Oakworth Capital Inc. Reports 19% Increase in Year-to-Date Diluted EPS

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July 25, 2024 9:00 AM EDT

BIRMINGHAM, Ala., July 25, 2024 /PRNewswire/ -- Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported net income of $3.6 million in second quarter 2024 and $7.5 million year-to-date 2024, up 20% from $6.3 million in the same period of 2023.  Diluted earnings per share was $1.53 in the first half of 2024 compared to $1.28 in the first half of 2023.  Oakworth's balance sheet performed well with 23% growth in total loans and 14% in total deposits, accompanied by 11% growth of wealth assets all relative to June 30, 2023. 

Resulting revenue improved 16% to $33.9 million in the first half of 2024 compared to $29.3 million in the same period of 2023.  Pre-tax, pre-provision income was up 14% year-over-year.  Return on average equity is 13.3% and return on average assets is 1.0% in the first half of 2024.

Oakworth's Chairman and CEO Scott Reed stated, "Our associates consistently deliver a unique and exceptional service experience to our clients, simplifying their financial lives while upholding our core values. As a result, we are experiencing double-digit growth across all disciplines. We continue to focus on balanced and profitable growth and the realization of return on the strategic investments we made in 2023 as we enter the last half of 2024."

At June 30, 2024, Tier 1 Capital was 9.7%, the Total Capital Ratio was 10.7% and the Leverage Ratio was 9.4%.

About Oakworth Capital Inc. and Oakworth Capital Bank
Oakworth Capital, Inc. operates as the bank holding company for Oakworth Capital Bank (Oakworth) (OTCQX: OAKC). Oakworth was founded in 2008 and operates four offices in the Southeast, including its headquarters in Birmingham, Alabama. Oakworth provides commercial and private banking, wealth management and advisory services to clients across the United States.

Oakworth has been named the #1 "Best Bank to Work for" for the past six years in a row (2018-2023) by American Banker. Additionally, Oakworth has earned a Net Promoter Score (NPS) of 96 out of 100 (FY2023) and has a client retention rate of 97% in 2023. As of June 30, 2024, Oakworth had $1.6 billion in total assets, $1.4 billion in gross loans, $1.4 billion in deposits and $2.2 billion in wealth and trust assets under management. For more information, visit www.oakworth.com.

For more information contact:
Jenifer Kimbrough
Phone:  205-263-4704
Email: [email protected]




















OAKWORTH CAPITAL INC.




















WEALTH AND TRUST (Unaudited)



















(In millions)


As of 


Change


Change



6/30/2024


3/31/2024


12/31/2023


9/30/2023


6/30/2023


6/30/2024 vs. 3/31/2024


6/30/2024 vs. 6/30/2023




















Wealth assets (non-balance sheet)


$           2,200


$           2,156


$           2,016


$           1,896


$           1,987


$                45


2 %


$              214


11 %




















CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited)













(in thousands)


As of 


Change


Change



6/30/2024


3/31/2024


12/31/2023


9/30/2023


6/30/2023


6/30/2024 vs. 3/31/2024


6/30/2024 vs. 6/30/2023

Assets



















Cash and due from banks


$         71,623


$       126,215


$       158,403


$       116,065


$       140,421


$        (54,592)


-43 %


$        (68,798)


-49 %

Federal funds sold


75


1,650


3,925


2,225


3,825


(1,575)


-95 %


(3,750)


-98 %

Securities available for sale


151,379


147,576


143,947


137,907


135,433


3,803


3 %


15,946


12 %

Loans, net of unearned income


1,357,150


1,280,129


1,244,133


1,146,526


1,107,028


77,021


6 %


250,122


23 %

Allowance for loan losses


(15,895)


(15,048)


(14,652)


(13,575)


(13,144)


(847)


6 %


(2,751)


21 %

  Loans, net


1,341,255


1,265,081


1,229,481


1,132,951


1,093,884


76,174


6 %


247,371


23 %

Fixed assets


4,820


4,998


4,681


4,758


4,626


(178)


-4 %


194


4 %

Interest receivable


6,903


6,279


6,284


5,932


4,791


624


10 %


2,112


44 %

Other assets


56,200


47,856


48,506


50,209


45,999


8,344


17 %


10,201


22 %

  Total assets


$     1,632,255


$     1,599,655


$     1,595,227


$     1,450,047


$     1,428,979


$         32,600


2 %


$       203,276


14 %




















Liabilities and Stockholders' Equity



















Liabilities:



















  Deposits:



















    Non-interest bearing deposits


$       274,968


$       266,083


$       319,986


$       278,822


$       301,821


$           8,885


3 %


$        (26,853)


-9 %

    Interest-bearing deposits


1,124,013


1,166,594


1,105,921


963,044


922,391


(42,581)


-4 %


201,622


22 %

     Total deposits


1,398,981


1,432,677


1,425,907


1,241,866


1,224,212


(33,696)


-2 %


174,769


14 %

Total Borrowings


94,250


34,227


34,204


74,180


74,158


60,023


175 %


20,092


27 %

Accrued interest payable


1,517


703


1,070


455


982


814


116 %


535


54 %

Other liabilities


19,474


18,005


23,794


21,840


17,960


1,469


8 %


1,514


8 %

  Total liabilities


1,514,222


1,485,612


1,484,975


1,338,341


1,317,312


28,610


2 %


196,910


15 %

  Total stockholders' equity


118,033


114,043


110,252


111,706


111,667


3,990


3 %


6,366


6 %

  Total liabilities and stockholders' equity


$     1,632,255


$     1,599,655


$     1,595,227


$     1,450,047


$     1,428,979


$         32,600


2 %


$       203,276


14 %

 




















OAKWORTH CAPITAL INC.




















CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)













(in thousands)


Quarter Ended


Change


Change



6/30/2024


3/31/2024


12/31/2023


9/30/2023


6/30/2023


2Q24 vs. 1Q23


2Q24 vs. 2Q23




















Interest income:



















   Loans, including fees


$         23,505


$         22,056


$         20,322


$         19,204


$         18,193


$           1,449


7 %


$           5,312


29 %

   Securities available for sale


1,101


1,030


977


899


825


71


7 %


276


33 %

   Short term investments


982


1,134


1,463


1,608


991


(152)


-13 %


(9)


-1 %

      Total interest income


25,588


24,220


22,762


21,711


20,009


1,368


6 %


5,579


28 %

Interest expense:



















   Deposits


11,429


11,189


9,976


9,200


7,585


240


2 %


3,844


51 %

   Borrowings


1,044


548


1,219


1,097


1,072


496


91 %


(28)


-3 %

      Total interest expense


12,473


11,737


11,195


10,297


8,657


736


6 %


3,816


44 %

      Net interest income


13,115


12,483


11,567


11,414


11,352


632


5 %


1,763


16 %

Provision for loan losses


847


396


10,792


431


335


451


114 %


512


153 %

      Net interest income after provision

12,268


12,087


775


10,983


11,017


181


1 %


1,251


11 %

      for loan losses



















Non-interest income


4,051


4,219


3,753


3,836


3,392


(168)


-4 %


659


19 %

Non-interest expense


11,497


11,320


11,013


10,640


10,151


177


2 %


1,346


13 %

   Income before income taxes


4,822


4,986


(6,485)


4,179


4,258


(164)


-3 %


564


13 %

Provision for income taxes


1,204


1,056


(1,752)


1,035


1,011


148


14 %


193


19 %

      Net Income


3,618


3,930


(4,733)


3,144


3,247


(312)


-8 %


371


11 %

Earnings per share - basic


$             0.73


$             0.80


$            (0.97)


$             0.64


$             0.66


$            (0.07)


-8 %


$             0.07


10 %

Earnings per share - diluted


$             0.73


$             0.80


$            (0.97)


$             0.64


$             0.66


$            (0.07)


-8 %


$             0.07


10 %

 











OAKWORTH CAPITAL INC.











CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)



(in thousands)


YTD Period Ended





6/30/2024



6/30/2023


Change











Interest income:










   Loans, including fees


$         45,560



$         34,057


$         11,503


34 %

   Securities available for sale


2,132



1,635


497


30 %

   Short term investments


2,116



1,900


216


11 %

      Total interest income


49,808



37,592


12,216


32 %

Interest expense:










   Deposits


22,618



13,314


9,304


70 %

   Borrowings


1,592



1,709


(117)


-7 %

      Total interest expense


24,210



15,023


9,187


61 %

      Net interest income


25,598



22,569


3,029


13 %

Provision for loan losses


1,243



1,452


(209)


-14 %

      Net interest income after provision

24,355



21,117


3,238


15 %

      for loan losses










Non-interest income


8,271



6,690


1,581


24 %

Non-interest expense


22,817



19,598


3,219


16 %

   Income before income taxes


9,809



8,209


1,600


19 %

Provision for income taxes


2,261



1,945


316


16 %

      Net Income


7,548



6,264


1,284


20 %

Earnings per share - basic


$             1.53



$             1.28


$             0.25


19 %

Earnings per share - diluted


$             1.53



$             1.28


$             0.25


19 %

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/oakworth-capital-inc-reports-19-increase-in-year-to-date-diluted-eps-302205909.html

SOURCE Oakworth Capital Inc.


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