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Q3 Shareholder Update – 2024

Financial Highlights

Diluted EPS increased 23%


Net income up 24%*

Top-line revenue increased 16%*


$2.3 Billion in Wealth Assets


22% increase*

$1.7 Billion Total Assets


23% growth in total loans to $1.4 billion*
23% growth in total deposits to $1.5 billion*

Book value per share of $25.76 compared to $22.98 at 9/30/2023


Well-Capitalized


9.7% Tier 1 Capital Ratio**
9.3% Tier 1 Leverage Ratio**
10.7% Total Capital Ratio**

*Year-over-year 9.30.24 vs. 9.30.23
**YTD 9.30.24

For additional detail on our quarterly financial performance, read our latest Earnings Report.

 

Letter to Shareholders

Dear Oakworth Shareholders,

Our third quarter was marked by operational profit improvement as our strategic investments gained meaningful traction. Our largest strategic investment over the past year was the establishment of our Central Carolinas office in Charlotte, North Carolina. The office opened one year ago in October 2023. We are excited to report that this market was at break-even (i.e., earning more revenue than fully allocated expenses) in the month of August and earned a small profit in September making it our fastest market to date to achieve this milestone. We accomplished this through a combination of outstanding leadership and applying lessons learned from previous market launches. Simply put, the team is getting better each time we enter a new market! I would be remiss if I did not mention the leadership of Tim Beck (Market Lead) and the outstanding support of our entire Central Carolinas Market Board. Most importantly, the entire Central Carolinas Oakworth team is delivering the distinctive level of service for which Oakworth has become synonymous. We recently began circulating the NPS© (Net Promoter Score) surveys for Central Carolinas and, while the NPS© surveys represent a relatively small sample because of our limited time in the market, the current NPS© for the Central Carolinas is 100…a perfect start!

We are equally excited about the performance across our entire franchise. You will see robust performance across all our markets which is reflected in our most recent earnings release. Oakworth realized a 23% increase in diluted EPS year-to-date September 2024 vs. 2023. Driving this revenue growth is 20%+ growth in loans, deposits, and wealth assets year-over-year. As we look forward to the last quarter of 2024 and to 2025, our team has the capacity to drive continued exciting growth.

We hope the positive momentum in our core business is clear in this update. Strong and accelerating growth in earnings per share will eventually drive increasing share value. Our focus is on driving improvement in our fundamental operating performance. We continue to hear consistent, positive feedback on our story and our financial profile from the capital markets professionals with whom we interact. Oakworth is on an exciting journey to scale our business and realize the initial vision of establishing an industry defining financial services company. We thank you for being a part of our story!

As always, we thank you for your support and continue to focus on increasing the value of your franchise and your investment through profitable growth.

Sincerely,
Scott Reed

College Baking 101 presenters

Chairman and CEO

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