SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Bank OZK
Filing Type: Form 13F Information Table
Reporting Period: Second Quarter 2018 (as of June 30, 2018)
Context: This filing discloses the equity securities held by Bank OZK as a registered investment manager. It details holdings in various public companies, including the bank's own stock, categorized by voting authority (Sole, Shared, None) and investment discretion.
Key Financial Metrics and Holdings
The filing provides a snapshot of the portfolio's composition rather than the bank's operational financials (revenue, profit, cash flow). Key portfolio metrics include:
- Total Portfolio Value: The filing lists individual security values in thousands of dollars but does not explicitly state a total aggregate portfolio value in the text provided.
- Largest Holding by Value: Bank OZK Common Stock (CUSIP 063904106) with a reported value of $75,952,000 (Sole Discretion) and $12,128,000 (Other Discretion).
- Largest External Holding by Value: AT&T Inc. (Sole Discretion: $5,071,000; Other Discretion: $555,000).
- Top Sectors Represented: Financials (Bank OZK, Bank of America, JPMorgan), Technology (Apple, Microsoft, Cisco), Healthcare (AbbVie, Merck, Pfizer), and Consumer Staples (PepsiCo, Coca-Cola).
- Derivatives: The filing lists Put/Call options for several holdings, including Bank OZK, Altria Group, and Cisco Systems.
Material Changes and Portfolio Composition
As a quarterly snapshot, this filing does not provide comparative data against the prior period (Q1 2018) within the text. However, the following structural observations are noted:
- Significant Self-Holding: Bank OZK holds a substantial position in its own common stock, split between Sole Discretion ($75.95M) and Other Discretion ($12.13M).
- Voting Authority Distribution: Most holdings are under "Sole" voting authority. "Shared" authority is noted for Bank OZK stock ($132,538 shares) and "None" for specific tranches of Bank OZK ($370,351 shares) and other securities like Ares Capital Corp.
- ETF Exposure: The portfolio includes significant positions in Exchange Traded Funds, including iShares Core S&P 500 ETF, iShares MSCI EAFE ETF, and SPDR S&P 500 ETF.
Guidance, Risks, and Contingencies
Management Commentary: None provided in this filing type.
Guidance/Outlook: None provided.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The primary risk disclosed implicitly is the concentration of assets in specific equities and the exposure to market volatility inherent in the listed securities.
Investor Verification Checklist
- Self-Holding Intent: Verify the purpose of the significant Bank OZK stock holdings (e.g., treasury stock, employee benefit plans, or proprietary trading) by cross-referencing with the bank's 10-Q or 10-K.
- Derivative Exposure: Review the specific Put/Call option positions (e.g., on Bank OZK and Altria) to understand hedging strategies or speculative positions.
- Portfolio Concentration: Assess the concentration risk relative to the bank's total assets, noting the heavy weighting in large-cap US equities and financial sector peers.
- Voting Rights: Confirm the implications of the "Shared" and "None" voting authority categories for the Bank OZK holdings on corporate governance.