Origin Bancorp, Inc. Reports Earnings for First Quarter 2024

April 24, 2024

RUSTON, La., April 24, 2024 (GLOBE NEWSWIRE) -- Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $22.6 million, or $0.73 diluted earnings per share for the quarter ended March 31, 2024, compared to net income of $13.4 million, or $0.43 diluted earnings per share, for the quarter ended December 31, 2023. Adjusted pre-tax, pre-provision (“adjusted PTPP”)(1) earnings was $31.9 million for the quarter ended March 31, 2024, compared to $26.7 million for the linked quarter. Adjusted diluted earnings per common share(1) was $0.73 for the quarter ended March 31, 2024, compared to $0.60 for the linked quarter.

“As I think about the current cycle we are in as an industry, I’m pleased with our results for the first quarter of 2024,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “Our continued organic growth on the deposit and loan side reflects our strategy and focus on building long-term relationships with our clients and in our communities.”

(1) Adjusted PTPP earnings and adjusted diluted earnings per common share are non-GAAP financial measures, please see the last few pages of this document for a reconciliation of these alternative financial measures to their comparable GAAP measures.

Financial Highlights

  • Total loans held for investment (“LHFI”) were $7.90 billion at March 31, 2024, reflecting an increase of $239.1 million, or 3.1%, compared to December 31, 2023. LHFI, excluding mortgage warehouse lines of credit (“MW LOC”), were $7.50 billion at March 31, 2024, reflecting an increase of $168.1 million, or 2.3%, compared to December 31, 2023.
  • Total deposits were $8.51 billion at March 31, 2024, reflecting an increase of $254.3 million, or 3.1%, compared to December 31, 2023. Deposits, excluding brokered deposits, were $7.91 billion reflecting an increase of $102.2 million, or 1.3%, compared to December 31, 2023.
  • Net income was $22.6 million for the quarter ended March 31, 2024, reflecting an increase of $9.2 million, or 68.6%, compared to the linked quarter.
  • Noninterest income was $17.3 million for the quarter ended March 31, 2024, reflecting an increase of $9.1 million, or 110.5%, compared to the linked quarter. Excluding the MSR gain on sale, MSR impairment and loss on sale of available for sale securities, the noninterest income increased $2.7 million, or 18.4%, compared to the linked quarter.
  • Total debt, (Federal Home Loan Bank (“FHLB”) advances and other borrowings plus subordinated debt) was $173.8 million at March 31, 2024, and represented a decrease of $104.0 million, or 37.4%, compared to the linked quarter, which is the lowest level reported since June 30, 2018.
  • During the current quarter we sold substantially all of our mortgage servicing rights (“MSR”) recognizing a gain on the sale of $410,000 for the quarter ended March 31, 2024.
  • At March 31, 2024, and December 31, 2023, Company level common equity Tier 1 capital to risk-weighted assets was 11.97%, and 11.83%, respectively, the Tier 1 leverage ratio was 10.66% and 10.50%, respectively, and the total capital ratio was 14.98% and 15.02%, respectively. Tangible common equity to tangible assets(1) was 9.33% at March 31, 2024, compared to 9.31% at December 31, 2023.

(1) Tangible common equity to tangible assets is a non-GAAP financial measure. Please see the last few pages of this document for a reconciliation of this alternative financial measure to its comparable GAAP measure.

Results of Operations for the Three Months Ended March 31, 2024

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended March 31, 2024, was $73.3 million, an increase of $334,000, or 0.5%, compared to the linked quarter, primarily due to a $3.2 million increase in total interest income which was primarily driven by higher average loan balances during the current quarter, compared to the linked quarter. The increase was partially offset by a $2.9 million increase in total interest expense, $1.5 million of which was due to increase in interest rates, and $1.4 million of which was due to higher average interest-bearing balances.

Increases in average LHFI principal balances drove interest income higher by $3.3 million during the current quarter compared to the linked quarter, primarily driven by growth in commercial and industrial, construction/land/land development and MW LOCs. Higher average savings and interest-bearing transaction account balances and higher interest rates contributed increases of $2.0 million and $1.3 million, respectively, to deposits interest expense compared to the linked quarter. The average savings and interest-bearing transaction account balances increased $224.5 million to $5.01 billion for the quarter ended March 31, 2024, from $4.78 billion for the linked quarter, primarily due to increases of $127.4 million and $93.8 million in average money market deposit and interest-bearing demand deposit balances, respectively. The average rate on interest-bearing deposits increased to 3.85% for the quarter ended March 31, 2024, compared to 3.71% for the quarter ended December 31, 2023.

The Federal Reserve Board sets various benchmark rates, including the Federal Funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. On March 17, 2022, the Federal Reserve began an aggressive campaign to combat inflation with its first target rate range increase to 0.25% to 0.50%. Subsequently, it increased the target range six more times during 2022 and four more times during 2023, by 525 basis points, with the most recent and current Federal Funds target rate range being set on July 26, 2023, at 5.25% to 5.50%. In March 2024, the Federal Reserve left the current fed funds rate unchanged at a 23-year high for a fifth consecutive meeting, in line with market expectations. As we navigate through stabilizing rate conditions, our strategic focus continues to align with offering attractive returns to our depositors while closely monitoring economic indicators and Federal Funds rate projections for informed decision-making.

Since the quarter ended September 30, 2022, we have faced challenges with margin compression. The quarter ended December 31, 2023, was the first quarter that the yield on interest-earnings assets increased by more than the rate on interest-bearing liabilities when compared to its prior quarter. And during the current quarter, the NIM-FTE remained stable, reflecting our continued effective management of interest income and expense amidst a challenging interest rate landscape. The yield earned on interest-earning assets for the quarter ended March 31, 2024, was 5.99%, an increase of 13 and 68 basis points compared to the linked quarter and the prior year same quarter, respectively. The average rate paid on total interest-bearing liabilities for the quarter ended March 31, 2024, was 3.88%, representing a 13 and a 111 basis point increase compared to the linked quarter and the prior year same quarter, respectively. The NIM-FTE held steady at 3.19% for both the quarters ended March 31, 2024 and December 31, 2023, and represented a 25 basis point decrease compared to the prior year same quarter. There was no impact to the NIM-FTE as a result of accretion income due to the BT Holdings, Inc. (“BTH”) merger for the current and linked quarter, and an eight basis points increase from the quarter ended March 31, 2023.

Credit Quality

The table below includes key credit quality information:

    At and For the Three Months Ended   Change   % Change
(Dollars in thousands, unaudited)   March 31,
2024
  December 31,
2023
  March 31,
2023
  Linked
Quarter
  Linked
Quarter
Past due LHFI   $ 32,835     $ 26,043     $ 11,498     $ 6,792     26.1 %
Allowance for loan credit losses (“ALCL”)     98,375       96,868       92,008       1,507     1.6  
Classified loans     84,217       80,545       86,170       3,672     4.6  
Total nonperforming LHFI     40,439       30,115       17,078       10,324     34.3  
Provision for credit losses     3,012       2,735       6,197       277     10.1  
Net charge-offs     2,582       1,891       1,311       691     36.5  
Credit quality ratios(1):                    
ALCL to nonperforming LHFI     243.27 %     321.66 %     538.75 %   -7839 bp   N/A
ALCL to total LHFI     1.25       1.26       1.25     -1 bp   N/A
ALCL to total LHFI, adjusted(2)     1.30       1.31       1.30     -1 bp   N/A
Nonperforming LHFI to LHFI     0.51       0.39       0.23     12 bp   N/A
Net charge-offs to total average LHFI (annualized)     0.13       0.10       0.07     3 bp   N/A

___________________________
(1) Please see the Loan Data schedule at the back of this document for additional information.
(2) The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.

We recorded a credit loss provision of $3.0 million during the quarter ended March 31, 2024, compared to $2.7 million in the linked quarter. The increase is primarily due to loan growth combined with a $827,000 release in reserve for the securities provision that occurred during the linked quarter, partially offset by a $1.0 million release in reserve for off-balance sheet commitments during the current quarter as a result of lower unfunded loan commitment balances.

The ALCL to nonperforming LHFI decreased to 243.3% at March 31, 2024, compared to 321.7% at December 31, 2023, and the provision for loan credit losses increased to $4.1 million for the current quarter compared to $3.6 million for the linked quarter. Quarterly net charge-offs increased to $2.6 million from $1.9 million for the linked quarter, primarily due to a $4.0 million charge-off, partially offset by a $1.9 million recovery, on two different individual commercial and industrial loan relationships during the current quarter.

Nonperforming LHFI increased $10.3 million for the quarter, and nonperforming LHFI to LHFI increased over the past quarter to 0.51% compared to 0.39% for the linked quarter. Classified loans increased $3.7 million, reflecting 1.07% as a percentage of total LHFI, up two basis points from the prior quarter and down ten basis points from the linked quarter. The $10.3 million increase in non-performing loans was primarily driven by 12 loan relationships being placed on non-accrual during the quarter, seven contributing to the $4.7 million increase in commercial and industrial loans, and five contributing to the $3.7 million increase in commercial real estate loans.

Noninterest Income

Noninterest income for the quarter ended March 31, 2024, was $17.3 million, an increase of $9.1 million, or 110.5%, from the linked quarter. The increase from the linked quarter was primarily driven by decrease of $4.2 million in loss on the sale of securities, and increases of $3.1 million and $2.3 million in mortgage banking revenue and insurance commission and fee income, respectively.

The reduction in loss from sale of securities was primarily from the linked quarter’s sale of $78.9 million in book value of available for sale investment securities, which resulted in a loss of $4.6 million, compared to the current quarter’s $403,000 loss on the sale of $21.3 million on book value of available for sale securities.

The increase in mortgage banking revenue was primarily due to a $1.8 million impairment of our MSR assets recorded during the linked quarter. During December 2023 and January 2024, the Company solicited non-binding indications of interest with respect to the proposed sale of substantially all of the Company’s MSR asset and recognized an impairment of $1.8 million in December 2023. The Company subsequently sold its MSR asset during the current quarter and recorded a partially offsetting $410,000 gain on the sale. There were no MSR assets recognized or recorded during the quarter ended March 31, 2024, and the carrying value of the MSR is zero at March 31, 2024.

The increase in insurance commission and fee income was primarily driven by an increase in annual contingency fee income recognized in the first quarter.

Noninterest Expense

Noninterest expense for the quarter ended March 31, 2024, was $58.7 million, a decrease of $2.2 million, or 3.6% from the linked quarter. The decrease was attributed to a broad range of small reductions across various expense categories that were not individually significant.

Financial Condition

Loans

  • Total LHFI at March 31, 2024, were $7.90 billion, an increase of $239.1 million, or 3.1%, from $7.66 billion at December 31, 2023, and an increase of $524.2 million, or 7.1%, compared to March 31, 2023.
  • The increase was primarily due to growth in construction/land/land development and commercial and industrial loans of $98.4 million and $94.7 million, respectively, compared to the linked quarter.
  • MW LOC totaled $401.0 million at March 31, 2024, an increase of $71.0 million, or 21.5%, compared to the linked quarter and an increase of $63.5 million, or 18.8%, compared to March 31, 2023.

Securities

  • Total securities at March 31, 2024, were $1.21 billion, a decrease of $62.7 million, or 4.9%, compared to the linked quarter and a decrease of $399.6 million, or 24.8%, compared to March 31, 2023.
  • The decrease was primarily due to sales, maturities and calls, as well as normal principal payments. Securities with a book value of $21.3 million were sold during the current quarter and the Company realized a net loss of $403,000.
  • Accumulated other comprehensive loss, net of taxes, primarily associated with the available for sale (“AFS”) portfolio, was $124.9 million at March 31, 2024, an increase of $3.9 million, or 3.2%, from the linked quarter.
  • The weighted average effective duration for the total securities portfolio was 4.34 years as of March 31, 2024, compared to 4.28 years as of December 31, 2023.

Deposits

  • Total deposits at March 31, 2024, were $8.51 billion, an increase of $254.3 million, or 3.1%, compared to the linked quarter, and represented an increase of $331.2 million, or 4.1%, from March 31, 2023.
  • The increase in the current quarter compared to the linked quarter was primarily due to increases of $152.1 million, $114.6 million and $62.8 million in brokered time deposits, money market deposits and time deposits, respectively. These increases were partially offset by a decrease of $58.9 million in interest-bearing demand deposits. Noninterest-bearing deposits continued to be impacted by the rising interest rate environment, as we saw a continuation of the declining trend in noninterest-bearing deposit balances that began in the fourth quarter of 2022, although at a slower pace than prior periods.
  • At March 31, 2024, noninterest-bearing deposits as a percentage of total deposits were 22.2%, compared to 23.3% and 27.5% at December 31, 2023, and March 31, 2023, respectively.

Borrowings

  • FHLB advances and other borrowings at March 31, 2024, were $13.2 million, a decrease of $70.4 million, or 84.3%, compared to the linked quarter and represented a decrease of $862.3 million from March 31, 2023.
  • During the three months ended March 31, 2024, we elected to redeem $33.6 million of subordinated promissory notes assumed in conjunction with the BTH merger, primarily due to their declining Tier 2 capital contribution.
  • Total debt (representing FHLB advances and other borrowings plus subordinated debt) was $173.8 million at March 31, 2024, and represented a decrease of $104.0 million, or 37.4%, compared to the linked quarter, which is the lowest level reported since June 30, 2018.

Stockholders’ Equity

  • Stockholders’ equity was $1.08 billion at March 31, 2024, an increase of $15.9 million, or 1.5%, compared to $1.06 billion at December 31, 2023, and an increase of $86.3 million, or 8.7%, compared to March 31, 2023.
  • The increase in stockholders’ equity from the linked quarter is primarily due to net income of $22.6 million, partially offset by dividends declared of $4.7 million during the current quarter.

Conference Call

Origin will hold a conference call to discuss its first quarter 2024 results on Thursday, April 25, 2024, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (800) 528-1066 (U.S. Toll Free), enter Conference ID: 22041 and request to be joined into the Origin Bancorp, Inc. (OBK) call. A simultaneous audio-only webcast may be accessed via Origin’s website at www.origin.bank under the investor relations, News & Events, Events & Presentations link or directly by visiting https://dealroadshow.com/e/ORIGINQ124.

If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Origin’s website at www.origin.bank, under Investor Relations, News & Events, Events & Presentations.

About Origin

Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized, relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently has over 60 locations from Dallas/Fort Worth, East Texas and Houston, across North Louisiana and into Mississippi. Locations in South Alabama and the Florida Panhandle are planned for 2024. For more information, visit www.origin.bank.

Non-GAAP Financial Measures

Origin reports its results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin's results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin's reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: adjusted net income, adjusted PTPP earnings, adjusted diluted EPS, adjusted NIM-FTE, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, ROATCE, adjusted ROATCE and adjusted efficiency ratio.

Please see the last few pages of this release for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin’s future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. 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: potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; 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 effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; potential reductions in benchmark interest rates and the resulting impacts on net interest income; deterioration of Origin’s asset quality; factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; changes in the value of collateral securing Origin’s loans; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; Origin’s ability to anticipate interest rate changes and manage interest rate risk, (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business); the effectiveness of Origin’s risk management framework and quantitative models; 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; the impact of labor pressures; changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; changes in management personnel; Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; increasing costs as Origin grows deposits; operational risks associated with Origin’s business; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which Origin operates and in which its loans are concentrated; Origin’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in Origin’s loan portfolio; changes in laws, rules, regulations, interpretations or policies relating to financial institutions, and potential expenses associated with complying with such regulations; periodic changes to the extensive body of accounting rules and best practices; further government intervention in the U.S. financial system; a deterioration of the credit rating for U.S. long-term sovereign debt or actions that the U.S. government may take to avoid exceeding the debt ceiling; a potential U.S. federal government shutdown and the resulting impacts; compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities, and tax matters; 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; changes in the utility of Origin’s non-GAAP liquidity measurements and its underlying assumptions or estimates; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies and similar organizations; natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities (including the impacts related to or resulting from Russia's military action in Ukraine or the conflict in Israel and surrounding areas, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments), regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond Origin’s control; the impact of generative artificial intelligence; fraud or misconduct by internal or external actors, system failures, cybersecurity threats or security breaches and the cost of defending against them. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Origin’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates to those sections set forth in Origin’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin’s underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Origin does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

New risks and uncertainties arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin’s behalf may issue. Annualized, pro forma, adjusted, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

Contact:

Investor Relations
Chris Reigelman
318-497-3177
chris@origin.bank

Media Contact
Ryan Kilpatrick
318-232-7472
rkilpatrick@origin.bank

Origin Bancorp, Inc.
Selected Quarterly Financial Data
(Unaudited)
 
    Three Months Ended
    March 31,
2024
  December 31,
2023
  September 30,
2023
  June 30,
2023
  March 31,
2023
                     
Income statement and share amounts   (Dollars in thousands, except per share amounts)
Net interest income   $ 73,323     $ 72,989     $ 74,130     $ 75,291     $ 77,147  
Provision for credit losses     3,012       2,735       3,515       4,306       6,197  
Noninterest income     17,255       8,196       18,119       15,636       16,384  
Noninterest expense     58,707       60,906       58,663       58,887       56,760  
Income before income tax expense     28,859       17,544       30,071       27,734       30,574  
Income tax expense     6,227       4,119       5,758       5,974       6,272  
Net income   $ 22,632     $ 13,425     $ 24,313     $ 21,760     $ 24,302  
Adjusted net income(1)   $ 22,626     $ 18,461     $ 22,004     $ 21,388     $ 24,188  
Adjusted PTPP earnings(1)     31,864       26,654       30,663       31,569       36,627  
Basic earnings per common share     0.73       0.43       0.79       0.71       0.79  
Diluted earnings per common share     0.73       0.43       0.79       0.70       0.79  
Adjusted diluted earnings per common share(1)     0.73       0.60       0.71       0.69       0.78  
Dividends declared per common share     0.15       0.15       0.15       0.15       0.15  
Weighted average common shares outstanding - basic     30,981,333       30,898,941       30,856,649       30,791,397       30,742,902  
Weighted average common shares outstanding - diluted     31,078,910       30,995,354       30,943,860       30,872,834       30,882,156  
                     
Balance sheet data                    
Total LHFI   $ 7,900,027     $ 7,660,944     $ 7,568,063     $ 7,622,689     $ 7,375,823  
Total assets     9,892,379       9,722,584       9,733,303       10,165,163       10,358,516  
Total deposits     8,505,464       8,251,125       8,374,488       8,490,043       8,174,310  
Total stockholders’ equity     1,078,853       1,062,905       998,945       997,859       992,587  
                     
Performance metrics and capital ratios                    
Yield on LHFI     6.58 %     6.46 %     6.35 %     6.18 %     6.03 %
Yield on interest-earnings assets     5.99       5.86       5.69       5.50       5.31  
Cost of interest-bearing deposits     3.85       3.71       3.47       3.05       2.49  
Cost of total deposits     2.99       2.84       2.61       2.26       1.75  
NIM - fully tax equivalent ("FTE")     3.19       3.19       3.14       3.16       3.44  
Adjusted NIM-FTE(2)     3.19       3.19       3.14       3.14       3.36  
Return on average assets (annualized) ("ROAA")     0.92       0.55       0.96       0.86       1.01  
Adjusted ROAA (annualized)(1)     0.92       0.75       0.87       0.84       1.00  
Adjusted PTPP ROAA (annualized)(1)     1.30       1.08       1.21       1.24       1.52  
Return on average stockholders’ equity (annualized) ("ROAE")     8.57       5.26       9.52       8.76       10.10  
Adjusted ROAE (annualized)(1)     8.56       7.23       8.62       8.61       10.05  
Adjusted PTPP ROAE (annualized)(1)     12.06       10.44       12.01       12.70       15.22  
Book value per common share(3)   $ 34.79     $ 34.30     $ 32.32     $ 32.33     $ 32.25  
Tangible book value per common share(1)(3)     29.24       28.68       26.78       26.71       26.53  
Adjusted tangible book value per common share(1)     33.27       32.59       32.37       31.66       31.03  
Return on average tangible common equity (annualized) ("ROATCE")(1)     10.24 %     6.36 %     11.48 %     10.62 %     12.34 %
Adjusted return on average tangible common equity (annualized) ("adjusted ROATCE")(1)     10.23       8.74       10.39       10.44       12.29  
Efficiency ratio(4)     64.81       75.02       63.59       64.76       60.69  
Adjusted efficiency ratio(1)     64.90       66.43       62.71       61.17       58.64  
                     
Common equity tier 1 to risk-weighted assets(5)     11.97 %     11.83 %     11.46 %     11.01 %     11.08 %
Tier 1 capital to risk-weighted assets(5)     12.15       12.01       11.64       11.19       11.27  
Total capital to risk-weighted assets(5)     14.98       15.02       14.61       14.11       14.30  
Tier 1 leverage ratio(5)     10.66       10.50       10.00       9.65       9.79  

__________________________
(1) Adjusted net income, adjusted PTPP earnings, adjusted diluted earnings per common share, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, tangible book value per common share, adjusted tangible book value per common share, ROATCE, adjusted ROATCE and adjusted efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their comparable GAAP measures, please see the last few pages of this release.
(2) Adjusted NIM-FTE is a non-GAAP financial measure and is calculated by removing the $2,000, $48,000, and $38,000 net purchase accounting amortization for the quarters ended March 31, 2024, December 31, 2023, and September 30, 2023, respectively, and the $530,000 and $1.7 million net purchase accounting accretion from the net interest income for the quarters ended June 30, 2023 and March 31, 2023, respectively.
(3) An increase in accumulated other comprehensive loss experienced primarily during the first three quarters of 2023, negatively impacted total stockholders' equity, tangible common equity, book value and tangible book value per common share primarily due to the movement of the short end of the yield curve and its impact on our investment portfolio.
(4) Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
(5) March 31, 2024, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.

Origin Bancorp, Inc.
Consolidated Quarterly Statements of Income
(Unaudited)
 
    Three Months Ended
    March 31,
2024
  December 31,
2023
  September 30,
2023
  June 30,
2023
  March 31,
2023
                     
Interest and dividend income   (Dollars in thousands, except per share amounts)
Interest and fees on loans   $ 127,186     $ 123,673     $ 121,204     $ 115,442     $ 106,496  
Investment securities-taxable     6,849       7,024       8,194       8,303       8,161  
Investment securities-nontaxable     910       1,124       1,281       1,283       1,410  
Interest and dividend income on assets held in other financial institutions     3,756       3,664       4,772       7,286       4,074  
Total interest and dividend income     138,701       135,485       135,451       132,314       120,141  
Interest expense                    
Interest-bearing deposits     62,842       59,771       55,599       46,530       34,557  
FHLB advances and other borrowings     518       220       3,207       7,951       5,880  
Subordinated indebtedness     2,018       2,505       2,515       2,542       2,557  
Total interest expense     65,378       62,496       61,321       57,023       42,994  
Net interest income     73,323       72,989       74,130       75,291       77,147  
Provision for credit losses     3,012       2,735       3,515       4,306       6,197  
Net interest income after provision for credit losses     70,311       70,254       70,615       70,985       70,950  
Noninterest income                    
Insurance commission and fee income     7,725       5,446       6,443       6,185       7,011  
Service charges and fees     4,688       4,889       4,621       4,722       4,571  
Other fee income     2,247       2,118       2,006       1,990       1,974  
Mortgage banking revenue (loss)     2,398       (719 )     892       1,402       1,781  
Swap fee income     57       196       366       331       384  
(Loss) gain on sales of securities, net     (403 )     (4,606 )     (7,173 )           144  
Change in fair value of equity investments                 10,096              
Other income     543       872       868       1,006       519  
Total noninterest income     17,255       8,196       18,119       15,636       16,384  
Noninterest expense                    
Salaries and employee benefits     35,818       35,931       34,624       34,533       33,731  
Occupancy and equipment, net     6,645       6,912       6,790       6,578       6,503  
Data processing     3,145       3,062       2,775       2,837       2,916  
Office and operations     2,502       2,947       2,868       2,716       2,303  
Intangible asset amortization     2,137       2,259       2,264       2,552       2,553  
Regulatory assessments     1,734       1,860       1,913       1,732       951  
Advertising and marketing     1,444       1,690       1,371       1,469       1,456  
Professional services     1,231       1,440       1,409       1,557       1,525  
Loan-related expenses     905       1,094       1,220       1,256       1,465  
Electronic banking     1,239       1,103       1,384       1,216       1,009  
Franchise tax expense     477       942       520       897       975  
Other expenses     1,430       1,666       1,525       1,544       1,373  
Total noninterest expense     58,707       60,906       58,663       58,887       56,760  
Income before income tax expense     28,859       17,544       30,071       27,734       30,574  
Income tax expense     6,227       4,119       5,758       5,974       6,272  
Net income   $ 22,632     $ 13,425     $ 24,313     $ 21,760     $ 24,302  
Basic earnings per common share   $ 0.73     $ 0.43     $ 0.79     $ 0.71     $ 0.79  
Diluted earnings per common share     0.73       0.43       0.79       0.70       0.79  


Origin Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
 
(Dollars in thousands)   March 31,
2024
  December 31,
2023
  September 30,
2023
  June 30,
2023
  March 31,
2023
Assets                    
Cash and due from banks   $ 98,147     $ 127,278     $ 141,705     $ 127,576     $ 117,309  
Interest-bearing deposits in banks     193,365       153,163       163,573       338,414       707,802  
Total cash and cash equivalents     291,512       280,441       305,278       465,990       825,111  
Securities:                    
AFS     1,190,922       1,253,631       1,290,839       1,535,702       1,591,334  
Held to maturity, net of allowance for credit losses     11,651       11,615       10,790       11,234       11,191  
Securities carried at fair value through income     6,755       6,808       6,772       6,106       6,413  
Total securities     1,209,328       1,272,054       1,308,401       1,553,042       1,608,938  
Non-marketable equity securities held in other financial institutions     53,870       55,190       63,842       58,446       77,036  
Loans held for sale     14,975       16,852       14,944       15,198       29,143  
Loans     7,900,027       7,660,944       7,568,063       7,622,689       7,375,823  
Less: ALCL     98,375       96,868       95,177       94,353       92,008  
Loans, net of ALCL     7,801,652       7,564,076       7,472,886       7,528,336       7,283,815  
Premises and equipment, net     120,931       118,978       111,700       105,501       104,047  
Mortgage servicing rights           15,637       19,189       19,086       18,261  
Cash surrender value of bank-owned life insurance     40,134       39,905       39,688       39,467       39,253  
Goodwill     128,679       128,679       128,679       128,679       128,679  
Other intangible assets, net     43,314       45,452       42,460       44,724       47,277  
Accrued interest receivable and other assets     187,984       185,320       226,236       206,694       196,956  
Total assets   $ 9,892,379     $ 9,722,584     $ 9,733,303     $ 10,165,163     $ 10,358,516  
Liabilities and Stockholders’ Equity                    
Noninterest-bearing deposits   $ 1,887,066     $ 1,919,638     $ 2,008,671     $ 2,123,699     $ 2,247,782  
Interest-bearing deposits     4,990,632       4,918,597       4,728,263       4,738,460       4,779,023  
Time deposits     1,030,656       967,901       968,352       949,975       857,537  
Brokered time deposits     597,110       444,989       669,202       677,909       289,968  
Total deposits     8,505,464       8,251,125       8,374,488       8,490,043       8,174,310  
FHLB advances and other borrowings     13,158       83,598       12,213       342,861       875,502  
Subordinated indebtedness     160,684       194,279       196,825       196,746       201,845  
Accrued expenses and other liabilities     134,220       130,677       150,832       137,654       114,272  
Total liabilities     8,813,526       8,659,679       8,734,358       9,167,304       9,365,929  
Stockholders’ equity:                    
Common stock     155,057       154,931       154,534       154,331       153,904  
Additional paid-in capital     530,380       528,578       525,434       524,302       522,124  
Retained earnings     518,325       500,419       491,706       472,105       455,040  
Accumulated other comprehensive loss     (124,909 )     (121,023 )     (172,729 )     (152,879 )     (138,481 )
Total stockholders’ equity     1,078,853       1,062,905       998,945       997,859       992,587  
Total liabilities and stockholders’ equity   $ 9,892,379     $ 9,722,584     $ 9,733,303     $ 10,165,163     $ 10,358,516  


Origin Bancorp, Inc.
Loan Data
(Unaudited)
 
    At and For the Three Months Ended
    March 31,
2024
  December 31,
2023
  September 30,
2023
  June 30,
2023
  March 31,
2023
                     
LHFI   (Dollars in thousands)
Owner occupied commercial real estate   $ 948,624     $ 953,822     $ 932,109     $ 915,861     $ 855,887  
Non-owner occupied commercial real estate     1,472,164       1,488,912       1,503,782       1,512,303       1,529,513  
Owner occupied construction/land/land development     259,366       256,658       252,168       259,984       252,617  
Non-owner occupied construction/land/land development     909,231       813,567       824,588       762,255       696,009  
Residential real estate - single family     1,373,532       1,373,696       1,338,382       1,284,955       1,231,022  
Multi-family real estate     359,765       361,239       349,787       348,703       357,469  
Total real estate loans     5,322,682       5,247,894       5,200,816       5,084,061       4,922,517  
Commercial and industrial     2,154,151       2,059,460       2,058,073       1,977,028       2,091,093  
MW LOC     400,995       329,966       286,293       537,627       337,529  
Consumer     22,199       23,624       22,881       23,973       24,684  
Total LHFI     7,900,027       7,660,944       7,568,063       7,622,689       7,375,823  
Less: ALCL     98,375       96,868       95,177       94,353       92,008  
LHFI, net   $ 7,801,652     $ 7,564,076     $ 7,472,886     $ 7,528,336     $ 7,283,815  
                     
Nonperforming assets                    
Nonperforming LHFI                    
Commercial real estate   $ 4,474     $ 786     $ 942     $ 3,510     $ 3,100  
Construction/land/land development     383       305       235       183       226  
Residential real estate(1)     14,918       13,037       13,236       16,345       8,969  
Commercial and industrial     20,560       15,897       17,072       13,480       4,730  
MW LOC                              
Consumer     104       90       123       91       53  
Total nonperforming LHFI     40,439       30,115       31,608       33,609       17,078  
Nonperforming loans held for sale                             4,646  
Total nonperforming loans     40,439       30,115       31,608       33,609       21,724  
Repossessed assets     3,935       3,929       3,939       908       806  
Total nonperforming assets   $ 44,374     $ 34,044     $ 35,547     $ 34,517     $ 22,530  
Classified assets   $ 88,152     $ 84,474     $ 67,960     $ 85,206     $ 86,975  
Past due LHFI(2)     32,835       26,043       20,347       19,836       11,498  
                     
Allowance for loan credit losses                    
Balance at beginning of period   $ 96,868     $ 95,177     $ 94,353     $ 92,008     $ 87,161  
Provision for loan credit losses     4,089       3,582       3,510       4,264       6,158  
Loans charged off     6,683       3,803       3,202       2,751       2,293  
Loan recoveries     4,101       1,912       516       832       982  
Net charge-offs     2,582       1,891       2,686       1,919       1,311  
Balance at end of period   $ 98,375     $ 96,868     $ 95,177     $ 94,353     $ 92,008  
                     
Credit quality ratios    
Total nonperforming assets to total assets     0.45 %     0.35 %     0.37 %     0.34 %     0.22 %
Total nonperforming loans to total loans     0.51       0.39       0.42       0.44       0.29  
Nonperforming LHFI to LHFI     0.51       0.39
      0.42       0.44       0.23  
Past due LHFI to LHFI     0.42       0.34       0.27       0.26       0.16  
ALCL to nonperforming LHFI     243.27       321.66       301.12       280.74       538.75  
ALCL to total LHFI     1.25       1.26       1.26       1.24       1.25  
ALCL to total LHFI, adjusted(3)     1.30       1.31       1.30       1.32       1.30  
Net charge-offs to total average LHFI (annualized)     0.13       0.10       0.14       0.10       0.07  

____________________________
(1) Includes multi-family real estate.
(2) Past due LHFI are defined as loans 30 days or more past due.
(3) The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.

Origin Bancorp, Inc.
Average Balances and Yields/Rates
(Unaudited)
 
    Three Months Ended
    March 31, 2024   December 31, 2023   March 31, 2023
    Average Balance   Yield/Rate   Average Balance   Yield/Rate   Average Balance   Yield/Rate
                         
Assets   (Dollars in thousands)
Commercial real estate   $ 2,438,476     5.84 %   $ 2,438,653     5.79 %   $ 2,342,545     5.37 %
Construction/land/land development     1,130,355     7.25       1,068,243     7.16       974,914     6.48  
Residential real estate(1)     1,739,105     5.40       1,717,976     5.27       1,519,325     4.85  
Commercial and industrial ("C&I")     2,121,502     7.89       2,062,418     7.71       2,070,356     7.42  
MW LOC     306,248     7.59       269,195     7.68       213,201     5.72  
Consumer     23,319     8.07       24,008     8.04       26,017     8.10  
LHFI     7,759,005     6.58       7,580,493     6.46       7,146,358     6.03  
Loans held for sale     12,906     5.86       11,971     5.80       26,140     4.34  
Loans receivable     7,771,911     6.58       7,592,464     6.46       7,172,498     6.02  
Investment securities-taxable     1,095,480     2.51       1,108,802     2.51       1,395,857     2.37  
Investment securities-nontaxable     148,077     2.47       182,324     2.45       238,145     2.40  
Non-marketable equity securities held in other financial institutions     58,455     3.77       63,360     3.98       71,089     3.72  
Interest-bearing balances due from banks     240,432     5.37       218,833     5.49       300,795     4.61  
Total interest-earning assets     9,314,355     5.99       9,165,783     5.86       9,178,384     5.31  
Noninterest-earning assets     546,881           588,064           605,218      
Total assets   $ 9,861,236         $ 9,753,847         $ 9,783,602      
                         
Liabilities and Stockholders’ Equity                    
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 5,009,117     3.69 %   $ 4,784,623     3.54 %   $ 4,648,397     2.47 %
Time deposits     1,563,992     4.35       1,603,049     4.24       976,905     2.58  
Total interest-bearing deposits     6,573,109     3.85       6,387,672     3.71       5,625,302     2.49  
FHLB advances and other borrowings     42,284     4.92       22,573     3.86       457,478     5.21  
Subordinated indebtedness     165,252     4.91       196,741     5.05       201,809     5.14  
Total interest-bearing liabilities     6,780,645     3.88       6,606,986     3.75       6,284,589     2.77  
Noninterest-bearing liabilities                        
Noninterest-bearing deposits     1,866,496           1,972,995           2,392,176      
Other liabilities     151,390           160,580           130,793      
Total liabilities     8,798,531           8,740,561           8,807,558      
Stockholders’ Equity     1,062,705           1,013,286           976,044      
Total liabilities and stockholders’ equity   $ 9,861,236         $ 9,753,847         $ 9,783,602      
Net interest spread       2.11 %       2.11 %       2.54 %
NIM       3.17         3.16         3.41  
NIM-FTE(2)       3.19         3.19         3.44  
Adjusted NIM-FTE(3)       3.19         3.19         3.36  

____________________________
(1) Includes multi-family real estate.
(2) In order to present pre-tax income and resulting yields on tax-exempt investments comparable to those on taxable investments, a tax-equivalent adjustment has been computed. This adjustment also includes income tax credits received on Qualified School Construction Bonds.
(3) Adjusted NIM-FTE is a non-GAAP financial measure and is calculated by removing the $2,000 and $48,000 net purchase accounting amortization from the net interest income for the quarters ended March 31, 2024 and December 31, 2023, respectively, and the $1.7 million net purchase accounting accretion from the net interest income for the quarter ended March 31, 2023. 

Origin Bancorp, Inc.
Non-GAAP Financial Measures
(Unaudited)
 
    At and For the Three Months Ended
    March 31,
2024
  December 31,
2023
  September 30,
2023
  June 30,
2023
  March 31,
2023
                     
    (Dollars in thousands, except per share amounts)
Calculation of adjusted net income:                    
Net interest income after provision for credit losses   $ 70,311     $ 70,254     $ 70,615     $ 70,985     $ 70,950  
                     
Total noninterest income   $ 17,255     $ 8,196     $ 18,119     $ 15,636     $ 16,384  
MSR (gain) impairment     (410 )     1,769                    
Loss (gain) on sales of securities, net     403       4,606       7,173             (144 )
Gain on sub-debt repurchase                       (471 )      
Positive valuation adjustment on non-marketable equity securities                 (10,096 )            
Adjusted total noninterest income     17,248       14,571       15,196       15,165       16,240  
                     
Total noninterest expense   $ 58,707     $ 60,906     $ 58,663     $ 58,887     $ 56,760  
                     
Income tax expense   $ 6,227     $ 4,119     $ 5,758     $ 5,974     $ 6,272  
Income tax expense on adjustment items     (1 )     1,339       (614 )     (99 )     (30 )
Adjusted income tax expense     6,226       5,458       5,144       5,875       6,242  
                     
Net income (GAAP)   $ 22,632     $ 13,425     $ 24,313     $ 21,760     $ 24,302  
Adjusted net income (non-GAAP)   $ 22,626     $ 18,461     $ 22,004     $ 21,388     $ 24,188  
                     
Calculation of adjusted PTPP earnings:                    
Provision for credit losses   $ 3,012     $ 2,735     $ 3,515     $ 4,306     $ 6,197  
                     
Adjusted net income   $ 22,626     $ 18,461     $ 22,004     $ 21,388     $ 24,188  
Provision for credit losses     3,012       2,735       3,515       4,306       6,197  
Adjusted income tax expense     6,226       5,458       5,144       5,875       6,242  
Adjusted PTPP earnings (non-GAAP)   $ 31,864     $ 26,654     $ 30,663     $ 31,569     $ 36,627  
                     
Calculation of adjusted dilutive EPS:                    
Numerator:                    
Adjusted net income   $ 22,626     $ 18,461     $ 22,004     $ 21,388     $ 24,188  
Denominator:                    
Weighted average diluted common shares outstanding     31,078,910       30,995,354       30,943,860       30,872,834       30,882,156  
                     
Diluted earnings per share (GAAP)   $ 0.73     $ 0.43     $ 0.79     $ 0.70     $ 0.79  
Adjusted diluted earnings per share (non-GAAP)     0.73       0.60       0.71       0.69       0.78  
                     
Calculation of adjusted ROAA and adjusted ROAE:                
Adjusted net income   $ 22,626     $ 18,461     $ 22,004     $ 21,388     $ 24,188  
Divided by number of days in the quarter     91       92       92       91       90  
Multiplied by number of days in the year     366       365       365       365       365  
Annualized adjusted net income   $ 91,001     $ 73,242     $ 87,298     $ 85,787     $ 98,096  
                     
Divided by total average assets   $ 9,861,236     $ 9,753,847     $ 10,035,564     $ 10,190,356     $ 9,783,602  
ROAA (annualized) (GAAP)     0.92 %     0.55 %     0.96 %     0.86 %     1.01 %
Adjusted ROAA (annualized) (non-GAAP)     0.92       0.75       0.87       0.84       1.00  
                     
Divided by total average stockholders' equity   $ 1,062,705     $ 1,013,286     $ 1,012,912     $ 996,823     $ 976,044  
ROAE (annualized) (GAAP)     8.57 %     5.26 %     9.52 %     8.76 %     10.10 %
Adjusted ROAE (annualized) (non-GAAP)     8.56       7.23       8.62       8.61       10.05  
                     
Calculation of adjusted PTPP ROAA and adjusted PTPP ROAE:            
Adjusted PTPP earnings   $ 31,864     $ 26,654     $ 30,663     $ 31,569     $ 36,627  
Divided by number of days in the quarter     91       92       92       91       90  
Multiplied by the number of days in the year     366       365       365       365       365  
Adjusted PTPP earnings, annualized   $ 128,156     $ 105,747     $ 121,652     $ 126,623     $ 148,543  
                     
Divided by total average assets   $ 9,861,236     $ 9,753,847     $ 10,035,564     $ 10,190,356     $ 9,783,602  
Adjusted PTPP ROAA (annualized)
(non-GAAP)
    1.30 %     1.08 %     1.21 %     1.24 %     1.52 %
                     
Divided by total average stockholders' equity   $ 1,062,705     $ 1,013,286     $ 1,012,912     $ 996,823     $ 976,044  
Adjusted PTPP ROAE (annualized)
(non-GAAP)
    12.06 %     10.44 %     12.01 %     12.70 %     15.22 %
                     
Calculation of tangible common equity to tangible common assets, book value per common share and adjusted tangible book value per common share:    
Total assets   $ 9,892,379     $ 9,722,584     $ 9,733,303     $ 10,165,163     $ 10,358,516  
Goodwill     (128,679 )     (128,679 )     (128,679 )     (128,679 )     (128,679 )
Other intangible assets, net     (43,314 )     (45,452 )     (42,460 )     (44,724 )     (47,277 )
Tangible assets     9,720,386       9,548,453       9,562,164       9,991,760       10,182,560  
                     
Total common stockholders’ equity   $ 1,078,853     $ 1,062,905     $ 998,945     $ 997,859     $ 992,587  
Goodwill     (128,679 )     (128,679 )     (128,679 )     (128,679 )     (128,679 )
Other intangible assets, net     (43,314 )     (45,452 )     (42,460 )     (44,724 )     (47,277 )
Tangible common equity     906,860       888,774       827,806       824,456       816,631  
Accumulated other comprehensive loss     124,909       121,023       172,729       152,879       138,481  
Adjusted tangible common equity     1,031,769       1,009,797       1,000,535       977,335       955,112  
Divided by common shares outstanding at the end of the period     31,011,304       30,986,109       30,906,716       30,866,205       30,780,853  
Book value per common share (GAAP)   $ 34.79     $ 34.30     $ 32.32     $ 32.33     $ 32.25  
Tangible book value per common share
(non-GAAP)
    29.24       28.68       26.78       26.71       26.53  
Adjusted tangible book value per common share (non-GAAP)     33.27       32.59       32.37       31.66       31.03  
Tangible common equity to tangible assets (non-GAAP)     9.33 %     9.31 %     8.66 %     8.25 %     8.02 %
                     
Calculation of ROATCE and adjusted ROATCE:                
Net income   $ 22,632     $ 13,425     $ 24,313     $ 21,760     $ 24,302  
Divided by number of days in the quarter     91       92       92       91       90  
Multiplied by number of days in the year     366       365       365       365       365  
Annualized net income   $ 91,025     $ 53,262     $ 96,459     $ 87,279     $ 98,558  
                     
Adjusted net income   $ 22,626     $ 18,461     $ 22,004     $ 21,388     $ 24,188  
Divided by number of days in the quarter     91       92
      92       91       90  
Multiplied by number of days in the year     366       365       365       365       365  
Annualized adjusted net income   $ 91,001     $ 73,242     $ 87,298     $ 85,787     $ 98,096  
                     
Total average common stockholders’ equity   $ 1,062,705     $ 1,013,286     $ 1,012,912     $ 996,823     $ 976,044  
Average goodwill     (128,679 )     (128,679 )     (128,679 )     (128,679 )     (128,679 )
Average other intangible assets, net     (44,700 )     (46,825 )     (43,901 )     (46,379 )     (48,950 )
Average tangible common equity     889,326       837,782       840,332       821,765       798,415  
                     
ROATCE (non-GAAP)     10.24 %     6.36 %     11.48 %     10.62 %     12.34 %
Adjusted ROATCE (non-GAAP)     10.23       8.74       10.39       10.44       12.29  
                     
Calculation of adjusted efficiency ratio:                    
Total noninterest expense   $ 58,707     $ 60,906     $ 58,663     $ 58,887     $ 56,760  
Insurance and mortgage noninterest expense     (8,045 )     (8,581 )     (8,579 )     (9,156 )     (8,033 )
Merger-related expenses                              
Adjusted total noninterest expense     50,662       52,325       50,084       49,731       48,727  
                     
Net interest income   $ 73,323     $ 72,989     $ 74,130     $ 75,291     $ 77,147  
Insurance and mortgage net interest income     (2,795 )     (2,294 )     (2,120 )     (1,574 )     (1,493 )
Total noninterest income     17,255       8,196       18,119       15,636       16,384  
Insurance and mortgage noninterest income     (10,123 )     (4,727 )     (7,335 )     (7,587 )     (8,792 )
Positive valuation adjustment on non-marketable equity securities                 (10,096 )            
Loss (gain) on sale of securities, net     403       4,606       7,173             (144 )
Gain on sub-debt repurchase                       (471 )      
Adjusted total revenue     78,063       78,770       79,871       81,295       83,102  
                     
Efficiency ratio (GAAP)     64.81 %     75.02 %     63.59 %     64.76 %     60.69 %
Adjusted efficiency ratio (non-GAAP)     64.90       66.43       62.71       61.17       58.64  

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Source: Origin Bancorp, Inc.

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