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NEWS RELEASE Date : Release Time : Investor Contact : Media Contact : July 22 , 2021 3:01 p.m. ( CT ) Tim Hicks ( 501 ) 978-2336 Susan Blair ( 501 ) 978-2217 Bank OZK Announces Record Second Quarter 2021 Earnings LITTLE ROCK , ARKANSAS : Bank OZK ( the " Bank " ) ( Nasdaq : OZK ) today announced that net income for the second quarter of 2021 was a record $ 150.5 million , a 199.5 % increase from $ 50.3 million for the second quarter of 2020. Diluted earnings per common share for the second quarter of 2021 were a record $ 1.16 , a 197.4 % increase from $ 0.39 for the second quarter of 2020 . For the six months ended June 30 , 2021 , net income was $ 299.0 million , a 381.2 % increase from $ 62.1 million for the first six months of 2020. Diluted earnings per common share for the first six months of 2021 were $ 2.30 , a 379.2 % increase from $ 0.48 for the first six months of 2020 . As a result of improving economic conditions and prospects for improvement in the U.S. economy , management recorded negative provision for credit losses of $ 30.9 million during the second quarter and $ 62.5 million during the first six months of 2021 , reducing the Bank's total allowance for credit losses ( " ACL " ) from $ 377.3 million at December 31 , 2020 to $ 307.6 million at June 30 , 2021. The Bank's provision for credit losses was $ 72.0 million during the second quarter and $ 189.7 million during the first six months of 2020 , reflecting significant economic uncertainty at that time . The Bank's results for the first six 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 six months of 2020 . Pre - tax pre - provision net revenue ( " PPNR " ) was $ 164.8 million for the second quarter of 2021 , a 20.1 % increase from $ 137.2 million for the second quarter of 2020. For the six months ended June 30 , 2021 , PPNR was $ 325.5 million , a 20.0 % increase from $ 271.3 million for the first six 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 Bank's annualized returns on average assets , average common stockholders ' equity and average tangible common stockholders ' equity for the second quarter of 2021 were 2.24 % , 13.65 % and 16.10 % , respectively , compared to 0.78 % , 4.92 % and 5.89 % , respectively , for the second quarter of 2020. The Bank's annualized returns on average assets , average common stockholder's equity and average tangible common stockholders ' equity for the first six months of 2021 were 2.23 % , 13.81 % and 16.33 % , respectively , compared to 0.50 % , 3.04 % , and 3.64 % , respectively , for the first six months of 2020. The calculation of the Bank's return 1