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![Origin Bancorp, Inc. [OBNK] reports annual net loss of $83.8 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FOBNK.png&w=1200&q=75)
Origin Bancorp, Inc. [OBNK] has reported a net loss of $83.8 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $3.4 million
Based in RUSTON, Louisiana, Origin Bancorp, Inc. operates in the FINANCE sector.
In the 12 months ended December 31, 2023, the financial institution reported a total interest and dividend income of $523.4 million, a significant increase from $326.6 million in the previous year and $241.7 million in 2021. This growth was primarily driven by higher interest and fees on loans, as well as an increase in investment securities income.
On the expense side, interest expenses also saw a substantial rise to $223.8 million in 2023 compared to $51.3 million in the previous year and $25.4 million in 2021. This led to a net interest income of $299.6 million for the current period, up from $275.3 million in the previous year and $216.3 million in 2021.
After accounting for provision for credit losses, the net interest income stood at $282.8 million for 2023, showing improvement from $250.6 million in the previous year and $227.0 million in 2021.
Noninterest income for 2023 totaled $58.3 million, slightly higher than the previous year's $57.3 million but lower than 2021's $62.2 million. The increase was primarily due to higher mortgage banking revenue offset by a loss on sales of securities.
Noninterest expenses rose to $235.2 million in 2023 compared to $200.4 million in the previous year and $156.8 million in 2021. This increase was driven by higher salaries and employee benefits, occupancy and equipment costs, and other operating expenses.
Income before income tax expense was $105.9 million for 2023, slightly lower than the previous year's $107.4 million and significantly lower than 2021's $132.4 million. Income tax expense for 2023 was $22.1 million, compared to $19.7 million in the previous year and $23.9 million in 2021.
Net income for the period was reported at $83.8 million, a decrease from $87.7 million in the previous year and $108.5 million in 2021.
Basic earnings per common share for 2023 were $2.72, down from $3.29 in the previous year and $4.63 in 2021. Similarly, diluted earnings per common share for 2023 were $2.71, compared to $3.28 in the previous year and $4.60 in 2021.
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