Oakworth Capital Inc. Reports 23% Increase in Year-to-Date Diluted EPS
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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: jenifer.kimbrough@oakworth.com
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 % | |||||
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SOURCE Oakworth Capital Inc.
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