Bank OZK of Little Rock (NASDAQ: OZK) on Thursday reported fourth-quarter profit of $149.8 million, an increase of more than 24% from a year ago and a record for the quarter.
The strong finish in 2021 contributed to a record $579 million in net income for the year, nearly doubling the company's profit from 2020.
The bank reported fourth-quarter earnings of $1.17 per share, an increase of nearly 26% and a quarterly record. The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.
For the full year, earnings were a record $4.47, an increase of nearly 98% from a year ago.
The bank also posted record RESG loan originations of $2.99 billion in the fourth quarter. That's up more than 35% from the third quarter and nearly 69% from the fourth quarter of 2020.
"We were particularly pleased to report our highest ever level of quarterly RESG loan originations, as organic growth is an important component of our long-term strategy to increase shareholder value," Chairman and CEO George Gleason said in the company's earnings report. "Our strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the future.”
Pre-tax, pre-provision net revenue came to $186 million for the quarter, an increase of more than 14%.
For the full year, revenue was $675 million, up more than 16%.
The company reported negative provision for credit losses of $8 million during the fourth quarter and $77.9 million for the full year of 2021, which it attributed to improved economic conditions and outlook.
Deposits were $20.2 billion for the full year, a 5.8% decrease from 2020.
The company finished 2021 with $26.5 billion in total assets, a yearly decrease of 2.3%.
The Associated Press contributed to this report.