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He added that the bank's stock is trading at a "growth stock valuation" and is poised to re-rate lower as its earnings growth deteriorates.Block also highlighted the fact that the bank has an extremely high concentration of real estate lending at around 90 percent. At the same time, the bank's construction lending as a percentage of its total book is 35 percent which is much higher than other banks."Construction loans are really risky. When things stop, banks will get stuck with unfinished projects. If this happens, Ozark will take losses," he also said. "Their balance sheet could come under severe pressure in the worst case," Block concluded.Block also noted that the company could see large losses as it doesn't require personal guarantees from developers. Finally, Block argued that the bank will need to raise capital in 2016 and 2017.MW is short $OZRK. At best, unsustainable earnings; at worst, inadequately capitalized. #sohn2016
— MuddyWatersResearch (@muddywatersre) May 4, 2016
Carson Block gets laughs at #sohn2016 when he refers to Bank of the Ozark's "ass backward business model." Picture helps to visualize.
— Alexandra Stevenson (@jotted) May 4, 2016
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.