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Oakworth Capital Inc

Oakworth Capital Inc. Reports 27% Increase in Diluted EPS

BIRMINGHAM, Ala. , April 22, 2025 /PRNewswire/ -- Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported growth in both annual and linked-quarter profitability in first quarter 2025.  Highlights include:

  • Net income of $5.0 million: 23% higher than $4.1 million linked-quarter and 28% higher than $3.9 million year-over-year
  • Diluted earnings per share of $1.01: 23% higher than $0.82 linked-quarter and 27% higher than $0.80 in first quarter 2024
  • Pre-tax pre-provision income of $7.5 million: 17% higher than $6.4 million linked-quarter and 39% higher than $5.4 million in first quarter 2024
  • Revenue of $19.8 million: 3% higher than $19.1 million linked-quarter and 18% higher than $16.7 million in first quarter 2024
    • 4% linked-quarter growth and 24% year-over-year growth in net interest income
    • 6% linked-quarter growth and 12% year-over-year growth in trust and wealth fees
  • Non-interest expenses of $12.3 million: 3% lower linked-quarter and 9% higher year-over-year
  • ROAE of 15.9%
  • ROAA of 1.1%

Oakworth's Chairman and CEO Scott Reed stated, "Our strong first quarter results reflect an intense focus on understanding and serving the needs of our clients while ensuring that we are managing our business in a prudent manner.  We are growing our balance sheet in a balanced fashion while ensuring that we realize returns on our investments in markets, technology and people."

Wealth assets increased 6% year-over-year to $2.3 billion.  Year-over-year loan growth was 17% (both actual and average) and 3% linked quarter to $1.5 billion.  Deposits grew 14% year-over-year (17% on average basis) and 2% linked quarter to $1.6 billion. 

At March 31, 2025, Tier 1 Capital was 10.6%, the Total Capital Ratio was 11.7% and the Leverage Ratio was 9.5%.

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 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 March 31, 2025, 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.

OAKWORTH CAPITAL INC.




















WEALTH AND TRUST (Unaudited)



















(In millions)


As of 


Change


Change



3/31/2025


12/31/2024


9/30/2024


6/30/2024


3/31/2024


03/31/2025 vs. 12/31/2024 


03/31/2025 vs. 03/31/2024




















Wealth assets (non-balance sheet)


$           2,285


$           2,297


$           2,308


$           2,200


$           2,156


$              (12)


0 %


$              129


6 %




















CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited)













(in thousands)


As of 


Change


Change



3/31/2025


12/31/2024


9/30/2024


6/30/2024


3/31/2024


03/31/2025 vs. 12/31/2024 


03/31/2025 vs. 03/31/2024

Assets



















Cash and due from banks


$       100,968


$       125,016


$       117,265


$         71,623


$       126,215


$        (24,048)


-19 %


$        (25,247)


-20 %

Federal funds sold


525


950


1,950


75


1,650


(425)


-45 %


(1,125)


-68 %

Securities available for sale


175,599


158,885


156,926


151,379


147,576


16,714


11 %


28,023


19 %

Loans, net of unearned income


1,492,413


1,455,238


1,411,569


1,357,150


1,280,129


37,175


3 %


212,284


17 %

Allowance for credit losses


(17,015)


(16,330)


(16,494)


(15,895)


(15,048)


(685)


4 %


(1,967)


13 %

  Loans, net


1,475,398


1,438,908


1,395,075


1,341,255


1,265,081


36,490


3 %


210,317


17 %

Fixed assets


4,221


4,420


4,647


4,820


4,998


(199)


-5 %


(777)


-16 %

Interest receivable


6,909


6,678


6,478


6,903


6,279


231


3 %


630


10 %

Other assets


53,866


54,084


54,396


56,200


47,856


(218)


0 %


6,010


13 %

  Total assets


$     1,817,486


$     1,788,941


$     1,736,737


$     1,632,255


$     1,599,655


$         28,545


2 %


$       217,831


14 %




















Liabilities and Stockholders' Equity



















Liabilities:



















  Deposits:



















    Non-interest bearing deposits


$       270,536


$       274,872


$       255,008


$       274,968


$       266,083


$          (4,336)


-2 %


$           4,453


2 %

    Interest-bearing deposits


1,356,172


1,321,864


1,268,998


1,124,013


1,166,594


34,308


3 %


189,578


16 %

     Total deposits


1,626,708


1,596,736


1,524,006


1,398,981


1,432,677


29,972


2 %


194,031


14 %

Total Borrowings


38,763


39,296


64,273


94,250


34,227


(533)


-1 %


4,536


13 %

Accrued interest payable


559


1,149


643


1,517


703


(590)


-51 %


(144)


-20 %

Other liabilities


20,382


26,964


22,018


19,474


18,005


(6,582)


-24 %


2,377


13 %

  Total liabilities


1,686,412


1,664,145


1,610,940


1,514,222


1,485,612


22,267


1 %


200,800


14 %

  Total stockholders' equity


131,074


124,796


125,797


118,033


114,043


6,278


5 %


17,031


15 %

  Total liabilities and stockholders' equity


$     1,817,486


$     1,788,941


$     1,736,737


$     1,632,255


$     1,599,655


$         28,545


2 %


$       217,831


14 %

 

OAKWORTH CAPITAL INC.




















CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)













(in thousands)


Quarter Ended


Change


Change



3/31/2025


12/31/2024


9/30/2024


6/30/2024


3/31/2024


1Q25 vs. 4Q24


1Q25 vs. 1Q24




















Interest income:



















   Loans, including fees


$         24,803


$         25,141


$         25,423


$         23,505


$         22,056


$             (338)


-1 %


$           2,747


12 %

   Securities available for sale


1,474


1,257


1,187


1,101


1,030


217


17 %


444


43 %

   Short term investments


1,169


1,222


837


982


1,134


(53)


-4 %


35


3 %

      Total interest income


27,446


27,620


27,447


25,588


24,220


(174)


-1 %


3,226


13 %

Interest expense:



















   Deposits


11,268


11,807


12,296


11,429


11,189


(539)


-5 %


79


1 %

   Borrowings


637


804


1,253


1,044


548


(167)


-21 %


89


16 %

      Total interest expense


11,905


12,611


13,549


12,473


11,737


(706)


-6 %


168


1 %

      Net interest income


15,541


15,009


13,898


13,115


12,483


532


4 %


3,058


24 %

Provision for credit losses


775


1,080


599


847


396


(305)


-28 %


379


96 %

      Net interest income after provision

14,766


13,929


13,299


12,268


12,087


837


6 %


2,679


22 %

      for loan losses



















Non-interest income


4,245


4,108


3,943


4,051


4,219


137


3 %


26


1 %

Non-interest expense


12,325


12,721


11,638


11,497


11,320


(396)


-3 %


1,005


9 %

   Income before income taxes


6,686


5,316


5,604


4,822


4,986


1,370


26 %


1,700


34 %

Provision for income taxes


1,655


1,236


1,458


1,204


1,056


419


34 %


599


57 %

      Net Income


5,031


4,080


4,146


3,618


3,930


951


23 %


1,101


28 %

Earnings per share - basic


$             1.01


$             0.82


$             0.84


$             0.73


$             0.80


$             0.19


23 %


$             0.21


27 %

Earnings per share - diluted


$             1.01


$             0.82


$             0.84


$             0.73


$             0.80


$             0.19


23 %


$             0.21


27 %

 

OAKWORTH CAPITAL INC.











CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)




(in thousands)


YTD Period Ended





3/31/2025



3/31/2024


Change











Interest income:










   Loans, including fees


$         24,803



$          22,056


$           2,747


12 %

   Securities available for sale


1,474



1,030


444


43 %

   Short term investments


1,169



1,134


35


3 %

      Total interest income


27,446



24,220


3,226


13 %

Interest expense:










   Deposits


11,268



11,189


79


1 %

   Borrowings


637



548


89


16 %

      Total interest expense


11,905



11,737


168


1 %

      Net interest income


15,541



12,483


3,058


24 %

Provision for credit losses


775



396


379


96 %

      Net interest income after provision


14,766



12,087


2,679


22 %

      for loan losses










Non-interest income


4,245



4,219


26


1 %

Non-interest expense


12,325



11,320


1,005


9 %

   Income before income taxes


6,686



4,986


1,700


34 %

Provision for income taxes


1,655



1,056


599


57 %

      Net Income


5,031



3,930


1,101


28 %

Earnings per share - basic


$             1.01



$             0.80


$             0.21


27 %

Earnings per share - diluted


$             1.01



$             0.80


$             0.21


27 %

 

For more information contact:
Jenifer Kimbrough
Phone:  205-263-4704
Email: jenifer.kimbrough@oakworth.com

 

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SOURCE Oakworth Capital Inc.