LITTLE ROCK, Arkansas, Jan. 20, 2022 (GLOBE NEWSWIRE) — Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the fourth quarter of 2021 was $149.8 million, a 24.3% increase from $120.5 million for the fourth quarter of 2020. Diluted earnings per common share for the fourth quarter of 2021 were a quarterly record $1.17, a 25.8% increase from $0.93 for the fourth quarter of 2020.
For the full year of 2021, net income was a record $579.0 million, a 98.4% increase from $291.9 million for the full year of 2020. Diluted earnings per common share for the full year of 2021 were a record $4.47, a 97.8% increase from $2.26 for the full year of 2020.
As a result of improved economic conditions and prospects for improvement in the U. S. economy, management recorded negative provision for credit losses of $8.0 million during the fourth quarter and $77.9 million for the full year of 2021, reducing the Bank’s total allowance for credit losses (“ACL”) from $377.3 million at December 31, 2020 to $289.0 million at December 31, 2021. The Bank’s provision for credit losses was $6.8 million during the fourth quarter and $203.6 million for the full year of 2020.
Pre-tax pre-provision net revenue (“PPNR”) was $186.0 million for the fourth quarter of 2021, a 14.2% increase from $162.9 million for the fourth quarter of 2020. PPNR was $675.0 million for the full year of 2021, a 16.4% increase from $579.8 million for the full year of 2020. The calculation of PPNR and the reconciliation to generally accepted accounting principles (“GAAP”) are included in the schedules accompanying this release.
The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for the fourth quarter of 2021 were 2.25%, 13.08% and 15.34%, respectively, compared to 1.79%, 11.36% and 13.53%, respectively, for the fourth quarter of 2020. The Bank’s returns on average assets, average common stockholder’s equity and average tangible common stockholders’ equity for the full year of 2021 were 2.17%, 13.01% and 15.32%, respectively, compared to 1.13%, 7.04% and 8.41%, respectively, for the full year of 2020. The calculation of the Bank’s returns on average common stockholders’ equity and average tangible common stockholders’ equity and the reconciliations to GAAP are included in the schedules accompanying this release.
George Gleason, Chairman and Chief Executive Officer stated, “We are pleased to report our excellent results for the fourth […]