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.
Bank OZK (Nasdaq: OZK) has announced its 50th consecutive quarterly cash dividend, declaring a dividend of $0.34 per share, marking a 3.03% increase from the previous quarter. This dividend is due to be paid on January 24, 2023, to shareholders of record as of January 17, 2023. Additionally, the Board declared a dividend of $0.28906 per share on its 4.625% Series A Preferred Stock (Nasdaq: OZKAP) for the period ending February 15, 2023.
Bank OZK has maintained its spot in the S&P High Yield Dividend Aristocrats® index since January 2018, demonstrating a consistent increase in dividends.
Bank OZK (Nasdaq: OZK) will announce its fourth quarter and full year 2022 earnings on January 19, 2023, after market close. The management's commentary will be available alongside the earnings release on the Bank's investor relations website. A conference call for investors is scheduled for January 20, 2023, at 10:00 a.m. CT, accessible via webcast or telephone. As of September 30, 2022, Bank OZK reported total assets of $26.23 billion and operates over 240 offices across eight states.
Bank OZK (Nasdaq: OZK) has appointed Jordan Waldrep as the new Chief Investment Officer for Trust and Wealth. Waldrep, a CFA charterholder with over 20 years of experience in investment management, will lead the team responsible for providing investment and wealth management strategies to clients. His previous roles include CIO at TrueMark Investments and portfolio manager at USA Mutuals. Bank OZK, established in 1903, operates over 240 branches across eight states and reported total assets of $26.23 billion as of September 30, 2022.
Bank OZK (Nasdaq: OZK) announced a new stock repurchase program allowing for the buyback of up to $300 million of its outstanding common stock. This program follows the expiration of a previous repurchase initiative on November 4, 2022, and has received all necessary regulatory approvals. The repurchase may occur until November 9, 2023, or until the total cost of shares reaches $300 million. Management will decide on the timing of repurchases based on various financial and market conditions.
Bank OZK reported a net income of $128.3 million for Q3 2022, down 1.5% from Q3 2021. Diluted EPS increased by 8.0% to $1.08. For the first nine months, net income decreased by 9.4% to $388.7 million. The provision for credit losses rose to $39.8 million in Q3 2022 compared to a negative provision in Q3 2021. Total loans reached $19.51 billion, a 6.6% increase year-over-year. The bank repurchased 1.23 million shares for $47.7 million in Q3. Pre-tax pre-provision net revenue (PPNR) surged 27.2% to $208.1 million.
Bank OZK (Nasdaq: OZK) reported its third quarter 2022 management comments on October 20, 2022, highlighting its financial status as of September 30, 2022, with total assets of $26.23 billion. The bank operates over 240 offices across eight states, including Arkansas and Texas, focusing on innovative financial solutions. Investors can find more details on the bank's investor relations website.
Bank OZK has declared a quarterly cash dividend of $0.33 per share on its common stock, marking a 3.13% increase from the previous quarter. This signifies the 49th consecutive quarter of dividend growth. The dividend is payable on October 21, 2022, to shareholders recorded by October 14, 2022. Additionally, a cash dividend of $0.28906 per share on its Series A Preferred Stock is set for payment on November 15, 2022. Bank OZK remains a member of the S&P High Yield Dividend Aristocrats index since January 2018, highlighting its commitment to consistent dividend increases.