Financial Performance - Net income for the quarter ended September 30, 2025, was $8.6 million, a decrease of $6.0 million, or 41.1%, compared to the linked quarter [4]. - PTPP earnings were $47.8 million for the quarter ended September 30, 2025, reflecting an increase of $26.3 million, or 122%, compared to the linked quarter [4]. - Net income for Q3 2025 was $8,623,000, down from $18,601,000 in Q3 2024, reflecting a decrease of 53.7% [37]. - Basic earnings per common share decreased to $0.28 in Q3 2025 from $0.60 in Q3 2024, a decline of 53.3% [37]. - For the nine months ended September 30, 2025, net income was $45,681,000, down from $62,222,000 in the same period last year [64]. - Annualized net income for the nine months was $61,075,000, compared to $83,114,000 in the previous year [64]. Income and Revenue - Net interest income was $83.7 million for the quarter ended September 30, 2025, an increase of $1.6 million, or 1.9%, compared to the linked quarter [5]. - Noninterest income for the quarter ended September 30, 2025, was $26.1 million, an increase of $24.8 million from the linked quarter [15]. - Total interest and dividend income for Q3 2025 was $136,139,000, a slight increase from $134,637,000 in Q2 2025 [42]. - Noninterest income for Q3 2025 was $26,128,000, a significant increase from $1,368,000 in Q2 2025 [42]. - Adjusted total revenue for the three months ended September 30, 2025, was $99,623,000, compared to $72,550,000 in the previous quarter [61]. Assets and Deposits - Total assets as of September 30, 2025, were $9,791,306,000, compared to $9,965,986,000 a year earlier, showing a decrease of 1.7% [37]. - Total deposits were $8.33 billion at September 30, 2025, reflecting an increase of $208.8 million, or 2.6%, compared to June 30, 2025 [9]. - Total deposits increased to $8,331,830,000 in Q3 2025 from $8,486,568,000 in Q3 2024, a decline of 1.8% [37]. - Total assets as of September 30, 2025, were $9,791,306,000, up from $9,678,158,000 as of June 30, 2025 [44]. - Total liabilities increased to $8,576,550,000 in Q3 2025 from $8,472,389,000 in Q2 2025 [44]. Credit Quality and Losses - The provision for credit losses was $36.8 million during the quarter, significantly higher than the $2.7 million provision for the linked quarter [12]. - Provision for credit losses increased significantly to $36,820,000 in Q3 2025 from a benefit of $(5,398,000) in Q3 2024, indicating a shift in credit quality [37]. - The net charge-offs increased by $29.1 million for the quarter ended September 30, 2025, primarily due to net charge-offs related to Tricolor Holdings, LLC [13]. - Net charge-offs for the quarter were $31,383 thousand, significantly higher than $2,300 thousand in the previous quarter [46]. - The allowance for loan credit losses (ALCL) to total LHFI ratio was 1.28% as of September 30, 2025, compared to 1.20% in the previous quarter [48]. Operational Efficiency - The efficiency ratio improved to 56.48% in Q3 2025 from 68.86% in Q3 2024, indicating better cost management [37]. - The core efficiency ratio for the nine months ended September 30, 2025, was 63.58%, an improvement from 66.09% in 2024, reflecting enhanced operational efficiency [39]. - Core efficiency ratio (non-GAAP) improved to 54.70 from 73.77 in the previous quarter [61]. Stock and Shareholder Information - The company repurchased 265,248 shares of common stock at an average price of $35.85 per share during the quarter [9]. - Stockholders' equity rose to $1,214,756,000 in Q3 2025, compared to $1,205,769,000 in Q2 2025 [44]. - Tangible book value per common share (non-GAAP) rose to $33.95 from $33.33 in the previous quarter [59]. Notable Items and Adjustments - Total notable items for the quarter resulted in a negative impact of $23,346,000, affecting EPS by $0.59 [52]. - For the nine months ended September 30, 2025, total notable items resulted in a negative impact of $41,165,000, affecting EPS by $1.04 [55]. - Operating expense related to strategic Optimize Origin initiatives for the nine months was $2,620,000, impacting EPS by $0.07 [55]. - Interest income reversal related to suspected borrower fraud amounted to $206,000, impacting EPS by $0.01 [52].
ORIGIN BANCORP(OBNK) - 2025 Q3 - Quarterly Results