Oakworth Capital Inc. Reports 27% Increase in Diluted EPS

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Apr 22, 2025, 17:01 ET

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 %