The bank said it had earnings of $1.02 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.
The bank posted revenue of $293.8 million in the period. Its revenue net of interest expense was $280.8 million, also beating Street forecasts. Four analysts surveyed by Zacks expected $275.3 million.
Total loans were $18.93 billion as of March 31, a 1.2% increase from $18.72 billion at the same date a year ago.
Deposits were $20.33 billion as of March 31, a 4.5% decrease from $21.30 billion.
Total assets were $26.56 billion, a 2.6% decrease from $27.28 billion in the first quarter of 2021.
During the quarter, Bank OZK repurchased about 2.9 million of its common shares at a weighted average repurchase price of $45.61, for a total of $131.6 million