Origin Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Origin Bancorp, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Origin Bancorp, Inc. (OBK) filed a Annual Report (10-K) with the SEC on February 28, 2024. Origin Bancorp, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is commercial banking. Origin Bancorp, Inc. is incorporated in Louisiana. The company's former name was Community Trust Financial Corp.

Why It Matters

For investors and stakeholders tracking Origin Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Origin Bancorp's financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its performance and future prospects. As a commercial bank, Origin Bancorp's operations are subject to various regulatory frameworks, and this filing will contain details on compliance and risk management pertinent to the banking industry.

Risk Assessment

Risk Level: medium — Origin Bancorp, Inc. shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic sensitivity, as indicated by its SIC code 6022 (STATE COMMERCIAL BANKS).

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Origin Bancorp's performance and outlook in the current economic and regulatory environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the report)
• 2024-02-28 — Filing Date (Date the 10-K was filed)
• 2023-01-01 — Report Start Date (Beginning of the fiscal year)
• 2022-12-31 — Prior Year End (End of the previous fiscal year)

Key Players & Entities

• Origin Bancorp, Inc. (company) — Filer name
• Community Trust Financial Corp (company) — Former company name
• Louisiana (location) — State of incorporation
• 6022 (other) — Standard Industrial Classification

FAQ

Industry Context

Origin Bancorp, Inc. operates within the commercial banking industry, a sector characterized by its role in financial intermediation and its susceptibility to economic cycles and regulatory changes.

Regulatory Implications

As a commercial bank, Origin Bancorp is subject to extensive regulation by federal and state authorities, including but not limited to capital requirements, lending standards, and consumer protection laws.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Review the risk factors section for potential challenges and uncertainties facing Origin Bancorp.
3. Compare key financial metrics with prior years and industry benchmarks.

Key Dates

• 2024-02-28: 10-K Filing — Annual report for fiscal year 2023
• 2023-12-31: Fiscal Year End — End date of the reporting period

Year-Over-Year Comparison

This filing is the annual report for the fiscal year 2023, following previous filings such as quarterly reports and potentially prior annual reports.

Key Financial Figures

• $5.00 — ich Registered Common Stock, par value $5.00 per share OBK New York Stock Exchange
• $9.72 b — cember 31, 2023, we had total assets of $9.72 billion, total loans held for investment
• $7.66 b — l loans held for investment ("LHFI") of $7.66 billion, total deposits of $8.25 billion
• $8.25 billion — I") of $7.66 billion, total deposits of $8.25 billion and total stockholders' equity of $1.06
• $1.06 billion — llion and total stockholders' equity of $1.06 billion. We completed an initial public offeri
• $589.6 million — support our growth, we have raised over $589.6 million of new Tier 1 capital since 2006, inclu
• $307.8 million — completed an all stock merger valued at $307.8 million in 2022. Through these efforts, we have
• $135.1 m — ans have contributed interest income of $135.1 million, $88.2 million and $61.8 million
• $88.2 million — uted interest income of $135.1 million, $88.2 million and $61.8 million for the years ended D
• $61.8 million — me of $135.1 million, $88.2 million and $61.8 million for the years ended December 31, 2023,
• $69.6 m — ans have contributed interest income of $69.6 million, $36.4 million and $21.9 million
• $36.4 million — buted interest income of $69.6 million, $36.4 million and $21.9 million for the years ended D
• $21.9 million — ome of $69.6 million, $36.4 million and $21.9 million for the years ended December 31, 2023,
• $83.9 m — ans have contributed interest income of $83.9 million, $51.1 million and $38.0 million
• $51.1 million — buted interest income of $83.9 million, $51.1 million and $38.0 million for the years ended D

Filing Documents

• obnk-20231231.htm (10-K) — 5034KB
• a12312023obnkex21subsidiar.htm (EX-21) — 10KB
• ex23consentofindependentre.htm (EX-23) — 2KB
• a12312023obnkexhibit311.htm (EX-31.1) — 10KB
• a12312023obnkexhibit312.htm (EX-31.2) — 10KB
• a12302023obnkexhibit321.htm (EX-32.1) — 5KB
• a12312023obnkexhibit322.htm (EX-32.2) — 5KB
• obkclawbackpolicynyse10223.htm (EX-97) — 54KB
• obnk-20231231_g1.jpg (GRAPHIC) — 110KB
• 0001516912-24-000027.txt (&nbsp;) — 25578KB
• obnk-20231231.xsd (EX-101.SCH) — 111KB
• obnk-20231231_cal.xml (EX-101.CAL) — 236KB
• obnk-20231231_def.xml (EX-101.DEF) — 757KB
• obnk-20231231_lab.xml (EX-101.LAB) — 1527KB
• obnk-20231231_pre.xml (EX-101.PRE) — 1104KB
• obnk-20231231_htm.xml (XML) — 5721KB

Risk Factors

Item 1A. Risk Factors 25

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 46

Cybersecurity

Item 1C. Cybersecurity 46

Properties

Item 2. Properties 47

Legal Proceedings

Item 3. Legal Proceedings 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47 PART II 48

Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48

[Reserved]

Item 6. [Reserved] 49

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 50

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 75

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 78

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 143

Controls and Procedures

Item 9A. Controls and Procedures 143

Other Information

Item 9B. Other Information 145

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 145 PART III 146

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 146

Executive Compensation

Item 11. Executive Compensation 146

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 146

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 146

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 146 PART IV 147

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 147

Form 10-K Summary

Item 16. Form 10-K Summary 150

Signatures

Signatures 150 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "anticipates," "believes," "estimates," "expects," "foresees," "intends," "plans," "projects," and similar expressions or future or conditional verbs such as "could," "may," "might," "should," "will," and "would," or variations or negatives of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in our forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: economic uncertainty or a deterioration in economic conditions or slowdowns in economic growth in the United States generally, and particularly in the market areas in which we operate and in which our loans are concentrated, including declines in home sale volumes and financial stress on borrowers

Business

Item 1. Business Our Company Unless the context otherwise requires, references in this Annual Report on Form 10-K to "we," "us," "our," "our company," "the Company" or "Origin" refer to Origin Bancorp, Inc., a Louisiana corporation, and its consolidated subsidiaries. All references to "Origin Bank" or "the Bank" refer to Origin Bank, our wholly-owned bank subsidiary. Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Our wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in our history is a culture committed to providing personalized, relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities we serve. We provide a broad range of financial services and currently have over 60 locations from Dallas/Fort Worth, East Texas and Houston, across North Louisiana and into Mississippi . At December 31, 2023, we had total assets of $9.72 billion, total loans held for investment ("LHFI") of $7.66 billion, total deposits of $8.25 billion and total stockholders' equity of $1.06 billion. We completed an initial public offering of our common stock in May 2018 and began trading on the Nasdaq Stock Market LLC ("Nasdaq") under the symbol "OBNK". On May 9, 2023, the Company provided written notice to Nasdaq of its determination to voluntarily withdraw the listing of the Company's common stock from Nasdaq and transfer the listing to the New York Stock Exchange ("NYSE"). The listing and trading of the common stock on Nasdaq ended at market close on May 19, 2023, and trading commenced on the NYSE at market open on May 22, 2023, under the new stock symbol "OBK". We are committed to building unique client experiences through a strong culture, experienced leadership team and a focus on delivering unmatched customer service throughout Texas, Louisiana and Mississippi. Our success has been based on (1) a talented team of relationship ba

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View this 10-K filing on SEC EDGAR