Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the
“Company”), the holding company for Origin Bank (the “Bank”), today
announced net income of $18.6 million, or $0.60 diluted earnings
per share for the quarter ended September 30, 2024, compared to net
income of $21.0 million, or $0.67 diluted earnings per share, for
the quarter ended June 30, 2024. Pre-tax, pre-provision (“PTPP”)(1)
earnings was $28.3 million for the quarter ended September 30,
2024, compared to $32.0 million for the linked quarter.
“I am pleased with the balance sheet trends we showed in the
third quarter,” said Drake Mills, chairman, president and CEO of
Origin Bancorp, Inc. “I am confident these trends will continue and
our bankers will capitalize on opportunities throughout our
markets.”
(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.
Financial Highlights
- Total loans held for investment
(“LHFI”) were $7.96 billion at both September 30, 2024, and June
30, 2024. LHFI, excluding mortgage warehouse lines of credit (“MW
LOC”), were $7.46 billion at September 30, 2024, reflecting an
increase of $8.9 million, or 0.12%, compared to June 30,
2024.
- Noninterest-bearing deposits were
$1.89 billion at September 30, 2024, reflecting an increase of
$27.1 million, or 1.5%, compared to June 30, 2024.
- Net interest income was
$74.8 million for the quarter ended September 30, 2024,
reflecting an increase of $914,000, or 1.2%, compared to the linked
quarter.
- Our book value per common share was
$36.76 as of September 30, 2024, reflecting an increase of $1.53,
or 4.3%, compared to June 30, 2024. Tangible book value per common
share(1) was $31.37 at September 30, 2024, reflecting an increase
of $1.60, or 5.4%, compared to June 30, 2024.
- Stockholders’ equity was
$1.15 billion at September 30, 2024, reflecting an increase of
$49.8 million, or 4.5%, compared to June 30, 2024.
- At September 30, 2024, and June 30,
2024, the ratio of Company-level common equity Tier 1 capital to
risk-weighted assets was 12.46%, and 12.15%, respectively, the Tier
1 leverage ratio was 10.93% and 10.70%, respectively, and the total
capital ratio was 15.45% and 15.16%, respectively. The ratio of
tangible common equity to tangible assets(1) was 9.98% at September
30, 2024, compared to 9.47% at June 30, 2024.
(1) Tangible book value per common share and tangible common
equity to tangible assets are non-GAAP financial measures. Please
see the last few pages of this document for a reconciliation of
these alternative financial measures to their most directly
comparable GAAP measures.
Results of Operations for the Three
Months Ended September 30, 2024
Net Interest Income and Net Interest
Margin
Net interest income for the quarter ended September 30, 2024,
was $74.8 million, an increase of $914,000, or 1.2%, compared to
the quarter ended June 30, 2024, $813,000 of which was driven by
one additional day in the current quarter. Higher interest rates
drove a net increase of $147,000 in net interest income, which was
reflected in a $1.2 million increase in interest income earned on
interest-earnings assets offset by a $1.1 million increase in
interest expense paid on interest-bearing liabilities.
Higher interest rates on LHFI drove a $2.0 million increase in
the yield for the quarter ended September 30, 2024, compared to the
quarter ended June 30, 2024, $1.5 million of which was driven by
real estate-based loans. The average rate on LHFI increased to
6.67% for the quarter ended September 30, 2024, compared to 6.58%
for the quarter ended June 30, 2024. Higher interest rates on
savings and interest-bearing transaction accounts drove a $1.1
million increase in interest expense, compared to the quarter ended
June 30, 2024. The average rate on interest-bearing deposits
increased to 4.01% for the quarter ended September 30, 2024,
compared to 3.95% for the quarter ended June 30, 2024.
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. The federal funds target
rate range was reduced by 50 basis points on September 18,
2024, to a range of 4.75% to 5.00%, the first rate reduction since
early 2020.
The NIM-FTE was 3.18% for the quarter ended September 30, 2024,
representing a one- and a four-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
September 30, 2024, was 6.09%, an increase of five and 40 basis
points compared to the linked quarter and the prior year same
quarter, respectively. The average rate paid on total
interest-bearing liabilities for the quarter ended September 30,
2024, was 4.04%, representing a six- and 45-basis point increase
compared to the linked quarter and the prior year same quarter,
respectively.
As discussed in our June 30, 2024, Origin Bancorp, Inc. Earnings
Release, we reversed $1.2 million of accrued loan interest during
the quarter ended June 30, 2024, due to certain questioned activity
involving a single banker, who has since been terminated, in our
East Texas market. This reversal of accrued loan interest income
negatively impacted the fully tax equivalent net interest margin
(“NIM-FTE”) by five basis points for the linked quarter. Had we not
experienced the reversal of the $1.2 million of accrued interest
income during the quarter ended June 30, 2024, our NIM-FTE would
have been 3.22% for the linked quarter, and we would have
experienced a four-basis point decrease in our current NIM-FTE
compared to the linked quarter. There was no equivalent interest
income reversal during the current quarter and these loans remain
on non-accrual.
Credit Quality
The table below includes key credit quality information:
| |
At and For the Three Months Ended |
|
Change |
|
% Change |
| (Dollars in thousands,
unaudited) |
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
Linked Quarter |
|
Linked Quarter |
| Past due LHFI |
$ |
38,838 |
|
|
$ |
66,276 |
|
|
$ |
20,347 |
|
|
$ |
(27,438 |
) |
|
(41.4)% |
|
Allowance for loan credit losses (“ALCL”) |
|
95,989 |
|
|
|
100,865 |
|
|
|
95,177 |
|
|
|
(4,876 |
) |
|
(4.8 |
) |
| Classified loans |
|
107,486 |
|
|
|
118,254 |
|
|
|
64,021 |
|
|
|
(10,768 |
) |
|
(9.1 |
) |
| Total nonperforming LHFI |
|
64,273 |
|
|
|
75,812 |
|
|
|
31,608 |
|
|
|
(11,539 |
) |
|
(15.2 |
) |
| Provision for credit
losses |
|
4,603 |
|
|
|
5,231 |
|
|
|
3,515 |
|
|
|
(628 |
) |
|
(12.0 |
) |
| Net charge-offs |
|
9,520 |
|
|
|
2,946 |
|
|
|
2,686 |
|
|
|
6,574 |
|
|
223.2 |
|
| Credit quality
ratios(1): |
|
|
|
|
|
|
|
|
|
|
ALCL to nonperforming LHFI |
|
149.35 |
% |
|
|
133.05 |
% |
|
|
301.12 |
% |
|
|
16.30 |
% |
|
N/A |
|
ALCL to total LHFI |
|
1.21 |
|
|
|
1.27 |
|
|
|
1.26 |
|
|
|
(0.06 |
) |
|
N/A |
|
ALCL to total LHFI, adjusted(2) |
|
1.28 |
|
|
|
1.34 |
|
|
|
1.30 |
|
|
|
(0.06 |
) |
|
N/A |
|
Classified loans to total LHFI |
|
1.35 |
|
|
|
1.49 |
|
|
|
0.85 |
|
|
|
(0.14 |
) |
|
N/A |
|
Nonperforming LHFI to LHFI |
|
0.81 |
|
|
|
0.95 |
|
|
|
0.42 |
|
|
|
(0.14 |
) |
|
N/A |
|
Net charge-offs to total average LHFI (annualized) |
|
0.48 |
|
|
|
0.15 |
|
|
|
0.14 |
|
|
|
0.33 |
|
|
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 in our June 30, 2024, Origin Bancorp, Inc. Earnings
Release, our credit metrics were negatively impacted by certain
questioned activity involving a single banker, who has since been
terminated, in our East Texas market. Our investigation of this
activity remains ongoing and is not final; however, as a result of
a forbearance agreement with one of our impacted customer
relationships, our past due LHFI declined $26.4 million when
compared to the quarter ended June 30, 2024. There was no material
change in the level of our nonperforming or classified LHFI
principal balances between the current quarter and the linked
quarter as a result of the questioned activity. We continue to work
with an outside forensic accounting firm to confirm the bank’s
identification and reconciliation of the activity, targeting a
conclusion of this analysis by the end of this year. At this time,
we believe that any ultimate loss arising from the situation will
not be material to our financial position.
Past due LHFI were $38.8 million for the quarter ended September
30, 2024, compared to $66.3 million at June 30, 2024. Of the $27.4
million decrease, $26.4 million were impacted by or related to
the questioned activity. The remaining net decrease in past due
LHFI was primarily due to charge-offs or payoffs in commercial and
industrial past due loans during the quarter ended September 30,
2024.
Nonperforming LHFI decreased $11.5 million for the quarter
reflecting a decrease in the percentage of nonperforming LHFI to
LHFI to 0.81% compared to 0.95% for the linked quarter. The
decrease in nonperforming loans was primarily driven by three
commercial and industrial loan relationships totaling
$14.6 million at June 30, 2024, $10.4 million of which
were charged-off and $4.2 million were paid down during the
current quarter.
Classified loans decreased $10.8 million to
$107.5 million at September 30, 2024, reflecting 1.35% as a
percentage of total LHFI, down 14 basis points from the linked
quarter. The decrease in classified loans was primarily driven by
the same three commercial and industrial loan relationships
mentioned in the nonperforming loan paragraph directly above.
Noninterest Income
Noninterest income for the quarter ended September 30, 2024, was
$16.0 million, a decrease of $6.5 million, or 28.8%, from the
linked quarter. The decrease from the linked quarter was primarily
driven by decreases of $5.2 million, $725,000 and $621,000 in
the change in fair value of equity investments, mortgage banking
revenue and other income, respectively.
The decrease in change in fair value of equity investments was
due to a $5.2 million positive valuation adjustment on a
non-marketable equity security recognized during the linked quarter
with no comparable amount recognized during the current
quarter.
The decrease in mortgage banking revenue was primarily due to an
$833,000 combined decrease in the pipeline and interest rate lock
commitment fair values during the current quarter compared to the
linked quarter.
The decrease in other income was primarily due to an $818,000
gain on sale of bank property recognized in the linked quarter with
no comparable amount recognized in the current quarter.
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2024,
was $62.5 million, a decrease of $1.9 million, or 2.9% from the
linked quarter. The decrease was primarily driven by a decrease of
$1.6 million and in other noninterest expense.
The decrease in other expenses resulted from recognizing
contingent liabilities totaling approximately $1.2 million
related to certain questioned activity involving a single banker,
who has since been terminated, in our East Texas market, as
described previously, in the linked quarter with no comparable
liability incurred in the current quarter. Also, contributing to
the quarter over quarter decline was a $357,000 decrease in
corporate membership fees.
Financial Condition
Loans
- Total LHFI were $7.96 billion at both September 30, 2024, and
June 30, 2024, and reflected an increase of $388.7 million, or
5.1%, compared to September 30, 2023.
- Total LHFI, excluding MW LOC, were $7.46 billion at September
30, 2024, representing an increase of $8.9 million, or 0.1%, from
June 30, 2024, and an increase of $179.8 million, or 2.5%, from
September 30, 2023.
- During the quarter ended September 30, 2024, compared to the
linked quarter, we experienced declines in construction/land/land
development loans and MW LOC of $25.8 million and
$11.3 million, respectively, partially offset by growth in
multi-family real estate loans of $36.1 million.
Securities
- Total securities were $1.18 billion at both September 30, 2024,
and June 30, 2024, and reflected a decrease of $129.8 million, or
9.9%, compared to September 30, 2023.
- Accumulated other comprehensive loss, net of taxes, primarily
associated with the available for sale (“AFS”) portfolio, was $94.2
million at September 30, 2024, an improvement of
$32.9 million, or 25.9%, from the linked quarter.
- The weighted average effective
duration for the total securities portfolio was 4.21 years as of
September 30, 2024, compared to 4.28 years as of June 30,
2024.
Deposits
- Total deposits at September 30, 2024, were $8.49 billion, a
decrease of $24.3 million, or 0.3%, compared to the linked
quarter, and represented an increase of $112.1 million, or 1.3%,
from September 30, 2023. The decrease in the current quarter
compared to the linked quarter was primarily due to a decrease of
$205.2 million in brokered (which includes both brokered time
and brokered interest-bearing demand) deposits. The decrease in
brokered deposits was primarily replaced with customer
deposits.
- Excluding brokered deposits, total deposit increased
$180.9 million, or 2.3%, to $8.05 billion, primarily due to
increases of $87.0 million, $64.4 million and
$27.1 million in money market deposits, interest-bearing
demand deposits and noninterest-bearing demand deposits,
respectively.
- At September 30, 2024,
noninterest-bearing deposits as a percentage of total deposits were
22.3%, compared to 21.9% and 24.0% at June 30, 2024, and September
30, 2023, respectively. Excluding brokered deposits,
noninterest-bearing deposits as a percentage of total deposits were
23.5%, compared to 23.7% and 26.1% at June 30, 2024, and September
30, 2023, respectively.
Borrowings
- FHLB advances and other borrowings
at September 30, 2024, were $30.4 million, a decrease of
$10.3 million, or 25.3%, compared to the linked quarter and
represented an increase of $18.2 million, or 149.3%, from
September 30, 2023.
Stockholders’ Equity
- Stockholders’ equity was $1.15 billion at September 30, 2024,
an increase of $49.8 million, or 4.5%, compared to $1.10 billion at
June 30, 2024, and an increase of $146.7 million, or 14.7%,
compared to September 30, 2023.
- The increase in stockholders’ equity from the linked quarter is
primarily due to a decrease in accumulated other comprehensive loss
of $32.9 million and net income of $18.6 million, partially
offset by dividends declared of $4.8 million during the
current quarter.
Conference Call
Origin will hold a conference call to discuss its third quarter
2024 results on Thursday, October 24, 2024, 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 (800) 528-1066 (U.S. Toll Free), enter Conference ID: 84865 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/ORIGINQ324.
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
from 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, tangible common equity to tangible assets,
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’s 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: the impact of current
and future economic conditions generally and in the financial
services industry, nationally and within Origin’s primary market
areas, including the effects of declines in the real estate market,
high-profile bank failures, high unemployment rates, inflationary
pressures, elevated interest rates and slowdowns in economic
growth, as well as the financial stress on borrowers and changes to
customer and client behavior as a result of the foregoing; changes
in benchmark interest rates and the resulting impacts on net
interest income; deterioration of Origin’s asset quality; factors
that can impact the performance of Origin’s loan portfolio,
including real estate values and liquidity in Origin’s primary
market areas; the financial health of Origin’s commercial borrowers
and the success of construction projects that Origin finances;
changes in the value of collateral securing Origin’s loans;
developments in our mortgage banking business, including loan
modifications, general demand, and the effects of judicial or
regulatory requirements or guidance; Origin’s ability to anticipate
interest rate changes and manage interest rate risk (including the
impact of higher interest rates on macroeconomic conditions,
competition, and the cost of doing business and the impact of
prolonged elevated interest rates on our financial projections,
models and guidance); the effectiveness of Origin’s risk management
framework and quantitative models; 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; the impact of
labor pressures; changes in Origin’s operation or expansion
strategy or Origin’s ability to prudently manage its growth and
execute its strategy; changes in management personnel; Origin’s
ability to maintain important customer relationships, reputation or
otherwise avoid liquidity risks; increasing costs as Origin grows
deposits; operational risks associated with Origin’s business;
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; increased competition in
the financial services industry, particularly from regional and
national institutions, as well as from fintech companies; difficult
market conditions and unfavorable economic trends in the United
States generally, and particularly in the market areas in which
Origin operates and in which its loans are concentrated; Origin’s
level of nonperforming assets and the costs associated with
resolving any problem loans including litigation and other costs;
the credit risk associated with the substantial amount of
commercial real estate, construction and land development, and
commercial loans in Origin’s loan portfolio; changes in laws,
rules, regulations, interpretations or policies relating to
financial institutions, and potential expenses associated with
complying with such regulations; periodic changes to the extensive
body of accounting rules and best practices; further government
intervention in the U.S. financial system; a deterioration of the
credit rating for U.S. long-term sovereign debt or actions that the
U.S. government may take to avoid exceeding the debt ceiling; a
potential U.S. federal government shutdown and the resulting
impacts; compliance with governmental and regulatory requirements,
including the Dodd-Frank Wall Street Reform and Consumer Protection
Act and others relating to banking, consumer protection,
securities, and tax matters; 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; changes in the utility of Origin’s non-GAAP
liquidity measurements and its underlying assumptions or estimates;
possible changes in trade, monetary and fiscal policies, laws and
regulations and other activities of governments, agencies and
similar organizations; natural disasters and adverse weather
events, acts of terrorism, an outbreak of hostilities (including
the impacts related to or resulting from Russia's military action
in Ukraine or the conflict in Israel and surrounding areas,
including the imposition of additional sanctions and export
controls, as well as the broader impacts to financial markets and
the global macroeconomic and geopolitical environments), regional
or national protests and civil unrest (including any resulting
branch closures or property damage), widespread illness or public
health outbreaks or other international or domestic calamities, and
other matters beyond Origin’s control; the impact of generative
artificial intelligence; fraud or misconduct by internal or
external actors (including Origin employees) which Origin may not
be able to prevent, detect or mitigate, system failures,
cybersecurity threats or security breaches and the cost of
defending against them; Origin’s ability to maintain adequate
internal controls over financial and non-financial reporting; and
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.
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 |
| |
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
| |
|
|
|
|
|
|
|
|
|
| Income statement and
share amounts |
(Dollars in thousands, except per share amounts) |
|
Net interest income |
$ |
74,804 |
|
|
$ |
73,890 |
|
|
$ |
73,323 |
|
|
$ |
72,989 |
|
|
$ |
74,130 |
|
|
Provision for credit losses |
|
4,603 |
|
|
|
5,231 |
|
|
|
3,012 |
|
|
|
2,735 |
|
|
|
3,515 |
|
|
Noninterest income |
|
15,989 |
|
|
|
22,465 |
|
|
|
17,255 |
|
|
|
8,196 |
|
|
|
18,119 |
|
| Noninterest expense |
|
62,521 |
|
|
|
64,388 |
|
|
|
58,707 |
|
|
|
60,906 |
|
|
|
58,663 |
|
|
Income before income tax expense |
|
23,669 |
|
|
|
26,736 |
|
|
|
28,859 |
|
|
|
17,544 |
|
|
|
30,071 |
|
|
Income tax expense |
|
5,068 |
|
|
|
5,747 |
|
|
|
6,227 |
|
|
|
4,119 |
|
|
|
5,758 |
|
|
Net income |
$ |
18,601 |
|
|
$ |
20,989 |
|
|
$ |
22,632 |
|
|
$ |
13,425 |
|
|
$ |
24,313 |
|
|
PTPP earnings(1) |
$ |
28,272 |
|
|
$ |
31,967 |
|
|
$ |
31,871 |
|
|
$ |
20,279 |
|
|
$ |
33,586 |
|
|
Basic earnings per common share |
|
0.60 |
|
|
|
0.68 |
|
|
|
0.73 |
|
|
|
0.43 |
|
|
|
0.79 |
|
|
Diluted earnings per common share |
|
0.60 |
|
|
|
0.67 |
|
|
|
0.73 |
|
|
|
0.43 |
|
|
|
0.79 |
|
| Dividends declared per common
share |
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
Weighted average common shares outstanding - basic |
|
31,130,293 |
|
|
|
31,042,527 |
|
|
|
30,981,333 |
|
|
|
30,898,941 |
|
|
|
30,856,649 |
|
|
Weighted average common shares outstanding - diluted |
|
31,239,877 |
|
|
|
31,131,829 |
|
|
|
31,078,910 |
|
|
|
30,995,354 |
|
|
|
30,943,860 |
|
| |
|
|
|
|
|
|
|
|
|
|
Balance sheet data |
|
|
|
|
|
|
|
|
|
|
Total LHFI |
$ |
7,956,790 |
|
|
$ |
7,959,171 |
|
|
$ |
7,900,027 |
|
|
$ |
7,660,944 |
|
|
$ |
7,568,063 |
|
| Total LHFI excluding MW
LOC |
|
7,461,602 |
|
|
|
7,452,666 |
|
|
|
7,499,032 |
|
|
|
7,330,978 |
|
|
|
7,281,770 |
|
|
Total assets |
|
9,965,986 |
|
|
|
9,947,182 |
|
|
|
9,892,379 |
|
|
|
9,722,584 |
|
|
|
9,733,303 |
|
| Total deposits |
|
8,486,568 |
|
|
|
8,510,842 |
|
|
|
8,505,464 |
|
|
|
8,251,125 |
|
|
|
8,374,488 |
|
|
Total stockholders’ equity |
|
1,145,673 |
|
|
|
1,095,894 |
|
|
|
1,078,853 |
|
|
|
1,062,905 |
|
|
|
998,945 |
|
| |
|
|
|
|
|
|
|
|
|
| Performance metrics
and capital ratios |
|
|
|
|
|
|
|
|
|
| Yield on LHFI |
|
6.67 |
% |
|
|
6.58 |
% |
|
|
6.58 |
% |
|
|
6.46 |
% |
|
|
6.35 |
% |
| Yield on interest-earnings
assets |
|
6.09 |
|
|
|
6.04 |
|
|
|
5.99 |
|
|
|
5.86 |
|
|
|
5.69 |
|
| Cost of interest-bearing
deposits |
|
4.01 |
|
|
|
3.95 |
|
|
|
3.85 |
|
|
|
3.71 |
|
|
|
3.47 |
|
| Cost of total deposits |
|
3.14 |
|
|
|
3.08 |
|
|
|
2.99 |
|
|
|
2.84 |
|
|
|
2.61 |
|
| NIM - fully tax equivalent
("FTE") |
|
3.18 |
|
|
|
3.17 |
|
|
|
3.19 |
|
|
|
3.19 |
|
|
|
3.14 |
|
| Return on average assets
(annualized) ("ROAA") |
|
0.74 |
|
|
|
0.84 |
|
|
|
0.92 |
|
|
|
0.55 |
|
|
|
0.96 |
|
| PTPP ROAA (annualized)(1) |
|
1.13 |
|
|
|
1.28 |
|
|
|
1.30 |
|
|
|
0.82 |
|
|
|
1.33 |
|
| Return on average
stockholders’ equity (annualized) ("ROAE") |
|
6.57 |
|
|
|
7.79 |
|
|
|
8.57 |
|
|
|
5.26 |
|
|
|
9.52 |
|
| Book value per common
share |
$ |
36.76 |
|
|
$ |
35.23 |
|
|
$ |
34.79 |
|
|
$ |
34.30 |
|
|
$ |
32.32 |
|
| Tangible book value per common
share(1) |
|
31.37 |
|
|
|
29.77 |
|
|
|
29.24 |
|
|
|
28.68 |
|
|
|
26.78 |
|
| Adjusted tangible book value
per common share(1) |
|
34.39 |
|
|
|
33.86 |
|
|
|
33.27 |
|
|
|
32.59 |
|
|
|
32.37 |
|
| Return on average tangible
common equity (annualized) ("ROATCE")(1) |
|
7.74 |
% |
|
|
9.25 |
% |
|
|
10.24 |
% |
|
|
6.36 |
% |
|
|
11.48 |
% |
| Efficiency ratio(2) |
|
68.86 |
|
|
|
66.82 |
|
|
|
64.81 |
|
|
|
75.02 |
|
|
|
63.59 |
|
| Core efficiency ratio(1) |
|
67.48 |
|
|
|
65.55 |
|
|
|
65.24 |
|
|
|
70.55 |
|
|
|
60.49 |
|
| Common equity tier 1 to
risk-weighted assets(3) |
|
12.46 |
|
|
|
12.15 |
|
|
|
11.97 |
|
|
|
11.83 |
|
|
|
11.46 |
|
| Tier 1 capital to
risk-weighted assets(3) |
|
12.64 |
|
|
|
12.33 |
|
|
|
12.15 |
|
|
|
12.01 |
|
|
|
11.64 |
|
| Total capital to risk-weighted
assets(3) |
|
15.45 |
|
|
|
15.16 |
|
|
|
14.98 |
|
|
|
15.02 |
|
|
|
14.61 |
|
| Tier 1 leverage ratio(3) |
|
10.93 |
|
|
|
10.70 |
|
|
|
10.66 |
|
|
|
10.50 |
|
|
|
10.00 |
|
__________________________
|
(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) |
September 30, 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 Year-To-Date Financial
Data(Unaudited)
| |
Nine Months Ended September 30, |
|
(Dollars in thousands, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
| Income statement and
share amounts |
|
| Net interest income |
$ |
222,017 |
|
|
$ |
226,568 |
|
| Provision for credit
losses |
|
12,846 |
|
|
|
14,018 |
|
| Noninterest income |
|
55,709 |
|
|
|
50,139 |
|
| Noninterest expense |
|
185,616 |
|
|
|
174,310 |
|
| Income before income tax
expense |
|
79,264 |
|
|
|
88,379 |
|
| Income tax expense |
|
17,042 |
|
|
|
18,004 |
|
|
Net income |
$ |
62,222 |
|
|
$ |
70,375 |
|
| PTPP earnings(1) |
$ |
92,110 |
|
|
$ |
102,397 |
|
| Basic earnings per common
share |
|
2.00 |
|
|
|
2.29 |
|
| Diluted earnings per common
share |
|
2.00 |
|
|
|
2.28 |
|
| Dividends declared per common
share |
|
0.45 |
|
|
|
0.45 |
|
| Weighted average common shares
outstanding - basic |
|
31,051,672 |
|
|
|
30,797,399 |
|
| Weighted average common shares
outstanding - diluted |
|
31,160,867 |
|
|
|
30,903,222 |
|
| |
|
|
|
| Performance
metrics |
|
|
|
| Yield on LHFI |
|
6.61 |
% |
|
|
6.19 |
% |
| Yield on interest-earning
assets |
|
6.04 |
|
|
|
5.50 |
|
| Cost of interest-bearing
deposits |
|
3.94 |
|
|
|
3.03 |
|
| Cost of total deposits |
|
3.07 |
|
|
|
2.22 |
|
| NIM-FTE |
|
3.18 |
|
|
|
3.24 |
|
| Adjusted NIM-FTE(2) |
|
3.18 |
|
|
|
3.21 |
|
| ROAA (annualized) |
|
0.84 |
|
|
|
0.94 |
|
| PTPP ROAA (annualized)(1) |
|
1.24 |
|
|
|
1.37 |
|
| ROAE (annualized) |
|
7.62 |
|
|
|
9.45 |
|
| ROATCE (annualized)(1) |
|
9.04 |
|
|
|
11.47 |
|
| Efficiency ratio(3) |
|
66.83 |
|
|
|
62.99 |
|
| Core efficiency ratio(1) |
|
66.09 |
|
|
|
59.94 |
|
____________________________
|
(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 nine months ended September
30, 2024, by removing the $20,000 net purchase accounting
amortization from net interest income. And, for the nine months
ended September 30, 2023, by removing the $2.2 million net
purchase accounting accretion 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 |
| |
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
| |
|
|
|
|
|
|
|
|
|
| Interest and dividend
income |
(Dollars in thousands, except per share amounts) |
|
Interest and fees on loans |
$ |
133,195 |
|
$ |
129,879 |
|
$ |
127,186 |
|
|
$ |
123,673 |
|
|
$ |
121,204 |
|
|
Investment securities-taxable |
|
6,536 |
|
|
6,606 |
|
|
6,849 |
|
|
|
7,024 |
|
|
|
8,194 |
|
|
Investment securities-nontaxable |
|
905 |
|
|
893 |
|
|
910 |
|
|
|
1,124 |
|
|
|
1,281 |
|
|
Interest and dividend income on assets held in other financial
institutions |
|
3,621 |
|
|
4,416 |
|
|
3,756 |
|
|
|
3,664 |
|
|
|
4,772 |
|
|
Total interest and dividend income |
|
144,257 |
|
|
141,794 |
|
|
138,701 |
|
|
|
135,485 |
|
|
|
135,451 |
|
| Interest
expense |
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
67,051 |
|
|
65,469 |
|
|
62,842 |
|
|
|
59,771 |
|
|
|
55,599 |
|
|
FHLB advances and other borrowings |
|
482 |
|
|
514 |
|
|
518 |
|
|
|
220 |
|
|
|
3,207 |
|
|
Subordinated indebtedness |
|
1,920 |
|
|
1,921 |
|
|
2,018 |
|
|
|
2,505 |
|
|
|
2,515 |
|
|
Total interest expense |
|
69,453 |
|
|
67,904 |
|
|
65,378 |
|
|
|
62,496 |
|
|
|
61,321 |
|
|
Net interest income |
|
74,804 |
|
|
73,890 |
|
|
73,323 |
|
|
|
72,989 |
|
|
|
74,130 |
|
|
Provision for credit losses |
|
4,603 |
|
|
5,231 |
|
|
3,012 |
|
|
|
2,735 |
|
|
|
3,515 |
|
|
Net interest income after provision for credit
losses |
|
70,201 |
|
|
68,659 |
|
|
70,311 |
|
|
|
70,254 |
|
|
|
70,615 |
|
| Noninterest
income |
|
|
|
|
|
|
|
|
|
|
Insurance commission and fee income |
|
6,928 |
|
|
6,665 |
|
|
7,725 |
|
|
|
5,446 |
|
|
|
6,443 |
|
|
Service charges and fees |
|
4,664 |
|
|
4,862 |
|
|
4,688 |
|
|
|
4,889 |
|
|
|
4,621 |
|
|
Other fee income |
|
2,114 |
|
|
2,404 |
|
|
2,247 |
|
|
|
2,118 |
|
|
|
2,006 |
|
|
Mortgage banking revenue (loss) |
|
1,153 |
|
|
1,878 |
|
|
2,398 |
|
|
|
(719 |
) |
|
|
892 |
|
|
Swap fee income |
|
106 |
|
|
44 |
|
|
57 |
|
|
|
196 |
|
|
|
366 |
|
|
Gain (loss) on sales of securities, net |
|
221 |
|
|
— |
|
|
(403 |
) |
|
|
(4,606 |
) |
|
|
(7,173 |
) |
|
Change in fair value of equity investments |
|
— |
|
|
5,188 |
|
|
— |
|
|
|
— |
|
|
|
10,096 |
|
|
Other income |
|
803 |
|
|
1,424 |
|
|
543 |
|
|
|
872 |
|
|
|
868 |
|
|
Total noninterest income |
|
15,989 |
|
|
22,465 |
|
|
17,255 |
|
|
|
8,196 |
|
|
|
18,119 |
|
| Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
38,491 |
|
|
38,109 |
|
|
35,818 |
|
|
|
35,931 |
|
|
|
34,624 |
|
|
Occupancy and equipment, net |
|
6,298 |
|
|
7,009 |
|
|
6,645 |
|
|
|
6,912 |
|
|
|
6,790 |
|
|
Data processing |
|
3,470 |
|
|
3,468 |
|
|
3,145 |
|
|
|
3,062 |
|
|
|
2,775 |
|
|
Office and operations |
|
2,984 |
|
|
3,072 |
|
|
2,502 |
|
|
|
2,947 |
|
|
|
2,868 |
|
|
Intangible asset amortization |
|
1,905 |
|
|
2,137 |
|
|
2,137 |
|
|
|
2,259 |
|
|
|
2,264 |
|
|
Regulatory assessments |
|
1,791 |
|
|
1,842 |
|
|
1,734 |
|
|
|
1,860 |
|
|
|
1,913 |
|
|
Advertising and marketing |
|
1,449 |
|
|
1,328 |
|
|
1,444 |
|
|
|
1,690 |
|
|
|
1,371 |
|
|
Professional services |
|
2,012 |
|
|
1,303 |
|
|
1,231 |
|
|
|
1,440 |
|
|
|
1,409 |
|
|
Loan-related expenses |
|
751 |
|
|
1,077 |
|
|
905 |
|
|
|
1,094 |
|
|
|
1,220 |
|
|
Electronic banking |
|
1,308 |
|
|
1,238 |
|
|
1,239 |
|
|
|
1,103 |
|
|
|
1,384 |
|
|
Franchise tax expense |
|
721 |
|
|
815 |
|
|
477 |
|
|
|
942 |
|
|
|
520 |
|
|
Other expenses |
|
1,341 |
|
|
2,990 |
|
|
1,430 |
|
|
|
1,666 |
|
|
|
1,525 |
|
|
Total noninterest expense |
|
62,521 |
|
|
64,388 |
|
|
58,707 |
|
|
|
60,906 |
|
|
|
58,663 |
|
| Income before income
tax expense |
|
23,669 |
|
|
26,736 |
|
|
28,859 |
|
|
|
17,544 |
|
|
|
30,071 |
|
| Income tax expense |
|
5,068 |
|
|
5,747 |
|
|
6,227 |
|
|
|
4,119 |
|
|
|
5,758 |
|
| Net
income |
$ |
18,601 |
|
$ |
20,989 |
|
$ |
22,632 |
|
|
$ |
13,425 |
|
|
$ |
24,313 |
|
| Basic earnings per common
share |
$ |
0.60 |
|
$ |
0.68 |
|
$ |
0.73 |
|
|
$ |
0.43 |
|
|
$ |
0.79 |
|
| Diluted earnings per common
share |
|
0.60 |
|
|
0.67 |
|
|
0.73 |
|
|
|
0.43 |
|
|
|
0.79 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Bancorp,
Inc.Consolidated Balance
Sheets(Unaudited)
| (Dollars in thousands) |
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
| Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
159,337 |
|
|
$ |
137,615 |
|
|
$ |
98,147 |
|
|
$ |
127,278 |
|
|
$ |
141,705 |
|
| Interest-bearing deposits in
banks |
|
161,854 |
|
|
|
150,435 |
|
|
|
193,365 |
|
|
|
153,163 |
|
|
|
163,573 |
|
|
Total cash and cash equivalents |
|
321,191 |
|
|
|
288,050 |
|
|
|
291,512 |
|
|
|
280,441 |
|
|
|
305,278 |
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
AFS |
|
1,160,965 |
|
|
|
1,160,048 |
|
|
|
1,190,922 |
|
|
|
1,253,631 |
|
|
|
1,290,839 |
|
|
Held to maturity, net of allowance for credit losses |
|
11,096 |
|
|
|
11,616 |
|
|
|
11,651 |
|
|
|
11,615 |
|
|
|
10,790 |
|
|
Securities carried at fair value through income |
|
6,533 |
|
|
|
6,499 |
|
|
|
6,755 |
|
|
|
6,808 |
|
|
|
6,772 |
|
|
Total securities |
|
1,178,594 |
|
|
|
1,178,163 |
|
|
|
1,209,328 |
|
|
|
1,272,054 |
|
|
|
1,308,401 |
|
| Non-marketable equity
securities held in other financial institutions |
|
67,068 |
|
|
|
64,010 |
|
|
|
53,870 |
|
|
|
55,190 |
|
|
|
63,842 |
|
| Loans held for sale |
|
7,631 |
|
|
|
18,291 |
|
|
|
14,975 |
|
|
|
16,852 |
|
|
|
14,944 |
|
| Loans |
|
7,956,790 |
|
|
|
7,959,171 |
|
|
|
7,900,027 |
|
|
|
7,660,944 |
|
|
|
7,568,063 |
|
|
Less: ALCL |
|
95,989 |
|
|
|
100,865 |
|
|
|
98,375 |
|
|
|
96,868 |
|
|
|
95,177 |
|
|
Loans, net of ALCL |
|
7,860,801 |
|
|
|
7,858,306 |
|
|
|
7,801,652 |
|
|
|
7,564,076 |
|
|
|
7,472,886 |
|
| Premises and equipment,
net |
|
126,751 |
|
|
|
121,562 |
|
|
|
120,931 |
|
|
|
118,978 |
|
|
|
111,700 |
|
| Mortgage servicing rights |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,637 |
|
|
|
19,189 |
|
| Cash surrender value of
bank-owned life insurance |
|
40,602 |
|
|
|
40,365 |
|
|
|
40,134 |
|
|
|
39,905 |
|
|
|
39,688 |
|
| Goodwill |
|
128,679 |
|
|
|
128,679 |
|
|
|
128,679 |
|
|
|
128,679 |
|
|
|
128,679 |
|
| Other intangible assets,
net |
|
39,272 |
|
|
|
41,177 |
|
|
|
43,314 |
|
|
|
45,452 |
|
|
|
42,460 |
|
| Accrued interest receivable
and other assets |
|
195,397 |
|
|
|
208,579 |
|
|
|
187,984 |
|
|
|
185,320 |
|
|
|
226,236 |
|
|
Total assets |
$ |
9,965,986 |
|
|
$ |
9,947,182 |
|
|
$ |
9,892,379 |
|
|
$ |
9,722,584 |
|
|
$ |
9,733,303 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
| Noninterest-bearing
deposits |
$ |
1,893,767 |
|
|
$ |
1,866,622 |
|
|
$ |
1,887,066 |
|
|
$ |
1,919,638 |
|
|
$ |
2,008,671 |
|
| Interest-bearing deposits
excluding brokered interest-bearing deposits |
|
5,137,940 |
|
|
|
4,984,817 |
|
|
|
4,990,632 |
|
|
|
4,918,597 |
|
|
|
4,728,263 |
|
| Time deposits |
|
1,023,252 |
|
|
|
1,022,589 |
|
|
|
1,030,656 |
|
|
|
967,901 |
|
|
|
968,352 |
|
| Brokered deposits |
|
431,609 |
|
|
|
636,814 |
|
|
|
597,110 |
|
|
|
444,989 |
|
|
|
669,202 |
|
|
Total deposits |
|
8,486,568 |
|
|
|
8,510,842 |
|
|
|
8,505,464 |
|
|
|
8,251,125 |
|
|
|
8,374,488 |
|
| FHLB advances and other
borrowings |
|
30,446 |
|
|
|
40,737 |
|
|
|
13,158 |
|
|
|
83,598 |
|
|
|
12,213 |
|
| Subordinated indebtedness |
|
159,861 |
|
|
|
159,779 |
|
|
|
160,684 |
|
|
|
194,279 |
|
|
|
196,825 |
|
| Accrued expenses and other
liabilities |
|
143,438 |
|
|
|
139,930 |
|
|
|
134,220 |
|
|
|
130,677 |
|
|
|
150,832 |
|
|
Total liabilities |
|
8,820,313 |
|
|
|
8,851,288 |
|
|
|
8,813,526 |
|
|
|
8,659,679 |
|
|
|
8,734,358 |
|
| Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
155,837 |
|
|
|
155,543 |
|
|
|
155,057 |
|
|
|
154,931 |
|
|
|
154,534 |
|
| Additional paid-in
capital |
|
535,662 |
|
|
|
532,950 |
|
|
|
530,380 |
|
|
|
528,578 |
|
|
|
525,434 |
|
| Retained earnings |
|
548,419 |
|
|
|
534,585 |
|
|
|
518,325 |
|
|
|
500,419 |
|
|
|
491,706 |
|
| Accumulated other
comprehensive loss |
|
(94,245 |
) |
|
|
(127,184 |
) |
|
|
(124,909 |
) |
|
|
(121,023 |
) |
|
|
(172,729 |
) |
|
Total stockholders’ equity |
|
1,145,673 |
|
|
|
1,095,894 |
|
|
|
1,078,853 |
|
|
|
1,062,905 |
|
|
|
998,945 |
|
|
Total liabilities and stockholders’ equity |
$ |
9,965,986 |
|
|
$ |
9,947,182 |
|
|
$ |
9,892,379 |
|
|
$ |
9,722,584 |
|
|
$ |
9,733,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Bancorp, Inc.Loan
Data(Unaudited)
| |
At and For the Three Months Ended |
| |
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
| |
|
|
|
|
|
|
|
|
|
| LHFI |
(Dollars in thousands) |
|
Owner occupied commercial real estate |
$ |
991,671 |
|
|
$ |
959,850 |
|
|
$ |
948,624 |
|
|
$ |
953,822 |
|
|
$ |
932,109 |
|
| Non-owner occupied commercial
real estate |
|
1,533,093 |
|
|
|
1,563,152 |
|
|
|
1,472,164 |
|
|
|
1,488,912 |
|
|
|
1,503,782 |
|
| Construction/land/land
development |
|
991,545 |
|
|
|
1,017,389 |
|
|
|
1,168,597 |
|
|
|
1,070,225 |
|
|
|
1,076,756 |
|
| Residential real estate -
single family |
|
1,414,013 |
|
|
|
1,421,027 |
|
|
|
1,373,532 |
|
|
|
1,373,696 |
|
|
|
1,338,382 |
|
| Multi-family real estate |
|
434,317 |
|
|
|
398,202 |
|
|
|
359,765 |
|
|
|
361,239 |
|
|
|
349,787 |
|
|
Total real estate loans |
|
5,364,639 |
|
|
|
5,359,620 |
|
|
|
5,322,682 |
|
|
|
5,247,894 |
|
|
|
5,200,816 |
|
| Commercial and industrial |
|
2,074,037 |
|
|
|
2,070,947 |
|
|
|
2,154,151 |
|
|
|
2,059,460 |
|
|
|
2,058,073 |
|
| MW LOC |
|
495,188 |
|
|
|
506,505 |
|
|
|
400,995 |
|
|
|
329,966 |
|
|
|
286,293 |
|
| Consumer |
|
22,926 |
|
|
|
22,099 |
|
|
|
22,199 |
|
|
|
23,624 |
|
|
|
22,881 |
|
|
Total LHFI |
|
7,956,790 |
|
|
|
7,959,171 |
|
|
|
7,900,027 |
|
|
|
7,660,944 |
|
|
|
7,568,063 |
|
|
Less: ALCL |
|
95,989 |
|
|
|
100,865 |
|
|
|
98,375 |
|
|
|
96,868 |
|
|
|
95,177 |
|
|
LHFI, net |
$ |
7,860,801 |
|
|
$ |
7,858,306 |
|
|
$ |
7,801,652 |
|
|
$ |
7,564,076 |
|
|
$ |
7,472,886 |
|
| |
|
|
|
|
|
|
|
|
|
| Nonperforming
assets(1) |
|
|
|
|
|
|
|
|
|
| Nonperforming LHFI |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
2,776 |
|
|
$ |
2,196 |
|
|
$ |
4,474 |
|
|
$ |
786 |
|
|
$ |
942 |
|
|
Construction/land/land development |
|
26,291 |
|
|
|
26,336 |
|
|
|
383 |
|
|
|
305 |
|
|
|
235 |
|
|
Residential real estate(2) |
|
14,313 |
|
|
|
13,493 |
|
|
|
14,918 |
|
|
|
13,037 |
|
|
|
13,236 |
|
|
Commercial and industrial |
|
20,486 |
|
|
|
33,608 |
|
|
|
20,560 |
|
|
|
15,897 |
|
|
|
17,072 |
|
|
Consumer |
|
407 |
|
|
|
179 |
|
|
|
104 |
|
|
|
90 |
|
|
|
123 |
|
|
Total nonperforming loans |
|
64,273 |
|
|
|
75,812 |
|
|
|
40,439 |
|
|
|
30,115 |
|
|
|
31,608 |
|
| Repossessed assets |
|
6,043 |
|
|
|
6,827 |
|
|
|
3,935 |
|
|
|
3,929 |
|
|
|
3,939 |
|
|
Total nonperforming assets |
$ |
70,316 |
|
|
$ |
82,639 |
|
|
$ |
44,374 |
|
|
$ |
34,044 |
|
|
$ |
35,547 |
|
| Classified assets |
$ |
113,529 |
|
|
$ |
125,081 |
|
|
$ |
88,152 |
|
|
$ |
84,474 |
|
|
$ |
67,960 |
|
| Past due LHFI(3) |
|
38,838 |
|
|
|
66,276 |
|
|
|
32,835 |
|
|
|
26,043 |
|
|
|
20,347 |
|
| |
|
|
|
|
|
|
|
|
|
| Allowance for loan
credit losses |
|
|
|
|
|
|
|
|
|
| Balance at beginning of
period |
$ |
100,865 |
|
|
$ |
98,375 |
|
|
$ |
96,868 |
|
|
$ |
95,177 |
|
|
$ |
94,353 |
|
|
Provision for loan credit losses |
|
4,644 |
|
|
|
5,436 |
|
|
|
4,089 |
|
|
|
3,582 |
|
|
|
3,510 |
|
|
Loans charged off |
|
11,226 |
|
|
|
3,706 |
|
|
|
6,683 |
|
|
|
3,803 |
|
|
|
3,202 |
|
|
Loan recoveries |
|
1,706 |
|
|
|
760 |
|
|
|
4,101 |
|
|
|
1,912 |
|
|
|
516 |
|
|
Net charge-offs |
|
9,520 |
|
|
|
2,946 |
|
|
|
2,582 |
|
|
|
1,891 |
|
|
|
2,686 |
|
| Balance at end of period |
$ |
95,989 |
|
|
$ |
100,865 |
|
|
$ |
98,375 |
|
|
$ |
96,868 |
|
|
$ |
95,177 |
|
| |
|
|
|
|
|
|
|
|
|
| Credit quality
ratios |
|
|
|
|
|
|
|
|
|
| Total nonperforming assets to
total assets |
|
0.71 |
% |
|
|
0.83 |
% |
|
|
0.45 |
% |
|
|
0.35 |
% |
|
|
0.37 |
% |
| Nonperforming LHFI to
LHFI |
|
0.81 |
|
|
|
0.95 |
|
|
|
0.51 |
|
|
|
0.39 |
|
|
|
0.42 |
|
| Past due LHFI to LHFI |
|
0.49 |
|
|
|
0.83 |
|
|
|
0.42 |
|
|
|
0.34 |
|
|
|
0.27 |
|
| ALCL to nonperforming
LHFI |
|
149.35 |
|
|
|
133.05 |
|
|
|
243.27 |
|
|
|
321.66 |
|
|
|
301.12 |
|
| ALCL to total LHFI |
|
1.21 |
|
|
|
1.27 |
|
|
|
1.25 |
|
|
|
1.26 |
|
|
|
1.26 |
|
| ALCL to total LHFI,
adjusted(4) |
|
1.28 |
|
|
|
1.34 |
|
|
|
1.30 |
|
|
|
1.31 |
|
|
|
1.30 |
|
| Net charge-offs to total
average LHFI (annualized) |
|
0.48 |
|
|
|
0.15 |
|
|
|
0.13 |
|
|
|
0.10 |
|
|
|
0.14 |
|
____________________________
|
(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 |
| |
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
| |
Average Balance |
|
Yield/Rate |
|
Average Balance |
|
Yield/Rate |
|
Average Balance |
|
Yield/Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
| Assets |
(Dollars in thousands) |
|
Commercial real estate |
$ |
2,507,566 |
|
5.93 |
% |
|
$ |
2,497,490 |
|
5.91 |
% |
|
$ |
2,428,969 |
|
5.73 |
% |
|
Construction/land/land development |
|
1,019,302 |
|
7.37 |
|
|
|
1,058,972 |
|
6.98 |
|
|
|
1,044,180 |
|
7.04 |
|
|
Residential real estate(1) |
|
1,824,725 |
|
5.56 |
|
|
|
1,787,829 |
|
5.48 |
|
|
|
1,663,291 |
|
5.06 |
|
|
Commercial and industrial ("C&I") |
|
2,071,984 |
|
7.96 |
|
|
|
2,128,486 |
|
7.87 |
|
|
|
2,024,675 |
|
7.62 |
|
|
MW LOC |
|
484,680 |
|
7.64 |
|
|
|
430,885 |
|
7.57 |
|
|
|
376,275 |
|
7.21 |
|
|
Consumer |
|
22,739 |
|
7.93 |
|
|
|
22,396 |
|
8.06 |
|
|
|
23,704 |
|
7.74 |
|
|
LHFI |
|
7,930,996 |
|
6.67 |
|
|
|
7,926,058 |
|
6.58 |
|
|
|
7,561,094 |
|
6.35 |
|
|
Loans held for sale |
|
14,645 |
|
6.28 |
|
|
|
14,702 |
|
6.84 |
|
|
|
11,829 |
|
5.81 |
|
|
Loans receivable |
|
7,945,641 |
|
6.67 |
|
|
|
7,940,760 |
|
6.58 |
|
|
|
7,572,923 |
|
6.35 |
|
|
Investment securities-taxable |
|
1,038,634 |
|
2.50 |
|
|
|
1,046,301 |
|
2.54 |
|
|
|
1,310,459 |
|
2.48 |
|
|
Investment securities-nontaxable |
|
146,619 |
|
2.46 |
|
|
|
143,232 |
|
2.51 |
|
|
|
216,700 |
|
2.35 |
|
|
Non-marketable equity securities held in other financial
institutions |
|
66,409 |
|
2.85 |
|
|
|
56,270 |
|
6.53 |
|
|
|
58,421 |
|
6.47 |
|
|
Interest-bearing balances due from banks |
|
229,224 |
|
5.46 |
|
|
|
254,627 |
|
5.53 |
|
|
|
279,383 |
|
5.42 |
|
|
Total interest-earning assets |
|
9,426,527 |
|
6.09 |
|
|
|
9,441,190 |
|
6.04 |
|
|
|
9,437,886 |
|
5.69 |
|
| Noninterest-earning
assets |
|
559,309 |
|
|
|
|
567,035 |
|
|
|
|
597,678 |
|
|
|
Total assets |
$ |
9,985,836 |
|
|
|
$ |
10,008,225 |
|
|
|
$ |
10,035,564 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
$ |
5,177,522 |
|
3.88 |
% |
|
$ |
5,130,224 |
|
3.80 |
% |
|
$ |
4,728,211 |
|
3.28 |
% |
|
Time deposits |
|
1,469,849 |
|
4.47 |
|
|
|
1,534,679 |
|
4.46 |
|
|
|
1,626,935 |
|
4.04 |
|
|
Total interest-bearing deposits |
|
6,647,371 |
|
4.01 |
|
|
|
6,664,903 |
|
3.95 |
|
|
|
6,355,146 |
|
3.47 |
|
|
FHLB advances and other borrowings |
|
40,331 |
|
4.75 |
|
|
|
41,666 |
|
4.96 |
|
|
|
230,815 |
|
5.51 |
|
|
Subordinated indebtedness |
|
159,826 |
|
4.78 |
|
|
|
159,973 |
|
4.83 |
|
|
|
196,792 |
|
5.07 |
|
|
Total interest-bearing liabilities |
|
6,847,528 |
|
4.04 |
|
|
|
6,866,542 |
|
3.98 |
|
|
|
6,782,753 |
|
3.59 |
|
| Noninterest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
1,850,046 |
|
|
|
|
1,894,141 |
|
|
|
|
2,088,183 |
|
|
|
Other liabilities |
|
162,565 |
|
|
|
|
163,273 |
|
|
|
|
151,716 |
|
|
|
Total liabilities |
|
8,860,139 |
|
|
|
|
8,923,956 |
|
|
|
|
9,022,652 |
|
|
| Stockholders’
Equity |
|
1,125,697 |
|
|
|
|
1,084,269 |
|
|
|
|
1,012,912 |
|
|
|
Total liabilities and stockholders’ equity |
$ |
9,985,836 |
|
|
|
$ |
10,008,225 |
|
|
|
$ |
10,035,564 |
|
|
| Net interest spread |
|
|
2.05 |
% |
|
|
|
2.06 |
% |
|
|
|
2.10 |
% |
| NIM |
|
|
3.16 |
|
|
|
|
3.15 |
|
|
|
|
3.12 |
|
| NIM-FTE(2) |
|
|
3.18 |
|
|
|
|
3.17 |
|
|
|
|
3.14 |
|
____________________________
|
(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 |
| |
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 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 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
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 |
) |
|
|
— |
|
|
|
— |
|
|
Gain (loss) on sales of securities, net |
|
221 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
(403 |
) |
|
|
(0.01 |
) |
|
|
(4,606 |
) |
|
|
(0.12 |
) |
|
|
(7,173 |
) |
|
|
(0.18 |
) |
|
Gain on sub-debt repurchase |
|
— |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Positive valuation adjustment on non-marketable equity
securities |
|
— |
|
|
|
— |
|
|
|
5,188 |
|
|
|
0.13 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,096 |
|
|
|
0.26 |
|
|
Gain on bank property sale |
|
— |
|
|
|
— |
|
|
|
800 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Notable
noninterest expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense related to questioned banker activity |
|
(848 |
) |
|
|
(0.02 |
) |
|
|
(1,452 |
) |
|
|
(0.04 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total notable
items |
$ |
(627 |
) |
|
|
(0.02 |
) |
|
$ |
(3,932 |
) |
|
|
(0.10 |
) |
|
$ |
7 |
|
|
|
— |
|
|
$ |
(6,375 |
) |
|
|
(0.16 |
) |
|
$ |
2,923 |
|
|
|
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.Notable Items -
Continued(Unaudited)
| |
Nine Months Ended September 30, |
| |
|
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 related to questioned banker activity |
|
(3,212 |
) |
|
|
(0.08 |
) |
|
|
— |
|
|
|
— |
|
|
Provision expense on relationships impacted by questioned banker
activity |
|
(4,131 |
) |
|
|
(0.10 |
) |
|
|
— |
|
|
|
— |
|
| Notable noninterest income
items: |
|
|
|
|
|
|
|
|
MSR gain |
|
410 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
Loss on sales of securities, net |
|
(182 |
) |
|
|
— |
|
|
|
(7,029 |
) |
|
|
(0.18 |
) |
|
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 bank property sale |
|
800 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
| Notable
noninterest expense items: |
|
|
|
|
|
Operating expense related to questioned banker activity |
|
(2,300 |
) |
|
|
(0.06 |
) |
|
|
— |
|
|
|
— |
|
| Total notable
items |
$ |
(4,552 |
) |
|
|
(0.12 |
) |
|
$ |
3,538 |
|
|
|
0.09 |
|
____________________________
|
(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 |
| |
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
| |
|
|
|
|
|
|
|
|
|
| |
(Dollars in thousands, except per share amounts) |
| Calculation of PTPP
earnings: |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
18,601 |
|
|
$ |
20,989 |
|
|
$ |
22,632 |
|
|
$ |
13,425 |
|
|
$ |
24,313 |
|
|
Provision for credit losses |
|
4,603 |
|
|
|
5,231 |
|
|
|
3,012 |
|
|
|
2,735 |
|
|
|
3,515 |
|
|
Income tax expense |
|
5,068 |
|
|
|
5,747 |
|
|
|
6,227 |
|
|
|
4,119 |
|
|
|
5,758 |
|
| PTPP earnings
(non-GAAP) |
$ |
28,272 |
|
|
$ |
31,967 |
|
|
$ |
31,871 |
|
|
$ |
20,279 |
|
|
$ |
33,586 |
|
| |
|
|
|
|
|
|
|
|
|
| Calculation of PTPP
ROAA: |
|
|
|
|
|
|
|
|
|
| PTPP earnings |
$ |
28,272 |
|
|
$ |
31,967 |
|
|
$ |
31,871 |
|
|
$ |
20,279 |
|
|
$ |
33,586 |
|
|
Divided by number of days in the quarter |
|
92 |
|
|
|
91 |
|
|
|
91 |
|
|
|
92 |
|
|
|
92 |
|
|
Multiplied by the number of days in the year |
|
366 |
|
|
|
366 |
|
|
|
366 |
|
|
|
365 |
|
|
|
365 |
|
| PTPP earnings, annualized |
$ |
112,473 |
|
|
$ |
128,571 |
|
|
$ |
128,184 |
|
|
$ |
80,455 |
|
|
$ |
133,249 |
|
| |
|
|
|
|
|
|
|
|
|
|
Divided by total average assets |
$ |
9,985,836 |
|
|
$ |
10,008,225 |
|
|
$ |
9,861,236 |
|
|
$ |
9,753,847 |
|
|
$ |
10,035,564 |
|
| ROAA (annualized)
(GAAP) |
|
0.74 |
% |
|
|
0.84 |
% |
|
|
0.92 |
% |
|
|
0.55 |
% |
|
|
0.96 |
% |
| PTPP ROAA (annualized)
(non-GAAP) |
|
1.13 |
|
|
|
1.28 |
|
|
|
1.30 |
|
|
|
0.82 |
|
|
|
1.33 |
|
| |
|
|
|
|
|
|
|
|
|
|
Calculation of tangible common equity to tangible common
assets, book value per common share and adjusted tangible book
value per common share: |
| Total assets |
$ |
9,965,986 |
|
|
$ |
9,947,182 |
|
|
$ |
9,892,379 |
|
|
$ |
9,722,584 |
|
|
$ |
9,733,303 |
|
|
Goodwill |
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
Other intangible assets, net |
|
(39,272 |
) |
|
|
(41,177 |
) |
|
|
(43,314 |
) |
|
|
(45,452 |
) |
|
|
(42,460 |
) |
| Tangible assets |
|
9,798,035 |
|
|
|
9,777,326 |
|
|
|
9,720,386 |
|
|
|
9,548,453 |
|
|
|
9,562,164 |
|
| |
|
|
|
|
|
|
|
|
|
| Total common stockholders’
equity |
$ |
1,145,673 |
|
|
$ |
1,095,894 |
|
|
$ |
1,078,853 |
|
|
$ |
1,062,905 |
|
|
$ |
998,945 |
|
|
Goodwill |
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
Other intangible assets, net |
|
(39,272 |
) |
|
|
(41,177 |
) |
|
|
(43,314 |
) |
|
|
(45,452 |
) |
|
|
(42,460 |
) |
| Tangible common equity |
|
977,722 |
|
|
|
926,038 |
|
|
|
906,860 |
|
|
|
888,774 |
|
|
|
827,806 |
|
|
Accumulated other comprehensive loss |
|
94,245 |
|
|
|
127,184 |
|
|
|
124,909 |
|
|
|
121,023 |
|
|
|
172,729 |
|
| Adjusted tangible common
equity |
|
1,071,967 |
|
|
|
1,053,222 |
|
|
|
1,031,769 |
|
|
|
1,009,797 |
|
|
|
1,000,535 |
|
|
Divided by common shares outstanding at the end of the period |
|
31,167,410 |
|
|
|
31,108,667 |
|
|
|
31,011,304 |
|
|
|
30,986,109 |
|
|
|
30,906,716 |
|
| Book value per common
share (GAAP) |
$ |
36.76 |
|
|
$ |
35.23 |
|
|
$ |
34.79 |
|
|
$ |
34.30 |
|
|
$ |
32.32 |
|
| Tangible book value
per common share (non-GAAP) |
|
31.37 |
|
|
|
29.77 |
|
|
|
29.24 |
|
|
|
28.68 |
|
|
|
26.78 |
|
| Adjusted tangible book
value per common share (non-GAAP) |
|
34.39 |
|
|
|
33.86 |
|
|
|
33.27 |
|
|
|
32.59 |
|
|
|
32.37 |
|
| Tangible common equity
to tangible assets (non-GAAP) |
|
9.98 |
% |
|
|
9.47 |
% |
|
|
9.33 |
% |
|
|
9.31 |
% |
|
|
8.66 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of ROATCE: |
|
|
|
|
|
|
|
|
| Net income |
$ |
18,601 |
|
|
$ |
20,989 |
|
|
$ |
22,632 |
|
|
$ |
13,425 |
|
|
$ |
24,313 |
|
|
Divided by number of days in the quarter |
|
92 |
|
|
|
91 |
|
|
|
91 |
|
|
|
92 |
|
|
|
92 |
|
|
Multiplied by number of days in the year |
|
366 |
|
|
|
366 |
|
|
|
366 |
|
|
|
365 |
|
|
|
365 |
|
| Annualized net income |
$ |
74,000 |
|
|
$ |
84,417 |
|
|
$ |
91,025 |
|
|
$ |
53,262 |
|
|
$ |
96,459 |
|
| |
|
|
|
|
|
|
|
|
|
| Total average common
stockholders’ equity |
$ |
1,125,697 |
|
|
$ |
1,084,269 |
|
|
$ |
1,062,705 |
|
|
$ |
1,013,286 |
|
|
$ |
1,012,912 |
|
|
Average goodwill |
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
|
(128,679 |
) |
|
Average other intangible assets, net |
|
(40,487 |
) |
|
|
(42,563 |
) |
|
|
(44,700 |
) |
|
|
(46,825 |
) |
|
|
(43,901 |
) |
| Average tangible common
equity |
|
956,531 |
|
|
|
913,027 |
|
|
|
889,326 |
|
|
|
837,782 |
|
|
|
840,332 |
|
| |
|
|
|
|
|
|
|
|
|
| ROATCE
(non-GAAP) |
|
7.74 |
% |
|
|
9.25 |
% |
|
|
10.24 |
% |
|
|
6.36 |
% |
|
|
11.48 |
% |
| |
|
|
|
|
|
|
|
|
|
| Calculation of core
efficiency ratio: |
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
$ |
62,521 |
|
|
$ |
64,388 |
|
|
$ |
58,707 |
|
|
$ |
60,906 |
|
|
$ |
58,663 |
|
| Insurance and mortgage
noninterest expense |
|
(8,448 |
) |
|
|
(8,402 |
) |
|
|
(8,045 |
) |
|
|
(8,581 |
) |
|
|
(8,579 |
) |
| Adjusted total noninterest
expense |
|
54,073 |
|
|
|
55,986 |
|
|
|
50,662 |
|
|
|
52,325 |
|
|
|
50,084 |
|
| |
|
|
|
|
|
|
|
|
|
| Net interest income |
$ |
74,804 |
|
|
$ |
73,890 |
|
|
$ |
73,323 |
|
|
$ |
72,989 |
|
|
$ |
74,130 |
|
|
Insurance and mortgage net interest income |
|
(2,578 |
) |
|
|
(2,407 |
) |
|
|
(2,795 |
) |
|
|
(2,294 |
) |
|
|
(2,120 |
) |
|
Total noninterest income |
|
15,989 |
|
|
|
22,465 |
|
|
|
17,255 |
|
|
|
8,196 |
|
|
|
18,119 |
|
|
Insurance and mortgage noninterest income |
|
(8,081 |
) |
|
|
(8,543 |
) |
|
|
(10,123 |
) |
|
|
(4,727 |
) |
|
|
(7,335 |
) |
| Adjusted total revenue |
|
80,134 |
|
|
|
85,405 |
|
|
|
77,660 |
|
|
|
74,164 |
|
|
|
82,794 |
|
| |
|
|
|
|
|
|
|
|
|
| Efficiency ratio
(GAAP) |
|
68.86 |
% |
|
|
66.82 |
% |
|
|
64.81 |
% |
|
|
75.02 |
% |
|
|
63.59 |
% |
| Core efficiency ratio
(non-GAAP) |
|
67.48 |
|
|
|
65.55 |
|
|
|
65.24 |
|
|
|
70.55 |
|
|
|
60.49 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origin Bancorp,
Inc.Non-GAAP Financial Measures -
Continued(Unaudited)
| |
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
| |
(Dollars in thousands, except per share amounts) |
| Calculation of PTPP
earnings: |
|
|
|
| Net
income |
$ |
62,222 |
|
|
$ |
70,375 |
|
|
Provision for credit losses |
|
12,846 |
|
|
|
14,018 |
|
|
Income tax expense |
|
17,042 |
|
|
|
18,004 |
|
| PTPP earnings
(non-GAAP) |
$ |
92,110 |
|
|
$ |
102,397 |
|
| |
|
|
|
| Calculation of PTPP
ROAA: |
|
|
|
| PTPP Earnings |
$ |
92,110 |
|
|
$ |
102,397 |
|
|
Divided by the year-to-date number of days |
|
274 |
|
|
|
273 |
|
|
Multiplied by number of days in the year |
|
366 |
|
|
|
365 |
|
| Annualized PTPP Earnings |
$ |
123,037 |
|
|
$ |
136,904 |
|
| |
|
|
|
| Divided by total average
assets |
$ |
9,951,890 |
|
|
$ |
10,004,097 |
|
| ROAA (annualized)
(GAAP) |
|
0.84 |
% |
|
|
0.94 |
% |
| PTPP ROAA (annualized)
(non-GAAP) |
|
1.24 |
|
|
|
1.37 |
|
| |
|
|
|
|
Calculation of ROATCE: |
|
|
| Net income |
$ |
62,222 |
|
|
$ |
70,375 |
|
|
Divided by the year-to-date number of days |
|
274 |
|
|
|
273 |
|
|
Multiplied by number of days in the year |
|
366 |
|
|
|
365 |
|
| Annualized net income |
$ |
83,114 |
|
|
$ |
94,091 |
|
| |
|
|
|
| Total average common
stockholders’ equity |
$ |
1,091,018 |
|
|
$ |
995,395 |
|
|
Average goodwill |
|
(128,679 |
) |
|
|
(128,679 |
) |
|
Average other intangible assets, net |
|
(42,576 |
) |
|
|
(46,391 |
) |
| Average tangible common
equity |
|
919,763 |
|
|
|
820,325 |
|
| |
|
|
|
| ROATCE |
|
9.04 |
% |
|
|
11.47 |
% |
| |
|
|
|
| Calculation of core
efficiency ratio: |
|
|
|
| Total noninterest expense |
$ |
185,616 |
|
|
$ |
174,310 |
|
|
Insurance and mortgage noninterest expense |
|
(24,895 |
) |
|
|
(25,768 |
) |
| Adjusted total noninterest
expense |
|
160,721 |
|
|
|
148,542 |
|
| |
|
|
|
| Net interest income |
$ |
222,017 |
|
|
$ |
226,568 |
|
|
Insurance and mortgage net interest income |
|
(7,780 |
) |
|
|
(5,187 |
) |
|
Total noninterest income |
|
55,709 |
|
|
|
50,139 |
|
|
Insurance and mortgage noninterest income |
|
(26,747 |
) |
|
|
(23,714 |
) |
| Adjusted total revenue |
|
243,199 |
|
|
|
247,806 |
|
| |
|
|
|
| Efficiency
ratio |
|
66.83 |
% |
|
|
62.99 |
% |
| Core efficiency
ratio |
|
66.09 |
|
|
|
59.94 |
|
Origin Bancorp (NYSE:OBK)
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From Oct 2024 to Nov 2024
Origin Bancorp (NYSE:OBK)
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From Nov 2023 to Nov 2024
