Q3 2024 Origin Bancorp Inc Earnings Call Transcript
Key Points
- Origin Bancorp Inc (OBK) reported a 2.3% increase in total deposits, excluding brokered deposits, marking the strongest growth in two years.
- Noninterest-bearing deposits grew by 1.5% for the quarter, maintaining a stable mix at 22% of total deposits.
- The company has made significant investments in technology and data analysis to enhance strategic decision-making and risk management capabilities.
- Origin Bancorp Inc (OBK) has successfully reduced past dues, classified loans, and nonperforming loans during the quarter.
- The company reported a 5% quarter-over-quarter and 17% year-over-year growth in tangible book value per share, indicating strong capital management.
- Net interest margin expanded by only 1 basis point, below the expected mid-single-digit expansion, due to higher-than-anticipated deposit costs.
- Net charge-offs for the quarter increased to $9.5 million from $2.9 million in the prior quarter.
- The company experienced a decrease in noninterest income, primarily due to normal seasonality in the mortgage business.
- Origin Bancorp Inc (OBK) anticipates a brief period of net interest margin compression due to the lag in asset repricing benefits following Fed rate cuts.
- The company is facing challenges in achieving near-term profitability levels in line with peers, with plans to address this by the end of next year.
Ladies and gentlemen, good morning, and welcome to the Origin Bancorp, Inc., third-quarter earnings conference call. My name is David, and I will be your Evercall coordinator. (Operator Instructions) Also, please note that this event is being recorded.
I would now like to turn the call over to Chris Reigelman, Director of Investor Relations. Please go ahead.
Good morning, and thank you for joining us today. We issued our earnings press release yesterday afternoon, a copy of which is available on our website, along with a slide presentation that we will refer to during this call. Please refer to page 2 of our slide presentation, which includes our Safe Harbor statements regarding forward-looking statements and use of non-GAAP financial measures. For those joining by phone, please note the slide presentation is available on our website at www.ir.origin.bank. Please also note that our Safe Harbor statements are available on page 5 of
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