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Stock impact report

Bank OZK Announces First Quarter 2020 Earnings

Bank OZK (OZK) 
Last bank ozk earnings: 4/23 04:01 pm Check Earnings Report
Company Research Source: GlobeNewswire
LITTLE ROCK, Ark., April 23, 2020 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income for the first quarter of 2020 was $11.9 million, an 89.3% decrease from $110.7 million for the first quarter of 2019.  Diluted earnings per common share for the first quarter of 2020 were $0.09, an 89.5% decrease from $0.86 for the first quarter of 2019. The COVID-19 pandemic significantly impacted the global economy in what was the first quarter of implementation of the current expected credit losses (“CECL”) method to calculate the Bank’s allowance for credit losses (“ACL”).  During the quarter just ended, the sudden and severe economic downturn in tandem with the adoption of CECL resulted in the Bank incurring provision for credit losses of $117.7 million, resulting in a total ACL of $316.4 million at March 31, 2020. The Bank’s annualized returns on average assets, average common stockholders’ equity and average tangible common stockholders’ equity for t Show less Read more
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