Bank OZK quarterly income up more than 32%
by October 19, 2023 3:43 pm 584 views
Little Rock-based Bank OZK posted a third-quarter net income of $169.7 million, up 32.3% compared with $128.3 million in the same quarter of 2022. Per share earnings of $1.49 topped the consensus estimate of $1.42.
“We have been well positioned for rising interest rates and the turbulent environment of the last six quarters, and our preparation has been reflected in our record results. We believe we are well positioned for the coming quarters, and we look forward to capitalizing on new opportunities.” bank Chairman and CEO George Gleason noted in the report posted Thursday (Oct. 19) after the markets closed.
Net income for the first nine months of 2023 was $503.5 million, up 29.5% compared with the same period in 2022.
The company reported that “pre-tax pre-provision net revenue” was $26d million for the third quarter of 2023, up 26.9% from $208.1 million for the third quarter of 2022. For the first nine months of 2023, the pre-tax pre-provision net revenue was $769.9 million, up 36.5% increase from $564 million for the first nine months of 2022.
Combined interest income and non-interest income in the third quarter was $591.24 million, up from $352.45 million in the same period of 2022. Combined interest income and non-interest income in the first nine months of 2023 was $1.608 billion, up from $954.105 million in the same period of 2022.
Following are other details from the third quarter report.
• Total assets as of Sept. 30 was $32.767 billion, up from $27.656 billion at the same time in 2022.
• Total deposits as of Sept. 30 was $25.552 billion, up from $20.4 billion at the same time in 2022.
• Total loans as of Sept. 30 was $25.33 billion, up from $19.51 billion at the same time in 2022.
•Return on assets, a closely watched metric in the banking sector, as of Sept. 30 was 2.26%, up from 1.99% at the same time in 2022.
Established in 1903, Bank OZK has banking operations and more than 240 offices in Arkansas, California, Florida, Georgia, Mississippi, New York, North Carolina and Texas.
Bank OZK shares (NASDAQ: OZK) closed Thursday at $35.40, down 47 cents. During the past 52 weeks, the share price has ranged between $49.52 and $30.72.