Origin Bancorp reported second-quarter diluted earnings per share of $1.09 and a net interest margin that expanded 21 basis points to 3.92%, substantially exceeding expectations. CFO William Wallace said the company now anticipates high single-digit net interest income growth for both the full year and the fourth quarter over the prior-year period, while maintaining a run-rate return on assets target of at least 1.15% in the fourth quarter. The board increased the share repurchase authorization by $100 million, leaving $121.6 million remaining, and the company repurchased 217,034 shares at an average price of $46.60 during the quarter. Loans grew 2.7% sequentially, nonperforming assets fell to 0.98% of loans, and noninterest-bearing deposits rose nearly $200 million to 26% of total deposits. Management removed any Federal Reserve rate actions from its forecast for the remainder of the year and expects the margin to remain relatively flat.
Origin Bancorp, Inc.Origin Bancorp reported strong Q2 earnings, expanded NIM, raised NII growth guidance, increased buyback authorization, and improved loan growth and asset quality.