SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Bank OZK (Reporting Manager)
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended March 31, 2017
Context: This filing discloses the equity securities held by Bank OZK as of the end of the first quarter of 2017. It details the number of shares, value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
The filing provides a snapshot of the portfolio's holdings rather than the bank's operational financials (revenue, profit, cash flow). Key portfolio metrics include:
- Top Holding by Value: Bank of the Ozarks Inc (Ticker: OZK) with a reported value of approximately $119,224,000 (2,193,048 shares at $114,060k + 99,293 shares at $5,164k).
- Significant Concentration: The portfolio shows heavy concentration in the reporting company's own stock and large-cap equities such as AT&T Inc ($5,474k + $1,080k value), Apple Inc ($4,926k + $773k value), and Cisco Systems Inc ($2,472k + $534k value).
- Asset Classes: The portfolio consists primarily of common stocks (SH) and Exchange Traded Funds (ETFs), including various iShares and Rydex funds.
- Voting Authority: Bank OZK reports "Sole" voting authority for the majority of its positions, with some "Shared" or "None" authority noted for specific holdings.
Material Changes and Portfolio Activity
Note: As this is a quarterly snapshot, specific period-over-period changes (e.g., purchases vs. sales) cannot be calculated without the prior quarter's filing. However, the following observations are noted from the current data:
- Own Stock Position: The manager holds a substantial position in its own stock (Bank of the Ozarks Inc), split between Sole and Other (OTR) voting authority categories.
- Derivatives/Options: Several positions list "PUT" or "CALL" columns with values, indicating the presence of options or derivative contracts associated with underlying equities (e.g., Alphabet Inc, Applied Materials Inc, Bank of America Corp).
- ETF Holdings: Significant allocations to passive index funds, including iShares Core S&P 500 ETF and various Russell ETFs.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, earnings guidance, or future outlook. Form 13F is a regulatory disclosure of holdings and does not contain forward-looking statements.
Risks and Contingencies:
- Concentration Risk: The portfolio has a significant exposure to the reporting company's own stock, creating a correlation between the manager's performance and the bank's stock price.
- Market Risk: The portfolio is heavily weighted toward large-cap U.S. equities and financial sector stocks (e.g., Bank of America, Wells Fargo, JPMorgan Chase), exposing it to sector-specific volatility.
- Regulatory Disclaimer: The SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "VALUE" column to assess total assets under management for this quarter.
- Compare the "SHRS OR PRN AMT" for Bank of the Ozarks Inc against the prior quarter's filing to determine if the bank increased or decreased its own stock holdings.
- Review the "OTHER VOTING AUTHORITY" columns to understand the extent of shared control or lack of voting rights in specific positions.
- Confirm the classification of "OTR" (Other) holdings to determine if they represent beneficial ownership for clients or other entities managed by Bank OZK.
- Check for any new positions or complete exits from major holdings (e.g., Alphabet, Apple, AT&T) by comparing against historical 13F data.