Origin Bancorp, Inc. (Nasdaq: OBNK) ("Origin" or the "Company"),
the holding company for Origin Bank (the "Bank"), today announced
net income of $14.6 million for the quarter ended September 30,
2019. This represents an increase of $2.3 million from the quarters
ended June 30, 2019, and September 30, 2018. Diluted earnings per
share for the quarter ended September 30, 2019, was $0.62, up $0.10
from both the linked quarter and the quarter ended September 30,
2018.
"We are pleased to report another record quarter with record net
income and net interest income," said Drake Mills, Chairman,
President and CEO of Origin Bancorp, Inc. "We continue to see
successful organic loan and deposit growth across our markets. Our
team delivered outstanding noninterest-bearing deposit growth which
contributed to lower total deposit costs. We believe robust loan
demand, strong loan pipelines and a proven strategy for growing
low-cost core deposits should position us for success as we
navigate the current interest rate environment."
Third Quarter 2019 Summary
- Net interest income reached a historical quarterly high of
$44.6 million for the quarter ended September 30, 2019, compared to
$43.0 million for the quarter ended June 30, 2019, and $39.5
million for the quarter ended September 30, 2018.
- Noninterest income also reached a historical quarterly high of
$12.9 million for the quarter ended September 30, 2019, compared to
$11.2 million for the quarter ended June 30, 2019, and $10.2
million for the quarter ended September 30, 2018.
- Total loans held for investment were $4.19 billion, an increase
of $203.9 million, or 5.1%, from June 30, 2019, and an increase of
$587.4 million, or 16.3%, from September 30, 2018. The yield earned
on total loans held for investment during the quarter ended
September 30, 2019, was 5.23%, compared to 5.29% for the linked
quarter and 5.00% for the quarter ended September 30, 2018.
- Total deposits increased by $429.3 million, or 11.1%, from June
30, 2019, and increased by $557.2 million, or 14.9%, from September
30, 2018. Noninterest-bearing deposits increased by $151.2 million,
or 15.1%, compared to the linked quarter, and increased by $178.4
million, or 18.3%, from September 30, 2018. The average rate paid
on interest-bearing deposits was 1.59% compared to 1.61% for the
linked quarter and 1.16% for the quarter ended September 30,
2018.
- Nonperforming loans held for investment to total loans held for
investment was 0.75% at September 30, 2019, compared to 0.76% at
June 30, 2019, and 0.74% at September 30, 2018.
- Net charge-offs for the quarter ended September 30, 2019, were
$3.0 million compared to $677,000 for the quarter ended June 30,
2019, largely driven by a $3.0 million charge-off of a single
commercial loan relationship.
- Our efficiency ratio was 60.98% for the quarter ended September
30, 2019, compared to 68.51% and 69.06% for the quarters ended June
30, 2019, and September 30, 2018, respectively.
Results of Operations for the Three
Months Ended September 30, 2019
Net Interest Income and Net Interest Margin
Net interest income for the quarter ended September 30, 2019,
was $44.6 million, reflecting an increase of $1.7 million, or 3.8%,
compared to the linked quarter. The increase was primarily driven
by increases in the average balance of loans held for investment,
and was partially offset by declines in the yield on loans held for
investment and declines in the average balances and yields of
investment securities. In addition, the third quarter of 2019 was
positively impacted by an additional day in the current
quarter.
Interest-bearing deposit expense remained stable, increasing
marginally to $11.6 million compared to $11.5 million for the
quarter ended June 30, 2019. The increase included a $126,000
expense that was driven by an additional day in the current quarter
(as mentioned above) and a $69,000 expense that was driven by an
increase in the average balance of interest-bearing deposits
compared to the linked quarter. These increases were partially
offset by a $112,000 decline in the rate paid on outstanding
balances. Average noninterest-bearing deposits increased by $58.3
million, or 5.7%, compared to the linked quarter and by $92.0
million, or 9.3%, compared to September 30, 2018.
The fully tax-equivalent net interest margin ("NIM") was 3.69%
for the third quarter of 2019, a one basis point decrease from the
second quarter of 2019 and a seven basis point decrease from the
third quarter of 2018. The net interest spread was reduced by one
basis point and 16 basis points, respectively, when compared to the
three months ended June 30, 2019, and the three months ended
September 30, 2018. The decrease in the net interest spread
compared to the three months ended September 30, 2018, was due
primarily to deposit pricing pressures which were partially offset
by the lower cost of borrowings. The rate paid on total
interest-bearing liabilities for the quarter ended September 30,
2019, was 1.65%, representing a decrease of three basis points and
an increase of 39 basis points compared to the linked quarter and
the quarter ended September 30, 2018, respectively. The yield
earned on interest-earning assets decreased four basis points and
increased 23 basis points compared to the linked quarter and the
quarter ended September 30, 2018, respectively. The decline in
asset yields on a linked quarter basis was primarily caused by
declining loan yields, which decreased by five basis points, driven
by an interest rate cut by the Federal Reserve in August 2019. The
reduction in asset yields caused by loan yield declines was
partially offset by an asset mix change during the third quarter,
with loans comprising a higher percentage of interest-earning
assets when compared to the linked quarter. The Company expects
that the impact of the Federal Reserve's September rate cut will be
realized more fully in the fourth quarter of 2019.
Noninterest Income
Noninterest income for the quarter ended
September 30, 2019, was $12.9 million, an increase of $1.7 million,
or 15.2%, from the linked quarter. The increase in noninterest
income over the linked quarter was primarily driven by increases of
$1.2 million and $697,000 in swap fee income and limited
partnership investment income, respectively. These increases were
partially offset by a $367,000 decline in the change in fair value
of equity investments. During the third quarter of 2019, the
Company saw robust growth in service charges and fees driven by
treasury management customers, with a 5.4% increase on a linked
quarter basis.
Swap fee income during the third quarter was
driven by the increased volume of new transactions compared to the
linked quarter. Given the low interest rate environment, customers
have the opportunity to lock in fixed rates through swaps, driving
increases in swap fees. The increase in limited partnership
investment income was driven by favorable valuation adjustments to
certain limited partnership investments during the third
quarter.
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2019,
was $35.1 million, a decrease of $2.0 million, or 5.5%, compared to
the linked quarter. The decrease from the linked quarter included
decreases of $1.2 million, $1.1 million and $236,000 in salaries
and employee benefits, regulatory assessments and communications
expenses, respectively. The decrease in salaries and employee
benefits was driven by a $1.2 million reduction in self-insured
medical expenses in the current quarter compared to the linked
quarter, which was caused by large claims recorded during the
second quarter of 2019, that were later partially released at a
lower expense to the Company, resulting in a release in reserve of
$570,000 during the current quarter. During the current quarter the
Company recorded an FDIC assessment credit of approximately $1.0
million from the FDIC insurance fund. The Company's communications
expenses in the third quarter were also favorably impacted by a
$150,000 over billing credit from a legacy service provider.
Partially offsetting the net decrease in noninterest expense were
increases of $525,000 and $191,000 in loan related expenses and
franchise tax expense, respectively. The increase in loan related
expenses was primarily due to $441,000 in legal costs incurred in
connection with two nonperforming loan relationships. In September
2019, the Company recorded a true-up of $213,000 after the
completion of franchise tax returns for several states based on the
2018 tax year.
Financial Condition
Loans
Total loans held for investment at September 30,
2019, were $4.19 billion, an increase of $203.9 million, or 5.1%,
compared to $3.98 billion at June 30, 2019, and an increase of
$587.4 million, or 16.3%, compared to $3.60 billion at September
30, 2018. A significant portion of our loan growth continues to
come from the Texas market.
For the quarter ended September 30, 2019,
average loans held for investment were $4.07 billion, an increase
of $177.0 million, or 4.6%, from $3.89 billion for the linked
quarter. The quarter over quarter change reflected growth in all
loan categories.
Deposits
Total deposits at September 30, 2019, were $4.28
billion, an increase of $429.3 million, or 11.1%, compared to $3.86
billion at June 30, 2019, and an increase of $557.2 million, or
14.9%, compared to $3.73 billion, at September 30, 2018. Brokered
deposits contributed an increase of $166.2 million, or 38.7%, of
the linked quarter increase and $51.6 million, or 9.3%, of the
increase when compared to the same quarter in 2018.
Average total deposits for the quarter ended
September 30, 2019, increased by $78.8 million, or 2.0%, over the
linked quarter, led by increases of $113.7 million and $50.7
million and in average business deposits and average consumer
deposits, respectively. These increases were partially offset by
declines of $74.0 million and $26.6 million in average brokered
deposits and average public fund deposits, respectively.
For the quarter ended September 30, 2019,
average noninterest-bearing deposits as a percentage of total
average deposits was 27.1%, compared to 26.1% for the quarter ended
June 30, 2019, and 26.7% for the quarter ended September 30,
2018.
Borrowings
Average borrowings for the quarter ended
September 30, 2019, increased by $39.7 million, or 9.1%, over the
quarter ended June 30, 2019, and increased by $271.3 million, or
132.6% over the quarter ended September 30, 2018. The increase in
average borrowings in the third quarter of 2019 compared to the
linked quarter was driven by a $100.0 million long-term advance
obtained from the Federal Home Loan Bank ("FHLB") during the third
quarter. The advance bears interest at 35 basis points, has a 15
year fixed maturity and is callable quarterly at the option of the
FHLB. The increase in third quarter average borrowings compared to
the quarter ended September 30, 2018, was largely driven by the
same $100.0 million FHLB advance and a $250.0 million advance
obtained in the second quarter of 2019.
Stockholders' Equity
Stockholders' equity was $588.4 million at September 30, 2019,
compared to $584.3 million and $531.9 million at June 30, 2019, and
September 30, 2018, respectively. Net income of $14.6 million and
other comprehensive income of $1.1 million for the three months
ended September 30, 2019, were the primary drivers of the increase
in stockholders' equity compared to June 30, 2019, and were
partially offset by the $10.1 million repurchase of the Company's
common stock and the dividend paid on the Company's common stock
that occurred during the third quarter. The Company increased the
dividend to $0.0925 from $0.0325 during the third quarter of 2019.
Through dividends and share repurchases, we have returned $13.8
million to shareholders in 2019, with $12.3 million of that in the
third quarter alone.
Credit Quality
The Company recorded provision expense of $4.2
million for the quarter ended September 30, 2019, compared to
provision expense of $2.0 million for the linked quarter and
$504,000 for the quarter ended September 30, 2018. The increase in
provision expense from the linked quarter was primarily driven by
an increase in charge-offs and, to a lesser extent, an increase in
the general reserve due to growth in the loan portfolio. During the
quarter ended September 30, 2019, the Company had net charge-offs
of $3.0 million compared to net charge-offs of $677,000 for the
linked quarter. The increase was driven by a $3.0 million write
down of a single commercial loan relationship. The relationship is
in the restaurant industry, and the Company has a remaining
exposure in the industry of $73.0 million, or 1.7% of total loans
at September 30, 2019. The Company's net charge-off ratio for the
nine months ended September 30, 2019, is 0.11%, compared to 0.04%
during the same period in 2018. Total nonperforming loans held for
investment were $31.5 million at September 30, 2019, compared to
$30.5 million and $26.6 million at June 30, 2019, and September 30,
2018, respectively.
Allowance for loan losses as a percentage of
total loans held for investment was 0.89% at September 30, 2019,
compared to 0.92% and 0.99% at June 30, 2019, and September 30,
2018, respectively. Allowance for loan losses as a percentage of
nonperforming loans held for investment was 117.97% at September
30, 2019, compared to 120.36% and 134.54% at June 30, 2019, and
September 30, 2018, respectively.
Total past due loans held for investment,
defined as loans 30 days past due or more, as a percentage of loans
held for investment was 0.72% at September 30, 2019, compared to
0.80% at June 30, 2019, and 0.69% at September 30, 2018.
Conference Call
Origin will hold a conference call to discuss
its third quarter 2019 results on Thursday, October 24, 2019, at
8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in
the live conference call, please dial (844) 695-5516;
International: (412) 902-6750 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://services.choruscall.com/links/obnk191024.html.
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 Bancorp, Inc.
Origin is a financial holding company for Origin
Bank, headquartered in Ruston, Louisiana, which provides a broad
range of financial services to small and medium-sized businesses,
municipalities, high net-worth individuals and retail clients from
43 banking centers, located from Dallas/Fort Worth, Texas across
North Louisiana to Central Mississippi, as well as in Houston,
Texas. For more information, visit www.origin.bank.
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, including any expected purchases of its outstanding
common stock, and related transactions and other projections based
on macroeconomic and industry trends, including expectations
regarding interest rate cuts by the Federal Reserve and the impact
of those cuts on Origin's results of operations, 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 preceded by,
followed by or that otherwise include the words "assuming,"
"believes," "expects," "anticipates," "intends," "projects,"
"estimates," "plans" and similar expressions or future or
conditional verbs such as "will," "should," "would," "may" and
"could" 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: deterioration of Origin's asset quality; changes in 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; business and economic
conditions generally and in the financial services industry,
nationally and within Origin's primary market areas; Origin's
ability to prudently manage its growth and execute its strategy;
changes in management personnel; Origin's ability to maintain
important deposit customer relationships; volatility and direction
of market interest rates, which may increase funding costs or
reduce interest-earning asset yields thus reducing margin;
increased competition in the financial services industry,
particularly from regional and national institutions; 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, including
the effects of declines in housing markets; 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; the extensive federal
and state regulation, supervision and examination governing almost
every aspect of Origin's operations including changes in
regulations affecting financial institutions, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act and the
rules and regulations being issued in accordance with this statute
and potential expenses associated with complying with such
regulations; 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; and
the effects of weather and natural disasters such as floods,
droughts, wind, tornadoes and hurricanes as well as effects from
geopolitical instability and manmade disasters. 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 ("SEC") 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, projected and estimated numbers are used for
illustrative purpose only, are not forecasts and may not reflect
actual results.
Contact: Chris Reigelman, Origin Bancorp, Inc.318-497-3177 /
chris@origin.bank
|
Origin Bancorp, Inc. |
|
Selected Financial Data |
| |
| |
At and for the three months ended |
| |
September 30, 2019 |
|
June 30,2019 |
|
March 31,2019 |
|
December 31, 2018 |
|
September 30, 2018 |
| |
|
|
|
|
|
|
|
|
|
| Income statement and
share amounts |
(Dollars in thousands, except per share amounts, unaudited) |
|
Net interest income |
$ |
44,622 |
|
|
$ |
42,969 |
|
|
$ |
42,026 |
|
|
$ |
42,061 |
|
|
$ |
39,497 |
|
| Provision for credit
losses |
4,201 |
|
|
1,985 |
|
|
1,005 |
|
|
1,723 |
|
|
504 |
|
| Noninterest income |
12,880 |
|
|
11,176 |
|
|
11,604 |
|
|
10,588 |
|
|
10,237 |
|
| Noninterest expense |
35,064 |
|
|
37,095 |
|
|
35,381 |
|
|
35,023 |
|
|
34,344 |
|
| Income before income tax
expense |
18,237 |
|
|
15,065 |
|
|
17,244 |
|
|
15,903 |
|
|
14,886 |
|
| Income tax expense |
3,620 |
|
|
2,782 |
|
|
3,089 |
|
|
2,725 |
|
|
2,568 |
|
|
Net income |
$ |
14,617 |
|
|
$ |
12,283 |
|
|
$ |
14,155 |
|
|
$ |
13,178 |
|
|
$ |
12,318 |
|
| Basic earnings per common
share |
$ |
0.62 |
|
|
$ |
0.52 |
|
|
$ |
0.60 |
|
|
$ |
0.56 |
|
|
$ |
0.52 |
|
| Diluted earnings per common
share |
0.62 |
|
|
0.52 |
|
|
0.60 |
|
|
0.55 |
|
|
0.52 |
|
| Dividends declared per common
share |
0.0925 |
|
|
0.0325 |
|
|
0.0325 |
|
|
0.0325 |
|
|
0.0325 |
|
| Weighted average common shares
outstanding - basic |
23,408,499 |
|
|
23,585,040 |
|
|
23,569,576 |
|
|
23,519,778 |
|
|
23,493,065 |
|
| Weighted average common shares
outstanding - diluted |
23,606,956 |
|
|
23,786,646 |
|
|
23,776,349 |
|
|
23,715,919 |
|
|
23,716,779 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance sheet
data |
|
|
|
|
|
|
|
|
|
| Total loans held for
investment |
$ |
4,188,497 |
|
|
$ |
3,984,597 |
|
|
$ |
3,838,343 |
|
|
$ |
3,789,105 |
|
|
$ |
3,601,081 |
|
| Total assets |
5,396,928 |
|
|
5,119,625 |
|
|
4,872,201 |
|
|
4,821,576 |
|
|
4,667,564 |
|
| Total deposits |
4,284,317 |
|
|
3,855,012 |
|
|
3,898,248 |
|
|
3,783,138 |
|
|
3,727,158 |
|
| Total stockholders'
equity |
588,363 |
|
|
584,293 |
|
|
568,122 |
|
|
549,779 |
|
|
531,919 |
|
| |
|
|
|
|
|
|
|
|
|
| Performance metrics
and capital ratios |
|
|
|
|
|
|
|
|
|
| Yield on loans held for
investment |
5.23 |
% |
|
5.29 |
% |
|
5.28 |
% |
|
5.17 |
% |
|
5.00 |
% |
| Yield on interest earnings
assets |
4.81 |
|
|
4.85 |
|
|
4.86 |
|
|
4.75 |
|
|
4.58 |
|
| Rate on interest bearing
deposits |
1.59 |
|
|
1.61 |
|
|
1.48 |
|
|
1.31 |
|
|
1.16 |
|
| Rate on total deposits |
1.16 |
|
|
1.19 |
|
|
1.11 |
|
|
0.96 |
|
|
0.85 |
|
| Net interest margin, fully tax
equivalent |
3.69 |
|
|
3.70 |
|
|
3.80 |
|
|
3.82 |
|
|
3.76 |
|
| Return on average
stockholders' equity (annualized) |
9.85 |
|
|
8.54 |
|
|
10.25 |
|
|
9.66 |
|
|
9.15 |
|
| Return on average assets
(annualized) |
1.12 |
|
|
0.98 |
|
|
1.18 |
|
|
1.10 |
|
|
1.08 |
|
| Efficiency ratio (1) |
60.98 |
|
|
68.51 |
|
|
65.97 |
|
|
66.52 |
|
|
69.06 |
|
| Book value per common
share |
$ |
25.06 |
|
|
$ |
24.58 |
|
|
$ |
23.92 |
|
|
$ |
23.17 |
|
|
$ |
22.52 |
|
| Common equity tier 1 to
risk-weighted assets (2) |
11.43 |
% |
|
11.93 |
% |
|
12.05 |
% |
|
11.94 |
% |
|
11.79 |
% |
| Tier 1 capital to
risk-weighted assets (2) |
11.63 |
|
|
12.13 |
|
|
12.26 |
|
|
12.16 |
|
|
12.01 |
|
| Total capital to risk-weighted
assets (2) |
12.45 |
|
|
12.97 |
|
|
13.10 |
|
|
12.98 |
|
|
12.88 |
|
| Tier 1 leverage ratio (2) |
10.88 |
|
|
11.10 |
|
|
11.23 |
|
|
11.21 |
|
|
11.34 |
|
____________________________(1) Calculated by
dividing noninterest expense by the sum of net interest income plus
noninterest income.(2) September 30, 2019, 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. |
|
Selected Financial Data |
| |
| |
Nine months ended September 30, |
| (Dollars in thousands, except
per share amounts) |
2019 |
|
2018 |
| Income statement and
share amounts |
(Unaudited) |
|
(Unaudited) |
|
Net interest income |
$ |
129,617 |
|
|
$ |
111,391 |
|
| Provision (benefit)for credit
losses |
7,191 |
|
|
(709 |
) |
| Noninterest income |
35,660 |
|
|
30,652 |
|
| Noninterest expense |
107,540 |
|
|
96,213 |
|
| Income before income tax
expense |
50,546 |
|
|
46,539 |
|
| Income tax expense |
9,491 |
|
|
8,112 |
|
|
Net income |
$ |
41,055 |
|
|
$ |
38,427 |
|
| Basic earnings per common
share (1) |
$ |
1.75 |
|
|
$ |
1.66 |
|
| Diluted earnings per common
share(1) |
1.73 |
|
|
1.64 |
|
| Dividends declared per common
share |
0.1575 |
|
|
0.0975 |
|
| Weighted average common shares
outstanding - basic |
23,520,438 |
|
|
21,476,801 |
|
| Weighted average common shares
outstanding - diluted |
23,722,384 |
|
|
21,700,515 |
|
| |
|
|
|
| Performance
metrics |
|
|
|
| Yield on loans held for
investment |
5.26 |
% |
|
4.88 |
% |
| Yield on interest earnings
assets |
4.84 |
|
|
4.45 |
|
| Rate on interest bearing
deposits |
1.56 |
|
|
1.02 |
|
| Rate on total deposits |
1.15 |
|
|
0.76 |
|
| Net interest margin, fully tax
equivalent |
3.73 |
|
|
3.73 |
|
| Return on average
stockholders' equity |
9.54 |
|
|
10.22 |
|
| Return on average assets |
1.09 |
|
|
1.18 |
|
| Efficiency ratio (2) |
65.07 |
|
|
67.74 |
|
____________________________(1) Due to the combined
impact of the repurchase of common stock on the quarterly average
common shares outstanding calculation compared to the impact of the
repurchase of common stock shares on the year-to-date average
common outstanding calculation, and the effect of rounding, the sum
of the 2019 quarterly earnings per common share will not equal the
year-to-date earnings per common share amount. Due to the impact of
average preferred shares outstanding on the calculation of earnings
per share for the 2018 period, the sum of quarterly periods may not
agree to the amount disclosed for the 2018 year-to-date
period.(2) Calculated by dividing noninterest expense by
the sum of net interest income plus noninterest income.
| |
|
Origin Bancorp, Inc. |
|
Consolidated Balance Sheets |
| |
| (Dollars in thousands) |
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
| Assets |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
Cash and due from banks |
$ |
79,005 |
|
|
$ |
75,204 |
|
|
$ |
66,312 |
|
|
$ |
71,008 |
|
|
$ |
60,716 |
|
| Interest-bearing deposits in
banks |
229,757 |
|
|
124,356 |
|
|
44,928 |
|
|
45,670 |
|
|
59,721 |
|
| Federal funds sold |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
20,000 |
|
|
Total cash and cash equivalents |
308,762 |
|
|
199,560 |
|
|
111,240 |
|
|
116,678 |
|
|
140,437 |
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
Available for sale |
492,461 |
|
|
548,980 |
|
|
563,826 |
|
|
575,644 |
|
|
585,788 |
|
|
Held to maturity |
28,759 |
|
|
28,897 |
|
|
19,033 |
|
|
19,169 |
|
|
19,602 |
|
|
Securities carried at fair value through income |
11,745 |
|
|
11,615 |
|
|
11,510 |
|
|
11,361 |
|
|
11,273 |
|
|
Total securities |
532,965 |
|
|
589,492 |
|
|
594,369 |
|
|
606,174 |
|
|
616,663 |
|
| Non-marketable equity
securities held in other financial institutions |
49,205 |
|
|
49,008 |
|
|
42,314 |
|
|
42,149 |
|
|
39,283 |
|
| Loans held for sale |
67,122 |
|
|
58,408 |
|
|
42,265 |
|
|
52,210 |
|
|
50,658 |
|
| Loans |
4,188,497 |
|
|
3,984,597 |
|
|
3,838,343 |
|
|
3,789,105 |
|
|
3,601,081 |
|
|
Less: allowance for loan losses |
37,126 |
|
|
36,683 |
|
|
35,578 |
|
|
34,203 |
|
|
35,727 |
|
|
Loans, net of allowance for loan losses |
4,151,371 |
|
|
3,947,914 |
|
|
3,802,765 |
|
|
3,754,902 |
|
|
3,565,354 |
|
| Premises and equipment,
net |
80,921 |
|
|
80,672 |
|
|
78,684 |
|
|
75,014 |
|
|
74,936 |
|
| Mortgage servicing rights |
19,866 |
|
|
21,529 |
|
|
23,407 |
|
|
25,114 |
|
|
26,163 |
|
| Cash surrender value of
bank-owned life insurance |
37,755 |
|
|
33,070 |
|
|
32,888 |
|
|
32,706 |
|
|
32,487 |
|
| Goodwill and other intangible
assets, net |
31,842 |
|
|
32,144 |
|
|
32,497 |
|
|
32,861 |
|
|
33,228 |
|
| Accrued interest receivable
and other assets |
117,119 |
|
|
107,828 |
|
|
111,772 |
|
|
83,768 |
|
|
88,355 |
|
|
Total assets |
$ |
5,396,928 |
|
|
$ |
5,119,625 |
|
|
$ |
4,872,201 |
|
|
$ |
4,821,576 |
|
|
$ |
4,667,564 |
|
| Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
| Noninterest-bearing
deposits |
$ |
1,154,660 |
|
|
$ |
1,003,499 |
|
|
$ |
977,919 |
|
|
$ |
951,015 |
|
|
$ |
976,260 |
|
| Interest-bearing deposits |
2,309,387 |
|
|
2,011,719 |
|
|
2,101,706 |
|
|
2,027,720 |
|
|
1,985,757 |
|
| Time deposits |
820,270 |
|
|
839,794 |
|
|
818,623 |
|
|
804,403 |
|
|
765,141 |
|
|
Total deposits |
4,284,317 |
|
|
3,855,012 |
|
|
3,898,248 |
|
|
3,783,138 |
|
|
3,727,158 |
|
| FHLB advances and other
borrowings |
419,681 |
|
|
601,346 |
|
|
335,053 |
|
|
445,224 |
|
|
358,532 |
|
| Junior subordinated
debentures |
9,664 |
|
|
9,657 |
|
|
9,651 |
|
|
9,644 |
|
|
9,637 |
|
| Accrued expenses and other
liabilities |
94,903 |
|
|
69,317 |
|
|
61,127 |
|
|
33,791 |
|
|
40,318 |
|
|
Total liabilities |
4,808,565 |
|
|
4,535,332 |
|
|
4,304,079 |
|
|
4,271,797 |
|
|
4,135,645 |
|
| Commitments and
contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Stockholders' equity |
|
|
|
|
|
|
|
|
|
| Common stock |
117,409 |
|
|
118,871 |
|
|
118,730 |
|
|
118,633 |
|
|
118,106 |
|
| Additional paid-in
capital |
235,018 |
|
|
243,002 |
|
|
242,579 |
|
|
242,041 |
|
|
240,832 |
|
| Retained earnings |
229,246 |
|
|
216,801 |
|
|
205,289 |
|
|
191,585 |
|
|
179,178 |
|
| Accumulated other
comprehensive income (loss) |
6,690 |
|
|
5,619 |
|
|
1,524 |
|
|
(2,480 |
) |
|
(6,197 |
) |
|
Total stockholders' equity |
588,363 |
|
|
584,293 |
|
|
568,122 |
|
|
549,779 |
|
|
531,919 |
|
|
Total liabilities and stockholders' equity |
$ |
5,396,928 |
|
|
$ |
5,119,625 |
|
|
$ |
4,872,201 |
|
|
$ |
4,821,576 |
|
|
$ |
4,667,564 |
|
| |
|
Origin Bancorp, Inc. |
|
Consolidated Quarterly Statements of Income |
| |
| |
Three months ended |
| |
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
| |
|
|
|
|
|
|
|
|
|
| Interest and dividend
income |
(Dollars in thousands, except per share amounts, unaudited) |
|
Interest and fees on loans |
$ |
53,932 |
|
|
$ |
51,461 |
|
|
$ |
49,175 |
|
|
$ |
47,819 |
|
|
$ |
43,872 |
|
|
Investment securities-taxable |
2,786 |
|
|
3,208 |
|
|
3,341 |
|
|
3,292 |
|
|
2,754 |
|
|
Investment securities-nontaxable |
826 |
|
|
871 |
|
|
858 |
|
|
996 |
|
|
1,129 |
|
|
Interest and dividend income on assets held in other financial
institutions |
1,262 |
|
|
1,523 |
|
|
1,120 |
|
|
950 |
|
|
1,080 |
|
|
Federal funds sold |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
7 |
|
|
Total interest and dividend income |
58,806 |
|
|
57,063 |
|
|
54,494 |
|
|
53,058 |
|
|
48,842 |
|
| Interest
expense |
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
11,623 |
|
|
11,540 |
|
|
10,497 |
|
|
8,980 |
|
|
7,891 |
|
|
FHLB advances and other borrowings |
2,420 |
|
|
2,415 |
|
|
1,834 |
|
|
1,878 |
|
|
1,314 |
|
|
Subordinated debentures |
141 |
|
|
139 |
|
|
137 |
|
|
139 |
|
|
140 |
|
|
Total interest expense |
14,184 |
|
|
14,094 |
|
|
12,468 |
|
|
10,997 |
|
|
9,345 |
|
|
Net interest income |
44,622 |
|
|
42,969 |
|
|
42,026 |
|
|
42,061 |
|
|
39,497 |
|
|
Provision for credit losses |
4,201 |
|
|
1,985 |
|
|
1,005 |
|
|
1,723 |
|
|
504 |
|
|
Net interest income after provision for credit
losses |
40,421 |
|
|
40,984 |
|
|
41,021 |
|
|
40,338 |
|
|
38,993 |
|
| Noninterest
income |
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
3,620 |
|
|
3,435 |
|
|
3,316 |
|
|
3,349 |
|
|
3,234 |
|
|
Mortgage banking revenue |
3,092 |
|
|
3,252 |
|
|
2,606 |
|
|
2,288 |
|
|
2,621 |
|
|
Insurance commission and fee income |
3,203 |
|
|
3,036 |
|
|
3,510 |
|
|
2,481 |
|
|
3,306 |
|
|
Gain (loss) on sales of securities, net |
20 |
|
|
— |
|
|
— |
|
|
(8 |
) |
|
— |
|
|
(Loss) gain on sales and disposals of other assets, net |
(132 |
) |
|
(166 |
) |
|
3 |
|
|
(23 |
) |
|
(207 |
) |
|
Limited partnership investment income (loss) |
279 |
|
|
(418 |
) |
|
400 |
|
|
745 |
|
|
(552 |
) |
|
Swap fee income |
1,351 |
|
|
172 |
|
|
511 |
|
|
299 |
|
|
518 |
|
|
Change in fair value of equity investments |
— |
|
|
367 |
|
|
— |
|
|
— |
|
|
— |
|
|
Other fee income |
414 |
|
|
360 |
|
|
276 |
|
|
592 |
|
|
364 |
|
|
Other income |
1,033 |
|
|
1,138 |
|
|
982 |
|
|
865 |
|
|
953 |
|
|
Total noninterest income |
12,880 |
|
|
11,176 |
|
|
11,604 |
|
|
10,588 |
|
|
10,237 |
|
| Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
21,523 |
|
|
22,764 |
|
|
22,613 |
|
|
21,333 |
|
|
21,054 |
|
|
Occupancy and equipment, net |
4,274 |
|
|
4,200 |
|
|
4,044 |
|
|
3,830 |
|
|
4,169 |
|
|
Data processing |
1,763 |
|
|
1,810 |
|
|
1,587 |
|
|
1,839 |
|
|
1,523 |
|
|
Electronic banking |
924 |
|
|
892 |
|
|
689 |
|
|
699 |
|
|
761 |
|
|
Communications |
411 |
|
|
647 |
|
|
586 |
|
|
513 |
|
|
490 |
|
|
Advertising and marketing |
930 |
|
|
1,089 |
|
|
798 |
|
|
1,351 |
|
|
1,245 |
|
|
Professional services |
956 |
|
|
839 |
|
|
904 |
|
|
1,024 |
|
|
982 |
|
|
Regulatory assessments |
(387 |
) |
|
691 |
|
|
711 |
|
|
666 |
|
|
411 |
|
|
Loan related expenses |
1,315 |
|
|
790 |
|
|
669 |
|
|
810 |
|
|
718 |
|
|
Office and operations |
1,712 |
|
|
1,849 |
|
|
1,481 |
|
|
1,516 |
|
|
1,499 |
|
|
Intangible asset amortization |
302 |
|
|
353 |
|
|
364 |
|
|
367 |
|
|
371 |
|
|
Franchise tax expense |
683 |
|
|
492 |
|
|
489 |
|
|
309 |
|
|
352 |
|
|
Other income |
658 |
|
|
679 |
|
|
446 |
|
|
766 |
|
|
769 |
|
|
Total noninterest expense |
35,064 |
|
|
37,095 |
|
|
35,381 |
|
|
35,023 |
|
|
34,344 |
|
| Income before income
tax expense |
18,237 |
|
|
15,065 |
|
|
17,244 |
|
|
15,903 |
|
|
14,886 |
|
| Income tax expense |
3,620 |
|
|
2,782 |
|
|
3,089 |
|
|
2,725 |
|
|
2,568 |
|
| Net
income |
$ |
14,617 |
|
|
$ |
12,283 |
|
|
$ |
14,155 |
|
|
$ |
13,178 |
|
|
$ |
12,318 |
|
| Basic earnings per common
share |
$ |
0.62 |
|
|
$ |
0.52 |
|
|
$ |
0.60 |
|
|
$ |
0.56 |
|
|
$ |
0.52 |
|
| Diluted earnings per common
share |
0.62 |
|
|
0.52 |
|
|
0.60 |
|
|
0.55 |
|
|
0.52 |
|
| |
|
Origin Bancorp, Inc. |
|
Loan Data |
| |
| |
At and for the three months ended |
| Loans held for
investment |
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
| |
|
|
|
|
|
|
|
|
|
| Loans secured by real
estate: |
(Dollars in thousands, unaudited) |
|
Commercial real estate |
$ |
1,305,006 |
|
|
$ |
1,219,470 |
|
|
$ |
1,202,269 |
|
|
$ |
1,228,402 |
|
|
$ |
1,162,274 |
|
|
Construction/land/land development |
509,905 |
|
|
524,999 |
|
|
488,167 |
|
|
429,660 |
|
|
406,249 |
|
|
Residential real estate |
680,803 |
|
|
651,988 |
|
|
638,064 |
|
|
629,714 |
|
|
585,931 |
|
|
Total real estate |
2,495,714 |
|
|
2,396,457 |
|
|
2,328,500 |
|
|
2,287,776 |
|
|
2,154,454 |
|
| Commercial and industrial |
1,367,595 |
|
|
1,341,652 |
|
|
1,287,300 |
|
|
1,272,566 |
|
|
1,193,035 |
|
| Mortgage warehouse lines of
credit |
304,917 |
|
|
224,939 |
|
|
202,744 |
|
|
207,871 |
|
|
233,325 |
|
| Consumer |
20,271 |
|
|
21,549 |
|
|
19,799 |
|
|
20,892 |
|
|
20,267 |
|
| Total loans held for
investment |
4,188,497 |
|
|
3,984,597 |
|
|
3,838,343 |
|
|
3,789,105 |
|
|
3,601,081 |
|
|
Less: Allowance for loan losses |
37,126 |
|
|
36,683 |
|
|
35,578 |
|
|
34,203 |
|
|
35,727 |
|
| Loans held for investment,
net |
$ |
4,151,371 |
|
|
$ |
3,947,914 |
|
|
$ |
3,802,765 |
|
|
$ |
3,754,902 |
|
|
$ |
3,565,354 |
|
| |
|
|
|
|
|
|
|
|
|
| Nonperforming
assets |
|
|
|
|
|
|
|
|
|
| Nonperforming loans held for
investment |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
7,460 |
|
|
$ |
9,423 |
|
|
$ |
8,622 |
|
|
$ |
8,281 |
|
|
$ |
8,851 |
|
|
Construction/land/land development |
860 |
|
|
1,111 |
|
|
922 |
|
|
935 |
|
|
960 |
|
|
Residential real estate |
5,254 |
|
|
4,978 |
|
|
5,196 |
|
|
6,668 |
|
|
7,220 |
|
|
Commercial and industrial |
17,745 |
|
|
14,810 |
|
|
15,309 |
|
|
15,792 |
|
|
9,285 |
|
|
Consumer |
153 |
|
|
156 |
|
|
206 |
|
|
180 |
|
|
238 |
|
|
Total nonperforming loans held for investment |
31,472 |
|
|
30,478 |
|
|
30,255 |
|
|
31,856 |
|
|
26,554 |
|
| Nonperforming loans held for
sale |
1,462 |
|
|
2,049 |
|
|
1,390 |
|
|
741 |
|
|
1,391 |
|
|
Total nonperforming loans |
32,934 |
|
|
32,527 |
|
|
31,645 |
|
|
32,597 |
|
|
27,945 |
|
| Repossessed assets |
4,565 |
|
|
3,554 |
|
|
3,659 |
|
|
3,739 |
|
|
3,306 |
|
|
Total nonperforming assets |
$ |
37,499 |
|
|
$ |
36,081 |
|
|
$ |
35,304 |
|
|
$ |
36,336 |
|
|
$ |
31,251 |
|
| Classified assets |
$ |
73,516 |
|
|
$ |
80,124 |
|
|
$ |
77,619 |
|
|
$ |
82,914 |
|
|
$ |
80,092 |
|
| Past due loans held for
investment (1) |
29,965 |
|
|
31,884 |
|
|
37,841 |
|
|
34,085 |
|
|
24,846 |
|
| |
|
|
|
|
|
|
|
|
|
| Allowance for loan
losses |
|
|
|
|
|
|
|
|
|
| Balance at beginning of
period |
$ |
36,683 |
|
|
$ |
35,578 |
|
|
$ |
34,203 |
|
|
$ |
35,727 |
|
|
$ |
34,151 |
|
| Provision for loan losses |
3,435 |
|
|
1,782 |
|
|
823 |
|
|
1,886 |
|
|
1,113 |
|
| Loans charged off |
5,415 |
|
|
840 |
|
|
608 |
|
|
3,583 |
|
|
1,009 |
|
| Loan recoveries |
2,423 |
|
|
163 |
|
|
1,160 |
|
|
173 |
|
|
1,472 |
|
| Net charge-offs
(recoveries) |
2,992 |
|
|
677 |
|
|
(552 |
) |
|
3,410 |
|
|
(463 |
) |
| Balance at end of period |
$ |
37,126 |
|
|
$ |
36,683 |
|
|
$ |
35,578 |
|
|
$ |
34,203 |
|
|
$ |
35,727 |
|
| |
|
|
|
|
|
|
|
|
|
| Credit quality
ratios |
|
|
|
|
|
|
|
|
|
| Total nonperforming assets to
total assets |
0.69 |
% |
|
0.70 |
% |
|
0.72 |
% |
|
0.75 |
% |
|
0.67 |
% |
| Total nonperforming loans to
total loans |
0.77 |
|
|
0.80 |
|
|
0.82 |
|
|
0.85 |
|
|
0.77 |
|
| Nonperforming loans held for
investment to loans held for investment |
0.75 |
|
|
0.76 |
|
|
0.79 |
|
|
0.84 |
|
|
0.74 |
|
| Past due loans held for
investment to loans held for investment |
0.72 |
|
|
0.80 |
|
|
0.99 |
|
|
0.90 |
|
|
0.69 |
|
| Allowance for loan losses to
nonperforming loans held for investment |
117.97 |
|
|
120.36 |
|
|
117.59 |
|
|
107.37 |
|
|
134.54 |
|
| Allowance for loan losses to
total loans held for investment |
0.89 |
|
|
0.92 |
|
|
0.93 |
|
|
0.90 |
|
|
0.99 |
|
| Net charge-offs (recoveries)
to total average loans held for investment (annualized) |
0.29 |
|
|
0.07 |
|
|
(0.06 |
) |
|
0.37 |
|
|
(0.05 |
) |
____________________________(1) Past due loans held
for investment are defined as loans 30 days past due or more.
| |
|
Origin Bancorp, Inc. |
|
Average Balances and Yields/Rates |
| |
| |
Three months ended |
| |
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
| |
Average Balance |
|
Yield/Rate |
|
Average Balance |
|
Yield/Rate |
|
Average Balance |
|
Yield/Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
| Assets |
(Dollars in thousands, unaudited) |
|
Commercial real estate |
$ |
1,259,274 |
|
|
5.22 |
% |
|
$ |
1,209,645 |
|
|
5.16 |
% |
|
$ |
1,122,377 |
|
|
4.96 |
% |
|
Construction/land/land development |
533,328 |
|
|
5.48 |
|
|
505,119 |
|
|
5.70 |
|
|
392,936 |
|
|
5.34 |
|
|
Residential real estate |
676,650 |
|
|
5.07 |
|
|
640,123 |
|
|
4.90 |
|
|
575,126 |
|
|
4.75 |
|
|
Commercial and industrial |
1,340,684 |
|
|
5.26 |
|
|
1,310,611 |
|
|
5.36 |
|
|
1,120,431 |
|
|
4.96 |
|
|
Mortgage warehouse lines of credit |
236,042 |
|
|
4.92 |
|
|
203,524 |
|
|
5.45 |
|
|
228,031 |
|
|
5.37 |
|
|
Consumer |
20,959 |
|
|
6.90 |
|
|
20,902 |
|
|
7.01 |
|
|
20,129 |
|
|
6.91 |
|
|
Loans held for investment |
4,066,937 |
|
|
5.23 |
|
|
3,889,924 |
|
|
5.29 |
|
|
3,459,030 |
|
|
5.00 |
|
|
Loans held for sale |
33,814 |
|
|
4.15 |
|
|
23,927 |
|
|
3.45 |
|
|
22,157 |
|
|
5.20 |
|
|
Loans Receivable |
4,100,751 |
|
|
5.22 |
|
|
3,913,851 |
|
|
5.27 |
|
|
3,481,187 |
|
|
5.00 |
|
|
Investment securities-taxable |
448,766 |
|
|
2.48 |
|
|
492,169 |
|
|
2.61 |
|
|
440,676 |
|
|
2.50 |
|
|
Investment securities-nontaxable |
103,053 |
|
|
3.21 |
|
|
103,485 |
|
|
3.37 |
|
|
125,489 |
|
|
3.60 |
|
|
Non-marketable equity securities held in other financial
institutions |
49,025 |
|
|
2.76 |
|
|
44,974 |
|
|
3.80 |
|
|
32,058 |
|
|
2.31 |
|
|
Interest-bearing balances due from banks |
152,580 |
|
|
2.39 |
|
|
164,686 |
|
|
2.67 |
|
|
148,853 |
|
|
2.38 |
|
|
Federal funds sold |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,304 |
|
|
2.03 |
|
|
Total interest-earning assets |
4,854,175 |
|
|
4.81 |
% |
|
4,719,165 |
|
|
4.85 |
% |
|
4,229,567 |
|
|
4.58 |
% |
| Noninterest-earning
assets(1) |
325,374 |
|
|
|
|
324,786 |
|
|
|
|
310,804 |
|
|
|
|
Total assets |
$ |
5,179,549 |
|
|
|
|
$ |
5,043,951 |
|
|
|
|
$ |
4,540,371 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
$ |
2,071,990 |
|
|
1.36 |
% |
|
$ |
2,050,058 |
|
|
1.39 |
% |
|
$ |
1,963,821 |
|
|
1.01 |
% |
|
Time deposits |
828,993 |
|
|
2.16 |
|
|
830,399 |
|
|
2.13 |
|
|
740,893 |
|
|
1.54 |
|
|
Total interest-bearing deposits |
2,900,983 |
|
|
1.59 |
|
|
2,880,457 |
|
|
1.61 |
|
|
2,704,714 |
|
|
1.16 |
|
|
Federal funds purchased |
— |
|
|
— |
|
|
118 |
|
|
2.89 |
|
|
— |
|
|
— |
|
|
FHLB advances and other borrowings |
475,860 |
|
|
1.96 |
|
|
436,142 |
|
|
2.11 |
|
|
204,607 |
|
|
2.40 |
|
|
Securities sold under agreements to repurchase |
25,302 |
|
|
1.09 |
|
|
34,049 |
|
|
1.36 |
|
|
34,284 |
|
|
0.92 |
|
|
Junior subordinated debentures |
9,661 |
|
|
5.69 |
|
|
9,654 |
|
|
5.69 |
|
|
9,633 |
|
|
5.67 |
|
|
Total interest-bearing liabilities |
3,411,806 |
|
|
1.65 |
% |
|
3,360,420 |
|
|
1.68 |
% |
|
2,953,238 |
|
|
1.26 |
% |
|
Noninterest-bearing deposits |
1,076,344 |
|
|
|
|
1,018,081 |
|
|
|
|
984,330 |
|
|
|
|
Other liabilities(1) |
102,895 |
|
|
|
|
88,689 |
|
|
|
|
68,553 |
|
|
|
|
Total liabilities |
4,591,045 |
|
|
|
|
4,467,190 |
|
|
|
|
4,006,121 |
|
|
|
| Stockholders'
Equity |
588,504 |
|
|
|
|
576,761 |
|
|
|
|
534,250 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
5,179,549 |
|
|
|
|
$ |
5,043,951 |
|
|
|
|
$ |
4,540,371 |
|
|
|
| Net interest spread |
|
|
3.16 |
% |
|
|
|
3.17 |
% |
|
|
|
3.32 |
% |
| Net interest margin |
|
|
3.65 |
% |
|
|
|
3.65 |
% |
|
|
|
3.70 |
% |
| Net interest income margin -
(tax- equivalent)(2) |
|
|
3.69 |
% |
|
|
|
3.70 |
% |
|
|
|
3.76 |
% |
____________________________(1) Includes Government
National Mortgage Association ("GNMA") repurchase average balances
of $23.7 million, $25.8 million and $29.9 million for the three
months ended September 30, 2019, June 30, 2019, and September 30,
2018, 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.(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.
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