LITTLE ROCK, Ark., Jan. 19, 2023 (GLOBE NEWSWIRE) -- Bank OZK (the "Bank") (NASDAQ:OZK) today announced that net income available to common stockholders for the fourth quarter of 2022 was $158.8 million, a 6.1% increase from $149.8 million for the fourth quarter of 2021. Diluted earnings per common share for the fourth quarter of 2022 were $1.34, a 14.5% increase from $1.17 for the fourth quarter of 2021. These results were impacted by a $32.5 million provision for credit losses in the fourth quarter of 2022 compared to a negative provision for credit losses of $8.0 million in the fourth quarter of 2021.

For the full year of 2022, net income available to common stockholders was $547.5 million, a 5.4% decrease from $579.0 million for the full year of 2021. Diluted earnings per common share for the full year of 2022 were a record $4.54, a 1.6% increase from $4.47 for the full year of 2021. These results were impacted by a $83.5 million provision for credit losses for 2022 compared to a negative provision for credit losses of $77.9 million for 2021.

Growth in both funded and unfunded loan balances during the quarter and full year of 2022 contributed to the higher provision for credit losses. The Bank's total allowance for credit losses ("ACL") was $365.3 million at December 31, 2022 compared to $289.0 million at December 31, 2021. The calculations of the Bank's provision expense for the fourth quarter and full year of 2022 and its total ACL at December 31, 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 $241.0 million for the fourth quarter of 2022, a 29.6% increase from $186.0 million for the fourth quarter of 2021. PPNR was $805.0 million for the full year of 2022, a 19.3% increase from $675.0 million for the full year 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 fourth quarter of 2022 were 2.35%, 14.76% and 17.48%, respectively, compared to 2.25%, 13.08% and 15.34%, respectively, for the fourth quarter of 2021. The Bank's returns on average assets, average common stockholder's equity and average tangible common stockholders' equity for the full year of 2022 were 2.08%, 12.66%, and 14.97%, respectively, compared to 2.17%, 13.01%, and 15.32%, respectively, for the full year 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 fourth quarter and full year of 2022. Our high level of profitability, 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 $20.78 billion at December 31, 2022, a 13.5% increase from $18.31 billion at December 31, 2021. Non-purchased loans were $20.40 billion at December 31, 2022, a 14.7% increase from $17.79 billion at December 31, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.38 billion at December 31, 2022, a 26.7% decrease from $0.52 billion at December 31, 2021.

Deposits were $21.50 billion at December 31, 2022, a 6.4% increase from $20.21 billion at December 31, 2021. Total assets were $27.66 billion at December 31, 2022, a 4.2% increase from $26.53 billion at December 31, 2021.

Common stockholders' equity was $4.35 billion at December 31, 2022, a 3.3% decrease from $4.50 billion at December 31, 2021. Tangible common stockholders' equity was $3.69 billion at December 31, 2022, a 3.7% decrease from $3.83 billion at December 31, 2021. During 2022, the Bank repurchased approximately 8.37 million shares of its common stock at a weighted average cost of $41.80, for a total of $350.0 million.

Book value per common share was $37.13 at December 31, 2022, a 3.6% increase from $35.85 at December 31, 2021. Tangible book value per common share was $31.47 at December 31, 2022, a 3.1% increase from $30.52 at December 31, 2021.

The Bank's ratio of total common stockholders' equity to total assets was 15.73% at December 31, 2022, compared to 16.95% at December 31, 2021. Its ratio of total tangible common stockholders' equity to total tangible assets was 13.66% at December 31, 2022, compared to 14.80% at December 31, 2021.

The calculations of the Bank's common stockholders' equity, tangible common stockholders' equity, tangible book value per common share, and ratio of total tangible common stockholders' equity to total tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

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 January 20, 2023. 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, or changes to existing laws and regulatory requirements, including changes affecting oversight of the financial services industry, changes intended to manage or mitigate climate and related environmental risks, 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; uncertainty regarding the U.S. government's debt limit or 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 coronavirus ("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 $27.66 billion in total assets as of December 31, 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

	December 31,
	2022			2021
	(Dollars in thousands, except per share amounts)
ASSETS
Cash and cash equivalents	$	1,033,454		$	2,053,829
Investment securities ― available for sale ("AFS")		3,491,613			3,916,733
Investment securities ― trading		8,817			14,957
Federal Home Loan Bank of Dallas and other bankers' bank stocks		42,406			40,788
Non-purchased loans		20,400,154			17,791,610
Purchased loans		378,637			516,215
Allowance for loan losses		(208,858	)		(217,380	)
Net loans		20,569,933			18,090,445
Premises and equipment, net		678,405			695,857
Foreclosed assets		6,616			5,744
Accrued interest receivable		125,130			83,025
Bank owned life insurance ("BOLI")		789,805			774,822
Goodwill and other intangible assets, net		663,543			669,063
Other, net		246,846			185,167
Total assets	$	27,656,568		$	26,530,430

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand non-interest bearing	$	4,658,451		$	4,983,788
Savings and interest bearing transaction		9,905,717			9,245,727
Time		6,935,975			5,979,619
Total deposits		21,500,143			20,209,134
Other borrowings		606,666			756,321
Subordinated notes		346,947			346,133
Subordinated debentures		121,591			121,033
Reserve for losses on unfunded loan commitments		156,419			71,609
Accrued interest payable and other liabilities		233,864			186,840
Total liabilities		22,965,630			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 December 31, 2022 and 2021, respectively		338,980			338,980
Common stock; $0.01 par value; 300,000,000 shares authorized; 117,176,928 and 125,443,748 shares issued and outstanding at December 31, 2022 and 2021, respectively		1,172			1,254
Additional paid-in capital		1,753,941			2,093,702
Retained earnings		2,773,135			2,378,466
Accumulated other comprehensive (loss) income		(177,649	)		23,841
Total stockholders' equity before noncontrolling interest		4,689,579			4,836,243
Noncontrolling interest		1,359			3,117
Total stockholders' equity		4,690,938			4,839,360
Total liabilities and stockholders' equity	$	27,656,568		$	26,530,430

Bank OZK
Consolidated Statements of Income
Unaudited

	Three Months Ended December 31,					Year Ended December 31,
	2022		2021			2022		2021
	(Dollars in thousands, except per share amounts)
Interest income:
Non-purchased loans	$	367,019	$	256,021		$	1,158,332	$	972,660
Purchased loans		7,141		11,190			31,441		46,174
Investment securities:
Taxable		10,280		9,448			41,526		36,234
Tax-exempt		8,521		2,869			22,653		13,729
Deposits with banks and federal funds sold		5,961		953			12,116		2,510
Total interest income		398,922		280,481			1,266,068		1,071,307

Interest expense:
Deposits		53,230		9,514			94,574		64,422
Other borrowings		8,534		1,020			13,033		4,029
Subordinated notes		2,631		2,631			10,439		9,386
Subordinated debentures		2,039		935			5,780		3,750
Total interest expense		66,434		14,100			123,826		81,587

Net interest income		332,488		266,381			1,142,242		989,720
Provision for credit losses		32,508		(7,992	)		83,494		(77,938	)
Net interest income after provision for credit losses		299,980		274,373			1,058,748		1,067,658

Non-interest income:
Service charges on deposit accounts:
NSF/Overdraft fees		4,467		4,315			17,724		14,962
All other service charges		7,138		7,149			28,102		27,656
Trust income		1,977		2,141			7,990		8,506
BOLI income:
Increase in cash surrender value		4,953		4,901			19,532		19,640
Death benefits		—		618			807		2,028
Loan service, maintenance and other fees		3,780		3,148			13,819		13,959
Gains on sales of other assets		510		1,330			11,467		9,962
Net gains on investment securities		1,256		504			2,019		504
Other		3,463		5,589			13,043		18,321
Total non-interest income		27,544		29,695			114,503		115,538

Non-interest expense:
Salaries and employee benefits		59,946		55,034			226,373		214,567
Net occupancy and equipment		17,584		17,004			70,058		66,801
Other operating expenses		41,483		38,068			155,290		148,907
Total non-interest expense		119,013		110,106			451,721		430,275

Income before taxes		208,511		193,962			721,530		752,921
Provision for income taxes		45,686		44,197			157,440		173,888
Net income		162,825		149,765			564,090		579,033
Earnings attributable to noncontrolling interest		54		(5	)		51		(32	)
Preferred stock dividends		4,047		—			16,621		—
Net income available to common stockholders	$	158,832	$	149,760		$	547,520	$	579,001

Basic earnings per common share	$	1.35	$	1.17		$	4.55	$	4.49

Diluted earnings per common share	$	1.34	$	1.17		$	4.54	$	4.47

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 December 31, 2022:
Balances – September 30, 2022	$	338,980	$	1,178		$	1,773,562		$	2,653,377		$	(227,673	)	$	3,120		$	4,542,544
Net income		—		—			—			162,825			—			—			162,825
Earnings attributable to noncontrolling interest		—		—			—			54			—			(54	)		—
Total other comprehensive loss		—		—			—			—			50,024			—			50,024
Preferred stock dividends, $0.28906 per share		—		—			—			(4,047	)		—			—			(4,047	)
Common stock dividends, $0.33 per share		—		—			—			(39,074	)		—			—			(39,074	)
Return of capital to non-controlling interest		—		—			—			—			—			(1,707	)		(1,707	)
Issuance of 7,039 shares of common stock for exercise of stock options		—		—			241			—			—			—			241
Issuance of 3,457 shares of unvested restricted common stock		—		—			—			—			—			—			—
Repurchase and cancellation of 574,878 shares of common stock under share repurchase program		—		(6	)		(23,219	)		—			—			—			(23,225	)
Repurchase and cancellation of 3,890 shares of common stock withheld for tax pursuant to restricted stock vesting		—		—			(174	)		—			—			—			(174	)
Stock-based compensation expense		—		—			3,531			—			—			—			3,531
Forfeitures of 16,405 shares of unvested restricted common stock		—		—			—			—			—			—			—
Balances – December 31, 2022	$	338,980	$	1,172		$	1,753,941		$	2,773,135		$	(177,649	)	$	1,359		$	4,690,938

Year ended December 31, 2022:
Balances – December 31, 2021	$	338,980	$	1,254		$	2,093,702		$	2,378,466		$	23,841		$	3,117		$	4,839,360
Net income		—		—			—			564,090			—			—			564,090
Earnings attributable to noncontrolling interest		—		—			—			51			—			(51	)		—
Total other comprehensive loss		—		—			—			—			(201,490	)		—			(201,490	)
Preferred stock dividends, $1.187 per share		—		—			—			(16,621	)		—			—			(16,621	)
Common stock dividends, $1.26 per share		—		—			—			(152,851	)		—			—			(152,851	)
Return of capital to non-controlling interest		—		—			—			—			—			(1,707	)		(1,707	)
Issuance of 81,560 shares of common stock for exercise of stock options		—		1			2,492			—			—			—			2,493
Issuance of 224,279 shares of unvested restricted common stock		—		2			(2	)		—			—			—			—
Repurchase and cancellation of 8,373,398 shares of common stock under share repurchase program		—		(83	)		(349,886	)		—			—			—			(349,969	)
Repurchase and cancellation of 116,864 shares of common stock withheld for tax pursuant to restricted stock vesting		—		(1	)		(5,572	)		—			—			—			(5,573	)
Stock-based compensation expense		—		—			13,206			—			—			—			13,206
Forfeitures of 82,397 shares of unvested restricted common stock		—		(1	)		1			—			—			—			—
Balances – December 31, 2022	$	338,980	$	1,172		$	1,753,941		$	2,773,135		$	(177,649	)	$	1,359		$	4,690,938

Bank OZK
Consolidated Statements of Stockholders' Equity
Unaudited

	Preferred Stock		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 December 31, 2021:
Balances – September 30, 2021	$	—	$	1,288		$	2,245,012		$	2,266,234		$	40,706		$	3,112	$	4,556,352
Net income		—		—			—			149,765			—			—		149,765
Earnings attributable to noncontrolling interest		—		—			—			(5	)		—			5		—
Total other comprehensive loss		—		—			—			—			(16,865	)		—		(16,865	)
Common stock dividends, $0.29 per share		—		—			—			(37,528	)		—			—		(37,528	)
Issuance of 14,000,000 shares of preferred stock, net of offering costs		338,980		—			—			—			—			—		338,980
Issuance of 31,400 shares of common stock for exercise of stock options		—		—			1,131			—			—			—		1,131
Repurchase and cancellation of 3,387,421 shares of common stock under share repurchase program		—		(34	)		(156,410	)		—			—			—		(156,444	)
Stock-based compensation expense		—		—			3,969			—			—			—		3,969
Forfeitures of 18,050 shares of unvested restricted common stock		—		—			—			—			—			—		—
Balances – December 31, 2021	$	338,980	$	1,254		$	2,093,702		$	2,378,466		$	23,841		$	3,117	$	4,839,360

Year ended December 31, 2021:
Balances – December 31, 2020	$	—	$	1,294		$	2,265,850		$	1,946,875		$	58,252		$	3,085	$	4,275,356
Net income		—		—			—			579,033			—			—		579,033
Earnings attributable to noncontrolling interest		—		—			—			(32	)		—			32		—
Total other comprehensive loss		—		—			—			—			(34,411	)		—		(34,411	)
Common stock dividends, $1.1325 per share		—		—			—			(147,410	)		—			—		(147,410	)
Issuance of 14,000,000 shares of preferred stock, net of offering costs		338,980		—			—			—			—			—		338,980
Issuance of 207,650 shares of common stock for exercise of stock options		—		2			7,224			—			—			—		7,226
Issuance of 332,831 shares of unvested restricted common stock		—		3			(3	)		—			—			—		—
Repurchase and cancellation of 4,275,988 shares of common stock under share repurchase program		—		(43	)		(193,401	)		—			—			—		(193,444	)
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		—		—			16,007			—			—			—		16,007
Forfeitures of 115,300 shares of unvested restricted common stock		—		(1	)		1			—			—			—		—
Balances – December 31, 2021	$	338,980	$	1,254		$	2,093,702		$	2,378,466		$	23,841		$	3,117	$	4,839,360

Bank OZK
Summary of Non-Interest Expense
Unaudited

	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
	(Dollars in thousands)
Salaries and employee benefits	$	59,946	$	55,034	$	226,373	$	214,567
Net occupancy and equipment		17,584		17,004		70,058		66,801
Other operating expenses:
Professional and outside services		8,303		7,880		31,905		29,013
Software and data processing		6,861		6,165		25,049		23,860
Deposit insurance and assessments		2,710		2,125		9,610		11,185
Advertising and public relations		2,987		1,151		8,797		2,772
Telecommunication services		2,134		2,064		7,986		8,427
Travel and meals		1,755		1,883		7,661		5,694
Postage and supplies		1,906		1,909		7,146		6,627
ATM expense		1,834		1,639		6,331		6,255
Amortization of intangibles		1,189		1,517		5,520		6,394
Loan collection and repossession expense		306		587		1,387		2,044
Writedowns of foreclosed and other assets		710		985		1,055		3,461
Amortization of CRA and tax credit investments		5,408		2,755		20,293		15,078
Other		5,380		7,408		22,550		28,097
Total non-interest expense	$	119,013	$	110,106	$	451,721	$	430,275

Bank OZK
Summary of Total Loans Outstanding
Unaudited

	December 31,
	2022					2021
	(Dollars in thousands)

Real estate:
Residential 1-4 family	$	981,567		4.7	%	$	887,024		4.8	%
Non-farm/non-residential		4,665,268		22.5			3,782,892		20.7
Construction/land development		8,287,936		39.9			8,246,674		45.0
Agricultural		239,689		1.2			247,727		1.4
Multifamily residential		1,503,398		7.2			934,845		5.1
Total real estate		15,677,858		75.5			14,099,162		77.0
Commercial and industrial		902,321		4.3			510,784		2.8
Consumer		2,445,851		11.8			2,185,429		11.9
Other		1,752,761		8.4			1,512,450		8.3
Total loans		20,778,791		100.0	%		18,307,825		100.0	%
Allowance for loan losses		(208,858	)				(217,380	)
Net loans	$	20,569,933				$	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 December 31, 2022:
Balances – September 30, 2022	$	200,098		$	135,537		$	335,635
Net charge-offs		(2,866	)		—			(2,866	)
Provision for credit losses		11,626			20,882			32,508
Balances – December 31, 2022	$	208,858		$	156,419		$	365,277

Year ended December 31, 2022:
Balances – December 31, 2021	$	217,380		$	71,609		$	288,989
Net charge-offs		(7,206	)		—			(7,206	)
Provision for credit losses		(1,316	)		84,810			83,494
Balances – December 31, 2022	$	208,858		$	156,419		$	365,277

Three months ended December 31, 2021:
Balances – September 30, 2021	$	237,722		$	61,076		$	298,798
Net charge-offs		(1,817	)		—			(1,817	)
Provision for credit losses		(18,525	)		10,533			(7,992	)
Balances – December 31, 2021	$	217,380		$	71,609		$	288,989

Year ended December 31, 2021:
Balances – December 31, 2020	$	295,824		$	81,481		$	377,305
Net charge-offs		(10,378	)		—			(10,378	)
Provision for credit losses		(68,066	)		(9,872	)		(77,938	)
Balances – December 31, 2021	$	217,380		$	71,609		$	288,989

Bank OZK
Summary of Deposits – By Account Type
Unaudited

	December 31,
	2022				2021
	(Dollars in thousands)
Non-interest bearing	$	4,658,451	21.7	%	$	4,983,788	24.7	%
Interest bearing:
Transaction (NOW)		4,097,532	19.1			3,412,369	16.9
Savings and money market		5,808,185	27.0			5,833,358	28.9
Time deposits		6,935,975	32.2			5,979,619	29.5
Total deposits	$	21,500,143	100.0	%	$	20,209,134	100.0	%

Summary of Deposits – By Customer Type
Unaudited

	December 31,
	2022				2021
	(Dollars in thousands)
Non-interest bearing	$	4,658,451	21.7	%	$	4,983,788	24.7	%
Interest bearing:
Consumer and commercial:
Consumer – non-time		3,916,078	18.2			4,334,378	21.4
Consumer – time		4,936,061	23.0			4,318,742	21.4
Commercial – non-time		2,741,007	12.7			2,634,817	13.0
Commercial – time		516,477	2.4			905,347	4.5
Public funds		2,103,392	9.8			2,094,800	10.4
Brokered		2,050,294	9.5			452,137	2.2
Reciprocal		578,383	2.7			485,125	2.4
Total deposits	$	21,500,143	100.0	%	$	20,209,134	100.0	%

Bank OZK
Selected Consolidated Financial Data
Unaudited

	Three Months Ended December 31,									Year Ended December 31,
	2022			2021			% Change			2022			2021			% Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income	$	332,488		$	266,381			24.8	%	$	1,142,242		$	989,720			15.4	%
Provision for credit losses		32,508			(7,992	)	NM				83,494			(77,938	)	NM
Non-interest income		27,544			29,695			(7.2	)		114,503			115,538			(0.9	)
Non-interest expense		119,013			110,106			8.1			451,721			430,275			5.0
Net income		162,825			149,765			8.7			564,090			579,033			(2.6	)
Preferred stock dividends		4,047			—		NM				16,621			—		NM
Net income available to common stockholders		158,832			149,760			6.1			547,520			579,001			(5.4	)
Pre-tax pre-provision net revenue⁽¹⁾		241,019			185,970			29.6			805,024			674,983			19.3
Common share and per common share data:
Diluted earnings per common share	$	1.34		$	1.17			14.5	%	$	4.54		$	4.47			1.6	%
Basic earnings per common share		1.35			1.17			15.4			4.55			4.49			1.3
Common stock dividends per share		0.33			0.29			13.8			1.26			1.1325			11.3
Book value per share		37.13			35.85			3.6			37.13			35.85			3.6
Tangible book value per common share⁽¹⁾		31.47			30.52			3.1			31.47			30.52			3.1
Weighted-average diluted shares outstanding (thousands)		118,201			128,246			(7.8	)		120,700			129,618			(6.9	)
End of period shares outstanding (thousands)		117,177			125,444			(6.6	)		117,177			125,444			(6.6	)
Balance sheet data at period end:
Total assets	$	27,656,568		$	26,530,430			4.2	%	$	27,656,568		$	26,530,430			4.2	%
Total loans		20,778,791			18,307,825			13.5			20,778,791			18,307,825			13.5
Non-purchased loans		20,400,154			17,791,610			14.7			20,400,154			17,791,610			14.7
Purchased loans		378,637			516,215			(26.7	)		378,637			516,215			(26.7	)
Allowance for loan losses		208,858			217,380			(3.9	)		208,858			217,380			(3.9	)
Foreclosed assets		6,616			5,744			15.2			6,616			5,744			15.2
Investment securities − AFS		3,491,613			3,916,733			(10.9	)		3,491,613			3,916,733			(10.9	)
Goodwill and other intangible assets, net		663,543			669,063			(0.8	)		663,543			669,063			(0.8	)
Deposits		21,500,143			20,209,134			6.4			21,500,143			20,209,134			6.4
Other borrowings		606,666			756,321			(19.8	)		606,666			756,321			(19.8	)
Subordinated notes		346,947			346,133			0.2			346,947			346,133			0.2
Subordinated debentures		121,591			121,033			0.5			121,591			121,033			0.5
Unfunded balance of closed loans		21,062,733			13,619,578			54.7			21,062,733			13,619,578			54.7
Reserve for losses on unfunded loan commitments		156,419			71,609			118.4			156,419			71,609			118.4
Preferred stock		338,980			338,980			—			338,980			338,980			—
Total common stockholders' equity⁽¹⁾		4,350,599			4,497,263			(3.3	)		4,350,599			4,497,263			(3.3	)
Net unrealized (losses) gains on investment securities AFS included in stockholders' equity		(177,649	)		23,841		NM				(177,649	)		23,841		NM
Loan (including purchased loans) to deposit ratio		96.64	%		90.59	%					96.64	%		90.59	%
Selected ratios:
Return on average assets⁽²⁾		2.35	%		2.25	%					2.08	%		2.17	%
Return on average common stockholders' equity^{(1) (2)}		14.76			13.08						12.66			13.01
Return on average tangible common stockholders' equity^{(1) (2)}		17.48			15.34						14.97			15.32
Average common equity to total average assets		15.90			17.17						16.42			16.72
Net interest margin – FTE⁽²⁾		5.46			4.41						4.82			4.09
Efficiency ratio		32.84			37.06						35.75			38.76
Net charge-offs to average non-purchased loans^{(2) (3)}		0.09			0.05						0.07			0.06
Net charge-offs to average total loans⁽²⁾		0.06			0.04						0.04			0.06
Nonperforming loans to total loans⁽⁴⁾		0.22			0.19						0.22			0.19
Nonperforming assets to total assets⁽⁴⁾		0.19			0.15						0.19			0.15
Allowance for loan losses to total loans⁽⁵⁾		1.01			1.19						1.01			1.19
Allowance for credit losses to total loans and unfunded loan commitments		0.87			0.91						0.87			0.91
Other information:
Non-accrual loans⁽⁴⁾	$	43,411		$	33,274					$	43,411		$	33,274
Accruing loans − 90 days past due⁽⁴⁾		—			—						—			—
Troubled and restructured non-purchased loans − accruing⁽⁴⁾		1,680			1,285						1,680			1,285

⁽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
		December 31, 2022			September 30, 2022			% Change
	(Dollars in thousands, except per share amounts)
Income statement data:
Net interest income		$	332,488		$	294,617			12.9	%
Provision for credit losses			32,508			39,771			(18.3	)
Non-interest income			27,544			29,163			(5.6	)
Non-interest expense			119,013			115,691			2.9
Net income			162,825			132,349			23.0
Preferred stock dividends			4,047			4,047			—
Net income available to common stockholders			158,832			128,302			23.8
Pre-tax pre-provision net revenue⁽¹⁾			241,019			208,089			15.8
Common share and per common share data:
Diluted earnings per common share		$	1.34		$	1.08			24.1	%
Basic earnings per common share			1.35			1.08			25.0
Common stock dividends per share			0.33			0.32			3.1
Book value per share			37.13			35.67			4.1
Tangible book value per common share⁽¹⁾			31.47			30.02			4.8
Weighted-average diluted shares outstanding (thousands)			118,201			118,856			(0.6	)
End of period shares outstanding (thousands)			117,177			117,762			(0.5	)
Balance sheet data at period end:
Total assets		$	27,656,568		$	26,232,119			5.4	%
Total loans			20,778,791			19,513,712			6.5
Non-purchased loans			20,400,154			19,103,546			6.8
Purchased loans			378,637			410,166			(7.7	)
Allowance for loan losses			208,858			200,098			4.4
Foreclosed assets			6,616			6,559			0.9
Investment securities − AFS			3,491,613			3,528,077			(1.0	)
Goodwill and other intangible assets, net			663,543			664,732			(0.2	)
Deposits			21,500,143			20,401,876			5.4
Other borrowings			606,666			456,466			32.9
Subordinated notes			346,947			346,741			0.1
Subordinated debentures			121,591			121,450			0.1
Unfunded balance of closed loans			21,062,733			20,091,101			4.8
Reserve for losses on unfunded loan commitments			156,419			135,537			15.4
Preferred stock			338,980			338,980			—
Total common stockholders' equity⁽¹⁾			4,350,599			4,200,444			3.6
Net unrealized losses on investment securities AFS included in stockholders' equity			(177,649	)		(227,673	)		(22.0	)
Loan (including purchased loans) to deposit ratio			96.64	%		95.65	%
Selected ratios:
Return on average assets⁽²⁾			2.35	%		1.97	%
Return on average common stockholders' equity^{(1) (2)}			14.76			11.85
Return on average tangible common stockholders' equity^{(1) (2)}			17.48			14.02
Average common equity to average assets			15.90			16.61
Net interest margin – FTE⁽²⁾			5.46			5.03
Efficiency ratio			32.84			35.50
Net charge-offs to average non-purchased loans^{(2) (3)}			0.09			0.09
Net charge-offs to average total loans⁽²⁾			0.06			0.09
Nonperforming loans to total loans⁽⁴⁾			0.22			0.14
Nonperforming assets to total assets⁽⁴⁾			0.19			0.13
Allowance for loan losses to total loans⁽⁵⁾			1.01			1.03
Allowance for credit losses to total loans and unfunded loan commitments			0.87			0.85
Other information:
Non-accrual loans⁽⁴⁾		$	43,411		$	24,633
Accruing loans − 90 days past due⁽⁴⁾			—			—
Troubled and restructured non-purchased loans − accruing⁽⁴⁾			1,680			1,610

Bank OZK
Supplemental Quarterly Financial Data
Unaudited

	3/31/21			6/30/21			9/30/21			12/31/21			03/31/22			06/30/22			09/30/22			12/31/22
	(Dollars in thousands, except per share amounts)
Earnings summary:
Net interest income	$	234,636		$	240,746		$	247,957		$	266,381		$	249,343		$	265,793		$	294,617		$	332,488
Federal tax (FTE) adjustment		1,275			1,355			1,106			1,009			1,017			1,300			2,151			2,383
Net interest income (FTE)		235,911			242,101			249,063			267,390			250,360			267,093			296,768			334,871
Provision for credit losses		31,559			30,932			7,454			7,992			(4,190	)		(7,025	)		(39,771	)		(32,508	)
Non-interest income		32,117			27,742			25,984			29,695			31,475			26,320			29,163			27,544
Non-interest expense		(106,059	)		(103,711	)		(110,397	)		(110,106	)		(107,715	)		(109,300	)		(115,691	)		(119,013	)
Pre-tax income (FTE)		193,528			197,064			172,104			194,971			169,930			177,088			170,469			210,894
FTE adjustment		(1,275	)		(1,355	)		(1,106	)		(1,009	)		(1,017	)		(1,300	)		(2,151	)		(2,383	)
Provision for income taxes		(43,818	)		(45,161	)		(40,713	)		(44,197	)		(36,410	)		(39,375	)		(35,969	)		(45,686	)
Noncontrolling interest		(19	)		(13	)		5			(5	)		5			(8	)		—			54
Preferred stock dividend		—			—			—			—			(4,480	)		(4,047	)		(4,047	)		(4,047	)
Net income available to common stockholders	$	148,416		$	150,535		$	130,290		$	149,760		$	128,028		$	132,358		$	128,302		$	158,832
Earnings per common share – diluted	$	1.14		$	1.16		$	1.00		$	1.17		$	1.02		$	1.10		$	1.08		$	1.34
Pre-tax pre-provision net revenue	$	160,694		$	164,777		$	163,544		$	185,970		$	173,103		$	182,813		$	208,089		$	241,019
Selected balance sheet data at period end:
Total assets	$	27,276,892		$	26,605,938		$	26,143,367		$	26,530,430		$	26,562,353		$	25,919,965		$	26,232,119		$	27,656,568
Non-purchased loans		17,979,435			17,611,848			17,707,452			17,791,610			18,449,723			18,297,638			19,103,546			20,400,154
Purchased loans		735,630			659,822			597,851			516,215			481,299			445,080			410,166			378,637
Investment securities – AFS		4,162,479			4,693,396			3,846,496			3,916,733			3,728,284			3,705,807			3,528,077			3,491,613
Deposits		21,296,442			20,706,777			20,102,440			20,209,134			20,329,662			19,984,187			20,401,876			21,500,143
Unfunded balance of closed loans		11,780,099			11,709,818			12,385,369			13,619,578			14,954,367			17,369,767			20,091,101			21,062,733
Allowance for credit losses:
Balance at beginning of period	$	377,305		$	342,307		$	307,564		$	298,798		$	288,989		$	293,540		$	299,938		$	335,635
Net charge-offs		(3,439	)		(3,811	)		(1,312	)		(1,817	)		361			(627	)		(4,074	)		(2,866	)
Provision for credit losses		(31,559	)		(30,932	)		(7,454	)		(7,992	)		4,190			7,025			39,771			32,508
Balance at end of period	$	342,307		$	307,564		$	298,798		$	288,989		$	293,540		$	299,938		$	335,635		$	365,277
Allowance for loan losses	$	268,077		$	248,753		$	237,722		$	217,380		$	204,213		$	190,795		$	200,098		$	208,858
Reserve for losses on unfunded loan commitments		74,230			58,811			61,076			71,609			89,327			109,143			135,537			156,419
Total allowance for credit losses	$	342,307		$	307,564		$	298,798		$	288,989		$	293,540		$	299,938		$	335,635		$	365,277
Selected ratios:
Net interest margin – FTE⁽¹⁾		3.86	%		3.95	%		4.16	%		4.41	%		4.24	%		4.52	%		5.03	%		5.46	%
Efficiency ratio		39.57			38.43			40.14			37.06			38.22			37.25			35.50			32.84
Net charge-offs to average non-purchased loans^{(1) (2)}		0.08			0.09			0.04			0.05			0.08			0.03			0.09			0.09
Net charge-offs to average total loans⁽¹⁾		0.07			0.08			0.03			0.04			(0.01	)		0.01			0.09			0.06
Nonperforming loans to total loans⁽³⁾		0.25			0.22			0.20			0.19			0.21			0.16			0.14			0.22
Nonperforming assets to total assets⁽³⁾		0.19			0.18			0.17			0.15			0.16			0.12			0.13			0.19
Allowance for loan losses to total loans⁽⁴⁾		1.43			1.36			1.30			1.19			1.08			1.02			1.03			1.01
Allowance for credit losses to total loans and unfunded commitments		1.12			1.03			0.97			0.91			0.87			0.83			0.85			0.87
Loans past due 30 days or more, including past due non-accrual loans, to total loans⁽³⁾		0.13			0.10			0.13			0.15			0.14			0.11			0.11			0.13

⁽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 December 31,														Year Ended December 31,
	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	$	692,066	$	5,961		3.42	%	$	2,106,395	$	953		0.18	%	$	940,116	$	12,116		1.29	%	$	1,871,388	$	2,510		0.13	%
Investment securities:
Taxable		2,566,011		10,280		1.59			3,375,895		9,448		1.11			2,950,929		41,526		1.41			3,207,485		36,234		1.13
Tax-exempt – FTE		974,070		10,786		4.39			593,242		3,632		2.43			774,038		28,675		3.70			864,432		17,378		2.01
Non-purchased loans – FTE		19,728,477		367,136		7.38			17,449,281		256,267		5.83			18,744,652		1,159,161		6.18			17,683,033		973,755		5.51
Purchased loans		391,801		7,141		7.23			551,917		11,190		8.04			445,955		31,441		7.05			662,434		46,174		6.97
Total earning assets – FTE		24,352,425		401,304		6.54			24,076,730		281,490		4.64			23,855,690		1,272,919		5.34			24,288,772		1,076,051		4.43
Non-interest earning assets		2,508,505							2,370,349							2,472,672							2,335,412
Total assets	$	26,860,930						$	26,447,079						$	26,328,362						$	26,624,184
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction	$	9,519,104	$	26,543		1.11	%	$	9,178,225	$	2,641		0.11	%	$	9,588,372	$	48,344		0.50		$	8,788,200	$	12,481		0.14	%
Time deposits		6,321,731		26,687		1.67			6,256,904		6,873		0.44			5,680,395		46,229		0.81			7,534,244		51,941		0.69
Total interest bearing deposits		15,840,835		53,230		1.33			15,435,129		9,514		0.24			15,268,767		94,573		0.62			16,322,444		64,422		0.39
Other borrowings		753,605		8,533		4.49			757,784		1,020		0.53			673,932		13,034		1.93			757,303		4,029		0.53
Subordinated notes		346,847		2,631		3.01			346,025		2,631		3.02			346,538		10,439		3.01			212,600		9,386		4.42
Subordinated debentures		121,523		2,039		6.66			120,956		935		3.07			121,310		5,780		4.76			120,751		3,750		3.11
Total interest bearing liabilities		17,062,810		66,433		1.54			16,659,894		14,100	0.34				16,410,547		123,826		0.75			17,413,098		81,587		0.47
Non-interest bearing liabilities:
Non-interest bearing deposits		4,751,644							4,651,656							4,873,842							4,380,850
Other non-interest bearing liabilities		435,108							376,706							378,471							321,583
Total liabilities		22,249,562							21,688,256							21,662,860							22,115,531

Total stockholders' equity before noncontrolling interest		4,608,570							4,755,706							4,662,467							4,505,544
Noncontrolling interest		2,798							3,117							3,035							3,109
Total liabilities and stockholders' equity	$	26,860,930						$	26,447,079						$	26,328,362						$	26,624,184
Net interest income – FTE			$	334,871						$	267,390						$	1,149,093						$	994,464
Net interest margin – FTE						5.46	%						4.41	%						4.82	%						4.09	%
Core spread⁽¹⁾						6.05	%						5.59	%						5.56	%						5.12	%

⁽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
	December 31,						September 30,			Year Ended December 31,
	2022			2021			2022			2022			2021
	(Dollars in thousands)
Net income available to common stockholders	$	158,832		$	149,760		$	128,302		$	547,520		$	579,001
Average stockholders' equity before noncontrolling interest	$	4,608,570		$	4,755,706		$	4,635,887		$	4,662,467		$	4,505,544
Less average preferred stock		(338,980	)		(213,693	)		(338,980	)		(338,980	)		(53,862	)
Total average common stockholders' equity		4,269,590			4,542,013			4,296,907			4,323,487			4,451,682
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		(3,421	)		(9,032	)		(4,747	)		(5,443	)		(11,398	)
Total average intangibles		(664,210	)		(669,821	)		(665,536	)		(666,232	)		(672,187	)
Average tangible common stockholders' equity	$	3,605,380		$	3,872,192		$	3,631,371		$	3,657,255		$	3,779,495
Return on average common stockholders' equity ⁽¹⁾		14.76	%		13.08	%		11.85	%		12.66	%		13.01	%
Return on average tangible common stockholders' equity ⁽¹⁾		17.48	%		15.34	%		14.02	%		14.97	%		15.32	%

⁽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

	December 31,						September 30,
	2022			2021			2022
	(In thousands, except per share amounts)
Total stockholders' equity before noncontrolling interest	$	4,689,579		$	4,836,243		$	4,539,424
Less preferred stock		(338,980	)		(338,980	)		(338,980	)
Total common stockholders' equity		4,350,599			4,497,263			4,200,444
Less intangible assets:
Goodwill		(660,789	)		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(2,754	)		(8,274	)		(3,943	)
Total intangibles		(663,543	)		(669,063	)		(664,732	)
Total tangible common stockholders' equity	$	3,687,056		$	3,828,200		$	3,535,712
Shares of common stock outstanding		117,177			125,444			117,762
Book value per common share	$	37.13		$	35.85		$	35.67
Tangible book value per common share	$	31.47		$	30.52		$	30.02

Calculation of Total Common Stockholders' Equity,Total Tangible Common Stockholders' Equityand the Ratio of Total Tangible Common Stockholders' Equityto Total Tangible Assets
Unaudited

	December 31,
	2022			2021
	(Dollars in thousands)
Total stockholders' equity before noncontrolling interest	$	4,689,579		$	4,836,243
Less preferred stock		(338,980	)		(338,980	)
Total common stockholders' equity		4,350,599			4,497,263
Less intangible assets:
Goodwill		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(2,754	)		(8,274	)
Total intangibles		(663,543	)		(669,063	)
Total tangible common stockholders' equity	$	3,687,056		$	3,828,200
Total assets	$	27,656,568		$	26,530,430
Less intangible assets:
Goodwill		(660,789	)		(660,789	)
Core deposit and other intangible assets, net of accumulated amortization		(2,754	)		(8,274	)
Total intangibles		(663,543	)		(669,063	)
Total tangible assets	$	26,993,025		$	25,861,367
Ratio of total common stockholders' equity to total assets		15.73	%		16.95	%
Ratio of total tangible common stockholders' equity to total tangible assets		13.66	%		14.80	%

Calculation of Pre-Tax Pre-Provision Net Revenue
Unaudited

	Three Months Ended
	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
	(Dollars in thousands)
Net income available to common stockholders	$	158,832		$	128,302		$	132,358		$	128,028		$	149,760
Preferred stock dividends		4,047			4,047			4,047			4,480			—
Earnings attributable to noncontrolling interest		(54	)		—			8			(5	)		5
Provision for income taxes		45,686			35,969			39,375			36,410			44,197
Provision for credit losses		32,508			39,771			7,025			4,190			(7,992	)
Pre-tax pre-provision net revenue	$	241,019		$	208,089		$	182,813		$	173,103		$	185,970

	Three Months Ended									Year Ended December 31,
	September 30, 2021			June 30, 2021			March 31, 2021			2022			2021
	(Dollars in thousands)
Net income available to common stockholders	$	130,290		$	150,535		$	148,416		$	547,520		$	579,001
Preferred stock dividends		—			—			—			16,621			—
Earnings attributable to noncontrolling interest		(5	)		13			19			(51	)		32
Provision for income taxes		40,713			45,161			43,818			157,440			173,888
Provision for credit losses		(7,454	)		(30,932	)		(31,559	)		83,494			(77,938	)
Pre-tax pre-provision net revenue	$	163,544		$	164,777		$	160,694		$	805,024		$	674,983

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

Bank OZK Announces Fourth Quarter and Full Year 2022 Earnings