GlobeNewswire Inc | Jul 23, 2020 04:01PM EDT

July 23, 2020

LITTLE ROCK, Ark., July 23, 2020 (GLOBE NEWSWIRE) -- Bank OZK (the Bank) (Nasdaq: OZK) today announced that net income for the second quarter of 2020 was $50.3 million, a 54.5% decrease from $110.5 million for the second quarter of 2019. Diluted earnings per common share for the second quarter of 2020 were $0.39, a 54.7% decrease from $0.86 for the second quarter of 2019.

For the six months ended June 30, 2020, net income was $62.1 million, a 71.9% decrease from $221.2 million for the first six months of 2019. Diluted earnings per common share for the first six months of 2020 were $0.48, a 71.9% decrease from $1.71 for the first six months of 2019.

The COVID-19 pandemic significantly affected the global economy in the first half of 2020. The sudden and severe economic downturn, combined with the implementation of the current expected credit losses (CECL) method to calculate the Banks allowance for credit losses (ACL) and uncertain future economic projections, resulted in the Bank incurring provision for credit losses of $72.0 million in the second quarter and $189.7 million in the first six months of 2020, resulting in a total ACL of $374.5 million at June 30, 2020.

The Banks annualized returns on average assets, average common stockholders equity and average tangible common stockholders equity for the second quarter of 2020 were 0.78%, 4.92% and 5.89%, respectively, compared to 1.95%, 11.29% and 13.70%, respectively, for the second quarter of 2019. The Banks annualized returns on average assets, average common stockholders equity and average tangible stockholders equity for the first six months of 2020 were 0.50%, 3.04% and 3.64%, respectively, compared to 1.97%, 11.52%, and 14.04%, respectively, for the first six months of 2019. The calculation of the Banks return on average tangible common stockholders equity and the reconciliation to generally accepted accounting principles (GAAP) are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer stated, We have continued our long-standing focus on our team members, our customers, serving the communities in which we operate and delivering favorable returns for shareholders. Our strong credit culture and consistent discipline have been important ingredients in our success, and we believe they have positioned us well for the current economic environment.

KEY BALANCE SHEET METRICS

Total loans were $19.31 billion at June 30, 2020, a 10.4% increase from $17.49 billion at June 30, 2019. Non-purchased loans, which exclude loans acquired in previous acquisitions, were $18.25 billion at June 30, 2020, a 15.6% increase from $15.79 billion at June 30, 2019. Purchased loans, which consist of loans acquired in previous acquisitions, were $1.06 billion at June 30, 2020, a 37.4% decrease from $1.70 billion at June 30, 2019.

Deposits were $20.72 billion at June 30, 2020, a 14.0% increase from $18.19 billion at June 30, 2019. Total assets were $26.38 billion at June 30, 2020, a 14.9% increase from $22.96 billion at June 30, 2019.

Common stockholders equity was $4.11 billion at June 30, 2020, a 2.9% increase from $3.99 billion at June 30, 2019. Tangible common stockholders equity was $3.43 billion at June 30, 2020, a 3.9% increase from $3.30 billion at June 30, 2019. Book value per common share was $31.78 at June 30, 2020, a 2.6% increase from $30.97 at June 30, 2019. Tangible book value per common share was $26.53 at June 30, 2020, a 3.6% increase from $25.61 at June 30, 2019. The calculations of the Banks tangible common stockholders equity and tangible book value per common share and the reconciliations to GAAP are included in the schedules accompanying this release.

The Banks ratio of total common stockholders equity to total assets was 15.58% at June 30, 2020 compared to 17.39% at June 30, 2019. Its ratio of total tangible common stockholders equity to total tangible assets was 13.35% at June 30, 2020 compared to 14.83% at June 30, 2019. The calculation of the Banks ratio of total tangible common stockholders equity to total tangible assets and the reconciliation to GAAP are included in the schedules accompanying this release.

MANAGEMENTS COMMENTS, CONFERENCE CALL, TRANSCRIPT AND FILINGS

In connection with this release, the Bank released managements comments on its quarterly results, which are available at http://ir.ozk.com. This release should be read in conjunction with managements comments on the quarterly results.

Management will conduct a conference call to take questions on these quarterly results and managements comments at 10:00 a.m. CT (11:00 a.m. ET) on July 24, 2020. Interested parties may listen to this call by dialing 1-844-818-5110 (U.S. and Canada) or 210-229-8841 (internationally) and asking for the Bank OZK conference call. A recorded playback of the call will be available for one week following the call at 1-855-859-2056 (U.S. and Canada) or 404-537-3406 (internationally). The passcode for this playback is 4695153. The call will be available live or in a recorded version on the Banks Investor Relations website at ir.ozk.com under Company News/Webcasts. The Bank will also provide a transcript of the conference call on its Investor Relations website.

The Bank files annual, quarterly and current reports, proxy materials and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (FDIC), copies of which are available electronically at the FDICs website at https://efr.fdic.gov/fcxweb/efr/index.html and are also available on the Banks Investor Relations website at http://ir.ozk.com. To receive automated email alerts for these materials, please visit http://ir.ozk.com/EmailNotification to sign up. NON-GAAP FINANCIAL MEASURES

This release contains certain non-GAAP financial measures. The Bank uses these non-GAAP financial measures, specifically return on average tangible common stockholders equity, tangible book value per common share, total tangible common stockholders equity, the ratio of total tangible common stockholders equity to total tangible assets and pre-tax pre-provision net revenue, to assess the strength of its capital, its ability to generate earnings on tangible capital invested by its shareholders and trends in its core earnings. These measures typically adjust GAAP financial measures to exclude intangible assets and provision for credit losses. Management believes presentation of these non-GAAP financial measures provides useful supplemental information which contributes to a proper understanding of the financial results and capital levels of the Bank. These non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release under the caption Reconciliation of Non-GAAP Financial Measures.

STATEMENT REGARDING IMPACT OF COVID-19 PANDEMIC

The Bank prioritizes the health and safety of its employees and customers, and it will continue to do so throughout the duration of the pandemic. At the same time, the Bank remains focused on improving shareholder value, managing credit exposure, managing expenses, enhancing the customer experience and supporting the communities it serves.

In managements comments on its quarterly results (released simultaneously with this news release) and in its earnings conference call, the Bank has sought and will seek to describe the historical and future impact of the COVID-19 pandemic on the Banks assets, business, cash flows, financial condition, liquidity, prospects and results of operations, including the information and discussions regarding the increases in its provision and allowance for credit losses and the discussion regarding negative pressure to its net interest margin. Although the Bank believes that the statements that pertain to future events, results and trends and their impact on the Banks business are reasonable at the present time, those statements are not historical facts and are based upon current assumptions, expectations, estimates and projections, many of which, by their nature, are beyond the Banks control. Accordingly, all discussions regarding future events, results and trends and their impact on the Banks business, even in the near term, are necessarily uncertain given the fluid and evolving nature of the pandemic.

If the health, logistical or economic effects of the pandemic worsen, or if the assumptions, expectations, estimates or projections that underlie the Banks statements regarding future effects or trends prove to be incorrect, then the Banks actual assets, business, cash flows, financial condition, liquidity, prospects and results of operations may be materially and adversely impacted in ways that the Bank cannot reasonably forecast. Accordingly, when reading this news release and the accompanying prepared remarks from management on its quarterly results and when listening to the earnings conference call, undue reliance should not be placed upon any statement pertaining to future events, results and trends and their impact on the Banks business in future periods.

FORWARD-LOOKING STATEMENTS

This release and other communications by the Bank include certain forward-looking statements regarding the Banks plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on managements expectations as well as certain assumptions and estimates made by, and information available to, management at the time. Those statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: potential delays or other problems implementing the Banks growth, expansion and acquisition strategies, including delays in identifying satisfactory sites, hiring or retaining qualified personnel, obtaining regulatory or other approvals, obtaining permits and designing, constructing and opening new offices or relocating, selling or closing existing offices; the ability to enter into and/or close additional acquisitions; the availability of and access to capital; possible downgrades in the Banks credit ratings or outlook which could increase the costs or availability of funding from capital markets; the ability to attract new or retain existing or acquired deposits or to retain or grow loans, including growth from unfunded closed loans; the ability to generate future revenue growth or to control future growth in non-interest expense; interest rate fluctuations, including changes in the yield curve between short-term and long-term interest rates or changes in the relative relationships of various interest rate indices; the potential impact of the proposed phase-out of the London Interbank Offered Rate (LIBOR) or other changes involving LIBOR; competitive factors and pricing pressures, including their effect on the Banks net interest margin or core spread; general economic, unemployment, credit market and real estate market conditions, and the effect of such conditions on the creditworthiness of borrowers, collateral values, the value of investment securities and asset recovery values; changes in legal, financial and/or regulatory requirements; recently enacted and potential legislation and regulatory actions and the costs and expenses to comply with new and/or existing legislation and regulatory actions, including those in response to the coronavirus (COVID-19) pandemic; changes in U.S. Government monetary and fiscal policy; FDIC special assessments or changes to regular assessments; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity; the impact of failure in, or breach of, the Banks operational or security systems or infrastructure, or those of third parties with whom it does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Bank or its customers; natural disasters or acts of war or terrorism; the adverse effects of the ongoing global COVID-19 pandemic, including the magnitude and duration of the pandemic and actions taken to contain or treat COVID-19, on the Bank, the Banks customers, the global economy and financial markets; international or political instability; impairment of our goodwill or other intangible assets; adoption of new accounting standards, including the effects from the adoption of the CECL model on January 1, 2020, or changes in existing standards; and adverse results (including costs, fines, reputational harm and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions or rulings as well as other factors identified in this press release or as detailed from time to time in the other public reports the Bank files with the FDIC, including those factors described in the disclosures under the headings Forward-Looking Information and Item 1A. Risk Factors in the Banks most recent Annual Report on Form 10-K for the year ended December 31, 2019 and its quarterly reports on Form 10-Q. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in, or implied by, such forward-looking statements. The Bank disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.

GENERAL INFORMATION

Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Bank OZK is the #1 capitalized bank among the nations top 100 largest publicly traded U.S. banks by asset size, based on Tier 1 Leverage Capital Ratio at March 31, 2020, according to data obtained from S&P Global Market Intelligence. Bank OZK was named Best Bank in the South for 2019-2020 by Money, the personal finance news and advice brand. Headquartered in Little Rock, Arkansas, Bank OZK conducts operations through more than 250 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, California, New York and Mississippi. Bank OZK can be found at www.ozk.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811.

Investor Contact: Tim Hicks (501) 978-2336Media Contact: Susan Blair (501) 978-2217

Bank OZK Consolidated Balance SheetsUnaudited

June 30, December 31, 2020 2019 (Dollars in thousands, except per share amounts)ASSETS Cash and cash equivalents $ 1,646,070 $ 1,495,757 Investment securities ? available for sale 3,299,944 2,277,389 ("AFS")Federal Home Loan Bank of Dallas and other 50,742 21,855 banker's bank stocksNon-purchased loans 18,247,431 16,224,539 Purchased loans 1,063,647 1,307,504 Allowance for loan losses (306,196 ) (108,525 )Net loans 19,004,882 17,423,518 Premises and equipment, net 732,674 711,541 Foreclosed assets 18,328 19,096 Accrued interest receivable 82,729 75,208 Bank owned life insurance (?BOLI?) 748,193 738,860 Goodwill and intangible assets, net 679,166 684,542 Other, net 117,681 107,962 Total assets $ 26,380,409 $ 23,555,728 LIABILITIES AND STOCKHOLDERS? EQUITY Deposits: Demand non-interest bearing $ 3,696,306 $ 2,795,251 Savings and interest bearing transaction 7,447,640 8,307,607 Time 9,579,652 7,371,401 Total deposits 20,723,598 18,474,259 Repurchase agreements with customers 9,277 11,249 Other borrowings 903,696 351,387 Subordinated notes 223,854 223,663 Subordinated debentures 120,194 119,916 Reserve for losses on unfunded loan 68,298 ? commitmentsAccrued interest payable and other 217,726 221,786 liabilitiesTotal liabilities 22,266,643 19,402,260 Commitments and contingencies Stockholders? equity: Preferred stock; $0.01 par value; 100,000,000shares authorized; no sharesissued or ? ? outstanding at June 30, 2020 or December 31,2019Common stock; $0.01 par value; 300,000,000shares authorized; 129,350,301 and128,951,024 shares issued and outstanding 1,293 1,289 atJune 30, 2020 and December 31, 2019,respectivelyAdditional paid-in capital 2,257,867 2,251,824 Retained earnings 1,788,329 1,869,983 Accumulated other comprehensive income 63,177 27,255 Total stockholders? equity before 4,110,666 4,150,351 noncontrolling interestNoncontrolling interest 3,100 3,117 Total stockholders? equity 4,113,766 4,153,468 Total liabilities and stockholders? equity $ 26,380,409 $ 23,555,728

Bank OZK Consolidated Statements of Income Unaudited

Three Months Ended June Six Months Ended June 30, 30, 2020 2019 2020 2019 (Dollars in thousands, except per share amounts) Interest income: Non-purchased loans $ 232,816 $ 250,081 $ 464,669 $ 495,946 Purchased loans 17,087 28,519 38,474 58,714 Investment securities: Taxable 11,055 13,585 21,814 28,481 Tax-exempt 5,846 3,693 9,443 7,567 Deposits with banks and 330 941 4,706 1,354 federal funds soldTotal interest income 267,134 296,819 539,106 592,062 Interest expense: Deposits 45,251 67,392 102,933 130,479 Repurchase agreements with 6 11 13 33 customersOther borrowings 963 19 1,013 1,408 Subordinated notes 3,172 3,181 6,344 6,326 Subordinated debentures 1,149 1,680 2,436 3,392 Total interest expense 50,541 72,283 112,739 141,638 Net interest income 216,593 224,536 426,367 450,424 Provision for credit 72,026 6,769 189,689 13,450 lossesNet interest income after 144,567 217,767 236,678 436,974 provision for loan losses Non-interest income: Service charges on deposit 8,281 10,291 18,290 20,014 accountsTrust income 1,759 1,839 3,698 3,569 BOLI income: Increase in cash surrender 5,057 5,178 10,124 10,340 valueDeath benefits ? ? 608 ? Loan service, maintenance 3,394 4,565 7,110 9,438 and other feesOther income from ? 1,455 ? 2,251 purchased loansGains on sales of other 621 402 783 686 assetsNet gains on investment ? 713 2,223 713 securitiesOther 2,479 2,160 6,435 3,664 Total non-interest income 21,591 26,603 49,271 50,675 Non-interest expense: Salaries and employee 48,410 47,558 99,883 92,425 benefitsNet occupancy and 15,756 14,587 31,086 29,338 equipmentOther operating expenses 36,787 36,986 73,409 74,046 Total non-interest expense 100,953 99,131 204,378 195,809 Income before taxes 65,205 145,239 81,571 291,840 Provision for income taxes 14,948 34,726 19,456 70,615 Net income 50,257 110,513 62,115 221,225 Earnings attributable to 9 (10 ) 17 (16 )noncontrolling interestNet income available to $ 50,266 $ 110,503 $ 62,132 $ 221,209 common stockholders Basic earnings per common $ 0.39 $ 0.86 $ 0.48 $ 1.72 share Diluted earnings per $ 0.39 $ 0.86 $ 0.48 $ 1.71 common share

Bank OZK Consolidated Statements of Stockholders EquityUnaudited

Additional Accumulated Non- Common Paid-In Retained Other Controlling Total Stock Capital Earnings Comprehensive Interest Income (Loss) (Dollars in thousands, except per share amounts) Three months ended June 30, 2020:Balances ? March 31, $ 1,293 $ 2,253,991 $ 1,772,978 $ 54,888 $ 3,109 $ 4,086,259 2020Net income ? ? 50,257 ? ? 50,257 Earnings attributableto ? ? 9 ? (9 ) ? noncontrollinginterestTotal other ? ? ? 8,289 ? 8,289 comprehensive incomeCommon stock dividends ? ? (34,915 ) ? ? (34,915 )paid, $0.27per shareIssuance of 46,676shares of unvested ? ? ? ? ? ? restricted common stockStock-based ? 3,876 ? ? ? 3,876 compensation expenseForfeitures of 20,810shares of ? ? ? ? ? ? unvestedrestrictedcommon stockBalances ? June 30, $ 1,293 $ 2,257,867 $ 1,788,329 $ 63,177 $ 3,100 $ 4,113,766 2020 Six months ended June 30, 2020:Balances ? December 31, $ 1,289 $ 2,251,824 $ 1,869,983 $ 27,255 $ 3,117 $ 4,153,468 2019Cumulative effect ofchangein accounting ? ? (75,344 ) ? ? (75,344 )principleBalances ? January 1, 1,289 2,251,824 1,794,639 27,255 3,117 4,078,124 2020Net income ? ? 62,115 ? ? 62,115 Earnings attributableto ? ? 17 ? (17 ) ? noncontrollinginterestTotal other ? ? ? 35,922 ? 35,922 comprehensive incomeCommon stock dividends ? ? (68,442 ) ? ? (68,442 )paid, $0.53per shareIssuance of 4,300shares of commonstock ? 45 ? ? ? 45 for exercise of stockoptionsIssuance of 493,761shares of 5 (5 ) ? ? ? ? unvestedrestrictedcommon stockRepurchase andcancellation of (1 ) (1,852 ) ? ? ? (1,853 )61,873shares of commonstockStock-based ? 7,855 ? ? ? 7,855 compensation expenseForfeitures of 36,911shares of ? ? ? ? ? ? unvestedrestrictedcommon stockBalances ? June 30, $ 1,293 $ 2,257,867 $ 1,788,329 $ 63,177 $ 3,100 $ 4,113,766 2020

Bank OZK Consolidated Statements of Stockholders Equity (Continued) Unaudited

Additional Accumulated Non- Common Paid-In Retained Other Controlling Total Stock Capital Earnings Comprehensive Interest Income (Loss) (Dollars in thousands, except per share amounts) Three months ended June 30, 2019:Balances ? March 31, $ 1,289 $ 2,239,404 $ 1,647,626 $ (5,676 ) $ 3,121 $ 3,885,764 2019Net income ? ? 110,513 ? ? 110,513 Earnings attributableto ? ? (10 ) ? 10 ? noncontrollinginterestTotal other ? ? ? 25,369 ? 25,369 comprehensive incomeCommon stock dividends ? ? (29,643 ) ? ? (29,643 )paid, $0.23per shareIssuance of 27,250shares of commonstock 1 489 ? ? ? 490 for exercise of stockoptionsIssuance of 22,200shares of ? ? ? ? ? ? unvestedrestrictedcommon stockStock-based ? 3,885 ? ? ? 3,885 compensation expenseForfeiture of 50,262shares of (1 ) 1 ? ? ? ? unvestedrestrictedcommon stockBalances ? June 30, $ 1,289 $ 2,243,779 $ 1,728,486 $ 19,693 $ 3,131 $ 3,996,378 2019 Six months ended June 30, 2019:Balances ? December 31, $ 1,286 $ 2,237,948 $ 1,565,201 $ (34,105 ) $ 3,035 $ 3,773,365 2018Net income ? ? 221,225 ? ? 221,225 Earnings attributableto ? ? (16 ) ? 16 ? noncontrollinginterestTotal other ? ? ? 53,798 ? 53,798 comprehensive incomeCommon stock dividends ? ? (57,924 ) ? ? (57,924 )paid, $0.45per shareNoncontrolling interest ? ? ? ? 80 80 cash contributionIssuance of 56,550shares of commonstock 1 876 ? ? ? 877 for exercise of stockoptionsIssuance of 406,074shares of 4 (4 ) ? ? ? ? unvestedrestrictedcommon stockRepurchase andcancellation of (1 ) (1,646 ) ? ? ? (1,647 )62,742shares of commonstockStock-based ? 6,604 ? ? ? 6,604 compensation expenseForfeiture of 64,215shares of (1 ) 1 ? ? ? ? unvestedrestrictedcommon stockBalances ? June 30, $ 1,289 $ 2,243,779 $ 1,728,486 $ 19,693 $ 3,131 $ 3,996,378 2019

Bank OZK Summary of Non-Interest ExpenseUnaudited

Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (Dollars in thousands) Salaries and $ 48,410 $ 47,558 $ 99,883 $ 92,425 employee benefitsNet occupancy and 15,756 14,587 31,086 29,338 equipmentOther operating expenses:Professional and 7,939 8,105 14,982 16,669 outside servicesSoftware and data 5,145 4,757 10,119 9,466 processingDeposit insurance 4,585 3,488 8,005 7,140 and assessmentsTelecommunication 2,334 2,810 4,511 6,154 servicesPostage and 1,892 2,058 3,945 4,161 suppliesAdvertising and 1,704 1,671 3,407 3,353 public relationsTravel and meals 710 2,939 2,812 5,608 ATM expense 1,002 1,099 2,162 2,086 Loan collectionand repossession 857 918 1,551 1,901 expenseWritedowns of 720 594 1,599 1,155 foreclosed assetsAmortization of 2,582 3,012 5,377 6,157 intangiblesOther 7,317 5,535 14,939 10,196 Total non-interest $ 100,953 $ 99,131 $ 204,378 $ 195,809 expense

Bank OZK Summary of Total Loans OutstandingUnaudited

June 30, 2020 December 31, 2019 (Dollars in thousands) Real estate: Residential 1-4 $ 1,002,627 5.2 % $ 998,632 5.7 %familyNon-farm/ 4,383,137 22.7 3,956,579 22.6 non-residentialConstruction/land 7,030,963 36.4 6,391,429 36.4 developmentAgricultural 232,121 1.2 230,076 1.3 Multifamily 1,371,449 7.1 1,194,192 6.8 residentialTotal real estate 14,020,297 72.6 12,770,908 72.8 Commercial and 1,005,900 5.2 661,952 3.8 industrialConsumer 2,843,396 14.7 2,934,534 16.8 Other 1,441,485 7.5 1,164,649 6.6 Total loans 19,311,078 100.0 % 17,532,043 100.0 %Allowance for loan (306,196 ) (108,525 ) lossesNet loans $ 19,004,882 $ 17,423,518

Bank OZK Allowance for Credit LossesUnaudited

Allowance Reserve for Losses Total for Loan on Unfunded Loan Allowance for Losses Commitments Credit Losses (Dollars in thousands) Three months ended June 30, 2020:Balances ? March 31, $ 238,737 $ 77,672 $ 316,409 2020Net charge-offs (13,941 ) ? (13,941 )Provision for credit 81,400 (9,374 ) 72,026 lossesBalances ? June 30, $ 306,196 $ 68,298 $ 374,494 2020 Six months ended June 30, 2020:Balances ? December $ 108,525 $ ? $ 108,525 31, 2019Adoption of CurrentExpected Credit Loss 39,588 54,924 94,512 (CECL) methodologyBalances ? January 148,113 54,924 203,037 1, 2020Net charge-offs (18,232 ) ? (18,232 )Provision for credit 176,315 13,374 189,689 lossesBalances ? June 30, $ 306,196 $ 68,298 $ 374,494 2020 Three months ended June 30, 2019:Balances ? March 31, $ 105,954 $ ? $ 105,954 2019Net charge-offs (6,081 ) ? (6,081 )Provision for credit 6,769 ? 6,769 lossesBalances ? June 30, $ 106,642 $ ? $ 106,642 2019 Six months ended June 30, 2019:Balances ? December $ 102,264 $ ? $ 102,264 31, 2018Net charge-offs (9,072 ) ? (9,072 )Provision for credit 13,450 ? 13,450 lossesBalances ? June 30, $ 106,642 $ ? $ 106,642 2019

Bank OZK Summary of Deposits By Account TypeUnaudited

June 30, 2020 December 31, 2019 (Dollars in thousands) Non-interest $ 3,696,306 17.8 % $ 2,795,251 15.1 %bearingInterest bearing: Transaction (NOW) 2,929,462 14.1 2,706,426 14.7 Savings and money 4,518,178 21.8 5,601,181 30.3 marketTime deposits less 3,783,621 18.3 3,321,446 18.0 than $100Time deposits of 5,796,031 28.0 4,049,955 21.9 $100 or moreTotal deposits $ 20,723,598 100.0 % $ 18,474,259 100.0 %

Summary of Deposits By Customer TypeUnaudited

June 30, 2020 December 31, 2019 (Dollars in thousands) Consumer $ 10,083,452 48.7 % $ 7,526,014 40.7 %Commercial 5,439,295 26.2 4,334,366 23.5 Public Funds 2,545,778 12.3 3,782,415 20.5 Brokered 2,018,331 9.7 2,115,193 11.4 Reciprocal 636,742 3.1 716,271 3.9 Total $ 20,723,598 100.0 % $ 18,474,259 100.0 %deposits

Bank OZKSelected Consolidated Financial DataUnaudited

Three Months Ended Six Months Ended June 30, June 30, 2020 2019 % 2020 2019 % Change Change (Dollars in thousands, except per share amounts) Income statement data:Net interest income $ 216,593 $ 224,536 (3.5 ) $ 426,367 $ 450,424 (5.3 ) % %Provision for credit 72,026 6,769 964.1 189,689 13,450 1,310.3 lossesNon-interest income 21,591 26,603 (18.8 ) 49,271 50,675 (2.8 )Non-interest expense 100,953 99,131 1.8 204,378 195,809 4.4 Net income availableto common 50,266 110,503 (54.5 ) 62,132 221,209 (71.9 )stockholdersPre-tax pre-provision 137,231 152,008 (9.7 ) 271,260 305,290 (11.1 )net revenue ^(1)Common share and per common share data:Net income per share $ 0.39 $ 0.86 (54.7 ) $ 0.48 $ 1.71 (71.9 )? diluted % %Net income per share 0.39 0.86 (54.7 ) 0.48 1.72 (72.1 )? basicCash dividends per 0.27 0.23 17.4 0.53 0.45 17.8 shareBook value per share 31.78 30.97 2.6 31.78 30.97 2.6 Tangible book value 26.53 25.61 3.6 26.53 25.61 3.6 per share^(1)Weighted-averagediluted shares 129,399 129,079 129,349 129,022 outstanding(thousands)End of period sharesoutstanding 129,350 128,947 129,350 128,947 (thousands)Balance sheet data at period end:Total assets $ 26,380,409 $ 22,960,731 14.9 % $ 26,380,409 $ 22,960,731 14.9 %Total loans 19,311,078 17,485,205 10.4 19,311,078 17,485,205 10.4 Non-purchased loans 18,247,431 15,786,809 15.6 18,247,431 15,786,809 15.6 Purchased loans 1,063,647 1,698,396 (37.4 ) 1,063,647 1,698,396 (37.4 )Allowance for loan 306,196 106,642 187.1 306,196 106,642 187.1 lossesForeclosed assets 18,328 33,467 (45.2 ) 18,328 33,467 (45.2 )Investment securities 3,299,944 2,548,489 29.5 3,299,944 2,548,489 29.5 ? AFSGoodwill and otherintangible assets, 679,166 690,304 (1.6 ) 679,166 690,304 (1.6 )netDeposits 20,723,598 18,186,215 14.0 20,723,598 18,186,215 14.0 Other borrowings 903,696 201,455 348.6 903,696 201,455 348.6 Subordinated notes 223,854 223,471 0.2 223,854 223,471 0.2 Subordinated 120,194 119,635 0.5 120,194 119,635 0.5 debenturesUnfunded balance of 11,411,441 11,167,055 2.2 11,411,441 11,167,055 2.2 closed loansReserve for losses onunfunded loan 68,298 ? NM 68,298 ? NM commitmentsTotal common 4,110,666 3,993,247 2.9 4,110,666 3,993,247 2.9 stockholders? equityNet unrealized gainson investmentsecurities 63,177 19,693 63,177 19,693 AFSincluded incommon stockholders'equityLoan (includingpurchased loans) to 93.18 % 96.15 % 93.18 % 96.15 % deposit ratioSelected ratios: Return on average 0.78 % 1.95 % 0.50 % 1.97 % assets^(2)Return on averagecommon stockholders? 4.92 11.29 3.04 11.52 equity^(2)Return on averagetangible common 5.89 13.70 3.64 14.04 stockholders? equity^(1) (2)Average common equityto total average 15.93 17.31 16.59 17.12 assetsNet interest margin ? 3.74 4.45 3.84 4.49 FTE^(2)Efficiency ratio 42.07 39.30 42.71 38.89 Net charge-offs toaverage non-purchased 0.05 0.12 0.06 0.09 loans^(2) (3)Net charge-offs toaverage total loans^ 0.29 0.14 0.20 0.10 (2)Nonperforming loans 0.18 0.15 0.18 0.15 to total loans^(4)Nonperforming assets 0.19 0.25 0.19 0.25 to total assets^(4)Allowance for loanlosses to total loans 1.59 0.61 1.59 0.61 ^(5)Other information: Non-accrual loans^(4) $ 31,083 $ 22,860 $ 31,083 $ 22,860 Accruing loans ? 90 ? ? ? ? days past due^(4)Troubled andrestructured 934 1,399 934 1,399 non-purchased loans ?accruing^(4)

^(1) Calculations of pre-tax pre-provision net revenue, tangible book valueper common share and return on average tangible common stockholders? equity andthe reconciliations to GAAP are included in the schedules accompanying thisrelease.^(2) Ratios for interim periods annualized based on actual days.^(3) Excludes purchased loans and net charge-offs related to such loans.^(4) Excludes purchased loans, except for their inclusion in total assets.^(5) Excludes reserve for losses on unfunded loan commitments.NM ? Not meaningful

Selected Consolidated Financial Data (continued)Unaudited

Three Months Ended June 30, March 31, 2020 2020 % Change (Dollars in thousands, except per share amounts)Income statement data: Net interest income $ 216,593 $ 209,775 3.3 %Provision for credit losses 72,026 117,663 (38.8 )Non-interest income 21,591 27,680 (22.0 )Non-interest expense 100,953 103,425 (2.4 )Net income available to common 50,266 11,866 323.6 stockholdersPre-tax pre-provision net revenue 137,231 134,030 2.4 ^(1)Common share and per common share data:Net income per share ? diluted $ 0.39 $ 0.09 333.3 %Net income per share ? basic 0.39 0.09 333.3 Cash dividends per share 0.27 0.26 3.8 Book value per share 31.78 31.57 0.7 Tangible book value per share ^ 26.53 26.30 0.9 (1)Weighted-average diluted shares 129,399 129,307 outstanding (thousands)End of period shares outstanding 129,350 129,324 (thousands)Balance sheet data at period end: Total assets $ 26,380,409 $ 24,565,810 7.4 %Total loans 19,311,078 18,228,204 5.9 Non-purchased loans 18,247,431 17,030,378 7.1 Purchased loans 1,063,647 1,197,826 (11.2 )Allowance for loan losses 306,196 238,737 28.3 Foreclosed assets 18,328 20,616 (11.1 )Investment securities ? AFS 3,299,944 2,816,556 17.2 Goodwill and other intangible 679,166 681,747 (0.4 )assets, netDeposits 20,723,598 18,809,190 10.2 Other borrowings 903,696 1,051,353 (14.0 )Subordinated notes 223,854 223,759 ? Subordinated debentures 120,194 120,055 0.1 Unfunded balance of closed loans 11,411,441 11,334,737 0.7 Reserve for losses on unfunded 68,298 77,672 (12.1 )loan commitmentsTotal common stockholders? equity 4,110,666 4,083,150 0.7 Net unrealized gains oninvestment securities 63,177 54,888 AFSincluded in commonstockholders' equityLoan (including purchased loans) 93.18 % 96.91 % to deposit ratioSelected ratios: Return on average assets^(2) 0.78 % 0.20 % Return on average common 4.92 1.16 stockholders? equity^(2)Return on average tangible common 5.89 1.39 stockholders? equity^(1) (2)Average common equity to total 15.93 17.31 average assetsNet interest margin ? FTE^(2) 3.74 3.96 Efficiency ratio 42.07 43.35 Net charge-offs to average 0.05 0.08 non-purchased loans^(2) (3)Net charge-offs to average total 0.29 0.10 loans^(2)Nonperforming loans to total 0.18 0.16 loans^(4)Nonperforming assets to total 0.19 0.19 assets^(4)Allowance for loan losses to 1.59 1.31 total loans ^(5)Other information: Non-accrual loans^(4) $ 31,083 $ 25,681 Accruing loans ? 90 days past due ? ? ^(4)Troubled and restructurednon-purchased loans ? accruing^ 934 757 (4)

^(1) Calculations of pre-tax pre-provision net revenue, tangible book valueper common share and return on average tangible common stockholders? equity andthe reconciliations to GAAP are included in the schedules accompanying thisrelease.^(2) Ratios for interim periods annualized based on actual days.^(3) Excludes purchased loans and net charge-offs related to such loans.^(4) Excludes purchased loans, except for their inclusion in total assets.^(5) Excludes reserve for losses on unfunded loan commitments.

Bank OZKSupplemental Quarterly Financial DataUnaudited

9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 (Dollars in thousands, except per share amounts) Earnings Summary: Net interest $ 220,614 $ 228,382 $ 225,888 $ 224,536 $ 218,780 $ 214,977 $ 209,775 $ 216,593 incomeFederal tax (FTE) 1,132 1,219 1,207 1,136 1,038 1,028 1,133 1,753 adjustmentNet interest 221,746 229,601 227,095 225,672 219,818 216,005 210,908 218,346 income (FTE)Provision for (41,949 ) (7,271 ) (6,681 ) (6,769 ) (7,854 ) (4,938 ) (117,663 ) (72,026 )credit lossesNon-interest 24,121 27,560 24,072 26,603 26,446 30,406 27,680 21,591 incomeNon-interest (102,942 ) (94,893 ) (96,678 ) (99,131 ) (100,914 ) (104,406 ) (103,425 ) (100,953 )expensePretax income 100,976 154,997 147,808 146,375 137,496 137,067 17,500 66,958 (FTE)FTE adjustment (1,132 ) (1,219 ) (1,207 ) (1,136 ) (1,038 ) (1,028 ) (1,133 ) (1,753 )Provision for (25,665 ) (38,750 ) (35,889 ) (34,726 ) (32,574 ) (35,240 ) (4,509 ) (14,948 )income taxesNoncontrolling 1 3 (6 ) (10 ) 7 7 8 9 interestNet incomeavailable to $ 74,180 $ 115,031 $ 110,706 $ 110,503 $ 103,891 $ 100,806 $ 11,866 $ 50,266 commonstockholdersEarnings percommon share ? $ 0.58 $ 0.89 $ 0.86 $ 0.86 $ 0.81 $ 0.78 $ 0.09 $ 0.39 dilutedNon-interest Income:Service charges on $ 9,730 $ 10,585 $ 9,722 $ 10,291 $ 10,827 $ 10,933 $ 10,009 $ 8,281 deposit accountsTrust income 1,730 1,821 1,730 1,839 1,975 2,010 1,939 1,759 BOLI income: Increase in cash 5,321 5,269 5,162 5,178 5,208 5,167 5,067 5,057 surrender value Death benefits ? 482 ? ? 206 2,989 608 ? Loan service,maintenance and 4,724 5,245 4,874 4,565 4,197 4,282 3,716 3,394 other feesOther income from 1,418 2,370 795 1,455 674 759 ? ? purchased loansGains (losses) onsales of other (518 ) 465 284 402 189 1,358 161 621 assetsNet gains oninvestment ? ? ? 713 ? ? 2,223 ? securitiesOther 1,716 1,323 1,505 2,160 3,170 2,908 3,957 2,479 Total non-interest $ 24,121 $ 27,560 $ 24,072 $ 26,603 $ 26,446 $ 30,406 $ 27,680 $ 21,591 incomeNon-interest Expense:Salaries and $ 41,477 $ 41,837 $ 44,868 $ 47,558 $ 48,376 $ 52,050 $ 51,473 $ 48,410 employee benefitsNet occupancy and 14,358 14,027 14,750 14,587 14,825 14,855 15,330 15,756 equipmentOther operating 47,107 39,029 37,060 36,986 37,713 37,501 36,622 36,787 expensesTotal non-interest $ 102,942 $ 94,893 $ 96,678 $ 99,131 $ 100,914 $ 104,406 $ 103,425 $ 100,953 expenseBalance Sheet Data:Total assets $ 22,086,539 $ 22,388,030 $ 23,005,652 $ 22,960,731 $ 23,402,679 $ 23,555,728 $ 24,565,810 $ 26,380,409 Non-purchased 14,440,623 15,073,791 15,610,681 15,786,809 16,307,621 16,224,539 17,030,378 18,247,431 loansPurchased loans 2,285,168 2,044,032 1,864,715 1,698,396 1,427,230 1,307,504 1,197,826 1,063,647 Investment 2,669,877 2,862,340 2,769,602 2,548,489 2,414,722 2,277,389 2,816,556 3,299,944 securities ? AFSDeposits 17,822,915 17,938,415 18,476,868 18,186,215 18,440,078 18,474,259 18,809,190 20,723,598 Unfunded balance 11,891,247 11,364,975 11,544,218 11,167,055 11,429,918 11,325,598 11,334,737 11,411,441 of closed loansCommonstockholders' 3,653,596 3,770,330 3,882,643 3,993,247 4,078,324 4,150,351 4,083,150 4,110,666 equity

Bank OZKSupplemental Quarterly Financial Data (Continued)Unaudited

9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 (Dollars in thousands, except per share amounts) Allowance for Credit Losses:Balance atbeginning of $ 104,638 $ 98,200 $ 102,264 $ 105,954 $ 106,642 $ 109,001 $ 108,525 $ 316,409 periodAdoption of CECL^ ? ? ? ? ? ? 94,512 ? (1) methodologyNet charge-offs (48,387 ) (3,207 ) (2,991 ) (6,081 ) (5,495 ) (5,414 ) (4,291 ) (13,941 )Provision for 41,949 7,271 6,681 6,769 7,854 4,938 117,663 72,026 credit lossesBalance at end of $ 98,200 $ 102,264 $ 105,954 $ 106,642 $ 109,001 $ 108,525 $ 316,409 $ 374,494 periodAllowance for loan $ 98,200 $ 102,264 $ 105,954 $ 106,642 $ 109,001 $ 108,525 $ 238,737 $ 306,196 lossesReserve for losseson unfunded loan ? ? ? ? ? ? 77,672 68,298 commitmentsTotal allowance $ 98,200 $ 102,264 $ 105,954 $ 106,642 $ 109,001 $ 108,525 $ 316,409 $ 374,494 for credit lossesSelected Ratios: Net interest 4.47 % 4.55 % 4.53 % 4.45 % 4.26 % 4.15 % 3.96 % 3.74 %margin ? FTE^(2)Efficiency ratio 41.87 36.90 38.49 39.30 40.98 42.37 43.35 42.07 Net charge-offs toaverage 1.32 0.06 0.05 0.12 0.07 0.10 0.08 0.05 non-purchasedloans^(2) (3)Net charge-offs toaverage total 1.14 0.07 0.07 0.14 0.12 0.12 0.10 0.29 loans^(2)Nonperformingloans to total 0.23 0.23 0.22 0.15 0.17 0.15 0.16 0.18 loans^(4)Nonperformingassets to total 0.23 0.23 0.21 0.25 0.26 0.18 0.19 0.19 assets^(4)Allowance for loanlosses to total 0.59 0.60 0.61 0.61 0.61 0.62 1.31 1.59 loans ^(5)Loans past due 30days or more,including 0.17 0.28 0.28 0.13 0.14 0.19 0.18 0.13 past duenon-accrual loans,to total loans^(4)

^(1) Current Expected Credit Loss methodology.^(2) Ratios for interim periods annualized based on actual days. ^(3) Excludes purchased loans and net charge-offs related to such loans.^(4) Excludes purchased loans, except for their inclusion in total assets. ^(5) Excludes reserve for losses on unfunded loan commitments.

Bank OZKAverage Consolidated Balance Sheets and Net Interest Analysis FTEUnaudited

Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate Balance Expense Rate Balance Expense Rate (Dollars in thousands) ASSETS Earning assets: Interest earning deposits and $ 1,303,791 $ 330 0.10 % $ 118,761 $ 941 3.18 % $ 1,335,544 $ 4,706 0.71 % $ 93,031 $ 1,354 2.94 %federalfunds soldInvestment securities: Taxable 1,923,362 11,055 2.31 2,172,732 13,585 2.51 1,859,711 21,814 2.36 2,241,370 28,481 2.56 Tax-exempt ? FTE 1,151,492 7,400 2.58 509,119 4,675 3.68 818,777 11,953 2.94 512,348 9,579 3.77 Non-purchased loans ? FTE 17,963,230 233,015 5.22 15,760,582 250,235 6.37 17,244,750 465,046 5.42 15,622,442 496,276 6.41 Purchased loans 1,133,611 17,087 6.06 1,785,374 28,519 6.41 1,199,512 38,474 6.45 1,866,130 58,714 6.34 Total earning assets ? FTE 23,475,486 268,887 4.61 20,346,568 297,955 5.87 22,458,294 541,993 4.85 20,335,321 594,404 5.89 Non-interest earning assets 2,318,334 2,342,995 2,335,832 2,280,063 Total assets $ 25,793,820 $ 22,689,563 $ 24,794,126 $ 22,615,384 LIABILITIES AND STOCKHOLDERS? EQUITY Interest bearing liabilities: Deposits: Savings and interest bearingtransaction $ 7,517,260 $ 7,702 0.41 % $ 9,640,727 $ 37,510 1.56 % $ 7,824,330 $ 27,449 0.71 % $ 9,586,233 $ 73,613 1.55 %Time deposits of $100 or more 5,279,716 23,765 1.81 3,137,419 16,698 2.13 4,834,026 45,955 1.91 3,153,873 32,252 2.06 Other time deposits 3,752,793 13,784 1.48 2,580,584 13,184 2.05 3,543,161 29,529 1.68 2,508,405 24,614 1.98 Total interest bearing deposits 16,549,769 45,251 1.10 15,358,730 67,392 1.76 16,201,517 102,933 1.28 15,248,511 130,479 1.73 Repurchase agreements with customers 8,087 6 0.30 11,101 11 0.41 7,985 13 0.31 16,616 33 0.40 Other borrowings ^(1) 1,043,004 963 0.37 70,390 19 0.11 669,987 1,013 0.30 169,439 1,408 1.68 Subordinated notes 223,793 3,172 5.70 223,419 3,181 5.71 223,752 6,344 5.70 223,370 6,326 5.71 Subordinated debentures ^(1) 120,120 1,149 3.85 119,559 1,680 5.64 120,052 2,436 4.08 119,486 3,392 5.72 Total interest bearing liabilities 17,944,773 50,541 1.13 15,783,199 72,283 1.84 17,223,293 112,739 1.32 15,777,422 141,638 1.81 Non-interest bearing liabilities: Non-interest bearing deposits 3,478,030 2,723,657 3,202,663 2,740,291 Other non-interest bearing liabilities 257,874 252,062 251,026 223,491 Total liabilities 21,680,677 18,758,918 20,676,982 18,741,204 Common stockholders? equity 4,110,038 3,927,522 4,114,035 3,871,065 Noncontrolling interest 3,105 3,123 3,109 3,115 Total liabilities and $ 25,793,820 $ 22,689,563 $ 24,794,126 $ 22,615,384 stockholders?equityNet interest income ? FTE $ 218,346 $ 225,672 $ 429,254 $ 452,766 Net interest margin ? FTE 3.74 % 4.45 % 3.84 % 4.49 %

(1) The interest expense and the rates for other borrowings and for subordinated debentures were affected by capitalized interest. Capitalized interest included in other borrowings totaled $0.27 million for the second quarter and $0.62 million for the first six months of 2020 compared to $0.40 million for the second quarter and $0.75 million for the first six months of 2019. In the absence of this interest capitalization, the rates on other borrowings would have been 0.47% for the second quarter and 0.49% for the first six months of 2020 compared to 2.36% for the second quarter and 2.56% for the first six months of 2019. Capitalized interest included in subordinated debentures totaled $0.03 million for the second quarter and $0.18 million for the first six months of 2020 (none in the second quarter or first six months of 2019). In the absence of this interest capitalization, the rates on subordinated debentures would have been 3.95% for the second quarter and 4.37% for the first six months of 2020.

Bank OZKReconciliation of Non-GAAP Financial Measures

Calculation of Average Tangible Common Stockholders Equityand the Annualized Return on Average Tangible Common Stockholders EquityUnaudited

Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (Dollars in thousands) Net income availableto common $ 50,266 $ 110,503 $ 62,132 $ 221,209 stockholdersAverage commonstockholders? equity $ 4,110,038 $ 3,927,522 $ 4,114,035 $ 3,871,065 beforenoncontrollinginterestLess average intangible assets:Goodwill (660,789 ) (660,789 ) (660,789 ) (660,789 )Core deposit andother intangibleassets, net (19,563 ) (31,225 ) (20,987 ) (32,822 )ofaccumulatedamortizationTotal average (680,352 ) (692,014 ) (681,776 ) (693,611 )intangiblesAverage tangiblecommon stockholders? $ 3,429,686 $ 3,235,508 $ 3,432,259 $ 3,177,454 equityReturn on averagecommon stockholders? 4.92 % 11.29 % 3.04 % 11.52 %equity^(1)Return on averagetangible common 5.89 % 13.70 % 3.64 % 14.04 %stockholders? equity^(1)

(1)Ratios for interim periods annualized based on actual days.

Calculation of Total Tangible Common Stockholders Equityand Tangible Book Value per Common ShareUnaudited

June 30, March 31, 2020 2019 2020 (In thousands, except per share amounts) Total common stockholders?equity before noncontrolling $ 4,110,666 $ 3,993,247 $ 4,083,150 interestLess intangible assets: Goodwill (660,789 ) (660,789 ) (660,789 )Core deposit and otherintangible assets, net of (18,377 ) (29,515 ) (20,958 )accumulated amortizationTotal intangibles (679,166 ) (690,304 ) (681,747 )Total tangible common $ 3,431,500 $ 3,302,943 $ 3,401,403 stockholders' equityShares of common stock 129,350 128,947 129,324 outstandingBook value per common share $ 31.78 $ 30.97 $ 31.57 Tangible book value per common $ 26.53 $ 25.61 $ 26.30 share

Calculation of Total Tangible Common Stockholders Equityand the Ratio of Total Tangible Common Stockholders Equityto Total Tangible AssetsUnaudited

June 30, 2020 2019 (Dollars in thousands) Total common stockholders? equity before $ 4,110,666 $ 3,993,247 noncontrolling interestLess intangible assets: Goodwill (660,789 ) (660,789 )Core deposit and other intangible assets, net (18,377 ) (29,515 )of accumulated amortizationTotal intangibles (679,166 ) (690,304 )Total tangible common stockholders' equity $ 3,431,500 $ 3,302,943 Total assets $ 26,380,409 $ 22,960,731 Less intangible assets: Goodwill (660,789 ) (660,789 )Core deposit and other intangible assets, net (18,377 ) (29,515 )of accumulated amortizationTotal intangibles (679,166 ) (690,304 )Total tangible assets $ 25,701,243 $ 22,270,427 Ratio of total common stockholders? equity to 15.58 % 17.39 %total assetsRatio of total tangible common stockholders? 13.35 % 14.83 %equity to totaltangible assets

Calculation of Pre-Tax Pre-Provision Net RevenueUnaudited

Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, June 30, 2020 2019 2020 2020 2019 (Dollars in thousands) Income before taxes $ 65,205 $ 145,239 $ 16,367 $ 81,571 $ 291,840 Provision for credit 72,026 6,769 117,663 189,689 13,450 lossesPre-taxpre-provision net $ 137,231 $ 152,008 $ 134,030 $ 271,260 $ 305,290 revenue