Origin Bancorp, Inc. · NYSE:OBK
Origin Bancorp — IPO Roadshow (April 2018)
24 slides from Origin Bancorp's IPO roadshow presentation, Apr 27, 2018
Slide 1: Origin Bancorp, Inc. Free Writing Prospectus
ORIGIN BANCORP, INC. Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-224225 Dated April 27, 2018
Slide 2: Origin Bancorp, Inc. (the "Company," "OBNK," "Origin," "we" or "our") has filed a registration
Origin Bancorp, Inc. (the "Company," "OBNK," "Origin," "we" or "our") has filed a registration statement (including a prospectus, which is preliminary and subject to comple- tion) with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Befor
Slide 3: Offering Summary
ORIGIN BANCORP, INC. NASDAQ/OBNK 3.6 MILLION SHARES $123.6 MILLION (AT THE MIDPOINT OF THE PRICING RANGE) 69% PRIMARY / 31% SECONDARY 15% (100% PRIMARY) $33.00 - $35.00 PER SHARE 180 DAYS REDEEM $48.3 MILLION OF SBLF PREFERRED STOCK SUPPORT BALANCE SHEET GROWTH POTENTIAL FUTURE ACQUISITION OPPORTUNI
Slide 4: Company Snapshot
COMPANY SNAPSHOT FINANCIAL HIGHLIGHTS 2017 TOTAL ASSETS TOTAL LOANS TOTAL DEPOSITS TANGIBLE COMMON EQUITY, AS CONVERTED TANGIBLE COMMON EQUITY / TANGIBLE ASSETS, 19 5 DALLAS - FORT WORTH Entry: 2008 Loans: $1,182 Deposits: $647 Banking Centers: 8 NORTH LOUISIANA Founded: 1912 Loans: $1,067 Deposits:
Slide 5: Proven Leadership Team
PROVEN LEADERSHIP TEAM DRAKE MILLS Chairman, President & CEO Has served as President of Origin Bancorp Inc. since 1998 and as CEO since 2008. Was elected Chairman of the Board of Directors in 2012. LANCE HALL Chief Operating Officer Has served in various roles including commercial lending, market ma
Slide 6: Experienced Board of Directors
EXPERIENCED BOARD OF DIRECTORS DRAKE MILLS RONNIE MYRICK JAMES S. D’AGOSTINO JR. JOHN M. BUSKE JAMES E. DAVISON JR. OLIVER GOLDSTEIN MICHAEL A. JONES, CPA DR. GARY LUFFEY FARRELL MALONE, CPA JOHN PIETRZAK GEORGE SNELLINGS, IV ELIZABETH SOLENDER STEVEN TAYLOR BANKING BANKING BANKING / INSURANCE MANUF
Slide 7: Unique by Design
UNIQUE BY DESIGN DIRECTOR OF CULTURE STRATEGIES At Origin, we believe our culture is a true differentiator across our footprint. It defines all that we do and permeates throughout our organization. It allows us to attract the best bankers in our markets, and it drives our philosophy of relationship
Slide 8: Successful Organic Growth History
SUCCESSFUL ORGANIC GROWTH HISTORY 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2003 - Drake Mills becomes CEO of Origin Bank 2005 - Acquired First United Bank in Farmerville, LA 2008 - Entered Dallas, TX market and hired team of five
Slide 9: Our Strategic Focus
OUR STRATEGIC FOCUS 21 STRATEGIC FOCUS KEY ACTION ITEMS PERFORMANCE METRICS Improve operational efficiency and increase profitability Increase scale across franchise and particularly in Houston Focused effort to improve margin and risk-adjusted returns 15+ bps NIM expansion Efficiency ratio trending
Slide 10: Strong Legacy Franchise in Stable Markets
STRONG LEGACY FRANCHISE IN STABLE MARKETS MARKET OBSERVATIONS MARKET OBSERVATIONS Stable economy located in the I-20 corridor providing consistent growth over the years Recognized as most cost competitive area in the United States by KPMG Competitive Alternatives from 2008 to 2016 Has become a techn
Slide 11: Expanding Presence in Top Growth Markets
EXPANDING PRESENCE IN TOP GROWTH MARKETS MARKET OBSERVATIONS MARKET OBSERVATIONS Fourth largest MSA in the U.S. with approximately 7.4 million residents and expected growth to 11 million by 2040 Ranked first in U.S. in year over year population growth in 2016 Diversified economy and home to 22 Fortu
Slide 12: Our Markets: Diverse Geographic Footprint
17% 19% 50% 32% 33% 49% OUR MARKETS DIVERSE GEOGRAPHIC FOOTPRINT Attractive combination of stable, low cost markets and metropolitan growth markets Expansion through organic growth and selective M&A TRACK RECORD OF GROWTH IN NEW MARKETS Success in growing loans and deposits organically in diverse, n
Slide 13: Growing Core Deposit Franchise
GROWING CORE DEPOSIT FRANCHISE Note: Deposit Composition Data as of 12/31/17. Cost of Deposits are for the year ended 12/31/17. Continued success in growing core deposits, especially noninterest- bearing deposits, while significantly growing the balance sheet Low cost of deposits driven by legacy No
Slide 14: Diversified Commercial Loan Portfolio
DIVERSIFIED COMMERCIAL LOAN PORTFOLIO Note: Data as of 12/31/17. Yield on loans held for investment is for the year ended 12/31/17. (1) Held for investment Focus on lending to middle market and small businesses and their owners and executives Commercial loans represent 82% of portfolio as of 12/31/1
Slide 15: Underwriting & Credit Culture
UNDERWRITING & CREDIT CULTURE (1) As of 12/31/17. (2) As of December 31 for each period. Excellent track record of strong credit quality across core commercial lending portfolio (excluding energy) Seasoned lenders with strong credit backgrounds and significant in-market experience Centralized underw
Slide 16: Balance Sheet Repositioned for Growth & Profitability
BALANCE SHEET REPOSITIONED FOR GROWTH & PROFITABILITY Successful reduction in energy portfolio Strong rebound in average loan balances throughout 2017 Net interest margin expanding along with average balances Poised for increased growth rates in loans with removal of headwinds from energy ENERGY LOA
Slide 17: Asset Sensitive Balance Sheet
ASSET SENSITIVE BALANCE SHEET (1) Rate sensitive assets defined as assets that are expected to mature / reprice within 1 year. (2) As of 12/31/17. Estimated sensitivity based on 1 to 12 months. Well positioned to benefit from a rising rate environment Substantial growth in rate sensitive assets over
Slide 18: Diversified & Growing Revenue Streams
DIVERSIFIED & GROWING REVENUE STREAMS Note: Data as of December 31 for each period. (1) We calculate core revenue as net interest income plus noninterest income less losses on non-mortgage loans held for sale and gains on sales and disposals of other assets. See appendix for reconciliation of Non-GA
Slide 19: Ability to Leverage Infrastructure
ABILITY TO LEVERAGE INFRASTRUCTURE Note: Data as of December 31 for each period. Cost-effective, centralized back office functions provided through operations center in North Louisiana Infrastructure exists to support significant growth in assets at increasing levels of profitability Successful expa
Slide 20: Recent Developments
DOLLARS IN MILLIONS, EXCEPT SHARE AND PER SHARE FIGURESRECENT DEVELOPMENTS NET INCOME RETURN ON AVERAGE ASSETS YIELD ON LOANS COST OF FUNDS NET INTEREST MARGIN, FULLY TAX EQUIVALENT EFFICIENCY RATIO DILUTED EARNINGS PER SHARE BOOK VALUE PER SHARE TANGIBLE BOOK VALUE PER SHARE, AS CONVERTED EARNINGS
Slide 21: Key Highlights
19 5 9 8 KEY HIGHLIGHTS EXPERIENCED LEADERSHIP AND STRONG INSIDER OWNERSHIP TRACK RECORD OF ORGANIC GROWTH ATTRACTIVE FOOTPRINT STRONG CORE DEPOSIT FRANCHISE DIVERSIFIED REVENUE STREAMS POISED FOR SIGNIFICANT EARNINGS GROWTH PROVEN CREDIT CULTURE ACROSS CORE LOAN PORTFOLIO M&A OPPORTUNITY 21
Slide 22: Appendix
APPENDIX
Slide 23: Strong Capital Position
Junior Subordinated Debentures 9,619$ Stockholders' Equity: SBLF Preferred 48,260 Series D Preferred 16,998 Common Stock 97,594 Additional Paid-In Capital 146,061 Retained Earnings 145,122 Accumulated Other Comprehensive Income 1,307 Total Stockholders' Equity 455,342 Total Capitalization 464,961$ T
Slide 24: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS A-2 CALCULATION OF TANGIBLE COMMON EQUITY, AS CONVERTED: Total stockholders’ equity Less: Preferred stock, Series SBLF Goodwill and other intangible assets, net Total tangible common stockholders' equity, as converted - non-GAAP CALCULATION OF TANGIBLE ASSETS: Total assets L