Oakworth Capital Inc. Reports 19% Increase in Year-to-Date Diluted EPS
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 Inc. (OTCQX: OAKC) ha riportato risultati finanziari solidi per il secondo trimestre del 2024 e per il primo semestre dell'anno. Il reddito netto ha raggiunto i 3,6 milioni di dollari nel secondo trimestre e 7,5 milioni di dollari da inizio anno, segnando un aumento del 20% rispetto allo stesso periodo del 2023. Gli utili per azione diluiti sono saliti a 1,53 dollari nel primo semestre del 2024, rispetto a 1,28 dollari nel primo semestre del 2023. L'azienda ha registrato una crescita significativa in tutti i principali indicatori:
- Prestiti totali: +23%
- Depositi totali: +14%
- Attività patrimoniali: +11%
- Fatturato: +16% a 33,9 milioni di dollari
- Reddito ante imposte e accantonamenti: +14%
Il ritorno sul capitale medio di Oakworth si è attestato al 13,3%, mentre il ritorno sugli attivi medi era dell'1,0% per il primo semestre del 2024. I rapporti di capitale dell'azienda sono rimasti solidi, con un capitale di livello 1 al 9,7%, un rapporto di capitale totale al 10,7% e un rapporto di indebitamento al 9,4% al 30 giugno 2024.
Oakworth Capital Inc. (OTCQX: OAKC) informó resultados financieros sólidos para el segundo trimestre de 2024 y la primera mitad del año. Los ingresos netos alcanzaron los 3.6 millones de dólares en el segundo trimestre y 7.5 millones de dólares en lo que va del año, marcando un aumento del 20% en comparación con el mismo período de 2023. Las ganancias diluidas por acción aumentaron a 1.53 dólares en el primer semestre de 2024, en comparación con 1.28 dólares en el primer semestre de 2023. La empresa experimentó un crecimiento significativo en los principales indicadores:
- Préstamos totales: +23%
- Depósitos totales: +14%
- Activos de riqueza: +11%
- Ingresos: +16% a 33.9 millones de dólares
- Ingresos antes de impuestos y provisiones: +14%
El retorno sobre el capital promedio de Oakworth se situó en 13.3%, mientras que el retorno sobre los activos promedio fue del 1.0% para el primer semestre de 2024. Los ratios de capital de la compañía se mantuvieron sólidos, con un Capital de Nivel 1 del 9.7%, un Ratio de Capital Total del 10.7% y un Ratio de Apalancamiento del 9.4% a 30 de junio de 2024.
Oakworth Capital Inc. (OTCQX: OAKC)는 2024년 2분기 및 상반기 동안 강력한 재무 실적을 보고했습니다. 순이익은 2분기 동안 360만 달러, 연초 대비 750만 달러에 도달했습니다. 이는 2023년 같은 기간과 비교해 20% 증가한 수치입니다. 희석 주당 순이익은 2024년 상반기에 1.53달러로 증가했으며, 2023년 상반기의 1.28달러에서 상승했습니다. 회사는 주요 지표에서 상당한 성장을 경험했습니다:
- 총 대출: +23%
- 총 예금: +14%
- 자산 증가: +11%
- 매출: +16% 증가하여 3,390만 달러
- 세전, 세금전 수익: +14%
Oakworth의 평균 자본 수익률은 13.3%였으며, 평균 자산 수익률은 2024년 상반기 동안 1.0%였습니다. 회사의 자본 비율은 여전히 강력했고, 2024년 6월 30일 기준으로 1급 자본은 9.7%, 총 자본 비율은 10.7%, 레버리지 비율은 9.4%였습니다.
Oakworth Capital Inc. (OTCQX: OAKC) a annoncé des résultats financiers solides pour le deuxième trimestre de 2024 et pour le premier semestre de l'année. Le revenu net a atteint 3,6 millions de dollars au deuxième trimestre et 7,5 millions de dollars depuis le début de l'année, marquant une augmentation de 20 % par rapport à la même période en 2023. Le bénéfice dilué par action a augmenté à 1,53 $ au premier semestre 2024, contre 1,28 $ au premier semestre 2023. L'entreprise a connu une croissance significative dans tous les indicateurs clés :
- Prêts totaux : +23%
- Dépôts totaux : +14%
- Actifs patrimoniaux : +11%
- Chiffre d'affaires : +16% à 33,9 millions de dollars
- Revenu avant impôt et provisions : +14%
Le rendement des fonds propres moyens d'Oakworth s'élevait à 13,3 %, tandis que le rendement des actifs moyens était de 1,0 % pour le premier semestre de 2024. Les ratios de capital de l'entreprise sont restés solides, avec un capital de niveau 1 à 9,7 %, un ratio de capital total à 10,7 % et un ratio d'endettement à 9,4 % au 30 juin 2024.
Oakworth Capital Inc. (OTCQX: OAKC) hat starke Finanzergebnisse für das zweite Quartal 2024 und die erste Jahreshälfte gemeldet. Der Nettogewinn betrug im zweiten Quartal 3,6 Millionen Dollar und 7,5 Millionen Dollar seit Jahresbeginn, was einen Anstieg von 20 % im Vergleich zum gleichen Zeitraum 2023 darstellt. Der verwässerte Gewinn pro Aktie stieg im ersten Halbjahr 2024 auf 1,53 Dollar, verglichen mit 1,28 Dollar im ersten Halbjahr 2023. Das Unternehmen verzeichnete ein signifikantes Wachstum in allen wichtigen Kennzahlen:
- Gesamtdarlehen: +23%
- Gesamteinlagen: +14%
- Vermögenswerte: +11%
- Umsatz: +16% auf 33,9 Millionen Dollar
- Vorsteuerergebnis ohne Rückstellungen: +14%
Oakworths Rendite auf das durchschnittliche Eigenkapital lag bei 13,3 %, während die Rendite auf die durchschnittlichen Vermögenswerte im ersten Halbjahr 2024 bei 1,0 % lag. Die Kapitalquoten des Unternehmens blieben stark, mit einem Kernkapital von 9,7 %, einer Gesamtkapitalquote von 10,7 % und einer Verschuldungsquote von 9,4 % zum 30. Juni 2024.
- Net income increased by 20% year-over-year to $7.5 million in H1 2024
- Diluted EPS grew 19% to $1.53 in H1 2024 compared to $1.28 in H1 2023
- Total loans increased by 23% compared to June 30, 2023
- Total deposits grew by 14% year-over-year
- Wealth assets expanded by 11% compared to the previous year
- Revenue improved by 16% to $33.9 million in H1 2024
- Pre-tax, pre-provision income increased by 14% year-over-year
- Return on average equity reached 13.3% in H1 2024
- Strong capital ratios with Tier 1 Capital at 9.7% and Total Capital Ratio at 10.7%
- None.
Resulting revenue improved
Oakworth's Chairman and CEO Scott Reed stated, "Our associates consistently deliver a unique and exceptional service experience to our clients, simplifying their financial lives while upholding our core values. As a result, we are experiencing double-digit growth across all disciplines. We continue to focus on balanced and profitable growth and the realization of return on the strategic investments we made in 2023 as we enter the last half of 2024."
At June 30, 2024, Tier 1 Capital was
About Oakworth Capital Inc. and Oakworth Capital Bank
Oakworth Capital, Inc. operates as the bank holding company for Oakworth Capital Bank (Oakworth) (OTCQX: OAKC). Oakworth was founded in 2008 and operates four offices in the Southeast, including its headquarters in
Oakworth has been named the #1 "Best Bank to Work for" for the past six years in a row (2018-2023) by American Banker. Additionally, Oakworth has earned a Net Promoter Score (NPS) of 96 out of 100 (FY2023) and has a client retention rate of
For more information contact:
Jenifer Kimbrough
Phone: 205-263-4704
Email: jenifer.kimbrough@oakworth.com
OAKWORTH CAPITAL INC. | ||||||||||||||||||
WEALTH AND TRUST (Unaudited) | ||||||||||||||||||
(In millions) | As of | Change | Change | |||||||||||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 6/30/2024 vs. 3/31/2024 | 6/30/2024 vs. 6/30/2023 | ||||||||||||
Wealth assets (non-balance sheet) | $ 2,200 | $ 2,156 | $ 2,016 | $ 1,896 | $ 1,987 | $ 45 | 2 % | $ 214 | 11 % | |||||||||
CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited) | ||||||||||||||||||
(in thousands) | As of | Change | Change | |||||||||||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 6/30/2024 vs. 3/31/2024 | 6/30/2024 vs. 6/30/2023 | ||||||||||||
Assets | ||||||||||||||||||
Cash and due from banks | $ 71,623 | $ 126,215 | $ 158,403 | $ 116,065 | $ 140,421 | $ (54,592) | -43 % | $ (68,798) | -49 % | |||||||||
Federal funds sold | 75 | 1,650 | 3,925 | 2,225 | 3,825 | (1,575) | -95 % | (3,750) | -98 % | |||||||||
Securities available for sale | 151,379 | 147,576 | 143,947 | 137,907 | 135,433 | 3,803 | 3 % | 15,946 | 12 % | |||||||||
Loans, net of unearned income | 1,357,150 | 1,280,129 | 1,244,133 | 1,146,526 | 1,107,028 | 77,021 | 6 % | 250,122 | 23 % | |||||||||
Allowance for loan losses | (15,895) | (15,048) | (14,652) | (13,575) | (13,144) | (847) | 6 % | (2,751) | 21 % | |||||||||
Loans, net | 1,341,255 | 1,265,081 | 1,229,481 | 1,132,951 | 1,093,884 | 76,174 | 6 % | 247,371 | 23 % | |||||||||
Fixed assets | 4,820 | 4,998 | 4,681 | 4,758 | 4,626 | (178) | -4 % | 194 | 4 % | |||||||||
Interest receivable | 6,903 | 6,279 | 6,284 | 5,932 | 4,791 | 624 | 10 % | 2,112 | 44 % | |||||||||
Other assets | 56,200 | 47,856 | 48,506 | 50,209 | 45,999 | 8,344 | 17 % | 10,201 | 22 % | |||||||||
Total assets | $ 1,632,255 | $ 1,599,655 | $ 1,595,227 | $ 1,450,047 | $ 1,428,979 | $ 32,600 | 2 % | $ 203,276 | 14 % | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||
Liabilities: | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Non-interest bearing deposits | $ 274,968 | $ 266,083 | $ 319,986 | $ 278,822 | $ 301,821 | $ 8,885 | 3 % | $ (26,853) | -9 % | |||||||||
Interest-bearing deposits | 1,124,013 | 1,166,594 | 1,105,921 | 963,044 | 922,391 | (42,581) | -4 % | 201,622 | 22 % | |||||||||
Total deposits | 1,398,981 | 1,432,677 | 1,425,907 | 1,241,866 | 1,224,212 | (33,696) | -2 % | 174,769 | 14 % | |||||||||
Total Borrowings | 94,250 | 34,227 | 34,204 | 74,180 | 74,158 | 60,023 | 175 % | 20,092 | 27 % | |||||||||
Accrued interest payable | 1,517 | 703 | 1,070 | 455 | 982 | 814 | 116 % | 535 | 54 % | |||||||||
Other liabilities | 19,474 | 18,005 | 23,794 | 21,840 | 17,960 | 1,469 | 8 % | 1,514 | 8 % | |||||||||
Total liabilities | 1,514,222 | 1,485,612 | 1,484,975 | 1,338,341 | 1,317,312 | 28,610 | 2 % | 196,910 | 15 % | |||||||||
Total stockholders' equity | 118,033 | 114,043 | 110,252 | 111,706 | 111,667 | 3,990 | 3 % | 6,366 | 6 % | |||||||||
Total liabilities and stockholders' equity | $ 1,632,255 | $ 1,599,655 | $ 1,595,227 | $ 1,450,047 | $ 1,428,979 | $ 32,600 | 2 % | $ 203,276 | 14 % | |||||||||
OAKWORTH CAPITAL INC. | ||||||||||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||||
(in thousands) | Quarter Ended | Change | Change | |||||||||||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 2Q24 vs. 1Q23 | 2Q24 vs. 2Q23 | ||||||||||||
Interest income: | ||||||||||||||||||
Loans, including fees | $ 23,505 | $ 22,056 | $ 20,322 | $ 19,204 | $ 18,193 | $ 1,449 | 7 % | $ 5,312 | 29 % | |||||||||
Securities available for sale | 1,101 | 1,030 | 977 | 899 | 825 | 71 | 7 % | 276 | 33 % | |||||||||
Short term investments | 982 | 1,134 | 1,463 | 1,608 | 991 | (152) | -13 % | (9) | -1 % | |||||||||
Total interest income | 25,588 | 24,220 | 22,762 | 21,711 | 20,009 | 1,368 | 6 % | 5,579 | 28 % | |||||||||
Interest expense: | ||||||||||||||||||
Deposits | 11,429 | 11,189 | 9,976 | 9,200 | 7,585 | 240 | 2 % | 3,844 | 51 % | |||||||||
Borrowings | 1,044 | 548 | 1,219 | 1,097 | 1,072 | 496 | 91 % | (28) | -3 % | |||||||||
Total interest expense | 12,473 | 11,737 | 11,195 | 10,297 | 8,657 | 736 | 6 % | 3,816 | 44 % | |||||||||
Net interest income | 13,115 | 12,483 | 11,567 | 11,414 | 11,352 | 632 | 5 % | 1,763 | 16 % | |||||||||
Provision for loan losses | 847 | 396 | 10,792 | 431 | 335 | 451 | 114 % | 512 | 153 % | |||||||||
Net interest income after provision | 12,268 | 12,087 | 775 | 10,983 | 11,017 | 181 | 1 % | 1,251 | 11 % | |||||||||
for loan losses | ||||||||||||||||||
Non-interest income | 4,051 | 4,219 | 3,753 | 3,836 | 3,392 | (168) | -4 % | 659 | 19 % | |||||||||
Non-interest expense | 11,497 | 11,320 | 11,013 | 10,640 | 10,151 | 177 | 2 % | 1,346 | 13 % | |||||||||
Income before income taxes | 4,822 | 4,986 | (6,485) | 4,179 | 4,258 | (164) | -3 % | 564 | 13 % | |||||||||
Provision for income taxes | 1,204 | 1,056 | (1,752) | 1,035 | 1,011 | 148 | 14 % | 193 | 19 % | |||||||||
Net Income | 3,618 | 3,930 | (4,733) | 3,144 | 3,247 | (312) | -8 % | 371 | 11 % | |||||||||
Earnings per share - basic | $ 0.73 | $ 0.80 | $ (0.97) | $ 0.64 | $ 0.66 | $ (0.07) | -8 % | $ 0.07 | 10 % | |||||||||
Earnings per share - diluted | $ 0.73 | $ 0.80 | $ (0.97) | $ 0.64 | $ 0.66 | $ (0.07) | -8 % | $ 0.07 | 10 % | |||||||||
OAKWORTH CAPITAL INC. | |||||||||
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) | |||||||||
(in thousands) | YTD Period Ended | ||||||||
6/30/2024 | 6/30/2023 | Change | |||||||
Interest income: | |||||||||
Loans, including fees | $ 45,560 | $ 34,057 | $ 11,503 | 34 % | |||||
Securities available for sale | 2,132 | 1,635 | 497 | 30 % | |||||
Short term investments | 2,116 | 1,900 | 216 | 11 % | |||||
Total interest income | 49,808 | 37,592 | 12,216 | 32 % | |||||
Interest expense: | |||||||||
Deposits | 22,618 | 13,314 | 9,304 | 70 % | |||||
Borrowings | 1,592 | 1,709 | (117) | -7 % | |||||
Total interest expense | 24,210 | 15,023 | 9,187 | 61 % | |||||
Net interest income | 25,598 | 22,569 | 3,029 | 13 % | |||||
Provision for loan losses | 1,243 | 1,452 | (209) | -14 % | |||||
Net interest income after provision | 24,355 | 21,117 | 3,238 | 15 % | |||||
for loan losses | |||||||||
Non-interest income | 8,271 | 6,690 | 1,581 | 24 % | |||||
Non-interest expense | 22,817 | 19,598 | 3,219 | 16 % | |||||
Income before income taxes | 9,809 | 8,209 | 1,600 | 19 % | |||||
Provision for income taxes | 2,261 | 1,945 | 316 | 16 % | |||||
Net Income | 7,548 | 6,264 | 1,284 | 20 % | |||||
Earnings per share - basic | $ 1.53 | $ 1.28 | $ 0.25 | 19 % | |||||
Earnings per share - diluted | $ 1.53 | $ 1.28 | $ 0.25 | 19 % | |||||
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SOURCE Oakworth Capital Inc.
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