Bank OZK net income up 4.4%, beats consensus estimate

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by Talk Business & Politics staff ([email protected]) ago 0 views 

Little Rock-based Bank OZK on Thursday (Oct. 17) posted third-quarter net income of $177.147 million, up 4.4% compared with the same period in 2023. Earnings per share of $1.55 was just above the consensus estimate of $1.54.

Revenue in the quarter was $423.003 million, better than the $392.988 million in the same quarter of 2023, but below the consensus estimate of $423.7 million.

“We are very pleased with our results for the quarter just ended giving us our eighth consecutive quarter of record net income and earnings per share and ninth consecutive quarter of record net interest income. This consistent achievement of record results has allowed us to consistently increase dividends, significantly grow capital and opportunistically repurchase shares, all while significantly increasing our allowance for credit losses,” George Gleason, board chair and CEO, said in the earnings report.

Net income in the first nine months of 2024 was $522.134 million, up 3.7% compared with the same period in 2023. Revenue in the first nine months for the bank was $1.245 billion, also ahead of the $1.154 billion in the same period of 2023.

“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 company noted in the earnings report.

Following are other financial items from the quarterly report.
• Total assets as of Sept. 30 reached $37.441 billion, up from the $32.767 billion at the same period in 2023.
• Total loans as of Sept. 30 were $29.22 billion, up from the $25.33 billion at the same period in 2023.
• Total deposits as of Sept. 30 were $30.572 billion, up from the $25.553 billion at the same period in 2023.
• The return on assets as of Sept. 30 was 1.9%, down from 2.13% 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 and Texas.

Bank OZK shares (NASDAQ: OZK) closed Thursday at $46.76, up $1.10. The share price has in the past 52 weeks ranged between $34.76 and $52.36.