OBK 8-K

Origin Bancorp, Inc. (OBK)

8-K 2025-04-23 For: 2025-04-23

View Original

Added on April 09, 2026

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


ITEM 9.01			Financial Statements and Exhibits
(d)			Exhibits.
Exhibit 99.1			Press release, dated April 23, 2025, announcing first quarter 2025 earnings
Exhibit 99.2			Presentation materials
Exhibit 99.3			Press release, dated April 23, 2025, announcing quarterly dividend
Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document)


Dated: April 23, 2025						ORIGIN BANCORP, INC.

						By: /s/ William J. Wallace, IV
						William J. Wallace, IV
						Senior Executive Officer and Chief Financial Officer


	At and For the Three Months Ended									Change			% Change
(Dollars in thousands, unaudited)	March 31, 2025			December 31, 2024			March 31, 2024			Linked Quarter			Linked Quarter
Past due LHFI	$	72,774		$	42,437		$	32,835		$	30,337		71.5	%
Allowance for loan credit losses (“ALCL”)	92,011			91,060			98,375			951			1.0
Classified loans	127,676			118,782			84,217			8,894			7.5
Total nonperforming LHFI	81,368			75,002			40,439			6,366			8.5
Provision (benefit) for credit losses	3,444			(5,398)			3,012			8,842			N/M
Net charge-offs (recoveries)	2,728			(560)			2,582			3,288			N/M
Credit quality ratios(1):
ALCL to nonperforming LHFI	113.08		%	121.41		%	243.27		%	(8.33)		%	N/A
ALCL to total LHFI	1.21			1.20			1.25			0.01			N/A
ALCL to total LHFI, adjusted(2)	1.28			1.25			1.30			0.03			N/A
Classified loans to total LHFI	1.68			1.57			1.07			0.11			N/A
Nonperforming LHFI to LHFI	1.07			0.99			0.51			0.08			N/A
Net charge-offs to total average LHFI (annualized)	0.15			(0.03)			0.13			0.18			N/A


	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Income statement and share amounts	(Dollars in thousands, except per share amounts)
Net interest income	$	78,459		$	78,349		$	74,804		$	73,890		$	73,323
Provision (benefit) for credit losses	3,444			(5,398)			4,603			5,231			3,012
Noninterest income	15,602			(330)			15,989			22,465			17,255
Noninterest expense	62,068			65,422			62,521			64,388			58,707
Income before income tax expense	28,549			17,995			23,669			26,736			28,859
Income tax expense	6,138			3,725			5,068			5,747			6,227
Net income	$	22,411		$	14,270		$	18,601		$	20,989		$	22,632
PTPP earnings(1)	$	31,993		$	12,597		$	28,272		$	31,967		$	31,871
Basic earnings per common share	0.72			0.46			0.60			0.68			0.73
Diluted earnings per common share	0.71			0.46			0.60			0.67			0.73
Dividends declared per common share	0.15			0.15			0.15			0.15			0.15
Weighted average common shares outstanding - basic	31,205,752			31,155,486			31,130,293			31,042,527			30,981,333
Weighted average common shares outstanding - diluted	31,412,010			31,308,805			31,239,877			31,131,829			31,078,910

Balance sheet data
Total LHFI	$	7,585,526		$	7,573,713		$	7,956,790		$	7,959,171		$	7,900,027
Total LHFI excluding MW LOC	7,181,395			7,224,632			7,461,602			7,452,666			7,499,032
Total assets	9,750,372			9,678,702			9,965,986			9,947,182			9,892,379
Total deposits	8,338,412			8,223,120			8,486,568			8,510,842			8,505,464


Total stockholders’ equity	1,180,177			1,145,245			1,145,673			1,095,894			1,078,853







Performance metrics and capital ratios
Yield on LHFI	6.33		%	6.47		%	6.67		%	6.58		%	6.58		%
Yield on interest-earnings assets	5.79			5.91			6.09			6.04			5.99
Cost of interest-bearing deposits	3.23			3.61			4.01			3.95			3.85
Cost of total deposits	2.52			2.79			3.14			3.08			2.99
NIM - fully tax equivalent ("FTE")	3.44			3.33			3.18			3.17			3.19
Return on average assets (annualized) ("ROAA")	0.93			0.57			0.74			0.84			0.92

PTPP ROAA (annualized)(1)	1.32			0.50			1.13			1.28			1.30

Return on average stockholders’ equity (annualized) ("ROAE")	7.79			4.94			6.57			7.79			8.57

Book value per common share	$	37.77		$	36.71		$	36.76		$	35.23		$	34.79


Tangible book value per common share (1)	32.43			31.38			31.37			29.77			29.24

Adjusted tangible book value per common share(1)	35.33			34.78			34.39			33.86			33.27
Return on average tangible common equity (annualized) ("ROATCE")(1)	9.09		%	5.78		%	7.74		%	9.25		%	10.24		%
Efficiency ratio(2)	65.99			83.85			68.86			66.82			64.81
Core efficiency ratio(1)	65.33			82.79			67.48			65.55			65.24
Common equity tier 1 to risk-weighted assets(3)	13.57			13.32			12.46			12.15			11.97
Tier 1 capital to risk-weighted assets(3)	13.76			13.52			12.64			12.33			12.15
Total capital to risk-weighted assets(3)	15.81			16.44			15.45			15.16			14.98
Tier 1 leverage ratio(3)	11.47			11.08			10.93			10.70			10.66


	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Interest and dividend income	(Dollars in thousands, except per share amounts)
Interest and fees on loans	$	117,075	$	127,021	$	133,195	$	129,879	$	127,186
Investment securities-taxable	8,076		6,651		6,536		6,606		6,849
Investment securities-nontaxable	968		964		905		893		910
Interest and dividend income on assets held in other financial institutions	6,424		5,197		3,621		4,416		3,756
Total interest and dividend income	132,543		139,833		144,257		141,794		138,701
Interest expense
Interest-bearing deposits	51,779		59,511		67,051		65,469		62,842
FHLB advances and other borrowings	96		88		482		514		518
Subordinated indebtedness	2,209		1,885		1,920		1,921		2,018
Total interest expense	54,084		61,484		69,453		67,904		65,378
Net interest income	78,459		78,349		74,804		73,890		73,323
Provision (benefit) for credit losses	3,444		(5,398)		4,603		5,231		3,012
Net interest income after provision for credit losses	75,015		83,747		70,201		68,659		70,311
Noninterest income
Insurance commission and fee income	7,927		5,441		6,928		6,665		7,725
Service charges and fees	4,716		4,801		4,664		4,862		4,688
Other fee income	2,301		2,152		2,114		2,404		2,247
Mortgage banking revenue	915		1,151		1,153		1,878		2,398
Swap fee income	533		116		106		44		57
(Loss) gain on sales of securities, net	—		(14,617)		221		—		(403)
Limited partnership investment (loss) income	(1,692)		(62)		375		68		138
Change in fair value of equity investments	—		—		—		5,188		—
Other income	902		688		428		1,356		405
Total noninterest income (loss)	15,602		(330)		15,989		22,465		17,255
Noninterest expense
Salaries and employee benefits	37,731		36,405		38,491		38,109		35,818
Occupancy and equipment, net	8,544		7,913		6,298		7,009		6,645
Data processing	2,957		3,414		3,470		3,468		3,145
Office and operations	2,972		2,883		2,984		3,072		2,502
Intangible asset amortization	1,761		1,800		1,905		2,137		2,137
Regulatory assessments	1,392		1,535		1,791		1,842		1,734
Advertising and marketing	1,133		1,929		1,449		1,328		1,444
Professional services	1,250		2,064		2,012		1,303		1,231
Electronic banking	1,354		1,377		1,308		1,238		1,239
Loan-related expenses	599		431		751		1,077		905
Franchise tax expense	675		884		721		815		477

Other expenses	1,700		4,787		1,341		2,990		1,430
Total noninterest expense	62,068		65,422		62,521		64,388		58,707
Income before income tax expense	28,549		17,995		23,669		26,736		28,859
Income tax expense	6,138		3,725		5,068		5,747		6,227
Net income	$	22,411	$	14,270	$	18,601	$	20,989	$	22,632


(Former name or former address, if changed since last report)


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


(Dollars in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Assets
Cash and due from banks	$	112,888	$	132,991	$	159,337	$	137,615	$	98,147
Interest-bearing deposits in banks	373,314		337,258		161,854		150,435		193,365
Total cash and cash equivalents	486,202		470,249		321,191		288,050		291,512
Securities:
AFS	1,161,368		1,102,528		1,160,965		1,160,048		1,190,922
Held to maturity, net of allowance for credit losses	11,094		11,095		11,096		11,616		11,651
Securities carried at fair value through income	6,512		6,512		6,533		6,499		6,755
Total securities	1,178,974		1,120,135		1,178,594		1,178,163		1,209,328
Non-marketable equity securities held in other financial institutions	71,754		71,643		67,068		64,010		53,870
Loans held for sale	10,191		10,494		7,631		18,291		14,975
LHFI	7,585,526		7,573,713		7,956,790		7,959,171		7,900,027
Less: ALCL	92,011		91,060		95,989		100,865		98,375
LHFI, net of ALCL	7,493,515		7,482,653		7,860,801		7,858,306		7,801,652
Premises and equipment, net	123,847		126,620		126,751		121,562		120,931
Cash surrender value of bank-owned life insurance	41,021		40,840		40,602		40,365		40,134
Goodwill	128,679		128,679		128,679		128,679		128,679
Other intangible assets, net	38,212		37,473		39,272		41,177		43,314
Accrued interest receivable and other assets	177,977		189,916		195,397		208,579		187,984
Total assets	$	9,750,372	$	9,678,702	$	9,965,986	$	9,947,182	$	9,892,379
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	1,888,808	$	1,900,651	$	1,893,767	$	1,866,622	$	1,887,066
Interest-bearing deposits excluding brokered interest-bearing deposits, if any	5,536,636		5,301,243		5,137,940		4,984,817		4,990,632
Time deposits	862,968		941,000		1,023,252		1,022,589		1,030,656
Brokered deposits	50,000		80,226		431,609		636,814		597,110
Total deposits	8,338,412		8,223,120		8,486,568		8,510,842		8,505,464
FHLB advances and other borrowings	12,488		12,460		30,446		40,737		13,158
Subordinated indebtedness	89,599		159,943		159,861		159,779		160,684
Accrued expenses and other liabilities	129,696		137,934		143,438		139,930		134,220
Total liabilities	8,570,195		8,533,457		8,820,313		8,851,288		8,813,526

Stockholders’ equity:
Common stock	156,220		155,988		155,837		155,543		155,057
Additional paid-in capital	538,790		537,366		535,662		532,950		530,380
Retained earnings	575,578		557,920		548,419		534,585		518,325
Accumulated other comprehensive loss	(90,411)		(106,029)		(94,245)		(127,184)		(124,909)
Total stockholders’ equity	1,180,177		1,145,245		1,145,673		1,095,894		1,078,853
Total liabilities and stockholders’ equity	$	9,750,372	$	9,678,702	$	9,965,986	$	9,947,182	$	9,892,379


	Three Months Ended
	March 31, 2025		December 31, 2024				March 31, 2024
	Average Balance		Yield/Rate		Average Balance			Yield/Rate		Average Balance		Yield/Rate

Assets	(Dollars in thousands)
Commercial real estate	$	2,448,099	5.82	%	$	2,499,279		5.89	%	$	2,438,476	5.84	%
Construction/land/land development	821,754		6.87		936,134			6.92		1,130,355		7.25
Residential real estate(1)	1,909,922		5.53		1,847,399			5.50		1,739,105		5.40


Commercial and industrial ("C&I")	2,004,034		7.37		2,028,290			7.68		2,121,502		7.89
MW LOC	289,521		7.07		459,716			7.26		306,248		7.59
Consumer	22,709		7.45		23,393			7.64		23,319		8.07
LHFI	7,496,039		6.33		7,794,211			6.47		7,759,005		6.58
Loans held for sale	8,590		6.18		10,981			6.81		12,906		5.86
Loans receivable	7,504,629		6.33		7,805,192			6.47		7,771,911		6.58
Investment securities-taxable	1,021,904		3.21		1,002,216			2.64		1,095,480		2.51
Investment securities-nontaxable	140,875		2.79		149,307			2.57		148,077		2.47
Non-marketable equity securities held in other financial institutions	71,669		2.35		69,070			2.78		58,455		3.77
Interest-earning balances due from banks	543,821		4.48		394,790			4.75		240,432		5.37

Total interest-earning assets	9,282,898		5.79		9,420,575			5.91		9,314,355		5.99
Noninterest-earning assets	525,317				557,968					546,881
Total assets	$	9,808,215			$	9,978,543				$	9,861,236

Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	5,538,710	3.14	%	$	5,341,028		3.48	%	$	5,009,117	3.69	%
Time deposits	972,176		3.69		1,213,565			4.20		1,563,992		4.35
Total interest-bearing deposits	6,510,886		3.23		6,554,593			3.61		6,573,109		3.85

FHLB advances and other borrowings	14,148		2.75		12,698			2.76		42,284		4.92

Subordinated indebtedness	124,133		7.22		159,910			4.69		165,252		4.91
Total interest-bearing liabilities	6,649,167		3.30		6,727,201			3.64		6,780,645		3.88
Noninterest-bearing liabilities
Noninterest-bearing deposits	1,837,365				1,940,689					1,866,496
Other liabilities	154,934				161,425					151,390
Total liabilities	8,641,466				8,829,315					8,798,531
Stockholders’ Equity	1,166,749				1,149,228					1,062,705
Total liabilities and stockholders’ equity	$	9,808,215			$	9,978,543				$	9,861,236
Net interest spread			2.49	%				2.27	%			2.11	%
NIM			3.43					3.31				3.17
NIM-FTE(2)			3.44					3.33				3.19


(Address of principal executive offices including zip code)


(Registrant's telephone number, including area code)


ITEM 2.02			Results of Operations and Financial Condition


ITEM 8.01			Other Events