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%.
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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.