There were 1,573 press releases posted in the last 24 hours and 399,308 in the last 365 days.

Bank OZK Announces Second Quarter 2020 Earnings

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          


(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

     9/30/18     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  

 

Primary Logo

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.