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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     For the quarterly period ended June 30, 2022

OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     For the transition period from ____________ to __________

Commission file number 001-38487
Origin Bancorp, Inc.

(Exact name of registrant as specified in its charter)
Louisiana72-1192928
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
500 South Service Road East
Ruston, Louisiana 71270
(318) 255-2222
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on which registered
Common Stock, par value $5.00 per shareOBNKNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date: 23,807,677 shares of Common Stock, par value $5.00 per share, were issued and outstanding at July 28, 2022.



ORIGIN BANCORP, INC.
FORM 10-Q
JUNE 30, 2022
INDEX
Page



Table of Contents
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "anticipates," "believes," "estimates," "expects," "foresees," "intends," "plans," "projects," and similar expressions or future or conditional verbs such as "could," "may," "might," "should," "will," and "would," or variations or negatives of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in our forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
business and economic conditions generally and in the financial services industry, nationally and within our local market areas, including the impact of supply-chain disruptions and labor pressures;
customer income, creditworthiness and confidence, spending and savings that may affect customer bankruptcies, defaults, charge-offs and deposit activity;
natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities, (including the impacts related to or resulting from Russia's military action in Ukraine, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments), regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond our control;
system failures, cybersecurity threats and/or security breaches and the cost of defending against them;
the duration and impact of the coronavirus ("COVID-19") pandemic and efforts to contain its transmission, as well as the impact of the actions taken by governmental authorities to address the impact of COVID-19 on the United States economy, including, without limitation, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act") and any related future economic stimulus legislation;
the discontinuation of LIBOR (and its replacement with alternatives) could result in financial, operational, legal, reputational or compliance risks to us;
deterioration of our asset quality;
risks associated with widespread inflation or deflation;
factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance, including any loans acquired in acquisition transactions;
the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition targets and successfully acquire and integrate desirable financial institutions;
changes in the value of collateral securing our loans;
our ability to anticipate interest rate changes and manage interest rate risk;
the effectiveness of our risk management framework and quantitative models;
our inability to receive dividends from our bank subsidiary and to service debt, pay dividends to our common stockholders, repurchase our shares of common stock and satisfy obligations as they become due;
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changes in our operation or expansion strategy or our ability to prudently manage our growth and execute our strategy;
changes in management personnel;
our ability to maintain important deposit customer relationships, our reputation or otherwise avoid liquidity risks;
increasing costs as we grow deposits;
operational risks associated with our business;
volatility and direction of market interest rates and of capital markets;
increased competition in the financial services industry, particularly from regional and national institutions;
our level of nonperforming assets and the costs associated with resolving any problem loans, including litigation and other costs;
our ability to comply with applicable capital and liquidity requirements, including our ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets;
changes in the utility of our non-GAAP liquidity measurements and their underlying assumptions or estimates;
difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which Origin operates and in which its loans are concentrated;
an increase in unemployment levels, slowdowns in economic growth and threats of recession;
the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in our loan portfolio;
changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, as well as tax, trade, monetary and fiscal matters;
periodic changes to the extensive body of accounting rules and best practices, may change the treatment and recognition of critical financial line items and affect our profitability;
further government intervention in the U.S. financial system;
compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities and tax matters; and
our ability to manage the risks involved in the foregoing.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. In addition, as a result of these and other factors, our past financial performance should not be relied upon as an indication of future performance. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties emerge from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.


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ORIGIN BANCORP, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)

June 30, 2022December 31, 2021
Assets(Unaudited)
Cash and due from banks$123,499 $133,334 
Interest-bearing deposits in banks200,421 572,284 
Total cash and cash equivalents323,920 705,618 
Securities:
Available for sale1,804,370 1,504,728 
Held to maturity, net allowance for credit losses of $892 and $167 at June 30, 2022, and December 31, 2021, respectively (fair value of $5,448 and $25,117 at June 30, 2022, and December 31, 2021, respectively)
4,288 22,767 
Securities carried at fair value through income6,630 7,497 
Total securities1,815,288 1,534,992 
Non-marketable equity securities held in other financial institutions76,822 45,192 
Loans held for sale ($31,840 and $37,032 at fair value at June 30, 2022, and December 31, 2021, respectively)
62,493 80,387 
Loans, net of allowance for credit losses of $63,123 and $64,586 at June 30, 2022, and December 31, 2021, respectively
5,464,970 5,166,745 
Premises and equipment, net81,950 80,691 
Mortgage servicing rights22,127 16,220 
Cash surrender value of bank-owned life insurance38,742 38,352 
Goodwill and other intangible assets, net50,053 51,330 
Accrued interest receivable and other assets175,159 141,758 
Total assets$8,111,524 $7,861,285 
Liabilities and Stockholders' Equity
Noninterest-bearing deposits$2,214,919 $2,163,507 
Interest-bearing deposits3,598,417 3,864,058 
Time deposits489,822 543,128 
Total deposits6,303,158 6,570,693 
Federal Home Loan Bank ("FHLB") advances, repurchase obligations and other borrowings894,581 309,801 
Subordinated indebtedness, net157,540 157,417 
Accrued expenses and other liabilities109,872 93,163 
Total liabilities7,465,151 7,131,074 
Commitments and contingencies - See Note 12 - Commitments and Contingencies
Stockholders' equity:
Preferred stock, no par value, 2,000,000 shares authorized
  
Common stock ($5.00 par value; 50,000,000 shares authorized; 23,807,677 and 23,746,502 shares issued at June 30, 2022, and December 31, 2021, respectively)
119,038 118,733 
Additional paid‑in capital244,368 242,114 
Retained earnings398,946 363,635 
Accumulated other comprehensive (loss) income(115,979)5,729 
Total stockholders' equity646,373 730,211 
Total liabilities and stockholders' equity$8,111,524 $7,861,285 

The accompanying notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands, except per share amounts)

.
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Interest and dividend income
Interest and fees on loans$55,986 $55,529 $107,169 $112,339 
Investment securities-taxable7,116 3,115 12,229 6,415 
Investment securities-nontaxable1,493 1,590 2,893 3,262 
Interest and dividend income on assets held in other financial institutions1,193 414 1,780 759 
Total interest and dividend income65,788 60,648 124,071 122,775 
Interest expense
Interest-bearing deposits3,069 3,417 5,955 7,206 
FHLB advances and other borrowings1,392 1,106 2,486 2,375 
Subordinated indebtedness1,823 1,833 3,624 3,663 
Total interest expense6,284 6,356 12,065 13,244 
Net interest income
59,504 54,292 112,006 109,531 
Provision for credit losses3,452 (5,609)3,125 (4,197)
Net interest income after provision for credit losses56,052 59,901 108,881 113,728 
Noninterest income
Service charges and fees4,274 3,739 8,272 7,082 
Insurance commission and fee income5,693 3,050 12,149 6,821 
Mortgage banking revenue2,354 2,765 6,450 7,342 
Other fee income638 623 1,236 1,394 
Gain on sales of securities, net 5  1,673 
Loss on sales and disposals of other assets, net(279)(42)(279)(80)
Limited partnership investment income (loss)282 801 (81)2,573 
Swap fee income1 24 140 372 
Other income1,253 1,473 2,235 2,392 
Total noninterest income14,216 12,438 30,122 29,569 
The accompanying notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Income - Continued
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Noninterest expense
Salaries and employee benefits27,319 22,354 53,807 44,679 
Occupancy and equipment, net4,514 4,349 8,941 8,688 
Data processing2,641 2,313 5,127 4,486 
Office and operations2,163 1,498 3,723 2,952 
Loan-related expenses1,517 2,154 2,822 3,859 
Professional services918 836 2,549 1,809 
Electronic banking896 989 1,813 1,950 
Advertising and marketing859 748 1,730 1,428 
Franchise tax expense838 629 1,608 1,248 
Regulatory assessments802 544 1,428 1,714 
Intangible asset amortization525 222 1,062 456 
Communications252 514 533 929 
Other expenses906 682 1,781 3,070 
Total noninterest expense44,150 37,832 86,924 77,268 
Income before income tax expense26,118 34,507 52,079 66,029 
Income tax expense4,807 6,774 10,085 12,783 
Net income$21,311 $27,733 $41,994 $53,246 
Basic earnings per common share$0.90 $1.18 $1.77 $2.28 
Diluted earnings per common share0.90 1.17 1.77 2.26 
The accompanying notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Comprehensive (Loss) Income
(Unaudited)
(Dollars in thousands)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income$21,311 $27,733 $41,994 $53,246 
Other comprehensive (loss) income
Securities available for sale and transferred securities:
Net unrealized holding (loss) gain arising during the period(63,634)8,631 (154,848)(7,221)
Net losses realized as a yield adjustment in interest on investment securities(3)(3)(6)(5)
Reclassification adjustment for net gain included in net income (5) (1,673)
Change in the net unrealized (loss) gain on investment securities, before tax(63,637)8,623 (154,854)(8,899)
Income tax (benefit) expense related to net unrealized (loss) gain arising during the period(13,364)1,811 (32,520)(1,869)
Change in the net unrealized (loss) gain on investment securities, net of tax(50,273)6,812 (122,334)(7,030)
Cash flow hedges:
Net unrealized gain (loss) arising during the period216 (155)729 275 
Reclassification adjustment for (loss) included in net income(18)(50)(64)(99)
Change in the net unrealized gain (loss) on cash flow hedges, before tax234 (105)793 374 
Income tax expense (benefit) related to net unrealized gain (loss) on cash flow hedges50 (22)167 79 
Change in net unrealized position on cash flow hedges, net of tax184 (83)626 295 
Other comprehensive (loss) income, net of tax(50,089)6,729 (121,708)(6,735)
Comprehensive (loss) income$(28,778)$34,462 $(79,714)$46,511 

The accompanying notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
(Dollars in thousands, except per share amounts)
Common Shares OutstandingCommon
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (loss)
Total
Stockholders'
Equity
Balance at January 1, 202123,506,312 $117,532 $237,341 $266,628 $25,649 $647,150 
Net income— — — 25,513 — 25,513 
Other comprehensive (loss), net of tax— — — — (13,464)(13,464)
Recognition of stock compensation, net20,140 100 661 — — 761 
Dividends declared - common stock ($0.10 per share)
— — — (2,349)— (2,349)
Repurchase of common stock(37,568)(188)(1,068)— — (1,256)
Balance at March 31, 202123,488,884 $117,444 $236,934 $289,792 $12,185 $656,355 
Net income— — — 27,733 — 27,733 
Other comprehensive income, net of tax— — — — 6,729 6,729 
Recognition of stock compensation, net13,331 67 404 — — 471 
Dividends declared - common stock ($0.13 per share)
— — — (3,053)— (3,053)
Balance at June 30, 2021 23,502,215 $117,511 $237,338 $314,472 $18,914 $688,235 
Common Shares OutstandingCommon
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (loss)
Total
Stockholders'
Equity
Balance at January 1, 202223,746,502$118,733 $242,114 $363,635 $5,729 $730,211 
Net income— — — 20,683— 20,683 
Other comprehensive (loss), net of tax— — — — (71,619)(71,619)
Recognition of stock compensation, net2,246 11675— — 686 
Dividends declared - common stock ($0.13 per share)
— — — (3,096)— (3,096)
Balance at March 31, 2022 23,748,748 $118,744 $242,789 $381,222 $(65,890)$676,865 
Net income— — — 21,311 — 21,311 
Other comprehensive (loss), net of tax— — — — (50,089)(50,089)
Recognition of stock compensation, net58,929 294 1,579 — — 1,873 
Dividends declared - common stock ($0.15 per share)
— — — (3,587)— (3,587)
Balance at June 30, 2022 23,807,677 $119,038 $244,368 $398,946 $(115,979)$646,373 








The accompanying notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)

Six Months Ended June 30,
Cash flows from operating activities:20222021
Net income$41,994 $53,246 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses3,125 (4,197)
Depreciation and amortization4,141 3,419 
Net amortization on securities4,831 3,570 
Amortization of investments in tax credit funds951 775 
Gain on sale of securities, net (1,673)
Deferred income tax expense1,611 3,463 
Stock-based compensation expense1,579 1,085 
Originations of mortgage loans held for sale(156,834)(259,460)
Proceeds from mortgage loans held for sale164,849 322,028 
Gain on mortgage loans held for sale, including origination of mortgage servicing rights(5,305)(11,222)
Mortgage servicing rights valuation adjustment(4,443)772 
Increase in the cash surrender value of life insurance(390)(406)
Net losses on sales and write-downs of other real estate owned279 80 
Other operating activities, net(1,701)(3,538)
Net cash provided by operating activities54,687 107,942 
Cash flows from investing activities:
Purchases of securities available for sale(557,069)(96,563)
Maturities and pay downs of securities available for sale81,004 72,962 
Proceeds from sales and calls of securities available for sale8,552 42,023 
Maturities, pay downs and calls of securities held to maturity17,750 283 
Pay downs of securities carried at fair value275 265 
Net (purchases) sales of non-marketable equity securities held in other financial institutions(31,562)21,225 
Originations of mortgage warehouse loans(5,128,940)(9,387,169)
Proceeds from pay-offs of mortgage warehouse loans5,224,131 9,605,914 
Net (increase) decrease in loans, excluding mortgage warehouse and loans held for sale(374,841)98,787 
Return of capital and other distributions from limited partnership investments5,276  
Capital calls on limited partnership investments(97)(225)
Purchase of low-income housing tax credit investments (383)
Purchases of premises and equipment(4,321)(1,399)
Proceeds from sales of premises and equipment 67 
Proceeds from sales of other real estate owned 1,396 
Net cash (used in) provided by investing activities(759,842)357,183 
The accompanying notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Cash Flows - Continued
(Unaudited)
(Dollars in thousands)

Six Months Ended June 30,
Cash flows from financing activities:20222021
Net (decrease) increase in deposits$(267,535)$277,037 
Repayments on long-term FHLB advances(128)(13,591)
Proceeds from short-term FHLB advances1,825,000 5,726,000 
Repayments on short-term FHLB advances(1,225,000)(6,376,000)
Net (decrease) in securities sold under agreements to repurchase(2,390)(4,549)
Dividends paid(6,655)(