Wed, Feb 26, 10:14 PM (59 days ago)
**Origin Bancorp, Inc. (OBK) 10-K/A Summary** Origin Bancorp, Inc. reported a net income of $83.8 million for the fiscal year ending December 31, 2023, down from $87.7 million in 2022. Revenue rose significantly to $523.4 million, up from $326.6 million, driven by increased interest income from loans, which totaled $466.8 million. Operating expenses increased to $235.2 million, reflecting higher salaries and benefits. The earnings per share (EPS) dropped to $2.72 from $3.29. The company identified a material weakness in internal controls related to manual transfers between deposit accounts, which did not affect the financial statements but required disclosure. The total assets stood at $9.72 billion, with loans amounting to $7.66 billion and an allowance for credit losses of $96.9 million. Looking forward, Origin plans to expand into new markets, including Alabama and Florida, while managing risks associated with loan quality and credit losses. The overall financial condition remains robust, with capital ratios exceeding regulatory requirements, positioning the company favorably in the market.