GlobeNewswire Inc | Oct 21, 2021 04:01PM EDT

October 21, 2021

LITTLE ROCK, Ark., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Bank OZK (the Bank) (Nasdaq: OZK) today announced that net income for the third quarter of 2021 was $130.3 million, a 19.3% increase from $109.3 million for the third quarter of 2020. Diluted earnings per common share for the third quarter of 2021 were $1.00, a 19.0% increase from $0.84 for the third quarter of 2020.

For the nine months ended September 30, 2021, net income was $429.2 million, a 150.5% increase from $171.4 million for the first nine months of 2020. Diluted earnings per common share for the first nine months of 2021 were $3.30, a 150.0% increase from $1.32 for the first nine months of 2020.

As a result of improved economic conditions and prospects for improvement in the U.S. economy, management recorded negative provision for credit losses of $7.5 million during the third quarter and $69.9 million during the first nine months of 2021, reducing the Banks total allowance for credit losses (ACL) from $377.3 million at December 31, 2020 to $298.8 million at September 30, 2021. The Banks provision for credit losses was $7.2 million during the third quarter and $196.9 million during the first nine months of 2020, reflecting significant economic uncertainty at that time.

The Banks results for the first nine months of 2021 included pretax gains of $4.4 million from the sale of its South Carolina branches and $1.4 million of tax-exempt bank-owned life insurance (BOLI) death benefits, both of which were recognized during the first quarter of 2021. The Bank had no gains from branch sales and had $0.6 million of tax-exempt BOLI death benefits during the first nine months of 2020.

Pre-tax pre-provision net revenue (PPNR) was $163.5 million for the third quarter of 2021, a 12.3% increase from $145.7 million for the third quarter of 2020. For the nine months ended September 30, 2021, PPNR was $489.0 million, a 17.3% increase from $417.0 million for the first nine months of 2020. The calculation of PPNR and the reconciliation to generally accepted accounting principles (GAAP) are included in the schedules accompanying this release.

The Banks annualized returns on average assets, average common stockholders equity and average tangible common stockholders equity for the third quarter of 2021 were 1.98%, 11.41% and 13.39%, respectively, compared to 1.63%, 10.48% and 12.52%, respectively, for the third quarter of 2020. The Banks annualized returns on average assets, average common stockholders equity and average tangible common stockholders equity for the first nine months of 2021 were 2.15%, 12.98% and 15.31%, respectively, compared to 0.90%, 5.55%, and 6.65%, respectively, for the first nine months of 2020. 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 our highest level of quarterly RESG loan originations since 2017 along with record net interest income for the quarter just ended. Our strong capital and liquidity, disciplined credit culture and outstanding team have us well positioned for the future.

KEY BALANCE SHEET METRICS

Total loans were $18.31 billion at September 30, 2021, a 5.4% decrease from $19.36 billion at September 30, 2020. Non-purchased loans were $17.71 billion at September 30, 2021, a 3.9% decrease from $18.42 billion at September 30, 2020, but a 0.5% increase from $17.61 billion at June 30, 2021. Purchased loans, which consist of loans acquired in previous acquisitions, were $0.60 billion at September 30, 2021, a 36.3% decrease from $0.94 billion at September 30, 2020.

Deposits were $20.10 billion at September 30, 2021, a 5.6% decrease from $21.29 billion at September 30, 2020. Total assets were $26.14 billion at September 30, 2021, a 2.8% decrease from $26.89 billion at September 30, 2020.

Common stockholders equity was $4.55 billion at September 30, 2021, an 8.8% increase from $4.19 billion at September 30, 2020. Tangible common stockholders equity was $3.88 billion at September 30, 2021, a 10.6% increase from $3.51 billion at September 30, 2020. Book value per common share was $35.35 at September 30, 2021, a 9.2% increase from $32.37 at September 30, 2020. Tangible book value per common share was $30.14 at September 30, 2021, an 11.1% increase from $27.13 at September 30, 2020. 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 17.42% at September 30, 2021 compared to 15.57% at September 30, 2020. Its ratio of total tangible common stockholders equity to total tangible assets was 15.24% at September 30, 2021 compared to 13.39% at September 30, 2020. 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.

SUBORDINATED DEBT REDEMPTION AND OFFERING

On July 1, 2021, the Bank redeemed all of its $225 million of 5.50% Fixed-to-Floating rate Subordinated Notes at a redemption price equal to 100% of the principal amount of the subordinated notes plus accrued and unpaid interest. As a result of the subordinated debt redemption, the Bank recognized approximately $0.8 million in remaining unamortized debt issue cost as non-interest expense during the third quarter of 2021.

On September 16, 2021, the Bank completed its public offering of $350 million in aggregate principal amount of its 2.75% Fixed-to-Floating rate Subordinated Notes (the 2.75% Notes) due 2031, which will initially bear interest at a fixed rate of 2.75% per annum until September 30, 2026. On October 1, 2026, the 2.75% Notes will bear interest at a floating rate equal to a benchmark (which is expected to be three-month SOFR) plus 209 basis points. The 2.75% Notes are unsecured, subordinated debt obligations and mature on October 1, 2031, and the Bank expects to use the net proceeds from the offering for general corporate purposes, which may include, among other things, financing organic growth or strategic acquisitions, repurchase of shares of the Banks common stock, supporting the Banks regulatory capital levels and ongoing working capital needs. As of September 30, 2021, the Banks subordinated debt had a carrying value of $345.9 million and remaining unamortized debt issuance cost of $4.1 million.

STOCK REPURCHASE PROGRAM

In July 2021, the Bank adopted a stock repurchase program authorizing the purchase of up to $300 million of the Banks outstanding shares of common stock. During the quarter just ended, the Bank repurchased 888,567 shares at a weighted average cost of $41.61, for a total of $37.0 million. The timing and amount of future repurchases will be determined by management based on a variety of factors such as the Banks capital position, liquidity, financial performance and alternative uses of capital, stock price, regulatory requirements and general market and economic conditions. The repurchase program may be suspended by the Bank at any time.

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 October 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 conference ID for this playback is 8870579. 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 with the Federal Deposit Insurance Corporation (FDIC) annual, quarterly and current reports, proxy materials and other information required by the Securities Exchange Act of 1934, 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.

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 of or decrease the 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 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, the American Rescue Plan Act of 2021, and any similar or related laws, rules and regulations; the impact of any future federal government shutdown and uncertainty regarding the federal governments debt limit or 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 COVID-19 pandemic, including the 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; potential impact of supply chain disruptions; national, international or political instability; impairment of the Banks goodwill or other intangible assets; adoption of new accounting standards, 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, 2020 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 249 offices in eight states, including Arkansas, Georgia, Florida, North 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.

Bank OZKConsolidated Balance SheetsUnaudited September December 31, 30, 2021 2020 (Dollars in thousands, except per share amounts)ASSETS Cash and cash equivalents $ 1,782,503 $ 2,393,662 Investment securities ? available for sale 3,846,496 3,405,351 ("AFS")Federal Home Loan Bank of Dallas and other 40,698 38,486 bankers' bank stocksNon-purchased loans 17,707,452 18,401,495 Purchased loans 597,851 807,673 Allowance for loan losses (237,722 ) (295,824 )Net loans 18,067,581 18,913,344 Premises and equipment, net 699,427 738,842 Foreclosed assets 9,444 11,085 Accrued interest receivable 84,358 88,077 Bank owned life insurance (?BOLI?) 770,829 758,071 Goodwill and other intangible assets, net 670,580 675,458 Other, net 171,451 140,220 Total assets $ 26,143,367 $ 27,162,596 LIABILITIES AND STOCKHOLDERS? EQUITY Deposits: Demand non-interest bearing $ 4,586,163 $ 3,996,546 Savings and interest bearing transaction 8,961,316 8,160,982 Time 6,554,961 9,292,828 Total deposits 20,102,440 21,450,356 Repurchase agreements with customers 7,735 8,013 Other borrowings 750,217 750,928 Subordinated notes 345,927 224,047 Subordinated debentures 120,892 120,475 Reserve for losses on unfunded loan 61,076 81,481 commitmentsAccrued interest payable and other 198,728 251,940 liabilitiesTotal liabilities 21,587,015 22,887,240 Commitments and contingencies Stockholders? equity: Preferred stock; $0.01 par value; 100,000,000shares authorized; no shares issued or ? ? outstanding at September 30, 2021 or December31, 2020Common stock; $0.01 par value; 300,000,000shares authorized; 128,817,819 and129,350,448 shares issued and outstanding at 1,288 1,294 September 30, 2021 and December 31, 2020,respectivelyAdditional paid-in capital 2,245,012 2,265,850 Retained earnings 2,266,234 1,946,875 Accumulated other comprehensive income 40,706 58,252 Total stockholders? equity before 4,553,240 4,272,271 noncontrolling interestNoncontrolling interest 3,112 3,085 Total stockholders? equity 4,556,352 4,275,356 Total liabilities and stockholders? equity $ 26,143,367 $ 27,162,596

Bank OZKConsolidated Statements of IncomeUnaudited Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands, except per share amounts) Interest income: Non-purchased loans $ 238,258 $ 236,621 $ 716,639 $ 701,290 Purchased loans 11,350 16,269 34,985 54,743 Investment securities: Taxable 9,236 9,666 26,786 31,480 Tax-exempt 3,296 5,193 10,860 14,636 Deposits with banks and 523 532 1,556 5,237 federal funds soldTotal interest income 262,663 268,281 790,826 807,386 Interest expense: Deposits 12,326 38,273 54,908 141,206 Repurchase agreements with 4 4 14 17 customersOther borrowings 1,013 1,156 2,996 2,168 Subordinated notes 429 3,207 6,755 9,551 Subordinated debentures 934 984 2,814 3,420 Total interest expense 14,706 43,624 67,487 156,362 Net interest income 247,957 224,657 723,339 651,024 Provision for credit (7,454 ) 7,200 (69,946 ) 196,889 lossesNet interest income afterprovision for credit 255,411 217,457 793,285 454,135 losses Non-interest income: Service charges on deposit 11,177 9,427 31,154 27,717 accountsTrust income 2,247 1,936 6,365 5,635 BOLI income: Increase in cash surrender 4,940 5,081 14,739 15,205 valueDeath benefits ? ? 1,409 608 Loan service, maintenance 3,307 3,351 10,811 10,461 and other feesGains on sales of other 463 891 8,632 1,674 assetsNet gains on investment ? 2,244 ? 4,467 securitiesOther 3,850 3,746 12,733 10,180 Total non-interest income 25,984 26,676 85,843 75,947 Non-interest expense: Salaries and employee 53,769 53,119 159,533 153,003 benefitsNet occupancy and 17,161 16,676 49,797 47,761 equipmentOther operating expenses 39,467 35,846 110,840 109,255 Total non-interest expense 110,397 105,641 320,170 310,019 Income before taxes 170,998 138,492 558,958 220,063 Provision for income taxes 40,713 29,251 129,691 48,707 Net income 130,285 109,241 429,267 171,356 Earnings attributable to 5 12 (27 ) 29 noncontrolling interestNet income available to $ 130,290 $ 109,253 $ 429,240 $ 171,385 common stockholders Basic earnings per common $ 1.01 $ 0.84 $ 3.31 $ 1.33 share Diluted earnings per $ 1.00 $ 0.84 $ 3.30 $ 1.32 common share

Bank OZKConsolidated Statements of Stockholders? EquityUnaudited Additional Accumulated Non- Common Paid-In Retained Other Controlling Total Stock Capital Earnings Comprehensive Interest Income (Dollars in thousands, except per share amounts) Three monthsended September 30,2021:Balances ? $ 1,297 $ 2,277,138 $ 2,173,114 $ 50,127 $ 3,117 $ 4,504,793 June 30, 2021Net income ? ? 130,285 ? ? 130,285 Earningsattributableto ? ? 5 ? (5 ) ? noncontrollinginterestTotal othercomprehensive ? ? ? (9,421 ) ? (9,421 )lossCommon stockdividends, ? ? (37,170 ) ? ? (37,170 )$0.285 pershareIssuance of33,850 sharesof common 1 1,085 ? ? ? 1,086 stock forexercise ofstock optionsRepurchase andcancellationof 888,567 (9 ) (36,990 ) ? ? ? (36,999 )shares ofcommon stockStock-basedcompensation ? 3,778 ? ? ? 3,778 expenseForfeitures of47,604 sharesof unvested (1 ) 1 ? ? ? ? restrictedcommon stockBalances ?September 30, $ 1,288 $ 2,245,012 $ 2,266,234 $ 40,706 $ 3,112 $ 4,556,352 2021 Nine monthsended September 30,2021:Balances ?December 31, $ 1,294 $ 2,265,850 $ 1,946,875 $ 58,252 $ 3,085 $ 4,275,356 2020Net income ? ? 429,267 ? ? 429,267 Earningsattributableto ? ? (27 ) ? 27 ? noncontrollinginterestTotal othercomprehensive ? ? ? (17,546 ) ? (17,546 )lossCommon stockdividends, ? ? (109,881 ) ? ? (109,881 )$0.8425 pershareIssuance of176,250 sharesof common 2 6,092 ? ? ? 6,094 stock forexercise ofstock optionsIssuance of332,831 sharesof unvested 3 (3 ) ? ? ? ? restrictedcommon stockRepurchase andcancellationof 944,460 (10 ) (38,966 ) ? ? ? (38,976 )shares ofcommon stockStock-basedcompensation ? 12,038 ? ? ? 12,038 expenseForfeitures of97,250 sharesof unvested (1 ) 1 ? ? ? ? restrictedcommon stockBalances ?September 30, $ 1,288 $ 2,245,012 $ 2,266,234 $ 40,706 $ 3,112 $ 4,556,352 2021

Bank OZKConsolidated Statements of Stockholders? EquityUnaudited Additional Accumulated Non- Common Paid-In Retained Other Controlling Total Stock Capital Earnings Comprehensive Interest Income (Dollars in thousands, except per share amounts) Three monthsended September 30,2020:Balances ? $ 1,293 $ 2,257,867 $ 1,788,329 $ 63,177 $ 3,100 $ 4,113,766 June 30, 2020Net income ? ? 109,241 ? ? 109,241 Earningsattributableto ? ? 12 ? (12 ) ? noncontrollinginterestTotal othercomprehensive ? ? ? (2,061 ) ? (2,061 )lossCommon stockdividends, ? ? (35,570 ) ? ? (35,570 )$0.2725 pershareStock-basedcompensation ? 3,997 ? ? ? 3,997 expenseForfeitures of8,228 sharesof unvested ? ? ? ? ? ? restrictedcommon stockBalances ?September 30, $ 1,293 $ 2,261,864 $ 1,862,012 $ 61,116 $ 3,088 $ 4,189,373 2020 Nine monthsended September 30,2020:Balances ?December 31, $ 1,289 $ 2,251,824 $ 1,869,983 $ 27,255 $ 3,117 $ 4,153,468 2019Cumulativeeffect ofchange in ? ? (75,344 ) ? ? (75,344 )accountingprincipleBalances ?January 1, 1,289 2,251,824 1,794,639 27,255 3,117 4,078,124 2020Net income ? ? 171,356 ? ? 171,356 Earningsattributableto ? ? 29 ? (29 ) ? noncontrollinginterestTotal othercomprehensive ? ? ? 33,861 ? 33,861 incomeCommon stockdividends, ? ? (104,012 ) ? ? (104,012 )$0.8025 pershareIssuance of4,300 sharesof common ? 45 ? ? ? 45 stock forexercise ofstock optionsIssuance of493,761 sharesof unvested 5 (5 ) ? ? ? ? restrictedcommon stockRepurchase andcancellationof 61,873 (1 ) (1,852 ) ? ? ? (1,853 )shares ofcommon stockStock-basedcompensation ? 11,852 ? ? ? 11,852 expenseForfeitures of45,139 sharesof unvested ? ? ? ? ? ? restrictedcommon stockBalances ?September 30, $ 1,293 $ 2,261,864 $ 1,862,012 $ 61,116 $ 3,088 $ 4,189,373 2020

Bank OZKSummary of Non-Interest ExpenseUnaudited Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Salaries and $ 53,769 $ 53,119 $ 159,533 $ 153,003 employee benefitsNet occupancy and 17,161 16,676 49,797 47,761 equipmentOther operating expenses:Professional and 7,084 8,263 21,134 22,618 outside servicesSoftware and data 5,897 5,431 17,695 15,550 processingDeposit insurance 2,655 3,595 9,060 11,600 and assessmentsTelecommunication 1,966 2,352 6,363 6,863 servicesPostage and 1,530 1,808 4,718 5,753 suppliesATM expense 1,846 1,604 4,615 3,766 Travel and meals 1,617 689 3,811 3,501 Writedowns offoreclosed and 990 488 2,476 2,087 other assetsLoan collectionand repossession 407 1,030 1,456 2,581 expenseAdvertising and 719 1,557 1,621 4,964 public relationsAmortization of 1,545 1,914 4,878 7,291 intangiblesAmortization ofCRA and tax credit 4,972 1,611 12,324 7,458 investmentsOther 8,239 5,504 20,689 15,223 Total non-interest $ 110,397 $ 105,641 $ 320,170 $ 310,019 expense

Bank OZKSummary of Total Loans OutstandingUnaudited September 30, 2021 December 31, 2020 (Dollars in thousands) Real estate: Residential 1-4 $ 887,769 4.8 % $ 911,115 4.7 %familyNon-farm/ 4,080,616 22.3 4,267,147 22.2 non-residentialConstruction/land 7,718,567 42.2 7,993,467 41.6 developmentAgricultural 237,073 1.3 204,868 1.1 Multifamily 1,242,202 6.8 856,297 4.5 residentialTotal real estate 14,166,227 77.4 14,232,894 74.1 Commercial and 528,866 2.9 842,206 4.4 industrialConsumer 2,168,307 11.8 2,393,964 12.5 Other 1,441,903 7.9 1,740,104 9.0 Total loans 18,305,303 100.0 % 19,209,168 100.0 %Allowance for loan (237,722 ) (295,824 ) lossesNet loans $ 18,067,581 $ 18,913,344

Bank OZKAllowance for Credit LossesUnaudited Allowance Reserve for Losses on Total Allowance for Loan Unfunded Loan for Credit Losses Commitments Losses (Dollars in thousands) Three monthsended September 30, 2021:Balances ? June $ 248,753 $ 58,811 $ 307,564 30, 2021Net charge-offs (1,312 ) ? (1,312 )Provision for (9,719 ) 2,265 (7,454 )credit lossesBalances ?September 30, $ 237,722 $ 61,076 $ 298,798 2021 Nine monthsended September 30, 2021:Balances ?December 31, $ 295,824 $ 81,481 $ 377,305 2020Net charge-offs (8,561 ) ? (8,561 )Provision for (49,541 ) (20,405 ) (69,946 )credit lossesBalances ?September 30, $ 237,722 $ 61,076 $ 298,798 2021 Three monthsended September 30, 2020:Balances ? June $ 306,196 $ 68,298 $ 374,494 30, 2020Net charge-offs (4,421 ) ? (4,421 )Provision for 7,072 128 7,200 credit lossesBalances ?September 30, $ 308,847 $ 68,426 $ 377,273 2020 Nine monthsended September 30, 2020:Balances ?December 31, $ 108,525 $ ? $ 108,525 2019Adoption ofCECL^(1) 39,588 54,924 94,512 methodologyBalances ? 148,113 54,924 203,037 January 1, 2020Net charge-offs (22,653 ) ? (22,653 )Provision for 183,387 13,502 196,889 credit lossesBalances ?September 30, $ 308,847 $ 68,426 $ 377,273 2020

(1)Current Expected Credit Loss.

Bank OZKSummary of Deposits ? By Account TypeUnaudited September 30, 2021 December 31, 2020 (Dollars in thousands) Non-interest bearing $ 4,586,163 22.8 % $ 3,996,546 18.6 %Interest bearing: Transaction (NOW) 3,188,840 15.9 3,124,007 14.6 Savings and money market 5,772,476 28.7 5,036,975 23.5 Time deposits less than 1,994,503 9.9 3,075,845 14.3 $100Time deposits of $100 or 4,560,458 22.7 6,216,983 29.0 moreTotal deposits $ 20,102,440 100.0 % $ 21,450,356 100.0 %

Summary of Deposits ? By Customer TypeUnaudited September 30, 2021 December 31, 2020 (Dollars in thousands) Consumer $ 10,186,211 50.7 % $ 11,165,603 52.1 %Commercial 6,502,287 32.3 6,056,536 28.2 Public Funds 2,028,243 10.1 2,111,971 9.8 Brokered 894,791 4.5 1,600,116 7.5 Reciprocal 490,908 2.4 516,130 2.4 Total deposits $ 20,102,440 100.0 % $ 21,450,356 100.0 %

Bank OZKSelected Consolidated Financial DataUnaudited Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 % Change 2021 2020 % Change (Dollars in thousands, except per share amounts) Income statement data:Net interest income $ 247,957 $ 224,657 10.4 % $ 723,339 $ 651,024 11.1 %Provision for credit (7,454 ) 7,200 (203.5 ) (69,946 ) 196,889 (135.5 )lossesNon-interest income 25,984 26,676 (2.6 ) 85,843 75,947 13.0 Non-interest expense 110,397 105,641 4.5 320,170 310,019 3.3 Net income availableto common 130,290 109,253 19.3 429,240 171,385 150.5 stockholdersPre-taxpre-provision net 163,544 145,692 12.3 489,012 416,952 17.3 revenue^(1)Common share and per common share data:Earnings per share ? $ 1.00 $ 0.84 19.0 % $ 3.30 $ 1.32 150.0 %dilutedEarnings per share ? 1.01 0.84 20.2 3.31 1.33 148.9 basicDividends per share 0.285 0.2725 4.6 0.8425 0.8025 5.0 Book value per share 35.35 32.37 9.2 35.35 32.37 9.2 Tangible book value 30.14 27.13 11.1 30.14 27.13 11.1 per share^(1)Weighted-averagediluted shares 129,929 129,470 0.4 130,063 129,398 0.5 outstanding(thousands)End of period sharesoutstanding 128,818 129,342 (0.4 ) 128,818 129,342 (0.4 )(thousands)Balance sheet data at period end:Total assets $ 26,143,367 $ 26,888,308 (2.8 ) $ 26,143,367 $ 26,888,308 (2.8 ) % %Total loans 18,305,303 19,358,443 (5.4 ) 18,305,303 19,358,443 (5.4 )Non-purchased loans 17,707,452 18,419,958 (3.9 ) 17,707,452 18,419,958 (3.9 )Purchased loans 597,851 938,485 (36.3 ) 597,851 938,485 (36.3 )Allowance for loan 237,722 308,847 (23.0 ) 237,722 308,847 (23.0 )lossesForeclosed assets 9,444 16,543 (42.9 ) 9,444 16,543 (42.9 )Investment 3,846,496 3,468,243 10.9 3,846,496 3,468,243 10.9 securities ? AFSGoodwill and otherintangible assets, 670,580 677,251 (1.0 ) 670,580 677,251 (1.0 )netDeposits 20,102,440 21,287,405 (5.6 ) 20,102,440 21,287,405 (5.6 )Other borrowings 750,217 750,949 (0.1 ) 750,217 750,949 (0.1 )Subordinated notes 345,927 223,950 54.5 345,927 223,950 54.5 Subordinated 120,892 120,335 0.5 120,892 120,335 0.5 debenturesUnfunded balance of 12,385,369 11,604,614 6.7 12,385,369 11,604,614 6.7 closed loansReserve for losseson unfunded loan 61,076 68,426 (10.7 ) 61,076 68,426 (10.7 )commitmentsTotal common 4,553,240 4,186,285 8.8 4,553,240 4,186,285 8.8 stockholders? equityNet unrealized gainson investmentsecurities AFS 40,706 61,116 40,706 61,116 included in commonstockholders' equityLoan (includingpurchased loans) to 91.06 % 90.94 % 91.06 % 90.94 % deposit ratioSelected ratios: Return on average 1.98 % 1.63 % 2.15 % 0.90 % assets^(2)Return on averagecommon stockholders? 11.41 10.48 12.98 5.55 equity^(2)Return on averagetangible common 13.39 12.52 15.31 6.65 stockholders? equity^(1) (2)Average commonequity to total 17.38 15.56 16.57 16.23 average assetsNet interest margin 4.16 3.69 3.99 3.79 ? FTE^(2)Efficiency ratio 40.14 41.77 39.39 42.38 Net charge-offs toaverage 0.04 0.09 0.07 0.07 non-purchased loans^(2) (3)Net charge-offs toaverage total loans^ 0.03 0.09 0.06 0.16 (2)Nonperforming loans 0.20 0.15 0.20 0.15 to total loans^(4)Nonperforming assets 0.17 0.17 0.17 0.17 to total assets^(4)Allowance for loanlosses to total 1.30 1.60 1.30 1.60 loans^(5)Other information: Non-accrual loans^ $ 34,920 $ 27,181 $ 34,920 $ 21,181 (4)Accruing loans ? 90 ? ? ? ? days past due^(4)Troubled andrestructured 1,253 1,251 1,253 1,251 non-purchased loans? accruing^(4)

(1) Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on average tangible common stockholders equity and the reconciliations to GAAP are included in the schedules accompanying this release.(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.

Selected Consolidated Financial Data (continued)Unaudited Three Months Ended September June 30, 30, 2021 2021 % Change (Dollars in thousands, except per share amounts)Income statement data: Net interest income $ 247,957 $ 240,746 3.0 %Provision for credit losses (7,454 ) (30,932 ) (75.9 )Non-interest income 25,984 27,742 (6.3 )Non-interest expense 110,397 103,711 6.4 Net income available to common 130,290 150,535 (13.4 )stockholdersPre-tax pre-provision net revenue 163,544 164,777 (0.7 )^(1)Common share and per common share data:Earnings per share ? diluted $ 1.00 $ 1.16 (13.8 ) %Earnings per share ? basic 1.01 1.16 (12.9 )Dividends per share 0.285 0.28 1.8 Book value per share 35.35 34.70 1.9 Tangible book value per share^(1) 30.14 29.52 2.1 Weighted-average diluted shares 129,929 130,255 (0.3 )outstanding (thousands)End of period shares outstanding 128,818 129,720 (0.7 )(thousands)Balance sheet data at period end: Total assets $ 26,143,367 $ 26,605,938 (1.7 ) %Total loans 18,305,303 18,271,670 0.2 Non-purchased loans 17,707,452 17,611,848 0.5 Purchased loans 597,851 659,822 (9.4 )Allowance for loan losses 237,722 248,753 (4.4 )Foreclosed assets 9,444 7,542 25.2 Investment securities ? AFS 3,846,496 4,693,396 (18.0 )Goodwill and other intangible 670,580 672,125 (0.2 )assets, netDeposits 20,102,440 20,706,777 (2.9 )Other borrowings 750,217 750,228 (0.1 )Subordinated notes 345,927 224,236 54.3 Subordinated debentures 120,892 120,752 0.1 Unfunded balance of closed loans 12,385,369 11,709,818 5.8 Reserve for losses on unfunded 61,076 58,811 3.9 loan commitmentsTotal common stockholders? equity 4,553,240 4,501,676 1.1 Net unrealized gains oninvestment securities AFS 40,706 50,127 included in common stockholders'equityLoan (including purchased loans) 91.06 % 88.24 % to deposit ratioSelected ratios: Return on average assets^(2) 1.98 % 2.24 % Return on average common 11.41 13.65 stockholders? equity^(2)Return on average tangible common 13.39 16.10 stockholders? equity^(1) (2)Average common equity to total 17.38 16.42 average assetsNet interest margin ? FTE^(2) 4.16 3.95 Efficiency ratio 40.14 38.43 Net charge-offs to average 0.04 0.09 non-purchased loans^(2) (3)Net charge-offs to average total 0.03 0.08 loans^(2)Nonperforming loans to total 0.20 0.22 loans^(4)Nonperforming assets to total 0.17 0.18 assets^(4)Allowance for loan losses to 1.30 1.36 total loans^(5)Other information: Non-accrual loans^(4) $ 34,920 $ 38,195 Accruing loans ? 90 days past due ? ? ^(4)Troubled and restructurednon-purchased loans ? accruing^ 1,253 1,365 (4)

(1)Calculations of pre-tax pre-provision net revenue, tangible book value per common share and return on average tangible common stockholders equity and the reconciliations to GAAP are included in the schedules accompanying this release.(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 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21 9/30/21 (Dollar in thousands) Earnings Summary: Net interest $ 214,977 $ 209,775 $ 216,593 $ 224,657 $ 237,600 $ 234,636 $ 240,746 $ 247,957 incomeFederal tax (FTE) 1,028 1,133 1,753 1,605 1,533 1,275 1,355 1,106 adjustmentNet interest 216,005 210,908 218,346 226,262 239,133 235,911 242,101 249,063 income (FTE)Provision for (4,938 ) (117,663 ) (72,026 ) (7,200 ) (6,750 ) 31,559 30,932 7,454 credit lossesNon-interest 30,406 27,680 21,591 26,676 28,661 32,117 27,742 25,984 incomeNon-interest (104,406 ) (103,425 ) (100,953 ) (105,641 ) (103,394 ) (106,059 ) (103,711 ) (110,397 )expensePretax income 137,067 17,500 66,958 140,097 157,650 193,528 197,064 172,104 (FTE)FTE adjustment (1,028 ) (1,133 ) (1,753 ) (1,605 ) (1,533 ) (1,275 ) (1,355 ) (1,106 )Provision for (35,240 ) (4,509 ) (14,948 ) (29,251 ) (35,607 ) (43,818 ) (45,161 ) (40,713 )income taxesNoncontrolling 7 8 9 12 3 (19 ) (13 ) 5 interestNet incomeavailable to $ 100,806 $ 11,866 $ 50,266 $ 109,253 $ 120,513 $ 148,416 $ 150,535 $ 130,290 commonstockholdersEarnings percommon share ? $ 0.78 $ 0.09 $ 0.39 $ 0.84 $ 0.93 $ 1.14 $ 1.16 $ 1.00 dilutedNon-interest Income:Service charges on $ 10,933 $ 10,009 $ 8,281 $ 9,427 $ 9,983 $ 9,665 $ 10,311 $ 11,177 deposit accountsTrust income 2,010 1,939 1,759 1,936 1,909 2,206 1,911 2,247 BOLI income: Increase in cash 5,167 5,067 5,057 5,081 5,034 4,881 4,919 4,940 surrender valueDeath benefits 2,989 608 ? ? ? 1,409 ? ? Loan service,maintenance and 4,282 3,716 3,394 3,351 3,797 3,551 3,953 3,307 other feesGains on sales of 1,358 161 621 891 5,189 5,828 2,341 463 other assetsNet gains oninvestment ? 2,223 ? 2,244 ? ? ? ? securitiesOther 3,667 3,957 2,479 3,746 2,749 4,577 4,307 3,850 Total non-interest $ 30,406 $ 27,680 $ 21,591 $ 26,676 $ 28,661 $ 32,117 $ 27,742 $ 25,984 incomeNon-interest Expense:Salaries and $ 52,050 $ 51,473 $ 48,410 $ 53,119 $ 53,832 $ 53,645 $ 52,119 $ 53,769 employee benefitsNet occupancy and 14,855 15,330 15,756 16,676 15,617 16,468 16,168 17,161 equipmentOther operating 37,501 36,622 36,787 35,846 33,945 35,946 35,424 39,467 expensesTotal non-interest $ 104,406 $ 103,425 $ 100,953 $ 105,641 $ 103,394 $ 106,059 $ 103,711 $ 110,397 expenseBalance Sheet Data:Total assets $ 23,555,728 $ 24,565,810 $ 26,380,409 $ 26,888,308 $ 27,162,596 $ 27,276,892 $ 26,605,938 $ 26,143,367 Non-purchased 16,224,539 17,030,378 18,247,431 18,419,958 18,401,495 17,979,435 17,611,848 17,707,452 loansPurchased loans 1,307,504 1,197,826 1,063,647 938,485 807,673 735,630 659,822 597,851 Investment 2,277,389 2,816,556 3,299,944 3,468,243 3,405,351 4,162,479 4,693,396 3,846,496 securities ? AFSDeposits 18,474,259 18,809,190 20,723,598 21,287,405 21,450,356 21,296,442 20,706,777 20,102,440 Unfunded balance 11,325,598 11,334,737 11,411,441 11,604,614 11,847,117 11,780,099 11,709,818 12,385,369 of closed loansCommonstockholders' 4,150,351 4,083,150 4,110,666 4,186,285 4,272,271 4,383,205 4,501,676 4,553,240 equity

Bank OZKSupplemental Quarterly Financial Data (Continued)Unaudited 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21 9/30/21 (Dollars in thousands) Allowance for Credit Losses:Balance at $ 109,001 $ 108,525 $ 316,409 $ 374,494 $ 377,273 $ 377,305 $ 342,307 $ 307,564 beginning of periodAdoption of CECL^ ? 94,512 ? ? ? ? ? ? (1) methodologyNet charge-offs (5,414 ) (4,291 ) (13,941 ) (4,421 ) (6,718 ) (3,439 ) (3,811 ) (1,312 )Provision for 4,938 117,663 72,026 7,200 6,750 (31,559 ) (30,932 ) (7,454 )credit lossesBalance at end of $ 108,525 $ 316,409 $ 374,494 $ 377,273 $ 377,305 $ 342,307 $ 307,564 $ 298,798 periodAllowance for loan $ 108,525 $ 238,737 $ 306,196 $ 308,847 $ 295,824 $ 268,077 $ 248,753 $ 237,722 lossesReserve for losseson unfunded loan ? 77,672 68,298 68,426 81,481 74,230 58,811 61,076 commitmentsTotal allowance for $ 108,525 $ 316,409 $ 374,494 $ 377,273 $ 377,305 $ 342,307 $ 307,564 $ 298,798 credit lossesSelected Ratios: Net interest margin 4.15 % 3.96 % 3.74 % 3.69 % 3.88 % 3.86 % 3.95 % 4.16 %? FTE^(2)Efficiency ratio 42.37 43.35 42.07 41.77 38.61 39.57 38.43 40.14 Net charge-offs toaverage 0.10 0.08 0.05 0.09 0.14 0.08 0.09 0.04 non-purchased loans^(2) (3)Net charge-offs toaverage total loans 0.12 0.10 0.29 0.09 0.14 0.07 0.08 0.03 ^(2)Nonperforming loans 0.15 0.16 0.18 0.15 0.25 0.25 0.22 0.20 to total loans^(4)Nonperformingassets to total 0.18 0.19 0.19 0.17 0.21 0.19 0.18 0.17 assets^(4)Allowance for loanlosses to total 0.62 1.31 1.59 1.60 1.54 1.43 1.36 1.30 loans ^(5)Loans past due 30days or more,including past due 0.19 0.18 0.13 0.13 0.16 0.13 0.10 0.13 non-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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 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 earningdeposits and federal $ 1,287,890 $ 523 0.16 % $ 1,705,652 $ 532 0.12 % $ 1,792,191 $ 1,556 0.12 % $ 1,459,814 $ 5,237 0.48 %funds soldInvestment securities: Taxable 3,509,465 9,236 1.04 2,216,041 9,666 1.74 3,150,732 26,786 1.14 1,979,368 31,480 2.12 Tax-exempt ? FTE 740,809 4,172 2.23 1,193,407 6,573 2.19 955,822 13,747 1.92 944,552 18,527 2.62 Non-purchased loans ? 17,559,654 238,488 5.39 18,311,166 236,846 5.15 17,761,807 717,488 5.40 17,602,817 701,892 5.33 FTEPurchased loans 627,436 11,350 7.18 999,438 16,269 6.48 699,678 34,985 6.69 1,132,334 54,743 6.46 Total earning assets ? 23,725,254 263,769 4.41 24,425,704 269,886 4.40 24,360,230 794,562 4.36 23,118,885 811,879 4.69 FTENon-interest earning 2,348,740 2,235,853 2,324,716 2,302,225 assetsTotal assets $ 26,073,994 $ 26,661,557 $ 26,684,946 $ 25,421,110 LIABILITIES AND STOCKHOLDERS? EQUITYInterest bearing liabilities:Deposits: Savings and interest $ 8,891,042 $ 2,885 0.13 % $ 7,581,707 $ 5,496 0.29 % $ 8,656,762 $ 9,840 0.15 % $ 7,742,865 $ 32,945 0.57 %bearing transactionTime deposits of $100 4,852,566 6,508 0.53 6,101,542 20,858 1.36 5,509,055 30,737 0.75 5,259,616 66,813 1.70 or moreOther time deposits 2,067,947 2,933 0.56 3,664,931 11,919 1.29 2,455,649 14,331 0.78 3,584,047 41,448 1.54 Total interest bearing 15,811,555 12,326 0.31 17,348,180 38,273 0.88 16,621,466 54,908 0.44 16,586,528 141,206 1.14 depositsRepurchase agreements 7,565 4 0.21 7,093 4 0.24 6,849 14 0.27 7,686 17 0.29 with customersOther borrowings^(1) 750,221 1,013 0.54 793,350 1,156 0.58 750,292 2,996 0.53 711,408 2,168 0.41 Subordinated notes 56,468 429 3.01 223,899 3,207 5.70 167,636 6,755 5.39 223,801 9,551 5.70 Subordinated debentures 120,822 934 3.07 120,253 984 3.26 120,681 2,814 3.12 120,119 3,420 3.80 ^(1)Total interest bearing 16,746,631 14,706 0.35 18,492,775 43,624 0.94 17,666,924 67,487 0.51 17,649,542 156,362 1.18 liabilitiesNon-interest bearing liabilities:Non-interest bearing 4,523,521 3,764,063 4,289,589 3,391,162 depositsOther non-interest 269,733 253,211 304,086 251,723 bearing liabilitiesTotal liabilities 21,539,885 22,510,049 22,260,599 21,292,427 Common stockholders? 4,530,995 4,148,409 4,421,240 4,125,578 equityNoncontrolling interest 3,114 3,099 3,107 3,105 Total liabilities andstockholders? $ 26,073,994 $ 26,661,557 $ 26,684,946 $ 25,421,110 equityNet interest income ? $ 249,063 $ 226,262 $ 727,075 $ 655,517 FTENet interest margin ? 4.16 % 3.69 % 3.99 % 3.79 %FTECore spread^(2) 5.08 % 4.27 % 4.96 % 4.19 %

(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 $0.02 million for the third quarter $0.07 million for the first nine months of 2021 compared to $0.03 million for the third quarter and $0.65 million for the first nine months of 2020. In the absence of this interest capitalization, the rates on other borrowings would have been 0.54% for the third quarter and 0.55% for the first nine months of 2021 compared to 0.59% for the third quarter and 0.53% for the first nine months of 2020. Capitalized interest included in subordinated debentures totaled $0.01 million for the third quarter and $0.18 million for the first nine months of 2020 (none in the third quarter or first nine months of 2021). In the absence of this interest capitalization, the rates on subordinated debentures would have been 3.27% for the third quarter and 4.00% for the first nine months of 2020.

(2)Core spread is the difference between the yield on the Banks non-purchased loans-FTE and the rate on its interest bearing deposits.

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 Nine Months Ended September 30, June 30, September 30, 2021 2020 2021 2021 2020 (Dollars in thousands) Net incomeavailable to $ 130,290 $ 109,253 $ 150,535 $ 429,240 $ 171,385 commonstockholdersAverage commonstockholders?equity before $ 4,530,995 $ 4,148,409 $ 4,423,093 $ 4,421,240 $ 4,125,578 noncontrollinginterestLess averageintangible assets:Goodwill (660,789 ) (660,789 ) (660,789 ) (660,789 ) (660,789 )Core depositand otherintangible (10,617 ) (17,461 ) (12,175 ) (12,195 ) (19,803 )assets, net ofaccumulatedamortizationTotal average (671,406 ) (678,250 ) (672,964 ) (672,984 ) (680,592 )intangiblesAveragetangiblecommon $ 3,859,589 $ 3,470,159 $ 3,750,129 $ 3,748,256 $ 3,444,986 stockholders?equityReturn onaverage common 11.41 % 10.48 % 13.65 % 12.98 % 5.55 %stockholders?equity^(1)Return onaveragetangible 13.39 % 12.52 % 16.10 % 15.31 % 6.65 %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 September 30, June 30, 2021 2020 2021 (In thousands, except per share amounts) Total common stockholders?equity before noncontrolling $ 4,553,240 $ 4,186,285 $ 4,501,676 interestLess intangible assets: Goodwill (660,789 ) (660,789 ) (660,789 )Core deposit and otherintangible assets, net of (9,791 ) (16,462 ) (11,336 )accumulated amortizationTotal intangibles (670,580 ) (677,251 ) (672,125 )Total tangible common $ 3,882,660 $ 3,509,034 $ 3,829,551 stockholders' equityShares of common stock 128,818 129,342 129,720 outstandingBook value per common share $ 35.35 $ 32.37 $ 34.70 Tangible book value per common $ 30.14 $ 27.13 $ 29.52 share

Calculation of Total Tangible Common Stockholders? Equityand the Ratio of Total Tangible Common Stockholders? Equityto Total Tangible AssetsUnaudited September 30, 2021 2020 (Dollars in thousands) Total common stockholders? equity before $ 4,553,240 $ 4,186,285 noncontrolling interestLess intangible assets: Goodwill (660,789 ) (660,789 )Core deposit and other intangible assets, net (9,791 ) (16,462 )of accumulated amortizationTotal intangibles (670,580 ) (677,251 )Total tangible common stockholders' equity $ 3,882,660 $ 3,509,034 Total assets $ 26,143,367 $ 26,888,308 Less intangible assets: Goodwill (660,789 ) (660,789 )Core deposit and other intangible assets, net (9,791 ) (16,462 )of accumulated amortizationTotal intangibles (670,580 ) (677,251 )Total tangible assets $ 25,472,787 $ 26,211,057 Ratio of total common stockholders? equity to 17.42 % 15.57 %total assetsRatio of total tangible common stockholders? 15.24 % 13.39 %equity to total tangible assets

Calculation of Pre-Tax Pre-Provision Net RevenueUnaudited Three Months Ended Nine Months Ended September 30, June 30, September 30, 2021 2020 2021 2021 2020 (Dollars in thousands) Income before $ 170,998 $ 138,492 $ 195,709 $ 558,958 $ 220,063 taxesProvision for (7,454 ) 7,200 (30,932 ) (69,946 ) 196,889 credit lossesPre-taxpre-provision $ 163,544 $ 145,692 $ 164,777 $ 489,012 $ 416,952 net revenue

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