Origin Bank(US:OBK) Globenewswire·2025-01-22 21:15Core Points - Origin Bancorp, Inc. reported a net income of $14.3 million, or $0.46 diluted earnings per share (EPS) for Q4 2024, down from $18.6 million, or $0.60 EPS in Q3 2024 [1] - For the year ended December 31, 2024, net income was $76.5 million, or $2.45 diluted EPS, a decrease of 9.6% from $2.71 in 2023 [2] - The company is focused on an initiative called "Optimize Origin" aimed at enhancing financial performance and company culture [3] Financial Highlights - Pre-tax, pre-provision (PTPP) earnings for Q4 2024 were $12.6 million, down from $28.3 million in the previous quarter [1] - The fully tax equivalent net interest margin (NIM-FTE) expanded by 15 basis points to 3.33% in Q4 2024, driven by a reduction in rates paid on interest-bearing liabilities [6][12] - Net interest income for Q4 2024 was $78.3 million, an increase of 4.7% from the linked quarter, marking the highest level in two years [7] Credit Quality - Past due loans held for investment (LHFI) increased to $42.4 million in Q4 2024, a 9.3% increase from the previous quarter [15] - The allowance for loan credit losses (ALCL) decreased by 5.1% to $91.1 million [15] - Nonperforming LHFI rose to $75.0 million, reflecting a 16.7% increase from the linked quarter [15] Noninterest Income and Expense - Noninterest income for Q4 2024 was a negative $330,000, a decrease of $16.3 million from the linked quarter, primarily due to losses on sales of securities [20][21] - Noninterest expense increased by 4.6% to $65.4 million, driven by higher occupancy and equipment expenses [22][24] Financial Condition - Total loans held for investment (LHFI) decreased by 4.8% to $7.57 billion from the previous quarter [26] - Total deposits at December 31, 2024, were $8.22 billion, a decrease of 3.1% from the linked quarter [33] - The company executed a bond portfolio optimization strategy, selling securities with a book value of $188.2 million, resulting in a loss of $14.6 million [13][33]