Bank OZK posts record Q4, full-year profits
by January 18, 2024 6:55 pm 717 views
The new Bank OZK headquarters in west Little Rock.
Bank OZK announced Thursday (Jan. 18) record fourth quarter and full-year net income in 2023 and said it was intent on breaking that record in 2024.
The Little Rock-based financial institution posted fourth quarter net income of $171.1 million, a 7.7% increase from $158.8 million for the fourth quarter of 2022. Diluted earnings per share for the fourth quarter of 2023 were a record $1.50, an 11.9% increase from $1.34 for the fourth quarter of 2022.
For the full year of 2023, net income available grew to $674.6 million, a 23.2% increase from $547.5 million for the full year of 2022. Diluted earnings per share for the full year of 2023 were $5.87, a 29.3% increase from $4.54 for the full year of 2022.
The results for the fourth quarter and full year include the impact of a $9.9 million FDIC special assessment recorded during the fourth quarter of 2023. The FDIC levied the assessment on all banks in an effort to shore up losses from failed out-of-state banks earlier in the year.
“We are pleased to have reported record net income and record diluted earnings per share in each quarter of 2023, resulting in net income available to common stockholders for the year of $674.6 million and diluted earnings per common share of $5.87,” said George Gleason, Chairman and Chief Executive Officer.
“Our goal for 2024 is to continue to improve our record annual net income and diluted earnings per common share achieved in 2023, and we believe that is a reasonable goal, notwithstanding what appears likely to remain a challenging macroeconomic environment. We feel that we are well positioned for the coming year, and we look forward to capitalizing on new opportunities,” Gleason added.
Other financial highlights for Bank OZK included:
- Total loans were $26.46 billion at December 31, 2023, a 27.3% increase from $20.78 billion at December 31, 2022.
- Deposits were $27.41 billion at December 31, 2023, a 27.5% increase from $21.50 billion at December 31, 2022.
- Total assets were $34.24 billion at December 31, 2023, a 23.8% increase from $27.66 billion at December 31, 2022.
Bank OZK shares (NASDAQ: OZK) closed Thursday at $45.82. The bank’s stock has traded in a 52-week range of $30.72 to $52.36.