Press Release

LITTLE ROCK, Ark., July 22, 2021 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the second quarter of 2021 was a record $150.5 million, a 199.5% increase from $50.3 million for the second quarter of 2020. Diluted earnings per common share for the second quarter of 2021 were a record $1.16, a 197.4% increase from $0.39 for the second quarter of 2020.

For the six months ended June 30, 2021, net income was $299.0 million, a 381.2% increase from $62.1 million for the first six months of 2020. Diluted earnings per common share for the first six months of 2021 were $2.30, a 379.2% increase from $0.48 for the first six months of 2020.

As a result of improving economic conditions and prospects for improvement in the U.S. economy, management recorded negative provision for credit losses of $30.9 million during the second quarter and $62.5 million during the first six months of 2021, reducing the Bank’s total allowance for credit losses (“ACL”) from $377.3 million at December 31, 2020 to $307.6 million at June 30, 2021. The Bank’s provision for credit losses was $72.0 million during the second quarter and $189.7 million during the first six months of 2020, reflecting significant economic uncertainty at that time.

The Bank’s results for the first six months of 2021 included pretax gains of $4.4 million from the sale of its South Carolina branches and $1.4 million of tax-exempt bank-owned life insurance (“BOLI”) death benefits, both of which were recognized during the first quarter of 2021. The Bank had no gains from branch sales and had $0.6 million of tax-exempt BOLI death benefits during the first six months of 2020.

Pre-tax pre-provision net revenue (“PPNR”) was $164.8 million for the second quarter of 2021, a 20.1% increase from $137.2 million for the second quarter of 2020. For the six months ended June 30, 2021, PPNR was $325.5 million, a 20.0% increase from $271.3 million for the first six months of 2020. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the second quarter of 2021 were 2.24%, 13.65% and 16.10%, respectively, compared to 0.78%, 4.92% and 5.89%, respectively, for the second quarter of 2020. The Bank’s annualized returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the first six months of 2021 were 2.23%, 13.81% and 16.33%, respectively, compared to 0.50%, 3.04%, and 3.64%, respectively, for the first six months of 2020. The calculation of the Bank’s return on average tangible common stockholders’ equity and the reconciliation to GAAP are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer stated, “We are pleased to report record results for the quarter just ended. Our strong capital and liquidity, our disciplined credit culture and our exceptional team have us well positioned for the future.”

KEY BALANCE SHEET METRICS

Total loans were $18.27 billion at June 30, 2021, a 5.4% decrease from $19.31 billion at June 30, 2020. Non-purchased loans were $17.61 billion at June 30, 2021, a 3.5% decrease from $18.25 billion at June 30, 2020. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.66 billion at June 30, 2021, a 38.0% decrease from $1.06 billion at June 30, 2020.

Deposits were $20.71 billion at June 30, 2021, a 0.1% decrease from $20.72 billion at June 30, 2020. Total assets were $26.61 billion at June 30, 2021, a 0.9% increase from $26.38 billion at June 30, 2020, but a 2.5% decrease from $27.28 billion at March 31, 2021.

Common stockholders’ equity was $4.50 billion at June 30, 2021, a 9.5% increase from $4.11 billion at June 30, 2020. Tangible common stockholders’ equity was $3.83 billion at June 30, 2021, an 11.6% increase from $3.43 billion at June 30, 2020. Book value per common share was $34.70 at June 30, 2021, a 9.2% increase from $31.78 at June 30, 2020. Tangible book value per common share was $29.52 at June 30, 2021, an 11.3% increase from $26.53 at June 30, 2020. The calculations of the Bank’s tangible common stockholders’ equity and tangible book value per common share and the reconciliations to GAAP are included in the schedules accompanying this release.

The Bank’s ratio of total common stockholders’ equity to total assets was 16.92% at June 30, 2021 compared to 15.58% at June 30, 2020. Its ratio of total tangible common stockholders’ equity to total tangible assets was 14.77% at June 30, 2021 compared to 13.35% at June 30, 2020. The calculation of the Bank’s ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliation to GAAP are included in the schedules accompanying this release.

AUTHORIZATION OF STOCK REPURCHASE PROGRAM

In July 2021, the Bank’s Board of Directors authorized a stock repurchase program pursuant to which the Bank may repurchase up to $300 million of its outstanding common stock. The Bank has received regulatory approval of the repurchase program, and the timing and amount of repurchases will be determined by management based on a variety of factors such as the Bank’s capital position, liquidity, financial performance and alternative uses of capital, stock price, regulatory requirements and general market and economic conditions. The repurchase program will expire on July 1, 2022, unless extended or shortened by the Board of Directors, and may be suspended by the Bank at any time.

SUBORDINATED DEBT REDEMPTION

On July 1, 2021, the Bank redeemed all of its $225 million of fixed-to-floating rate subordinated notes at a redemption price equal to 100% of the principal amount of the subordinated notes plus accrued and unpaid interest. As of June 30, 2021, the Bank’s subordinated debt had a carrying value of $224.2 million and remaining unamortized debt issuance cost of $0.8 million.

MANAGEMENT’S COMMENTS, CONFERENCE CALL, TRANSCRIPT AND FILINGS

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

Management will conduct a conference call to take questions on these quarterly results and management’s comments at 10:00 a.m. CT (11:00 a.m. ET) on July 23, 2021. Interested parties may listen to this call by dialing 1-844-818-5110 (U.S. and Canada) or 210-229-8841 (internationally) and asking for the Bank OZK conference call. A recorded playback of the call will be available for one week following the call at 1-855-859-2056 (U.S. and Canada) or 404-537-3406 (internationally). The conference ID for this playback is 3462545. The call will be available live or in a recorded version on the Bank’s Investor Relations website at ir.ozk.com under “Company News/Webcasts.” The Bank will also provide a transcript of the conference call on its Investor Relations website.

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 http://ir.ozk.com. To receive automated email alerts for these materials, please visit http://ir.ozk.com/EmailNotification 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 tangible common stockholders’ equity, tangible book value per common share, 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 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 implementing the Bank’s growth, expansion and acquisition strategies, including delays in identifying satisfactory sites, hiring or retaining qualified personnel, obtaining regulatory or other approvals, obtaining permits and designing, constructing and opening new offices or relocating, selling or closing existing offices; the ability to enter into and/or close additional acquisitions; the availability of and access to capital; possible downgrades in the Bank’s credit ratings or outlook which could increase the costs of or decrease the availability of funding from capital markets; the ability to attract new or retain existing or acquired deposits or to retain or grow loans, including growth from unfunded closed loans; the ability to generate future revenue growth or to control future growth in non-interest expense; interest rate fluctuations, including changes in the yield curve between short-term and long-term interest rates or changes in the relative relationships of various interest rate indices; the potential impact of the phase-out of the London Interbank Offered Rate (“LIBOR”) or other changes involving LIBOR; competitive factors and pricing pressures, including their effect on the Bank’s net interest margin or core spread; general economic, unemployment, credit market and real estate market conditions, and the effect of such conditions on the creditworthiness of borrowers, collateral values, the value of investment securities and asset recovery values; changes in legal, financial and/or regulatory requirements; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new and/or existing legislation and regulatory actions, including those in response to the COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act, the Consolidated Appropriations Act of 2021, the American Rescue Plan Act of 2021, and any similar or related laws, rules and regulations; changes in U.S. government monetary and fiscal policy; FDIC special assessments or changes to regular assessments; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity; the impact of failure in, or breach of, the Bank’s operational or security systems or infrastructure, or those of third parties with whom it does 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 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 financial markets; national, international or political instability; impairment of the Bank’s 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 press release or as detailed from time to time in the other public reports the Bank files with the FDIC, including those factors described in the disclosures under the headings “Forward-Looking Information” and “Item 1A. Risk Factors” in the Bank’s most recent Annual Report on Form 10-K for the year ended December 31, 2020 and its 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 projected 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. Headquartered in Little Rock, Arkansas, Bank OZK conducts operations through 250 branches, loan production offices and other offices in Arkansas, Georgia, Florida, North Carolina, Texas, California, New York and Mississippi. 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
		June 30,				December 31,
		2021				2020
		(Dollars in thousands, except per share amounts)
ASSETS
Cash and cash equivalents		$	1,424,249			$	2,393,662
Investment securities ― available for sale ("AFS")			4,693,396				3,405,351
Federal Home Loan Bank of Dallas and other bankers' bank stocks			40,609				38,486
Non-purchased loans			17,611,848				18,401,495
Purchased loans			659,822				807,673
Allowance for loan losses			(248,753	)			(295,824	)
Net loans			18,022,917				18,913,344
Premises and equipment, net			729,187				738,842
Foreclosed assets			7,542				11,085
Accrued interest receivable			93,693				88,077
Bank owned life insurance (“BOLI”)			766,362				758,071
Goodwill and other intangible assets, net			672,125				675,458
Other, net			155,858				140,220
Total assets		$	26,605,938			$	27,162,596
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand non-interest bearing		$	4,510,678			$	3,996,546
Savings and interest bearing transaction			8,835,674				8,160,982
Time			7,360,425				9,292,828
Total deposits			20,706,777				21,450,356
Repurchase agreements with customers			8,449				8,013
Other borrowings			750,228				750,928
Subordinated notes			224,236				224,047
Subordinated debentures			120,752				120,475
Reserve for losses on unfunded loan commitments			58,811				81,481
Accrued interest payable and other liabilities			231,892				251,940
Total liabilities			22,101,145				22,887,240
Commitments and contingencies
Stockholders’ equity:
Preferred stock; $0.01 par value; 100,000,000 shares authorized; no shares issued or outstanding at June 30, 2021 or December 31, 2020			—				—
Common stock; $0.01 par value; 300,000,000 shares authorized; 129,720,140 and 129,350,448 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively			1,297				1,294
Additional paid-in capital			2,277,138				2,265,850
Retained earnings			2,173,114				1,946,875
Accumulated other comprehensive income			50,127				58,252
Total stockholders’ equity before noncontrolling interest			4,501,676				4,272,271
Noncontrolling interest			3,117				3,085
Total stockholders’ equity			4,504,793				4,275,356
Total liabilities and stockholders’ equity		$	26,605,938			$	27,162,596

Bank OZK Consolidated Statements of Income Unaudited
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2020				2021				2020
	(Dollars in thousands, except per share amounts)
Interest income:
Non-purchased loans	$	238,554			$	232,816			$	478,381			$	464,669
Purchased loans		11,699				17,087				23,635				38,474
Investment securities:
Taxable		9,467				11,055				17,550				21,814
Tax-exempt		3,883				5,846				7,563				9,443
Deposits with banks and federal funds sold		496				330				1,033				4,706
Total interest income		264,099				267,134				528,162				539,106
Interest expense:
Deposits		18,231				45,251				42,582				102,933
Repurchase agreements with customers		6				6				10				13
Other borrowings		996				963				1,982				1,013
Subordinated notes		3,181				3,172				6,326				6,344
Subordinated debentures		939				1,149				1,881				2,436
Total interest expense		23,353				50,541				52,781				112,739
Net interest income		240,746				216,593				475,381				426,367
Provision for credit losses		(30,932	)			72,026				(62,491	)			189,689
Net interest income after provision for credit losses		271,678				144,567				537,872				236,678
Non-interest income:
Service charges on deposit accounts		10,311				8,281				19,976				18,290
Trust income		1,911				1,759				4,118				3,698
BOLI income:
Increase in cash surrender value		4,919				5,057				9,799				10,124
Death benefits		—				—				1,409				608
Loan service, maintenance and other fees		3,953				3,394				7,504				7,110
Gains on sales of other assets		2,341				621				8,169				783
Net gains on investment securities		—				—				—				2,223
Other		4,307				2,479				8,884				6,435
Total non-interest income		27,742				21,591				59,859				49,271
Non-interest expense:
Salaries and employee benefits		52,119				48,410				105,764				99,883
Net occupancy and equipment		16,168				15,756				32,636				31,086
Other operating expenses		35,424				36,787				71,371				73,409
Total non-interest expense		103,711				100,953				209,771				204,378
Income before taxes		195,709				65,205				387,960				81,571
Provision for income taxes		45,161				14,948				88,978				19,456
Net income		150,548				50,257				298,982				62,115
Earnings attributable to noncontrolling interest		(13	)			9				(32	)			17
Net income available to common stockholders	$	150,535			$	50,266			$	298,950			$	62,132
Basic earnings per common share	$	1.16			$	0.39			$	2.31			$	0.48
Diluted earnings per common share	$	1.16			$	0.39			$	2.30			$	0.48

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

Bank OZK Consolidated Statements of Stockholders’ Equity Unaudited
		Common Stock				Additional Paid-In Capital				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Non- Controlling Interest				Total
		(Dollars in thousands, except per share amounts)
Three months ended June 30, 2020:
Balances – March 31, 2020		$	1,293			$	2,253,991			$	1,772,978			$	54,888			$	3,109			$	4,086,259
Net income			—				—				50,257				—				—				50,257
Earnings attributable to noncontrolling interest			—				—				9				—				(9	)			—
Total other comprehensive income			—				—				—				8,289				—				8,289
Common stock dividends, $0.27 per share			—				—				(34,915	)			—				—				(34,915	)
Issuance of 46,676 shares of unvested restricted common stock			—				—				—				—				—				—
Stock-based compensation expense			—				3,876				—				—				—				3,876
Forfeitures of 20,810 shares of unvested restricted common stock			—				—				—				—				—				—
Balances – June 30, 2020		$	1,293			$	2,257,867			$	1,788,329			$	63,177			$	3,100			$	4,113,766
Six months ended June 30, 2020:
Balances – December 31, 2019		$	1,289			$	2,251,824			$	1,869,983			$	27,255			$	3,117			$	4,153,468
Cumulative effect of change in accounting principle			—				—				(75,344	)			—				—				(75,344	)
Balances – January 1, 2020			1,289				2,251,824				1,794,639				27,255				3,117				4,078,124
Net income			—				—				62,115				—				—				62,115
Earnings attributable to noncontrolling interest			—				—				17				—				(17	)			—
Total other comprehensive income			—				—				—				35,922				—				35,922
Common stock dividends, $0.53 per share			—				—				(68,442	)			—				—				(68,442	)
Issuance of 4,300 shares of common stock for exercise of stock options			—				45				—				—				—				45
Issuance of 493,761 shares of unvested restricted common stock			5				(5	)			—				—				—				—
Repurchase and cancellation of 61,873 shares of common stock			(1	)			(1,852	)			—				—				—				(1,853	)
Stock-based compensation expense			—				7,855				—				—				—				7,855
Forfeitures of 36,911 shares of unvested restricted common stock			—				—				—				—				—				—
Balances – June 30, 2020		$	1,293			$	2,257,867			$	1,788,329			$	63,177			$	3,100			$	4,113,766

Bank OZK Summary of Non-Interest Expense Unaudited
		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
		(Dollars in thousands)
Salaries and employee benefits		$	52,119			$	48,410			$	105,764			$	99,883
Net occupancy and equipment			16,168				15,756				32,636				31,086
Other operating expenses:
Professional and outside services			7,724				7,629				14,050				14,393
Software and data processing			6,006				5,145				11,798				10,119
Deposit insurance and assessments			2,885				4,585				6,405				8,005
Telecommunication services			2,165				2,334				4,397				4,511
Postage and supplies			1,544				1,892				3,188				3,945
ATM expense			1,486				1,002				2,769				2,162
Travel and meals			1,419				710				2,194				2,812
Writedowns of foreclosed and other assets			123				720				1,486				1,599
Loan collection and repossession expense			540				857				1,050				1,551
Advertising and public relations			593				1,704				902				3,407
Amortization of intangibles			1,602				2,582				3,332				5,377
Amortization of CRA and tax credit investments			3,227				3,107				7,352				5,847
Other			6,110				4,520				12,448				9,681
Total non-interest expense		$	103,711			$	100,953			$	209,771			$	204,378

Bank OZK Summary of Total Loans Outstanding Unaudited
		June 30, 2021								December 31, 2020
		(Dollars in thousands)
Real estate:
Residential 1-4 family		$	894,404				4.9	%		$	911,115				4.7	%
Non-farm/non-residential			4,415,246				24.2				4,213,636				21.9
Construction/land development			7,289,254				39.9				8,046,978				41.9
Agricultural			226,345				1.2				204,868				1.1
Multifamily residential			1,065,123				5.8				856,297				4.5
Total real estate			13,890,372				76.0				14,232,894				74.1
Commercial and industrial			651,019				3.6				842,206				4.4
Consumer			2,220,660				12.2				2,393,964				12.5
Other			1,509,619				8.2				1,740,104				9.0
Total loans			18,271,670				100.0	%			19,209,168				100.0	%
Allowance for loan losses			(248,753	)							(295,824	)
Net loans		$	18,022,917							$	18,913,344

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 June 30, 2021:
Balances – March 31, 2021		$	268,077			$	74,230			$	342,307
Net charge-offs			(3,811	)			—				(3,811	)
Provision for credit losses			(15,513	)			(15,419	)			(30,932	)
Balances – June 30, 2021		$	248,753			$	58,811			$	307,564
Six months ended June 30, 2021:
Balances – December 31, 2020		$	295,824			$	81,481			$	377,305
Net charge-offs			(7,250	)			—				(7,250	)
Provision for credit losses			(39,821	)			(22,670	)			(62,491	)
Balances – June 30, 2021		$	248,753			$	58,811			$	307,564
Three months ended June 30, 2020:
Balances – March 31, 2020		$	238,737			$	77,672			$	316,409
Net charge-offs			(13,941	)			—				(13,941	)
Provision for credit losses			81,400				(9,374	)			72,026
Balances – June 30, 2020		$	306,196			$	68,298			$	374,494
Six months ended June 30, 2020:
Balances – December 31, 2019		$	108,525			$	—			$	108,525
Adoption of CECL methodology			39,588				54,924				94,512
Balances – January 1, 2020			148,113				54,924				203,037
Net charge-offs			(18,232	)			—				(18,232	)
Provision for credit losses			176,315				13,374				189,689
Balances – June 30, 2020		$	306,196			$	68,298			$	374,494

Bank OZK Summary of Deposits – By Account Type Unaudited
		June 30, 2021								December 31, 2020
		(Dollars in thousands)
Non-interest bearing		$	4,510,678				21.8	%		$	3,996,546				18.6	%
Interest bearing:
Transaction (NOW)			3,252,394				15.7				3,124,007				14.6
Savings and money market			5,583,280				27.0				5,036,975				23.5
Time deposits less than $100			2,173,883				10.5				3,075,845				14.3
Time deposits of $100 or more			5,186,542				25.0				6,216,983				29.0
Total deposits		$	20,706,777				100.0	%		$	21,450,356				100.0	%

Summary of Deposits – By Customer Type Unaudited
		June 30, 2021								December 31, 2020
		(Dollars in thousands)
Consumer		$	10,679,525				51.6	%		$	11,165,603				52.1	%
Commercial			6,566,031				31.7				6,056,536				28.2
Public Funds			2,082,988				10.1				2,111,971				9.8
Brokered			914,907				4.4				1,600,116				7.5
Reciprocal			463,326				2.2				516,130				2.4
Total deposits		$	20,706,777				100.0	%		$	21,450,356				100.0	%

Bank OZK Selected Consolidated Financial Data Unaudited
		Three Months Ended June 30,												Six Months Ended June 30,
		2021				2020				% Change				2021				2020				% Change
		(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	240,746			$	216,593				11.2	%		$	475,381			$	426,367				11.5	%
Provision for credit losses			(30,932	)			72,026				(142.9	)			(62,491	)			189,689				(132.9	)
Non-interest income			27,742				21,591				28.5				59,859				49,271				21.5
Non-interest expense			103,711				100,953				2.7				209,771				204,378				2.6
Net income available to common stockholders			150,535				50,266				199.5				298,950				62,132				381.2
Pre-tax pre-provision net revenue(1)			164,777				137,231				20.1				325,469				271,260				20.0
Common share and per common share data:
Net income per share − diluted		$	1.16			$	0.39				197.4	%		$	2.30			$	0.48				379.2	%
Net income per share − basic			1.16				0.39				197.4				2.31				0.48				381.3
Dividends per share			0.28				0.27				3.7				0.5575				0.53				5.2
Book value per share			34.70				31.78				9.2				34.70				31.78				9.2
Tangible book value per share(1)			29.52				26.53				11.3				29.52				26.53				11.3
Weighted-average diluted shares outstanding (thousands)			130,255				129,399				0.7				130,109				129,349				0.6
End of period shares outstanding (thousands)			129,720				129,350				0.3				129,720				129,350				0.3
Balance sheet data at period end:
Total assets		$	26,605,938			$	26,380,409				0.9	%		$	26,605,938			$	26,380,409				0.9	%
Total loans			18,271,670				19,311,078				(5.4	)			18,271,670				19,311,078				(5.4	)
Non-purchased loans			17,611,848				18,247,431				(3.5	)			17,611,848				18,247,431				(3.5	)
Purchased loans			659,822				1,063,647				(38.0	)			659,822				1,063,647				(38.0	)
Allowance for loan losses			248,753				306,196				(18.8	)			248,753				306,196				(18.8	)
Foreclosed assets			7,542				18,328				(58.8	)			7,542				18,328				(58.8	)
Investment securities − AFS			4,693,396				3,299,944				42.2				4,693,396				3,299,944				42.2
Goodwill and other intangible assets, net			672,125				679,166				(1.0	)			672,125				679,166				(1.0	)
Deposits			20,706,777				20,723,598				(0.1	)			20,706,777				20,723,598				(0.1	)
Other borrowings			750,228				903,696				(17.0	)			750,228				903,696				(17.0	)
Subordinated notes			224,236				223,854				0.2				224,236				223,854				0.2
Subordinated debentures			120,752				120,194				0.5				120,752				120,194				0.5
Unfunded balance of closed loans			11,709,818				11,411,441				2.6				11,709,818				11,411,441				2.6
Reserve for losses on unfunded loan commitments			58,811				68,298				(13.9	)			58,811				68,298				(13.9	)
Total common stockholders’ equity			4,501,676				4,110,666				9.5				4,501,676				4,110,666				9.5
Net unrealized gains on investment securities AFS included in common stockholders' equity			50,127				63,177								50,127				63,177
Loan (including purchased loans) to deposit ratio			88.24	%			93.18	%							88.24	%			93.18	%
Selected ratios:
Return on average assets(2)			2.24	%			0.78	%							2.23	%			0.50	%
Return on average common stockholders’ equity(2)			13.65				4.92								13.81				3.04
Return on average tangible common stockholders’ equity(1) (2)			16.10				5.89								16.33				3.64
Average common equity to total average assets			16.42				15.93								16.17				16.59
Net interest margin – FTE(2)			3.95				3.74								3.91				3.84
Efficiency ratio			38.43				42.07								39.00				42.71
Net charge-offs to average non-purchased loans(2) (3)			0.09				0.05								0.08				0.06
Net charge-offs to average total loans(2)			0.08				0.29								0.08				0.20
Nonperforming loans to total loans(4)			0.22				0.18								0.22				0.18
Nonperforming assets to total assets(4)			0.18				0.19								0.18				0.19
Allowance for loan losses to total loans(5)			1.36				1.59								1.36			1.59
Other information:
Non-accrual loans(4)		$	38,195			$	31,083							$	38,195			$	31,083
Accruing loans − 90 days past due(4)			—				—								—				—
Troubled and restructured non-purchased loans − accruing(4)			1,365				934								1,365				934

⁽¹⁾ Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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.

Selected Consolidated Financial Data (continued) Unaudited
		Three Months Ended
		June 30,				March 31,
		2021				2021				% Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	240,746			$	234,636				2.6	%
Provision for credit losses			(30,932	)			(31,559	)			(2.0	)
Non-interest income			27,742				32,117				(13.6	)
Non-interest expense			103,711				106,059				(2.2	)
Net income available to common stockholders			150,535				148,416				1.4
Pre-tax pre-provision net revenue(1)			164,777				160,694				2.5
Common share and per common share data:
Net income per share − diluted		$	1.16			$	1.14				1.8	%
Net income per share − basic			1.16				1.15				0.9
Dividends per share			0.28				0.2775				0.9
Book value per share			34.70				33.79				2.7
Tangible book value per share(1)			29.52				28.60				3.2
Weighted-average diluted shares outstanding (thousands)			130,255				129,816				0.3
End of period shares outstanding (thousands)			129,720				129,719				0.1
Balance sheet data at period end:
Total assets		$	26,605,938			$	27,276,892				(2.5	)%
Total loans			18,271,670				18,715,065				(2.4	)
Non-purchased loans			17,611,848				17,979,435				(2.0	)
Purchased loans			659,822				735,630				(10.3	)
Allowance for loan losses			248,753				268,077				(7.2	)
Foreclosed assets			7,542				8,436				(10.6	)
Investment securities − AFS			4,693,396				4,162,479				12.8
Goodwill and other intangible assets, net			672,125				673,728				(0.2	)
Deposits			20,706,777				21,296,442				(2.8	)
Other borrowings			750,228				750,361				(0.1	)
Subordinated notes			224,236				224,141				0.1
Subordinated debentures			120,752				120,613				0.1
Unfunded balance of closed loans			11,709,818				11,780,099				(0.6	)
Reserve for losses on unfunded loan commitments			58,811				74,230				(20.8	)
Total common stockholders’ equity			4,501,676				4,383,205				2.7
Net unrealized gains on investment securities AFS included in common stockholders' equity			50,127				50,464
Loan (including purchased loans) to deposit ratio			88.24	%			87.88	%
Selected ratios:
Return on average assets(2)			2.24	%			2.23	%
Return on average common stockholders’ equity(2)			13.65				13.97
Return on average tangible common stockholders’ equity(1) (2)			16.10				16.57
Average common equity to total average assets			16.42				15.93
Net interest margin – FTE(2)			3.95				3.86
Efficiency ratio			38.43				39.57
Net charge-offs to average non-purchased loans(2) (3)			0.09				0.08
Net charge-offs to average total loans(2)			0.08				0.07
Nonperforming loans to total loans(4)			0.22				0.25
Nonperforming assets to total assets(4)			0.18				0.19
Allowance for loan losses to total loans(5)			1.36				1.43
Other information:
Non-accrual loans(4)		$	38,195			$	43,059
Accruing loans − 90 days past due(4)			—				—
Troubled and restructured non-purchased loans − accruing(4)			1,365				1,380

⁽¹⁾  Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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
		9/30/19				12/31/19				3/31/20				6/30/20				9/30/20				12/31/20				3/31/21				6/30/21
		(Dollars in thousands, except per share amounts)
Earnings Summary:
Net interest income		$	218,780			$	214,977			$	209,775			$	216,593			$	224,657			$	237,600			$	234,636			$	240,746
Federal tax (FTE) adjustment			1,038				1,028				1,133				1,753				1,605				1,533				1,275				1,355
Net interest income (FTE)			219,818				216,005				210,908				218,346				226,262				239,133				235,911				242,101
Provision for credit losses			(7,854	)			(4,938	)			(117,663	)			(72,026	)			(7,200	)			(6,750	)			31,559				30,932
Non-interest income			26,446				30,406				27,680				21,591				26,676				28,661				32,117				27,742
Non-interest expense			(100,914	)			(104,406	)			(103,425	)			(100,953	)			(105,641	)			(103,394	)			(106,059	)			(103,711	)
Pretax income (FTE)			137,496				137,067				17,500				66,958				140,097				157,650				193,528				197,064
FTE adjustment			(1,038	)			(1,028	)			(1,133	)			(1,753	)			(1,605	)			(1,533	)			(1,275	)			(1,355	)
Provision for income taxes			(32,574	)			(35,240	)			(4,509	)			(14,948	)			(29,251	)			(35,607	)			(43,818	)			(45,161	)
Noncontrolling interest			7				7				8				9				12				3				(19	)			(13	)
Net income available to common stockholders		$	103,891			$	100,806			$	11,866			$	50,266			$	109,253			$	120,513			$	148,416			$	150,535
Earnings per common share – diluted		$	0.81			$	0.78			$	0.09			$	0.39			$	0.84			$	0.93			$	1.14			$	1.16
Non-interest Income:
Service charges on deposit accounts		$	10,827			$	10,933			$	10,009			$	8,281			$	9,427			$	9,983			$	9,665			$	10,311
Trust income			1,975				2,010				1,939				1,759				1,936				1,909				2,206				1,911
BOLI income:
Increase in cash surrender value			5,208				5,167				5,067				5,057				5,081				5,034				4,881				4,919
Death benefits			206				2,989				608				—				—				—				1,409				—
Loan service, maintenance and other fees			4,197				4,282				3,716				3,394				3,351				3,797				3,551				3,953
Gains on sales of other assets			189				1,358				161				621				891				5,189				5,828				2,341
Net gains on investment securities			—				—				2,223				—				2,244				—				—				—
Other			3,844				3,667				3,957				2,479				3,746				2,749				4,577				4,307
Total non-interest income		$	26,446			$	30,406			$	27,680			$	21,591			$	26,676			$	28,661			$	32,117			$	27,742
Non-interest Expense:
Salaries and employee benefits		$	48,376			$	52,050			$	51,473			$	48,410			$	53,119			$	53,832			$	53,645			$	52,119
Net occupancy and equipment			14,825				14,855				15,330				15,756				16,676				15,617				16,468				16,168
Other operating expenses			37,713				37,501				36,622				36,787				35,846				33,945				35,946				35,424
Total non-interest expense		$	100,914			$	104,406			$	103,425			$	100,953			$	105,641			$	103,394			$	106,059			$	103,711
Balance Sheet Data:
Total assets		$	23,402,679			$	23,555,728			$	24,565,810			$	26,380,409			$	26,888,308			$	27,162,596			$	27,276,892			$	26,605,938
Non-purchased loans			16,307,621				16,224,539				17,030,378				18,247,431				18,419,958				18,401,495				17,979,435				17,611,848
Purchased loans			1,427,230				1,307,504				1,197,826				1,063,647				938,485				807,673				735,630				659,822
Investment securities – AFS			2,414,722				2,277,389				2,816,556				3,299,944				3,468,243				3,405,351				4,162,479				4,693,396
Deposits			18,440,078				18,474,259				18,809,190				20,723,598				21,287,405				21,450,356				21,296,442				20,706,777
Unfunded balance of closed loans			11,429,918				11,325,598				11,334,737				11,411,441				11,604,614				11,847,117				11,780,099				11,709,818
Common stockholders' equity			4,078,324				4,150,351				4,083,150				4,110,666				4,186,285				4,272,271				4,383,205				4,501,676

Bank OZK Supplemental Quarterly Financial Data (Continued) Unaudited
		9/30/19				12/31/19				3/31/20				6/30/20				9/30/20				12/31/20				3/31/21				6/30/21
		(Dollars in thousands, except per share amounts)
Allowance for Credit Losses:
Balance at beginning of period		$	106,642			$	109,001			$	108,525			$	316,409			$	374,494			$	377,273			$	377,305			$	342,307
Adoption of CECL(1) methodology			—				—				94,512				—				—				—				—				—
Net charge-offs			(5,495	)			(5,414	)			(4,291	)			(13,941	)			(4,421	)			(6,718	)			(3,439	)			(3,811	)
Provision for credit losses			7,854				4,938				117,663				72,026				7,200				6,750				(31,559	)			(30,932	)
Balance at end of period		$	109,001			$	108,525			$	316,409			$	374,494			$	377,273			$	377,305			$	342,307			$	307,564
Allowance for loan losses		$	109,001			$	108,525			$	238,737			$	306,196			$	308,847			$	295,824			$	268,077			$	248,753
Reserve for losses on unfunded loan commitments			—				—				77,672				68,298				68,426				81,481				74,230				58,811
Total allowance for credit losses		$	109,001			$	108,525			$	316,409			$	374,494			$	377,273			$	377,305			$	342,307			$	307,564
Selected Ratios:
Net interest margin – FTE(2)			4.26	%			4.15	%			3.96	%			3.74	%			3.69	%			3.88	%			3.86	%			3.95	%
Efficiency ratio			40.98				42.37				43.35				42.07				41.77				38.61				39.57				38.43
Net charge-offs to average non-purchased loans(2) (3)			0.07				0.10				0.08				0.05				0.09				0.14				0.08				0.09
Net charge-offs to average total loans(2)			0.12				0.12				0.10				0.29				0.09				0.14				0.07				0.08
Nonperforming loans to total loans(4)			0.17				0.15				0.16				0.18				0.15				0.25				0.25				0.22
Nonperforming assets to total assets(4)			0.26				0.18				0.19				0.19				0.17				0.21				0.19				0.18
Allowance for loan losses to total loans (5)			0.61				0.62				1.31				1.59				1.60				1.54				1.43				1.36
Loans past due 30 days or more, including past due non-accrual loans, to total loans(4)			0.14				0.19				0.18				0.13				0.13				0.16				0.13				0.10

(1)  Current Expected Credit Loss.
(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 Average Consolidated Balance Sheets and Net Interest Analysis – FTE Unaudited
		Three Months Ended June 30,																						Six Months Ended June 30,
		2021											2020											2021											2020
		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
Earning assets:
Interest earning deposits and federal funds sold		$	1,886,166			$	496			0.11	%		$	1,303,791			$	330			0.10	%		$	2,048,521			$	1,033			0.10	%		$	1,335,544			$	4,706			0.71	%
Investment securities:
Taxable			3,508,655				9,467			1.08				1,923,362				11,055			2.31				2,968,393				17,550			1.19				1,859,711				21,814			2.36
Tax-exempt – FTE			963,522				4,915			2.05				1,151,492				7,400			2.58				1,065,110				9,574			1.81				818,777				11,953			2.94
Non-purchased loans – FTE			17,544,405				238,877			5.46				17,963,230				233,015			5.22				17,864,558				479,001			5.41				17,244,750				465,046			5.42
Purchased loans			697,136				11,699			6.73				1,133,611				17,087			6.06				736,399				23,635			6.47				1,199,512				38,474			6.45
Total earning assets – FTE			24,599,884				265,454			4.33				23,475,486				268,887			4.61				24,682,981				530,793			4.34				22,458,294				541,993			4.85
Non-interest earning assets			2,345,169											2,318,334											2,312,504											2,335,832
Total assets		$	26,945,053										$	25,793,820										$	26,995,485										$	24,794,126
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction		$	8,735,178			$	3,338			0.15	%		$	7,517,260			$	7,702			0.41	%		$	8,537,681			$	6,954			0.16	%		$	7,824,330			$	27,449			0.71	%
Time deposits of $100 or more			5,592,645				10,317			0.74				5,279,716				23,765			1.81				5,842,740				24,229			0.84				4,834,026				45,955			1.91
Other time deposits			2,407,569				4,576			0.76				3,752,793				13,784			1.48				2,652,713				11,399			0.87				3,543,161				29,529			1.68
Total interest bearing deposits			16,735,392				18,231			0.44				16,549,769				45,251			1.10				17,033,134				42,582			0.50				16,201,517				102,933			1.28
Repurchase agreements with customers			7,161				6			0.33				8,087				6			0.30				6,484				10			0.30				7,985				13			0.31
Other borrowings(1)			750,274				996			0.53				1,043,004				963			0.37				750,329				1,982			0.53				669,987				1,013			0.30
Subordinated notes			224,188				3,181			5.69				223,793				3,172			5.70				224,140				6,326			5.69				223,752				6,344			5.70
Subordinated debentures(1)			120,680				939			3.12				120,120				1,149			3.85				120,610				1,881			3.14				120,052				2,436			4.08
Total interest bearing liabilities			17,837,695				23,353			0.53				17,944,773				50,541			1.13				18,134,697				52,781			0.59				17,223,293				112,739			1.32
Non-interest bearing liabilities:
Non-interest bearing deposits			4,366,380											3,478,030											4,170,685											3,202,663
Other non-interest bearing liabilities			314,768											257,874											321,546											251,026
Total liabilities			22,518,843											21,680,677											22,626,928											20,676,982
Common stockholders’ equity			4,423,093											4,110,038											4,365,454											4,114,035
Noncontrolling interest			3,117											3,105											3,103											3,109
Total liabilities and stockholders’ equity		$	26,945,053										$	25,793,820										$	26,995,485										$	24,794,126
Net interest income – FTE						$	242,101										$	218,346										$	478,012										$	429,254
Net interest margin – FTE										3.95	%										3.74	%										3.91	%										3.84	%
Core spread(2)										5.02	%										4.12	%										4.91	%										4.14	%

⁽¹⁾   The interest expense and the rates for “other borrowings” and for “subordinated debentures” were affected by capitalized interest. Capitalized interest included in other borrowings totaled $0.02 million for the second quarter and $0.05 million for the first six months of 2021 compared to $0.27 million for the second quarter and $0.62 million for the first six months of 2020. In the absence of this interest capitalization, the rates on other borrowings would have been 0.54% for the second quarter and 0.55% for the first six months of 2021 compared to 0.47% for the second quarter and 0.49% for the first six months of 2020. Capitalized interest included in subordinated debentures totaled $0.03 million for the second quarter and $0.18 million for the first six months of 2020 (none in the second quarter or first six months of 2021). In the absence of this interest capitalization, the rates on subordinated debentures would have been 3.95% for the second quarter and 4.37% for the first six months of 2020.

⁽²⁾   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 Tangible Common Stockholders’ Equity and the Annualized Return on Average Tangible Common Stockholders’ Equity Unaudited
	Three Months Ended												Six Months Ended
	June 30, 2021				June 30, 2020				March 31, 2021				June 30, 2021				June 30, 2020
	(Dollars in thousands)
Net income available to common stockholders	$	150,535			$	50,266			$	148,416			$	298,950			$	62,132
Average common stockholders’ equity before noncontrolling interest	$	4,423,093			$	4,110,038			$	4,307,174			$	4,365,454			$	4,114,035
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		(12,175	)			(19,563	)			(13,828	)			(12,997	)			(20,987	)
Total average intangibles		(672,964	)			(680,352	)			(674,617	)			(673,786	)			(681,776	)
Average tangible common stockholders’ equity	$	3,750,129			$	3,429,686			$	3,632,557			$	3,691,668			$	3,432,259
Return on average common stockholders’ equity(1)		13.65	%			4.92	%			13.97	%			13.81	%			3.04	%
Return on average tangible common stockholders' equity(1)		16.10	%			5.89	%			16.57	%			16.33	%			3.64	%

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

Calculation of Total Tangible Common Stockholders’ Equity and Tangible Book Value per Common Share Unaudited
		June 30,								March 31,
		2021				2020				2021
		(In thousands, except per share amounts)
Total common stockholders’ equity before noncontrolling interest		$	4,501,676			$	4,110,666			$	4,383,205
Less intangible assets:
Goodwill			(660,789	)			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(11,336	)			(18,377	)			(12,939	)
Total intangibles			(672,125	)			(679,166	)			(673,728	)
Total tangible common stockholders' equity		$	3,829,551			$	3,431,500			$	3,709,477
Shares of common stock outstanding			129,720				129,350				129,719
Book value per common share		$	34.70			$	31.78			$	33.79
Tangible book value per common share		$	29.52			$	26.53			$	28.60

Calculation of Total Tangible Common Stockholders’ Equity and the Ratio of Total Tangible Common Stockholders’ Equity to Total Tangible Assets Unaudited
		June 30,
		2021				2020
		(Dollars in thousands)
Total common stockholders’ equity before noncontrolling interest		$	4,501,676			$	4,110,666
Less intangible assets:
Goodwill			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(11,336	)			(18,377	)
Total intangibles			(672,125	)			(679,166	)
Total tangible common stockholders' equity		$	3,829,551			$	3,431,500
Total assets		$	26,605,938			$	26,380,409
Less intangible assets:
Goodwill			(660,789	)			(660,789	)
Core deposit and other intangible assets, net of accumulated amortization			(11,336	)			(18,377	)
Total intangibles			(672,125	)			(679,166	)
Total tangible assets		$	25,933,813			$	25,701,243
Ratio of total common stockholders’ equity to total assets			16.92	%			15.58	%
Ratio of total tangible common stockholders’ equity to total tangible assets			14.77	%			13.35	%

Calculation of Pre-Tax Pre-Provision Net Revenue Unaudited
		Three Months Ended												Six Months Ended
		June 30, 2021				June 30, 2020				March 31, 2021				June 30, 2021				June 30, 2020
		(Dollars in thousands)
Income before taxes		$	195,709			$	65,205			$	192,253			$	387,960			$	81,571
Provision for credit losses			(30,932	)			72,026				(31,559	)			(62,491	)			189,689
Pre-tax pre-provision net revenue		$	164,777			$	137,231			$	160,694			$	325,469			$	271,260

Investor Contact:		Tim Hicks (501) 978-2336
Media Contact:		Susan Blair (501) 978-2217

Source: Bank OZK