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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) announced its management comments for the second quarter and first half of 2020. Recognized as the #1 capitalized bank among the top 100 largest publicly traded U.S. banks by asset size, Bank OZK reported a strong Tier 1 Leverage Capital Ratio as of March 31, 2020. The bank operates over 250 offices across various states, providing innovative financial solutions. It was named Best Bank in the South for 2019-2020 by Money. For detailed financial reports, visit Bank OZK Investor Relations.
Bank OZK (OZK) reported a net income of $50.3 million for Q2 2020, marking a 54.5% decline year-over-year. Diluted earnings per share (EPS) fell to $0.39, down 54.7% from Q2 2019. For the first half of 2020, net income was $62.1 million, a 71.9% drop compared to the same period last year, with diluted EPS at $0.48. The COVID-19 pandemic severely impacted the financial results, leading to a $72.0 million provision for credit losses in Q2. Despite this, total assets grew 14.9% year-over-year to $26.38 billion.
Bank OZK (Nasdaq: OZK) has entered into a Purchase and Assumption Agreement to sell its two South Carolina branches to Sharonview Federal Credit Union. The branches, located in Hilton Head Island and Bluffton, had approximately $107 million in deposit balances and $3 million in loans as of March 31, 2020. The transaction is expected to close in Q4 2020, pending regulatory approval, and is anticipated to yield a small gain on sale. After this sale, Bank OZK will have no operations in South Carolina.
Bank OZK has announced the sale of its two Alabama branches, Mobile and Geneva, to Merchants & Marine Bank and 22nd State Bank, respectively. The transactions, subject to regulatory approval, are expected to close in Q4 2020 and may result in small gains. As of March 31, 2020, the Mobile Branch had approximately $26 million in deposits and $23 million in loans, while the Geneva Branch had $66 million in deposits and $8 million in loans. Post-sale, Bank OZK will no longer operate in Alabama, which has proven challenging with only two branches.
Bank OZK (Nasdaq: OZK) announced a quarterly cash dividend of $0.2725 per share, payable on July 20, 2020, to shareholders of record as of July 13, 2020. This marks a 0.9% increase from the previous quarter's dividend. Bank OZK has consistently raised its quarterly cash dividend for forty consecutive quarters. As of March 31, 2020, Bank OZK is recognized as the top capitalized bank among the U.S. top 100 publicly traded banks, with total assets of $24.57 billion.
Bank OZK (Nasdaq: OZK) plans to release its second quarter 2020 earnings report after market close on July 23, 2020, accompanied by management's comments available on their investor relations website. A conference call for questions will take place on July 24, 2020, at 10:00 a.m. CT. Bank OZK ranks as the #1 capitalized bank among the top 100 U.S. publicly traded banks based on asset size and Tier 1 Leverage Capital Ratio as of March 31, 2020, with total assets of $24.57 billion.
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