Q2 2024 Origin Bancorp Inc Earnings Call Transcript
Key Points
- Origin Bancorp Inc (OBK) reported continued growth in net interest income and expansion in net interest margin.
- The company successfully acquired new customers and expanded existing relationships, contributing to stable core operating results.
- Regulatory approval was received for new locations in Mobile and Fort Walton Beach, enhancing their market presence in the Southeast.
- Origin Bancorp Inc (OBK) maintained a strong geographic footprint, particularly in desirable markets like Texas and the Southeast.
- The company has a strategic focus on enhancing return on assets (ROA) and improving margin efficiency through data analytics and technology investments.
- Earnings per share (EPS) were negatively impacted by $0.25 due to questionable activities by a terminated banker in East Texas.
- There was an increase in past due loans, classified loans, and non-performing loans, primarily due to the aforementioned questionable activities.
- Non-interest expense increased significantly due to elevated legal and accounting fees related to the questionable activities.
- Loan growth was slower than expected, with a strategic focus on client selection impacting overall growth.
- The company anticipates continued pressure on loan growth and expects it to be in the low single digits for the year.
Ladies and gentlemen, good morning, and welcome to the Origin Bancorp, Inc., second-quarter 2024 earnings conference call. My name is David, and I will be your Evercall coordinator. (Operator Instructions) Please note that this event is being recorded. (Operator Instructions)
I would now like to turn the conference over to Chris Reigelman, Executive Director of Investor Relations. Please, Chris, 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 the 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
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