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13.11.2023 17:49:00
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Oakworth Capital Inc. Reports 16% Increase in Year-to-Date Diluted EPS
BIRMINGHAM, Ala., Nov. 13, 2023 /PRNewswire/ -- Oakworth Capital Inc. (Oakworth) (OTCQX: OAKC) reported 16% higher diluted earnings per share and 15% higher earnings year-to-date September 30, 2023 compared to the same period of 2022. Contributing to earnings growth were wealth asset growth of 9%, loan growth of 23%, deposit growth of 16% and margin expansion of 17 bps, all year-over-year September 30.
Oakworth's Chairman and CEO Scott Reed stated, "Oakworth is focused on balanced growth of loans, deposits and wealth assets across markets. I'm proud of our team's dedication to serving our clients across disciplines with a distinctive level of service, resulting in strong annual growth in a challenging environment."
Mr. Reed continued, "We are excited about the opening of our Central Carolinas market on October 2. We have a talented, experienced team on the ground who are already bringing their expertise to the marketplace."
Linked-quarter results reflect 4% loan growth, 1% deposit growth and a 5% decline in the value of wealth assets. Pre-tax, pre-provision income was flat at $4.6 million primarily due to linked-quarter contraction of the net interest margin to 3.25% from 3.45% in second quarter, reflecting higher deposit cost. Wealth fees increased 6% on wealth assets of $1.9 billion.
At quarter end, Oakworth's single stressed credit relationship was past due 91 days. Subsequent to September 30, Oakworth determined its best interest was to pursue legal action against the debtor. In connection with this action, Oakworth has placed approximately $15 million on non-accrual in the fourth quarter. With the exception of this relationship, Oakworth reported $0 of non-performing assets at September 30 and continues to report $0 of non-performing assets as of the date of this release.
At September 30, 2023, Tier 1 Capital was 10.1%, the Total Capital Ratio was 11.1% and the Leverage Ratio was 9.4%.
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 named the #1 "Best Bank to Work for" for the past five years in a row (2018-2022) by American Banker. Additionally, Oakworth has earned a Net Promoter Score (NPS) of 96 out of 100 (September 2022 to September 2023) and has a client retention rate of 95% in 2022. As of Sept. 30, 2023, Oakworth had $1.5 billion in total assets, $1.1 billion in gross loans, $1.2 billion in deposits and $1.9 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 | |||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 9/30/2023 vs. 6/30/2023 | 9/30/2023 vs. 9/30/2022 | ||||||||||||
Wealth assets (non-balance sheet) | $ 1,896 | $ 1,987 | $ 1,875 | $ 1,802 | $ 1,738 | $ (91) | -5 % | $ 158 | 9 % | |||||||||
CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited) | ||||||||||||||||||
(in thousands) | As of | Change | Change | |||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 9/30/2023 vs. 6/30/2023 | 9/30/2023 vs. 9/30/2022 | ||||||||||||
Assets | ||||||||||||||||||
Cash and due from banks | $ 116,065 | $ 140,421 | $ 69,575 | $ 185,483 | $ 115,950 | $ (24,356) | -17 % | $ 115 | 0 % | |||||||||
Federal funds sold | 2,225 | 3,825 | 3,025 | 4,475 | 2,650 | (1,600) | -42 % | (425) | -16 % | |||||||||
Securities available for sale | 137,907 | 135,433 | 136,234 | 132,050 | 130,722 | 2,474 | 2 % | 7,185 | 5 % | |||||||||
Loans, net of unearned income | 1,146,526 | 1,107,028 | 1,076,532 | 974,398 | 934,003 | 39,498 | 4 % | 212,523 | 23 % | |||||||||
Allowance for loan losses | (13,575) | (13,144) | (12,808) | (11,692) | (11,240) | (431) | 3 % | (2,335) | 21 % | |||||||||
Loans, net | 1,132,951 | 1,093,884 | 1,063,724 | 962,706 | 922,763 | 39,067 | 4 % | 210,188 | 23 % | |||||||||
Fixed assets | 4,758 | 4,626 | 3,314 | 3,129 | 3,136 | 132 | 3 % | 1,622 | 52 % | |||||||||
Interest receivable | 5,932 | 4,791 | 4,752 | 4,263 | 2,957 | 1,141 | 24 % | 2,975 | 101 % | |||||||||
Other assets | 50,209 | 45,999 | 44,986 | 43,348 | 42,228 | 4,210 | 9 % | 7,981 | 19 % | |||||||||
Total assets | $ 1,450,047 | $ 1,428,979 | $ 1,325,610 | $ 1,335,454 | $ 1,220,406 | $ 21,068 | 1 % | $ 229,641 | 19 % | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||
Liabilities: | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Non-interest bearing deposits | $ 278,822 | $ 301,821 | $ 324,649 | $ 315,033 | $ 319,828 | $ (22,999) | -8 % | $ (41,006) | -13 % | |||||||||
Interest-bearing deposits | 963,044 | 922,391 | 802,946 | 861,401 | 751,026 | 40,653 | 4 % | 212,018 | 28 % | |||||||||
Total deposits | 1,241,866 | 1,224,212 | 1,127,595 | 1,176,434 | 1,070,854 | 17,654 | 1 % | 171,012 | 16 % | |||||||||
Total Borrowings | 74,180 | 74,158 | 74,134 | 34,112 | 34,105 | 22 | 0 % | 40,075 | NA | |||||||||
Accrued interest payable | 455 | 982 | 425 | 840 | 294 | (527) | -54 % | 161 | 55 % | |||||||||
Other liabilities | 21,840 | 17,960 | 14,937 | 20,310 | 15,160 | 3,880 | 22 % | 6,680 | 44 % | |||||||||
Total liabilities | 1,338,341 | 1,317,312 | 1,217,091 | 1,231,696 | 1,120,413 | 21,029 | 2 % | 217,928 | 19 % | |||||||||
Total stockholders' equity | 111,706 | 111,667 | 108,519 | 103,758 | 99,993 | 39 | 0 % | 11,713 | 12 % | |||||||||
Total liabilities and stockholders' equity | $ 1,450,047 | $ 1,428,979 | $ 1,325,610 | $ 1,335,454 | $ 1,220,406 | $ 21,068 | 1 % | $ 229,641 | 19 % | |||||||||
OAKWORTH CAPITAL INC. | |||||||||||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||||||
(in thousands) | Quarter Ended | Change | Change | ||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 3Q23 vs. 2Q23 | 3Q23 vs. 3Q22 | |||||||||||||
Interest income: | |||||||||||||||||||
Loans, including fees | $ 19,204 | $ 18,193 | $ 15,864 | $ 13,643 | $ 11,065 | $ 1,011 | 6 % | $ 8,139 | 74 % | ||||||||||
Securities available for sale | 899 | 825 | 811 | 797 | 774 | 74 | 9 % | 125 | 16 % | ||||||||||
Short term investments | 1,608 | 991 | 909 | 1,161 | 496 | 617 | 62 % | 1,112 | 224 % | ||||||||||
Total interest income | 21,711 | 20,009 | 17,584 | 15,601 | 12,335 | 1,702 | 9 % | 9,376 | 76 % | ||||||||||
Interest expense: | |||||||||||||||||||
Deposits | 9,200 | 7,585 | 5,729 | 3,782 | 1,286 | 1,615 | 21 % | 7,914 | 615 % | ||||||||||
Borrowings | 1,097 | 1,072 | 638 | 548 | 258 | 25 | 2 % | 839 | NA | ||||||||||
Total interest expense | 10,297 | 8,657 | 6,367 | 4,330 | 1,544 | 1,640 | 19 % | 8,753 | 567 % | ||||||||||
Net interest income | 11,414 | 11,352 | 11,217 | 11,271 | 10,791 | 62 | 1 % | 623 | 6 % | ||||||||||
Provision for loan losses | 431 | 335 | 1,116 | 452 | 628 | 96 | 29 % | (197) | -31 % | ||||||||||
Net interest income after provision | 10,983 | 11,017 | 10,101 | 10,819 | 10,163 | (34) | 0 % | 820 | 8 % | ||||||||||
for loan losses | |||||||||||||||||||
Non-interest income | 3,836 | 3,392 | 3,297 | 3,095 | 3,136 | 444 | 13 % | 700 | 22 % | ||||||||||
Non-interest expense | 10,640 | 10,151 | 9,447 | 9,518 | 9,098 | 489 | 5 % | 1,542 | 17 % | ||||||||||
Income before income taxes | 4,179 | 4,258 | 3,951 | 4,396 | 4,201 | (79) | -2 % | (22) | -1 % | ||||||||||
Provision for income taxes | 1,035 | 1,011 | 934 | 1,051 | 1,008 | 24 | 2 % | 27 | 3 % | ||||||||||
Net Income | 3,144 | 3,247 | 3,017 | 3,345 | 3,193 | (103) | -3 % | (49) | -2 % | ||||||||||
Earnings per share - basic | $ 0.64 | $ 0.66 | $ 0.62 | $ 0.69 | $ 0.66 | $ (0.02) | -3 % | $ (0.02) | -3 % | ||||||||||
Earnings per share - diluted | $ 0.64 | $ 0.66 | $ 0.62 | $ 0.68 | $ 0.65 | $ (0.02) | -3 % | $ (0.01) | -2 % | ||||||||||
OAKWORTH CAPITAL INC. | ||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) | ||||||||||
(in thousands) | YTD Period Ended | |||||||||
9/30/2023 | 9/30/2022 | Change | ||||||||
Interest income: | ||||||||||
Loans, including fees | $ 53,261 | $ 27,039 | $ 26,222 | 97 % | ||||||
Securities available for sale | 2,533 | 2,052 | 481 | 23 % | ||||||
Short term investments | 3,508 | 934 | 2,574 | 276 % | ||||||
Total interest income | 59,302 | 30,025 | 29,277 | 98 % | ||||||
Interest expense: | ||||||||||
Deposits | 22,512 | 1,906 | 20,606 | 1081 % | ||||||
Borrowings | 2,807 | 258 | 2,549 | NA | ||||||
Total interest expense | 25,319 | 2,164 | 23,155 | 1070 % | ||||||
Net interest income | 33,983 | 27,861 | 6,122 | 22 % | ||||||
Provision for loan losses | 1,883 | 1,925 | (42) | -2 % | ||||||
Net interest income after provision | 32,100 | 25,936 | 6,164 | 24 % | ||||||
for loan losses | ||||||||||
Non-interest income | 10,526 | 9,543 | 983 | 10 % | ||||||
Non-interest expense | 30,237 | 24,788 | 5,449 | 22 % | ||||||
Income before income taxes | 12,389 | 10,691 | 1,698 | 16 % | ||||||
Provision for income taxes | 2,981 | 2,537 | 444 | 18 % | ||||||
Net Income | 9,408 | 8,154 | 1,254 | 15 % | ||||||
Earnings per share - basic | $ 1.93 | $ 1.69 | $ 0.24 | 14 % | ||||||
Earnings per share - diluted | $ 1.93 | $ 1.66 | $ 0.27 | 16 % | ||||||
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SOURCE Oakworth Capital Inc.
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