RUSTON, La., Oct. 22, 2025 (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 $8.6 million, or $0.27 diluted earnings per share ("EPS") for the quarter ended September 30, 2025, compared to net income of $14.6 million, or $0.47 diluted earnings per share, for the quarter ended June 30, 2025. Pre-tax, pre-provision ("PTPP")(1) earnings were $47.8 million for the quarter ended September 30, 2025, compared to $21.5 million for the linked quarter.
"I am extremely proud of how we have executed on Optimize Origin and the momentum that has been created throughout our markets," said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. "We are ahead of pace on our stated plan and are creating real traction on our goal of being a top quartile ROA performer."
(1) PTPP earnings 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 most directly comparable GAAP measure.
Optimize Origin
-- In January 2025, we announced our initiative to drive elite financial
performance and enhance our award-winning culture.
-- Built on three primary pillars:
-- Productivity, Delivery & Efficiency
-- Balance Sheet Optimization
-- Culture & Employee Engagement
-- Established near term target of greater than a 1% ROAA run rate by 4Q25
and an ultimate target of top quartile ROAA.
-- Near term target is being achieved in part by branch consolidation,
headcount reduction, securities optimization, capital optimization,
cash/liquidity management, mortgage restructuring, as well as other
opportunistic efficiency optimizations throughout the organization.
-- We believe the actions we have taken have or will drive earnings
improvement of approximately $37.2 million, in total, annually on a
pre-tax pre-provision basis.
Financial Highlights
-- Net income was $8.6 million for the quarter ended September 30, 2025,
reflecting a decrease of $6.0 million, or 41.1%, compared to the linked
quarter. PTPP earnings(1) were $47.8 million for the quarter ended
September 30, 2025, reflecting an increase of $26.3 million, or 122%,
compared to the linked quarter.
-- Net interest income was $83.7 million for the quarter ended September 30,
2025, reflecting an increase of $1.6 million, or 1.9%, compared to the
linked quarter and is at its highest level in the previous ten quarters.
-- Our fully tax equivalent net interest margin ("NIM-FTE") expanded four
basis points to 3.65% for the quarter ended September 30, 2025, compared
to the quarter ended June 30, 2025, and is at its highest level in the
previous ten quarters. The increase was primarily driven by a two-basis
point increase in the yield earned on average interest-earning assets and
a three-basis point decline in the rate paid on average interest-bearing
liabilities.
-- Total deposits were $8.33 billion at September 30, 2025, reflecting an
increase of $208.8 million, or 2.6%, compared to June 30, 2025. Total
noninterest-bearing deposits were $2.00 billion at September 30, 2025,
reflecting an increase of $158.6 million, or 8.6%, compared to the linked
quarter.
-- During the quarter ended September 30, 2025, we repurchased 265,248
shares of our common stock at an average price of $35.85 per share.
Year-to-date, we have repurchased 401,647 shares of our common stock at
an average price of $34.59 per share.
-- Book value per common share was $39.23 at September 30, 2025, reflecting
an increase of $0.61, or 1.6%, compared to June 30, 2025, and $2.47, or
6.7%, compared to September 30, 2024. Tangible book value per common
share(1) was $33.95 at September 30, 2025, reflecting increases of $0.62,
or 1.9%, compared to June 30, 2025 and $2.58, or 8.2%, compared to
September 30, 2024.
-- As part of our Optimize Origin initiatives, we purchased additional
shares of Argent Financial on July 1, 2025, which increased our ownership
to more than 20%. This purchase required a change to how we account for
this investment from the cost method to the equity method and resulted in
a fair value adjustment gain and equity method investment income of
$7.0 million and $1.2 million, respectively, recorded during the current
quarter.
(1) Tangible book value per common share and PTPP Earnings are non-GAAP financial measures, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.
Results of Operations for the Quarter Ended September 30, 2025
Net Interest Income and Net Interest Margin
Net interest income for the quarter ended September 30, 2025, was $83.7 million, an increase of $1.6 million, or 1.9%, compared to the quarter ended June 30, 2025. A total increase of $2.2 million in net interest income was driven by an overall improvement in our funding mix, as growth in total deposits provided additional liquidity that was deployed into interest-earning balances due from banks and used to reduce borrowings. In addition, interest income earned on investment securities increased $1.2 million when compared to the linked quarter. These increases were partially offset by a $994,000 decrease in interest income earned on loans held for investment ("LHFI").
The overall improvement in our funding mix was reflected in a $197.0 million increase in average interest-earning balances due from banks and an $81.2 million decrease in average balances of FHLB advances and other borrowings. The increase in average interest-earning balances due from banks contributed to a $2.1 million increase in interest income, while the decrease in average balances of FHLB advances and other borrowings contributed $883,000 of the total $943,000 decrease in interest expense during the quarter ended September 30, 2025. These increases in net interest income were partially offset by an $806,000 increase in interest expense on savings and interest-bearing transaction accounts, resulting from a $102.1 million increase in average savings and interest-bearing transaction accounts balances, when compared to the linked quarter.
The $1.2 million increase in interest income earned on investment securities was largely driven by the full-quarter benefit of the bond portfolio optimization strategy executed during the quarter ended June 30, 2025, in conjunction with our Optimize Origin initiative.
Interest income on LHFI decreased by $994,000, primarily due to lower average loan balances which drove a $2.8 million decline in LHFI interest income during the quarter ended September 30, 2025. The decrease was partially offset by $1.3 million in additional interest income as a result of one extra calendar day during the current quarter. The remaining change was mainly due to shifts in the loan mix, as overall LHFI yields remained stable at 6.33% for both quarters. The decrease in average LHFI principal balances was primarily due to decreases of $95.1 million, $73.4 million and $59.7 million in construction/land/land development loans, commercial and industrial loans and mortgage warehouse lines of credit ("MW LOC"), respectively, partially offset by increases of $42.5 million and $37.3 million in commercial real estate and residential real estate loans, respectively, during the quarter ended September 30, 2025.
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 September 17, 2025, the Federal Reserve reduced the federal funds target rate range by 25 basis points, to a range of 4.00% to 4.25%, decreasing the federal funds target range for the fourth time for a total of 125 basis points from its recent cycle high set in mid-2023.
Our NIM-FTE was 3.65% for the quarter ended September 30, 2025, representing four- and 47-basis-point increases compared to the linked quarter and the quarter ended September 30, 2024, respectively. The yield earned on interest-earning assets for the quarter ended September 30, 2025, was 5.89%, an increase of two basis points compared to the linked quarter and a decrease of 20 basis points compared to the quarter ended September 30, 2024. The average rate paid on total interest-bearing liabilities for the quarter ended September 30, 2025, was 3.22%, representing a reduction of three- and 82-basis points compared to the linked quarter and the quarter ended September 30, 2024, respectively.
Credit Quality
The table below includes key credit quality information:
At and For the Three Months Ended Change % Change
(Dollars in thousands, September June 30, September Linked Linked
unaudited) 30, 2025 2025 30, 2024 Quarter Quarter
----------- ----------- ----------- ----------- ----------
Past due LHFI(1) $72,512 $67,626 $38,838 $ 4,886 7.2%
Past due 30 to 89 days
and still accruing 7,739 12,495 20,170 (4,756) (38.1)
Allowance for loan
credit losses
("ALCL") 96,259 92,426 95,989 3,833 4.1
Total nonperforming
LHFI 88,282 85,315 64,273 2,967 3.5
Provision for credit
losses 36,820 2,862 4,603 33,958 N/M
Net charge-offs 31,383 2,300 9,520 29,083 N/M
Credit quality
ratios(2) :
ALCL to nonperforming
LHFI 109.04% 108.33% 149.35% 0.71% N/A ALCL to total LHFI 1.28 1.20 1.21 0.08 N/A ALCL to total LHFI, adjusted(3) 1.35 1.29 1.28 0.06 N/A Nonperforming LHFI to LHFI 1.17 1.11 0.81 0.06 N/A Net charge-offs to total average LHFI (annualized) 1.65 0.12 0.48 1.53 N/A
___________________________
N/A = Not applicable.
N/M = Not meaningful
(1) Past due LHFI are defined as loans 30 days or more past due and includes past due nonperforming loans.
(2) Please see the Loan Data schedule at the back of this document for additional information.
(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.
Our results included a credit loss provision expense of $36.8 million during the quarter ended September 30, 2025, which includes a $35.2 million provision for loan credit losses, compared to provision for loan credit losses of $2.7 million for the linked quarter. The total credit loss provision increase was primarily related to the suspected borrower fraud impacting the Tricolor Holdings, LLC loan relationship which was previously disclosed in our Current Report on Form 8-K filed on September 10, 2025, and drove a $29.5 million increase in the total provision, consisting of a $28.1 million provision for loan credit losses and a $1.5 million provision for off-balance sheet commitments. We are pursuing all possible opportunities for recovery. Also contributing to the increase in provision for loan credit losses was a $1.7 million increase in the provision for relationships impacted by the questioned banker activity first disclosed during the quarter ended June 30, 2024. Our provision for loan credit losses, exclusive of these events, would have been $5.5 million for the quarter ended September 30, 2025, representing a $2.8 million increase compared to the linked quarter primarily due to increases in construction/land/land development and commercial and industrial credit loan loss provisions.
Net charge-offs increased $29.1 million for the quarter ended September 30, 2025, when compared to the quarter ended June 30, 2025, primarily due to net charge-offs of $28.4 million in the current quarter related to the relationship with Tricolor Holdings, LLC, discussed above.
Noninterest Income
Noninterest income for the quarter ended September 30, 2025, was $26.1 million, an increase of $24.8 million from the linked quarter, primarily driven by a $14.4 million loss on sales of securities, net in the linked quarter, and $7.0 million, $2.5 million and $2.1 million increases in changes in fair value of equity investments, equity method investment income (loss) and other income, respectively, in the current quarter. These increases were partially offset by a decrease of $643,000 in mortgage banking revenue.
The $14.4 million loss on sales of securities, net, during the linked quarter was due to the execution of the bond portfolio optimization strategy discussed in detail in the linked quarter earnings release.
The $7.0 million increase in the fair value of equity method investments was driven by the additional investment in Argent Financial which increased our ownership percentage above the threshold required to implement the equity method of accounting. The equity method of accounting requires the asset be recorded at fair value immediately prior to the purchase, and therefore required an upward adjustment to its basis.
The components of equity method investment income are as follows:
At and For the Three Months Ended Change % Change
------------------------------------
(Dollars in thousands, September 30, June 30, September Linked Linked
unaudited) 2025 2025 30, 2024 Quarter Quarter
------------- -------- ----------- ------- ----------
Argent investment
income $ 1,227 $ -- $ -- $ 1,227 N/M
Limited partnership
investment (loss)
income (677) (1,909) 375 1,232 64.5%
Total equity method
investment income $ 550 $(1,909) $ 375
===== ====== =======
___________________________
N/M = Not meaningful
The $2.5 million increase in equity method investment income (loss) was primarily driven by a $1.7 million downward adjustment in one limited partnership investment during the linked quarter. Also contributing to the increase was Argent equity method investment income totaling $1.2 million.
The $2.1 million increase in other income was due to insurance recoveries in connection with the previously disclosed questioned banker activity.
The $643,000 decrease in mortgage banking revenue was primarily due to a decrease in origination and sales volume in the current quarter.
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2025, was $62.0 million, an increase of $45,000, or 0.1% from the linked quarter. There were no material changes in noninterest expense income statement line items compared to the linked quarter.
Financial Condition
Loans
-- Total LHFI at September 30, 2025, were $7.54 billion, a decrease of
$147.3 million, or 1.9%, from $7.68 billion at June 30, 2025, and a
decrease of $419.7 million, or 5.3%, compared to September 30, 2024.
-- The primary drivers of the decrease during the quarter ended September
30, 2025, compared to the linked quarter, were decreases in MW LOC and
commercial and industrial loans of $101.8 million and $91.4 million,
respectively. These decreases were partially offset by an increase of
$64.2 million in non-owner occupied commercial real estate.
Securities
-- Total securities at September 30, 2025 were $1.12 billion, a decrease of
$22.5 million, or 2.0%, from $1.14 billion at June 30, 2025, and a
decrease of $57.0 million, or 4.8%, compared to September 30, 2024.
-- The decrease in securities was primarily due to scheduled principal
paydowns, calls and maturities of short-term investments securities
during the current quarter.
-- Accumulated other comprehensive loss, net of taxes, primarily associated
with unrealized losses within the available for sale portfolio, was $61.2
million at September 30, 2025, a decrease of $12.4 million, or 16.9% ,
from the linked quarter.
-- The weighted average effective duration for the total securities
portfolio was 4.31 years as of September 30, 2025, compared to 4.52 years
as of June 30, 2025.
Equity Method Investments
-- Equity method securities at September 30, 2025, were $65.6 million, an
increase of $49.8 million, or 313.8%, compared to June 30, 2025, and an
increase of $45.7 million, or 228.8% from September 30, 2024. The primary
driver of the increase was a change in presentation as described
immediately below.
-- As a result of our Optimize Origin initiative and during the quarter
ended September 30, 2025, we made an additional investment in Argent
Financial which increased our ownership percentage above the threshold
required to implement the equity method of accounting. The implementation
of the equity method of accounting resulted in a change in presentation
to the underlying asset from nonmarketable equity securities held in
other financial institutions to equity method investments and required a
remeasurement of the fair value of the asset before applying equity
method accounting.
-- The remeasurement of the asset resulted in a $7.0 million fair value
adjustment gain and, subsequent to the implementation of equity method
accounting, we recorded equity method investment income of $1.2 million
during the current quarter. As of September 30, 2025, the carrying value
of our total investment in Argent Financial was $49.8 million.
-- We estimate that our investment in Argent Financial should result in a
pre-tax annualized benefit of approximately $6.0 million beginning in the
fourth quarter of 2025.
Deposits
-- Total deposits at September 30, 2025, were $8.33 billion, an increase of
$208.8 million, or 2.6%, compared to June 30, 2025, and a decrease of
$154.7 million, or 1.8%, from September 30, 2024.
-- The increase in total deposits at September 30, 2025, compared to the
linked quarter was primarily due to increases of $158.6 million and $99.3
million in noninterest-bearing demand deposits and money market deposits,
respectively. The increase was partially offset by a decrease of $35.6
million in interest-bearing demand deposits.
-- At September 30, 2025, and June 30, 2025, noninterest-bearing deposits as
a percentage of total deposits were 24.0% and 22.7%, respectively. At
September 30, 2024, noninterest-bearing deposits as a percentage of total
deposits were 22.3%.
Borrowings
-- FHLB advances and other borrowings at September 30, 2025, were $12.8
million, a decrease of $115.1 million from $127.8 million at June 30,
2025, and a decrease of $17.7 million compared to September 30, 2024. The
decrease was primarily due to growth in total deposits in the current
quarter compared to the linked quarter.
-- Average FHLB advances were $22.9 million for the quarter ended September
30, 2025, a decrease of $81.6 million from $104.5 million for the quarter
ended June 30, 2025 and a decrease of $10.4 million from September 30,
2024.
Conference Call
Origin will hold a conference call to discuss its third quarter 2025 results on Thursday, October 23, 2025, 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 (888) 700-7550 (U.S. Toll Free), enter Conference ID: 79032 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/ORIGINQ325.
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 operates more than 56 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. In addition, Origin provides a broad range of insurance agency products and services through its wholly owned insurance subsidiary, Forth Insurance, LLC. For more information, visit www.origin.bank and www.forthinsurance.com.
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: PTPP earnings, PTPP ROAA, tangible book value per common share, ROATCE, and core 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 Bancorp, Inc's ("Origin", "we", "our" or the "Company") 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: (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. 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.
This press release contains projected financial information with respect to Origin, including with respect to certain goals and strategic initiatives of Origin and the anticipated benefits thereof. This projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to significant business, economic (including interest rate), competitive, and other risks and uncertainties. Actual results may differ materially from the results contemplated by the projected financial information contained herein and the inclusion of such projected financial information in this release should not be regarded as a representation by any person that such actions will be taken or accomplished or that the results reflected in such projected financial information with respect thereto will be achieved.
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
September 30, June 30, March 31, December 31, September 30,
2025 2025 2025 2024 2024
--------------- --------------- --------------- --------------- ---------------
Income statement
and share amounts (Dollars in thousands, except per share amounts)
Net interest
income $ 83,704 $ 82,136 $ 78,459 $ 78,349 $ 74,804
Provision
(benefit) for
credit losses 36,820 2,862 3,444 (5,398) 4,603
Noninterest income
(loss) 26,128 1,368 15,602 (330) 15,989
Noninterest
expense 62,028 61,983 62,068 65,422 62,521
Income before
income tax
expense 10,984 18,659 28,549 17,995 23,669
Income tax expense 2,361 4,012 6,138 3,725 5,068
Net income $ 8,623 $ 14,647 $ 22,411 $ 14,270 $ 18,601
========== ========== ========== ========== ==========
PTPP earnings(1) $ 47,804 $ 21,521 $ 31,993 $ 12,597 $ 28,272
Basic earnings per
common share 0.28 0.47 0.72 0.46 0.60
Diluted earnings
per common share 0.27 0.47 0.71 0.46 0.60
Dividends declared
per common share 0.15 0.15 0.15 0.15 0.15
Weighted average
common shares
outstanding -
basic 31,183,092 31,192,622 31,205,752 31,155,486 31,130,293
Weighted average
common shares
outstanding -
diluted 31,363,571 31,327,818 31,412,010 31,308,805 31,239,877
Balance sheet data
Total LHFI $ 7,537,099 $ 7,684,446 $ 7,585,526 $ 7,573,713 $ 7,956,790
Total LHFI
excluding MW LOC 7,064,131 7,109,698 7,181,395 7,224,632 7,461,602
Total assets 9,791,306 9,678,158 9,750,372 9,678,702 9,965,986
Total deposits 8,331,830 8,123,036 8,338,412 8,223,120 8,486,568
Total
stockholders'
equity 1,214,756 1,205,769 1,180,177 1,145,245 1,145,673
Performance
metrics and
capital ratios
Yield on LHFI 6.33% 6.33% 6.33% 6.47% 6.67%
Yield on
interest-earnings
assets 5.89 5.87 5.79 5.91 6.09
Cost of
interest-bearing
deposits 3.20 3.20 3.23 3.61 4.01
Cost of total
deposits 2.46 2.47 2.52 2.79 3.14
NIM - fully tax
equivalent
("FTE") 3.65 3.61 3.44 3.33 3.18
Return on average
assets
(annualized)
("ROAA") 0.35 0.60 0.93 0.57 0.74
PTPP ROAA
(annualized)(1) 1.95 0.89 1.32 0.50 1.13
Return on average
stockholders'
equity
(annualized)
("ROAE") 2.79 4.94 7.79 4.94 6.57
Return on average
tangible common
equity
(annualized)
("ROATCE")(1) 3.22 5.74 9.09 5.78 7.74
Book value per
common share $ 39.23 $ 38.62 $ 37.77 $ 36.71 $ 36.76
Tangible book
value per common
share(1) 33.95 33.33 32.43 31.38 31.37
Efficiency
ratio(2) 56.48% 74.23% 65.99% 83.85% 68.86%
Core efficiency
ratio(1) 54.70 73.77 65.33 82.79 67.48
Common equity tier
1 to
risk-weighted
assets(3) 13.59 13.47 13.57 13.32 12.46
Tier 1 capital to
risk-weighted
assets(3) 13.78 13.67 13.77 13.52 12.64
Total capital to
risk-weighted
assets(3) 15.90 15.68 15.81 16.44 15.45
Tier 1 leverage
ratio(3) 11.69 11.70 11.47 11.08 10.93
__________________________
(1) PTPP earnings, PTPP ROAA, tangible book value per common share, ROATCE, and core 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 most directly comparable GAAP measures, please see the last few pages of this release.
(2) Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
(3) September 30, 2025, 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.
Selected Year-To-Date Financial Data
(Unaudited)
Nine Months Ended September 30,
(Dollars in thousands, except per
share amounts) 2025 2024
-----------
Income statement and share
amounts
Net interest income $ 244,299 $ 222,017
Provision for credit losses 43,126 12,846
Noninterest income 43,098 55,709
Noninterest expense 186,079 185,616
Income before income tax expense 58,192 79,264
Income tax expense 12,511 17,042
Net income $ 45,681 $ 62,222
============ === ===========
PTPP earnings(1) $ 101,318 $ 92,110
Basic earnings per common share 1.46 2.00
Diluted earnings per common share 1.46 2.00
Dividends declared per common
share 0.45 0.45
Weighted average common shares
outstanding - basic 31,193,739 31,051,672
Weighted average common shares
outstanding - diluted 31,382,010 31,160,867
Performance metrics
Yield on LHFI 6.33% 6.61%
Yield on interest-earning assets 5.85 6.04
Cost of interest-bearing deposits 3.21 3.94
Cost of total deposits 2.48 3.07
NIM-FTE 3.57 3.18
ROAA (annualized) 0.63 0.84
PTPP ROAA (annualized)(1) 1.39 1.24
ROAE (annualized) 5.11 7.62
ROATCE (annualized)(1) 5.93 9.04
Efficiency ratio(2) 64.75 66.83 Core efficiency ratio(1) 63.58 66.09
____________________________
(1) PTPP earnings, PTPP ROAA, ROATCE, and core 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 most directly comparable GAAP measures, please see the last few pages of this release.
(2) Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
Origin Bancorp, Inc.
Consolidated Quarterly Statements of Income
(Unaudited)
Three Months Ended
---------------------------------------------------------
September June 30, March 31, December September
30, 2025 2025 2025 31, 2024 30, 2024
---------- --------- --------- --------- ------------
Interest and dividend
income (Dollars in thousands, except per share amounts)
Interest and fees on
loans $ 120,096 $121,239 $117,075 $127,021 $ 133,195
Investment
securities-taxable 8,767 7,692 8,076 6,651 6,536
Investment
securities-nontaxable 1,523 1,425 968 964 905
Interest and dividend
income on assets held
in other financial
institutions 5,753 4,281 6,424 5,197 3,621
--------- ------- ------- ------- -----------
Total interest and
dividend income 136,139 134,637 132,543 139,833 144,257
--------- ------- ------- ------- -----------
Interest expense
Interest-bearing
deposits 51,026 50,152 51,779 59,511 67,051
FHLB advances and
other borrowings 273 1,216 96 88 482
Subordinated
indebtedness 1,136 1,133 2,209 1,885 1,920
--------- ------- ------- ------- -----------
Total interest
expense 52,435 52,501 54,084 61,484 69,453
--------- ------- ------- ------- -----------
Net interest income 83,704 82,136 78,459 78,349 74,804
Provision (benefit)
for credit losses 36,820 2,862 3,444 (5,398) 4,603
--------- ------- ------- ------- -----------
Net interest income
after provision
(benefit) for
credit losses 46,884 79,274 75,015 83,747 70,201
--------- ------- ------- ------- -----------
Noninterest income
Insurance commission
and fee income 6,598 6,661 7,927 5,441 6,928
Service charges and
fees 4,965 4,927 4,716 4,801 4,664
Other fee income 2,262 2,809 2,301 2,152 2,114
Mortgage banking
revenue 726 1,369 915 1,151 1,153
Swap fee income 1,387 1,435 533 116 106
(Loss) gain on sales
of securities, net -- (14,448) -- (14,617) 221
Change in fair value
of equity investments 6,972 -- -- -- --
Equity method
investment income
(loss) 550 (1,909) (1,692) (62) 375
Other income 2,668 524 902 688 428
--------- ------- ------- ------- -----------
Total noninterest
income (loss) 26,128 1,368 15,602 (330) 15,989
--------- ------- ------- ------- -----------
Noninterest expense
Salaries and employee
benefits 37,863 38,280 37,731 36,405 38,491
Occupancy and
equipment, net 7,079 7,187 8,544 7,913 6,298
Data processing 3,526 3,432 2,957 3,414 3,470
Office and operations 3,184 3,337 2,972 2,883 2,984
Intangible asset
amortization 1,583 1,768 1,761 1,800 1,905
Regulatory assessments 1,269 1,345 1,392 1,535 1,791
Advertising and
marketing 1,524 1,158 1,133 1,929 1,449
Professional services 1,395 1,285 1,250 2,064 2,012
Electronic banking 1,470 1,359 1,354 1,377 1,308
Loan-related expenses 979 669 599 431 751
Franchise tax expense 686 688 675 884 721
Other expenses 1,470 1,475 1,700 4,787 1,341
--------- ------- ------- ------- -----------
Total noninterest
expense 62,028 61,983 62,068 65,422 62,521
--------- ------- ------- ------- -----------
Income before income tax
expense 10,984 18,659 28,549 17,995 23,669
Income tax expense 2,361 4,012 6,138 3,725 5,068
--------- ------- ------- ------- -----------
Net income $ 8,623 $ 14,647 $ 22,411 $ 14,270 $ 18,601
========= ======= ======= ======= ===========
Origin Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
September June 30, March 31, December September 30,
(Dollars in thousands) 30, 2025 2025 2025 31, 2024 2024
----------- ----------- ----------- ----------- -------------
Assets
Cash and due from banks $ 94,062 $ 113,918 $ 112,888 $ 132,991 $ 159,337
Interest-bearing
deposits in banks 532,847 220,193 373,314 337,258 161,854
--------- --------- --------- --------- ---------
Total cash and
cash equivalents 626,909 334,111 486,202 470,249 321,191
Securities:
AFS 1,104,789 1,126,721 1,161,368 1,102,528 1,160,965
Held to maturity,
net of allowance
for credit losses 10,559 11,093 11,094 11,095 11,096
Securities carried
at fair value
through income 6,203 6,218 6,512 6,512 6,533
--------- --------- --------- --------- ---------
Total securities 1,121,551 1,144,032 1,178,974 1,120,135 1,178,594
Non-marketable equity
securities held in
other financial
institutions 31,041 75,181 71,754 71,643 67,068
Equity method
investments 65,643 15,863 18,228 18,971 19,963
Loans held for sale 312 8,878 10,191 10,494 7,631
LHFI 7,537,099 7,684,446 7,585,526 7,573,713 7,956,790
Less: ALCL 96,259 92,426 92,011 91,060 95,989
--------- --------- --------- --------- ---------
LHFI, net of ALCL 7,440,840 7,592,020 7,493,515 7,482,653 7,860,801
Premises and equipment,
net 122,899 122,618 123,847 126,620 126,751
Cash surrender value of
bank-owned life
insurance 41,478 41,265 41,021 40,840 40,602
Goodwill 128,679 128,679 128,679 128,679 128,679
Other intangible assets,
net 34,861 36,444 38,212 37,473 39,272
Accrued interest
receivable and other
assets 177,093 179,067 159,749 170,945 175,434
--------- --------- --------- --------- ---------
Total assets $9,791,306 $9,678,158 $9,750,372 $9,678,702 $9,965,986
========= ========= ========= ========= =========
Liabilities and
Stockholders' Equity
Noninterest-bearing
deposits $2,000,324 $1,841,684 $1,888,808 $1,900,651 $1,893,767
Interest-bearing
deposits excluding
brokered
interest-bearing
deposits, if any 5,516,821 5,450,710 5,536,636 5,301,243 5,137,940
Time deposits 814,685 805,642 862,968 941,000 1,023,252
Brokered deposits -- 25,000 50,000 80,226 431,609
--------- --------- --------- --------- ---------
Total deposits 8,331,830 8,123,036 8,338,412 8,223,120 8,486,568
FHLB advances and other
borrowings 12,790 127,843 12,488 12,460 30,446
Subordinated
indebtedness 89,715 89,657 89,599 159,943 159,861
Accrued expenses and
other liabilities 142,215 131,853 129,696 137,934 143,438
--------- --------- --------- --------- ---------
Total liabilities 8,576,550 8,472,389 8,570,195 8,533,457 8,820,313
Stockholders' equity:
Common stock 154,839 156,124 156,220 155,988 155,837
Additional paid-in
capital 532,975 537,819 538,790 537,366 535,662
Retained earnings 588,106 585,387 575,578 557,920 548,419
Accumulated other
comprehensive loss (61,164) (73,561) (90,411) (106,029) (94,245)
--------- --------- --------- --------- ---------
Total
stockholders'
equity 1,214,756 1,205,769 1,180,177 1,145,245 1,145,673
--------- --------- --------- --------- ---------
Total liabilities
and
stockholders'
equity $9,791,306 $9,678,158 $9,750,372 $9,678,702 $9,965,986
========= ========= ========= ========= =========
Origin Bancorp, Inc.
Loan Data
(Unaudited)
At and For the Three Months Ended
September 30, June 30, March 31, December 31, September 30,
2025 2025 2025 2024 2024
-------------- -------------- -------------- -------------- --------------
LHFI (Dollars in thousands)
Owner occupied commercial
real estate $ 986,859 $ 972,788 $ 937,985 $ 975,947 $ 991,671
Non-owner occupied
commercial real estate 1,520,020 1,455,771 1,445,864 1,501,484 1,533,093
Construction/land/land
development 615,778 653,748 798,609 864,011 991,545
Residential real estate -
single family 1,460,696 1,465,535 1,465,192 1,432,129 1,414,013
Multi-family real estate 540,601 529,899 489,765 425,460 434,317
--------- --------- --------- --------- ---------
Total real estate loans 5,123,954 5,077,741 5,137,415 5,199,031 5,364,639
Commercial and industrial 1,919,782 2,011,178 2,022,085 2,002,634 2,074,037
MW LOC 472,968 574,748 404,131 349,081 495,188
Consumer 20,395 20,779 21,895 22,967 22,926
--------- --------- --------- --------- ---------
Total LHFI 7,537,099 7,684,446 7,585,526 7,573,713 7,956,790
Less: ALCL 96,259 92,426 92,011 91,060 95,989
--------- --------- --------- --------- ---------
LHFI, net $7,440,840 $7,592,020 $7,493,515 $7,482,653 $7,860,801
========= ========= ========= ========= =========
Nonperforming assets(1)
Nonperforming LHFI
Commercial real estate $ 11,736 $ 12,814 $ 5,465 $ 4,974 $ 2,776
Construction/land/land
development 17,047 17,720 17,694 18,505 26,291
Residential real
estate(2) 44,368 37,996 40,749 36,221 14,313
Commercial and
industrial 15,043 16,655 17,325 15,120 20,486
Consumer 88 130 135 182 407
--------- --------- --------- --------- ---------
Total nonperforming
LHFI 88,282 85,315 81,368 75,002 64,273
Other real estate
owned/repossessed assets 577 1,991 1,990 3,635 6,043
--------- --------- --------- --------- ---------
Total nonperforming
assets $ 88,859 $ 87,306 $ 83,358 $ 78,637 $ 70,316
Classified assets $ 138,910 $ 129,628 $ 129,666 $ 122,417 $ 113,529
Past due LHFI(3) 72,512 67,626 72,774 42,437 38,838
Past due 30 to 89 days and
still accruing 7,739 12,495 42,587 18,015 20,170
Allowance for loan credit
losses
Balance at beginning of
period $ 92,426 $ 92,011 $ 91,060 $ 95,989 $ 100,865
Provision (benefit) for
loan credit losses 35,216 2,715 3,679 (5,489) 4,644
Loans charged off 32,206 3,700 4,848 2,025 11,226
Loan recoveries 823 1,400 2,120 2,585 1,706
--------- --------- --------- --------- ---------
Net charge-offs
(recoveries) 31,383 2,300 2,728 (560) 9,520
--------- --------- --------- --------- ---------
Balance at end of period $ 96,259 $ 92,426 $ 92,011 $ 91,060 $ 95,989
Credit quality ratios
Total nonperforming assets
to total assets 0.91% 0.90% 0.85% 0.81% 0.71%
Total nonperforming assets
to loans & OREO 1.18 1.14 1.10 1.04 0.88
Nonperforming LHFI to LHFI 1.17 1.11 1.07 0.99 0.81
Past due LHFI to LHFI 0.96 0.88 0.96 0.56 0.49
Past due 30 to 89 days and
still accruing to LHFI 0.10 0.16 0.56 0.24 0.25
ALCL to nonperforming LHFI 109.04 108.33 113.08 121.41 149.35
ALCL to total LHFI 1.28 1.20 1.21 1.20 1.21
ALCL to total LHFI,
adjusted(4) 1.35 1.29 1.28 1.25 1.28
Net charge-offs
(recoveries) to total
average LHFI
(annualized) 1.65 0.12 0.15 (0.03) 0.48
____________________________
(1) Nonperforming assets consist of nonperforming/nonaccrual loans and property acquired through foreclosures or repossession, as well as bank-owned property not in use and listed for sale, if any.
(2) Includes multi-family real estate.
(3) Past due LHFI are defined as loans 30 days or more past due and includes past due nonperforming loans.
(4) 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
----------------------------------------------------------------------------
September 30, 2025 June 30, 2025 September 30, 2024
------------------------ ------------------------
Average Average Average
Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate
---------- ------------ ---------- ------------ ---------- ------------
Assets (Dollars in thousands)
Commercial real estate $2,450,148 5.85% $2,407,632 5.78% $2,507,566 5.93%
Construction/land/land
development 644,455 7.05 739,601 6.92 1,019,302 7.37
Residential real
estate(1) 1,992,766 5.66 1,955,422 5.62 1,824,725 5.56
Commercial and
industrial ("C&I") 1,994,755 7.22 2,068,175 7.30 2,071,984 7.96
MW LOC 420,848 6.97 480,587 6.86 484,680 7.64
Consumer 20,652 7.40 21,851 7.29 22,739 7.93
--------- --------- ---------
LHFI 7,523,624 6.33 7,673,268 6.33 7,930,996 6.67
Loans held for sale 2,918 6.53 11,422 6.92 14,645 6.28
--------- --------- ---------
Loans receivable 7,526,542 6.33 7,684,690 6.33 7,945,641 6.67
Investment
securities-taxable 951,758 3.65 980,430 3.15 1,038,634 2.50
Investment
securities-nontaxable 176,051 3.43 175,101 3.26 146,619 2.46
Non-marketable equity
securities held in
other financial
institutions 34,652 6.21 77,240 6.63 66,409 2.85
Interest-earning
balances due from
banks 473,352 4.37 276,372 4.36 229,224 5.46
Total
interest-earning
assets 9,162,355 5.89 9,193,833 5.87 9,426,527 6.09
Noninterest-earning
assets 565,059 522,090 559,309
--------- --------- ---------
Total assets $9,727,414 $9,715,923 $9,985,836
========= ========= =========
Liabilities and Stockholders' Equity
Liabilities
Interest-bearing
liabilities
Savings and
interest-bearing
transaction accounts $5,511,452 3.17% $5,409,357 3.17% $5,177,522 3.88%
Time deposits 819,692 3.37 868,703 3.45 1,469,849 4.47
--------- --------- ---------
Total
interest-bearing
deposits 6,331,144 3.20 6,278,060 3.20 6,647,371 4.01
FHLB advances and other
borrowings 30,702 3.53 111,951 4.36 40,331 4.75
Subordinated
indebtedness 89,692 5.02 89,633 5.07 159,826 4.78
--------- --------- ---------
Total
interest-bearing
liabilities 6,451,538 3.22 6,479,644 3.25 6,847,528 4.04
Noninterest-bearing
liabilities
Noninterest-bearing
deposits 1,901,116 1,881,301 1,850,046
Other liabilities 147,329 164,647 162,565
--------- --------- ---------
Total liabilities 8,499,983 8,525,592 8,860,139
Stockholders' Equity 1,227,431 1,190,331 1,125,697
--------- --------- ---------
Total liabilities
and stockholders'
equity $9,727,414 $9,715,923 $9,985,836
========= ========= =========
Net interest spread 2.67% 2.62% 2.05%
NIM 3.62 3.58 3.16
NIM-FTE(2) 3.65 3.61 3.18
____________________________
(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.
Origin Bancorp, Inc.
Notable Items
(Unaudited)
At and For the Three Months Ended
------------------------------------------------------------------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2025 2025 2025 2024 2024
----------------------
EPS EPS EPS EPS EPS
$ Impact Impact(1) $ Impact Impact(1) $ Impact Impact(1) $ Impact Impact(1) $ Impact Impact(1)
--------- ----------- --------- ----------- -------- ----------- --------- ----------- ---------- -------------
(Dollars in thousands, except per share amounts)
Notable interest income
items:
Interest income
reversal
related to
suspected
borrower
fraud $ (206) $ (0.01) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
Notable interest expense
items:
OID
amortization -
subordinated
debenture
redemption -- -- -- -- (681) (0.02) -- -- -- --
Notable provision expense
items:
Provision
(expense)
release on
relationships
related to or
impacted by
questioned
banker
activity (1,670) (0.04) -- -- 375 0.01 3,212 0.08 -- --
Provision
expense
related to
suspected
borrower
fraud (29,545) (0.74) -- -- -- -- -- -- -- --
Notable noninterest income items(2) :
(Loss) gain on
sales of
securities,
net -- -- (14,448) (0.36) -- -- (14,617) (0.37) 221 0.01
Positive
valuation
adjustment on
non-marketable
equity
securities 6,972 0.18 -- -- -- -- -- -- -- --
Net (loss) gain
on OREO
properties(2) -- -- (158) -- (212) (0.01) 198 -- -- --
BOLI payout -- -- -- -- 208 0.01 -- -- -- --
Insurance
recovery
income related
to questioned
banker
activity 2,077 0.05 -- -- -- -- -- -- -- --
Notable noninterest expense items:
Operating
expense
related to
questioned
banker
activity (112) -- (530) (0.01) (543) (0.01) (4,069) (0.10) (848) (0.02)
Operating
expense
related to
strategic
Optimize
Origin
initiatives(3) (577) (0.01) (428) (0.01) (1,615) (0.04) (1,121) (0.03) -- --
Operating
expense
related to
suspected
borrower
fraud (285) (0.01) -- -- -- -- -- -- -- --
Employee
Retention
Credit -- -- -- -- 213 0.01 1,651 0.04 -- --
------- ------- ------ ------- -----
Total notable
items $(23,346) (0.59) $(15,564) (0.39) $(2,255) (0.06) $(14,746) (0.37) $ (627) (0.02)
======= ======= ====== ======= =====
____________________________
(1) The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
(2) The $158,000 net loss on OREO properties for the quarter ended June 30, 2025, includes an $8,000 insurance settlement recovery that was included in noninterest income on the face of the income statement and $3,000 in repair costs that was included in noninterest expense. The $212,000 net loss on OREO properties for the quarter ended March 31, 2025, includes a $444,000 expected insurance settlement recovery that was included in noninterest income on the face of the income statement, and a $148,000 repair cost that was included in noninterest expense.
(3) The $577,000 operating expense related to strategic Optimize Origin initiatives for the quarter ended September 30, 2025, includes sub-lease income of $27,000 that was included in noninterest income on the face of the interest statement.
Origin Bancorp, Inc.
Notable Items - Continued
(Unaudited)
Nine Months Ended September 30,
--------------------------------------------------
2025 2024
----------------------- -------------------
EPS
$ Impact Impact(1) $ Impact EPS Impact(1)
------------ ----------- -------- -------------
(Dollars in thousands, except per share amounts)
Notable interest
income items:
Interest income
reversal on
relationships
impacted by
questioned
banker
activity $ -- $ -- $(1,206) $ (0.03)
Interest income
reversal
related to
suspected
borrower
fraud (206) (0.01) -- --
Notable interest
expense items:
OID
amortization -
subordinated
debenture
redemption (681) (0.02) -- --
Notable provision
expense items:
Provision
expense on
relationships
related to or
impacted by
questioned
banker
activity (1,295) (0.03) (7,343) (0.19)
Provision
expense
related to
suspected
borrower
fraud (29,545) (0.74) -- --
Notable
noninterest
income items:
MSR gain -- -- 410 0.01
Loss on sales
of securities,
net (14,448) (0.36) (182) --
Gain on
sub-debt
repurchase -- -- 81 --
Positive
valuation
adjustment on
non-marketable
equity
securities 6,972 0.18 5,188 0.13
Net (loss) gain
on OREO
properties(2) (370) (0.01) 800 0.02
BOLI payout 208 0.01 -- --
Insurance
recovery
income related
to questioned
banker
activity 2,077 0.05 -- --
Notable
noninterest
expense items:
Operating
expense
related to
questioned
banker
activity (1,185) (0.03) (2,300) (0.06)
Operating
expense
related to
strategic
Optimize
Origin
initiatives(3) (2,620) (0.07) -- --
Operating
expense
related to
suspected
borrower
fraud (285) (0.01) -- --
Employee
Retention
Credit 213 0.01 -- --
------- ------
Total notable
items $(41,165) (1.04) $(4,552) (0.12)
======= ======
____________________________
(1) The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
(2) The $370,000 net loss on OREO properties for the nine months ended September 30, 2025, includes a $452,000 insurance settlement recovery that was included in noninterest income on the face of the income statement and a $151,000 repair cost that was included in noninterest expense.
(3) The $2.6 million operating expense related to strategic Optimize Origin initiatives for the nine months ended September 30, 2025, includes sub-lease income of $27,000 that was included in noninterest income on the face of the interest statement.
Origin Bancorp, Inc.
Non-GAAP Financial Measures
(Unaudited)
At and For the Three Months Ended
September 30, June 30, March 31, December 31, September 30,
2025 2025 2025 2024 2024
--------------- --------------- --------------- --------------- ---------------
(Dollars in thousands, except per share amounts)
Calculation of
PTPP
earnings:
Net income $ 8,623 $ 14,647 $ 22,411 $ 14,270 $ 18,601
Provision
(benefit)
for credit
losses 36,820 2,862 3,444 (5,398) 4,603
Income tax
expense 2,361 4,012 6,138 3,725 5,068
---------- ---------- ---------- ---------- ----------
PTPP earnings
(non-GAAP) $ 47,804 $ 21,521 $ 31,993 $ 12,597 $ 28,272
========== ========== ========== ========== ==========
Calculation of
PTPP ROAA:
PTPP earnings $ 47,804 $ 21,521 $ 31,993 $ 12,597 $ 28,272
Divided by
number of
days in the
quarter 92 91 90 92 92
Multiplied
by the
number of
days in the
year 365 365 365 366 366
---------- ---------- ---------- ---------- ----------
PTPP earnings,
annualized $ 189,657 $ 86,320 $ 129,749 $ 50,114 $ 112,473
Divided by
total
average
assets 9,727,414 9,715,923 9,808,215 9,978,543 9,985,836
ROAA
(annualized)
(GAAP) 0.35% 0.60% 0.93% 0.57% 0.74%
PTPP ROAA
(annualized)
(non-GAAP) 1.95 0.89 1.32 0.50 1.13
Calculation of tangible book value per common share:
Total common
stockholders'
equity $ 1,214,756 $ 1,205,769 $ 1,180,177 $ 1,145,245 $ 1,145,673
Goodwill (128,679) (128,679) (128,679) (128,679) (128,679)
Other
intangible
assets,
net (34,861) (36,444) (38,212) (37,473) (39,272)
---------- ---------- ---------- ---------- ----------
Tangible
common
equity 1,051,216 1,040,646 1,013,286 979,093 977,722
Divided by
common
shares
outstanding
at the end
of the
period 30,967,768 31,224,718 31,244,006 31,197,574 31,167,410
Book value per
common share
(GAAP) $ 39.23 $ 38.62 $ 37.77 $ 36.71 $ 36.76
Tangible book
value per
common share
(non-GAAP) 33.95 33.33 32.43 31.38 31.37
Calculation of ROATCE:
Net income $ 8,623 $ 14,647 $ 22,411 $ 14,270 $ 18,601
Divided by
number of
days in the
quarter 92 91 90 92 92
Multiplied
by number
of days in
the year 365 365 365 366 366
---------- ---------- ---------- ---------- ----------
Annualized net
income $ 34,211 $ 58,749 $ 90,889 $ 56,770 $ 74,000
Total average
common
stockholders'
equity $ 1,227,431 $ 1,190,331 $ 1,166,749 $ 1,149,228 $ 1,125,697
Average
goodwill (128,679) (128,679) (128,679) (128,679) (128,679)
Average
other
intangible
assets,
net (35,741) (37,459) (38,254) (38,646) (40,487)
---------- ---------- ---------- ---------- ----------
Average
tangible
common
equity 1,063,011 1,024,193 999,816 981,903 956,531
ROAE
(annualized)
(GAAP) 2.79% 4.94% 7.79% 4.94% 6.57%
ROATCE
(annualized)
(non-GAAP) 3.22 5.74 9.09 5.78 7.74
Calculation of
core
efficiency
ratio:
Total
noninterest
expense $ 62,028 $ 61,983 $ 62,068 $ 65,422 $ 62,521
Insurance and
mortgage
noninterest
expense (7,532) (8,460) (8,230) (8,497) (8,448)
---------- ---------- ---------- ---------- ----------
Adjusted total
noninterest
expense 54,496 53,523 53,838 56,925 54,073
Net interest
income $ 83,704 $ 82,136 $ 78,459 $ 78,349 $ 74,804
Insurance
and
mortgage
net
interest
income (2,885) (2,924) (2,815) (2,666) (2,578)
Total
noninterest
income 26,128 1,368 15,602 (330) 15,989
Insurance
and
mortgage
noninterest
income (7,324) (8,030) (8,842) (6,592) (8,081)
---------- ---------- ---------- ---------- ----------
Adjusted total
revenue 99,623 72,550 82,404 68,761 80,134
Efficiency
ratio (GAAP) 56.48% 74.23% 65.99% 83.85% 68.86%
Core
efficiency
ratio
(non-GAAP) 54.70 73.77 65.33 82.79 67.48
Origin Bancorp, Inc.
Non-GAAP Financial Measures - Continued
(Unaudited)
Nine Months Ended September 30,
--------------------------------------------------------
2025 2024
----------------- ----
(Dollars in thousands, except per share amounts)
Calculation of
PTPP earnings:
Net income $ 45,681 $ 62,222
Provision for
credit losses 43,126 12,846
Income tax
expense 12,511 17,042
----------------- ---- ----------------- ----
PTPP earnings
(non-GAAP) $ 101,318 $ 92,110
================= ==== ================= ====
Calculation of
PTPP ROAA:
PTPP Earnings $ 101,318 $ 92,110
Divided by the
year-to-date
number of days 273 274
Multiplied by
number of days
in the year 365 366
----------------- ---- ----------------- ----
Annualized PTPP
Earnings $ 135,462 $ 123,037
Divided by total
average assets $ 9,750,221 $ 9,951,890
ROAA (annualized)
(GAAP) 0.63% 0.84%
PTPP ROAA
(annualized)
(non-GAAP) 1.39 1.24
Calculation of ROATCE:
Net income $ 45,681 $ 62,222
Divided by the
year-to-date
number of days 273 274
Multiplied by
number of days
in the year 365 366
----------------- ---- ----------------- ----
Annualized net
income $ 61,075 $ 83,114
Total average
common
stockholders'
equity $ 1,195,059 $ 1,091,018
Average
goodwill (128,679) (128,679)
Average other
intangible
assets, net (37,142) (42,576)
----------------- --- ----------------- ---
Average tangible
common equity 1,029,238 919,763
ROAE (annualized)
(GAAP) 5.11% 7.62%
ROATCE
(annualized)
(non-GAAP) 5.93 9.04
Calculation of
core efficiency
ratio:
Total noninterest
expense $ 186,079 $ 185,616
Insurance and
mortgage
noninterest
expense (24,222) (24,895)
----------------- --- ----------------- ---
Adjusted total
noninterest
expense 161,857 160,721
Net interest
income $ 244,299 $ 222,017
Insurance and
mortgage net
interest
income (8,624) (7,780)
Total
noninterest
income 43,098 55,709
Insurance and
mortgage
noninterest
income (24,196) (26,747)
Adjusted total
revenue 254,577 243,199
Efficiency ratio
(non-GAAP) 64.75% 66.83%
Core efficiency
ratio (non-GAAP) 63.58 66.09
(END) Dow Jones Newswires
October 22, 2025 16:19 ET (20:19 GMT)
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