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obnk-20230426

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

April 26, 2023

ORIGIN BANCORP, INC.

(Exact name of Registrant as specified in its charter)

Louisiana

001-38487

72-1192928

(State or other jurisdiction of incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

500 South Service Road East

Ruston, Louisiana 71270


(Address of principal executive offices including zip code)

(318) 255-2222


(Registrant's telephone number, including area code)

Not Applicable


(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $5.00 per share

OBNK

Nasdaq Global Select Market


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging 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. ¨


ITEM 2.02			Results of Operations and Financial Condition

On April 26, 2023, Origin Bancorp, Inc. (the "Company" or the "Registrant") issued a press release announcing its first quarter 2023 results of operations. A copy of the press release is attached hereto as Exhibit 99.1, which is incorporated herein by reference.

On Thursday, April 27, 2023, at 8:00 a.m. Central Time, the Company will host an investor conference call and webcast to review its first quarter 2023 financial results. The webcast will include presentation materials, which consist of information regarding the Company's results of operations and financial performance. The presentation materials will be posted on the Company's website on April 26, 2023. The presentation materials are attached hereto as Exhibit 99.2, which is incorporated herein by reference.

As provided in General Instructions B.2 to Form 8-K, the information furnished in Item 2.02, Exhibit 99.1 and Exhibit 99.2 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


ITEM 8.01			Other Events

On April 26, 2023, the Company issued a press release announcing that the board of directors of the Company declared a quarterly cash dividend of $0.15 per share of its common stock. The cash dividend will be paid on May 31, 2023, to stockholders of record as of the close of business on May 15, 2023. The press release is attached hereto as Exhibit 99.3, and incorporated herein by reference.


ITEM 9.01			Financial Statements and Exhibits
(d)			Exhibits.
Exhibit 99.1			Press release, dated April 26, 2023, announcing first quarter earnings
Exhibit 99.2			Presentation materials
Exhibit 99.3			Press release, dated April 26, 2023 announcing quarterly dividend
Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Dated: April 26, 2023						ORIGIN BANCORP, INC.

						By: /s/ William J. Wallace, IV
						William J. Wallace, IV
						Senior Executive Officer and Chief Financial Officer

Document

Exhibit 99.1

For Immediate Release

https://cdn.kscope.io/efc8c8d09c8485a0d38718d24dc61a0f-obnklogoa52a.jpg

ORIGIN BANCORP, INC. REPORTS EARNINGS FOR FIRST QUARTER 2023

RUSTON, Louisiana (April 26, 2023) - Origin Bancorp, Inc. (Nasdaq: OBNK) (“Origin” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $24.3 million, or $0.79 diluted earnings per share for the quarter ended March 31, 2023, compared to net income of $29.5 million, or $0.95 diluted earnings per share, for the quarter ended December 31, 2022, and compared to net income of $20.7 million, or $0.87 diluted earnings per share for the quarter ended March 31, 2022. Adjusted pre-tax, pre-provision ("adjusted PTPP")(1) earnings were $36.6 million, for the quarter ended March 31, 2023.

“We manage this company for long-term success, and we are confident in both the strength of this company and the experience of our management team to continue to deliver meaningful value to our employees, customers, communities and shareholders,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “Just as we have in the past, we are in a position to take advantage of the opportunities presented during these times.”

(1) Adjusted PTPP earnings is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its comparable GAAP measure.

Financial Highlights

•Total loans held for investment ("LHFI"), excluding mortgage warehouse lines of credit, were $7.04 billion at March 31, 2023, reflecting an increase of $233.1 million, or 3.4%, compared to December 31, 2022.

•Total deposits were $8.17 billion at March 31, 2023, reflecting an increase of $398.6 million, or 5.1%, compared to December 31, 2022.

•Book value per common share was $32.25 at March 31, 2023, reflecting an increase of $1.35, or 4.4%, compared to the linked quarter, and an increase of $3.75, or 13.2%, compared to March 31, 2022. Tangible book value per common share(1) was $26.53 at March 31, 2023, reflecting an increase of $1.44, or 5.7%, compared to the linked quarter, and an increase of $0.16, or 0.6%, compared to March 31, 2022.

•Total nonperforming LHFI to total LHFI was 0.23% at March 31, 2023, compared to 0.14% at December 31, 2022, and 0.41% at March 31, 2022. The allowance for loan credit losses ("ALCL") to nonperforming LHFI was 538.75% at March 31, 2023, compared to 876.87% and 293.53% at December 31, 2022, and March 31, 2022, respectively.

•At March 31, 2023, and December 31, 2022, Company level common equity Tier 1 capital to risk-weighted assets was 11.08%, and 10.93%, respectively, the Tier 1 leverage ratio was 9.79% and 9.66%, respectively, and the total capital ratio was 14.30% and 14.23%, respectively. Tangible common equity to tangible assets(1) was 8.02% at March 31, 2023, compared to 8.11% at December 31, 2022, and 7.77% at March 31, 2022.

•LHFI, excluding mortgage warehouse lines of credit, to deposits was 86.1% at March 31, 2023, compared to 87.5% at December 31, 2022, and 69.3% at March 31, 2022. Cash and liquid securities as a percentage of total assets was 14.3% at March 31, 2023, compared to 12.1% and 23.0% at December 31, 2022, and March 31, 2022, respectively.

(1) Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures, please see the last few pages of this document for a reconciliation of these alternative financial measures to their comparable GAAP measures.

Results of Operations for the Three Months Ended March 31, 2023

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended March 31, 2023, was $77.1 million, a decrease of $7.6 million, or 9.0%, compared to the linked quarter, due to a $16.4 million increase in total interest expense, partially offset by an $8.8 million increase in interest income. Increases in interest rates increased our total deposit interest expense and FHLB advances and other borrowings interest expense by $12.9 million and $2.4 million, respectively. Offsetting this increase in deposit interest expense, was a $5.2 million increase in interest income earned on total LHFI due to rate increases, during the current quarter compared to the linked quarter. Increases in interest rates drove a $5.7 million increase in total interest income, while increases in average interest-earning asset balances drove a $3.1 million increase in total interest income.

The net purchase accounting accretion declined to $1.7 million, a decrease of $194,000, for the three months ended March 31, 2023, compared to the three months ended December 31, 2022. The table below presents the estimated loan and deposit accretion and subordinated indebtedness amortization resulting from merger purchase accounting adjustments for the periods shown.


	Loan Accretion Income		Deposit Accretion Income		Subordinated Indebtedness Amortization Expense		Total Impact to Net Interest Income
3Q2022	$	1,187	$	238	$	(10)	$	1,415
4Q2022	1,653		259		(15)		1,897
1Q2023	1,617		101		(15)		1,703
Total actual realized net purchase accounting accretion	$	4,457	$	598	$	(40)	$	5,015

Remaining 2023	$	406	$	108	$	(47)	$	467
Thereafter	223		23		(706)		(460)
Total remaining net purchase accounting accretion at March 31, 2023	$	629	$	131	$	(753)	$	7

The Federal Reserve Board sets various benchmark rates, including the Federal Funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. In early 2020, the Federal Reserve lowered the target rate range to 0.00% to 0.25%. These rates remained in effect throughout all of 2021. On March 17, 2022, the target rate range was increased to 0.25% to 0.50%, then subsequently increased six more times during 2022 and two more times during 2023, with the most recent and current Federal Funds target rate range being set on March 2, 2023, at 4.75% to 5.00%. By March 31, 2023, the Federal Funds target rate range had increased 450 basis points from March 17, 2022, and in order to remain competitive as market interest rates increased, interest rates paid on deposits have also increased.

The average rate on interest-bearing deposits increased to 2.49% for the quarter ended March 31, 2023, compared to 1.54% for the quarter ended December 31, 2022, and average interest-bearing deposit balances increased to $5.63 billion from $5.12 billion for the linked quarter. Average balances in savings and interest-bearing transaction accounts increased $285.5 million compared to the linked period, while average time deposit balance increased $223.4 million compared to the three months ended December 31, 2022. Offsetting these increases was a decline of $201.1 million in average noninterest-bearing deposit balances.

The average rate on FHLB advances and other borrowings increased to 5.21% for the quarter ended March 31, 2023, compared to 3.02% for the linked quarter. Additionally, the yield on LHFI was 6.03% and 5.63% for the quarter ended March 31, 2023, and December 31, 2022, respectively, and average LHFI balances increased to $7.15 billion for the quarter ended March 31, 2023, compared to $6.97 billion for the linked quarter. The yield on LHFI, excluding the purchase accounting accretion, was 5.94% for the quarter ended March 31, 2023, compared to 5.53% for the linked quarter.

The Company made a strategic decision to borrow approximately $700.0 million and hold excess cash for contingency liquidity for the majority of the month ended March 31, 2023. This excess liquidity was held at a weighted-average rate of 5.03% and added $1.9 million in interest expense for the quarter ended March 31, 2023, which negatively impacted the fully tax-equivalent net interest margin ("NIM") by six basis points.

The fully tax-equivalent NIM was impacted by margin compression as rates on interest-bearing liabilities rose faster than yields on interest-earning assets during the current quarter. We typically lag market deposit rate increases. The fully tax-equivalent NIM was 3.44% for the quarter ended March 31, 2023, a 37 basis point decrease and a 58 basis point increase compared to the linked quarter and the prior year quarter, respectively. The yield earned on interest-earning assets for the quarter ended March 31, 2023, was 5.31%, an increase of 35 and 218 basis points compared to the linked quarter and the prior year quarter, respectively. The average rate paid on total deposits for the quarter ended March 31, 2023, was 1.75%, representing a 73 and a 158 basis point increase compared to the linked quarter and the prior year quarter. The average rate paid on FHLB and other borrowings also increased to 5.21%, reflecting a 219 and 354 basis point increase compared to the linked quarter and prior year quarter, respectively. The net increase in accretion income due to the BTH merger increased the fully tax-equivalent NIM by approximately eight basis points for both the current quarter and the linked quarter.

Credit Quality

The table below includes key credit quality information:


	At and For the Three Months Ended									$ Change		% Change
(Dollars in thousands, unaudited)	March 31, 2023			December 31, 2022			March 31, 2022			Linked Quarter		Linked Quarter
Past due LHFI	$	11,498		$	10,932		$	21,753		$	566	5.2	%
ALCL	92,008			87,161			62,173			4,847		5.6
Classified loans	86,170			74,203			70,379			11,967		16.1
Total nonperforming LHFI	17,078			9,940			21,181			7,138		71.8
Provision for credit losses	6,197			4,624			(327)			1,573		34.0
Net charge-offs	1,311			180			1,754			1,131		628.3
Credit quality ratios(1):
ALCL to nonperforming LHFI	538.75		%	876.87		%	293.53		%	N/A		-33812 bp
ALCL to total LHFI	1.25			1.23			1.20			N/A		2 bp
ALCL to total LHFI, adjusted(2)	1.30			1.28			1.33			N/A		2 bp
Nonperforming LHFI to LHFI	0.23			0.14			0.41			N/A		9 bp
Net charge-offs to total average LHFI (annualized)	0.07			0.01			0.14			N/A		6 bp

___________________________

(1)Please see the Loan Data schedule at the back of this document for additional information.

(2)The ALCL to total LHFI, adjusted, is calculated at March 31, 2023, and December 31, 2022, by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the warehouse loans from the LHFI in the denominator. For the periods prior to September 30, 2022, it is calculated by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the PPP and warehouse loans from the LHFI in the denominator. Due to their low-risk profile, mortgage warehouse loans require a disproportionately low allocation of the ALCL, and PPP loans are fully guaranteed by the SBA.

The Company recorded a credit loss provision of $6.2 million during the quarter ended March 31, 2023, compared to $4.6 million recorded during the linked quarter. The increase is primarily due to additional loan growth of $285.8 million during the current quarter.

The ALCL to nonperforming LHFI decreased to 538.8% at March 31, 2023, compared to 876.9% at December 31, 2022, driven by an increase of $7.1 million in the Company’s nonperforming LHFI, offset by an increase of $4.8 million in the ALCL for the quarter. The increase in nonperforming LHFI at March 31, 2023, compared to the linked quarter is primarily due to six loan relationships, five of which were acquired relationships. Quarterly net charge-offs increased to $1.3 million from $180,000 for the linked quarter, primarily due to a $1.9 million recovery on a commercial and industrial loan during the linked quarter, with no such recovery during the current quarter. Net charge-offs to total average LHFI (annualized) increased to 0.07% for the quarter ending March 31, 2023, compared to 0.01% for the linked quarter. Classified loans increased $12.0 million at March 31, 2023, compared to the linked quarter, and represented 1.17% of LHFI, at March 31, 2023, compared to 1.05% at December 31, 2022. The ALCL to total LHFI increased to 1.25% at March 31, 2023, compared to 1.23% at December 31, 2022.

Noninterest Income

Noninterest income for the quarter ended March 31, 2023, was $16.4 million, an increase of $3.0 million, or 22.0%, from the linked quarter. The increase from the linked quarter was primarily driven by increases of $2.0 million and $580,000 on the insurance commission and fee income and mortgage banking revenue, respectively.

The increase in insurance commission and fee income was primarily driven by the increase in annual contingency fee income recognized in the first quarter.

The increase in mortgage banking revenue was primarily due to a stronger production pipeline during the current quarter, compared to the quarter ended December 31, 2022.

Noninterest Expense

Noninterest expense for the quarter ended March 31, 2023, was $56.8 million, a decrease of $494,000 compared to the linked quarter. The decrease from the linked quarter was primarily due to a $1.2 million decrease in merger-related expense, partially offset by an increase of $640,000 in occupancy and equipment, net.

Merger-related expenses declined $1.2 million compared to the quarter ended December 31, 2022, primarily due to expenses associated with the BTH merger incurred during the linked quarter, with no merger expenses incurred during the current quarter.

Occupancy and equipment, net expense increased $640,000 during the current quarter compared to the linked quarter, primarily due to the planned addition of one new banking location and one mortgage production office during the current quarter. Additionally, higher property taxes drove an increase of $182,000 and ATM maintenance expense increased $118,000 during the current quarter compared to the linked quarter.

Income Taxes

The effective tax rate was 20.5% during the quarter ended March 31, 2023, compared to 18.8% during the linked quarter and 20.4% during the quarter ended March 31, 2022. The effective tax rate for the current quarter was higher due to increased state tax compared to the linked quarter.

Financial Condition

Total Assets

•Total assets exceeded $10.00 billion at March 31, 2023, primarily due to the additional temporary cash added in March 2023, as noted above.

Loans

•Total LHFI at March 31, 2023, were $7.38 billion, an increase of $285.8 million, or 4.0%, from $7.09 billion at December 31, 2022, and an increase of $2.18 billion, or 42.0%, compared to March 31, 2022.

•Total real estate loans were $4.92 billion at March 31, 2023, an increase of $194.7 million, or 4.1%, from the linked quarter, with residential real estate loan growth contributing $111.0 million of the total real estate loan growth.

•Mortgage warehouse lines of credit totaled $337.5 million at March 31, 2023, an increase of $52.7 million, or 18.5%, compared to the linked quarter.

•All loan categories experienced increases in loan balances during the current quarter compared to the linked quarter with the exception of consumer loans.

Securities

•Total securities at March 31, 2023, were $1.61 billion, a decrease of $50.2 million, or 3.0%, compared to the linked quarter and a decrease of $308.6 million, or 16.1%, compared to March 31, 2022.

•The decrease was due to sales, maturities, scheduled principal payments, and calls. Securities of $38.7 million primarily municipal securities, were sold during the current quarter and the Company realized a net gain of $144,000 on the sale.

•Accumulated other comprehensive loss, net of taxes, primarily associated with the AFS portfolio, was $138.5 million at March 31, 2023, an improvement of $21.4 million during the current quarter.

•The weighted average effective duration for the total securities portfolio was 4.17 years as of March 31, 2023, compared to 4.24 years as of December 31, 2022.

Deposits

•Total deposits at March 31, 2023, were $8.17 billion, an increase of $398.6 million, or 5.1%, compared to the linked quarter, and represented an increase of $1.41 billion, or 20.8%, from March 31, 2022.

•The increase in the current quarter compared to the linked quarter was primarily due to increases of $283.8 million and $228.4 million in brokered deposits and money market deposits, respectively, which was partially offset by a $234.7 million decrease in noninterest-bearing deposits. During the month of February 2023, we added $275.0 million of brokered deposits as a less expensive alternative to FHLB advances.

•For the quarter ended March 31, 2023, average noninterest-bearing deposits as a percentage of total average deposits were 29.8%, compared to 33.6% and 33.0% for the quarter ended December 31, 2022, and March 31, 2022, respectively.

•Uninsured/uncollateralized deposits totaled $3.09 billion at March 31, 2023, compared to $3.43 billion at December 31, 2022, representing 37.8% and 44.1% of total deposits at March 31, 2023 and December 31, 2022, respectively.

Borrowings

•FHLB advances and other borrowings at March 31, 2023, were $875.5 million, an increase of $236.3 million, or 37.0%, compared to the linked quarter and represented an increase of $569.9 million, or 186.5%, from March 31, 2022. The increase was due to a strategic decision in early March 2023 to borrow $700.0 million and hold excess cash for contingency liquidity.

•Average FHLB advances were $432.2 million for the quarter ended March 31, 2023, a decrease of $79.7 million from $511.9 million for the quarter ended December 31, 2022 and an increase of $255.0 million from March 31, 2022.

Stockholders’ Equity

•Stockholders’ equity was $992.6 million at March 31, 2023, an increase of $42.6 million, or 4.5%, compared to $949.9 million at December 31, 2022, and an increase of $315.7 million, or 46.6%, compared to $676.9 million, at March 31, 2022.

•The increase in stockholders’ equity from the linked quarter is primarily due to net income of $24.3 million and a decrease in accumulated other comprehensive loss, net of tax, of $21.4 million during the current quarter.

•The increase from March 31, 2022, is primarily associated with the BTH merger, which drove a $306.3 million increase in stockholders' equity and net income retained during the intervening period. The increase was partially offset by other comprehensive loss, net of tax and dividends declared during the year.

Conference Call

Origin will hold a conference call to discuss its first quarter 2023 results on Thursday, April 27, 2023, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International); +1 (800) 528-1066 (U.S. Toll Free), enter Conference ID: 15370 and request to be joined into the Origin Bancorp, Inc. (OBNK) call. A simultaneous audio-only webcast may be accessed via Origin’s website at www.origin.bank under the investor relations, News & Events, Events & Presentations link or directly by visiting https://dealroadshow.com/e/ORIGINQ123.

If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Origin’s website at www.origin.bank, under Investor Relations, News & Events, Events & Presentations.

About Origin

Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized, relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates 60 banking centers located in Dallas/Fort Worth, East Texas, Houston, North Louisiana and Mississippi. For more information, visit www.origin.bank.

Non-GAAP Financial Measures

Origin reports its results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin's results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin's reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: adjusted net income, adjusted PTPP earnings, adjusted diluted EPS, NIM-FTE, adjusted, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, ROATCE and adjusted ROATCE and adjusted efficiency ratio.

Please see the last few pages of this release for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin’s future financial performance, business and growth strategy, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “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” and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect Origin’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: potential impacts of the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto, the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing, deterioration of Origin’s asset quality; factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; changes in the value of collateral securing Origin’s loans; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; Origin’s ability to anticipate interest rate changes and manage interest rate risk, (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business); the effectiveness of Origin’s risk management framework and quantitative models; Origin’s inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin’s common stockholders, repurchase Origin’s shares of common stock and satisfy obligations as they become due; the impact of labor pressures; changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; changes in management personnel; Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; increasing costs as Origin grows deposits; operational risks associated with Origin’s business; volatility and direction of market interest rates; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; 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 and slowdowns in economic growth; Origin’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in Origin’s loan portfolio; changes in laws, rules, regulations, interpretations or policies relating to financial institutions, and potential expenses associated with complying with such regulations; periodic changes to the extensive body of accounting rules and best practices; further government intervention in the U.S. financial system; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; 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; Origin’s ability to comply with applicable capital and liquidity requirements, including its 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 Origin’s non-GAAP liquidity measurements and its underlying assumptions or estimates; uncertainty regarding the transition away from the London Interbank Offered Rate and the impact of any replacement alternatives such as the Secured Overnight Financing Rate on Origin’s business; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies and similar organizations; 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 Origin’s control; and system failures, cybersecurity threats or security breaches and the cost of defending against them. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled

“Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Origin’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates to those sections set forth in Origin’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin’s underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. 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 Origin does 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 arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin’s 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. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin’s behalf may issue. Annualized, pro forma, adjusted, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

Contact:

Investor Relations

Chris Reigelman

318-497-3177

chris@origin.bank

Media Contact

Ryan Kilpatrick

318-232-7472

rkilpatrick@origin.bank

Origin Bancorp, Inc.

Selected Quarterly Financial Data


	Three Months Ended
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022

Income statement and share amounts	(Dollars in thousands, except per share amounts, unaudited)
Net interest income	$	77,147		$	84,749		$	78,523		$	59,504		$	52,502
Provision for credit losses	6,197			4,624			16,942			3,452			(327)
Noninterest income	16,384			13,429			13,723			14,216			15,906
Noninterest expense	56,760			57,254			56,241			44,150			42,774
Income before income tax expense	30,574			36,300			19,063			26,118			25,961
Income tax expense	6,272			6,822			2,820			4,807			5,278
Net income	$	24,302		$	29,478		$	16,243		$	21,311		$	20,683
Adjusted net income(1)	$	24,188		$	30,409		$	31,087		$	21,949		$	21,134
Adjusted PTPP earnings ("Adjusted PTPP")(1)	36,627			42,103			39,905			30,377			26,205

Basic earnings per common share	0.79			0.96			0.57			0.90			0.87
Diluted earnings per common share	0.79			0.95			0.57			0.90			0.87

Adjusted diluted earnings per common share(1)	0.78			0.99			1.09			0.92			0.89
Dividends declared per common share	0.15			0.15			0.15			0.15			0.13
Weighted average common shares outstanding - basic	30,742,902			30,674,389			28,298,984			23,740,611			23,700,550
Weighted average common shares outstanding - diluted	30,882,156			30,867,511			28,481,619			23,788,164			23,770,791

Balance sheet data
Total LHFI	$	7,375,823		$	7,090,022		$	6,882,681		$	5,528,093		$	5,194,406
Total assets	10,358,516			9,686,067			9,462,639			8,111,524			8,112,295
Total deposits	8,174,310			7,775,702			7,777,327			6,303,158			6,767,179


Total stockholders’ equity	992,587			949,943			907,024			646,373			676,865






Performance metrics and capital ratios
Yield on LHFI	6.03		%	5.63		%	4.94		%	4.26		%	4.08		%
Yield on interest-earnings assets	5.31			4.96			4.23			3.53			3.13
Cost of interest-bearing deposits	2.49			1.54			0.64			0.29			0.26
Cost of total deposits	1.75			1.02			0.41			0.19			0.17
NIM - fully tax equivalent ("FTE")	3.44			3.81			3.68			3.23			2.86
NIM - FTE, adjusted(2)	3.36			3.73			3.61			3.20			2.76
Return on average assets (annualized) ("ROAA")	1.01			1.23			0.70			1.08			1.04
Adjusted ROAA (annualized)(1)	1.00			1.27			1.34			1.11			1.07

Adjusted PTPP ROAA (annualized)(1)	1.52			1.75			1.72			1.53			1.32
Return on average stockholders’ equity (annualized) ("ROAE")	10.10			12.80			6.86			12.81			11.61
Adjusted ROAE (annualized)(1)	10.05			13.20			13.14			13.19			11.86

Adjusted PTPP ROAE (annualized)(1)	15.22			18.28			16.86			18.26			14.71

Book value per common share(3)	$	32.25		$	30.90		$	29.58		$	27.15		$	28.50

Tangible book value per common share (1)(3)	26.53			25.09			23.41			25.05			26.37
Adjusted tangible book value per common share(1)	31.03			30.29			29.13			29.92			29.15
Return on average tangible common equity ("ROATCE")(1)	12.34		%	16.00		%	8.03		%	13.86		%	12.49		%
Adjusted return on average tangible common equity ("adjusted ROATCE")(1)	12.29			16.50			15.38			14.27			12.77
Efficiency ratio(4)	60.69			58.32			60.97			59.89			62.53
Adjusted efficiency ratio(1)	58.64			53.06			52.16			54.10			58.93

Origin Bancorp, Inc.

Selected Quarterly Financial Data- Continued


	Three Months Ended
	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022

	(Dollars in thousands, except per share amounts, unaudited)
Common equity tier 1 to risk-weighted assets(5)	11.08	%	10.93	%	10.51	%	10.81	%	11.20	%
Tier 1 capital to risk-weighted assets(5)	11.27		11.12		10.70		10.95		11.35
Total capital to risk-weighted assets(5)	14.30		14.23		13.79		14.09		14.64
Tier 1 leverage ratio(5)	9.79		9.66		9.63		9.09		8.84

__________________________

(1)Adjusted net income, adjusted PTPP earnings, adjusted diluted earnings per common share, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, tangible book value per common share, adjusted tangible book value per common share, ROATCE, adjusted ROATCE and adjusted efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their comparable GAAP measures, please see the last few pages of this release.

(2)NIM - FTE, adjusted, is a non-GAAP financial measure and is calculated for the quarters ended March 31, 2023, December 31, 2022, and September 30, 2022, by removing the net purchase accounting accretion from the net interest income. For periods prior to September 30, 2022, it is calculated by removing average PPP loans from average interest-earning assets and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.

(3)An increase in accumulated other comprehensive loss negatively impacted total stockholders' equity, tangible common equity, book value and tangible book value per common share primarily due to the movement of the short end of the yield curve that occurred during the first three quarters of 2022 and its impact on our investment portfolio.

(4)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.

(5)March 31, 2023, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.

Origin Bancorp, Inc.

Consolidated Quarterly Statements of Income


	Three Months Ended
	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022

Interest and dividend income	(Dollars in thousands, except per share amounts, unaudited)
Interest and fees on loans	$	106,496	$	99,178	$	79,803	$	55,986	$	51,183
Investment securities-taxable	8,161		7,765		7,801		7,116		5,113
Investment securities-nontaxable	1,410		2,128		2,151		1,493		1,400
Interest and dividend income on assets held in other financial institutions	4,074		2,225		1,482		1,193		587
Total interest and dividend income	120,141		111,296		91,237		65,788		58,283
Interest expense
Interest-bearing deposits	34,557		19,820		7,734		3,069		2,886
FHLB advances and other borrowings	5,880		4,208		2,717		1,392		1,094
Subordinated indebtedness	2,557		2,519		2,263		1,823		1,801
Total interest expense	42,994		26,547		12,714		6,284		5,781
Net interest income	77,147		84,749		78,523		59,504		52,502
Provision for credit losses	6,197		4,624		16,942		3,452		(327)
Net interest income after provision for credit losses	70,950		80,125		61,581		56,052		52,829
Noninterest income
Insurance commission and fee income	7,011		5,054		5,666		5,693		6,456
Service charges and fees	4,571		4,663		4,734		4,274		3,998
Mortgage banking revenue (loss)	1,781		1,201		(929)		2,354		4,096
Other fee income	942		1,132		1,162		638		598
Swap fee income	384		292		25		1		139
Gain on sales of securities, net	144		—		1,664		—		—

Limited partnership investment income (loss)	66		(230)		112		282		(363)
Gain (loss) on sales and disposals of other assets, net	63		34		70		(279)		—

Other income	1,422		1,283		1,219		1,253		982
Total noninterest income	16,384		13,429		13,723		14,216		15,906
Noninterest expense
Salaries and employee benefits	33,731		33,339		31,834		27,310		26,488
Occupancy and equipment, net	6,503		5,863		5,399		4,514		4,427
Data processing	2,916		2,868		2,689		2,413		2,486
Intangible asset amortization	2,553		2,554		1,872		525		537
Office and operations	2,303		2,277		2,121		2,162		1,560
Professional services	1,525		1,145		1,188		420		1,060
Loan-related expenses	1,465		1,676		1,599		1,517		1,305
Advertising and marketing	1,456		1,505		1,196		859		871
Electronic banking	1,009		1,058		1,087		896		917
Franchise tax expense	975		1,017		957		838		770
Regulatory assessments	951		1,242		877		802		626
Communications	384		434		279		252		281
Merger-related expense	—		1,179		3,614		807		571
Other expenses	989		1,097		1,529		835		875
Total noninterest expense	56,760		57,254		56,241		44,150		42,774
Income before income tax expense	30,574		36,300		19,063		26,118		25,961
Income tax expense	6,272		6,822		2,820		4,807		5,278

Net income	$	24,302	$	29,478	$	16,243	$	21,311	$	20,683
Basic earnings per common share	$	0.79	$	0.96	$	0.57	$	0.90	$	0.87
Diluted earnings per common share	0.79		0.95		0.57		0.90		0.87

Origin Bancorp, Inc.

Consolidated Balance Sheets


(Dollars in thousands)	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Assets	(Unaudited)				(Unaudited)		(Unaudited)		(Unaudited)
Cash and due from banks	$	117,309	$	150,180	$	118,505	$	123,499	$	129,825
Interest-bearing deposits in banks	707,802		208,792		181,965		200,421		454,619
Total cash and cash equivalents	825,111		358,972		300,470		323,920		584,444
Securities:
AFS	1,591,334		1,641,484		1,672,170		1,804,370		1,905,687
Held to maturity, net of allowance for credit losses	11,191		11,275		11,285		4,288		4,831
Securities carried at fair value through income	6,413		6,368		6,347		6,630		7,058
Total securities	1,608,938		1,659,127		1,689,802		1,815,288		1,917,576
Non-marketable equity securities held in other financial institutions	77,036		67,378		53,899		76,822		45,242
Loans held for sale	29,143		49,957		59,714		62,493		80,295
Loans	7,375,823		7,090,022		6,882,681		5,528,093		5,194,406
Less: ALCL	92,008		87,161		83,359		63,123		62,173
Loans, net of ALCL	7,283,815		7,002,861		6,799,322		5,464,970		5,132,233
Premises and equipment, net	104,047		100,201		99,291		81,950		80,421
Mortgage servicing rights	18,261		20,824		21,654		22,127		21,187
Cash surrender value of bank-owned life insurance	39,253		39,040		38,885		38,742		38,547
Goodwill	128,679		128,679		136,793		34,153		34,153
Other intangible assets, net	47,277		49,829		52,384		15,900		16,425
Accrued interest receivable and other assets	196,956		209,199		210,425		175,159		161,772
Total assets	$	10,358,516	$	9,686,067	$	9,462,639	$	8,111,524	$	8,112,295
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	2,247,782	$	2,482,475	$	2,667,489	$	2,214,919	$	2,295,682
Interest-bearing deposits	4,779,023		4,505,940		4,361,423		3,598,417		3,947,714
Time deposits	1,147,505		787,287		748,415		489,822		523,783
Total deposits	8,174,310		7,775,702		7,777,327		6,303,158		6,767,179
FHLB advances and other borrowings	875,502		639,230		450,456		894,581		305,560
Subordinated indebtedness	201,845		201,765		201,687		157,540		157,478
Accrued expenses and other liabilities	114,272		119,427		126,145		109,872		205,213
Total liabilities	9,365,929		8,736,124		8,555,615		7,465,151		7,435,430

Stockholders’ equity:
Common stock	153,904		153,733		153,309		119,038		118,744
Additional paid-in capital	522,124		520,669		518,376		244,368		242,789
Retained earnings	455,040		435,416		410,572		398,946		381,222

Accumulated other comprehensive (loss)	(138,481)		(159,875)		(175,233)		(115,979)		(65,890)
Total stockholders’ equity	992,587		949,943		907,024		646,373		676,865
Total liabilities and stockholders’ equity	$	10,358,516	$	9,686,067	$	9,462,639	$	8,111,524	$	8,112,295

Origin Bancorp, Inc.

Loan Data


	At and For the Three Months Ended
	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022

LHFI	(Dollars in thousands, unaudited)
Commercial real estate	$	2,385,400	$	2,304,678	$	2,174,347	$	1,909,054	$	1,801,382
Construction/land/land development	948,626		945,625		853,311		635,556		593,350
Residential real estate	1,588,491		1,477,538		1,399,182		1,005,623		922,054
Total real estate loans	4,922,517		4,727,841		4,426,840		3,550,233		3,316,786


Commercial and industrial	2,091,093		2,051,161		1,967,037		1,430,239		1,358,597
Mortgage warehouse lines of credit	337,529		284,867		460,573		531,888		503,249
Consumer	24,684		26,153		28,231		15,733		15,774
Total LHFI	7,375,823		7,090,022		6,882,681		5,528,093		5,194,406
Less: allowance for loan credit losses ("ALCL")	92,008		87,161		83,359		63,123		62,173
LHFI, net	$	7,283,815	$	7,002,861	$	6,799,322	$	5,464,970	$	5,132,233

Nonperforming assets
Nonperforming LHFI
Commercial real estate	$	3,100	$	526	$	431	$	224	$	233
Construction/land/land development	226		270		366		373		256
Residential real estate	8,969		7,712		7,641		7,478		11,609
Commercial and industrial	4,730		1,383		5,134		5,930		8,987
Mortgage warehouse lines of credit	—		—		385		—		—
Consumer	53		49		74		80		96
Total nonperforming LHFI	17,078		9,940		14,031		14,085		21,181
Nonperforming loans held for sale	4,646		3,933		2,698		2,461		2,698
Total nonperforming loans	21,724		13,873		16,729		16,546		23,879
Repossessed assets	806		806		1,781		2,009		1,703
Total nonperforming assets	$	22,530	$	14,679	$	18,510	$	18,555	$	25,582








Classified assets	$	86,975	$	75,009	$	71,562	$	54,124	$	72,082
Past due LHFI(1)	11,498		10,932		10,866		7,186		21,753

Allowance for loan credit losses
Balance at beginning of period	$	87,161	$	83,359	$	63,123	$	62,173	$	64,586
Provision for loan credit losses	6,158		3,982		15,787		2,503		(659)
ALCL - BTH merger	—		—		5,527		—		—
Loans charged off	2,293		2,537		1,628		2,192		2,402
Loan recoveries	982		2,357		550		639		648
Net charge-offs	1,311		180		1,078		1,553		1,754
Balance at end of period	$	92,008	$	87,161	$	83,359	$	63,123	$	62,173

Origin Bancorp, Inc.

Loan Data - Continued


	At and For the Three Months Ended
	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022

Credit quality ratios	(Dollars in thousands, unaudited)
Total nonperforming assets to total assets	0.22	%	0.15	%	0.20	%	0.23	%	0.32	%
Total nonperforming loans to total loans	0.29		0.19		0.24		0.30		0.45
Nonperforming LHFI to LHFI	0.23		0.14		0.20		0.25		0.41

Past due LHFI to LHFI	0.16		0.15		0.16		0.13		0.42
ALCL to nonperforming LHFI	538.75		876.87		594.11		448.16		293.53
ALCL to total LHFI	1.25		1.23		1.21		1.14		1.20
ALCL to total LHFI, adjusted(2)	1.30		1.28		1.29		1.25		1.33
Net charge-offs to total average LHFI (annualized)	0.07		0.01		0.07		0.12		0.14

____________________________

(1)Past due LHFI are defined as loans 30 days or more past due.

(2)The ALCL to total LHFI, adjusted is calculated at March 31, 2023, December 31, 2022, and September 30, 2022, by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the warehouse loans from the LHFI in the denominator. For the periods prior to September 30, 2022, it is calculated by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the PPP and warehouse loans from the LHFI in the denominator. Due to their low-risk profile, mortgage warehouse loans require a disproportionately low allocation of the ALCL and PPP loans are fully guaranteed by the SBA.

Origin Bancorp, Inc.

Average Balances and Yields/Rates


	Three Months Ended
	March 31, 2023		December 31, 2022				March 31, 2022
	Average Balance		Yield/Rate		Average Balance			Yield/Rate		Average Balance		Yield/Rate

Assets	(Dollars in thousands, unaudited)
Commercial real estate	$	2,342,545	5.37	%	$	2,205,219		5.07	%	$	1,718,259	4.02	%
Construction/land/land development	974,914		6.48		916,697			6.01		565,347		4.21
Residential real estate	1,519,325		4.85		1,442,281			4.57		907,320		3.98


Commercial and industrial ("C&I")	2,070,356		7.42		2,053,473			6.74		1,425,236		4.26
Mortgage warehouse lines of credit	213,201		5.72		322,658			5.75		423,795		3.73
Consumer	26,017		8.10		26,924			8.18		16,462		5.78
LHFI	7,146,358		6.03		6,967,252			5.63		5,056,419		4.08
Loans held for sale	26,140		4.34		28,842			5.39		32,710		3.27
Loans receivable	7,172,498		6.02		6,996,094			5.62		5,089,129		4.08
Investment securities-taxable	1,395,857		2.37		1,421,839			2.17		1,408,109		1.47
Investment securities-nontaxable	238,145		2.40		253,073			3.34		253,875		2.24
Non-marketable equity securities held in other financial institutions	71,089		3.72		63,321			3.68		45,205		1.93
Interest-bearing balances due from banks	300,795		4.61		175,138			3.71		746,057		0.20

Total interest-earning assets	9,178,384		5.31		8,909,465			4.96		7,542,375		3.13
Noninterest-earning assets(1)	605,218				621,078					502,871
Total assets	$	9,783,602			$	9,530,543				$	8,045,246

Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	4,648,397	2.47	%	$	4,362,915		1.59	%	$	3,975,395	0.22	%
Time deposits	976,905		2.58		753,526			1.22		535,044		0.54
Total interest-bearing deposits	5,625,302		2.49		5,116,441			1.54		4,510,439		0.26

FHLB advances and other borrowings	457,478		5.21		552,903			3.02		265,472		1.67

Subordinated indebtedness	201,809		5.14		201,731			4.95		157,455		4.64
Total interest-bearing liabilities	6,284,589		2.77		5,871,075			1.79		4,933,366		0.48
Noninterest-bearing liabilities
Noninterest-bearing deposits	2,392,176				2,593,321					2,218,092
Other liabilities(1)	130,793				152,297					171,284
Total liabilities	8,807,558				8,616,693					7,322,742
Stockholders’ Equity	976,044				913,850					722,504
Total liabilities and stockholders’ equity	$	9,783,602			$	9,530,543				$	8,045,246
Net interest spread			2.54	%				3.17	%			2.65	%
NIM			3.41					3.77				2.82
NIM - (FTE)(2)			3.44					3.81				2.86
NIM - FTE, adjusted(3)			3.36					3.73				2.76

____________________________

(1)Includes Government National Mortgage Association (“GNMA”) repurchase average balances of $4.4 million, $25.9 million, and $43.8 million for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively. The GNMA repurchase asset and liability are recorded as equal offsetting amounts in the consolidated balance sheets, with the asset included in Loans held for sale and the liability included in FHLB advances and other borrowings. During the quarter ended December 31, 2022, the Company entered into a contract to transfer the servicing of these GNMA loans to a third party which closed during the quarter ended March 31, 2023.

(2)In order to present pre-tax income and resulting yields on tax-exempt investments comparable to those on taxable investments, a tax-equivalent adjustment has been computed. This adjustment also includes income tax credits received on Qualified School Construction Bonds.

(3)NIM - FTE, adjusted, is calculated for the quarters ended March 31, 2023, and December 31, 2022, by removing the net purchase accounting accretion from the net interest income. For periods prior to September 30, 2022, it is calculated by removing average PPP loans from average interest-earning assets and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.

Origin Bancorp, Inc.

Non-GAAP Financial Measures


	At and For the Three Months Ended
	March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022

	(Dollars in thousands, except per share amounts, unaudited)
















Calculation of adjusted net income:
Net interest income after provision for credit losses	$	70,950	$	80,125	$	61,581	$	56,052	$	52,829
Add: CECL provision for non-PCD loans	—		—		14,890		—		—
Adjusted net interest income after provision for credit losses	70,950		80,125		76,471		56,052		52,829

Total noninterest income	$	16,384	$	13,429	$	13,723	$	14,216	$	15,906
Less: GNMA MSR impairment	—		—		(1,950)		—		—
Less: gain on sales of securities, net	144		—		1,664		—		—

Adjusted total noninterest income	16,240		13,429		14,009		14,216		15,906

Total noninterest expense	$	56,760	$	57,254	$	56,241	$	44,150	$	42,774
Less: merger-related expenses	—		1,179		3,614		807		571
Adjusted total noninterest expense	56,760		56,075		52,627		43,343		42,203

Income tax expense	$	6,272	$	6,822	$	2,820	$	4,807	$	5,278
Add: income tax expense on adjustment items	(30)		248		3,946		169		120
Adjusted income tax expense	6,242		7,070		6,766		4,976		5,398

Net income	$	24,302	$	29,478	$	16,243	$	21,311	$	20,683
Adjusted net income	$	24,188	$	30,409	$	31,087	$	21,949	$	21,134

Calculation of adjusted PTPP earnings:
Provision for credit losses	$	6,197	$	4,624	$	16,942	$	3,452	$	(327)
Less: CECL provision for non-PCD loans	—		—		14,890		—		—
Adjusted provision for credit losses	$	6,197	$	4,624	$	2,052	$	3,452	$	(327)

Adjusted net income	$	24,188	$	30,409	$	31,087	$	21,949	$	21,134
Plus: adjusted provision for credit losses	6,197		4,624		2,052		3,452		(327)
Plus: adjusted income tax expense	6,242		7,070		6,766		4,976		5,398
Adjusted PTPP Earnings	$	36,627	$	42,103	$	39,905	$	30,377	$	26,205

Calculation of adjusted dilutive EPS:
Numerator:
Adjusted net income	$	24,188	$	30,409	$	31,087	$	21,949	$	21,134
Denominator:
Weighted average diluted common shares outstanding	30,882,156		30,867,511		28,481,619		23,788,164		23,770,791

Diluted earnings per share	$	0.79	$	0.95	$	0.57	$	0.90	$	0.87
Adjusted diluted earnings per share	0.78		0.99		1.09		0.92		0.89

Origin Bancorp, Inc.

Non-GAAP Financial Measures - Continued


	At and For the Three Months Ended
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022

	(Dollars in thousands, except per share amounts, unaudited)
Calculation of adjusted ROAA and adjusted ROAE:
Adjusted net income	$	24,188		$	30,409		$	31,087		$	21,949		$	21,134
Divided by number of days in the quarter	90			92			92			91			90
Multiplied by number of days in the year	365			365			365			365			365
Annualized adjusted net income	$	98,096		$	120,644		$	123,334		$	88,037		$	85,710
Divided by total average assets	9,783,602			9,530,543			9,202,421			7,944,720			8,045,246
ROAA (annualized)	1.01		%	1.23		%	0.70		%	1.08		%	1.04		%
Adjusted ROAA (annualized)	1.00			1.27			1.34			1.11			1.07

Divided by total average stockholders' equity	$	976,044		$	913,850		$	938,752		$	667,323		$	722,504
ROAE (annualized)	10.10		%	12.80		%	6.86		%	12.81		%	11.61		%
Adjusted ROAE (annualized)	10.05			13.20			13.14			13.19			11.86

Calculation of adjusted PTPP ROAA and adjusted PTPP ROAE:
Adjusted PTPP earnings	$	36,627		$	42,103		$	39,905		$	30,377		$	26,205
Divided by number of days in the quarter	90			92			92			91			90
Multiplied by the number of days in the year	365			365			365			365			365
Adjusted PTPP earnings, annualized	$	148,543		$	167,039		$	158,319		$	121,842		$	106,276

Divided by total average assets	$	9,783,602		$	9,530,543		$	9,202,421		$	7,944,720		$	8,045,246
Adjusted PTPP ROAA(annualized)	1.52		%	1.75		%	1.72		%	1.53		%	1.32		%

Divided by total average stockholders' equity	$	976,044		$	913,850		$	938,752		$	667,323		$	722,504
Adjusted PTPP ROAE (annualized)	15.22		%	18.28		%	16.86		%	18.26		%	14.71		%

Calculation of tangible common equity to tangible common assets, book value per common share and adjusted tangible book value per common share:
Total assets	$	10,358,516		$	9,686,067		$	9,462,639		$	8,111,524		$	8,112,295
Less: goodwill	128,679			128,679			136,793			34,153			34,153
Less: other intangible assets, net	47,277			49,829			52,384			15,900			16,425
Tangible assets	10,182,560			9,507,559			9,273,462			8,061,471			8,061,717

Total common stockholders’ equity	$	992,587		$	949,943		$	907,024		$	646,373		$	676,865
Less: goodwill	128,679			128,679			136,793			34,153			34,153
Less: other intangible assets, net	47,277			49,829			52,384			15,900			16,425
Tangible common equity	816,631			771,435			717,847			596,320			626,287
Less: accumulated other comprehensive (loss) income	(138,481)			(159,875)			(175,233)			(115,979)			(65,890)
Adjusted tangible common equity	955,112			931,310			893,080			712,299			692,177
Divided by common shares outstanding at the end of the period	30,780,853			30,746,600			30,661,734			23,807,677			23,748,748
Book value per common share	$	32.25		$	30.90		$	29.58		$	27.15		$	28.50
Tangible book value per common share	26.53			25.09			23.41			25.05			26.37
Adjusted tangible book value per common share	31.03			30.29			29.13			29.92			29.15
Tangible common equity to tangible assets	8.02		%	8.11		%	7.74		%	7.40		%	7.77		%

Origin Bancorp, Inc.

Non-GAAP Financial Measures- Continued


	At and For the Three Months Ended
	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022

	(Dollars in thousands, except per share amounts, unaudited)
Calculation of ROATCE and adjusted ROATCE:
Net income	$	24,302		$	29,478		$	16,243		$	21,311		$	20,683
Divided by number of days in the quarter	90			92			92			91			90
Multiplied by number of days in the year	365			365			365			365			365
Annualized net income	$	98,558		$	116,951		$	64,442		$	85,478		$	83,881

Adjusted net income	$	24,188		$	30,409		$	31,087		$	21,949		$	21,134
Divided by number of days in the quarter	90			92			92			91			90
Multiplied by number of days in the year	365			365			365			365			365
Annualized adjusted net income	$	98,096		$	120,644		$	123,334		$	88,037		$	85,710

Total average common stockholders’ equity	$	976,044		$	913,850		$	938,752		$	667,323		$	722,504
Less: average goodwill	128,679			131,302			95,696			34,153			34,366
Less: average other intangible assets, net	48,950			51,495			40,918			16,242			16,775
Average tangible common equity	798,415			731,053			802,138			616,928			671,363

ROATCE	12.34		%	16.00		%	8.03		%	13.86		%	12.49		%
Adjusted ROATCE	12.29			16.50			15.38			14.27			12.77

Calculation of adjusted efficiency ratio:
Total noninterest expense	$	56,760		$	57,254		$	56,241		$	44,150		$	42,774
Less: insurance and mortgage noninterest expense	8,033			8,031			8,479			8,397			8,626
Less: merger-related expenses	—			1,179			3,614			807			571
Adjusted total noninterest expense	48,727			48,044			44,148			34,946			33,577

Net interest income	$	77,147		$	84,749		$	78,523		$	59,504		$	52,502
Less: insurance and mortgage net interest income	1,493			1,376			1,208			1,082			875
Add: Total noninterest income	16,384			13,429			13,723			14,216			15,906
Less: insurance and mortgage noninterest income	8,792			6,255			4,737			8,047			10,552



Less: gain on sale of securities, net	144			—			1,664			—			—
Adjusted total revenue	83,102			90,547			84,637			64,591			56,981

Efficiency ratio	60.69		%	58.32		%	60.97		%	59.89		%	62.53		%
Adjusted efficiency ratio	58.64			53.06			52.16			54.10			58.93

a1q2023ip

1Q TWENTY23 INVESTOR PRESENTATION ORIGIN BANCORP, INC.

2 FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin Bancorp, Inc.'s ("Origin" or the "Company") future financial performance, business and growth strategy, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, changes to interest rates by the Federal Reserve and the resulting impact on Origin's results of operations, estimated forbearance amounts and expectations regarding the Company's liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin's control. Statements or statistics preceded by, followed by or that otherwise include the words "assumes," "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" and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect the Company's future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: potential impacts of the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thererto, the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing, deterioration of Origin's asset quality; factors that can impact the performance of Origin's loan portfolio, including real estate values and liquidity in Origin's primary market areas; the financial health of Origin's commercial borrowers and the success of construction projects that Origin finances; changes in the value of collateral securing Origin's loans; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; Origin's ability to anticipate interest rate changes and manage interest rate risk (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business); the effectiveness of Origin's risk management framework and quantitative models; Origin's inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin's common stockholders, repurchase Origin's shares of common stock and satisfy obligations as they become due; the impact of labor pressures; changes in Origin's operation or expansion strategy or Origin's ability to prudently manage its growth and execute its strategy; changes in management personnel; Origin's ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; increasing costs as Origin grows deposits; operational risks associated with Origin's business; volatility and direction of market interest rates; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies, 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 and slowdowns in economic growth; Origin's level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in Origin's loan portfolio; changes in laws, rules, regulations, interpretations or policies relating to financial institutions, and potential expenses associated with complying with such regulations; periodic changes to the extensive body of accounting rules and best practices; further government intervention in the U.S. financial system; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; 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; Origin's ability to comply with applicable capital and liquidity requirements, including its 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 Origin's non-GAAP liquidity measurements and its underlying assumptions or estimates; uncertainty regarding the transition away from the London Interbank Offered Rate ("LIBOR") and the impact of any replacement alternatives such as the Secured Overnight Financing Rate ("SOFR") on Origin's business; possible changes in trade, monetary, and fiscal policies, laws, and regulations and other activities of governments, agencies and similar organizations; 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 Origin's control; and system failures, cybersecurity threats and/or security breaches and the cost of defending against them. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in Origin's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") and any updates to those sections set forth in Origin's subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin's underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. 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 Origin does 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 arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin's 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. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin's behalf may issue. Annualized, pro forma, adjusted projected and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results. Certain prior period amounts have been reclassified to conform to the current year financial statement presentations. These reclassifications did not impact previously reported net income or comprehensive income. Origin reports its results in accordance with United States generally accepted accounting principles ("GAAP"). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin's results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin's reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this presentation: adjusted net income, adjusted PTPP earnings, adjusted diluted EPS, NIM-FTE, adjusted, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, ROATCE and adjusted ROATCE and adjusted efficiency ratio. Please see “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP.

ORIGIN BANCORP, INC. _______ 17 LOUISIANA Entry: 1912 Loans: $1,475 Deposits: $2,942 DOLLARS IN MILLIONS, UNAUDITED (1) (2) 3 ORIGIN COMPANY SNAPSHOT • Origin Bancorp, Inc. is the holding company for Origin Bank. • Origin Bank was founded in 1912 and is headquartered in Choudrant, LA. • 60 banking centers operating across Texas, Louisiana & Mississippi DEPOSITS & LOANS BY STATE Note: All financial information is as of 03/31/2023. * Please see slide 34 for all footnote references included above. MISSISSIPPI Entry: 2010 Loans: $610 Deposits: $689 9% 9% 38% 21% 53% 70% Loans (2)Deposits (1) ICS ICS 9 9 19 6 TEXAS Dallas/Fort Worth Houston East Texas Entry: 2008 Entry: 2013 Entry: 2022 Loans: $2,824 Loans: $1,754 Loans: $375 Deposits: $2,053 Deposits: $1,261 Deposits: $882 Total Texas Loans: $4,953 Total Texas Deposits: $4,196 ,

ORIGIN BANCORP, INC. _______ 4 A UNIQUE & DEFINED CULTURE

ORIGIN BANCORP, INC. _______ • Total deposits were $8.17 billion at March 31, 2023, reflecting an increase of $398.6 million, or 5.1%, compared to December 31, 2022. • LHFI to deposits, excluding mortgage warehouse lines of credit, was 86.1% at March 31, 2023, compared to 87.5% at December 31, 2022. • Cash and liquid securities as a percentage of total assets was 14.3% at March 31, 2023, compared to 12.1% at December 31, 2022. • The allowance for loan credit losses ("ALCL") to nonperforming LHFI was 538.75% at March 31, 2023, compared to 876.87% at December 31, 2022. • Tangible common equity to tangible assets(3) was 8.02% at March 31, 2023, compared to 8.11% at December 31, 2022. • March 31, 2023, Company level common equity Tier 1 capital to risk-weighted assets was 11.08%, Tier 1 leverage ratio was 9.79%, and the total capital ratio was 14.30%. Key Performance Metrics 1Q23 4Q22 Reported Adjusted Reported Adjusted B al an ce S he et Total Loans Held for Investment ("LHFI") $ 7,375,823 N/A $ 7,090,022 N/A Total Assets 10,358,516 N/A 9,686,067 N/A Total Deposits 8,174,310 N/A 7,775,702 N/A In co m e St at em en t Net Income $ 24,302 $ 24,188 $ 29,478 $ 30,409 Adjusted Pre-Tax, Pre-Provision ("adjusted PTPP") Earnings(3) N/A 36,627 N/A 42,103 Diluted EPS 0.79 0.78 0.95 0.99 Se le ct ed R at io s NIM - FTE 3.44 % 3.36 % (4) 3.81 % 3.73 % (4) Return on Average Assets (annualized) ("ROAA") 1.01 1.00 (3) 1.23 1.27 (3) Adjusted PTPP ROAA (annualized) N/A 1.52 (3) N/A 1.75 (3) Return on Average Stockholders’ Equity (annualized) ("ROAE") 10.10 10.05 (3) 12.80 13.20 (3) Adjusted PTPP ROAE (annualized) N/A 15.22 (3) N/A 18.28 (3) Book Value per Common Share(5) 32.25 N/A 30.90 N/A Tangible Book Value per Common Share(5) 26.53 31.03 (3) 25.09 30.29 (3) Return on Average Tangible Common Equity ("ROATCE") 12.34 12.29 (3) 16.00 16.50 (3) Efficiency Ratio 60.69 58.64 (3) 58.32 53.06 (3) ALCL to Total LHFI 1.25 1.30 (6) 1.23 1.28 (6) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED 5 PERFORMANCE HIGHLIGHTS AT-A-GLANCE - FIRST QUARTER 2023 1Q23 Key Highlights * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ TRENDING KEY MEASURES 54,145 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Total Revenue ($) UNAUDITED Diluted EPS ($)Net Income ($) Total LHFI, Adjusted ($)(7) Total Deposits ($) 0.52 0.79 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 3,855 8,174 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 3,760 7,038 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 DOLLARS IN THOUSANDS DOLLARS IN THOUSANDS 6 Total LHFI ($) DOLLARS IN MILLIONS 3,985 7,376 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 DOLLARS IN MILLIONS 24,302 12,283 93,531 DOLLARS IN MILLIONS * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ TRENDING KEY MEASURES CONTINUED Efficiency Ratio (%) 68.51 60.69 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 UNAUDITED Net Charge Offs ($) 677 1,311 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Net Charge Offs to Total Average LHFI (%)(8) 0.07 0.07 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Book Value per Common Share ($)(5) 0.98 1.01 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 ROAA (%)(8) 7 8.54 10.10 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 ROAE (%)(8) 24.58 32.25 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 * Please see slide 34 for all footnote references included above. DOLLARS IN THOUSANDS

ORIGIN BANCORP, INC. _______ TRENDING KEY NON-GAAP MEASURES(3) Adjusted Diluted EPS ($) UNAUDITED Adjusted Net Income ($) Adjusted PTPP Earnings ($) DOLLARS IN THOUSANDS Adjusted Efficiency Ratio (%) 65.38 58.64 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 23.22 26.53 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Tangible Book Value per Common Share ($)(5) 8 22.99 31.03 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Adjusted Tangible Book Value per Common Share ($) 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 DOLLARS IN THOUSANDS 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 0.50 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 0.78 16,683 11,993 24,188 36,627 * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ TRENDING KEY NON-GAAP MEASURES CONTINUED(3) Adjusted ROAE (%) UNAUDITED, ANNUALIZED Adjusted ROAA (%) Adjusted PTPP ROAA (%) Adjusted PTPP ROAE (%) 9.03 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 ROATCE (%)(9) 9 8.81 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Adjusted ROATCE (%) 1.33 1.52 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 8.34 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 0.95 1.00 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 11.60 10.05 15.22 12.34 12.29 * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ ASSET AND STOCKHOLDERS' EQUITY GROWTH 1997 - 1Q23 UNAUDITED, DOLLARS IN MILLIONS Total Assets ($) 148 10,359 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 1Q 23 Total Stockholders' Equity ($) 11 993 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 1Q 23 CAGR 18.32% CAGR 19.52% 10 100 1,785 1,297 Origin Bancorp, Inc. Cumulative Return ($) KBW Nasdaq Bank Total Return Index ($) 12 /3 1/ 96 12 /3 1/ 97 12 /3 1/ 98 12 /3 1/ 99 12 /3 1/ 00 12 /3 1/ 01 12 /3 1/ 02 12 /3 1/ 03 12 /3 1/ 04 12 /3 1/ 05 12 /3 1/ 06 12 /3 1/ 07 12 /3 1/ 08 12 /3 1/ 09 12 /3 1/ 10 12 /3 1/ 11 12 /3 1/ 12 12 /3 1/ 13 12 /3 1/ 14 12 /3 1/ 15 12 /3 1/ 16 12 /3 1/ 17 12 /3 1/ 18 12 /3 1/ 19 12 /3 1/ 20 12 /3 1/ 21 12 /3 1/ 22 0 500 1,000 1,500 2,000 2,500 Total Shareholder Return ($)(10) IPO * Please see slide 34 for all footnote references included above. UNAUDITED, DOLLARS IN MILLIONS

ORIGIN BANCORP, INC. _______ 11 1,956 2,247 2,620 4,747 4,953 1,127 1,343 1,545 2,747 2,824829 904 1,075 1,631 1,754 369 375 DFW Houston East Texas 2019 2020 2021 2022 1Q23 Deposit Trends by Texas Market ($) Loan Trends by Texas Market ($)(12) TEXAS GROWTH STORY Texas Franchise Highlights DOLLARS IN MILLIONS, UNAUDITED • 35 locations throughout 10 counties including the 4th and 5th largest MSAs in the United States.(11) • Texas franchise represents 70% of LHFI, excluding mortgage warehouse loans, and 53% of deposits at March 31, 2023. 1,854 2,574 3,132 4,261 4,196 989 1,581 1,925 2,196 2,053 865 993 1,207 1,173 1,261 892 882 DFW Houston East Texas 2019 2020 2021 2022 1Q23 CAGR 33.1% CAGR 28.6% * Please see slide 34 for all footnote references included above. DOLLARS IN MILLIONS, UNAUDITED

ORIGIN BANCORP, INC. _______ 12 LOAN GROWTH 3,869 4,094 4,498 7,038 6,805 5,593 1,212 Origin BTH 2019 2020 2021 2022 1Q23 2,000 4,000 6,000 8,000 LHFI Key Data DOLLARS IN MILLIONS, UNAUDITED IDT • Total loans held for investment ("LHFI"), excluding mortgage warehouse lines of credit, were $7.04 billion at March 31, 2023, reflecting an increase of $233.1 million, or 3.4%, compared to December 31, 2022. • Total mortgage warehouse lines of credit were $337.5 million, or 4.6%, of total LHFI at March 31, 2023. LHFI Growth excluding MW LOC ($)(13) CAGR: 20.2% 1,902 1,833 2,032 3,2003,160 2,492 668 Origin BTH 2019 2020 2021 2022 1Q23 1,000 2,000 3,000 4,000 C&I, Owner Occupied CRE and C&D Growth ($)(13) CAGR: 17.4% * Please see slide 34 for all footnote references included above. DOLLARS IN MILLIONS, UNAUDITED

ORIGIN BANCORP, INC. _______ Real Estate & Construction: 8% Retail Shopping: 7% Office Building: 5% Healthcare: 3% Multi-family under construction: 2% Hotel: 1% Restaurant: 1% Finance & Insurance: 1% Professional Svcs.: 1% Misc.: 1% Commercial & Industrial ("C&I") 28% Owner Occupied Construction/ Land/Land Development ("C&D"): 3% Owner Occupied Commercial Real Estate ("CRE"):12% Mtg. WH LOC: 5% Non- Owner Occupied C&D: 9% Non-Owner Occupied CRE: 21% Residential Real Estate & Consumer 22% Real Estate & Construction: 9% Finance & Insurance: 6% Mtg. WH LOC: 5% Transportation Svcs: 3% Energy: 3% Retail Dealers: 2% Healthcare: 2% Commercial Svcs: 2% Retail Shopping: 2% Restaurants: 2% Consumer Svcs: 1% Banks: 1% Professional Svcs: 1% Materials&Commodities: 1% Entertainment: 1% Misc: 7% 13 WELL DIVERSIFIED LOAN PORTFOLIO(14) (Dollars in thousands) 1Q23 4Q22 3Q22 2Q22 1Q22 C&I (15) $ 2,091,093 $ 2,051,161 $ 1,967,037 $ 1,429,338 $ 1,326,443 Owner Occupied CRE 855,887 843,006 800,981 609,358 588,279 Owner Occupied C&D 252,617 265,838 248,602 187,249 179,074 Mtg. WH LOC 337,529 284,867 460,573 531,888 503,249 Total Commercial 3,537,126 3,444,872 3,477,193 2,757,833 2,597,045 Non-Owner Occupied CRE 1,529,513 1,461,672 1,373,366 1,299,696 1,213,103 Non-Owner Occupied C&D 696,009 679,787 604,709 448,307 414,276 Residential Real Estate- Single Family Real Estate 1,231,022 1,173,316 1,104,277 726,410 700,457 Residential Real Estate- Multi-Family Real Estate 357,469 304,222 294,905 279,213 221,597 Consumer Loans 24,684 26,153 28,231 15,733 15,774 PPP Loans (15) — — — 901 32,154 Total Loans $ 7,375,823 $ 7,090,022 $ 6,882,681 $ 5,528,093 $ 5,194,406 Loan Portfolio Details Non-Owner Occupied CRE and C&D: $2,226 million C&I, Owner Occupied CRE and C&D, MW LOC: $3,537 million C&I, Owner Occupied CRE and C&D, Mtg. WH LOC: 48% Non-Owner Occupied CRE and C&D: 30% Loan Composition at March 31, 2023: $7,376 million * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ 1.01 1.05 1.17 Classified LHFI / Total LHFI, adjusted (%) Net Charge-Offs / Average LHFI (annualized) (%) 1Q22 2Q22 3Q22 4Q22 1Q23 0.07 0.01 0.07 0.20 0.14 0.230.16 0.15 0.16 Nonperforming LHFI / LHFI (%) Past due LHFI / LHFI (%) 1Q22 2Q22 3Q22 4Q22 1Q23 14 CREDIT QUALITY Asset Quality Trends (%) Allowance for Loan Credit Losses ("ALCL") 62,173 63,123 83,359 87,161 92,008 1.20 1.14 1.21 1.23 1.25 1.33 1.25 1.29 1.28 1.30 ALCL as a percentage of LHFI, adjusted (%) ALCL as a percentage of LHFI (%) ALCL ($) 1Q22 2Q22 3Q22 4Q22 1Q23 • Provision for credit loss expense for 1Q23 was $6.2 million, compared to a provision credit loss expense of $4.6 million in 4Q22, and compared to a provision net benefit of $327,000 in 1Q22. • ALCL to nonperforming LHFI is 538.75% at 1Q23, 876.87% at 3Q22, and 293.53% at 1Q22. DOLLARS IN THOUSANDS, UNAUDITED 0.14(16) 0.41(16) 0.42(16) 0.25(16) 0.13(16) (6) 0.12(16) 1.36(16) 0.94(16) * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ Texas: 73% Louisiana: 8% Mississippi: 14% Out of Market: 5% 15 Medical: 24% Financial: 15% Law Firms: 10%Energy: 10% Other: 22% National Credit Tenant: 19% CRE OFFICE - STRENGTH AND DIVERSIFICATION Tenant Classification $380.5M $380.5M Geographic Diversification DOLLARS IN THOUSANDS, UNAUDITED 03/31/2023 Avg. Loan Size $ 2,199 Weighted Avg. LTV 53.30 % Past Due Loans / Loans — Classified Loans / Loans 0.22 NPL / Loans — NCOs / Avg. Loans (annualized) — ALCL / Loans 0.85 * Please see slide 34 for all footnote references included above. Key Portfolio Metrics DOLLARS IN MILLIONS, UNAUDITED DOLLARS IN MILLIONS, UNAUDITED

ORIGIN BANCORP, INC. _______ Treasury/Agency: 15% MBS: 41% CMO: 12% Municipal: 23% Corporate/ABS: 9% 1,662 1,869 1,865 1,675 1,634 1.59 1.85 2.12 2.34 2.38 Total Securities ($) Yield (%) 1Q22 2Q22 3Q22 4Q22 1Q23 Investment Securities Average Balance and Yield INVESTMENT SECURITIES DOLLARS IN MILLIONS, UNAUDITED • The fair value of the held to maturity securities portfolio totaled $12.0 million at 1Q23, compared to $12.0 million at 4Q22. • Securities of $38.7 million were sold during the current quarter, and realized a net gain of $144,000. • Total securities portfolio weighted average effective duration was 4.17 years as of March 31, 2023, compared to 4.24 years as of December 31, 2022. 16 (65.9) (116.0) (175.2) (159.9) (138.5) 1Q22 2Q22 3Q22 4Q22 1Q23 Accumulated Other Comprehensive (Loss) Income(17) ($) Investment Securities - AFS * Please see slide 34 for all footnote references included above. $1.6B DOLLARS IN MILLIONS, UNAUDITED

ORIGIN BANCORP, INC. _______ Commercial: 52% Consumer: 33% Public: 11% Brokered: 4% Real Estate Rental & Leasing: 7% Finance & Insurance: 6% Professional, Scientific, & Technical Svcs: 6% Construction: 6% Mgmt of Companies & Enterprises: 4% Affiliate: 3% Other Business Deposits 1% or less: 3% Manufacturing: 2% Healthcare & Social Assistance: 2% Mining: 2% Other Svcs (except Public Admin.): 2% Retail Trade: 1% Misc: 6% 17 DEPOSIT DETAIL (Dollars in thousands) 1Q23 4Q22 QoQ % Δ Total Deposits $ 8,174,310 $ 7,775,702 5.1 % FDIC Insured (3,425,845) (3,331,724) 2.8 FDIC Insured Reciprocal (531,051) (245,621) 116.2 FDIC Insured Brokered time deposits & CDARS (289,968) (5,407) not meaningful Total Estimated FDIC Uninsured Deposits 3,927,446 4,192,950 (6.3) Collateralized Public Funds (839,569) (762,366) 10.1 Uninsured/Uncollateralized Deposits ($) $ 3,087,877 $ 3,430,584 (10.0) Uninsured/Uncollateralized Deposits (%) 37.8 % 44.1 % Deposit Detail Geographic Concentration Commercial Deposit Composition: $4,253 millionDeposit Composition at March 31, 2023: $8,174 million Commercial Public Funds 33% 17% 6% 38% 6% Consumer MississippiLouisiana Texas- DFW TX- East TexasTexas- Houston Agriculture, Forestry, Fishing & Hunting: 1% * Please see slide 34 for all footnote references included above. Wholesale Trade: 1% 18% 17% 19% 37% 9% 7% 2% 14% 57% 20%

ORIGIN BANCORP, INC. _______ 18 6,729 6,559 7,410 7,710 8,017 3,976 3,767 4,157 4,363 4,648 2,218 2,289 2,583 2,593 2,392 535 503 670 754 977 Interest-bearing Demand Noninterest-bearing Time Deposits 1Q22 2Q22 3Q22 4Q22 1Q23 Average Deposits ($) DEPOSIT TRENDS 0.54 0.49 2.58 0.64 1.54 2.49 0.41 1.02 1.75 Time Deposits Cost of Interest-bearing Deposits Cost of Total Deposits 1Q22 2Q22 3Q22 4Q22 1Q23 Deposit Cost Trends (QTD Annualized) (%) IDT Total Deposit Beta (%) 0.19 0.510.290.26 Full Cycle Total Deposit Betas (%) 44.0 27.029.0 30.0 Peer OBNK 2Q2004 - 3Q2006 4Q2015 - 1Q2019 (18) 0.17 1.22 -50 * Please see slide 34 for all footnote references included above. DOLLARS IN MILLIONS, UNAUDITED 0.0 10.0 23.0 36.0 0.12 0.77 2.18 3.65 4.51 Cumulative Deposit Beta Average Quarterly Fed Funds Rate 1Q22 2Q22 3Q22 4Q22 1Q23

ORIGIN BANCORP, INC. _______ 19 YIELDS AND COSTS Yield on LHFI (%) 4.08 4.26 6.03 4.86 5.94 3.29 5.36 6.82 7.69 0.23 1.02 2.47 3.91 4.62 2.14 3.62 4.49 Yield on LHFI Yield on LHFI excl. PPP Loans and PAA Avg. Prime Rate Avg. 1M LIBOR Avg. SOFR 1Q22 2Q22 3Q22 4Q22 1Q23 Cost of Funds (%) 0.33 0.35 2.01 1.54 2.49 1.02 1.75 Cost of Total Deposits & Borrowings Cost of Interest Bearing Deposits Cost of Total Deposits Cost of Total Deposits & Borrowings excl. PAA 1Q22 2Q22 3Q22 4Q22 1Q23 0.26 0.17 0.19 0.29 • LHFI with fixed rate: 44%; LHFI with floating rate: 56% at 1Q23. • $996.5 million LIBOR-based(20), $2.13 billion Prime-based and $993.0 million primarily SOFR-based loans at 1Q23. 3.95 4.21 (19) 0.64 0.09 3.94 5.53 5.63 0.62 0.63 4.94 0.71 0.41 1.26 1.24 * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ 20 DOLLARS IN THOUSANDS, UNAUDITED 52,502 59,504 78,523 84,749 77,147 46,202 54,241 71,494 78,174 72,435 3,897 4,544 5,614 4,678 3,009 2,403 719 1,415 1,897 1,703 2.86 3.23 3.68 3.81 3.44 2.76 3.20 3.61 3.73 3.36 Net Interest Income excl. MW LOC, adjusted ($) MW LOC Interest Income ($) PPP Interest Income ($) Net Purchase Accounting Accretion ($) NIM (FTE) (%) NIM (FTE), adjusted (%) 1Q22 2Q22 3Q22 4Q22 1Q23 NET INTEREST INCOME AND NIM TRENDS 3.44 3.81 0.21 0.16 0.02 0.01 (0.02) (0.03) (0.10) (0.14) (0.48) 4Q 22 RE Lo an s C&I L oa ns IB B al. D FB Inv es tm en t S ec . Othe r Mtg. W H LO C FH LB & O the r Bor ro wing s Tim e D ep os its Sav ing s a nd IB Tr an sc . A cc ts 1Q 23 2.50 3.00 3.50 4.00 4.50 Net Interest Income Changes - 1Q23 (%) Full Cycle NIM Betas (%) (21) (21) (2.0) 13.015.0 21.0 Peer OBNK 2Q2004 - 3Q2006 4Q2015 - 1Q2019 (18) * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ Insurance Commission & Fee Income Service Charges & Fees Mortgage Banking Revenue Other 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 21 Net Interest Income Noninterest Income 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Noninterest Income ($)(22) Net Interest Income + Noninterest Income ($) NET REVENUE DISTRIBUTION Components of Other Noninterest Income 93,531 1Q23 4Q22 3Q22 2Q22 1Q22 Limited Partnership Investment Income $ 66 $ (230) $ 112 $ 282 $ (363) Swap Fee Income 384 292 25 1 139 Gain on Sale of Securities 144 — 1,664 — — GNMA MSR impairment(22) — — (1,950) — — Other 2,427 2,449 2,452 1,612 1,580 Total $ 3,021 $ 2,511 $ 2,303 $ 1,895 $ 1,356 54,145 16,384 79.4% 82.5% 11,176 * Please see slide 34 for all footnote references included above. DOLLARS IN THOUSANDS, UNAUDITED

ORIGIN BANCORP, INC. _______ 42,774 44,150 56,241 57,254 56,760 26,488 27,310 31,834 33,339 33,731 4,427 4,514 5,399 5,863 6,503 2,486 2,413 2,689 2,868 2,9161,872 2,554 2,553 1,560 2,162 2,121 2,277 2,303 1,305 1,517 1,599 1,6763,614 5,400 4,902 7,113 7,498 7,289 Salaries and Employee Benefits Occupancy and Equipment, net Data Processing Intangible Asset Amortization Office and Operations Loan-related Expenses Merger Transaction Expense Other 1Q22 2Q22 3Q22 4Q22 1Q23 22 Efficiency Ratios (%)(3) NONINTEREST EXPENSE ANALYSIS DOLLARS IN THOUSANDS, UNAUDITED Noninterest Expense Composition ($) Consolidated Efficiency Ratio Adjusted Efficiency Ratio 1Q22 2Q22 3Q22 4Q22 1Q23 62 .5 3 59 .8 9 58 .9 3 54 .1 0 Operating Leverage (%) E FF IC IE N C Y R A TI O (% ) N IE / A V E R A G E A S S E TS (% ) 2.17 2.03 2.08 2.12 2.16 2.23 2.42 2.38 2.35 54.49 56.69 57.21 56.92 62.53 59.89 60.97 58.32 60.69 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 40 60 80 100 1.5 2.0 2.5 3.0 60 .9 7 52 .1 6 58 .3 2 53 .0 6 58 .6 4 60 .6 9 571 807 1,179 1,465 537 525 * Please see slide 34 for all footnote references included above.

ORIGIN BANCORP, INC. _______ 8.8 9.1 9.6 9.7 9.89.3 9.5 9.1 9.9 10.2 Company Level Origin Bank Level 1Q22 2Q22 3Q22 4Q22 1Q23 11.3 11.0 10.7 11.1 11.3 11.9 11.4 10.9 11.5 11.7 Company Level Origin Bank Level 1Q22 2Q22 3Q22 4Q22 1Q23 23 CAPITAL Bank Level Company Level Sub-debt Impact 14.6 14.1 13.8 14.2 14.3 13.9 13.4 12.8 13.4 13.6 Company Level Origin Bank Level 1Q22 2Q22 3Q22 4Q22 1Q23 Tangible Common Equity To Tangible Assets(3) ICap ICap Total Capital to Risk-Weighted Assets (%)(23)Tier 1 Capital to Risk-Weighted Assets (%)(23) Tier 1 Capital to Average Assets (Leverage Ratio) (%)(23)(24) * Please see slide 34 for all footnote references included above. 8,062 8,061 9,273 9,508 10,183 626 596 718 771 817 Tangible Assets ($) Tangible Equity ($) 1Q22 2Q22 3Q22 4Q22 1Q23 7.8 7.4 7.7 8.1 8.0 Company Level DOLLARS IN THOUSANDS, UNAUDITED

ORIGIN BANCORP, INC. _______ Calculation of adjusted net income: 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Net interest income after provision for credit losses $ 70,950 $ 80,125 $ 61,581 $ 56,052 $ 52,829 $ 56,827 $ 56,462 $ 59,901 Add: CECL provision for non-PCD loans — — 14,890 — — — — — Adjusted net interest income after provision for credit losses 70,950 80,125 76,471 56,052 52,829 56,827 56,462 59,901 Total noninterest income $ 16,384 $ 13,429 $ 13,723 $ 14,216 $ 15,906 $ 16,701 $ 15,923 $ 12,438 Less: GNMA MSR impairment — — (1,950) — — — — — Less: Gain on sales of securities, net 144 — 1,664 — — 75 — 5 Less: Gain on fair value of the Lincoln Agency — — — — — 5,213 — — Adjusted total noninterest income 16,240 13,429 14,009 14,216 15,906 11,413 15,923 12,433 Total noninterest expense $ 56,760 $ 57,254 $ 56,241 $ 44,150 $ 42,774 $ 40,346 $ 39,165 $ 37,832 Less: Merger expense — 1,179 3,614 807 571 — — — Adjusted total noninterest expense 56,760 56,075 52,627 43,343 42,203 40,346 39,165 37,832 Income tax expense $ 6,272 $ 6,822 $ 2,820 $ 4,807 $ 5,278 $ 4,860 $ 6,242 $ 6,774 Add: Income tax expense on adjustment items (30) 248 3,946 169 120 (1,110) — (1) Adjusted income tax expense 6,242 7,070 6,766 4,976 5,398 3,750 6,242 6,773 Net income $ 24,302 $ 29,478 $ 16,243 $ 21,311 $ 20,683 $ 28,322 $ 26,978 $ 27,733 Adjusted net income $ 24,188 $ 30,409 $ 31,087 $ 21,949 $ 21,134 $ 24,144 $ 26,978 $ 27,729 24 DOLLARS IN THOUSANDS, UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ORIGIN BANCORP, INC. _______ Calculation of adjusted net income, continued: 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Net interest income after provision for credit losses $ 53,827 $ 45,486 $ 36,984 $ 24,887 $ 24,279 $ 41,718 $ 40,421 $ 40,984 Total noninterest income $ 17,131 $ 15,381 $ 18,051 $ 19,076 $ 12,144 $ 10,818 $ 12,880 $ 11,176 Less: Valuation adjustment on non-marketable equity security — — — — — — — 367 Less: Gain on sales of securities, net 1,668 225 301 — 54 — 20 — Less: Bank-owned life insurance policy — — — — 316 — — — Adjusted total noninterest income 15,463 15,156 17,750 19,076 11,774 10,818 12,860 10,809 Total noninterest expense $ 39,436 $ 38,884 $ 38,734 $ 38,220 $ 36,097 $ 36,534 $ 35,064 $ 37,095 Less: FDIC fund assessment benefit — — — — — — (1,037) — Less: Early termination of LT FHLB advance 1,613 — — — — — — — Adjusted total noninterest expense 37,823 38,884 38,734 38,220 36,097 36,534 36,101 37,095 Income tax expense $ 6,009 $ 4,431 $ 3,206 $ 786 $ (427) $ 3,175 $ 3,620 $ 2,782 Add: Income tax expense on adjustment items (12) (47) (63) — (78) — (222) (77) Adjusted income tax expense 5,997 4,384 3,143 786 (505) 3,175 3,398 2,705 Net income $ 25,513 $ 17,552 $ 13,095 $ 4,957 $ 753 $ 12,827 $ 14,617 $ 12,283 Adjusted net income $ 25,470 $ 17,374 $ 12,857 $ 4,957 $ 461 $ 12,827 $ 13,782 $ 11,993 25 DOLLARS IN THOUSANDS, UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ORIGIN BANCORP, INC. _______ Calculation of adjusted PTPP earnings: 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Provision for credit losses $ 6,197 $ 4,624 $ 16,942 $ 3,452 $ (327) $ (2,647) $ (3,921) $ (5,609) Less: CECL provision for non-PCD loans — — 14,890 — — — — — Adjusted provision for credit losses $ 6,197 $ 4,624 $ 2,052 $ 3,452 $ (327) $ (2,647) $ (3,921) $ (5,609) Adjusted net income $ 24,188 $ 30,409 $ 31,087 $ 21,949 $ 21,134 $ 24,144 $ 26,978 $ 27,729 Plus: Adjusted provision for credit losses 6,197 4,624 2,052 3,452 (327) (2,647) (3,921) (5,609) Plus: Adjusted income tax expense 6,242 7,070 6,766 4,976 5,398 3,750 6,242 6,773 Adjusted PTPP earnings $ 36,627 $ 42,103 $ 39,905 $ 30,377 $ 26,205 $ 25,247 $ 29,299 $ 28,893 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Provision for credit losses $ 1,412 $ 6,333 $ 13,633 $ 21,403 $ 18,531 $ 2,377 $ 4,201 $ 1,985 Less: CECL provision for non-PCD loans — — — — — — — — Adjusted provision for credit losses $ 1,412 $ 6,333 $ 13,633 $ 21,403 $ 18,531 $ 2,377 $ 4,201 $ 1,985 Adjusted net income $ 25,470 $ 17,374 $ 12,857 $ 4,957 $ 461 $ 12,827 $ 13,782 $ 11,993 Plus: Adjusted provision for credit losses 1,412 6,333 13,633 21,403 18,531 2,377 4,201 1,985 Plus: Adjusted income tax expense 5,997 4,384 3,143 786 (505) 3,175 3,398 2,705 Adjusted PTPP earnings $ 32,879 $ 28,091 $ 29,633 $ 27,146 $ 18,487 $ 18,379 $ 21,381 $ 16,683 26 DOLLARS IN THOUSANDS, UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ORIGIN BANCORP, INC. _______ Calculation of adjusted dilutive EPS: 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Numerator: Adjusted net income $ 24,188 $ 30,409 $ 31,087 $ 21,949 $ 21,134 $ 24,144 $ 26,978 $ 27,729 Denominator: Weighted average diluted common shares outstanding 30,882,156 30,867,511 28,481,619 23,788,164 23,770,791 23,609,874 23,613,010 23,604,566 Diluted earnings per share $ 0.79 $ 0.95 $ 0.57 $ 0.90 $ 0.87 $ 1.20 $ 1.14 $ 1.17 Adjusted diluted earnings per share 0.78 0.99 1.09 0.92 0.89 1.02 1.14 1.17 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Numerator: Adjusted net income $ 25,470 $ 17,374 $ 12,857 $ 4,957 $ 461 $ 12,827 $ 13,782 $ 11,993 Denominator: Weighted average diluted common shares outstanding 23,590,430 23,543,917 23,500,596 23,466,326 23,530,212 23,529,862 23,606,956 23,786,646 Diluted earnings per share $ 1.08 $ 0.75 $ 0.56 $ 0.21 $ 0.03 $ 0.55 $ 0.62 $ 0.52 Adjusted diluted earnings per share 1.08 0.74 0.55 0.21 0.02 0.55 0.58 0.50 27 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED

ORIGIN BANCORP, INC. _______ Calculation of adjusted ROAA and ROAE: 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Adjusted net income $ 24,188 $ 30,409 $ 31,087 $ 21,949 $ 21,134 $ 24,144 $ 26,978 $ 27,729 Divided by number of days in the quarter 90 92 92 91 90 92 92 91 Multiplied by the number of days in the year 365 365 365 365 365 365 365 365 Annualized adjusted net income $ 98,096 $ 120,644 $ 123,334 $ 88,037 $ 85,710 $ 95,789 $ 107,032 $ 111,221 Divided by total average assets 9,783,602 9,530,543 9,202,421 7,944,720 8,045,246 7,559,570 7,464,813 7,474,951 ROAA (annualized) 1.01 % 1.23 % 0.70 % 1.08 % 1.04 % 1.49 % 1.43 % 1.49 % Adjusted ROAA (annualized) 1.00 1.27 1.34 1.11 1.07 1.27 1.43 1.49 Divided by total average stockholders' equity $ 976,044 $ 913,850 $ 938,752 $ 667,323 $ 722,504 $ 715,614 $ 703,605 $ 672,698 ROAE (annualized) 10.10 % 12.80 % 6.86 % 12.81 % 11.61 % 15.70 % 15.21 % 16.54 % Adjusted ROAE (annualized) 10.05 13.20 13.14 13.19 11.86 13.39 15.21 16.53 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Adjusted net income $ 25,470 $ 17,374 $ 12,857 $ 4,957 $ 461 $ 12,827 $ 13,782 $ 11,993 Divided by number of days in the quarter 90 92 92 91 91 92 92 91 Multiplied by the number of days in the year 365 366 366 366 366 365 365 365 Annualized adjusted net income $ 103,295 $ 69,118 $ 51,149 $ 19,937 $ 1,854 $ 50,890 $ 54,679 $ 48,104 Divided by total average assets 7,382,495 7,164,028 6,746,585 6,447,526 5,400,704 5,271,979 5,179,549 5,043,951 ROAA (annualized) 1.40 % 0.97 % 0.77 % 0.31 % 0.06 % 0.97 % 1.12 % 0.98 % Adjusted ROAA (annualized) 1.40 0.96 0.76 0.31 0.03 0.97 1.06 0.95 Divided by total average stockholders' equity $ 657,863 $ 639,508 $ 629,533 $ 617,898 $ 611,162 $ 597,925 $ 588,504 $ 576,761 ROAE (annualized) 15.73 % 10.92 % 8.28 % 3.23 % 0.50 % 8.51 % 9.85 % 8.54 % Adjusted ROAE (annualized) 15.70 10.81 8.12 3.23 0.30 8.51 9.29 8.34 28 DOLLARS IN THOUSANDS, UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ORIGIN BANCORP, INC. _______ Calculation of adjusted PTPP ROAA & ROAE: 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Adjusted PTPP earnings $ 36,627 $ 42,103 $ 39,905 $ 30,377 $ 26,205 $ 25,247 $ 29,299 $ 28,893 Divided by number of days in the quarter 90 92 92 91 90 92 92 91 Multiplied by the number of days in the year 365 365 365 365 365 365 365 365 Adjusted PTPP earnings, annualized $ 148,543 $ 167,039 $ 158,319 $ 121,842 $ 106,276 $ 100,165 $ 116,241 $ 115,890 Divided by total average assets 9,783,602 9,530,543 9,202,421 7,944,720 8,045,246 7,559,570 7,464,813 7,474,951 Adjusted PTPP ROAA (annualized) 1.52 % 1.75 % 1.72 % 1.53 % 1.32 % 1.33 % 1.56 % 1.55 % Divided by total average stockholders' equity $ 976,044 $ 913,850 $ 938,752 $ 667,323 $ 722,504 $ 715,614 $ 703,605 $ 672,698 Adjusted PTPP ROAE (annualized) 15.22 % 18.28 % 16.86 % 18.26 % 14.71 % 14.00 % 16.52 % 17.23 % 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Adjusted PTPP earnings $ 32,879 $ 28,091 $ 29,633 $ 27,146 $ 18,487 $ 18,379 $ 21,381 $ 16,683 Divided by number of days in the quarter 90 92 92 91 91 92 92 91 Multiplied by the number of days in the year 365 366 366 366 366 365 365 365 Adjusted PTPP earnings, annualized $ 133,343 $ 111,753 $ 117,888 $ 109,181 $ 74,354 $ 72,917 $ 84,827 $ 66,915 Divided by total average assets 7,382,495 7,164,028 6,746,585 6,447,526 5,400,704 5,271,979 5,179,549 5,043,951 Adjusted PTPP ROAA (annualized) 1.81 % 1.56 % 1.75 % 1.69 % 1.38 % 1.38 % 1.64 % 1.33 % Divided by total average stockholders' equity $ 657,863 $ 639,508 $ 629,533 $ 617,898 $ 611,162 $ 597,925 $ 588,504 $ 576,761 Adjusted PTPP ROAE (annualized) 20.27 % 17.47 % 18.73 % 17.67 % 12.17 % 12.20 % 14.41 % 11.60 % 29 DOLLARS IN THOUSANDS, UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ORIGIN BANCORP, INC. _______ Calculation of tangible book value per common share, adjusted tangible book value per common share and tangible common equity to total assets: 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Total assets $ 10,358,516 $ 9,686,067 $ 9,462,639 $ 8,111,524 $ 8,112,295 $ 7,861,285 $ 7,470,478 $ 7,268,068 Less: Goodwill 128,679 128,679 136,793 34,153 34,153 34,368 26,741 26,741 Less: Other intangible assets, net 47,277 49,829 52,384 15,900 16,425 16,962 3,089 3,283 Tangible assets 10,182,560 9,507,559 9,273,462 8,061,471 8,061,717 7,809,955 7,440,648 7,238,044 Total common stockholders' equity $ 992,587 $ 949,943 $ 907,024 $ 646,373 $ 676,865 $ 730,211 $ 705,667 $ 688,235 Less: Goodwill 128,679 128,679 136,793 34,153 34,153 34,368 26,741 26,741 Less: Other intangible assets, net 47,277 49,829 52,384 15,900 16,425 16,962 3,089 3,283 Tangible common equity 816,631 771,435 717,847 596,320 626,287 678,881 675,837 658,211 Less: Accumulated other comprehensive (loss) income (138,481) (159,875) (175,233) (115,979) (65,890) 5,729 11,872 18,914 Adjusted tangible common equity 955,112 931,310 893,080 712,299 692,177 673,152 663,965 639,297 Divided by common shares outstanding at period end 30,780,853 30,746,600 30,661,734 23,807,677 23,748,748 23,746,502 23,496,058 23,502,215 Book value per common share(5) $ 32.25 $ 30.90 $ 29.58 $ 27.15 $ 28.50 $ 30.75 $ 30.03 $ 29.28 Tangible book value per common share(5) 26.53 25.09 23.41 25.05 26.37 28.59 28.76 28.01 Adjusted tangible book value per common share 31.03 30.29 29.13 29.92 29.15 28.35 28.26 27.20 Tangible common equity to tangible assets 8.02 % 8.11 % 7.74 % 7.40 % 7.77 % 8.69 % 9.08 % 9.09 % 30 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES * Please see slide 34 for all footnote references included above. DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED

ORIGIN BANCORP, INC. _______ Calculation of tangible book value per common share, adjusted tangible book value per common share and tangible common equity to total assets, continued: 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Total assets $ 7,563,175 $ 7,628,268 $ 7,101,338 $ 6,643,909 $ 6,049,638 $ 5,324,626 $ 5,396,928 $ 5,119,625 Less: Goodwill 26,741 26,741 26,741 26,741 26,741 26,741 26,741 26,741 Less: Other intangible assets, net 3,505 3,739 3,976 4,212 4,500 4,799 5,101 5,403 Tangible assets 7,532,929 7,597,788 7,070,621 6,612,956 6,018,397 5,293,086 5,365,086 5,087,481 Total common stockholders' equity $ 656,355 $ 647,150 $ 627,637 $ 614,781 $ 606,631 $ 599,362 $ 588,363 $ 584,293 Less: Goodwill 26,741 26,741 26,741 26,741 26,741 26,741 26,741 26,741 Less: Other intangible assets, net 3,505 3,739 3,976 4,212 4,500 4,799 5,101 5,403 Tangible common equity 626,109 616,670 596,920 583,828 575,390 567,822 556,521 552,149 Less: Accumulated other comprehensive (loss) income 12,185 25,649 21,998 20,613 15,822 6,333 6,690 5,619 Adjusted tangible common equity 613,924 591,021 574,922 563,215 559,568 561,489 549,831 546,530 Divided by common shares outstanding at period end 23,488,884 23,506,312 23,506,586 23,501,233 23,475,948 23,480,945 23,481,781 23,774,238 Book value per common share(5) $ 27.94 $ 27.53 $ 26.70 $ 26.16 $ 25.84 $ 25.52 $ 25.06 $ 24.58 Tangible book value per common share(5) 26.66 26.23 25.39 24.84 24.51 24.18 23.70 23.22 Adjusted tangible book value per common share 26.14 25.14 24.46 23.97 23.84 23.91 23.42 22.99 Tangible common equity to tangible assets 8.31 % 8.12 % 8.44 % 8.83 % 9.56 % 10.73 % 10.37 % 10.85 % 31 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES * Please see slide 34 for all footnote references included above. DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED

ORIGIN BANCORP, INC. _______ Calculation of ROATCE and Adjusted ROATCE: 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Net income $ 24,302 $ 29,478 $ 16,243 $ 21,311 $ 20,683 $ 28,322 $ 26,978 $ 27,733 Divided by number of days in the quarter 90 92 92 91 90 92 92 91 Multiplied by number of days in the year 365 365 365 365 365 365 365 365 Annualized net income $ 98,558 $ 116,951 $ 64,442 $ 85,478 $ 83,881 $ 112,364 $ 107,032 $ 111,237 Adjusted net income $ 24,188 $ 30,409 $ 31,087 $ 21,949 $ 21,134 $ 24,144 $ 26,978 $ 27,729 Divided by number of days in the quarter 90 92 92 91 90 92 92 91 Multiplied by number of days in the year 365 365 365 365 365 365 365 365 Annualized adjusted net income $ 98,096 $ 120,644 $ 123,334 $ 88,037 $ 85,710 $ 95,789 $ 107,032 $ 111,221 Total average common stockholders’ equity $ 976,044 $ 913,850 $ 938,752 $ 667,323 $ 722,504 $ 715,614 $ 703,605 $ 672,698 Less: Average goodwill 128,679 131,302 95,696 34,153 34,366 26,824 26,741 26,741 Less: Average other intangible assets, net 48,950 51,495 40,918 16,242 16,775 3,172 3,211 3,424 Average tangible common equity 798,415 731,053 802,138 616,928 671,363 685,618 673,653 642,533 ROATCE 12.34 % 16.00 % 8.03 % 13.86 % 12.49 % 16.39 % 15.89 % 17.31 % Adjusted ROATCE 12.29 16.50 15.38 14.27 12.77 13.97 15.89 17.31 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Net income $ 25,513 $ 17,552 $ 13,095 $ 4,957 $ 753 $ 12,827 $ 14,617 $ 12,283 Divided by number of days in the quarter 90 92 92 91 91 92 92 91 Multiplied by number of days in the year 365 366 366 366 366 365 365 365 Annualized net income $ 103,469 $ 69,826 $ 52,095 $ 19,937 $ 3,029 $ 50,890 $ 57,991 $ 49,267 Adjusted net income $ 25,470 $ 17,374 $ 12,857 $ 4,957 $ 461 $ 12,827 $ 13,782 $ 11,993 Divided by number of days in the quarter 90 92 92 91 91 92 92 91 Multiplied by number of days in the year 365 366 366 366 366 365 365 365 Annualized adjusted net income $ 103,295 $ 69,118 $ 51,149 $ 19,937 $ 1,854 $ 50,890 $ 54,679 $ 48,104 Total average common stockholders’ equity $ 657,863 $ 639,508 $ 629,533 $ 617,898 $ 611,162 $ 597,925 $ 588,504 $ 576,761 Less: Average goodwill 26,741 26,741 26,741 26,741 26,741 26,741 26,741 26,741 Less: Average other intangible assets, net 3,651 3,889 4,128 4,395 4,690 4,990 5,288 4,308 Average tangible common equity 627,471 608,878 598,664 586,762 579,731 566,194 556,475 545,712 ROATCE 16.49 % 11.47 % 8.70 % 3.40 % 0.52 % 8.99 % 10.42 % 9.03 % Adjusted ROATCE 16.46 11.35 8.54 3.40 0.32 8.99 9.83 8.81 32 DOLLARS IN THOUSANDS, UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of Adjusted Efficiency Ratio: 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Total noninterest expense $ 56,760 $ 57,254 $ 56,241 $ 44,150 $ 42,774 $ 40,346 $ 39,165 $ 37,832 Less: Insurance and mortgage noninterest expense 8,033 8,031 8,479 8,397 8,626 6,580 6,688 6,964 Less: Merger and acquisition expense — 1,179 3,614 807 571 — — — Adjusted total noninterest expense 48,727 48,044 44,148 34,946 33,577 33,766 32,477 30,868 Net interest income 77,147 84,749 78,523 59,504 52,502 54,180 52,541 54,292 Less: Insurance and mortgage net interest income 1,493 1,376 1,208 1,082 875 946 1,048 979 Add: Total noninterest income 16,384 13,429 13,723 14,216 15,906 16,701 15,923 12,438 Less: Insurance and mortgage noninterest income 8,792 6,255 4,737 8,047 10,552 5,683 6,179 5,815 Less: Gain on fair value of the Lincoln Agency — — — — — 5,213 — — Less: Gain on sale of securities, net 144 — 1,664 — — 75 — 5 Adjusted total revenue 83,102 90,547 84,637 64,591 56,981 58,964 61,237 59,931 Efficiency Ratio 60.69 % 58.32 % 60.97 % 59.89 % 62.53 % 56.92 % 57.21 % 56.69 % Adjusted Efficiency Ratio 58.64 53.06 52.16 54.10 58.93 57.27 53.03 51.51 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Total noninterest expense $ 39,436 $ 38,884 $ 38,734 $ 38,220 $ 36,097 $ 36,534 $ 35,064 $ 37,095 Less: Insurance and mortgage noninterest expense 7,252 7,195 7,746 7,944 6,463 6,432 6,435 6,343 Less: Early termination of LT FHLB advance 1,613 — — — — — — — — — — — — Less: FDIC fund assessment benefit — — — — — — (1,037) — Adjusted total noninterest expense 30,571 31,689 30,988 30,276 29,634 30,102 29,666 30,752 Net interest income 55,239 51,819 50,617 46,290 42,810 44,095 44,622 42,969 Less: Insurance and mortgage net interest income 1,003 1,236 1,125 1,204 872 735 776 457 Add: Total noninterest income 17,131 15,381 18,051 19,076 12,144 10,818 12,880 11,176 Less: Insurance and mortgage noninterest income 8,348 9,326 12,741 13,826 6,456 5,787 6,295 6,288 Less: Gain on sale of securities, net 1,668 225 301 — 54 — 20 — Less: Other noninterest income(25) — — — — — 316 — — 367 Adjusted total revenue 61,351 56,413 54,501 50,336 47,256 48,391 50,411 47,033 Efficiency Ratio 54.49 % 57.86 % 56.41 % 58.47 % 65.69 % 66.53 % 60.98 % 68.51 % Adjusted Efficiency Ratio 49.83 56.17 56.86 60.15 62.71 62.21 58.85 65.38 33 ORIGIN BANCORP, INC. _______ * Please see slide 34 for all footnote references included above.

34 PRESENTATION NOTES (1) Does not include non-market based deposits. (2) Excludes mortgage warehouse loans. (3) As used in this presentation, adjusted net income, adjusted PTPP earnings, adjusted diluted EPS, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, ROATCE, adjusted ROATCE and adjusted efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their comparable GAAP measures, see slides 24-33 of this presentation. (4) NIM - FTE, adjusted, is calculated for the quarter ended March 31, 2023, December 31, 2022 and September 30, 2022, by removing the net purchase accounting accretion from the net interest income. For periods prior to September 30, 2022, it is calculated by removing average PPP loans from average interest-earning assets and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income. (5) An increase in accumulated other comprehensive loss negatively impacted total stockholders' equity, tangible common equity, book value and tangible book value per common share primarily due to the movement of the short end of the yield curve that occurred during the first three quarters of 2022 and its impact on our investment portfolio. (6) The ALCL to total LHFI, adjusted is calculated at March 31, 2023, December 31, 2022 and September 30, 2022, by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the warehouse loans from the LHFI in the denominator. For the periods prior to September 30, 2022, it is calculated by excluding the ALCL for warehouse loans from the total LHFI ALCL in the numerator and excluding the PPP and warehouse loans from the LHFI in the denominator. Due to their low-risk profile, mortgage warehouse loans require a disproportionately low allocation of the ALCL. (7) Total LHFI, adjusted excludes mortgage warehouse loans for all periods presented and PPP loans for periods prior to September 30, 2022. (8) Annualized. (9) A decline in accumulated other comprehensive loss during the YTD period ended December 31, 2022, negatively impacted total stockholders' equity, tangible common equity and ROATCE, primarily due to the steepening of the short end of the yield curve that occurred during the first three quarters of 2022 and its impact on our investment portfolio. (10) OBNK and KBW Nasdaq cumulative total shareholder return assumes $100 Invested on December 31, 1996, and any dividends are reinvested. Data for OBNK cumulative total shareholder return prior to May 9, 2018, is based upon private stock transactions and is not reflective of open market trades. (11) Data obtained from The United States Census Bureau (census.gov). (12) Excludes mortgage warehouse loans and, for all periods prior to 3Q22, PPP loans. (13) Year-to-date periods ended December 31, 2021 and 2020 exclude PPP loans. (14) Does not include loans held for sale. (15) PPP loans are immaterial at 1Q23, 3Q22 and 4Q22 and are included in C&I for these periods. (16) Excludes PPP loans for the quarters ended March 31, 2022, and June 30, 2022. (17) The accumulated other comprehensive (loss) income primarily represents the unrealized loss, net of tax benefit, of available for sale securities and is a component of equity. (18) Peer represents commercial banks as identified by S&P Global. (19) Yield on LHFI excl. PPP loans and purchase accounting adjustments ("PAA") reflects the exclusion of PPP loans for periods prior to 3Q22 and the exclusion of PAA for 1Q23, 4Q22 and 3Q22. (20) LIBOR index-based loans will shift to SOFR index-based loans at the end of 2Q23. (21) Net interest income excl. MW LOC, adjusted, and NIM (FTE), adjusted, excludes PPP income from periods prior to 3Q22, and PAA net accretion for 1Q23, 4Q22 and 3Q22. (22) Mortgage banking revenue for 3Q22 was adjusted for the $1.95 million impairment on the GNMA MSR portfolio. (23) March 31, 2023, dollars and ratios are estimated. (24) 3Q22 does not include BTH Bank, which elected the Community Bank Leverage Ratio. (25) Other noninterest income represents a $316,000 payout on a BOLI life insurance policy during 1Q20 and a $367,000 valuation adjustment on a non-marketable equity security during 2Q19.

Document

Exhibit 99.3

https://cdn.kscope.io/efc8c8d09c8485a0d38718d24dc61a0f-obnklogoa53a.jpg

FOR IMMEDIATE RELEASE

April 26, 2023

Origin Bancorp, Inc. Announces Declaration of Quarterly Cash Dividend

RUSTON, LOUISIANA (April 26, 2023) - Origin Bancorp, Inc. (Nasdaq: OBNK) ("Origin"), the holding company for Origin Bank, today announced that on April 26, 2023, its board of directors declared a quarterly cash dividend of $0.15 per share of its common stock. The cash dividend will be paid on May 31, 2023, to stockholders of record as of the close of business on May 15, 2023.

About Origin Bancorp, Inc.

Forward-Looking Statements

When used in filings by Origin Bancorp, Inc. (the "Company") with the Securities and Exchange Commission (the "SEC"), in the Company's press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases "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 of such terms" are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Factors that might cause such a difference include among other things: the expected payment date of its quarterly cash dividend; changes in economic conditions; other legislative changes generally; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company's ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company's market area; competition; and changes in management’s business strategies and other factors set forth in the Company's filings with the SEC.

The Company does not undertake and specifically declines any obligation - to update or revise any forward-looking statements to reflect events or circumstances that occur after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact Information

Investor Relations

Chris Reigelman

318-497-3177

chris@origin.bank

Media Contact

Ryan Kilpatrick

318-232-7472

rkilpatrick@origin.bank