Origin Bancorp Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
OBK$54.24+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| Cash flows from operating activities: | 2023 | 2022 | 2021 |
| Net income | $83,800 | $87,715 | $108,546 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 16,753 | 24,691 | (10,765) |
| Depreciation and amortization | 17,628 | 12,305 | 6,830 |
| Net amortization on securities | 6,889 | 8,734 | 7,758 |
| Accretion of net premium/discount on purchased loans | (2,023) | (2,840) | — |
| Amortization of investments in tax credit funds | 1,842 | 1,659 | 1,825 |
| Loss (gain) on sale of securities, net | 11,635 | (1,664) | (1,748) |
| Deferred income tax expense | 27,714 | 18,309 | 6,279 |
| Stock-based compensation expense | 5,281 | 3,449 | 2,295 |
| Originations of mortgage loans held for sale | (187,088) | (259,202) | (478,325) |
| Proceeds from mortgage loans held for sale | 158,357 | 264,607 | 542,638 |
| Gain on mortgage loans held for sale, including origination of mortgage servicing rights | (3,819) | (7,175) | (17,015) |
| Mortgage servicing rights valuation adjustment | 4,089 | (1,219) | 2,593 |
| Net loss (gain) on disposals of premises and equipment | 2 | (19) | 82 |
| Increase in the cash surrender value of life insurance | (865) | (688) | (810) |
| Gain on equity securities without a readily determinable fair value | (10,096) | — | (19) |
| Net (gain) losses on sales and write-downs of other real estate owned | (66) | 194 | 103 |
| Gain on fair value of previously held interest in Lincoln Agency | — | — | (5,213) |
| Net change in operating leases | (770) | (3) | 124 |
| (Increase) decrease in other assets | (6,627) | (2,099) | 1,731 |
| Increase (decrease) in other liabilities | 7,285 | (1,105) | 4,577 |
| Net cash provided by operating activities | 129,921 | 145,649 | 171,486 |
| Cash flows from investing activities: | |||
| Cash acquired in (paid for) business combination | — | 69,953 | (7,457) |
| Purchases of securities available for sale | (10,981) | (558,091) | (717,028) |
| Maturities and pay downs of securities available for sale | 137,815 | 165,328 | 146,941 |
| Proceeds from sales and calls of securities available for sale | 291,189 | 487,544 | 44,893 |
| Purchase of securities held to maturity | — | (7,000) | — |
| Maturities, pay downs and calls of securities held to maturity | 486 | 17,750 | 15,250 |
| Pay downs of securities carried at fair value | 285 | 275 | 3,243 |
| Net redemption (purchases) of non-marketable equity securities held in other financial institutions | 23,980 | (15,818) | 17,583 |
| Originations of mortgage warehouse loans | (6,470,400) | (9,126,356) | (16,121,464) |
| Proceeds from pay-offs of mortgage warehouse loans | 6,425,300 | 9,468,569 | 16,578,387 |
| Net (increase) decrease in loans, excluding mortgage warehouse and loans held for sale | (499,558) | (949,638) | 55,020 |
| Proceeds from bank-owned life insurance | — | — | 11 |
| Return of capital and other distributions from limited partnership investments | 1,757 | 6,668 | — |
| Capital calls on limited partnership investments | (2,644) | (4,057) | (225) |
| Purchase of low-income housing tax credit investments | (572) | (3,646) | (1,254) |
| Purchases of premises and equipment | (26,830) | (8,466) | (5,015) |
| Proceeds from sales of premises and equipment | 49 | — | 18 |
| Proceeds from sales of other real estate owned | 93 | 997 | 3,949 |
| Net cash (used in) provided by investing activities | (130,031) | (455,988) | 12,852 |
Consolidated Statements of Cash Flows - Continued
| Years Ended December 31, | |||
|---|---|---|---|
| Cash flows from financing activities: | 2023 | 2022 | 2021 |
| Net increase (decrease) in deposits | $475,423 | $(361,450) | $819,378 |
| Repayments on long-term FHLB advances | (266) | (250,257) | (13,716) |
| Proceeds from short-term FHLB advances | 6,065,000 | 10,025,000 | 5,726,000 |
| Repayments on short-term FHLB advances | (6,545,000) | (9,475,000) | (6,376,000) |
| Repurchase of subordinated debentures, net | (4,729) | — | — |
| Maturities of subordinated debentures | (2,625) | — | — |
| (Repayments on) proceeds from other short-term borrowings | (30,000) | 30,000 | — |
| Net (decrease) increase in securities sold under agreements to repurchase | (20,797) | 8,339 | 1,039 |
| Dividends paid | (18,567) | (15,887) | (11,525) |
| Cash received from exercise of stock options | 3,140 | 2,948 | 146 |
| Common stock repurchased | — | — | (1,256) |
| Net cash (used in) provided by financing activities | (78,421) | (36,307) | 144,066 |
| Net (decrease) increase in cash and cash equivalents | (78,531) | (346,646) | 328,404 |
| Cash and cash equivalents at beginning of year | 358,972 | 705,618 | 377,214 |
| Cash and cash equivalents at end of year | $280,441 | $358,972 | $705,618 |
| Interest paid | $215,479 | $50,104 | $26,265 |
| Income taxes paid (refund) | 383 | (6,261) | 21,164 |
| Significant non-cash transactions: | |||
| Unsettled liability for investment purchases recorded at trade date | — | 751 | 8,191 |
| Real estate acquired in settlement of loans | 3,243 | 675 | 3,889 |
| Decrease in Government National Mortgage Association (“GNMA”) repurchase obligation | (24,569) | (18,786) | (12,130) |
| Recognition of operating right-of-use assets | 20,568 | 13,428 | 5,776 |
| Recognition of operating lease liabilities | 20,653 | 13,643 | 6,310 |
| Total assets acquired in BTH merger | — | 1,846,598 | — |
| Total liabilities assumed in BTH merger | — | 1,633,340 | — |
| Common stock issued in BTH merger as consideration | — | 292,657 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.