Bank OZK quarterly income up 3.4%, credit loss provisions rise
by April 17, 2024 6:28 pm 347 views
Little Rock-based Bank OZK on Wednesday (April 17) reported broad financial gains in the first quarter, with net income of $171.5 million up 3.4% compared with the same period in 2023. The bank also reported increases for credit loss provisions.
The per share earnings of $1.51 was above the consensus estimate of $1.44.
Revenue – interest income and non-interest income – totaled $406.018 million in the first quarter, above the $372.661 million in the same quarter of 2023. The bank said its pre-tax pre-provision net revenue was a record $272.7 million in the quarter, up 10.7% compared with the $246.4 million in the same quarter of 2023.
“Our record net income and record diluted earnings per share in the quarter just ended are an excellent start to 2024. We feel that we are well positioned for the year, and we look forward to capitalizing on new opportunities,” George Gleason, Bank OZK chairman and CEO, said in a statement.
The first quarter gain follows a healthy 2023. For the full year of 2023, net income available grew to $674.6 million, up 23.2% from $547.5 million for the full year of 2022.
The company posted a credit loss charge of $42.9 million for the first quarter, above the $35.8 million for the first quarter of 2023. The bank’s total credit loss allowance was $536.9 million at the end of the first quarter, also more than the $393.8 million at the end of the same 2023 quarter.
Following are other financial items from the quarterly report.
• Total assets as of March 31 reached $36.029 billion, up from the $28.971 billion at the end of the first quarter in 2023.
• Total loans as of March 31 were $28.031 billion, up from the $22.062 billion at the end of the first quarter in 2023.
• Total deposits as of March 31 were $29.406 billion, up from the $22.282 billion at the end of the first quarter in 2023.
• The return on assets as of March 31 was 1.96%, down from 2.41% at the end of the first quarter 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 and Texas. Bank OZK shares (NASDAQ: OZK) closed Wednesday at $41.82, down 4 cents. The share price has in the past 52 weeks ranged between $30.72 and $52.36.