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 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.