Bank OZK (NASDAQ:OZK) Q1 2023 Earnings Call Transcript

If you look at our nonperforming loans, they’re on the low end of our historical norm. Our past due ratio is low. So our asset quality is really good. If you looked at our substandard loans and our special mention loans, outside of the one transfer to OREO, those are relatively stable to actually down a little bit this quarter over last quarter. So our asset quality is very good, and we feel really good about where our ACL is and expect the variables on that to be our funded growth and our view on the forward-looking economic scenarios.George Gleason And Timur, I would just reiterate what Tim said that the last couple of quarters, we’ve had really good loan growth and the majority of our ACL and growth has been attributable to the growth in the portfolio, either funded or unfunded, and that we did reiterate our prior guidance on net charge-off ratios for this year.Timur Braziler Great.

Thanks. And then just lastly, on the buyback, you guys were pretty aggressive in the first quarter. I’m just wondering how much of that $85 million was bought back post Silicon Valley? And then just how should we be thinking about the buyback for the rest of the year?George Gleason Timur, we were very active in March. So I’ll leave it at that. And certainly, we expect to be active this quarter and in future quarters, we’ve got $200 million left in our current authorization. So that gives us an opportunity to remain active, and certainly as the valuation that we’re seeing now, we feel like it’s compelling to continue to be active in the current market. And obviously, a lot of things go into our consideration of when we buy and how much we buy, but certainly feel like we’ll remain active this quarter and potentially in future quarters.Timur Braziler Great.

And then just remind us when that $200 million authorization is through?George Gleason I think it’s November 9th.Timur Braziler Got it. Great. Thanks for all the color. I appreciate it.George Gleason Thank you.Operator Thank you for your questions. At this time, I’d like to turn the conference back over to Mr. George Gleason, Chairman and Chief Executive Officer for closing remarks.George Gleason Thank you, guys, for joining the call today. We appreciate it. Appreciate all the questions. Have a great day. We’ll see you in about three months. Thank you. That concludes our call.Operator This concludes today’s conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.