Company Quick10K Filing
Origin Bancorp
Price33.43 EPS2
Shares24 P/E15
MCap793 P/FCF20
Net Debt-309 EBIT118
TEV484 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
S-1 2018-04-10 Public Filing
10-Q 2018-03-31 Filed 2018-06-01
8-K 2020-07-22 Earnings, Other Events
8-K 2020-07-14 Regulation FD
8-K 2020-05-05
8-K 2020-04-22
8-K 2020-04-22
8-K 2020-04-10
8-K 2020-03-02
8-K 2020-02-06
8-K 2020-01-22
8-K 2020-01-10
8-K 2019-12-13
8-K 2019-12-04
8-K 2019-11-08
8-K 2019-10-29
8-K 2019-10-23
8-K 2019-10-10
8-K 2019-07-29
8-K 2019-07-24
8-K 2019-07-10
8-K 2019-05-03
8-K 2019-04-24
8-K 2019-04-24
8-K 2019-04-10
8-K 2019-03-12
8-K 2019-01-29
8-K 2019-01-23
8-K 2019-01-10
8-K 2018-11-28
8-K 2018-11-06
8-K 2018-10-24
8-K 2018-10-11
8-K 2018-10-05
8-K 2018-09-24
8-K 2018-08-22
8-K 2018-08-20
8-K 2018-08-17
8-K 2018-07-30
8-K 2018-07-25
8-K 2018-06-08
8-K 2018-05-23

OBNK 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Significant Accounting Policies
Note 2 - Earnings per Share
Note 3 - Securities
Note 4 - Loans
Note 5 - Fair Value of Financial Instruments
Note 6 - Goodwill and Other Intangible Assets
Note 7 - Mortgage Banking
Note 8 - Borrowings
Note 9 - Derivative Financial Instruments
Note 10 - Stock and Incentive Compensation Plans
Note 11 - Income Taxes
Note 12 - Accumulated Other Comprehensive Income
Note 13 - Capital and Regulatory Matters
Note 14 - Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a6302020obnkexhibit311.htm
EX-31.2 a6302020obnkexhibit312.htm
EX-32.1 a6302020obnkexhibit321.htm
EX-32.2 a6302020obnkexhibit322.htm

Origin Bancorp Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
         For the quarterly period ended June 30, 2020

OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
         For the transition period from ____________ to __________

Commission file number 001-38487
Origin Bancorp, Inc.

(Exact name of registrant as specified in its charter)
Louisiana72-1192928
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)

500 South Service Road East
Ruston, Louisiana 71270
(318) 255-2222
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on which registered
Common Stock, par value $5.00 per shareOBNKNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date: 23,501,233 shares of Common Stock, par value $5.00 per share, were issued and outstanding at August 3, 2020.




ORIGIN BANCORP, INC.
FORM 10-Q
JUNE 30, 2020
INDEX
Page



Cautionary Note Regarding Forward-Looking Statements
This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "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," or variations or negatives of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in our forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
the duration and impacts of the novel coronavirus ("COVID-19") pandemic and efforts to contain its transmission, including the effect of these factors on our business, customers and economic conditions generally, as well as the impact of the actions taken by governmental authorities to address the impact of COVID-19 on the United States economy, including, without limitation, the Coronavirus Aid, Relief and Economic Security Act;
deterioration of our asset quality;
factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance, including any loans acquired in acquisition transactions;
changes in the value of collateral securing our loans;
our ability to anticipate interest rate changes and manage interest rate risk;
the effectiveness of our risk management framework and quantitative models;
our inability to receive dividends from our bank subsidiary and to service debt, pay dividends to our common stockholders, repurchase our shares of common stock and satisfy obligations as they become due;
business and economic conditions generally and in the financial services industry, nationally and within our local market areas;
changes in our operation or expansion strategy or our ability to prudently manage our growth and execute our strategy;
changes in management personnel;
our ability to maintain important deposit customer relationships, our reputation or otherwise avoid liquidity risks;
increasing costs as we grow deposits;
operational risks associated with our business;
volatility and direction of market interest rates;
increased competition in the financial services industry, particularly from regional and national institutions;
our level of nonperforming assets and the costs associated with resolving any problem loans, including litigation and other costs;
3


our ability to comply with applicable capital and liquidity requirements, including our 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 our non-GAAP liquidity measurements and their underlying assumptions or estimates;
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;
an increase in unemployment levels and slowdowns in economic growth;
the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in our loan portfolio;
changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, as well as tax, trade, monetary and fiscal matters;
periodic changes to the extensive body of accounting rules and best practices may change the treatment and recognition of critical financial line items and affect our profitability;
further government intervention in the U.S. financial system;
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;
uncertainty regarding the future of the London Interbank Offered Rate and the impact of any replacement alternatives on our business;
natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities, 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 our control;
system failures, cybersecurity threats and/or security breaches and the cost of defending against them;
other factors that are discussed in the sections titled "Item 1A. Risk Factors" in this report, in our annual report on Form 10-K for the year ended December 31, 2019, and in our other reports filed with the SEC; and
our ability to manage the risks involved in the foregoing.
Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the COVID-19 pandemic, and the effectiveness of varying social, economic and governmental responses to the pandemic.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. In addition, as a result of these and other factors, our past financial performance should not be relied upon as an indication of future performance. 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 we do 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 emerge from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our 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.
4

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ORIGIN BANCORP, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
June 30, 2020December 31, 2019
Assets(Unaudited)
Cash and due from banks$57,054  $62,160  
Interest-bearing deposits in banks99,282  229,358  
Total cash and cash equivalents156,336  291,518  
Securities:
Available for sale720,616  501,070  
Held to maturity, net of allowance for credit losses of $144 at June 30, 2020 (fair value of $40,716 and $29,523 at June 30, 2020, and December 31, 2019, respectively)
38,287  28,620  
Securities carried at fair value through income11,977  11,513  
Total securities770,880  541,203  
Non-marketable equity securities held in other financial institutions41,864  39,808  
Loans held for sale ($90,135 and $36,977 at fair value, respectively)
121,541  64,837  
Loans, net of allowance for credit losses of $70,468 and $37,520 at June 30, 2020, and December 31, 2019, respectively ($17,488 and $17,670 at fair value, respectively)
5,241,726  4,105,675  
Premises and equipment, net80,025  80,457  
Mortgage servicing rights15,235  20,697  
Cash surrender value of bank-owned life insurance37,102  37,961  
Goodwill and other intangible assets, net30,953  31,540  
Accrued interest receivable and other assets148,247  110,930  
Total assets$6,643,909  $5,324,626  
Liabilities and Stockholders' Equity
Noninterest-bearing deposits$1,584,746  $1,077,706  
Interest-bearing deposits3,041,859  2,360,096  
Time deposits745,617  790,810  
Total deposits5,372,222  4,228,612  
Federal Home Loan Bank ("FHLB") advances and other borrowings478,260  417,190  
Subordinated debentures, net78,567  9,671  
Accrued expenses and other liabilities100,079  69,891  
Total liabilities6,029,128  4,725,364  
Commitments and contingencies    
Stockholders' equity:
Preferred stock, no par value, 2,000,000 shares authorized
    
Common stock ($5.00 par value; 50,000,000 shares authorized; 23,501,233 and 23,480,945 shares issued at June 30, 2020, and December 31, 2019, respectively)
117,506  117,405  
Additional paid-in capital236,156  235,623  
Retained earnings240,506  239,901  
Accumulated other comprehensive income20,613  6,333  
Total stockholders' equity614,781  599,262  
Total liabilities and stockholders' equity$6,643,909  $5,324,626  
The accompanying notes are an integral part of these consolidated financial statements.
5

ORIGIN BANCORP, INC.
Consolidated Statements of Income
(unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Interest and dividend income
Interest and fees on loans$50,722  $51,461  $100,771  $100,636  
Investment securities-taxable2,732  3,208  5,444  6,549  
Investment securities-nontaxable1,391  871  2,149  1,729  
Interest and dividend income on assets held in other financial institutions619  1,523  2,116  2,643  
Total interest and dividend income55,464  57,063  110,480  111,557  
Interest expense
Interest-bearing deposits6,620  11,540  16,870  22,037  
FHLB advances and other borrowings1,641  2,415  2,992  4,249  
Subordinated debentures913  139  1,518  276  
Total interest expense9,174  14,094  21,380  26,562  
Net interest income
46,290  42,969  89,100  84,995  
Provision for credit losses21,403  1,985  39,934  2,990  
Net interest income after provision for credit losses24,887  40,984  49,166  82,005  
Noninterest income
Service charges and fees2,990  3,435  6,310  6,751  
Mortgage banking revenue10,717  3,252  13,486  5,858  
Insurance commission and fee income3,109  3,036  6,796  6,546  
Gain on sales of securities, net    54    
Loss on sales and disposals of other assets, net(908) (166) (933) (163) 
Limited partnership investment income (loss)9  (418) (420) (18) 
Swap fee income1,527  172  2,203  683  
Change in fair value of equity investments  367    367  
Other fee income607  360  1,073  636  
Other income1,025  1,138  2,651  2,120  
Total noninterest income$19,076  $11,176  $31,220  $22,780  
The accompanying notes are an integral part of these consolidated financial statements.
6

ORIGIN BANCORP, INC.
Consolidated Statements of Income - Continued
(unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Noninterest expense
Salaries and employee benefits$24,045  $22,764  $46,033  $45,377  
Occupancy and equipment, net4,267  4,200  8,488  8,244  
Data processing2,075  1,810  4,078  3,397  
Electronic banking890  892  1,790  1,581  
Communications419  647  896  1,233  
Advertising and marketing610  1,089  1,321  1,887  
Professional services843  839  2,014  1,743  
Regulatory assessments766  691  1,381  1,402  
Loan related expenses1,509  790  2,651  1,459  
Office and operations1,344  1,849  2,785  3,330  
Intangible asset amortization287  353  586  717  
Franchise tax expense514  492  1,010  981  
Other expenses651  679  1,284  1,125  
Total noninterest expense38,220  37,095  74,317  72,476  
Income before income tax expense5,743  15,065  6,069  32,309  
Income tax expense786  2,782  359  5,871  
Net income$4,957  $12,283  $5,710  $26,438  
Basic earnings per common share$0.21  $0.52  $0.24  $1.12  
Diluted earnings per common share0.21  0.52  0.24  1.11  
The accompanying notes are an integral part of these consolidated financial statements.
7

ORIGIN BANCORP, INC.
Consolidated Statements of Comprehensive Income
(unaudited)
(Dollars in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net income$4,957  $12,283  $5,710  $26,438  
Other comprehensive income (loss)
Securities available for sale and transferred securities:
Net unrealized holding gain arising during the period6,145  5,351  18,916  10,515  
Net losses realized as a yield adjustment in interest on investment securities(2) (3) (5) (5) 
Reclassification adjustment for net gain included in net income    (54)   
Change in the net unrealized gain on investment securities, before tax6,143  5,348  18,857  10,510  
Income tax expense related to net unrealized gain arising during the period1,290  1,123  3,960  2,207  
Change in the net unrealized gain on investment securities, net of tax4,853  4,225  14,897  8,303  
Cash flow hedges:
Net unrealized loss arising during the period(109) (150) (819) (228) 
Reclassification adjustment for (loss) gain included in net income(31) 14  (39) 30  
Change in the net unrealized (loss) on cash flow hedges, before tax(78) (164) (780) (258) 
Income tax expense related to net unrealized (loss) on cash flow hedges(16) (34) (163) (54) 
Change in the net unrealized (loss) on cash flow hedges, net of tax(62) (130) (617) (204) 
Other comprehensive income, net of tax4,791  4,095  14,280  8,099  
Comprehensive income$9,748  $16,378  $19,990  $34,537  

The accompanying notes are an integral part of these consolidated financial statements.
8

ORIGIN BANCORP, INC.
Consolidated Statements of Changes in Stockholders' Equity
(unaudited)
(Dollars in thousands, except per share amounts)
Common Shares OutstandingCommon
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (loss)
Total
Stockholders'
Equity
Balance at January 1, 2019
23,726,559  $118,633  $242,041  $191,585  $(2,480) $549,779  
Net income
—  —  —  14,155  —  14,155  
Other comprehensive income, net of tax
—  —  —  —  4,004  4,004  
Impact of adoption of ASU 2016-02 related to leases
—  —  —  321  —  321