• Origin Bancorp, Inc. Reports Earnings for First Quarter 2023

    来源: Nasdaq GlobeNewswire / 26 4月 2023 15:05:02   America/Chicago

    RUSTON, La., April 26, 2023 (GLOBE NEWSWIRE) -- Origin Bancorp, Inc. (Nasdaq: OBNK) (“Origin” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $24.3 million, or $0.79 diluted earnings per share for the quarter ended March 31, 2023, compared to net income of $29.5 million, or $0.95 diluted earnings per share, for the quarter ended December 31, 2022, and compared to net income of $20.7 million, or $0.87 diluted earnings per share for the quarter ended March 31, 2022. Adjusted pre-tax, pre-provision ("adjusted PTPP")(1) earnings were $36.6 million, for the quarter ended March 31, 2023.

    “We manage this company for long-term success, and we are confident in both the strength of this company and the experience of our management team to continue to deliver meaningful value to our employees, customers, communities and shareholders,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “Just as we have in the past, we are in a position to take advantage of the opportunities presented during these times.”

    (1) Adjusted 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 comparable GAAP measure.

    Financial Highlights

    • Total loans held for investment ("LHFI"), excluding mortgage warehouse lines of credit, were $7.04 billion at March 31, 2023, reflecting an increase of $233.1 million, or 3.4%, compared to December 31, 2022.
    • Total deposits were $8.17 billion at March 31, 2023, reflecting an increase of $398.6 million, or 5.1%, compared to December 31, 2022.
    • Book value per common share was $32.25 at March 31, 2023, reflecting an increase of $1.35, or 4.4%, compared to the linked quarter, and an increase of $3.75, or 13.2%, compared to March 31, 2022. Tangible book value per common share(1) was $26.53 at March 31, 2023, reflecting an increase of $1.44, or 5.7%, compared to the linked quarter, and an increase of $0.16, or 0.6%, compared to March 31, 2022.
    • Total nonperforming LHFI to total LHFI was 0.23% at March 31, 2023, compared to 0.14% at December 31, 2022, and 0.41% at March 31, 2022. The allowance for loan credit losses ("ALCL") to nonperforming LHFI was 538.75% at March 31, 2023, compared to 876.87% and 293.53% at December 31, 2022, and March 31, 2022, respectively.
    • At March 31, 2023, and December 31, 2022, Company level common equity Tier 1 capital to risk-weighted assets was 11.08%, and 10.93%, respectively, the Tier 1 leverage ratio was 9.79% and 9.66%, respectively, and the total capital ratio was 14.30% and 14.23%, respectively. Tangible common equity to tangible assets(1) was 8.02% at March 31, 2023, compared to 8.11% at December 31, 2022, and 7.77% at March 31, 2022.
    • LHFI, excluding mortgage warehouse lines of credit, to deposits was 86.1% at March 31, 2023, compared to 87.5% at December 31, 2022, and 69.3% at March 31, 2022. Cash and liquid securities as a percentage of total assets was 14.3% at March 31, 2023, compared to 12.1% and 23.0% at December 31, 2022, and March 31, 2022, respectively.

    (1) Tangible book value per common share and tangible common equity to tangible assets 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.

    Results of Operations for the Three Months Ended March 31, 2023

    Net Interest Income and Net Interest Margin

    Net interest income for the quarter ended March 31, 2023, was $77.1 million, a decrease of $7.6 million, or 9.0%, compared to the linked quarter, due to a $16.4 million increase in total interest expense, partially offset by an $8.8 million increase in interest income. Increases in interest rates increased our total deposit interest expense and FHLB advances and other borrowings interest expense by $12.9 million and $2.4 million, respectively. Offsetting this increase in deposit interest expense, was a $5.2 million increase in interest income earned on total LHFI due to rate increases, during the current quarter compared to the linked quarter. Increases in interest rates drove a $5.7 million increase in total interest income, while increases in average interest-earning asset balances drove a $3.1 million increase in total interest income.

    The net purchase accounting accretion declined to $1.7 million, a decrease of $194,000, for the three months ended March 31, 2023, compared to the three months ended December 31, 2022. The table below presents the estimated loan and deposit accretion and subordinated indebtedness amortization resulting from merger purchase accounting adjustments for the periods shown.

     Loan
    Accretion Income    		 Deposit Accretion Income Subordinated Indebtedness
    Amortization Expense    		 Total Impact to Net Interest Income
    3Q2022$1,187 $238 $(10) $1,415 
    4Q2022 1,653  259  (15)  1,897 
    1Q2023 1,617  101  (15)  1,703 
    Total actual realized net purchase accounting accretion$4,457 $598 $(40) $5,015 
            
    Remaining 2023$406 $108 $(47) $467 
    Thereafter 223  23  (706)  (460)
    Total remaining net purchase accounting accretion at March 31, 2023$629 $131 $(753) $7 
                  

    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. In early 2020, the Federal Reserve lowered the target rate range to 0.00% to 0.25%. These rates remained in effect throughout all of 2021. On March 17, 2022, the target rate range was increased to 0.25% to 0.50%, then subsequently increased six more times during 2022 and two more times during 2023, with the most recent and current Federal Funds target rate range being set on March 2, 2023, at 4.75% to 5.00%. By March 31, 2023, the Federal Funds target rate range had increased 450 basis points from March 17, 2022, and in order to remain competitive as market interest rates increased, interest rates paid on deposits have also increased.

    The average rate on interest-bearing deposits increased to 2.49% for the quarter ended March 31, 2023, compared to 1.54% for the quarter ended December 31, 2022, and average interest-bearing deposit balances increased to $5.63 billion from $5.12 billion for the linked quarter. Average balances in savings and interest-bearing transaction accounts increased $285.5 million compared to the linked period, while average time deposit balance increased $223.4 million compared to the three months ended December 31, 2022. Offsetting these increases was a decline of $201.1 million in average noninterest-bearing deposit balances.

    The average rate on FHLB advances and other borrowings increased to 5.21% for the quarter ended March 31, 2023, compared to 3.02% for the linked quarter. Additionally, the yield on LHFI was 6.03% and 5.63% for the quarter ended March 31, 2023, and December 31, 2022, respectively, and average LHFI balances increased to $7.15 billion for the quarter ended March 31, 2023, compared to $6.97 billion for the linked quarter. The yield on LHFI, excluding the purchase accounting accretion, was 5.94% for the quarter ended March 31, 2023, compared to 5.53% for the linked quarter.

    The Company made a strategic decision to borrow approximately $700.0 million and hold excess cash for contingency liquidity for the majority of the month ended March 31, 2023. This excess liquidity was held at a weighted-average rate of 5.03% and added $1.9 million in interest expense for the quarter ended March 31, 2023, which negatively impacted the fully tax-equivalent net interest margin ("NIM") by six basis points.

    The fully tax-equivalent NIM was impacted by margin compression as rates on interest-bearing liabilities rose faster than yields on interest-earning assets during the current quarter. We typically lag market deposit rate increases. The fully tax-equivalent NIM was 3.44% for the quarter ended March 31, 2023, a 37 basis point decrease and a 58 basis point increase compared to the linked quarter and the prior year quarter, respectively. The yield earned on interest-earning assets for the quarter ended March 31, 2023, was 5.31%, an increase of 35 and 218 basis points compared to the linked quarter and the prior year quarter, respectively. The average rate paid on total deposits for the quarter ended March 31, 2023, was 1.75%, representing a 73 and a 158 basis point increase compared to the linked quarter and the prior year quarter. The average rate paid on FHLB and other borrowings also increased to 5.21%, reflecting a 219 and 354 basis point increase compared to the linked quarter and prior year quarter, respectively. The net increase in accretion income due to the BTH merger increased the fully tax-equivalent NIM by approximately eight basis points for both the current quarter and the linked quarter.

    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,
    2023    		 December 31,
    2022    		 March 31,
    2022    		 Linked
    Quarter    		 Linked
    Quarter
    Past due LHFI$        11,498          $        10,932          $        21,753          $        566                 5.2        %
    ALCL         92,008                   87,161                   62,173                   4,847                 5.6         
    Classified loans         86,170                   74,203                   70,379                   11,967                 16.1         
    Total nonperforming LHFI         17,078                   9,940                   21,181                   7,138                 71.8         
    Provision for credit losses         6,197                   4,624                   (327        )          1,573                 34.0         
    Net charge-offs         1,311                   180                   1,754                   1,131                 628.3         
    Credit quality ratios(1):         
    ALCL to nonperforming LHFI         538.75        %          876.87        %          293.53        % N/A -33812 bp
    ALCL to total LHFI         1.25                   1.23                   1.20          N/A 2 bp
    ALCL to total LHFI, adjusted(2)         1.30                   1.28                   1.33          N/A 2 bp
    Nonperforming LHFI to LHFI         0.23                   0.14                   0.41          N/A 9 bp
    Net charge-offs to total average LHFI (annualized)         0.07                   0.01                   0.14          N/A 6 bp

    ___________________________
    (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 at March 31, 2023, and December 31, 2022, by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the warehouse loans from the LHFI in the denominator. For the periods prior to September 30, 2022, it is calculated by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the PPP and warehouse loans from the LHFI in the denominator. Due to their low-risk profile, mortgage warehouse loans require a disproportionately low allocation of the ALCL, and PPP loans are fully guaranteed by the SBA.

    The Company recorded a credit loss provision of $6.2 million during the quarter ended March 31, 2023, compared to $4.6 million recorded during the linked quarter. The increase is primarily due to additional loan growth of $285.8 million during the current quarter.

    The ALCL to nonperforming LHFI decreased to 538.8% at March 31, 2023, compared to 876.9% at December 31, 2022, driven by an increase of $7.1 million in the Company’s nonperforming LHFI, offset by an increase of $4.8 million in the ALCL for the quarter. The increase in nonperforming LHFI at March 31, 2023, compared to the linked quarter is primarily due to six loan relationships, five of which were acquired relationships. Quarterly net charge-offs increased to $1.3 million from $180,000 for the linked quarter, primarily due to a $1.9 million recovery on a commercial and industrial loan during the linked quarter, with no such recovery during the current quarter. Net charge-offs to total average LHFI (annualized) increased to 0.07% for the quarter ending March 31, 2023, compared to 0.01% for the linked quarter. Classified loans increased $12.0 million at March 31, 2023, compared to the linked quarter, and represented 1.17% of LHFI, at March 31, 2023, compared to 1.05% at December 31, 2022. The ALCL to total LHFI increased to 1.25% at March 31, 2023, compared to 1.23% at December 31, 2022.

    Noninterest Income

    Noninterest income for the quarter ended March 31, 2023, was $16.4 million, an increase of $3.0 million, or 22.0%, from the linked quarter. The increase from the linked quarter was primarily driven by increases of $2.0 million and $580,000 on the insurance commission and fee income and mortgage banking revenue, respectively.

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

    The increase in mortgage banking revenue was primarily due to a stronger production pipeline during the current quarter, compared to the quarter ended December 31, 2022.

    Noninterest Expense

    Noninterest expense for the quarter ended March 31, 2023, was $56.8 million, a decrease of $494,000 compared to the linked quarter. The decrease from the linked quarter was primarily due to a $1.2 million decrease in merger-related expense, partially offset by an increase of $640,000 in occupancy and equipment, net.

    Merger-related expenses declined $1.2 million compared to the quarter ended December 31, 2022, primarily due to expenses associated with the BTH merger incurred during the linked quarter, with no merger expenses incurred during the current quarter.

    Occupancy and equipment, net expense increased $640,000 during the current quarter compared to the linked quarter, primarily due to the planned addition of one new banking location and one mortgage production office during the current quarter. Additionally, higher property taxes drove an increase of $182,000 and ATM maintenance expense increased $118,000 during the current quarter compared to the linked quarter.

    Income Taxes

    The effective tax rate was 20.5% during the quarter ended March 31, 2023, compared to 18.8% during the linked quarter and 20.4% during the quarter ended March 31, 2022. The effective tax rate for the current quarter was higher due to increased state tax compared to the linked quarter.

    Financial Condition

    Total Assets

    • Total assets exceeded $10.00 billion at March 31, 2023, primarily due to the additional temporary cash added in March 2023, as noted above.

    Loans

    • Total LHFI at March 31, 2023, were $7.38 billion, an increase of $285.8 million, or 4.0%, from $7.09 billion at December 31, 2022, and an increase of $2.18 billion, or 42.0%, compared to March 31, 2022.
    • Total real estate loans were $4.92 billion at March 31, 2023, an increase of $194.7 million, or 4.1%, from the linked quarter, with residential real estate loan growth contributing $111.0 million of the total real estate loan growth.
    • Mortgage warehouse lines of credit totaled $337.5 million at March 31, 2023, an increase of $52.7 million, or 18.5%, compared to the linked quarter.
    • All loan categories experienced increases in loan balances during the current quarter compared to the linked quarter with the exception of consumer loans.

    Securities

    • Total securities at March 31, 2023, were $1.61 billion, a decrease of $50.2 million, or 3.0%, compared to the linked quarter and a decrease of $308.6 million, or 16.1%, compared to March 31, 2022.
    • The decrease was due to sales, maturities, scheduled principal payments, and calls. Securities of $38.7 million primarily municipal securities, were sold during the current quarter and the Company realized a net gain of $144,000 on the sale.
    • Accumulated other comprehensive loss, net of taxes, primarily associated with the AFS portfolio, was $138.5 million at March 31, 2023, an improvement of $21.4 million during the current quarter.
    • The weighted average effective duration for the total securities portfolio was 4.17 years as of March 31, 2023, compared to 4.24 years as of December 31, 2022.

    Deposits

    • Total deposits at March 31, 2023, were $8.17 billion, an increase of $398.6 million, or 5.1%, compared to the linked quarter, and represented an increase of $1.41 billion, or 20.8%, from March 31, 2022.
    • The increase in the current quarter compared to the linked quarter was primarily due to increases of $283.8 million and $228.4 million in brokered deposits and money market deposits, respectively, which was partially offset by a $234.7 million decrease in noninterest-bearing deposits. During the month of February 2023, we added $275.0 million of brokered deposits as a less expensive alternative to FHLB advances.
    • For the quarter ended March 31, 2023, average noninterest-bearing deposits as a percentage of total average deposits were 29.8%, compared to 33.6% and 33.0% for the quarter ended December 31, 2022, and March 31, 2022, respectively.
    • Uninsured/uncollateralized deposits totaled $3.09 billion at March 31, 2023, compared to $3.43 billion at December 31, 2022, representing 37.8% and 44.1% of total deposits at March 31, 2023 and December 31, 2022, respectively.

    Borrowings

    • FHLB advances and other borrowings at March 31, 2023, were $875.5 million, an increase of $236.3 million, or 37.0%, compared to the linked quarter and represented an increase of $569.9 million, or 186.5%, from March 31, 2022. The increase was due to a strategic decision in early March 2023 to borrow $700.0 million and hold excess cash for contingency liquidity.
    • Average FHLB advances were $432.2 million for the quarter ended March 31, 2023, a decrease of $79.7 million from $511.9 million for the quarter ended December 31, 2022 and an increase of $255.0 million from March 31, 2022.

    Stockholders’ Equity

    • Stockholders’ equity was $992.6 million at March 31, 2023, an increase of $42.6 million, or 4.5%, compared to $949.9 million at December 31, 2022, and an increase of $315.7 million, or 46.6%, compared to $676.9 million, at March 31, 2022.
    • The increase in stockholders’ equity from the linked quarter is primarily due to net income of $24.3 million and a decrease in accumulated other comprehensive loss, net of tax, of $21.4 million during the current quarter.
    • The increase from March 31, 2022, is primarily associated with the BTH merger, which drove a $306.3 million increase in stockholders' equity and net income retained during the intervening period. The increase was partially offset by other comprehensive loss, net of tax and dividends declared during the year.

    Conference Call

    Origin will hold a conference call to discuss its first quarter 2023 results on Thursday, April 27, 2023, 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 (800) 528-1066 (U.S. Toll Free), enter Conference ID: 15370 and request to be joined into the Origin Bancorp, Inc. (OBNK) 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/ORIGINQ123.

    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 60 banking centers located in Dallas/Fort Worth, East Texas, Houston, North Louisiana and Mississippi. For more information, visit www.origin.bank.

    Non-GAAP Financial Measures

    Origin reports its results in accordance with accounting principles generally accepted 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, NIM-FTE, adjusted, 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 and 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 strategy, 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 the recent 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, 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; volatility and direction of market interest rates; 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; an increase in unemployment levels and slowdowns in economic growth; 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, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; 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; uncertainty regarding the transition away from the London Interbank Offered Rate and the impact of any replacement alternatives such as the Secured Overnight Financing Rate on Origin’s business; 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, 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; and 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
     
     Three Months Ended
     March 31,
    2023    		 December 31,
    2022    		 September 30,
    2022    		 June 30,
    2022    		 March 31,
    2022
              
    Income statement and share amounts(Dollars in thousands, except per share amounts, unaudited)
    Net interest income$77,147  $84,749  $78,523  $59,504  $52,502 
    Provision for credit losses 6,197   4,624   16,942   3,452   (327)
    Noninterest income 16,384   13,429   13,723   14,216   15,906 
    Noninterest expense 56,760   57,254   56,241   44,150   42,774 
    Income before income tax expense 30,574   36,300   19,063   26,118   25,961 
    Income tax expense 6,272   6,822   2,820   4,807   5,278 
    Net income$24,302  $29,478  $16,243  $21,311  $20,683 
    Adjusted net income(1)$24,188  $30,409  $31,087  $21,949  $21,134 
    Adjusted PTPP earnings ("Adjusted PTPP")(1) 36,627   42,103   39,905   30,377   26,205 
    Basic earnings per common share 0.79   0.96   0.57   0.90   0.87 
    Diluted earnings per common share 0.79   0.95   0.57   0.90   0.87 
    Adjusted diluted earnings per common share(1) 0.78   0.99   1.09   0.92   0.89 
    Dividends declared per common share 0.15   0.15   0.15   0.15   0.13 
    Weighted average common shares outstanding - basic 30,742,902   30,674,389   28,298,984   23,740,611   23,700,550 
    Weighted average common shares outstanding - diluted 30,882,156   30,867,511   28,481,619   23,788,164   23,770,791 
              
    Balance sheet data         
    Total LHFI$7,375,823  $7,090,022  $6,882,681  $5,528,093  $5,194,406 
    Total assets 10,358,516   9,686,067   9,462,639   8,111,524   8,112,295 
    Total deposits 8,174,310   7,775,702   7,777,327   6,303,158   6,767,179 
    Total stockholders’ equity 992,587   949,943   907,024   646,373   676,865 
              
    Performance metrics and capital ratios         
    Yield on LHFI 6.03%  5.63%  4.94%  4.26%  4.08%
    Yield on interest-earnings assets 5.31   4.96   4.23   3.53   3.13 
    Cost of interest-bearing deposits 2.49   1.54   0.64   0.29   0.26 
    Cost of total deposits 1.75   1.02   0.41   0.19   0.17 
    NIM - fully tax equivalent ("FTE") 3.44   3.81   3.68   3.23   2.86 
    NIM - FTE, adjusted(2) 3.36   3.73   3.61   3.20   2.76 
    Return on average assets (annualized) ("ROAA") 1.01   1.23   0.70   1.08   1.04 
    Adjusted ROAA (annualized)(1) 1.00   1.27   1.34   1.11   1.07 
    Adjusted PTPP ROAA (annualized)(1) 1.52   1.75   1.72   1.53   1.32 
    Return on average stockholders’ equity (annualized) ("ROAE") 10.10   12.80   6.86   12.81   11.61 
    Adjusted ROAE (annualized)(1) 10.05   13.20   13.14   13.19   11.86 
    Adjusted PTPP ROAE (annualized)(1) 15.22   18.28   16.86   18.26   14.71 
    Book value per common share(3)$32.25  $30.90  $29.58  $27.15  $28.50 
    Tangible book value per common share (1)(3) 26.53   25.09   23.41   25.05   26.37 
    Adjusted tangible book value per common share(1) 31.03   30.29   29.13   29.92   29.15 
    Return on average tangible common equity ("ROATCE")(1) 12.34%  16.00%  8.03%  13.86%  12.49%
    Adjusted return on average tangible common equity ("adjusted ROATCE")(1) 12.29   16.50   15.38   14.27   12.77 
    Efficiency ratio(4) 60.69   58.32   60.97   59.89   62.53 
    Adjusted efficiency ratio(1) 58.64   53.06   52.16   54.10   58.93 
              
     (Dollars in thousands, except per share amounts, unaudited)
    Common equity tier 1 to risk-weighted assets(5) 11.08%  10.93%  10.51%  10.81%  11.20%
    Tier 1 capital to risk-weighted assets(5) 11.27   11.12   10.70   10.95   11.35 
    Total capital to risk-weighted assets(5) 14.30   14.23   13.79   14.09   14.64 
    Tier 1 leverage ratio(5) 9.79   9.66   9.63   9.09   8.84 

    __________________________

    (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)   NIM - FTE, adjusted, is a non-GAAP financial measure and is calculated for the quarters ended March 31, 2023, December 31, 2022, and September 30, 2022, by removing the net purchase accounting accretion from the net interest income. For periods prior to September 30, 2022, it is calculated by removing average PPP loans from average interest-earning assets and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.
    (3)   An increase in accumulated other comprehensive loss 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 that occurred during the first three quarters of 2022 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, 2023, 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
     
     Three Months Ended
     March 31,
    2023    		 December 31,
    2022    		 September 30,
    2022    		 June 30,
    2022    		 March 31,
    2022
              
    Interest and dividend income(Dollars in thousands, except per share amounts, unaudited)
    Interest and fees on loans$106,496 $99,178  $79,803  $55,986  $51,183 
    Investment securities-taxable 8,161  7,765   7,801   7,116   5,113 
    Investment securities-nontaxable 1,410  2,128   2,151   1,493   1,400 
    Interest and dividend income on assets held in other financial institutions 4,074  2,225   1,482   1,193   587 
    Total interest and dividend income 120,141  111,296   91,237   65,788   58,283 
    Interest expense         
    Interest-bearing deposits 34,557  19,820   7,734   3,069   2,886 
    FHLB advances and other borrowings 5,880  4,208   2,717   1,392   1,094 
    Subordinated indebtedness 2,557  2,519   2,263   1,823   1,801 
    Total interest expense 42,994  26,547   12,714   6,284   5,781 
    Net interest income  77,147  84,749   78,523   59,504   52,502 
    Provision for credit losses 6,197  4,624   16,942   3,452   (327)
    Net interest income after provision for credit losses 70,950  80,125   61,581   56,052   52,829 
    Noninterest income         
    Insurance commission and fee income 7,011  5,054   5,666   5,693   6,456 
    Service charges and fees 4,571  4,663   4,734   4,274   3,998 
    Mortgage banking revenue (loss) 1,781  1,201   (929)  2,354   4,096 
    Other fee income 942  1,132   1,162   638   598 
    Swap fee income 384  292   25   1   139 
    Gain on sales of securities, net 144  —   1,664   —   — 
    Limited partnership investment income (loss) 66  (230)  112   282   (363)
    Gain (loss) on sales and disposals of other assets, net 63  34   70   (279)  — 
    Other income 1,422  1,283   1,219   1,253   982 
    Total noninterest income 16,384  13,429   13,723   14,216   15,906 
    Noninterest expense         
    Salaries and employee benefits 33,731  33,339   31,834   27,310   26,488 
    Occupancy and equipment, net 6,503  5,863   5,399   4,514   4,427 
    Data processing 2,916  2,868   2,689   2,413   2,486 
    Intangible asset amortization 2,553  2,554   1,872   525   537 
    Office and operations 2,303  2,277   2,121   2,162   1,560 
    Professional services 1,525  1,145   1,188   420   1,060 
    Loan-related expenses 1,465  1,676   1,599   1,517   1,305 
    Advertising and marketing 1,456  1,505   1,196   859   871 
    Electronic banking 1,009  1,058   1,087   896   917 
    Franchise tax expense 975  1,017   957   838   770 
    Regulatory assessments 951  1,242   877   802   626 
    Communications 384  434   279   252   281 
    Merger-related expense —  1,179   3,614   807   571 
    Other expenses 989  1,097   1,529   835   875 
    Total noninterest expense 56,760  57,254   56,241   44,150   42,774 
    Income before income tax expense 30,574  36,300   19,063   26,118   25,961 
    Income tax expense 6,272  6,822   2,820   4,807   5,278 
    Net income$24,302 $29,478  $16,243  $21,311  $20,683 
    Basic earnings per common share$0.79 $0.96  $0.57  $0.90  $0.87 
    Diluted earnings per common share 0.79  0.95   0.57   0.90   0.87 


     
    Origin Bancorp, Inc.
    Consolidated Balance Sheets
     
    (Dollars in thousands)March 31,
    2023    		 December 31,
    2022    		 September 30,
    2022    		 June 30,
    2022    		 March 31,
    2022
    Assets(Unaudited)   (Unaudited) (Unaudited) (Unaudited)
    Cash and due from banks$117,309  $150,180  $118,505  $123,499  $129,825 
    Interest-bearing deposits in banks 707,802   208,792   181,965   200,421   454,619 
    Total cash and cash equivalents 825,111   358,972   300,470   323,920   584,444 
    Securities:         
    AFS 1,591,334   1,641,484   1,672,170   1,804,370   1,905,687 
    Held to maturity, net of allowance for credit losses 11,191   11,275   11,285   4,288   4,831 
    Securities carried at fair value through income 6,413   6,368   6,347   6,630   7,058 
    Total securities 1,608,938   1,659,127   1,689,802   1,815,288   1,917,576 
    Non-marketable equity securities held in other financial institutions 77,036   67,378   53,899   76,822   45,242 
    Loans held for sale 29,143   49,957   59,714   62,493   80,295 
    Loans 7,375,823   7,090,022   6,882,681   5,528,093   5,194,406 
    Less: ALCL 92,008   87,161   83,359   63,123   62,173 
    Loans, net of ALCL 7,283,815   7,002,861   6,799,322   5,464,970   5,132,233 
    Premises and equipment, net 104,047   100,201   99,291   81,950   80,421 
    Mortgage servicing rights 18,261   20,824   21,654   22,127   21,187 
    Cash surrender value of bank-owned life insurance 39,253   39,040   38,885   38,742   38,547 
    Goodwill 128,679   128,679   136,793   34,153   34,153 
    Other intangible assets, net 47,277   49,829   52,384   15,900   16,425 
    Accrued interest receivable and other assets 196,956   209,199   210,425   175,159   161,772 
    Total assets$10,358,516  $9,686,067  $9,462,639  $8,111,524  $8,112,295 
    Liabilities and Stockholders’ Equity         
    Noninterest-bearing deposits$2,247,782  $2,482,475  $2,667,489  $2,214,919  $2,295,682 
    Interest-bearing deposits 4,779,023   4,505,940   4,361,423   3,598,417   3,947,714 
    Time deposits 1,147,505   787,287   748,415   489,822   523,783 
    Total deposits 8,174,310   7,775,702   7,777,327   6,303,158   6,767,179 
    FHLB advances and other borrowings 875,502   639,230   450,456   894,581   305,560 
    Subordinated indebtedness 201,845   201,765   201,687   157,540   157,478 
    Accrued expenses and other liabilities 114,272   119,427   126,145   109,872   205,213 
    Total liabilities 9,365,929   8,736,124   8,555,615   7,465,151   7,435,430 
    Stockholders’ equity:         
    Common stock 153,904   153,733   153,309   119,038   118,744 
    Additional paid-in capital 522,124   520,669   518,376   244,368   242,789 
    Retained earnings 455,040   435,416   410,572   398,946   381,222 
    Accumulated other comprehensive (loss) (138,481)  (159,875)  (175,233)  (115,979)  (65,890)
    Total stockholders’ equity 992,587   949,943   907,024   646,373   676,865 
    Total liabilities and stockholders’ equity$10,358,516  $9,686,067  $9,462,639  $8,111,524  $8,112,295 


     
    Origin Bancorp, Inc.
    Loan Data
     
     At and For the Three Months Ended
     March 31,
    2023    		 December 31,
    2022    		 September 30,
    2022    		 June 30,
    2022    		 March 31,
    2022
              
    LHFI(Dollars in thousands, unaudited)
    Commercial real estate$2,385,400  $2,304,678  $2,174,347  $1,909,054  $1,801,382 
    Construction/land/land development 948,626   945,625   853,311   635,556   593,350 
    Residential real estate 1,588,491   1,477,538   1,399,182   1,005,623   922,054 
    Total real estate loans 4,922,517   4,727,841   4,426,840   3,550,233   3,316,786 
    Commercial and industrial 2,091,093   2,051,161   1,967,037   1,430,239   1,358,597 
    Mortgage warehouse lines of credit 337,529   284,867   460,573   531,888   503,249 
    Consumer 24,684   26,153   28,231   15,733   15,774 
    Total LHFI 7,375,823   7,090,022   6,882,681   5,528,093   5,194,406 
    Less: allowance for loan credit losses ("ALCL") 92,008   87,161   83,359   63,123   62,173 
    LHFI, net$7,283,815  $7,002,861  $6,799,322  $5,464,970  $5,132,233 
              
    Nonperforming assets         
    Nonperforming LHFI         
    Commercial real estate$3,100  $526  $431  $224  $233 
    Construction/land/land development 226   270   366   373   256 
    Residential real estate 8,969   7,712   7,641   7,478   11,609 
    Commercial and industrial 4,730   1,383   5,134   5,930   8,987 
    Mortgage warehouse lines of credit —   —   385   —   — 
    Consumer 53   49   74   80   96 
    Total nonperforming LHFI 17,078   9,940   14,031   14,085   21,181 
    Nonperforming loans held for sale 4,646   3,933   2,698   2,461   2,698 
    Total nonperforming loans 21,724   13,873   16,729   16,546   23,879 
    Repossessed assets 806   806   1,781   2,009   1,703 
    Total nonperforming assets$22,530  $14,679  $18,510  $18,555  $25,582 
    Classified assets$86,975  $75,009  $71,562  $54,124  $72,082 
    Past due LHFI(1) 11,498   10,932   10,866   7,186   21,753 
              
    Allowance for loan credit losses         
    Balance at beginning of period$87,161  $83,359  $63,123  $62,173  $64,586 
    Provision for loan credit losses 6,158   3,982   15,787   2,503   (659)
    ALCL - BTH merger —   —   5,527   —   — 
    Loans charged off 2,293   2,537   1,628   2,192   2,402 
    Loan recoveries 982   2,357   550   639   648 
    Net charge-offs 1,311   180   1,078   1,553   1,754 
    Balance at end of period$92,008  $87,161  $83,359  $63,123  $62,173 
              
              
    Credit quality ratios(Dollars in thousands, unaudited)
    Total nonperforming assets to total assets 0.22%  0.15%  0.20%  0.23%  0.32%
    Total nonperforming loans to total loans 0.29   0.19   0.24   0.30   0.45 
    Nonperforming LHFI to LHFI 0.23   0.14   0.20   0.25   0.41 
    Past due LHFI to LHFI 0.16   0.15   0.16   0.13   0.42 
    ALCL to nonperforming LHFI 538.75   876.87   594.11   448.16   293.53 
    ALCL to total LHFI 1.25   1.23   1.21   1.14   1.20 
    ALCL to total LHFI, adjusted(2) 1.30   1.28   1.29   1.25   1.33 
    Net charge-offs to total average LHFI (annualized) 0.07   0.01   0.07   0.12   0.14 

    ____________________________
    (1)   Past due LHFI are defined as loans 30 days or more past due.
    (2)   The ALCL to total LHFI, adjusted is calculated at March 31, 2023, December 31, 2022, and September 30, 2022, by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the warehouse loans from the LHFI in the denominator. For the periods prior to September 30, 2022, it is calculated by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the PPP and warehouse loans from the LHFI in the denominator. Due to their low-risk profile, mortgage warehouse loans require a disproportionately low allocation of the ALCL and PPP loans are fully guaranteed by the SBA.

     
    Origin Bancorp, Inc.
    Average Balances and Yields/Rates
     
     Three Months Ended
     March 31, 2023 December 31, 2022 March 31, 2022
     Average Balance Yield/Rate Average Balance Yield/Rate Average Balance Yield/Rate
                
    Assets(Dollars in thousands, unaudited)
    Commercial real estate$2,342,545 5.37% $2,205,219 5.07% $1,718,259 4.02%
    Construction/land/land development 974,914 6.48   916,697 6.01   565,347 4.21 
    Residential real estate 1,519,325 4.85   1,442,281 4.57   907,320 3.98 
    Commercial and industrial ("C&I") 2,070,356 7.42   2,053,473 6.74   1,425,236 4.26 
    Mortgage warehouse lines of credit 213,201 5.72   322,658 5.75   423,795 3.73 
    Consumer 26,017 8.10   26,924 8.18   16,462 5.78 
    LHFI 7,146,358 6.03   6,967,252 5.63   5,056,419 4.08 
    Loans held for sale 26,140 4.34   28,842 5.39   32,710 3.27 
    Loans receivable 7,172,498 6.02   6,996,094 5.62   5,089,129 4.08 
    Investment securities-taxable 1,395,857 2.37   1,421,839 2.17   1,408,109 1.47 
    Investment securities-nontaxable 238,145 2.40   253,073 3.34   253,875 2.24 
    Non-marketable equity securities held in other financial institutions 71,089 3.72   63,321 3.68   45,205 1.93 
    Interest-bearing balances due from banks 300,795 4.61   175,138 3.71   746,057 0.20 
    Total interest-earning assets 9,178,384 5.31   8,909,465 4.96   7,542,375 3.13 
    Noninterest-earning assets(1) 605,218    621,078    502,871  
    Total assets$9,783,602   $9,530,543   $8,045,246  
                
    Liabilities and Stockholders’ Equity          
    Liabilities           
    Interest-bearing liabilities           
    Savings and interest-bearing transaction accounts$4,648,397 2.47% $4,362,915 1.59% $3,975,395 0.22%
    Time deposits 976,905 2.58   753,526 1.22   535,044 0.54 
    Total interest-bearing deposits 5,625,302 2.49   5,116,441 1.54   4,510,439 0.26 
    FHLB advances and other borrowings 457,478 5.21   552,903 3.02   265,472 1.67 
    Subordinated indebtedness 201,809 5.14   201,731 4.95   157,455 4.64 
    Total interest-bearing liabilities 6,284,589 2.77   5,871,075 1.79   4,933,366 0.48 
    Noninterest-bearing liabilities           
    Noninterest-bearing deposits 2,392,176    2,593,321    2,218,092  
    Other liabilities(1) 130,793    152,297    171,284  
    Total liabilities 8,807,558    8,616,693    7,322,742  
    Stockholders’ Equity 976,044    913,850    722,504  
    Total liabilities and stockholders’ equity$9,783,602   $9,530,543   $8,045,246  
    Net interest spread  2.54%   3.17%   2.65%
    NIM  3.41    3.77    2.82 
    NIM - (FTE)(2)  3.44    3.81    2.86 
    NIM - FTE, adjusted(3)  3.36    3.73    2.76 

    ____________________________
    (1)   Includes Government National Mortgage Association (“GNMA”) repurchase average balances of $4.4 million, $25.9 million, and $43.8 million for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively. The GNMA repurchase asset and liability are recorded as equal offsetting amounts in the consolidated balance sheets, with the asset included in Loans held for sale and the liability included in FHLB advances and other borrowings. During the quarter ended December 31, 2022, the Company entered into a contract to transfer the servicing of these GNMA loans to a third party which closed during the quarter ended March 31, 2023.
    (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)   NIM - FTE, adjusted, is calculated for the quarters ended March 31, 2023, and December 31, 2022, by removing the net purchase accounting accretion from the net interest income. For periods prior to September 30, 2022, it is calculated by removing average PPP loans from average interest-earning assets and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.

     
    Origin Bancorp, Inc.
    Non-GAAP Financial Measures
     
     At and For the Three Months Ended
     March 31,
    2023    		 December 31,
    2022    		 September 30,
    2022    		 June 30,
    2022    		 March 31,
    2022
              
     (Dollars in thousands, except per share amounts, unaudited)
    Calculation of adjusted net income:         
    Net interest income after provision for credit losses$70,950  $80,125  $61,581  $56,052  $52,829 
    Add: CECL provision for non-PCD loans —   —   14,890   —   — 
    Adjusted net interest income after provision for credit losses 70,950   80,125   76,471   56,052   52,829 
              
    Total noninterest income$16,384  $13,429  $13,723  $14,216  $15,906 
    Less: GNMA MSR impairment —   —   (1,950)  —   — 
    Less: gain on sales of securities, net 144   —   1,664   —   — 
    Adjusted total noninterest income 16,240   13,429   14,009   14,216   15,906 
              
    Total noninterest expense$56,760  $57,254  $56,241  $44,150  $42,774 
    Less: merger-related expenses —   1,179   3,614   807   571 
    Adjusted total noninterest expense 56,760   56,075   52,627   43,343   42,203 
              
    Income tax expense$6,272  $6,822  $2,820  $4,807  $5,278 
    Add: income tax expense on adjustment items (30)  248   3,946   169   120 
    Adjusted income tax expense 6,242   7,070   6,766   4,976   5,398 
              
    Net income$24,302  $29,478  $16,243  $21,311  $20,683 
    Adjusted net income$24,188  $30,409  $31,087  $21,949  $21,134 
              
    Calculation of adjusted PTPP earnings:         
    Provision for credit losses$6,197  $4,624  $16,942  $3,452  $(327)
    Less: CECL provision for non-PCD loans —   —   14,890   —   — 
    Adjusted provision for credit losses$6,197  $4,624  $2,052  $3,452  $(327)
              
    Adjusted net income$24,188  $30,409  $31,087  $21,949  $21,134 
    Plus: adjusted provision for credit losses 6,197   4,624   2,052   3,452   (327)
    Plus: adjusted income tax expense 6,242   7,070   6,766   4,976   5,398 
    Adjusted PTPP Earnings$36,627  $42,103  $39,905  $30,377  $26,205 
              
    Calculation of adjusted dilutive EPS:         
    Numerator:         
    Adjusted net income$24,188  $30,409  $31,087  $21,949  $21,134 
    Denominator:         
    Weighted average diluted common shares outstanding 30,882,156   30,867,511   28,481,619   23,788,164   23,770,791 
              
    Diluted earnings per share$0.79  $0.95  $0.57  $0.90  $0.87 
    Adjusted diluted earnings per share 0.78   0.99   1.09   0.92   0.89 
    Calculation of adjusted ROAA and adjusted ROAE:        
    Adjusted net income$24,188  $30,409  $31,087  $21,949  $21,134 
    Divided by number of days in the quarter 90   92   92   91   90 
    Multiplied by number of days in the year 365   365   365   365   365 
    Annualized adjusted net income$98,096  $120,644  $123,334  $88,037  $85,710 
    Divided by total average assets 9,783,602   9,530,543   9,202,421   7,944,720   8,045,246 
    ROAA (annualized) 1.01%  1.23%  0.70%  1.08%  1.04%
    Adjusted ROAA (annualized) 1.00   1.27   1.34   1.11   1.07 
              
    Divided by total average stockholders' equity$976,044  $913,850  $938,752  $667,323  $722,504 
    ROAE (annualized) 10.10%  12.80%  6.86%  12.81%  11.61%
    Adjusted ROAE (annualized) 10.05   13.20   13.14   13.19   11.86 
              
    Calculation of adjusted PTPP ROAA and adjusted PTPP ROAE:      
    Adjusted PTPP earnings$36,627  $42,103  $39,905  $30,377  $26,205 
    Divided by number of days in the quarter 90   92   92   91   90 
    Multiplied by the number of days in the year 365   365   365   365   365 
    Adjusted PTPP earnings, annualized$148,543  $167,039  $158,319  $121,842  $106,276 
              
    Divided by total average assets$9,783,602  $9,530,543  $9,202,421  $7,944,720  $8,045,246 
    Adjusted PTPP ROAA(annualized) 1.52%  1.75%  1.72%  1.53%  1.32%
              
    Divided by total average stockholders' equity$976,044  $913,850  $938,752  $667,323  $722,504 
    Adjusted PTPP ROAE (annualized) 15.22%  18.28%  16.86%  18.26%  14.71%
              
    Calculation of tangible common equity to tangible common assets, book value per common share and adjusted tangible book value per common share:  
    Total assets$10,358,516  $9,686,067  $9,462,639  $8,111,524  $8,112,295 
    Less: goodwill 128,679   128,679   136,793   34,153   34,153 
    Less: other intangible assets, net 47,277   49,829   52,384   15,900   16,425 
    Tangible assets 10,182,560   9,507,559   9,273,462   8,061,471   8,061,717 
              
    Total common stockholders’ equity$992,587  $949,943  $907,024  $646,373  $676,865 
    Less: goodwill 128,679   128,679   136,793   34,153   34,153 
    Less: other intangible assets, net 47,277   49,829   52,384   15,900   16,425 
    Tangible common equity 816,631   771,435   717,847   596,320   626,287 
    Less: accumulated other comprehensive (loss) income (138,481)  (159,875)  (175,233)  (115,979)  (65,890)
    Adjusted tangible common equity 955,112   931,310   893,080   712,299   692,177 
    Divided by common shares outstanding at the end of the period 30,780,853   30,746,600   30,661,734   23,807,677   23,748,748 
    Book value per common share$32.25  $30.90  $29.58  $27.15  $28.50 
    Tangible book value per common share 26.53   25.09   23.41   25.05   26.37 
    Adjusted tangible book value per common share 31.03   30.29   29.13   29.92   29.15 
    Tangible common equity to tangible assets 8.02%  8.11%  7.74%  7.40%  7.77%
    Calculation of ROATCE and adjusted ROATCE:        
    Net income$24,302  $29,478  $16,243  $21,311  $20,683 
    Divided by number of days in the quarter 90   92   92   91   90 
    Multiplied by number of days in the year 365   365   365   365   365 
    Annualized net income$98,558  $116,951  $64,442  $85,478  $83,881 
              
    Adjusted net income$24,188  $30,409  $31,087  $21,949  $21,134 
    Divided by number of days in the quarter 90   92   92   91   90 
    Multiplied by number of days in the year 365   365   365   365   365 
    Annualized adjusted net income$98,096  $120,644  $123,334  $88,037  $85,710 
              
    Total average common stockholders’ equity$976,044  $913,850  $938,752  $667,323  $722,504 
    Less: average goodwill 128,679   131,302   95,696   34,153   34,366 
    Less: average other intangible assets, net 48,950   51,495   40,918   16,242   16,775 
    Average tangible common equity 798,415   731,053   802,138   616,928   671,363 
              
    ROATCE 12.34%  16.00%  8.03%  13.86%  12.49%
    Adjusted ROATCE 12.29   16.50   15.38   14.27   12.77 
              
    Calculation of adjusted efficiency ratio:         
    Total noninterest expense$56,760  $57,254  $56,241  $44,150  $42,774 
    Less: insurance and mortgage noninterest expense 8,033   8,031   8,479   8,397   8,626 
    Less: merger-related expenses —   1,179   3,614   807   571 
    Adjusted total noninterest expense 48,727   48,044   44,148   34,946   33,577 
              
    Net interest income$77,147  $84,749  $78,523  $59,504  $52,502 
    Less: insurance and mortgage net interest income 1,493   1,376   1,208   1,082   875 
    Add: Total noninterest income 16,384   13,429   13,723   14,216   15,906 
    Less: insurance and mortgage noninterest income 8,792   6,255   4,737   8,047   10,552 
    Less: gain on sale of securities, net 144   —   1,664   —   — 
    Adjusted total revenue 83,102   90,547   84,637   64,591   56,981 
              
    Efficiency ratio 60.69%  58.32%  60.97%  59.89%  62.53%
    Adjusted efficiency ratio 58.64   53.06   52.16   54.10   58.93 

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