Financial institution OZK Q2 Revenue Beats Expectations | Arkansas Enterprise Information
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Financial institution OZK of Little Rock on Thursday reported second-quarter internet revenue of $150.5 million, up almost 200% from the identical quarter final yr, when the COVID-19 pandemic and a brand new accounting customary dragged on outcomes.
The financial institution stated earnings rose to $1.16 per share from 39 cents in the identical quarter final yr.
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The outcomes beat Wall Road expectations. The typical estimate of 5 analysts surveyed by Zacks Funding Analysis was for earnings of 94 cents per share.
Income got here to $291.8 million, with income internet of curiosity expense at $268.5 million, which additionally beat analysts’ expectations of $259.4 million.
“We’re happy to report file outcomes for the quarter simply ended,” Chairman and CEO George Gleason stated in a information launch. “Our sturdy capital and liquidity, our disciplined credit score tradition and our distinctive staff have us nicely positioned for the long run.”
The corporate stated that, on account of “bettering financial situations and prospects for enchancment within the U.S. economic system,” it recorded damaging provision for credit score losses of $30.9 million in the course of the second quarter and $62.5 million in the course of the first six months of 2021, decreasing its whole allowance for credit score losses from $377.3 million at Dec. 31 to $307.6 million as of June 30.
The financial institution stated its provision for credit score losses was $72 million in the course of the second quarter and $189.7 million in the course of the first six months of 2020, reflecting the “important financial uncertainty at the moment.”
For the six months ended June 30, internet revenue was $299.0 million, a 381% enhance from $62.1 million in the identical interval final yr.
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Diluted earnings per frequent share have been $2.30, up 379% from 48 cents for the primary six months of 2020.
The corporate stated whole deposits have been $20.71 billion as of June 30, a 0.1% lower from $20.72 billion as of June 30, 2020. Whole belongings have been $26.61 billion, a 0.9% enhance from $26.38 billion at June 30, 2020, however a 2.5% lower from $27.28 billion at March 31, 2021.
In July, the financial institution’s board of administrators approved a inventory repurchase program by which it might repurchase as much as $300 million of its excellent frequent inventory. This system will expire on July 1, 2022, except prolonged or shortened by the board.
(The Related Press contributed to this report.)