EX-99.1 2 a09302024obkexhibit991er.htm EX-99.1 Document


Exhibit 99.1
For Immediate Release
obnklogoa52.jpg
ORIGIN BANCORP, INC. REPORTS EARNINGS FOR THIRD QUARTER 2024
RUSTON, Louisiana (October 23, 2024) - Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $18.6 million, or $0.60 diluted earnings per share for the quarter ended September 30, 2024, compared to net income of $21.0 million, or $0.67 diluted earnings per share, for the quarter ended June 30, 2024. Pre-tax, pre-provision (“PTPP”)(1) earnings was $28.3 million for the quarter ended September 30, 2024, compared to $32.0 million for the linked quarter.
“I am pleased with the balance sheet trends we showed in the third quarter,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “I am confident these trends will continue and our bankers will capitalize on opportunities throughout our markets.”
(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.
Financial Highlights
•Total loans held for investment (“LHFI”) were $7.96 billion at both September 30, 2024, and June 30, 2024. LHFI, excluding mortgage warehouse lines of credit (“MW LOC”), were $7.46 billion at September 30, 2024, reflecting an increase of $8.9 million, or 0.12%, compared to June 30, 2024.
•Noninterest-bearing deposits were $1.89 billion at September 30, 2024, reflecting an increase of $27.1 million, or 1.5%, compared to June 30, 2024.
•Net interest income was $74.8 million for the quarter ended September 30, 2024, reflecting an increase of $914,000, or 1.2%, compared to the linked quarter.
•Our book value per common share was $36.76 as of September 30, 2024, reflecting an increase of $1.53, or 4.3%, compared to June 30, 2024. Tangible book value per common share(1) was $31.37 at September 30, 2024, reflecting an increase of $1.60, or 5.4%, compared to June 30, 2024.
•Stockholders’ equity was $1.15 billion at September 30, 2024, reflecting an increase of $49.8 million, or 4.5%, compared to June 30, 2024.
•At September 30, 2024, and June 30, 2024, the ratio of Company-level common equity Tier 1 capital to risk-weighted assets was 12.46%, and 12.15%, respectively, the Tier 1 leverage ratio was 10.93% and 10.70%, respectively, and the total capital ratio was 15.45% and 15.16%, respectively. The ratio of tangible common equity to tangible assets(1) was 9.98% at September 30, 2024, compared to 9.47% at June 30, 2024.
(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 most directly comparable GAAP measures.
Results of Operations for the Three Months Ended September 30, 2024
Net Interest Income and Net Interest Margin
Net interest income for the quarter ended September 30, 2024, was $74.8 million, an increase of $914,000, or 1.2%, compared to the quarter ended June 30, 2024, $813,000 of which was driven by one additional day in the current quarter. Higher interest rates drove a net increase of $147,000 in net interest income, which was reflected in a $1.2 million increase in interest income earned on interest-earnings assets offset by a $1.1 million increase in interest expense paid on interest-bearing liabilities.
1

Higher interest rates on LHFI drove a $2.0 million increase in the yield for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, $1.5 million of which was driven by real estate-based loans. The average rate on LHFI increased to 6.67% for the quarter ended September 30, 2024, compared to 6.58% for the quarter ended June 30, 2024. Higher interest rates on savings and interest-bearing transaction accounts drove a $1.1 million increase in interest expense, compared to the quarter ended June 30, 2024. The average rate on interest-bearing deposits increased to 4.01% for the quarter ended September 30, 2024, compared to 3.95% for the quarter ended June 30, 2024.
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. The federal funds target rate range was reduced by 50 basis points on September 18, 2024, to a range of 4.75% to 5.00%, the first rate reduction since early 2020.
The NIM-FTE was 3.18% for the quarter ended September 30, 2024, representing a one- and a four-basis-point increase compared to the linked quarter and the prior year same quarter, respectively. The yield earned on interest-earning assets for the quarter ended September 30, 2024, was 6.09%, an increase of five and 40 basis points compared to the linked quarter and the prior year same quarter, respectively. The average rate paid on total interest-bearing liabilities for the quarter ended September 30, 2024, was 4.04%, representing a six- and 45-basis point increase compared to the linked quarter and the prior year same quarter, respectively.
As discussed in our June 30, 2024, Origin Bancorp, Inc. Earnings Release, we reversed $1.2 million of accrued loan interest during the quarter ended June 30, 2024, due to certain questioned activity involving a single banker, who has since been terminated, in our East Texas market. This reversal of accrued loan interest income negatively impacted the fully tax equivalent net interest margin (“NIM-FTE”) by five basis points for the linked quarter. Had we not experienced the reversal of the $1.2 million of accrued interest income during the quarter ended June 30, 2024, our NIM-FTE would have been 3.22% for the linked quarter, and we would have experienced a four-basis point decrease in our current NIM-FTE compared to the linked quarter. There was no equivalent interest income reversal during the current quarter and these loans remain on non-accrual..
2

Credit Quality
The table below includes key credit quality information:
At and For the Three Months EndedChange% Change
(Dollars in thousands, unaudited)September 30,
 2024		June 30,
 2024		September 30,
 2023		Linked
 Quarter		Linked
 Quarter
Past due LHFI$38,838 $66,276 $20,347 $(27,438)(41.4)%
Allowance for loan credit losses (“ALCL”)
95,989 100,865 95,177 (4,876)(4.8)
Classified loans107,486 118,254 64,021 (10,768)(9.1)
Total nonperforming LHFI64,273 75,812 31,608 (11,539)(15.2)
Provision for credit losses4,603 5,231 3,515 (628)(12.0)
Net charge-offs9,520 2,946 2,686 6,574 223.2 
Credit quality ratios(1):
ALCL to nonperforming LHFI149.35 %133.05 %301.12 %16.30 %N/A
ALCL to total LHFI1.21 1.27 1.26 (0.06)N/A
ALCL to total LHFI, adjusted(2)
1.28 1.34 1.30 (0.06)N/A
Classified loans to total LHFI1.35 1.49 0.85 (0.14)N/A
Nonperforming LHFI to LHFI0.81 0.95 0.42 (0.14)N/A
Net charge-offs to total average LHFI (annualized)0.48 0.15 0.14 0.33 N/A
___________________________
(1)Please see the Loan Data schedule at the back of this document for additional information.
(2)The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.
As discussed in our June 30, 2024, Origin Bancorp, Inc. Earnings Release, our credit metrics were negatively impacted by certain questioned activity involving a single banker, who has since been terminated, in our East Texas market. Our investigation of this activity remains ongoing and is not final; however, as a result of a forbearance agreement with one of our impacted customer relationships, our past due LHFI declined $26.4 million when compared to the quarter ended June 30, 2024. There was no material change in the level of our nonperforming or classified LHFI principal balances between the current quarter and the linked quarter as a result of the questioned activity. We continue to work with an outside forensic accounting firm to confirm the bank’s identification and reconciliation of the activity, targeting a conclusion of this analysis by the end of this year. At this time, we believe that any ultimate loss arising from the situation will not be material to our financial position.
Past due LHFI were $38.8 million for the quarter ended September 30, 2024, compared to $66.3 million at June 30, 2024. Of the $27.4 million decrease, $26.4 million were impacted by or related to the questioned activity. The remaining net decrease in past due LHFI was primarily due to charge-offs or payoffs in commercial and industrial past due loans during the quarter ended September 30, 2024.
Nonperforming LHFI decreased $11.5 million for the quarter reflecting a decrease in the percentage of nonperforming LHFI to LHFI to 0.81% compared to 0.95% for the linked quarter. The decrease in nonperforming loans was primarily driven by three commercial and industrial loan relationships totaling $14.6 million at June 30, 2024, $10.4 million of which were charged-off and $4.2 million were paid down during the current quarter.
Classified loans decreased $10.8 million to $107.5 million at September 30, 2024, reflecting 1.35% as a percentage of total LHFI, down 14 basis points from the linked quarter. The decrease in classified loans was primarily driven by the same three commercial and industrial loan relationships mentioned in the nonperforming loan paragraph directly above.
Noninterest Income
Noninterest income for the quarter ended September 30, 2024, was $16.0 million, a decrease of $6.5 million, or 28.8%, from the linked quarter. The decrease from the linked quarter was primarily driven by decreases of $5.2 million, $725,000 and $621,000 in the change in fair value of equity investments, mortgage banking revenue and other income, respectively.
The decrease in change in fair value of equity investments was due to a $5.2 million positive valuation adjustment on a non-marketable equity security recognized during the linked quarter with no comparable amount recognized during the current quarter.
3

The decrease in mortgage banking revenue was primarily due to an $833,000 combined decrease in the pipeline and interest rate lock commitment fair values during the current quarter compared to the linked quarter.
The decrease in other income was primarily due to an $818,000 gain on sale of bank property recognized in the linked quarter with no comparable amount recognized in the current quarter.
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2024, was $62.5 million, a decrease of $1.9 million, or 2.9% from the linked quarter. The decrease was primarily driven by a decrease of $1.6 million and in other noninterest expense.
The decrease in other expenses resulted from recognizing contingent liabilities totaling approximately $1.2 million related to certain questioned activity involving a single banker, who has since been terminated, in our East Texas market, as described previously, in the linked quarter with no comparable liability incurred in the current quarter. Also, contributing to the quarter over quarter decline was a $357,000 decrease in corporate membership fees.
Financial Condition
Loans
•Total LHFI were $7.96 billion at both September 30, 2024, and June 30, 2024, and reflected an increase of $388.7 million, or 5.1%, compared to September 30, 2023.
•Total LHFI, excluding MW LOC, were $7.46 billion at September 30, 2024, representing an increase of $8.9 million, or 0.1%, from June 30, 2024, and an increase of $179.8 million, or 2.5%, from September 30, 2023.
•During the quarter ended September 30, 2024, compared to the linked quarter, we experienced declines in construction/land/land development loans and MW LOC of $25.8 million and $11.3 million, respectively, partially offset by growth in multi-family real estate loans of $36.1 million.

Securities
•Total securities were $1.18 billion at both September 30, 2024, and June 30, 2024, and reflected a decrease of $129.8 million, or 9.9%, compared to September 30, 2023.
•Accumulated other comprehensive loss, net of taxes, primarily associated with the available for sale (“AFS”) portfolio, was $94.2 million at September 30, 2024, an improvement of $32.9 million, or 25.9%, from the linked quarter.
•The weighted average effective duration for the total securities portfolio was 4.21 years as of September 30, 2024, compared to 4.28 years as of June 30, 2024.
Deposits
•Total deposits at September 30, 2024, were $8.49 billion, a decrease of $24.3 million, or 0.3%, compared to the linked quarter, and represented an increase of $112.1 million, or 1.3%, from September 30, 2023. The decrease in the current quarter compared to the linked quarter was primarily due to a decrease of $205.2 million in brokered (which includes both brokered time and brokered interest-bearing demand) deposits. The decrease in brokered deposits was primarily replaced with customer deposits.
•Excluding brokered deposits, total deposit increased $180.9 million, or 2.3%, to $8.05 billion, primarily due to increases of $87.0 million, $64.4 million and $27.1 million in money market deposits, interest-bearing demand deposits and noninterest-bearing demand deposits, respectively.
•At September 30, 2024, noninterest-bearing deposits as a percentage of total deposits were 22.3%, compared to 21.9% and 24.0% at June 30, 2024, and September 30, 2023, respectively. Excluding brokered deposits, noninterest-bearing deposits as a percentage of total deposits were 23.5%, compared to 23.7% and 26.1% at June 30, 2024, and September 30, 2023, respectively.
4

Borrowings
•FHLB advances and other borrowings at September 30, 2024, were $30.4 million, a decrease of $10.3 million, or 25.3%, compared to the linked quarter and represented an increase of $18.2 million, or 149.3%, from September 30, 2023.
Stockholders’ Equity
•Stockholders’ equity was $1.15 billion at September 30, 2024, an increase of $49.8 million, or 4.5%, compared to $1.10 billion at June 30, 2024, and an increase of $146.7 million, or 14.7%, compared to September 30, 2023.
•The increase in stockholders’ equity from the linked quarter is primarily due to a decrease in accumulated other comprehensive loss of $32.9 million and net income of $18.6 million, partially offset by dividends declared of $4.8 million during the current quarter.
Conference Call
Origin will hold a conference call to discuss its third quarter 2024 results on Thursday, October 24, 2024, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (800) 528-1066 (U.S. Toll Free), enter Conference ID: 84865 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/ORIGINQ324.
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 60 locations from Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.
Non-GAAP Financial Measures
Origin reports its results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin's results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin's reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: PTPP earnings, adjusted NIM-FTE, PTPP ROAA, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, 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’s future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,”
5

“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: 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-profile bank failures, 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; changes in benchmark interest rates and the resulting impacts on net interest income; deterioration of Origin’s asset quality; factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; changes in the value of collateral securing Origin’s loans; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; Origin’s ability to anticipate interest rate changes and manage interest rate risk (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business and the impact of prolonged elevated interest rates on our financial projections, models and guidance); the effectiveness of Origin’s risk management framework and quantitative models; Origin’s inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin’s common stockholders, repurchase Origin’s shares of common stock and satisfy obligations as they become due; the impact of labor pressures; changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; changes in management personnel; Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; increasing costs as Origin grows deposits; operational risks associated with Origin’s business; significant turbulence or a disruption in the capital or financial markets and the effect of market disruption and interest rate volatility on our investment securities; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which Origin operates and in which its loans are concentrated; Origin’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in Origin’s loan portfolio; changes in laws, rules, regulations, interpretations or policies relating to financial institutions, and potential expenses associated with complying with such regulations; periodic changes to the extensive body of accounting rules and best practices; further government intervention in the U.S. financial system; a deterioration of the credit rating for U.S. long-term sovereign debt or actions that the U.S. government may take to avoid exceeding the debt ceiling; a potential U.S. federal government shutdown and the resulting impacts; compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities, and tax matters; Origin’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; changes in the utility of Origin’s non-GAAP liquidity measurements and its underlying assumptions or estimates; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies and similar organizations; natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities (including the impacts related to or resulting from Russia's military action in Ukraine or the conflict in Israel and surrounding areas, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments), regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond Origin’s control; the impact of generative artificial intelligence; fraud or misconduct by internal or external actors (including Origin employees) which Origin may not be able to prevent, detect or mitigate, system failures, cybersecurity threats or security breaches and the cost of defending against them; Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and 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.
6

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
7
Origin Bancorp, Inc.
Selected Quarterly Financial Data
(Unaudited)


Three Months Ended
September 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
 2023
Income statement and share amounts (Dollars in thousands, except per share amounts)
Net interest income
$74,804 $73,890 $73,323 $72,989 $74,130 
Provision for credit losses4,603 5,231 3,012 2,735 3,515 
Noninterest income
15,989 22,465 17,255 8,196 18,119 
Noninterest expense62,521 64,388 58,707 60,906 58,663 
Income before income tax expense
23,669 26,736 28,859 17,544 30,071 
Income tax expense5,068 5,747 6,227 4,119 5,758 
Net income
$18,601 $20,989 $22,632 $13,425 $24,313 
PTPP earnings(1)
$28,272 $31,967 $31,871 $20,279 $33,586 
Basic earnings per common share
0.60 0.68 0.73 0.43 0.79 
Diluted earnings per common share0.60 0.67 0.73 0.43 0.79 
Dividends declared per common share0.15 0.15 0.15 0.15 0.15 
Weighted average common shares outstanding - basic
31,130,293 31,042,527 30,981,333 30,898,941 30,856,649 
Weighted average common shares outstanding - diluted
31,239,877 31,131,829 31,078,910 30,995,354 30,943,860 
Balance sheet data
Total LHFI
$7,956,790 $7,959,171 $7,900,027 $7,660,944 $7,568,063 
Total LHFI excluding MW LOC7,461,602 7,452,666 7,499,032 7,330,978 7,281,770 
Total assets
9,965,986 9,947,182 9,892,379 9,722,584 9,733,303 
Total deposits8,486,568 8,510,842 8,505,464 8,251,125 8,374,488 
Total stockholders’ equity1,145,673 1,095,894 1,078,853 1,062,905 998,945 
Performance metrics and capital ratios
Yield on LHFI6.67 %6.58 %6.58 %6.46 %6.35 %
Yield on interest-earnings assets6.09 6.04 5.99 5.86 5.69 
Cost of interest-bearing deposits4.01 3.95 3.85 3.71 3.47 
Cost of total deposits3.14 3.08 2.99 2.84 2.61 
NIM - fully tax equivalent ("FTE")3.18 3.17 3.19 3.19 3.14 
Return on average assets (annualized) ("ROAA")0.74 0.84 0.92 0.55 0.96 
PTPP ROAA (annualized)(1)
1.13 1.28 1.30 0.82 1.33 
Return on average stockholders’ equity (annualized) ("ROAE")6.57 7.79 8.57 5.26 9.52 
Book value per common share$36.76 $35.23 $34.79 $34.30 $32.32 
Tangible book value per common share (1)
31.37 29.77 29.24 28.68 26.78 
Adjusted tangible book value per common share(1)
34.39 33.86 33.27 32.59 32.37 
Return on average tangible common equity (annualized) ("ROATCE")(1)
7.74 %9.25 %10.24 %6.36 %11.48 %
Efficiency ratio(2)
68.86 66.82 64.81 75.02 63.59 
Core efficiency ratio(1)
67.48 65.55 65.24 70.55 60.49 
Common equity tier 1 to risk-weighted assets(3)
12.46 12.15 11.97 11.83 11.46 
Tier 1 capital to risk-weighted assets(3)
12.64 12.33 12.15 12.01 11.64 
Total capital to risk-weighted assets(3)
15.45 15.16 14.98 15.02 14.61 
Tier 1 leverage ratio(3)
10.93 10.70 10.66 10.50 10.00 
__________________________

(1)PTPP earnings, PTPP ROAA, tangible book value per common share, adjusted 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, 2024, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.
8
Origin Bancorp, Inc.
Selected Year-To-Date Financial Data
(Unaudited)
Nine Months Ended September 30,
(Dollars in thousands, except per share amounts)20242023
Income statement and share amounts
Net interest income
$222,017 $226,568 
Provision for credit losses12,846 14,018 
Noninterest income
55,709 50,139 
Noninterest expense185,616 174,310 
Income before income tax expense
79,264 88,379 
Income tax expense
17,042 18,004 
Net income
$62,222 $70,375 
PTPP earnings(1)
$92,110 $102,397 
Basic earnings per common share2.00 2.29 
Diluted earnings per common share2.00 2.28 
Dividends declared per common share0.45 0.45 
Weighted average common shares outstanding - basic
31,051,672 30,797,399 
Weighted average common shares outstanding - diluted
31,160,867 30,903,222 
Performance metrics
Yield on LHFI6.61 %6.19 %
Yield on interest-earning assets6.04 5.50 
Cost of interest-bearing deposits3.94 3.03 
Cost of total deposits3.07 2.22 
NIM-FTE3.18 3.24 
Adjusted NIM-FTE(2)
3.18 3.21 
ROAA (annualized)0.84 0.94 
PTPP ROAA (annualized)(1)
1.24 1.37 
ROAE (annualized)7.62 9.45 
ROATCE (annualized)(1)
9.04 11.47 
Efficiency ratio(3)
66.83 62.99 
Core efficiency ratio(1)
66.09 59.94 
____________________________
(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)Adjusted NIM-FTE is a non-GAAP financial measure and is calculated for nine months ended September 30, 2024, by removing the $20,000 net purchase accounting amortization from net interest income. And, for the nine months ended September 30, 2023, by removing the $2.2 million net purchase accounting accretion from net interest income.
(3)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
9
Origin Bancorp, Inc.
Consolidated Quarterly Statements of Income
(Unaudited)

Three Months Ended
September 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
 2023
Interest and dividend income(Dollars in thousands, except per share amounts)
Interest and fees on loans$133,195 $129,879 $127,186 $123,673 $121,204 
Investment securities-taxable6,536 6,606 6,849 7,024 8,194 
Investment securities-nontaxable905 893 910 1,124 1,281 
Interest and dividend income on assets held in other financial institutions3,621 4,416 3,756 3,664 4,772 
Total interest and dividend income144,257 141,794 138,701 135,485 135,451 
Interest expense
Interest-bearing deposits67,051 65,469 62,842 59,771 55,599 
FHLB advances and other borrowings482 514 518 220 3,207 
Subordinated indebtedness1,920 1,921 2,018 2,505 2,515 
Total interest expense69,453 67,904 65,378 62,496 61,321 
Net interest income
74,804 73,890 73,323 72,989 74,130 
Provision for credit losses4,603 5,231 3,012 2,735 3,515 
Net interest income after provision for credit losses70,201 68,659 70,311 70,254 70,615 
Noninterest income
Insurance commission and fee income6,928 6,665 7,725 5,446 6,443 
Service charges and fees4,664 4,862 4,688 4,889 4,621 
Other fee income2,114 2,404 2,247 2,118 2,006 
Mortgage banking revenue (loss)1,153 1,878 2,398 (719)892 
Swap fee income106 44 57 196 366 
Gain (loss) on sales of securities, net221 — (403)(4,606)(7,173)
Change in fair value of equity investments— 5,188 — — 10,096 
Other income803 1,424 543 872 868 
Total noninterest income15,989 22,465 17,255 8,196 18,119 
Noninterest expense
Salaries and employee benefits38,491 38,109 35,818 35,931 34,624 
Occupancy and equipment, net6,298 7,009 6,645 6,912 6,790 
Data processing3,470 3,468 3,145 3,062 2,775 
Office and operations2,984 3,072 2,502 2,947 2,868 
Intangible asset amortization1,905 2,137 2,137 2,259 2,264 
Regulatory assessments1,791 1,842 1,734 1,860 1,913 
Advertising and marketing1,449 1,328 1,444 1,690 1,371 
Professional services2,012 1,303 1,231 1,440 1,409 
Loan-related expenses751 1,077 905 1,094 1,220 
Electronic banking1,308 1,238 1,239 1,103 1,384 
Franchise tax expense721 815 477 942 520 
Other expenses1,341 2,990 1,430 1,666 1,525 
Total noninterest expense62,521 64,388 58,707 60,906 58,663 
Income before income tax expense23,669 26,736 28,859 17,544 30,071 
Income tax expense5,068 5,747 6,227 4,119 5,758 
Net income$18,601 $20,989 $22,632 $13,425 $24,313 
Basic earnings per common share$0.60 $0.68 $0.73 $0.43 $0.79 
Diluted earnings per common share0.60 0.67 0.73 0.43 0.79 
10
Origin Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)September 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
 2023
Assets
Cash and due from banks$159,337 $137,615 $98,147 $127,278 $141,705 
Interest-bearing deposits in banks161,854 150,435 193,365 153,163 163,573 
Total cash and cash equivalents321,191 288,050 291,512 280,441 305,278 
Securities:
AFS1,160,965 1,160,048 1,190,922 1,253,631 1,290,839 
Held to maturity, net of allowance for credit losses11,096 11,616 11,651 11,615 10,790 
Securities carried at fair value through income6,533 6,499 6,755 6,808 6,772 
Total securities1,178,594 1,178,163 1,209,328 1,272,054 1,308,401 
Non-marketable equity securities held in other financial institutions67,068 64,010 53,870 55,190 63,842 
Loans held for sale7,631 18,291 14,975 16,852 14,944 
Loans7,956,790 7,959,171 7,900,027 7,660,944 7,568,063 
Less: ALCL95,989 100,865 98,375 96,868 95,177 
Loans, net of ALCL7,860,801 7,858,306 7,801,652 7,564,076 7,472,886 
Premises and equipment, net126,751 121,562 120,931 118,978 111,700 
Mortgage servicing rights— — — 15,637 19,189 
Cash surrender value of bank-owned life insurance40,602 40,365 40,134 39,905 39,688 
Goodwill 128,679 128,679 128,679 128,679 128,679 
Other intangible assets, net39,272 41,177 43,314 45,452 42,460 
Accrued interest receivable and other assets195,397 208,579 187,984 185,320 226,236 
Total assets$9,965,986 $9,947,182 $9,892,379 $9,722,584 $9,733,303 
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits$1,893,767 $1,866,622 $1,887,066 $1,919,638 $2,008,671 
Interest-bearing deposits excluding brokered interest-bearing deposits5,137,940 4,984,817 4,990,632 4,918,597 4,728,263 
Time deposits1,023,252 1,022,589 1,030,656 967,901 968,352 
Brokered deposits431,609 636,814 597,110 444,989 669,202 
Total deposits8,486,568 8,510,842 8,505,464 8,251,125 8,374,488 
FHLB advances and other borrowings30,446 40,737 13,158 83,598 12,213 
Subordinated indebtedness159,861 159,779 160,684 194,279 196,825 
Accrued expenses and other liabilities143,438 139,930 134,220 130,677 150,832 
Total liabilities8,820,313 8,851,288 8,813,526 8,659,679 8,734,358 
Stockholders’ equity:
Common stock
155,837 155,543 155,057 154,931 154,534 
Additional paid-in capital535,662 532,950 530,380 528,578 525,434 
Retained earnings548,419 534,585 518,325 500,419 491,706 
Accumulated other comprehensive loss(94,245)(127,184)(124,909)(121,023)(172,729)
Total stockholders’ equity1,145,673 1,095,894 1,078,853 1,062,905 998,945 
Total liabilities and stockholders’ equity$9,965,986 $9,947,182 $9,892,379 $9,722,584 $9,733,303 
11
Origin Bancorp, Inc.
Loan Data
(Unaudited)
At and For the Three Months Ended
September 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
 2023
LHFI(Dollars in thousands)
Owner occupied commercial real estate$991,671 $959,850 $948,624 $953,822 $932,109 
Non-owner occupied commercial real estate1,533,093 1,563,152 1,472,164 1,488,912 1,503,782 
Construction/land/land development991,545 1,017,389 1,168,597 1,070,225 1,076,756 
Residential real estate - single family1,414,013 1,421,027 1,373,532 1,373,696 1,338,382 
Multi-family real estate434,317 398,202 359,765 361,239 349,787 
Total real estate loans5,364,639 5,359,620 5,322,682 5,247,894 5,200,816 
Commercial and industrial2,074,037 2,070,947 2,154,151 2,059,460 2,058,073 
MW LOC495,188 506,505 400,995 329,966 286,293 
Consumer22,926 22,099 22,199 23,624 22,881 
Total LHFI7,956,790 7,959,171 7,900,027 7,660,944 7,568,063 
Less: ALCL95,989 100,865 98,375 96,868 95,177 
LHFI, net$7,860,801 $7,858,306 $7,801,652 $7,564,076 $7,472,886 
Nonperforming assets(1)
Nonperforming LHFI
Commercial real estate$2,776 $2,196 $4,474 $786 $942 
Construction/land/land development26,291 26,336 383 305 235 
Residential real estate(2)
14,313 13,493 14,918 13,037 13,236 
Commercial and industrial20,486 33,608 20,560 15,897 17,072 
Consumer407 179 104 90 123 
Total nonperforming loans64,273 75,812 40,439 30,115 31,608 
Repossessed assets6,043 6,827 3,935 3,929 3,939 
Total nonperforming assets$70,316 $82,639 $44,374 $34,044 $35,547 
Classified assets$113,529 $125,081 $88,152 $84,474 $67,960 
Past due LHFI(3)
38,838 66,276 32,835 26,043 20,347 
Allowance for loan credit losses
Balance at beginning of period$100,865 $98,375 $96,868 $95,177 $94,353 
Provision for loan credit losses4,644 5,436 4,089 3,582 3,510 
Loans charged off11,226 3,706 6,683 3,803 3,202 
Loan recoveries1,706 760 4,101 1,912 516 
Net charge-offs9,520 2,946 2,582 1,891 2,686 
Balance at end of period$95,989 $100,865 $98,375 $96,868 $95,177 
Credit quality ratios
Total nonperforming assets to total assets0.71 %0.83 %0.45 %0.35 %0.37 %
Nonperforming LHFI to LHFI0.81 0.95 0.51 0.39 0.42 
Past due LHFI to LHFI0.49 0.83 0.42 0.34 0.27 
ALCL to nonperforming LHFI149.35 133.05 243.27 321.66 301.12 
ALCL to total LHFI1.21 1.27 1.25 1.26 1.26 
ALCL to total LHFI, adjusted(4)
1.28 1.34 1.30 1.31 1.30 
Net charge-offs to total average LHFI (annualized)0.48 0.15 0.13 0.10 0.14 
____________________________
(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.
(2)Includes multi-family real estate.
(3)Past due LHFI are defined as loans 30 days or more past due.
(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.
12
Origin Bancorp, Inc.
Average Balances and Yields/Rates
(Unaudited)
Three Months Ended
September 30, 2024June 30, 2024September 30, 2023
Average BalanceYield/RateAverage BalanceYield/RateAverage BalanceYield/Rate
Assets(Dollars in thousands)
Commercial real estate$2,507,566 5.93 %$2,497,490 5.91 %$2,428,969 5.73 %
Construction/land/land development1,019,302 7.37 1,058,972 6.98 1,044,180 7.04 
Residential real estate(1)
1,824,725 5.56 1,787,829 5.48 1,663,291 5.06 
Commercial and industrial ("C&I")2,071,984 7.96 2,128,486 7.87 2,024,675 7.62 
MW LOC484,680 7.64 430,885 7.57 376,275 7.21 
Consumer22,739 7.93 22,396 8.06 23,704 7.74 
LHFI7,930,996 6.67 7,926,058 6.58 7,561,094 6.35 
Loans held for sale14,645 6.28 14,702 6.84 11,829 5.81 
Loans receivable7,945,641 6.67 7,940,760 6.58 7,572,923 6.35 
Investment securities-taxable1,038,634 2.50 1,046,301 2.54 1,310,459 2.48 
Investment securities-nontaxable146,619 2.46 143,232 2.51 216,700 2.35 
Non-marketable equity securities held in other financial institutions66,409 2.85 56,270 6.53 58,421 6.47 
Interest-bearing balances due from banks229,224 5.46 254,627 5.53 279,383 5.42 
Total interest-earning assets9,426,527 6.09 9,441,190 6.04 9,437,886 5.69 
Noninterest-earning assets559,309 567,035 597,678 
Total assets$9,985,836 $10,008,225 $10,035,564 
Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$5,177,522 3.88 %$5,130,224 3.80 %$4,728,211 3.28 %
Time deposits1,469,849 4.47 1,534,679 4.46 1,626,935 4.04 
Total interest-bearing deposits6,647,371 4.01 6,664,903 3.95 6,355,146 3.47 
FHLB advances and other borrowings40,331 4.75 41,666 4.96 230,815 5.51 
Subordinated indebtedness159,826 4.78 159,973 4.83 196,792 5.07 
Total interest-bearing liabilities6,847,528 4.04 6,866,542 3.98 6,782,753 3.59 
Noninterest-bearing liabilities
Noninterest-bearing deposits1,850,046 1,894,141 2,088,183 
Other liabilities162,565 163,273 151,716 
Total liabilities8,860,139 8,923,956 9,022,652 
Stockholders’ Equity1,125,697 1,084,269 1,012,912 
Total liabilities and stockholders’ equity$9,985,836 $10,008,225 $10,035,564 
Net interest spread2.05 %2.06 %2.10 %
NIM3.16 3.15 3.12 
NIM-FTE(2)
3.18 3.17 3.14 
____________________________
(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.
13
Origin Bancorp, Inc.
Notable Items
(Unaudited)
At and For the Three Months Ended
September 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
 2023
$ Impact
EPS
Impact(1)
$ Impact
EPS
Impact(1)
$ Impact
EPS
Impact(1)
$ Impact
EPS
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)$— $— $— $— $— $— 
Notable provision expense items:
Provision expense related to questioned banker activity— — (3,212)(0.08)— — — — — — 
Provision expense on relationships impacted by questioned banker activity— — (4,131)(0.10)— — — — — — 
Notable noninterest income items:
MSR gain (impairment)— — — — 410 0.01 (1,769)(0.05)— — 
Gain (loss) on sales of securities, net221 0.01 — — (403)(0.01)(4,606)(0.12)(7,173)(0.18)
Gain on sub-debt repurchase— — 81 — — — — — — — 
Positive valuation adjustment on non-marketable equity securities— — 5,188 0.13 — — — — 10,096 0.26 
Gain on bank property sale— — 800 0.02 — — — — — — 
Notable noninterest expense items:
Operating expense related to questioned banker activity(848)(0.02)(1,452)(0.04)— — — — — — 
Total notable items$(627)(0.02)$(3,932)(0.10)$7 — $(6,375)(0.16)$2,923 0.07 
____________________________
(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.





14
Origin Bancorp, Inc.
Notable Items - Continued
(Unaudited)
Nine Months Ended September 30,
20242023
$ Impact
EPS 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)$— $— 
Notable provision expense items:
Provision expense related to questioned banker activity(3,212)(0.08)— — 
Provision expense on relationships impacted by questioned banker activity(4,131)(0.10)— — 
Notable noninterest income items:
MSR gain410 0.01 — — 
Loss on sales of securities, net(182)— (7,029)(0.18)
Gain on sub-debt repurchase81 — 471 0.01 
Positive valuation adjustment on non-marketable equity securities5,188 0.13 10,096 0.26 
Gain on bank property sale800 0.02 — — 
Notable noninterest expense items:
Operating expense related to questioned banker activity(2,300)(0.06)— — 
Total notable items$(4,552)(0.12)$3,538 0.09 
____________________________
(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.

15
Origin Bancorp, Inc.
Non-GAAP Financial Measures
(Unaudited)
At and For the Three Months Ended
September 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
 2023
(Dollars in thousands, except per share amounts)
Calculation of PTPP earnings:
Net income$18,601 $20,989 $22,632 $13,425 $24,313 
Provision for credit losses4,603 5,231 3,012 2,735 3,515 
Income tax expense5,068 5,747 6,227 4,119 5,758 
PTPP earnings (non-GAAP)$28,272 $31,967 $31,871 $20,279 $33,586 
Calculation of PTPP ROAA:
PTPP earnings$28,272 $31,967 $31,871 $20,279 $33,586 
Divided by number of days in the quarter92 91 91 92 92 
Multiplied by the number of days in the year366 366 366 365 365 
PTPP earnings, annualized$112,473 $128,571 $128,184 $80,455 $133,249 
Divided by total average assets$9,985,836 $10,008,225 $9,861,236 $9,753,847 $10,035,564 
ROAA (annualized) (GAAP)0.74 %0.84 %0.92 %0.55 %0.96 %
PTPP ROAA (annualized) (non-GAAP)1.13 1.28 1.30 0.82 1.33 
Calculation of tangible common equity to tangible common assets, book value per common share and adjusted tangible book value per common share:
Total assets$9,965,986 $9,947,182 $9,892,379 $9,722,584 $9,733,303 
Goodwill(128,679)(128,679)(128,679)(128,679)(128,679)
Other intangible assets, net(39,272)(41,177)(43,314)(45,452)(42,460)
Tangible assets9,798,035 9,777,326 9,720,386 9,548,453 9,562,164 
Total common stockholders’ equity$1,145,673 $1,095,894 $1,078,853 $1,062,905 $998,945 
Goodwill (128,679)(128,679)(128,679)(128,679)(128,679)
Other intangible assets, net(39,272)(41,177)(43,314)(45,452)(42,460)
Tangible common equity977,722 926,038 906,860 888,774 827,806 
Accumulated other comprehensive loss94,245 127,184 124,909 121,023 172,729 
Adjusted tangible common equity1,071,967 1,053,222 1,031,769 1,009,797 1,000,535 
Divided by common shares outstanding at the end of the period31,167,410 31,108,667 31,011,304 30,986,109 30,906,716 
Book value per common share (GAAP)$36.76 $35.23 $34.79 $34.30 $32.32 
Tangible book value per common share
(non-GAAP)		31.37 29.77 29.24 28.68 26.78 
Adjusted tangible book value per common share (non-GAAP)34.39 33.86 33.27 32.59 32.37 
Tangible common equity to tangible assets (non-GAAP)9.98 %9.47 %9.33 %9.31 %8.66 %
16
Origin Bancorp, Inc.
Non-GAAP Financial Measures- Continued
(Unaudited)
At and For the Three Months Ended
September 30,
 2024		June 30,
 2024		March 31,
 2024		December 31,
 2023		September 30,
 2023
(Dollars in thousands, except per share amounts)
Calculation of ROATCE:
Net income$18,601 $20,989 $22,632 $13,425 $24,313 
Divided by number of days in the quarter92 91 91 92 92 
Multiplied by number of days in the year366 366 366 365 365 
Annualized net income$74,000 $84,417 $91,025 $53,262 $96,459 
Total average common stockholders’ equity$1,125,697 $1,084,269 $1,062,705 $1,013,286 $1,012,912 
Average goodwill(128,679)(128,679)(128,679)(128,679)(128,679)
Average other intangible assets, net(40,487)(42,563)(44,700)(46,825)(43,901)
Average tangible common equity956,531 913,027 889,326 837,782 840,332 
ROATCE (non-GAAP)7.74 %9.25 %10.24 %6.36 %11.48 %
Calculation of core efficiency ratio:
Total noninterest expense$62,521 $64,388 $58,707 $60,906 $58,663 
   Insurance and mortgage noninterest expense(8,448)(8,402)(8,045)(8,581)(8,579)
Adjusted total noninterest expense54,073 55,986 50,662 52,325 50,084 
Net interest income$74,804 $73,890 $73,323 $72,989 $74,130 
Insurance and mortgage net interest income(2,578)(2,407)(2,795)(2,294)(2,120)
Total noninterest income15,989 22,465 17,255 8,196 18,119 
Insurance and mortgage noninterest income(8,081)(8,543)(10,123)(4,727)(7,335)
Adjusted total revenue80,134 85,405 77,660 74,164 82,794 
Efficiency ratio (GAAP)68.86 %66.82 %64.81 %75.02 %63.59 %
Core efficiency ratio (non-GAAP)67.48 65.55 65.24 70.55 60.49 







17
Origin Bancorp, Inc.
Non-GAAP Financial Measures - Continued
(Unaudited)
Nine Months Ended September 30,
20242023
(Dollars in thousands, except per share amounts)
Calculation of PTPP earnings:
Net income$62,222 $70,375 
Provision for credit losses12,846 14,018 
Income tax expense17,042 18,004 
PTPP earnings (non-GAAP)$92,110 $102,397 
Calculation of PTPP ROAA:
PTPP Earnings $92,110 $102,397 
Divided by the year-to-date number of days274 273 
Multiplied by number of days in the year366 365 
Annualized PTPP Earnings$123,037 $136,904 
Divided by total average assets$9,951,890 $10,004,097 
ROAA (annualized) (GAAP)0.84 %0.94 %
PTPP ROAA (annualized) (non-GAAP)1.24 1.37 
Calculation of ROATCE:
Net income$62,222 $70,375 
Divided by the year-to-date number of days274 273 
Multiplied by number of days in the year366 365 
Annualized net income$83,114 $94,091 
Total average common stockholders’ equity$1,091,018 $995,395 
Average goodwill(128,679)(128,679)
Average other intangible assets, net(42,576)(46,391)
Average tangible common equity919,763 820,325 
ROATCE9.04 %11.47 %
Calculation of core efficiency ratio:
Total noninterest expense$185,616 $174,310 
Insurance and mortgage noninterest expense(24,895)(25,768)
Adjusted total noninterest expense160,721 148,542 
Net interest income$222,017 $226,568 
Insurance and mortgage net interest income(7,780)(5,187)
Total noninterest income55,709 50,139 
Insurance and mortgage noninterest income(26,747)(23,714)
Adjusted total revenue243,199 247,806 
Efficiency ratio66.83 %62.99 %
Core efficiency ratio66.09 59.94 
18