Origin Bancorp Inc

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 8, 2024

OBK$53.78+1.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023, (unaudited)

Consolidated Statements of Income

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Interest and dividend income
Interest and fees on loans	$129,879	$115,442	$257,065	$221,938
Investment securities-taxable	6,606	8,303	13,455	16,464
Investment securities-nontaxable	893	1,283	1,803	2,693
Interest and dividend income on assets held in other financial institutions	4,416	7,286	8,172	11,360
Total interest and dividend income	141,794	132,314	280,495	252,455
Interest expense
Interest-bearing deposits	65,469	46,530	128,311	81,087
FHLB advances and other borrowings	514	7,951	1,032	13,831
Subordinated indebtedness	1,921	2,542	3,939	5,099
Total interest expense	67,904	57,023	133,282	100,017
Net interest income	73,890	75,291	147,213	152,438
Provision for credit losses	5,231	4,306	8,243	10,503
Net interest income after provision for credit losses	68,659	70,985	138,970	141,935
Noninterest income
Insurance commission and fee income	6,665	6,185	14,390	13,196
Service charges and fees	4,862	4,722	9,550	9,293
Other fee income	2,404	1,990	4,651	3,964
Mortgage banking revenue	1,878	1,402	4,276	3,183
Swap fee income	44	331	101	715
(Loss) gain on sales of securities, net	—	—	(403)	144
Change in fair value of equity investments	5,188	—	5,188	—
Other income	1,424	1,006	1,967	1,525
Total noninterest income	22,465	15,636	39,720	32,020
Noninterest expense
Salaries and employee benefits	38,109	34,533	73,927	68,264
Occupancy and equipment, net	7,009	6,578	13,654	13,081
Data processing	3,468	2,837	6,613	5,753
Office and operations	3,072	2,716	5,574	5,019
Intangible asset amortization	2,137	2,552	4,274	5,105
Regulatory assessments	1,842	1,732	3,576	2,683
Advertising and marketing	1,328	1,469	2,772	2,925
Professional services	1,303	1,557	2,534	3,082
Loan-related expense	1,077	1,256	1,982	2,721
Electronic banking	1,238	1,216	2,477	2,225
Franchise tax expense	815	897	1,292	1,872
Other expense	2,990	1,544	4,420	2,917
Total noninterest expense	64,388	58,887	123,095	115,647
Income before income tax expense	26,736	27,734	55,595	58,308
Income tax expense	5,747	5,974	11,974	12,246
Net income	$20,989	$21,760	$43,621	$46,062
Basic earnings per common share	$0.68	$0.71	$1.41	$1.50
Diluted earnings per common share	0.67	0.70	1.40	1.49

Consolidated Statements of Comprehensive Income

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Net income	$20,989	$21,760	$43,621	$46,062
Other comprehensive income (loss)
Securities available for sale and transferred securities:
Net unrealized holding (loss) gain arising during the period	(2,838)	(18,398)	(8,253)	9,002
Reclassification adjustment for net loss (gain) included in net income	—	—	403	(144)
Change in the net unrealized (loss) gain on available for sale investment securities, before tax	(2,838)	(18,398)	(7,850)	8,858
Net loss realized as a yield adjustment in interest on transferred investment securities	(3)	(2)	(6)	(5)
Change in the net unrealized (loss) gain on investment securities, before tax	(2,841)	(18,400)	(7,856)	8,853
Income tax (benefit) expense related to net unrealized gain (loss) arising during the period	(597)	(3,865)	(1,650)	1,859
Change in the net unrealized (loss) gain on investment securities, net of tax	(2,244)	(14,535)	(6,206)	6,994
Cash flow hedges:
Net unrealized gain arising during the period	71	268	275	911
Reclassification adjustment for net gain included in net income	(110)	(94)	(218)	(908)
Change in the net unrealized gain (loss) on cash flow hedges, before tax	(39)	174	57	3
Income tax expense (benefit) related to net unrealized gain (loss) on cash flow hedges	(8)	37	12	1
Change in net unrealized net gain (loss) on cash flow hedges, net of tax	(31)	137	45	2
Other comprehensive (loss) income, net of tax	(2,275)	(14,398)	(6,161)	6,996
Comprehensive income	$18,714	$7,362	$37,460	$53,058

Consolidated Statements of Changes in Stockholders' Equity

	Common Shares Outstanding	CommonStock	Additional Paid-InCapital	RetainedEarnings	AccumulatedOtherComprehensive(Loss) Income	TotalStockholders’Equity
Balance at January 1, 2023	30,746,600	$153,733	$520,669	$435,416	$(159,875)	$949,943
Net income	—	—	—	24,302	—	24,302
Other comprehensive income, net of tax	—	—	—	—	21,394	21,394
Stock-based compensation expense	—	—	1,391	—	—	1,391
Stock-based compensation shares issued, net of shares withheld	9,750	49	(138)	—	—	(89)
Exercise of stock options, net of shares withheld	24,503	122	202	—	—	324
Dividends declared - common stock ($0.15 per share)	—	—	—	(4,678)	—	(4,678)
Balance at March 31, 2023	30,780,853	153,904	522,124	455,040	(138,481)	992,587
Net income	—	—	—	21,760	—	21,760
Other comprehensive loss, net of tax	—	—	—	—	(14,398)	(14,398)
Stock-based compensation expense	—	—	1,160	—	—	1,160
Stock-based compensation shares issued, net of shares withheld	23,647	118	(118)	—	—	—
Exercise of stock options, net of shares withheld	15,492	78	250	—	—	328
Shares issued under employee stock purchase program	46,213	231	886	—	—	1,117
Dividends declared - common stock ($0.15 per share)	—	—	—	(4,695)	—	(4,695)
Balance at June 30, 2023	30,866,205	$154,331	$524,302	$472,105	$(152,879)	$997,859

Consolidated Statements of Changes in Stockholders' Equity - Continued

(unaudited)

	Common Shares Outstanding	CommonStock	Additional Paid-InCapital	RetainedEarnings	AccumulatedOtherComprehensiveLoss	TotalStockholders’Equity
Balance at January 1, 2024	30,986,109	$154,931	$528,578	$500,419	$(121,023)	$1,062,905
Net income	—	—	—	22,632	—	22,632
Other comprehensive loss, net of tax	—	—	—	—	(3,886)	(3,886)
Stock-based compensation expense	—	—	2,079	—	—	2,079
Stock-based compensation shares issued, net of shares withheld	20,108	101	(286)	—	—	(185)
Exercise of stock options, net of shares withheld	5,087	25	9	—	—	34
Dividends declared - common stock ($0.15 per share)	—	—	—	(4,726)	—	(4,726)
Balance at March 31, 2024	31,011,304	155,057	530,380	518,325	(124,909)	1,078,853
Net income	—	—	—	20,989	—	20,989
Other comprehensive loss, net of tax	—	—	—	—	(2,275)	(2,275)
Stock-based compensation expense	—	—	1,688	—	—	1,688
Stock-based compensation shares issued, net of shares withheld	37,064	185	(284)	—	—	(99)
Exercise of stock options, net of shares withheld	3,641	18	63	—	—	81
Shares issued under employee stock purchase program	56,658	283	1,103	—	—	1,386
Dividends declared - common stock ($0.15 per share)	—	—	—	(4,729)	—	(4,729)
Balance at June 30, 2024	31,108,667	$155,543	$532,950	$534,585	$(127,184)	$1,095,894

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.