Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the
“Company”), the holding company for Origin Bank (the “Bank”), today
announced net income of $14.3 million, or $0.46 diluted earnings
per share (“EPS”) for the quarter ended December 31, 2024, compared
to net income of $18.6 million, or $0.60 diluted earnings per
share, for the quarter ended September 30, 2024. Pre-tax,
pre-provision (“PTPP”)(1) earnings was $12.6 million for the
quarter ended December 31, 2024, compared to $28.3 million for the
linked quarter.
Net income for the year ended December 31, 2024, was $76.5
million, or $2.45 diluted earnings per share, representing a
decrease of $0.26, or 9.6%, from diluted earnings per share of
$2.71 for the year ended December 31, 2023. Pre-tax, pre-provision
(“PTPP”)(1) earnings for the year ended December 31, 2024, was
$104.7 million, representing a decrease of $18.0 million, or 14.6%,
from the year ended December 31, 2023.
“I am excited about where we are going as a company as we enter
2025 with an organizational commitment to what Optimize
Origin means to all of our stakeholders. This initiative
is the continual enhancement of our award-winning culture and the
drive for elite financial performance,” said Drake Mills, chairman,
president and CEO of Origin Bancorp, Inc. “Our team has worked hard
over the past year creating and implementing a strategy that is the
basis for the next evolution of our company.”
(1) PTPP earnings is a non-GAAP financial measure, please see
the last few pages of this document for a reconciliation of this
alternative financial measure to its most directly comparable GAAP
measure.
Optimize Origin
- Our newly announced initiative to
drive elite financial performance and enhance our award-winning
culture
- Built on three primary pillars:
- Productivity, Delivery &
Efficiency
- Balance Sheet Optimization
- Culture & Employee
Engagement
- Established near term target of
greater than a 1% ROAA run rate by 4Q25 and an ultimate target of
top quartile ROAA
- Near term target will be achieved in
part by branch consolidation, headcount reduction, securities
optimization, capital optimization, and cash/liquidity
management
- We believe the actions we have taken
will drive earnings improvement of approximately $21 million
annually on a pre-tax pre-provision basis.
Financial Highlights
- Our fully tax equivalent net
interest margin (“NIM-FTE”) expanded 15 basis points for the
quarter ended December 31, 2024, compared to the quarter ended
September 30, 2024. This expansion was driven primarily by a 40
basis point reduction in rates paid on interest-bearing
liabilities, offset by an 18 basis point decline in our yield on
interest-earning assets.
- Net interest income was
$78.3 million for the quarter ended December 31, 2024,
reflecting an increase of $3.5 million, or 4.7%, compared to
the linked quarter and is at its highest level in two years.
- Provision for credit loss benefit
was $5.4 million for the quarter ended December 31, 2024, compared
to a provision for credit loss expense of $4.6 million in the
linked quarter, representing a $10.0 million change from the linked
quarter.
- Our bond portfolio optimization
strategy, aimed at enhancing long-term yields and improving overall
portfolio performance, positively impacted our NIM-FTE by three
basis points for the quarter ended December 31, 2024, and is
estimated to provide a total positive impact to NIM-FTE of seven
basis points in the twelve months following the date of sale. We
sold available-for-sale investment securities with a book value of
$188.2 million and realized a loss of $14.6 million, which
negatively impacted our diluted EPS by $0.37 for the quarter ended
December 31, 2024
Results of Operations for the Three
Months Ended December 31, 2024
Net Interest Income and Net Interest
Margin
Net interest income for the quarter ended December 31, 2024, was
$78.3 million, an increase of $3.5 million, or 4.7%, compared to
the quarter ended September 30, 2024. The increase was primarily
driven by a $7.5 million decrease in interest expense paid on
interest-bearing deposits and a $1.6 million increase in interest
income earned on average interest-earning balances due from banks,
partially offset by a decrease of $6.1 million in interest income
earned on loans held for investment (“LHFI”).
The decrease in average rates and average balances of
interest-bearing deposits during the quarter ended December 31,
2024, reduced interest expense by $6.2 million and $1.3 million,
respectively, when compared to the quarter ended September 30,
2024. The decrease in average balances of interest-bearing deposits
was primarily driven by a $256.3 million decrease in average time
deposit balances, partially offset by a $190.5 million increase in
average money market deposit balances. The average rate on
interest-bearing deposits was 3.61% for the quarter ended December
31, 2024, a decrease of 40 basis points, from 4.01% for the quarter
ended September 30, 2024.
The $1.6 million increase in interest income earned on average
interest-earning balances due from banks was primarily driven by a
$165.6 million increase in average interest-earning balances due
from banks which led to a $2.3 million increase in interest income,
partially offset by a reduction in average yield.
The decrease in average rates and average principal balance of
LHFI during the quarter ended December 31, 2024, resulted in
decreases of $3.4 million and $2.7 million, respectively, to
interest income when compared to the quarter ended September 30,
2024. The average rate on LHFI was 6.47% for the quarter ended
December 31, 2024, a decrease of 20 basis points, compared to 6.67%
for the quarter ended September 30, 2024. The decrease in average
LHFI principal balance was primarily driven by decreases of $83.2
million, $43.7 million and $25.0 million in average
construction/land/land development, commercial and industrial and
mortgage warehouse lines of credit (“MW LOC”) loan balances.
The Federal Reserve Board sets various benchmark rates,
including the federal funds rate, and thereby influences the
general market rates of interest, including the loan and deposit
rates offered by financial institutions. On September 18,
2024, the Federal Reserve reduced the federal funds target rate
range by 50 basis points, to a range of 4.75% to 5.00%, marking the
first rate reduction since early 2020. Subsequently, it implemented
two additional reductions, with the current federal funds target
range set to 4.25% to 4.50% on December 18, 2024. During the second
half of 2024, the federal funds target range decreased 100 basis
points from its recent cycle high.
Our NIM-FTE was 3.33% for the quarter ended December 31, 2024,
representing a 15- and a 14-basis-point increase compared to the
linked quarter and the prior year same quarter, respectively. The
yield earned on interest-earning assets for the quarter ended
December 31, 2024, was 5.91%, a decrease of 18 basis points
compared to the linked quarter and an increase of five basis points
compared to the quarter ended December 31, 2023. The average rate
paid on total interest-bearing liabilities for the quarter ended
December 31, 2024, was 3.64%, representing a 40- and 11-basis point
decrease compared to the quarters ended September 30, 2024, and
December 31, 2023, respectively. The bond portfolio optimization
strategy positively impacted our NIM-FTE by three basis points for
the quarter ended December 31, 2024.
During the quarter ended December 31, 2024, we executed a bond
portfolio optimization strategy aimed at enhancing long-term yields
and improving overall portfolio performance. This strategy involved
selling lower-yielding available-for-sale investment securities
prior to their maturity and using the proceeds to purchase
higher-yielding available-for-sale investment securities. As a
result, we replaced securities with a total book value of
$188.2 million and a weighted average yield of 1.51% with new
securities totaling $173.7 million with a weighted average
yield of 5.22%, realizing a loss of $14.6 million. The weighted
average duration of the securities portfolio increased to 4.46
years as of December 31, 2024, compared to 4.21 years as of
September 30, 2024. While the associated loss, net of the increase
in interest income, resulted in a $0.35 negative impact to diluted
EPS during the quarter ended December 31, 2024, we believe the
trade-off in yield represents an attractive opportunity with an
estimated increase in annual net interest income of $5.6 million,
an earn-back period of 2.4 years and a twelve month total positive
impact to NIM-FTE of seven basis points.
Credit Quality
The table below includes key credit quality information:
| |
At and For
the Three Months Ended |
|
Change |
|
%
Change |
| (Dollars in thousands, unaudited) |
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|
Linked Quarter |
|
Linked Quarter |
| Past due
LHFI |
$ |
42,437 |
|
|
$ |
38,838 |
|
|
$ |
26,043 |
|
|
$ |
3,599 |
|
|
9.3 |
% |
| Allowance for loan credit losses (“ALCL”) |
|
91,060 |
|
|
|
95,989 |
|
|
|
96,868 |
|
|
|
(4,929 |
) |
|
(5.1 |
) |
| Classified loans |
|
118,782 |
|
|
|
107,486 |
|
|
|
80,545 |
|
|
|
11,296 |
|
|
10.5 |
|
| Total nonperforming LHFI |
|
75,002 |
|
|
|
64,273 |
|
|
|
30,115 |
|
|
|
10,729 |
|
|
16.7 |
|
| Provision (benefit) for credit losses |
|
(5,398 |
) |
|
|
4,603 |
|
|
|
2,735 |
|
|
|
(10,001 |
) |
|
(217.3 |
) |
| Net charge-offs (recoveries) |
|
(560 |
) |
|
|
9,520 |
|
|
|
1,891 |
|
|
|
(10,080 |
) |
|
(105.9 |
) |
| Credit quality
ratios(1): |
|
|
|
|
|
|
|
|
|
|
ALCL to nonperforming LHFI |
|
121.41 |
% |
|
|
149.35 |
% |
|
|
321.66 |
% |
|
(27.94 |
)% |
|
N/A |
|
ALCL to total LHFI |
|
1.20 |
|
|
|
1.21 |
|
|
|
1.26 |
|
|
|
(0.01 |
) |
|
N/A |
|
ALCL to total LHFI, adjusted(2) |
|
1.25 |
|
|
|
1.28 |
|
|
|
1.31 |
|
|
|
(0.03 |
) |
|
N/A |
|
Classified loans to total LHFI |
|
1.57 |
|
|
|
1.35 |
|
|
|
1.05 |
|
|
|
0.22 |
|
|
N/A |
|
Nonperforming LHFI to LHFI |
|
0.99 |
|
|
|
0.81 |
|
|
|
0.39 |
|
|
|
0.18 |
|
|
N/A |
|
Net charge-offs to total average LHFI (annualized) |
|
(0.03 |
) |
|
|
0.48 |
|
|
|
0.10 |
|
|
|
(0.51 |
) |
|
N/A |
___________________________
|
(1) |
|
Please see the Loan Data schedule at the back of this document for
additional information. |
|
(2) |
|
The ALCL to total LHFI, adjusted, is calculated by excluding the
ALCL for MW LOC loans from the total LHFI ALCL in the numerator and
excluding the MW LOC loans from the LHFI in the denominator. Due to
their low-risk profile, MW LOC loans require a disproportionately
low allocation of the ALCL. |
|
|
|
|
As discussed previously in our Origin Bancorp, Inc. Earnings
Releases, our credit metrics were negatively impacted by certain
questioned activity involving a former banker in our East Texas
market. Our investigation of this activity remains ongoing. During
the current quarter, classified and nonperforming LHFI related to
the questioned banker activity decreased $5.8 million and $3.8
million, respectively, from September 30, 2024. This decline was
primarily driven by one $2.0 million classified loan paying off
and, as a result of our on-going investigation and litigation, the
decision to remove $3.3 million in classified/nonperforming LHFI
balances due to results from a third-party forensic analysis. We
released $3.2 million in provision for loan credit losses related
to the questioned banker activity and recorded a net contingency
reserve increase of $3.1 million during the quarter ended December
31, 2024. There was no material change in the level of past due
LHFI principal balances between the current quarter and the linked
quarter as a result of the questioned activity. While the forensic
analysis is largely completed, we continue to work with the outside
forensic accounting firm to confirm the bank’s identification and
reconciliation of the activity. At this time, we continue to
believe that any ultimate loss arising from the situation will not
be material to our financial position. The Company has notified its
insurance providers of anticipated claims resulting from this
activity, but there is no consideration in the Company’s financial
results of any potential insurance recoveries.
Our results included a credit loss provision benefit of $5.4
million during the quarter ended December 31, 2024, which was
primarily driven by a $5.5 million release of loan credit loss
provision, $3.2 million of which was related to the questioned
banker activity discussed in the previous paragraph. Also
contributing to the release of the loan credit loss provision
during the quarter ended December 31, 2024, compared to September
30, 2024, was a decrease of $237.0 million in total LHFI excluding
MW LOC and an increase in loan recoveries of $879,000. Net
charge-offs decreased $10.1 million for the quarter ended December
31, 2024, when compared to the quarter ended September 30, 2024,
primarily due to total charge-offs of $2.0 million in the
current quarter compared to total charge-offs of $11.2 million
in the linked quarter consisting primarily of three commercial and
industrial loan relationships with charge-offs totaling
$10.4 million. Nonperforming LHFI increased $10.7 million
for the current quarter compared to the linked quarter, reflecting
an increase in the percentage of nonperforming LHFI to LHFI to
0.99% compared to 0.81% for the linked quarter. The increase in
nonperforming loans was primarily driven by four loan relationships
totaling $14.4 million at December 31, 2024, with
single-family residential real estate loans totaling
$8.1 million of the increase. Classified loans increased
$11.3 million to $118.8 million at December 31, 2024.
Noninterest Income
Noninterest income for the quarter ended December 31, 2024, was
a negative $330,000, a decrease of $16.3 million from the
linked quarter, primarily driven by decreases of $14.8 million and
$1.5 million in the change in gain (loss) on sales of securities,
net and insurance commission and fee income, respectively.
The decrease in gain (loss) on sales of securities, net, during
the current quarter when compared to the linked quarter was due to
the execution of the bond portfolio optimization strategy discussed
above. The loss on the sale of securities negatively impacted our
diluted EPS by $0.37 for the quarter ended December 31, 2024.
The decrease in insurance commission and fee income was
primarily due to the seasonal nature of insurance income.
Noninterest Expense
Noninterest expense for the quarter ended December 31, 2024, was
$65.4 million, an increase of $2.9 million, or 4.6% from the linked
quarter. The increase was primarily driven by increases of $3.4
million and $1.6 million in other noninterest expense and occupancy
and equipment expense, net, respectively, that was partially offset
by a decrease of $2.1 million in salaries and employee benefit
expense.
The increase in other noninterest expense was primarily due to
$3.1 million in contingency expense related to certain questioned
activity involving a former banker in our East Texas market, as
described in the Credit Quality section above. We had previously
recorded a $3.2 million provision for loan credit losses and a $1.2
million contingency reserve during the quarter ended June 30, 2024.
As a result of our on-going investigation of this matter, and to
more accurately reflect the nature of the expense, we released the
provision expense. This resulted in a reduction to our loan credit
loss allowance through provision expense and an increase of our
contingency reserve in other noninterest expense.
The $1.6 million increase in occupancy and equipment, net was
primarily due to an increase in rent associated with the accounting
for our strategic Optimize Origin initiative which includes
consolidation of six banking centers, four in the Dallas-Fort Worth
market, with one each in the Louisiana and Mississippi markets. We
expect to close these six banking centers at the end of February
2025, which is expected to reduce our occupancy expense by
approximately $3.6 million annually. These branch closures combined
with the two branch closures that occurred mid-year 2024 are
expected to reduce our annual occupancy expense by $4.6 million in
total.
The decrease in salaries and employee benefit expense was
primarily due to an Employee Retention Credit (“ERC”) of $1.7
million that was recorded in the current quarter and related to the
operations of BTH Bank, N.A., which we acquired in 2022. The ERC is
a refundable tax credit for certain eligible businesses that had
employees affected during the COVID-19 pandemic.
Financial Condition
Loans
- Total LHFI at December 31, 2024, were $7.57 billion, a decrease
of $383.1 million, or 4.8%, from $7.96 billion at September 30,
2024, and a decrease of $87.2 million, or 1.1%, compared to
December 31, 2023.
- During the quarter ended December 31, 2024, compared to the
linked quarter, we experienced declines in significantly all loan
categories, but primarily reflected in MW LOC and
construction/land/land development loans of $146.1 million and
$127.5 million, respectively.
Securities
- Total securities at December 31, 2024 were $1.12 billion, a
decrease of $58.5 million, or 5.0%, from $1.18 billion at September
30, 2024, and a decrease of $151.9 million, or 11.9%, compared to
December 31, 2023.
- During the quarter, we made a strategic decision to optimize
our bond portfolio by selling available-for-sale investment
securities with a book value of $188.2 million and realized a
loss of $14.6 million.
- Accumulated other comprehensive loss, net of taxes, primarily
associated with unrealized losses within the available for sale
portfolio, was $106.0 million at December 31, 2024, an increase of
$11.8 million, or 12.5% , from the linked quarter.
- The weighted average effective
duration for the total securities portfolio was 4.46 years as of
December 31, 2024, compared to 4.21 years as of September 30,
2024.
Deposits
- Total deposits at December 31, 2024, were $8.22 billion, a
decrease of $263.4 million, or 3.1%, compared to the linked
quarter, and a decrease of $28.0 million, or 0.3%, from December
31, 2023. The decrease in the current quarter compared to the
linked quarter was primarily due to a decrease of
$351.4 million in brokered deposits. The decrease was
partially offset by an increase of $187.4 million in
interest-bearing demand deposits.
- At December 31, 2024,
noninterest-bearing deposits as a percentage of total deposits were
23.1%, compared to 22.3% and 23.3% at September 30, 2024, and
December 31, 2023, respectively. Excluding brokered deposits,
noninterest-bearing deposits as a percentage of total deposits were
23.3%, compared to 23.5% and 24.6% at September 30, 2024, and
December 31, 2023, respectively.
Conference Call
Origin will hold a conference call to discuss its fourth quarter
and full year 2024 results on Thursday, January 23, 2025, at
8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in
the live conference call, please dial +1 (929) 272-1574 (U.S. Local
/ International 1); +1 (857) 999-3259 (U.S. Local / International
2); +1 (888) 700-7550 (U.S. Toll Free), enter Conference ID: 53414
and request to be joined into the Origin Bancorp, Inc. (OBK) call.
A simultaneous audio-only webcast may be accessed via Origin’s
website at www.origin.bank under the investor relations, News &
Events, Events & Presentations link or directly by visiting
https://dealroadshow.com/e/ORIGINQ424.
If you are unable to participate during the live webcast, the
webcast will be archived on the Investor Relations section of
Origin’s website at www.origin.bank, under Investor Relations, News
& Events, Events & Presentations.
About Origin
Origin Bancorp, Inc. is a financial holding company
headquartered in Ruston, Louisiana. Origin’s wholly owned bank
subsidiary, Origin Bank, was founded in 1912 in Choudrant,
Louisiana. Deeply rooted in Origin’s history is a culture committed
to providing personalized relationship banking to businesses,
municipalities, and personal clients to enrich the lives of the
people in the communities it serves. Origin provides a broad range
of financial services and currently operates more than 60 locations
in Dallas/Fort Worth, East Texas, Houston, North Louisiana,
Mississippi, South Alabama and the Florida Panhandle. For more
information, visit www.origin.bank.
Non-GAAP Financial Measures
Origin reports its results in accordance with generally accepted
accounting principles in the United States of America ("GAAP").
However, management believes that certain supplemental non-GAAP
financial measures may provide meaningful information to investors
that is useful in understanding Origin's results of operations and
underlying trends in its business. However, non-GAAP financial
measures are supplemental and should be viewed in addition to, and
not as an alternative for, Origin's reported results prepared in
accordance with GAAP. The following are the non-GAAP measures used
in this release: PTPP earnings, adjusted NIM-FTE, PTPP ROAA,
tangible book value per common share, adjusted tangible book value
per common share, ROATCE, and core efficiency ratio.
Please see the last few pages of this release for
reconciliations of non-GAAP measures to the most directly
comparable financial measures calculated in accordance with
GAAP.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include information regarding
Origin Bancorp, Inc’s (“Origin”, “we”, “our” or the “Company”)
future financial performance, business and growth strategies,
projected plans and objectives, and any expected purchases of its
outstanding common stock, and related transactions and other
projections based on macroeconomic and industry trends, including
changes to interest rates by the Federal Reserve and the resulting
impact on Origin’s results of operations, estimated forbearance
amounts and expectations regarding the Company’s liquidity,
including in connection with advances obtained from the FHLB, which
are all subject to change and may be inherently unreliable due to
the multiple factors that impact broader economic and industry
trends, and any such changes may be material. Such forward-looking
statements are based on various facts and derived utilizing
important assumptions and current expectations, estimates and
projections about Origin and its subsidiaries, any of which may
change over time and some of which may be beyond Origin’s control.
Statements or statistics preceded by, followed by or that otherwise
include the words “assumes,” “anticipates,” “believes,”
“estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,”
and similar expressions or future or conditional verbs such as
“could,” “may,” “might,” “should,” “will,” and “would” and
variations of such terms are generally forward-looking in nature
and not historical facts, although not all forward-looking
statements include the foregoing words. Further, certain factors
that could affect Origin’s future results and cause actual results
to differ materially from those expressed in the forward-looking
statements include, but are not limited to: (1) the impact of
current and future economic conditions generally and in the
financial services industry, nationally and within Origin’s primary
market areas, as well as the financial stress on borrowers and
changes to customer and client behavior as a result of the
foregoing; (2) changes in benchmark interest rates and the
resulting impacts on net interest income; (3) deterioration of
Origin’s asset quality; (4) factors that can impact the performance
of Origin’s loan portfolio, including real estate values and
liquidity in Origin’s primary market areas; (5) the financial
health of Origin’s commercial borrowers and the success of
construction projects that Origin finances; (6) changes in the
value of collateral securing Origin’s loans; (7) the impact of
generative artificial intelligence; (8) Origin’s ability to
anticipate interest rate changes and manage interest rate risk; (9)
the impact of heightened regulatory requirements, reduced debit
interchange and overdraft income and the possibility of facing
related adverse business consequences if our total assets grow in
excess of $10 billion as of December 31 of any calendar year; (10)
the effectiveness of Origin’s risk management framework and
quantitative models; (11) Origin’s inability to receive dividends
from Origin Bank and to service debt, pay dividends to Origin’s
common stockholders, repurchase Origin’s shares of common stock and
satisfy obligations as they become due; (12) the impact of labor
pressures; (13) changes in Origin’s operation or expansion strategy
or Origin’s ability to prudently manage its growth and execute its
strategy; (14) changes in management personnel; (15) Origin’s
ability to maintain important customer relationships, reputation or
otherwise avoid liquidity risks; (16) increasing costs as Origin
grows deposits; (17) operational risks associated with Origin’s
business; (18) significant turbulence or a disruption in the
capital or financial markets and the effect of market disruption
and interest rate volatility on our investment securities; (19)
increased competition in the financial services industry,
particularly from regional and national institutions, as well as
from fintech companies; (20) compliance with governmental and
regulatory requirements and changes in laws, rules, regulations,
interpretations or policies relating to financial institutions;
(21) periodic changes to the extensive body of accounting rules and
best practices; (22) further government intervention in the U.S.
financial system; (23) a deterioration of the credit rating for
U.S. long-term sovereign debt; (24) Origin’s ability to comply with
applicable capital and liquidity requirements, including its
ability to generate liquidity internally or raise capital on
favorable terms, including continued access to the debt and equity
capital markets; (25) natural disasters and other adverse weather
events, pandemics, acts of terrorism, war, and other matters beyond
Origin’s control; (26) developments in our mortgage banking
business, including loan modifications, general demand, and the
effects of judicial or regulatory requirements or guidance; (27)
fraud or misconduct by internal or external actors (including
Origin employees); (28) cybersecurity threats or security breaches
and the cost of defending against them; (29) Origin’s ability to
maintain adequate internal controls over financial and
non-financial reporting; and (30) potential claims, damages,
penalties, fines, costs and reputational damage resulting from
pending or future litigation, regulatory proceedings and
enforcement actions. For a discussion of these and other risks that
may cause actual results to differ from expectations, please refer
to the sections titled “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors” in Origin’s most recent Annual
Report on Form 10-K filed with the Securities and Exchange
Commission and any updates to those sections set forth in Origin’s
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. If one or more events related to these or other risks or
uncertainties materialize, or if Origin’s underlying assumptions
prove to be incorrect, actual results may differ materially from
what Origin anticipates. Accordingly, you should not place undue
reliance on any forward-looking statements. Any forward-looking
statement speaks only as of the date on which it is made, and
Origin does not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise.
New risks and uncertainties arise from time to time, and it is
not possible for Origin to predict those events or how they may
affect Origin. In addition, Origin cannot assess the impact of each
factor on Origin’s business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
All forward-looking statements, expressed or implied, included in
this communication are expressly qualified in their entirety by
this cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that Origin or persons acting on
Origin’s behalf may issue. Annualized, pro forma, adjusted,
projected, and estimated numbers are used for illustrative purposes
only, are not forecasts, and may not reflect actual results.
This press release contains projected financial information with
respect to Origin, including with respect to certain goals and
strategic initiatives of Origin and the anticipated benefits
thereof. This projected financial information constitutes
forward-looking information and is for illustrative purposes only
and should not be relied upon as necessarily being indicative of
future results. The assumptions and estimates underlying such
projected financial information are inherently uncertain and are
subject to significant business, economic (including interest
rate), competitive, and other risks and uncertainties. Actual
results may differ materially from the results contemplated by the
projected financial information contained herein and the inclusion
of such projected financial information in this release should not
be regarded as a representation by any person that such actions
will be taken or accomplished or that the results reflected in such
projected financial information with respect thereto will be
achieved.
Contact:
Investor RelationsChris
Reigelman318-497-3177chris@origin.bank
Media ContactRyan
Kilpatrick318-232-7472rkilpatrick@origin.bank
|
|
|
Origin Bancorp, Inc.Selected Quarterly
Financial Data(Unaudited) |
| |
| |
Three Months Ended |
| |
December 31,2024 |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
| |
|
|
|
|
|
|
|
|
|
| Income statement and
share amounts |
(Dollars in thousands, except per share amounts) |
|
Net interest income |
$ |
78,349 |
|
|
$ |
74,804 |
|
|
$ |
73,890 |
|
|
$ |
73,323 |
|
|
$ |
72,989 |
|
| Provision (benefit) for credit
losses |
|
(5,398 |
) |
|
|
4,603 |
|
|
|
5,231 |
|
|
|
3,012 |
|
|
|
2,735 |
|
| Noninterest income |
|
(330 |
) |
|
|
15,989 |
|
|
|
22,465 |
|
|
|
17,255 |
|
|
|
8,196 |
|
| Noninterest expense |
|
65,422 |
|
|
|
62,521 |
|
|
|
64,388 |
|
|
|
58,707 |
|
|
|
60,906 |
|
| Income before income tax
expense |
|
17,995 |
|
|
|
23,669 |
|
|
|
26,736 |
|
|
|
28,859 |
|
|
|
17,544 |
|
| Income tax expense |
|
3,725 |
|
|
|
5,068 |
|
|
|
5,747 |
|
|
|
6,227 |
|
|
|
4,119 |
|
|
Net income |
$ |
14,270 |
|
|
$ |
18,601 |
|
|
$ |
20,989 |
|
|
$ |
22,632 |
|
|
$ |
13,425 |
|
| PTPP earnings(1) |
$ |
12,597 |
|
|
$ |
28,272 |
|
|
$ |
31,967 |
|
|
$ |
31,871 |
|
|
$ |
20,279 |
|
| Basic earnings per common
share |
|
0.46 |
|
|
|
0.60 |
|
|
|
0.68 |
|
|
|
0.73 |
|
|
|
0.43 |
|
| Diluted earnings per common
share |
|
0.46 |
|
|
|
0.60 |
|
|
|
0.67 |
|
|
|
0.73 |
|
|
|
0.43 |
|
| Dividends declared per common
share |
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
| Weighted average common shares
outstanding - basic |
|
31,155,486 |
|
|
|
31,130,293 |
|
|
|
31,042,527 |
|
|
|
30,981,333 |
|
|
|
30,898,941 |
|
| Weighted average common shares
outstanding - diluted |
|
31,308,805 |
|
|
|
31,239,877 |
|
|
|
31,131,829 |
|
|
|
31,078,910 |
|
|
|
30,995,354 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance sheet
data |
|
|
|
|
|
|
|
|
|
| Total LHFI |
$ |
7,573,713 |
|
|
$ |
7,956,790 |
|
|
$ |
7,959,171 |
|
|
$ |
7,900,027 |
|
|
$ |
7,660,944 |
|
| Total LHFI excluding MW
LOC |
|
7,224,632 |
|
|
|
7,461,602 |
|
|
|
7,452,666 |
|
|
|
7,499,032 |
|
|
|
7,330,978 |
|
| Total assets |
|
9,678,702 |
|
|
|
9,965,986 |
|
|
|
9,947,182 |
|
|
|
9,892,379 |
|
|
|
9,722,584 |
|
| Total deposits |
|
8,223,120 |
|
|
|
8,486,568 |
|
|
|
8,510,842 |
|
|
|
8,505,464 |
|
|
|
8,251,125 |
|
| Total stockholders’
equity |
|
1,145,245 |
|
|
|
1,145,673 |
|
|
|
1,095,894 |
|
|
|
1,078,853 |
|
|
|
1,062,905 |
|
| |
|
|
|
|
|
|
|
|
|
| Performance metrics
and capital ratios |
|
|
|
|
|
|
|
|
|
| Yield on LHFI |
|
6.47 |
% |
|
|
6.67 |
% |
|
|
6.58 |
% |
|
|
6.58 |
% |
|
|
6.46 |
% |
| Yield on interest-earnings
assets |
|
5.91 |
|
|
|
6.09 |
|
|
|
6.04 |
|
|
|
5.99 |
|
|
|
5.86 |
|
| Cost of interest-bearing
deposits |
|
3.61 |
|
|
|
4.01 |
|
|
|
3.95 |
|
|
|
3.85 |
|
|
|
3.71 |
|
| Cost of total deposits |
|
2.79 |
|
|
|
3.14 |
|
|
|
3.08 |
|
|
|
2.99 |
|
|
|
2.84 |
|
| NIM - fully tax equivalent
("FTE") |
|
3.33 |
|
|
|
3.18 |
|
|
|
3.17 |
|
|
|
3.19 |
|
|
|
3.19 |
|
| Return on average assets
(annualized) ("ROAA") |
|
0.57 |
|
|
|
0.74 |
|
|
|
0.84 |
|
|
|
0.92 |
|
|
|
0.55 |
|
| PTPP ROAA (annualized)(1) |
|
0.50 |
|
|
|
1.13 |
|
|
|
1.28 |
|
|
|
1.30 |
|
|
|
0.82 |
|
| Return on average
stockholders’ equity (annualized) ("ROAE") |
|
4.94 |
|
|
|
6.57 |
|
|
|
7.79 |
|
|
|
8.57 |
|
|
|
5.26 |
|
| Book value per common
share |
$ |
36.71 |
|
|
$ |
36.76 |
|
|
$ |
35.23 |
|
|
$ |
34.79 |
|
|
$ |
34.30 |
|
| Tangible book value per common
share(1) |
|
31.38 |
|
|
|
31.37 |
|
|
|
29.77 |
|
|
|
29.24 |
|
|
|
28.68 |
|
| Adjusted tangible book value
per common share(1) |
|
34.78 |
|
|
|
34.39 |
|
|
|
33.86 |
|
|
|
33.27 |
|
|
|
32.59 |
|
| Return on average tangible
common equity (annualized) ("ROATCE")(1) |
|
5.78 |
% |
|
|
7.74 |
% |
|
|
9.25 |
% |
|
|
10.24 |
% |
|
|
6.36 |
% |
| Efficiency ratio(2) |
|
83.85 |
|
|
|
68.86 |
|
|
|
66.82 |
|
|
|
64.81 |
|
|
|
75.02 |
|
| Core efficiency ratio(1) |
|
82.79 |
|
|
|
67.48 |
|
|
|
65.55 |
|
|
|
65.24 |
|
|
|
70.55 |
|
| Common equity tier 1 to
risk-weighted assets(3) |
|
13.32 |
|
|
|
12.46 |
|
|
|
12.15 |
|
|
|
11.97 |
|
|
|
11.83 |
|
| Tier 1 capital to
risk-weighted assets(3) |
|
13.52 |
|
|
|
12.64 |
|
|
|
12.33 |
|
|
|
12.15 |
|
|
|
12.01 |
|
| Total capital to risk-weighted
assets(3) |
|
16.44 |
|
|
|
15.45 |
|
|
|
15.16 |
|
|
|
14.98 |
|
|
|
15.02 |
|
| Tier 1 leverage ratio(3) |
|
11.08 |
|
|
|
10.93 |
|
|
|
10.70 |
|
|
|
10.66 |
|
|
|
10.50 |
|
__________________________
|
(1) |
|
PTPP earnings, PTPP ROAA, tangible book value per common share,
adjusted tangible book value per common share, ROATCE, and core
efficiency ratio are either non-GAAP financial measures or use a
non-GAAP contributor in the formula. For a reconciliation of these
alternative financial measures to their most directly comparable
GAAP measures, please see the last few pages of this release. |
|
(2) |
|
Calculated by dividing noninterest expense by the sum of net
interest income plus noninterest income. |
|
(3) |
|
December 31, 2024, ratios are estimated and calculated at the
Company level, which is subject to the capital adequacy
requirements of the Federal Reserve Board. |
|
Origin Bancorp, Inc.Selected Annual
Financial Data(Unaudited) |
|
|
| |
Years Ended December 31, |
|
(Dollars in thousands, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
| Income statement and
share amounts |
|
| Net interest income |
$ |
300,366 |
|
|
$ |
299,557 |
|
| Provision for credit
losses |
|
7,448 |
|
|
|
16,753 |
|
| Noninterest income |
|
55,379 |
|
|
|
58,335 |
|
| Noninterest expense |
|
251,038 |
|
|
|
235,216 |
|
| Income before income tax
expense |
|
97,259 |
|
|
|
105,923 |
|
| Income tax expense |
|
20,767 |
|
|
|
22,123 |
|
|
Net income |
$ |
76,492 |
|
|
$ |
83,800 |
|
| PTPP earnings(1) |
$ |
104,707 |
|
|
$ |
122,676 |
|
| Basic earnings per common
share |
|
2.46 |
|
|
|
2.72 |
|
| Diluted earnings per common
share |
|
2.45 |
|
|
|
2.71 |
|
| Dividends declared per common
share |
|
0.60 |
|
|
|
0.60 |
|
| Weighted average common shares
outstanding - basic |
|
31,077,767 |
|
|
|
30,822,993 |
|
| Weighted average common shares
outstanding - diluted |
|
31,201,863 |
|
|
|
30,931,605 |
|
| |
|
|
|
| Performance
metrics |
|
|
|
| Yield on LHFI |
|
6.58 |
% |
|
|
6.26 |
% |
| Yield on interest-earning
assets |
|
6.01 |
|
|
|
5.59 |
|
| Cost of interest-bearing
deposits |
|
3.86 |
|
|
|
3.21 |
|
| Cost of total deposits |
|
3.00 |
|
|
|
2.38 |
|
| NIM-FTE |
|
3.22 |
|
|
|
3.23 |
|
| Adjusted NIM-FTE(2) |
|
3.22 |
|
|
|
3.21 |
|
| ROAA |
|
0.77 |
|
|
|
0.84 |
|
| PTPP ROAA(1) |
|
1.05 |
|
|
|
1.23 |
|
| ROAE |
|
6.92 |
|
|
|
8.38 |
|
| ROATCE(1) |
|
8.18 |
|
|
|
10.16 |
|
| Efficiency ratio(3) |
|
70.57 |
|
|
|
65.72 |
|
| Core efficiency ratio(1) |
|
69.77 |
|
|
|
62.39 |
|
____________________________
|
(1) |
|
PTPP earnings, PTPP ROAA, ROATCE, and core efficiency ratio are
either non-GAAP financial measures or use a non-GAAP contributor in
the formula. For a reconciliation of these alternative financial
measures to their most directly comparable GAAP measures, please
see the last few pages of this release. |
|
(2) |
|
Adjusted NIM-FTE is a non-GAAP financial measure and is calculated
for the years ended December 31, 2024 and 2023, by removing the
$40,000 net purchase accounting amortization and $2.1 million
net purchase accounting accretion, respectively, from net interest
income. |
|
(3) |
|
Calculated by dividing noninterest expense by the sum of net
interest income plus noninterest income. |
|
Origin Bancorp, Inc.Consolidated Quarterly
Statements of Income(Unaudited) |
|
|
| |
Three Months Ended |
| |
December 31,2024 |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
| |
|
|
|
|
|
|
|
|
|
| Interest and dividend
income |
(Dollars in thousands, except per share amounts) |
|
Interest and fees on loans |
$ |
127,021 |
|
|
$ |
133,195 |
|
$ |
129,879 |
|
$ |
127,186 |
|
|
$ |
123,673 |
|
|
Investment securities-taxable |
|
6,651 |
|
|
|
6,536 |
|
|
6,606 |
|
|
6,849 |
|
|
|
7,024 |
|
|
Investment securities-nontaxable |
|
964 |
|
|
|
905 |
|
|
893 |
|
|
910 |
|
|
|
1,124 |
|
|
Interest and dividend income on assets held in other financial
institutions |
|
5,197 |
|
|
|
3,621 |
|
|
4,416 |
|
|
3,756 |
|
|
|
3,664 |
|
|
Total interest and dividend income |
|
139,833 |
|
|
|
144,257 |
|
|
141,794 |
|
|
138,701 |
|
|
|
135,485 |
|
| Interest
expense |
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
59,511 |
|
|
|
67,051 |
|
|
65,469 |
|
|
62,842 |
|
|
|
59,771 |
|
|
FHLB advances and other borrowings |
|
88 |
|
|
|
482 |
|
|
514 |
|
|
518 |
|
|
|
220 |
|
|
Subordinated indebtedness |
|
1,885 |
|
|
|
1,920 |
|
|
1,921 |
|
|
2,018 |
|
|
|
2,505 |
|
|
Total interest expense |
|
61,484 |
|
|
|
69,453 |
|
|
67,904 |
|
|
65,378 |
|
|
|
62,496 |
|
|
Net interest income |
|
78,349 |
|
|
|
74,804 |
|
|
73,890 |
|
|
73,323 |
|
|
|
72,989 |
|
|
Provision (benefit) for credit losses |
|
(5,398 |
) |
|
|
4,603 |
|
|
5,231 |
|
|
3,012 |
|
|
|
2,735 |
|
|
Net interest income after provision for credit
losses |
|
83,747 |
|
|
|
70,201 |
|
|
68,659 |
|
|
70,311 |
|
|
|
70,254 |
|
| Noninterest
income |
|
|
|
|
|
|
|
|
|
|
Insurance commission and fee income |
|
5,441 |
|
|
|
6,928 |
|
|
6,665 |
|
|
7,725 |
|
|
|
5,446 |
|
|
Service charges and fees |
|
4,801 |
|
|
|
4,664 |
|
|
4,862 |
|
|
4,688 |
|
|
|
4,889 |
|
|
Other fee income |
|
2,152 |
|
|
|
2,114 |
|
|
2,404 |
|
|
2,247 |
|
|
|
2,118 |
|
|
Mortgage banking revenue (loss) |
|
1,151 |
|
|
|
1,153 |
|
|
1,878 |
|
|
2,398 |
|
|
|
(719 |
) |
|
Swap fee income |
|
116 |
|
|
|
106 |
|
|
44 |
|
|
57 |
|
|
|
196 |
|
|
(Loss) gain on sales of securities, net |
|
(14,617 |
) |
|
|
221 |
|
|
— |
|
|
(403 |
) |
|
|
(4,606 |
) |
|
Change in fair value of equity investments |
|
— |
|
|
|
— |
|
|
5,188 |
|
|
— |
|
|
|
— |
|
|
Other income |
|
626 |
|
|
|
803 |
|
|
1,424 |
|
|
543 |
|
|
|
872 |
|
|
Total noninterest income |
|
(330 |
) |
|
|
15,989 |
|
|
22,465 |
|
|
17,255 |
|
|
|
8,196 |
|
| Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
36,405 |
|
|
|
38,491 |
|
|
38,109 |
|
|
35,818 |
|
|
|
35,931 |
|
|
Occupancy and equipment, net |
|
7,913 |
|
|
|
6,298 |
|
|
7,009 |
|
|
6,645 |
|
|
|
6,912 |
|
|
Data processing |
|
3,414 |
|
|
|
3,470 |
|
|
3,468 |
|
|
3,145 |
|
|
|
3,062 |
|
|
Office and operations |
|
2,883 |
|
|
|
2,984 |
|
|
3,072 |
|
|
2,502 |
|
|
|
2,947 |
|
|
Intangible asset amortization |
|
1,800 |
|
|
|
1,905 |
|
|
2,137 |
|
|
2,137 |
|
|
|
2,259 |
|
|
Regulatory assessments |
|
1,535 |
|
|
|
1,791 |
|
|
1,842 |
|
|
1,734 |
|
|
|
1,860 |
|
|
Advertising and marketing |
|
1,929 |
|
|
|
1,449 |
|
|
1,328 |
|
|
1,444 |
|
|
|
1,690 |
|
|
Professional services |
|
2,064 |
|
|
|
2,012 |
|
|
1,303 |
|
|
1,231 |
|
|
|
1,440 |
|
|
Loan-related expenses |
|
431 |
|
|
|
751 |
|
|
1,077 |
|
|
905 |
|
|
|
1,094 |
|
|
Electronic banking |
|
1,377 |
|
|
|
1,308 |
|
|
1,238 |
|
|
1,239 |
|
|
|
1,103 |
|
|
Franchise tax expense |
|
884 |
|
|
|
721 |
|
|
815 |
|
|
477 |
|
|
|
942 |
|
|
Other expenses |
|
4,787 |
|
|
|
1,341 |
|
|
2,990 |
|
|
1,430 |
|
|
|
1,666 |
|
|
Total noninterest expense |
|
65,422 |
|
|
|
62,521 |
|
|
64,388 |
|
|
58,707 |
|
|
|
60,906 |
|
| Income before income
tax expense |
|
17,995 |
|
|
|
23,669 |
|
|
26,736 |
|
|
28,859 |
|
|
|
17,544 |
|
| Income tax expense |
|
3,725 |
|
|
|
5,068 |
|
|
5,747 |
|
|
6,227 |
|
|
|
4,119 |
|
| Net
income |
$ |
14,270 |
|
|
$ |
18,601 |
|
$ |
20,989 |
|
$ |
22,632 |
|
|
$ |
13,425 |
|
| Basic earnings per common
share |
$ |
0.46 |
|
|
$ |
0.60 |
|
$ |
0.68 |
|
$ |
0.73 |
|
|
$ |
0.43 |
|
| Diluted earnings per common
share |
|
0.46 |
|
|
|
0.60 |
|
|
0.67 |
|
|
0.73 |
|
|
|
0.43 |
|
|
Origin Bancorp, Inc.Consolidated Balance
Sheets(Unaudited) |
|
|
| (Dollars in thousands) |
December 31,2024 |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
| Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
132,991 |
|
|
$ |
159,337 |
|
|
$ |
137,615 |
|
|
$ |
98,147 |
|
|
$ |
127,278 |
|
| Interest-bearing deposits in
banks |
|
337,258 |
|
|
|
161,854 |
|
|
|
150,435 |
|
|
|
193,365 |
|
|
|
153,163 |
|
|
Total cash and cash equivalents |
|
470,249 |
|
|
|
321,191 |
|
|
|
288,050 |
|
|
|
291,512 |
|
|
|
280,441 |
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
AFS |
|
1,102,528 |
|
|
|
1,160,965 |
|
|
|
1,160,048 |
|
|
|
1,190,922 |
|
|
|
1,253,631 |
|
|
Held to maturity, net of allowance for credit losses |
|
11,095 |
|
|
|
11,096 |
|
|
|
11,616 |
|
|
|
11,651 |
|
|
|
11,615 |
|
|
Securities carried at fair value through income |
|
6,512 |
|
|
|
6,533 |
|
|
|
6,499 |
|
|
|
6,755 |
|
|
|
6,808 |
|
|
Total securities |
|
1,120,135 |
|
|
|
1,178,594 |
|
|
|
1,178,163 |
|
|
|
1,209,328 |
|
|
|
1,272,054 |
|
| Non-marketable equity
securities held in other financial institutions |
|
71,643 |
|
|
|
67,068 |
|
|
|
64,010 |
|
|
|
53,870 |
|
|
|
55,190 |
|
| Loans held for sale |
|
10,494 |
|
|
|
7,631 |
|
|
|
18,291 |
|
|
|
14,975 |
|
|
|
16,852 |
|
| Loans |
|
7,573,713 |
|
|
|
7,956,790 |
|
|
|
7,959,171 |
|
|
|
7,900,027 |
|
|
|
7,660,944 |
|
|
Less: ALCL |
|
91,060 |
|
|
|
95,989 |
|
|
|
100,865 |
|
|
|
98,375 |
|
|
|
96,868 |
|
|
Loans, net of ALCL |
|
7,482,653 |
|
|
|
7,860,801 |
|
|
|
7,858,306 |
|
|
|
7,801,652 |
|
|
|
7,564,076 |
|
| Premises and equipment,
net |
|
126,620 |
|
|
|
126,751 |
|
|
|
121,562 |
|
|
|
120,931 |
|
|
|
118,978 |
|
| Mortgage servicing rights |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,637 |
|
| Cash surrender value of
bank-owned life insurance |
|
40,840 |
|
|
|
40,602 |
|
|
|
40,365 |
|
|
|
40,134 |
|
|
|
39,905 |
|
| Goodwill |
|
128,679 |
|
|
|
128,679 |
|
|
|
128,679 |
|
|
|
128,679 |
|
|
|
128,679 |
|
| Other intangible assets,
net |
|
37,473 |
|
|
|
39,272 |
|
|
|
41,177 |
|
|
|
43,314 |
|
|
|
45,452 |
|
| Accrued interest receivable
and other assets |
|
189,916 |
|
|
|
195,397 |
|
|
|
208,579 |
|
|
|
187,984 |
|
|
|
185,320 |
|
|
Total assets |
$ |
9,678,702 |
|
|
$ |
9,965,986 |
|
|
$ |
9,947,182 |
|
|
$ |
9,892,379 |
|
|
$ |
9,722,584 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
| Noninterest-bearing
deposits |
$ |
1,900,651 |
|
|
$ |
1,893,767 |
|
|
$ |
1,866,622 |
|
|
$ |
1,887,066 |
|
|
$ |
1,919,638 |
|
| Interest-bearing deposits
excluding brokered interest-bearing deposits |
|
5,301,243 |
|
|
|
5,137,940 |
|
|
|
4,984,817 |
|
|
|
4,990,632 |
|
|
|
4,918,597 |
|
| Time deposits |
|
941,000 |
|
|
|
1,023,252 |
|
|
|
1,022,589 |
|
|
|
1,030,656 |
|
|
|
967,901 |
|
| Brokered deposits |
|
80,226 |
|
|
|
431,609 |
|
|
|
636,814 |
|
|
|
597,110 |
|
|
|
444,989 |
|
|
Total deposits |
|
8,223,120 |
|
|
|
8,486,568 |
|
|
|
8,510,842 |
|
|
|
8,505,464 |
|
|
|
8,251,125 |
|
| FHLB advances and other
borrowings |
|
12,460 |
|
|
|
30,446 |
|
|
|
40,737 |
|
|
|
13,158 |
|
|
|
83,598 |
|
| Subordinated indebtedness |
|
159,943 |
|
|
|
159,861 |
|
|
|
159,779 |
|
|
|
160,684 |
|
|
|
194,279 |
|
| Accrued expenses and other
liabilities |
|
137,934 |
|
|
|
143,438 |
|
|
|
139,930 |
|
|
|
134,220 |
|
|
|
130,677 |
|
|
Total liabilities |
|
8,533,457 |
|
|
|
8,820,313 |
|
|
|
8,851,288 |
|
|
|
8,813,526 |
|
|
|
8,659,679 |
|
| Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
155,988 |
|
|
|
155,837 |
|
|
|
155,543 |
|
|
|
155,057 |
|
|
|
154,931 |
|
| Additional paid-in
capital |
|
537,366 |
|
|
|
535,662 |
|
|
|
532,950 |
|
|
|
530,380 |
|
|
|
528,578 |
|
| Retained earnings |
|
557,920 |
|
|
|
548,419 |
|
|
|
534,585 |
|
|
|
518,325 |
|
|
|
500,419 |
|
| Accumulated other
comprehensive loss |
|
(106,029 |
) |
|
|
(94,245 |
) |
|
|
(127,184 |
) |
|
|
(124,909 |
) |
|
|
(121,023 |
) |
|
Total stockholders’ equity |
|
1,145,245 |
|
|
|
1,145,673 |
|
|
|
1,095,894 |
|
|
|
1,078,853 |
|
|
|
1,062,905 |
|
|
Total liabilities and stockholders’
equity |
$ |
9,678,702 |
|
|
$ |
9,965,986 |
|
|
$ |
9,947,182 |
|
|
$ |
9,892,379 |
|
|
$ |
9,722,584 |
|
|
Origin Bancorp, Inc.Loan
Data(Unaudited) |
|
|
| |
At and For the Three Months Ended |
| |
December 31,2024 |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
| |
|
|
|
|
|
|
|
|
|
| LHFI |
(Dollars in thousands) |
|
Owner occupied commercial real estate |
$ |
975,947 |
|
|
$ |
991,671 |
|
|
$ |
959,850 |
|
|
$ |
948,624 |
|
|
$ |
953,822 |
|
| Non-owner occupied commercial
real estate |
|
1,501,484 |
|
|
|
1,533,093 |
|
|
|
1,563,152 |
|
|
|
1,472,164 |
|
|
|
1,488,912 |
|
| Construction/land/land
development |
|
864,011 |
|
|
|
991,545 |
|
|
|
1,017,389 |
|
|
|
1,168,597 |
|
|
|
1,070,225 |
|
| Residential real estate -
single family |
|
1,432,129 |
|
|
|
1,414,013 |
|
|
|
1,421,027 |
|
|
|
1,373,532 |
|
|
|
1,373,696 |
|
| Multi-family real estate |
|
425,460 |
|
|
|
434,317 |
|
|
|
398,202 |
|
|
|
359,765 |
|
|
|
361,239 |
|
|
Total real estate loans |
|
5,199,031 |
|
|
|
5,364,639 |
|
|
|
5,359,620 |
|
|
|
5,322,682 |
|
|
|
5,247,894 |
|
| Commercial and industrial |
|
2,002,634 |
|
|
|
2,074,037 |
|
|
|
2,070,947 |
|
|
|
2,154,151 |
|
|
|
2,059,460 |
|
| MW LOC |
|
349,081 |
|
|
|
495,188 |
|
|
|
506,505 |
|
|
|
400,995 |
|
|
|
329,966 |
|
| Consumer |
|
22,967 |
|
|
|
22,926 |
|
|
|
22,099 |
|
|
|
22,199 |
|
|
|
23,624 |
|
|
Total LHFI |
|
7,573,713 |
|
|
|
7,956,790 |
|
|
|
7,959,171 |
|
|
|
7,900,027 |
|
|
|
7,660,944 |
|
|
Less: ALCL |
|
91,060 |
|
|
|
95,989 |
|
|
|
100,865 |
|
|
|
98,375 |
|
|
|
96,868 |
|
|
LHFI, net |
$ |
7,482,653 |
|
|
$ |
7,860,801 |
|
|
$ |
7,858,306 |
|
|
$ |
7,801,652 |
|
|
$ |
7,564,076 |
|
| |
|
|
|
|
|
|
|
|
|
| Nonperforming
assets(1) |
|
|
|
|
|
|
|
|
|
| Nonperforming LHFI |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
4,974 |
|
|
$ |
2,776 |
|
|
$ |
2,196 |
|
|
$ |
4,474 |
|
|
$ |
786 |
|
|
Construction/land/land development |
|
18,505 |
|
|
|
26,291 |
|
|
|
26,336 |
|
|
|
383 |
|
|
|
305 |
|
|
Residential real estate(2) |
|
36,221 |
|
|
|
14,313 |
|
|
|
13,493 |
|
|
|
14,918 |
|
|
|
13,037 |
|
|
Commercial and industrial |
|
15,120 |
|
|
|
20,486 |
|
|
|
33,608 |
|
|
|
20,560 |
|
|
|
15,897 |
|
|
Consumer |
|
182 |
|
|
|
407 |
|
|
|
179 |
|
|
|
104 |
|
|
|
90 |
|
|
Total nonperforming LHFI |
|
75,002 |
|
|
|
64,273 |
|
|
|
75,812 |
|
|
|
40,439 |
|
|
|
30,115 |
|
| Other real estate
owned/repossessed assets |
|
3,635 |
|
|
|
6,043 |
|
|
|
6,827 |
|
|
|
3,935 |
|
|
|
3,929 |
|
|
Total nonperforming assets |
$ |
78,637 |
|
|
$ |
70,316 |
|
|
$ |
82,639 |
|
|
$ |
44,374 |
|
|
$ |
34,044 |
|
| Classified assets |
$ |
122,417 |
|
|
$ |
113,529 |
|
|
$ |
125,081 |
|
|
$ |
88,152 |
|
|
$ |
84,474 |
|
| Past due LHFI(3) |
|
42,437 |
|
|
|
38,838 |
|
|
|
66,276 |
|
|
|
32,835 |
|
|
|
26,043 |
|
| |
|
|
|
|
|
|
|
|
|
| Allowance for loan
credit losses |
|
|
|
|
|
|
|
|
|
| Balance at beginning of
period |
$ |
95,989 |
|
|
$ |
100,865 |
|
|
$ |
98,375 |
|
|
$ |
96,868 |
|
|
$ |
95,177 |
|
|
Provision (benefit) for loan credit losses |
|
(5,489 |
) |
|
|
4,644 |
|
|
|
5,436 |
|
|
|
4,089 |
|
|
|
3,582 |
|
|
Loans charged off |
|
2,025 |
|
|
|
11,226 |
|
|
|
3,706 |
|
|
|
6,683 |
|
|
|
3,803 |
|
|
Loan recoveries |
|
2,585 |
|
|
|
1,706 |
|
|
|
760 |
|
|
|
4,101 |
|
|
|
1,912 |
|
|
Net charge-offs (recoveries) |
|
(560 |
) |
|
|
9,520 |
|
|
|
2,946 |
|
|
|
2,582 |
|
|
|
1,891 |
|
| Balance at end of period |
$ |
91,060 |
|
|
$ |
95,989 |
|
|
$ |
100,865 |
|
|
$ |
98,375 |
|
|
$ |
96,868 |
|
| |
|
|
|
|
|
|
|
|
|
| Credit quality
ratios |
|
|
|
|
|
|
|
|
|
| Total nonperforming assets to
total assets |
|
0.81 |
% |
|
|
0.71 |
% |
|
|
0.83 |
% |
|
|
0.45 |
% |
|
|
0.35 |
% |
| Nonperforming LHFI to
LHFI |
|
0.99 |
|
|
|
0.81 |
|
|
|
0.95 |
|
|
|
0.51 |
|
|
|
0.39 |
|
| Past due LHFI to LHFI |
|
0.56 |
|
|
|
0.49 |
|
|
|
0.83 |
|
|
|
0.42 |
|
|
|
0.34 |
|
| ALCL to nonperforming
LHFI |
|
121.41 |
|
|
|
149.35 |
|
|
|
133.05 |
|
|
|
243.27 |
|
|
|
321.66 |
|
| ALCL to total LHFI |
|
1.20 |
|
|
|
1.21 |
|
|
|
1.27 |
|
|
|
1.25 |
|
|
|
1.26 |
|
| ALCL to total LHFI,
adjusted(4) |
|
1.25 |
|
|
|
1.28 |
|
|
|
1.34 |
|
|
|
1.30 |
|
|
|
1.31 |
|
| Net charge-offs to total
average LHFI (annualized) |
|
(0.03 |
) |
|
|
0.48 |
|
|
|
0.15 |
|
|
|
0.13 |
|
|
|
0.10 |
|
____________________________
|
(1) |
|
Nonperforming assets consist of nonperforming/nonaccrual loans and
property acquired through foreclosures or repossession, as well as
bank-owned property not in use and listed for sale. |
|
(2) |
|
Includes multi-family real estate. |
|
(3) |
|
Past due LHFI are defined as loans 30 days or more past due. |
|
(4) |
|
The ALCL to total LHFI, adjusted is calculated by excluding the
ALCL for MW LOC loans from the total LHFI ALCL in the numerator and
excluding the MW LOC loans from the LHFI in the denominator. Due to
their low-risk profile, MW LOC loans require a disproportionately
low allocation of the ALCL. |
|
|
|
|
|
Origin Bancorp, Inc.Average Balances and
Yields/Rates(Unaudited) |
|
|
Three Months Ended |
|
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|
|
Average Balance |
|
Yield/Rate |
|
Average Balance |
|
Yield/Rate |
|
Average Balance |
|
Yield/Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
(Dollars in thousands) |
|
Commercial real estate |
$ |
2,499,279 |
|
5.89 |
% |
|
$ |
2,507,566 |
|
5.93 |
% |
|
$ |
2,438,653 |
|
5.79 |
% |
|
Construction/land/land development |
|
936,134 |
|
6.92 |
|
|
|
1,019,302 |
|
7.37 |
|
|
|
1,068,243 |
|
7.16 |
|
|
Residential real estate(1) |
|
1,847,399 |
|
5.50 |
|
|
|
1,824,725 |
|
5.56 |
|
|
|
1,717,976 |
|
5.27 |
|
|
Commercial and industrial ("C&I") |
|
2,028,290 |
|
7.68 |
|
|
|
2,071,984 |
|
7.96 |
|
|
|
2,062,418 |
|
7.71 |
|
|
MW LOC |
|
459,716 |
|
7.26 |
|
|
|
484,680 |
|
7.64 |
|
|
|
269,195 |
|
7.68 |
|
|
Consumer |
|
23,393 |
|
7.64 |
|
|
|
22,739 |
|
7.93 |
|
|
|
24,008 |
|
8.04 |
|
|
LHFI |
|
7,794,211 |
|
6.47 |
|
|
|
7,930,996 |
|
6.67 |
|
|
|
7,580,493 |
|
6.46 |
|
|
Loans held for sale |
|
10,981 |
|
6.81 |
|
|
|
14,645 |
|
6.28 |
|
|
|
11,971 |
|
5.80 |
|
|
Loans receivable |
|
7,805,192 |
|
6.47 |
|
|
|
7,945,641 |
|
6.67 |
|
|
|
7,592,464 |
|
6.46 |
|
|
Investment securities-taxable |
|
1,002,216 |
|
2.64 |
|
|
|
1,038,634 |
|
2.50 |
|
|
|
1,108,802 |
|
2.51 |
|
|
Investment securities-nontaxable |
|
149,307 |
|
2.57 |
|
|
|
146,619 |
|
2.46 |
|
|
|
182,324 |
|
2.45 |
|
|
Non-marketable equity securities held in other financial
institutions |
|
69,070 |
|
2.78 |
|
|
|
66,409 |
|
2.85 |
|
|
|
63,360 |
|
3.98 |
|
|
Interest-earning balances due from banks |
|
394,790 |
|
4.75 |
|
|
|
229,224 |
|
5.46 |
|
|
|
218,833 |
|
5.49 |
|
|
Total interest-earning assets |
|
9,420,575 |
|
5.91 |
|
|
|
9,426,527 |
|
6.09 |
|
|
|
9,165,783 |
|
5.86 |
|
|
Noninterest-earning assets |
|
557,968 |
|
|
|
|
559,309 |
|
|
|
|
588,064 |
|
|
|
Total assets |
$ |
9,978,543 |
|
|
|
$ |
9,985,836 |
|
|
|
$ |
9,753,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
$ |
5,341,028 |
|
3.48 |
% |
|
$ |
5,177,522 |
|
3.88 |
% |
|
$ |
4,784,623 |
|
3.54 |
% |
|
Time deposits |
|
1,213,565 |
|
4.20 |
|
|
|
1,469,849 |
|
4.47 |
|
|
|
1,603,049 |
|
4.24 |
|
|
Total interest-bearing deposits |
|
6,554,593 |
|
3.61 |
|
|
|
6,647,371 |
|
4.01 |
|
|
|
6,387,672 |
|
3.71 |
|
|
FHLB advances and other borrowings |
|
12,698 |
|
2.76 |
|
|
|
40,331 |
|
4.75 |
|
|
|
22,573 |
|
3.86 |
|
|
Subordinated indebtedness |
|
159,910 |
|
4.69 |
|
|
|
159,826 |
|
4.78 |
|
|
|
196,741 |
|
5.05 |
|
|
Total interest-bearing liabilities |
|
6,727,201 |
|
3.64 |
|
|
|
6,847,528 |
|
4.04 |
|
|
|
6,606,986 |
|
3.75 |
|
|
Noninterest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
1,940,689 |
|
|
|
|
1,850,046 |
|
|
|
|
1,972,995 |
|
|
|
Other liabilities |
|
161,425 |
|
|
|
|
162,565 |
|
|
|
|
160,580 |
|
|
|
Total liabilities |
|
8,829,315 |
|
|
|
|
8,860,139 |
|
|
|
|
8,740,561 |
|
|
|
Stockholders’ Equity |
|
1,149,228 |
|
|
|
|
1,125,697 |
|
|
|
|
1,013,286 |
|
|
|
Total liabilities and stockholders’
equity |
$ |
9,978,543 |
|
|
|
$ |
9,985,836 |
|
|
|
$ |
9,753,847 |
|
|
| Net
interest spread |
|
|
2.27 |
% |
|
|
|
2.05 |
% |
|
|
|
2.11 |
% |
| NIM |
|
|
3.31 |
|
|
|
|
3.16 |
|
|
|
|
3.16 |
|
|
NIM-FTE(2) |
|
|
3.33 |
|
|
|
|
3.18 |
|
|
|
|
3.19 |
|
____________________________
|
(1) |
|
Includes multi-family real estate. |
|
(2) |
|
In order to present pre-tax income and resulting yields on
tax-exempt investments comparable to those on taxable investments,
a tax-equivalent adjustment has been computed. This adjustment also
includes income tax credits received on Qualified School
Construction Bonds. |
|
Origin Bancorp, Inc.Notable
Items(Unaudited) |
| |
At and For the Three Months Ended |
| |
December 31,2024 |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
| |
$ Impact |
|
EPSImpact(1) |
|
$ Impact |
|
EPSImpact(1) |
|
$ Impact |
|
EPSImpact(1) |
|
$ Impact |
|
EPSImpact(1) |
|
$ Impact |
|
EPSImpact(1) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(Dollars in thousands, except per share amounts) |
| Notable interest
income items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income reversal on relationships impacted by questioned
banker activity |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,206 |
) |
|
$ |
(0.03 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Notable provision
expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision expense related to questioned banker activity |
|
3,212 |
|
|
|
0.08 |
|
|
|
— |
|
|
|
— |
|
|
|
(3,212 |
) |
|
|
(0.08 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Provision expense on relationships impacted by questioned banker
activity |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,131 |
) |
|
|
(0.11 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Notable
noninterest income items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSR gain (impairment) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
410 |
|
|
|
0.01 |
|
|
|
(1,769 |
) |
|
|
(0.05 |
) |
|
(Loss) gain on sales of securities, net |
|
(14,617 |
) |
|
|
(0.37 |
) |
|
|
221 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
(403 |
) |
|
|
(0.01 |
) |
|
|
(4,606 |
) |
|
|
(0.12 |
) |
|
Gain on sub-debt repurchase |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Positive valuation adjustment on non-marketable equity
securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,188 |
|
|
|
0.13 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gain on property sale, net of valuation adjustments |
|
198 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
800 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Notable
noninterest expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense related to questioned banker activity |
|
(4,069 |
) |
|
|
(0.10 |
) |
|
|
(848 |
) |
|
|
(0.02 |
) |
|
|
(1,452 |
) |
|
|
(0.04 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Operating expense related to strategicOptimize
Origininitiatives |
|
(1,121 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Employee Retention Credit |
|
1,651 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total notable
items |
$ |
(14,746 |
) |
|
|
(0.37 |
) |
|
$ |
(627 |
) |
|
|
(0.02 |
) |
|
$ |
(3,932 |
) |
|
|
(0.10 |
) |
|
$ |
7 |
|
|
|
— |
|
|
$ |
(6,375 |
) |
|
|
(0.16 |
) |
____________________________
|
(1) |
The diluted EPS impact is calculated using a 21% effective tax
rate. The total of the diluted EPS impact of each individual line
item may not equal the calculated diluted EPS impact on the total
notable items due to rounding. |
| |
|
|
Origin Bancorp, Inc.Notable Items -
Continued(Unaudited) |
|
|
| |
Years Ended December 31, |
| |
|
2024 |
|
|
|
2023 |
|
| |
$ Impact |
|
EPS Impact(1) |
|
$ Impact |
|
EPS Impact(1) |
| |
|
|
|
|
|
|
|
| |
(Dollars in thousands, except per share amounts) |
| Notable interest income
items: |
|
|
|
|
|
|
|
|
Interest income reversal on relationships impacted by questioned
banker activity |
$ |
(1,206 |
) |
|
$ |
(0.03 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Notable provision expense
items: |
|
|
|
|
|
|
|
|
Provision expense on relationships impacted by questioned banker
activity |
|
(4,131 |
) |
|
|
(0.10 |
) |
|
|
— |
|
|
|
— |
|
| Notable noninterest income
items: |
|
|
|
|
|
|
|
|
MSR gain (impairment) |
|
410 |
|
|
|
0.01 |
|
|
|
(1,769 |
) |
|
|
(0.05 |
) |
|
Loss on sales of securities, net |
|
(14,799 |
) |
|
|
(0.37 |
) |
|
|
(11,635 |
) |
|
|
(0.30 |
) |
|
Gain on sub-debt repurchase |
|
81 |
|
|
|
— |
|
|
|
471 |
|
|
|
0.01 |
|
|
Positive valuation adjustment on non-marketable equity
securities |
|
5,188 |
|
|
|
0.13 |
|
|
|
10,096 |
|
|
|
0.26 |
|
|
Gain on property sale, net of valuation adjustments |
|
998 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
| Notable noninterest expense
items: |
|
|
|
|
|
|
|
|
Operating expense related to questioned banker activity |
|
(6,369 |
) |
|
|
(0.16 |
) |
|
|
— |
|
|
|
— |
|
|
Operating expense related to strategicOptimize
Origininitiatives |
|
(1,121 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
Employee Retention Credit |
|
1,651 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
| Total notable
items |
$ |
(19,298 |
) |
|
|
(0.49 |
) |
|
$ |
(2,837 |
) |
|
|
(0.07 |
) |
____________________________
|
(1) |
The diluted EPS impact is calculated using a 21% effective tax
rate. The total of the diluted EPS impact of each individual line
item may not equal the calculated diluted EPS impact on the total
notable items due to rounding. |
| |
|
|
Origin Bancorp, Inc.Non-GAAP Financial
Measures(Unaudited) |
|
|
| |
At and For the Three Months Ended |
| |
December 31,2024 |
|
September 30,2024 |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
| |
|
|
|
|
|
|
|
|
|
| |
(Dollars in thousands, except per share amounts) |
| Calculation of PTPP
earnings: |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
14,270 |
|
|
$ |
18,601 |
|
|
$ |
20,989 |
|
|
$ |
22,632 |
|
|
$ |
13,425 |
|
|
Provision (benefit) for credit losses |
|
(5,398 |
) |
|
|
4,603 |
|
|
|
5,231 |
|
|
|
3,012 |
|
|
|
2,735 |
|
|
Income tax expense |
|
3,725 |
|
|
|
5,068 |
|
|
|
5,747 |
|
|
|
6,227 |
|
|
|
4,119 |
|
| PTPP earnings
(non-GAAP) |
$ |
12,597 |
|
|
$ |
28,272 |
|
|
$ |
31,967 |
|
|
$ |
31,871 |
|
|
$ |
20,279 |
|
| |
|
|
|
|
|
|
|
|
|
| Calculation of PTPP
ROAA: |
|
|
|
|
|
|
|
|
|
| PTPP earnings |
$ |
12,597 |
|
|
$ |
28,272 |
|
|
$ |
31,967 |
|
|
$ |
31,871 |
|
|
$ |
20,279 |
|
|
Divided by number of days in the quarter |
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
|
91 |
|
|
|
92 |
|
|
Multiplied by the number of days in the year |
|
366 |
|
|
|
366 |
|
|
|
366 |
|
|
|
366 |
|
|
|
365 |
|
| PTPP earnings, annualized |
$ |
50,114 |
|
|
$ |
112,473 |
|
|
$ |
128,571 |
|
|
$ |
128,184 |
|
|
$ |
80,455 |
|
| |
|
|
|
|
|
|
|
|
|
|
Divided by total average assets |
$ |
9,978,543 |
|
|
$ |
9,985,836 |
|
|
$ |
10,008,225 |
|
|
$ |
9,861,236 |
|
|
$ |
9,753,847 |
|
| ROAA (annualized)
(GAAP) |
|
0.57 |
% |
|
|
0.74 |
% |
|
|
0.84 |
% |
|
|
0.92 |
% |
|
|
0.55 |
% |
| PTPP ROAA (annualized)
(non-GAAP) |
|
0.50 |
|
|
|
1.13 |
|
|
|
1.28 |
|
|
|
1.30 |
|
|
|
0.82 |
|
| |
|
|
|
|
|
|
|
|
|
|
Calculation of tangible book value per common share and
adjusted tangible book value per common share: |
| Total common stockholders’
equity |
$ |
1,145,245 |
|
|
$ |
1,145,673 |
|
|
$ |
1,095,894 |
|
|
$ |
1,078,853 |
|
|
$ |
1,062,905 |
|
|
Goodwill |
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
Other intangible assets, net |
|
(37,473 |
) |
|
|
(39,272 |
) |
|
|
(41,177 |
) |
|
|
(43,314 |
) |
|
|
(45,452 |
) |
| Tangible common equity |
|
979,093 |
|
|
|
977,722 |
|
|
|
926,038 |
|
|
|
906,860 |
|
|
|
888,774 |
|
|
Accumulated other comprehensive loss |
|
106,029 |
|
|
|
94,245 |
|
|
|
127,184 |
|
|
|
124,909 |
|
|
|
121,023 |
|
| Adjusted tangible common
equity |
|
1,085,122 |
|
|
|
1,071,967 |
|
|
|
1,053,222 |
|
|
|
1,031,769 |
|
|
|
1,009,797 |
|
|
Divided by common shares outstanding at the end of the period |
|
31,197,574 |
|
|
|
31,167,410 |
|
|
|
31,108,667 |
|
|
|
31,011,304 |
|
|
|
30,986,109 |
|
| Book value per common
share (GAAP) |
$ |
36.71 |
|
|
$ |
36.76 |
|
|
$ |
35.23 |
|
|
$ |
34.79 |
|
|
$ |
34.30 |
|
| Tangible book value
per common share(non-GAAP) |
|
31.38 |
|
|
|
31.37 |
|
|
|
29.77 |
|
|
|
29.24 |
|
|
|
28.68 |
|
| Adjusted tangible book
value per common share (non-GAAP) |
|
34.78 |
|
|
|
34.39 |
|
|
|
33.86 |
|
|
|
33.27 |
|
|
|
32.59 |
|
| |
|
|
|
|
|
|
|
|
|
|
Calculation of ROATCE: |
|
|
|
|
|
|
|
|
| Net income |
$ |
14,270 |
|
|
$ |
18,601 |
|
|
$ |
20,989 |
|
|
$ |
22,632 |
|
|
$ |
13,425 |
|
|
Divided by number of days in the quarter |
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
|
91 |
|
|
|
92 |
|
|
Multiplied by number of days in the year |
|
366 |
|
|
|
366 |
|
|
|
366 |
|
|
|
366 |
|
|
|
365 |
|
| Annualized net income |
$ |
56,770 |
|
|
$ |
74,000 |
|
|
$ |
84,417 |
|
|
$ |
91,025 |
|
|
$ |
53,262 |
|
| |
|
|
|
|
|
|
|
|
|
| Total average common
stockholders’ equity |
$ |
1,149,228 |
|
|
$ |
1,125,697 |
|
|
$ |
1,084,269 |
|
|
$ |
1,062,705 |
|
|
$ |
1,013,286 |
|
|
Average goodwill |
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
Average other intangible assets, net |
|
(38,646 |
) |
|
|
(40,487 |
) |
|
|
(42,563 |
) |
|
|
(44,700 |
) |
|
|
(46,825 |
) |
| Average tangible common
equity |
|
981,903 |
|
|
|
956,531 |
|
|
|
913,027 |
|
|
|
889,326 |
|
|
|
837,782 |
|
| |
|
|
|
|
|
|
|
|
|
| ROATCE
(non-GAAP) |
|
5.78 |
% |
|
|
7.74 |
% |
|
|
9.25 |
% |
|
|
10.24 |
% |
|
|
6.36 |
% |
| |
|
|
|
|
|
|
|
|
|
| Calculation of core
efficiency ratio: |
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
$ |
65,422 |
|
|
$ |
62,521 |
|
|
$ |
64,388 |
|
|
$ |
58,707 |
|
|
$ |
60,906 |
|
|
Insurance and mortgage noninterest expense |
|
(8,497 |
) |
|
|
(8,448 |
) |
|
|
(8,402 |
) |
|
|
(8,045 |
) |
|
|
(8,581 |
) |
| Adjusted total noninterest
expense |
|
56,925 |
|
|
|
54,073 |
|
|
|
55,986 |
|
|
|
50,662 |
|
|
|
52,325 |
|
| |
|
|
|
|
|
|
|
|
|
| Net interest income |
$ |
78,349 |
|
|
$ |
74,804 |
|
|
$ |
73,890 |
|
|
$ |
73,323 |
|
|
$ |
72,989 |
|
|
Insurance and mortgage net interest income |
|
(2,666 |
) |
|
|
(2,578 |
) |
|
|
(2,407 |
) |
|
|
(2,795 |
) |
|
|
(2,294 |
) |
|
Total noninterest income |
|
(330 |
) |
|
|
15,989 |
|
|
|
22,465 |
|
|
|
17,255 |
|
|
|
8,196 |
|
|
Insurance and mortgage noninterest income |
|
(6,592 |
) |
|
|
(8,081 |
) |
|
|
(8,543 |
) |
|
|
(10,123 |
) |
|
|
(4,727 |
) |
| Adjusted total revenue |
|
68,761 |
|
|
|
80,134 |
|
|
|
85,405 |
|
|
|
77,660 |
|
|
|
74,164 |
|
| |
|
|
|
|
|
|
|
|
|
| Efficiency ratio
(GAAP) |
|
83.85 |
% |
|
|
68.86 |
% |
|
|
66.82 |
% |
|
|
64.81 |
% |
|
|
75.02 |
% |
| Core efficiency ratio
(non-GAAP) |
|
82.79 |
|
|
|
67.48 |
|
|
|
65.55 |
|
|
|
65.24 |
|
|
|
70.55 |
|
| |
|
Origin Bancorp, Inc.Non-GAAP Financial
Measures - Continued(Unaudited) |
| |
| |
Years Ended December 31, |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
| |
(Dollars in thousands, except per share amounts) |
| Calculation of PTPP
earnings: |
|
|
|
| Net
income |
$ |
76,492 |
|
|
$ |
83,800 |
|
|
Provision for credit losses |
|
7,448 |
|
|
|
16,753 |
|
|
Income tax expense |
|
20,767 |
|
|
|
22,123 |
|
| PTPP earnings
(non-GAAP) |
$ |
104,707 |
|
|
$ |
122,676 |
|
| |
|
|
|
| Calculation of PTPP
ROAA: |
|
|
|
| PTPP Earnings |
$ |
104,707 |
|
|
$ |
122,676 |
|
| |
|
|
|
| Divided by total average
assets |
$ |
9,958,590 |
|
|
$ |
9,941,020 |
|
| ROAA
(GAAP) |
|
0.77 |
% |
|
|
0.84 |
% |
| PTPP ROAA
(non-GAAP) |
|
1.05 |
|
|
|
1.23 |
|
| |
|
|
|
|
Calculation of ROATCE: |
|
|
| Net income |
$ |
76,492 |
|
|
$ |
83,800 |
|
| |
|
|
|
| Total average common
stockholders’ equity |
$ |
1,105,650 |
|
|
$ |
999,904 |
|
|
Average goodwill |
|
(128,679 |
) |
|
|
(128,679 |
) |
|
Average other intangible assets, net |
|
(41,588 |
) |
|
|
(46,501 |
) |
| Average tangible common
equity |
|
935,383 |
|
|
|
824,724 |
|
| |
|
|
|
| ROATCE |
|
8.18 |
% |
|
|
10.16 |
% |
| |
|
|
|
| Calculation of core
efficiency ratio: |
|
|
|
| Total noninterest expense |
$ |
251,038 |
|
|
$ |
235,216 |
|
|
Insurance and mortgage noninterest expense |
|
(33,392 |
) |
|
|
(34,349 |
) |
| Adjusted total noninterest
expense |
|
217,646 |
|
|
|
200,867 |
|
| |
|
|
|
| Net interest income |
$ |
300,366 |
|
|
$ |
299,557 |
|
|
Insurance and mortgage net interest income |
|
(10,446 |
) |
|
|
(7,481 |
) |
|
Total noninterest income |
|
55,379 |
|
|
|
58,335 |
|
|
Insurance and mortgage noninterest income |
|
(33,339 |
) |
|
|
(28,441 |
) |
| Adjusted total revenue |
|
311,960 |
|
|
|
321,970 |
|
| |
|
|
|
| Efficiency
ratio |
|
70.57 |
% |
|
|
65.72 |
% |
| Core efficiency
ratio |
|
69.77 |
|
|
|
62.39 |
|
Origin Bancorp (NYSE:OBK)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025
Origin Bancorp (NYSE:OBK)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
