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NEWS RELEASE Date : Release Time : Investor Contact : April 22 , 2021 3:01 p.m. ( CT ) Tim Hicks ( 501 ) 978-2336 Media Contact : Susan Blair ( 501 ) 978-2217 Bank OZK Announces Record First Quarter 2021 Earnings LITTLE ROCK , ARKANSAS : Bank OZK ( the “ Bank ” ) ( Nasdaq : OZK ) today announced that net income for the first quarter of 2021 was a record $ 148.4 million compared to $ 11.9 million for the first quarter of 2020. Diluted earnings per common share for the first quarter of 2021 were $ 1.14 compared to $ 0.09 for the first quarter of 2020 . As a result of improving economic conditions , management recorded negative provision for credit losses of $ 31.6 million during the first quarter of 2021 , reducing the Bank's total allowance for credit losses ( “ ACL ” ) from $ 377.3 million at December 31 , 2020 to $ 342.3 million at March 31 , 2021. The Bank's provision for credit losses was $ 117.7 million during the first quarter of 2020 , reflecting significant economic uncertainty at that time . The Bank's results for the first quarter of 2021 also 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 . The Bank had no gains from branch sales and had $ 0.6 million of tax - exempt BOLI death benefits during the first quarter of 2020 . Pre - tax pre - provision net revenue ( “ PPNR ” ) was $ 160.7 million for the first quarter of 2021 , a 19.9 % increase from $ 134.0 million for the first quarter of 2020 , but a decrease of 1.3 % from $ 162.9 million for the fourth quarter of 2020. The calculation of PPNR and the reconciliation to generally accepted accounting principles ( " GAAP ” ) are included in the schedules accompanying this release . The Bank's annualized returns on average assets , average common stockholders ' equity and average tangible common stockholders ' equity for the first quarter of 2021 were 2.23 % , 13.97 % and 16.57 % , respectively , compared to 0.20 % , 1.16 % and 1.39 % , respectively , for the first quarter of 2020. The calculation of the Bank's 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 excellent results for the first quarter of 2021 , including record quarterly net income , strong net interest income , continued improvement in our core spread , excellent asset quality and an efficiency ratio among the best in the industry . Our combination of strong earnings , robust capital and an exceptional team have us well positioned for the future . " 1