Oakworth Capital Inc. Reports 35% Increase in Diluted EPS

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May 1, 2023 11:18 AM EDT

Consistent Growth and Safety and Soundness Noted

BIRMINGHAM, Ala., May 1, 2023 /PRNewswire/ -- OakworthCapital Inc. (OTCQX: OAKC) reported 35% higher diluted earnings per share and 34% higher earnings in first quarter 2023 than the same period of 2022.  Pre-tax, pre-provision income increased 53%, taking into account 40% year-over-year loan growth.

Oakworth's Chairman and CEO Scott Reed shared, "It has been an eventful quarter for our industry.  Oakworth's status as one of the safest institutions in the country has been top of mind for our clients.  Our focus on a strong, well-capitalized balance sheet continues to provide confidence to our clients and has enabled us to execute on our growth objectives."

Financial highlights first quarter 2023 vs. first quarter 2022 are as follows:

  • Net income of $3.0 million, up 34% from $2.3 million
  • Total revenue of $14.5 million, up 32% from $11.0 million
  • Diluted earnings per share of $0.62, up 35% from $0.47
  • Net interest income up 44% year-over-year
  • Net interest margin of 3.64% compared to 2.70% one year ago and 3.68% in fourth quarter 2022
    • Reflects higher deposit costs, higher loan yields and a loan book growing faster than the deposit book
  • Wealth assets of $1.9 billion, down 5% from $2.0 billion
    • Wealth fees down 3% to $2.6 million
    • Reflects market value changes offset by new accounts and additions to existing accounts
  • Total assets of $1.3 billion, up 7% from $1.2 billion
    • $1.1 billion in loans, up 40% from $771 million
    • $1.1 billion in deposits in both periods
  • Continued pristine credit quality with $0 charge-offs, $0 non-performing assets and $0 90-day past due loans in both periods
  • Strong capital with Tier 1 Capital ratio of 10.2%, Total Capital Ratio of 11.3% and Leverage Ratio of 9.8% at March 31, 2023

Reed continued, "Our deposit book is diversified and entirely relationship-based and was not significantly impacted by first quarter industry events.  We remain pleased with how our balanced business model performs across market environments."

 

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 three offices in the Southeast, including its headquarters in Birmingham, Alabama and plans to open a fourth office in 2023. 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 five years in a row (2018-2022) by American Banker. Additionally, Oakworth has earned a Net Promoter Score (NPS) of 96 out of 100 (April 2022 to April 2023) and a client retention rate of 95% in 2022. As of March 31, 2023, Oakworth had $1.3 billion in total assets, $1.1 billion in gross loans, $1.1 billion in deposits and $1.9 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



3/31/2023


12/31/2022


9/30/2022


6/30/2022


3/31/2022


3/31/2023 vs. 12/31/2022


3/31/2023 vs. 3/31/2022




















Wealth assets (non-balance sheet)


$         1,875


$         1,802


$         1,738


$         1,783


$         1,980


$           (105)


-5.3 %


$         1,980


-5 %




















CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited)













(in thousands)


As of 


Change


Change



3/31/2023


12/31/2022


9/30/2022


6/30/2022


3/31/2022


3/31/2023 vs. 12/31/2022


3/31/2023 vs. 3/31/2022

Assets



















Cash and due from banks


$       69,575


$     185,483


$     115,950


$     114,252


$     291,492


$    (115,908)


-62 %


$    (221,917)


-76 %

Federal funds sold


3,025


4,475


2,650


5,300


4,075


(1,450)


-32 %


(1,050)


-26 %

Securities available for sale


136,234


132,050


130,722


130,093


135,971


4,184


3 %


263


0 %

Loans, net of unearned income


1,076,532


974,398


934,003


854,432


770,798


102,134


10 %


305,734


40 %

Allowance for loan losses


(12,808)


(11,692)


(11,240)


(10,612)


(9,681)


(1,116)


10 %


(3,127)


32 %

  Loans, net


1,063,724


962,706


922,763


843,820


761,117


101,018


10 %


302,607


40 %

Fixed assets


3,314


3,129


3,136


3,242


3,370


185


6 %


(56)


-2 %

Interest receivable


4,752


4,263


2,957


2,605


2,418


489


11 %


2,334


97 %

Other assets


44,986


43,348


42,228


40,931


39,713


1,638


4 %


5,273


13 %

  Total assets


$  1,325,610


$  1,335,454


$  1,220,406


$  1,140,243


$  1,238,156


$        (9,844)


-1 %


$       87,454


7 %




















Liabilities and Stockholders' Equity



















Liabilities:



















  Deposits:



















    Non-interest bearing deposits


$     324,649


$     315,033


$     319,828


$     329,684


$     325,262


$         9,616


3 %


$           (613)


0 %

    Interest-bearing deposits


802,946


861,401


751,026


695,837


796,865


(58,455)


-7 %


6,081


1 %

     Total deposits


1,127,595


1,176,434


1,070,854


1,025,521


1,122,127


(48,839)


-4 %


5,468


0 %

Total Borrowings


74,134


34,112


34,105


-


-


40,022


117 %


74,134


NA

Accrued interest payable


425


840


294


27


40


(415)


-49 %


385


963 %

Other liabilities


14,937


20,310


15,160


14,124


14,695


(5,373)


-26 %


242


2 %

  Total liabilities


1,217,091


1,231,696


1,120,413


1,039,672


1,136,862


(14,605)


-1 %


80,229


7 %

  Total stockholders' equity


108,519


103,758


99,993


100,571


101,294


4,761


5 %


7,225


7 %

  Total liabilities and stockholders' equity


$  1,325,610


$  1,335,454


$  1,220,406


$  1,140,243


$  1,238,156


$        (9,844)


-1 %


$       87,454


7 %

 

 

OAKWORTH CAPITAL INC.




















CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)













(in thousands)


Quarter Ended


Change


Change



3/31/2023


12/31/2022


9/30/2022


6/30/2022


3/31/2022


3/31/2023 vs. 12/31/2022


3/31/2023 vs. 3/31/2022




















Interest income:



















   Loans, including fees


$       15,864


$       13,643


$       11,065


$         8,605


$         7,368


$         2,221


16 %


$         8,496


115 %

   Securities available for sale


811


797


774


696


583


14


2 %


228


39 %

   Short term investments


909


1,161


496


314


123


(252)


-22 %


786


639 %

      Total interest income


17,584


15,601


12,335


9,615


8,074


1,983


13 %


9,510


118 %

Interest expense:



















   Deposits


5,729


3,782


1,286


343


276


1,947


51 %


5,453


1976 %

   Borrowings


638


548


258


-


-


90


16 %


638


NA

      Total interest expense


6,367


4,330


1,544


343


276


2,037


47 %


6,091


2207 %

      Net interest income


11,217


11,271


10,791


9,272


7,798


(54)


0 %


3,419


44 %

Provision for loan losses


1,116


452


628


931


366


664


147 %


750


NA

      Net interest income after provision

10,101


10,819


10,163


8,341


7,432


(718)


-7 %


2,669


36 %

      for loan losses



















Non-interest income


3,297


3,095


3,136


3,159


3,231


202


7 %


66


2 %

Non-interest expense


9,447


9,518


9,098


7,948


7,726


(71)


-1 %


1,721


22 %

   Income before income taxes


3,951


4,396


4,201


3,552


2,937


(445)


-10 %


1,014


35 %

Provision for income taxes


934


1,051


1,008


846


682


(117)


-11 %


252


37 %

      Net Income


3,017


3,345


3,193


2,706


2,255


(328)


-10 %


762


34 %

Earnings per share - basic


$           0.62


$           0.69


$           0.66


$           0.56


$           0.47


$          (0.07)


-10 %


$           0.15


32 %

Earnings per share - diluted


$           0.62


$           0.68


$           0.65


$           0.55


$           0.46


$          (0.06)


-9 %


$           0.16


35 %

 

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/oakworth-capital-inc-reports-35-increase-in-diluted-eps-301812016.html

SOURCE Oakworth Capital Inc.


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