Bank OZK Q3 net income falls 9%

Overview

• US regional bank's Q3 net income fell 9% yr/yr, EPS down 5.7%

• Net income and EPS both rose slightly from prior quarter

• Company reported record levels of total assets, loans and deposits

Outlook

• Bank OZK did not provide specific guidance for the current quarter or full year

Result Drivers

• NET INTEREST MARGIN - Co reported a net interest margin of 4.24% for the qtr

• EFFICIENCY RATIO - Co cited an efficiency ratio of 39.9% for the qtr

• RECORD BALANCES - Co said it reached record levels of total assets, loans and deposits

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Bank Ozk is $52.00, about 15.1% above its October 19 closing price of $45.19

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads

• Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%

• Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

• Oct 19 - Western Alliance Bancorp Q3 revenue slightly beats estimates, profit rises on wider interest margin

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)