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.
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On April 18, 2023, Oakworth Capital Bank (OTCQX: OAKC) announced the appointment of Tate Forrester and Craig Hey to its Central Alabama Market Board. Forrester, the president and CEO of O'Neal Steel, brings over 12 years of experience, while Hey is a vice chair at Cushman & Wakefield, having sold multifamily properties valued over $9 billion. Bill Pitts, Oakworth's managing director, highlighted the strong community respect both leaders command. Oakworth, founded in 2008, has recently been recognized as the 'Best Bank to Work for' for five consecutive years and boasts impressive financial metrics, including total assets of $1.3 billion and a Net Promoter Score of 96.
On March 8, 2023, Oakworth Capital Bank (OTCQX: OAKC) announced it has received a 5-star rating from BauerFinancial based on Q4 2022 data, indicating superior financial health. This rating reflects factors like profitability, asset quality, and regulatory compliance. As of December 31, 2022, Oakworth reported $1.3 billion in total assets, $974 million in gross loans, and $1.2 billion in deposits. The bank has also been recognized as the #1 'Best Bank to Work for' for five consecutive years and boasts a Net Promoter Score of 96. The 5-star rating affirms the bank's commitment to safety and sound financial practices.
On March 7, 2023, Oakworth Capital Bank (OTCQX: OAKC) provided a senior secured credit facility to finance Navis Clinical Laboratories’ acquisition of the clinical laboratory business from Cordant Health Solutions. The funds assist in both the acquisition and Navis’ ongoing working capital needs. Terrell Taylor, an Oakworth advisor, emphasized the bank's healthcare expertise in ensuring a seamless transaction. With a focus on healthcare providers, Navis offers innovative solutions for substance use and chronic health management, operating labs across New York, Massachusetts, and Washington.
Oakworth Capital reported strong financial growth for fiscal year 2022, with net income increasing to $11.5 million and total revenue rising to $51.8 million. Key drivers included a 47% rise in core earnings and a 34% increase in core revenue, largely attributed to a 27% boost in net interest income. The company's earnings per share was $2.36, up from $1.62 in the previous year. Oakworth maintained exceptional credit quality with $0 charge-offs and a strong capital position, including a Tier 1 Capital ratio of 10.8%. Wealth assets stood at $1.8 billion, despite a 10% decrease compared to 2021.
Oakworth Capital Bank is set to open a new office in Central Carolinas by mid-year 2023, strategically located in SouthPark Towers, Charlotte. The 7,500-square-foot space will enhance services for privately held businesses, professionals, and families. Market Leader Tim Beck emphasized the importance of a central location for client accessibility. The new office aims to reflect Oakworth's consistent branding across its locations. Subject to regulatory approvals, it will function as a full-service branch. Oakworth currently boasts $1.3 billion in total assets and has been recognized as one of the best banks to work for.