LITTLE ROCK, Ark., Oct. 22, 2020 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the third quarter of 2020 was $109.3 million, a 5.2% increase from $103.9 million for the third quarter of 2019. Diluted earnings per common share for the third quarter of 2020 were $0.84, a 3.7% increase from $0.81 for the third quarter of 2019.

For the nine months ended September 30, 2020, net income was $171.4 million, a 47.3% decrease from $325.1 million for the first nine months of 2019. Diluted earnings per common share for the first nine months of 2020 were $1.32, a 47.6% decrease from $2.52 for the first nine months of 2019.

Pre-tax pre-provision net revenue (“PPNR”) was $145.7 million for the third quarter of 2020, a 1.0% increase from $144.3 million for the third quarter of 2019. PPNR was $417.0 million for the first nine months of 2020, a 7.3% decrease from $449.6 million for the first nine months of 2019. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.

The COVID-19 pandemic significantly affected the global economy in the first nine months of 2020. The sudden and severe economic downturn, combined with the implementation of the current expected credit losses (“CECL”) method to calculate the Bank’s allowance for credit losses (“ACL”) and uncertain future economic projections, resulted in the Bank incurring provision for credit losses of $7.2 million in the third quarter and $196.9 million in the first nine months of 2020, resulting in a total ACL of $377.3 million at September 30, 2020.

The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the third quarter of 2020 were 1.63%, 10.48% and 12.52%, respectively, compared to 1.81%, 10.22% and 12.33%, respectively, for the third quarter of 2019. The Bank’s annualized returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the first nine months of 2020 were 0.90%, 5.55% and 6.65%, respectively, compared to 1.92%, 11.07%, and 13.44%, respectively, for the first nine months of 2019. The calculation of the Bank’s return on average tangible common stockholders’ equity and the reconciliation to GAAP are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer stated, “Our strong credit culture and consistent discipline are important ingredients in our long-term success, and we believe they have positioned us well for the current economic environment and beyond. This is clearly evident in our excellent asset quality and earnings for the quarter just ended.”

KEY BALANCE SHEET METRICS

Total loans were $19.36 billion at September 30, 2020, a 9.2% increase from $17.73 billion at September 30, 2019. Non-purchased loans, which exclude loans acquired in previous acquisitions, were $18.42 billion at September 30, 2020, a 13.0% increase from $16.31 billion at September 30, 2019.   Purchased loans, which consist of loans acquired in previous acquisitions, were $0.94 billion at September 30, 2020, a 34.2% decrease from $1.43 billion at September 30, 2019.

Deposits were $21.29 billion at September 30, 2020, a 15.4% increase from $18.44 billion at September 30, 2019. Total assets were $26.89 billion at September 30, 2020, a 14.9% increase from $23.40 billion at September 30, 2019.

Common stockholders’ equity was $4.19 billion at September 30, 2020, a 2.6% increase from $4.08 billion at September 30, 2019. Tangible common stockholders’ equity was $3.51 billion at September 30, 2020, a 3.5% increase from $3.39 billion at September 30, 2019. Book value per common share was $32.37 at September 30, 2020, a 2.3% increase from $31.63 at September 30, 2019. Tangible book value per common share was $27.13 at September 30, 2020, a 3.2% increase from $26.30 at September 30, 2019. The calculations of the Bank’s tangible common stockholders’ equity and tangible book value per common share and the reconciliations to GAAP are included in the schedules accompanying this release.

The Bank’s ratio of total common stockholders’ equity to total assets was 15.57% at September 30, 2020 compared to 17.43% at September 30, 2019. Its ratio of total tangible common stockholders’ equity to total tangible assets was 13.39% at September 30, 2020 compared to 14.93% at September 30, 2019. The calculation of the Bank’s ratio of total tangible common stockholders’ equity to total tangible assets and the reconciliation 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 October 23, 2020. Interested parties may listen to this call by dialing 1-844-818-5110 (U.S. and Canada) or 210-229-8841 (internationally) and asking for the Bank OZK conference call. A recorded playback of the call will be available for one week following the call at 1-855-859-2056 (U.S. and Canada) or 404-537-3406 (internationally). The passcode for this playback is 4644917. The call will be available live or in a recorded version on the Bank’s Investor Relations website at ir.ozk.com under “Company News/Webcasts.” The Bank will also provide a transcript of the conference call on its Investor Relations website.

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 http://ir.ozk.com. To receive automated email alerts for these materials, please visit http://ir.ozk.com/EmailNotification 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 tangible common stockholders’ equity, tangible book value per common share, total 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 and 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, nor are they 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.”

STATEMENT REGARDING IMPACT OF COVID-19 PANDEMIC

The Bank prioritizes the health and safety of its employees and customers, and it will continue to do so throughout the duration of the pandemic. At the same time, the Bank remains focused on increasing shareholder value, managing credit exposure, managing expenses, enhancing the customer experience and supporting the communities it serves.

In management’s comments on its quarterly results (released simultaneously with this news release) and in its earnings conference call, the Bank has sought and will seek to describe the historical and future impact of the COVID-19 pandemic on the Bank’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations, including the information and discussions regarding its provision and allowance for credit losses and the discussion regarding its net interest margin. Although the Bank believes that the statements that pertain to future events, results and trends and their impact on the Bank’s business are reasonable at the present time, those statements are not historical facts and are based upon current assumptions, expectations, estimates and projections, many of which, by their nature, are beyond the Bank’s control. Accordingly, all discussions regarding future events, results and trends and their impact on the Bank’s business, even in the near term, are necessarily uncertain given the fluid and evolving nature of the pandemic.

If the health, logistical or economic effects of the pandemic worsen, or if the assumptions, expectations, estimates or projections that underlie the Bank’s statements regarding future effects or trends prove to be incorrect, then the Bank’s actual assets, business, cash flows, financial condition, liquidity, prospects and results of operations may be materially and adversely impacted in ways that the Bank cannot reasonably forecast. Accordingly, when reading this news release and the accompanying prepared remarks from management on its quarterly results and when listening to the earnings conference call, undue reliance should not be placed upon any statement pertaining to future events, results and trends and their impact on the Bank’s business in future periods.

FORWARD-LOOKING STATEMENTS

This release 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 implementing the Bank’s growth, expansion and acquisition strategies, including delays in identifying satisfactory sites, hiring or retaining qualified personnel, obtaining regulatory or other approvals, 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 or 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 proposed phase-out of the London Interbank Offered Rate (“LIBOR”) or other changes involving LIBOR; 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; changes in legal, financial and/or regulatory requirements; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new and/or existing legislation and regulatory actions, including those in response to the coronavirus (COVID-19) pandemic; changes in U.S. Government monetary and fiscal policy, including any changes that result from the upcoming elections in November; 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, the Bank’s operational or security systems or infrastructure, or those of third parties with whom it does 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 COVID-19 pandemic, including the magnitude and duration of the pandemic and actions taken to contain or treat COVID-19, on the Bank, the Bank’s customers, the global economy and financial markets; international or political instability; impairment of the Bank’s goodwill or other intangible assets; adoption of new accounting standards, including the effects from the adoption of the CECL methodology on January 1, 2020, 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 press release or as detailed from time to time in the other public reports the Bank files with the FDIC, including those factors described in the disclosures under the headings “Forward-Looking Information” and “Item 1A. Risk Factors” in the Bank’s most recent Annual Report on Form 10-K for the year ended December 31, 2019 and its 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 projected 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. Bank OZK was named Best Bank in the South for 2019-2020 by Money, the personal finance news and advice brand. Headquartered in Little Rock, Arkansas, Bank OZK conducts operations through more than 250 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, California, New York and Mississippi.  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. 

Investor Contact: Tim Hicks (501) 978-2336
Media Contact: Susan Blair (501) 978-2217

Bank OZK
Consolidated Balance Sheets
Unaudited

  September 30,  December 31, 
  2020  2019 
  (Dollars in thousands, except per share amounts) 
ASSETS        
Cash and cash equivalents $1,934,095  $1,495,757 
Investment securities ― available for sale ("AFS")  3,468,243   2,277,389 
Federal Home Loan Bank of Dallas and other bankers' bank stocks  38,388   21,855 
Non-purchased loans  18,419,958   16,224,539 
Purchased loans  938,485   1,307,504 
Allowance for loan losses  (308,847)  (108,525)
Net loans  19,049,596   17,423,518 
Premises and equipment, net  739,066   711,541 
Foreclosed assets  16,543   19,096 
Accrued interest receivable  85,858   75,208 
Bank owned life insurance (“BOLI”)  753,038   738,860 
Goodwill and other intangible assets, net  677,251   684,542 
Other, net  126,230   107,962 
Total assets $26,888,308  $23,555,728 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Deposits:        
Demand non-interest bearing $3,908,207  $2,795,251 
Savings and interest bearing transaction  7,585,032   8,307,607 
Time  9,794,166   7,371,401 
Total deposits  21,287,405   18,474,259 
Repurchase agreements with customers  4,994   11,249 
Other borrowings  750,949   351,387 
Subordinated notes  223,950   223,663 
Subordinated debentures  120,335   119,916 
Reserve for losses on unfunded loan commitments  68,426   — 
Accrued interest payable and other liabilities  242,876   221,786 
Total liabilities  22,698,935   19,402,260 
         
Commitments and contingencies        
         
Stockholders’ equity:        
Preferred stock; $0.01 par value; 100,000,000 shares authorized; no shares
issued or outstanding at September 30, 2020 or December 31, 2019		  —   — 
Common stock; $0.01 par value; 300,000,000 shares authorized;
129,342,073 and 128,951,024 shares issued and outstanding at
September 30, 2020 and December 31, 2019, respectively		  1,293   1,289 
Additional paid-in capital  2,261,864   2,251,824 
Retained earnings  1,862,012   1,869,983 
Accumulated other comprehensive income  61,116   27,255 
Total stockholders’ equity before noncontrolling interest  4,186,285   4,150,351 
Noncontrolling interest  3,088   3,117 
Total stockholders’ equity  4,189,373   4,153,468 
Total liabilities and stockholders’ equity $26,888,308  $23,555,728 

Bank OZK
Consolidated Statements of Income
Unaudited

 Three Months Ended
September 30,		  Nine Months Ended
September 30,		 
 2020  2019  2020  2019 
 (Dollars in thousands, except per share amounts) 
Interest income:               
Non-purchased loans$236,621  $244,954  $701,290  $740,900 
Purchased loans 16,269   26,042   54,743   84,756 
Investment securities:               
Taxable 9,666   12,511   31,480   40,992 
Tax-exempt 5,193   3,363   14,636   10,930 
Deposits with banks and federal funds sold 532   2,647   5,237   4,001 
Total interest income 268,281   289,517   807,386   881,579 
                
Interest expense:               
Deposits 38,273   66,248   141,206   196,727 
Repurchase agreements with customers 4   5   17   39 
Other borrowings 1,156   90   2,168   1,497 
Subordinated notes 3,207   3,216   9,551   9,542 
Subordinated debentures 984   1,178   3,420   4,570 
Total interest expense 43,624   70,737   156,362   212,375 
                
Net interest income 224,657   218,780   651,024   669,204 
Provision for credit losses 7,200   7,854   196,889   21,303 
Net interest income after provision for credit losses 217,457   210,926   454,135   647,901 
                
Non-interest income:               
Service charges on deposit accounts 9,427   10,827   27,717   30,841 
Trust income 1,936   1,975   5,635   5,544 
BOLI income:               
Increase in cash surrender value 5,081   5,208   15,205   15,547 
Death benefits —   206   608   206 
Loan service, maintenance and other fees 3,351   4,197   10,461   13,636 
Other income from purchased loans —   674   —   2,925 
Gains on sales of other assets 891   189   1,674   875 
Net gains on investment securities 2,244   —   4,467   713 
Other 3,746   3,170   10,180   6,834 
Total non-interest income 26,676   26,446   75,947   77,121 
                
Non-interest expense:               
Salaries and employee benefits 53,119   48,376   153,003   140,801 
Net occupancy and equipment 16,676   14,825   47,761   44,163 
Other operating expenses 35,846   37,713   109,255   111,760 
Total non-interest expense 105,641   100,914   310,019   296,724 
                
Income before taxes 138,492   136,458   220,063   428,298 
Provision for income taxes 29,251   32,574   48,707   103,189 
Net income 109,241   103,884   171,356   325,109 
Earnings attributable to noncontrolling interest 12   7   29   (9)
Net income available to common stockholders$109,253  $103,891  $171,385  $325,100 
                
Basic earnings per common share$0.84  $0.81  $1.33  $2.52 
                
Diluted earnings per common share$0.84  $0.81  $1.32  $2.52 


Bank OZK
Consolidated Statements of Stockholders’ Equity
Unaudited

  Common
Stock		  Additional
Paid-In
Capital		  Retained
Earnings		  Accumulated
Other
Comprehensive
Income (Loss)		  Non-
Controlling
Interest		  Total 
  (Dollars in thousands, except per share amounts) 
Three months ended September 30, 2020:                        
Balances – June 30, 2020 $1,293  $2,257,867  $1,788,329  $63,177  $3,100  $4,113,766 
Net income  —   —   109,241   —   —   109,241 
Earnings attributable to noncontrolling
interest		  —   —   12   —   (12)  — 
Total other comprehensive loss  —   —   —   (2,061)  —   (2,061)
Common stock dividends,
$0.2725 per share		  —   —   (35,570)  —   —   (35,570)
Stock-based compensation expense  —   3,997   —   —   —   3,997 
Forfeitures of 8,228 shares of unvested
restricted common stock		  —   —   —   —   —   — 
Balances – September 30, 2020 $1,293  $2,261,864  $1,862,012  $61,116  $3,088  $4,189,373 
                         
Nine months ended September 30, 2020:                        
Balances – December 31, 2019 $1,289  $2,251,824  $1,869,983  $27,255  $3,117  $4,153,468 
Cumulative effect of change
in accounting principle		  —   —   (75,344)  —   —   (75,344)
Balances – January 1, 2020  1,289   2,251,824   1,794,639   27,255   3,117   4,078,124 
Net income  —   —   171,356   —   —   171,356 
Earnings attributable to noncontrolling
interest		  —   —   29   —   (29)  — 
Total other comprehensive income  —   —   —   33,861   —   33,861 
Common stock dividends,
$0.8025 per share		  —   —   (104,012)  —   —   (104,012)
Issuance of 4,300 shares of common
stock for exercise of stock options		  —   45   —   —   —   45 
Issuance of 493,761 shares of unvested
restricted common stock		  5   (5)  —   —   —   — 
Repurchase and cancellation of 61,873
shares of common stock		  (1)  (1,852)  —   —   —   (1,853)
Stock-based compensation expense  —   11,852   —   —   —   11,852 
Forfeitures of 45,139 shares of unvested
restricted common stock		  —   —   —   —   —   — 
Balances – September 30, 2020 $1,293  $2,261,864  $1,862,012  $61,116  $3,088  $4,189,373 

Bank OZK
Consolidated Statements of Stockholders’ Equity (Continued)
Unaudited

  Common
Stock		  Additional
Paid-In
Capital		  Retained
Earnings		  Accumulated
Other
Comprehensive
Income (Loss)		  Non-
Controlling
Interest		  Total 
  (Dollars in thousands, except per share amounts) 
Three months ended September 30, 2019:                        
Balances – June 30, 2019 $1,289  $2,243,779  $1,728,486  $19,693  $3,131  $3,996,378 
Net income  —   —   103,884   —   —   103,884 
Earnings attributable to noncontrolling
interest		  —   —   7   —   (7)  — 
Total other comprehensive income  —   —   —   7,955   —   7,955 
Common stock dividends, $0.24 per share  —   —   (30,963)  —   —   (30,963)
Issuance of 10,800 shares of common
stock for exercise of stock options		  —   242   —   —   —   242 
Repurchase and cancellation of 974 shares of
common stock		  —   (28)  —   —   —   (28)
Stock-based compensation expense  —   3,980   —   —   —   3,980 
Forfeitures of 10,183 shares of unvested
restricted common stock		  —   —   —   —   —   — 
Balances – September 30, 2019 $1,289  $2,247,973  $1,801,414  $27,648  $3,124  $4,081,448 
                         
Nine months ended September 30, 2019:                        
Balances – December 31, 2018 $1,286  $2,237,948  $1,565,201  $(34,105) $3,035  $3,773,365 
Net income  —   —   325,109   —   —   325,109 
Earnings attributable to noncontrolling
interest		  —   —   (9)  —   9   — 
Total other comprehensive income  —   —   —   61,753   —   61,753 
Common stock dividends, $0.69 per share  —   —   (88,887)  —   —   (88,887)
Noncontrolling interest cash contribution  —   —   —   —   80   80 
Issuance of 67,350 shares of common
stock for exercise of stock options		  1   1,118   —   —   —   1,119 
Issuance of 406,074 shares of unvested
restricted common stock		  4   (4)  —   —   —   — 
Repurchase and cancellation of 63,716
shares of common stock		  (1)  (1,674)  —   —   —   (1,675)
Stock-based compensation expense  —   10,584   —   —   —   10,584 
Forfeiture of 74,398 shares of unvested
restricted common stock		  (1)  1   —   —   —   — 
Balances – September 30, 2019 $1,289  $2,247,973  $1,801,414  $27,648  $3,124  $4,081,448 

Bank OZK
Summary of Non-Interest Expense
Unaudited

  Three Months Ended
September 30,		  Nine Months Ended
September 30,		 
  2020  2019  2020  2019 
  (Dollars in thousands) 
Salaries and employee benefits $53,119  $48,376  $153,003  $140,801 
Net occupancy and equipment  16,676   14,825   47,761   44,163 
Other operating expenses:                
Professional and outside services  8,647   9,204   23,629   25,874 
Software and data processing  5,431   5,095   15,550   14,561 
Deposit insurance and assessments  3,595   2,505   11,600   9,645 
Telecommunication services  2,352   2,094   6,863   8,248 
Postage and supplies  1,808   2,040   5,753   6,201 
Advertising and public relations  1,557   2,067   4,964   5,421 
ATM expense  1,604   1,277   3,766   3,363 
Travel and meals  689   2,777   3,501   8,385 
Loan collection and repossession expense  1,030   317   2,581   2,218 
Writedowns of foreclosed and other assets  488   354   2,087   1,509 
Amortization of intangibles  1,914   2,907   7,291   9,064 
Other  6,731   7,076   21,670   17,271 
Total non-interest expense $105,641  $100,914  $310,019  $296,724 

Bank OZK
Summary of Total Loans Outstanding
Unaudited

                 
  September 30, 2020  December 31, 2019 
  (Dollars in thousands) 
Real estate:                
Residential 1-4 family $966,462   5.0% $998,632   5.7%
Non-farm/non-residential  4,415,477   22.8   3,956,579   22.6 
Construction/land development  7,406,447   38.2   6,391,429   36.4 
Agricultural  227,143   1.2   230,076   1.3 
Multifamily residential  1,346,385   7.0   1,194,192   6.8 
Total real estate  14,361,914   74.2   12,770,908   72.8 
Commercial and industrial  944,490   4.9   661,952   3.8 
Consumer  2,581,035   13.3   2,934,534   16.8 
Other  1,471,004   7.6   1,164,649   6.6 
Total loans  19,358,443   100.0%  17,532,043   100.0%
Allowance for loan losses  (308,847)      (108,525)    
Net loans $19,049,596      $17,423,518     

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 September 30, 2020:            
Balances – June 30, 2020 $306,196  $68,298  $374,494 
Net charge-offs  (4,421)  —   (4,421)
Provision for credit losses  7,072   128   7,200 
Balances – September 30, 2020 $308,847  $68,426  $377,273 
             
Nine months ended September 30, 2020:            
Balances – December 31, 2019 $108,525  $—  $108,525 
Adoption of Current Expected Credit Loss (CECL) methodology  39,588   54,924   94,512 
Balances – January 1, 2020  148,113   54,924   203,037 
Net charge-offs  (22,653)  —   (22,653)
Provision for credit losses  183,387   13,502   196,889 
Balances – September 30, 2020 $308,847  $68,426  $377,273 
             
Three months ended September 30, 2019:            
Balances – June 30, 2019 $106,642  $—  $106,642 
Net charge-offs  (5,495)  —   (5,495)
Provision for credit losses  7,854   —   7,854 
Balances – September 30, 2019 $109,001  $—  $109,001 
             
Nine months ended September 30, 2019:            
Balances – December 31, 2018 $102,264  $—  $102,264 
Net charge-offs  (14,566)  —   (14,566)
Provision for credit losses  21,303   —   21,303 
Balances – September 30, 2019 $109,001  $—  $109,001 

Bank OZK
Summary of Deposits – By Account Type
Unaudited

                 
  September 30, 2020  December 31, 2019 
  (Dollars in thousands) 
Non-interest bearing $3,908,207   18.4% $2,795,251   15.1%
Interest bearing:                
Transaction (NOW)  2,973,192   14.0   2,706,426   14.7 
Savings and money market  4,611,840   21.7   5,601,181   30.3 
Time deposits less than $100  3,483,557   16.4   3,321,446   18.0 
Time deposits of $100 or more  6,310,609   29.5   4,049,955   21.9 
Total deposits $21,287,405   100.0% $18,474,259   100.0%

Summary of Deposits – By Customer Type
Unaudited

    
  September 30, 2020  December 31, 2019 
  (Dollars in thousands) 
Consumer $10,909,452   51.2% $7,526,014   40.7%
Commercial  5,963,072   28.0   4,334,366   23.5 
Public Funds  2,330,726   10.9   3,782,415   20.5 
Brokered  1,580,165   7.4   2,115,193   11.4 
Reciprocal  503,990   2.5   716,271   3.9 
Total deposits $21,287,405   100.0% $18,474,259   100.0%

Bank OZK
Selected Consolidated Financial Data
Unaudited

  Three Months Ended
September 30,		  Nine Months Ended
September 30,		 
  2020  2019  % Change  2020  2019  % Change 
  (Dollars in thousands, except per share amounts) 
Income statement data:                        
Net interest income $224,657  $218,780   2.7% $651,024  $669,204   (2.7)%
Provision for credit losses  7,200   7,854   (8.3)  196,889   21,303   824.2 
Non-interest income  26,676   26,446   0.9   75,947   77,121   (1.5)
Non-interest expense  105,641   100,914   4.7   310,019   296,724   4.5 
Net income available to common stockholders  109,253   103,891   5.2   171,385   325,100   (47.3)
Pre-tax pre-provision net revenue (1)  145,692   144,312   1.0   416,952   449,601   (7.3)
Common share and per common share data:                        
Net income per share − diluted $0.84  $0.81   3.7% $1.32  $2.52   (47.6)%
Net income per share − basic  0.84   0.81   3.7   1.33   2.52   (47.2)
Dividends per share  0.2725   0.24   13.5   0.8025   0.69   16.3 
Book value per share  32.37   31.63   2.3   32.37   31.63   2.3 
Tangible book value per share(1)  27.13   26.30   3.2   27.13   26.30   3.2 
Weighted-average diluted shares outstanding (thousands)  129,470   129,012       129,398   128,995     
End of period shares outstanding (thousands)  129,342   128,946       129,342   128,946     
Balance sheet data at period end:                        
Total assets $26,888,308  $23,402,679   14.9% $26,888,308  $23,402,679   14.9%
Total loans  19,358,443   17,734,851   9.2   19,358,443   17,734,851   9.2 
Non-purchased loans  18,419,958   16,307,621   13.0   18,419,958   16,307,621   13.0 
Purchased loans  938,485   1,427,230   (34.2)  938,485   1,427,230   (34.2)
Allowance for loan losses  308,847   109,001   183.3   308,847   109,001   183.3 
Foreclosed assets  16,543   33,319   (50.3)  16,543   33,319   (50.3)
Investment securities − AFS  3,468,243   2,414,722   43.6   3,468,243   2,414,722   43.6 
Goodwill and other intangible assets, net  677,251   687,397   (1.5)  677,251   687,397   (1.5)
Deposits  21,287,405   18,440,078   15.4   21,287,405   18,440,078   15.4 
Other borrowings  750,949   301,421   149.1   750,949   301,421   149.1 
Subordinated notes  223,950   223,567   0.2   223,950   223,567   0.2 
Subordinated debentures  120,335   119,775   0.5   120,335   119,775   0.5 
Unfunded balance of closed loans  11,604,614   11,429,918   1.5   11,604,614   11,429,918   1.5 
Reserve for losses on unfunded loan commitments  68,426   —  NM   68,426   —  NM 
Total common stockholders’ equity  4,186,285   4,078,324   2.6   4,186,285   4,078,324   2.6 
Net unrealized gains on investment securities AFS
included in common stockholders' equity		  61,116   27,648       61,116   27,648     
Loan (including purchased loans) to deposit ratio  90.94%  96.18%      90.94%  96.18%    
Selected ratios:                        
Return on average assets(2)  1.63%  1.81%      0.90%  1.92%    
Return on average common stockholders’ equity(2)  10.48   10.22       5.55   11.07     
Return on average tangible common stockholders’ equity(1) (2)  12.52   12.33       6.65   13.44     
Average common equity to total average assets  15.56   17.69       16.23   17.31     
Net interest margin – FTE(2)  3.69   4.26       3.79   4.41     
Efficiency ratio  41.77   40.98       42.38   39.58     
Net charge-offs to average non-purchased loans(2) (3)  0.09   0.07       0.07   0.08     
Net charge-offs to average total loans(2)  0.09   0.12       0.16   0.11     
Nonperforming loans to total loans(4)  0.15   0.17       0.15   0.17     
Nonperforming assets to total assets(4)  0.17   0.26       0.17   0.26     
Allowance for loan losses to total loans (5)  1.60   0.61       1.60  0.61     
Other information:                        
Non-accrual loans(4) $27,181  $25,552      $27,181  $25,552     
Accruing loans − 90 days past due(4)  —   —       —   —     
Troubled and restructured non-purchased loans − accruing(4)  1,251   1,510       1,251   1,510     


(1) Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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 
  September 30,  June 30,     
  2020  2020  % Change 
 (Dollars in thousands, except per share amounts) 
Income statement data:            
Net interest income $224,657  $216,593   3.7%
Provision for credit losses  7,200   72,026   (90.0)
Non-interest income  26,676   21,591   23.6 
Non-interest expense  105,641   100,953   4.6 
Net income available to common stockholders  109,253   50,266   117.3 
Pre-tax pre-provision net revenue(1)  145,692   137,231   6.2 
Common share and per common share data:            
Net income per share − diluted $0.84  $0.39   115.4%
Net income per share − basic  0.84   0.39   115.4 
Dividends per share  0.2725   0.27   0.9 
Book value per share  32.37   31.78   1.9 
Tangible book value per share (1)  27.13   26.53   2.3 
Weighted-average diluted shares outstanding (thousands)  129,470   129,399     
End of period shares outstanding (thousands)  129,342   129,350     
Balance sheet data at period end:            
Total assets $26,888,308  $26,380,409   1.9%
Total loans  19,358,443   19,311,078   0.2 
Non-purchased loans  18,419,958   18,247,431   0.9 
Purchased loans  938,485   1,063,647   (11.8)
Allowance for loan losses  308,847   306,196   0.9 
Foreclosed assets  16,543   18,328   (9.7)
Investment securities − AFS  3,468,243   3,299,944   5.1 
Goodwill and other intangible assets, net  677,251   679,166   (0.3)
Deposits  21,287,405   20,723,598   2.7 
Other borrowings  750,949   903,696   (16.9)
Subordinated notes  223,950   223,854   0.1 
Subordinated debentures  120,335   120,194   0.1 
Unfunded balance of closed loans  11,604,614   11,411,441   1.7 
Reserve for losses on unfunded loan commitments  68,426   68,298   0.2 
Total common stockholders’ equity  4,186,285   4,110,666   1.8 
Net unrealized gains on investment securities AFS
included in common stockholders' equity		  61,116   63,177     
Loan (including purchased loans) to deposit ratio  90.94%  93.18%    
Selected ratios:            
Return on average assets(2)  1.63%  0.78%    
Return on average common stockholders’ equity(2)  10.48   4.92     
Return on average tangible common stockholders’ equity(1) (2)  12.52   5.89     
Average common equity to total average assets  15.56   15.93     
Net interest margin – FTE(2)  3.69   3.74     
Efficiency ratio  41.77   42.07     
Net charge-offs to average non-purchased loans(2) (3)  0.09   0.05     
Net charge-offs to average total loans(2)  0.09   0.29     
Nonperforming loans to total loans(4)  0.15   0.18     
Nonperforming assets to total assets(4)  0.17   0.19     
Allowance for loan losses to total loans (5)  1.60   1.59     
Other information:            
Non-accrual loans(4) $27,181  $31,083     
Accruing loans − 90 days past due(4)  —   —     
Troubled and restructured non-purchased loans − accruing(4)  1,251   934     

(1)  Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on 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.

Bank OZK
Supplemental Quarterly Financial Data
Unaudited

  12/31/18  3/31/19  6/30/19  9/30/19  12/31/19  3/31/20  6/30/20  9/30/20 
  (Dollars in thousands, except per share amounts) 
Earnings Summary:                                
Net interest income $228,382  $225,888  $224,536  $218,780  $214,977  $209,775  $216,593  $224,657 
Federal tax (FTE) adjustment  1,219   1,207   1,136   1,038   1,028   1,133   1,753   1,605 
Net interest income (FTE)  229,601   227,095   225,672   219,818   216,005   210,908   218,346   226,262 
Provision for credit losses  (7,271)  (6,681)  (6,769)  (7,854)  (4,938)  (117,663)  (72,026)  (7,200)
Non-interest income  27,560   24,072   26,603   26,446   30,406   27,680   21,591   26,676 
Non-interest expense  (94,893)  (96,678)  (99,131)  (100,914)  (104,406)  (103,425)  (100,953)  (105,641)
Pretax income (FTE)  154,997   147,808   146,375   137,496   137,067   17,500   66,958   140,097 
FTE adjustment  (1,219)  (1,207)  (1,136)  (1,038)  (1,028)  (1,133)  (1,753)  (1,605)
Provision for income taxes  (38,750)  (35,889)  (34,726)  (32,574)  (35,240)  (4,509)  (14,948)  (29,251)
Noncontrolling interest  3   (6)  (10)  7   7   8   9   12 
Net income available to common stockholders $115,031  $110,706  $110,503  $103,891  $100,806  $11,866  $50,266  $109,253 
Earnings per common share – diluted $0.89  $0.86  $0.86  $0.81  $0.78  $0.09  $0.39  $0.84 
Non-interest Income:                                
Service charges on deposit accounts $10,585  $9,722  $10,291  $10,827  $10,933  $10,009  $8,281  $9,427 
Trust income  1,821   1,730   1,839   1,975   2,010   1,939   1,759   1,936 
BOLI income:                                
Increase in cash surrender value  5,269   5,162   5,178   5,208   5,167   5,067   5,057   5,081 
Death benefits  482   —   —   206   2,989   608   —   — 
Loan service, maintenance and other fees  5,245   4,874   4,565   4,197   4,282   3,716   3,394   3,351 
Other income from purchased loans  2,370   795   1,455   674   759   —   —   — 
Gains on sales of other assets  465   284   402   189   1,358   161   621   891 
Net gains on investment securities  —   —   713   —   —   2,223   —   2,244 
Other  1,323   1,505   2,160   3,170   2,908   3,957   2,479   3,746 
Total non-interest income $27,560  $24,072  $26,603  $26,446  $30,406  $27,680  $21,591  $26,676 
Non-interest Expense:                                
Salaries and employee benefits $41,837  $44,868  $47,558  $48,376  $52,050  $51,473  $48,410  $53,119 
Net occupancy and equipment  14,027   14,750   14,587   14,825   14,855   15,330   15,756   16,676 
Other operating expenses  39,029   37,060   36,986   37,713   37,501   36,622   36,787   35,846 
Total non-interest expense $94,893  $96,678  $99,131  $100,914  $104,406  $103,425  $100,953  $105,641 
Balance Sheet Data:                                
Total assets $22,388,030  $23,005,652  $22,960,731  $23,402,679  $23,555,728  $24,565,810  $26,380,409  $26,888,308 
Non-purchased loans  15,073,791   15,610,681   15,786,809   16,307,621   16,224,539   17,030,378   18,247,431   18,419,958 
Purchased loans  2,044,032   1,864,715   1,698,396   1,427,230   1,307,504   1,197,826   1,063,647   938,485 
Investment securities – AFS  2,862,340   2,769,602   2,548,489   2,414,722   2,277,389   2,816,556   3,299,944   3,468,243 
Deposits  17,938,415   18,476,868   18,186,215   18,440,078   18,474,259   18,809,190   20,723,598   21,287,405 
Unfunded balance of closed loans  11,364,975   11,544,218   11,167,055   11,429,918   11,325,598   11,334,737   11,411,441   11,604,614 
Common stockholders' equity  3,770,330   3,882,643   3,993,247   4,078,324   4,150,351   4,083,150   4,110,666   4,186,285 

Bank OZK
Supplemental Quarterly Financial Data (Continued)
Unaudited

  12/31/18  3/31/19  6/30/19  9/30/19  12/31/19  3/31/20  6/30/20  9/30/20 
  (Dollars in thousands, except per share amounts) 
Allowance for Credit Losses:                                
Balance at beginning of period $98,200  $102,264  $105,954  $106,642  $109,001  $108,525  $316,409  $374,494 
Adoption of CECL(1) methodology  —   —   —   —   —   94,512   —   — 
Net charge-offs  (3,207)  (2,991)  (6,081)  (5,495)  (5,414)  (4,291)  (13,941)  (4,421)
Provision for credit losses  7,271   6,681   6,769   7,854   4,938   117,663   72,026   7,200 
Balance at end of period $102,264  $105,954  $106,642  $109,001  $108,525  $316,409  $374,494  $377,273 
Allowance for loan losses $102,264  $105,954  $106,642  $109,001  $108,525  $238,737  $306,196  $308,847 
Reserve for losses on unfunded loan commitments  —   —   —   —   —   77,672   68,298   68,426 
Total allowance for credit losses $102,264  $105,954  $106,642  $109,001  $108,525  $316,409  $374,494  $377,273 
Selected Ratios:                                
Net interest margin – FTE(2)  4.55%  4.53%  4.45%  4.26%  4.15%  3.96%  3.74%  3.69%
Efficiency ratio  36.90   38.49   39.30   40.98   42.37   43.35   42.07   41.77 
Net charge-offs to average non-purchased loans(2) (3)  0.06   0.05   0.12   0.07   0.10   0.08   0.05   0.09 
Net charge-offs to average total loans(2)  0.07   0.07   0.14   0.12   0.12   0.10   0.29   0.09 
Nonperforming loans to total loans(4)  0.23   0.22   0.15   0.17   0.15   0.16   0.18   0.15 
Nonperforming assets to total assets(4)  0.23   0.21   0.25   0.26   0.18   0.19   0.19   0.17 
Allowance for loan losses to total loans (5)  0.60   0.61   0.61   0.61   0.62   1.31   1.59   1.60 
Loans past due 30 days or more, including
past due non-accrual loans, to total loans(4)		  0.28   0.28   0.13   0.14   0.19   0.18   0.13   0.13 

(1)  Current Expected Credit Loss.

(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.

Bank OZK
Average Consolidated Balance Sheets and Net Interest Analysis – FTE
Unaudited

   Three Months Ended September 30,  Nine Months Ended September 30, 
  2020  2019  2020  2019 
  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                                                
Earning assets:                                                
Interest earning deposits and federal
funds sold		 $1,705,652  $532   0.12% $486,174  $2,647   2.16% $1,459,814  $5,237   0.48% $242,476  $4,001   2.21%
Investment securities:                                                
Taxable  2,216,041   9,666   1.74   2,027,267   12,511   2.45   1,979,368   31,480   2.12   2,169,218   40,992   2.53 
Tax-exempt – FTE  1,193,407   6,573   2.19   462,927   4,256   3.65   944,552   18,527   2.62   495,694   13,835   3.73 
Non-purchased loans – FTE  18,311,166   236,846   5.15   15,934,033   245,099   6.10   17,602,817   701,892   5.33   15,727,447   741,375   6.30 
Purchased loans  999,438   16,269   6.48   1,553,398   26,042   6.65   1,132,334   54,743   6.46   1,760,740   84,756   6.44 
Total earning assets – FTE  24,425,704   269,886   4.40   20,463,799   290,555   5.63   23,118,885   811,879   4.69   20,395,575   884,959   5.80 
Non-interest earning assets  2,235,853           2,323,028           2,302,225           2,277,584         
Total assets $26,661,557          $22,786,827          $25,421,110          $22,673,159         
LIABILITIES AND STOCKHOLDERS’ EQUITY                                                
Interest bearing liabilities:                                                
Deposits:                                                
Savings and interest bearing
transaction		 $7,581,707  $5,496   0.29% $8,792,998  $30,108   1.36% $7,742,865  $32,945   0.57% $9,318,915  $103,721   1.49%
Time deposits of $100 or more  6,101,542   20,858   1.36   3,564,862   19,803   2.20   5,259,616   66,813   1.70   3,292,375   52,056   2.11 
Other time deposits  3,664,931   11,919   1.29   3,069,997   16,337   2.11   3,584,047   41,448   1.54   2,697,660   40,950   2.03 
Total interest bearing deposits  17,348,180   38,273   0.88   15,427,857   66,248   1.70   16,586,528   141,206   1.14   15,308,950   196,727   1.72 
Repurchase agreements with customers  7,093   4   0.24   9,037   5   0.24   7,686   17   0.29   14,062   39   0.37 
Other borrowings (1)  793,350   1,156   0.58   29,422   90   1.21   711,408   2,168   0.41   122,254   1,497   1.64 
Subordinated notes  223,899   3,207   5.70   223,516   3,216   5.71   223,801   9,551   5.70   223,419   9,542   5.71 
Subordinated debentures (1)  120,253   984   3.26   119,700   1,178   3.90   120,119   3,420   3.80   119,558   4,570   5.11 
Total interest bearing liabilities  18,492,775   43,624   0.94   15,809,532   70,737   1.78   17,649,542   156,362   1.18   15,788,243   212,375   1.80 
Non-interest bearing liabilities:                                                
Non-interest bearing deposits  3,764,063           2,728,596           3,391,162           2,736,350         
Other non-interest bearing liabilities  253,211           213,505           251,723           220,126         
Total liabilities  22,510,049           18,751,633           21,292,427           18,744,719         
Common stockholders’ equity  4,148,409           4,032,066           4,125,578           3,925,321         
Noncontrolling interest  3,099           3,128           3,105           3,119         
Total liabilities and stockholders’
equity		 $26,661,557          $22,786,827          $25,421,110          $22,673,159         
Net interest income – FTE     $226,262          $219,818          $655,517          $672,584     
Net interest margin – FTE          3.69%          4.26%          3.79%          4.41%

(1)   The interest expense and the rates for “other borrowings” and for “subordinated debentures” were affected by capitalized interest. Capitalized interest included in other borrowings totaled $0.03 million for the third quarter and $0.65 million for the first nine months of 2020 compared to $0.11 million for the third quarter and $0.86 million for the first nine months of 2019. In the absence of this interest capitalization, the rates on other borrowings would have been 0.59% for the third quarter and 0.53% for the first nine months of 2020 and 2.69% for the third quarter and 2.57% for the first nine months of 2019. Capitalized interest included in subordinated debentures totaled $0.01 million for the third quarter and $0.18 million for the first nine months of 2020, compared to $0.45 million for both the third quarter and first nine months of 2019. In the absence of this interest capitalization, the rates on subordinated debentures would have been 3.27% for the third quarter and 4.00% for the first nine months of 2020 and 5.39% for the third quarter and 5.61% for the first nine months of 2019.

Bank OZK
Reconciliation of Non-GAAP Financial Measures

Calculation of Average Tangible Common Stockholders’ Equity
and the Annualized Return on Average Tangible Common Stockholders’ Equity
Unaudited

                     
  Three Months Ended  Nine Months Ended 
  September 30,  June 30,  September 30, 
  2020  2019  2020  2020  2019 
  (Dollars in thousands) 
Net income available to common stockholders $109,253  $103,891  $50,266  $171,385  $325,100 
Average common stockholders’ equity before
noncontrolling interest		 $4,148,409  $4,032,066  $4,110,038  $4,125,578  $3,925,321 
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		  (17,461)  (28,275)  (19,563)  (19,803)  (31,290)
Total average intangibles  (678,250)  (689,064)  (680,352)  (680,592)  (692,079)
Average tangible common stockholders’ equity $3,470,159  $3,343,002  $3,429,686  $3,444,986  $3,233,242 
Return on average common stockholders’ equity(1)  10.48%  10.22%  4.92%  5.55%  11.07%
Return on average tangible common stockholders’ equity(1)  12.52%  12.33%  5.89%  6.65%  13.44%

(1) Ratios for interim periods annualized based on actual days.

Calculation of Total Tangible Common Stockholders’ Equity
and Tangible Book Value per Common Share
Unaudited

   September 30,  June 30, 
  2020  2019  2020 
  (In thousands, except per share amounts) 
Total common stockholders’ equity before noncontrolling interest $4,186,285  $4,078,324  $4,110,666 
Less intangible assets:            
Goodwill  (660,789)  (660,789)  (660,789)
Core deposit and other intangible assets, net of accumulated
amortization		  (16,462)  (26,608)  (18,377)
Total intangibles  (677,251)  (687,397)  (679,166)
Total tangible common stockholders' equity $3,509,034  $3,390,927  $3,431,500 
Shares of common stock outstanding  129,342   128,946   129,350 
Book value per common share $32.37  $31.63  $31.78 
Tangible book value per common share $27.13  $26.30  $26.53 

Calculation of Total Tangible Common Stockholders’ Equity
and the Ratio of Total Tangible Common Stockholders’ Equity
to Total Tangible Assets
Unaudited

   September 30, 
  2020  2019 
  (Dollars in thousands) 
Total common stockholders’ equity before noncontrolling interest $4,186,285  $4,078,324 
Less intangible assets:        
Goodwill  (660,789)  (660,789)
Core deposit and other intangible assets, net of accumulated amortization  (16,462)  (26,608)
Total intangibles  (677,251)  (687,397)
Total tangible common stockholders' equity $3,509,034  $3,390,927 
Total assets $26,888,308  $23,402,679 
Less intangible assets:        
Goodwill  (660,789)  (660,789)
Core deposit and other intangible assets, net of accumulated amortization  (16,462)  (26,608)
Total intangibles  (677,251)  (687,397)
Total tangible assets $26,211,057  $22,715,282 
Ratio of total common stockholders’ equity to total assets  15.57%  17.43%
Ratio of total tangible common stockholders’ equity to total
tangible assets		  13.39%  14.93%

Calculation of Pre-Tax Pre-Provision Net Revenue

Unaudited

  Three Months Ended  Nine Months Ended 
  September 30,  June 30,  September 30, 
  2020  2019  2020  2020  2019 
  (Dollars in thousands) 
Income before taxes $138,492  $136,458  $65,205  $220,063  $428,298 
Provision for credit losses  7,200   7,854   72,026   196,889   21,303 
Pre-tax pre-provision net revenue $145,692  $144,312  $137,231  $416,952  $449,601 


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Source: Bank OZK

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