Bank OZK has issued its earnings report for the second quarter of 2022, and included the following highlights:
The financial institution’s net income for the quarter was $132.4 million, resulting in a diluted earnings per common share of $1.10, down 12.1% from $150.5 million in the second quarter of 2021.
- Its Real Estate Specialties Group posted its third consecutive quarter of record originations with $3.53 billion of loans originated, contributing to a record $17.37 billion in unfunded loan commitments at June 30, 2022.
- Net income was reported to increase to $265.8 million with an increase of their core spread to 5.26%.
- Asset quality resulted in annualized net charge-off ratios of 0.03% for non-purchased loans and 0.01% for total loans. The ratio of nonperforming non-purchased loans to total non-purchased loans was 0.16%, while the ratio of nonperforming assets to total assets was 0.12%.
- Bank OZK’s efficiency ratio was an impressive 37.3%.
- The buyback of 3.7 million shares of their common stock for a total of $147.4 million, while increasing the quarterly dividend on their common stock for the 48th consecutive quarter, or 12 years straight.
Chairman and CEO George Gleason had this to say about the report:
“We are pleased to report our excellent results for the second quarter of 2022. Our results were highlighted by our third consecutive quarter of record RESG loan originations and solid contributions from Community Banking and other lending teams, reflecting the importance of organic growth and increased portfolio diversification in our long-term strategy. Our strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the future.”
The full earnings report is available on its website.