Bank OZK Income Down 12% in Q2

Bank OZK Income Down 12% in Q2
George Gleason, CEO of Bank OZK (Karen E. Segrave)

Bank OZK of Little Rock (Nasdaq: OZK) on Thursday reported second-quarter net income of $136.4 million, down 12.1% from $150.5 million a year ago.

The bank said it had earnings of $1.10 per share, down 5.2% from the second quarter of 2021.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.

Pre-tax, pre-provision net revenue in the quarter was $182.8 million, a 10.9% increase from $164.8 million for the second quarter of 2021.

Total loans were $18.74 billion at the end of the quarter, up 2.6% increase from the same period in 2021.  Deposits fell 3.5% to $19.98 billion.

The bank reported total assets of $25.92 billion, a 2.6% decrease from a year ago.

Chairman and CEO George Gleason said in a news release that overall results in the quarter were "excellent," pointing to the bank's third straight quarter of growth for Real Estate Specialties Group loan originations.

"Our strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the future," he said.

Bank OZK in the quarter agreed to pay $45 million to settle claims in a class-action lawsuit that it misled investors.

The Associated Press contributed to this report.

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