Oakworth Capital Inc. Reports 29% Increase in Diluted EPS

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April 22, 2024 9:00 AM EDT

BIRMINGHAM, Ala., April 22, 2024 /PRNewswire/ -- Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported solid growth in its core business in the first quarter of 2024. Earnings increased 30%, driven by double-digit percentage growth in both banking and wealth revenue streams, accompanied by controlled expense growth. 

Oakworth's Chairman and CEO Scott Reed stated, "We look forward to realizing a return on the strategic investments we made in 2023 to support future growth and service offerings, including our Central Carolinas office. We are off to a positive start in the first quarter and expect to improve on that goal as the year progresses. Our core businesses performed nicely in the quarter with loan growth being strong. We are very pleased with deposit growth and wealth's rebound from a challenging 2023."

Wealth assets increased 15% year-over-year and 7% linked-quarter to $2.2 billion. Year-over-year loan growth was 19% (3% linked quarter) to $1.3 billion. Deposits grew 27% year-over-year and were seasonally flat linked quarter. Total revenue increased 15% year-over-year and 9% linked-quarter to $16.7 million. 

At March 31, 2024, Tier 1 Capital was 9.9%, the Total Capital Ratio was 10.9% 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 Mar. 31, 2024, Oakworth had $1.6 billion in total assets, $1.3 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



3/31/2024


12/31/2023


9/30/2023


6/30/2023


3/31/2023


3/31/2024 vs. 12/31/2023


3/31/2024 vs. 3/31/2023




















Wealth assets (non-balance sheet)


$           2,156


$           2,016


$           1,896


$           1,987


$           1,875


$              140


7 %


$              281


15 %




















CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited)

















(in thousands)


As of


Change


Change



3/31/2024


12/31/2023


9/30/2023


6/30/2023


3/31/2023


3/31/2024 vs. 12/31/2023


3/31/2024 vs. 3/31/2023

Assets



















Cash and due from banks


$       126,215


$       158,403


$       116,065


$       140,421


$         69,575


$        (32,188)


-20 %


$         56,640


81 %

Federal funds sold


1,650


3,925


2,225


3,825


3,025


(2,275)


-58 %


(1,375)


-45 %

Securities available for sale


147,576


143,947


137,907


135,433


136,234


3,629


3 %


11,342


8 %

Loans, net of unearned income


1,280,129


1,244,133


1,146,526


1,107,028


1,076,532


35,996


3 %


203,597


19 %

Allowance for loan losses


(15,048)


(14,652)


(13,575)


(13,144)


(12,808)


(396)


3 %


(2,240)


17 %

  Loans, net


1,265,081


1,229,481


1,132,951


1,093,884


1,063,724


35,600


3 %


201,357


19 %

Fixed assets


4,998


4,681


4,758


4,626


3,314


317


7 %


1,684


51 %

Interest receivable


6,279


6,284


5,932


4,791


4,752


(5)


0 %


1,527


32 %

Other assets


47,856


48,506


50,209


45,999


44,986


(650)


-1 %


2,870


6 %

  Total assets


$     1,599,655


$     1,595,227


$     1,450,047


$     1,428,979


$     1,325,610


$           4,428


0 %


$       274,045


21 %




















Liabilities and Stockholders' Equity



















Liabilities:



















  Deposits:



















    Non-interest bearing deposits


$       266,083


$       319,986


$       278,822


$       301,821


$       324,649


$        (53,903)


-17 %


$        (58,566)


-18 %

    Interest-bearing deposits


1,166,594


1,105,921


963,044


922,391


802,946


60,673


5 %


363,648


45 %

     Total deposits


1,432,677


1,425,907


1,241,866


1,224,212


1,127,595


6,770


0 %


305,082


27 %

Total Borrowings


34,227


34,204


74,180


74,158


74,134


23


0 %


(39,907)


-54 %

Accrued interest payable


703


1,070


455


982


425


(367)


-34 %


278


65 %

Other liabilities


18,005


23,794


21,840


17,960


14,937


(5,789)


-24 %


3,068


21 %

  Total liabilities


1,485,612


1,484,975


1,338,341


1,317,312


1,217,091


637


0 %


268,521


22 %

  Total stockholders' equity


114,043


110,252


111,706


111,667


108,519


3,791


3 %


5,524


5 %

  Total liabilities and stockholders' equity


$     1,599,655


$     1,595,227


$     1,450,047


$     1,428,979


$     1,325,610


$           4,428


0 %


$       274,045


21 %




















 




















OAKWORTH CAPITAL INC.




















CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)















(in thousands)


Quarter Ended


Change


Change



3/31/2024


12/31/2023


9/30/2023


6/30/2023


3/31/2023


1Q24 vs. 4Q23


1Q24 vs. 1Q23




















Interest income:



















   Loans, including fees


$         22,056


$         20,322


$         19,204


$         18,193


$         15,864


$           1,734


9 %


$           6,192


39 %

   Securities available for sale


1,030


977


899


825


811


53


5 %


219


27 %

   Short term investments


1,134


1,463


1,608


991


909


(329)


-22 %


225


25 %

      Total interest income


24,220


22,762


21,711


20,009


17,584


1,458


6 %


6,636


38 %

Interest expense:



















   Deposits


11,189


9,976


9,200


7,585


5,729


1,213


12 %


5,460


95 %

   Borrowings


548


1,219


1,097


1,072


638


(671)


-55 %


(90)


-14 %

      Total interest expense


11,737


11,195


10,297


8,657


6,367


542


5 %


5,370


84 %

      Net interest income


12,483


11,567


11,414


11,352


11,217


916


8 %


1,266


11 %

Provision for loan losses


396


10,792


431


335


1,116


(10,396)


-96 %


(720)


-65 %

      Net interest income after provision


12,087


775


10,983


11,017


10,101


11,312


1460 %


1,986


20 %

      for loan losses



















Non-interest income


4,219


3,753


3,836


3,392


3,297


466


12 %


922


28 %

Non-interest expense


11,320


11,013


10,640


10,151


9,447


307


3 %


1,873


20 %

   Income before income taxes


4,986


(6,485)


4,179


4,258


3,951


11,471


177 %


1,035


26 %

Provision for income taxes


1,056


(1,752)


1,035


1,011


934


2,808


160 %


122


13 %

      Net Income


3,930


(4,733)


3,144


3,247


3,017


8,663


183 %


913


30 %

Earnings per share - basic


$             0.80


$            (0.97)


$             0.64


$             0.66


$             0.62


$             1.76


183 %


$             0.18


29 %

Earnings per share - diluted


$             0.80


$            (0.97)


$             0.64


$             0.66


$             0.62


$             1.76


183 %


$             0.18


29 %




















 











OAKWORTH CAPITAL INC.











CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)






(in thousands)


YTD Period Ended





3/31/2024



3/31/2023


Change











Interest income:










   Loans, including fees


$         22,056



$         15,864


$           6,192


39 %

   Securities available for sale


1,030



811


219


27 %

   Short term investments


1,134



909


225


25 %

      Total interest income


24,220



17,584


6,636


38 %

Interest expense:










   Deposits


11,189



5,729


5,460


95 %

   Borrowings


548



638


(90)


-14 %

      Total interest expense


11,737



6,367


5,370


84 %

      Net interest income


12,483



11,217


1,266


11 %

Provision for loan losses


396



1,116


(720)


-65 %

      Net interest income after provision


12,087



10,101


1,986


20 %

      for loan losses










Non-interest income


4,219



3,297


922


28 %

Non-interest expense


11,320



9,447


1,873


20 %

   Income before income taxes


4,986



3,951


1,035


26 %

Provision for income taxes


1,056



934


122


13 %

      Net Income


3,930



3,017


913


30 %

Earnings per share - basic


$             0.80



$             0.62


$             0.18


29 %

Earnings per share - diluted


$             0.80



$             0.62


$             0.18


29 %











 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/oakworth-capital-inc-reports-29-increase-in-diluted-eps-302122470.html

SOURCE Oakworth Capital Inc.


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