Oakworth Capital Inc. Reports 23% Increase in Year-to-Date Diluted EPS
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 Inc. (OTCQX: OAKC) ha riportato risultati finanziari solidi per il terzo trimestre del 2024 e per l'anno fino ad oggi. Il reddito netto ha raggiunto 4,1 milioni di dollari nel terzo trimestre e 11,7 milioni di dollari dall'inizio dell'anno, con un aumento del 24% rispetto allo stesso periodo del 2023. Gli utili diluiti per azione sono saliti a 2,37 dollari nei primi tre trimestri del 2024, in aumento rispetto a 1,93 dollari nel 2023.
L'azienda ha registrato una crescita significativa in vari indicatori chiave: un aumento del 23% nei prestiti totali, un aumento del 19% nei depositi core, una crescita del 22% nei beni patrimoniali e un aumento del 20% nei beni totali rispetto all'anno precedente. La crescita dei ricavi (16%) ha superato la crescita delle spese (14%), portando a un aumento del 21% del reddito ante imposte e provisioni. L'ufficio delle Carolinas Centrali ha raggiunto la redditività entro 11 mesi dalla sua apertura.
Al 30 settembre 2024, il Capitale di livello 1 era del 9,7%, il Rapporto di capitale totale era del 10,7% e il Rapporto di leva finanziaria era del 9,3%. Il CEO dell'azienda, Scott Reed, ha espresso soddisfazione per le performance e prevede una chiusura forte del 2024 e opportunità di crescita continuativa nel 2025.
Oakworth Capital Inc. (OTCQX: OAKC) reportó resultados financieros sólidos para el tercer trimestre de 2024 y para el año hasta la fecha. La renta neta alcanzó 4,1 millones de dólares en el tercer trimestre y 11,7 millones de dólares en lo que va del año, un aumento del 24% en comparación con el mismo período de 2023. Las ganancias diluidas por acción ascendieron a 2,37 dólares en los primeros tres trimestres de 2024, en comparación con 1,93 dólares en 2023.
La empresa experimentó un crecimiento significativo en varios indicadores clave: un aumento del 23% en préstamos totales, un aumento del 19% en depósitos básicos, un crecimiento del 22% en activos de riqueza y un aumento del 20% en activos totales año tras año. El crecimiento de los ingresos (16%) superó al crecimiento de los gastos (14%), resultando en un aumento del 21% en el ingreso antes de impuestos y provisiones. La oficina de las Carolinas Centrales alcanzó la rentabilidad en 11 meses desde su apertura.
Al 30 de septiembre de 2024, el Capital de Nivel 1 fue del 9,7%, el Ratio de Capital Total fue del 10,7% y el Ratio de Apalancamiento fue del 9,3%. El CEO de la compañía, Scott Reed, expresó satisfacción por el desempeño y anticipa un cierre fuerte para 2024 y oportunidades de crecimiento continuas en 2025.
Oakworth Capital Inc. (OTCQX: OAKC)는 2024년 3분기 및 연초 누적 재무 결과가 우수하다고 보고했습니다. 순이익은 3분기에 410만 달러, 연초 누적으로 1,170만 달러에 도달하여 2023년 같은 기간보다 24% 증가했습니다. 희석 후 주당 수익은 2024년 첫 세 분기에 2.37달러로 증가했으며, 이는 2023년의 1.93달러에서 상승한 수치입니다.
회사는 주요 지표에서 상당한 성장을 경험했습니다: 총 대출 23% 증가, 핵심 예금 19% 증가, 자산 22% 성장, 및 총 자산 20% 증가를 연간 기준으로 보였습니다. 수익 성장률(16%)이 비용 성장률(14%)을 초과하여 세전, 세전 충당금 수익이 21% 증가했습니다. 중앙 캐롤라이나 지사는 개업 11개월 만에 수익성을 달성했습니다.
2024년 9월 30일 기준으로 Oakworth의 1급 자본 비율은 9.7%, 총 자본 비율은 10.7%, 및 레버리지 비율은 9.3%였습니다. 회사의 CEO인 Scott Reed는 성과에 대해 만족감을 표명하고 2024년 강한 마감과 2025년 지속적인 성장 기회를 기대하고 있습니다.
Oakworth Capital Inc. (OTCQX: OAKC) a annoncé de solides résultats financiers pour le troisième trimestre 2024 et pour l'année à ce jour. Le revenu net a atteint 4,1 millions de dollars au troisième trimestre et 11,7 millions de dollars depuis le début de l'année, soit une augmentation de 24% par rapport à la même période en 2023. Le bénéfice par action dilué a grimpé à 2,37 dollars au cours des trois premiers trimestres de 2024, contre 1,93 dollars en 2023.
L'entreprise a connu une croissance significative dans plusieurs indicateurs clés : augmentation de 23% des prêts totaux, augmentation de 19% des dépôts de base, croissance de 22% des actifs de richesse et augmentation de 20% des actifs totaux d'une année sur l'autre. La croissance des revenus (16%) a dépassé la croissance des dépenses (14%), entraînant une augmentation de 21% du revenu avant impôts et provisions. Le bureau des Carolines centrales a atteint la rentabilité dans les 11 mois suivant son ouverture.
Au 30 septembre 2024, le taux de capital de premier niveau était de 9,7%, le ratio de capital total de 10,7% et le ratio d'endettement de 9,3%. Le PDG de l'entreprise, Scott Reed, a exprimé sa satisfaction quant aux performances et prévoit une forte conclusion pour 2024 ainsi que des opportunités de croissance continues en 2025.
Oakworth Capital Inc. (OTCQX: OAKC) hat für das dritte Quartal 2024 und für das laufende Jahr starke Finanzergebnisse berichtet. Das Nettogewinn erreichte 4,1 Millionen Dollar im dritten Quartal und 11,7 Millionen Dollar im bisherigen Jahr, was einem Anstieg von 24% im Vergleich zum gleichen Zeitraum im Jahr 2023 entspricht. Der verwässerte Gewinn pro Aktie stieg in den ersten drei Quartalen 2024 auf 2,37 Dollar, verglichen mit 1,93 Dollar im Jahr 2023.
Das Unternehmen verzeichnete signifikantes Wachstum in wichtigen Kennzahlen: 23% Anstieg bei den Gesamtdarlehen, 19% Anstieg bei den Kern-Einlagen, 22% Wachstum bei Vermögenswerten und 20% Anstieg bei den Gesamteingängen im Jahresvergleich. Das Umsatzwachstum (16%) übertraf das Kostenwachstum (14%), was zu einem Anstieg des Vorsteuer-Ergebnisses vor Rückstellungen um 21% führte. Das Büro in den Zentral-Carolinas erzielte innerhalb von 11 Monaten nach seiner Eröffnung die Rentabilität.
Zum 30. September 2024 betrugen die Tier-1-Kapitalquote 9,7%, die Gesamtquote 10,7% und das Verschuldungsverhältnis 9,3%. Der CEO des Unternehmens, Scott Reed, äußerte Zufriedenheit mit der Leistung und erwartet einen starken Abschluss für 2024 sowie fortdauernde Wachstumschancen im Jahr 2025.
- Net income increased 24% year-over-year to $11.7 million
- Diluted EPS grew 23% to $2.37 in the first three quarters of 2024
- Total loans increased by 23% year-over-year
- Core deposits grew by 19% year-over-year
- Wealth assets expanded by 22% year-over-year
- Total assets increased by 20% year-over-year
- Pre-tax, pre-provision income rose 21% year-over-year
- Central Carolinas office achieved profitability within 11 months
- None.
Balanced Growth Results in Increasing Profitability
Revenue growth (
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."
At September 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 | |||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 9/30/2024 vs. 6/30/2024 | 9/30/2024 vs. 9/30/2023 | ||||||||||||
Wealth assets (non-balance sheet) | $ 2,308 | $ 2,200 | $ 2,156 | $ 2,016 | $ 1,896 | $ 107 | 5 % | $ 412 | 22 % | |||||||||
CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited) | ||||||||||||||||||
(in thousands) | As of | Change | Change | |||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 9/30/2024 vs. 6/30/2024 | 9/30/2024 vs. 9/30/2023 | ||||||||||||
Assets | ||||||||||||||||||
Cash and due from banks | $ 117,265 | $ 71,623 | $ 126,215 | $ 158,403 | $ 116,065 | $ 45,642 | 64 % | $ 1,200 | 1 % | |||||||||
Federal funds sold | 1,950 | 75 | 1,650 | 3,925 | 2,225 | 1,875 | 2500 % | (275) | -12 % | |||||||||
Securities available for sale | 156,926 | 151,379 | 147,576 | 143,947 | 137,907 | 5,547 | 4 % | 19,019 | 14 % | |||||||||
Loans, net of unearned income | 1,411,569 | 1,357,150 | 1,280,129 | 1,244,133 | 1,146,526 | 54,419 | 4 % | 265,043 | 23 % | |||||||||
Allowance for credit losses | (16,494) | (15,895) | (15,048) | (14,652) | (13,575) | (599) | 4 % | (2,919) | 22 % | |||||||||
Loans, net | 1,395,075 | 1,341,255 | 1,265,081 | 1,229,481 | 1,132,951 | 53,820 | 4 % | 262,124 | 23 % | |||||||||
Fixed assets | 4,647 | 4,820 | 4,998 | 4,681 | 4,758 | (173) | -4 % | (111) | -2 % | |||||||||
Interest receivable | 6,478 | 6,903 | 6,279 | 6,284 | 5,932 | (425) | -6 % | 546 | 9 % | |||||||||
Other assets | 54,396 | 56,200 | 47,856 | 48,506 | 50,209 | (1,804) | -3 % | 4,187 | 8 % | |||||||||
Total assets | $ 1,736,737 | $ 1,632,255 | $ 1,599,655 | $ 1,595,227 | $ 1,450,047 | $ 104,482 | 6 % | $ 286,690 | 20 % | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||
Liabilities: | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Non-interest bearing deposits | $ 255,008 | $ 274,968 | $ 266,083 | $ 319,986 | $ 278,822 | $ (19,960) | -7 % | $ (23,814) | -9 % | |||||||||
Interest-bearing deposits | 1,268,998 | 1,124,013 | 1,166,594 | 1,105,921 | 963,044 | 144,985 | 13 % | 305,954 | 32 % | |||||||||
Total deposits | 1,524,006 | 1,398,981 | 1,432,677 | 1,425,907 | 1,241,866 | 125,025 | 9 % | 282,140 | 23 % | |||||||||
Total Borrowings | 64,273 | 94,250 | 34,227 | 34,204 | 74,180 | (29,977) | -32 % | (9,907) | -13 % | |||||||||
Accrued interest payable | 643 | 1,517 | 703 | 1,070 | 455 | (874) | -58 % | 188 | 41 % | |||||||||
Other liabilities | 22,018 | 19,474 | 18,005 | 23,794 | 21,840 | 2,544 | 13 % | 178 | 1 % | |||||||||
Total liabilities | 1,610,940 | 1,514,222 | 1,485,612 | 1,484,975 | 1,338,341 | 96,718 | 6 % | 272,599 | 20 % | |||||||||
Total stockholders' equity | 125,797 | 118,033 | 114,043 | 110,252 | 111,706 | 7,764 | 7 % | 14,091 | 13 % | |||||||||
Total liabilities and stockholders' equity | $ 1,736,737 | $ 1,632,255 | $ 1,599,655 | $ 1,595,227 | $ 1,450,047 | $ 104,482 | 6 % | $ 286,690 | 20 % | |||||||||
OAKWORTH CAPITAL INC. | ||||||||||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||||
(in thousands) | Quarter Ended | Change | Change | |||||||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 3Q24 vs. 2Q24 | 3Q24 vs. 3Q23 | ||||||||||||
Interest income: | ||||||||||||||||||
Loans, including fees | $ 25,423 | $ 23,505 | $ 22,056 | $ 20,322 | $ 19,204 | $ 1,918 | 8 % | $ 6,219 | 32 % | |||||||||
Securities available for sale | 1,187 | 1,101 | 1,030 | 977 | 899 | 86 | 8 % | 288 | 32 % | |||||||||
Short term investments | 837 | 982 | 1,134 | 1,463 | 1,608 | (145) | -15 % | (771) | -48 % | |||||||||
Total interest income | 27,447 | 25,588 | 24,220 | 22,762 | 21,711 | 1,859 | 7 % | 5,736 | 26 % | |||||||||
Interest expense: | ||||||||||||||||||
Deposits | 12,296 | 11,429 | 11,189 | 9,976 | 9,200 | 867 | 8 % | 3,096 | 34 % | |||||||||
Borrowings | 1,253 | 1,044 | 548 | 1,219 | 1,097 | 209 | 20 % | 156 | 14 % | |||||||||
Total interest expense | 13,549 | 12,473 | 11,737 | 11,195 | 10,297 | 1,076 | 9 % | 3,252 | 32 % | |||||||||
Net interest income | 13,898 | 13,115 | 12,483 | 11,567 | 11,414 | 783 | 6 % | 2,484 | 22 % | |||||||||
Provision for credit losses | 599 | 847 | 396 | 10,792 | 431 | (248) | -29 % | 168 | 39 % | |||||||||
Net interest income after provision | 13,299 | 12,268 | 12,087 | 775 | 10,983 | 1,031 | 8 % | 2,316 | 21 % | |||||||||
for loan losses | ||||||||||||||||||
Non-interest income | 3,943 | 4,051 | 4,219 | 3,753 | 3,836 | (108) | -3 % | 107 | 3 % | |||||||||
Non-interest expense | 11,638 | 11,497 | 11,320 | 11,013 | 10,640 | 141 | 1 % | 998 | 9 % | |||||||||
Income before income taxes | 5,604 | 4,822 | 4,986 | (6,485) | 4,179 | 782 | 16 % | 1,425 | 34 % | |||||||||
Provision for income taxes | 1,458 | 1,204 | 1,056 | (1,752) | 1,035 | 254 | 21 % | 423 | 41 % | |||||||||
Net Income | 4,146 | 3,618 | 3,930 | (4,733) | 3,144 | 528 | 15 % | 1,002 | 32 % | |||||||||
Earnings per share - basic | $ 0.84 | $ 0.73 | $ 0.80 | $ (0.97) | $ 0.64 | $ 0.11 | 15 % | $ 0.20 | 30 % | |||||||||
Earnings per share - diluted | $ 0.84 | $ 0.73 | $ 0.80 | $ (0.97) | $ 0.64 | $ 0.11 | 15 % | $ 0.20 | 30 % | |||||||||
OAKWORTH CAPITAL INC. | |||||||||
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) | |||||||||
(in thousands) | YTD Period Ended | ||||||||
9/30/2024 | 9/30/2023 | Change | |||||||
Interest income: | |||||||||
Loans, including fees | $ 70,983 | $ 53,261 | $ 17,722 | 33 % | |||||
Securities available for sale | 3,320 | 2,533 | 787 | 31 % | |||||
Short term investments | 2,953 | 3,508 | (555) | -16 % | |||||
Total interest income | 77,256 | 59,302 | 17,954 | 30 % | |||||
Interest expense: | |||||||||
Deposits | 34,914 | 22,512 | 12,402 | 55 % | |||||
Borrowings | 2,845 | 2,807 | 38 | 1 % | |||||
Total interest expense | 37,759 | 25,319 | 12,440 | 49 % | |||||
Net interest income | 39,497 | 33,983 | 5,514 | 16 % | |||||
Provision for credit losses | 1,842 | 1,883 | (41) | -2 % | |||||
Net interest income after provision | 37,655 | 32,100 | 5,555 | 17 % | |||||
for loan losses | |||||||||
Non-interest income | 12,213 | 10,526 | 1,687 | 16 % | |||||
Non-interest expense | 34,455 | 30,237 | 4,218 | 14 % | |||||
Income before income taxes | 15,413 | 12,389 | 3,024 | 24 % | |||||
Provision for income taxes | 3,719 | 2,981 | 738 | 25 % | |||||
Net Income | 11,694 | 9,408 | 2,286 | 24 % | |||||
Earnings per share - basic | $ 2.37 | $ 1.93 | $ 0.44 | 23 % | |||||
Earnings per share - diluted | $ 2.37 | $ 1.93 | $ 0.44 | 23 % | |||||
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SOURCE Oakworth Capital Inc.
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