     (Dollars in thousands, except per share amounts) 
    Earnings Summary:                                
    Net interest income $224,657  $237,600  $234,636  $240,746  $247,957  $266,381  $249,343  $265,793 
    Federal tax (FTE) adjustment  1,605   1,533   1,275   1,355   1,106   1,009   1,017   1,300 
    Net interest income (FTE)  226,262   239,133   235,911   242,101   249,063   267,390   250,360   267,093 
    Provision for credit losses  (7,200)  (6,750)  31,559   30,932   7,454   7,992   (4,190)  (7,025)
    Non-interest income  26,676   28,661   32,117   27,742   25,984   29,695   31,475   26,320 
    Non-interest expense  (105,641)  (103,394)  (106,059)  (103,711)  (110,397)  (110,106)  (107,715)  (109,300)
    Pretax income (FTE)  140,097   157,650   193,528   197,064   172,104   194,971   169,930   177,088 
    FTE adjustment  (1,605)  (1,533)  (1,275)  (1,355)  (1,106)  (1,009)  (1,017)  (1,300)
    Provision for income taxes  (29,251)  (35,607)  (43,818)  (45,161)  (40,713)  (44,197)  (36,410)  (39,375)
    Noncontrolling interest  12   3   (19)  (13)  5   (5)  5   (8)
    Preferred stock dividend                    (4,480)  (4,047)
    Net income available to common stockholders $109,253  $120,513  $148,416  $150,535  $130,290  $149,760  $128,028  $132,358 
    Earnings per common share – diluted $0.84  $0.93  $1.14  $1.16  $1.00  $1.17  $1.02  $1.10 
    PPNR $145,692  $162,867  $160,694  $164,777  $163,544  $185,970  $173,103  $182,813 
    Non-interest Income:                                
    Service charges on deposit accounts:                                
    NSF/Overdraft fees $3,494  $4,024  $3,323  $3,244  $4,080  $4,315  $4,201  $4,247 
    All other service charges  5,933   5,959   6,342   7,067   7,097   7,149   6,690   7,184 
    Trust income  1,936   1,909   2,206   1,911   2,247   2,141   2,094   1,911 
    BOLI income:                                
    Increase in cash surrender value  5,081   5,034   4,881   4,919   4,940   4,901   4,793   4,846 
    Death benefits        1,409         618   297    
    Loan service, maintenance and other fees  3,351   3,797   3,551   3,953   3,307   3,148   3,018   3,603 
    Gains on sales of other assets  891   5,189   5,828   2,341   463   1,330   6,992   784 
    Net gains (losses) on investment securities  2,244               504   (90)  531 
    Other  3,746   2,749   4,577   4,307   3,850   5,589   3,480   3,214 
    Total non-interest income $26,676  $28,661  $32,117  $27,742  $25,984  $29,695  $31,475  $26,320 
    Non-interest Expense:                                
    Salaries and employee benefits $53,119  $53,832  $53,645  $52,119  $53,769  $55,034  $54,648  $54,412 
    Net occupancy and equipment  16,676   15,617   16,468   16,168   17,161   17,004   17,215   17,014 
    Other operating expenses  35,846   33,945   35,946   35,424   39,467   38,068   35,852   37,874 
    Total non-interest expense $105,641  $103,394  $106,059  $103,711  $110,397  $110,106  $107,715  $109,300 
    Balance Sheet Data:                                
    Total assets $26,888,308  $27,162,596  $27,276,892  $26,605,938  $26,143,367  $26,530,430  $26,562,353  $25,919,965 
    Non-purchased loans  18,419,958   18,401,495   17,979,435   17,611,848   17,707,452   17,791,610   18,449,723   18,297,638 
    Purchased loans  938,485   807,673   735,630   659,822   597,851   516,215   481,299   445,080 
    Investment securities – AFS  3,468,243   3,405,351   4,162,479   4,693,396   3,846,496   3,916,733   3,728,284   3,705,807 
    Deposits  21,287,405   21,450,356   21,296,442   20,706,777   20,102,440   20,209,134   20,329,662   19,984,187 
    Unfunded balance of closed loans  11,604,614   11,847,117   11,780,099   11,709,818   12,385,369   13,619,578   14,954,367   17,369,767 
    Preferred stock                 338,980   338,980   338,980 
    Total stockholders' equity before noncontrolling interest  4,186,285   4,272,271   4,383,205   4,501,676   4,553,240   4,836,243   4,690,057   4,606,782 


     
    Bank OZK
    Supplemental Quarterly Financial Data (Continued)
    Unaudited
     
      9/30/20  12/31/20  3/31/21  6/30/21  9/30/21  12/31/21  03/31/22  06/30/22 
     (Dollars in thousands) 
    Allowance for Credit Losses:                                
    Balance at beginning of period $374,494  $377,273  $377,305  $342,307  $307,564  $298,798  $288,989  $293,540 
    Net charge-offs  (4,421)  (6,718)  (3,439)  (3,811)  (1,312)  (1,817)  361   (627)
    Provision for credit losses  7,200   6,750   (31,559)  (30,932)  (7,454)  (7,992)  4,190   7,025 
    Balance at end of period $377,273  $377,305  $342,307  $307,564  $298,798  $288,989  $293,540  $299,938 
    Allowance for loan losses $308,847  $295,824  $268,077  $248,753  $237,722  $217,380  $204,213  $190,795 
    Reserve for losses on unfunded loan commitments  68,426   81,481   74,230   58,811   61,076   71,609   89,327   109,143 
    Total allowance for credit losses $377,273  $377,305  $342,307  $307,564  $298,798  $288,989  $293,540  $299,938 
    Selected Ratios:                                
    Net interest margin – FTE (1)  3.69%  3.88%  3.86%  3.95%  4.16%  4.41%  4.24%  4.52%
    Efficiency ratio  41.77   38.61   39.57   38.43   40.14   37.06   38.22   37.25 
    Net charge-offs to average non-purchased loans (1) (2)  0.09   0.14   0.08   0.09   0.04   0.05   0.08   0.03 
    Net charge-offs to average total loans (1)  0.09   0.14   0.07   0.08   0.03   0.04   (0.01)  0.01 
    Nonperforming loans to total loans (3)  0.15   0.25   0.25   0.22   0.20   0.19   0.21   0.16 
    Nonperforming assets to total assets (3)  0.17   0.21   0.19   0.18   0.17   0.15   0.16   0.12 
    Allowance for loan losses to total loans (4)  1.60   1.54   1.43   1.36   1.30   1.19   1.08   1.02 
    Loans past due 30 days or more, including past due non-accrual loans, to total loans (3)  0.13   0.16   0.13   0.10   0.13   0.15   0.14   0.11 


     (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 June 30,  Six Months Ended June 30, 
      2022  2021  2022  2021 
      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                                                
    Interest earning assets:                                                
    Interest earning deposits and federal funds sold $1,019,374  $1,856   0.73% $1,886,166  $496   0.11% $1,188,502  $2,465   0.42% $2,048,521  $1,033   0.10%
    Investment securities:                                                
    Taxable  3,060,097   10,367   1.36   3,508,655   9,467   1.08   3,218,475   20,978   1.31   2,968,393   17,550   1.19 
    Tax-exempt – FTE  637,235   5,088   3.20   963,522   4,915   2.05   604,295   8,868   2.96   1,065,110   9,574   1.81 
    Non-purchased loans – FTE  18,535,726   256,495   5.55   17,544,405   238,877   5.46   18,346,228   496,714   5.46   17,864,558   479,001   5.41 
    Purchased loans  464,655   8,982   7.75   697,136   11,699   6.73   481,941   17,152   7.18   736,399   23,635   6.47 
    Total earning assets – FTE  23,717,087   282,788   4.78   24,599,884   265,454   4.33   23,839,441   546,177   4.62   24,682,981   530,793   4.34 
    Non-interest earning assets  2,507,837           2,345,169           2,453,085           2,312,504         
    Total assets $26,224,924          $26,945,053          $26,292,526          $26,995,485         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                                
    Interest bearing liabilities:                                                
    Deposits:                                                
    Savings and interest bearing transaction $9,697,128  $5,379   0.22% $8,735,178  $3,338   0.15% $9,610,145  $8,162   0.17% $8,537,681  $6,954   0.16%
    Time deposits  5,404,880   5,476   0.41   8,000,214   14,893   0.75   5,581,955   11,185   0.40   8,495,453   35,628   0.85 
    Total interest bearing deposits  15,102,008   10,855   0.29   16,735,392   18,231   0.44   15,192,100   19,347   0.26   17,033,134   42,582   0.50 
    Other borrowings  670,599   1,042   0.62   757,435   1,002   0.53   713,121   2,040   0.58   756,813   1,992   0.53 
    Subordinated notes  346,426   2,603   3.01   224,188   3,181   5.69   346,327   5,177   3.01   224,140   6,326   5.69 
    Subordinated debentures  121,234   1,195   3.95   120,680   939   3.12   121,166   2,159   3.59   120,610   1,881   3.14 
    Total interest bearing liabilities  16,240,267   15,695   0.39   17,837,695   23,353  0.53   16,372,714   28,723   0.35   18,134,697   52,781  0.59 
    Non-interest bearing liabilities:                                                
    Non-interest bearing deposits  4,970,380           4,366,380           4,872,646           4,170,685         
    Other non-interest bearing liabilities  392,126           314,768           340,854           321,546         
    Total liabilities  21,602,773           22,518,843           21,586,214           22,626,928         
                                                     
    Total stockholders’ equity before noncontrolling interest  4,619,033           4,423,093           4,703,196           4,365,454         
    Noncontrolling interest  3,118           3,117           3,116           3,103         
    Total liabilities and stockholders’ equity $26,224,924          $26,945,053          $26,292,526          $26,995,485         
    Net interest income – FTE     $267,093          $242,101          $517,454          $478,012     
    Net interest margin – FTE          4.52%          3.95%          4.38%          3.91%
    Core spread (1)          5.26%          5.02%          5.20%          4.91%

    (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  Six Months Ended 
     June 30,
    2022
      June 30,
    2021
      March 31,
    2022
      June 30,
    2022
      June 30,
    2021
     
     (Dollars in thousands) 
    Net income available to common stockholders$132,358  $150,535  $128,028  $260,386  $298,950 
    Average stockholders’ equity before noncontrolling interest$4,619,033  $4,423,093  $4,788,294  $4,703,196  $4,365,454 
    Less average preferred stock (338,980)     (338,980)  (338,980)   
    Total average common stockholders’ equity 4,280,053   4,423,093   4,449,314   4,364,216   4,365,454 
    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 (6,084)  (12,175)  (7,572)  (6,824)  (12,997)
    Total average intangibles (666,873)  (672,964)  (668,361)  (667,613)  (673,786)
    Average tangible common stockholders’ equity$3,613,180  $3,750,129  $3,780,953  $3,696,603  $3,691,668 
    Return on average common stockholders’ equity (1) 12.40%  13.65%  11.67%  12.03%  13.81%
    Return on average tangible common stockholders’ equity (1) 14.69%  16.10%  13.73%  14.20%  16.33%

    (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
     
      June 30,  March 31, 
      2022  2021  2022 
      (In thousands, except per share amounts) 
    Total stockholders’ equity before noncontrolling interest $4,606,782  $4,501,676  $4,690,057 
    Less preferred stock  (338,980)     (338,980)
    Total common stockholders' equity  4,267,802   4,501,676   4,351,077 
    Less intangible assets:            
    Goodwill  (660,789)  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (5,240)  (11,336)  (6,757)
    Total intangibles  (666,029)  (672,125)  (667,546)
    Total tangible common stockholders’ equity $3,601,773  $3,829,551  $3,683,531 
    Shares of common stock outstanding  118,996   129,720   122,677 
    Book value per common share $35.87  $34.70  $35.47 
    Tangible book value per common share $30.27  $29.52  $30.03 


     
    Calculation of Total Common Stockholders’ Equity,
    Total Tangible Common Stockholders’ Equity
    and the Ratio of Total Tangible Common Stockholders’ Equity
    to Total Tangible Assets
    Unaudited
     
      June 30, 
      2022  2021 
      (Dollars in thousands) 
    Total stockholders’ equity before noncontrolling interest $4,606,782  $4,501,676 
    Less preferred stock  (338,980)   
    Total common stockholders’ equity  4,267,802   4,501,676 
    Less intangible assets:        
    Goodwill  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (5,240)  (11,336)
    Total intangibles  (666,029)  (672,125)
    Total tangible common stockholders’ equity $3,601,773  $3,829,551 
    Total assets $25,919,965  $26,605,938 
    Less intangible assets:        
    Goodwill  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (5,240)  (11,336)
    Total intangibles  (666,029)  (672,125)
    Total tangible assets $25,253,936  $25,933,813 
    Ratio of total common stockholders’ equity to total assets  16.47%  16.92%
    Ratio of total tangible common stockholders’ equity to total tangible assets  14.26%  14.77%


     
    Calculation of Pre-Tax Pre-Provision Net Revenue
    Unaudited
     
      Three Months Ended  Six Months Ended 
      June 30, 2022  June 30, 2021  March 31, 2022  June 30, 2022  June 30, 2021 
      (Dollars in thousands) 
    Income before taxes $175,788  $195,709  $168,913  $344,702  $387,960 
    Provision for credit losses  7,025   (30,932)  4,190   11,215   (62,491)
    Pre-tax pre-provision net revenue $182,813  $164,777  $173,103  $355,917  $325,469 


    Investor Contact: Jay Staley (501) 906-7842
    Media Contact: Michelle Rossow (501) 906-3922



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