Origin Bancorp, Inc. Reports Earnings for First Quarter 2020
OSPREY BONK TR (OBNK)
Last osprey bonk tr earnings: 4/22 04:30 pm
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Source: GlobeNewswire
RUSTON, La., April 22, 2020 (GLOBE NEWSWIRE) -- Origin Bancorp, Inc. (Nasdaq: OBNK) ("Origin" or the "Company"), the holding company for Origin Bank (the "Bank"), today announced net income of $753,000 for the quarter ended March 31, 2020. This represents a decrease of $12.1 million from the quarter ended December 31, 2019, and a decrease of $13.4 million from the quarter ended March 31, 2019. Diluted earnings per share for the quarter ended March 31, 2020, was $0.03, down $0.52 from the linked quarter and down $0.57 from the quarter ended March 31, 2019. The decline was driven by increases in provision expense of $16.2 million and $17.5 million over the linked quarter and quarter ended March 31, 2019, respectively. Provision expense was elevated due to the forecasting nature of CECL and the economic uncertainty surrounding the impact of COVID-19. Pretax pre-provision earnings for the quarter was $18.9 million, a 2.6% increase on a linked quarter and 3.3% increase on prior year quar
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