GlobeNewswire Inc | Jan 21, 2021 04:01PM EST

January 21, 2021

LITTLE ROCK, Ark., Jan. 21, 2021 (GLOBE NEWSWIRE) -- Bank OZK (the Bank) (Nasdaq: OZK) today announced that net income for the fourth quarter of 2020 was $120.5 million, a 19.5% increase from $100.8 million for the fourth quarter of 2019. Diluted earnings per common share for the fourth quarter of 2020 were $0.93, a 19.2% increase from $0.78 for the fourth quarter of 2019.

For the full year of 2020, net income was $291.9 million, a 31.5% decrease from $425.9 million for the full year of 2019. Diluted earnings per common share for the full year of 2020 were $2.26, a 31.5% decrease from $3.30 for the full year of 2019.

Pre-tax pre-provision net revenue (PPNR) was $162.9 million for the fourth quarter of 2020, a 15.5% increase from $141.0 million for the fourth quarter of 2019. PPNR was $579.8 million for the full year of 2020, a 1.8% decrease from $590.6 million for the full year of 2019. The calculation of PPNR and the reconciliation to generally accepted accounting principles (GAAP) are included in the schedules accompanying this release.

The COVID-19 pandemic significantly affected the global economy in 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 significant provision for credit losses in the first and second quarters of 2020. The Banks provision for credit losses was $203.6 million for the full year of 2020, and the Banks ACL was $377.3 million at December 31, 2020.

The Banks annualized returns on average assets, average common stockholders equity and average tangible common stockholders equity for the fourth quarter of 2020 were 1.79%, 11.36% and 13.53%, respectively, compared to 1.74%, 9.73% and 11.68%, respectively, for the fourth quarter of 2019. The Banks returns on average assets, average common stockholders equity and average tangible common stockholders equity for the full year of 2020 were 1.13%, 7.04% and 8.41%, respectively, compared to 1.87%, 10.72%, and 12.98%, respectively, for the full year of 2019. The calculation of the Banks return on average tangible common stockholders equity and the reconciliation to GAAP are included in the schedules accompanying this release.

George Gleason, Chairman and Chief Executive Officer, stated, We are pleased to report one of our best quarters ever, highlighted by record quarterly net interest income, our second highest quarterly net income in company history, excellent asset quality and an efficiency ratio among the best in the industry. It was a strong finish to a challenging year. Our strong capital and liquidity, our disciplined credit culture and our exceptional team have us well positioned for the future.

KEY BALANCE SHEET METRICS

Total loans were $19.21 billion at December 31, 2020, a 9.6% increase from $17.53 billion at December 31, 2019, but a 0.8% decrease from $19.36 billion at September 30, 2020. Non-purchased loans were $18.40 billion at December 31, 2020, a 13.4% increase from $16.22 billion at December 31, 2019, but a 0.1% decrease from $18.42 billion at September 30, 2020. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.81 billion at December 31, 2020, a 38.2% decrease from $1.31 billion at December 31, 2019.

Deposits were $21.45 billion at December 31, 2020, a 16.1% increase from $18.47 billion at December 31, 2019. Total assets were $27.16 billion at December 31, 2020, a 15.3% increase from $23.56 billion at December 31, 2019.

Common stockholders equity was $4.27 billion at December 31, 2020, a 2.9% increase from $4.15 billion at December 31, 2019. Tangible common stockholders equity was $3.60 billion at December 31, 2020, a 3.8% increase from $3.47 billion at December 31, 2019. Book value per common share was $33.03 at December 31, 2020, a 2.6% increase from $32.19 at December 31, 2019. Tangible book value per common share was $27.81 at December 31, 2020, a 3.5% increase from $26.88 at December 31, 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 15.73% at December 31, 2020 compared to 17.62% at December 31, 2019. Its ratio of total tangible common stockholders equity to total tangible assets was 13.59% at December 31, 2020 compared to 15.15% at December 31, 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 January 22, 2021. 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 7995612. 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 PPNR, to assess the strength of its capital, its ability to generate earnings on tangible capital invested by its shareholders and trends in its net revenue. These measures typically adjust GAAP financial measures to exclude intangible assets or 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, and they are not 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 COVID-19 pandemic. At the same time, the Bank remains focused on increasing 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 its provision and ACL and the discussion regarding 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 evolving nature of the COVID-19 pandemic.

If the health, logistical or economic effects of the COVID-19 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 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 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 COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act, the Consolidated Appropriations Act of 2021 and any similar or related rules and regulations; changes in U.S. Government monetary and fiscal policy, including any changes that result from the recent U.S. elections; 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 Banks staff, the global economy and financial markets; national, international or political instability; impairment of the Banks goodwill or other intangible assets; adoption of new accounting standards, including the effects from the adoption of the CECL methodology 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. Headquartered in Little Rock, Arkansas, Bank OZK conducts operations through more than 250 branches, loan production offices and other offices in Arkansas, Georgia, Florida, North Carolina, South Carolina, Texas, 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 OZKConsolidated Balance SheetsUnaudited

December 31, 2020 2019 (Dollars in thousands, except per share amounts)ASSETS Cash and cash equivalents $ 2,393,662 $ 1,495,757 Investment securities ? available for sale 3,405,351 2,277,389 ("AFS")Federal Home Loan Bank of Dallas and other 38,486 21,855 bankers' bank stocksNon-purchased loans 18,401,495 16,224,539 Purchased loans 807,673 1,307,504 Allowance for loan losses (295,824 ) (108,525 )Net loans 18,913,344 17,423,518 Premises and equipment, net 738,842 711,541 Foreclosed assets 11,085 19,096 Accrued interest receivable 88,077 75,208 Bank owned life insurance (?BOLI?) 758,071 738,860 Goodwill and other intangible assets, net 675,458 684,542 Other, net 140,220 107,962 Total assets $ 27,162,596 $ 23,555,728 LIABILITIES AND STOCKHOLDERS? EQUITY Deposits: Demand non-interest bearing $ 3,996,546 $ 2,795,251 Savings and interest bearing transaction 8,160,982 8,307,607 Time 9,292,828 7,371,401 Total deposits 21,450,356 18,474,259 Repurchase agreements with customers 8,013 11,249 Other borrowings 750,928 351,387 Subordinated notes 224,047 223,663 Subordinated debentures 120,475 119,916 Reserve for losses on unfunded loan 81,481 ? commitmentsAccrued interest payable and other 251,940 221,786 liabilitiesTotal liabilities 22,887,240 19,402,260 Commitments and contingencies Stockholders? equity: Preferred stock; $0.01 par value; 100,000,000shares authorized; no shares ? ? issued or outstanding at December 31, 2020 or2019Common stock; $0.01 par value; 300,000,000shares authorized;129,350,448 and 128,951,024 shares issued and 1,294 1,289 outstanding atDecember 31, 2020 and 2019, respectivelyAdditional paid-in capital 2,265,850 2,251,824 Retained earnings 1,946,875 1,869,983 Accumulated other comprehensive income 58,252 27,255 Total stockholders? equity before 4,272,271 4,150,351 noncontrolling interestNoncontrolling interest 3,085 3,117 Total stockholders? equity 4,275,356 4,153,468 Total liabilities and stockholders? equity $ 27,162,596 $ 23,555,728

Bank OZKConsolidated Statements of IncomeUnaudited

Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 (Dollars in thousands, except per share amounts) Interest income: Non-purchased loans $ 243,064 $ 240,912 $ 944,354 $ 981,811 Purchased loans 16,069 22,152 70,812 106,908 Investment securities:Taxable 9,066 11,820 40,547 52,812 Tax-exempt 4,767 3,323 19,403 14,252 Deposits with banksand federal funds 428 2,756 5,665 6,758 soldTotal interest income 273,394 280,963 1,080,781 1,162,541 Interest expense: Deposits 30,607 61,631 171,813 258,358 Repurchase agreements 6 11 23 50 with customersOther borrowings 1,011 34 3,179 1,531 Subordinated notes 3,207 3,216 12,758 12,757 Subordinated 963 1,094 4,384 5,664 debenturesTotal interest 35,794 65,986 192,157 278,360 expense Net interest income 237,600 214,977 888,624 884,181 Provision for credit 6,750 4,938 203,639 26,241 lossesNet interest incomeafter provision for 230,850 210,039 684,985 857,940 credit losses Non-interest income: Service charges on 9,983 10,933 37,699 41,774 deposit accountsTrust income 1,909 2,010 7,544 7,554 BOLI income: Increase in cash 5,034 5,167 20,239 20,715 surrender valueDeath benefits ? 2,989 608 3,194 Loan service,maintenance and other 3,797 4,282 14,257 17,917 feesOther income from ? 759 ? 3,684 purchased loansGains on sales of 5,189 1,358 6,863 2,233 other assetsNet gains on ? ? 4,467 713 investment securitiesOther 2,749 2,908 12,931 9,743 Total non-interest 28,661 30,406 104,608 107,527 income Non-interest expense: Salaries and employee 53,832 52,050 206,834 192,851 benefitsNet occupancy and 15,617 14,855 63,379 59,018 equipmentOther operating 33,945 37,501 143,200 149,261 expensesTotal non-interest 103,394 104,406 413,413 401,130 expense Income before taxes 156,117 136,039 376,180 564,337 Provision for income 35,607 35,240 84,314 138,429 taxesNet income 120,510 100,799 291,866 425,908 Earnings attributableto noncontrolling 3 7 32 (2 )interestNet income availableto common $ 120,513 $ 100,806 $ 291,898 $ 425,906 stockholders Basic earnings per $ 0.93 $ 0.78 $ 2.26 $ 3.30 common share Diluted earnings per $ 0.93 $ 0.78 $ 2.26 $ 3.30 common share

Bank OZKConsolidated 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 December 31, 2020:Balances ? September $ 1,293 $ 2,261,864 $ 1,862,012 $ 61,116 $ 3,088 $ 4,189,373 30, 2020Net income ? ? 120,510 ? ? 120,510 Earnings attributableto noncontrolling ? ? 3 ? (3 ) ? interestTotal other ? ? ? (2,864 ) ? (2,864 )comprehensive lossCommon stock dividends, ? ? (35,650 ) ? ? (35,650 )$0.275 per shareIssuance of 39,900shares of common ? 991 ? ? ? 991 stock for exercise ofstock optionsStock-based ? 2,996 ? ? ? 2,996 compensation expenseForfeitures of 31,525shares of unvested 1 (1 ) ? ? ? ? restricted common stockBalances ? December 31, $ 1,294 $ 2,265,850 $ 1,946,875 $ 58,252 $ 3,085 $ 4,275,356 2020 Year ended December 31, 2020:Balances ? December 31, $ 1,289 $ 2,251,824 $ 1,869,983 $ 27,255 $ 3,117 $ 4,153,468 2019Cumulative effect ofchange ? ? (75,344 ) ? ? (75,344 )in accounting principleBalances ? January 1, 1,289 2,251,824 1,794,639 27,255 3,117 4,078,124 2020Net income ? ? 291,866 ? ? 291,866 Earnings attributableto noncontrolling ? ? 32 ? (32 ) ? interestTotal other ? ? ? 30,997 ? 30,997 comprehensive incomeCommon stock dividends, ? ? (139,662 ) ? ? (139,662 )$1.0775 per shareIssuance of 44,200shares of common ? 1,036 ? ? ? 1,036 stock for exercise ofstock optionsIssuance of 493,761shares of unvested 5 (5 ) ? ? ? ? restricted common stockRepurchase andcancellation of 61,873 (1 ) (1,852 ) ? ? ? (1,853 )shares of common stockStock-based ? 14,848 ? ? ? 14,848 compensation expenseForfeitures of 76,664shares of unvested 1 (1 ) ? ? ? ? restricted common stockBalances ? December 31, $ 1,294 $ 2,265,850 $ 1,946,875 $ 58,252 $ 3,085 $ 4,275,356 2020

Bank OZKConsolidated 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 monthsended December 31, 2019:Balances ?September 30, $ 1,289 $ 2,247,973 $ 1,801,414 $ 27,648 $ 3,124 $ 4,081,448 2019Net income ? ? 100,799 ? ? 100,799 Earningsattributableto ? ? 7 ? (7 ) ? noncontrollinginterestTotal othercomprehensive ? ? ? (393 ) ? (393 )lossCommon stockdividends, ? ? (32,237 ) ? ? (32,237 )$0.25 pershareIssuance of16,150 sharesof common ? 266 ? ? ? 266 stock forexercise ofstock optionsStock-basedcompensation ? 3,585 ? ? ? 3,585 expenseForfeitures of11,485 sharesof unvested ? ? ? ? ? ? restrictedcommon stockBalances ?December 31, $ 1,289 $ 2,251,824 $ 1,869,983 $ 27,255 $ 3,117 $ 4,153,468 2019 Year endedDecember 31, 2019:Balances ?December 31, $ 1,286 $ 2,237,948 $ 1,565,201 $ (34,105 ) $ 3,035 $ 3,773,365 2018Net income ? ? 425,908 ? ? 425,908 Earningsattributableto ? ? (2 ) ? 2 ? noncontrollinginterestTotal othercomprehensive ? ? ? 61,360 ? 61,360 incomeCommon stockdividends, ? ? (121,124 ) ? ? (121,124 )$0.94per shareNoncontrollinginterest cash ? ? ? ? 80 80 contributionIssuance of83,500 sharesof common 1 1,384 ? ? ? 1,385 stock forexercise ofstock optionsIssuance of406,074 sharesof unvested 4 (4 ) ? ? ? ? restrictedcommon stockRepurchase andcancellationof 63,716 (1 ) (1,674 ) ? ? ? (1,675 )shares ofcommon stockStock-basedcompensation ? 14,169 ? ? ? 14,169 expenseForfeiture of85,883 sharesof unvested (1 ) 1 ? ? ? ? restrictedcommon stockBalances ?December 31, $ 1,289 $ 2,251,824 $ 1,869,983 $ 27,255 $ 3,117 $ 4,153,468 2019

Bank OZKSummary of Non-Interest ExpenseUnaudited

Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 (Dollars in thousands) Salaries and $ 53,832 $ 52,050 $ 206,834 $ 192,851 employee benefitsNet occupancy and 15,617 14,855 63,379 59,018 equipmentOther operating expenses:Professional and 7,345 7,156 30,974 33,030 outside servicesSoftware and data 5,729 4,974 21,279 19,535 processingDeposit insurance 3,647 3,780 15,247 13,425 and assessmentsTelecommunication 2,296 2,335 9,159 10,583 servicesPostage and 1,709 2,483 7,462 8,684 suppliesAdvertising and 1,086 1,822 6,050 7,242 public relationsATM expense 1,490 1,263 5,256 4,626 Travel and meals 835 2,845 4,336 11,230 Loan collectionand repossession 481 600 3,062 2,818 expenseWritedowns offoreclosed and 1,582 910 3,669 2,419 other assetsAmortization of 1,794 2,854 9,085 11,918 intangiblesOther 5,951 6,479 27,621 23,751 Total non-interest $ 103,394 $ 104,406 $ 413,413 $ 401,130 expense

Bank OZKSummary of Total Loans OutstandingUnaudited

December 31, 2020 2019 (Dollars in thousands) Real estate: Residential 1-4 $ 911,115 4.7 % $ 998,632 5.7 %familyNon-farm/ 4,213,636 21.9 3,956,579 22.6 non-residentialConstruction/land 8,046,978 41.9 6,391,429 36.4 developmentAgricultural 204,868 1.1 230,076 1.3 Multifamily 856,297 4.5 1,194,192 6.8 residentialTotal real estate 14,232,894 74.1 12,770,908 72.8 Commercial and 842,206 4.4 661,952 3.8 industrialConsumer 2,393,964 12.5 2,934,534 16.8 Other 1,740,104 9.0 1,164,649 6.6 Total loans 19,209,168 100.0 % 17,532,043 100.0 %Allowance for loan (295,824 ) (108,525 ) lossesNet loans $ 18,913,344 $ 17,423,518

Bank OZKAllowance 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 December 31, 2020:Balances ? September $ 308,847 $ 68,426 $ 377,273 30, 2020Net charge-offs (6,718 ) ? (6,718 )Provision for credit (6,305 ) 13,055 6,750 lossesBalances ? December $ 295,824 $ 81,481 $ 377,305 31, 2020 Year ended December 31, 2020:Balances ? December $ 108,525 $ ? $ 108,525 31, 2019Adoption of CurrentExpected Credit Loss 39,588 54,924 94,512 (CECL) methodologyBalances ? January 1, 148,113 54,924 203,037 2020Net charge-offs (29,371 ) ? (29,371 )Provision for credit 177,082 26,557 203,639 lossesBalances ? December $ 295,824 $ 81,481 $ 377,305 31, 2020 Three months ended December 31, 2019:Balances ? September $ 109,001 $ ? $ 109,001 30, 2019Net charge-offs (5,414 ) ? (5,414 )Provision for credit 4,938 ? 4,938 lossesBalances ? December $ 108,525 $ ? $ 108,525 31, 2019 Year ended December 31, 2019:Balances ? December $ 102,264 $ ? $ 102,264 31, 2018Net charge-offs (19,980 ) ? (19,980 )Provision for credit 26,241 ? 26,241 lossesBalances ? December $ 108,525 $ ? $ 108,525 31, 2019

Bank OZKSummary of Deposits By Account TypeUnaudited

December 31, 2020 2019 (Dollars in thousands) Non-interest $ 3,996,546 18.6 % $ 2,795,251 15.1 %bearingInterest bearing:Transaction 3,124,007 14.6 2,706,426 14.7 (NOW)Savings and 5,036,975 23.5 5,601,181 30.3 money marketTime depositsless than 3,075,845 14.3 3,321,446 18.0 $100Time depositsof $100 or 6,216,983 29.0 4,049,955 21.9 moreTotal $ 21,450,356 100.0 % $ 18,474,259 100.0 %deposits

Summary of Deposits By Customer TypeUnaudited

December 31, 2020 2019 (Dollars in thousands) Consumer $ 11,165,603 52.1 % $ 7,526,014 40.7 %Commercial 6,056,536 28.2 4,334,366 23.5 Public Funds 2,111,971 9.8 3,782,415 20.5 Brokered 1,600,116 7.5 2,115,193 11.4 Reciprocal 516,130 2.4 716,271 3.9 Total $ 21,450,356 100.0 % $ 18,474,259 100.0 %deposits

Bank OZKSelected Consolidated Financial DataUnaudited

Three Months Ended Year Ended December 31, December 31, 2020 2019 % 2020 2019 % Change Change (Dollars in thousands, except per share amounts) Income statement data:Net interest income $ 237,600 $ 214,977 10.5 % $ 888,624 $ 884,181 0.5 %Provision for credit 6,750 4,938 36.7 203,639 26,241 676.0 lossesNon-interest income 28,661 30,406 (5.7 ) 104,608 107,527 (2.7 )Non-interest expense 103,394 104,406 (1.0 ) 413,413 401,130 3.1 Net income availableto common 120,513 100,806 19.5 291,898 425,906 (31.5 )stockholdersPre-taxpre-provision net 162,867 140,977 15.5 579,819 590,578 (1.8 )revenue^(1)Common share and per common share data:Net income per share $ 0.93 $ 0.78 19.2 % $ 2.26 $ 3.30 (31.5 )? diluted %Net income per share 0.93 0.78 19.2 2.26 3.30 (31.5 )? basicDividends per share 0.275 0.25 10.0 1.0775 0.94 14.6 Book value per share 33.03 32.19 2.6 33.03 32.19 2.6 Tangible book value 27.81 26.88 3.5 27.81 26.88 3.5 per share^(1)Weighted-averagediluted shares 129,523 129,036 129,435 129,006 outstanding(thousands)End of period sharesoutstanding 129,350 128,951 129,350 128,951 (thousands)Balance sheet data at period end:Total assets $ 27,162,596 $ 23,555,728 15.3 % $ 27,162,596 $ 23,555,728 15.3 %Total loans 19,209,168 17,532,043 9.6 19,209,168 17,532,043 9.6 Non-purchased loans 18,401,495 16,224,539 13.4 18,401,495 16,224,539 13.4 Purchased loans 807,673 1,307,504 (38.2 ) 807,673 1,307,504 (38.2 )Allowance for loan 295,824 108,525 172.6 295,824 108,525 172.6 lossesForeclosed assets 11,085 19,096 (42.0 ) 11,085 19,096 (42.0 )Investment 3,405,351 2,277,389 49.5 3,405,351 2,277,389 49.5 securities ? AFSGoodwill and otherintangible assets, 675,458 684,542 (1.3 ) 675,458 684,542 (1.3 )netDeposits 21,450,356 18,474,259 16.1 21,450,356 18,474,259 16.1 Other borrowings 750,928 351,387 113.7 750,928 351,387 113.7 Subordinated notes 224,047 223,663 0.2 224,047 223,663 0.2 Subordinated 120,475 119,916 0.5 120,475 119,916 0.5 debenturesUnfunded balance of 11,847,117 11,325,598 4.6 11,847,117 11,325,598 4.6 closed loansReserve for losseson unfunded loan 81,481 ? NM 81,481 ? NM commitmentsTotal common 4,272,271 4,150,351 2.9 4,272,271 4,150,351 2.9 stockholders? equityNet unrealized gainson investmentsecurities AFS 58,252 27,255 58,252 27,255 included in commonstockholders' equityLoan (includingpurchased loans) to 89.55 % 94.90 % 89.55 % 94.90 % deposit ratioSelected ratios: Return on average 1.79 % 1.74 % 1.13 % 1.87 % assets^(2)Return on averagecommon stockholders? 11.36 9.73 7.04 10.72 equity^(2)Return on averagetangible common 13.53 11.68 8.41 12.98 stockholders? equity^(1) (2)Average commonequity to total 15.74 17.86 16.10 17.45 average assetsNet interest margin 3.88 4.15 3.81 4.34 ? FTE^(2)Efficiency ratio 38.61 42.37 41.37 40.27 Net charge-offs toaverage 0.14 0.10 0.09 0.09 non-purchased loans^(2) (3)Net charge-offs toaverage total loans^ 0.14 0.12 0.16 0.11 (2)Nonperforming loans 0.25 0.15 0.25 0.15 to total loans^(4)Nonperforming assets 0.21 0.18 0.21 0.18 to total assets^(4)Allowance for loanlosses to total 1.54 0.62 1.54 0.62 loans^(5)Other information: Non-accrual loans^ $ 45,162 $ 23,221 $ 45,162 $ 23,221 (4)Accruing loans ? 90 ? ? ? ? days past due^(4)Troubled andrestructured 1,483 656 1,483 656 non-purchased loans? accruing^(4)

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

Selected Consolidated Financial Data (continued)Unaudited

Three Months Ended December 31, September 30, 2020 2020 % Change (Dollars in thousands, except per share amounts)Income statement data: Net interest income $ 237,600 $ 224,657 5.8 %Provision for credit losses 6,750 7,200 (6.3 )Non-interest income 28,661 26,676 7.4 Non-interest expense 103,394 105,641 (2.1 )Net income available to common 120,513 109,253 10.3 stockholdersPre-tax pre-provision net revenue^ 162,867 145,692 11.8 (1)Common share and per common share data:Net income per share ? diluted $ 0.93 $ 0.84 10.7 %Net income per share ? basic 0.93 0.84 10.7 Dividends per share 0.275 0.2725 0.9 Book value per share 33.03 32.37 2.0 Tangible book value per share^(1) 27.81 27.13 2.5 Weighted-average diluted shares 129,523 129,470 outstanding (thousands)End of period shares outstanding 129,350 129,342 (thousands)Balance sheet data at period end: Total assets $ 27,162,596 $ 26,888,308 1.0 %Total loans 19,209,168 19,358,443 (0.8 )Non-purchased loans 18,401,495 18,419,958 (0.1 )Purchased loans 807,673 938,485 (13.9 )Allowance for loan losses 295,824 308,847 (4.2 )Foreclosed assets 11,085 16,543 (33.0 )Investment securities ? AFS 3,405,351 3,468,243 (1.8 )Goodwill and other intangible 675,458 677,251 (0.3 )assets, netDeposits 21,450,356 21,287,405 0.8 Other borrowings 750,928 750,949 0.1 Subordinated notes 224,047 223,950 0.1 Subordinated debentures 120,475 120,335 0.1 Unfunded balance of closed loans 11,847,117 11,604,614 2.1 Reserve for losses on unfunded loan 81,481 68,426 19.1 commitmentsTotal common stockholders? equity 4,272,271 4,186,285 2.1 Net unrealized gains on investmentsecurities AFS 58,252 61,116 included in common stockholders'equityLoan (including purchased loans) to 89.55 % 90.94 % deposit ratioSelected ratios: Return on average assets^(2) 1.79 % 1.63 % Return on average common 11.36 10.48 stockholders? equity^(2)Return on average tangible common 13.53 12.52 stockholders? equity^(1) (2)Average common equity to total 15.74 15.56 average assetsNet interest margin ? FTE^(2) 3.88 3.69 Efficiency ratio 38.61 41.77 Net charge-offs to average 0.14 0.09 non-purchased loans^(2) (3)Net charge-offs to average total 0.14 0.09 loans^(2)Nonperforming loans to total loans^ 0.25 0.15 (4)Nonperforming assets to total 0.21 0.17 assets^(4)Allowance for loan losses to total 1.54 1.60 loans^(5)Other information: Non-accrual loans^(4) $ 45,162 $ 27,181 Accruing loans ? 90 days past due^ ? ? (4)Troubled and restructured 1,483 1,251 non-purchased loans ? accruing^(4)

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

Bank OZKSupplemental Quarterly Financial DataUnaudited

3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 (Dollars in thousands, except per share amounts) Earnings Summary: Net interest $ 225,888 $ 224,536 $ 218,780 $ 214,977 $ 209,775 $ 216,593 $ 224,657 $ 237,600 incomeFederal tax (FTE) 1,207 1,136 1,038 1,028 1,133 1,753 1,605 1,533 adjustmentNet interest 227,095 225,672 219,818 216,005 210,908 218,346 226,262 239,133 income (FTE)Provision for (6,681 ) (6,769 ) (7,854 ) (4,938 ) (117,663 ) (72,026 ) (7,200 ) (6,750 )credit lossesNon-interest 24,072 26,603 26,446 30,406 27,680 21,591 26,676 28,661 incomeNon-interest (96,678 ) (99,131 ) (100,914 ) (104,406 ) (103,425 ) (100,953 ) (105,641 ) (103,394 )expensePretax income 147,808 146,375 137,496 137,067 17,500 66,958 140,097 157,650 (FTE)FTE adjustment (1,207 ) (1,136 ) (1,038 ) (1,028 ) (1,133 ) (1,753 ) (1,605 ) (1,533 )Provision for (35,889 ) (34,726 ) (32,574 ) (35,240 ) (4,509 ) (14,948 ) (29,251 ) (35,607 )income taxesNoncontrolling (6 ) (10 ) 7 7 8 9 12 3 interestNet incomeavailable to $ 110,706 $ 110,503 $ 103,891 $ 100,806 $ 11,866 $ 50,266 $ 109,253 $ 120,513 commonstockholdersEarnings percommon share ? $ 0.86 $ 0.86 $ 0.81 $ 0.78 $ 0.09 $ 0.39 $ 0.84 $ 0.93 dilutedNon-interest Income:Service charges on $ 9,722 $ 10,291 $ 10,827 $ 10,933 $ 10,009 $ 8,281 $ 9,427 $ 9,983 deposit accountsTrust income 1,730 1,839 1,975 2,010 1,939 1,759 1,936 1,909 BOLI income: Increase in cash 5,162 5,178 5,208 5,167 5,067 5,057 5,081 5,034 surrender valueDeath benefits ? ? 206 2,989 608 ? ? ? Loan service,maintenance and 4,874 4,565 4,197 4,282 3,716 3,394 3,351 3,797 other feesOther income from 795 1,455 674 759 ? ? ? ? purchased loansGains on sales of 284 402 189 1,358 161 621 891 5,189 other assetsNet gains oninvestment ? 713 ? ? 2,223 ? 2,244 ? securitiesOther 1,505 2,160 3,170 2,908 3,957 2,479 3,746 2,749 Total non-interest $ 24,072 $ 26,603 $ 26,446 $ 30,406 $ 27,680 $ 21,591 $ 26,676 $ 28,661 incomeNon-interest Expense:Salaries and $ 44,868 $ 47,558 $ 48,376 $ 52,050 $ 51,473 $ 48,410 $ 53,119 $ 53,832 employee benefitsNet occupancy and 14,750 14,587 14,825 14,855 15,330 15,756 16,676 15,617 equipmentOther operating 37,060 36,986 37,713 37,501 36,622 36,787 35,846 33,945 expensesTotal non-interest $ 96,678 $ 99,131 $ 100,914 $ 104,406 $ 103,425 $ 100,953 $ 105,641 $ 103,394 expenseBalance Sheet Data:Total assets $ 23,005,652 $ 22,960,731 $ 23,402,679 $ 23,555,728 $ 24,565,810 $ 26,380,409 $ 26,888,308 $ 27,162,596 Non-purchased 15,610,681 15,786,809 16,307,621 16,224,539 17,030,378 18,247,431 18,419,958 18,401,495 loansPurchased loans 1,864,715 1,698,396 1,427,230 1,307,504 1,197,826 1,063,647 938,485 807,673 Investment 2,769,602 2,548,489 2,414,722 2,277,389 2,816,556 3,299,944 3,468,243 3,405,351 securities ? AFSDeposits 18,476,868 18,186,215 18,440,078 18,474,259 18,809,190 20,723,598 21,287,405 21,450,356 Unfunded balance 11,544,218 11,167,055 11,429,918 11,325,598 11,334,737 11,411,441 11,604,614 11,847,117 of closed loansCommonstockholders' 3,882,643 3,993,247 4,078,324 4,150,351 4,083,150 4,110,666 4,186,285 4,272,271 equity

Bank OZKSupplemental Quarterly Financial Data (Continued)Unaudited

3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 (Dollars in thousands, except per share amounts) Allowance for Credit Losses:Balance atbeginning of $ 102,264 $ 105,954 $ 106,642 $ 109,001 $ 108,525 $ 316,409 $ 374,494 $ 377,273 periodAdoption of CECL^ ? ? ? ? 94,512 ? ? ? (1) methodologyNet charge-offs (2,991 ) (6,081 ) (5,495 ) (5,414 ) (4,291 ) (13,941 ) (4,421 ) (6,718 )Provision for 6,681 6,769 7,854 4,938 117,663 72,026 7,200 6,750 credit lossesBalance at end of $ 105,954 $ 106,642 $ 109,001 $ 108,525 $ 316,409 $ 374,494 $ 377,273 $ 377,305 periodAllowance for loan $ 105,954 $ 106,642 $ 109,001 $ 108,525 $ 238,737 $ 306,196 $ 308,847 $ 295,824 losses Reserve for losseson unfunded loan ? ? ? ? 77,672 68,298 68,426 81,481 commitmentsTotal allowance $ 105,954 $ 106,642 $ 109,001 $ 108,525 $ 316,409 $ 374,494 $ 377,273 $ 377,305 for credit lossesSelected Ratios: Net interest 4.53 % 4.45 % 4.26 % 4.15 % 3.96 % 3.74 % 3.69 % 3.88 %margin ? FTE^(2)Efficiency ratio 38.49 39.30 40.98 42.37 43.35 42.07 41.77 38.61 Net charge-offs toaverage 0.05 0.12 0.07 0.10 0.08 0.05 0.09 0.14 non-purchasedloans^(2) (3)Net charge-offs toaverage total 0.07 0.14 0.12 0.12 0.10 0.29 0.09 0.14 loans^(2)Nonperformingloans to total 0.22 0.15 0.17 0.15 0.16 0.18 0.15 0.25 loans^(4)Nonperformingassets to total 0.21 0.25 0.26 0.18 0.19 0.19 0.17 0.21 assets^(4)Allowance for loanlosses to total 0.61 0.61 0.61 0.62 1.31 1.59 1.60 1.54 loans ^(5)Loans past due 30days or more,including 0.28 0.13 0.14 0.19 0.18 0.13 0.13 0.16 past duenon-accrual loans,to total loans^(4)

(1) Current Expected Credit Loss. (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 December 31, Year Ended December 31, 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 andfederal $ 1,762,810 $ 428 0.10 % $ 668,403 $ 2,756 1.64 % $ 1,535,977 $ 5,665 0.37 % $ 353,528 $ 6,758 1.91 %funds soldInvestment securities: Taxable 2,036,253 9,066 1.77 1,892,693 11,820 2.48 1,993,667 40,547 2.03 2,099,522 52,812 2.52 Tax-exempt ? FTE 1,485,224 6,034 1.62 457,026 4,207 3.65 1,080,459 24,561 2.27 485,946 18,041 3.71 Non-purchased loans ? FTE 18,378,050 243,330 5.27 16,260,467 241,056 5.88 17,797,684 945,222 5.31 15,861,797 982,430 6.19 Purchased loans 881,372 16,069 7.25 1,365,846 22,152 6.43 1,069,250 70,812 6.62 1,661,205 106,908 6.44 Total earning assets ? FTE 24,543,709 274,927 4.46 20,644,435 281,991 5.42 23,477,037 1,086,807 4.63 20,461,998 1,166,949 5.70 Non-interest earning assets 2,258,105 2,370,753 2,291,135 2,297,372 Total assets $ 26,801,814 $ 23,015,188 $ 25,768,172 $ 22,759,370 LIABILITIES AND STOCKHOLDERS? EQUITYInterest bearing liabilities: Deposits: Savings and interest bearing $ 7,669,913 $ 4,483 0.23 % $ 8,212,286 $ 22,964 1.11 % $ 7,724,528 $ 37,428 0.48 % $ 9,039,984 $ 126,685 1.40 %transactionTime deposits of $100 or more 6,314,394 17,144 1.08 3,914,548 21,281 2.16 5,524,751 83,956 1.52 3,449,197 73,336 2.13 Other time deposits 3,294,323 8,980 1.08 3,392,019 17,386 2.03 3,511,220 50,429 1.44 2,872,676 58,337 2.03 Total interest bearing deposits 17,278,630 30,607 0.70 15,518,853 61,631 1.58 16,760,499 171,813 1.03 15,361,857 258,358 1.68 Repurchase agreements with 8,239 6 0.29 11,840 11 0.37 7,825 23 0.29 13,502 50 0.37 customersOther borrowings ^(1) 750,961 1,011 0.54 11,742 34 1.16 721,350 3,179 0.44 94,399 1,531 1.62 Subordinated notes 223,996 3,207 5.70 223,615 3,216 5.71 223,850 12,758 5.70 223,469 12,757 5.71 Subordinated debentures ^(1) 120,400 963 3.18 119,842 1,094 3.62 120,190 4,384 3.65 119,629 5,664 4.73 Total interest bearing 18,382,226 35,794 0.77 15,885,892 65,986 1.65 17,833,714 192,157 1.08 15,812,856 278,360 1.76 liabilitiesNon-interest bearing liabilities:Non-interest bearing deposits 3,907,955 2,804,919 3,521,066 2,753,634 Other non-interest bearing 289,298 210,936 261,169 217,809 liabilitiesTotal liabilities 22,579,479 18,901,747 21,615,949 18,784,299 Common stockholders? equity 4,219,249 4,110,322 4,149,123 3,971,952 Noncontrolling interest 3,086 3,119 3,100 3,119 Total liabilities andstockholders? $ 26,801,814 $ 23,015,188 $ 25,768,172 $ 22,759,370 equityNet interest income ? FTE $ 239,133 $ 216,005 $ 894,650 $ 888,589 Net interest margin ? FTE 3.88 % 4.15 % 3.81 % 4.34 %

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 $0.03 million for the fourth quarter and $0.68 million for the full year of 2020 compared to $0.04 million for the fourth quarter and $0.90 million for the full year of 2019. In the absence of this interest capitalization, the rates on other^ borrowings would have been 0.55% for the fourth quarter and 0.53% for the(1) full year of 2020 and 2.64% for the fourth quarter and 2.58% for the full year of 2019. Capitalized interest included in subordinated debentures totaled $0.01 million for the fourth quarter and $0.18 million for the full year of 2020, compared to $0.45 million for the fourth quarter and $0.89 million for the full year of 2019. In the absence of this interest capitalization, the rates on subordinated debentures would have been 3.20% for the fourth quarter and 3.80% for the full year of 2020 and 5.10% for the fourth quarter and 5.48% for the full year of 2019.

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 December 31, September Year Ended 30, 2020 2019 2020 2020 2019 (Dollars in thousands) Net incomeavailable to $ 120,513 $ 100,806 $ 109,253 $ 291,898 $ 425,906 commonstockholdersAverage commonstockholders?equity before $ 4,219,249 $ 4,110,322 $ 4,148,409 $ 4,149,123 $ 3,971,952 noncontrollinginterestLess averageintangible assets:Goodwill (660,789 ) (660,789 ) (660,789 ) (660,789 ) (660,789 )Core depositand otherintangible (15,578 ) (25,315 ) (17,461 ) (18,741 ) (29,784 )assets, net ofaccumulatedamortizationTotal average (676,367 ) (686,104 ) (678,250 ) (679,530 ) (690,573 )intangiblesAveragetangiblecommon $ 3,542,882 $ 3,424,218 $ 3,470,159 $ 3,469,593 $ 3,281,379 stockholders?equityReturn onaverage common 11.36 % 9.73 % 10.48 % 7.04 % 10.72 %stockholders?equity^(1)Return onaveragetangible 13.53 % 11.68 % 12.52 % 8.41 % 12.98 %commonstockholders'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

December 31, September 30, 2020 2019 2020 (In thousands, except per share amounts) Total common stockholders? equity $ 4,272,271 $ 4,150,351 $ 4,186,285 before noncontrolling interestLess intangible assets: Goodwill (660,789 ) (660,789 ) (660,789 )Core deposit and other intangibleassets, net of accumulated (14,669 ) (23,753 ) (16,462 )amortizationTotal intangibles (675,458 ) (684,542 ) (677,251 )Total tangible common $ 3,596,813 $ 3,465,809 $ 3,509,034 stockholders' equityShares of common stock 129,350 128,951 129,342 outstandingBook value per common share $ 33.03 $ 32.19 $ 32.37 Tangible book value per common $ 27.81 $ 26.88 $ 27.13 share

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

December 31, 2020 2019 (Dollars in thousands) Total common stockholders? equity before $ 4,272,271 $ 4,150,351 noncontrolling interestLess intangible assets: Goodwill (660,789 ) (660,789 )Core deposit and other intangible assets, net (14,669 ) (23,753 )of accumulated amortizationTotal intangibles (675,458 ) (684,542 )Total tangible common stockholders' equity $ 3,596,813 $ 3,465,809 Total assets $ 27,162,596 $ 23,555,728 Less intangible assets: Goodwill (660,789 ) (660,789 )Core deposit and other intangible assets, net (14,669 ) (23,753 )of accumulated amortizationTotal intangibles (675,458 ) (684,542 )Total tangible assets $ 26,487,138 $ 22,871,186 Ratio of total common stockholders? equity to 15.73 % 17.62 %total assetsRatio of total tangible common stockholders?equity to total 13.58 % 15.15 %tangible assets

Calculation of Pre-Tax Pre-Provision Net RevenueUnaudited

Three Months Ended Year Ended December 31, September December 31, 30, 2020 2019 2020 2020 2019 (Dollars in thousands) Income before $ 156,117 $ 136,039 $ 138,492 $ 376,180 $ 564,337 taxesProvision for 6,750 4,938 7,200 203,639 26,241 credit lossesPre-taxpre-provision $ 162,867 $ 140,977 $ 145,692 $ 579,819 $ 590,578 net revenue