#USA #Financial Performance #Birmingham #Oakworth Capital #Profit Growth

Oakworth Capital Inc. Reports Strong Profitability Growth in Fiscal Year 2024

BIRMINGHAM, Alabama — Oakworth Capital Inc. (OTCQX: OAKC) has announced impressive financial outcomes for the fiscal year 2024, demonstrating significant growth and profitability compared to 2023. The net income rose to $15.8 million, a striking increase from $4.7 million in the previous year, marking a 38.5% upswing when assessed against the core net income of $11.4 million for 2023.

The diluted earnings per share witnessed a surge to $3.19 for 2024, a considerable rise from $0.96 reported in 2023. The organization has shown robust performance with a pre-tax, pre-provision income of $23.6 million, reflecting a 27% increase over the previous fiscal year. These accomplishments are particularly attributed to strategic investments, including the opening of the Central Carolinas office, which collectively boosted the revenue by 18% to $71 million in 2024, with expenses climbing by 14% in the same period.

Oakworth's wealth management division also saw notable growth, with a 14% rise in wealth assets to $2.3 billion and a 12% rise in total bank assets, now totaling $1.8 billion. Loans and deposits both saw increases of 17% and 12%, respectively, in year-over-year comparisons. Specifically, period-end loans reached $1.5 billion, while average loans escalated by 21% from the previous year. Similarly, average deposits grew by 20% with period-end deposits now standing at $1.6 billion.

Chairman and CEO Scott Reed expressed optimism, stating, "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."

The financial health of Oakworth remains strong, showcasing a net charge-off ratio of just 0.03%, minimal non-performing loans totaling $325,000, and no past-due loans recorded. As of December 31, 2024, the company's Tier 1 Capital stood at 10.5%, the Total Capital Ratio at 11.6%, and the Leverage Ratio at 9.5%, reflecting a strong capital position for the financial institution.

About Oakworth Capital Inc.

Founded in 2008, Oakworth Capital Inc. operates as the bank holding company for Oakworth Capital Bank, providing commercial and private banking, as well as wealth management and advisory services across the United States. The company has been consistently recognized as one of America’s “Best Banks to Work For” by American Banker, taking the lead spot for six of the last eight years, and achieving an impressive Net Promoter Score (NPS) of 94 for 2024.

As of year-end 2024, Oakworth managed $1.8 billion in total assets, alongside $1.5 billion in gross loans and $1.6 billion in deposits. This remarkable performance underscores Oakworth Capital Inc.'s solid financial foundation and its focus on innovative banking solutions. For more information, customers can visit www.oakworth.com.