Origin Bancorp Q1 Profit $27.7M, EPS $0.89, Dividend Raised 67%
Origin Bancorp reported Q1 net income of $27.7 million, or $0.89 per share, missing the $0.90 consensus while generating $104 million revenue net of interest expense, above forecasts. The bank grew loans by 2.5% to $7.86 billion and boosted its quarterly dividend 67% to $0.25 per share.
1. Q1 Financial Results
Origin Bancorp posted net income of $27.7 million, or $0.89 per share, for the quarter ended March 31, down from $29.5 million and $0.95 per share in the prior quarter. Pre-tax, pre-provision earnings were $40.2 million versus $40.6 million linked, net interest income reached $87.2 million, net interest margin was 3.71%, net interest spread 2.89%, and annualized ROAA stood at 1.11%.
2. Balance Sheet and Share Repurchases
Loans held for investment totaled $7.86 billion, up 2.5% sequentially, with loans excluding mortgage warehouse lines at $7.34 billion, up 2.8%. Total deposits rose 5.4% to $8.76 billion, including $215 million in repurchased interest-bearing deposits, and the company repurchased 165,500 shares at an average price of $41.27.
3. Dividend Hike
The board approved a 67% increase in the quarterly cash dividend to $0.25 per share, up from $0.15, reflecting balance sheet strength and earnings durability. The dividend will be paid May 29 to shareholders of record as of May 15.