March 21, 2023

Financial institution OZK income drop 5.4% in 2022 regardless of robust This fall

Little Rock-based Financial institution OZK reported Thursday (Jan. 19) that web revenue for the fourth quarter of 2022 was $158.8 million, up 6.1%. Diluted earnings per frequent share for the fourth quarter of 2022 have been $1.34, a 14.5% enhance from $1.17 for the fourth quarter of 2021.

For the complete yr of 2022, web revenue obtainable to frequent stockholders was $547.5 million, a 5.4% lower from $579 million for the complete yr of 2021. Diluted earnings per frequent share for the complete yr of 2022 have been a file $4.54, a 1.6% enhance from $4.47 for the complete yr of 2021. Outcomes have been impacted by a $83.5 million provision for credit score losses for 2022 in comparison with a unfavorable provision for credit score losses of $77.9 million for 2021, financial institution officers mentioned.

“We’re happy to report our robust outcomes for the fourth quarter and full yr of 2022. Our excessive stage of profitability, robust capital and liquidity, disciplined credit score tradition and excellent group have us well-positioned for the present atmosphere and the long term,” mentioned George Gleason, Financial institution OZK chairman and Chief Govt Officer.

Monetary highlights included:

  • Whole loans have been $20.78 billion at December 31, 2022, a 13.5% enhance from $18.31 billion at December 31, 2021;
  • Non-purchased loans have been $20.4 billion at December 31, 2022, a 14.7% enhance from $17.79 billion at December 31, 2021;
  • Bought loans, which include loans acquired in earlier acquisitions, have been $0.38 billion at December 31, 2022, a 26.7% lower from $0.52 billion at December 31, 2021;
  • Deposits have been $21.5 billion at December 31, 2022, a 6.4% enhance from $20.21 billion at December 31, 2021; and
  • Whole property have been $27.66 billion at December 31, 2022, a 4.2% enhance from $26.53 billion at December 31, 2021.
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Shares of Financial institution OZK (NASDAQ:OZK) closed buying and selling Thursday at $40.15. The corporate’s inventory has traded between a low of $34.79 per share and a excessive of $49.46 per share over the previous 52 weeks.