• Bank OZK Announces Fourth Quarter and Full Year 2022 Earnings

    Source: Nasdaq GlobeNewswire / 19 Jan 2023 15:01:01   America/Chicago

    LITTLE ROCK, Ark., Jan. 19, 2023 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the fourth quarter of 2022 was $158.8 million, a 6.1% increase from $149.8 million for the fourth quarter of 2021. Diluted earnings per common share for the fourth quarter of 2022 were $1.34, a 14.5% increase from $1.17 for the fourth quarter of 2021. These results were impacted by a $32.5 million provision for credit losses in the fourth quarter of 2022 compared to a negative provision for credit losses of $8.0 million in the fourth quarter of 2021.

    For the full year of 2022, net income available to common stockholders was $547.5 million, a 5.4% decrease from $579.0 million for the full year of 2021. Diluted earnings per common share for the full year of 2022 were a record $4.54, a 1.6% increase from $4.47 for the full year of 2021. These results were impacted by a $83.5 million provision for credit losses for 2022 compared to a negative provision for credit losses of $77.9 million for 2021.

    Growth in both funded and unfunded loan balances during the quarter and full year of 2022 contributed to the higher provision for credit losses. The Bank’s total allowance for credit losses (“ACL”) was $365.3 million at December 31, 2022 compared to $289.0 million at December 31, 2021. The calculations of the Bank’s provision expense for the fourth quarter and full year of 2022 and its total ACL at December 31, 2022 were based on a number of key estimates, assumptions and economic forecasts and included certain qualitative adjustments to capture items not fully reflected in the modeled results.

    Pre-tax pre-provision net revenue (“PPNR”) was $241.0 million for the fourth quarter of 2022, a 29.6% increase from $186.0 million for the fourth quarter of 2021. PPNR was $805.0 million for the full year of 2022, a 19.3% increase from $675.0 million for the full year 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 fourth quarter of 2022 were 2.35%, 14.76% and 17.48%, respectively, compared to 2.25%, 13.08% and 15.34%, respectively, for the fourth quarter of 2021. The Bank’s returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the full year of 2022 were 2.08%, 12.66%, and 14.97%, respectively, compared to 2.17%, 13.01%, and 15.32%, respectively, for the full year 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 strong results for the fourth quarter and full year of 2022. Our high level of profitability, strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the current environment and the longer term.”

    KEY BALANCE SHEET METRICS

    Total loans were $20.78 billion at December 31, 2022, a 13.5% increase from $18.31 billion at December 31, 2021. Non-purchased loans were $20.40 billion at December 31, 2022, a 14.7% increase from $17.79 billion at December 31, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.38 billion at December 31, 2022, a 26.7% decrease from $0.52 billion at December 31, 2021.

    Deposits were $21.50 billion at December 31, 2022, a 6.4% increase from $20.21 billion at December 31, 2021. Total assets were $27.66 billion at December 31, 2022, a 4.2% increase from $26.53 billion at December 31, 2021.

    Common stockholders’ equity was $4.35 billion at December 31, 2022, a 3.3% decrease from $4.50 billion at December 31, 2021. Tangible common stockholders’ equity was $3.69 billion at December 31, 2022, a 3.7% decrease from $3.83 billion at December 31, 2021. During 2022, the Bank repurchased approximately 8.37 million shares of its common stock at a weighted average cost of $41.80, for a total of $350.0 million.

    Book value per common share was $37.13 at December 31, 2022, a 3.6% increase from $35.85 at December 31, 2021. Tangible book value per common share was $31.47 at December 31, 2022, a 3.1% increase from $30.52 at December 31, 2021.

    The Bank’s ratio of total common stockholders’ equity to total assets was 15.73% at December 31, 2022, compared to 16.95% at December 31, 2021. Its ratio of total tangible common stockholders’ equity to total tangible assets was 13.66% at December 31, 2022, compared to 14.80% at December 31, 2021.

    The calculations of the Bank’s 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.

    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 January 20, 2023. 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, common stockholders’ equity, 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 hiring or retaining qualified personnel, obtaining regulatory or other approvals, delays in identifying satisfactory sites, 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; recently enacted and potential 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, and the costs and expenses to comply with new and/or existing legislation and regulatory requirements; uncertainty regarding the U.S. government’s debt limit or 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 coronavirus (“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 $27.66 billion in total assets as of December 31, 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 OZK
    Consolidated Balance Sheets
    Unaudited
     
      December 31, 
      2022  2021 
      (Dollars in thousands, except per share amounts) 
    ASSETS        
    Cash and cash equivalents $1,033,454  $2,053,829 
    Investment securities ― available for sale (“AFS”)  3,491,613   3,916,733 
    Investment securities ― trading  8,817   14,957 
    Federal Home Loan Bank of Dallas and other bankers’ bank stocks  42,406   40,788 
    Non-purchased loans  20,400,154   17,791,610 
    Purchased loans  378,637   516,215 
    Allowance for loan losses  (208,858)  (217,380)
    Net loans  20,569,933   18,090,445 
    Premises and equipment, net  678,405   695,857 
    Foreclosed assets  6,616   5,744 
    Accrued interest receivable  125,130   83,025 
    Bank owned life insurance (“BOLI”)  789,805   774,822 
    Goodwill and other intangible assets, net  663,543   669,063 
    Other, net  246,846   185,167 
    Total assets $27,656,568  $26,530,430 
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Deposits:        
    Demand non-interest bearing $4,658,451  $4,983,788 
    Savings and interest bearing transaction  9,905,717   9,245,727 
    Time  6,935,975   5,979,619 
    Total deposits  21,500,143   20,209,134 
    Other borrowings  606,666   756,321 
    Subordinated notes  346,947   346,133 
    Subordinated debentures  121,591   121,033 
    Reserve for losses on unfunded loan commitments  156,419   71,609 
    Accrued interest payable and other liabilities  233,864   186,840 
    Total liabilities  22,965,630   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 December 31, 2022 and 2021, respectively  338,980   338,980 
    Common stock; $0.01 par value; 300,000,000 shares authorized; 117,176,928 and 125,443,748 shares issued and outstanding at December 31, 2022 and 2021, respectively  1,172   1,254 
    Additional paid-in capital  1,753,941   2,093,702 
    Retained earnings  2,773,135   2,378,466 
    Accumulated other comprehensive (loss) income  (177,649)  23,841 
    Total stockholders’ equity before noncontrolling interest  4,689,579   4,836,243 
    Noncontrolling interest  1,359   3,117 
    Total stockholders’ equity  4,690,938   4,839,360 
    Total liabilities and stockholders’ equity $27,656,568  $26,530,430 


    Bank OZK
    Consolidated Statements of Income
    Unaudited
     
     Three Months Ended
    December 31,    		  Year Ended
    December 31,    		 
     2022  2021  2022  2021 
     (Dollars in thousands, except per share amounts) 
    Interest income:               
    Non-purchased loans$367,019  $256,021  $1,158,332  $972,660 
    Purchased loans 7,141   11,190   31,441   46,174 
    Investment securities:               
    Taxable 10,280   9,448   41,526   36,234 
    Tax-exempt 8,521   2,869   22,653   13,729 
    Deposits with banks and federal funds sold 5,961   953   12,116   2,510 
    Total interest income 398,922   280,481   1,266,068   1,071,307 
                    
    Interest expense:               
    Deposits 53,230   9,514   94,574   64,422 
    Other borrowings 8,534   1,020   13,033   4,029 
    Subordinated notes 2,631   2,631   10,439   9,386 
    Subordinated debentures 2,039   935   5,780   3,750 
    Total interest expense 66,434   14,100   123,826   81,587 
                    
    Net interest income 332,488   266,381   1,142,242   989,720 
    Provision for credit losses 32,508   (7,992)  83,494   (77,938)
    Net interest income after provision for credit losses 299,980   274,373   1,058,748   1,067,658 
                    
    Non-interest income:               
    Service charges on deposit accounts:               
    NSF/Overdraft fees 4,467   4,315   17,724   14,962 
    All other service charges 7,138   7,149   28,102   27,656 
    Trust income 1,977   2,141   7,990   8,506 
    BOLI income:               
    Increase in cash surrender value 4,953   4,901   19,532   19,640 
    Death benefits —   618   807   2,028 
    Loan service, maintenance and other fees 3,780   3,148   13,819   13,959 
    Gains on sales of other assets 510   1,330   11,467   9,962 
    Net gains on investment securities 1,256   504   2,019   504 
    Other 3,463   5,589   13,043   18,321 
    Total non-interest income 27,544   29,695   114,503   115,538 
                    
    Non-interest expense:               
    Salaries and employee benefits 59,946   55,034   226,373   214,567 
    Net occupancy and equipment 17,584   17,004   70,058   66,801 
    Other operating expenses 41,483   38,068   155,290   148,907 
    Total non-interest expense 119,013   110,106   451,721   430,275 
                    
    Income before taxes 208,511   193,962   721,530   752,921 
    Provision for income taxes 45,686   44,197   157,440   173,888 
    Net income 162,825   149,765   564,090   579,033 
    Earnings attributable to noncontrolling interest 54   (5)  51   (32)
    Preferred stock dividends 4,047   —   16,621   — 
    Net income available to common stockholders$158,832  $149,760  $547,520  $579,001 
                    
    Basic earnings per common share$1.35  $1.17  $4.55  $4.49 
                    
    Diluted earnings per common share$1.34  $1.17  $4.54  $4.47 


    Bank OZK
    Consolidated Statements of Stockholders’ Equity
    Unaudited
     
      Preferred
    Stock    		  Common
    Stock    		  Additional
    Paid-In
    Capital    		  Retained
    Earnings    		  Accumulated
    Other
    Comprehensive
    (Loss) Income    		  Non-
    Controlling
    Interest    		  Total 
      (Dollars in thousands, except per share amounts) 
    Three months ended December 31, 2022:                     
    Balances – September 30, 2022 $338,980  $1,178  $1,773,562  $2,653,377  $(227,673) $3,120  $4,542,544 
    Net income  —   —   —   162,825   —   —   162,825 
    Earnings attributable to noncontrolling interest  —   —   —   54   —   (54)  — 
    Total other comprehensive loss  —   —   —   —   50,024   —   50,024 
    Preferred stock dividends, $0.28906 per share  —   —   —   (4,047)  —   —   (4,047)
    Common stock dividends, $0.33 per share  —   —   —   (39,074)  —   —   (39,074)
    Return of capital to non-controlling interest  —   —   —   —   —   (1,707)  (1,707)
    Issuance of 7,039 shares of common stock for exercise of stock options  —   —   241   —   —   —   241 
    Issuance of 3,457 shares of unvested restricted common stock  —   —   —   —   —   —   — 
    Repurchase and cancellation of 574,878 shares of common stock under share repurchase program  —   (6)  (23,219)  —   —   —   (23,225)
    Repurchase and cancellation of 3,890 shares of common stock withheld for tax pursuant to restricted stock vesting  —   —   (174)  —   —   —   (174)
    Stock-based compensation expense  —   —   3,531   —   —   —   3,531 
    Forfeitures of 16,405 shares of unvested restricted common stock  —   —   —   —   —   —   — 
    Balances – December 31, 2022 $338,980  $1,172  $1,753,941  $2,773,135  $(177,649) $1,359  $4,690,938 
                                 
    Year ended December 31, 2022:                         
    Balances – December 31, 2021 $338,980  $1,254  $2,093,702  $2,378,466  $23,841  $3,117  $4,839,360 
    Net income  —   —   —   564,090   —   —   564,090 
    Earnings attributable to noncontrolling interest  —   —   —   51   —   (51)  — 
    Total other comprehensive loss  —   —   —   —   (201,490)  —   (201,490)
    Preferred stock dividends, $1.187 per share  —   —   —   (16,621)  —   —   (16,621)
    Common stock dividends, $1.26 per share  —   —   —   (152,851)  —   —   (152,851)
    Return of capital to non-controlling interest  —   —   —   —   —   (1,707)  (1,707)
    Issuance of 81,560 shares of common stock for exercise of stock options  —   1   2,492   —   —   —   2,493 
    Issuance of 224,279 shares of unvested restricted common stock  —   2   (2)  —   —   —   — 
    Repurchase and cancellation of 8,373,398 shares of common stock under share repurchase program  —   (83)  (349,886)  —   —   —   (349,969)
    Repurchase and cancellation of 116,864 shares of common stock withheld for tax pursuant to restricted stock vesting  —   (1)  (5,572)  —   —   —   (5,573)
    Stock-based compensation expense  —   —   13,206   —   —   —   13,206 
    Forfeitures of 82,397 shares of unvested restricted common stock  —   (1)  1   —   —   —   — 
    Balances – December 31, 2022 $338,980  $1,172  $1,753,941  $2,773,135  $(177,649) $1,359  $4,690,938 


    Bank OZK
    Consolidated Statements of Stockholders’ Equity
    Unaudited
     
      Preferred
    Stock    		  Common
    Stock    		  Additional
    Paid-In
    Capital    		  Retained
    Earnings    		  Accumulated
    Other
    Comprehensive
    Income    		  Non-
    Controlling
    Interest    		  Total 
      (Dollars in thousands, except per share amounts) 
    Three months ended December 31, 2021:                     
    Balances – September 30, 2021 $—  $1,288  $2,245,012  $2,266,234  $40,706  $3,112  $4,556,352 
    Net income  —   —   —   149,765   —   —   149,765 
    Earnings attributable to noncontrolling interest  —   —   —   (5)  —   5   — 
    Total other comprehensive loss  —   —   —   —   (16,865)  —   (16,865)
    Common stock dividends, $0.29 per share  —   —   —   (37,528)  —   —   (37,528)
    Issuance of 14,000,000 shares of preferred stock, net of offering costs  338,980   —   —   —   —   —   338,980 
    Issuance of 31,400 shares of common stock for exercise of stock options  —   —   1,131   —   —   —   1,131 
    Repurchase and cancellation of 3,387,421 shares of common stock under share repurchase program  —   (34)  (156,410)  —   —   —   (156,444)
    Stock-based compensation expense  —   —   3,969   —   —   —   3,969 
    Forfeitures of 18,050 shares of unvested restricted common stock  —   —   —   —   —   —   — 
    Balances – December 31, 2021 $338,980  $1,254  $2,093,702  $2,378,466  $23,841  $3,117  $4,839,360 
                                 
    Year ended December 31, 2021:                            
    Balances – December 31, 2020 $—  $1,294  $2,265,850  $1,946,875  $58,252  $3,085  $4,275,356 
    Net income  —   —   —   579,033   —   —   579,033 
    Earnings attributable to noncontrolling interest  —   —   —   (32)  —   32   — 
    Total other comprehensive loss  —   —   —   —   (34,411)  —   (34,411)
    Common stock dividends, $1.1325 per share  —   —   —   (147,410)  —   —   (147,410)
    Issuance of 14,000,000 shares of preferred stock, net of offering costs  338,980   —   —   —   —   —   338,980 
    Issuance of 207,650 shares of common stock for exercise of stock options  —   2   7,224   —   —   —   7,226 
    Issuance of 332,831 shares of unvested restricted common stock  —   3   (3)  —   —   —   — 
    Repurchase and cancellation of 4,275,988 shares of common stock under share repurchase program  —   (43)  (193,401)  —   —   —   (193,444)
    Repurchase and cancellation of 55,893 shares of common stock withheld for taxes pursuant to restricted stock vesting  —   (1)  (1,976)  —   —   —   (1,977)
    Stock-based compensation expense  —   —   16,007   —   —   —   16,007 
    Forfeitures of 115,300 shares of unvested restricted common stock  —   (1)  1   —   —   —   — 
    Balances – December 31, 2021 $338,980  $1,254  $2,093,702  $2,378,466  $23,841  $3,117  $4,839,360 


    Bank OZK
    Summary of Non-Interest Expense
    Unaudited
     
      Three Months Ended
    December 31,    		  Year Ended
    December 31,    		 
      2022  2021  2022  2021 
      (Dollars in thousands) 
    Salaries and employee benefits $59,946  $55,034  $226,373  $214,567 
    Net occupancy and equipment  17,584   17,004   70,058   66,801 
    Other operating expenses:                
    Professional and outside services  8,303   7,880   31,905   29,013 
    Software and data processing  6,861   6,165   25,049   23,860 
    Deposit insurance and assessments  2,710   2,125   9,610   11,185 
    Advertising and public relations  2,987   1,151   8,797   2,772 
    Telecommunication services  2,134   2,064   7,986   8,427 
    Travel and meals  1,755   1,883   7,661   5,694 
    Postage and supplies  1,906   1,909   7,146   6,627 
    ATM expense  1,834   1,639   6,331   6,255 
    Amortization of intangibles  1,189   1,517   5,520   6,394 
    Loan collection and repossession expense  306   587   1,387   2,044 
    Writedowns of foreclosed and other assets  710   985   1,055   3,461 
    Amortization of CRA and tax credit investments  5,408   2,755   20,293   15,078 
    Other  5,380   7,408   22,550   28,097 
    Total non-interest expense $119,013  $110,106  $451,721  $430,275 


    Bank OZK
    Summary of Total Loans Outstanding
    Unaudited
     
      December 31, 
      2022  2021 
      (Dollars in thousands) 
                     
    Real estate:                
    Residential 1-4 family $981,567   4.7% $887,024   4.8%
    Non-farm/non-residential  4,665,268   22.5   3,782,892   20.7 
    Construction/land development  8,287,936   39.9   8,246,674   45.0 
    Agricultural  239,689   1.2   247,727   1.4 
    Multifamily residential  1,503,398   7.2   934,845   5.1 
    Total real estate  15,677,858   75.5   14,099,162   77.0 
    Commercial and industrial  902,321   4.3   510,784   2.8 
    Consumer  2,445,851   11.8   2,185,429   11.9 
    Other  1,752,761   8.4   1,512,450   8.3 
    Total loans  20,778,791   100.0%  18,307,825   100.0%
    Allowance for loan losses  (208,858)      (217,380)    
    Net loans $20,569,933      $18,090,445     


    Bank OZK
    Allowance for Credit Losses
    Unaudited
                 
      Allowance for Loan Losses  Reserve for Losses on Unfunded Loan Commitments  Total Allowance for Credit Losses 
      (Dollars in thousands) 
    Three months ended December 31, 2022:            
    Balances – September 30, 2022 $200,098  $135,537  $335,635 
    Net charge-offs  (2,866)  —   (2,866)
    Provision for credit losses  11,626   20,882   32,508 
    Balances – December 31, 2022 $208,858  $156,419  $365,277 
                 
    Year ended December 31, 2022:            
    Balances – December 31, 2021 $217,380  $71,609  $288,989 
    Net charge-offs  (7,206)  —   (7,206)
    Provision for credit losses  (1,316)  84,810   83,494 
    Balances – December 31, 2022 $208,858  $156,419  $365,277 
                 
    Three months ended December 31, 2021:            
    Balances – September 30, 2021 $237,722  $61,076  $298,798 
    Net charge-offs  (1,817)  —   (1,817)
    Provision for credit losses  (18,525)  10,533   (7,992)
    Balances – December 31, 2021 $217,380  $71,609  $288,989 
                 
    Year ended December 31, 2021:            
    Balances – December 31, 2020 $295,824  $81,481  $377,305 
    Net charge-offs  (10,378)  —   (10,378)
    Provision for credit losses  (68,066)  (9,872)  (77,938)
    Balances – December 31, 2021 $217,380  $71,609  $288,989 


    Bank OZK
    Summary of Deposits – By Account Type
    Unaudited
     
      December 31, 
      2022  2021 
      (Dollars in thousands) 
    Non-interest bearing $4,658,451   21.7% $4,983,788   24.7%
    Interest bearing:                
    Transaction (NOW)  4,097,532   19.1   3,412,369   16.9 
    Savings and money market  5,808,185   27.0   5,833,358   28.9 
    Time deposits  6,935,975   32.2   5,979,619   29.5 
    Total deposits $21,500,143   100.0% $20,209,134   100.0%


    Summary of Deposits – By Customer Type
    Unaudited
     
      December 31, 
      2022  2021 
      (Dollars in thousands) 
    Non-interest bearing $4,658,451   21.7% $4,983,788   24.7%
    Interest bearing:                
    Consumer and commercial:                
    Consumer – non-time  3,916,078   18.2   4,334,378   21.4 
    Consumer – time  4,936,061   23.0   4,318,742   21.4 
    Commercial – non-time  2,741,007   12.7   2,634,817   13.0 
    Commercial – time  516,477   2.4   905,347   4.5 
    Public funds  2,103,392   9.8   2,094,800   10.4 
    Brokered  2,050,294   9.5   452,137   2.2 
    Reciprocal  578,383   2.7   485,125   2.4 
    Total deposits $21,500,143   100.0% $20,209,134   100.0%


    Bank OZK
    Selected Consolidated Financial Data
    Unaudited
     
      Three Months Ended
    December 31,    		  Year Ended
    December 31,    		 
      2022  2021  % Change  2022  2021  % Change 
      (Dollars in thousands, except per share amounts) 
    Income statement data:                        
    Net interest income $332,488  $266,381   24.8% $1,142,242  $989,720   15.4%
    Provision for credit losses  32,508   (7,992) NM   83,494   (77,938) NM 
    Non-interest income  27,544   29,695   (7.2)  114,503   115,538   (0.9)
    Non-interest expense  119,013   110,106   8.1   451,721   430,275   5.0 
    Net income  162,825   149,765   8.7   564,090   579,033   (2.6)
    Preferred stock dividends  4,047   —  NM   16,621   —  NM 
    Net income available to common stockholders  158,832   149,760   6.1   547,520   579,001   (5.4)
    Pre-tax pre-provision net revenue(1)  241,019   185,970   29.6   805,024   674,983   19.3 
    Common share and per common share data:                        
    Diluted earnings per common share $1.34  $1.17   14.5% $4.54  $4.47   1.6%
    Basic earnings per common share  1.35   1.17   15.4   4.55   4.49   1.3 
    Common stock dividends per share  0.33   0.29   13.8   1.26   1.1325   11.3 
    Book value per share  37.13   35.85   3.6   37.13   35.85   3.6 
    Tangible book value per common share(1)  31.47   30.52   3.1   31.47   30.52   3.1 
    Weighted-average diluted shares outstanding (thousands)  118,201   128,246   (7.8)  120,700   129,618   (6.9)
    End of period shares outstanding (thousands)  117,177   125,444   (6.6)  117,177   125,444   (6.6)
    Balance sheet data at period end:                        
    Total assets $27,656,568  $26,530,430   4.2% $27,656,568  $26,530,430   4.2%
    Total loans  20,778,791   18,307,825   13.5   20,778,791   18,307,825   13.5 
    Non-purchased loans  20,400,154   17,791,610   14.7   20,400,154   17,791,610   14.7 
    Purchased loans  378,637   516,215   (26.7)  378,637   516,215   (26.7)
    Allowance for loan losses  208,858   217,380   (3.9)  208,858   217,380   (3.9)
    Foreclosed assets  6,616   5,744   15.2   6,616   5,744   15.2 
    Investment securities − AFS  3,491,613   3,916,733   (10.9)  3,491,613   3,916,733   (10.9)
    Goodwill and other intangible assets, net  663,543   669,063   (0.8)  663,543   669,063   (0.8)
    Deposits  21,500,143   20,209,134   6.4   21,500,143   20,209,134   6.4 
    Other borrowings  606,666   756,321   (19.8)  606,666   756,321   (19.8)
    Subordinated notes  346,947   346,133   0.2   346,947   346,133   0.2 
    Subordinated debentures  121,591   121,033   0.5   121,591   121,033   0.5 
    Unfunded balance of closed loans  21,062,733   13,619,578   54.7   21,062,733   13,619,578   54.7 
    Reserve for losses on unfunded loan commitments  156,419   71,609   118.4   156,419   71,609   118.4 
    Preferred stock  338,980   338,980   —   338,980   338,980   — 
    Total common stockholders’ equity(1)  4,350,599   4,497,263   (3.3)  4,350,599   4,497,263   (3.3)
    Net unrealized (losses) gains on investment securities AFS included in stockholders’ equity  (177,649)  23,841  NM   (177,649)  23,841  NM 
    Loan (including purchased loans) to deposit ratio  96.64%  90.59%      96.64%  90.59%    
    Selected ratios:                        
    Return on average assets(2)  2.35%  2.25%      2.08%  2.17%    
    Return on average common stockholders’ equity(1) (2)  14.76   13.08       12.66   13.01     
    Return on average tangible common stockholders’ equity(1) (2)  17.48   15.34       14.97   15.32     
    Average common equity to total average assets  15.90   17.17       16.42   16.72     
    Net interest margin – FTE(2)  5.46   4.41       4.82   4.09     
    Efficiency ratio  32.84   37.06       35.75   38.76     
    Net charge-offs to average non-purchased loans(2) (3)  0.09   0.05       0.07   0.06     
    Net charge-offs to average total loans(2)  0.06   0.04       0.04   0.06     
    Nonperforming loans to total loans(4)  0.22   0.19       0.22   0.19     
    Nonperforming assets to total assets(4)  0.19   0.15       0.19   0.15     
    Allowance for loan losses to total loans(5)  1.01   1.19       1.01   1.19     
    Allowance for credit losses to total loans and unfunded loan commitments  0.87   0.91       0.87   0.91     
    Other information:                        
    Non-accrual loans(4) $43,411  $33,274      $43,411  $33,274     
    Accruing loans − 90 days past due(4)  —   —       —   —     
    Troubled and restructured non-purchased loans − accruing(4)  1,680   1,285       1,680   1,285     

    (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 
      December 31,
    2022    		  September 30,
    2022    		  % Change 
     (Dollars in thousands, except per share amounts) 
    Income statement data:            
    Net interest income $332,488  $294,617   12.9%
    Provision for credit losses  32,508   39,771   (18.3)
    Non-interest income  27,544   29,163   (5.6)
    Non-interest expense  119,013   115,691   2.9 
    Net income  162,825   132,349   23.0 
    Preferred stock dividends  4,047   4,047   — 
    Net income available to common stockholders  158,832   128,302   23.8 
    Pre-tax pre-provision net revenue(1)  241,019   208,089   15.8 
    Common share and per common share data:            
    Diluted earnings per common share $1.34  $1.08   24.1%
    Basic earnings per common share  1.35   1.08   25.0 
    Common stock dividends per share  0.33   0.32   3.1 
    Book value per share  37.13   35.67   4.1 
    Tangible book value per common share(1)  31.47   30.02   4.8 
    Weighted-average diluted shares outstanding (thousands)  118,201   118,856   (0.6)
    End of period shares outstanding (thousands)  117,177   117,762   (0.5)
    Balance sheet data at period end:            
    Total assets $27,656,568  $26,232,119   5.4%
    Total loans  20,778,791   19,513,712   6.5 
    Non-purchased loans  20,400,154   19,103,546   6.8 
    Purchased loans  378,637   410,166   (7.7)
    Allowance for loan losses  208,858   200,098   4.4 
    Foreclosed assets  6,616   6,559   0.9 
    Investment securities − AFS  3,491,613   3,528,077   (1.0)
    Goodwill and other intangible assets, net  663,543   664,732   (0.2)
    Deposits  21,500,143   20,401,876   5.4 
    Other borrowings  606,666   456,466   32.9 
    Subordinated notes  346,947   346,741   0.1 
    Subordinated debentures  121,591   121,450   0.1 
    Unfunded balance of closed loans  21,062,733   20,091,101   4.8 
    Reserve for losses on unfunded loan commitments  156,419   135,537   15.4 
    Preferred stock  338,980   338,980   — 
    Total common stockholders’ equity(1)  4,350,599   4,200,444   3.6 
    Net unrealized losses on investment securities AFS included in stockholders’ equity  (177,649)  (227,673)  (22.0)
    Loan (including purchased loans) to deposit ratio  96.64%  95.65%    
    Selected ratios:            
    Return on average assets(2)  2.35%  1.97%    
    Return on average common stockholders’ equity(1) (2)  14.76   11.85     
    Return on average tangible common stockholders’ equity(1) (2)  17.48   14.02     
    Average common equity to average assets  15.90   16.61     
    Net interest margin – FTE(2)  5.46   5.03     
    Efficiency ratio  32.84   35.50     
    Net charge-offs to average non-purchased loans(2) (3)  0.09   0.09     
    Net charge-offs to average total loans(2)  0.06   0.09     
    Nonperforming loans to total loans(4)  0.22   0.14     
    Nonperforming assets to total assets(4)  0.19   0.13     
    Allowance for loan losses to total loans(5)  1.01   1.03     
    Allowance for credit losses to total loans and unfunded loan commitments  0.87   0.85     
    Other information:            
    Non-accrual loans(4) $43,411  $24,633     
    Accruing loans − 90 days past due(4)  —   —     
    Troubled and restructured non-purchased loans − accruing(4)  1,680   1,610     

    (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 OZK
    Supplemental Quarterly Financial Data
    Unaudited
     
      3/31/21  6/30/21  9/30/21  12/31/21  03/31/22  06/30/22  09/30/22  12/31/22 
      (Dollars in thousands, except per share amounts) 
    Earnings summary:                                
    Net interest income $234,636  $240,746  $247,957  $266,381  $249,343  $265,793  $294,617  $332,488 
    Federal tax (FTE) adjustment  1,275   1,355   1,106   1,009   1,017   1,300   2,151   2,383 
    Net interest income (FTE)  235,911   242,101   249,063   267,390   250,360   267,093   296,768   334,871 
    Provision for credit losses  31,559   30,932   7,454   7,992   (4,190)  (7,025)  (39,771)  (32,508)
    Non-interest income  32,117   27,742   25,984   29,695   31,475   26,320   29,163   27,544 
    Non-interest expense  (106,059)  (103,711)  (110,397)  (110,106)  (107,715)  (109,300)  (115,691)  (119,013)
    Pre-tax income (FTE)  193,528   197,064   172,104   194,971   169,930   177,088   170,469   210,894 
    FTE adjustment  (1,275)  (1,355)  (1,106)  (1,009)  (1,017)  (1,300)  (2,151)  (2,383)
    Provision for income taxes  (43,818)  (45,161)  (40,713)  (44,197)  (36,410)  (39,375)  (35,969)  (45,686)
    Noncontrolling interest  (19)  (13)  5   (5)  5   (8)  —   54 
    Preferred stock dividend  —   —   —   —   (4,480)  (4,047)  (4,047)  (4,047)
    Net income available to common stockholders $148,416  $150,535  $130,290  $149,760  $128,028  $132,358  $128,302  $158,832 
    Earnings per common share – diluted $1.14  $1.16  $1.00  $1.17  $1.02  $1.10  $1.08  $1.34 
    Pre-tax pre-provision net revenue $160,694  $164,777  $163,544  $185,970  $173,103  $182,813  $208,089  $241,019 
    Selected balance sheet data at period end:                                
    Total assets $27,276,892  $26,605,938  $26,143,367  $26,530,430  $26,562,353  $25,919,965  $26,232,119  $27,656,568 
    Non-purchased loans  17,979,435   17,611,848   17,707,452   17,791,610   18,449,723   18,297,638   19,103,546   20,400,154 
    Purchased loans  735,630   659,822   597,851   516,215   481,299   445,080   410,166   378,637 
    Investment securities – AFS  4,162,479   4,693,396   3,846,496   3,916,733   3,728,284   3,705,807   3,528,077   3,491,613 
    Deposits  21,296,442   20,706,777   20,102,440   20,209,134   20,329,662   19,984,187   20,401,876   21,500,143 
    Unfunded balance of closed loans  11,780,099   11,709,818   12,385,369   13,619,578   14,954,367   17,369,767   20,091,101   21,062,733 
    Allowance for credit losses:                                
    Balance at beginning of period $377,305  $342,307  $307,564  $298,798  $288,989  $293,540  $299,938  $335,635 
    Net charge-offs  (3,439)  (3,811)  (1,312)  (1,817)  361   (627)  (4,074)  (2,866)
    Provision for credit losses  (31,559)  (30,932)  (7,454)  (7,992)  4,190   7,025   39,771   32,508 
    Balance at end of period $342,307  $307,564  $298,798  $288,989  $293,540  $299,938  $335,635  $365,277 
    Allowance for loan losses $268,077  $248,753  $237,722  $217,380  $204,213  $190,795  $200,098  $208,858 
    Reserve for losses on unfunded loan commitments  74,230   58,811   61,076   71,609   89,327   109,143   135,537   156,419 
    Total allowance for credit losses $342,307  $307,564  $298,798  $288,989  $293,540  $299,938  $335,635  $365,277 
    Selected ratios:                                
    Net interest margin – FTE(1)  3.86%  3.95%  4.16%  4.41%  4.24%  4.52%  5.03%  5.46%
    Efficiency ratio  39.57   38.43   40.14   37.06   38.22   37.25   35.50   32.84 
    Net charge-offs to average non-purchased loans(1) (2)  0.08   0.09   0.04   0.05   0.08   0.03   0.09   0.09 
    Net charge-offs to average total loans(1)  0.07   0.08   0.03   0.04   (0.01)  0.01   0.09   0.06 
    Nonperforming loans to total loans(3)  0.25   0.22   0.20   0.19   0.21   0.16   0.14   0.22 
    Nonperforming assets to total assets(3)  0.19   0.18   0.17   0.15   0.16   0.12   0.13   0.19 
    Allowance for loan losses to total loans(4)  1.43   1.36   1.30   1.19   1.08   1.02   1.03   1.01 
    Allowance for credit losses to total loans and unfunded commitments  1.12   1.03   0.97   0.91   0.87   0.83   0.85   0.87 
    Loans past due 30 days or more, including past due non-accrual loans, to total loans(3)  0.13   0.10   0.13   0.15   0.14   0.11   0.11   0.13 

    (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 OZK
    Average Consolidated Balance Sheets and Net Interest Analysis – FTE
    Unaudited
     
      Three Months Ended December 31,  Year Ended December 31, 
      2022  2021  2022  2021 
      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 and federal funds sold $692,066 $5,961 3.42% $2,106,395 $953 0.18% $940,116 $12,116 1.29% $1,871,388 $2,510 0.13%
    Investment securities:                                    
    Taxable  2,566,011  10,280 1.59   3,375,895  9,448 1.11   2,950,929  41,526 1.41   3,207,485  36,234 1.13 
    Tax-exempt – FTE  974,070  10,786 4.39   593,242  3,632 2.43   774,038  28,675 3.70   864,432  17,378 2.01 
    Non-purchased loans – FTE  19,728,477  367,136 7.38   17,449,281  256,267 5.83   18,744,652  1,159,161 6.18   17,683,033  973,755 5.51 
    Purchased loans  391,801  7,141 7.23   551,917  11,190 8.04   445,955  31,441 7.05   662,434  46,174 6.97 
    Total earning assets – FTE  24,352,425  401,304 6.54   24,076,730  281,490 4.64   23,855,690  1,272,919 5.34   24,288,772  1,076,051 4.43 
    Non-interest earning assets  2,508,505        2,370,349        2,472,672        2,335,412      
    Total assets $26,860,930       $26,447,079       $26,328,362       $26,624,184      
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                    
    Interest bearing liabilities:                                    
    Deposits:                                    
    Savings and interest bearing transaction $9,519,104 $26,543 1.11% $9,178,225 $2,641 0.11% $9,588,372 $48,344 0.50  $8,788,200 $12,481 0.14%
    Time deposits  6,321,731  26,687 1.67   6,256,904  6,873 0.44   5,680,395  46,229 0.81   7,534,244  51,941 0.69 
    Total interest bearing deposits  15,840,835  53,230 1.33   15,435,129  9,514 0.24   15,268,767  94,573 0.62   16,322,444  64,422 0.39 
    Other borrowings  753,605  8,533 4.49   757,784  1,020 0.53   673,932  13,034 1.93   757,303  4,029 0.53 
    Subordinated notes  346,847  2,631 3.01   346,025  2,631 3.02   346,538  10,439 3.01   212,600  9,386 4.42 
    Subordinated debentures  121,523  2,039 6.66   120,956  935 3.07   121,310  5,780 4.76   120,751  3,750 3.11 
    Total interest bearing liabilities  17,062,810  66,433 1.54   16,659,894  14,1000.34   16,410,547  123,826 0.75   17,413,098  81,587 0.47 
    Non-interest bearing liabilities:                                    
    Non-interest bearing deposits  4,751,644        4,651,656        4,873,842        4,380,850      
    Other non-interest bearing liabilities  435,108        376,706        378,471        321,583      
    Total liabilities  22,249,562        21,688,256        21,662,860        22,115,531      
                                         
    Total stockholders’ equity before noncontrolling interest  4,608,570        4,755,706        4,662,467        4,505,544      
    Noncontrolling interest  2,798        3,117        3,035        3,109      
    Total liabilities and stockholders’ equity $26,860,930       $26,447,079       $26,328,362       $26,624,184      
    Net interest income – FTE    $334,871       $267,390       $1,149,093       $994,464   
    Net interest margin – FTE       5.46%       4.41%       4.82%       4.09%
    Core spread(1)       6.05%       5.59%       5.56%       5.12%

    (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 OZK
    Reconciliation of Non-GAAP Financial Measures
    Calculation of Average Common Stockholders’ Equity, Average Tangible Common Stockholders’ Equity and the Annualized Returns on Average Common Stockholders’ Equity and Average Tangible Common Stockholders’ Equity
    Unaudited
     
     Three Months Ended    
     December 31,  September 30,  Year Ended December 31, 
     2022  2021  2022  2022  2021 
     (Dollars in thousands) 
    Net income available to common stockholders$158,832  $149,760  $128,302  $547,520  $579,001 
    Average stockholders’ equity before noncontrolling interest$4,608,570  $4,755,706  $4,635,887  $4,662,467  $4,505,544 
    Less average preferred stock (338,980)  (213,693)  (338,980)  (338,980)  (53,862)
    Total average common stockholders' equity 4,269,590   4,542,013   4,296,907   4,323,487   4,451,682 
    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 (3,421)  (9,032)  (4,747)  (5,443)  (11,398)
    Total average intangibles (664,210)  (669,821)  (665,536)  (666,232)  (672,187)
    Average tangible common stockholders’ equity$3,605,380  $3,872,192  $3,631,371  $3,657,255  $3,779,495 
    Return on average common stockholders’ equity (1) 14.76%  13.08%  11.85%  12.66%  13.01%
    Return on average tangible common stockholders’ equity (1) 17.48%  15.34%  14.02%  14.97%  15.32%

    (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 Share
    Unaudited
     
      December 31,  September 30, 
      2022  2021  2022 
      (In thousands, except per share amounts) 
    Total stockholders’ equity before noncontrolling interest $4,689,579  $4,836,243  $4,539,424 
    Less preferred stock  (338,980)  (338,980)  (338,980)
    Total common stockholders' equity  4,350,599   4,497,263   4,200,444 
    Less intangible assets:            
    Goodwill  (660,789)  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (2,754)  (8,274)  (3,943)
    Total intangibles  (663,543)  (669,063)  (664,732)
    Total tangible common stockholders’ equity $3,687,056  $3,828,200  $3,535,712 
    Shares of common stock outstanding  117,177   125,444   117,762 
    Book value per common share $37.13  $35.85  $35.67 
    Tangible book value per common share $31.47  $30.52  $30.02 


    Calculation of Total Common Stockholders’ Equity,Total Tangible Common Stockholders’ Equityand the Ratio of Total Tangible Common Stockholders’ Equityto Total Tangible Assets
    Unaudited
     
      December 31, 
      2022  2021 
      (Dollars in thousands) 
    Total stockholders’ equity before noncontrolling interest $4,689,579  $4,836,243 
    Less preferred stock  (338,980)  (338,980)
    Total common stockholders’ equity  4,350,599   4,497,263 
    Less intangible assets:        
    Goodwill  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (2,754)  (8,274)
    Total intangibles  (663,543)  (669,063)
    Total tangible common stockholders’ equity $3,687,056  $3,828,200 
    Total assets $27,656,568  $26,530,430 
    Less intangible assets:        
    Goodwill  (660,789)  (660,789)
    Core deposit and other intangible assets, net of accumulated amortization  (2,754)  (8,274)
    Total intangibles  (663,543)  (669,063)
    Total tangible assets $26,993,025  $25,861,367 
    Ratio of total common stockholders’ equity to total assets  15.73%  16.95%
    Ratio of total tangible common stockholders’ equity to total tangible assets  13.66%  14.80%


    Calculation of Pre-Tax Pre-Provision Net Revenue
    Unaudited
     
      Three Months Ended 
      December 31,
    2022    		  September 30,
    2022    		  June 30,
    2022    		  March 31,
    2022    		  December 31,
    2021    		 
      (Dollars in thousands) 
    Net income available to common stockholders $158,832  $128,302  $132,358  $128,028  $149,760 
    Preferred stock dividends  4,047   4,047   4,047   4,480   — 
    Earnings attributable to noncontrolling interest  (54)  —   8   (5)  5 
    Provision for income taxes  45,686   35,969   39,375   36,410   44,197 
    Provision for credit losses  32,508   39,771   7,025   4,190   (7,992)
    Pre-tax pre-provision net revenue $241,019  $208,089  $182,813  $173,103  $185,970 
                         
      Three Months Ended  Year Ended December 31, 
      September 30,
    2021    		  June 30,
    2021    		  March 31,
    2021    		  2022  2021 
      (Dollars in thousands) 
    Net income available to common stockholders $130,290  $150,535  $148,416  $547,520  $579,001 
    Preferred stock dividends  —   —   —   16,621   — 
    Earnings attributable to noncontrolling interest  (5)  13   19   (51)  32 
    Provision for income taxes  40,713   45,161   43,818   157,440   173,888 
    Provision for credit losses  (7,454)  (30,932)  (31,559)  83,494   (77,938)
    Pre-tax pre-provision net revenue $163,544  $164,777  $160,694  $805,024  $674,983 


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

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