• Bank OZK Announces Third Quarter 2022 Earnings

    Source: Nasdaq GlobeNewswire / 20 Oct 2022 16:01:06   America/New_York

    LITTLE ROCK, Ark., Oct. 20, 2022 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the third quarter of 2022 was $128.3 million, a 1.5% decrease from $130.3 million for the third quarter of 2021. Diluted earnings per common share for the third quarter of 2022 were $1.08, an 8.0% increase from $1.00 for the third quarter of 2021.

    For the nine months ended September 30, 2022, net income available to common stockholders was $388.7 million, a 9.4% decrease from $429.2 million for the first nine months of 2021. Diluted earnings per common share for the first nine months of 2022 were $3.20, a 3.0% decrease from $3.30 for the first nine months of 2021.

    The Bank’s provision for credit losses was $39.8 million for the third quarter and $51.0 million for the first nine months of 2022 compared to negative provisions for credit losses of $7.5 million for the third quarter and $69.9 million for the first nine months of 2021. The growth in both funded and unfunded loan balances during the quarter contributed to the higher provision for credit losses, which impacted net income. The Bank’s total allowance for credit losses (“ACL”) was $335.6 million at September 30, 2022. The calculations of the Bank’s provision expense for the third quarter and first nine months of 2022 and its total ACL at September 30, 2022 were based on a number of key estimates, assumptions and economic forecasts and included certain qualitative adjustments to capture items not fully reflected in the modeled results.

    Pre-tax pre-provision net revenue (“PPNR”) was $208.1 million for the third quarter of 2022, a 27.2% increase from $163.5 million for the third quarter of 2021. For the nine months ended September 30, 2022, PPNR was $564.0 million, a 15.3% increase from $489.0 million for the first nine months of 2021. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

    The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the third quarter of 2022 were 1.97%, 11.85% and 14.02%, respectively, compared to 1.98%, 11.41% and 13.39%, respectively, for the third quarter of 2021. The Bank’s annualized returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the first nine months of 2022 were 1.99%, 11.97%, and 14.14%, respectively, compared to 2.15%, 12.98%, and 15.31%, respectively, for the first nine months of 2021. The calculation of the Bank’s returns on average common stockholders’ equity and average tangible common stockholders’ equity and the reconciliations to GAAP are included in the schedules accompanying this release.

    George Gleason, Chairman and Chief Executive Officer stated, “We are pleased to report our strong results for the third quarter of 2022. Our results were highlighted by our fourth consecutive quarter of record RESG loan originations and solid growth in RESG’s funded loans, along with meaningful contributions to growth from our Community Banking and other lending teams. This reflects our dual focus on both organic loan growth and increased portfolio diversification. Our strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the current environment and the longer term.”

    KEY BALANCE SHEET METRICS

    Total loans were $19.51 billion at September 30, 2022, a 6.6% increase from $18.31 billion at September 30, 2021. Non-purchased loans were $19.10 billion at September 30, 2022, a 7.9% increase from $17.71 billion at September 30, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.41 billion at September 30, 2022, a 31.4% decrease from $0.60 billion at September 30, 2021.

    Deposits were $20.40 billion at September 30, 2022, a 1.5% increase from $20.10 billion at September 30, 2021. Total assets were $26.23 billion at September 30, 2022, a 0.3% increase from $26.14 billion at September 30, 2021.

    Common stockholders’ equity was $4.20 billion at September 30, 2022, a 7.7% decrease from $4.55 billion at September 30, 2021. Tangible common stockholders’ equity was $3.54 billion at September 30, 2022, an 8.9% decrease from $3.88 billion at September 30, 2021. Book value per common share was $35.67 at September 30, 2022, a 0.9% increase from $35.35 at September 30, 2021. Tangible book value per common share was $30.02 at September 30, 2022, a 0.4% decrease from $30.14 at September 30, 2021. The calculations of the Bank’s common stockholders’ equity, tangible common stockholders’ equity and tangible book value per common share and the reconciliations to GAAP are included in the schedules accompanying this release.

    The Bank’s ratio of total common stockholders’ equity to total assets was 16.01% at September 30, 2022, compared to 17.42% at September 30, 2021. Its ratio of total tangible common stockholders’ equity to total tangible assets was 13.83% at September 30, 2022, compared to 15.24% at September 30, 2021. The calculation of the Bank’s ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliation to GAAP are included in the schedules accompanying this release.

    STOCK REPURCHASES

    During the quarter just ended, the Bank repurchased approximately 1.23 million shares of its common stock at a weighted average price of $38.96, for a total of $47.7 million. During the first nine months of 2022, the Bank repurchased approximately 7.80 million shares of its common stock at a weighted average price of $41.90, for a total of $326.7 million. Our current stock repurchase program expires November 4, 2022. In evaluating any plans for stock repurchases after expiration of the current program, the Bank will consider a variety of factors including its capital position, expected growth, alternative uses of capital, liquidity, financial performance, stock price, current and expected macro economic environment, regulatory requirements and other factors.

    MANAGEMENT’S COMMENTS, CONFERENCE CALL, TRANSCRIPT AND FILINGS

    In connection with this release, the Bank released management’s comments on its quarterly results, which are available at http://ir.ozk.com. This release should be read in conjunction with management’s comments on the quarterly results.

    Management will conduct a conference call to take questions on these quarterly results and management’s comments at 10:00 a.m. CT (11:00 a.m. ET) on October 21, 2022. Interested parties may access the conference call live via webcast on the Bank’s investor relations website at https://ir.ozk.com/news/event-calendar, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank's website for at least 30 days.

    The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website at https://efr.fdic.gov/fcxweb/efr/index.html and are also available on the Bank’s investor relations website at ir.ozk.com. To receive automated email alerts for these materials please visit https://ir.ozk.com/other/email-alerts to sign up.

    NON-GAAP FINANCIAL MEASURES

    This release contains certain non-GAAP financial measures. The Bank uses these non-GAAP financial measures, specifically return on average common stockholders’ equity, average tangible common stockholders’ equity, tangible book value per common share, common stockholders’ equity, tangible common stockholders’ equity, the ratio of total tangible common stockholders’ equity to total tangible assets, and PPNR, to assess the strength of its capital, its ability to generate earnings on tangible capital invested by its shareholders and trends in its net revenue. These measures typically adjust GAAP financial measures to exclude intangible assets or provision for credit losses. Management believes presentation of these non-GAAP financial measures provides useful supplemental information which contributes to a proper understanding of the financial results and capital levels of the Bank. These non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP performance measures that may be presented by other banks. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”

    FORWARD-LOOKING STATEMENTS

    This presentation and other communications by the Bank include certain “forward-looking statements” regarding the Bank’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time. Those statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: potential delays or other problems in implementing the Bank’s growth, expansion and acquisition strategies, including hiring or retaining qualified personnel, obtaining regulatory or other approvals, delays in identifying satisfactory sites, obtaining permits and designing, constructing and opening new offices or relocating, selling or closing existing offices; the ability to enter into and/or close additional acquisitions; the availability of and access to capital; possible downgrades in the Bank’s credit ratings or outlook which could increase the costs of or decrease the availability of funding from capital markets; the ability to attract new or retain existing or acquired deposits or to retain or grow loans, including growth from unfunded closed loans; the ability to generate future revenue growth or to control future growth in non-interest expense; interest rate fluctuations, including changes in the yield curve between short-term and long-term interest rates or changes in the relative relationships of various interest rate indices; the potential impact of the transition from the London Interbank Offered Rate (“LIBOR”) as a reference rate; competitive factors and pricing pressures, including their effect on the Bank’s net interest margin or core spread; general economic, unemployment, credit market and real estate market conditions, and the effect of such conditions on the creditworthiness of borrowers, collateral values, the value of investment securities and asset recovery values; recently enacted and potential laws and regulatory requirements, including those actions in response to the coronavirus (“COVID-19”) pandemic, or changes to existing laws and regulatory requirements, including changes affecting oversight of the financial services industry or changes in the interpretation and enforcement of such laws and requirements, and the costs and expenses to comply with new and/or existing legislation and regulatory requirements; changes in U.S. government monetary and fiscal policy; FDIC special assessments or changes to regular assessments; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity; the impact of failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Bank or its customers; natural disasters or acts of war or terrorism; the adverse effects of the ongoing global COVID-19 pandemic, including the duration of the pandemic and actions taken to contain or treat COVID-19, on the Bank, the Bank’s customers, the Bank’s staff, the global economy and the financial markets; the potential impact of continuing inflationary pressures; the potential impact of supply chain disruptions; national, international or political instability or military conflict, including the ongoing war in Ukraine; the competition and costs of recruiting and retaining human talent; impairment of our goodwill or other intangible assets; adoption of new accounting standards, or changes in existing standards; and adverse results (including costs, fines, reputational harm and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions or rulings as well as other factors identified in this communication or as detailed from time to time in our public filings, including those factors described in the disclosures under the headings “Forward-Looking Information” and “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2021 and our quarterly reports on Form 10-Q. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described in, or implied by, such forward-looking statements. The Bank disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.

    GENERAL INFORMATION

    Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations with over 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California and Mississippi and had $26.23 billion in total assets as of September 30, 2022. Bank OZK can be found at www.ozk.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811.

    Bank OZK
    Consolidated Balance Sheets
    Unaudited

      September 30,  December 31, 
      2022  2021 
      (Dollars in thousands, except per share amounts) 
    ASSETS        
    Cash and cash equivalents $895,824  $2,053,829 
    Investment securities ― available for sale (“AFS”)  3,528,077   3,916,733 
    Investment securities ― trading  2,481   14,957 
    Federal Home Loan Bank of Dallas and other bankers’ bank stocks  31,841   40,788 
    Non-purchased loans  19,103,546   17,791,610 
    Purchased loans  410,166   516,215 
    Allowance for loan losses  (200,098)  (217,380)
    Net loans  19,313,614   18,090,445 
    Premises and equipment, net  684,930   695,857 
    Foreclosed assets  6,559   5,744 
    Accrued interest receivable  97,564   83,025 
    Bank owned life insurance (“BOLI”)  784,926   774,822 
    Goodwill and other intangible assets, net  664,732   669,063 
    Other, net  221,571   185,167 
    Total assets $26,232,119  $26,530,430 
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Deposits:        
    Demand non-interest bearing $4,824,209  $4,983,788 
    Savings and interest bearing transaction  9,763,638   9,245,727 
    Time  5,814,029   5,979,619 
    Total deposits  20,401,876   20,209,134 
    Other borrowings  456,466   756,321 
    Subordinated notes  346,741   346,133 
    Subordinated debentures  121,450   121,033 
    Reserve for losses on unfunded loan commitments  135,537   71,609 
    Accrued interest payable and other liabilities  227,505   186,840 
    Total liabilities  21,689,575   21,691,070 
             
    Commitments and contingencies        
             
    Stockholders’ equity:        
    Preferred stock; $0.01 par value; 100,000,000 shares authorized;
    14,000,000 issued and outstanding at September 30, 2022
    and December 31, 2021    		  338,980   338,980 
    Common stock; $0.01 par value; 300,000,000 shares authorized;
        117,761,605 and 125,443,748 shares issued and outstanding at
    September 30, 2022 and December 31, 2021, respectively    		  1,178   1,254 
    Additional paid-in capital  1,773,562   2,093,702 
    Retained earnings  2,653,377   2,378,466 
    Accumulated other comprehensive (loss) income  (227,673)  23,841 
    Total stockholders’ equity before noncontrolling interest  4,539,424   4,836,243 
    Noncontrolling interest  3,120   3,117 
    Total stockholders’ equity  4,542,544   4,839,360 
    Total liabilities and stockholders’ equity $26,232,119  $26,530,430 

    Bank OZK
    Consolidated Statements of Income
    Unaudited

     Three Months Ended
    September 30,    		  Nine Months Ended
    September 30,    		 
     2022  2021  2022  2021 
     (Dollars in thousands, except per share amounts) 
    Interest income:               
    Non-purchased loans$295,054  $238,258  $791,313  $716,639 
    Purchased loans 7,148   11,350   24,300   34,985 
    Investment securities:               
    Taxable 10,269   9,236   31,246   26,786 
    Tax-exempt 7,126   3,296   14,132   10,860 
    Deposits with banks and federal funds sold 3,690   523   6,155   1,556 
    Total interest income 323,287   262,663   867,146   790,826 
                    
    Interest expense:               
    Deposits 21,997   12,326   41,343   54,908 
    Other borrowings 2,460   1,017   4,500   3,010 
    Subordinated notes 2,631   429   7,808   6,755 
    Subordinated debentures 1,582   934   3,741   2,814 
    Total interest expense 28,670   14,706   57,392   67,487 
                    
    Net interest income 294,617   247,957   809,754   723,339 
    Provision for credit losses 39,771   (7,454)  50,986   (69,946)
    Net interest income after provision for credit losses 254,846   255,411   758,768   793,285 
                    
    Non-interest income:               
    Service charges on deposit accounts:               
    NSF/Overdraft fees 4,808   4,080   13,257   10,647 
    All other service charges 7,089   7,097   20,963   20,507 
    Trust income 2,007   2,247   6,012   6,365 
    BOLI income:               
    Increase in cash surrender value 4,940   4,940   14,579   14,739 
    Death benefits 510   —   807   1,409 
    Loan service, maintenance and other fees 3,418   3,307   10,039   10,811 
    Gains on sales of other assets 3,182   463   10,957   8,632 
    Net gains on investment securities 321   —   762   — 
    Other 2,888   3,850   9,583   12,733 
    Total non-interest income 29,163   25,984   86,959   85,843 
                    
    Non-interest expense:               
    Salaries and employee benefits 57,367   53,769   166,427   159,533 
    Net occupancy and equipment 18,244   17,161   52,474   49,797 
    Other operating expenses 40,080   39,467   113,807   110,840 
    Total non-interest expense 115,691   110,397   332,708   320,170 
                    
    Income before taxes 168,318   170,998   513,019   558,958 
    Provision for income taxes 35,969   40,713   111,754   129,691 
    Net income 132,349   130,285   401,265   429,267 
    Earnings attributable to noncontrolling interest —   5   (3)  (27)
    Preferred stock dividends 4,047   —   12,574   — 
    Net income available to common stockholders$128,302  $130,290  $388,688  $429,240 
                    
    Basic earnings per common share$1.08  $1.01  $3.21  $3.31 
                    
    Diluted earnings per common share$1.08  $1.00  $3.20  $3.30 


    Bank OZK
    Consolidated Statements of Stockholders’ Equity
    Unaudited

      Preferred
    Stock    		  Common
    Stock    		  Additional
    Paid-In
    Capital    		  Retained
    Earnings    		  Accumulated
    Other
    Comprehensive
    (Loss) Income    		  Non-
    Controlling
    Interest    		  Total 
      (Dollars in thousands, except per share amounts) 
    Three months ended September 30, 2022:                     
    Balances – June 30, 2022 $338,980  $1,190  $1,817,650  $2,563,130  $(114,168) $3,120  $4,609,902 
    Net income  —   —   —   132,349   —   —   132,349 
    Earnings attributable to noncontrolling
    interest    		  —   —   —   —   —   —   — 
    Total other comprehensive loss  —   —   —   —   (113,505)  —   (113,505)
    Preferred stock dividends, $0.28906 per
    share    		  —   —   —   (4,047)  —   —   (4,047)
    Common stock dividends, $0.32 per
    share    		  —   —   —   (38,055)  —   —   (38,055)
    Issuance of 5,414 shares of common
    stock for exercise of stock options    		  —   —   172   —   —   —   172 
    Repurchase and cancellation of 1,225,688
    shares of common stock under share
    repurchase program    		  —   (12)  (47,735)  —   —   —   (47,747)
    Stock-based compensation expense  —   —   3,475   —   —   —   3,475 
    Forfeitures of 14,142 shares of unvested
    restricted common stock    		  —   —   —   —   —   —   — 
    Balances – September 30, 2022 $338,980  $1,178  $1,773,562  $2,653,377  $(227,673) $3,120  $4,542,544 
                                 
    Nine months ended September 30, 2022:                         
    Balances – December 31, 2021 $338,980  $1,254  $2,093,702  $2,378,466  $23,841  $3,117  $4,839,360 
    Net income  —   —   —   401,265   —   —   401,265 
    Earnings attributable to noncontrolling
    interest    		  —   —   —   (3)  —   3   — 
    Total other comprehensive loss  —   —   —   —   (251,514)  —   (251,514)
    Preferred stock dividends, $0.89812 per
    share    		  —   —   —   (12,574)  —   —   (12,574)
    Common stock dividends, $0.93 per
    share    		  —   —   —   (113,777)  —   —   (113,777)
    Issuance of 74,521 shares of common
    stock for exercise of stock options    		  —   1   2,251   —   —   —   2,252 
    Issuance of 220,822 shares of unvested
    restricted common stock    		  —   2   (2)  —   —   —   — 
    Repurchase and cancellation of 7,798,520
    shares of common stock under share
    repurchase program    		  —   (77)  (326,667)  —   —   —   (326,744)
    Repurchase and cancellation of 112,974
    shares of common stock withheld for
    tax pursuant to restricted stock vesting    		  —   (1)  (5,398)  —   —   —   (5,399)
    Stock-based compensation expense  —   —   9,675   —   —   —   9,675 
    Forfeitures of 65,992 shares of unvested
    restricted common stock    		  —   (1)  1   —   —   —   — 
    Balances – September 30, 2022 $338,980  $1,178  $1,773,562  $2,653,377  $(227,673) $3,120  $4,542,544 

    Bank OZK
    Consolidated Statements of Stockholders’ Equity
    Unaudited

      Common
    Stock    		  Additional
    Paid-In
    Capital    		  Retained
    Earnings    		  Accumulated
    Other
    Comprehensive
    Income    		  Non-
    Controlling
    Interest    		  Total 
      (Dollars in thousands, except per share amounts) 
    Three months ended September 30, 2021:                        
    Balances – June 30, 2021 $1,297  $2,277,138  $2,173,114  $50,127  $3,117  $4,504,793 
    Net income  —   —   130,285   —   —   130,285 
    Earnings attributable to noncontrolling
    interest    		  —   —   5   —   (5)  — 
    Total other comprehensive loss  —   —   —   (9,421)  —   (9,421)
    Common stock dividends, $0.285 per share  —   —   (37,170)  —   —   (37,170)
    Issuance of 33,850 shares of common
    stock for exercise of stock options    		  1   1,085   —   —   —   1,086 
    Repurchase and cancellation of 888,567
    shares of common stock under share
    repurchase program    		  (9)  (36,990)  —   —   —   (36,999)
    Stock-based compensation expense  —   3,778   —   —   —   3,778 
    Forfeitures of 47,604 shares of unvested
    restricted common stock    		  (1)  1   —   —   —   — 
    Balances – September 30, 2021 $1,288  $2,245,012  $2,266,234  $40,706  $3,112  $4,556,352 
                             
    Nine months ended September 30, 2021:                        
    Balances – December 31, 2020 $1,294  $2,265,850  $1,946,875  $58,252  $3,085  $4,275,356 
    Net income  —   —   429,267   —   —   429,267 
    Earnings attributable to noncontrolling
    interest    		  —   —   (27)  —   27   — 
    Total other comprehensive income  —   —   —   (17,546)  —   (17,546)
    Common stock dividends, $0.8425 per share  —   —   (109,881)  —   —   (109,881)
    Issuance of 176,250 shares of common
    stock for exercise of stock options    		  2   6,092   —   —   —   6,094 
    Issuance of 332,831 shares of unvested
    restricted common stock    		  3   (3)  —   —   —   — 
    Repurchase and cancellation of 888,567
    shares of common stock under share
    repurchase program    		  (9)  (36,990)  —   —   —   (36,999)
    Repurchase and cancellation of 55,893
    shares of common stock withheld for
    taxes pursuant to restricted stock vesting    		  (1)  (1,976)  —   —   —   (1,977)
    Stock-based compensation expense  —   12,038   —   —   —   12,038 
    Forfeitures of 97,250 shares of unvested
    restricted common stock    		  (1)  1   —   —   —   — 
    Balances – September 30, 2021 $1,288  $2,245,012  $2,266,234  $40,706  $3,112  $4,556,352 

    Bank OZK
    Summary of Non-Interest Expense
    Unaudited

      Three Months Ended
    September 30,    		  Nine Months Ended
    September 30,    		 
      2022  2021  2022  2021 
      (Dollars in thousands) 
    Salaries and employee benefits $57,367  $53,769  $166,427  $159,533 
    Net occupancy and equipment  18,244   17,161   52,474   49,797 
    Other operating expenses:                
    Professional and outside services  8,059   7,084   23,602   21,134 
    Software and data processing  6,044   5,897   18,188   17,695 
    Advertising and public relations  3,448   719   5,810   1,621 
    Deposit insurance and assessments  2,650   2,655   6,900   9,060 
    Postage and supplies  2,035   1,530   5,240   4,718 
    Travel and meals  1,962   1,617   5,906   3,811 
    Telecommunication services  1,921   1,966   5,852   6,363 
    ATM expense  1,500   1,846   4,497   4,615 
    Loan collection and repossession expense  402   407   1,081   1,456 
    Writedowns of foreclosed and other assets  87   990   345   2,476 
    Amortization of intangibles  1,298   1,545   4,331   4,878 
    Amortization of CRA and tax credit investments  5,155   4,972   14,885   12,324 
    Other  5,519   8,239   17,170   20,689 
    Total non-interest expense $115,691  $110,397  $332,708  $320,170 

    Bank OZK
    Summary of Total Loans Outstanding
    Unaudited

                     
      September 30, 2022  December 31, 2021 
      (Dollars in thousands) 
                     
    Real estate:                
    Residential 1-4 family $968,369   5.0% $887,024   4.8%
    Non-farm/non-residential  4,609,068   23.6   3,782,892   20.7 
    Construction/land development  7,367,128   37.8   8,246,674   45.0 
    Agricultural  231,730   1.2   247,727   1.4 
    Multifamily residential  1,341,639   6.9   934,845   5.1 
    Total real estate  14,517,934   74.5   14,099,162   77.0 
    Commercial and industrial  804,000   4.1   510,784   2.8 
    Consumer  2,427,361   12.4   2,185,429   11.9 
    Other  1,764,417   9.0   1,512,450   8.3 
    Total loans  19,513,712   100.0%  18,307,825   100.0%
    Allowance for loan losses  (200,098)      (217,380)    
    Net loans $19,313,614      $18,090,445     

    Bank OZK
    Allowance for Credit Losses
    Unaudited

                 
      Allowance for Loan Losses  Reserve for Losses on Unfunded Loan Commitments  Total Allowance for Credit Losses 
      (Dollars in thousands) 
    Three months ended September 30, 2022:            
    Balances – June 30, 2022 $190,795  $109,143  $299,938 
    Net charge-offs  (4,074)  —   (4,074)
    Provision for credit losses  13,377   26,394   39,771 
    Balances – September 30, 2022 $200,098  $135,537  $335,635 
                 
    Nine months ended September 30, 2022:            
    Balances – December 31, 2021 $217,380  $71,609  $288,989 
    Net charge-offs  (4,340)  —   (4,340)
    Provision for credit losses  (12,942)  63,928   50,986 
    Balances – September 30, 2022 $200,098  $135,537  $335,635 
                 
    Three months ended September 30, 2021:            
    Balances – June 30, 2021 $248,753  $58,811  $307,564 
    Net charge-offs  (1,312)  —   (1,312)
    Provision for credit losses  (9,719)  2,265   (7,454)
    Balances – September 30, 2021 $237,722  $61,076  $298,798 
                 
    Nine months ended September 30, 2021:            
    Balances – December 31, 2020 $295,824  $81,481  $377,305 
    Net charge-offs  (8,561)  —   (8,561)
    Provision for credit losses  (49,541)  (20,405)  (69,946)
    Balances – September 30, 2021 $237,722  $61,076  $298,798 

    Bank OZK
    Summary of Deposits – By Account Type
    Unaudited

                     
      September 30, 2022  December 31, 2021 
      (Dollars in thousands) 
    Non-interest bearing $4,824,209   23.6% $4,983,788   24.7%
    Interest bearing:                
    Transaction (NOW)  3,723,109   18.2   3,412,369   16.9 
    Savings and money market  6,040,529   29.6   5,833,358   28.9 
    Time deposits  5,814,029   28.6   5,979,619   29.5 
    Total deposits $20,401,876   100.0% $20,209,134   100.0%

    Summary of Deposits – By Customer Type
    Unaudited

        
      September 30, 2022  December 31, 2021 
      (Dollars in thousands) 
    Non-interest bearing $4,824,209   23.6% $4,983,788   24.7%
    Interest bearing:                
    Consumer and commercial:                
    Consumer – non-time  4,197,997   20.6   4,334,378   21.4 
    Consumer – time  4,127,269   20.2   4,318,742   21.4 
    Commercial – non-time  2,891,061   14.2   2,634,817   13.0 
    Commercial – time  557,130   2.7   905,347   4.5 
    Public funds  2,054,727   10.1   2,094,800   10.4 
    Brokered  1,322,297   6.5   452,137   2.2 
    Reciprocal  427,186   2.1   485,125   2.4 
    Total deposits $20,401,876   100.0% $20,209,134   100.0%

    Bank OZK
    Selected Consolidated Financial Data
    Unaudited

      Three Months Ended
    September 30,    		  Nine Months Ended
    September 30,    		 
      2022  2021  % Change  2022  2021  % Change 
      (Dollars in thousands, except per share amounts) 
    Income statement data:                        
    Net interest income $294,617  $247,957   18.8% $809,754  $723,339   11.9%
    Provision for credit losses  39,771   (7,454) NM   50,986   (69,946) NM 
    Non-interest income  29,163   25,984   12.2   86,959   85,843   1.3 
    Non-interest expense  115,691   110,397   4.8   332,708   320,170   3.9 
    Net income  132,349   130,285   1.6   401,265   429,267   (6.5)
    Preferred stock dividends  4,047   —  NM   12,574   —  NM 
    Net income available to common stockholders  128,302   130,290   (1.5)  388,688   429,240   (9.4)
    Pre-tax pre-provision net revenue (1)  208,089   163,544   27.2   564,005   489,012   15.3 
    Common share and per common share data:                        
    Diluted earnings per common share $1.08  $1.00   8.0% $3.20  $3.30   (3.0)%
    Basic earnings per common share  1.08   1.01   6.9   3.21   3.31   (3.0)
    Common stock dividends per share  0.32   0.285   12.3   0.93   0.8425   10.4 
    Book value per share  35.67   35.35   0.9   35.67   35.35   0.9 
    Tangible book value per common share (1)  30.02   30.14   (0.4)  30.02   30.14   (0.4)
    Weighted-average diluted shares outstanding (thousands)  118,856   129,929   (8.5)  121,539   130,063   (6.6)
    End of period shares outstanding (thousands)  117,762   128,818   (8.6)  117,762   128,818   (8.6)
    Balance sheet data at period end:                        
    Total assets $26,232,119  $26,143,367   0.3% $26,232,119  $26,143,367   0.3%
    Total loans  19,513,712   18,305,303   6.6   19,513,712   18,305,303   6.6 
    Non-purchased loans  19,103,546   17,707,452   7.9   19,103,546   17,707,452   7.9 
    Purchased loans  410,166   597,851   (31.4)  410,166   597,851   (31.4)
    Allowance for loan losses  200,098   237,722   (15.8)  200,098   237,722   (15.8)
    Foreclosed assets  6,559   9,444   (30.5)  6,559   9,444   (30.5)
    Investment securities − AFS  3,528,077   3,846,496   (8.3)  3,528,077   3,846,496   (8.3)
    Goodwill and other intangible assets, net  664,732   670,580   (0.9)  664,732   670,580   (0.9)
    Deposits  20,401,876   20,102,440   1.5   20,401,876   20,102,440   1.5 
    Other borrowings  456,466   750,217   (39.2)  456,466   750,217   (39.2)
    Subordinated notes  346,741   345,927   0.2   346,741   345,927   0.2 
    Subordinated debentures  121,450   120,892   0.5   121,450   120,892   0.5 
    Unfunded balance of closed loans  20,091,101   12,385,369   62.2   20,091,101   12,385,369   62.2 
    Reserve for losses on unfunded loan commitments  135,537   61,076   121.9   135,537   61,076   121.9 
    Preferred stock  338,980   —  NM   338,980   —  NM 
    Total common stockholders’ equity (1)  4,200,444   4,553,240   (7.7)  4,200,444   4,553,240   (7.7)
    Net unrealized (losses) gains on investment securities AFS
    included in stockholders’ equity    		  (227,673)  40,706  NM   (227,673)  40,706  NM 
    Loan (including purchased loans) to deposit ratio  95.65%  91.06%  5.0   95.65%  91.06%  5.0 
    Selected ratios:                        
    Return on average assets (2)  1.97%  1.98%      1.99%  2.15%    
    Return on average common stockholders’ equity (1) (2)  11.85   11.41       11.97   12.98     
    Return on average tangible common stockholders’ equity (1) (2)  14.02   13.39       14.14   15.31     
    Average common equity to total average assets  16.61   17.38       16.60   16.57     
    Net interest margin – FTE (2)  5.03   4.16       4.60   3.99     
    Efficiency ratio  35.50   40.14       36.92   39.39     
    Net charge-offs to average non-purchased loans (2) (3)  0.09   0.04       0.07   0.07     
    Net charge-offs to average total loans (2)  0.09   0.03       0.03   0.06     
    Nonperforming loans to total loans (4)  0.14   0.20       0.14   0.20     
    Nonperforming assets to total assets (4)  0.13   0.17       0.13   0.17     
    Allowance for loan losses to total loans (5)  1.03   1.30       1.03   1.30     
    Other information:                        
    Non-accrual loans (4) $24,633  $34,920      $24,633  $34,920     
    Accruing loans − 90 days past due (4)  —   —       —   —     
    Troubled and restructured non-purchased loans − accruing (4)  1,610   1,253       1,610   1,253     

    (1)  Calculations of pre-tax pre-provision net revenue, total common stockholders’ equity, tangible book value per common share and returns on average common stockholders’ equity and average tangible common stockholders’ equity and the reconciliations to GAAP are included in the schedules accompanying this release.
    (2)  Ratios for interim periods annualized based on actual days.
    (3)  Excludes purchased loans and net charge-offs related to such loans.
    (4)  Excludes purchased loans, except for their inclusion in total assets.
    (5)  Excludes reserve for losses on unfunded loan commitments.

    NM – Not meaningful

    Selected Consolidated Financial Data (continued)
    Unaudited

      Three Months Ended 
      September 30, 2022  June 30,
    2022    		  % Change 
     (Dollars in thousands, except per share amounts) 
    Income statement data:            
    Net interest income $294,617  $265,793   10.8%
    Provision for credit losses  39,771   7,025   466.1 
    Non-interest income  29,163   26,320   10.8 
    Non-interest expense  115,691   109,300   5.8 
    Net income  132,349   136,413   (3.0)
    Preferred stock dividends  4,047   4,047   — 
    Net income available to common stockholders  128,302   132,358   (3.1)
    Pre-tax pre-provision net revenue (1)  208,089   182,813   13.8 
    Common share and per common share data:            
    Diluted earnings per common share $1.08  $1.10   (1.8)%
    Basic earnings per common share  1.08   1.10   (1.8)
    Common stock dividends per share  0.32   0.31   3.2 
    Book value per share  35.67   35.87   (0.6)
    Tangible book value per common share (1)  30.02   30.27   (0.8)
    Weighted-average diluted shares outstanding (thousands)  118,856   120,827   (1.6)
    End of period shares outstanding (thousands)  117,762   118,996   (1.0)
    Balance sheet data at period end:            
    Total assets $26,232,119  $25,919,965   1.2%
    Total loans  19,513,712   18,742,718   4.1 
    Non-purchased loans  19,103,546   18,297,638   4.4 
    Purchased loans  410,166   445,080   (7.8)
    Allowance for loan losses  200,098   190,795   4.9 
    Foreclosed assets  6,559   2,593   153.0 
    Investment securities − AFS  3,528,077   3,705,807   (4.8)
    Goodwill and other intangible assets, net  664,732   666,029   (0.2)
    Deposits  20,401,876   19,984,187   2.1 
    Other borrowings  456,466   505,221   (9.7)
    Subordinated notes  346,741   346,536   0.1 
    Subordinated debentures  121,450   121,310   0.1 
    Unfunded balance of closed loans  20,091,101   17,369,767   15.7 
    Reserve for losses on unfunded loan commitments  135,537   109,143   24.2 
    Preferred stock  338,980   338,980   — 
    Total common stockholders’ equity (1)  4,200,444   4,267,802   (1.6)
    Net unrealized losses on investment securities AFS
    included in stockholders’ equity    		  (227,673)  (114,168)  99.4 
    Loan (including purchased loans) to deposit ratio  95.65%  93.79%  2.0 
    Selected ratios:            
    Return on average assets (2)  1.97%  2.02%    
    Return on average common stockholders’ equity (1) (2)  11.85   12.40     
    Return on average tangible common stockholders’ equity (1) (2)  14.02   14.69     
    Average common equity to average assets  16.61   16.32     
    Net interest margin – FTE (2)  5.03   4.52     
    Efficiency ratio  35.50   37.25     
    Net charge-offs to average non-purchased loans (2) (3)  0.09   0.03     
    Net charge-offs to average total loans (2)  0.09   0.01     
    Nonperforming loans to total loans (4)  0.14   0.16     
    Nonperforming assets to total assets (4)  0.13   0.12     
    Allowance for loan losses to total loans (5)  1.03   1.02     
    Other information:            
    Non-accrual loans (4) $24,633  $28,171     
    Accruing loans − 90 days past due (4)  —   —     
    Troubled and restructured non-purchased loans − accruing (4)  1,610   1,033     

    (1)  Calculations of pre-tax pre-provision net revenue, total common stockholders’ equity, tangible book value per common share and returns on average common stockholders’ equity and average tangible common stockholders’ equity and the reconciliations to GAAP are included in the schedules accompanying this release.
    (2)  Ratios for interim periods annualized based on actual days.
    (3)  Excludes purchased loans and net charge-offs related to such loans.
    (4)  Excludes purchased loans, except for their inclusion in total assets.
    (5)  Excludes reserve for losses on unfunded loan commitments.

    Bank OZK
    Supplemental Quarterly Financial Data
    Unaudited

      12/31/20  3/31/21  6/30/21  9/30/21  12/31/21  03/31/22  06/30/22  09/30/22 
     (Dollars in thousands) 
    Earnings Summary:                                
    Net interest income $237,600  $234,636  $240,746  $247,957  $266,381  $249,343  $265,793  $294,617 
    Federal tax (FTE) adjustment  1,533   1,275   1,355   1,106   1,009   1,017   1,300   2,151 
    Net interest income (FTE)  239,133   235,911   242,101   249,063   267,390   250,360   267,093   296,768 
    Provision for credit losses  (6,750)  31,559   30,932   7,454   7,992   (4,190)  (7,025)  (39,771)
    Non-interest income  28,661   32,117   27,742   25,984   29,695   31,475   26,320   29,163 
    Non-interest expense  (103,394)  (106,059)  (103,711)  (110,397)  (110,106)  (107,715)  (109,300)  (115,691)
    Pretax income (FTE)  157,650   193,528   197,064   172,104   194,971   169,930   177,088   170,469 
    FTE adjustment  (1,533)  (1,275)  (1,355)  (1,106)  (1,009)  (1,017)  (1,300)  (2,151)
    Provision for income taxes  (35,607)  (43,818)  (45,161)  (40,713)  (44,197)  (36,410)  (39,375)  (35,969)
    Noncontrolling interest  3   (19)  (13)  5   (5)  5   (8)  — 
    Preferred stock dividend  —   —   —   —   —   (4,480)  (4,047)  (4,047)
    Net income available to common stockholders $120,513  $148,416  $150,535  $130,290  $149,760  $128,028  $132,358  $128,302 
    Earnings per common share – diluted $0.93  $1.14  $1.16  $1.00  $1.17  $1.02  $1.10  $1.08 
    PPNR $162,867  $160,694  $164,777  $163,544  $185,970  $173,103  $182,813  $208,089 
    Non-interest Income:                                
    Service charges on deposit accounts:                                
    NSF/Overdraft fees $4,024  $3,323  $3,244  $4,080  $4,315  $4,201  $4,247  $4,808 
    All other service charges  5,959   6,342   7,067   7,097   7,149   6,690   7,184   7,089 
    Trust income  1,909   2,206   1,911   2,247   2,141   2,094   1,911   2,007 
    BOLI income:                                
    Increase in cash surrender value  5,034   4,881   4,919   4,940   4,901   4,793   4,846   4,940 
    Death benefits  —   1,409   —   —   618   297   —   510 
    Loan service, maintenance and other fees  3,797   3,551   3,953   3,307   3,148   3,018   3,603   3,418 
    Gains on sales of other assets  5,189   5,828   2,341   463   1,330   6,992   784   3,182 
    Net gains (losses) on investment securities  —   —   —   —   504   (90)  531   321 
    Other  2,749   4,577   4,307   3,850   5,589   3,480   3,214   2,888 
    Total non-interest income $28,661  $32,117  $27,742  $25,984  $29,695  $31,475  $26,320  $29,163 
    Non-interest Expense:                                
    Salaries and employee benefits $53,832  $53,645  $52,119  $53,769  $55,034  $54,648  $54,412  $57,367 
    Net occupancy and equipment  15,617   16,468   16,168   17,161   17,004   17,215   17,014   18,244 
    Other operating expenses  33,945   35,946   35,424   39,467   38,068   35,852   37,874   40,080 
    Total non-interest expense $103,394  $106,059  $103,711  $110,397  $110,106  $107,715  $109,300  $115,691 
    Balance Sheet Data:                                
    Total assets $27,162,596  $27,276,892  $26,605,938  $26,143,367  $26,530,430  $26,562,353  $25,919,965  $26,232,119 
    Non-purchased loans  18,401,495   17,979,435   17,611,848   17,707,452   17,791,610   18,449,723   18,297,638   19,103,546 
    Purchased loans  807,673   735,630   659,822   597,851   516,215   481,299   445,080   410,166 
    Investment securities – AFS  3,405,351   4,162,479   4,693,396   3,846,496   3,916,733   3,728,284   3,705,807   3,528,077 
    Deposits  21,450,356   21,296,442   20,706,777   20,102,440   20,209,134   20,329,662   19,984,187   20,401,876 
    Unfunded balance of closed loans  11,847,117   11,780,099   11,709,818   12,385,369   13,619,578   14,954,367   17,369,767   20,091,101 
    Preferred stock  —   —   —   —   338,980   338,980   338,980   338,980 
    Total stockholders' equity before noncontrolling interest  4,272,271   4,383,205   4,501,676   4,553,240   4,836,243   4,690,057   4,606,782   4,539,424 

    Bank OZK
    Supplemental Quarterly Financial Data (Continued)
    Unaudited

      12/31/20  3/31/21  6/30/21  9/30/21  12/31/21  03/31/22  06/30/2022  09/30/22 
     (Dollars in thousands) 
    Allowance for Credit Losses:                                
    Balance at beginning of period $377,273  $377,305  $342,307  $307,564  $298,798  $288,989  $293,540  $299,938 
    Net charge-offs  (6,718)  (3,439)  (3,811)  (1,312)  (1,817)  361   (627)  (4,074)
    Provision for credit losses  6,750   (31,559)  (30,932)  (7,454)  (7,992)  4,190   7,025   39,771 
    Balance at end of period $377,305  $342,307  $307,564  $298,798  $288,989  $293,540  $299,938  $335,635 
    Allowance for loan losses $295,824  $268,077  $248,753  $237,722  $217,380  $204,213  $190,795  $200,098 
    Reserve for losses on unfunded loan commitments  81,481   74,230   58,811   61,076   71,609   89,327   109,143   135,537 
    Total allowance for credit losses $377,305  $342,307  $307,564  $298,798  $288,989  $293,540  $299,938  $335,635 
    Selected Ratios:                                
    Net interest margin – FTE (1)  3.88%  3.86%  3.95%  4.16%  4.41%  4.24%  4.52%  5.03%
    Efficiency ratio  38.61   39.57   38.43   40.14   37.06   38.22   37.25   35.50 
    Net charge-offs to average non-purchased loans (1) (2)  0.14   0.08   0.09   0.04   0.05   0.08   0.03   0.09 
    Net charge-offs to average total loans (1)  0.14   0.07   0.08   0.03   0.04   (0.01)  0.01   0.09 
    Nonperforming loans to total loans (3)  0.25   0.25   0.22   0.20   0.19   0.21   0.16   0.14 
    Nonperforming assets to total assets (3)  0.21   0.19   0.18   0.17   0.15   0.16   0.12   0.13 
    Allowance for loan losses to total loans (4)  1.54   1.43   1.36   1.30   1.19   1.08   1.02   1.03 
    Loans past due 30 days or more, including
    past due non-accrual loans, to total loans (3)    		  0.16   0.13   0.10   0.13   0.15   0.14   0.11   0.11 

             (1)  Ratios for interim periods annualized based on actual days.

             (2)  Excludes purchased loans and net charge-offs related to such loans.

             (3)  Excludes purchased loans, except for their inclusion in total assets.

             (4)  Excludes reserve for losses on unfunded loan commitments.

    Bank OZK
    Average Consolidated Balance Sheets and Net Interest Analysis – FTE
    Unaudited

      Three Months Ended September 30,  Nine Months Ended September 30, 
      2022  2021  2022  2021 
      Average
    Balance    		  Income/
    Expense    		  Yield/
    Rate    		  Average
    Balance    		  Income/
    Expense    		  Yield/
    Rate    		  Average
    Balance    		  Income/
    Expense    		  Yield/
    Rate    		  Average
    Balance    		  Income/
    Expense    		  Yield/
    Rate    		 
      (Dollars in thousands) 
                                                     
    ASSETS                                                
    Interest earning assets:                                                
    Interest earning deposits and federal
    funds sold    		 $699,489  $3,690   2.09% $1,287,890  $523   0.16% $1,023,707  $6,155   0.80% $1,792,191  $1,556   0.12%
    Investment securities:                                                
    Taxable  2,809,479   10,269   1.45   3,509,465   9,236   1.04   3,080,645   31,246   1.36   3,150,732   26,786   1.14 
    Tax-exempt – FTE  907,955   9,020   3.94   740,809   4,172   2.23   706,628   17,889   3.38   955,822   13,747   1.92 
    Non-purchased loans – FTE  18,544,681   295,311   6.32   17,559,654   238,488   5.39   18,413,106   792,025   5.75   17,761,807   717,488   5.40 
    Purchased loans  429,312   7,148   6.61   627,436   11,350   7.18   464,205   24,300   7.00   699,678   34,985   6.69 
    Total earning assets – FTE  23,390,916   325,438   5.52   23,725,254   263,769   4.41   23,688,291   871,615   4.92   24,360,230   794,562   4.36 
    Non-interest earning assets  2,474,862           2,348,740           2,460,424           2,324,716         
    Total assets $25,865,778          $26,073,994          $26,148,715          $26,684,946         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                                
    Interest bearing liabilities:                                                
    Deposits:                                                
    Savings and interest bearing transaction $9,614,806  $13,639   0.56% $8,891,042  $2,885   0.13% $9,611,716  $21,801   0.30% $8,656,762  $9,840   0.15%
    Time deposits  5,232,727   8,358   0.63   6,920,513   9,441   0.54   5,464,267   19,542   0.48   7,964,704   45,068   0.76 
    Total interest bearing deposits  14,847,533   21,997   0.59   15,811,555   12,326   0.31   15,075,983   41,343   0.37   16,621,466   54,908   0.44 
    Other borrowings  517,161   2,460   1.89   757,786   1,017   0.53   647,083   4,500   0.93   757,141   3,010   0.53 
    Subordinated notes  346,642   2,631   3.01   56,468   429   3.01   346,433   7,808   3.01   167,636   6,755   5.39 
    Subordinated debentures  121,382   1,582   5.17   120,822   934   3.07   121,239   3,741   4.13   120,681   2,814   3.12 
    Total interest bearing liabilities  15,832,718   28,670   0.72   16,746,631   14,706  0.35   16,190,738   57,392   0.47   17,666,924   67,487  0.51 
    Non-interest bearing liabilities:                                                
    Non-interest bearing deposits  4,998,392           4,523,521           4,915,023           4,289,589         
    Other non-interest bearing liabilities  395,671           269,733           359,327           304,086         
    Total liabilities  21,226,781           21,539,885           21,465,088           22,260,599         
                                                     
    Total stockholders’ equity before
    noncontrolling interest    		  4,635,887           4,530,995           4,680,513           4,421,240         
    Noncontrolling interest  3,110           3,114           3,114           3,107         
    Total liabilities and stockholders’ equity $25,865,778          $26,073,994          $26,148,715          $26,684,946         
    Net interest income – FTE     $296,768          $249,063          $814,223          $727,075     
    Net interest margin – FTE          5.03%          4.16%          4.60%          3.99%
    Core spread (1)          5.73%          5.08%          5.38%          4.96%

    (1)   Core spread is the difference between the yield on the Bank’s non-purchased loans-FTE and the rate on its interest bearing deposits.

    Bank OZK
    Reconciliation of Non-GAAP Financial Measures

    Calculation of Average Common Stockholders’ Equity,
    Average Tangible Common Stockholders’ Equity 
    and the Annualized Returns on Average Common Stockholders’ Equity and 
    Average Tangible Common Stockholders’ Equity 
    Unaudited

     Three Months Ended  Nine Months Ended 
     September 30,
    2022    		  September 30,
    2021    		  June 30,
    2022    		  September 30,
    2022    		  September 30,
    2021    		 
     (Dollars in thousands) 
    Net income available to common
    stockholders    		$128,302  $130,290  $132,358  $388,688  $429,240 
    Average stockholders’ equity before
    noncontrolling interest    		$4,635,887  $4,530,995  $4,619,033  $4,680,513  $4,421,240 
    Less average preferred stock (338,980)  —   (338,980)  (338,980)  — 
    Total average common stockholders’
    equity    		 4,296,907   4,530,995   4,280,053   4,341,533   4,421,240 
    Less average intangible assets:                   
    Goodwill (660,789)  (660,789)  (660,789)  (660,789)  (660,789)
    Core deposit and other intangible
    assets, net of accumulated
    amortization    		 (4,747)  (10,617)  (6,084)  (6,124)  (12,195)
    Total average intangibles (665,536)  (671,406)  (666,873)  (666,913)  (672,984)
    Average tangible common
    stockholders’ equity    		$3,631,371  $3,859,589  $3,613,180  $3,674,620  $3,748,256 
    Return on average common
    stockholders’ equity (1)    		 11.85%  11.41%  12.40%  11.97%  12.98%
    Return on average tangible common
    stockholders’ equity (1)    		 14.02%  13.39%  14.69%  14.14%  15.31%

    (1) Ratios for interim periods annualized based on actual days.

    Calculation of Total Common Stockholders’ Equity, 
    Total Tangible Common Stockholders’ Equity 
    and Tangible Book Value per Common Share 
    Unaudited

      September 30,  June 30, 
      2022  2021  2022 
      (In thousands, except per share amounts) 
    Total stockholders’ equity before noncontrolling interest $4,539,424  $4,553,240  $4,606,782 
    Less preferred stock  (338,980)  —   (338,980)
    Total common stockholders' equity  4,200,444   4,553,240   4,267,802 
    Less intangible assets:            
    Goodwill  (660,789)  (660,789)  (660,789)
    Core deposit and other intangible assets, net of
    accumulated amortization    		  (3,943)  (9,791)  (5,240)
    Total intangibles  (664,732)  (670,580)  (666,029)
    Total tangible common stockholders’ equity $3,535,712  $3,882,660  $3,601,773 
    Shares of common stock outstanding  117,762   128,818   118,996 
    Book value per common share $35.67  $35.35  $35.87 
    Tangible book value per common share $30.02  $30.14  $30.27 

    Calculation of Total Common Stockholders’ Equity,
    Total Tangible Common Stockholders’ Equity
    and the Ratio of Total Tangible Common Stockholders’ Equity
    to Total Tangible Assets
    Unaudited

      September 30, 
      2022  2021 
      (Dollars in thousands) 
    Total stockholders’ equity before noncontrolling interest $4,539,424  $4,553,240 
    Less preferred stock  (338,980)  — 
    Total common stockholders’ equity  4,200,444   4,553,240 
    Less intangible assets:        
    Goodwill  (660,789)  (660,789)
    Core deposit and other intangible assets, net of
    accumulated amortization    		  (3,943)  (9,791)
    Total intangibles  (664,732)  (670,580)
    Total tangible common stockholders’ equity $3,535,712  $3,882,660 
    Total assets $26,232,119  $26,143,367 
    Less intangible assets:        
    Goodwill  (660,789)  (660,789)
    Core deposit and other intangible assets, net of
    accumulated amortization    		  (3,943)  (9,791)
    Total intangibles  (664,732)  (670,580)
    Total tangible assets $25,567,387  $25,472,787 
    Ratio of total common stockholders’ equity to total assets  16.01%  17.42%
    Ratio of total tangible common stockholders’ equity to total
    tangible assets    		  13.83%  15.24%

    Calculation of Pre-Tax Pre-Provision Net Revenue
    Unaudited

      Three Months Ended  Nine Months Ended 
      September 30,
    2022    		  September 30,
    2021    		  June 30,
    2022    		  September 30,
    2022    		  September 30,
    2021    		 
      (Dollars in thousands) 
    Income before taxes $168,318  $170,998  $175,788  $513,019  $558,958 
    Provision for credit losses  39,771   (7,454)  7,025   50,986   (69,946)
    Pre-tax pre-provision net revenue $208,089  $163,544  $182,813  $564,005  $489,012 


    Investor Contact: Jay Staley (501) 906-7842
    Media Contact: Michelle Rossow (501) 906-3922

            


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