Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported net income of $3.6 million in second quarter 2024 and $7.5 million year-to-date 2024, up 20% from $6.3 million in the same period of 2023. Diluted earnings per share was $1.53 in the first half of 2024 compared to $1.28 in the first half of 2023. Oakworth’s balance sheet performed well with 23% growth in total loans and 14% in total deposits, accompanied by 11% growth of wealth assets all relative to June 30, 2023.
Resulting revenue improved 16% to $33.9 million in the first half of 2024 compared to $29.3 million in the same period of 2023. Pre-tax, pre-provision income was up 14% year-over-year. Return on average equity is 13.3% and return on average assets is 1.0% in the first half of 2024.
Oakworth’s Chairman and CEO Scott Reed stated,
“Our associates consistently deliver a unique and exceptional service experience to our clients, simplifying their financial lives while upholding our core values. As a result, we are experiencing double-digit growth across all disciplines. We continue to focus on balanced and profitable growth and the realization of return on the strategic investments we made in 2023 as we enter the last half of 2024.”
At June 30, 2024, Tier 1 Capital was 9.7%, the Total Capital Ratio was 10.7% 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 June 30, 2024, Oakworth had $1.6 billion in total assets, $1.4 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.