Origin Bancorp, Inc. · NYSE:OBK
Origin Bancorp — Q3 2021 Earnings Presentation
23 slides from Origin Bancorp's earnings presentation, Oct 27, 2021
Slide 1: 3Q Twenty21 Investor Presentation
ORIGIN BANCORP, INC. _______ 3Q TWENTY21 INVESTOR PRESENTATION ORIGIN BANCORP, INC.
Slide 2: Forward-looking statements
ORIGIN BANCORP, INC. _______ This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin Bancorp, Inc.'s ("Origin" or the "Company") future financial performa
Slide 3: Origin Company Snapshot
ORIGIN BANCORP, INC. _______ 9 10 19 6 TEXAS Entry: DFW 2008 | Houston 2013 Loans: $2,533 Deposits: $3,014 LOUISIANA Entry: 1912 Loans: $1,387 Deposits: $2,640 DOLLARS IN MILLIONS, UNAUDITED (1) (2) 3 ORIGIN COMPANY SNAPSHOT • Origin Bancorp, Inc., the holding company for Origin Bank, is headquarter
Slide 4: A Unique & Defined Culture
ORIGIN BANCORP, INC. _______ 4 A UNIQUE & DEFINED CULTURE
Slide 5: Balance Sheet and Income Statement
ORIGIN BANCORP, INC. _______ Balance Sheet 3Q21 2Q21 3Q20 Linked Qtr $ Δ Linked Qtr % Δ YoY $ Δ YoY % Δ Total Loans Held for Investment ("LHFI") $ 5,187,288 $ 5,396,306 $ 5,612,666 $ (209,018) (3.9) % $ (425,378) (7.6) % Total Assets 7,470,478 7,268,068 7,101,338 202,410 2.8 369,140 5.2 Total Deposi
Slide 6: Income Statement YTD 2021
ORIGIN BANCORP, INC. _______ Income Statement YTD 2021 YTD 2020 YoY $ Δ YoY % Δ Net Interest Income $ 162,072 $ 139,717 $ 22,355 16.0 % Provision for Credit Losses (8,118) 53,567 (61,685) (115.2) Noninterest Income 45,492 49,271 (3,779) (7.7) Noninterest Expense 116,433 113,051 3,382 3.0 Net Income
Slide 7: Trending Key Measures
ORIGIN BANCORP, INC. _______ TRENDING KEY MEASURES 47,785 68,464 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 Total Revenues ($) UNAUDITED Diluted EPS ($)Net Income ($) Total LHFI excluding PPP and Mortgage Warehouse LOC ($) Total Deposits ($) 0.53 1.14 2Q 18 3
Slide 8: Trending Key Measures Continued
ORIGIN BANCORP, INC. _______ TRENDING KEY MEASURES CONTINUED Pre-Tax Pre-Provision Earnings ($)(1) Efficiency Ratio (%) 66.99 57.21 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 UNAUDITED 15,773 29,299 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20
Slide 9: Texas Growth Story
ORIGIN BANCORP, INC. _______ 9 1,311 1,741 1,956 2,247 2,384 884 1,067 1,127 1,343 1,391 427 674 829 904 993 DFW Houston 2017 2018 2019 2020 3Q21 Deposit Trends by Texas Market ($) (2) Loan Trends by Texas Market ($) (1) TEXAS GROWTH STORY Texas Franchise Highlights DOLLARS IN MILLIONS, UNAUDITED •
Slide 10: Supporting Our Customers - PPP Loans
ORIGIN BANCORP, INC. _______ 10 SUPPORTING OUR CUSTOMERS - PPP LOANS DOLLARS IN THOUSANDS, UNAUDITED PPP Highlights ISOC ISOC ISOC ISOC ISOC Originations Forgiveness Fees Original Loan Amount Total $ Total # Percent of PPP $ Applied for or Forgiven at 9/30/2021 % Percent of PPP $ Forgiven at 9/30/20
Slide 11: Supporting Our Customers - Leveraging Technology
ORIGIN BANCORP, INC. _______ 11 MOBILE FEATURE ADOPTION RATES(1) SUPPORTING OUR CUSTOMERS - LEVERAGING TECHNOLOGY ZELLE® USERS 45.5% GROWTH ZELLE® TRANSFERS 59.7% GROWTH 32.4% TRANSFER ADOPTION % ORIGIN BANK 28.4% INDUSTRY BENCHMARK 23.0% DEPOSIT ADOPTION % ORIGIN BANK 17.0% INDUSTRY BENCHMARK 7.0%
Slide 12: Deposit Trends
ORIGIN BANCORP, INC. _______ 12 5,376 5,884 2,704 2,869 3,076 3,547 3,658 1,634 1,686 1,701 1,838 1,966731 678 656 632 582 307 651 437 227 5,870 6,244 6,206 Interest-bearing Noninterest-bearing Time Deposits Brokered 3Q20 4Q20 1Q21 2Q21 3Q21 Average Deposits ($) DEPOSIT TRENDS 1.50 1.20 0.95 0.78 0.
Slide 13: Well Diversified Loan Portfolio
ORIGIN BANCORP, INC. _______ Owner Occupied Construction/Land/Land Development ("C&D"): 3% Owner Occupied Commercial Real Estate ("CRE"): 10% Retail Shopping: 6% Healthcare: 6%Real Estate & Construction: 6% Office Building: 5% Multi-family: 2% Hotel: 1% Restaurant: 1% Misc: 2% Mtg. Warehouse: 14% Re
Slide 14: Credit Quality
ORIGIN BANCORP, INC. _______ 2.00 2.10 1.81 1.66 1.52 Classified Loans / Total Loans excl. PPP Loans (%) Net Charge-Offs / Average LHFI excl. PPP Loans (annualized) (%) 3Q20 4Q20 1Q21 2Q21 3Q21 0.15 0.14 0.23 0.23 0.24 0.60 0.50 0.63 0.61 0.490.58 0.50 0.50 0.61 0.52 Nonperforming LHFI / LHFI excl.
Slide 15: Yields, Costs and LHFI Profile
ORIGIN BANCORP, INC. _______ 15 LHFI: Fixed \ Variable (by Index) at 9/30/2021 • The yield on LHFI increased slightly during 3Q21 primarily due to the impact of higher average balances in higher yielding real-estate based loans in proportion to total average LHFI. • The cost of total deposits and bo
Slide 16: Net Interest Income and NIM
ORIGIN BANCORP, INC. _______ 16 DOLLARS IN THOUSANDS, UNAUDITED 50,617 51,819 55,239 54,292 52,541 40,141 39,955 40,394 41,323 42,884 7,046 8,587 8,707 7,416 5,962 3,430 3,277 6,138 5,553 3,695 3.18 3.07 3.22 3.12 3.02 3.20 3.06 3.06 2.97 2.87 Net Interest Income excl. PPP & Mtg. Warehouse ($) Mtg.
Slide 17: Net Revenue Distribution
ORIGIN BANCORP, INC. _______ 10,615 10,237 10,588 11,604 11,176 12,880 10,818 12,144 19,076 18,051 15,381 17,131 12,438 15,923 Service Charges & Fees Mortgage Banking Revenue Insurance Commission & Fee Income Swap Fee Income Other 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Slide 18: Noninterest Expense and Efficiency Ratio
ORIGIN BANCORP, INC. _______ 38,734 38,884 39,436 37,832 39,165 22,597 22,475 22,325 22,354 23,629 4,263 4,271 4,339 4,349 4,353 2,065 2,178 2,173 2,313 2,3291,809 1,856 1,705 2,154 1,9491,367 1,472 1,454 1,498 1,598 6,633 6,632 7,440 5,164 5,307 Salaries and Employee Benefits Occupancy and Equipmen
Slide 19: Capital
ORIGIN BANCORP, INC. _______ 9.2 8.6 8.7 8.9 9.2 8.8 9.0 9.0 9.2 9.5 Company Level Bank Level 3Q20 4Q20 1Q21 2Q21 3Q21 10.1 10.1 10.3 11.2 11.4 9.6 10.5 10.7 11.6 11.8 Company Level Bank Level 3Q20 4Q20 1Q21 2Q21 3Q21 19 CAPITAL Bank Level Company Level Sub-debt Impact 12.5 13.8 13.9 14.9 14.9 12.0
Slide 20: Calculation of Core Deposits and PTPP Earnings
ORIGIN BANCORP, INC. _______ Calculation of Core Deposits: 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 Total Deposits $ 6,158,768 $ 6,028,352 $ 6,346,194 $ 5,751,315 $ 5,935,925 $ 5,372,222 $ 4,556,246 Less: Brokered Deposits — — 571,673 431,180 835,902 490,881 435,138 Less: Time Deposits > $250K 245,312 264
Slide 21: Calculation of Tangible Book Value per Common Share
ORIGIN BANCORP, INC. _______ Calculation of Tangible Book Value per Common Share: 3Q21 2Q21 1Q21 4Q20 3Q20 Total Common Stockholders' Equity $ 705,667 $ 688,235 $ 656,355 $ 647,150 $ 627,637 Less: Goodwill and Other Intangible Assets, net 29,830 30,024 30,246 30,480 30,717 Tangible Common Equity $ 6
Slide 22: Reconciliation of Non-GAAP Financial Measures
ORIGIN BANCORP, INC. _______ 3Q21 2Q21 3Q20 Calculation of PTPP Earnings: Net Income $ 26,978 $ 27,733 $ 13,095 Plus: Provision for Credit Losses (3,921) (5,609) 13,633 Plus: Income Tax Expense 6,242 6,774 3,206 PTPP Earnings $ 29,299 $ 28,898 $ 29,934 Calculation of PTPP ROAA and PTPP ROAE: PTPP Ea
Slide 23: Reconciliation of Non-GAAP Measures YTD 2021
ORIGIN BANCORP, INC. _______ Nine Months Ended September 30, 2021 September 30, 2020 Calculation of PTPP Earnings: Net Income $ 80,224 $ 18,805 Plus: Provision for Credit Losses (8,118) 53,567 Plus: Income Tax Expense 19,025 3,565 PTPP Earnings $ 91,131 $ 75,937 Calculation of PTPP ROAA and PTPP ROA