Bank OZK ( NASDAQ: OZK ) Q4 earnings, announced Thursday after the market close, beat the average analyst estimate as its net interest income benefited from a higher rate environment and its loan balance grew.
Q4 EPS of $1.34 , consensus of $1.30, vs. $1.08 in Q3 and $1.17 in Q4 2021.
Q4 provision for credit losses was $32.5M vs. $39.8M in Q3 and a benefit of $7.99M in Q4 2021.
Net interest income rose to $332.5M from $294.6M in the previous quarter and from $266.4M in the year-ago quarter.
Pretax preprovision net revenue of $241.0M vs. $208.1M in Q3 and $186.0M in Q4 2021.
Bank OZK ( OZK ) shares rose 0.8% in Thursday after-hours trading.
Total noninterest expense of $119.0M increased/declined from $115.7M in Q3 and from $110.1M in Q4 2021. Salaries and employee benefits expense of $59.9M increased frmo $57.4M in the prior quarter and $55.0M in the year-ago quarter.
Total loans were $20.78B at Dec. 31, 2022 vs. $19.51B at Sept. 30.
Bank OZK's ( OZK ) Real Estate Specialties Group originated $2.81B of loans during the quarter, which contributed to an increase in the bank's unfunded loan commitments of $21.06B at Dec. 31, 2022. It outstanding balance of total loans grew $1.27B, or 6.5% annualized, during the most recent quarter.
Deposits of $21.50B vs. $20.4B at Sept. 30.
Due to an uncertain macroeconomic environment, including the impact of recent interest rate increases, RESG origination volume for the full year 2023 is "expected to be back in or around the range achieved during 2020 and 2021," the company said .
Conference call on Jan. 20 at 11:00 AM ET.
For further details see:
Bank OZK Q4 earnings exceed consensus as interest rates boost NII