Oakworth Capital Reports Strong Third Quarter Results, Driven by Balanced Growth and New Office Success

## Oakworth Capital Reports Strong Third Quarter Results, Driven by Balanced Growth and New Office Success

Oakworth Capital Inc. (Oakworth) announced impressive third-quarter 2024 results, showcasing a 24% year-over-year surge in net income, reaching $4.1 million. This impressive performance builds upon a strong year-to-date record, with net income hitting $11.7 million, representing a 24% increase compared to the same period in 2023.

The company attributed its success to consistent, balanced growth across all key areas. Total loans saw a 23% increase, core deposits rose by 19%, wealth assets grew by 22%, and total assets expanded by 20% year-over-year. This growth translated into a 16% increase in revenue, exceeding the 14% growth in overall expenses, resulting in a 21% year-over-year boost in pre-tax, pre-provision income. Oakworth’s strong performance is further reflected in a return on average equity of 13.4% and return on average assets of 1.0% year-to-date September 30.

One of the key highlights of the quarter was the achievement of incremental profitability by Oakworth’s Central Carolinas office, just 11 months after opening. This success underscores the company’s strategic expansion strategy and its ability to generate returns on its investments quickly.

Scott Reed, Oakworth’s Chairman and CEO, expressed his satisfaction with the results, stating, “Our expectations of realizing a return on our 2023 investments in the back half of 2024 are coming to fruition. We are extremely pleased with the performance of our Central Carolinas office and our existing franchise, particularly given the dynamic interest rate environment. We look forward to finishing the year strong as we prepare for continued opportunities for growth in 2025.”

Oakworth remains financially sound, boasting strong capital ratios. At September 30, 2024, Tier 1 Capital stood at 9.7%, the Total Capital Ratio at 10.7%, and the Leverage Ratio at 9.3%.

Oakworth Capital Inc. operates as the bank holding company for Oakworth Capital Bank (Oakworth) OAKC. Established in 2008, Oakworth has four offices in the Southeast, including its headquarters in Birmingham, Alabama. The company provides a comprehensive suite of financial services, including commercial and private banking, wealth management, and advisory services to clients across the United States. Oakworth’s commitment to excellence is reflected in its consistent recognition as the #1 “Best Bank to Work for” for six consecutive years (2018-2023) by American Banker. The company also boasts a Net Promoter Score (NPS) of 96 out of 100 (FY2023) and a client retention rate of 97% in 2023.

As of September 30, 2024, Oakworth held $1.7 billion in total assets, $1.4 billion in gross loans, $1.5 billion in deposits, and $2.3 billion in wealth and trust assets under management. For more information, visit www.oakworth.com.

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