Form 10-Q Quarterly Report

UNITED STATES

FEDERAL DEPOSIT INSURANCE CORPORATION

WASHINGTON, D.C. 20429

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

• TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

FDIC Certificate No. 110

BANK OZK

(Exact name of registrant as specified in its charter)

ARKANSAS 71-0130170

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

18000 CANTRELL ROAD, LITTLE ROCK, ARKANSAS 72223

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (501) 978-2265 N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	OZK	Nasdaq Global Select Market
4.625% Series A Non-Cumulative Perpetual Preferred Stock, $0.01 par value per share	OZKAP	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐

Non-accelerated filer ☐ Emerging growth company ☐

Smaller reporting company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

Class Outstanding at April 30, 2025

Common Stock, $0.01 par value per share 112,619,104

BANK OZK FORM 10-Q

March 31, 2025

INDEX

PART I. Financial Information

Item 1. Financial Statements

Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited) 3

Consolidated Statements of Income for the Three Months Ended March 31, 2025 and 2024

(Unaudited) 4

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and

2024 (Unaudited) 5

Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2025 and

2024 (Unaudited) 6

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024

	(Unaudited)	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55
Item 4	Controls and Procedures	55
PART II	Other Information	55
Item 1.	Legal Proceedings	55
Item 1A.	Risk Factors	55
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 3.	Defaults Upon Senior Securities	56
Item 4.	Mine Safety Disclosures	56
Item 5.	Other Information	56
Item 6.	Exhibits	56
Signatures		57

Exhibit Index 58

‌PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

‌BANK OZK CONSOLIDATED BALANCE SHEETS

Unaudited

ASSETS

March 31, December 31,

2025 2024

(Dollars in thousands)

Cash and cash equivalents	$ 2,377,689	$ 2,781,101
Investment securities - available for sale ("AFS")	2,968,373	2,836,150
Federal Home Loan Bank of Dallas ("FHLB") and other bankers' bank stocks	14,186	39,930
Loans	31,107,873	29,968,867
Allowance for loan losses	(488,150)	(465,547)
Net Loans	30,619,723	29,503,320
Premises and equipment, net	767,784	739,111
Foreclosed assets	151,324	69,381
Accrued interest receivable	174,325	174,025
Bank owned life insurance ("BOLI")	834,915	829,405
Goodwill	660,789	660,789
Other, net	596,307	625,640
Total assets	$ 39,165,415	$ 38,258,852

Deposits:

Demand non-interest bearing	$ 3,868,205	$ 3,769,543
Savings and interest bearing transaction	10,417,211	9,954,723
Time	17,640,250	17,318,806
Total deposits	31,925,666	31,043,072
Other borrowings	300,600	420,813
Subordinated notes	348,776	348,575
Subordinated debentures	113,652	113,652
Reserve for losses on unfunded loan commitments	150,609	153,813
Accrued interest payable and other liabilities	494,393	472,733
Total liabilities	33,333,696	32,552,658

Preferred stock, $0.01 par value; 100,000,000 shares authorized; 14,000,000 shares issued and outstanding at March 31, 2025 and December 31, 2024

338,980

338,980

Commitments and contingencies Stockholders' equity:

Common stock, $0.01 par value; 300,000,000 shares authorized; 113,726,947 and

113,457,726 shares issued and outstanding at March 31, 2025 and December 31, 2024,
respectively	1,137	1,135
Additional paid-in capital	1,624,463	1,625,506
Retained earnings	3,936,031	3,816,138
Accumulated other comprehensive loss	(69,275)	(76,136)
Total stockholders' equity before noncontrolling interest	5,831,336	5,705,623
Noncontrolling interest	383	571
Total stockholders' equity	5,831,719	5,706,194
Total liabilities and stockholders' equity	$ 39,165,415	$ 38,258,852

See accompanying notes to the consolidated financial statements.

	‌BANK OZK CONSOLIDATED STATEMENTS OF INCOME
	Unaudited
	Three Months	Ended March 31,
	2025	2024
	(Dollars in thousands,	except per share amounts)
Interest income:
Loans	$ 588,561	$ 591,941
Investment securities:
Taxable	13,188	9,333
Tax-exempt	13,056	11,173
Deposits with banks	20,933	24,606
Total interest income	635,738	637,053

Interest expense:
Deposits		255,805	254,323
Other borrowings		866	750
Subordinated notes		2,574	2,574
Subordinated debentures		1,983	2,472
Total interest expense		261,228	260,119
Net interest income		374,510	376,934
Provision for credit losses		38,417	42,923
Net interest income after provision for credit losses		336,093	334,011
Non-interest income:
Deposit-related fees
Overdraft fees		3,282	3,427
All other service charges		7,224	6,839
Loan-related fees		8,985	6,343
BOLI income		5,744	5,506
Trust income		2,514	2,324
Gains on sales of other assets		769	459
Net gains on investment securities		-	410
Other		6,206	3,776
Total non-interest income		34,724	29,084
Non-interest expense:
Salaries and employee benefits		82,200	69,564
Net occupancy and equipment		18,445	17,974
Other operating expenses		46,309	45,776
Total non-interest expense		146,954	133,314
Income before taxes		223,863	229,781
Provision for income taxes		51,892	54,226
Net income		171,971	175,555
Earnings attributable to noncontrolling interest		(12)	(18)
Preferred stock dividends		4,047	4,047
Net income available to common stockholders		$ 167,912	$ 171,490
Basic earnings per common share		$ 1.48	$ 1.51
Diluted earnings per common share		$ 1.47	$ 1.51

See accompanying notes to the consolidated financial statements.

‌BANK OZK

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

Three Months Ended March 31, 2025 2024

(Dollars in thousands)

Net income	$ 171,971	$ 175,555
Other comprehensive income (loss):
Unrealized gains and (losses) on investment securities AFS	8,685	(12,815)
Tax effect of unrealized gains and losses on investment securities AFS	(1,824)	2,982
Total other comprehensive income (loss)	6,861	(9,833)
Total comprehensive income	$ 178,832	$ 165,722

See accompanying notes to the consolidated financial statements.

‌BANK OZK

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Unaudited

Preferred Stock

Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive (Loss) Income

Non-Controlling

Interest Total

(Dollars in thousands, except per share amounts)

Balances - December 31, 2024 $ 338,980 $ 1,135 $1,625,506 $3,816,138 $ (76,136) $ 571 $ 5,706,194

Earnings attributable to noncontrolling interest - - - (12) - 12 -

Preferred stock dividends, $0.28906 per share - - - (4,047) - - (4,047)

Retuof capital paid to noncontrolling interest - - - - - (200) (200)

Issuance of 428,973 shares of common stock pursuant to stock-based compensation plans

-

4

92

-

-

-

96

Repurchase and cancellation of 149,584 shares of common stock withheld for tax pursuant to

stock-based compensation plans - (2) (7,094) - - - (7,096)

Forfeitures of 10,168 shares of unvested

restricted common stock - - - - - - -

Balances - December 31, 2023 $ 338,980 $ 1,131 $1,612,446 $3,283,818 $ (97,374) $ 975 $ 5,139,976

Balances - January 1, 2024 338,980 1,131 1,612,446 3,296,508 (97,374) 975 5,152,666

Earnings attributable to noncontrolling interest - - - (18) - 18 -

Preferred stock dividends, $0.28906 per share - - - (4,047) - - (4,047)

Retuof capital paid to noncontrolling interest - - - - - - -

Issuance of 484,818 shares of common stock pursuant to stock-based compensation plans

-

5

179

-

-

-

184

Repurchase and cancellation of 184,415 shares of common stock withheld for tax pursuant to

stock-based compensation plans - (2) (8,008) - - - (8,010)

Forfeitures of 14,259 shares of unvested

restricted common stock - - - - - - -

See accompanying notes to the consolidated financial statements.

‌BANK OZK

CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

Three Months Ended March 31, 2025 2024

(Dollars in thousands)

Cash flows from operating activities:
Net income	$ 171,971	$ 175,555
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,995	6,799
Amortization	12,764	10,906
Earnings attributable to noncontrolling interest	(12)	(18)
Provision for credit losses	38,417	42,923
Writedowns of foreclosed assets	350	472
Originations of mortgage loans held for sale	(14,554)	-
Proceeds from sales of mortgage loans held for sale	15,123	-
Net amortization of investment securities AFS	2,923	4,135
Net gains on investment securities	-	(410)
Gains on sales of other assets	(769)	(459)
Deferred income tax expense (benefit)	(32,201)	24,813
Increase in cash surrender value of BOLI	(5,744)	(5,506)
Stock-based compensation expense	5,959	4,651
Changes in assets and liabilities:
Trading account securities	-	414
Accrued interest receivable	(300)	(5,091)
Other assets, net	40,338	(5,089)
Accrued interest payable and other liabilities	27,582	(14,559)
Cash provided by operating activities	268,842	239,536
Cash flows from investing activities:
Proceeds from maturities/calls/paydowns of investment securities AFS	305,622	165,058
Purchases of investment securities AFS	(432,083)	(10,032)
Proceeds from sales of FHLB and other bankers' bank stock	26,197	36,859
Purchases of FHLB and other bankers' bank stock	(453)	(944)
Proceeds from sale of loans	13,588	143
Net increase in loans	(1,258,276)	(1,579,775)
Purchases of premises and equipment	(26,494)	(15,087)
Proceeds from BOLI death benefits	235	-
Proceeds from sales of other assets	6,020	2,199
Net cash invested in unconsolidated investments	(10,013)	(6,330)
Net cash used by investing activities	(1,375,657)	(1,407,909)
Cash flows from financing activities:
Net increase in deposits	882,594	2,000,927
Net repayments of other borrowings	(120,213)	(603,309)
Retuof capital to non-controlling interest	(200)	-
Cash dividends paid on common stock	(47,731)	(43,088)
Cash dividends paid on preferred stock	(4,047)	(4,047)
Proceeds from issuance of common stock pursuant to stock-based compensation plans	96	184
Repurchase and cancellation of shares of common stock - withheld for taxes	(7,096)	(8,010)
Net cash provided by financing activities	703,403	1,342,657
Net (decrease) increase in cash and cash equivalents	(403,412)	174,284
Cash and cash equivalents - beginning of period	2,781,101	2,149,529
Cash and cash equivalents - end of period	$ 2,377,689	$ 2,323,813

See accompanying notes to the consolidated financial statements.

‌BANK OZK

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Unaudited

1. Organization

   Bank OZK ("the Bank") is headquartered in Little Rock, Arkansas and provides a wide range of retail and commercial banking services. At March 31, 2025, the Bank conducted operations through more than 240 offices in nine states, including offices in Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi. The Bank owns 100% of eight finance subsidiary business trusts - Ozark Capital Statutory Trust II ("Ozark II"), Ozark Capital Statutory Trust III ("Ozark III"), Ozark Capital Statutory Trust IV ("Ozark IV"), Ozark Capital Statutory Trust V ("Ozark V"), Intervest Statutory Trust II ("Intervest II"), Intervest Statutory Trust III ("Intervest III"), Intervest Statutory Trust IV ("Intervest IV") and Intervest Statutory Trust V ("Intervest V") (collectively, the "Trusts"). In addition, the Bank owns a subsidiary that holds its investment securities, a subsidiary engaged in the development of real estate, a subsidiary that holds an ownership interest in a private aircraft, a subsidiary that owns a renewable energy facility and various other entities that hold foreclosed assets or tax credits or engage in other activities.

   The Bank is an Arkansas state banking corporation and is subject to regulation by the Arkansas State Bank Department. Because the Bank is an insured depository institution that is not a member bank of the Federal Reserve System, its primary federal regulator is the Federal Deposit Insurance Corporation ("FDIC").

2. Basis of Presentation and Significant Accounting Policy Changes

   The accompanying interim consolidated financial statements have been prepared by the Bank, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") in Article 10 of Regulation S-X and in accordance with the instructions to Form 10-Q and accounting principles generally accepted in the United States ("GAAP") for interim financial information. Certain information, accounting policies and footnote disclosures normally included in complete financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Bank's Annual Report on Form 10-K filed with the FDIC for the year ended December 31, 2024.

   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. In the opinion of management, all adjustments considered necessary, consisting of normal recurring items, have been included for a fair statement of the accompanying consolidated financial statements. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the full year or future periods. Certain reclassifications of prior year amounts have been made to conform to the 2025 financials statements presentation. These reclassifications had no impact on prior year net income, as previously reported.

   The Bank operates in only one business segment with the Bank's Chairman of the Board and Chief Executive Officer being the chief operating decision maker ("CODM") for the Bank. The Bank's CODM evaluates the Bank's consolidated net income and net interest income, among other consolidated metrics, in managing the Bank's resources and assessing performance. The Bank's consolidated net income and net interest income are disclosed on the face of the Consolidated Statements of Income on page 4.

   Accordingly, there is no requirement to report segment information in the Bank's consolidated financial statements.

3. Earnings Per Common Share ("EPS") and Share Repurchase Program

   Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the applicable period. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding after consideration of the dilutive effect, if any, using the treasury stock method, of the Bank's common stock options and the non-vested performance stock units ("PSUs") under its long-term incentive agreements. Options to purchase 52,946 shares and 345,107 shares, respectively, of the Bank's common stock for the three months ended March 31, 2025 and 2024, respectively, were excluded from the diluted EPS calculations as inclusion of such options would have been anti-dilutive.

   In July 2024, the Bank's Board authorized a stock repurchase program for up to $200 million of our outstanding common stock, with an expiration on July 1, 2025, unless extended, shortened or suspended by the Board. In evaluating stock repurchases including the parameters for price and share value, management will consider a variety of factors including stock price, expected growth, capital position, alternative uses of capital, liquidity, financial performance, the current and expected macroeconomic environment, regulatory requirements and other factors. Between April 1 and April 30, 2025 the Bank repurchased 1,117,000 shares of common stock for

   $43.2 million, or approximately $38.68 per share.

   The following table presents the computation of basic and diluted EPS for the periods indicated.

   Three Months Ended March 31, 2025 2024

   (In thousands, except per share amounts)

   Numerator:

Denominator for basic EPS - weighted-average common shares	113,808	113,559
Effect of dilutive securities - stock options and PSUs	408	324
Denominator for diluted EPS - weighted-average common shares and assumed
conversions	114,216	113,883
Basic EPS	$ 1.48	$ 1.51
Diluted EPS	$ 1.47	$ 1.51

Net income available to common stockholders $ 167,912 $ 171,490 Denominator:

1. Investment Securities

   The Bank's investment securities AFS are stated at estimated fair value in the consolidated financial statements with unrealized gains and losses, that do not include a credit component, reported net of related income tax as a separate component of stockholders' equity and included in accumulated other comprehensive income. Unrealized losses that include a credit component are considered in determining the Bank's allowance for credit losses ("ACL"). The Bank believes that the vast majority of unrealized losses on individual investment securities at March 31, 2025 and December 31, 2024 are the result of fluctuations in interest rates.

   The following table presents the amortized cost and estimated fair value of investment securities AFS as of the dates indicated.

   Amortized Cost

   Gross Unrealized Gains

   Gross Unrealized Losses

   Estimated Fair Value

   (Dollars in thousands)

   March 31, 2025:
   U.S. Government agency mortgage-backed securities	$ 1,490,966	$ 6,068	$ (56,099)	$ 1,440,935
   Obligations of state and political subdivisions	1,542,079	5,231	(43,542)	1,503,768
   Corporate obligations	26,037	-	(2,367)	23,670
   Total investment securities AFS	$ 3,059,082	$ 11,299	$ (102,008)	$ 2,968,373
   December 31, 2024:
   U.S. Government agency mortgage-backed securities	$ 1,327,396	$ 3	$ (70,928)	$ 1,256,471
   Obligations of state and political subdivisions	1,451,430	8,825	(34,559)	1,425,696
   Other U.S. Government agency securities	130,000	-	(282)	129,718
   Corporate obligations	26,718	-	(2,453)	24,265
   Total investment securities AFS	$ 2,935,544	$ 8,828	$ (108,222)	$ 2,836,150

   The following table shows the estimated fair value of investment securities AFS having gross unrealized losses and the amount of such unrealized losses, aggregated by investment category and length of time that individual investment securities have been in a continuous unrealized loss position, as of the dates indicated.

   Less than 12 Months 12 Months or More Total

   Estimated Fair Value

   Unrealized Losses

   Estimated Fair Value

   Unrealized Losses

   Estimated Fair Value

   Unrealized Losses

   (Dollars in thousands)

   March 31, 2025:

U.S. Government agency mortgage-backed

securities	$ 466	$ 11	$ 787,315	$ 56,088	$ 787,781	$ 56,099
Obligations of state and political subdivisions	631,133	11,083	448,340	32,459	1,079,473	43,542
Corporate obligations	520	9	23,149	2,358	23,669	2,367
Total investment securities AFS $ 632,119 $ 11,103 $1,258,804 $ 90,905 $1,890,923 $ 102,008

U.S. Government agency mortgage-backed

securities	$ 398,325	$ 1,383	$ 857,891	$ 69,545	$ 1,256,216	$ 70,928
Obligations of state and political subdivisions	376,957	5,413	411,147	29,146	788,104	34,559
Other U.S. Government agency securities	-	-	129,718	282	129,718	282
Corporate obligations	536	2	23,729	2,451	24,265	2,453

Total investment securities AFS $ 775,818 $ 6,798 $1,422,485 $ 101,424 $2,198,303 $ 108,222

In evaluating the Bank's unrealized loss positions for credit losses of its investment securities portfolio, management considers the credit quality, financial condition and near term prospects of the issuer, the nature and cause of the unrealized loss and other factors. While the Bank periodically evaluates its investment strategy relative to current economic and business conditions, at the present time, the Bank does not have the intent to sell these investment securities with unrealized losses and, more likely than not, will not sell these investment securities before fair value recovers to amortized cost. In addition, for the vast majority of investment securities AFS in an unrealized loss position, the Bank does not believe the unrealized losses are the result of issues with credit quality.

The following table shows the amortized cost and estimated fair value of investment securities AFS by maturity or estimated date of repayment as of March 31, 2025.

Maturity or Estimated Repayment Amortized Costs Estimated Fair Value

(Dollars in thousands)

One year or less	$ 465,246	$ 450,916
After one year to five years	930,553	896,825
After five years to ten years	446,321	432,665
After ten years	1,216,962	1,187,967
Total	$ 3,059,082	$ 2,968,373

For purposes of this maturity or estimated repayment distribution, all investment securities AFS are shown based on their contractual maturity date or estimated date of repayment, except (i) U.S. Government agency mortgage-backed securities are allocated among various maturities or repayment categories based on an estimated repayment schedule utilizing third-party median prepayment speeds or other estimates of prepayment speeds and interest rate levels at the measurement date and (ii) callable investment securities for which the Bank has received notification of call are included in the maturity or repayment category in which the call occurs or is expected to occur. Expected maturities may differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties.

At March 31, 2025 mortgage-backed securities issued by the Federal National Mortgage Association were the only holdings of investment securities in an amount greater than 10% of stockholders' equity. At March 31, 2024 mortgage-backed securities issued by the Federal National Mortgage Association and callable debentures issued by the FHLB were the only holdings of investment securities in an amount greater than 10% of stockholders' equity.

1. Allowance for Credit Losses ("ACL") and Credit Quality Indicators

   Allowance for Credit Losses

   The following table is a summary of activity within the ACL for the periods indicated.

   	Allowance for Loan Losses	Reserve for Losses on Unfunded Loan Commitments	Total Allowance for Credit Losses
   		(Dollars in thousands)
   Three months ended March 31, 2025:
   Balances - December 31, 2024	$ 465,547	$ 153,813	$ 619,360
   Net charge-offs	(19,018)	-	(19,018)
   Provision for credit losses	41,621	(3,204)	38,417
   Balances - March 31, 2025	$ 488,150	$ 150,609	$ 638,759
   Three months ended March 31, 2024:
   Balances - December 31, 2023	$ 339,394	$ 161,834	$ 501,228
   Net charge-offs	(7,264)	-	(7,264)
   Provision for credit losses	33,805	9,118	42,923
   Balances - March 31, 2024	$ 365,935	$ 170,952	$ 536,887

   The calculations of the Bank's provision for credit losses for the first quarter of 2025 and its total ACL at March 31, 2025 were based on a number of key estimates, assumptions and economic forecasts. The Bank utilized recent economic forecasts provided by Moody's, including their updates released in March 2025. In selecting the weightings for the various economic scenarios for purposes of determining the ACL at March 31, 2025, the Bank's weightings assigned to each of the Moody's S4 (Alternative Adverse Downside) and S6 (Stagflation) scenarios exceeded that of the Moody's Baseline scenario. The Bank's selection and weightings of these scenarios reflected its assessment of conditions in the U.S. economy, and acknowledged the uncertainty regarding future U.S. economic conditions, including risks from: U.S. fiscal policy actions; impacts of potential changes in U.S. tax, tariff and immigration laws, regulations and policies; changes in the federal funds target rate and Federal Reserve balance sheet, a possible recession, inflationary pressures, global trade and geopolitical matters, supply chain disruptions, and various other factors. These forecasts included a number of economic variables, including gross domestic product ("GDP"), unemployment rates, commercial and residential real estate prices, among others. For purposes of the forecasts used in the calculation of the ACL, management utilized a reasonable and supportable forecast period of two years, followed by a reversion, on a systematic basis, of estimated losses back to the Bank's historical mean. Management also utilized certain qualitative adjustments to capture items not included in the Bank's modeled results or other assumptions.

   The following table is a summary of the Bank's ACL for the periods indicated.

   Beginning

   Balance Charge-offs Recoveries Provision

   (Dollars in thousands)

   Ending Balance

   Three months ended March 31, 2025:

Real estate:
Construction/land development	$ 85,183	$ (3,904)	$ 23	$ 26,827	$ 108,129
Other commercial real estate	124,339	(7,195)	44	(1,892)	115,296
Multifamily residential	58,262	(2,426)	-	16,365	72,201
Residential 1-4 family	31,107	(356)	141	492	31,384
Agricultural	6,860	(23)	-	764	7,601
Total real estate	305,751	(13,904)	208	42,556	334,611
Consumer	119,551	(4,270)	786	(12,076)	103,991
Commercial and industrial	7,157	(76)	32	4,590	11,703
Other	33,088	(1,953)	159	6,551	37,845
Total ALL for funded loans	465,547	(20,203)	1,185	41,621	488,150
Reserve for losses on unfunded loan commitments	153,813	-	-	(3,204)	150,609
Total ACL	$ 619,360	$ (20,203)	$ 1,185	$ 38,417	$ 638,759
Three months ended March 31, 2024:
Real estate:
Construction/land development	$ 127,320	$ -	$ 13	$ 2,891	$ 130,224
Other commercial real estate	44,250	(5,140)	388	7,884	47,382
Multifamily residential	15,469	-	-	6,435	21,904
Residential 1-4 family	23,151	(97)	217	987	24,258
Agricultural	4,732	-	28	455	5,215
Total real estate	214,922	(5,237)	646	18,652	228,983
Consumer	98,974	(2,666)	650	13,931	110,889
Commercial and industrial	7,626	-	132	1,613	9,371
Other	17,872	(992)	203	(391)	16,692
Total ALL for funded loans	339,394	(8,895)	1,631	33,805	365,935
Reserve for losses on unfunded loan commitments	161,834	-	-	9,118	170,952
Total ACL	$ 501,228	$ (8,895)	$ 1,631	$ 42,923	$ 536,887

The following table presents a summary of the Bank's loans on nonaccrual status with ALL and loans on nonaccrual status with no ALL as of the dates indicated.

	Nonaccrual Loans with ALL	Nonaccrual Loans with no ALL	Total Nonaccrual Loans
		(Dollars in thousands)
March 31, 2025:
Real estate:
Construction/land development	$ 1,517	$ -	$ 1,517
Other commercial real estate	829	13,085	13,914
Multifamily residential	262	2,270	2,532
Residential 1-4 family	25,458	1,075	26,533
Agricultural	204	-	204
Total real estate	28,270	16,430	44,700
Consumer	9,371	4	9,375
Commercial and industrial	1,469	-	1,469
Other	-	7,175	7,175
Total	$ 39,110	$ 23,609	$ 62,719
December 31, 2024:
Real estate:
Construction/land development	$ 88,672	$ -	$ 88,672
Other commercial real estate	945	2,387	3,332
Multifamily residential	-	3,031	3,031
Residential 1-4 family	26,100	1,048	27,148
Agricultural	267	-	267
Total real estate	115,984	6,466	122,450
Consumer	7,933	4	7,937
Commercial and industrial	1,107	-	1,107
Total	$ 125,024	$ 6,470	$ 131,494

Interest income on nonperforming loans as of March 31, 2025 and December 31, 2024 is recognized on a cash basis when and if actually collected. Total interest income recognized on nonperforming loans for the three months ended March 31, 2025 and 2024 was not material.

Credit Quality Indicators

The following table provides the credit quality indicators for the Bank's loans by loan segment and period of origination as of the date indicated. At March 31, 2025, the Bank had no loans with an outstanding balance that were risk rated as doubtful or loss. Loans are presented on an amortized cost basis which includes unamortized fees and costs but excludes accrued interest.

Period of Origination

Three Months

Year Ended December 31,

Revolving

Ended March 31,					Prior to January 1,	Loans Amortized
2025	2024	2023	2022	2021	2021	Cost Basis	Total

(Dollars in thousands)

Construction/land development

Pass	$ 72,911	$1,251,160	$2,871,384	$3,286,787	$ 798,635	$ 719,909	$ 87,979	$ 9,088,765
Special Mention	-	1,257	814	1,196	299	4,696	4,997	13,259
Substandard (1)	-	441	1,859	4,638	57	66,350	33,250	106,595
Total construction/land
development	72,911	1,252,858	2,874,057	3,292,621	798,991	790,955	126,226	9,208,619
Other commercial real estate
Pass	47,078	132,390	1,071,008	2,819,893	1,726,699	1,992,393	34,194	7,823,655
Special Mention	-	379	4,581	54,889	61,009	36,605	-	157,463
Substandard (1)	-	-	-	87	12,511	3,426	-	16,024
Total other commercial real	47,078	132,769	1,075,589	2,874,869	1,800,219	2,032,424	34,194	7,997,142
Multifamily residential
Pass	1,975	4,802	160,969	1,963,260	1,053,603	435,278	9,555	3,629,442
Special Mention	-	-	-	2,422	122,247	108,852	-	233,521
Substandard (1)	-	-	-	-	1,227	1,390	-	2,617
Total multifamily residential	1,975	4,802	160,969	1,965,682	1,177,077	545,520	9,555	3,865,580
Residential 1-4 family
Pass	39,404	331,905	87,336	214,170	132,868	277,067	211,624	1,294,374
Special Mention	-	702	576	3,436	1,048	5,016	1,182	11,960
Substandard (1)	-	21	1,074	664	2,091	22,483	200	26,533
Total residential 1-4 family	39,404	332,628	88,986	218,270	136,007	304,566	213,006	1,332,867
Agricultural
Pass	10,759	40,089	42,207	57,082	50,623	97,799	1,122	299,681
Special Mention	-	-	-	-	-	503	-	503
Substandard (1)	-	-	-	-	-	204	-	204
Total agricultural	10,759	40,089	42,207	57,082	50,623	98,506	1,122	300,388
Consumer
Pass	274,562	1,168,877	747,033	501,895	271,350	785,381	5,304	3,754,402
Special Mention	-	492	978	1,759	769	1,613	1	5,612
Substandard (1)	575	382	965	1,970	657	4,826	-	9,375
Total consumer	275,137	1,169,751	748,976	505,624	272,776	791,820	5,305	3,769,389
Commercial and industrial
Pass	182,907	311,257	46,465	62,300	37,865	31,903	1,358,299	2,030,996
Special Mention	-	307	131	-	257	310	31,721	32,726
Substandard (1)	-	515	15	1,099	34	905	-	2,568
Total commercial and industrial	182,907	312,079	46,611	63,399	38,156	33,118	1,390,020	2,066,290
Other
Pass	23,909	83,382	33,568	878,323	2,079	125,573	1,357,446	2,504,280
Special Mention	-	-	-	64	-	70	-	134
Substandard (1)	-	-	-	56,012	-	-	7,172	63,184
Total other	23,909	83,382	33,568	934,399	2,079	125,643	1,364,618	2,567,598
Total	$ 654,080	$3,328,358	$5,070,963	$9,911,946	$4,275,928	$4,722,552	$3,144,046	$31,107,873
Gross charge-offs(2)	$ 700	$ 1,700	$ 1,534	$ 1,104	$ 6,907	$ 8,258	$ -	$ 20,203

(1)Includes both substandard accrual loans and substandard nonaccrual loans.

(2)Gross charge-offs for the three months ended March 31, 2025.

The following table is a summary of credit quality indicators for the Bank's total loans as of the dates indicated.

	Pass	Special Mention	Substandard Accrual	Substandard Nonaccrual	Total
			(Dollars in thousands)
March 31, 2025:
Real estate:
Construction/land development	$ 9,088,765	$ 13,259	$ 105,078	$ 1,517	$ 9,208,619
Other commercial real estate	7,823,655	157,463	2,110	13,914	7,997,142
Multifamily residential	3,629,442	233,521	85	2,532	3,865,580
Residential 1-4 family	1,294,374	11,960	-	26,533	1,332,867
Agricultural	299,681	503	-	204	300,388
Total real estate	22,135,917	416,706	107,273	44,700	22,704,596
Consumer	3,754,402	5,612	-	9,375	3,769,389
Commercial and industrial	2,030,996	32,726	1,099	1,469	2,066,290
Other	2,504,280	134	56,009	7,175	2,567,598
Total	$ 30,425,595	$ 455,178	$ 164,381	$ 62,719	$ 31,107,873
December 31, 2024:
Real estate:
Construction/land development	$ 9,174,126	$ 228,111	$ 31,767	$ 88,672	$ 9,522,676
Other commercial real estate	7,549,607	267,826	21,927	3,332	7,842,692
Multifamily residential	3,135,130	120,222	14,252	3,031	3,272,635
Residential 1-4 family	1,286,217	9,500	570	27,148	1,323,435
Agricultural	296,515	116	-	267	296,898
Total real estate	21,441,595	625,775	68,516	122,450	22,258,336
Consumer	3,641,142	10,633	1	7,937	3,659,713
Commercial and industrial	1,718,161	7,854	1,679	1,107	1,728,801
Other	2,256,462	9,593	55,962	-	2,322,017
Total	$ 29,057,360	$ 653,855	$ 126,158	$ 131,494	$ 29,968,867

The following categories of credit quality indicators are utilized by the Bank for its internal loan grading purposes. Pass - Loans in this category exhibit minimal or moderate levels of risk and are not expected to result in loss.

Special Mention - Loans in this category have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Bank's credit position at some future date.

Substandard - Loans in this category are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful - Loans in this category have all the weaknesses inherent in those classified as substandard with the added characteristics that weaknesses make collection in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

Loss - Loans in this category are considered uncollectible. Loans classified as loss do not mean the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to delay charging off.

The Bank considers its residential 1-4 family loans (including consumer construction loans and 1-4 family properties), consumer loans, and certain small business loans to be (i) pass - if they are performing and less than 30 days past due, (ii) special mention - if they are performing and 30 to 89 days past due or (iii) substandard - if they are nonperforming or 90 days or more past due.

The following table is an aging analysis of past due loans as of the dates indicated.

30-59 Days Past Due(1)

60-89 Days Past Due(2)

90 Days or

More(3)Total Past Due Current(4)Total

(Dollars in thousands)

Real estate:
Construction/land development	$ 5,908	$ 1,108	$ 109	$ 7,126	$ 9,201,493	$ 9,208,619
Other commercial real estate	2,199	-	791	2,990	7,994,152	7,997,142
Multifamily residential	-	-	2,504	2,504	3,863,076	3,865,580
Residential 1-4 family	15,227	3,212	4,457	22,896	1,309,971	1,332,867
Agricultural	-	-	179	179	300,209	300,388
Total real estate	23,334	4,320	8,040	35,695	22,668,901	22,704,596
Consumer	5,100	1,641	589	7,330	3,762,059	3,769,389
Commercial and industrial	500	265	1,238	2,004	2,064,286	2,066,290
Other	-	-	-	-	2,567,598	2,567,598
Total	$ 28,934	$ 6,226	$ 9,867	$ 45,029	$ 31,062,844	$ 31,107,873
December 31, 2024:
Real estate:
Construction/land development	$ 286	$ -	$ 142	$ 428	$ 9,522,248	$ 9,522,676
Other commercial real estate	1,614	2,387	216	4,217	7,838,475	7,842,692
Multifamily residential	-	-	3,031	3,031	3,269,604	3,272,635
Residential 1-4 family	11,763	6,156	6,066	23,985	1,299,450	1,323,435
Agricultural	-	-	202	202	296,696	296,898
Total real estate	13,663	8,543	9,657	31,863	22,226,473	22,258,336
Consumer	7,482	3,709	353	11,544	3,648,169	3,659,713
Commercial and industrial	4,498	639	956	6,093	1,722,708	1,728,801
Other	-	7	-	7	2,322,010	2,322,017
Total	$ 25,643	$ 12,898	$ 10,966	$ 49,507	$ 29,919,360	$ 29,968,867

(1)Includes $9.5 million and $6.2 million of loans on nonaccrual status at March 31, 2025 and December 31, 2024, respectively.

(2)Includes $3.9 million and $6.7 million of loans on nonaccrual status at March 31, 2025 and December 31, 2024, respectively.

(3)All loans greater than 90 days past due were on nonaccrual status at March 31, 2025 and December 31, 2024.

(4)Includes $39.4 million and $107.6 million of loans on nonaccrual status at March 31, 2025 and December 31, 2024, respectively.

1. Foreclosed Assets

   The following table is a summary of the amount and type of foreclosed assets as of the dates indicated.

   March 31, 2025 December 31, 2024

   (Dollars in thousands)

   Real estate:

   Construction/land development	$ 140,930	$ 59,964
   Other commercial real estate	8,318	8,318
   Residential 1-4 family	297	-
   Total real estate	149,545	68,282
   Consumer	1,779	1,099
   Total foreclosed assets	$ 151,324	$ 69,381

   The following table is a summary of activity within foreclosed assets during the periods indicated.

   Three Months Ended March 31,

   	2025		2024
   	(Dollars in		thousands)
   Balance - beginning	$ 69,381		$ 61,720
   Loans and other assets transferred into foreclosed assets	87,379		1,263
   Sales of foreclosed assets	(5,086)		(1,729)
   Writedowns of foreclosed assets	(350)		(472)
   Balance - ending	$ 151,324		$ 60,782

2. Supplemental Cash Flow Information

   The following table provides supplemental cash flow information for the periods indicated.

   Three Months Ended March 31, 2025 2024

   (Dollars in thousands)

   Cash paid during the period for:
   Interest	$ 257,373	$ 249,449
   Income taxes	9,825	4,918
   Supplemental schedule of non-cash investing and financing activities:
   Net change in unrealized gains/losses on investment securities AFS	8,685	(12,815)
   Loans and other assets transferred to foreclosed assets	87,379	1,263
   Increase in tax credit and other investments	13,149	-

3. Commitments and Contingencies

   The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments primarily include standby letters of credit and commitments to extend credit.

   Outstanding standby letters of credit are contingent commitments by the Bank generally to guarantee the performance of a customer in third party arrangements. The maximum amount of future payments the Bank could be required to make under these guarantees at March 31, 2025 is $166.6 million. The Bank holds collateral to support guarantees when deemed necessary.

   Collateralized commitments at March 31, 2025 totaled $165.9 million. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Bank has the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

   Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses, may require payment of a fee and may expire without being drawn upon. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. The type of collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and other real or personal property.

   At March 31, 2025, the Bank had outstanding commitments totaling $18.82 billion to extend credit, consisting primarily of loans closed but not yet funded. These commitments may or may not fund in whole or part prior to maturity; however, such funding is subject to a number of factors, including, among others, economic conditions, real estate market conditions and competitive factors.

   The following table shows the contractual maturities of such outstanding loan commitments as of the date indicated.

   	Contractual Maturities at March 31, 2025
   Year of Maturity		Amount
   		(Dollars in thousands)
   2025		$ 3,169,288
   2026		5,537,208
   2027		4,898,936
   2028		2,978,938
   2029		1,828,206
   Thereafter		408,865
   Total		$ 18,821,441

   The Bank is a party as both plaintiff and defendant in various legal or regulatory proceedings or claims, including claims related to employment, wage-hour and labor law claims, consumer and privacy claims, as well as claims of lender liability, breach of contract, and other similar lending-related claims encountered on a routine basis, some of which may be styled as "class action" or representative cases. While the ultimate resolution of these claims and proceedings cannot be determined at this time, management believes that such claims and proceedings, individually or in the aggregate, will not have a material adverse effect on the Bank's financial condition or results of operations.

4. Investments in Tax Credits and SBICs

   The Bank invests in certain tax credit investments and partnerships generally within the areas we serve. The majority of these investments provide funds for the construction and development of affordable housing, which provide low income housing tax credits ("LIHTC") that are normally recognized over approximately ten years and are an important part in the anticipated yield from these investments. The Bank is a limited partner or non-managing member in each LIHTC limited partnership or limited liability company. Each of these entities is managed by an unrelated third-party general partner or managing member who exercises significant control over the operations and finances of the entity. The general partner or managing member has all the rights, powers and authority granted or permitted to be granted to a general partner of a limited partnership or managing member of a limited liability company. In addition to our LIHTC investments, we also have investments in renewable energy and other tax credits. As of March 31, 2025, the carrying value of tax credit investments and renewable energy partnerships was approximately $461.2 million and is included in other assets on the consolidated balance sheet. The portion of tax credit investments that are unfunded and included in other liabilities totaled approximately $205.1 million and are expected to be funded over the terms of the agreements ranging from 2025 to 2041.

   The Bank also has investments in Small Business Investment Companies ("SBIC") that provide funds to qualifying small businesses, and Community Development Companies ("CDC") that provide funding for the purpose of community development through investments, lending, and credit assistance. As of March 31, 2025, the carrying value of our investments in SBICs and CDCs was approximately $81.3 million and is included in other assets on our consolidated balance sheet. The portion of our investments in SBICs and CDCs that are unfunded totaled approximately $99.8 million and are expected to be funded over the terms of the agreements ranging from 2025 to 2030.

   The following table shows the expected payments for unfunded tax credit, SBIC and CDC investments as of the date indicated.

   Expected Payments at March 31, 2025

   Amount

   (Dollars in thousands)

   2025	$	110,481
   2026		101,851
   2027		66,943
   2028		14,572
   2029		6,274
   Thereafter		4,771
   Total	$ 304,892

   For the three months ended March 31, 2025, the Bank's provision for income taxes included the recognition of amortization expense on tax credit investments of $12.2 million and tax credits and other benefits of $15.1 million.

5. Stock-Based Compensation

   The Bank maintains a stock-based compensation plan ("Omnibus Plan") which allows the Bank to award stock options, stock appreciative rights, restricted stock, restricted stock units, or other stock-based awards to directors, executives and employees that are eligible to participate in the Omnibus Plan. The Bank has granted restricted stock and PSUs as its primary stock-based incentive awards.

   Stock-based compensation expense for restricted stock awards and PSUs included in non-interest expense was $6.0 million and

   $4.7 million for the three months ended March 31, 2025 and 2024, respectively. Unrecognized compensation expense for non-vested restricted stock awards and PSUs was $43.1 million at March 31, 2025 and is expected to be recognized over a weighted-average period of approximately 2.2 years.

6. Fair Value Measurements

The Bank measures certain of its assets and liabilities on a fair value basis using various valuation techniques and assumptions, depending on the nature of the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, fair value is used either on a periodic basis, typically at least quarterly, or on a non-recurring basis to evaluate certain assets and liabilities for impairment or for disclosure purposes. At March 31, 2025 and December 31, 2024, the Bank had no material liabilities that were accounted for at fair value.

The Bank applies the following fair value hierarchy.

Level 1 - Quoted prices for identical instruments in active markets.

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations whose inputs are observable.

Level 3 - Instruments whose inputs are unobservable.

The following table sets forth the Bank's assets that are accounted for at fair value as of the dates indicated.

Level 1 Level 2 Level 3 Total

(Dollars in thousands)

Investment securities:

U.S. Government agency mortgage-backed securities	$ - $ 1,440,935	$ -	$ 1,440,935
Obligations of state and political subdivisions	- 1,497,935	5,833	1,503,768
Corporate obligations	- 23,670	-	23,670
Total investment securities	- 2,962,540	5,833	2,968,373
Nonaccrual loans	- -	50,227	50,227
Foreclosed assets	- -	151,324	151,324
Total	$ - $ 2,962,540	$ 207,384	$ 3,169,924

Investment securities:

U.S. Government agency mortgage-backed securities	$ - $ 1,256,471	$ -	$ 1,256,471
Obligations of state and political subdivisions	- 1,419,053	6,643	1,425,696
Other U.S. Government agency securities	- 129,718	-	129,718
Corporate obligations	- 24,265	-	24,265
Total investment securities	- 2,829,507	6,643	2,836,150
Nonaccrual loans	- -	115,706	115,706
Foreclosed assets	- -	69,381	69,381
Total	$ - $ 2,829,507	$ 191,730	$ 3,021,237

The following table presents information on Level 3 non-recurring fair value measurements as of the date indicated.

Description

Fair Value at

March 31, 2025 Technique Unobservable Inputs

(Dollars in thousands)

Nonaccrual Loans $ 50,227 Third party appraisal(1)or discounted cash flows

Foreclosed Assets $ 151,324 Third party appraisal,(1)broker price opinions and/or discounted cash flows

1. Management discount based on underlying collateral characteristics and market conditions

2. Life of loan

1. Management discount based on underlying collateral characteristics and market conditions

2. Discount rate

3. Holding period

(1)The Bank utilizes valuation techniques consistent with the market, cost, and income approaches, or a combination thereof in determining fair value.

The following table presents the carrying amounts, estimated fair values and the fair value hierarchy of the Bank's financial instruments as of the dates indicated.

March 31, 2025 December 31, 2024

Fair Value Hierarchy

Carrying Amount

Estimated Fair Value

Carrying Amount

Estimated Fair Value

(Dollars in thousands)

Financial assets:
Cash and cash equivalents	Level 1	$ 2,377,689	$ 2,377,689	$ 2,781,101	$ 2,781,101
Investment securities	Levels 2 and 3	2,968,373	2,968,373	2,836,150	2,836,150
Loans, net of ALL(1)	Level 3	30,619,723	30,550,421	29,503,320	29,295,969
Financial liabilities:
Demand, savings and interest bearing
transaction deposits	Level 1	$ 14,285,416	$ 14,285,416	$ 13,724,266	$ 13,724,266
Time deposits	Level 2	17,640,250	17,631,279	17,318,806	17,314,401
Other borrowings	Level 2	300,600	300,600	420,813	420,813
Subordinated notes	Level 2	348,776	307,890	348,575	292,809
Subordinated debentures	Level 2	113,652	106,576	113,652	101,637

(1)Excludes reserve for losses on unfunded loan commitments.

The following methods and assumptions were used to estimate the fair value of the Bank's assets, liabilities and financial instruments.

Cash and cash equivalents - For these short-term instruments, the carrying amount of cash and cash equivalents, including interest earning deposits and due from banks, is a reasonable estimate of fair value.

Investment securities - The Bank utilizes independent third parties as its principal pricing sources for determining fair value of investment securities which are measured on a recurring basis. As a result, the Bank receives estimates of fair value from at least two independent pricing sources for the majority of its individual securities within its investment portfolio. For investment securities traded in an active market, fair values are based on quoted market prices if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable securities, broker quotes, comprehensive interest rate tables, pricing matrices or a combination thereof. For investment securities traded in a market that is not active, fair value is determined using unobservable inputs. All fair value estimates of the Bank's investment securities are reviewed on a quarterly basis.

The Bank has determined that certain of its investment AFS securities had a limited to non-existent trading market at March 31, 2025. As a result, the Bank considers these investments as Level 3 in the fair value hierarchy. Specifically, the fair values of certain obligations of state and political subdivisions consisting primarily of certain unrated private

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

• Original document
• Permalink

Disclaimer

Bank OZK published this content on May 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2025 at 21:54 UTC.