Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported net income of $15.8 million in 2024 compared to $4.7 million in 2023. Net income was 38.5% higher than 2023 core net income of $11.4 million1. Diluted earnings per share was $3.19 in 2024 compared to $0.96 in 2023 on a reported basis and $2.33 on a core basis. Pre-tax, pre-provision income was $23.6 million and 27% higher in 2024 vs. 2023. Strategic investments, primarily related to the opening of our Central Carolinas office, resulted in positive operating leverage with revenue increasing 18% year-over-year to $71 million in 2024. Expense growth was 14% in the same period.
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Oakworth reported a 14% increase in wealth assets to $2.3 billion and a 12% increase in total bank assets to $1.8 billion, both year-over-year. Period-end loans grew 17% to $1.5 billion and average loans grew 21% in 2024 vs. 2023. Period-end deposits grew 12% to $1.6 billion and average deposits grew 20% in 2024 vs. 2023.
Oakworth's Chairman and CEO Scott Reed stated,”Our growth and profitable performance in 2024 set the stage for an exciting 2025. We look forward to expanding on our success by continuing to deliver exceptional levels of service and innovative solutions to new and existing clients across our markets.”
Credit quality remains strong with net charge-offs of 0.03%, minimal non-performing loans ($325K) and $0 past due loans.
At December 31, 2024, Tier 1 Capital was 10.5%, the Total Capital Ratio was 11.6% and the Leverage Ratio was 9.5%.2
Additional Information: 12023 “core” results exclude $7.4 million, net of tax, for provisioning and interest related to a single credit and $672 thousand, net of tax, related to the Employee Retention Credit 2Certain risk-weighted assets related to unconditionally cancellable contracts were reclassified in the December 31, 2024 call report.
AboutOakworth 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 Birmingham, Alabama. Oakworth provides commercial and private banking, wealth management and advisory services to clients across the United States.
Oakworth has been ranked among American Banker's “Best Banks to Work for” for the past eight years, holding the top spot for six of those and ranking #2 most recently. Additionally, Oakworth's 2024 average Net Promoter Score (NPS) was 94 with a commensurate client retention rate of 95%. As of December 31, 2024, Oakworth had $1.8 billion in total assets, $1.5 billion in gross loans, $1.6 billion in deposits and $2.3 billion in wealth and trust assets under management. For more information, visit www.oakworth.com.
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 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 vs. 9/30/2024 12/31/2024 vs. 12/31/2023Wealth assets (non-balance sheet) $ 2,297 $ 2,308 $ 2,200 $ 2,156 $ 2,016 $ (11) 0% $ 281 14%CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited)(in thousands) As of Change Change 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 vs. 9/30/2024 12/31/2024 vs. 12/31/2023AssetsCash and due from banks $ 125,016 $ 117,265 $ 71,623 $ 126,215 $ 158,403 $ 7,751 7% $ (33,387) -21%Federal funds sold 950 1,950 75 1,650 3,925 (1,000) -51% (2,975) -76%Securities available for sale 158,885 156,926 151,379 147,576 143,947 1,959 1% 14,938 10%Loans, net of unearned income 1,455,238 1,411,569 1,357,150 1,280,129 1,244,133 43,669 3% 211,105 17%Allowance for credit losses (16,330) (16,494) (15,895) (15,048) (14,652) 164 -1% (1,678) 11%Loans, net 1,438,908 1,395,075 1,341,255 1,265,081 1,229,481 43,833 3% 209,427 17%Fixed assets 4,420 4,647 4,820 4,998 4,681 (227) -5% (261) -6%Interest receivable 6,678 6,478 6,903 6,279 6,284 200 3% 394 6%Other assets 54,084 54,396 56,200 47,856 48,506 (312) -1% 5,578 11%Total assets $ 1,788,941 $ 1,736,737 $ 1,632,255 $ 1,599,655 $ 1,595,227 $ 52,204 3% $ 193,714 12%Liabilities and Stockholders' EquityLiabilities:Deposits:Non-interest bearing deposits $ 274,872 $ 255,008 $ 274,968 $ 266,083 $ 319,986 $ 19,864 8% $ (45,114) -14%Interest-bearing deposits 1,321,864 1,268,998 1,124,013 1,166,594 1,105,921 52,866 4% 215,943 20%Total deposits 1,596,736 1,524,006 1,398,981 1,432,677 1,425,907 72,730 5% 170,829 12%Total Borrowings 39,296 64,273 94,250 34,227 34,204 (24,977) -39% 5,092 15%Accrued interest payable 1,149 643 1,517 703 1,070 506 79% 79 7%Other liabilities 26,964 22,018 19,474 18,005 23,794 4,946 22% 3,170 13%Total liabilities 1,664,145 1,610,940 1,514,222 1,485,612 1,484,975 53,205 3% 179,170 12%Total stockholders' equity 124,796 125,797 118,033 114,043 110,252 (1,001) -1% 14,544 13%Total liabilities and stockholders' equity $ 1,788,941 $ 1,736,737 $ 1,632,255 $ 1,599,655 $ 1,595,227 $ 52,204 3% $ 193,714 12%
OAKWORTH CAPITAL INC.CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)(in thousands) Quarter Ended Change Change 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 4Q24 vs. 3Q24 4Q24 vs. 4Q23Interest income:Loans, including fees $ 25,141 $ 25,423 $ 23,505 $ 22,056 $ 20,322 $ (282) -1% $ 4,819 24%Securities available for sale 1,257 1,187 1,101 1,030 977 70 6% 280 29%Short term investments 1,222 837 982 1,134 1,463 385 46% (241) -16%Total interest income 27,620 27,447 25,588 24,220 22,762 173 1% 4,858 21%Interest expense:Deposits 11,807 12,296 11,429 11,189 9,976 (489) -4% 1,831 18%Borrowings 804 1,253 1,044 548 1,219 (449) -36% (415) -34%Total interest expense 12,611 13,549 12,473 11,737 11,195 (938) -7% 1,416 13%Net interest income 15,009 13,898 13,115 12,483 11,567 1,111 8% 3,442 30%Provision for credit losses 1,080 599 847 396 10,792 481 80% (9,712) -90%Net interest income after provision 13,929 13,299 12,268 12,087 775 630 5% 13,154 1697%for loan lossesNon-interest income 4,108 3,943 4,051 4,219 3,753 165 4% 355 9%Non-interest expense 12,721 11,638 11,497 11,320 11,013 1,083 9% 1,708 16%Income before income taxes 5,316 5,604 4,822 4,986 (6,485) (288) -5% 11,801 182%Provision for income taxes 1,236 1,458 1,204 1,056 (1,752) (222) -15% 2,988 171%Net Income 4,080 4,146 3,618 3,930 (4,733) (66) -2% 8,813 186%Earnings per share – basic $ 0.82 $ 0.84 $ 0.73 $ 0.80 $ (0.97) $ (0.02) -2% $ 1.79 185%Earnings per share – diluted $ 0.82 $ 0.84 $ 0.73 $ 0.80 $ (0.97) $ (0.02) -2% $ 1.79 185%
OAKWORTH CAPITAL INC.CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)(in thousands) YTD Period Ended 12/31/2024 12/31/2023 ChangeInterest income:Loans, including fees $ 96,124 $ 73,584 $ 22,540 31%Securities available for sale 4,577 3,510 1,067 30%Short term investments 4,174 4,971 (797) -16%Total interest income 104,875 82,065 22,810 28%Interest expense:Deposits 46,721 32,490 14,231 44%Borrowings 3,648 4,025 (377) -9%Total interest expense 50,369 36,515 13,854 38%Net interest income 54,506 45,550 8,956 20%Provision for credit losses 2,922 12,675 (9,753) -77%Net interest income after provision 51,584 32,875 18,709 57%for loan lossesNon-interest income 16,320 14,278 2,042 14%Non-interest expense 47,176 41,250 5,926 14%Income before income taxes 20,728 5,903 14,825 251%Provision for income taxes 4,954 1,228 3,726 303%Net Income 15,774 4,675 11,099 237%Earnings per share – basic $ 3.19 $ 0.96 $ 2.23 232%Earnings per share – diluted $ 3.19 $ 0.96 $ 2.23 232%
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SOURCE Oakworth Capital Inc.
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