Bank OZK
Bank OZK (NASDAQ:OZK) achieved record net income, net interest income, and pretax preprovision revenue in Q3 2023 as its deposits and lending activity both grew.
Q3 EPS of $1.49, beating the $1.45 consensus, climbed from $1.47 in Q2 2023 and $1.08 in Q3 2022.
Bank OZK (OZK) stock gained 3.1% in Thursday after-hours trading.
Q3 provision for credit losses rose to $44.0M from $41.8M in the previous quarter and $39.8M in the year-ago period.
Net interest income rose to $367.3M, exceeding the Visible Alpha estimate of $358.3, from $356.8M in Q2 and $294.6M in Q3 2022.
"We have been well positioned for rising interest rates and the turbulent environment of the last six quarters, and our preparation has been reflected in our record results," said Chairman and CEO George Gleason.
Pretax preprovision net revenue of $264.0M climbed from $259.5M in the prior quarter and $208.1M in the year-ago quarter.
Total noninterest expense of $129.0M declined from $129.4M in Q2 and increased from $115.7M in Q3 2022. Salaries and employee benefits expense of $64.1M dipped from $65.2M in the previous quarter and rose from $57.4M a year ago.
Deposits rose to $25.6B at Sept. 30, 2023 from $23.9B at June 30, 2023.
Total loans of $25.3B increased from $23.6B at June 30.
Bank OZK's (OZK) Real Estate Specialties Group (RESG) originated $1.95B of loans during the quarter and $5.17B in the first nine months of the year. The company expects RESG's orgination volume in Q4 to be the highest of the year, with full year orgination volume likely to be around the level achieved in 2021, the company said.
Conference call on Oct. 20 at 11:00 AM ET.
Earlier, Bank OZK (OZK) GAAP EPS of $1.49 beats by $0.07, revenue of $392.99M beats by $2.41M