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 23% Increase in Year-to-Date Diluted EPS:
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.”
Read the full earnings release and view financial statements here.