B.T. HOLDINGS, INC. INDEX TO
CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Balance Sheets at June 30, 2022, and December 31, 2021
F-2
Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021
F-3
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021
F-4
Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2022 and 2021
F-5
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021
F-6
F-1
B.T. HOLDINGS, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
June 30, 2022 December 31, 2021
Assets (Unaudited) (Audited)
Cash and cash equivalents (1)
$ 113,891 $ 260,619
Investment securities available for sale 455,764 457,980
Loans, net of allowance for loan credit losses of $14,418 and $17,194 at June 30, 2022, and December 31, 2021, respectively 1,230,893 1,233,669
Loans held for sale 204 609
Premises and equipment, net 28,441 17,704
Other real estate owned 200 200
Restricted equity securities, at cost 5,873 5,873
Accrued interest receivable 8,923 8,320
Goodwill 14,191 14,191
Other assets (1)
13,891 2,890
Total assets $ 1,872,271 $ 2,002,055
Liabilities and Stockholders' Equity
Noninterest-bearing deposits $ 384,875 $ 381,418
Interest-bearing deposits 1,228,968 1,343,289
Total deposits 1,613,843 1,724,707
Securities sold under repurchase agreements 7,535 4,419
Junior subordinated debentures 7,217 7,217
Notes payable 37,650 45,576
Accrued interest payable 793 787
Other liabilities 16,776 3,371
Total liabilities 1,683,814 1,786,077
Stockholders' equity:
Common stock ($1.00 par value; 15,000,000 shares authorized; 12,037,909 and 12,036,777 shares issued at June 30, 2022, and December 31, 2021, respectively, 10,430,813 and 10,429,681 shares outstanding at June 30, 2022, and December 31, 2021, respectively) 12,038 12,037
Additional paid-in capital 147,598 147,173
Retained earnings (1)
92,760 88,047
Treasury stock, 1,607,096 shares at both June 30, 2022, and December 31, 2021, respectively, at cost (35,852) (35,852)
KSOP commitment (3,288) (4,058)
Accumulated other comprehensive income (24,799) 8,631
Total stockholders' equity 188,457 215,978
Total liabilities and stockholders' equity $ 1,872,271 $ 2,002,055
________________________
(1)Assumes BT Holdings expenses of $10.2 million, net of taxes, related to the acquisition were incurred.
F-2
B.T. HOLDINGS, INC.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Interest and dividend income
Interest and fees on loans $ 15,166 $ 14,349 $ 30,209 $ 29,213
Interest on investment securities
Investment securities-taxable 615 232 1,180 360
Investment securities-tax-exempt 1,505 1,367 2,926 2,718
Dividend income on restricted equity securities 76 100 154 151
Other 301 64 373 111
Total interest and dividend income 17,663 16,112 34,842 32,553
Interest expense
Interest on deposits 1,508 1,964 2,955 4,294
Interest on promissory notes 459 494 901 984
Interest on junior subordinated debentures 47 33 83 67
Interest on other borrowings 13 130 61 260
Total interest expense 2,027 2,621 4,000 5,605
Net interest income 15,636 13,491 30,842 26,948
Provision for credit losses - 2,500 400 5,300
Net interest income after provision for credit losses 15,636 10,991 30,442 21,648
Noninterest income
Service charges and fees on deposits 653 614 1,276 1,161
Other income 109 87 242 224
Total noninterest income 762 701 1,518 1,385
Noninterest expense
Salaries and employee benefits 3,604 3,427 7,281 6,770
Occupancy and equipment expenses 957 973 1,913 1,948
Other expenses 2,074 1,801 4,451 3,516
Total noninterest expense 6,635 6,201 13,645 12,234
Income before income tax expense 9,763 5,491 18,315 10,799
Income tax expense 1,819 951 3,396 1,874
Net income $ 7,944 $ 4,540 $ 14,919 $ 8,925
Basic earnings per common share $ 0.76 $ 0.44 $ 1.43 $ 0.86
Diluted earnings per common share 0.72 0.42 1.36 0.82
F-3
B.T. HOLDINGS, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollars in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Net income $ 7,944 $ 4,540 $ 14,919 $ 8,925
Other comprehensive (loss) income, net of tax:
Unrealized holding (losses) gains on available-for-sale securities arising during the period (16,385) 2,129 (33,430) (1,640)
Other comprehensive (loss) income, net of tax (16,385) 2,129 (33,430) (1,640)
Comprehensive (loss) income $ (8,441) $ 6,669 $ (18,511) $ 7,285
F-4
B.T. HOLDINGS, INC.
Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
(Dollars in thousands, except per share amounts)

Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury Stock KSOP Commitment Accumulated
Other
Comprehensive
Income (loss)
Total
Stockholders'
Equity
Balance at March 31, 2022 $ 12,037 $ 147,389 $ 95,022 $ (35,852) $ (3,439) $ (8,414) $ 206,743
Net income - - 7,944 - - - 7,944
KSOP commitment - - - - 151 - 151
Exercise of stock options 1 (1) - - - - -
Stock based compensation expenses - 210 - - - - 210
Other comprehensive (loss), net of tax - - - - - (16,385) (16,385)
Balance at June 30, 2022 $ 12,038 $ 147,598 $ 102,966 $ (35,852) $ (3,288) $ (24,799) $ 198,663
Balance at March 31, 2021 $ 11,962 $ 145,785 $ 80,197 $ (35,852) $ (3,784) $ 8,750 $ 207,058
Net income - - 4,540 - - - 4,540
KSOP commitment - - - - (541) - (541)
Exercise of stock options 8 84 - - - - 92
Stock based compensation expenses - 208 - - - - 208
Other comprehensive income, net of tax - - - - - 2,129 2,129
Balance at June 30, 2021 $ 11,970 $ 146,077 $ 84,737 $ (35,852) $ (4,325) $ 10,879 $ 213,486
Balance at December 31, 2021 $ 12,037 $ 147,173 $ 88,047 $ (35,852) $ (4,058) $ 8,631 $ 215,978
Net income - - 14,919 - - - 14,919
KSOP commitment - - - - 770 - 770
Exercise of stock options 1 5 - - - - 6
Stock based compensation expenses - 420 - - - - 420
Other comprehensive (loss), net of tax - - - - - (33,430) (33,430)
Balance at June 30, 2022 $ 12,038 $ 147,598 $ 102,966 $ (35,852) $ (3,288) $ (24,799) $ 198,663
Balance at December 31, 2020 $ 11,958 $ 145,530 $ 75,812 $ (34,604) $ (4,368) $ 12,519 $ 206,847
Net income - - 8,925 - - - 8,925
KSOP commitment - - - - 43 - 43
Exercise of stock options 12 133 - - - - 145
Purchase of 56,738 shares of treasury stock - - - (1,248) - - (1,248)
Stock based compensation expenses - 414 - - - - 414
Other comprehensive (loss), net of tax - - - - - (1,640) (1,640)
Balance at June 30, 2021 $ 11,970 $ 146,077 $ 84,737 $ (35,852) $ (4,325) $ 10,879 $ 213,486
F-5
B.T. HOLDINGS, INC.
Consolidated Statements of Cash Flows
(Dollars in thousands)

Six Months Ended June 30,
Cash flows from operating activities: 2022 2021
Net income $ 14,919 $ 8,925
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 685 736
Net loss on disposals of premises and equipment - (31)
Provision for credit losses 400 5,300
Net amortization on securities 2,957 1,968
Stock-based compensation expense 420 414
Originations of mortgage loans held for sale (99,503) (99,400)
Proceeds from sale of loans 99,809 98,287
Net gains included in earnings, from loans held for sale 99 416
(Increase)/decrease in other assets (365) (824)
Decrease/(increase) in federal income tax receivable 643 (979)
(Increase)/decrease in accrued interest receivable (603) (652)
Decrease/(increase) in accrued interest payable 6 (250)
Increase in other liabilities 2,053 4,107
Net cash provided by operating activities 21,520 18,017
Cash flows from investing activities:
Acquisition of premises and equipment (68) (69)
Proceeds from sales of premises and equipment - 36
Purchases of investment securities available for sale (2,049,003) (3,967,627)
Proceeds from sales, maturities, calls and pay downs of securities available for sale 2,005,946 3,994,450
Net decrease/(increase) in loans 2,376 (30,085)
Net cash used in investing activities (40,749) (3,295)
Cash flows from financing activities:
Net increase in non-interest bearing deposits $ 3,457 $ 7,398
Net (decrease) in interest-bearing deposits (114,321) (33,433)
Net increase in securities sold under agreements to repurchase 3,116 (1,735)
Repayments of KSOP note payable (383) (196)
Change in KSOP commitment 770 43
Repayments of other notes payable (4,994) -
Proceeds from exercise of stock options 6 145
Retirement of subordinated promissory notes (2,550) (25)
Purchase of treasury stock - (1,248)
Net cash used in financing activities (114,899) (29,051)
Net decrease in cash and cash equivalents (134,128) (14,329)
Cash and cash equivalents at beginning of period 260,619 282,499
Cash and cash equivalents at end of period (1)
$ 126,491 $ 268,170
Interest paid $ 4,000 $ 5,605
Income taxes paid 2,752 2,853
________________________
(1)Cash and cash equivalents at June 30, 2022, is shown gross of BT Holdings expense of $12.6 million related to the acquisition. Cash and cash equivalents at June 30, 2022, net of BT Holdings acquisition expenses, was $113.9 million.
F-6

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Origin Bancorp Inc. published this content on 23 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2022 19:12:05 UTC.