Welcome to our dedicated page for Oakworth Capital news (Ticker: OAKC), a resource for investors and traders seeking the latest updates and insights on Oakworth Capital stock.
Oakworth Capital Inc. reports news as the bank holding company for Oakworth Capital Bank, an OTCQX-traded financial institution founded in 2008. The company provides commercial banking, private banking, wealth management and advisory services through offices in the Southeast, including Birmingham, Alabama.
Recurring updates for OAKC focus on revenue, net interest income, loan and deposit growth, trust and wealth fees, earnings per share, capital ratios and credit quality. Company news also includes annual cash dividend actions, market-level board appointments, client satisfaction measures, regional banking recognition and developments tied to Oakworth’s private, commercial and wealth advisory service model.
Oakworth Capital Inc. (OTCQX: OAKC) reported strong financial results for Q2 2024 and the first half of the year. Net income reached $3.6 million in Q2 and $7.5 million year-to-date, marking a 20% increase from the same period in 2023. Diluted earnings per share rose to $1.53 in H1 2024, up from $1.28 in H1 2023. The company experienced significant growth across key metrics:
- Total loans: up 23%
- Total deposits: up 14%
- Wealth assets: up 11%
- Revenue: up 16% to $33.9 million
- Pre-tax, pre-provision income: up 14%
Oakworth's return on average equity stood at 13.3%, while return on average assets was 1.0% for H1 2024. The company's capital ratios remained strong, with Tier 1 Capital at 9.7%, Total Capital Ratio at 10.7%, and Leverage Ratio at 9.4% as of June 30, 2024.
Oakworth Capital Bank (OTCQX: OAKC) has appointed Dave Driscoll as Chief Information Security Officer (CISO) and T.J. Rock as Chief Information Officer (CIO). Driscoll, a founding member with over 30 years in technology, will oversee information, cyber, and tech security. Rock, with extensive experience in the tech sector, will advance Oakworth's technology platforms. These appointments aim to enhance risk management and tech adoption. CEO Scott Reed emphasized the alignment of tech resources with business goals. COO Sam Scalici highlighted Rock's broad experience, positioning Oakworth to establish a significant presence in the financial services sector.
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