(Bloomberg) -- Shares in real estate project lender Bank OZK fell the most in four years after an analyst dealt the stock a double downgrade, citing concerns over a pair of its loans.

Citi analyst Benjamin Gerlinger downgraded his recommendation on Bank OZK to sell from buy while lowering his price target to $37 from $57, saying he sees potential risks for credits tied to projects in San Diego and Atlanta, and broader worries on life-science construction lending. 

Shares fell 14% on Wednesday, the most since March 2020, following the cut. Regional bank stocks lagged the broader market, with the KBW Regional Banking Index declining by 2.1%.

“The company has had its name associated with skyline altering commercial development projects, with minimal total loss content,” Gerlinger wrote in the note to clients. “However, we have newfound, but substantial concerns with what we believe to be OZK’s largest individual loan, a multi-use project in Atlanta, and Life Science construction lending in general.”

For the San Diego project, a research and development district, Gerlinger noted a dearth of leasing that’s “indicative of a difficult Life Science construction lending market.” He also highlighted a “lack of interest” related to office leasing as a concern for the mixed-use development in Atlanta.

Gerlinger noted that tenants could still be secured for these developments, and if leasing happened quickly his estimates may turn out to be too conservative.

Read More From 2018: How a Tiny Bank From the Ozarks Became a Big Deal in Real Estate

Representatives for Little Rock, Arkansas-based Bank OZK did not respond to requests for comment from Bloomberg News. The lender’s first-quarter earnings report last month included an annualized ratio of net charge-offs to average total loans of just 0.11%. 

Half of analysts covering the stock recommend holding it, while a trio say to buy and two have sell-equivalent recommendations, according to data compiled by Bloomberg.

The stock’s sharply negative reaction “illustrates unease over asset quality despite benign results thus far in the credit cycle,” Bloomberg Intelligence analyst Herman Chan wrote in a note, while noting the firm’s “conservative underwriting protects against potential losses.”

Read More: Bank OZK’s Sudden 17% Drop Puts Focus Back on Real Estate Stress

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