Bank OZK income up 40% in the third quarter, year-to-date income up 7.6%
Third quarter net income for Little Rock-based Bank OZK was $103.9 million, up 40% from the same period of 2018. The per share earnings of 81 cents was just under the consensus estimate of 82 cents.
Revenue during the quarter was $245.226 million, just ahead of the $244.735 million in the same quarter of 2018, but below the consensus estimate of $249.6 million.
Net income for the first nine months of 2019 was $325.1 million, up 7.6% from the $302.1 million during the same period of 2018. Revenue during the first nine months was $746.325 million, up 0.41% compared with the $743.265 million in the same period of 2018.
“We are very pleased to have once again delivered financial metrics among the best in the industry for the quarter just ended,” George Gleason, chairman and CEO, said in the earnings report posted Thursday (Oct. 17). “We continue to maintain our focus on our strong credit culture and consistent discipline, which are paramount in this interest rate and competitive environment. Our excellent team of bankers have us well positioned for continued success as we remain focused on delivering long-term value for our shareholders.”
Total loans were $17.73 billion as of Sept. 30, 2019, up 6% from the same period in 2018. Deposits were $18.44 billion at Sept. 30, 2019, up 3.5% from $17.82 billion at Sept. 30, 2018. Total assets for the bank, which has completed more than 15 acquisitions over the past decade, were $23.4 billion at Sept. 30, 2019, up 6% from the same period in 2018.
Bank OZK operates through more than 250 offices in Alabama, Arkansas, California, Florida, Georgia, Mississippi, New York, North Carolina, South Carolina, and Texas.
Bank OZK shares (NASDAQ: OZK) closed Thursday at $28.36, up 6 cents. The earnings report was released after the markets closed. During the past 52 weeks the share price has ranged between $36.58 and $21.02.