Oakworth Capital Inc. Reports 23% Increase in Year-to-Date Diluted EPS

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October 21, 2024 9:05 AM EDT

Balanced Growth Results in Increasing Profitability

BIRMINGHAM, Ala., Oct. 21, 2024 /PRNewswire/ -- Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported net income of $4.1 million in third quarter 2024 and $11.7 million year-to-date 2024, up 24% from $9.4 million in the same period of 2023.  Diluted earnings per share was $2.37 in the first three quarters of 2024 compared to $1.93 in the same period of 2023.  Oakworth experienced continued strong growth with 23% increase in total loans, 19% increase in core deposits, 22% growth of wealth assets and 20% increase in total assets year-over-year.   

Revenue growth (16% year-over-year) exceeded growth in overall expenses (14% year-over-year) resulting in pre-tax, pre-provision income increasing 21% year-over-year.  Return on average equity is 13.4% and return on average assets is 1.0% year-to-date September 30. Oakworth's Central Carolinas office achieved incremental profitability in the quarter, 11 months after opening. 

Oakworth's Chairman and CEO Scott Reed stated, "Our expectations of realizing a return on our 2023 investments in the back half of 2024 are coming to fruition.  We are extremely pleased with the performance of our Central Carolinas office and our existing franchise, particularly given the dynamic interest rate environment.  We look forward to finishing the year strong as we prepare for continued opportunities for growth in 2025."

At September 30, 2024, Tier 1 Capital was 9.7%, the Total Capital Ratio was 10.7% and the Leverage Ratio was 9.3%.

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 September 30, 2024, Oakworth had $1.7 billion in total assets, $1.4 billion in gross loans, $1.5 billion in deposits and $2.3 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



9/30/2024


6/30/2024


3/31/2024


12/31/2023


9/30/2023


9/30/2024 vs. 6/30/2024


9/30/2024 vs. 9/30/2023




















Wealth assets (non-balance sheet)


$           2,308


$           2,200


$           2,156


$           2,016


$           1,896


$              107


5 %


$              412


22 %




















CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited)













(in thousands)


As of 


Change


Change



9/30/2024


6/30/2024


3/31/2024


12/31/2023


9/30/2023


9/30/2024 vs. 6/30/2024


9/30/2024 vs. 9/30/2023

Assets



















Cash and due from banks


$       117,265


$         71,623


$       126,215


$       158,403


$       116,065


$         45,642


64 %


$           1,200


1 %

Federal funds sold


1,950


75


1,650


3,925


2,225


1,875


2500 %


(275)


-12 %

Securities available for sale


156,926


151,379


147,576


143,947


137,907


5,547


4 %


19,019


14 %

Loans, net of unearned income


1,411,569


1,357,150


1,280,129


1,244,133


1,146,526


54,419


4 %


265,043


23 %

Allowance for credit losses


(16,494)


(15,895)


(15,048)


(14,652)


(13,575)


(599)


4 %


(2,919)


22 %

  Loans, net


1,395,075


1,341,255


1,265,081


1,229,481


1,132,951


53,820


4 %


262,124


23 %

Fixed assets


4,647


4,820


4,998


4,681


4,758


(173)


-4 %


(111)


-2 %

Interest receivable


6,478


6,903


6,279


6,284


5,932


(425)


-6 %


546


9 %

Other assets


54,396


56,200


47,856


48,506


50,209


(1,804)


-3 %


4,187


8 %

  Total assets


$     1,736,737


$     1,632,255


$     1,599,655


$     1,595,227


$     1,450,047


$       104,482


6 %


$       286,690


20 %




















Liabilities and Stockholders' Equity



















Liabilities:



















  Deposits:



















    Non-interest bearing deposits


$       255,008


$       274,968


$       266,083


$       319,986


$       278,822


$        (19,960)


-7 %


$        (23,814)


-9 %

    Interest-bearing deposits


1,268,998


1,124,013


1,166,594


1,105,921


963,044


144,985


13 %


305,954


32 %

     Total deposits


1,524,006


1,398,981


1,432,677


1,425,907


1,241,866


125,025


9 %


282,140


23 %

Total Borrowings


64,273


94,250


34,227


34,204


74,180


(29,977)


-32 %


(9,907)


-13 %

Accrued interest payable


643


1,517


703


1,070


455


(874)


-58 %


188


41 %

Other liabilities


22,018


19,474


18,005


23,794


21,840


2,544


13 %


178


1 %

  Total liabilities


1,610,940


1,514,222


1,485,612


1,484,975


1,338,341


96,718


6 %


272,599


20 %

  Total stockholders' equity


125,797


118,033


114,043


110,252


111,706


7,764


7 %


14,091


13 %

  Total liabilities and stockholders' equity


$     1,736,737


$     1,632,255


$     1,599,655


$     1,595,227


$     1,450,047


$       104,482


6 %


$       286,690


20 %

 

OAKWORTH CAPITAL INC.




















CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)













(in thousands)


Quarter Ended


Change


Change



9/30/2024


6/30/2024


3/31/2024


12/31/2023


9/30/2023


3Q24 vs. 2Q24


3Q24 vs. 3Q23




















Interest income:



















   Loans, including fees


$         25,423


$         23,505


$         22,056


$         20,322


$         19,204


$           1,918


8 %


$           6,219


32 %

   Securities available for sale


1,187


1,101


1,030


977


899


86


8 %


288


32 %

   Short term investments


837


982


1,134


1,463


1,608


(145)


-15 %


(771)


-48 %

      Total interest income


27,447


25,588


24,220


22,762


21,711


1,859


7 %


5,736


26 %

Interest expense:



















   Deposits


12,296


11,429


11,189


9,976


9,200


867


8 %


3,096


34 %

   Borrowings


1,253


1,044


548


1,219


1,097


209


20 %


156


14 %

      Total interest expense


13,549


12,473


11,737


11,195


10,297


1,076


9 %


3,252


32 %

      Net interest income


13,898


13,115


12,483


11,567


11,414


783


6 %


2,484


22 %

Provision for credit losses


599


847


396


10,792


431


(248)


-29 %


168


39 %

      Net interest income after provision

13,299


12,268


12,087


775


10,983


1,031


8 %


2,316


21 %

      for loan losses



















Non-interest income


3,943


4,051


4,219


3,753


3,836


(108)


-3 %


107


3 %

Non-interest expense


11,638


11,497


11,320


11,013


10,640


141


1 %


998


9 %

   Income before income taxes


5,604


4,822


4,986


(6,485)


4,179


782


16 %


1,425


34 %

Provision for income taxes


1,458


1,204


1,056


(1,752)


1,035


254


21 %


423


41 %

      Net Income


4,146


3,618


3,930


(4,733)


3,144


528


15 %


1,002


32 %

Earnings per share - basic


$             0.84


$             0.73


$             0.80


$            (0.97)


$             0.64


$             0.11


15 %


$             0.20


30 %

Earnings per share - diluted


$             0.84


$             0.73


$             0.80


$            (0.97)


$             0.64


$             0.11


15 %


$             0.20


30 %

 

OAKWORTH CAPITAL INC.











CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)



(in thousands)


YTD Period Ended





9/30/2024



9/30/2023


Change











Interest income:










   Loans, including fees


$         70,983



$          53,261


$         17,722


33 %

   Securities available for sale


3,320



2,533


787


31 %

   Short term investments


2,953



3,508


(555)


-16 %

      Total interest income


77,256



59,302


17,954


30 %

Interest expense:










   Deposits


34,914



22,512


12,402


55 %

   Borrowings


2,845



2,807


38


1 %

      Total interest expense


37,759



25,319


12,440


49 %

      Net interest income


39,497



33,983


5,514


16 %

Provision for credit losses


1,842



1,883


(41)


-2 %

      Net interest income after provision

37,655



32,100


5,555


17 %

      for loan losses










Non-interest income


12,213



10,526


1,687


16 %

Non-interest expense


34,455



30,237


4,218


14 %

   Income before income taxes


15,413



12,389


3,024


24 %

Provision for income taxes


3,719



2,981


738


25 %

      Net Income


11,694



9,408


2,286


24 %

Earnings per share - basic


$             2.37



$             1.93


$             0.44


23 %

Earnings per share - diluted


$             2.37



$             1.93


$             0.44


23 %

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/oakworth-capital-inc-reports-23-increase-in-year-to-date-diluted-eps-302280801.html

SOURCE Oakworth Capital Inc.


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