OZK Bank OZK

Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the third quarter of 2024 was $177.1 million, its eighth consecutive quarterly record and a 4.4% increase from $169.7 million for the third quarter of 2023. For the first nine months of 2024, net income available to common stockholders was $522.1 million, a 3.7% increase from $503.5 million for the first nine months of 2023.

Diluted earnings per common share for the third quarter of 2024 were $1.55, its eighth consecutive quarterly record and a 4.0% increase from $1.49 for the third quarter of 2023. For the first nine months of 2024, diluted earnings per common share were $4.58, a 4.8% increase from $4.37 for the first nine months of 2023.

Pre-tax pre-provision net revenue (“PPNR”) was a record $282.6 million for the third quarter of 2024, a 7.0% increase from $264.0 million for the third quarter of 2023. For the first nine months of 2024, PPNR was $834.6 million, an 8.4% increase from $769.9 million for the first nine months 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 $46.4 million for the third quarter of 2024 compared to $44.0 million for the third quarter of 2023, while our net charge-offs were only $26.0 million and $9.4 million, respectively, for those quarters. For the first nine months of 2024, provision for credit losses was $138.4 million compared to $121.6 million for the first nine months of 2023, while our net charge-offs were only $45.1 million and $25.4 million, respectively, for those nine month periods. The Bank’s total allowance for credit losses (“ACL”) was $594.5 million at September 30, 2024, an increase of $133.1 million or 28.8% compared to $461.5 million at September 30, 2023.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the third quarter of 2024 were 1.90%, 13.65% and 15.65%, respectively, compared to 2.13%, 14.81% and 17.33%, respectively, for the third quarter of 2023. For the first nine months of 2024, the Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity were 1.93%, 13.92%, and 16.04%, respectively, compared to 2.26%, 15.06%, and 17.68%, respectively, for the first nine months 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 with our results for the quarter just ended giving us our eighth consecutive quarter of record net income and earnings per share and ninth consecutive quarter of record net interest income. This consistent achievement of record results has allowed us to consistently increase dividends, significantly grow capital and opportunistically repurchase shares, all while significantly increasing our allowance for credit losses.”

KEY BALANCE SHEET METRICS

Loans were $29.22 billion at September 30, 2024, a 15.3% increase from $25.33 billion at September 30, 2023. Deposits were $30.57 billion at September 30, 2024, a 19.6% increase from $25.55 billion at September 30, 2023. Total assets were $37.44 billion at September 30, 2024, a 14.3% increase from $32.77 billion at September 30, 2023.

Common stockholders’ equity was $5.25 billion at September 30, 2024, a 15.1% increase from $4.56 billion at September 30, 2023. Tangible common stockholders’ equity was $4.59 billion at September 30, 2024, a 17.7% increase from $3.90 billion at September 30, 2023.

Book value per common share was $46.31 at September 30, 2024, a $5.96 increase from $40.35 at September 30, 2023. Tangible book value per common share was $40.49 at September 30, 2024, a $5.99 increase from $34.50 at September 30, 2023.

The Bank’s strong earnings and earning retention rate, among other factors, have contributed to our robust capital ratios. The Bank’s ratio of total common stockholders’ equity to total assets was 14.03% at September 30, 2024, compared to 13.93% at September 30, 2023. The Bank’s ratio of total tangible common stockholders’ equity to total tangible assets was 12.49% at September 30, 2024, compared to 12.16% at September 30, 2023. The calculations of the Bank’s total common stockholders’ equity, tangible common stockholders’ equity, ratio of total tangible common stockholders’ equity to total tangible assets and tangible book value per common share, and the reconciliations to GAAP, are included in the schedules accompanying this release.

ASSET QUALITY

The Bank’s ratio of nonperforming loans to total loans was 0.60% at September 30, 2024, compared to 0.30% at June 30, 2024 and 0.27% as of September 30, 2023. The Bank’s ratio of nonperforming assets to total assets was 0.68% at September 30, 2024, compared to 0.42% at June 30, 2024 and September 30, 2023. The Bank's annualized ratio of net charge-offs to average total loans was 0.36% for the quarter and 0.21% for the first nine months of 2024, compared to 0.15% for both the third quarter and first nine months of 2023.

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 at 10:00 a.m. CT (11:00 a.m. ET) on Friday, October 18, 2024. 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 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 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 U.S. presidential and congressional elections, and 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 approximately 240 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Tennessee, Texas, New York, California and Mississippi and had $37.44 billion in total assets as of September 30, 2024. For more information, visit www.ozk.com.

Bank OZKConsolidated Balance SheetsUnaudited
		September 30, 2024				December 31, 2023
		(Dollars in thousands)
ASSETS
Cash and cash equivalents		$	2,678,726			$	2,149,529
Investment securities – available for sale (“AFS”)			2,952,022				3,244,371
Federal Home Loan Bank of Dallas (“FHLB”) and other bankers’ bank stocks			13,808				50,400
Loans			29,218,144				26,459,075
Allowance for loan losses			(420,058	)			(339,394	)
Net Loans			28,798,086				26,119,681
Premises and equipment, net			712,787				676,821
Foreclosed assets			77,949				61,720
Accrued interest receivable			173,246				170,110
Bank owned life insurance (“BOLI”)			823,598				808,490
Goodwill			660,789				660,789
Other, net			550,793				295,546
Total assets		$	37,441,804			$	34,237,457
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand non-interest bearing		$	3,855,214			$	4,095,874
Savings and interest bearing transaction			9,303,466				9,074,296
Time			17,412,933				14,234,973
Total deposits			30,571,613				27,405,143
Other borrowings			151,035				805,318
Subordinated notes			348,370				347,761
Subordinated debentures			121,652				121,652
Reserve for losses on unfunded credit commitments			174,479				161,834
Accrued interest payable and other liabilities			481,100				255,773
Total liabilities			31,848,249				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 September 30, 2024 and December 31, 2023			338,980				338,980
Common stock: $0.01 par value; 300,000,000 shares authorized; 113,449,886 and 113,148,672 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively			1,135				1,131
Additional paid-in capital			1,619,832				1,612,446
Retained earnings			3,684,869				3,283,818
Accumulated other comprehensive loss			(51,957	)			(97,374	)
Total stockholders’ equity before noncontrolling interest			5,592,859				5,139,001
Noncontrolling interest			696				975
Total stockholders’ equity			5,593,555				5,139,976
Total liabilities and stockholders’ equity		$	37,441,804			$	34,237,457

Bank OZKConsolidated Statements of IncomeUnaudited
		Three Months EndedSeptember 30,								Nine Months EndedSeptember 30,
		2024				2023				2024				2023
		(Dollars in thousands, except per share amounts)
Interest income:
Loans		$	629,934			$	529,031			$	1,843,167			$	1,428,291
Investment securities:
Taxable			7,874				9,887				26,000				29,761
Tax-exempt			11,555				9,534				33,876				28,288
Deposits with banks			32,689				17,061				83,899				36,338
Total interest income			682,052				565,513				1,986,942				1,522,678
Interest expense:
Deposits			286,608				178,823				811,735				408,577
Other borrowings			953				14,326				5,668				30,339
Subordinated notes			2,631				2,631				7,808				7,808
Subordinated debentures			2,462				2,472				7,405				7,017
Total interest expense			292,654				198,252				832,616				453,741
Net interest income			389,398				367,261				1,154,326				1,068,937
Provision for credit losses			46,443				44,036				138,378				121,638
Net interest income after provision for credit losses			342,955				323,225				1,015,948				947,299
Non-interest income:
Service charges on deposit accounts:
NSF fees			—				1,102				—				3,097
Overdraft fees			3,563				3,606				10,354				10,262
All other service charges			7,561				6,973				21,958				20,662
Trust income			2,529				2,213				6,935				6,358
BOLI income:
Increase in cash surrender value			5,758				5,252				16,870				15,295
Death benefits			1,344				—				1,344				—
Loan service, maintenance and other fees			6,534				3,995				19,358				12,165
Gains on sales of other assets			1,303				364				2,835				5,740
Net gains (losses) on investment securities			25				(270	)			560				2,066
Other			4,988				2,492				11,257				9,877
Total non-interest income			33,605				25,727				91,471				85,522
Non-interest expense:
Salaries and employee benefits			75,324				64,107				218,297				192,576
Net occupancy and equipment			17,380				17,797				53,775				55,357
Other operating expenses			47,697				47,074				139,092				136,616
Total non-interest expense			140,401				128,978				411,164				384,549
Income before taxes			236,159				219,974				696,255				648,272
Provision for income taxes			54,953				46,144				161,958				132,564
Net income			181,206				173,830				534,297				515,708
Earnings attributable to noncontrolling interest			(12	)			(37	)			(22	)			(50	)
Preferred stock dividends			4,047				4,047				12,141				12,141
Net income available to common stockholders		$	177,147			$	169,746			$	522,134			$	503,517
Basic earnings per common share		$	1.56			$	1.50			$	4.60			$	4.39
Diluted earnings per common share		$	1.55			$	1.49			$	4.58			$	4.37

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 September 30, 2024:
Balances – June 30, 2024		$	338,980			$	1,135			$	1,615,101			$	3,553,523			$	(100,939	)		$	985			$	5,408,785
Net income			—				—				—				181,206				—				—				181,206
Earnings attributable to noncontrolling interest			—				—				—				(12	)			—				12				—
Total other comprehensive income			—				—				—				—				48,982				—				48,982
Preferred stock dividends, $0.28906 per share			—				—				—				(4,047	)			—				—				(4,047	)
Common stock dividends, $0.40 per share			—				—				—				(45,801	)			—				—				(45,801	)
Return of capital paid to noncontrolling interest			—				—				—				—				—				(301	)			(301	)
Issuance of 3,197 shares of common stock pursuant to stock-based compensation plans			—				—				28				—				—				—				28
Repurchase and cancellation of 11,903 shares of common stock under share repurchase program			—				—				(462	)			—				—				—				(462	)
Stock-based compensation expense			—				—				5,165				—				—				—				5,165
Forfeitures of 6,646 shares of unvested restricted common stock			—				—				—				—				—				—				—
Balances – September 30, 2024		$	338,980			$	1,135			$	1,619,832			$	3,684,869			$	(51,957	)		$	696			$	5,593,555
Nine months ended September 30, 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			—				—				—				534,297				—				—				534,297
Earnings attributable to noncontrolling interest			—				—				—				(22	)			—				22				—
Total other comprehensive income			—				—				—				—				45,417				—				45,417
Preferred stock dividends, $0.86718 per share			—				—				—				(12,141	)			—				—				(12,141	)
Common stock dividends, $1.17 per share			—				—				—				(133,773	)			—				—				(133,773	)
Return of capital paid to noncontrolling interest			—				—				—				—				—				(301	)			(301	)
Issuance of 521,651 shares of common stock pursuant to stock-based compensation plans			—				6				439				—				—				—				445
Repurchase and cancellation of 11,903 shares of common stock under share repurchase program			—				—				(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			—				—				15,417				—				—				—				15,417
Forfeitures of 24,119 shares of unvested restricted common stock			—				—				—				—				—				—				—
Balances – September 30, 2024		$	338,980			$	1,135			$	1,619,832			$	3,684,869			$	(51,957	)		$	696			$	5,593,555

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 September 30, 2023:
Balances – June 30, 2023		$	338,980			$	1,131			$	1,602,964			$	3,026,247			$	(159,431	)		$	1,372			$	4,811,263
Net income			—				—				—				173,830				—				—				173,830
Earnings attributable to noncontrolling interest			—				—				—				(37	)			—				37				—
Total other comprehensive loss			—				—				—				—				(39,555	)			—				(39,555	)
Preferred stock dividends, $0.28906 per share			—				—				—				(4,047	)			—								(4,047	)
Common stock dividends, $0.36 per share			—				—				—				(41,124	)			—				—				(41,124	)
Issuance of 2,446 shares of common stock pursuant to stock-based compensation plans			—				—				77				—				—				—				77
Stock-based compensation expense			—				—				4,469				—				—				—				4,469
Forfeitures of 11,663 shares of unvested restricted common stock			—				—				—				—				—				—				—
Balances – September 30, 2023		$	338,980			$	1,131			$	1,607,510			$	3,154,869			$	(198,986	)		$	1,409			$	4,904,913
Nine months ended September 30, 2023:
Balances – December 31, 2022		$	338,980			$	1,172			$	1,753,941			$	2,773,135			$	(177,649	)		$	1,359			$	4,690,938
Net income			—				—				—				515,708				—				—				515,708
Earnings attributable to noncontrolling interest			—				—				—				(50	)			—				50				—
Total other comprehensive loss			—				—				—				—				(21,337	)			—				(21,337	)
Preferred stock dividends, $0.86718 per share			—				—				—				(12,141	)			—								(12,141	)
Common stock dividends, $1.05 per share			—				—				—				(121,783	)			—				—				(121,783	)
Issuance of 505,633 shares of common stock pursuant to stock-based compensation plans			—				5				618				—				—				—				623
Repurchase and cancellation of 4,304,239 shares of common stock under share repurchase program, including excise tax			—				(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			—				—				13,044				—				—				—				13,044
Forfeitures of 26,728 shares of unvested restricted common stock			—				—				—				—				—				—				—
Balances – September 30, 2023		$	338,980			$	1,131			$	1,607,510			$	3,154,869			$	(198,986	)		$	1,409			$	4,904,913

Bank OZKSummary of Non-Interest ExpenseUnaudited
	Three Months EndedSeptember 30,								Nine Months EndedSeptember 30,
	2024				2023				2024				2023
	(Dollars in thousands)
Salaries and employee benefits	$	75,324			$	64,107			$	218,297			$	192,576
Net occupancy and equipment		17,380				17,797				53,775				55,357
Other operating expenses:
Software and data processing		12,742				9,584				36,016				28,634
Deposit insurance and assessments		6,050				5,500				19,609				14,548
Professional and outside services		5,620				4,640				18,272				15,190
Advertising and public relations		6,089				3,779				16,874				10,998
Amortization of CRA and tax credit investments(1)		—				8,171				—				20,151
Other		17,196				15,400				48,321				47,095
Total non-interest expense	$	140,401			$	128,978			$	411,164			$	384,549

(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
	September 30, 2024							December 31, 2023
	(Dollars in thousands)
Real estate:
Residential 1-4 family	$	1,075,912			3.7	%		$	961,338			3.6	%
Non-farm/non-residential		7,924,453			27.1				5,309,239			20.1
Construction/land development		9,827,974			33.6				11,653,487			44.0
Agricultural		274,703			0.9				256,423			1.0
Multifamily residential		3,058,056			10.5				2,064,106			7.8
Total real estate		22,161,098			75.8				20,244,593			76.5
Commercial and industrial		1,632,110			5.6				1,269,610			4.8
Consumer		3,565,400			12.2				2,965,042			11.2
Other		1,859,536			6.4				1,979,830			7.5
Total loans		29,218,144			100.0	%			26,459,075			100.0	%
Allowance for loan losses		(420,058	)						(339,394	)
Net loans	$	28,798,086						$	26,119,681

Bank OZKAllowance for Credit LossesUnaudited
	Allowance for Loan Losses				Reserve for Losses on Unfunded Credit Commitments				Total Allowance for Credit Losses
	(Dollars in thousands)
Three months ended September 30, 2024:
Balances – June 30, 2024	$	407,079			$	167,022			$	574,101
Net charge-offs		(26,007	)			—				(26,007	)
Provision for credit losses		38,986				7,457				46,443
Balances – September 30, 2024	$	420,058			$	174,479			$	594,537
Nine months ended September 30, 2024:
Balances – December 31, 2023	$	339,394			$	161,834			$	501,228
Net charge-offs		(45,069	)			—				(45,069	)
Provision for credit losses		125,733				12,645				138,378
Balances – September 30, 2024	$	420,058			$	174,479			$	594,537
Three months ended September 30, 2023:
Balances – June 30, 2023	$	263,188			$	163,632			$	426,820
Net charge-offs		(9,370	)			—				(9,370	)
Provision for credit losses		49,540				(5,504	)			44,036
Balances – September 30, 2023	$	303,358			$	158,128			$	461,486
Nine months ended September 30, 2023:
Balances – December 31, 2022	$	208,858			$	156,419			$	365,277
Net charge-offs		(25,429	)			—				(25,429	)
Provision for credit losses		119,929				1,709				121,638
Balances – September 30, 2023	$	303,358			$	158,128			$	461,486

Bank OZKDeposits – By Customer TypeUnaudited
	September 30, 2024							December 31, 2023
	(Dollars in thousands)
Non-interest bearing	$	3,855,214			12.6	%		$	4,095,874			14.9	%
Interest bearing:
Consumer and commercial:
Consumer – non-time		2,854,094			9.3				2,792,199			10.2
Consumer – time		13,133,060			43.0				10,216,217			37.3
Commercial – non-time		2,819,146			9.2				2,439,175			8.9
Commercial – time		971,632			3.2				767,566			2.8
Public funds		3,628,461			11.9				3,725,766			13.6
Brokered		2,716,206			8.9				2,655,317			9.7
Reciprocal		593,800			1.9				713,029			2.6
Total deposits	$	30,571,613			100.0	%		$	27,405,143			100.0	%

Bank OZKSelected Consolidated Financial DataUnaudited
	Three Months EndedSeptember 30,											Nine Months EndedSeptember 30,
	2024				2023				%Change			2024				2023				%Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income	$	389,398			$	367,261			6.0	%		$	1,154,326			$	1,068,937			8.0	%
Provision for credit losses		46,443				44,036			5.5				138,378				121,638			13.8
Non-interest income		33,605				25,727			30.6				91,471				85,522			7.0
Non-interest expense		140,401				128,978			8.9				411,164				384,549			6.9
Net income		181,206				173,830			4.2				534,297				515,708			3.6
Preferred stock dividends		4,047				4,047			—				12,141				12,141			—
Net income available to common stockholders		177,147				169,746			4.4				522,134				503,517			3.7
Pre-tax pre-provision net revenue(1)		282,602				264,010			7.0				834,633				769,910			8.4
Common share and per common share data:
Diluted earnings per common share	$	1.55			$	1.49			4.0	%		$	4.58			$	4.37			4.8	%
Basic earnings per common share		1.56				1.50			4.0				4.60				4.39			4.8
Common stock dividends per share		0.40				0.36			11.1				1.17				1.05			11.4
Book value per share		46.31				40.35			14.8				46.31				40.35			14.8
Tangible book value per common share(1)		40.49				34.50			17.4				40.49				34.50			17.4
Weighted-average diluted shares outstanding (thousands)		114,031				113,770			0.2				113,988				115,226			(1.1	)
End of period shares outstanding (thousands)		113,450				113,136			0.3				113,450				113,136			0.3
Balance sheet data at period end:
Total assets	$	37,441,804			$	32,767,328			14.3	%		$	37,441,804			$	32,767,328			14.3	%
Loans		29,218,144				25,331,740			15.3				29,218,144				25,331,740			15.3
Allowance for loan losses		420,058				303,358			38.5				420,058				303,358			38.5
Foreclosed assets		77,949				68,738			13.4				77,949				68,738			13.4
Investment securities – AFS		2,952,022				3,153,817			(6.4	)			2,952,022				3,153,817			(6.4	)
Deposits		30,571,613				25,552,856			19.6				30,571,613				25,552,856			19.6
Other borrowings		151,035				1,430,192			(89.4	)			151,035				1,430,192			(89.4	)
Unfunded credit commitments		19,307,972				20,625,371			(6.4	)			19,307,972				20,625,371			(6.4	)
Reserve for losses on unfunded credit commitments		174,479				158,128			10.3				174,479				158,128			10.3
Preferred stock		338,980				338,980			—				338,980				338,980			—
Total common stockholders’ equity(1)		5,253,879				4,564,524			15.1				5,253,879				4,564,524			15.1
Total tangible common stockholders' equity(1)		4,593,090				3,903,735			17.7				4,593,090				3,903,735			17.7
Net unrealized losses on investment securities AFS included in stockholders’ equity		(51,957	)			(198,986	)						(51,957	)			(198,986	)
Loan to deposit ratio		95.57	%			99.13	%						95.57	%			99.13	%
Selected ratios:
Return on average assets(2)		1.90	%			2.13	%						1.93	%			2.26	%
Return on average common stockholders’ equity(1)(2)		13.65				14.81							13.92				15.06
Return on average tangible common stockholders’ equity(1)(2)		15.65				17.33							16.04				17.68
Total tangible common stockholders' equity to total tangible assets(1)		12.49				12.16							12.49				12.16
Net interest margin – FTE(2)		4.55				5.05							4.64				5.29
Efficiency ratio		32.95				32.60							32.76				33.09
Net charge-offs to average total loans(2)		0.36				0.15							0.21				0.15
Nonperforming loans to total loans		0.60				0.27							0.60				0.27
Nonperforming assets to total assets		0.68				0.42							0.68				0.42
Allowance for loan losses to total loans		1.44				1.20							1.44				1.20
Allowance for credit losses to total loans and unfunded credit commitments		1.23				1.00							1.23				1.00
Other information:
Non-accrual loans	$	175,665			$	68,233						$	175,665			$	68,233

(1)  See accompanying schedules for reconciliation of non-GAAP financial measures. (2)  Ratios for interim periods annualized based on actual days.

Bank OZKSelected Consolidated Financial Data (continued)Unaudited
	Three Months Ended
	September 30, 2024				June 30, 2024				%Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income	$	389,398			$	387,994			0.4	%
Provision for credit losses		46,443				49,012			(5.2	)
Non-interest income		33,605				28,782			16.8
Non-interest expense		140,401				137,451			2.1
Net income		181,206				177,535			2.1
Preferred stock dividends		4,047				4,047			—
Net income available to common stockholders		177,147				173,496			2.1
Pre-tax pre-provision net revenue(1)		282,602				279,325			1.2
Common share and per common share data:
Diluted earnings per common share	$	1.55			$	1.52			2.0	%
Basic earnings per common share		1.56				1.53			2.0
Common stock dividends per share		0.40				0.39			2.6
Book value per share		46.31				44.67			3.7
Tangible book value per common share(1)		40.49				38.85			4.2
Weighted-average diluted shares outstanding (thousands)		114,031				113,995			—
End of period shares outstanding (thousands)		113,450				113,465			—
Balance sheet data at period end:
Total assets	$	37,441,804			$	36,836,173			1.6	%
Loans		29,218,144				28,673,685			1.9
Allowance for loan losses		420,058				407,079			3.2
Foreclosed assets		77,949				71,023			9.8
Investment securities – AFS		2,952,022				2,981,929			(1.0	)
Deposits		30,571,613				29,943,663			2.1
Other borrowings		151,035				400,943			(62.3	)
Unfunded credit commitments		19,307,972				19,737,557			(2.2	)
Reserve for losses on unfunded credit commitments		174,479				167,022			4.5
Total common stockholders’ equity(1)		5,253,879				5,068,820			3.7
Total tangible common stockholders' equity(1)		4,593,090				4,408,031			4.2
Net unrealized losses on investment securities AFS included in stockholders’ equity		(51,957	)			(100,939	)
Loan to deposit ratio		95.57	%			95.76	%
Selected ratios:
Return on average assets(2)		1.90	%			1.92	%
Return on average common stockholders’ equity(1)(2)		13.65				13.98
Return on average tangible common stockholders’ equity(1)(2)		15.65				16.11
Total tangible common stockholders' equity to total tangible assets(1)		12.49				12.19
Net interest margin – FTE(2)		4.55				4.68
Efficiency ratio		32.95				32.74
Net charge-offs to average total loans(2)		0.36				0.17
Nonperforming loans to total loans		0.60				0.30
Nonperforming assets to total assets		0.68				0.42
Allowance for loan losses to total loans		1.44				1.42
Allowance for credit losses to total loans and unfunded credit commitments		1.23				1.19
Other information:
Non-accrual loans	$	175,665			$	85,265

(1)  See accompanying schedules for reconciliation of non-GAAP financial measures. (2)  Ratios for interim periods annualized based on actual days.

Bank OZKSupplemental Quarterly Financial DataUnaudited
	9/30/24				6/30/24				3/31/24				12/31/23				9/30/23
	(Dollars in thousands, except per share amounts)
Earnings summary:
Net interest income	$	389,398			$	387,994			$	376,934			$	370,548			$	367,261
Fully taxable equivalent – FTE adjustment		3,151				3,037				3,030				2,925				2,632
Net interest income – FTE		392,549				391,031				379,964				373,473				369,893
Provision for credit losses		(46,443	)			(49,012	)			(42,923	)			(43,832	)			(44,036	)
Non-interest income		33,605				28,782				29,084				37,027				25,727
Non-interest expense		(140,401	)			(137,451	)			(133,314	)			(145,011	)			(128,978	)
Pre-tax income – FTE		239,310				233,350				232,811				221,657				222,606
FTE adjustment		(3,151	)			(3,037	)			(3,030	)			(2,925	)			(2,632	)
Provision for income taxes		(54,953	)			(52,778	)			(54,226	)			(43,600	)			(46,144	)
Noncontrolling interest		(12	)			8				(18	)			(6	)			(37	)
Preferred stock dividend		(4,047	)			(4,047	)			(4,047	)			(4,047	)			(4,047	)
Net income available to common stockholders	$	177,147			$	173,496			$	171,490			$	171,079			$	169,746
Earnings per common share – diluted	$	1.55			$	1.52			$	1.51			$	1.50			$	1.49
Pre-tax pre-provision net revenue(1)	$	282,602			$	279,325			$	272,704			$	262,564			$	264,010
Selected balance sheet data at period end:
Total assets	$	37,441,804			$	36,836,173			$	36,029,904			$	34,237,457			$	32,767,328
Loans		29,218,144				28,673,685				28,031,348				26,459,075				25,331,740
Investment securities – AFS		2,952,022				2,981,929				3,072,391				3,244,371				3,153,817
Deposits		30,571,613				29,943,663				29,406,070				27,405,143				25,552,856
Unfunded credit commitments		19,307,972				19,737,557				20,458,796				20,561,029				20,625,371
Allowance for credit losses:
Balance at beginning of period	$	574,101			$	536,887			$	501,228			$	461,486			$	426,820
Net charge-offs		(26,007	)			(11,798	)			(7,264	)			(4,090	)			(9,370	)
Provision for credit losses		46,443				49,012				42,923				43,832				44,036
Balance at end of period	$	594,537			$	574,101			$	536,887			$	501,228			$	461,486
Allowance for loan losses	$	420,058			$	407,079			$	365,935			$	339,394			$	303,358
Reserve for losses on unfunded credit commitments		174,479				167,022				170,952				161,834				158,128
Total allowance for credit losses	$	594,537			$	574,101			$	536,887			$	501,228			$	461,486
Selected ratios:
Net interest margin – FTE(2)		4.55	%			4.68	%			4.71	%			4.82	%			5.05	%
Efficiency ratio		32.95				32.74				32.59				35.33				32.60
Net charge-offs to average total loans		0.36				0.17				0.11				0.06				0.15
Nonperforming loans to total loans		0.60				0.30				0.22				0.25				0.27
Nonperforming assets to total assets		0.68				0.42				0.34				0.38				0.42
Allowance for loan losses to total loans		1.44				1.42				1.31				1.28				1.20
Allowance for credit losses to total loans and unfunded credit commitments		1.23				1.19				1.11				1.07				1.00
Loans past due 30 days or more, including past due non-accrual loans, to total loans		0.14				0.17				0.18				0.21				0.22

(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 September 30,																		Nine Months Ended September 30,
	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	$	2,411,007		$	32,689		5.39	%		$	1,312,533		$	17,061		5.16	%		$	2,096,483		$	83,899		5.35	%		$	1,005,263		$	36,338		4.83	%
Investment securities:
Taxable		1,779,675			7,874		1.76				2,243,378			9,887		1.75				1,902,826			26,000		1.83				2,351,707			29,761		1.69
Tax-exempt – FTE		1,204,528			14,627		4.83				1,031,685			12,068		4.64				1,173,413			42,882		4.88				1,033,430			35,807		4.63
Total loans - FTE		28,957,386			630,013		8.66				24,461,488			529,129		8.58				28,294,238			1,843,379		8.70				22,811,326			1,428,609		8.37
Total earning assets – FTE		34,352,596			685,203		7.94				29,049,084			568,145		7.76				33,466,960			1,996,160		7.97				27,201,726			1,530,515		7.52
Non-interest earning assets		2,713,462									2,557,808									2,738,394									2,554,214
Total assets	$	37,066,058								$	31,606,892								$	36,205,354								$	29,755,940
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction	$	9,156,941		$	68,903		2.99	%		$	8,806,690		$	56,169		2.53	%		$	9,205,428		$	204,398		2.97	%		$	9,201,712		$	147,334		2.14	%
Time deposits		17,286,964			217,705		5.01				11,606,189			122,654		4.19				16,386,188			607,337		4.95				9,621,410			261,243		3.63
Total interest bearing deposits		26,443,905			286,608		4.31				20,412,879			178,823		3.48				25,591,616			811,735		4.24				18,823,122			408,577		2.90
Other borrowings(1)		120,203			953		3.15				1,048,566			14,326		5.42				175,386			5,668		4.32				783,566			30,339		5.20
Subordinated notes		348,270			2,631		3.01				347,456			2,631		3.00				348,067			7,808		3.00				347,254			7,808		3.01
Subordinated debentures		121,652			2,462		8.05				121,652			2,472		8.06				121,652			7,405		8.13				121,647			7,017		7.71
Total interest bearing liabilities		27,034,030			292,654		4.31				21,930,553			198,252		3.59				26,236,721			832,616		4.24				20,075,589			453,741		3.02
Non-interest bearing liabilities:
Non-interest bearing deposits		3,866,808									4,294,191									3,953,241									4,370,763
Other non-interest bearing liabilities		661,754									495,147									665,882									499,163
Total liabilities		31,562,592									26,719,891									30,855,844									24,945,515
Total stockholders’ equity before noncontrolling interest		5,502,526									4,885,620									5,348,540									4,809,053
Noncontrolling interest		940									1,381									970									1,372
Total liabilities and stockholders’ equity	$	37,066,058								$	31,606,892								$	36,205,354								$	29,755,940
Net interest income – FTE				$	392,549								$	369,893								$	1,163,544								$	1,076,774
Net interest margin – FTE							4.55	%								5.05	%								4.64	%								5.29	%

(1) The interest expense and the rates paid related to "other borrowings" include capitalized interest which totaled $0.7 million and $1.5 million for the third quarter and first nine months of 2024. Capitalized interest was not material                  for the third quarter and first nine months of 2023. Excluding capitalized interest from the "other borrowings" expense calculation would result in a rate of 5.42% and 5.46% for the third quarter and first nine months of 2024.

Bank OZKReconciliation of Non-GAAP Financial Measures
Calculation of Average Common Stockholders’ Equity,Average Tangible Common Stockholders’ Equityand the Annualized Returns on Average Common Stockholders’ Equity andAverage Tangible Common Stockholders’ Equity
Unaudited
	Three Months Ended												Nine Months Ended
	Sept. 30,				Sept. 30,				June 30				Sept. 30,				Sept. 30,
	2024				2023				2024				2024				2023
	(Dollars in thousands)
Net income available to common stockholders	$	177,147			$	169,746			$	173,496			$	522,134			$	503,517
Average stockholders’ equity before noncontrolling interest	$	5,502,526			$	4,885,620			$	5,330,984			$	5,348,540			$	4,809,053
Less average preferred stock		(338,980	)			(338,980	)			(338,980	)			(338,980	)			(338,980	)
Total average common stockholders’ equity		5,163,546				4,546,640				4,992,004				5,009,560				4,470,073
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		—				—				—				—				(1,098	)
Total average intangibles		(660,789	)			(660,789	)			(660,789	)			(660,789	)			(661,887	)
Average tangible common stockholders’ equity	$	4,502,757			$	3,885,851			$	4,331,215			$	4,348,771			$	3,808,186
Return on average common stockholders’ equity(1)		13.65	%			14.81	%			13.98	%			13.92	%			15.06	%
Return on average tangible common stockholders’ equity(1)		15.65	%			17.33	%			16.11	%			16.04	%			17.68	%

(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
	September 30,								June 30,
	2024				2023				2024
	(In thousands, except per share amounts)
Total stockholders’ equity before noncontrolling interest	$	5,592,859			$	4,903,504			$	5,407,800
Less preferred stock		(338,980	)			(338,980	)			(338,980	)
Total common stockholders’ equity	$	5,253,879			$	4,564,524			$	5,068,820
Less goodwill		(660,789	)			(660,789	)			(660,789	)
Total tangible common stockholders’ equity	$	4,593,090			$	3,903,735			$	4,408,031
Shares of common stock outstanding		113,450				113,136				113,465
Book value per common share	$	46.31			$	40.35			$	44.67
Tangible book value per common share	$	40.49			$	34.50			$	38.85

Calculation of Total Common Stockholders’ Equity,Total Tangible Common Stockholders’ Equityand the Ratio of Total Tangible Common Stockholders’ Equityto Total Tangible AssetsUnaudited
	September 30,								June 30,
	2024				2023				2024
	(Dollars in thousands)
Total stockholders’ equity before noncontrolling interest	$	5,592,859			$	4,903,504			$	5,407,800
Less preferred stock		(338,980	)			(338,980	)			(338,980	)
Total common stockholders’ equity	$	5,253,879			$	4,564,524			$	5,068,820
Less goodwill		(660,789	)			(660,789	)			(660,789	)
Total tangible common stockholders’ equity		4,593,090				3,903,735				4,408,031
Total assets	$	37,441,804			$	32,767,328			$	36,836,173
Less goodwill	$	(660,789	)		$	(660,789	)		$	(660,789	)
Total tangible assets	$	36,781,015			$	32,106,539			$	36,175,384
Ratio of total common stockholders’ equity to total assets		14.03	%			13.93	%			13.76	%
Ratio of total tangible common stockholders’ equity to total tangible assets		12.49	%			12.16	%			12.19	%

Calculation of Pre-Tax Pre-Provision Net RevenueUnaudited
	Three Months Ended																				Nine Months Ended
	Sept 30,				June 30,				Mar 31,				Dec 31,				Sept 30,				September 30,
	2024				2024				2024				2023				2023				2024				2023
	(Dollars in thousands)
Net income available to common stockholders	$	177,147			$	173,496			$	171,490			$	171,079			$	169,746			$	522,134			$	503,517
Preferred stock dividends		4,047				4,047				4,047				4,047				4,047				12,141				12,141
Earnings attributable to noncontrolling interest		12				(8	)			18				6				37				22				50
Provision for income taxes		54,953				52,778				54,226				43,600				46,144				161,958				132,564
Provision for credit losses		46,443				49,012				42,923				43,832				44,036				138,378				121,638
Pre-tax pre-provision net revenue	$	282,602			$	279,325			$	272,704			$	262,564			$	264,010			$	834,633			$	769,910

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