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: (1) 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 impact of tariffs, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; (2) changes in benchmark interest rates and the resulting impacts on net interest income; (3) deterioration of Origin’s asset quality; (4) factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; (5) the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; (6) changes in the value of collateral securing Origin’s loans; (7) the impact of generative artificial intelligence; (8) Origin’s ability to anticipate interest rate changes and manage interest rate risk; (9) the impact of heightened regulatory requirements, reduced debit interchange and overdraft income and the possibility of facing related adverse business consequences if our total assets grow in excess of $10 billion as of December 31 of any calendar year; (10) the effectiveness of Origin’s risk management framework and quantitative models; (11) 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; (12) the impact of labor pressures; (13) changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; (14) changes in management personnel; (15) Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; (16) increasing costs as Origin grows deposits; (17) operational risks associated with Origin’s business; (18) 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; (19) increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; (20) compliance with governmental and regulatory requirements and changes in laws, rules, regulations, interpretations or policies relating to financial institutions; (21) periodic changes to the extensive body of accounting rules and best practices; (22) further government intervention in the U.S. financial system; (23) a deterioration of the credit rating for U.S. long-term sovereign debt; (24) 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; (25) natural disasters and other adverse weather events, pandemics, acts of terrorism, war, and other matters beyond Origin’s control; (26) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (27) fraud or misconduct by internal or external actors (including Origin employees); (28) cybersecurity threats or security breaches and the cost of defending against them; (29) Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and (30) potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions. 2024 Interest and dividend income (Dollars in thousands, except per share amounts) Interest and fees on loans $ 119,282 $ 120,096 $ 121,239 $ 117,075 $ 127,021 Investment securities-taxable 8,991 8,767 7,692 8,076 6,651 Investment securities-nontaxable 1,487 1,523 1,425 968 964 Interest and dividend income on assets held in other financial institutions 4,884 5,753 4,281 6,424 5,197 Total interest and dividend income 134,644 136,139 134,637 132,543 139,833 Interest expense Interest-bearing deposits 46,510 51,026 50,152 51,779 59,511 FHLB advances and other borrowings 102 273 1,216 96 88 Subordinated indebtedness 1,338 1,136 1,133 2,209 1,885 Total interest expense 47,950 52,435 52,501 54,084 61,484 Net interest income 86,694 83,704 82,136 78,459 78,349 Provision (benefit) for credit losses 3,158 36,820 2,862 3,444 (5,398 ) Net interest income after provision (benefit) for credit losses 83,536 46,884 79,274 75,015 83,747 Noninterest income Insurance commission and fee income 5,931 6,598 6,661 7,927 5,441 Service charges and fees 5,043 4,965 4,927 4,716 4,801 Other fee income 2,128 2,262 2,809 2,301 2,152 Mortgage banking revenue 680 726 1,369 915 1,151 Swap fee income 58 1,387 1,435 533 116 (Loss) gain on sales of securities, net — — (14,448 ) — (14,617 ) Change in fair value of equity investments — 6,972 — — — Equity method investment income (loss) 1,859 550 (1,909 ) (1,692 ) (62 ) Other income 1,037 2,668 524 902 688 Total noninterest income (loss) 16,736 26,128 1,368 15,602 (330 ) Noninterest expense Salaries and employee benefits 37,015 37,863 38,280 37,731 36,405 Occupancy and equipment, net 6,961 7,079 7,187 8,544 7,913 Data processing 3,672 3,526 3,432 2,957 3,414 Office and operations 3,243 3,184 3,337 2,972 2,883 Intangible asset amortization 1,499 1,583 1,768 1,761 1,800 Regulatory assessments 1,528 1,269 1,345 1,392 1,535 Advertising and marketing 1,746 1,524 1,158 1,133 1,929 Professional services 2,703 1,395 1,285 1,250 2,064 Electronic banking 1,545 1,470 1,359 1,354 1,377 Loan-related expenses 787 979 669 599 431 Bank share tax expense 469 686 688 675 884 Other expenses 1,655 1,470 1,475 1,700 4,787 Total noninterest expense 62,823 62,028 61,983 62,068 65,422 Income before income tax expense 37,449 10,984 18,659 28,549 17,995 Income tax expense 7,933 2,361 4,012 6,138 3,725 Net income $ 29,516 $ 8,623 $ 14,647 $ 22,411 $ 14,270 2024 (Dollars in thousands, except per share amounts) Calculation of PTPP earnings: Net income $ 29,516 $ 8,623 $ 14,647 $ 22,411 $ 14,270 Provision (benefit) for credit losses 3,158 36,820 2,862 3,444 (5,398 ) Income tax expense 7,933 2,361 4,012 6,138 3,725 PTPP earnings (non-GAAP) $ 40,607 $ 47,804 $ 21,521 $ 31,993 $ 12,597 Calculation of PTPP ROAA: PTPP earnings $ 40,607 $ 47,804 $ 21,521 $ 31,993 $ 12,597 Divided by number of days in the quarter 92 92 91 90 92 Multiplied by the number of days in the year 365 365 365 365 366 PTPP earnings, annualized $ 161,104 $ 189,657 $ 86,320 $ 129,749 $ 50,114 Divided by total average assets 9,829,752 9,727,414 9,715,923 9,808,215 9,978,543 ROAA (annualized) (GAAP) 1.19 % 0.35 % 0.60 % 0.93 % 0.57 % PTPP ROAA (annualized) (non-GAAP) 1.64 1.95 0.89 1.32 0.50 Calculation of tangible book value per common share: Total common stockholders’ equity $ 1,246,685 $ 1,214,756 $ 1,205,769 $ 1,180,177 $ 1,145,245 Goodwill (128,679 ) (128,679 ) (128,679 ) (128,679 ) (128,679 ) Other intangible assets, net (33,362 ) (34,861 ) (36,444 ) (38,212 ) (37,473 ) Tangible common equity 1,084,644 1,051,216 1,040,646 1,013,286 979,093 Divided by common shares outstanding at the end of the period 30,952,428 30,967,768 31,224,718 31,244,006 31,197,574 Book value per common share (GAAP) $ 40.28 $ 39.23 $ 38.62 $ 37.77 $ 36.71 Tangible book value per common share (non-GAAP) 35.04 33.95 33.33 32.43 31.38 Calculation of ROATCE: Net income $ 29,516 $ 8,623 $ 14,647 $ 22,411 $ 14,270 Divided by number of days in the quarter 92 92 91 90 92 Multiplied by number of days in the year 365 365 365 365 366 Annualized net income $ 117,102 $ 34,211 $ 58,749 $ 90,889 $ 56,770 Total average common stockholders’ equity $ 1,232,878 $ 1,227,431 $ 1,190,331 $ 1,166,749 $ 1,149,228 Average goodwill (128,679 ) (128,679 ) (128,679 ) (128,679 ) (128,679 ) Average other intangible assets, net (34,293 ) (35,741 ) (37,459 ) (38,254 ) (38,646 ) Average tangible common equity 1,069,906 1,063,011 1,024,193 999,816 981,903 ROAE (annualized) (GAAP) 9.50 % 2.79 % 4.94 % 7.79 % 4.94 % ROATCE (annualized) (non-GAAP) 10.95 3.22 5.74 9.09 5.78 Calculation of core efficiency ratio: Total noninterest expense $ 62,823 $ 62,028 $ 61,983 $ 62,068 $ 65,422 Insurance and mortgage noninterest expense (6,644 ) (7,532 ) (8,460 ) (8,230 ) (8,497 ) Adjusted total noninterest expense 56,179 54,496 53,523 53,838 56,925 Net interest income $ 86,694 $ 83,704 $ 82,136 $ 78,459 $ 78,349 Insurance and mortgage net interest income (2,820 ) (2,885 ) (2,924 ) (2,815 ) (2,666 ) Total noninterest income 16,736 26,128 1,368 15,602 (330 ) Insurance and mortgage noninterest income (6,611 ) (7,324 ) (8,030 ) (8,842 ) (6,592 ) Adjusted total revenue 93,999 99,623 72,550 82,404 68,761 Efficiency ratio (GAAP) 60.74 % 56.48 % 74.23 % 65.99 % 83.85 % Core efficiency ratio (non-GAAP) 59.77 54.70 73.77 65.33 82.79
Author: Origin Bancorp, Inc.
Published at: 2026-01-28 21:15:00
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