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Bank OZK reports recurring developments relevant to its 4.625% Series A Non-Cumulative Perpetual Preferred Stock, including quarterly preferred dividend declarations, common stock dividend actions, and periodic earnings releases. The bank is a regional banking company established in 1903, with banking operations across Arkansas, Georgia, Florida, Texas, North Carolina, Tennessee, New York, California, and Mississippi.
Company updates also cover loan and deposit growth, net interest income, asset quality, capital ratios, management comments, financial supplements, and conference-call scheduling. Bank OZK provides deposit accounts, real estate, consumer, commercial and industrial loans, trust and wealth management, financial planning, online banking, and related banking services.
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Bank OZK (Nasdaq: OZK) has announced the return of John Carter as Chief Credit Officer, tasked with overseeing credit, loan operations, special assets, and mortgage lending functions. Carter previously served an eleven-year tenure at Bank OZK, contributing to significant asset quality and growth.
Chairman George Gleason expressed confidence in Carter’s ability to deliver value, citing his proven track record and understanding of the bank's culture. Prior to this role, Carter was Chief Investment Officer at Huffman and Company. Bank OZK, founded in 1903, holds over $28.97 billion in assets as of March 31, 2023, and operates 240 offices across eight states.
Bank OZK (Nasdaq: OZK) has released its first quarter 2023 management comments, outlining its operational performance and financial health. As of March 31, 2023, the bank reported total assets of $28.97 billion and operates over 240 offices across eight states, including Arkansas, Georgia, and Florida. The bank is committed to delivering innovative financial solutions and maintaining a pursuit of excellence in its services. Further details, including annual and quarterly filings with the FDIC, can be accessed through its investor relations website.
Bank OZK announced a record net income of $165.9 million for Q1 2023, a 29.5% increase from Q1 2022. Diluted EPS rose to $1.41, marking a 38.2% increase year-over-year. The provision for credit losses was $35.8 million, significantly up from $4.2 million a year prior. Total loans reached $22.06 billion, a 16.5% increase, while deposits also climbed by 9.6% to $22.28 billion. The Bank's annualized return on equity improved to 15.24%, compared to 11.67% in Q1 2022. Total assets increased to $28.97 billion, reflecting a 9.1% gain year-over-year. Management emphasized strong capital and profitability positions for future growth.
Bank OZK (Nasdaq: OZK) has introduced a five-part relief and recovery program following severe storms and tornadoes that impacted Central Arkansas on March 31, 2023. This program includes a $25 million disaster relief loan program offering discounted interest rates and no fees, with loans up to $100,000 for businesses and $10,000 for individuals. Other initiatives include a payment deferral program allowing for 90-day loan extensions, a $50,000 donation to local community organizations, and donation sites at branches for food and personal items. Employees affected by the disaster will also receive tax-free assistance payments. The loan program expires on July 6, 2023, and aims to assist those directly affected by the storm's devastation.
Bank OZK (Nasdaq: OZK) announced a quarterly cash dividend of $0.35 per share, marking a 2.94% increase over the prior quarter, part of its track record of 51 consecutive quarters of increased dividends. This dividend is payable on April 21, 2023, to shareholders of record as of April 14, 2023.
Additionally, the Bank declared a dividend of $0.28906 per share on its Series A Preferred Stock (Nasdaq: OZKAP), payable on May 15, 2023. Bank OZK has been included in the S&P High Yield Dividend Aristocrats® index since January 2018 due to its consistent dividend increases.
Bank OZK (NASDAQ: OZK) is set to report its first quarter 2023 earnings on April 20, 2023, after market close. Simultaneously, management will provide comments on the earnings, available on their investor relations website. A conference call for Q&A will be held on April 21, 2023, at 10:00 a.m. CT, accessible via webcast or telephone registration. As of December 31, 2022, the bank reported total assets of $27.66 billion and operates over 240 branches across eight states, including Arkansas and California.