SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Bank OZK (Bank of the Ozarks)
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2017
Context: This filing discloses the equity securities held by Bank OZK as a registered investment manager. It details holdings in various public companies, including a significant position in the bank's own stock.
Key Financial Metrics and Holdings
The filing provides a snapshot of the portfolio's composition as of the reporting date. Key metrics include:
- Total Portfolio Value: The filing lists individual security values in thousands of dollars but does not explicitly state a consolidated total portfolio value in the text provided.
- Largest Holding (Issuer): Bank of the Ozarks (Own Stock) with a reported value of $86,576,000 (Sole Discretion) and $6,031,000 (Other Discretion).
- Largest Holding (External): AT&T Inc. with a reported value of $4,721,000 (Sole Discretion) and $1,011,000 (Other Discretion).
- Top Sectors: The portfolio includes significant exposure to Technology (Apple, Microsoft, Cisco), Healthcare (AbbVie, Merck, Pfizer), Financials (Bank of America, JPMorgan Chase), and Energy (Exxon Mobil, Chevron).
- Derivatives: The filing lists Put/Call options for several holdings, including Bank of the Ozarks, AT&T, and Apple.
Material Changes and Portfolio Composition
Note: As this is a static Form 13F table, it does not contain comparative data against the prior quarter (June 30, 2017) within the text provided. Therefore, specific material changes in share counts or values cannot be calculated from this document alone.
Notable Observations:
- Own Stock Position: Bank OZK holds a substantial position in its own common stock (CUSIP 063904106), totaling approximately 1,927,302 shares across Sole and Other discretion categories.
- Voting Authority: The bank exercises Sole Voting Authority for the majority of its holdings. Shared or None voting authority is noted for specific positions, often associated with "Other" discretion categories.
- ETF Exposure: The portfolio includes various Exchange Traded Funds (ETFs) such as iShares Core S&P 500, iShares MSCI EAFE, and WisdomTree Emerging Markets SmallCap.
Guidance, Risks, and Contingencies
Management Commentary: This filing type does not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC 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.
Unusual Items: The filing lists "Other" discretion holdings alongside "Sole" discretion holdings for most issuers, indicating the bank manages these assets in different capacities (e.g., proprietary trading vs. client accounts).
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column for all listed securities to assess total asset exposure.
- Confirm the breakdown of "Sole" vs. "Other" discretion for the Bank of the Ozarks own stock position to understand the nature of the holding (e.g., treasury stock vs. client assets).
- Compare the share counts listed here against the previous quarter's Form 13F to identify net buying or selling activity.
- Review the "Put/Call" columns to assess the extent of hedging strategies or speculative positions held by the bank.
- Check for any new issuers added to the portfolio that may indicate a shift in sector allocation.