Bank OZK reports record Q2 earnings
by July 20, 2023 3:39 pm 886 views
The new Bank OZK headquarters in west Little Rock.
Bank OZK announced Thursday (July 20) that net income for the second quarter of 2023 was a record $167.9 million, a 26.9% increase from $132.4 million for the second quarter of 2022.
Diluted earnings per common share for the second quarter of 2023 were a record $1.47, a 33.6% increase from $1.10 for the second quarter of 2022.
For the six months ended June 30, 2023, net income available to common stockholders was $333.8 million, a 28.2% increase from $260.4 million for the first six months of 2022. Diluted earnings per common share for the first six months of 2023 were $2.88, a 35.8% increase from $2.12 for the first six months of 2022.
“We are pleased to report our record results for the quarter just ended, which continued our long tradition of industry-leading performance. Our strong earnings and capital have us well-positioned to grow and capitalize on opportunities resulting from the current macroeconomic and industry environment,” said Bank OZK Chairman and CEO George Gleason.
Net revenue topped $259.5 million during the quarter, a 41.9% increase from $182.8 million for the second quarter of 2022.
Provision for credit losses was $41.8 million for the second quarter and $77.6 million for the first six months of 2023 compared to $7 million for the second quarter of 2022 and $11.2 million for the first six months of 2022. The bank’s total allowance for credit losses was $426.8 million at June 30, 2023 compared to $299.9 million at June 30, 2022.
Other key financial highlights for the end of the quarter included:
- Total loans were $23.61 billion at June 30, 2023, a 26% increase from $18.74 billion at June 30, 2022;
- Deposits were $23.98 billion at June 30, 2023, a 20% increase from $19.98 billion at June 30, 2022; and
- Total assets were $30.76 billion at June 30, 2023, an 18.7% increase from $25.92 billion at June 30, 2022.
Bank OZK shares (NASDAQ: OZK) closed trading Thursday at $44.53. The bank’s stock has traded between $30.72 per share and $49.52 per share over the past year.