LITTLE ROCK, Ark., July 22, 2021 (GLOBE NEWSWIRE) -- Bank OZK (the "Bank") (NASDAQ:OZK) today announced that net income for the second quarter of 2021 was a record $150.5 million, a 199.5% increase from $50.3 million for the second quarter of 2020. Diluted earnings per common share for the second quarter of 2021 were a record $1.16, a 197.4% increase from $0.39 for the second quarter of 2020.

For the six months ended June 30, 2021, net income was $299.0 million, a 381.2% increase from $62.1 million for the first six months of 2020. Diluted earnings per common share for the first six months of 2021 were $2.30, a 379.2% increase from $0.48 for the first six months of 2020.

As a result of improving economic conditions and prospects for improvement in the U.S. economy, management recorded negative provision for credit losses of $30.9 million during the second quarter and $62.5 million during the first six months of 2021, reducing the Bank's total allowance for credit losses ("ACL") from $377.3 million at December 31, 2020 to $307.6 million at June 30, 2021. The Bank's provision for credit losses was $72.0 million during the second quarter and $189.7 million during the first six months of 2020, reflecting significant economic uncertainty at that time.

The Bank's results for the first six months of 2021 included pretax gains of $4.4 million from the sale of its South Carolina branches and $1.4 million of tax-exempt bank-owned life insurance ("BOLI") death benefits, both of which were recognized during the first quarter of 2021. The Bank had no gains from branch sales and had $0.6 million of tax-exempt BOLI death benefits during the first six months of 2020.

Pre-tax pre-provision net revenue ("PPNR") was $164.8 million for the second quarter of 2021, a 20.1% increase from $137.2 million for the second quarter of 2020. For the six months ended June 30, 2021, PPNR was $325.5 million, a 20.0% increase from $271.3 million for the first six months of 2020. 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 second quarter of 2021 were 2.24%, 13.65% and 16.10%, respectively, compared to 0.78%, 4.92% and 5.89%, respectively, for the second quarter of 2020. The Bank's annualized returns on average assets, average common stockholder's equity and average tangible common stockholders' equity for the first six months of 2021 were 2.23%, 13.81% and 16.33%, respectively, compared to 0.50%, 3.04%, and 3.64%, respectively, for the first six months of 2020. The calculation of the Bank's return on average tangible common stockholders' equity and the reconciliation to GAAP are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer stated, "We are pleased to report record results for the quarter just ended. Our strong capital and liquidity, our disciplined credit culture and our exceptional team have us well positioned for the future."

KEY BALANCE SHEET METRICS

Total loans were $18.27 billion at June 30, 2021, a 5.4% decrease from $19.31 billion at June 30, 2020. Non-purchased loans were $17.61 billion at June 30, 2021, a 3.5% decrease from $18.25 billion at June 30, 2020. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.66 billion at June 30, 2021, a 38.0% decrease from $1.06 billion at June 30, 2020.

Deposits were $20.71 billion at June 30, 2021, a 0.1% decrease from $20.72 billion at June 30, 2020. Total assets were $26.61 billion at June 30, 2021, a 0.9% increase from $26.38 billion at June 30, 2020, but a 2.5% decrease from $27.28 billion at March 31, 2021.

Common stockholders' equity was $4.50 billion at June 30, 2021, a 9.5% increase from $4.11 billion at June 30, 2020. Tangible common stockholders' equity was $3.83 billion at June 30, 2021, an 11.6% increase from $3.43 billion at June 30, 2020. Book value per common share was $34.70 at June 30, 2021, a 9.2% increase from $31.78 at June 30, 2020. Tangible book value per common share was $29.52 at June 30, 2021, an 11.3% increase from $26.53 at June 30, 2020. The calculations of the Bank's 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 16.92% at June 30, 2021 compared to 15.58% at June 30, 2020. Its ratio of total tangible common stockholders' equity to total tangible assets was 14.77% at June 30, 2021 compared to 13.35% at June 30, 2020. 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.

AUTHORIZATION OF STOCK REPURCHASE PROGRAM

In July 2021, the Bank's Board of Directors authorized a stock repurchase program pursuant to which the Bank may repurchase up to $300 million of its outstanding common stock. The Bank has received regulatory approval of the repurchase program, and the timing and amount of repurchases will be determined by management based on a variety of factors such as the Bank's capital position, liquidity, financial performance and alternative uses of capital, stock price, regulatory requirements and general market and economic conditions. The repurchase program will expire on July 1, 2022, unless extended or shortened by the Board of Directors, and may be suspended by the Bank at any time.

SUBORDINATED DEBT REDEMPTION

On July 1, 2021, the Bank redeemed all of its $225 million of fixed-to-floating rate subordinated notes at a redemption price equal to 100% of the principal amount of the subordinated notes plus accrued and unpaid interest. As of June 30, 2021, the Bank's subordinated debt had a carrying value of $224.2 million and remaining unamortized debt issuance cost of $0.8 million.

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 July 23, 2021. Interested parties may listen to this call by dialing 1-844-818-5110 (U.S. and Canada) or 210-229-8841 (internationally) and asking for the Bank OZK conference call. A recorded playback of the call will be available for one week following the call at 1-855-859-2056 (U.S. and Canada) or 404-537-3406 (internationally). The conference ID for this playback is 3462545. The call will be available live or in a recorded version on the Bank's Investor Relations website at ir.ozk.com under "Company News/Webcasts." The Bank will also provide a transcript of the conference call on its Investor Relations website.

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 http://ir.ozk.com. To receive automated email alerts for these materials, please visit http://ir.ozk.com/EmailNotification 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 tangible common stockholders' equity, tangible book value per common share, total 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 release 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 implementing the Bank's growth, expansion and acquisition strategies, including delays in identifying satisfactory sites, hiring or retaining qualified personnel, obtaining regulatory or other approvals, 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 phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; 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; changes in legal, financial and/or regulatory requirements; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new and/or existing legislation and regulatory actions, including those in response to the COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act, the Consolidated Appropriations Act of 2021, the American Rescue Plan Act of 2021, and any similar or related laws, rules and regulations; 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, the Bank's operational or security systems or infrastructure, or those of third parties with whom it does 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 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 financial markets; national, international or political instability; impairment of the Bank's 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 press release or as detailed from time to time in the other public reports the Bank files with the FDIC, including those factors described in the disclosures under the headings "Forward-Looking Information" and "Item 1A. Risk Factors" in the Bank's most recent Annual Report on Form 10-K for the year ended December 31, 2020 and its 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 projected 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. Headquartered in Little Rock, Arkansas, Bank OZK conducts operations through 250 branches, loan production offices and other offices in Arkansas, Georgia, Florida, North Carolina, Texas, California, New York and Mississippi. 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

	June 30,			December 31,
	2021			2020

	(Dollars in thousands, except per share amounts)
ASSETS
Cash and cash equivalents	$	1,424,249		$	2,393,662
Investment securities ― available for sale ("AFS")		4,693,396			3,405,351
Federal Home Loan Bank of Dallas and other bankers' bank stocks		40,609			38,486
Non-purchased loans		17,611,848			18,401,495
Purchased loans		659,822			807,673
Allowance for loan losses		(248,753	)		(295,824	)
Net loans		18,022,917			18,913,344
Premises and equipment, net		729,187			738,842
Foreclosed assets		7,542			11,085
Accrued interest receivable		93,693			88,077
Bank owned life insurance ("BOLI")		766,362			758,071
Goodwill and other intangible assets, net		672,125			675,458
Other, net		155,858			140,220
Total assets	$	26,605,938		$	27,162,596

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand non-interest bearing	$	4,510,678		$	3,996,546
Savings and interest bearing transaction		8,835,674			8,160,982
Time		7,360,425			9,292,828
Total deposits		20,706,777			21,450,356
Repurchase agreements with customers		8,449			8,013
Other borrowings		750,228			750,928
Subordinated notes		224,236			224,047
Subordinated debentures		120,752			120,475
Reserve for losses on unfunded loan commitments		58,811			81,481
Accrued interest payable and other liabilities		231,892			251,940
Total liabilities		22,101,145			22,887,240

Commitments and contingencies

Stockholders' equity:
Preferred stock; $0.01 par value; 100,000,000 shares authorized; no shares issued or outstanding at June 30, 2021 or December 31, 2020		—			—
Common stock; $0.01 par value; 300,000,000 shares authorized; 129,720,140 and 129,350,448 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		1,297			1,294
Additional paid-in capital		2,277,138			2,265,850
Retained earnings		2,173,114			1,946,875
Accumulated other comprehensive income		50,127			58,252
Total stockholders' equity before noncontrolling interest		4,501,676			4,272,271
Noncontrolling interest		3,117			3,085
Total stockholders' equity		4,504,793			4,275,356
Total liabilities and stockholders' equity	$	26,605,938		$	27,162,596


Bank OZK Consolidated Statements of Income Unaudited

	Three Months Ended June 30,					Six Months Ended June 30,
	2021			2020		2021			2020

	(Dollars in thousands, except per share amounts)
Interest income:
Non-purchased loans	$	238,554		$	232,816	$	478,381		$	464,669
Purchased loans		11,699			17,087		23,635			38,474
Investment securities:
Taxable		9,467			11,055		17,550			21,814
Tax-exempt		3,883			5,846		7,563			9,443
Deposits with banks and federal funds sold		496			330		1,033			4,706
Total interest income		264,099			267,134		528,162			539,106

Interest expense:
Deposits		18,231			45,251		42,582			102,933
Repurchase agreements with customers		6			6		10			13
Other borrowings		996			963		1,982			1,013
Subordinated notes		3,181			3,172		6,326			6,344
Subordinated debentures		939			1,149		1,881			2,436
Total interest expense		23,353			50,541		52,781			112,739

Net interest income		240,746			216,593		475,381			426,367
Provision for credit losses		(30,932	)		72,026		(62,491	)		189,689
Net interest income after provision for credit losses		271,678			144,567		537,872			236,678

Non-interest income:
Service charges on deposit accounts		10,311			8,281		19,976			18,290
Trust income		1,911			1,759		4,118			3,698
BOLI income:
Increase in cash surrender value		4,919			5,057		9,799			10,124
Death benefits		—			—		1,409			608
Loan service, maintenance and other fees		3,953			3,394		7,504			7,110
Gains on sales of other assets		2,341			621		8,169			783
Net gains on investment securities		—			—		—			2,223
Other		4,307			2,479		8,884			6,435
Total non-interest income		27,742			21,591		59,859			49,271

Non-interest expense:
Salaries and employee benefits		52,119			48,410		105,764			99,883
Net occupancy and equipment		16,168			15,756		32,636			31,086
Other operating expenses		35,424			36,787		71,371			73,409
Total non-interest expense		103,711			100,953		209,771			204,378

Income before taxes		195,709			65,205		387,960			81,571
Provision for income taxes		45,161			14,948		88,978			19,456
Net income		150,548			50,257		298,982			62,115
Earnings attributable to noncontrolling interest		(13	)		9		(32	)		17
Net income available to common stockholders	$	150,535		$	50,266	$	298,950		$	62,132

Basic earnings per common share	$	1.16		$	0.39	$	2.31		$	0.48

Diluted earnings per common share	$	1.16		$	0.39	$	2.30		$	0.48


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 June 30, 2021:
Balances – March 31, 2021	$	1,297		$	2,272,046		$	2,059,398		$	50,464		$	3,104	$	4,386,309
Net income		—			—			150,548			—			—		150,548
Earnings attributable to noncontrolling interest		—			—			(13	)		—			13		—
Total other comprehensive loss		—			—			—			(337	)		—		(337	)
Common stock dividends, $0.28 per share		—			—			(36,819	)		—			—		(36,819	)
Issuance of 14,300 shares of common stock for exercise of stock options		—			515			—			—			—		515
Issuance of 20,328 shares of unvested restricted common stock		—			—			—			—			—		—
Repurchase and cancellation of 153 shares of common stock		—			(6	)		—			—			—		(6	)
Stock-based compensation expense		—			4,583			—			—			—		4,583
Forfeitures of 33,241 shares of unvested restricted common stock		—			—			—			—			—		—
Balances – June 30, 2021	$	1,297		$	2,277,138		$	2,173,114		$	50,127		$	3,117	$	4,504,793

Six months ended June 30, 2021:
Balances – December 31, 2020	$	1,294		$	2,265,850		$	1,946,875		$	58,252		$	3,085	$	4,275,356
Net income		—			—			298,982			—			—		298,982
Earnings attributable to noncontrolling interest		—			—			(32	)		—			32		—
Total other comprehensive loss		—			—			—			(8,125	)		—		(8,125	)
Common stock dividends, $0.5575 per share		—			—			(72,711	)		—			—		(72,711	)
Issuance of 142,400 shares of common stock for exercise of stock options		1			5,007			—			—			—		5,008
Issuance of 332,831 shares of unvested restricted common stock		3			(3	)		—			—			—		—
Repurchase and cancellation of 55,893 shares of common stock		(1	)		(1,976	)		—			—			—		(1,977	)
Stock-based compensation expense		—			8,260			—			—			—		8,260
Forfeitures of 49,646 shares of unvested restricted common stock		—			—			—			—			—		—
Balances – June 30, 2021	$	1,297		$	2,277,138		$	2,173,114		$	50,127		$	3,117	$	4,504,793


Bank OZK Consolidated Statements of Stockholders' Equity Unaudited

	Common Stock			Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interest			Total

	(Dollars in thousands, except per share amounts)
Three months ended June 30, 2020:
Balances – March 31, 2020	$	1,293		$	2,253,991		$	1,772,978		$	54,888	$	3,109		$	4,086,259
Net income		—			—			50,257			—		—			50,257
Earnings attributable to noncontrolling interest		—			—			9			—		(9	)		—
Total other comprehensive income		—			—			—			8,289		—			8,289
Common stock dividends, $0.27 per share		—			—			(34,915	)		—		—			(34,915	)
Issuance of 46,676 shares of unvested restricted common stock		—			—			—			—		—			—
Stock-based compensation expense		—			3,876			—			—		—			3,876
Forfeitures of 20,810 shares of unvested restricted common stock		—			—			—			—		—			—
Balances – June 30, 2020	$	1,293		$	2,257,867		$	1,788,329		$	63,177	$	3,100		$	4,113,766

Six months ended June 30, 2020:
Balances – December 31, 2019	$	1,289		$	2,251,824		$	1,869,983		$	27,255	$	3,117		$	4,153,468
Cumulative effect of change in accounting principle		—			—			(75,344	)		—		—			(75,344	)
Balances – January 1, 2020		1,289			2,251,824			1,794,639			27,255		3,117			4,078,124
Net income		—			—			62,115			—		—			62,115
Earnings attributable to noncontrolling interest		—			—			17			—		(17	)		—
Total other comprehensive income		—			—			—			35,922		—			35,922
Common stock dividends, $0.53 per share		—			—			(68,442	)		—		—			(68,442	)
Issuance of 4,300 shares of common stock for exercise of stock options		—			45			—			—		—			45
Issuance of 493,761 shares of unvested restricted common stock		5			(5	)		—			—		—			—
Repurchase and cancellation of 61,873 shares of common stock		(1	)		(1,852	)		—			—		—			(1,853	)
Stock-based compensation expense		—			7,855			—			—		—			7,855
Forfeitures of 36,911 shares of unvested restricted common stock		—			—			—			—		—			—
Balances – June 30, 2020	$	1,293		$	2,257,867		$	1,788,329		$	63,177	$	3,100		$	4,113,766


Bank OZK Summary of Non-Interest Expense Unaudited

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

	(Dollars in thousands)
Salaries and employee benefits	$	52,119	$	48,410	$	105,764	$	99,883
Net occupancy and equipment		16,168		15,756		32,636		31,086
Other operating expenses:
Professional and outside services		7,724		7,629		14,050		14,393
Software and data processing		6,006		5,145		11,798		10,119
Deposit insurance and assessments		2,885		4,585		6,405		8,005
Telecommunication services		2,165		2,334		4,397		4,511
Postage and supplies		1,544		1,892		3,188		3,945
ATM expense		1,486		1,002		2,769		2,162
Travel and meals		1,419		710		2,194		2,812
Writedowns of foreclosed and other assets		123		720		1,486		1,599
Loan collection and repossession expense		540		857		1,050		1,551
Advertising and public relations		593		1,704		902		3,407
Amortization of intangibles		1,602		2,582		3,332		5,377
Amortization of CRA and tax credit investments		3,227		3,107		7,352		5,847
Other		6,110		4,520		12,448		9,681
Total non-interest expense	$	103,711	$	100,953	$	209,771	$	204,378


Bank OZK Summary of Total Loans Outstanding Unaudited

	June 30, 2021					December 31, 2020
	(Dollars in thousands)
Real estate:
Residential 1-4 family	$	894,404		4.9	%	$	911,115		4.7	%
Non-farm/non-residential		4,415,246		24.2			4,213,636		21.9
Construction/land development		7,289,254		39.9			8,046,978		41.9
Agricultural		226,345		1.2			204,868		1.1
Multifamily residential		1,065,123		5.8			856,297		4.5
Total real estate		13,890,372		76.0			14,232,894		74.1
Commercial and industrial		651,019		3.6			842,206		4.4
Consumer		2,220,660		12.2			2,393,964		12.5
Other		1,509,619		8.2			1,740,104		9.0
Total loans		18,271,670		100.0	%		19,209,168		100.0	%
Allowance for loan losses		(248,753	)				(295,824	)
Net loans	$	18,022,917				$	18,913,344


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 June 30, 2021:
Balances – March 31, 2021	$	268,077		$	74,230		$	342,307
Net charge-offs		(3,811	)		—			(3,811	)
Provision for credit losses		(15,513	)		(15,419	)		(30,932	)
Balances – June 30, 2021	$	248,753		$	58,811		$	307,564

Six months ended June 30, 2021:
Balances – December 31, 2020	$	295,824		$	81,481		$	377,305
Net charge-offs		(7,250	)		—			(7,250	)
Provision for credit losses		(39,821	)		(22,670	)		(62,491	)
Balances – June 30, 2021	$	248,753		$	58,811		$	307,564

Three months ended June 30, 2020:
Balances – March 31, 2020	$	238,737		$	77,672		$	316,409
Net charge-offs		(13,941	)		—			(13,941	)
Provision for credit losses		81,400			(9,374	)		72,026
Balances – June 30, 2020	$	306,196		$	68,298		$	374,494

Six months ended June 30, 2020:
Balances – December 31, 2019	$	108,525		$	—		$	108,525
Adoption of CECL methodology		39,588			54,924			94,512
Balances – January 1, 2020		148,113			54,924			203,037
Net charge-offs		(18,232	)		—			(18,232	)
Provision for credit losses		176,315			13,374			189,689
Balances – June 30, 2020	$	306,196		$	68,298		$	374,494


Bank OZK Summary of Deposits – By Account Type Unaudited

	June 30, 2021				December 31, 2020

	(Dollars in thousands)
Non-interest bearing	$	4,510,678	21.8	%	$	3,996,546	18.6	%
Interest bearing:
Transaction (NOW)		3,252,394	15.7			3,124,007	14.6
Savings and money market		5,583,280	27.0			5,036,975	23.5
Time deposits less than $100		2,173,883	10.5			3,075,845	14.3
Time deposits of $100 or more		5,186,542	25.0			6,216,983	29.0
Total deposits	$	20,706,777	100.0	%	$	21,450,356	100.0	%


Summary of Deposits – By Customer Type Unaudited

	June 30, 2021				December 31, 2020

	(Dollars in thousands)
Consumer	$	10,679,525	51.6	%	$	11,165,603	52.1	%
Commercial		6,566,031	31.7			6,056,536	28.2
Public Funds		2,082,988	10.1			2,111,971	9.8
Brokered		914,907	4.4			1,600,116	7.5
Reciprocal		463,326	2.2			516,130	2.4
Total deposits	$	20,706,777	100.0	%	$	21,450,356	100.0	%


Bank OZK Selected Consolidated Financial Data Unaudited

	Three Months Ended June 30,									Six Months Ended June 30,
	2021			2020			% Change			2021			2020			% Change

	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income	$	240,746		$	216,593			11.2	%	$	475,381		$	426,367			11.5	%
Provision for credit losses		(30,932	)		72,026			(142.9	)		(62,491	)		189,689			(132.9	)
Non-interest income		27,742			21,591			28.5			59,859			49,271			21.5
Non-interest expense		103,711			100,953			2.7			209,771			204,378			2.6
Net income available to common stockholders		150,535			50,266			199.5			298,950			62,132			381.2
Pre-tax pre-provision net revenue⁽¹⁾		164,777			137,231			20.1			325,469			271,260			20.0
Common share and per common share data:
Net income per share − diluted	$	1.16		$	0.39			197.4	%	$	2.30		$	0.48			379.2	%
Net income per share − basic		1.16			0.39			197.4			2.31			0.48			381.3
Dividends per share		0.28			0.27			3.7			0.5575			0.53			5.2
Book value per share		34.70			31.78			9.2			34.70			31.78			9.2
Tangible book value per share⁽¹⁾		29.52			26.53			11.3			29.52			26.53			11.3
Weighted-average diluted shares outstanding (thousands)		130,255			129,399			0.7			130,109			129,349			0.6
End of period shares outstanding (thousands)		129,720			129,350			0.3			129,720			129,350			0.3
Balance sheet data at period end:
Total assets	$	26,605,938		$	26,380,409			0.9	%	$	26,605,938		$	26,380,409			0.9	%
Total loans		18,271,670			19,311,078			(5.4	)		18,271,670			19,311,078			(5.4	)
Non-purchased loans		17,611,848			18,247,431			(3.5	)		17,611,848			18,247,431			(3.5	)
Purchased loans		659,822			1,063,647			(38.0	)		659,822			1,063,647			(38.0	)
Allowance for loan losses		248,753			306,196			(18.8	)		248,753			306,196			(18.8	)
Foreclosed assets		7,542			18,328			(58.8	)		7,542			18,328			(58.8	)
Investment securities − AFS		4,693,396			3,299,944			42.2			4,693,396			3,299,944			42.2
Goodwill and other intangible assets, net		672,125			679,166			(1.0	)		672,125			679,166			(1.0	)
Deposits		20,706,777			20,723,598			(0.1	)		20,706,777			20,723,598			(0.1	)
Other borrowings		750,228			903,696			(17.0	)		750,228			903,696			(17.0	)
Subordinated notes		224,236			223,854			0.2			224,236			223,854			0.2
Subordinated debentures		120,752			120,194			0.5			120,752			120,194			0.5
Unfunded balance of closed loans		11,709,818			11,411,441			2.6			11,709,818			11,411,441			2.6
Reserve for losses on unfunded loan commitments		58,811			68,298			(13.9	)		58,811			68,298			(13.9	)
Total common stockholders' equity		4,501,676			4,110,666			9.5			4,501,676			4,110,666			9.5
Net unrealized gains on investment securities AFS included in common stockholders' equity		50,127			63,177						50,127			63,177
Loan (including purchased loans) to deposit ratio		88.24	%		93.18	%					88.24	%		93.18	%
Selected ratios:
Return on average assets⁽²⁾		2.24	%		0.78	%					2.23	%		0.50	%
Return on average common stockholders' equity⁽²⁾		13.65			4.92						13.81			3.04
Return on average tangible common stockholders' equity^{(1) (2)}		16.10			5.89						16.33			3.64
Average common equity to total average assets		16.42			15.93						16.17			16.59
Net interest margin – FTE⁽²⁾		3.95			3.74						3.91			3.84
Efficiency ratio		38.43			42.07						39.00			42.71
Net charge-offs to average non-purchased loans^{(2) (3)}		0.09			0.05						0.08			0.06
Net charge-offs to average total loans⁽²⁾		0.08			0.29						0.08			0.20
Nonperforming loans to total loans⁽⁴⁾		0.22			0.18						0.22			0.18
Nonperforming assets to total assets⁽⁴⁾		0.18			0.19						0.18			0.19
Allowance for loan losses to total loans⁽⁵⁾		1.36			1.59						1.36		1.59
Other information:
Non-accrual loans⁽⁴⁾	$	38,195		$	31,083					$	38,195		$	31,083
Accruing loans − 90 days past due⁽⁴⁾		—			—						—			—
Troubled and restructured non-purchased loans − accruing⁽⁴⁾		1,365			934						1,365			934

⁽¹⁾Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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.


Selected Consolidated Financial Data (continued) Unaudited

		Three Months Ended
		June 30,			March 31,
		2021			2021			% Change

	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	240,746		$	234,636			2.6	%
Provision for credit losses			(30,932	)		(31,559	)		(2.0	)
Non-interest income			27,742			32,117			(13.6	)
Non-interest expense			103,711			106,059			(2.2	)
Net income available to common stockholders			150,535			148,416			1.4
Pre-tax pre-provision net revenue⁽¹⁾			164,777			160,694			2.5
Common share and per common share data:
Net income per share − diluted		$	1.16		$	1.14			1.8	%
Net income per share − basic			1.16			1.15			0.9
Dividends per share			0.28			0.2775			0.9
Book value per share			34.70			33.79			2.7
Tangible book value per share⁽¹⁾			29.52			28.60			3.2
Weighted-average diluted shares outstanding (thousands)			130,255			129,816			0.3
End of period shares outstanding (thousands)			129,720			129,719			0.1
Balance sheet data at period end:
Total assets		$	26,605,938		$	27,276,892			(2.5	)%
Total loans			18,271,670			18,715,065			(2.4	)
Non-purchased loans			17,611,848			17,979,435			(2.0	)
Purchased loans			659,822			735,630			(10.3	)
Allowance for loan losses			248,753			268,077			(7.2	)
Foreclosed assets			7,542			8,436			(10.6	)
Investment securities − AFS			4,693,396			4,162,479			12.8
Goodwill and other intangible assets, net			672,125			673,728			(0.2	)
Deposits			20,706,777			21,296,442			(2.8	)
Other borrowings			750,228			750,361			(0.1	)
Subordinated notes			224,236			224,141			0.1
Subordinated debentures			120,752			120,613			0.1
Unfunded balance of closed loans			11,709,818			11,780,099			(0.6	)
Reserve for losses on unfunded loan commitments			58,811			74,230			(20.8	)
Total common stockholders' equity			4,501,676			4,383,205			2.7
Net unrealized gains on investment securities AFS included in common stockholders' equity			50,127			50,464
Loan (including purchased loans) to deposit ratio			88.24	%		87.88	%
Selected ratios:
Return on average assets⁽²⁾			2.24	%		2.23	%
Return on average common stockholders' equity⁽²⁾			13.65			13.97
Return on average tangible common stockholders' equity^{(1) (2)}			16.10			16.57
Average common equity to total average assets			16.42			15.93
Net interest margin – FTE⁽²⁾			3.95			3.86
Efficiency ratio			38.43			39.57
Net charge-offs to average non-purchased loans^{(2) (3)}			0.09			0.08
Net charge-offs to average total loans⁽²⁾			0.08			0.07
Nonperforming loans to total loans⁽⁴⁾			0.22			0.25
Nonperforming assets to total assets⁽⁴⁾			0.18			0.19
Allowance for loan losses to total loans⁽⁵⁾			1.36			1.43
Other information:
Non-accrual loans⁽⁴⁾		$	38,195		$	43,059
Accruing loans − 90 days past due⁽⁴⁾			—			—
Troubled and restructured non-purchased loans − accruing⁽⁴⁾			1,365			1,380

⁽¹⁾Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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

	9/30/19			12/31/19			3/31/20			6/30/20			9/30/20			12/31/20			3/31/21			6/30/21

	(Dollars in thousands, except per share amounts)
Earnings Summary:
Net interest income	$	218,780		$	214,977		$	209,775		$	216,593		$	224,657		$	237,600		$	234,636		$	240,746
Federal tax (FTE) adjustment		1,038			1,028			1,133			1,753			1,605			1,533			1,275			1,355
Net interest income (FTE)		219,818			216,005			210,908			218,346			226,262			239,133			235,911			242,101
Provision for credit losses		(7,854	)		(4,938	)		(117,663	)		(72,026	)		(7,200	)		(6,750	)		31,559			30,932
Non-interest income		26,446			30,406			27,680			21,591			26,676			28,661			32,117			27,742
Non-interest expense		(100,914	)		(104,406	)		(103,425	)		(100,953	)		(105,641	)		(103,394	)		(106,059	)		(103,711	)
Pretax income (FTE)		137,496			137,067			17,500			66,958			140,097			157,650			193,528			197,064
FTE adjustment		(1,038	)		(1,028	)		(1,133	)		(1,753	)		(1,605	)		(1,533	)		(1,275	)		(1,355	)
Provision for income taxes		(32,574	)		(35,240	)		(4,509	)		(14,948	)		(29,251	)		(35,607	)		(43,818	)		(45,161	)
Noncontrolling interest		7			7			8			9			12			3			(19	)		(13	)
Net income available to common stockholders	$	103,891		$	100,806		$	11,866		$	50,266		$	109,253		$	120,513		$	148,416		$	150,535
Earnings per common share – diluted	$	0.81		$	0.78		$	0.09		$	0.39		$	0.84		$	0.93		$	1.14		$	1.16
Non-interest Income:
Service charges on deposit accounts	$	10,827		$	10,933		$	10,009		$	8,281		$	9,427		$	9,983		$	9,665		$	10,311
Trust income		1,975			2,010			1,939			1,759			1,936			1,909			2,206			1,911
BOLI income:
Increase in cash surrender value		5,208			5,167			5,067			5,057			5,081			5,034			4,881			4,919
Death benefits		206			2,989			608			—			—			—			1,409			—
Loan service, maintenance and other fees		4,197			4,282			3,716			3,394			3,351			3,797			3,551			3,953
Gains on sales of other assets		189			1,358			161			621			891			5,189			5,828			2,341
Net gains on investment securities		—			—			2,223			—			2,244			—			—			—
Other		3,844			3,667			3,957			2,479			3,746			2,749			4,577			4,307
Total non-interest income	$	26,446		$	30,406		$	27,680		$	21,591		$	26,676		$	28,661		$	32,117		$	27,742
Non-interest Expense:
Salaries and employee benefits	$	48,376		$	52,050		$	51,473		$	48,410		$	53,119		$	53,832		$	53,645		$	52,119
Net occupancy and equipment		14,825			14,855			15,330			15,756			16,676			15,617			16,468			16,168
Other operating expenses		37,713			37,501			36,622			36,787			35,846			33,945			35,946			35,424
Total non-interest expense	$	100,914		$	104,406		$	103,425		$	100,953		$	105,641		$	103,394		$	106,059		$	103,711
Balance Sheet Data:
Total assets	$	23,402,679		$	23,555,728		$	24,565,810		$	26,380,409		$	26,888,308		$	27,162,596		$	27,276,892		$	26,605,938
Non-purchased loans		16,307,621			16,224,539			17,030,378			18,247,431			18,419,958			18,401,495			17,979,435			17,611,848
Purchased loans		1,427,230			1,307,504			1,197,826			1,063,647			938,485			807,673			735,630			659,822
Investment securities – AFS		2,414,722			2,277,389			2,816,556			3,299,944			3,468,243			3,405,351			4,162,479			4,693,396
Deposits		18,440,078			18,474,259			18,809,190			20,723,598			21,287,405			21,450,356			21,296,442			20,706,777
Unfunded balance of closed loans		11,429,918			11,325,598			11,334,737			11,411,441			11,604,614			11,847,117			11,780,099			11,709,818
Common stockholders' equity		4,078,324			4,150,351			4,083,150			4,110,666			4,186,285			4,272,271			4,383,205			4,501,676


Bank OZK Supplemental Quarterly Financial Data (Continued) Unaudited

	9/30/19			12/31/19			3/31/20			6/30/20			9/30/20			12/31/20			3/31/21			6/30/21
	(Dollars in thousands, except per share amounts)
Allowance for Credit Losses:
Balance at beginning of period	$	106,642		$	109,001		$	108,525		$	316,409		$	374,494		$	377,273		$	377,305		$	342,307
Adoption of CECL⁽¹⁾ methodology		—			—			94,512			—			—			—			—			—
Net charge-offs		(5,495	)		(5,414	)		(4,291	)		(13,941	)		(4,421	)		(6,718	)		(3,439	)		(3,811	)
Provision for credit losses		7,854			4,938			117,663			72,026			7,200			6,750			(31,559	)		(30,932	)
Balance at end of period	$	109,001		$	108,525		$	316,409		$	374,494		$	377,273		$	377,305		$	342,307		$	307,564
Allowance for loan losses	$	109,001		$	108,525		$	238,737		$	306,196		$	308,847		$	295,824		$	268,077		$	248,753
Reserve for losses on unfunded loan commitments		—			—			77,672			68,298			68,426			81,481			74,230			58,811
Total allowance for credit losses	$	109,001		$	108,525		$	316,409		$	374,494		$	377,273		$	377,305		$	342,307		$	307,564
Selected Ratios:
Net interest margin – FTE⁽²⁾		4.26	%		4.15	%		3.96	%		3.74	%		3.69	%		3.88	%		3.86	%		3.95	%
Efficiency ratio		40.98			42.37			43.35			42.07			41.77			38.61			39.57			38.43
Net charge-offs to average non-purchased loans^{(2) (3)}		0.07			0.10			0.08			0.05			0.09			0.14			0.08			0.09
Net charge-offs to average total loans⁽²⁾		0.12			0.12			0.10			0.29			0.09			0.14			0.07			0.08
Nonperforming loans to total loans⁽⁴⁾		0.17			0.15			0.16			0.18			0.15			0.25			0.25			0.22
Nonperforming assets to total assets⁽⁴⁾		0.26			0.18			0.19			0.19			0.17			0.21			0.19			0.18
Allowance for loan losses to total loans ⁽⁵⁾		0.61			0.62			1.31			1.59			1.60			1.54			1.43			1.36
Loans past due 30 days or more, including past due non-accrual loans, to total loans⁽⁴⁾		0.14			0.19			0.18			0.13			0.13			0.16			0.13			0.10

(1)  Current Expected Credit Loss.

(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 Average Consolidated Balance Sheets and Net Interest Analysis – FTE Unaudited

	Three Months Ended June 30,												Six Months Ended June 30,
	2021						2020						2021						2020
	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
Earning assets:
Interest earning deposits and federal funds sold	$	1,886,166	$	496	0.11	%	$	1,303,791	$	330	0.10	%	$	2,048,521	$	1,033	0.10	%	$	1,335,544	$	4,706	0.71	%
Investment securities:
Taxable		3,508,655		9,467	1.08			1,923,362		11,055	2.31			2,968,393		17,550	1.19			1,859,711		21,814	2.36
Tax-exempt – FTE		963,522		4,915	2.05			1,151,492		7,400	2.58			1,065,110		9,574	1.81			818,777		11,953	2.94
Non-purchased loans – FTE		17,544,405		238,877	5.46			17,963,230		233,015	5.22			17,864,558		479,001	5.41			17,244,750		465,046	5.42
Purchased loans		697,136		11,699	6.73			1,133,611		17,087	6.06			736,399		23,635	6.47			1,199,512		38,474	6.45
Total earning assets – FTE		24,599,884		265,454	4.33			23,475,486		268,887	4.61			24,682,981		530,793	4.34			22,458,294		541,993	4.85
Non-interest earning assets		2,345,169						2,318,334						2,312,504						2,335,832
Total assets	$	26,945,053					$	25,793,820					$	26,995,485					$	24,794,126
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction	$	8,735,178	$	3,338	0.15	%	$	7,517,260	$	7,702	0.41	%	$	8,537,681	$	6,954	0.16	%	$	7,824,330	$	27,449	0.71	%
Time deposits of $100 or more		5,592,645		10,317	0.74			5,279,716		23,765	1.81			5,842,740		24,229	0.84			4,834,026		45,955	1.91
Other time deposits		2,407,569		4,576	0.76			3,752,793		13,784	1.48			2,652,713		11,399	0.87			3,543,161		29,529	1.68
Total interest bearing deposits		16,735,392		18,231	0.44			16,549,769		45,251	1.10			17,033,134		42,582	0.50			16,201,517		102,933	1.28
Repurchase agreements with customers		7,161		6	0.33			8,087		6	0.30			6,484		10	0.30			7,985		13	0.31
Other borrowings⁽¹⁾		750,274		996	0.53			1,043,004		963	0.37			750,329		1,982	0.53			669,987		1,013	0.30
Subordinated notes		224,188		3,181	5.69			223,793		3,172	5.70			224,140		6,326	5.69			223,752		6,344	5.70
Subordinated debentures⁽¹⁾		120,680		939	3.12			120,120		1,149	3.85			120,610		1,881	3.14			120,052		2,436	4.08
Total interest bearing liabilities		17,837,695		23,353	0.53			17,944,773		50,541	1.13			18,134,697		52,781	0.59			17,223,293		112,739	1.32
Non-interest bearing liabilities:
Non-interest bearing deposits		4,366,380						3,478,030						4,170,685						3,202,663
Other non-interest bearing liabilities		314,768						257,874						321,546						251,026
Total liabilities		22,518,843						21,680,677						22,626,928						20,676,982
Common stockholders' equity		4,423,093						4,110,038						4,365,454						4,114,035
Noncontrolling interest		3,117						3,105						3,103						3,109
Total liabilities and stockholders' equity	$	26,945,053					$	25,793,820					$	26,995,485					$	24,794,126
Net interest income – FTE			$	242,101					$	218,346					$	478,012					$	429,254
Net interest margin – FTE					3.95	%					3.74	%					3.91	%					3.84	%
Core spread⁽²⁾					5.02	%					4.12	%					4.91	%					4.14	%

⁽¹⁾The interest expense and the rates for "other borrowings" and for "subordinated debentures" were affected by capitalized interest. Capitalized interest included in other borrowings totaled $0.02 million for the second quarter and $0.05 million for the first six months of 2021 compared to $0.27 million for the second quarter and $0.62 million for the first six months of 2020. In the absence of this interest capitalization, the rates on other borrowings would have been 0.54% for the second quarter and 0.55% for the first six months of 2021 compared to 0.47% for the second quarter and 0.49% for the first six months of 2020. Capitalized interest included in subordinated debentures totaled $0.03 million for the second quarter and $0.18 million for the first six months of 2020 (none in the second quarter or first six months of 2021). In the absence of this interest capitalization, the rates on subordinated debentures would have been 3.95% for the second quarter and 4.37% for the first six months of 2020.

⁽²⁾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 Tangible Common Stockholders' Equity and the Annualized Return on Average Tangible Common Stockholders' Equity Unaudited

	Three Months Ended									Six Months Ended
	June 30, 2021			June 30, 2020			March 31, 2021			June 30, 2021			June 30, 2020

	(Dollars in thousands)
Net income available to common stockholders	$	150,535		$	50,266		$	148,416		$	298,950		$	62,132
Average common stockholders' equity before noncontrolling interest	$	4,423,093		$	4,110,038		$	4,307,174		$	4,365,454		$	4,114,035
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		(12,175	)		(19,563	)		(13,828	)		(12,997	)		(20,987	)
Total average intangibles		(672,964	)		(680,352	)		(674,617	)		(673,786	)		(681,776	)
Average tangible common stockholders' equity	$	3,750,129		$	3,429,686		$	3,632,557		$	3,691,668		$	3,432,259
Return on average common stockholders' equity⁽¹⁾		13.65	%		4.92	%		13.97	%		13.81	%		3.04	%
Return on average tangible common stockholders' equity⁽¹⁾		16.10	%		5.89	%		16.57	%		16.33	%		3.64	%

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


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

	June 30,						March 31,
	2021			2020			2021

	(In thousands, except per share amounts)
Total common stockholders' equity before noncontrolling interest	$	4,501,676		$	4,110,666		$	4,383,205
Less intangible assets:
Goodwill		(660,789	)		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(11,336	)		(18,377	)		(12,939	)
Total intangibles		(672,125	)		(679,166	)		(673,728	)
Total tangible common stockholders' equity	$	3,829,551		$	3,431,500		$	3,709,477
Shares of common stock outstanding		129,720			129,350			129,719
Book value per common share	$	34.70		$	31.78		$	33.79
Tangible book value per common share	$	29.52		$	26.53		$	28.60


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

	June 30,
	2021			2020

	(Dollars in thousands)
Total common stockholders' equity before noncontrolling interest	$	4,501,676		$	4,110,666
Less intangible assets:
Goodwill		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(11,336	)		(18,377	)
Total intangibles		(672,125	)		(679,166	)
Total tangible common stockholders' equity	$	3,829,551		$	3,431,500
Total assets	$	26,605,938		$	26,380,409
Less intangible assets:
Goodwill		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(11,336	)		(18,377	)
Total intangibles		(672,125	)		(679,166	)
Total tangible assets	$	25,933,813		$	25,701,243
Ratio of total common stockholders' equity to total assets		16.92	%		15.58	%
Ratio of total tangible common stockholders' equity to total tangible assets		14.77	%		13.35	%


Calculation of Pre-Tax Pre-Provision Net Revenue Unaudited

	Three Months Ended							Six Months Ended
	June 30, 2021			June 30, 2020		March 31, 2021		June 30, 2021		June 30, 2020

	(Dollars in thousands)
Income before taxes	$	195,709		$	65,205	$	192,253	$	387,960	$	81,571
Provision for credit losses		(30,932	)

Bank OZK Announces Record Second Quarter 2021 Earnings