Bank OZK Announces Record Fourth Quarter and Full Year 2024 Earnings

Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the fourth quarter of 2024 was $178.1 million, its ninth consecutive quarterly record and a 4.1% increase from $171.1 million for the fourth quarter of 2023. For the full year of 2024, net income available to common stockholders was a record $700.3 million, a 3.8% increase from $674.6 million for the full year of 2023.

Diluted earnings per common share for the fourth quarter of 2024 were $1.56, its ninth consecutive quarterly record and a 4.0% increase from $1.50 for the fourth quarter of 2023. For the full year of 2024, diluted earnings per common share were a record $6.14, a 4.6% increase from $5.87 for the full year of 2023.

Pre-tax pre-provision net revenue (“PPNR”) was $272.2 million for the fourth quarter of 2024, a 3.7% increase from $262.6 million for the fourth quarter of 2023, but a 3.7% decrease from the third quarter of 2024. For the full year of 2024, PPNR was a record $1.11 billion, a 7.2% increase from $1.03 billion for the full year of 2023. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

Provision for credit losses was $37.2 million for the fourth quarter of 2024 compared to $43.8 million for the fourth quarter of 2023, while our net charge-offs were only $12.4 million and $4.1 million, respectively. For the full year of 2024, provision for credit losses was $175.6 million compared to $165.5 million for the full year of 2023, while our net charge-offs were only $57.4 million and $29.5 million, respectively. The Bank’s allowance for credit losses (“ACL”) was $619.4 million at December 31, 2024, an increase of $118.1 million or 23.6% compared to $501.2 million at December 31, 2023.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the fourth quarter of 2024 were 1.87%, 13.33% and 15.22%, respectively, compared to 2.04%, 14.58% and 16.99%, respectively, for the fourth quarter of 2023. The Bank’s returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the full year of 2024 were 1.91%, 13.77% and 15.82%, respectively, compared to 2.20%, 14.93% and 17.50%, respectively, for the full year of 2023. 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 very pleased to have achieved record net income and earnings per share in each quarter of 2024 and for the full year. 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.”

KEY BALANCE SHEET METRICS

Loans were $29.97 billion at December 31, 2024, a 13.3% increase from $26.46 billion at December 31, 2023. Deposits were $31.04 billion at December 31, 2024, a 13.3% increase from $27.41 billion at December 31, 2023. Total assets were $38.26 billion at December 31, 2024, an 11.7% increase from $34.24 billion at December 31, 2023.

Common stockholders’ equity was $5.37 billion at December 31, 2024, an 11.8% increase from $4.80 billion at December 31, 2023. Tangible common stockholders’ equity was $4.71 billion at December 31, 2024, a 13.7% increase from $4.14 billion at December 31, 2023.

Book value per common share was $47.30 at December 31, 2024, an 11.5% increase from $42.42 at December 31, 2023. Tangible book value per common share was $41.48 at December 31, 2024, a 13.4% increase from $36.58 at December 31, 2023.

The Bank's strong earnings and earnings retention rate, among other factors, have contributed to its robust capital ratios. The Bank’s ratio of total common stockholders’ equity to total assets was 14.03% at December 31, 2024, compared to 14.02% at December 31, 2023. Its ratio of total tangible common stockholders’ equity to total tangible assets was 12.52% at December 31, 2024, compared to 12.33% at December 31, 2023. The calculations of the Bank’s total common stockholders’ equity, tangible common stockholders’ equity, tangible book value per common share, and ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

ASSET QUALITY

The Bank’s ratio of nonperforming loans to loans was 0.44% at December 31, 2024, compared to 0.23% as of December 31, 2023. The Bank’s ratio of nonperforming assets to total assets was 0.53% at December 31, 2024, compared to 0.38% as of December 31, 2023. The Bank's annualized ratio of net charge-offs of loans to average loans was 0.16% for the fourth quarter and 0.20% for the year ended December 31, 2024, compared to 0.06% for the fourth quarter and 0.13% for the year ended December 31, 2023.

MANAGEMENT COMMENTS, CONFERENCE CALL, TRANSCRIPT AND FILINGS

In connection with this release, the Bank released management comments on its quarterly results, which are available at https://ir.ozk.com. This release should be read in conjunction with management comments on the fourth quarter and full year 2024 results.

Management will conduct a conference call to take questions at 10:00 a.m. CT (11:00 a.m. ET) on Friday, January 17, 2025. 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, return on 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 adjust GAAP financial measures to exclude certain financial measures, such as, preferred stock, goodwill, provision for income taxes, provision for credit loses, and other measures. 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 press release 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 obtaining regulatory or other approvals, delays in acquiring satisfactory sites, obtaining permits and designing, constructing and opening new offices, relocating, selling or closing existing offices, or integrating any 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 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; 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; conditions within the banking industry; recently enacted and potential new laws and regulatory requirements or changes to existing laws and regulatory requirements, including changes affecting oversight of the financial services industry, changes intended to manage or mitigate climate and related environmental risks or changes in the interpretation and enforcement of such laws and requirements; changes as a result of the recent U.S. presidential and congressional elections; impacts of potential changes in U.S. tax, tariff and immigration laws, regulations and policies; the costs and expenses to comply with new and/or existing legislation and regulatory requirements; uncertainty regarding changes in U.S. government monetary and fiscal policy; the impact of any U.S. federal government shutdown or budgetary crisis; FDIC special assessments or changes to regular assessments; the ability to keep pace with technological changes, including changes regarding artificial intelligence and maintaining cybersecurity; the impact of any failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business or others, including as a result of cyberattacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Bank, its customers or others; natural disasters; acts of war or terrorism; the potential impact of continuing inflationary pressures; the potential impact of supply chain disruptions; national or international political instability or military conflict, including the conflict in the Middle East and the ongoing war in Ukraine; competition for and costs of recruiting and retaining qualified personnel; impairment of our goodwill; 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, 2023 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 in more than 240 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi and had $38.26 billion in total assets as of December 31, 2024. For more information, visit www.ozk.com.


Bank OZKConsolidated Balance SheetsUnaudited

	December 31,
		2024			2023
	(Dollars in thousands)
ASSETS
Cash and cash equivalents	$	2,781,101		$	2,149,529
Investment securities – available for sale (“AFS”)		2,836,150			3,244,371
Federal Home Loan Bank of Dallas (“FHLB”) and other bankers’ bank stocks		39,930			50,400
Loans		29,968,867			26,459,075
Allowance for loan losses		(465,547	)		(339,394	)
Net Loans		29,503,320			26,119,681
Premises and equipment, net		739,111			676,821
Foreclosed assets		69,381			61,720
Accrued interest receivable		174,025			170,110
Bank owned life insurance (“BOLI”)		829,405			808,490
Goodwill		660,789			660,789
Other, net		625,640			295,546
Total assets	$	38,258,852		$	34,237,457

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand non-interest bearing	$	3,769,543		$	4,095,874
Savings and interest bearing transaction		9,954,723			9,074,296
Time		17,318,806			14,234,973
Total deposits		31,043,072			27,405,143
Other borrowings		420,813			805,318
Subordinated notes		348,575			347,761
Subordinated debentures		113,652			121,652
Reserve for losses on unfunded loan commitments		153,813			161,834
Accrued interest payable and other liabilities		472,733			255,773
Total liabilities		32,552,658			29,097,481

Commitments and contingencies

Stockholders’ equity:
Preferred Stock: $0.01 par value; 100,000,000 shares authorized; 14,000,000 issued and outstanding at December 31, 2024 and December 31, 2023		338,980			338,980
Common Stock: $0.01 par value; 300,000,000 shares authorized; 113,457,726 and 113,148,672 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		1,135			1,131
Additional paid-in capital		1,625,506			1,612,446
Retained earnings		3,816,138			3,283,818
Accumulated other comprehensive loss		(76,136	)		(97,374	)
Total stockholders’ equity before noncontrolling interest		5,705,623			5,139,001
Noncontrolling interest		571			975
Total stockholders’ equity		5,706,194			5,139,976
Total liabilities and stockholders’ equity	$	38,258,852		$	34,237,457


Bank OZKConsolidated Statements of IncomeUnaudited

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
	(Dollars in thousands, except per share amounts)
Interest income:
Loans	$	615,384		$	563,256		$	2,458,551		$	1,991,546
Investment securities:
Taxable		8,736			9,667			34,736			39,429
Tax-exempt		12,192			10,670			46,067			38,957
Deposits with banks		26,324			21,901			110,223			58,241
Total interest income		662,636			605,494			2,649,577			2,128,173

Interest expense:
Deposits		273,119			218,474			1,084,855			627,050
Other borrowings		5,153			11,329			10,819			41,669
Subordinated notes		2,631			2,631			10,439			10,439
Subordinated debentures		2,335			2,512			9,740			9,530
Total interest expense		283,238			234,946			1,115,853			688,688

Net interest income		379,398			370,548			1,533,724			1,439,485
Provision for credit losses		37,174			43,832			175,552			165,470
Net interest income after provision for credit losses		342,224			326,716			1,358,172			1,274,015

Non-interest income:
Deposit-related fees:
NSF fees		—			1,129			—			4,228
Overdraft fees		3,488			3,571			13,842			13,831
All other service charges		7,537			7,333			29,495			27,995
Loan-related fees		8,786			6,755			28,144			18,920
BOLI income:
Increase in cash surrender value		5,807			5,401			22,677			20,696
Death benefits		—			2,966			1,344			2,966
Trust income		2,632			2,165			9,567			8,524
Gains on sales of other assets		582			3,288			3,417			9,029
Net gains on investment securities		—			1,177			560			3,243
Other		4,110			3,242			15,367			13,117
Total non-interest income		32,942			37,027			124,413			122,549

Non-interest expense:
Salaries and employee benefits		77,719			66,270			296,016			258,846
Net occupancy and equipment		17,901			17,234			71,676			72,591
Other operating expenses		44,507			61,507			183,601			198,124
Total non-interest expense		140,127			145,011			551,293			529,561

Income before taxes		235,039			218,732			931,292			867,003
Provision for income taxes		52,831			43,600			214,789			176,164
Net income		182,208			175,132			716,503			690,839
Earnings attributable to noncontrolling interest		(26	)		(6	)		(47	)		(56	)
Preferred stock dividends		4,047			4,047			16,187			16,187
Net income available to common stockholders	$	178,135		$	171,079		$	700,269		$	674,596

Basic earnings per common share	$	1.57		$	1.51		$	6.16		$	5.89

Diluted earnings per common share	$	1.56		$	1.50		$	6.14		$	5.87


Bank OZKConsolidated Statements of Stockholders’ EquityUnaudited

	Preferred Stock		Common Stock			AdditionalPaid-inCapital			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Non-Controlling Interest			Total
	(Dollars in thousands, except per share amounts)
Three months ended December 31, 2024:
Balances – September 30, 2024	$	338,980	$	1,135		$	1,619,832		$	3,684,869		$	(51,957	)	$	696		$	5,593,555
Net income		—		—			—			182,208			—			—			182,208
Earnings attributable to noncontrolling interest		—		—			—			(26	)		—			26			—
Total other comprehensive income		—		—			—			—			(24,179	)		—			(24,179	)
Preferred stock dividends, $0.28906 per share		—		—			—			(4,047	)		—			—			(4,047	)
Common stock dividends, $0.41 per share		—		—			—			(46,866	)		—			—			(46,866	)
Return of capital paid to non-controlling interest		—		—			—			—			—			(151	)		(151	)
Issuance of 11,290 shares of common stock pursuant to stock-based compensation plans		—		—			417			—			—			—			417
Stock-based compensation expense		—		—			5,257			—			—			—			5,257
Forfeitures of 3,450 shares of unvested restricted common stock		—		—			—			—			—			—			—
Balances – December 31, 2024	$	338,980	$	1,135		$	1,625,506		$	3,816,138		$	(76,136	)	$	571		$	5,706,194

Year ended December 31, 2024:
Balances – December 31, 2023	$	338,980	$	1,131		$	1,612,446		$	3,283,818		$	(97,374	)	$	975		$	5,139,976
Cumulative effect of change in accounting principle		—		—			—			12,690			—			—			12,690
Balances – January 1, 2024	$	338,980	$	1,131		$	1,612,446		$	3,296,508		$	(97,374	)	$	975		$	5,152,666
Net income		—		—			—			716,503			—			—			716,503
Earnings attributable to noncontrolling interest		—		—			—			(47	)		—			47			—
Total other comprehensive income		—		—			—			—			21,238			—			21,238
Preferred stock dividends, $1.15624 per share		—		—			—			(16,187	)		—			—			(16,187	)
Common stock dividends, $1.58 per share		—		—			—			(180,639	)		—			—			(180,639	)
Return of capital to non-controlling interest		—		—			—			—			—			(451	)		(451	)
Issuance of 532,941 shares of common stock pursuant to stock-based compensation plans		—		6			856			—			—			—			862
Repurchase and cancellation of 11,903 shares of common stock under share repurchase program, including excise taxes		—		—			(462	)		—			—			—			(462	)
Repurchase and cancellation of 184,415 shares of common stock withheld for tax pursuant to stock-based compensation plans		—		(2	)		(8,008	)		—			—			—			(8,010	)
Stock-based compensation expense		—		—			20,674			—			—			—			20,674
Forfeitures of 27,569 shares of unvested restricted common stock		—		—			—			—			—			—			—
Balances – December 31, 2024	$	338,980	$	1,135		$	1,625,506		$	3,816,138		$	(76,136	)	$	571		$	5,706,194


Bank OZKConsolidated Statements of Stockholders’ EquityUnaudited

	Preferred Stock		Common Stock			AdditionalPaid-inCapital			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Non-Controlling Interest			Total
	(Dollars in thousands, except per share amounts)
Three months ended December 31, 2023:
Balances – September 30, 2023	$	338,980	$	1,131		$	1,607,510		$	3,154,869		$	(198,986	)	$	1,409		$	4,904,913
Net income		—		—			—			175,132			—			—			175,132
Earnings attributable to noncontrolling interest		—		—			—			(6	)		—			6			—
Total other comprehensive income		—		—			—			—			101,612			—			101,612
Preferred stock dividends, $0.28906 per share		—		—			—			(4,047	)		—			—			(4,047	)
Common stock dividends, $0.37 per share		—		—			—			(42,130	)		—			—			(42,130	)
Return of capital to non-controlling interest		—		—			—			—			—			(440	)		(440	)
Issuance of 17,018 shares of common stock pursuant to stock-based compensation plans		—		—			547			—			—			—			547
Stock-based compensation expense		—		—			4,389			—			—			—			4,389
Forfeitures of 4,578 shares of unvested restricted common stock		—		—			—			—			—			—			—
Balances – December 31, 2023	$	338,980	$	1,131		$	1,612,446		$	3,283,818		$	(97,374	)	$	975		$	5,139,976

Year ended December 31, 2023:
Balances – December 31, 2022	$	338,980	$	1,172		$	1,753,941		$	2,773,135		$	(177,649	)	$	1,359		$	4,690,938
Net income		—		—			—			690,839			—			—			690,839
Earnings attributable to noncontrolling interest		—		—			—			(56	)		—			56			—
Total other comprehensive income		—		—			—			—			80,275			—			80,275
Preferred stock dividends, $1.15624 per share		—		—			—			(16,187	)		—			—			(16,187	)
Common stock dividends, $1.42 per share		—		—			—			(163,913	)		—			—			(163,913	)
Return of capital to non-controlling interest		—		—			—			—			—			(440	)		(440	)
Issuance of 522,651 shares of common stock pursuant to stock-based compensation plans		—		5			1,166			—			—			—			1,171
Repurchase and cancellation of 4,304,239 shares of common stock under share repurchase program, including excise taxes		—		(44	)		(151,421	)		—			—			—			(151,465	)
Repurchase and cancellation of 215,362 shares of common stock withheld for tax pursuant to stock-based compensation plans.		—		(2	)		(8,672	)		—			—			—			(8,674	)
Stock-based compensation expense		—		—			17,432			—			—			—			17,432
Forfeitures of 31,306 shares of unvested restricted common stock		—		—			—			—			—			—			—
Balances – December 31, 2023	$	338,980	$	1,131		$	1,612,446		$	3,283,818		$	(97,374	)	$	975		$	5,139,976


Bank OZKSummary of Non-Interest ExpenseUnaudited

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
	(Dollars in thousands)
Salaries and employee benefits	$	77,719	$	66,270	$	296,016	$	258,846
Net occupancy and equipment		17,901		17,234		71,676		72,591
Other operating expenses:
Software and data processing		10,964		10,577		46,980		39,212
Professional and outside services		6,600		6,233		24,872		21,423
Deposit insurance and assessments		5,975		15,803		25,584		30,351
Advertising and public relations		3,702		5,153		20,576		16,150
Amortization of CRA and tax credit investments(1)		—		7,618		—		27,768
Other		17,266		16,123		65,589		63,220
Total non-interest expense	$	140,127	$	145,011	$	551,293	$	529,561

(1) Effective January 1, 2024, the Bank adopted ASU 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which resulted in the amortization of the Bank's CRA and tax credit investments being included in income tax expense instead of non-interest expense.


Bank OZKSummary of Total Loans OutstandingUnaudited

	December 31,
		2024					2023
	(Dollars in thousands)
Real estate:
Residential 1-4 family	$	1,323,435		4.4	%	$	961,338		3.6	%
Non-farm/non-residential		7,842,692		26.2			5,309,239		20.1
Construction/land development		9,522,676		31.8			11,653,487		44.0
Agricultural		296,898		1.0			256,423		1.0
Multifamily residential		3,272,635		10.9			2,064,106		7.8
Total real estate		22,258,336		74.3			20,244,593		76.5
Commercial and industrial		1,728,801		5.8			1,269,610		4.8
Consumer		3,659,713		12.2			2,965,042		11.2
Other		2,322,017		7.7			1,979,830		7.5
Total loans		29,968,867		100.0	%		26,459,075		100.0	%
Allowance for loan losses		(465,547	)				(339,394	)
Net loans	$	29,503,320				$	26,119,681


Bank OZKAllowance for Credit LossesUnaudited

	Allowance for Loan Losses			Reserve for Losses on Unfunded Loan Commitments			Total Allowance for Credit Losses
	(Dollars in thousands)
Three months ended December 31, 2024:
Balances – September 30, 2024	$	420,058		$	174,479		$	594,537
Net charge-offs		(12,351	)		—			(12,351	)
Provision for credit losses		57,840			(20,666	)		37,174
Balances – December 31, 2024	$	465,547		$	153,813		$	619,360

Year ended December 31, 2024:
Balances – December 31, 2023	$	339,394		$	161,834		$	501,228
Net charge-offs		(57,420	)		—			(57,420	)
Provision for credit losses		183,573			(8,021	)		175,552
Balances – December 31, 2024	$	465,547		$	153,813		$	619,360

Three months ended December 31, 2023:
Balances – September 30, 2023	$	303,358		$	158,128		$	461,486
Net charge-offs		(4,090	)		—			(4,090	)
Provision for credit losses		40,126			3,706			43,832
Balances – December 31, 2023	$	339,394		$	161,834		$	501,228

Year ended December 31, 2023:
Balances – December 31, 2022	$	208,858		$	156,419		$	365,277
Net charge-offs		(29,519	)		—			(29,519	)
Provision for credit losses		160,055			5,415			165,470
Balances – December 31, 2023	$	339,394		$	161,834		$	501,228


Bank OZKSummary of Deposits – By Customer TypeUnaudited

	December 31,
		2024				2023
	(Dollars in thousands)
Non-interest bearing	$	3,769,543	12.1	%	$	4,095,874	14.9	%
Interest bearing:
Consumer and commercial:
Consumer – Non-Time		2,983,401	9.6			2,792,199	10.2
Consumer – Time		13,446,545	43.3			10,216,217	37.3
Commercial – Non-Time		2,728,307	8.8			2,439,175	8.9
Commercial – Time		970,320	3.1			767,566	2.8
Public funds		3,964,350	12.8			3,725,766	13.6
Brokered		2,611,464	8.4			2,655,317	9.7
Reciprocal		569,142	1.9			713,029	2.6
Total deposits	$	31,043,072	100.0	%	$	27,405,143	100.0	%


Bank OZKSelected Consolidated Financial DataUnaudited

	Three Months Ended December 31,								Year Ended December 31,
		2024			2023		% Change			2024			2023		%Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income	$	379,398		$	370,548		2.4	%	$	1,533,724		$	1,439,485		6.5	%
Provision for credit losses		37,174			43,832		(15.2	)		175,552			165,470		6.1
Non-interest income		32,942			37,027		(11.0	)		124,413			122,549		1.5
Non-interest expense		140,127			145,011		(3.4	)		551,293			529,561		4.1
Net income		182,208			175,132		4.0			716,503			690,839		3.7
Preferred stock dividends		4,047			4,047		—			16,187			16,187		—
Net income available to common stockholders		178,135			171,079		4.1			700,269			674,596		3.8
Pre-tax pre-provision net revenue (1)		272,213			262,564		3.7			1,106,844			1,032,473		7.2
Common share and per common share data:
Diluted earnings per common share	$	1.56		$	1.50		4.0	%	$	6.14		$	5.87		4.6	%
Basic earnings per common share		1.57			1.51		4.0			6.16			5.89		4.6
Common stock dividends per share		0.41			0.37		10.8			1.58			1.42		11.3
Book value per common share		47.30			42.42		11.5			47.30			42.42		11.5
Tangible book value per common share (1)		41.48			36.58		13.4			41.48			36.58		13.4
Weighted-average diluted shares outstanding (thousands)		114,101			113,756		0.3			114,015			114,833		(0.7	)
End of period shares outstanding (thousands)		113,458			113,149		0.3			113,458			113,149		0.3
Balance sheet data at period end:
Total assets	$	38,258,852		$	34,237,457		11.7	%	$	38,258,852		$	34,237,457		11.7	%
Loans		29,968,867			26,459,075		13.3			29,968,867			26,459,075		13.3
Allowance for loan losses		465,547			339,394		37.2			465,547			339,394		37.2
Foreclosed assets		69,381			61,720		12.4			69,381			61,720		12.4
Investment securities – AFS		2,836,150			3,244,371		(12.6	)		2,836,150			3,244,371		(12.6	)
Deposits		31,043,072			27,405,143		13.3			31,043,072			27,405,143		13.3
Other borrowings		420,813			805,318		(47.7	)		420,813			805,318		(47.7	)
Unfunded loan commitments		19,078,633			20,561,029		(7.2	)		19,078,633			20,561,029		(7.2	)
Reserve for losses on unfunded loan commitments		153,813			161,834		(5.0	)		153,813			161,834		(5.0	)
Total common stockholders’ equity (1)		5,366,643			4,800,021		11.8			5,366,643			4,800,021		11.8
Total tangible common stockholders’ equity (1)		4,705,854			4,139,232		13.7			4,705,854			4,139,232		13.7
Accumulated other comprehensive loss		(76,136	)		(97,374	)				(76,136	)		(97,374	)
Loan to deposit ratio		96.54	%		96.55	%				96.54	%		96.55	%
Selected ratios:
Return on average assets (2)		1.87	%		2.04	%				1.91	%		2.20	%
Return on average common stockholders’ equity (1) (2)		13.33			14.58					13.77			14.93
Return on average tangible common stockholders’ equity (1) (2)		15.22			16.99					15.82			17.50
Total tangible common stockholders’ equity to total tangible assets (1)		12.52			12.33					12.52			12.33
Net interest margin – FTE (2)		4.33			4.82					4.56			5.16
Efficiency ratio		33.71			35.33					33.00			33.67
Net charge-offs to average loans (2)		0.16			0.06					0.20			0.13
Nonperforming loans to loans		0.44			0.25					0.44			0.25
Nonperforming assets to total assets		0.53			0.38					0.53			0.38
Allowance for loan losses to loans		1.55			1.28					1.55			1.28
Allowance for credit losses to loans and unfunded loan commitments		1.26			1.07					1.26			1.07
Other information:
Non-accrual loans	$	131,494		$	66,677				$	131,494		$	66,677

(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, total tangible common stockholders' equity to total tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.(2) Ratios for interim periods annualized based on actual days.


Bank OZKSelected Consolidated Financial Data (continued)Unaudited

	Three Months Ended
	December 31, 2024			September 30, 2024			% Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income	$	379,398		$	389,398		(2.6	%)
Provision for credit losses		37,174			46,443		(20.0	)
Non-interest income		32,942			33,605		(2.0	)
Non-interest expense		140,127			140,401		(0.2	)
Net income		182,208			181,206		0.6
Preferred stock dividends		4,047			4,047		—
Net income available to common stockholders		178,135			177,147		0.6
Pre-tax pre-provision net revenue (1)		272,213			282,602		(3.7	)
Common share and per common share data:
Diluted earnings per common share	$	1.56		$	1.55		0.6	%
Basic earnings per common share		1.57			1.56		0.6
Common stock dividends per share		0.41			0.40		2.5
Book value per common share		47.30			46.31		2.1
Tangible book value per common share (1)		41.48			40.49		2.4
Weighted-average diluted shares outstanding (thousands)		114,101			114,031		0.1
End of period shares outstanding (thousands)		113,458			113,450		—
Balance sheet data at period end:
Total assets	$	38,258,852		$	37,441,804		2.2	%
Loans		29,968,867			29,218,144		2.6
Allowance for loan losses		465,547			420,058		10.8
Foreclosed assets		69,381			77,949		(11.0	)
Investment securities – AFS		2,836,150			2,952,022		(3.9	)
Deposits		31,043,072			30,571,613		1.5
Other borrowings		420,813			151,035		178.6
Unfunded loan commitments		19,078,633			19,307,972		(1.2	)
Reserve for losses on unfunded loan commitments		153,813			174,479		(11.8	)
Total common stockholders’ equity (1)		5,366,643			5,253,879		2.1
Total tangible common stockholders’ equity (1)		4,705,854			4,593,090		2.5
Accumulated other comprehensive loss		(76,136	)		(51,957	)
Loan to deposit ratio		96.54	%		95.57	%
Selected ratios:
Return on average assets (2)		1.87	%		1.90	%
Return on average common stockholders’ equity (1) (2)		13.33			13.65
Return on average tangible common stockholders’ equity (1) (2)		15.22			15.65
Total tangible common stockholders’ equity to total tangible assets (1)		12.52			12.49
Net interest margin – FTE (2)		4.33			4.55
Efficiency ratio		33.71			32.95
Net charge-offs to average loans (2)		0.16			0.36
Nonperforming loans to loans		0.44			0.60
Nonperforming assets to total assets		0.53			0.68
Allowance for loan losses to loans		1.55			1.44
Allowance for credit losses to loans and unfunded loan commitments		1.26			1.23
Other information:
Non-accrual loans	$	131,494		$	175,665

(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, total tangible common stockholders' equity to total tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release. (2) Ratios for interim periods annualized based on actual days.


Bank OZKSupplemental Quarterly Financial DataUnaudited

	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23
	(Dollars in thousands, except per share amounts)
Earnings summary:
Net interest income	$	379,398		$	389,398		$	387,994		$	376,934		$	370,548
Federal tax (FTE) adjustment		3,324			3,151			3,037			3,030			2,925
Net interest income (FTE)		382,722			392,549			391,031			379,964			373,473
Provision for credit losses		(37,174	)		(46,443	)		(49,012	)		(42,923	)		(43,832	)
Non-interest income		32,942			33,605			28,782			29,084			37,027
Non-interest expense		(140,127	)		(140,401	)		(137,451	)		(133,314	)		(145,011	)
Pre-tax income (FTE)		238,363			239,310			233,350			232,811			221,657
FTE adjustment		(3,324	)		(3,151	)		(3,037	)		(3,030	)		(2,925	)
Provision for income taxes		(52,831	)		(54,953	)		(52,778	)		(54,226	)		(43,600	)
Noncontrolling interest		(26	)		(12	)		8			(18	)		(6	)
Preferred stock dividend		(4,047	)		(4,047	)		(4,047	)		(4,047	)		(4,047	)
Net income available to common stockholders	$	178,135		$	177,147		$	173,496		$	171,490		$	171,079
Earnings per common share – diluted	$	1.56		$	1.55		$	1.52		$	1.51		$	1.50
Pre-tax pre-provision net revenue (1)	$	272,213		$	282,602		$	279,325		$	272,704		$	262,564
Selected balance sheet data at period end:
Total assets	$	38,258,852		$	37,441,804		$	36,836,173		$	36,029,904		$	34,237,457
Loans		29,968,867			29,218,144			28,673,685			28,031,348			26,459,075
Investment securities – AFS		2,836,150			2,952,022			2,981,929			3,072,391			3,244,371
Deposits		31,043,072			30,571,613			29,943,663			29,406,070			27,405,143
Unfunded loan commitments		19,078,633			19,307,972			19,737,557			20,458,796			20,561,029
Allowance for credit losses:
Balance at beginning of period	$	594,537		$	574,101		$	536,887		$	501,228		$	461,486
Net charge-offs		(12,351	)		(26,007	)		(11,798	)		(7,264	)		(4,090	)
Provision for credit losses		37,174			46,443			49,012			42,923			43,832
Balance at end of period	$	619,360		$	594,537		$	574,101		$	536,887		$	501,228
Allowance for loan losses	$	465,547		$	420,058		$	407,079		$	365,935		$	339,394
Reserve for losses on unfunded loan commitments		153,813			174,479			167,022			170,952			161,834
Total allowance for credit losses	$	619,360		$	594,537		$	574,101		$	536,887		$	501,228
Selected ratios:
Net interest margin – FTE (2)		4.33	%		4.55	%		4.68	%		4.71	%		4.82	%
Efficiency ratio		33.71			32.95			32.74			32.59			35.33
Net charge-offs to average loans (2)		0.16			0.36			0.17			0.11			0.06
Nonperforming loans to loans		0.44			0.60			0.30			0.22			0.25
Nonperforming assets to total assets		0.53			0.68			0.42			0.34			0.38
Allowance for loan losses to loans		1.55			1.44			1.42			1.31			1.28
Allowance for credit losses to loans and unfunded loan commitments		1.26			1.23			1.19			1.11			1.07
Loans past due 30 days or more, including past due non-accrual loans, to total loans		0.17			0.14			0.17			0.18			0.21

(1) Calculations of pre-tax pre-provision net revenue and the reconciliation to GAAP are included in the schedules accompanying this release.(2) Ratios for interim periods annualized based on actual days.


Bank OZKAverage Consolidated Balance Sheets and Net Interest Analysis – FTEUnaudited

	Three Months Ended December 31,												Year Ended December 31,
		2024						2023						2024						2023
	Average Balance		Income/ Expense		Yield/Rate		Average Balance		Income/ Expense		Yield/Rate		Average Balance		Income/ Expense		Yield/Rate		Average Balance		Income/ Expense		Yield/Rate
	(Dollars in thousands)
ASSETS
Interest earning assets:
Interest earning deposits	$	2,263,875	$	26,324	4.63	%	$	1,637,395	$	21,902	5.31	%	$	2,138,560	$	110,223	5.15	%	$	1,164,595	$	58,241	5.00	%
Investment securities:
Taxable		1,679,300		8,736	2.07			2,143,606		9,667	1.79			1,846,639		34,736	1.88			2,299,254		39,429	1.71
Tax-exempt – FTE		1,262,676		15,432	4.86			1,097,750		13,506	4.88			1,195,851		58,312	4.88			1,049,642		49,313	4.70
Total loans – FTE		29,952,752		615,468	8.17			25,861,611		563,344	8.64			28,711,132		2,458,847	8.56			23,580,165		1,991,953	8.45
Total earning assets – FTE		35,158,603		665,960	7.54			30,740,362		608,419	7.85			33,892,182		2,662,118	7.85			28,093,656		2,138,936	7.61
Non-interest earning assets		2,679,566						2,538,592						2,723,606						2,550,276
Total assets	$	37,838,169					$	33,278,954					$	36,615,788					$	30,643,932
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction	$	9,371,509	$	64,674	2.75	%	$	9,004,724	$	64,165	2.83	%	$	9,247,175	$	269,072	2.91	%	$	9,152,060	$	211,498	2.31	%
Time deposits		17,326,058		208,445	4.79			13,280,889		154,309	4.61			16,622,440		815,783	4.91			10,543,800		415,552	3.94
Total interest bearing deposits		26,697,567		273,119	4.07			22,285,613		218,474	3.89			25,869,615		1,084,855	4.19			19,695,860		627,050	3.18
Other borrowings (1)		500,286		5,153	4.10			863,828		11,329	5.20			257,055		10,819	4.21			803,797		41,669	5.18
Subordinated notes		348,475		2,631	3.00			347,661		2,631	3.00			348,170		10,439	3.00			347,356		10,439	3.01
Subordinated debentures		121,565		2,335	7.64			121,652		2,512	8.19			121,630		9,740	8.01			121,648		9,530	7.83
Total interest bearing liabilities		27,667,893		283,238	4.07			23,618,754		234,946	3.95			26,596,470		1,115,853	4.20			20,968,661		688,688	3.28
Non-interest bearing liabilities:
Non-interest bearing deposits		3,812,596						4,150,323						3,917,887						4,315,200
Other non-interest bearing liabilities		701,650						513,326						674,873						502,732
Total liabilities		32,182,139						28,282,403						31,189,230						25,786,593
Total stockholders’ equity before noncontrolling interest		5,655,337						4,995,217						5,425,658						4,855,976
Noncontrolling interest		693						1,334						900						1,363
Total liabilities and stockholders’ equity	$	37,838,169					$	33,278,954					$	36,615,788					$	30,643,932
Net interest income – FTE			$	382,722					$	373,473					$	1,546,265					$	1,450,248
Net interest margin – FTE					4.33	%					4.82	%					4.56	%					5.16	%
Core spread (2)					4.10	%					4.75	%					4.37	%					5.27	%

(1) The interest expense and the rates paid related to "other borrowings" include capitalized interest which totaled $0.8 million and $2.3 million for the fourth quarter and full year of 2024. Capitalized interest was not material for the fourth quarter and full year of 2023. Excluding capitalized interest from the "other borrowings" expense calculation would result in a rate of 4.76% and 5.12% for the fourth quarter and full year of 2024.(2) Core spread is the difference between the yield on the Bank’s 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
	December 31,						September 30,			Year Ended December 31,
		2024			2023			2024			2024			2023
	(Dollars in thousands)
Net income available to common stockholders	$	178,135		$	171,079		$	177,147		$	700,269		$	674,596
Average stockholders’ equity before noncontrolling interest	$	5,655,337		$	4,995,217		$	5,502,526		$	5,425,658		$	4,855,976
Less average preferred stock		(338,980	)		(338,980	)		(338,980	)		(338,980	)		(338,980	)
Total average common stockholders’ equity		5,316,357			4,656,237			5,163,546			5,086,678			4,516,996
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		—			—			—			—			(821	)
Total average intangibles		(660,789	)		(660,789	)		(660,789	)		(660,789	)		(661,610	)
Average tangible common stockholders’ equity	$	4,655,568		$	3,995,448		$	4,502,757		$	4,425,889		$	3,855,386
Return on average common stockholders’ equity(1)		13.33	%		14.58	%		13.65	%		13.77	%		14.93	%
Return on average tangible common stockholders’ equity(1)		15.22	%		16.99	%		15.65	%		15.82	%		17.50	%

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


Calculation of Total Common Stockholders’ Equity, Total Tangible Common Stockholders’ Equity and Tangible Book Value per Common ShareUnaudited

	December 31,						September 30,
		2024			2023			2024
	(In thousands, except per share amounts)
Total stockholders’ equity before noncontrolling interest	$	5,705,623		$	5,139,001		$	5,592,859
Less preferred stock		(338,980	)		(338,980	)		(338,980	)
Total common stockholders’ equity	$	5,366,643		$	4,800,021		$	5,253,879
Less goodwill		(660,789	)		(660,789	)		(660,789	)
Total tangible common stockholders’ equity	$	4,705,854		$	4,139,232		$	4,593,090
Shares of common stock outstanding		113,458			113,149			113,450
Book value per common share	$	47.30		$	42.42		$	46.31
Tangible book value per common share	$	41.48		$	36.58		$	40.49


Calculation of Total Common Stockholders’ Equity,Total Tangible Common Stockholders’ Equityand the Ratio of Total Tangible Common Stockholders’ Equity to Total Tangible AssetsUnaudited

	December 31,						September 30,
		2024			2023			2024
	(Dollars in thousands)
Total stockholders’ equity before noncontrolling interest	$	5,705,623		$	5,139,001		$	5,592,859
Less preferred stock		(338,980	)		(338,980	)		(338,980	)
Total common stockholders’ equity	$	5,366,643		$	4,800,021		$	5,253,879
Less goodwill		(660,789	)		(660,789	)		(660,789	)
Total tangible common stockholders’ equity		4,705,854			4,139,232			4,593,090
Total assets	$	38,258,852		$	34,237,457		$	37,441,804
Less goodwill	$	(660,789	)	$	(660,789	)	$	(660,789	)
Total tangible assets	$	37,598,063		$	33,576,668		$	36,781,015
Ratio of total common stockholders’ equity to total assets		14.03	%		14.02	%		14.03	%
Ratio of total tangible common stockholders’ equity to total tangible assets		12.52	%		12.33	%		12.49	%


Calculation of Pre-Tax Pre-Provision Net RevenueUnaudited

	Three Months Ended											Year Ended
	Dec 31,		Sept 30,		June 30,			March 31,		Dec 31,		December 31,
		2024		2024		2024			2024		2023		2024		2023
	(Dollars in thousands)
Net income available to common stockholders	$	178,135	$	177,147	$	173,496		$	171,490	$	171,079	$	700,269	$	674,596
Preferred stock dividends		4,047		4,047		4,047			4,047		4,047		16,187		16,187
Earnings attributable to noncontrolling interest		26		12		(8	)		18		6		47		56
Provision for income taxes		52,831		54,953		52,778			54,226		43,600		214,789		176,164
Provision for credit losses		37,174		46,443		49,012			42,923		43,832		175,552		165,470
Pre-tax pre-provision net revenue	$	272,213	$	282,602	$	279,325		$	272,704	$	262,564	$	1,106,844	$	1,032,473