Bank OZK Announces Second Quarter 2020 Earnings

7/23/2020 at 4:01 PM EDT

LITTLE ROCK, Ark., July 23, 2020 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the second quarter of 2020 was $50.3 million, a 54.5% decrease from $110.5 million for the second quarter of 2019. Diluted earnings per common share for the second quarter of 2020 were $0.39, a 54.7% decrease from $0.86 for the second quarter of 2019.

For the six months ended June 30, 2020, net income was $62.1 million, a 71.9% decrease from $221.2 million for the first six months of 2019. Diluted earnings per common share for the first six months of 2020 were $0.48, a 71.9% decrease from $1.71 for the first six months of 2019.

The COVID-19 pandemic significantly affected the global economy in the first half of 2020. The sudden and severe economic downturn, combined with the implementation of the current expected credit losses (“CECL”) method to calculate the Bank’s allowance for credit losses (“ACL”) and uncertain future economic projections, resulted in the Bank incurring provision for credit losses of $72.0 million in the second quarter and $189.7 million in the first six months of 2020, resulting in a total ACL of $374.5 million at June 30, 2020.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the second quarter of 2020 were 0.78%, 4.92% and 5.89%, respectively, compared to 1.95%, 11.29% and 13.70%, respectively, for the second quarter of 2019. The Bank’s annualized returns on average assets, average common stockholder’s equity and average tangible stockholders’ equity for the first six months of 2020 were 0.50%, 3.04% and 3.64%, respectively, compared to 1.97%, 11.52%, and 14.04%, respectively, for the first six months of 2019. The calculation of the Bank’s return on average tangible common stockholders’ equity and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer stated, “We have continued our long-standing focus on our team members, our customers, serving the communities in which we operate and delivering favorable returns for shareholders. Our strong credit culture and consistent discipline have been important ingredients in our success, and we believe they have positioned us well for the current economic environment.”

KEY BALANCE SHEET METRICS

Total loans were $19.31 billion at June 30, 2020, a 10.4% increase from $17.49 billion at June 30, 2019. Non-purchased loans, which exclude loans acquired in previous acquisitions, were $18.25 billion at June 30, 2020, a 15.6% increase from $15.79 billion at June 30, 2019. Purchased loans, which consist of loans acquired in previous acquisitions, were $1.06 billion at June 30, 2020, a 37.4% decrease from $1.70 billion at June 30, 2019.

Deposits were $20.72 billion at June 30, 2020, a 14.0% increase from $18.19 billion at June 30, 2019. Total assets were $26.38 billion at June 30, 2020, a 14.9% increase from $22.96 billion at June 30, 2019.

Common stockholders’ equity was $4.11 billion at June 30, 2020, a 2.9% increase from $3.99 billion at June 30, 2019. Tangible common stockholders’ equity was $3.43 billion at June 30, 2020, a 3.9% increase from $3.30 billion at June 30, 2019. Book value per common share was $31.78 at June 30, 2020, a 2.6% increase from $30.97 at June 30, 2019. Tangible book value per common share was $26.53 at June 30, 2020, a 3.6% increase from $25.61 at June 30, 2019. 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 15.58% at June 30, 2020 compared to 17.39% at June 30, 2019. Its ratio of total tangible common stockholders’ equity to total tangible assets was 13.35% at June 30, 2020 compared to 14.83% at June 30, 2019. 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.

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 24, 2020. 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 passcode for this playback is 4695153. 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 pre-tax pre-provision net revenue, to assess the strength of its capital, its ability to generate earnings on tangible capital invested by its shareholders and trends in its core earnings. These measures typically adjust GAAP financial measures to exclude intangible assets and 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, nor are they 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.”

STATEMENT REGARDING IMPACT OF COVID-19 PANDEMIC

The Bank prioritizes the health and safety of its employees and customers, and it will continue to do so throughout the duration of the pandemic. At the same time, the Bank remains focused on improving shareholder value, managing credit exposure, managing expenses, enhancing the customer experience and supporting the communities it serves.

In management’s comments on its quarterly results (released simultaneously with this news release) and in its earnings conference call, the Bank has sought and will seek to describe the historical and future impact of the COVID-19 pandemic on the Bank’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations, including the information and discussions regarding the increases in its provision and allowance for credit losses and the discussion regarding negative pressure to its net interest margin. Although the Bank believes that the statements that pertain to future events, results and trends and their impact on the Bank’s business are reasonable at the present time, those statements are not historical facts and are based upon current assumptions, expectations, estimates and projections, many of which, by their nature, are beyond the Bank’s control. Accordingly, all discussions regarding future events, results and trends and their impact on the Bank’s business, even in the near term, are necessarily uncertain given the fluid and evolving nature of the pandemic.

If the health, logistical or economic effects of the pandemic worsen, or if the assumptions, expectations, estimates or projections that underlie the Bank’s statements regarding future effects or trends prove to be incorrect, then the Bank’s actual assets, business, cash flows, financial condition, liquidity, prospects and results of operations may be materially and adversely impacted in ways that the Bank cannot reasonably forecast. Accordingly, when reading this news release and the accompanying prepared remarks from management on its quarterly results and when listening to the earnings conference call, undue reliance should not be placed upon any statement pertaining to future events, results and trends and their impact on the Bank’s business in future periods.

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 or 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 proposed 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 coronavirus (COVID-19) pandemic; 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 ongoing global COVID-19 pandemic, including the magnitude and duration of the pandemic and actions taken to contain or treat COVID-19, on the Bank, the Bank’s customers, the global economy and financial markets; international or political instability; impairment of our goodwill or other intangible assets; adoption of new accounting standards, including the effects from the adoption of the CECL model on January 1, 2020, 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, 2019 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. Bank OZK is the #1 capitalized bank among the nation’s top 100 largest publicly traded U.S. banks by asset size, based on Tier 1 Leverage Capital Ratio at March 31, 2020, according to data obtained from S&P Global Market Intelligence. Bank OZK was named Best Bank in the South for 2019-2020 by Money, the personal finance news and advice brand. Headquartered in Little Rock, Arkansas, Bank OZK conducts operations through more than 250 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, 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.


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

Bank OZK
Consolidated Balance Sheets
Unaudited

	June 30,			December 31,
	2020			2019

	(Dollars in thousands, except per share amounts)
ASSETS
Cash and cash equivalents	$	1,646,070		$	1,495,757
Investment securities ― available for sale ("AFS")		3,299,944			2,277,389
Federal Home Loan Bank of Dallas and other banker's bank stocks		50,742			21,855
Non-purchased loans		18,247,431			16,224,539
Purchased loans		1,063,647			1,307,504
Allowance for loan losses		(306,196	)		(108,525	)
Net loans		19,004,882			17,423,518
Premises and equipment, net		732,674			711,541
Foreclosed assets		18,328			19,096
Accrued interest receivable		82,729			75,208
Bank owned life insurance (“BOLI”)		748,193			738,860
Goodwill and intangible assets, net		679,166			684,542
Other, net		117,681			107,962
Total assets	$	26,380,409		$	23,555,728

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand non-interest bearing	$	3,696,306		$	2,795,251
Savings and interest bearing transaction		7,447,640			8,307,607
Time		9,579,652			7,371,401
Total deposits		20,723,598			18,474,259
Repurchase agreements with customers		9,277			11,249
Other borrowings		903,696			351,387
Subordinated notes		223,854			223,663
Subordinated debentures		120,194			119,916
Reserve for losses on unfunded loan commitments		68,298			—
Accrued interest payable and other liabilities		217,726			221,786
Total liabilities		22,266,643			19,402,260

Commitments and contingencies

Stockholders’ equity:
Preferred stock; $0.01 par value; 100,000,000 shares authorized; no shares issued or outstanding at June 30, 2020 or December 31, 2019		—			—
Common stock; $0.01 par value; 300,000,000 shares authorized; 129,350,301 and 128,951,024 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively		1,293			1,289
Additional paid-in capital		2,257,867			2,251,824
Retained earnings		1,788,329			1,869,983
Accumulated other comprehensive income		63,177			27,255
Total stockholders’ equity before noncontrolling interest		4,110,666			4,150,351
Noncontrolling interest		3,100			3,117
Total stockholders’ equity		4,113,766			4,153,468
Total liabilities and stockholders’ equity	$	26,380,409		$	23,555,728

Bank OZK
Consolidated Statements of Income
Unaudited

	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020		2019

	(Dollars in thousands, except per share amounts)
Interest income:
Non-purchased loans	$	232,816	$	250,081		$	464,669	$	495,946
Purchased loans		17,087		28,519			38,474		58,714
Investment securities:
Taxable		11,055		13,585			21,814		28,481
Tax-exempt		5,846		3,693			9,443		7,567
Deposits with banks and federal funds sold		330		941			4,706		1,354
Total interest income		267,134		296,819			539,106		592,062

Interest expense:
Deposits		45,251		67,392			102,933		130,479
Repurchase agreements with customers		6		11			13		33
Other borrowings		963		19			1,013		1,408
Subordinated notes		3,172		3,181			6,344		6,326
Subordinated debentures		1,149		1,680			2,436		3,392
Total interest expense		50,541		72,283			112,739		141,638

Net interest income		216,593		224,536			426,367		450,424
Provision for credit losses		72,026		6,769			189,689		13,450
Net interest income after provision for loan losses		144,567		217,767			236,678		436,974

Non-interest income:
Service charges on deposit accounts		8,281		10,291			18,290		20,014
Trust income		1,759		1,839			3,698		3,569
BOLI income:
Increase in cash surrender value		5,057		5,178			10,124		10,340
Death benefits		—		—			608		—
Loan service, maintenance and other fees		3,394		4,565			7,110		9,438
Other income from purchased loans		—		1,455			—		2,251
Gains on sales of other assets		621		402			783		686
Net gains on investment securities		—		713			2,223		713
Other		2,479		2,160			6,435		3,664
Total non-interest income		21,591		26,603			49,271		50,675

Non-interest expense:
Salaries and employee benefits		48,410		47,558			99,883		92,425
Net occupancy and equipment		15,756		14,587			31,086		29,338
Other operating expenses		36,787		36,986			73,409		74,046
Total non-interest expense		100,953		99,131			204,378		195,809

Income before taxes		65,205		145,239			81,571		291,840
Provision for income taxes		14,948		34,726			19,456		70,615
Net income		50,257		110,513			62,115		221,225
Earnings attributable to noncontrolling interest		9		(10	)		17		(16	)
Net income available to common stockholders	$	50,266	$	110,503		$	62,132	$	221,209

Basic earnings per common share	$	0.39	$	0.86		$	0.48	$	1.72

Diluted earnings per common share	$	0.39	$	0.86		$	0.48	$	1.71

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 paid, $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 paid, $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
Consolidated Statements of Stockholders’ Equity (Continued)
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, 2019:
Balances – March 31, 2019	$	1,289		$	2,239,404		$	1,647,626		$	(5,676	)	$	3,121	$	3,885,764
Net income		—			—			110,513			—			—		110,513
Earnings attributable to noncontrolling interest		—			—			(10	)		—			10		—
Total other comprehensive income		—			—			—			25,369			—		25,369
Common stock dividends paid, $0.23 per share		—			—			(29,643	)		—			—		(29,643	)
Issuance of 27,250 shares of common stock for exercise of stock options		1			489			—			—			—		490
Issuance of 22,200 shares of unvested restricted common stock		—			—			—			—			—		—
Stock-based compensation expense		—			3,885			—			—			—		3,885
Forfeiture of 50,262 shares of unvested restricted common stock		(1	)		1			—			—			—		—
Balances – June 30, 2019	$	1,289		$	2,243,779		$	1,728,486		$	19,693		$	3,131	$	3,996,378

Six months ended June 30, 2019:
Balances – December 31, 2018	$	1,286		$	2,237,948		$	1,565,201		$	(34,105	)	$	3,035	$	3,773,365
Net income		—			—			221,225			—			—		221,225
Earnings attributable to noncontrolling interest		—			—			(16	)		—			16		—
Total other comprehensive income		—			—			—			53,798			—		53,798
Common stock dividends paid, $0.45 per share		—			—			(57,924	)		—			—		(57,924	)
Noncontrolling interest cash contribution		—			—			—			—			80		80
Issuance of 56,550 shares of common stock for exercise of stock options		1			876			—			—			—		877
Issuance of 406,074 shares of unvested restricted common stock		4			(4	)		—			—			—		—
Repurchase and cancellation of 62,742 shares of common stock		(1	)		(1,646	)		—			—			—		(1,647	)
Stock-based compensation expense		—			6,604			—			—			—		6,604
Forfeiture of 64,215 shares of unvested restricted common stock		(1	)		1			—			—			—		—
Balances – June 30, 2019	$	1,289		$	2,243,779		$	1,728,486		$	19,693		$	3,131	$	3,996,378

Bank OZK
Summary of Non-Interest Expense
Unaudited

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019

	(Dollars in thousands)
Salaries and employee benefits	$	48,410	$	47,558	$	99,883	$	92,425
Net occupancy and equipment		15,756		14,587		31,086		29,338
Other operating expenses:
Professional and outside services		7,939		8,105		14,982		16,669
Software and data processing		5,145		4,757		10,119		9,466
Deposit insurance and assessments		4,585		3,488		8,005		7,140
Telecommunication services		2,334		2,810		4,511		6,154
Postage and supplies		1,892		2,058		3,945		4,161
Advertising and public relations		1,704		1,671		3,407		3,353
Travel and meals		710		2,939		2,812		5,608
ATM expense		1,002		1,099		2,162		2,086
Loan collection and repossession expense		857		918		1,551		1,901
Writedowns of foreclosed assets		720		594		1,599		1,155
Amortization of intangibles		2,582		3,012		5,377		6,157
Other		7,317		5,535		14,939		10,196
Total non-interest expense	$	100,953	$	99,131	$	204,378	$	195,809

Bank OZK
Summary of Total Loans Outstanding
Unaudited


	June 30, 2020					December 31, 2019

	(Dollars in thousands)
Real estate:
Residential 1-4 family	$	1,002,627		5.2	%	$	998,632		5.7	%
Non-farm/non-residential		4,383,137		22.7			3,956,579		22.6
Construction/land development		7,030,963		36.4			6,391,429		36.4
Agricultural		232,121		1.2			230,076		1.3
Multifamily residential		1,371,449		7.1			1,194,192		6.8
Total real estate		14,020,297		72.6			12,770,908		72.8
Commercial and industrial		1,005,900		5.2			661,952		3.8
Consumer		2,843,396		14.7			2,934,534		16.8
Other		1,441,485		7.5			1,164,649		6.6
Total loans		19,311,078		100.0	%		17,532,043		100.0	%
Allowance for loan losses		(306,196	)				(108,525	)
Net loans	$	19,004,882				$	17,423,518

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, 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 Current Expected Credit Loss (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

Three months ended June 30, 2019:
Balances – March 31, 2019	$	105,954		$	—		$	105,954
Net charge-offs		(6,081	)		—			(6,081	)
Provision for credit losses		6,769			—			6,769
Balances – June 30, 2019	$	106,642		$	—		$	106,642

Six months ended June 30, 2019:
Balances – December 31, 2018	$	102,264		$	—		$	102,264
Net charge-offs		(9,072	)		—			(9,072	)
Provision for credit losses		13,450			—			13,450
Balances – June 30, 2019	$	106,642		$	—		$	106,642

Bank OZK
Summary of Deposits – By Account Type
Unaudited


	June 30, 2020				December 31, 2019

	(Dollars in thousands)
Non-interest bearing	$	3,696,306	17.8	%	$	2,795,251	15.1	%
Interest bearing:
Transaction (NOW)		2,929,462	14.1			2,706,426	14.7
Savings and money market		4,518,178	21.8			5,601,181	30.3
Time deposits less than $100		3,783,621	18.3			3,321,446	18.0
Time deposits of $100 or more		5,796,031	28.0			4,049,955	21.9
Total deposits	$	20,723,598	100.0	%	$	18,474,259	100.0	%

Summary of Deposits – By Customer Type
Unaudited


	June 30, 2020				December 31, 2019

	(Dollars in thousands)
Consumer	$	10,083,452	48.7	%	$	7,526,014	40.7	%
Commercial		5,439,295	26.2			4,334,366	23.5
Public Funds		2,545,778	12.3			3,782,415	20.5
Brokered		2,018,331	9.7			2,115,193	11.4
Reciprocal		636,742	3.1			716,271	3.9
Total deposits	$	20,723,598	100.0	%	$	18,474,259	100.0	%

Bank OZK
Selected Consolidated Financial Data
Unaudited

	Three Months Ended June 30,									Six Months Ended June 30,
	2020			2019			% Change			2020			2019			% Change

	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income	$	216,593		$	224,536			(3.5	)%	$	426,367		$	450,424			(5.3	)%
Provision for credit losses		72,026			6,769			964.1			189,689			13,450			1,310.3
Non-interest income		21,591			26,603			(18.8	)		49,271			50,675			(2.8	)
Non-interest expense		100,953			99,131			1.8			204,378			195,809			4.4
Net income available to common stockholders		50,266			110,503			(54.5	)		62,132			221,209			(71.9	)
Pre-tax pre-provision net revenue ⁽¹⁾		137,231			152,008			(9.7	)		271,260			305,290			(11.1	)
Common share and per common share data:
Net income per share − diluted	$	0.39		$	0.86			(54.7	)%	$	0.48		$	1.71			(71.9	)%
Net income per share − basic		0.39			0.86			(54.7	)		0.48			1.72			(72.1	)
Cash dividends per share		0.27			0.23			17.4			0.53			0.45			17.8
Book value per share		31.78			30.97			2.6			31.78			30.97			2.6
Tangible book value per share⁽¹⁾		26.53			25.61			3.6			26.53			25.61			3.6
Weighted-average diluted shares outstanding (thousands)		129,399			129,079						129,349			129,022
End of period shares outstanding (thousands)		129,350			128,947						129,350			128,947
Balance sheet data at period end:
Total assets	$	26,380,409		$	22,960,731			14.9	%	$	26,380,409		$	22,960,731			14.9	%
Total loans		19,311,078			17,485,205			10.4			19,311,078			17,485,205			10.4
Non-purchased loans		18,247,431			15,786,809			15.6			18,247,431			15,786,809			15.6
Purchased loans		1,063,647			1,698,396			(37.4	)		1,063,647			1,698,396			(37.4	)
Allowance for loan losses		306,196			106,642			187.1			306,196			106,642			187.1
Foreclosed assets		18,328			33,467			(45.2	)		18,328			33,467			(45.2	)
Investment securities − AFS		3,299,944			2,548,489			29.5			3,299,944			2,548,489			29.5
Goodwill and other intangible assets, net		679,166			690,304			(1.6	)		679,166			690,304			(1.6	)
Deposits		20,723,598			18,186,215			14.0			20,723,598			18,186,215			14.0
Other borrowings		903,696			201,455			348.6			903,696			201,455			348.6
Subordinated notes		223,854			223,471			0.2			223,854			223,471			0.2
Subordinated debentures		120,194			119,635			0.5			120,194			119,635			0.5
Unfunded balance of closed loans		11,411,441			11,167,055			2.2			11,411,441			11,167,055			2.2
Reserve for losses on unfunded loan commitments		68,298			—		NM				68,298			—		NM
Total common stockholders’ equity		4,110,666			3,993,247			2.9			4,110,666			3,993,247			2.9
Net unrealized gains on investment securities AFS included in common stockholders' equity		63,177			19,693						63,177			19,693
Loan (including purchased loans) to deposit ratio		93.18	%		96.15	%					93.18	%		96.15	%
Selected ratios:
Return on average assets⁽²⁾		0.78	%		1.95	%					0.50	%		1.97	%
Return on average common stockholders’ equity⁽²⁾		4.92			11.29						3.04			11.52
Return on average tangible common stockholders’ equity^{(1) (2)}		5.89			13.70						3.64			14.04
Average common equity to total average assets		15.93			17.31						16.59			17.12
Net interest margin – FTE⁽²⁾		3.74			4.45						3.84			4.49
Efficiency ratio		42.07			39.30						42.71			38.89
Net charge-offs to average non-purchased loans^{(2) (3)}		0.05			0.12						0.06			0.09
Net charge-offs to average total loans⁽²⁾		0.29			0.14						0.20			0.10
Nonperforming loans to total loans⁽⁴⁾		0.18			0.15						0.18			0.15
Nonperforming assets to total assets⁽⁴⁾		0.19			0.25						0.19			0.25
Allowance for loan losses to total loans ⁽⁵⁾		1.59			0.61					1.59			0.61
Other information:
Non-accrual loans⁽⁴⁾	$	31,083		$	22,860					$	31,083		$	22,860
Accruing loans − 90 days past due⁽⁴⁾		—			—						—			—
Troubled and restructured non-purchased loans − accruing⁽⁴⁾		934			1,399						934			1,399

⁽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.
NM – Not meaningful

Selected Consolidated Financial Data (continued)
Unaudited

		Three Months Ended
		June 30,			March 31,
		2020			2020			% Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	216,593		$	209,775			3.3	%
Provision for credit losses			72,026			117,663			(38.8	)
Non-interest income			21,591			27,680			(22.0	)
Non-interest expense			100,953			103,425			(2.4	)
Net income available to common stockholders			50,266			11,866			323.6
Pre-tax pre-provision net revenue ⁽¹⁾			137,231			134,030			2.4
Common share and per common share data:
Net income per share − diluted		$	0.39		$	0.09			333.3	%
Net income per share − basic			0.39			0.09			333.3
Cash dividends per share			0.27			0.26			3.8
Book value per share			31.78			31.57			0.7
Tangible book value per share ⁽¹⁾			26.53			26.30			0.9
Weighted-average diluted shares outstanding (thousands)			129,399			129,307
End of period shares outstanding (thousands)			129,350			129,324
Balance sheet data at period end:
Total assets		$	26,380,409		$	24,565,810			7.4	%
Total loans			19,311,078			18,228,204			5.9
Non-purchased loans			18,247,431			17,030,378			7.1
Purchased loans			1,063,647			1,197,826			(11.2	)
Allowance for loan losses			306,196			238,737			28.3
Foreclosed assets			18,328			20,616			(11.1	)
Investment securities − AFS			3,299,944			2,816,556			17.2
Goodwill and other intangible assets, net			679,166			681,747			(0.4	)
Deposits			20,723,598			18,809,190			10.2
Other borrowings			903,696			1,051,353			(14.0	)
Subordinated notes			223,854			223,759			—
Subordinated debentures			120,194			120,055			0.1
Unfunded balance of closed loans			11,411,441			11,334,737			0.7
Reserve for losses on unfunded loan commitments			68,298			77,672			(12.1	)
Total common stockholders’ equity			4,110,666			4,083,150			0.7
Net unrealized gains on investment securities AFS included in common stockholders' equity			63,177			54,888
Loan (including purchased loans) to deposit ratio			93.18	%		96.91	%
Selected ratios:
Return on average assets⁽²⁾			0.78	%		0.20	%
Return on average common stockholders’ equity⁽²⁾			4.92			1.16
Return on average tangible common stockholders’ equity^{(1) (2)}			5.89			1.39
Average common equity to total average assets			15.93			17.31
Net interest margin – FTE⁽²⁾			3.74			3.96
Efficiency ratio			42.07			43.35
Net charge-offs to average non-purchased loans^{(2) (3)}			0.05			0.08
Net charge-offs to average total loans⁽²⁾			0.29			0.10
Nonperforming loans to total loans⁽⁴⁾			0.18			0.16
Nonperforming assets to total assets⁽⁴⁾			0.19			0.19
Allowance for loan losses to total loans ⁽⁵⁾			1.59			1.31
Other information:
Non-accrual loans⁽⁴⁾		$	31,083		$	25,681
Accruing loans − 90 days past due⁽⁴⁾			—			—
Troubled and restructured non-purchased loans − accruing⁽⁴⁾			934			757

Bank OZK
Supplemental Quarterly Financial Data
Unaudited

	9/30/18			12/31/18			3/31/19			6/30/19			9/30/19			12/31/19			3/31/20			6/30/20

	(Dollars in thousands, except per share amounts)
Earnings Summary:
Net interest income	$	220,614		$	228,382		$	225,888		$	224,536		$	218,780		$	214,977		$	209,775		$	216,593
Federal tax (FTE) adjustment		1,132			1,219			1,207			1,136			1,038			1,028			1,133			1,753
Net interest income (FTE)		221,746			229,601			227,095			225,672			219,818			216,005			210,908			218,346
Provision for credit losses		(41,949	)		(7,271	)		(6,681	)		(6,769	)		(7,854	)		(4,938	)		(117,663	)		(72,026	)
Non-interest income		24,121			27,560			24,072			26,603			26,446			30,406			27,680			21,591
Non-interest expense		(102,942	)		(94,893	)		(96,678	)		(99,131	)		(100,914	)		(104,406	)		(103,425	)		(100,953	)
Pretax income (FTE)		100,976			154,997			147,808			146,375			137,496			137,067			17,500			66,958
FTE adjustment		(1,132	)		(1,219	)		(1,207	)		(1,136	)		(1,038	)		(1,028	)		(1,133	)		(1,753	)
Provision for income taxes		(25,665	)		(38,750	)		(35,889	)		(34,726	)		(32,574	)		(35,240	)		(4,509	)		(14,948	)
Noncontrolling interest		1			3			(6	)		(10	)		7			7			8			9
Net income available to common stockholders	$	74,180		$	115,031		$	110,706		$	110,503		$	103,891		$	100,806		$	11,866		$	50,266
Earnings per common share – diluted	$	0.58		$	0.89		$	0.86		$	0.86		$	0.81		$	0.78		$	0.09		$	0.39
Non-interest Income:
Service charges on deposit accounts	$	9,730		$	10,585		$	9,722		$	10,291		$	10,827		$	10,933		$	10,009		$	8,281
Trust income		1,730			1,821			1,730			1,839			1,975			2,010			1,939			1,759
BOLI income:
Increase in cash surrender value		5,321			5,269			5,162			5,178			5,208			5,167			5,067			5,057
Death benefits		—			482			—			—			206			2,989			608			—
Loan service, maintenance and other fees		4,724			5,245			4,874			4,565			4,197			4,282			3,716			3,394
Other income from purchased loans		1,418			2,370			795			1,455			674			759			—			—
Gains (losses) on sales of other assets		(518	)		465			284			402			189			1,358			161			621
Net gains on investment securities		—			—			—			713			—			—			2,223			—
Other		1,716			1,323			1,505			2,160			3,170			2,908			3,957			2,479
Total non-interest income	$	24,121		$	27,560		$	24,072		$	26,603		$	26,446		$	30,406		$	27,680		$	21,591
Non-interest Expense:
Salaries and employee benefits	$	41,477		$	41,837		$	44,868		$	47,558		$	48,376		$	52,050		$	51,473		$	48,410
Net occupancy and equipment		14,358			14,027			14,750			14,587			14,825			14,855			15,330			15,756
Other operating expenses		47,107			39,029			37,060			36,986			37,713			37,501			36,622			36,787
Total non-interest expense	$	102,942		$	94,893		$	96,678		$	99,131		$	100,914		$	104,406		$	103,425		$	100,953
Balance Sheet Data:
Total assets	$	22,086,539		$	22,388,030		$	23,005,652		$	22,960,731		$	23,402,679		$	23,555,728		$	24,565,810		$	26,380,409
Non-purchased loans		14,440,623			15,073,791			15,610,681			15,786,809			16,307,621			16,224,539			17,030,378			18,247,431
Purchased loans		2,285,168			2,044,032			1,864,715			1,698,396			1,427,230			1,307,504			1,197,826			1,063,647
Investment securities – AFS		2,669,877			2,862,340			2,769,602			2,548,489			2,414,722			2,277,389			2,816,556			3,299,944
Deposits		17,822,915			17,938,415			18,476,868			18,186,215			18,440,078			18,474,259			18,809,190			20,723,598
Unfunded balance of closed loans		11,891,247			11,364,975			11,544,218			11,167,055			11,429,918			11,325,598			11,334,737			11,411,441
Common stockholders' equity		3,653,596			3,770,330			3,882,643			3,993,247			4,078,324			4,150,351			4,083,150			4,110,666

Bank OZK
Supplemental Quarterly Financial Data (Continued)
Unaudited

		9/30/18			12/31/18			3/31/19			6/30/19			9/30/19			12/31/19			3/31/20			6/30/20
	(Dollars in thousands, except per share amounts)
Allowance for Credit Losses:
Balance at beginning of period		$	104,638		$	98,200		$	102,264		$	105,954		$	106,642		$	109,001		$	108,525		$	316,409
Adoption of CECL⁽¹⁾ methodology			—			—			—			—			—			—			94,512			—
Net charge-offs			(48,387	)		(3,207	)		(2,991	)		(6,081	)		(5,495	)		(5,414	)		(4,291	)		(13,941	)
Provision for credit losses			41,949			7,271			6,681			6,769			7,854			4,938			117,663			72,026
Balance at end of period		$	98,200		$	102,264		$	105,954		$	106,642		$	109,001		$	108,525		$	316,409		$	374,494
Allowance for loan losses		$	98,200		$	102,264		$	105,954		$	106,642		$	109,001		$	108,525		$	238,737		$	306,196
Reserve for losses on unfunded loan commitments			—			—			—			—			—			—			77,672			68,298
Total allowance for credit losses		$	98,200		$	102,264		$	105,954		$	106,642		$	109,001		$	108,525		$	316,409		$	374,494
Selected Ratios:
Net interest margin – FTE⁽²⁾			4.47	%		4.55	%		4.53	%		4.45	%		4.26	%		4.15	%		3.96	%		3.74	%
Efficiency ratio			41.87			36.90			38.49			39.30			40.98			42.37			43.35			42.07
Net charge-offs to average non-purchased loans^{(2) (3)}			1.32			0.06			0.05			0.12			0.07			0.10			0.08			0.05
Net charge-offs to average total loans⁽²⁾			1.14			0.07			0.07			0.14			0.12			0.12			0.10			0.29
Nonperforming loans to total loans⁽⁴⁾			0.23			0.23			0.22			0.15			0.17			0.15			0.16			0.18
Nonperforming assets to total assets⁽⁴⁾			0.23			0.23			0.21			0.25			0.26			0.18			0.19			0.19
Allowance for loan losses to total loans ⁽⁵⁾			0.59			0.60			0.61			0.61			0.61			0.62			1.31			1.59
Loans past due 30 days or more, including past due non-accrual loans, to total loans⁽⁴⁾			0.17			0.28			0.28			0.13			0.14			0.19			0.18			0.13

⁽¹⁾Current Expected Credit Loss methodology.
⁽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,
	2020							2019							2020							2019
	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	$	1,303,791	$	330		0.10	%	$	118,761	$	941		3.18	%	$	1,335,544	$	4,706		0.71	%	$	93,031	$	1,354		2.94	%
Investment securities:
Taxable		1,923,362		11,055		2.31			2,172,732		13,585		2.51			1,859,711		21,814		2.36			2,241,370		28,481		2.56
Tax-exempt – FTE		1,151,492		7,400		2.58			509,119		4,675		3.68			818,777		11,953		2.94			512,348		9,579		3.77
Non-purchased loans – FTE		17,963,230		233,015		5.22			15,760,582		250,235		6.37			17,244,750		465,046		5.42			15,622,442		496,276		6.41
Purchased loans		1,133,611		17,087		6.06			1,785,374		28,519		6.41			1,199,512		38,474		6.45			1,866,130		58,714		6.34
Total earning assets – FTE		23,475,486		268,887		4.61			20,346,568		297,955		5.87			22,458,294		541,993		4.85			20,335,321		594,404		5.89
Non-interest earning assets		2,318,334							2,342,995							2,335,832							2,280,063
Total assets	$	25,793,820						$	22,689,563						$	24,794,126						$	22,615,384
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction	$	7,517,260	$	7,702		0.41	%	$	9,640,727	$	37,510		1.56	%	$	7,824,330	$	27,449		0.71	%	$	9,586,233	$	73,613		1.55	%
Time deposits of $100 or more		5,279,716		23,765		1.81			3,137,419		16,698		2.13			4,834,026		45,955		1.91			3,153,873		32,252		2.06
Other time deposits		3,752,793		13,784		1.48			2,580,584		13,184		2.05			3,543,161		29,529		1.68			2,508,405		24,614		1.98
Total interest bearing deposits		16,549,769		45,251		1.10			15,358,730		67,392		1.76			16,201,517		102,933		1.28			15,248,511		130,479		1.73
Repurchase agreements with customers		8,087		6		0.30			11,101		11		0.41			7,985		13		0.31			16,616		33		0.40
Other borrowings ⁽¹⁾		1,043,004		963		0.37			70,390		19		0.11			669,987		1,013		0.30			169,439		1,408		1.68
Subordinated notes		223,793		3,172		5.70			223,419		3,181		5.71			223,752		6,344		5.70			223,370		6,326		5.71
Subordinated debentures ⁽¹⁾		120,120		1,149		3.85			119,559		1,680		5.64			120,052		2,436		4.08			119,486		3,392		5.72
Total interest bearing liabilities		17,944,773		50,541		1.13			15,783,199		72,283		1.84			17,223,293		112,739		1.32			15,777,422		141,638		1.81
Non-interest bearing liabilities:
Non-interest bearing deposits		3,478,030							2,723,657							3,202,663							2,740,291
Other non-interest bearing liabilities		257,874							252,062							251,026							223,491
Total liabilities		21,680,677							18,758,918							20,676,982							18,741,204
Common stockholders’ equity		4,110,038							3,927,522							4,114,035							3,871,065
Noncontrolling interest		3,105							3,123							3,109							3,115
Total liabilities and stockholders’ equity	$	25,793,820						$	22,689,563						$	24,794,126						$	22,615,384
Net interest income – FTE			$	218,346						$	225,672						$	429,254						$	452,766
Net interest margin – FTE						3.74	%						4.45	%						3.84	%						4.49	%

⁽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 $0.27 million for the second quarter and $0.62 million for the first six months of 2020 compared to $0.40 million for the second quarter and $0.75 million for the first six months of 2019. In the absence of this interest capitalization, the rates on other borrowings would have been 0.47% for the second quarter and 0.49% for the first six months of 2020 compared to 2.36% for the second quarter and 2.56% for the first six months of 2019. 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 2019). 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.

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,						June 30,
	2020			2019			2020			2019

	(Dollars in thousands)
Net income available to common stockholders	$	50,266		$	110,503		$	62,132		$	221,209
Average common stockholders’ equity before noncontrolling interest	$	4,110,038		$	3,927,522		$	4,114,035		$	3,871,065
Less average intangible assets:
Goodwill		(660,789	)		(660,789	)		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(19,563	)		(31,225	)		(20,987	)		(32,822	)
Total average intangibles		(680,352	)		(692,014	)		(681,776	)		(693,611	)
Average tangible common stockholders’ equity	$	3,429,686		$	3,235,508		$	3,432,259		$	3,177,454
Return on average common stockholders’ equity⁽¹⁾		4.92	%		11.29	%		3.04	%		11.52	%
Return on average tangible common stockholders’ equity⁽¹⁾		5.89	%		13.70	%		3.64	%		14.04	%

⁽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,
	2020			2019			2020

	(In thousands, except per share amounts)
Total common stockholders’ equity before noncontrolling interest	$	4,110,666		$	3,993,247		$	4,083,150
Less intangible assets:
Goodwill		(660,789	)		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(18,377	)		(29,515	)		(20,958	)
Total intangibles		(679,166	)		(690,304	)		(681,747	)
Total tangible common stockholders' equity	$	3,431,500		$	3,302,943		$	3,401,403
Shares of common stock outstanding		129,350			128,947			129,324
Book value per common share	$	31.78		$	30.97		$	31.57
Tangible book value per common share	$	26.53		$	25.61		$	26.30

Calculation of Total Tangible Common Stockholders’ Equity
and the Ratio of Total Tangible Common Stockholders’ Equity
to Total Tangible Assets
Unaudited

	June 30,
	2020			2019

	(Dollars in thousands)
Total common stockholders’ equity before noncontrolling interest	$	4,110,666		$	3,993,247
Less intangible assets:
Goodwill		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(18,377	)		(29,515	)
Total intangibles		(679,166	)		(690,304	)
Total tangible common stockholders' equity	$	3,431,500		$	3,302,943
Total assets	$	26,380,409		$	22,960,731
Less intangible assets:
Goodwill		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(18,377	)		(29,515	)
Total intangibles		(679,166	)		(690,304	)
Total tangible assets	$	25,701,243		$	22,270,427
Ratio of total common stockholders’ equity to total assets		15.58	%		17.39	%
Ratio of total tangible common stockholders’ equity to total tangible assets		13.35	%		14.83	%

Calculation of Pre-Tax Pre-Provision Net Revenue
Unaudited

	Three Months Ended						Six Months Ended
	June 30, 2020		June 30, 2019		March 31, 2020		June 30, 2020		June 30, 2019

	(Dollars in thousands)
Income before taxes	$	65,205	$	145,239	$	16,367	$	81,571	$	291,840
Provision for credit losses		72,026		6,769		117,663		189,689		13,450
Pre-tax pre-provision net revenue	$	137,231	$	152,008	$	134,030	$	271,260	$	305,290

Source: Bank OZK

Bank OZK Announces Second Quarter 2020 Earnings

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Bank OZK Announces Second Quarter 2020 Earnings

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