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Midas Edge

Origin Bancorp Inc

For the period ended Sep 30, 2024. Filed Nov 6, 2024.

View on SEC.gov

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.

Sep 30, 2024 · Filed Nov 6, 2024

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

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

See the whole filing, with its images and exhibits
Contents

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

Consolidated Statements of Income

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Interest and dividend income
Interest and fees on loans$133,195$121,204$390,260$343,142
Investment securities-taxable6,5368,19419,99124,658
Investment securities-nontaxable9051,2812,7083,974
Interest and dividend income on assets held in other financial institutions3,6214,77211,79316,132
Total interest and dividend income144,257135,451424,752387,906
Interest expense
Interest-bearing deposits67,05155,599195,362136,686
FHLB advances and other borrowings4823,2071,51417,038
Subordinated indebtedness1,9202,5155,8597,614
Total interest expense69,45361,321202,735161,338
Net interest income74,80474,130222,017226,568
Provision for credit losses4,6033,51512,84614,018
Net interest income after provision for credit losses70,20170,615209,171212,550
Noninterest income
Insurance commission and fee income6,9286,44321,31819,639
Service charges and fees4,6644,62114,21413,914
Other fee income2,1142,0066,7655,970
Mortgage banking revenue1,1538925,4294,075
Swap fee income1063662071,081
Gain (loss) on sales of securities, net221(7,173)(182)(7,029)
Change in fair value of equity investments—10,0965,18810,096
Other income8038682,7702,393
Total noninterest income15,98918,11955,70950,139
Noninterest expense
Salaries and employee benefits38,49134,624112,418102,888
Occupancy and equipment, net6,2986,79019,95219,871
Data processing3,4702,77510,0838,528
Office and operations2,9842,8688,5587,887
Intangible asset amortization1,9052,2646,1797,369
Regulatory assessments1,7911,9135,3674,596
Advertising and marketing1,4491,3714,2214,296
Professional services2,0121,4094,5464,491
Loan-related expense7511,2202,7333,941
Electronic banking1,3081,3843,7853,609
Franchise tax expense7215202,0132,392
Other expense1,3411,5255,7614,442
Total noninterest expense62,52158,663185,616174,310
Income before income tax expense23,66930,07179,26488,379
Income tax expense5,0685,75817,04218,004
Net income$18,601$24,313$62,222$70,375
Basic earnings per common share$0.60$0.79$2.00$2.29
Diluted earnings per common share0.600.792.002.28

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income$18,601$24,313$62,222$70,375
Other comprehensive income (loss)
Securities available for sale and transferred securities:
Net unrealized holding gain (loss) arising during the period42,227(32,357)33,974(23,355)
Reclassification adjustment for net (gain) loss included in net income(221)7,1731827,029
Change in the net unrealized gain (loss) on available for sale investment securities, before tax42,006(25,184)34,156(16,326)
Net loss realized as a yield adjustment in interest on transferred investment securities(2)(3)(8)(8)
Change in the net unrealized gain (loss) on investment securities, before tax42,004(25,187)34,148(16,334)
Income tax expense (benefit) related to net unrealized gain (loss) arising during the period8,821(5,289)7,171(3,430)
Change in the net unrealized gain (loss) on investment securities, net of tax33,183(19,898)26,977(12,904)
Cash flow hedges:
Net unrealized (loss) gain arising during the period(198)167771,078
Reclassification adjustment for net gain included in net income(111)(106)(329)(1,014)
Change in the net unrealized (loss) gain on cash flow hedges, before tax(309)61(252)64
Income tax (benefit) expense related to net unrealized gain (loss) on cash flow hedges(65)13(53)14
Change in net unrealized net (loss) gain on cash flow hedges, net of tax(244)48(199)50
Other comprehensive income (loss), net of tax32,939(19,850)26,778(12,854)
Comprehensive income$51,540$4,463$89,000$57,521

Consolidated Statements of Changes in Stockholders' Equity

Common Shares OutstandingCommonStockAdditional Paid-InCapitalRetainedEarningsAccumulatedOtherComprehensive(Loss) IncomeTotalStockholders’Equity
Balance at January 1, 202330,746,600$153,733$520,669$435,416$(159,875)$949,943
Net income———24,302—24,302
Other comprehensive income, net of tax————21,39421,394
Stock-based compensation expense——1,391——1,391
Stock-based compensation shares issued, net of shares withheld9,75049(138)——(89)
Exercise of stock options, net of shares withheld24,503122202——324
Dividends declared - common stock ($0.15 per share)———(4,678)—(4,678)
Balance at March 31, 202330,780,853153,904522,124455,040(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 withheld23,647118(118)———
Exercise of stock options, net of shares withheld15,49278250——328
Shares issued under employee stock purchase program46,213231886——1,117
Dividends declared - common stock ($0.15 per share)———(4,695)—(4,695)
Balance at June 30, 202330,866,205154,331524,302472,105(152,879)997,859
Net income———24,313—24,313
Other comprehensive loss, net of tax————(19,850)(19,850)
Stock-based compensation expense——1,335——1,335
Stock-based compensation shares issued, net of shares withheld27,388137(354)——(217)
Exercise of stock options, net of shares withheld13,12366151——217
Dividends declared - common stock ($0.15 per share)———(4,712)—(4,712)
Balance at September 30, 202330,906,716$154,534$525,434$491,706$(172,729)$998,945

Consolidated Statements of Changes in Stockholders' Equity - Continued

(unaudited)

Common Shares OutstandingCommonStockAdditional Paid-InCapitalRetainedEarningsAccumulatedOtherComprehensiveLossTotalStockholders’Equity
Balance at January 1, 202430,986,109$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 withheld20,108101(286)——(185)
Exercise of stock options, net of shares withheld5,087259——34
Dividends declared - common stock ($0.15 per share)———(4,726)—(4,726)
Balance at March 31, 202431,011,304155,057530,380518,325(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 withheld37,064185(284)——(99)
Exercise of stock options, net of shares withheld3,6411863——81
Shares issued under employee stock purchase program56,6582831,103——1,386
Dividends declared - common stock ($0.15 per share)———(4,729)—(4,729)
Balance at June 30, 202431,108,667155,543532,950534,585(127,184)1,095,894
Net income———18,601—18,601
Other comprehensive income, net of tax————32,93932,939
Stock-based compensation expense——2,186——2,186
Stock-based compensation shares issued, net of shares withheld24,316122(367)——(245)
Exercise of stock options, net of shares withheld34,427172893——1,065
Dividends declared - common stock ($0.15 per share)———(4,767)—(4,767)
Balance at September 30, 202431,167,410$155,837$535,662$548,419$(94,245)$1,145,673
ContentsView on SEC.gov

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