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Oakworth Capital Inc. (OAKC) is a leading bank holding company operating Oakworth Capital Bank, founded in 2008. With headquarters in Birmingham, Alabama, Oakworth offers commercial and private banking, wealth management, and advisory services nationwide. The company recently reported solid financial performance, including increased diluted earnings per share, pre-tax income, and overall deposits. Oakworth's Chairman and CEO, Scott Reed, highlighted the company's balanced growth and market stability, along with the successful reopening of its Central Carolinas office. With a strong capital position and exceptional credit quality, Oakworth continues to provide exceptional service to clients, earning recognition as the #1 'Best Bank to Work For' and maintaining a high Net Promoter Score. As of December 31, 2023, Oakworth boasts $1.6 billion in total assets, $1.2 billion in gross loans, $1.4 billion in deposits, and $2.0 billion in wealth and trust assets under management.
Oakworth Capital Inc. (OTCQX: OAKC) reported strong financial results for Q3 2024 and year-to-date 2024. Net income reached $4.1 million in Q3 and $11.7 million year-to-date, a 24% increase from the same period in 2023. Diluted earnings per share rose to $2.37 in the first three quarters of 2024, up from $1.93 in 2023.
The company experienced significant growth across key metrics: 23% increase in total loans, 19% increase in core deposits, 22% growth in wealth assets, and 20% increase in total assets year-over-year. Revenue growth (16%) outpaced expense growth (14%), resulting in a 21% increase in pre-tax, pre-provision income. The Central Carolinas office achieved profitability within 11 months of opening.
As of September 30, 2024, Oakworth's Tier 1 Capital was 9.7%, Total Capital Ratio was 10.7%, and Leverage Ratio was 9.3%. The company's CEO, Scott Reed, expressed satisfaction with the performance and anticipates a strong finish to 2024 and continued growth opportunities in 2025.
Oakworth Capital Bank (OTCQX: OAKC) has appointed six new members to its Central Carolinas Market Board. The new additions include Brent Beason (B&W Fiberglass Inc.), Tommy Hunter (Anderson LeNeave & Co.), Patricia Propst (Wray Ward), Hugh Shannon (retired from Bank of America), David B. Tucker (C.M. Tucker Lumber Companies), and Holly Welch Stubbing (National Philanthropic Trust).
These leaders join existing board members in guiding Oakworth's expansion in the Central Carolinas market. The board members praised Oakworth's personalized approach, innovative mission, and focus on client needs. This strategic move aims to strengthen Oakworth's presence and client relationships in the region.
Oakworth Capital Inc. (OTCQX: OAKC) reported strong financial results for Q2 2024 and the first half of the year. Net income reached $3.6 million in Q2 and $7.5 million year-to-date, marking a 20% increase from the same period in 2023. Diluted earnings per share rose to $1.53 in H1 2024, up from $1.28 in H1 2023. The company experienced significant growth across key metrics:
- Total loans: up 23%
- Total deposits: up 14%
- Wealth assets: up 11%
- Revenue: up 16% to $33.9 million
- Pre-tax, pre-provision income: up 14%
Oakworth's return on average equity stood at 13.3%, while return on average assets was 1.0% for H1 2024. The company's capital ratios remained strong, with Tier 1 Capital at 9.7%, Total Capital Ratio at 10.7%, and Leverage Ratio at 9.4% as of June 30, 2024.
Oakworth Capital Bank (OTCQX: OAKC) has appointed Dave Driscoll as Chief Information Security Officer (CISO) and T.J. Rock as Chief Information Officer (CIO). Driscoll, a founding member with over 30 years in technology, will oversee information, cyber, and tech security. Rock, with extensive experience in the tech sector, will advance Oakworth's technology platforms. These appointments aim to enhance risk management and tech adoption. CEO Scott Reed emphasized the alignment of tech resources with business goals. COO Sam Scalici highlighted Rock's broad experience, positioning Oakworth to establish a significant presence in the financial services sector.
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