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EX - 99.1 2 a06302021obnkexhibit991er.htm EX - 99.1 Exhibit 99.1 For Immediate Release Origin Bancorp , Inc. ORIGIN BANCORP , INC . REPORTS EARNINGS FOR SECOND QUARTER 2021 RUSTON , Louisiana ( July 28 , 2021 ) - Origin Bancorp , Inc. ( Nasdaq : OBNK ) ( " Origin " or the " Company " ) , the holding company for Origin Bank ( the " Bank " ) , today announced record net income of $ 27.7 million for the quarter ended June 30 , 2021. This represents an increase of $ 2.2 million from the quarter ended March 31 , 2021 , and an increase of $ 22.8 million from the quarter ended June 30 , 2020. Diluted earnings per share for the quarter ended June 30 , 2021 , were $ 1.17 , up $ 0.09 from the linked quarter and up $ 0.96 from the quarter ended June 30 , 2020. Pre - tax , pre - provision earnings for the quarter were $ 28.9 million , a decrease of 12.3 % on a linked quarter basis , and a 6.5 % increase on a prior year quarter basis . “ Origin delivered strong second quarter results hitting another all - time quarterly net income high ” said Drake Mills , chairman , president and CEO of Origin Bancorp , Inc. “ Our capital and reserve levels reflect a very strong balance sheet and our employees remain focused on continuing to build long - term value for all of our stakeholders . " Financial Highlights • • • Net income was $ 27.7 million for the quarter ended June 30 , 2021 , achieving another all - time quarterly high compared to $ 25.5 million for the linked quarter and $ 5.0 million for the quarter ended June 30 , 2020 . Net interest income was $ 54.3 million for the quarter ended June 30 , 2021 , compared to $ 55.2 million for the linked quarter and $ 46.3 million for the quarter ended June 30 , 2020 . Credit loss provision was a net benefit of $ 5.6 million for the quarter ended June 30 , 2021 , compared to a provision expense of $ 1.4 million for the linked quarter and $ 21.4 million for the quarter ended June 30 , 2020 . Cost of total deposits was 0.22 % for the quarter ended June 30 , 2021 , compared to 0.26 % for the linked quarter and 0.54 % for the quarter ended June 30 , 2020 . Annualized returns on average equity and average assets were 16.54 % and 1.49 % , respectively , for the quarter ended June 30 , 2021 , compared to 15.73 % and 1.40 % , respectively for the quarter ended March 31 , 2021 , and 3.23 % and 0.31 % , respectively , for the quarter ended June 30 , 2020 . Results of Operations for the Three Months Ended June 30 , 2021 Net Interest Income and Net Interest Margin Net interest income for the quarter ended June 30 , 2021 , was $ 54.3 million , a decrease of $ 947,000 , or 1.7 % , compared to the linked quarter . The decrease was primarily due to a $ 1.3 million decrease in interest income earned on the total loan portfolio offset by a $ 372,000 decrease in deposit costs . The decrease in interest income earned on the total loan portfolio was primarily driven by a $ 161.1 million decrease in the average balance of total loans caused primarily by a $ 142.6 million decrease in average mortgage warehouse lines of credit loan balances . The decrease in deposit costs was primarily due to a reduction in deposit rates . The average rate on time deposits decreased to 0.78 % for the current quarter , down from 0.95 % for the linked quarter . The average rate on interest - bearing deposits was 0.31 % for the current quarter , down from 0.37 % for the linked quarter . The yield earned on interest - earning assets was 3.44 % , a decrease of 14 basis points compared to the linked quarter and a 21 basis point decrease compared to the quarter ended June 30 , 2020. Excluding PPP loans , the yield earned on interest - earning assets was 3.37 % , a 14 basis point decrease compared to the linked quarter . The rate paid on total interest - bearing liabilities for the quarter ended June 30 , 2021 , was 0.53 % , representing a decrease of four basis points and 36 basis points compared to the linked quarter and the quarter ended June 30 , 2020 , respectively . 1