2024 net income up almost 4% at Bank OZK

Full-year net income at Little Rock-based Bank OZK was $700.269 million, a record for the bank company and up 3.8% compared with 2023 net income. Per share earnings in 2024 was $6.14, which beat the consensus estimate of $6.03.

The bank also reported Thursday (Jan. 16) that full year revenue was $1.658 billion, better than the $1.562 billion in 2023, but just below the consensus estimate of $1.66 billion.

Fourth quarter net income totaled $178.135 million, a record for the quarter and above the $171.079 million in the same quarter of 2023. Quarterly earnings per share of $1.56 beat the consensus estimate of $1.44.

Revenue in the quarter was $412.34 million, up from the $407.575 million in the same quarter of 2023, and better than the consensus estimate of $407.19 million.

“We are very pleased to have achieved record net income and earnings per share in each quarter of 2024 and for the full year,” bank Chairman and CEO George Gleason said in the report. “Our results for the quarter just ended were our ninth consecutive quarter of record net income and record earnings per share. Our consistent achievement of record earnings, while maintaining sound asset quality, has allowed us to accumulate capital, increase dividends and significantly expand and grow our business.”

The bank posted a slight increase in the annualized ratio of net charge-offs of loans to average loans. The ratio was 0.2% for the end of 2024, up from 0.13% from the end of 2023. However, the bank says it has historically held a lower ratio than the national average.

“We have built our portfolio with the goal that it will perform well in adverse conditions, and that discipline has been evident in our recent results through the pandemic, the Fed’s increasing interest rates, higher rates of inflation, and numerous other sources of macroeconomic, political and geo-political turbulence,” the bank noted.

Following are other financial items from the quarterly report.
• Total assets as of Dec. 31 reached $38.258 billion, up from the $34.237 billion at the same period in 2023.

• Total loans as of Dec. 31 were $29.968 billion, up from the $26.119 billion at the same period in 2023.

• Total deposits as of Dec. 31 were $31.043 billion, up from the $27.405 billion at the same period in 2023.

• The full year return on assets as of Dec. 31 was 1.91%, down from 2.2% at the same period in 2023.

Established in 1903, Bank OZK has banking operations and more than 240 offices in Arkansas, California, Florida, Georgia, Mississippi, New York, North Carolina, Tennessee, and Texas.

Bank OZK shares (NASDAQ: OZK) closed Thursday at $45.34, down 12 cents. The earnings report was posted after the markets closed. The share price has in the past 52 weeks ranged between $51.50 and $37.43.