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.
Earnings Report Q4 2023:
Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported strong balance sheet growth in fiscal year 2023 including 30% average loan growth (28% year end 2023 vs. year end 2022) and 19% average deposit growth (21% fiscal year end 2023 vs. 2022). Earnings, which were impacted by $7.4 million, net of tax, of provisioning related to a single credit, were $4.7 million or $0.96 per share, diluted.
Oakworth’s Chairman and CEO Scott Reed stated, “2023 was a year of investing in growth. We invested in all of our markets, including the opening of our Central Carolinas office, and in our infrastructure. We look forward to realizing the return on those investments in 2024 and beyond.” Mr. Reed continued, “We did realize our first credit loss of significance in our 15-year history. Even though credit losses are a normal part of a bank’s business, we are accustomed to pristine credit quality and take much pride in our track record. Excluding the impact of this charge-off, our profitable growth continues according to our plan.”
Read the full earnings release and view financial statements here.