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Bank OZK of Little Rock on Thursday reported third-quarter earnings of $109.3 million, up more than 5% from the same quarter last year.
The publicly traded company (Nasdaq: OZK) bank said it had earnings of 84 cents per share, topping Wall Street expectations of 57 cents per share.
Revenue was $295 million in the period, with revenue net of interest expense was $251.3 million, also beating analysts’ forecasts. Four analysts surveyed by Zacks expected $244.7 million.
“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,” George Gleason, chairman and CEO, said in a news release. “This is clearly evident in our excellent asset quality and earnings for the quarter just ended.”
The company said the COVID-19 pandemic “significantly affected the global economy in the first nine months.” The bank said the economic downturn, the new current expected credit losses method to calculate allowance for credit losses and “uncertain future economic projections” resulted in a $7.2 million provision for credit losses during the quarter. That put Bank OZK’s total allowance for credit losses at $377.3 million as of Sept. 30.
Total loans were $19.36 billion as of Sept. 30, up 9.2% from the same time last year. Deposits were $21.29 billion, up 15.4%. Total assets were $26.89 billion, up a 14.9%.
The bank’s efficiency ratio was 41.77%, up from 40.98 in the same quarter last year.
Bank OZK shares have decreased 21% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $24.11, a fall of 19% in the last 12 months.