OZK Bank OZK

Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the second quarter of 2022 was $132.4 million, a 12.1% decrease from $150.5 million for the second quarter of 2021. Diluted earnings per common share for the second quarter of 2022 were $1.10, a 5.2% decrease from $1.16 for the second quarter of 2021.

For the six months ended June 30, 2022, net income available to common stockholders was $260.4 million, a 12.9% decrease from $299.0 million for the first six months of 2021. Diluted earnings per common share for the first six months of 2022 were $2.12, a 7.8% decrease from $2.30 for the first six months of 2021.

The Bank’s provision for credit losses was $7.0 million for the second quarter and $11.2 million for the first six months of 2022 compared to negative provision for credit losses of $30.9 million for the second quarter and $62.5 million for the first six months of 2021. The Bank’s total allowance for credit losses (“ACL”) was $299.9 million at June 30, 2022. The calculations of the Bank’s provision expense for the second quarter and first six months of 2022 and its total ACL at June 30, 2022 were based on a number of key estimates, assumptions and economic forecasts. The Bank’s provision expense for the second quarter and first six months of 2022 and its ACL at June 30, 2022 included certain qualitative adjustments to capture items that management believed were not fully reflected in its modeled results.

Pre-tax pre-provision net revenue (“PPNR”) was $182.8 million for the second quarter of 2022, a 10.9% increase from $164.8 million for the second quarter of 2021. For the six months ended June 30, 2022, PPNR was $355.9 million, a 9.4% increase from $325.5 million for the first six months of 2021. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the second quarter of 2022 were 2.02%, 12.40% and 14.69%, respectively, compared to 2.24%, 13.65% and 16.10%, respectively, for the second quarter of 2021. The Bank’s annualized returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the first six months of 2022 were 2.00%, 12.03%, and 14.20%, respectively, compared to 2.23%, 13.81%, and 16.33%, respectively, for the first six months of 2021. The calculation of the Bank’s returns on average common stockholders’ equity and average tangible common stockholders’ equity and the reconciliations to GAAP are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer, stated, “We are pleased to report our excellent results for the second quarter of 2022. Our results were highlighted by our third consecutive quarter of record RESG loan originations and solid contributions from Community Banking and other lending teams, reflecting the importance of organic growth and increased portfolio diversification in our long-term strategy. Our strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the future.”

KEY BALANCE SHEET METRICS

Total loans were $18.74 billion at June 30, 2022, a 2.6% increase from $18.27 billion at June 30, 2021. Non-purchased loans were $18.30 billion at June 30, 2022, a 3.9% increase from $17.61 billion at June 30, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.45 billion at June 30, 2022, a 32.5% decrease from $0.66 billion at June 30, 2021.

Deposits were $19.98 billion at June 30, 2022, a 3.5% decrease from $20.71 billion at June 30, 2021. Total assets were $25.92 billion at June 30, 2022, a 2.6% decrease from $26.61 billion at June 30, 2021.

Common stockholders’ equity was $4.27 billion at June 30, 2022, a 5.2% decrease from $4.50 billion at June 30, 2021. Tangible common stockholders’ equity was $3.60 billion at June 30, 2022, a 5.9% decrease from $3.83 billion at June 30, 2021. Book value per common share was $35.87 at June 30, 2022, a 3.4% increase from $34.70 at June 30, 2021. Tangible book value per common share was $30.27 at June 30, 2022, a 2.5% increase from $29.52 at June 30, 2021. The calculations of the Bank’s common stockholders’ equity, tangible common stockholders’ equity and tangible book value per common share and the reconciliations to GAAP are included in the schedules accompanying this release.

The Bank’s ratio of total common stockholders’ equity to total assets was 16.47% at June 30, 2022, compared to 16.92% at June 30, 2021. Its ratio of total tangible common stockholders’ equity to total tangible assets was 14.26% at June 30, 2022, compared to 14.77% at June 30, 2021. The calculation of the Bank’s ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliation to GAAP are included in the schedules accompanying this release.

STOCK REPURCHASES

During the quarter just ended, the Bank repurchased approximately 3.7 million shares of its common stock at a weighted average price of $39.93, for a total of $147.4 million. During the first six months of 2022, the Bank repurchased approximately 6.6 million shares of its common stock at a weighted average price of $42.42, for a total of $279.0 million. In evaluating its plans for future stock repurchases, the Bank considers a variety of factors including its capital position, alternative uses of capital, liquidity, financial performance, stock price, regulatory requirements and other factors. The Bank may suspend its stock repurchase program at any time.

MANAGEMENT’S COMMENTS, CONFERENCE CALL, TRANSCRIPT AND FILINGS

In connection with this release, the Bank released management’s comments on its quarterly results, which are available at http://ir.ozk.com. This release should be read in conjunction with management’s comments on the quarterly results.

Management will conduct a conference call to take questions on these quarterly results and management’s comments at 10:00 a.m. CT (11:00 a.m. ET) on July 22, 2022. Interested parties may access the conference call live via webcast on the Bank’s investor relations website at https://ir.ozk.com/news/event-calendar, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank's website for at least 30 days.

The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website at https://efr.fdic.gov/fcxweb/efr/index.html and are also available on the Bank’s investor relations website at ir.ozk.com. To receive automated email alerts for these materials please visit https://ir.ozk.com/other/email-alerts to sign up.

NON-GAAP FINANCIAL MEASURES This release contains certain non-GAAP financial measures. The Bank uses these non-GAAP financial measures, specifically return on average common stockholders’ equity, average tangible common stockholders’ equity, tangible book value per common share, total common stockholders’ equity, total tangible common stockholders’ equity, the ratio of total tangible common stockholders’ equity to total tangible assets, and PPNR, to assess the strength of its capital, its ability to generate earnings on tangible capital invested by its shareholders and trends in its net revenue. These measures typically adjust GAAP financial measures to exclude intangible assets or provision for credit losses. Management believes presentation of these non-GAAP financial measures provides useful supplemental information which contributes to a proper understanding of the financial results and capital levels of the Bank. These non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP performance measures that may be presented by other banks. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”

FORWARD-LOOKING STATEMENTS

This presentation and other communications by the Bank include certain “forward-looking statements” regarding the Bank’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time. Those statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: potential delays or other problems in implementing the Bank’s growth, expansion and acquisition strategies, including delays in identifying satisfactory sites, hiring or retaining qualified personnel, obtaining regulatory or other approvals, obtaining permits and designing, constructing and opening new offices or relocating, selling or closing existing offices; the ability to enter into and/or close additional acquisitions; the availability of and access to capital; possible downgrades in the Bank’s credit ratings or outlook which could increase the costs of or decrease the availability of funding from capital markets; the ability to attract new or retain existing or acquired deposits or to retain or grow loans, including growth from unfunded closed loans; the ability to generate future revenue growth or to control future growth in non-interest expense; interest rate fluctuations, including changes in the yield curve between short-term and long-term interest rates or changes in the relative relationships of various interest rate indices; the potential impact of the transition from the London Interbank Offered Rate (“LIBOR”) as a reference rate; competitive factors and pricing pressures, including their effect on the Bank’s net interest margin or core spread; general economic, unemployment, credit market and real estate market conditions, and the effect of such conditions on the creditworthiness of borrowers, collateral values, the value of investment securities and asset recovery values; changes in legal, financial and/or regulatory requirements; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new and/or existing legislation and regulatory actions, including those actions in response to the coronavirus (“COVID-19”) pandemic such as the Coronavirus Aid, Relief and Economic Security Act, the Consolidated Appropriations Act of 2021, the American Rescue Plan Act of 2021, and any similar or related laws, rules and regulations; changes in U.S. government monetary and fiscal policy; FDIC special assessments or changes to regular assessments; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity; the impact of failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Bank or its customers; natural disasters or acts of war or terrorism; the adverse effects of the ongoing global COVID-19 pandemic, including the duration of the pandemic and actions taken to contain or treat COVID-19, on the Bank, the Bank’s customers, the Bank’s staff, the global economy and the financial markets; the potential impact of continuing inflationary pressures; the potential impact of supply chain disruptions; national, international or political instability or military conflict, including the ongoing war in Ukraine; the competition and costs of recruiting and retaining human talent; impairment of our goodwill or other intangible assets; adoption of new accounting standards, or changes in existing standards; and adverse results (including costs, fines, reputational harm and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions or rulings as well as other factors identified in this communication or as detailed from time to time in our public filings, including those factors described in the disclosures under the headings “Forward-Looking Information” and “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2021 and our quarterly reports on Form 10-Q. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described in, or implied by, such forward-looking statements. The Bank disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.

GENERAL INFORMATION

Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations with over 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California and Mississippi and had $25.92 billion in total assets as of June 30, 2022. Bank OZK can be found at www.ozk.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811.

Bank OZKConsolidated Balance SheetsUnaudited
		June 30,				December 31,
		2022				2021
		(Dollars in thousands, except per share amounts)
ASSETS
Cash and cash equivalents		$	1,140,448			$	2,053,829
Investment securities ― available for sale (“AFS”)			3,705,807				3,916,733
Investment securities ― trading			4,080				14,957
Federal Home Loan Bank of Dallas and other bankers’ bank stocks			36,654				40,788
Non-purchased loans			18,297,638				17,791,610
Purchased loans			445,080				516,215
Allowance for loan losses			(190,795	)			(217,380	)
Net loans			18,551,923				18,090,445
Premises and equipment, net			687,093				695,857
Foreclosed assets			2,593				5,744
Accrued interest receivable			82,756				83,025
Bank owned life insurance (“BOLI”)			784,117				774,822
Goodwill and other intangible assets, net			666,029				669,063
Other, net			258,465				185,167
Total assets		$	25,919,965			$	26,530,430
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand non-interest bearing		$	5,117,961			$	4,983,788
Savings and interest bearing transaction			9,655,436				9,245,727
Time			5,210,790				5,979,619
Total deposits			19,984,187				20,209,134
Other borrowings			505,221				756,321
Subordinated notes			346,536				346,133
Subordinated debentures			121,310				121,033
Reserve for losses on unfunded loan commitments			109,143				71,609
Accrued interest payable and other liabilities			243,666				186,840
Total liabilities			21,310,063				21,691,070
Commitments and contingencies
Stockholders’ equity:
Preferred stock; $0.01 par value; 100,000,000 shares authorized; 14,000,000 issued and outstanding at June 30, 2022 and December 31, 2021			338,980				338,980
Common stock; $0.01 par value; 300,000,000 shares authorized; 118,996,021 and 125,443,748 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively			1,190				1,254
Additional paid-in capital			1,817,650				2,093,702
Retained earnings			2,563,130				2,378,466
Accumulated other comprehensive (loss) income			(114,168	)			23,841
Total stockholders’ equity before noncontrolling interest			4,606,782				4,836,243
Noncontrolling interest			3,120				3,117
Total stockholders’ equity			4,609,902				4,839,360
Total liabilities and stockholders’ equity		$	25,919,965			$	26,530,430

Bank OZKConsolidated Statements of IncomeUnaudited
	Three Months EndedJune 30,								Six Months EndedJune 30,
	2022				2021				2022				2021
	(Dollars in thousands, except per share amounts)
Interest income:
Non-purchased loans	$	256,264			$	238,554			$	496,259			$	478,381
Purchased loans		8,982				11,699				17,152				23,635
Investment securities:
Taxable		10,367				9,467				20,978				17,550
Tax-exempt		4,020				3,883				7,006				7,563
Deposits with banks and federal funds sold		1,855				496				2,464				1,033
Total interest income		281,488				264,099				543,859				528,162
Interest expense:
Deposits		10,855				18,231				19,347				42,582
Other borrowings		1,042				1,002				2,039				1,982
Subordinated notes		2,603				3,181				5,177				6,326
Subordinated debentures		1,195				939				2,159				1,881
Total interest expense		15,695				23,353				28,722				52,771
Net interest income		265,793				240,746				515,137				475,381
Provision for credit losses		7,025				(30,932	)			11,215				(62,491	)
Net interest income after provision for credit losses		258,768				271,678				503,922				537,872
Non-interest income:
Service charges on deposit accounts:
NSF/Overdraft fees		4,247				3,244				8,449				6,567
All other service charges		7,184				7,067				13,874				13,409
Trust income		1,911				1,911				4,005				4,118
BOLI income:
Increase in cash surrender value		4,846				4,919				9,639				9,799
Death benefits		—				—				297				1,409
Loan service, maintenance and other fees		3,603				3,953				6,621				7,504
Gains on sales of other assets		784				2,341				7,776				8,169
Net (losses) gains on investment securities		531				—				441				—
Other		3,214				4,307				6,694				8,884
Total non-interest income		26,320				27,742				57,796				59,859
Non-interest expense:
Salaries and employee benefits		54,412				52,119				109,060				105,764
Net occupancy and equipment		17,014				16,168				34,230				32,636
Other operating expenses		37,874				35,424				73,726				71,371
Total non-interest expense		109,300				103,711				217,016				209,771
Income before taxes		175,788				195,709				344,702				387,960
Provision for income taxes		39,375				45,161				75,786				88,978
Net income		136,413				150,548				268,916				298,982
Earnings attributable to noncontrolling interest		(8	)			(13	)			(3	)			(32	)
Preferred stock dividends		4,047				—				8,527				—
Net income available to common stockholders	$	132,358			$	150,535			$	260,386			$	298,950
Basic earnings per common share	$	1.10			$	1.16			$	2.13			$	2.31
Diluted earnings per common share	$	1.10			$	1.16			$	2.12			$	2.30

Bank OZKConsolidated Statements of Stockholders’ EquityUnaudited
		PreferredStock				CommonStock				AdditionalPaid-InCapital				RetainedEarnings				AccumulatedOtherComprehensive(Loss) Income				Non-ControllingInterest				Total
		(Dollars in thousands, except per share amounts)
Three months ended June 30, 2022:
Balances – March 31, 2022		$	338,980			$	1,227			$	1,962,126			$	2,468,652			$	(80,928	)		$	3,112			$	4,693,169
Net income			—				—				—				136,413				—				—				136,413
Earnings attributable to noncontrolling interest			—				—				—				(8	)			—				8				—
Total other comprehensive loss			—				—				—				—				(33,240	)			—				(33,240	)
Preferred stock dividends, $0.28906 per share			—				—				—				(4,047	)			—				—				(4,047	)
Common stock dividends, $0.31 per share			—				—				—				(37,880	)			—				—				(37,880	)
Issuance of 20,087 shares of common stock for exercise of stock options			—				—				594				—				—				—				594
Issuance of 21,416 shares of unvested restricted common stock			—				—				—				—				—				—				—
Repurchase and cancellation of 3,689,819 shares of common stock under share repurchase program			—				(37	)			(147,396	)			—				—				—				(147,433	)
Stock-based compensation expense			—				—				2,326				—				—				—				2,326
Forfeitures of 32,858 shares of unvested restricted common stock			—				—				—				—				—				—				—
Balances – June 30, 2022		$	338,980			$	1,190			$	1,817,650			$	2,563,130			$	(114,168	)		$	3,120			$	4,609,902
Six months ended June 30, 2022:
Balances – December 31, 2021		$	338,980			$	1,254			$	2,093,702			$	2,378,466			$	23,841			$	3,117			$	4,839,360
Net income			—				—				—				268,916				—				—				268,916
Earnings attributable to noncontrolling interest			—				—				—				(3	)			—				3				—
Total other comprehensive loss			—				—				—				—				(138,009	)			—				(138,009	)
Preferred stock dividends, $0.60906 per share			—				—				—				(8,527	)			—				—				(8,527	)
Common stock dividends, $0.61 per share			—				—				—				(75,722	)			—				—				(75,722	)
Issuance of 69,107 shares of common stock for exercise of stock options			—				1				2,079				—				—				—				2,080
Issuance of 220,822 shares of unvested restricted common stock			—				2				(2	)			—				—				—				—
Repurchase and cancellation of 6,572,832 shares of common stock under share repurchase program			—				(65	)			(278,932	)			—				—				—				(278,997	)
Repurchase and cancellation of 112,974 of shares of common stock withheld for tax pursuant to restricted stock vesting			—				(1	)			(5,398	)			—				—				—				(5,399	)
Stock-based compensation expense			—				—				6,200				—				—				—				6,200
Forfeitures of 51,850 shares of unvested restricted common stock			—				(1	)			1				—				—				—				—
Balances – June 30, 2022		$	338,980			$	1,190			$	1,817,650			$	2,563,130			$	(114,168	)		$	3,120			$	4,609,902

Bank OZKConsolidated Statements of Stockholders’ EquityUnaudited
		CommonStock				AdditionalPaid-InCapital				RetainedEarnings				AccumulatedOtherComprehensiveIncome				Non-ControllingInterest				Total
		(Dollars in thousands, except per share amounts)
Three months ended June 30, 2021:
Balances – March 31, 2021		$	1,297			$	2,272,046			$	2,059,398			$	50,464			$	3,104			$	4,386,309
Net income			—				—				150,548				—				—				150,548
Earnings attributable to noncontrolling interest			—				—				(13	)			—				13				—
Total other comprehensive loss			—				—				—				(337	)			—				(337	)
Common stock dividends, $0.28 per share			—				—				(36,819	)			—				—				(36,819	)
Issuance of 14,300 shares of common stock for exercise of stock options			—				515				—				—				—				515
Issuance of 20,328 shares of unvested restricted common stock			—				—				—				—				—				—
Repurchase and cancellation of 153 shares of common stock			—				(6	)			—				—				—				(6	)
Stock-based compensation expense			—				4,583				—				—				—				4,583
Forfeitures of 33,241 shares of unvested restricted common stock			—				—				—				—				—				—
Balances – June 30, 2021		$	1,297			$	2,277,138			$	2,173,114			$	50,127			$	3,117			$	4,504,793
Six months ended June 30, 2021:
Balances – December 31, 2020		$	1,294			$	2,265,850			$	1,946,875			$	58,252			$	3,085			$	4,275,356
Net income			—				—				298,982				—				—				298,982
Earnings attributable to noncontrolling interest			—				—				(32	)			—				32				—
Total other comprehensive income			—				—				—				(8,125	)			—				(8,125	)
Common stock dividends, $0.5575 per share			—				—				(72,711	)			—				—				(72,711	)
Issuance of 142,400 shares of common stock for exercise of stock options			1				5,007				—				—				—				5,008
Issuance of 332,831 shares of unvested restricted common stock			3				(3	)			—				—				—				—
Repurchase and cancellation of 55,893 shares of common stock			(1	)			(1,976	)			—				—				—				(1,977	)
Stock-based compensation expense			—				8,260				—				—				—				8,260
Forfeitures of 49,646 shares of unvested restricted common stock			—				—				—				—				—				—
Balances – June 30, 2021		$	1,297			$	2,277,138			$	2,173,114			$	50,127			$	3,117			$	4,504,793

Bank OZKSummary of Non-Interest ExpenseUnaudited
		Three Months EndedJune 30,								Six Months EndedJune 30,
		2022				2021				2022				2021
		(Dollars in thousands)
Salaries and employee benefits		$	54,412			$	52,119			$	109,060			$	105,764
Net occupancy and equipment			17,014				16,168				34,230				32,636
Other operating expenses:
Professional and outside services			8,461				7,724				15,543				14,050
Software and data processing			6,223				6,006				12,144				11,798
Travel and meals			2,186				1,419				3,944				2,194
Deposit insurance and assessments			2,100				2,885				4,250				6,405
Telecommunication services			1,921				2,165				3,931				4,397
Postage and supplies			1,507				1,544				3,205				3,188
ATM expense			1,488				1,486				2,997				2,769
Advertising and public relations			1,103				593				2,362				902
Loan collection and repossession expense			353				540				678				1,050
Writedowns of foreclosed and other assets			—				123				258				1,486
Amortization of intangibles			1,516				1,602				3,033				3,332
Amortization of CRA and tax credit investments			4,628				3,227				9,730				7,352
Other			6,388				6,110				11,651				12,448
Total non-interest expense		$	109,300			$	103,711			$	217,016			$	209,771

Bank OZKSummary of Total Loans OutstandingUnaudited
		June 30, 2022								December 31, 2021
		(Dollars in thousands)
Real estate:
Residential 1-4 family		$	975,794				5.2	%		$	887,024				4.8	%
Non-farm/non-residential			4,201,587				22.4				3,782,892				20.7
Construction/land development			7,810,223				41.7				8,246,674				45.0
Agricultural			238,610				1.3				247,727				1.4
Multifamily residential			1,123,955				6.0				934,845				5.1
Total real estate			14,350,169				76.6				14,099,162				77.0
Commercial and industrial			696,105				3.7				510,784				2.8
Consumer			2,332,202				12.4				2,185,429				11.9
Other			1,364,242				7.3				1,512,450				8.3
Total loans			18,742,718				100.0	%			18,307,825				100.0	%
Allowance for loan losses			(190,795	)							(217,380	)
Net loans		$	18,551,923							$	18,090,445

Bank OZKAllowance for Credit LossesUnaudited
		Allowance forLoan Losses				Reserve forLosses onUnfundedLoanCommitments				Total Allowancefor CreditLosses
		(Dollars in thousands)
Three months ended June 30, 2022:
Balances – March 31, 2022		$	204,213			$	89,327			$	293,540
Net charge-offs			(627	)			—				(627	)
Provision for credit losses			(12,791	)			19,816				7,025
Balances – June 30, 2022		$	190,795			$	109,143			$	299,938
Six months ended June 30, 2022:
Balances – December 31, 2021		$	217,380			$	71,609			$	288,989
Net charge-offs			(266	)			—				(266	)
Provision for credit losses			(26,319	)			37,534				11,215
Balances – June 30, 2022		$	190,795			$	109,143			$	299,938
Three months ended June 30, 2021:
Balances – March 31, 2021		$	268,077			$	74,230			$	342,307
Net charge-offs			(3,811	)			—				(3,811	)
Provision for credit losses			(15,513	)			(15,419	)			(30,932	)
Balances – June 30, 2021		$	248,753			$	58,811			$	307,564
Six months ended June 30, 2021:
Balances – December 31, 2020		$	295,824			$	81,481			$	377,305
Net charge-offs			(7,250	)			—				(7,250	)
Provision for credit losses			(39,821	)			(22,670	)			(62,491	)
Balances – June 30, 2021		$	248,753			$	58,811			$	307,564

Bank OZKSummary of Deposits – By Account TypeUnaudited
		June 30, 2022								December 31, 2021
		(Dollars in thousands)
Non-interest bearing		$	5,117,961				25.6	%		$	4,983,788				24.7	%
Interest bearing:
Transaction (NOW)			3,393,659				17.0				3,412,369				16.9
Savings and money market			6,261,777				31.3				5,833,358				28.9
Time deposits			5,210,790				26.1				5,979,619				29.5
Total deposits		$	19,984,187				100.0	%		$	20,209,134				100.0	%

Summary of Deposits – By Customer TypeUnaudited
		June 30, 2022								December 31, 2021
		(Dollars in thousands)
Non-Interest Bearing		$	5,117,961				25.6	%		$	4,983,788				24.7	%
Interest Bearing:
Consumer and Commercial:
Consumer – Non-Time			4,462,108				22.3				4,334,378				21.4
Consumer – Time			3,939,342				19.7				4,318,742				21.4
Commercial – Non-Time			2,788,061				14.0				2,634,817				13.0
Commercial – Time			641,777				3.2				905,347				4.5
Public Funds			1,828,026				9.1				2,094,800				10.4
Brokered			814,633				4.1				452,137				2.2
Reciprocal			392,279				2.0				485,125				2.4
Total deposits		$	19,984,187				100.0	%		$	20,209,134				100.0	%

Bank OZKSelected Consolidated Financial DataUnaudited
		Three Months EndedJune 30,												Six Months EndedJune 30,
		2022				2021				%Change				2022				2021				%Change
		(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	265,793			$	240,746				10.4	%		$	515,137			$	475,381				8.4	%
Provision for credit losses			7,025				(30,932	)		NM					11,215				(62,491	)		NM
Non-interest income			26,320				27,742				(5.1	)			57,796				59,859				(3.4	)
Non-interest expense			109,300				103,711				5.4				217,016				209,771				3.5
Net income			136,413				150,548				(9.4	)			268,916				298,982				(10.1	)
Preferred stock dividends			4,047				—			NM					8,527				—			NM
Net income available to common stockholders			132,358				150,535				(12.1	)			260,386				298,950				(12.9	)
Pre-tax pre-provision net revenue (1)			182,813				164,777				10.9				355,917				325,469				9.4
Common share and per common share data:
Diluted earnings per common share		$	1.10			$	1.16				(5.2	)%		$	2.12			$	2.30				(7.8	)%
Basic earnings per common share			1.10				1.16				(5.2	)			2.13				2.31				(7.8	)
Common stock dividends per share			0.31				0.28				10.7				0.61				0.5575				9.4
Book value per share			35.87				34.70				3.4				35.87				34.70				3.4
Tangible book value per common share (1)			30.27				29.52				2.5				30.27				29.52				2.5
Weighted-average diluted shares outstanding (thousands)			120,827				130,255				(7.2	)			122,905				130,109				(5.5	)
End of period shares outstanding (thousands)			118,996				129,720				(8.3	)			118,996				129,720				(8.3	)
Balance sheet data at period end:
Total assets		$	25,919,965			$	26,605,938				(2.6	)%		$	25,919,965			$	26,605,938				(2.6	)%
Total loans			18,742,718				18,271,670				2.6				18,742,718				18,271,670				2.6
Non-purchased loans			18,297,638				17,611,848				3.9				18,297,638				17,611,848				3.9
Purchased loans			445,080				659,822				(32.5	)			445,080				659,822				(32.5	)
Allowance for loan losses			190,795				248,753				(23.3	)			190,795				248,753				(23.3	)
Foreclosed assets			2,593				7,542				(65.6	)			2,593				7,542				(65.6	)
Investment securities − AFS			3,705,807				4,693,396				(21.0	)			3,705,807				4,693,396				(21.0	)
Goodwill and other intangible assets, net			666,029				672,125				(0.9	)			666,029				672,125				(0.9	)
Deposits			19,984,187				20,706,777				(3.5	)			19,984,187				20,706,777				(3.5	)
Other borrowings			505,221				758,677				(33.4	)			505,221				758,677				(33.4	)
Subordinated notes			346,536				224,236				54.5				346,536				224,236				54.5
Subordinated debentures			121,310				120,752				0.5				121,310				120,752				0.5
Unfunded balance of closed loans			17,369,767				11,709,818				48.3				17,369,767				11,709,818				48.3
Reserve for losses on unfunded loan commitments			109,143				58,811				85.6				109,143				58,811				85.6
Preferred stock			338,980				—			NM					338,980				—			NM
Total common stockholders’ equity (1)			4,267,802				4,501,676				(5.2	)			4,267,802				4,501,676				(5.2	)
Net unrealized (losses) gains on investment securities AFS included in stockholders’ equity			(114,168	)			50,127			NM					(114,168	)			50,127			NM
Loan (including purchased loans) to deposit ratio			93.79	%			88.24	%			5.6				93.79	%			88.24	%			5.6
Selected ratios:
Return on average assets (2)			2.02	%			2.24	%							2.00	%			2.23	%
Return on average common stockholders’ equity (1) (2)			12.40				13.65								12.03				13.81
Return on average tangible common stockholders’ equity (1) (2)			14.69				16.10								14.20				16.33
Average common equity to total average assets			16.32				16.42								16.60				16.17
Net interest margin – FTE (2)			4.52				3.95								4.38				3.91
Efficiency ratio			37.25				38.43								37.73				39.00
Net charge-offs to average non-purchased loans (2) (3)			0.03				0.09								0.05				0.08
Net charge-offs to average total loans (2)			0.01				0.08								0.00				0.08
Nonperforming loans to total loans (4)			0.16				0.22								0.16				0.22
Nonperforming assets to total assets (4)			0.12				0.18								0.12				0.18
Allowance for loan losses to total loans (5)			1.02				1.36								1.02				1.36
Other information:
Non-accrual loans (4)		$	28,171			$	38,195							$	28,171			$	38,195
Accruing loans − 90 days past due (4)			—				—								—				—
Troubled and restructured non-purchased loans − accruing (4)			1,033				1,365								1,033				1,365

	(1)		Calculations of pre-tax pre-provision net revenue, total common stockholders’ equity, tangible book value per common share and returns on average common stockholders’ equity and average tangible common stockholders’ equity and the reconciliations to GAAP are included in the schedules accompanying this release.
	(2)		Ratios for interim periods annualized based on actual days.
	(3)		Excludes purchased loans and net charge-offs related to such loans.
	(4)		Excludes purchased loans, except for their inclusion in total assets.
	(5)		Excludes reserve for losses on unfunded loan commitments.
	NM – Not meaningful

Selected Consolidated Financial Data (continued)Unaudited
		Three Months Ended
		June 30, 2022				March 31, 2022				% Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	265,793			$	249,343				6.6	%
Provision for credit losses			7,025				4,190				67.7
Non-interest income			26,320				31,475				(16.4	)
Non-interest expense			109,300				107,715				1.5
Net income			136,413				132,503				3.0
Preferred stock dividends			4,047				4,480				(9.7	)
Net income available to common stockholders			132,358				128,028				3.4
Pre-tax pre-provision net revenue (1)			182,813				173,103				5.6
Common share and per common share data:
Diluted earnings per common share		$	1.10			$	1.02				7.8	%
Basic earnings per common share			1.10				1.03				6.8
Common stock dividends per share			0.31				0.300				3.3
Book value per share			35.87				35.47				1.1
Tangible book value per common share (1)			30.27				30.03				0.8
Weighted-average diluted shares outstanding (thousands)			120,827				125,004				(3.3	)
End of period shares outstanding (thousands)			118,996				122,677				(3.0	)
Balance sheet data at period end:
Total assets		$	25,919,965			$	26,562,353				(2.4	)%
Total loans			18,742,718				18,931,022				(1.0	)
Non-purchased loans			18,297,638				18,449,723				(0.8	)
Purchased loans			445,080				481,299				(7.5	)
Allowance for loan losses			190,795				204,213				(6.6	)
Foreclosed assets			2,593				3,417				(24.1	)
Investment securities − AFS			3,705,807				3,728,284				(0.6	)
Goodwill and other intangible assets, net			666,029				667,546				(0.2	)
Deposits			19,984,187				20,329,662				(1.7	)
Other borrowings			505,221				756,347				(33.2	)
Subordinated notes			346,536				346,333				0.1
Subordinated debentures			121,310				121,171				0.1
Unfunded balance of closed loans			17,369,767				14,954,367				16.2
Reserve for losses on unfunded loan commitments			109,143				89,327				22.2
Preferred stock			338,980				338,980				—
Total common stockholders’ equity (1)			4,267,802				4,351,077				(1.9	)
Net unrealized gains on investment securities AFS included in stockholders’ equity			(114,168	)			(80,928	)			(41.1	)
Loan (including purchased loans) to deposit ratio			93.79	%			93.12	%			0.7
Selected ratios:
Return on average assets (2)			2.02	%			1.97	%
Return on average common stockholders’ equity (1) (2)			12.40				11.67
Return on average tangible common stockholders’ equity (1) (2)			14.69				13.73
Average common equity to average assets			16.32				16.86
Net interest margin – FTE (2)			4.52				4.24
Efficiency ratio			37.25				38.22
Net charge-offs to average non-purchased loans (2) (3)			0.03				0.08
Net charge-offs to average total loans (2)			0.01				(0.01	)
Nonperforming loans to total loans (4)			0.16				0.21
Nonperforming assets to total assets (4)			0.12				0.16
Allowance for loan losses to total loans (5)			1.02				1.08
Other information:
Non-accrual loans (4)		$	28,171			$	37,363
Accruing loans − 90 days past due (4)			—				—
Troubled and restructured non-purchased loans − accruing (4)			1,033				1,263

	(1)		Calculations of pre-tax pre-provision net revenue, total common stockholders’ equity, tangible book value per common share and returns on average common stockholders’ equity and average tangible common stockholders’ equity and the reconciliations to GAAP are included in the schedules accompanying this release.
	(2)		Ratios for interim periods annualized based on actual days.
	(3)		Excludes purchased loans and net charge-offs related to such loans.
	(4)		Excludes purchased loans, except for their inclusion in total assets.
	(5)		Excludes reserve for losses on unfunded loan commitments.

 

Bank OZKSupplemental Quarterly Financial DataUnaudited
		9/30/20				12/31/20				3/31/21				6/30/21				9/30/21				12/31/21				03/31/22				06/30/22
	(Dollars in thousands, except per share amounts)
Earnings Summary:
Net interest income		$	224,657			$	237,600			$	234,636			$	240,746			$	247,957			$	266,381			$	249,343			$	265,793
Federal tax (FTE) adjustment			1,605				1,533				1,275				1,355				1,106				1,009				1,017				1,300
Net interest income (FTE)			226,262				239,133				235,911				242,101				249,063				267,390				250,360				267,093
Provision for credit losses			(7,200	)			(6,750	)			31,559				30,932				7,454				7,992				(4,190	)			(7,025	)
Non-interest income			26,676				28,661				32,117				27,742				25,984				29,695				31,475				26,320
Non-interest expense			(105,641	)			(103,394	)			(106,059	)			(103,711	)			(110,397	)			(110,106	)			(107,715	)			(109,300	)
Pretax income (FTE)			140,097				157,650				193,528				197,064				172,104				194,971				169,930				177,088
FTE adjustment			(1,605	)			(1,533	)			(1,275	)			(1,355	)			(1,106	)			(1,009	)			(1,017	)			(1,300	)
Provision for income taxes			(29,251	)			(35,607	)			(43,818	)			(45,161	)			(40,713	)			(44,197	)			(36,410	)			(39,375	)
Noncontrolling interest			12				3				(19	)			(13	)			5				(5	)			5				(8	)
Preferred stock dividend			—				—				—				—				—				—				(4,480	)			(4,047	)
Net income available to common stockholders		$	109,253			$	120,513			$	148,416			$	150,535			$	130,290			$	149,760			$	128,028			$	132,358
Earnings per common share – diluted		$	0.84			$	0.93			$	1.14			$	1.16			$	1.00			$	1.17			$	1.02			$	1.10
PPNR		$	145,692			$	162,867			$	160,694			$	164,777			$	163,544			$	185,970			$	173,103			$	182,813
Non-interest Income:
Service charges on deposit accounts:
NSF/Overdraft fees		$	3,494			$	4,024			$	3,323			$	3,244			$	4,080			$	4,315			$	4,201			$	4,247
All other service charges			5,933				5,959				6,342				7,067				7,097				7,149				6,690				7,184
Trust income			1,936				1,909				2,206				1,911				2,247				2,141				2,094				1,911
BOLI income:
Increase in cash surrender value			5,081				5,034				4,881				4,919				4,940				4,901				4,793				4,846
Death benefits			—				—				1,409				—				—				618				297				—
Loan service, maintenance and other fees			3,351				3,797				3,551				3,953				3,307				3,148				3,018				3,603
Gains on sales of other assets			891				5,189				5,828				2,341				463				1,330				6,992				784
Net gains (losses) on investment securities			2,244				—				—				—				—				504				(90	)			531
Other			3,746				2,749				4,577				4,307				3,850				5,589				3,480				3,214
Total non-interest income		$	26,676			$	28,661			$	32,117			$	27,742			$	25,984			$	29,695			$	31,475			$	26,320
Non-interest Expense:
Salaries and employee benefits		$	53,119			$	53,832			$	53,645			$	52,119			$	53,769			$	55,034			$	54,648			$	54,412
Net occupancy and equipment			16,676				15,617				16,468				16,168				17,161				17,004				17,215				17,014
Other operating expenses			35,846				33,945				35,946				35,424				39,467				38,068				35,852				37,874
Total non-interest expense		$	105,641			$	103,394			$	106,059			$	103,711			$	110,397			$	110,106			$	107,715			$	109,300
Balance Sheet Data:
Total assets		$	26,888,308			$	27,162,596			$	27,276,892			$	26,605,938			$	26,143,367			$	26,530,430			$	26,562,353			$	25,919,965
Non-purchased loans			18,419,958				18,401,495				17,979,435				17,611,848				17,707,452				17,791,610				18,449,723				18,297,638
Purchased loans			938,485				807,673				735,630				659,822				597,851				516,215				481,299				445,080
Investment securities – AFS			3,468,243				3,405,351				4,162,479				4,693,396				3,846,496				3,916,733				3,728,284				3,705,807
Deposits			21,287,405				21,450,356				21,296,442				20,706,777				20,102,440				20,209,134				20,329,662				19,984,187
Unfunded balance of closed loans			11,604,614				11,847,117				11,780,099				11,709,818				12,385,369				13,619,578				14,954,367				17,369,767
Preferred stock			—				—				—				—				—				338,980				338,980				338,980
Total stockholders' equity before noncontrolling interest			4,186,285				4,272,271				4,383,205				4,501,676				4,553,240				4,836,243				4,690,057				4,606,782

Bank OZKSupplemental Quarterly Financial Data (Continued)Unaudited
		9/30/20				12/31/20				3/31/21				6/30/21				9/30/21				12/31/21				03/31/22				06/30/22
	(Dollars in thousands)
Allowance for Credit Losses:
Balance at beginning of period		$	374,494			$	377,273			$	377,305			$	342,307			$	307,564			$	298,798			$	288,989			$	293,540
Net charge-offs			(4,421	)			(6,718	)			(3,439	)			(3,811	)			(1,312	)			(1,817	)			361				(627	)
Provision for credit losses			7,200				6,750				(31,559	)			(30,932	)			(7,454	)			(7,992	)			4,190				7,025
Balance at end of period		$	377,273			$	377,305			$	342,307			$	307,564			$	298,798			$	288,989			$	293,540			$	299,938
Allowance for loan losses		$	308,847			$	295,824			$	268,077			$	248,753			$	237,722			$	217,380			$	204,213			$	190,795
Reserve for losses on unfunded loan commitments			68,426				81,481				74,230				58,811				61,076				71,609				89,327				109,143
Total allowance for credit losses		$	377,273			$	377,305			$	342,307			$	307,564			$	298,798			$	288,989			$	293,540			$	299,938
Selected Ratios:
Net interest margin – FTE (1)			3.69	%			3.88	%			3.86	%			3.95	%			4.16	%			4.41	%			4.24	%			4.52	%
Efficiency ratio			41.77				38.61				39.57				38.43				40.14				37.06				38.22				37.25
Net charge-offs to average non-purchased loans (1) (2)			0.09				0.14				0.08				0.09				0.04				0.05				0.08				0.03
Net charge-offs to average total loans (1)			0.09				0.14				0.07				0.08				0.03				0.04				(0.01	)			0.01
Nonperforming loans to total loans (3)			0.15				0.25				0.25				0.22				0.20				0.19				0.21				0.16
Nonperforming assets to total assets (3)			0.17				0.21				0.19				0.18				0.17				0.15				0.16				0.12
Allowance for loan losses to total loans (4)			1.60				1.54				1.43				1.36				1.30				1.19				1.08				1.02
Loans past due 30 days or more, including past due non-accrual loans, to total loans (3)			0.13				0.16				0.13				0.10				0.13				0.15				0.14				0.11

	(1)		Ratios for interim periods annualized based on actual days.
	(2)		Excludes purchased loans and net charge-offs related to such loans.
	(3)		Excludes purchased loans, except for their inclusion in total assets.
	(4)		Excludes reserve for losses on unfunded loan commitments.

 

Bank OZKAverage Consolidated Balance Sheets and Net Interest Analysis – FTEUnaudited
		Three Months Ended June 30,																								Six Months Ended June 30,
		2022												2021												2022												2021
		AverageBalance				Income/Expense				Yield/Rate				AverageBalance				Income/Expense				Yield/Rate				AverageBalance				Income/Expense				Yield/Rate				AverageBalance				Income/Expense				Yield/Rate
		(Dollars in thousands)
ASSETS
Interest earning assets:
Interest earning deposits and federal funds sold		$	1,019,374			$	1,856				0.73	%		$	1,886,166			$	496				0.11	%		$	1,188,502			$	2,465				0.42	%		$	2,048,521			$	1,033				0.10	%
Investment securities:
Taxable			3,060,097				10,367				1.36				3,508,655				9,467				1.08				3,218,475				20,978				1.31				2,968,393				17,550				1.19
Tax-exempt – FTE			637,235				5,088				3.20				963,522				4,915				2.05				604,295				8,868				2.96				1,065,110				9,574				1.81
Non-purchased loans – FTE			18,535,726				256,495				5.55				17,544,405				238,877				5.46				18,346,228				496,714				5.46				17,864,558				479,001				5.41
Purchased loans			464,655				8,982				7.75				697,136				11,699				6.73				481,941				17,152				7.18				736,399				23,635				6.47
Total earning assets – FTE			23,717,087				282,788				4.78				24,599,884				265,454				4.33				23,839,441				546,177				4.62				24,682,981				530,793				4.34
Non-interest earning assets			2,507,837												2,345,169												2,453,085												2,312,504
Total assets		$	26,224,924											$	26,945,053											$	26,292,526											$	26,995,485
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction		$	9,697,128			$	5,379				0.22	%		$	8,735,178			$	3,338				0.15	%		$	9,610,145			$	8,162				0.17	%		$	8,537,681			$	6,954				0.16	%
Time deposits			5,404,880				5,476				0.41				8,000,214				14,893				0.75				5,581,955				11,185				0.40				8,495,453				35,628				0.85
Total interest bearing deposits			15,102,008				10,855				0.29				16,735,392				18,231				0.44				15,192,100				19,347				0.26				17,033,134				42,582				0.50
Other borrowings			670,599				1,042				0.62				757,435				1,002				0.53				713,121				2,040				0.58				756,813				1,992				0.53
Subordinated notes			346,426				2,603				3.01				224,188				3,181				5.69				346,327				5,177				3.01				224,140				6,326				5.69
Subordinated debentures			121,234				1,195				3.95				120,680				939				3.12				121,166				2,159				3.59				120,610				1,881				3.14
Total interest bearing liabilities			16,240,267				15,695				0.39				17,837,695				23,353			0.53					16,372,714				28,723				0.35				18,134,697				52,781			0.59
Non-interest bearing liabilities:
Non-interest bearing deposits			4,970,380												4,366,380												4,872,646												4,170,685
Other non-interest bearing liabilities			392,126												314,768												340,854												321,546
Total liabilities			21,602,773												22,518,843												21,586,214												22,626,928
Total stockholders’ equity before noncontrolling interest			4,619,033												4,423,093												4,703,196												4,365,454
Noncontrolling interest			3,118												3,117												3,116												3,103
Total liabilities and stockholders’ equity		$	26,224,924											$	26,945,053											$	26,292,526											$	26,995,485
Net interest income – FTE						$	267,093											$	242,101											$	517,454											$	478,012
Net interest margin – FTE											4.52	%											3.95	%											4.38	%											3.91	%
Core spread (1)											5.26	%											5.02	%											5.20	%											4.91	%

(1)   Core spread is the difference between the yield on the Bank’s non-purchased loans-FTE and the rate on its interest bearing deposits.

Bank OZKReconciliation of Non-GAAP Financial MeasuresCalculation of Average Common Stockholders’ Equity,Average Tangible Common Stockholders’ Equityand the Annualized Returns on Average Common Stockholders’ Equity andAverage Tangible Common Stockholders’ EquityUnaudited
	Three Months Ended												Six Months Ended
	June 30,2022				June 30,2021				March 31,2022				June 30,2022				June 30,2021
	(Dollars in thousands)
Net income available to common stockholders	$	132,358			$	150,535			$	128,028			$	260,386			$	298,950
Average stockholders’ equity before noncontrolling interest	$	4,619,033			$	4,423,093			$	4,788,294			$	4,703,196			$	4,365,454
Less average preferred stock		(338,980	)			—				(338,980	)			(338,980	)			—
Total average common stockholders’ equity		4,280,053				4,423,093				4,449,314				4,364,216				4,365,454
Less average intangible assets:
Goodwill		(660,789	)			(660,789	)			(660,789	)			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(6,084	)			(12,175	)			(7,572	)			(6,824	)			(12,997	)
Total average intangibles		(666,873	)			(672,964	)			(668,361	)			(667,613	)			(673,786	)
Average tangible common stockholders’ equity	$	3,613,180			$	3,750,129			$	3,780,953			$	3,696,603			$	3,691,668
Return on average common stockholders’ equity (1)		12.40	%			13.65	%			11.67	%			12.03	%			13.81	%
Return on average tangible common stockholders’ equity (1)		14.69	%			16.10	%			13.73	%			14.20	%			16.33	%

(1) Ratios for interim periods annualized based on actual days.

Calculation of Total Common Stockholders’ Equity,Total Tangible Common Stockholders’ Equityand Tangible Book Value per Common ShareUnaudited
		June 30,								March 31,
		2022				2021				2022
		(In thousands, except per share amounts)
Total stockholders’ equity before noncontrolling interest		$	4,606,782			$	4,501,676			$	4,690,057
Less preferred stock			(338,980	)			—				(338,980	)
Total common stockholders' equity			4,267,802				4,501,676				4,351,077
Less intangible assets:
Goodwill			(660,789	)			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(5,240	)			(11,336	)			(6,757	)
Total intangibles			(666,029	)			(672,125	)			(667,546	)
Total tangible common stockholders’ equity		$	3,601,773			$	3,829,551			$	3,683,531
Shares of common stock outstanding			118,996				129,720				122,677
Book value per common share		$	35.87			$	34.70			$	35.47
Tangible book value per common share		$	30.27			$	29.52			$	30.03

Calculation of Total Common Stockholders’ Equity,Total Tangible Common Stockholders’ Equityand the Ratio of Total Tangible Common Stockholders’ Equityto Total Tangible AssetsUnaudited
		June 30,
		2022				2021
		(Dollars in thousands)
Total stockholders’ equity before noncontrolling interest		$	4,606,782			$	4,501,676
Less preferred stock			(338,980	)			—
Total common stockholders’ equity			4,267,802				4,501,676
Less intangible assets:
Goodwill			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(5,240	)			(11,336	)
Total intangibles			(666,029	)			(672,125	)
Total tangible common stockholders’ equity		$	3,601,773			$	3,829,551
Total assets		$	25,919,965			$	26,605,938
Less intangible assets:
Goodwill			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(5,240	)			(11,336	)
Total intangibles			(666,029	)			(672,125	)
Total tangible assets		$	25,253,936			$	25,933,813
Ratio of total common stockholders’ equity to total assets			16.47	%			16.92	%
Ratio of total tangible common stockholders’ equity to total tangible assets			14.26	%			14.77	%

Calculation of Pre-Tax Pre-Provision Net RevenueUnaudited
		Three Months Ended												Six Months Ended
		June 30, 2022				June 30, 2021				March 31, 2022				June 30, 2022				June 30, 2021
		(Dollars in thousands)
Income before taxes		$	175,788			$	195,709			$	168,913			$	344,702			$	387,960
Provision for credit losses			7,025				(30,932	)			4,190				11,215				(62,491	)
Pre-tax pre-provision net revenue		$	182,813			$	164,777			$	173,103			$	355,917			$	325,469

Investor Contact:		Jay Staley (501) 906-7842
Media Contact:		Michelle Rossow (501) 906-3922