Shareholder Relations
Company Overview
Headquartered in Birmingham, Alabama, Oakworth Capital Inc., via its wholly-owned subsidiary Oakworth Capital Bank (“Oakworth”), provides commercial and private banking, wealth management and advisory services to clients across the United States. Oakworth was named the #1 “Best Bank to Work For” in 2018, 2019, 2020, 2021, 2022 and 2023 by American Banker.
Oakworth Capital Inc. Reports Strong Profitability Growth in Fiscal Year 2024
Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported net income of $15.8 million in 2024 compared to $4.7 million in 2023. Net income was 38.5% higher than 2023 core net income of $11.4 million1. Diluted earnings per share was $3.19 in 2024 compared to $0.96 in 2023 on a reported basis and $2.33 on a core basis. Pre-tax, pre-provision income was $23.6 million and 27% higher in 2024 vs. 2023. Strategic investments, primarily related to the opening of our Central Carolinas office, resulted in positive operating leverage with revenue increasing 18% year-over-year to $71 million in 2024. Expense growth was 14% in the same period.
Oakworth reported a 14% increase in wealth assets to $2.3 billion and a 12% increase in total bank assets to $1.8 billion, both year-over-year. Period-end loans grew 17% to $1.5 billion and average loans grew 21% in 2024 vs. 2023. Period-end deposits grew 12% to $1.6 billion and average deposits grew 20% in 2024 vs. 2023.
Oakworth’s Chairman and CEO Scott Reed stated, “Our growth and profitable performance in 2024 set the stage for an exciting 2025. We look forward to expanding on our success by continuing to deliver exceptional levels of service and innovative solutions to new and existing clients across our markets.”
Read the full earnings release and view financial statements here.