Bank OZK reports recurring developments as a regional bank with banking operations across Arkansas, Georgia, Florida, Texas, North Carolina, Tennessee, New York, California and Mississippi. The bank provides deposit, lending, trust and wealth management, financial planning, online banking and related financial services through its office network.
Company news commonly covers quarterly and annual earnings, management commentary, loan and deposit trends, net interest income, common stock dividends and dividends on its 4.625% Series A Non-Cumulative Perpetual Preferred Stock. Updates also include community banking activity such as affordable housing grants through Federal Home Loan Bank programs and commercial real estate financing transactions involving Bank OZK as a lender.
Bank OZK (Nasdaq: OZK) has priced its public offering of $350 million in subordinated notes with a fixed interest rate of 2.750% until October 1, 2026, after which it will shift to a floating rate based on SOFR plus 209 basis points. The offering is set to close on September 16, 2021, pending standard conditions. Proceeds will support general corporate needs, including growth financing and share repurchases. The notes are unsecured and will rank junior to senior debts, not insured by the FDIC. Forward-looking statements are cautioned due to potential risks and uncertainties.
Bank OZK reported record net income of $150.5 million for Q2 2021, a 199.5% increase from $50.3 million in Q2 2020. Diluted EPS reached a record $1.16, up 197.4% from $0.39 a year ago. For the first half of 2021, net income was $299.0 million, a 381.2% increase year-over-year. The bank's credit loss allowance dropped significantly, and it initiated a $300 million stock repurchase program. Loans decreased by 5.4% year-over-year, while total assets rose 0.9%.
Bank OZK (Nasdaq: OZK) has made its second quarter 2021 management comments available on its investor relations website. The regional bank operates 250 branches across various states, including Arkansas and New York, offering innovative financial solutions. Investors can access annual, quarterly, and other required reports electronically through the FDIC's website or the bank's investor relations page. For automated email alerts regarding these materials, interested parties can sign up on the same platform.
Bank OZK (Nasdaq: OZK) announced a quarterly cash dividend of $0.285 per common share, payable on July 19, 2021, to shareholders of record as of July 12, 2021. This reflects a 1.79% increase from the previous quarter. Notably, Bank OZK has consistently raised its dividend for forty-four consecutive quarters, earning a place in the S&P High Yield Dividend Aristocrats® index since January 2018. As of March 31, 2021, Bank OZK had total assets of $27.28 billion.
Bank OZK announced a quarterly cash dividend of $0.28 per common share payable on July 19, 2021, to shareholders of record as of July 12, 2021. This marks a 1.79% increase from the previous quarter’s dividend of $0.275. The bank has consistently increased its dividends for forty-four consecutive quarters and is part of the S&P High Yield Dividend Aristocrats index since January 2018.
As of March 31, 2021, Bank OZK reported total assets of $27.28 billion.
Bank OZK (Nasdaq: OZK) is set to announce its second quarter 2021 earnings on July 22, 2021, after market close. Management will provide insights during a conference call scheduled for July 23, 2021, at 10:00 a.m. CT. The bank operates across 250 locations in eight states with total assets amounting to $27.28 billion as of March 31, 2021. Investors can access the earnings report and the conference call via the Bank's investor relations website.
Bank OZK (Nasdaq: OZK) has commenced construction of a $6 million solar power plant in Arkansas, marking a significant step in its sustainable energy initiative. The 4.8-megawatt facility will supply power to the Bank's new headquarters and 40 locations across the state, positioning it as the largest renewable investment by a financial services firm in Arkansas. Expected to generate over 8.1 million kilowatt-hours annually, this project aims to reduce the Bank's carbon footprint by 160,000 tons over the next 30 years.
Bank OZK reported a record net income of $148.4 million for Q1 2021, up from $11.9 million in Q1 2020. Diluted EPS rose to $1.14 from $0.09. The bank experienced a $31.6 million negative provision for credit losses, lowering its total allowance to $342.3 million. Total loans increased by 2.7% year-over-year to $18.72 billion, while deposits grew 13.2% to $21.30 billion. Annualized returns on equity metrics significantly improved compared to last year, affirming the bank's strong performance and outlook.
Bank OZK (Nasdaq: OZK) has released its management comments for the first quarter of 2021, now available on their investor relations website. The bank, headquartered in Little Rock, Arkansas, operates over 250 branches across several states, providing innovative financial solutions. Investors can access annual, quarterly, and current reports required by the Securities Exchange Act of 1934 on the FDIC's website or Bank OZK's investor relations page. For more details, stakeholders may contact Investor Relations.
Shopoff Realty Investments has secured a $105 million construction loan from Bank OZK for the I-10 Logistics Center project in Riverside County. This joint venture, alongside Artemis Real Estate Partners, will develop over 1.8 million square feet of state-of-the-art logistics space on 155 acres. Construction is set to start in April 2021, with completion expected by summer 2022. The project aims to meet the growing demand for logistics facilities in Southern California, featuring high cube warehouses designed for LEED Silver Certification.