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: As of June 30, 2015
This filing discloses the equity securities held by Bank OZK at the end of the second quarter of 2015. The table lists holdings categorized by voting authority (Sole, Shared, None) and includes positions in common stocks, ETFs, and preferred shares across various sectors.
Key Financial Metrics and Portfolio Composition
Total Portfolio Value: The filing lists individual position values in thousands of dollars but does not explicitly state a consolidated total portfolio value in the text provided. Investors must sum the "VALUE" column to determine the aggregate.
Top Holdings by Value (Sole Discretion):
- Bank of the Ozarks Inc (Self): $121,209,000 (2,649,373 shares)
- AT&T Inc: $3,625,000 (102,057 shares)
- Altria Group Inc: $2,126,000 (43,463 shares)
- Apple Inc: $3,145,000 (25,078 shares)
- BB&T Corp: $1,170,000 (29,019 shares)
- General Electric Co: $1,835,000 (69,059 shares)
- Exxon Mobil Corp: $3,359,000 (40,376 shares)
- US Bancorp Del: $3,174,000 (73,131 shares)
- Verizon Communications Inc: $2,725,000 (58,464 shares)
- Merck & Co Inc: $2,350,000 (41,282 shares)
Significant "Other" Discretionary Holdings:
- Murphy Oil Corp: $32,419,000 (779,868 shares)
- Murphy USA Inc: $10,868,000 (194,692 shares)
- Bank of the Ozarks Inc: $6,434,000 (140,625 shares)
- Deltic Timber Corp: $3,763,000 (55,627 shares)
Liquidity and Debt: The filing text does not provide data on the company's cash flow, debt levels, or liquidity ratios. Form 13F is strictly a disclosure of equity holdings.
Material Changes and Voting Authority
Voting Authority Distribution: The portfolio is split between "Sole" voting authority (managed entirely by Bank OZK) and "Other" (OTR) authority (likely managed for clients or in separate accounts).
Notable Concentrations:
- Self-Holding: Bank OZK holds a significant position in its own stock (Bank of the Ozarks Inc), totaling over 2.7 million shares with a value exceeding $127 million when combining Sole and Other categories.
- Energy Sector: Significant exposure to energy companies, particularly Murphy Oil Corp and Murphy USA Inc, primarily under "Other" discretion.
- Financial Sector: Heavy weighting in regional and national banks including BB&T, Bank of America, US Bancorp, and Wells Fargo.
Derivatives: The filing indicates the presence of Put/Call options for several holdings (e.g., AT&T, Altria, Apple, Chevron), though specific contract details are not expanded upon in the summary table.
Guidance, Outlook, and Risks
Management Commentary: The filing text contains no management commentary, forward-looking guidance, or strategic outlook. It is a statutory disclosure of holdings.
Risks and Contingencies: No specific risks or contingencies are described in this document. Standard Form 13F disclaimers note that the SEC has not reviewed the information for accuracy.
Unusual Items: The filing includes holdings in Exchange Traded Funds (ETFs) such as iShares MSCI EAFE and iShares Core S&P 500, indicating a diversified passive investment strategy alongside active stock picking.
Key Facts for Investor Verification
- Self-Holding Magnitude: Verify the total value of Bank OZK's own stock held in the portfolio, which represents a substantial portion of the disclosed assets.
- Client vs. Proprietary Assets: Distinguish between "Sole" (proprietary) and "Other" (client) assets to understand the bank's own investment strategy versus its asset management business.
- Energy Exposure: Confirm the risk profile associated with the large "Other" discretionary holdings in Murphy Oil and Murphy USA.
- Option Positions: Investigate the specific Put/Call positions listed for major holdings like AT&T and Apple to understand hedging strategies.
- Valuation Accuracy: Note that values are reported in thousands; ensure correct scaling when aggregating total portfolio value.