0001516912-23-000136 | 10-Q | XBRL Viewer

Capital and Regulatory Matters (Tables)

6 Months Ended

Jun. 30, 2023

The actual capital amounts and ratios of the Company and Origin at June 30, 2023, and December 31, 2022, are presented in the following table:


(Dollars in thousands) June 30, 2023	Actual				Minimum Capital Required - Basel III				To be Well Capitalized Under Prompt Corrective Action Provisions
Common Equity Tier 1 Capital to Risk-Weighted Assets	Amount		Ratio		Amount		Ratio		Amount		Ratio
Origin Bancorp, Inc.	$	967,014	11.01	%	$	614,641	7.00	%	N/A		N/A
Origin Bank	1,021,140		11.66		613,229		7.00		$	569,427	6.50	%
Tier 1 Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	982,783		11.19		746,349		8.50		N/A		N/A
Origin Bank	1,021,140		11.66		744,635		8.50		700,833		8.00
Total Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	1,238,698		14.11		921,964		10.50		N/A		N/A
Origin Bank	1,186,413		13.54		919,843		10.50		876,041		10.00
Leverage Ratio
Origin Bancorp, Inc.	982,783		9.65		407,422		4.00		N/A		N/A
Origin Bank	1,021,140		10.05		406,396		4.00		507,994		5.00
December 31, 2022
Common Equity Tier 1 Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	906,859		10.93		580,857		7.00		N/A		N/A
Origin Bank	952,579		11.50		579,775		7.00		538,363		6.50
Tier 1 Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	922,584		11.12		705,327		8.50		N/A		N/A
Origin Bank	952,579		11.50		704,013		8.50		662,600		8.00
Total Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	1,180,665		14.23		871,290		10.50		N/A		N/A
Origin Bank	1,109,257		13.39		869,661		10.50		828,249		10.00
Leverage Ratio
Origin Bancorp, Inc.	922,584		9.66		381,955		4.00		N/A		N/A
Origin Bank	952,579		9.94		383,359		4.00		479,198		5.00

Mortgage Banking

6 Months Ended

Jun. 30, 2023

Mortgage Banking [Abstract]

Mortgage Banking

Note 6 — Mortgage Banking

The following table presents the Company’s revenue from mortgage banking operations:


(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Mortgage banking revenue	2023		2022			2023		2022
Origination	$	149	$	229		$	260	$	434
Gain on sale of loans held for sale	1,014		2,118			1,623		3,841
Originations of MSRs	282		738			431		1,464
Servicing	936		1,434			1,925		2,860
Total gross mortgage revenue	2,381		4,519			4,239		8,599
MSR valuation adjustments, net	543		202			(363)		4,443
Mortgage HFS and pipeline fair value adjustment	(357)		(887)			83		(561)
MSR hedge impact	(1,165)		(1,480)			(776)		(6,031)
Mortgage banking revenue	$	1,402	$	2,354		$	3,183	$	6,450

Management uses forward-settling mortgage-backed securities and U.S. Treasury futures to mitigate the impact of changes in fair value of MSRs. See Note 7 — Derivative Financial Instruments for further information.

Mortgage Servicing Rights

Activity in MSRs was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	18,261	$	21,187	$	20,824	$	16,220

Addition of servicing rights	282		738		431		1,464
Settlement of sale of GNMA MSR	—		—		(1,806)		—
Valuation adjustment, net of amortization	543		202		(363)		4,443
Balance at end of period	$	19,086	$	22,127	$	19,086	$	22,127

During the second half of 2022, the Company entered into an agreement to sell its GNMA MSR portfolio, which met all final sale conditions in early 2023. The Company sold $1.8 million in GNMA MSR, with no significant additional gain or loss realized, and derecognized the related GNMA repurchase asset and offsetting liability during the quarter ended March 31, 2023.

The Company receives annual servicing fee income approximating 0.25% of the outstanding balance of the underlying loans. In connection with the Company's activities as a servicer of mortgage loans, the investors and the securitization trusts have no recourse to the Company’s assets for failure of debtors to pay when due.

The Company is potentially subject to losses in its loan servicing portfolio due to loan foreclosures. The Company has obligations to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the economic benefits of a loan if it is determined that the loan sold violated representations or warranties made by the Company and/or the borrower at the time of the sale, which the Company refers to as mortgage loan servicing putback expenses. Such representations and warranties typically include those made regarding loans that had missing or insufficient file documentation and/or loans obtained through fraud by borrowers or other third parties. Putback claims may be made until the loan is paid in full. When a putback claim is received, the Company evaluates the claim and takes appropriate actions based on the nature of the claim. The Company is required by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to provide a response to putback claims within 60 of the date of receipt.

At June 30, 2023, and December 31, 2022, the reserve for mortgage loan servicing putback expenses totaled $167,000 and $217,000, respectively. There is inherent uncertainty in reasonably estimating the requirement for reserves against future mortgage loan servicing putback expenses. Future putback expenses depend on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties.

GNMA optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option, and without GNMA's prior authorization, the servicer may repurchase a delinquent loan for an amount equal to 100% of the remaining principal balance of the loan. This buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When a financial institution is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be included in the consolidated balance sheets as mortgage loans held for sale, regardless of whether the institution intends to exercise the buy-back option. These loans totaled $24.6 million at December 31, 2022, and were recorded as mortgage loans held for sale at the lower of cost or fair value with a corresponding liability in FHLB advances and other borrowings on the Company’s consolidated balance sheets. The final sale conditions of the GNMA MSR portfolio were met during the quarter ended March 31, 2023, and, accordingly, there were no GNMA repurchase program loans on the balance sheet at June 30, 2023.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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+ Details

Stock and Incentive Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Outstanding at beginning of period (in shares)	504,437	39,200	39,200
Exercised (in shares)	(42,774)	(24,800)
Expired (in shares)	(8,434)
Outstanding at end of period (in shares)	453,229	14,400	504,437	39,200
Exercisable (in shares)	453,229	14,400
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 29.46	$ 10.73	$ 10.73
Exercised (in dollars per share)	17.61	9.23
Expired (in dollars per share)	33.39
Outstanding at end of period (in dollars per share)	30.50	13.31	$ 29.46	$ 10.73
Exercisable (in dollars per share)	$ 30.50	$ 13.31
Weighted average remaining contractual term (in years)	4 years 10 months 20 days	1 year 6 months 7 days	5 years 1 month 17 days	2 years 3 months 10 days
Weighted average remaining contractual term, exercisable (in years)	4 years 10 months 20 days	1 year 6 months 7 days
Aggregate Intrinsic Value	$ 1,139	$ 367	$ 3,736	$ 1,262
Aggregate Intrinsic Value, exercised	738	816
Aggregate Intrinsic Value, exercisable	$ 1,139	$ 367

Stock and Incentive Compensation Plans - Compensation Expense (Details) - Employee Stock - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP shares purchased (in shares)	46,213	26,089	46,213	26,089
Shares available for issuance under the ESPP (in shares)	927,698	973,911	927,698	973,911

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.13

Fair Value of Financial Instruments - Changes in Fair Value of Assets Classified in the Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Mortgage banking revenue (loans held for sale)
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total fair value option impact on noninterest income	$ (355)	$ 65	$ (192)	$ (432)
Other income \| Securities carried at fair value through income
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total fair value option impact on noninterest income	(23)	(154)	23	(592)
Noninterest income
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total fair value option impact on noninterest income	$ (378)	$ (89)	$ (169)	$ (1,024)

Loans - Schedule of Loans (Details) - USD ($) $ in Thousands			6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	$ 15,198	$ 49,957	$ 15,198
Total Loans Receivable	7,622,689	7,090,022	7,622,689
Less: Allowance for loan credit losses (“ALCL”)	94,353	87,161	94,353	$ 63,123	$ 92,008	$ 62,173	$ 64,586
LHFI, net	7,528,336	7,002,861	7,528,336
Net deferred loan fees	11,400	14,200	11,400
Net loan discounts	139	2,200	2,107	0
Real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	5,084,061	4,727,841	5,084,061
Real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	2,428,164	2,304,678	2,428,164
Less: Allowance for loan credit losses (“ALCL”)	20,839	19,772	20,839	16,112	20,681	14,606	13,425
Real estate \| Owner occupied commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	915,861	843,006	915,861
Real estate \| Non-owner occupied commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,512,303	1,461,672	1,512,303
Real estate \| Construction/land/land development:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,022,239	945,625	1,022,239
Less: Allowance for loan credit losses (“ALCL”)	8,729	7,776	8,729	4,707	8,065	4,580	4,011
Real estate \| Residential real estate:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,633,658	1,477,538	1,633,658
Less: Allowance for loan credit losses (“ALCL”)	9,018	8,230	9,018	5,851	8,520	5,821	6,116
Commercial and Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,977,028	2,051,161	1,977,028
Less: Allowance for loan credit losses (“ALCL”)	54,173	50,148	54,173	35,477	53,357	36,315	40,146
Mortgage warehouse lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	537,627	284,867	537,627
Less: Allowance for loan credit losses (“ALCL”)	817	379	817	459	565	329	340
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	23,973	26,153	23,973
Less: Allowance for loan credit losses (“ALCL”)	$ 777	$ 856	$ 777	$ 517	$ 820	$ 522	$ 548

Stock and Incentive Compensation Plans - Black-Scholes Option Pricing Model (Details) - Employee Stock	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	1 year	1 year	1 year	1 year
Dividend yield	175.00%	134.00%	164.00%	130.00%
Risk-free interest rate	3.19%	0.77%	2.63%	0.44%
Expected volatility	31.98%	41.26%	32.25%	43.58%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Mortgage Banking - Activity in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	$ 18,261	$ 20,824	$ 21,187	$ 20,824	$ 16,220
Addition of servicing rights	282		738	431	1,464
Settlement of sale of GNMA MSR	0	(1,800)	0	(1,806)	0
Valuation adjustment, net of amortization	543		202	(363)	4,443
Balance at end of period	$ 19,086	$ 18,261	$ 22,127	$ 19,086	$ 22,127

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Off-Balance Sheet Financial Instruments

The table below presents the Company’s commitments to extend credit by commitment expiration date for the dates indicated:


(Dollars in thousands) June 30, 2023
	Less than One Year		One-Three Years		Three-Five Years		Greater than Five Years		Total
Commitments to extend credit(1)	$	1,090,525	$	961,529	$	601,300	$	262,932	$	2,916,286
Standby letters of credit	88,494		8,783		32,987		—		130,264
Total off-balance sheet commitments	$	1,179,019	$	970,312	$	634,287	$	262,932	$	3,046,550
December 31, 2022
Commitments to extend credit(1)	$	1,093,744	$	988,212	$	553,069	$	96,783	$	2,731,808
Standby letters of credit	86,922		2,264		—		—		89,186
Total off-balance sheet commitments	$	1,180,666	$	990,476	$	553,069	$	96,783	$	2,820,994

____________________________

(1)Includes $705.4 million and $594.6 million of unconditionally cancellable commitments at June 30, 2023, and December 31, 2022, respectively.

Stock and Incentive Compensation Plans - Share-based Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 1,159	$ 841	$ 2,551	$ 1,579
Related tax benefits recognized in net income	243	177	536	332
RSA & RSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	1,034	666	2,056	1,277
PSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	2	103	295	149
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 123	$ 72	$ 200	$ 153

Securities - Narrative (Details)	Jun. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Number of securities in an unrealized loss position \| security	698
Held-to-maturity securities, accrued interest	$ 7,700,000	$ 7,400,000
Held to maturity, amortized cost	12,169,000
Held-to-maturity securities, nonaccrual status	0	0
Total Past Due
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity, amortized cost	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

+ Details

Stock and Incentive Compensation Plans - Time-vested Award Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
RSAs
Shares
Nonvested shares, beginning balance (in shares)	27,391	48,048
Granted (in shares)	16,788	12,840
Vested (in shares)	(16,594)	(19,524)
Forfeited (in shares)	0	0
Nonvested shares, ending balance (in shares)	27,585	41,364
Weighted Average Grant-Date Fair Value
Nonvested shares, beginning balance (in dollars per share)	$ 35.37	$ 35.27
Granted (in dollars per share)	28.61	37.29
Vested (in dollars per share)	34.76	36.61
Forfeited (in dollars per share)	0	0
Nonvested shares, ending balance (in dollars per share)	$ 31.63	$ 35.29
RSUs
Shares
Nonvested shares, beginning balance (in shares)	270,390	73,977
Granted (in shares)	109,078	61,081
Vested (in shares)	(18,864)	0
Forfeited (in shares)	(3,583)	(743)
Nonvested shares, ending balance (in shares)	357,021	134,315
Weighted Average Grant-Date Fair Value
Nonvested shares, beginning balance (in dollars per share)	$ 39.63	$ 40.64
Granted (in dollars per share)	35.90	42.28
Vested (in dollars per share)	42.09	0
Forfeited (in dollars per share)	43.60	40.40
Nonvested shares, ending balance (in dollars per share)	$ 38.32	$ 41.39
PSUs
Shares
Nonvested shares, beginning balance (in shares)	157,367	0
Granted (in shares)	43,591	27,632
Forfeited (in shares)	(1,592)	0
Nonvested shares, ending balance (in shares)	199,366	27,632
Weighted Average Grant-Date Fair Value
Nonvested shares, beginning balance (in dollars per share)	$ 29.06	$ 0
Granted (in dollars per share)	28.45	44.77
Forfeited (in dollars per share)	28.45	0
Nonvested shares, ending balance (in dollars per share)	$ 27.20	$ 44.77

Stock and Incentive Compensation Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock and Incentive Compensation Plans

Note 8 — Stock and Incentive Compensation Plans

The Company has granted, and currently has outstanding, stock and incentive compensation awards subject to the provisions of the Company’s 2012 Stock Incentive Plan (the “2012 Plan”). The 2012 Plan is designed to provide flexibility to the Company regarding its ability to motivate, attract and retain the services of key officers, employees and directors. The 2012 Plan allows the Company to make grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards (“RSA”), restricted stock units (“RSU”), dividend equivalent rights, performance stock units (“PSU”) or any combination thereof. At June 30, 2023, the maximum number of shares of the Company’s common stock available for issuance under the 2012 Plan was 29,738 shares.

Additionally, the Company’s stockholders approved an employee stock purchase plan (“ESPP”) which qualified as an ESPP under IRS guidelines. The ESPP provides for the purchase of up to an aggregate one million shares of the Company’s common stock by employees. Under the ESPP, employees of the Company, who elect to participate, have the right to purchase a limited number of shares of the Company’s common stock at a 15% discount from the lower of the market value of the common stock at the beginning or the end of each one year offering period, beginning on June 1st. The ESPP benefit is treated as compensation to the employee, and the compensation expense will be recognized over the service period based on the grant date fair value of the rights determined at the beginning of the purchase period, adjusted for forfeitures and certain modifications. At June 30, 2023, there was $433,000 of total unrecognized compensation cost related to estimated ESPP shares for the June 1, 2023, ESPP purchase period. These costs are expected to be recognized over a period of 0.92 year.

The table below includes the weighted-average assumptions used to calculate the grant date fair value of the ESPP rights for the periods indicated using the Black-Scholes option pricing model:



	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Expected term (in years)	1.00			1.00			1.00			1.00
Dividend yield	$	1.75		$	1.34		$	1.64		$	1.30
Risk-free interest rate	3.19		%	0.77		%	2.63		%	0.44		%
Expected volatility	31.98			41.26			32.25			43.58

The ESPP shares purchased are as follows for the dates indicated:



	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
ESPP shares purchased	46,213	26,089	46,213	26,089

Shares available for issuance under the ESPP	927,698	973,911	927,698	973,911

The Compensation Committee (“Committee”) has approved and the Company has granted PSUs to select officers and employees under the 2012 Plan. Each PSU represents a right for the participant to receive shares of Company common stock or cash equal to the fair market value of such stock, as determined by the Committee. The number of PSUs to which the participant may be entitled will vary from 0% to 150% of the target number of PSUs, based on the Company’s achievement of specified performance criteria during the performance period compared to performance benchmarks adopted by the Committee and, further, the participant’s continuous service with the Company through the third anniversary of the date of the grant. Each performance period commences on January 1 and ends three years later on December 31, (“Performance Period”).

On December 13, 2022, (the “Grant Date”), the Company granted a special, one-time stock award to Drake Mills (the “One-Time Award”), having an approximate value of $10.0 million, which was comprised of 129,736 restricted stock units (“CEO RSUs”) and 129,735 market-based performance stock units (“CEO PSUs”), The CEO RSUs vest in five approximately equal installments on each of the third, fourth, fifth, sixth and seventh anniversaries of the Grant Date, subject to Mr. Mills’ continued employment with the Company on each respective vesting date, or upon the earlier occurrence of Mr. Mills’ death, disability, termination of employment without cause or resignation for good reason. The CEO PSUs are eligible to vest based on achievement of five pre-established stock price hurdles (each, a “Stock Price Hurdle”) during a seven-year performance period (the “CEO Performance Period”), which Stock Price Hurdle must be maintained for twenty consecutive days during the CEO performance period. Each of the five tranches of CEO PSUs will vest on the later of the date that the applicable Stock Price Hurdle is achieved or the third, fourth, fifth, sixth and seventh anniversaries of the Grant Date, respectively, subject to Mr. Mills’ continued employment with the Company on each respective vesting date, or upon the earlier occurrence of Mr. Mills’ death or disability. The One-Time Award was granted pursuant to, and subject to the terms and conditions of, the Origin Bancorp, Inc. 2012 Stock Incentive Plan and the Company’s form of RSU agreement and PSU agreement, respectively.

Compensation expense for the CEO PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date determined by using a Monte Carlo simulation model with the following inputs:


Simulation Inputs
Grant date	December 13, 2022
Performance period	seven years
Stock price	$	36.87
Expected volatility (1)	33.0		%
Risk-free rate (2)	3.5

____________________________

(1)The expected volatility was determined based on the historical volatilities of the Company and the specified peer group.

(2)The risk-free interest rate for the performance period was derived from the seven-year continuous U.S. Treasury Yield constant maturity curve on the valuation date.

Share-based compensation cost charged to income for the three and six months ended June 30, 2023 and 2022, is presented below. There was no stock option expense for any of the periods shown.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2023		2022		2023		2022
RSA & RSU	$	1,034	$	666	$	2,056	$	1,277
PSU	2		103		295		149
ESPP	123		72		200		153
Total stock compensation expense	$	1,159	$	841	$	2,551	$	1,579
Related tax benefits recognized in net income	$	243	$	177	$	536	$	332

Restricted Stock and Performance Stock Grants

The Company’s RSAs and RSUs are time-vested awards and are granted to the Company’s Board of Directors, executives and senior management team. The service period in which time-vested awards are earned ranges from one to seven years. Time-vested awards are valued utilizing the fair value of the Company’s stock at the grant date. These awards are recognized on the straight-line method over the requisite service period, with forfeitures recognized as they occur.

The Company’s PSU awards, excluding the CEO PSUs, are three-year cliff-vested awards, with each unit divided into two categories (“ROAA Unit Group” and “ROAE Unit Group”), composed of an equivalent number of initial PSUs granted. The PSUs do not reflect potential increases or decreases resulting from the interim performance results until the final performance results are determined at the end of the three-year period. The ROAA Unit Group is based upon the Company’s Performance Period Return on Average Assets performance, and the ROAE Unit Group is based upon the Company’s Performance Period Return on Average Equity performance. The PSUs are initially valued utilizing the fair value of the Company’s stock at the grant date, assuming 100% of the target number of units are achieved. Subsequent valuation of the PSUs is determined using the ratio of the actual Company’s Performance Period ROAA or ROAE to the Company’s targeted Performance Period ROAA or ROAE, applied to the PSUs awarded times the Company’s closing month end stock price for the month immediately preceding the period end date. Forfeitures are recognized as they occur.

The following table summarizes the Company’s award activity:


	Six Months Ended June 30,
	2023			2022
	Shares	Weighted Average Grant-Date Fair Value		Shares	Weighted Average Grant-Date Fair Value
Nonvested RSAs, January 1,	27,391	$	35.37	48,048	$	35.27
Granted RSAs	16,788	28.61		12,840	37.29
Vested RSAs	(16,594)	34.76		(19,524)	36.61
Forfeited RSAs	—	—		—	—
Nonvested RSAs, June 30,	27,585	31.63		41,364	35.29

Nonvested RSUs, January 1,	270,390	$	39.63	73,977	$	40.64
Granted RSUs	109,078	35.90		61,081	42.28
Vested RSUs	(18,864)	42.09		—	—
Forfeited RSUs	(3,583)	43.60		(743)	40.40
Nonvested RSUs, June 30,	357,021	38.32		134,315	41.39

Nonvested PSUs, January 1,	157,367	$	29.06	—	$	—
Granted PSUs	43,591	28.45		27,632	44.77
Forfeited PSUs	(1,592)	28.45		—	—
Nonvested PSUs, June 30,	199,366	27.20		27,632	44.77

At June 30, 2023, there was $578,000, $11.7 million and $3.5 million of total unrecognized compensation cost related to nonvested RSA shares, RSU shares and PSU shares under the 2012 Plan, respectively. Those costs are expected to be recognized over a weighted-average period of 0.6, 3.8 and 2.4 years for RSA, RSU and PSU shares, respectively.

Stock Option Grants

The Company has previously issued common stock options to select officers and employees primarily through individual agreements. The exercise price of each option varies by agreement and is based on the fair value of the stock at the date of the grant. No outstanding stock option has a term that exceeds twenty years, and all of the outstanding options are fully vested. The Company recognized compensation cost for stock option grants over the required service period based upon the grant date fair value, which is established using a Black-Scholes valuation model. The Black-Scholes valuation model uses assumptions of risk-free interest rate, expected term of stock options, expected stock price volatility and expected dividends. Forfeitures are recognized as they occur.

In conjunction with the BTH merger, the Company assumed the BTH 2012 Equity Incentive Plan and converted all outstanding options to purchase BTH common stock into options to purchase an aggregate of 611,676 shares of the Company’s common stock. Under the terms of applicable change in control provisions within the BTH 2012 Equity Incentive Plan and BTH Notice Of Stock Option Award, all BTH stock options fully vested immediately prior to the closing of the merger that occurred on August 1, 2022. BTH converted options have no expiration dates past August 16, 2031, and no further grants will be made under the BTH 2012 Equity Incentive Plan.

The table below summarizes the status of the Company’s stock options and changes during the six months ended June 30, 2023 and 2022.


(Dollars in thousands, except per share amounts)	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Six Months Ended June 30, 2023
Outstanding at January 1, 2023	504,437	$	29.46	5.13	$	3,736

Exercised	(42,774)	17.61		—	738
Expired	(8,434)	33.39		—	—
Outstanding and exercisable at June 30, 2023	453,229	30.50		4.89	1,139

Six Months Ended June 30, 2022
Outstanding at January 1, 2022	39,200	$	10.73	2.28	$	1,262
Exercised	(24,800)	9.23		—	816
Outstanding and exercisable at June 30, 2022	14,400	13.31		1.52	367

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Values of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 11,836	$ 11,970
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	465,990	358,972
Carrying Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-marketable equity securities held in other financial institutions	58,446	67,378
GNMA repurchase asset	0	24,569
Accrued interest and loan fees receivable	38,430	38,136
Deposits	8,490,043	7,775,702
FHLB advances and other borrowings	342,861	639,230
Subordinated indebtedness	196,746	201,765
Accrued interest payable	10,495	3,917
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	11,234	11,275
LHFI, net	7,528,336	7,002,861
Estimated Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	465,990	358,972
Estimated Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-marketable equity securities held in other financial institutions	58,446	67,378
GNMA repurchase asset	0	24,569
Accrued interest and loan fees receivable	38,430	38,136
Deposits	8,469,581	7,753,966
FHLB advances and other borrowings	342,438	639,103
Subordinated indebtedness	186,759	181,624
Accrued interest payable	10,495	3,917
Estimated Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	11,836	11,970
LHFI, net	$ 7,250,223	$ 6,835,770

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of the Company and all other entities in which Origin Bancorp, Inc. has a controlling financial interest, including the Bank and Davison Insurance Agency, LLC, doing business as Lincoln Agency, LLC, Lincoln Agency Transportation Insurance, Pulley-White Insurance Agency, Reeves, Coon and Funderburg, Simoneaux & Wallace Agency and Thomas & Farr Agency. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s accounting and financial reporting policies conform, in all material respects, to generally accepted accounting principles in the United States (“U.S. GAAP”) and to general practices within the financial services industry. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. The consolidated financial statements in this quarterly report on Form 10-Q have not been audited by an independent registered public accounting firm, excluding the figures as of December 31, 2022, but in the opinion of management, reflect all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the Company’s financial position and results of operations for the periods presented. These consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2022, included in the Company’s annual report on Form 10-K (“2022 Form 10-K”) filed with the SEC. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year. 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 (loss).
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information that affect the amounts reported in the financial statements and disclosures provided, including the accompanying notes, and actual results could differ. Material estimates that are particularly susceptible to change include the allowance for credit losses for loans, off-balance sheet commitments and available for sale securities; fair value measurements of assets and liabilities; and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the Company’s consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual results could differ from those estimates.
Allowance for Credit Losses	Allowance for Credit Losses. Accounting Standards Update (“ASU”) No. 2022-02 eliminated the accounting guidance for troubled debt restructurings (“TDRs”) and enhanced disclosure requirements for certain loan modifications. The Company may provide modifications to borrowers experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, or term extensions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Company may provide multiple types of concessions on one loan. The Company will evaluate whether the modification represents a new loan or a continuation of an existing loan. The Company assesses all loan modifications to determine whether they were made to borrowers experiencing financial difficulty.
Reclassifications	Reclassifications. Certain amounts previously reported have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior year net income or stockholders’ equity.
Effect of Recently Adopted Accounting Standards and Effect of Newly Issued But Not Yet Effective Accounting Standards	Effect of Recently Adopted Accounting Standards ASU No. 2021-06, Presentation of Financial Statements (Topic 205), Financial Services —Depository and Lending (Topic 942), and Financial Services — Investment Companies (Topic 946) —Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants amends the Accounting Standards Codification (“ASC”) in order to codify to the new SEC releases 33-10786 and 33-10835 (the “Releases”). The Releases clearly define whether an acquired or disposed business subsidiary is significant; update, expand and eliminate certain disclosures; eliminate overlap with certain SEC and U.S. GAAP rules; and add a new subpart of Regulation S-K. The ASU is effective upon issuance; however, the SEC release on which the ASU is based is effective for registrants with the first fiscal year ending after December 15, 2021, while Guide 3 was rescinded effective January 1, 2023. Implementation of this ASU did not materially impact the Company’s financial statement disclosures. ASU No. 2021-08, Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update affect accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. ASU No. 2022-01, Derivatives and Hedging (Topic 815) — Fair Value Hedging - Portfolio Layer Method. The amendments in this Update clarify the accounting for and promote consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers. Additionally, this Update allows entities to elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures. The amendments in this Update eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. ASU No. 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 — The amendments in this Update provide temporary relief during the transition period in complying with Update No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022 - 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The ASU is effective immediately. Implementation of this ASU did not materially impact the Company's financial statements or disclosures. Effect of Newly Issued But Not Yet Effective Accounting Standards ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method — The amendments in this Update allow entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions are met. The amendments in this Update also eliminate certain low income housing tax credits (“LIHTC”)-specific guidance to align the accounting more closely for LIHTCs with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution guidance apply only to tax equity investments accounted for using the proportional amortization method. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Implementation of this ASU is not expected to materially impact the Company's financial statements or disclosures.
Fair Value of Financial Instruments	Fair value is the exchange price that is expected to be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Certain assets and liabilities are recorded in the Company’s consolidated financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis. The Company utilizes fair value measurement to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach to estimate the fair values of its financial instruments. Such valuation techniques are consistently applied. A hierarchy for fair value has been established, which categorizes the valuation techniques into three levels used to measure fair value. The three levels are as follows: Level 1 - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Fair value is based on significant other observable inputs that are generally determined based on a single price for each financial instrument provided to the Company by an unrelated third-party pricing service and is based on one or more of the following: •Quoted prices for similar, but not identical, assets or liabilities in active markets; •Quoted prices for identical or similar assets or liabilities in markets that are not active; •Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and •Other inputs derived from or corroborated by observable market inputs. Level 3 - Prices or valuation techniques that require inputs that are both significant and unobservable in the market. These instruments are valued using the best information available, some of which is internally developed, and reflects the Company’s own assumptions about the risk premiums that market participants would generally require and the assumptions they would use. These estimates can be inherently uncertain. Securities Available for Sale Securities classified as available for sale are reported at fair value utilizing Level 1, Level 2 or Level 3 inputs. For Level 1 securities, the Company obtains the fair value measurements for those identical assets from an independent pricing service. For Level 2 securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things. In order to ensure the fair values are consistent with ASC 820, Fair Value Measurements and Disclosures, the Company periodically checks the fair value by comparing them to other pricing sources, such as Bloomberg LP. The third-party pricing service is subject to an annual review of internal controls in accordance with the Statement on Standards for Attestation Engagements No. 16, which was made available to the Company. In certain cases where Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. For level 3 securities, the Company determines the fair value of the instruments based on their callability, putability and prepay optionality. Putable instruments are valued at book value, non-putable instruments are priced mainly using a present value calculation based on the spread to the yield curve. Mortgage Servicing Rights (“MSRs”) The carrying amounts of the MSRs equal fair value, which are determined using a discounted cash flow valuation model. Derivatives Fair values for interest rate swap agreements and interest rate lock commitments are based upon the amounts that would be required to settle the contracts. Fair values for risk participations, forward mortgage backed security purchases or loan sale commitments and future contracts to purchase United States treasury notes are based on the fair values of the underlying mortgage loans or securities and the probability of such commitments being exercised. Significant management judgment and estimation is required in determining these fair value measurements. Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected Certain assets are measured at fair value on a recurring basis due to the Company’s election to adopt fair value accounting treatment for those assets. This election allows for a more effective offset of the changes in fair values of the assets and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC Topic 815, Derivatives and Hedging. For assets for which the fair value has been elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. The following methodologies were used to measure the fair value of financial assets valued on a recurring basis for which the fair value option was elected: Securities at Fair Value through Income Securities carried at fair value through income are valued using a discounted cash flow with a credit spread applied to each instrument based on the creditworthiness of each issuer. Credit spreads ranged from 83 to 227 basis points at both June 30, 2023, and December 31, 2022. The Company believes the fair value approximates an exit price. Loans Held for Sale Fair values for loans held for sale are established using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans allocated. The Company believes the fair value approximates an exit price. Fair Value of Assets Recorded on a Nonrecurring Basis Equity Securities without Readily Determinable Fair Values Equity securities without readily determinable fair values totaled $58.4 million and $67.4 million at June 30, 2023, and December 31, 2022, respectively, and are shown on the face of the consolidated balance sheets. The majority of the Company’s equity investments qualify for the practical expedient allowed for equity securities without a readily determinable fair value, such that the Company has elected to carry these securities at cost adjusted for any observable transactions during the period, less any impairment. To date, no impairment has been recorded on the Company's investments in equity securities that do not have readily determinable fair values. Government National Mortgage Association Repurchase Asset The Company had zero and $24.6 million Government National Mortgage Association (“GNMA”) repurchase assets included in loans held for sale on the consolidated balance sheets at June 30, 2023, and December 31, 2022, respectively. The assets were valued at the lower of cost or market and, where market is lower than cost, valued using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans. During the second half of 2022, the Company entered into an agreement to sell its GNMA MSR portfolio, which met all final sale conditions in early 2023. The Company sold $1.8 million in GNMA MSR, with no significant additional gain or loss realized, and derecognized the related GNMA repurchase asset and offsetting liability during the quarter ended March 31, 2023. Individually Evaluated Loans with Credit Losses Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists. Allowable methods for determining the amount of credit loss include estimating the fair value using the fair value of the collateral for collateral-dependent loans and a discounted cash flow methodology for other evaluated loans that are not collateral dependent. If the loan is identified as collateral-dependent, the fair value method of measuring the amount of credit loss is utilized. Evaluating the fair value of the collateral for collateral-dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. If the loan is not collateral-dependent, the discounted cash flow method is utilized, which involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. Loans that have experienced a credit loss with specific allocated losses are within Level 3 of the fair value hierarchy when the credit loss is determined using the fair value method. The fair value of loans that have experienced a credit loss with specific allocated losses was approximately $22.6 million and $20.7 million at June 30, 2023, and December 31, 2022, respectively. Non-Financial Assets Foreclosed assets held for sale are the only non-financial assets valued on a non-recurring basis that are initially recorded by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the ALCL. Additionally, valuations are periodically performed by management, and any subsequent reduction in value is recognized by a charge to income. The carrying value and fair value of foreclosed assets held for sale was estimated using Level 3 inputs based on observable market data
Derivative Financial Instruments	Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments, as well as to manage changes in fair values of some assets which are marked at fair value through the consolidated statement of income on a recurring basis. Cash Flow Hedges of Interest Rate Risk The Company is a party to interest rate swap agreements under which the Company receives interest at a variable rate and pays at a fixed rate. The derivative instruments represented by these swap agreements are designated as cash flow hedges of the Company’s forecasted variable cash flows under a variable-rate term borrowing agreements. During the terms of the swap agreements, the effective portion of changes in the fair value of the derivative instruments are recorded in accumulated other comprehensive (loss) income and subsequently reclassified into earnings in the periods that the hedged forecasted variable-rate interest payments affected earnings. There was no ineffective portion of the change in fair value of the derivatives recognized directly in earnings. The entire swap fair value will be reclassified into earnings before the expiration dates of the swap agreements. Derivatives Not Designated as Hedges Customer interest rate derivative program The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. In most instances, the Company acts only as an intermediary, simultaneously entering into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions without significantly impacting its results of operations. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and any offsetting derivatives are recognized directly in earnings as a component of noninterest income. From time to time, the Company shares in credit risk on interest rate swap arrangements, by entering into risk participation agreements with syndication partners. These are accounted for at fair value and disclosed as risk participation derivatives. Mortgage banking derivatives The Company enters into certain derivative agreements as part of its mortgage banking and related risk management activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a mandatory delivery basis. The Company also economically hedges the value of MSRs by entering into a series of commitments to purchase mortgage-backed securities in the future and U.S. Treasury future contracts. Some interest rate swaps included in other assets were subject to a master netting arrangement with the counterparty in all periods presented and could be offset against some amounts included in interest rate swaps included in other liabilities. The Company has chosen not to net these exposures in the consolidated balance sheets, and any impact of netting these amounts would not be significant.

Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Securities

Note 3 — Securities

The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated:


(Dollars in thousands) June 30, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses		Net Carrying Amount
Available for sale:
State and municipal securities	$	404,399	$	465	$	(50,907)	$	353,957	$	—	$	353,957
Corporate bonds	89,430		—		(10,726)		78,704		—		78,704
U.S. government and agency securities	247,703		3		(14,527)		233,179		—		233,179
Commercial mortgage-backed securities	105,006		—		(13,726)		91,280		—		91,280
Residential mortgage-backed securities	610,978		—		(74,683)		536,295		—		536,295
Commercial collateralized mortgage obligations	43,252		—		(5,317)		37,935		—		37,935
Residential collateralized mortgage obligations	161,740		—		(23,878)		137,862		—		137,862
Asset-backed securities	67,829				(1,339)		66,490		—		66,490
Total	$	1,730,337	$	468	$	(195,103)	$	1,535,702	$	—	$	1,535,702
Held to maturity:
State and municipal securities	$	12,169	$	230	$	(563)	$	11,836	$	(935)	$	11,234
Securities carried at fair value through income:
State and municipal securities(1)	$	6,815	$	—	$	—	$	6,106	$	—	$	6,106


December 31, 2022
Available for sale:
State and municipal securities	$	447,086	$	996	$	(58,605)	$	389,477	$	—	$	389,477
Corporate bonds	89,449		—		(7,191)		82,258		—		82,258
U.S. government and agency securities	264,755		4		(16,339)		248,420		—		248,420
Commercial mortgage-backed securities	105,536		—		(13,593)		91,943		—		91,943
Residential mortgage-backed securities	649,765		—		(77,462)		572,303		—		572,303
Commercial collateralized mortgage obligations	44,330		—		(5,517)		38,813		—		38,813
Residential collateralized mortgage obligations	170,136		—		(23,766)		146,370		—		146,370
Asset-backed securities	73,918		—		(2,018)		71,900		—		71,900
Total	$	1,844,975	$	1,000	$	(204,491)	$	1,641,484	$	—	$	1,641,484
Held to maturity:
State and municipal securities	$	12,174	$	278	$	(482)	$	11,970	$	(899)	$	11,275
Securities carried at fair value through income:
State and municipal securities(1)	$	7,100	$	—	$	—	$	6,368	$	—	$	6,368

________________________

(1)Securities carried at fair value through income have no unrealized gains or losses at the consolidated balance sheet dates as all changes in value have been recognized in the consolidated statements of income. See Note 5 — Fair Value of Financial Instruments for more information.

Securities with unrealized losses at June 30, 2023, and December 31, 2022, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows.


	Less than 12 Months				12 Months or More				Total
(Dollars in thousands) June 30, 2023	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available for sale:
State and municipal securities	$	24,925	$	(1,104)	$	295,957	$	(49,803)	$	320,882	$	(50,907)
Corporate bonds	32,267		(2,984)		45,437		(7,742)		77,704		(10,726)
U.S. government and agency securities	—		—		232,839		(14,527)		232,839		(14,527)
Commercial mortgage-backed securities	—		—		91,280		(13,726)		91,280		(13,726)
Residential mortgage-backed securities	21,918		(1,152)		514,377		(73,531)		536,295		(74,683)
Commercial collateralized mortgage obligations	—		—		37,935		(5,317)		37,935		(5,317)
Residential collateralized mortgage obligations	367		(12)		137,495		(23,866)		137,862		(23,878)
Asset-backed securities	5,373		(57)		61,117		(1,282)		66,490		(1,339)
Total	$	84,850	$	(5,309)	$	1,416,437	$	(189,794)	$	1,501,287	$	(195,103)
Held to maturity:
State and municipal securities	$	6,437	$	(563)	$	—	$	—	$	6,437	$	(563)

December 31, 2022
Available for sale:
State and municipal securities	$	171,079	$	(14,947)	$	175,011	$	(43,658)	$	346,090	$	(58,605)
Corporate bonds	69,618		(5,581)		11,640		(1,610)		81,258		(7,191)
U.S. government and agency securities	152,471		(7,373)		95,576		(8,966)		248,047		(16,339)
Commercial mortgage-backed securities	37,083		(3,416)		54,860		(10,177)		91,943		(13,593)
Residential mortgage-backed securities	231,848		(20,465)		340,455		(56,997)		572,303		(77,462)
Commercial collateralized mortgage obligations	21,999		(2,516)		16,814		(3,001)		38,813		(5,517)
Residential collateralized mortgage obligations	48,749		(3,928)		97,621		(19,838)		146,370		(23,766)
Asset-backed securities	62,047		(1,528)		9,853		(490)		71,900		(2,018)
Total	$	794,894	$	(59,754)	$	801,830	$	(144,737)	$	1,596,724	$	(204,491)
Held to maturity:
State and municipal securities	$	6,518	$	(482)	$	—	$	—	$	6,518	$	(482)

At June 30, 2023, the Company had 698 individual securities that were in an unrealized loss position. Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than the cost, and (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

Management does not currently intend to sell any of the securities in an unrealized loss position and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, at June 30, 2023, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions.

The following table presents the activity in the allowance for credit losses for held-to-maturity debt securities.


(Dollars in thousands)	Municipal Securities
Allowance for credit losses:	2023

Balance at January 1, 2023	$	899
Credit loss expense	36
Balance at June 30, 2023	$	935
Balance at January 1, 2022	$	167
Credit loss expense	725


Balance at June 30, 2022	$	892

Accrued interest of $7.7 million and $7.4 million was not included in the calculation of the allowance or the amortized cost basis of the debt securities at June 30, 2023 or 2022, respectively. There were no past due held-to-maturity securities or held-to-maturity securities in nonaccrual status at June 30, 2023, or December 31, 2022.

Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below.


	Six Months Ended June 30,
(Dollars in thousands)	2023		2022
Proceeds from sales/calls	$	39,335	$	8,552
Gross realized gains	596		—
Gross realized losses	(452)		—

The following table presents the amortized cost and fair value of securities available for sale and held to maturity at June 30, 2023, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.


(Dollars in thousands)	Held to Maturity				Available for Sale
June 30, 2023	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	64,516	$	62,980
Due after one year through five years	—		—		252,898		239,060
Due after five years through ten years	5,169		5,400		193,934		171,104
Due after ten years	7,000		6,436		230,184		192,696
Commercial mortgage-backed securities	—		—		105,006		91,280
Residential mortgage-backed securities	—		—		610,978		536,295
Commercial collateralized mortgage obligations	—		—		43,252		37,935
Residential collateralized mortgage obligations	—		—		161,740		137,862
Asset-backed securities	—		—		67,829		66,490
Total	$	12,169	$	11,836	$	1,730,337	$	1,535,702

The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements at the periods presented.



(Dollars in thousands)	June 30, 2023		December 31, 2022
Carrying value of securities pledged to secure public deposits	$	817,717	$	769,691
Carrying value of securities pledged to repurchase agreements	6,028		6,797

Loans - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 7,386	$ 19,560
% of Loans	0.10%	0.26%
Term Extension \| Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 5,178	$ 8,381
% of Loans	0.10%	0.16%
Term Extension \| Commercial and Industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 2,208	$ 11,179
% of Loans	0.11%	0.57%
Weighted average term extension (in months)	12 months 27 days	5 months 18 days
Term Extension \| Commercial real estate \| Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 1,692	$ 2,554
% of Loans	0.07%	0.11%
Weighted average term extension (in months)	12 months 21 days	11 months 27 days
Term Extension \| Construction/land/land development \| Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 1,747	$ 4,088
% of Loans	0.17%	0.40%
Weighted average term extension (in months)	2 months 24 days	5 months 3 days
Term Extension \| Residential real estate: \| Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 1,739	$ 1,739
% of Loans	0.11%	0.11%
Weighted average term extension (in months)	5 months 9 days	5 months 9 days
Term Extension And Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 186	$ 186
% of Loans	0.00%	0.00%
Term Extension And Interest Rate Reduction \| Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 0	$ 0
% of Loans	0.00%	0.00%
Term Extension And Interest Rate Reduction \| Commercial and Industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 186	$ 186
% of Loans	0.01%	0.01%
Term Extension And Interest Rate Reduction \| Commercial real estate \| Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 0	$ 0
% of Loans	0.00%	0.00%
Term Extension And Interest Rate Reduction \| Construction/land/land development \| Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 0	$ 0
% of Loans	0.00%	0.00%
Term Extension And Interest Rate Reduction \| Residential real estate: \| Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 0	$ 0
% of Loans	0.00%	0.00%
Interest Rate Reduction \| Commercial and Industrial \| Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-average contractual interest rate	9.00%	9.00%
Interest Rate Reduction \| Commercial and Industrial \| Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-average contractual interest rate	6.00%	6.00%

Derivative Financial Instruments - Gains and Losses Recognized on Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Mortgage banking revenue
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized on derivatives not designated as hedging instruments	$ (1,176)	$ 187	$ (511)	$ (2,220)
Amount of gain recognized in other non-interest income
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized on derivatives not designated as hedging instruments	$ 74	$ 154	$ 85	$ 440

Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 92,008	$ 62,173	$ 87,161	$ 64,586
Charge-offs	2,751	2,192	5,044	4,594
Recoveries	832	639	1,814	1,287
Provision	4,264	2,503	10,422	1,844
Ending balance	94,353	63,123	94,353	63,123
Average balance	$ 7,474,313	$ 5,242,567	$ 7,311,242	$ 5,150,007
Net charge-offs to loan average balance (annualized)	0.10%	0.12%	0.09%	0.13%
Provision (benefit) for credit losses	$ 4,300	$ 3,500	$ 10,500	$ 3,100
Provision (release) for off-balance sheet commitments	88	408	45	556
Credit loss expense	(46)	540	36	725
Real estate \| Commercial real estate
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	20,681	14,606	19,772	13,425
Charge-offs	0	0	42	166
Recoveries	25	0	85	2
Provision	133	1,506	1,024	2,851
Ending balance	20,839	16,112	20,839	16,112
Average balance	$ 2,406,625	$ 1,828,700	$ 2,374,762	$ 1,773,784
Net charge-offs to loan average balance (annualized)	0.00%	0.00%	0.00%	0.02%
Real estate \| Construction/land/land development:
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 8,065	$ 4,580	$ 7,776	$ 4,011
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision	664	127	953	696
Ending balance	8,729	4,707	8,729	4,707
Average balance	$ 972,032	$ 587,872	$ 973,465	$ 576,672
Net charge-offs to loan average balance (annualized)	0.00%	0.00%	0.00%	0.00%
Real estate \| Residential real estate:
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 8,520	$ 5,821	$ 8,230	$ 6,116
Charge-offs	27	0	27	75
Recoveries	5	86	10	92
Provision	520	(56)	805	(282)
Ending balance	9,018	5,851	9,018	5,851
Average balance	$ 1,615,211	$ 966,363	$ 1,567,533	$ 937,005
Net charge-offs to loan average balance (annualized)	0.01%	(0.04%)	0.00%	0.00%
Commercial and Industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 53,357	$ 36,315	$ 50,148	$ 40,146
Charge-offs	2,714	2,179	4,883	4,325
Recoveries	800	545	1,712	1,180
Provision	2,730	796	7,196	(1,524)
Ending balance	54,173	35,477	54,173	35,477
Average balance	$ 2,059,285	$ 1,398,802	$ 2,064,791	$ 1,411,946
Net charge-offs to loan average balance (annualized)	0.37%	0.47%	0.31%	0.45%
Mortgage warehouse lines of credit
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 565	$ 329	$ 379	$ 340
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision	252	130	438	119
Ending balance	817	459	817	459
Average balance	$ 396,348	$ 444,851	$ 305,280	$ 434,381
Net charge-offs to loan average balance (annualized)	0.00%	0.00%	0.00%	0.00%
Consumer
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 820	$ 522	$ 856	$ 548
Charge-offs	10	13	92	28
Recoveries	2	8	7	13
Provision	(35)		6	(16)
Ending balance	777	517	777	517
Average balance	$ 24,812	$ 15,979	$ 25,411	$ 16,219
Net charge-offs to loan average balance (annualized)	0.13%	0.13%	0.67%	0.19%

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 — Earnings Per Share

Basic and diluted earnings per common share are calculated using the treasury method. Under the treasury method, basic earnings per share is calculated as net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under the Company’s stock and incentive compensation plans. Information regarding the Company’s basic and diluted earnings per common share is presented in the following table:


(Dollars in thousands, except per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
Numerator:	2023		2022		2023		2022
Net income	$	21,760	$	21,311	$	46,062	$	41,994



Denominator:





Weighted average common shares outstanding	30,791,397		23,740,611		30,767,283		23,720,874
Dilutive effect of stock-based awards	81,437		47,553		113,789		60,065
Weighted average diluted common shares outstanding	30,872,834		23,788,164		30,881,072		23,780,939

Basic earnings per common share	$	0.71	$	0.90	$	1.50	$	1.77
Diluted earnings per common share	0.70		0.90		1.49		1.77

Fair Value of Financial Instruments - Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
MSRs
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Balance at beginning of period	$ 20,824	$ 16,220
Loss recognized in AOCI	0	0
Purchases, issuances, sales and settlements:
Originations	431	1,464
Purchases	0	0
Sales	(1,806)
Settlements	0	0
Balance at end of period	19,086	22,127
MSRs \| Mortgage banking revenue
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Gain (loss) recognized in earnings	(363)	4,443
MSRs \| Other noninterest income
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Gain (loss) recognized in earnings	0	0
Securities Available for Sale
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Balance at beginning of period	55,769	41,461
Loss recognized in AOCI	(364)	(4,491)
Purchases, issuances, sales and settlements:
Originations	0	0
Purchases	0	23,877
Sales	0
Settlements	(2,138)	(3,282)
Balance at end of period	53,267	57,565
Securities Available for Sale \| Mortgage banking revenue
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Gain (loss) recognized in earnings	0	0
Securities Available for Sale \| Other noninterest income
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Gain (loss) recognized in earnings	0	0
Securities at Fair Value Through Income
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Balance at beginning of period	6,368	7,497
Loss recognized in AOCI	0	0
Purchases, issuances, sales and settlements:
Originations	0	0
Purchases	0	0
Sales	0
Settlements	(285)	(275)
Balance at end of period	6,106	6,630
Securities at Fair Value Through Income \| Mortgage banking revenue
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Gain (loss) recognized in earnings	0	0
Securities at Fair Value Through Income \| Other noninterest income
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis
Gain (loss) recognized in earnings	$ 23	$ (592)

Stock and Incentive Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Black-Scholes Option Pricing Model

The table below includes the weighted-average assumptions used to calculate the grant date fair value of the ESPP rights for the periods indicated using the Black-Scholes option pricing model:



	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Expected term (in years)	1.00			1.00			1.00			1.00
Dividend yield	$	1.75		$	1.34		$	1.64		$	1.30
Risk-free interest rate	3.19		%	0.77		%	2.63		%	0.44		%
Expected volatility	31.98			41.26			32.25			43.58

Schedule of ESPP Shares Purchased

The ESPP shares purchased are as follows for the dates indicated:



	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
ESPP shares purchased	46,213	26,089	46,213	26,089

Shares available for issuance under the ESPP	927,698	973,911	927,698	973,911

Schedule of Compensation Expense


Simulation Inputs
Grant date	December 13, 2022
Performance period	seven years
Stock price	$	36.87
Expected volatility (1)	33.0		%
Risk-free rate (2)	3.5

____________________________

(1)The expected volatility was determined based on the historical volatilities of the Company and the specified peer group.

(2)The risk-free interest rate for the performance period was derived from the seven-year continuous U.S. Treasury Yield constant maturity curve on the valuation date.

Schedule of Share-Based Compensation Cost Charged to Income

Share-based compensation cost charged to income for the three and six months ended June 30, 2023 and 2022, is presented below. There was no stock option expense for any of the periods shown.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2023		2022		2023		2022
RSA & RSU	$	1,034	$	666	$	2,056	$	1,277
PSU	2		103		295		149
ESPP	123		72		200		153
Total stock compensation expense	$	1,159	$	841	$	2,551	$	1,579
Related tax benefits recognized in net income	$	243	$	177	$	536	$	332

Schedule of Time-Vested Award Activity

The following table summarizes the Company’s award activity:


	Six Months Ended June 30,
	2023			2022
	Shares	Weighted Average Grant-Date Fair Value		Shares	Weighted Average Grant-Date Fair Value
Nonvested RSAs, January 1,	27,391	$	35.37	48,048	$	35.27
Granted RSAs	16,788	28.61		12,840	37.29
Vested RSAs	(16,594)	34.76		(19,524)	36.61
Forfeited RSAs	—	—		—	—
Nonvested RSAs, June 30,	27,585	31.63		41,364	35.29

Nonvested RSUs, January 1,	270,390	$	39.63	73,977	$	40.64
Granted RSUs	109,078	35.90		61,081	42.28
Vested RSUs	(18,864)	42.09		—	—
Forfeited RSUs	(3,583)	43.60		(743)	40.40
Nonvested RSUs, June 30,	357,021	38.32		134,315	41.39

Nonvested PSUs, January 1,	157,367	$	29.06	—	$	—
Granted PSUs	43,591	28.45		27,632	44.77
Forfeited PSUs	(1,592)	28.45		—	—
Nonvested PSUs, June 30,	199,366	27.20		27,632	44.77

Schedule of Stock Option Activity

The table below summarizes the status of the Company’s stock options and changes during the six months ended June 30, 2023 and 2022.


(Dollars in thousands, except per share amounts)	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Six Months Ended June 30, 2023
Outstanding at January 1, 2023	504,437	$	29.46	5.13	$	3,736

Exercised	(42,774)	17.61		—	738
Expired	(8,434)	33.39		—	—
Outstanding and exercisable at June 30, 2023	453,229	30.50		4.89	1,139

Six Months Ended June 30, 2022
Outstanding at January 1, 2022	39,200	$	10.73	2.28	$	1,262
Exercised	(24,800)	9.23		—	816
Outstanding and exercisable at June 30, 2022	14,400	13.31		1.52	367

Mortgage Banking - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
Mortgage Banking - Narrative (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Mortgage Banking [Abstract]
Settlement of sale of GNMA MSR	$ 0	$ 1,800,000	$ 0	$ 1,806,000	$ 0
Annual servicing fee income rate				0.25%
Reserve for mortgage loan servicing putback expenses	167,000			$ 167,000		$ 217,000
Liability to repurchase past due GNMA loans	$ 0			$ 0		$ 24,600,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 46,062	$ 41,994
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	10,503	3,125
Depreciation and amortization	9,095	4,141
Net amortization on securities	3,541	4,831
Accretion of net premium/discount on purchased loans	(2,107)	0
Amortization of investments in tax credit funds	907	951
Gain on sale of securities, net	(144)	0
Deferred income tax expense	13,903	1,611
Stock-based compensation expense	2,551	1,579
Originations of mortgage loans held for sale	(102,852)	(156,834)
Proceeds from mortgage loans held for sale	85,458	164,849
Gain on mortgage loans held for sale, including origination of mortgage servicing rights	(2,054)	(5,305)
Mortgage servicing rights valuation adjustment	363	(4,443)
Net loss on disposals of premises and equipment and sale of other real estate owned	48	0
Increase in the cash surrender value of life insurance	(427)	(390)
Net losses on sales and write-downs of other real estate owned	0	279
Net change in operating leases	(979)	42
Decrease (increase) in other assets	4,203	(10,214)
Increase in other liabilities	7,079	8,471
Net cash provided by operating activities	75,150	54,687
Cash flows from investing activities:
Purchases of securities available for sale	(751)	(557,069)
Maturities and pay downs of securities available for sale	71,908	81,004
Proceeds from sales and calls of securities available for sale	39,335	8,552
Maturities, pay downs and calls of securities held to maturity	0	17,750
Pay downs of securities carried at fair value	285	275
Net sales (purchases) of non-marketable equity securities held in other financial institutions	9,733	(31,562)
Originations of mortgage warehouse loans	(3,303,700)	(5,128,940)
Proceeds from pay-offs of mortgage warehouse loans	3,050,942	5,224,131
Net increase in loans, excluding mortgage warehouse and loans held for sale	(255,685)	(374,841)
Return of capital and other distributions from limited partnership investments	1,590	5,276
Capital calls on limited partnership investments	(1,290)	(97)
Purchase of low-income housing tax credit investments	(494)	0
Purchases of premises and equipment	(9,257)	(4,321)
Net cash used in investing activities	(397,384)	(759,842)
Cash flows from financing activities:
Net increase (decrease) in deposits	714,341	(267,535)
Repayments on long-term FHLB advances	(132)	(128)
Proceeds from short-term FHLB advances	5,740,000	1,825,000
Repayments on short-term FHLB advances	(5,960,000)	(1,225,000)
Repurchase of subordinated debentures, net	(4,729)	0
Net decrease in other short-term borrowings	(30,000)	0
Net decrease in securities sold under agreements to repurchase	(21,669)	(2,390)
Dividends paid	(9,249)	(6,655)
Cash received from exercise of stock options	690	165
Net cash provided by financing activities	429,252	323,457
Net increase (decrease) in cash and cash equivalents	107,018	(381,698)
Cash and cash equivalents at beginning of period	358,972	705,618
Cash and cash equivalents at end of period	465,990	323,920
Interest paid	93,439	12,301
Income taxes paid	475	950
Significant non-cash transactions:
Real estate acquired in settlement of loans	213	665
(Decrease) in GNMA repurchase obligation	(24,569)	(12,702)
Recognition of operating right-of-use assets	19,223	7,554
Recognition of operating lease liabilities	$ 19,110	$ 7,757

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (loss)
Beginning balance (in shares) at Dec. 31, 2021		23,746,502
Beginning balance at Dec. 31, 2021	$ 730,211	$ 118,733	$ 242,114	$ 363,635	$ 5,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,683			20,683
Other comprehensive income (loss), net of tax	(71,619)				(71,619)
Recognition of stock compensation, net (in shares)		2,246
Recognition of stock compensation, net	686	$ 11	675
Dividends declared - common stock	(3,096)			(3,096)
Ending balance (in shares) at Mar. 31, 2022		23,748,748
Ending balance at Mar. 31, 2022	676,865	$ 118,744	242,789	381,222	(65,890)
Beginning balance (in shares) at Dec. 31, 2021		23,746,502
Beginning balance at Dec. 31, 2021	730,211	$ 118,733	242,114	363,635	5,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,994
Other comprehensive income (loss), net of tax	(121,708)
Ending balance (in shares) at Jun. 30, 2022		23,807,677
Ending balance at Jun. 30, 2022	646,373	$ 119,038	244,368	398,946	(115,979)
Beginning balance (in shares) at Mar. 31, 2022		23,748,748
Beginning balance at Mar. 31, 2022	676,865	$ 118,744	242,789	381,222	(65,890)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,311			21,311
Other comprehensive income (loss), net of tax	(50,089)				(50,089)
Recognition of stock compensation, net (in shares)		58,929
Recognition of stock compensation, net	1,873	$ 294	1,579
Dividends declared - common stock	(3,587)			(3,587)
Ending balance (in shares) at Jun. 30, 2022		23,807,677
Ending balance at Jun. 30, 2022	646,373	$ 119,038	244,368	398,946	(115,979)
Beginning balance (in shares) at Dec. 31, 2022		30,746,600
Beginning balance at Dec. 31, 2022	949,943	$ 153,733	520,669	435,416	(159,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,302			24,302
Other comprehensive income (loss), net of tax	21,394				21,394
Recognition of stock compensation, net (in shares)		34,253
Recognition of stock compensation, net	1,626	$ 171	1,455
Dividends declared - common stock	(4,678)			(4,678)
Ending balance (in shares) at Mar. 31, 2023		30,780,853
Ending balance at Mar. 31, 2023	992,587	$ 153,904	522,124	455,040	(138,481)
Beginning balance (in shares) at Dec. 31, 2022		30,746,600
Beginning balance at Dec. 31, 2022	949,943	$ 153,733	520,669	435,416	(159,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46,062
Other comprehensive income (loss), net of tax	6,996
Ending balance (in shares) at Jun. 30, 2023		30,866,205
Ending balance at Jun. 30, 2023	997,859	$ 154,331	524,302	472,105	(152,879)
Beginning balance (in shares) at Mar. 31, 2023		30,780,853
Beginning balance at Mar. 31, 2023	992,587	$ 153,904	522,124	455,040	(138,481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,760			21,760
Other comprehensive income (loss), net of tax	(14,398)				(14,398)
Recognition of stock compensation, net (in shares)		85,352
Recognition of stock compensation, net	2,605	$ 427	2,178
Dividends declared - common stock	(4,695)			(4,695)
Ending balance (in shares) at Jun. 30, 2023		30,866,205
Ending balance at Jun. 30, 2023	$ 997,859	$ 154,331	$ 524,302	$ 472,105	$ (152,879)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value of Financial Instruments - Fair Value of Assets and Liabilities Recorded on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 1,535,702		$ 1,641,484
Securities carried at fair value through income	6,106		6,368
Loans held for sale	15,198		25,389
Mortgage servicing rights	19,086	$ 18,261	20,824	$ 22,127	$ 21,187	$ 16,220
State and municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	353,957		389,477
Securities carried at fair value through income	6,106		6,368
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	78,704		82,258
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	91,280		91,943
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	536,295		572,303
Commercial collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	37,935		38,813
Residential collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	137,862		146,370
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	66,490		71,900
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	1,535,702		1,641,484
Securities carried at fair value through income	6,106		6,368
Loans held for sale	15,198		25,389
Mortgage servicing rights	19,086		20,824
Other assets - derivatives	26,117		26,733
Total recurring fair value measurements - assets	1,602,209		1,720,798
Other liabilities - derivatives	(24,773)		(25,275)
Total recurring fair value measurements - liabilities	(24,773)		(25,275)
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	95,006		110,645
Securities carried at fair value through income	0		0
Loans held for sale	0		0
Mortgage servicing rights	0		0
Other assets - derivatives	0		0
Total recurring fair value measurements - assets	95,006		110,645
Other liabilities - derivatives	0		0
Total recurring fair value measurements - liabilities	0		0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	1,387,429		1,475,070
Securities carried at fair value through income	0		0
Loans held for sale	15,198		25,389
Mortgage servicing rights	0		0
Other assets - derivatives	26,117		26,733
Total recurring fair value measurements - assets	1,428,744		1,527,192
Other liabilities - derivatives	(24,773)		(25,275)
Total recurring fair value measurements - liabilities	(24,773)		(25,275)
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	53,267		55,769
Securities carried at fair value through income	6,106		6,368
Loans held for sale	0		0
Mortgage servicing rights	19,086		20,824
Other assets - derivatives	0		0
Total recurring fair value measurements - assets	78,459		82,961
Other liabilities - derivatives	0		0
Total recurring fair value measurements - liabilities	0		0
Fair Value, Measurements, Recurring \| State and municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	353,957		389,477
Fair Value, Measurements, Recurring \| State and municipal securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| State and municipal securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	301,690		334,708
Fair Value, Measurements, Recurring \| State and municipal securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	52,267		54,769
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	78,704		82,258
Fair Value, Measurements, Recurring \| Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	77,704		81,258
Fair Value, Measurements, Recurring \| Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	1,000		1,000
Fair Value, Measurements, Recurring \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	95,006		110,645
Fair Value, Measurements, Recurring \| U.S. treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	95,006		110,645
Fair Value, Measurements, Recurring \| U.S. treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| U.S. treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	138,173		137,775
Fair Value, Measurements, Recurring \| U.S. government agency securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| U.S. government agency securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	138,173		137,775
Fair Value, Measurements, Recurring \| U.S. government agency securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	91,280		91,943
Fair Value, Measurements, Recurring \| Commercial mortgage-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Commercial mortgage-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	91,280		91,943
Fair Value, Measurements, Recurring \| Commercial mortgage-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	536,295		572,303
Fair Value, Measurements, Recurring \| Residential mortgage-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Residential mortgage-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	536,295		572,303
Fair Value, Measurements, Recurring \| Residential mortgage-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Commercial collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	37,935		38,813
Fair Value, Measurements, Recurring \| Commercial collateralized mortgage obligations \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Commercial collateralized mortgage obligations \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	37,935		38,813
Fair Value, Measurements, Recurring \| Commercial collateralized mortgage obligations \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Residential collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	137,862		146,370
Fair Value, Measurements, Recurring \| Residential collateralized mortgage obligations \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Residential collateralized mortgage obligations \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	137,862		146,370
Fair Value, Measurements, Recurring \| Residential collateralized mortgage obligations \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	66,490		71,900
Fair Value, Measurements, Recurring \| Asset-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0		0
Fair Value, Measurements, Recurring \| Asset-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	66,490		71,900
Fair Value, Measurements, Recurring \| Asset-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 0		$ 0

Capital and Regulatory Matters

6 Months Ended

Jun. 30, 2023

Banking Regulation [Abstract]

Capital and Regulatory Matters

Note 10 — Capital and Regulatory Matters

The Company (on a consolidated basis) and the Bank is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

The Company is subject to the Basel III regulatory capital framework (“Basel III Capital Rules”), which includes a 2.5% capital conservation buffer. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company’s ability to make capital distributions, which include dividend payments, stock repurchases and to pay discretionary bonuses to executive officers.

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1 capital, Tier 1 capital, Tier 1 capital, and total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average total consolidated assets (as defined). Management believes, at June 30, 2023, and December 31, 2022, that the Company and Origin met all capital adequacy requirements to which they are subject, including the capital buffer requirement.

At June 30, 2023, and December 31, 2022, Origin’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” Origin must maintain minimum total risk-based, common equity Tier 1 capital, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. A final rule adopted by the federal banking agencies in February 2019 provides banking organizations with the option to phase in, over a three-year period, the adverse day-one regulatory capital effects of the adoption of CECL. In addition, on March 27, 2020, the federal banking agencies issued an interim final rule that gives banking organizations that were required to implement CECL before the end of 2020 the option to delay for two years CECL’s adverse effects on regulatory capital. Origin elected to adopt CECL in the first quarter of 2020 and exercised the option to delay the estimated impact of the adoption of CECL on the Company’s regulatory capital for two years (from January 2020 through December 31, 2021). The two-year delay is followed by a three-year transition period of CECL’s initial impact on the Company’s regulatory capital (from January 1, 2022, through December 31, 2024). The amount representing the CECL impact to the Company’s regulatory capital that will be ratably transitioning back into regulatory capital over the transition period is $3.8 million and $5.1 million at June 30, 2023, and December 31, 2022, respectively.

The actual capital amounts and ratios of the Company and Origin at June 30, 2023, and December 31, 2022, are presented in the following table:


(Dollars in thousands) June 30, 2023	Actual				Minimum Capital Required - Basel III				To be Well Capitalized Under Prompt Corrective Action Provisions
Common Equity Tier 1 Capital to Risk-Weighted Assets	Amount		Ratio		Amount		Ratio		Amount		Ratio
Origin Bancorp, Inc.	$	967,014	11.01	%	$	614,641	7.00	%	N/A		N/A
Origin Bank	1,021,140		11.66		613,229		7.00		$	569,427	6.50	%
Tier 1 Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	982,783		11.19		746,349		8.50		N/A		N/A
Origin Bank	1,021,140		11.66		744,635		8.50		700,833		8.00
Total Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	1,238,698		14.11		921,964		10.50		N/A		N/A
Origin Bank	1,186,413		13.54		919,843		10.50		876,041		10.00
Leverage Ratio
Origin Bancorp, Inc.	982,783		9.65		407,422		4.00		N/A		N/A
Origin Bank	1,021,140		10.05		406,396		4.00		507,994		5.00
December 31, 2022
Common Equity Tier 1 Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	906,859		10.93		580,857		7.00		N/A		N/A
Origin Bank	952,579		11.50		579,775		7.00		538,363		6.50
Tier 1 Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	922,584		11.12		705,327		8.50		N/A		N/A
Origin Bank	952,579		11.50		704,013		8.50		662,600		8.00
Total Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	1,180,665		14.23		871,290		10.50		N/A		N/A
Origin Bank	1,109,257		13.39		869,661		10.50		828,249		10.00
Leverage Ratio
Origin Bancorp, Inc.	922,584		9.66		381,955		4.00		N/A		N/A
Origin Bank	952,579		9.94		383,359		4.00		479,198		5.00

In the ordinary course of business, the Company depends on dividends from the Bank to provide funds for the payment of dividends to stockholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared and paid exceed the Bank’s year-to-date net income combined with the retained net income for the preceding year, which was $129.8 million at June 30, 2023.

Stock Repurchases

In July 2022, the Board of Directors of the Company authorized a stock repurchase program pursuant to which the Company may, from time to time, purchase up to $50 million of its outstanding common stock. The shares may be repurchased in the open market or in privately negotiated transactions from time to time, depending upon market conditions and other factors, and in accordance with applicable regulations of the SEC. The stock repurchase program is intended to expire in three years but may be terminated or amended by the Board of Directors at any time. The stock repurchase program does not obligate the Company to purchase any shares at any time.

There have been no stock repurchases during the six months ended June 30, 2023 or 2022.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Fair Value of Financial Instruments - Difference Between Fair Value and Unpaid Principal Balance (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate Fair Value	$ 21,304,000	$ 31,757,000
Principal Balance/Amortized Cost	21,762,000	32,046,000
Difference	(458,000)	(289,000)
Nonaccrual mortgage loans held for sale recorded at fair value	0	3,900,000
Loans held for sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate Fair Value	15,198,000	25,389,000
Principal Balance/Amortized Cost	14,947,000	24,946,000
Difference	251,000	443,000
Securities carried at fair value through income
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate Fair Value	6,106,000	6,368,000
Principal Balance/Amortized Cost	6,815,000	7,100,000
Difference	$ (709,000)	(732,000)
U.S. government agency securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans, 90 days or more past due		$ 3,300,000

Capital and Regulatory Matters - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Resale Agreement Counterparty [Line Items]
Transition regulatory capital amount		$ 3,800,000		$ 5,100,000
Purchase price	$ 50,000,000
Stock buyback program, period	3 years
Repurchase of stock (in shares)		0	0
Origin Bank \| Origin Bank
Resale Agreement Counterparty [Line Items]
Aggregate dividends without prior regulatory approval		$ 129,800,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Mortgage Banking - Mortgage Banking Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Mortgage Banking [Abstract]
Origination	$ 149	$ 229	$ 260	$ 434
Gain on sale of loans held for sale	1,014	2,118	1,623	3,841
Originations of MSRs	282	738	431	1,464
Servicing	936	1,434	1,925	2,860
Total gross mortgage revenue	2,381	4,519	4,239	8,599
MSR valuation adjustments, net	543	202	(363)	4,443
Mortgage HFS and pipeline fair value adjustment	(357)	(887)	83	(561)
MSR hedge impact	(1,165)	(1,480)	(776)	(6,031)
Mortgage banking revenue	$ 1,402	$ 2,354	$ 3,183	$ 6,450

Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 0
Due after one year through five years	0
Due after five years through ten years	5,169
Due after ten years	7,000
Held to maturity, amortized cost	12,169
Fair Value
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	5,400
Due after ten years	6,436
Held to maturity, fair value	11,836	$ 11,970
Amortized Cost
Due in one year or less	64,516
Due after one year through five years	252,898
Due after five years through ten years	193,934
Due after ten years	230,184
Available for sale, amortized cost	1,730,337	1,844,975
Fair Value
Due in one year or less	62,980
Due after one year through five years	239,060
Due after five years through ten years	171,104
Due after ten years	192,696
Available for sale, fair value	1,535,702	1,641,484
Commercial mortgage-backed securities
Amortized Cost
Without single maturity date	0
Fair Value
Without single maturity date	0
Amortized Cost
Without single maturity date	105,006
Available for sale, amortized cost	105,006	105,536
Fair Value
Without single maturity date	91,280
Available for sale, fair value	91,280	91,943
Residential mortgage-backed securities
Amortized Cost
Without single maturity date	0
Fair Value
Without single maturity date	0
Amortized Cost
Without single maturity date	610,978
Available for sale, amortized cost	610,978	649,765
Fair Value
Without single maturity date	536,295
Available for sale, fair value	536,295	572,303
Commercial collateralized mortgage obligations
Amortized Cost
Without single maturity date	0
Fair Value
Without single maturity date	0
Amortized Cost
Without single maturity date	43,252
Available for sale, amortized cost	43,252	44,330
Fair Value
Without single maturity date	37,935
Available for sale, fair value	37,935	38,813
Residential collateralized mortgage obligations
Amortized Cost
Without single maturity date	0
Fair Value
Without single maturity date	0
Amortized Cost
Without single maturity date	161,740
Available for sale, amortized cost	161,740	170,136
Fair Value
Without single maturity date	137,862
Available for sale, fair value	137,862	146,370
Asset-backed securities
Amortized Cost
Without single maturity date	0
Fair Value
Without single maturity date	0
Amortized Cost
Without single maturity date	67,829
Available for sale, amortized cost	67,829	73,918
Fair Value
Without single maturity date	66,490
Available for sale, fair value	$ 66,490	$ 71,900

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Information regarding the Company’s basic and diluted earnings per common share is presented in the following table:


(Dollars in thousands, except per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
Numerator:	2023		2022		2023		2022
Net income	$	21,760	$	21,311	$	46,062	$	41,994



Denominator:





Weighted average common shares outstanding	30,791,397		23,740,611		30,767,283		23,720,874
Dilutive effect of stock-based awards	81,437		47,553		113,789		60,065
Weighted average diluted common shares outstanding	30,872,834		23,788,164		30,881,072		23,780,939

Basic earnings per common share	$	0.71	$	0.90	$	1.50	$	1.77
Diluted earnings per common share	0.70		0.90		1.49		1.77

Loans

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Loans

Note 4 — Loans

Loans consist of the following:



(Dollars in thousands)	June 30, 2023		December 31, 2022
Loans held for sale	$	15,198	$	49,957
LHFI:
Loans secured by real estate:
Owner occupied commercial real estate	$	915,861	$	843,006
Non-owner occupied commercial real estate	1,512,303		1,461,672
Total commercial real estate	2,428,164		2,304,678
Construction/land/land development	1,022,239		945,625
Residential real estate	1,633,658		1,477,538
Total real estate	5,084,061		4,727,841
Commercial and industrial	1,977,028		2,051,161
Mortgage warehouse lines of credit	537,627		284,867
Consumer	23,973		26,153
Total LHFI(1)	7,622,689		7,090,022
Less: Allowance for loan credit losses (“ALCL”)	94,353		87,161
LHFI, net	$	7,528,336	$	7,002,861

____________________________

(1)Includes unamortized purchase accounting adjustment and net deferred loan fees of $11.4 million and $14.2 million at June 30, 2023, and December 31, 2022, respectively. As of June 30, 2023, and December 31, 2022, the remaining purchase accounting net loan discount was $139,000 and $2.2 million, respectively.

Credit quality indicators. As part of the Company’s commitment to managing the credit quality of its loan portfolio, management annually and periodically updates and evaluates certain credit quality indicators, which include but are not limited to (i) weighted-average risk rating of the loan portfolio, (ii) net charge-offs, (iii) level of non-performing loans, (iv) level of classified loans (defined as substandard, doubtful and loss), and (v) the general economic conditions in the cities and states in which the Company operates. The Company maintains an internal risk rating system where ratings are assigned to individual loans based on assessed risk. Loan risk ratings are the primary indicator of credit quality for the loan portfolio and are continually evaluated to ensure they are appropriate based on currently available information.

The following is a summary description of the Company’s internal risk ratings:


• Pass (1-6)			Loans within this risk rating are further categorized as follows:
Minimal risk (1)			Well-collateralized by cash equivalent instruments held by the Banks.
Moderate risk (2)			Borrowers with excellent asset quality and liquidity. Borrowers’ capitalization and liquidity exceed industry norms. Borrowers in this category have significant levels of liquid assets and have a low level of leverage.
Better than average risk (3)			Borrowers with strong financial strength and excellent liquidity that consistently demonstrate strong operating performance. Borrowers in this category generally have a sizable net worth that can be converted into liquid assets within 12 months.
Average risk (4)			Borrowers with sound credit quality and financial performance, including liquidity. Borrowers are supported by sufficient cash flow coverage generated through operations across the full business cycle.
Marginally acceptable risk (5)			Loans generally meet minimum requirements for an acceptable loan in accordance with lending policy, but possess one or more attributes that cause the overall risk profile to be higher than the majority of newly approved loans.
Watch (6)			A passing loan with one or more factors that identify a potential weakness in the overall ability of the borrower to repay the loan. These weaknesses are generally mitigated by other factors that reduce the risk of delinquency or loss.
• Special Mention (7)			This grade is intended to be temporary and includes borrowers whose credit quality has deteriorated and is at risk of further decline.
• Substandard (8)			This grade includes “Substandard” loans under regulatory guidelines. Substandard loans exhibit a well-defined weakness that jeopardizes debt repayment in accordance with contractual agreements, even though the loan may be performing. These obligations are characterized by the distinct possibility that a loss may be incurred if these weaknesses are not corrected and repayment may be dependent upon collateral liquidation or secondary source of repayment.
• Doubtful (9)			This grade includes “Doubtful” loans under regulatory guidelines. Such loans are placed on nonaccrual status and repayment may be dependent upon collateral with no readily determinable valuation or valuations that are highly subjective in nature. Repayment for these loans is considered improbable based on currently existing facts and circumstances.
• Loss (0)			This grade includes “Loss” loans under regulatory guidelines. Loss loans are charged-off or written down when repayment is not expected.

In connection with the review of the loan portfolio, the Company considers risk elements attributable to particular loan types or categories in assessing the quality of individual loans. The list of loans to be reviewed for possible individual evaluation consists of nonaccrual commercial loans over $100,000 with direct exposure, unsecured loans over 90 days past due, commercial loans classified as substandard or worse over $100,000 with direct exposure, modified loans to borrowers experiencing financial difficulty, consumer loans greater than $100,000 with a FICO score under 625, loans greater than $100,000 in which the borrower has filed bankruptcy, and all loans 180 days or more past due. Loans under $50,000 will be evaluated collectively in designated pools unless a loss exposure has been identified. Some additional risk elements considered by loan type include:

•for commercial real estate loans, the debt service coverage ratio, operating results of the owner in the case of owner-occupied properties, the loan to value ratio, the age and condition of the collateral and the volatility of income, property value and future operating results typical of properties of that type;

•for construction, land and land development loans, the perceived feasibility of the project, including the ability to sell developed lots or improvements constructed for resale or the ability to lease property constructed for lease, the quality and nature of contracts for presale or prelease, if any, experience and ability of the developer and loan to value ratio;

•for residential mortgage loans, the borrower’s ability to repay the loan, including a consideration of the debt to income ratio and employment and income stability, the loan-to-value ratio, and the age, condition and marketability of the collateral; and

•for commercial and industrial loans, the debt service coverage ratio (income from the business in excess of operating expenses compared to loan repayment requirements), the operating results of the commercial, industrial or professional enterprise, the borrower’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category and the value, nature and marketability of collateral.

Purchased loans that have experienced more than insignificant credit deterioration since origination are PCD loans. An allowance for credit losses is determined using the same methodology as other individually evaluated loans. As a result of the merger with BT Holdings, Inc., (“BTH”), the Company held approximately $41.1 million and $48.1 million of unpaid principal balance PCD loans at June 30, 2023, and December 31, 2022, respectively.

Please see Note 1 — Significant Accounting Policies included in the 2022 Form 10-K, filed with the SEC for a description of our accounting policies related to purchased financial assets with credit deterioration.

The following table reflects recorded investments in loans by credit quality indicator and origination year at June 30, 2023, and gross charge-offs for the six months ended June 30, 2023, excluding loans held for sale and loans accounted for at fair value. Loans acquired are shown in the table by origination year, not merger date. The Company had an immaterial amount of revolving loans converted to term loans at June 30, 2023.


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial real estate:
Pass	$	221,923	$	874,477	$	490,985	$	265,450	$	227,029	$	236,047	$	73,338	$	2,389,249
Special mention	—		—		—		—		—		8,050		934		8,984
Classified	363		2,318		4,124		1,620		3,585		17,921		—		29,931
Loss	—		—		—		—		—		—		—		—
Total commercial real estate loans	$	222,286	$	876,795	$	495,109	$	267,070	$	230,614	$	262,018	$	74,272	$	2,428,164
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	42	$	—	$	42



Construction/land/land development:
Pass	$	110,059	$	487,750	$	259,292	$	48,787	$	19,761	$	27,763	$	33,188	$	986,600
Special mention	—		10,462		19,866		—		—		—		—		30,328
Classified	—		150		79		255		673		1,816		2,338		5,311
Loss	—		—		—		—		—		—		—		—
Total construction/land/land development loans	$	110,059	$	498,362	$	279,237	$	49,042	$	20,434	$	29,579	$	35,526	$	1,022,239
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential real estate:
Pass	$	198,648	$	530,028	$	308,356	$	247,988	$	101,672	$	157,628	$	76,179	$	1,620,499
Special mention	—		—		—		379		—		—		—		379
Classified	—		1,993		1,497		381		1,454		7,356		99		12,780
Loss	—		—		—		—		—		—		—		—
Total residential real estate loans	$	198,648	$	532,021	$	309,853	$	248,748	$	103,126	$	164,984	$	76,278	$	1,633,658
Current period gross charge-offs	$	—	$	—	$	—	$	5	$	—	$	22	$	—	$	27



Commercial and industrial:
Pass	$	160,133	$	352,352	$	199,355	$	45,291	$	65,973	$	57,781	$	1,047,310	$	1,928,195
Special mention	441		7,297		900		106		—		—		3,903		12,647
Classified	728		1,631		9,846		421		1,030		473		22,057		36,186
Loss	—		—				—		—		—		—		—
Total commercial and industrial loans	$	161,302	$	361,280	$	210,101	$	45,818	$	67,003	$	58,254	$	1,073,270	$	1,977,028
Current period gross charge-offs	$	10	$	126	$	21	$	141	$	—	$	270	$	4,315	$	4,883


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Mortgage Warehouse Lines of Credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	537,627	$	537,627
Special mention	—		—		—		—		—		—		—		—
Classified	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total mortgage warehouse lines of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	537,627	$	537,627
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Consumer:
Pass	$	5,586	$	6,309	$	2,317	$	763	$	605	$	73	$	8,230	$	23,883
Special mention	—		—		—		—		—		—		—		—
Classified	—		59		27		—		3		—		1		90
Loss	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total consumer loans	$	5,586	$	6,368	$	2,344	$	763	$	608	$	73	$	8,231	$	23,973
Current period gross charge-offs	$	—	$	77	$	7	$	—	$	—	$	—	$	8	$	92

The following table reflects recorded investments in loans by credit quality indicator and origination year at December 31, 2022, and gross charge-offs for the year ended December 31, 2022, excluding loans held for sale. Loans acquired are shown in the table by origination year, not merger date. The Company had an immaterial amount of revolving loans converted to term loans at December 31, 2022.


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial real estate:
Pass	$	885,244	$	502,287	$	283,368	$	230,040	$	168,079	$	131,411	$	69,952	$	2,270,381
Special mention	—		—		—		—		8,174		1,359		1,558		11,091
Classified	930		1,795		1,551		4,014		2,965		11,901		50		23,206

Total commercial real estate loans	$	886,174	$	504,082	$	284,919	$	234,054	$	179,218	$	144,671	$	71,560	$	2,304,678
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	166	$	—	$	166



Construction/land/land development:
Pass	$	445,943	$	320,951	$	58,880	$	27,381	$	27,753	$	5,253	$	48,436	$	934,597
Special mention	6,217		—		—		—		—		—		—		6,217
Classified	180		100		286		38		160		1,708		2,339		4,811

Total construction/land/land development loans	$	452,340	$	321,051	$	59,166	$	27,419	$	27,913	$	6,961	$	50,775	$	945,625
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential real estate:
Pass	$	535,739	$	308,070	$	261,293	$	107,530	$	48,652	$	123,052	$	80,375	$	1,464,711
Special mention	—		—		390		—		—		—		—		390
Classified	2,227		2,764		90		1,494		1,064		4,653		145		12,437

Total residential real estate loans	$	537,966	$	310,834	$	261,773	$	109,024	$	49,716	$	127,705	$	80,520	$	1,477,538
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	91	$	—	$	91



Commercial and industrial:
Pass	$	454,813	$	239,411	$	82,168	$	75,043	$	40,534	$	29,745	$	1,083,221	$	2,004,935
Special mention	8,683		2,563		—		—		187		—		1,620		13,053
Classified	3,641		11,455		188		1,978		1,224		3		14,684		33,173

Total commercial and industrial loans	$	467,137	$	253,429	$	82,356	$	77,021	$	41,945	$	29,748	$	1,099,525	$	2,051,161
Current period gross charge-offs	$	28	$	726	$	48	$	869	$	337	$	1,103	$	5,348	$	8,459


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
Mortgage Warehouse Lines of Credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	282,298	$	282,298
Special mention	—		—		—		—		—		—		2,042		2,042
Classified	—		—		—		—		—		—		527		527

Total mortgage warehouse lines of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	284,867	$	284,867
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Consumer:
Pass	$	9,730	$	3,822	$	1,210	$	784	$	135	$	15	$	10,408	$	26,104

Classified	22		19		—		6		—		—		2		49

Total consumer loans	$	9,752	$	3,841	$	1,210	$	790	$	135	$	15	$	10,410	$	26,153
Current period gross charge-offs	$	3	$	27	$	7	$	2	$	1	$	1	$	2	$	43

The following tables present the Company’s loan portfolio aging analysis at the dates indicated:


	June 30, 2023
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Loans Past Due 90 Days or More		Total Past Due		Current Loans		Total Loans Receivable		Accruing Loans 90 or More Days Past Due
Loans secured by real estate:
Commercial real estate	$	208	$	26	$	2,685	$	2,919	$	2,425,245	$	2,428,164	$	—
Construction/land/land development	103		—		45		148		1,022,091		1,022,239		—
Residential real estate	1,072		1,815		3,469		6,356		1,627,302		1,633,658		—
Total real estate	1,383		1,841		6,199		9,423		5,074,638		5,084,061		—
Commercial and industrial	5,158		1,931		3,023		10,112		1,966,916		1,977,028		—
Mortgage warehouse lines of credit	—		—		—		—		537,627		537,627		—
Consumer	209		75		17		301		23,672		23,973		—
Total LHFI	$	6,750	$	3,847	$	9,239	$	19,836	$	7,602,853	$	7,622,689	$	—


	December 31, 2022
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Loans Past Due 90 Days or More		Total Past Due		Current Loans		Total Loans Receivable		Accruing Loans 90 or More Days Past Due
Loans secured by real estate:
Commercial real estate	$	31	$	—	$	104	$	135	$	2,304,543	$	2,304,678	$	—
Construction/land/land development	854		—		17		871		944,754		945,625		—
Residential real estate	1,814		891		450		3,155		1,474,383		1,477,538		—
Total real estate	2,699		891		571		4,161		4,723,680		4,727,841		—
Commercial and industrial	3,878		1,972		544		6,394		2,044,767		2,051,161		—
Mortgage warehouse lines of credit	—		—		—		—		284,867		284,867		—
Consumer	350		16		11		377		25,776		26,153		—
Total LHFI	$	6,927	$	2,879	$	1,126	$	10,932	$	7,079,090	$	7,090,022	$	—

The following tables detail activity in the ALCL by portfolio segment. Accrued interest of $29.5 million and $15.5 million was not included in the book value for the purposes of calculating the allowance at June 30, 2023 and 2022, respectively. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.


	Three Months Ended June 30, 2023
	Commercial Real Estate			Construction/ Land/ Land Development			Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	20,681		$	8,065		$	8,520		$	53,357		$	565		$	820		$	92,008

Charge-offs	—			—			27			2,714			—			10			2,751
Recoveries	25			—			5			800			—			2			832
Provision(1)	133			664			520			2,730			252			(35)			4,264
Ending balance	$	20,839		$	8,729		$	9,018		$	54,173		$	817		$	777		$	94,353
Average balance	$	2,406,625		$	972,032		$	1,615,211		$	2,059,285		$	396,348		$	24,812		$	7,474,313
Net charge-offs to loan average balance (annualized)	—		%	—		%	0.01		%	0.37		%	—		%	0.13		%	0.10		%

__________________________ (1)The $4.3 million provision for credit losses on the consolidated statements of income includes a $4.3 million provision for loan credit losses, a $88,000 provision for off-balance sheet commitments and $46,000 net benefit provision for held to maturity securities credit losses for the three months ended June 30, 2023.


	Three Months Ended June 30, 2022

	Commercial Real Estate			Construction/ Land/ Land Development			Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	14,606		$	4,580		$	5,821		$	36,315		$	329		$	522		$	62,173
Charge-offs	—			—			—			2,179			—			13			2,192
Recoveries	—			—			86			545			—			8			639
Provision(1)	1,506			127			(56)			796			130						2,503
Ending balance	$	16,112		$	4,707		$	5,851		$	35,477		$	459		$	517		$	63,123
Average balance	$	1,828,700		$	587,872		$	966,363		$	1,398,802		$	444,851		$	15,979		$	5,242,567
Net charge-offs to loan average balance (annualized)	—		%	—		%	(0.04)		%	0.47		%	—		%	0.13		%	0.12		%

____________________________ (1)The $3.5 million provision for credit losses on the consolidated statements of income includes a $2.5 million provision for loan losses, a $408,000 provision for off-balance sheet commitments and a $540,000 provision for held to maturity securities credit losses for the three months ended June 30, 2022.


	Six Months Ended June 30, 2023
	Commercial Real Estate			Construction/ Land/ Land Development			Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	19,772		$	7,776		$	8,230		$	50,148		$	379		$	856		$	87,161
Charge-offs	42			—			27			4,883			—			92			5,044
Recoveries	85			—			10			1,712			—			7			1,814
Provision(1)	1,024			953			805			7,196			438			6			10,422

Ending balance	$	20,839		$	8,729		$	9,018		$	54,173		$	817		$	777		$	94,353
Average balance	$	2,374,762		$	973,465		$	1,567,533		$	2,064,791		$	305,280		$	25,411		$	7,311,242
Net charge-offs to loan average balance (annualized)	—		%	—		%	—		%	0.31		%	—		%	0.67		%	0.09		%

_________________________ (1)The $10.5 million provision for credit losses on the consolidated statement of income includes a $10.4 million provision for loan losses, a $45,000 provision for off-balance sheet commitments and a $36,000 provision for held to maturity securities credit losses for the six months ended June 30, 2023.


	Six Months Ended June 30, 2022
	Commercial Real Estate			Construction/ Land/ Land Development			Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	13,425		$	4,011		$	6,116		$	40,146		$	340		$	548		$	64,586
Charge-offs	166			—			75			4,325			—			28			4,594
Recoveries	2			—			92			1,180			—			13			1,287
Provision(1)	2,851			696			(282)			(1,524)			119			(16)			1,844
Ending balance	$	16,112		$	4,707		$	5,851		$	35,477		$	459		$	517		$	63,123
Average balance	$	1,773,784		$	576,672		$	937,005		$	1,411,946		$	434,381		$	16,219		$	5,150,007
Net charge-offs to loan average balance (annualized)	0.02		%	—		%	—		%	0.45		%	—		%	0.19		%	0.13		%


_________________________ (1)The $3.1 million provision for credit losses on the consolidated statements of income includes a $1.8 million provision for loan losses, a $556,000 provision for off-balance sheet commitments and a $725,000 provision for held to maturity securities credit losses for the six months ended June 30, 2022.

The increase in provision expense during the six months ended June 30, 2023, compared to the six months ended June 30, 2022, is primarily due to loan growth during the intervening period coupled with qualitative factor changes embedded in our LHFI portfolio. The ALCL increased $31.2 million compared to June 30, 2022, primarily due a $20.4 million increase to the allowance recorded as of the date of the BTH merger.

The Company’s credit quality profile in relation to the ALCL drove an increase of $23.0 million in the collectively evaluated portion of the reserve at June 30, 2023, when compared to June 30, 2022, of which $18.0 million was related to qualitative factor changes across the Company’s risk pools.

The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ALCL allocated to these loans.


	June 30, 2023
(Dollars in thousands)	Commercial Real Estate		Construction/ Land/ Land Development		Residential Real Estate		Commercial and Industrial		Mortgage Warehouse Lines of Credit		Consumer		Total
Real Estate	$	3,314	$	—	$	15,752	$	—	$	—	$	—	$	19,066
Accounts Receivable	—		—		—		111		—		—		111
Equipment	—		—		—		202		—		—		202

Total	$	3,314	$	—	$	15,752	$	313	$	—	$	—	$	19,379
ALCL Allocation	$	102	$	—	$	36	$	52	$	—	$	—	$	190


	December 31, 2022
(Dollars in thousands)	Commercial Real Estate		Construction/ Land/ Land Development		Residential Real Estate		Commercial and Industrial		Mortgage Warehouse Lines of Credit		Consumer		Total
Real Estate	$	273	$	97	$	6,731	$	—	$	—	$	—	$	7,101
Accounts Receivable	—		—		—		831		—		—		831
Equipment	—		—		—		285		—		—		285

Total	$	273	$	97	$	6,731	$	1,116	$	—	$	—	$	8,217
ALCL Allocation	$	—	$	—	$	—	$	738	$	—	$	—	$	738

Collateral-dependent loans consist primarily of residential real estate, commercial real estate and commercial and industrial loans. These loans are individually evaluated when foreclosure is probable or when the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral. In the case of commercial and industrial loans secured by equipment, the fair value of the collateral is estimated by third-party valuation experts. Loan balances are charged down to the underlying collateral value when they are deemed uncollectible. Note that the Company did not elect to use the collateral maintenance agreement practical expedient available under CECL.

Nonaccrual LHFI were as follows:



	Nonaccrual With No Allowance for Credit Loss				Nonaccrual
(Dollars in thousands) Loans secured by real estate:	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Commercial real estate	$	842	$	435	$	3,510	$	526
Construction/land/land development	—		59		183		270
Residential real estate	14,928		7,023		16,345		7,712
Total real estate	15,770		7,517		20,038		8,508
Commercial and industrial	971		527		13,480		1,383

Consumer	—		—		91		49
Total nonaccrual loans	$	16,741	$	8,044	$	33,609	$	9,940

All interest formerly accrued but not received for loans placed on nonaccrual status is reversed from interest income. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. At June 30, 2023, and December 31, 2022, the Company had $362,000 and zero funding commitments for loans in which the terms were modified as a result of the borrowers experiencing financial difficulty, respectively.

For the six months ended June 30, 2023 and 2022, gross interest income that would have been recorded had the nonaccruing loans been current in accordance with their original terms, was $534,000 and $438,000, respectively. No interest income was recorded on these loans while they were considered nonaccrual during the six months ended June 30, 2023 and 2022.

The Company elects the fair value option for recording residential mortgage loans held for sale in accordance with U.S. GAAP. The Company transferred $7.1 million of nonperforming mortgage loans from the held for sale portfolio to the held for investment portfolio during the three months ended June 30, 2023. As a result, the company had zero nonaccrual mortgage loans held for sale that were recorded using the fair value option election at June 30, 2023, compared to $3.9 million at December 31, 2022.

The tables below summarize modifications made to borrowers experiencing financial difficulty by loan and modification type during the dates indicated.



		Three Months Ended June 30, 2023
	Term Extension					Combination: Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost		% of Loans			Amortized Cost		% of Loans
Loans secured by real estate:
Commercial real estate		$	1,692	0.07	%		$	—	—	%
Construction/land/land development		1,747		0.17			—		—
Residential real estate		1,739		0.11			—		—
Total real estate		5,178		0.10			—		—
Commercial and industrial		2,208		0.11			186		0.01


Total		$	7,386	0.10			$	186	—



		Six Months Ended June 30, 2023
	Term Extension					Combination: Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost		% of Loans			Amortized Cost		% of Loans
Loans secured by real estate:
Commercial real estate		$	2,554	0.11	%		$	—	—	%
Construction/land/land development		4,088		0.40			—		—
Residential real estate		1,739		0.11			—		—
Total real estate		8,381		0.16			—		—
Commercial and industrial		11,179		0.57			186		0.01


Total		$	19,560	0.26			$	186	—

The following table describes the financial effect of the modification made to 18 and 26 borrowers experiencing financial difficulty during three and six months ended June 30, 2023, respectively.

Three Months Ended June 30, 2023

Interest Rate Reduction

Term Extension

Commercial real estate

N/A

Added a weighted average 12.7 months to the life of the modified loans

Construction/land/land development

N/A

Added a weighted average 2.8 months to the life of the modified loans

Residential real estate

N/A

Added a weighted average 5.3 months to the life of the modified loans

Commercial and industrial

Reduced weighted average contractual interest rate from 9% to 6%

Added a weighted average 12.9 months to the life of the modified loans

Six Months Ended June 30, 2023

Interest Rate Reduction

Term Extension

Commercial real estate

N/A

Added a weighted average 11.9 months to the life of the modified loans

Construction/land/land development

N/A

Added a weighted average 5.1 months to the life of the modified loans

Residential real estate

N/A

Added a weighted average 5.3 months to the life of the modified loans

Commercial and industrial

Reduced weighted average contractual interest rate from 9% to 6%

Added a weighted average 5.6 months to the life of the modified loans

The following table depicts the performance of loans that have been modified during the six months ended June 30, 2023.



	Payment Status (Amortized Cost Basis)
	June 30, 2023
(Dollars in thousands)	Current		30-89 Days Past Due		90 Days or More Past Due
Loans secured by real estate:
Commercial real estate	$	2,554	$	—	$	—
Construction/land/land development	4,088		—		—
Residential real estate	1,739		—		—
Total real estate	8,381		—		—
Commercial and industrial	11,326		39		—
Mortgage warehouse lines of credit	—		—		—
Consumer	—		—		—
Total LHFI	$	19,707	$	39	$	—

There were no loans to borrowers experiencing financial difficulty that defaulted during the six months ended June 30, 2023, that were modified within the last six months. A payment default is defined as a loan that was 90 or more days past due. The Company monitors the performance of modified loans on an ongoing basis. In the event of subsequent default, the ALCL continues to be reassessed on the basis of an individual evaluation of each loan. The modifications made during the periods presented did not significantly impact the Company’s determination of the allowance for credit losses.

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest and dividend income
Interest and fees on loans	$ 115,442	$ 55,986	$ 221,938	$ 107,169
Investment securities-taxable	8,303	7,116	16,464	12,229
Investment securities-nontaxable	1,283	1,493	2,693	2,893
Interest and dividend income on assets held in other financial institutions	7,286	1,193	11,360	1,780
Total interest and dividend income	132,314	65,788	252,455	124,071
Interest expense
Interest-bearing deposits	46,530	3,069	81,087	5,955
FHLB advances and other borrowings	7,951	1,392	13,831	2,486
Subordinated indebtedness	2,542	1,823	5,099	3,624
Total interest expense	57,023	6,284	100,017	12,065
Net interest income	75,291	59,504	152,438	112,006
Provision for credit losses	4,306	3,452	10,503	3,125
Net interest income after provision for credit losses	70,985	56,052	141,935	108,881
Noninterest income
Mortgage banking revenue	1,402	2,354	3,183	6,450
Other fee income	970	638	1,912	1,236
Swap fee income	331	1	715	140
Gain on sales of securities, net	0	0	144	0
Limited partnership investment income (loss)	231	282	297	(81)
Loss on sales and disposals of other assets, net	(111)	(279)	(48)	(279)
Other income	1,906	1,253	3,328	2,235
Total noninterest income	15,636	14,216	32,020	30,122
Noninterest expense
Salaries and employee benefits	34,533	27,310	68,264	53,798
Occupancy and equipment, net	6,578	4,514	13,081	8,941
Data processing	2,837	2,413	5,753	4,899
Intangible asset amortization	2,552	525	5,105	1,062
Office and operations	2,716	2,162	5,019	3,722
Professional services	1,557	420	3,082	1,480
Loan-related expenses	1,256	1,517	2,721	2,822
Advertising and marketing	1,469	859	2,925	1,730
Electronic banking	1,216	896	2,225	1,813
Franchise tax expense	897	838	1,872	1,608
Regulatory assessments	1,732	802	2,683	1,428
Communications	407	252	791	533
Merger-related expense	0	807	0	1,378
Other expenses	1,137	835	2,126	1,710
Total noninterest expense	58,887	44,150	115,647	86,924
Income before income tax expense	27,734	26,118	58,308	52,079
Income tax expense	5,974	4,807	12,246	10,085
Net income	$ 21,760	$ 21,311	$ 46,062	$ 41,994
Basic earnings per common share (in dollars per share)	$ 0.71	$ 0.90	$ 1.50	$ 1.77
Diluted earnings per common share (in dollars per share)	$ 0.70	$ 0.90	$ 1.49	$ 1.77
Insurance commission and fee income
Noninterest income
Revenue from contracts with customers	$ 6,185	$ 5,693	$ 13,196	$ 12,149
Service charges and fees
Noninterest income
Revenue from contracts with customers	$ 4,722	$ 4,274	$ 9,293	$ 8,272

Securities - Securities Pledged as Collateral (Details) - Asset Pledged as Collateral - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deposits
Schedule of Held-to-maturity Securities [Line Items]
Debt securities	$ 817,717	$ 769,691
Securities Sold under Agreements to Repurchase
Schedule of Held-to-maturity Securities [Line Items]
Debt securities	$ 6,028	$ 6,797

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Securities


(Dollars in thousands) June 30, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses		Net Carrying Amount
Available for sale:
State and municipal securities	$	404,399	$	465	$	(50,907)	$	353,957	$	—	$	353,957
Corporate bonds	89,430		—		(10,726)		78,704		—		78,704
U.S. government and agency securities	247,703		3		(14,527)		233,179		—		233,179
Commercial mortgage-backed securities	105,006		—		(13,726)		91,280		—		91,280
Residential mortgage-backed securities	610,978		—		(74,683)		536,295		—		536,295
Commercial collateralized mortgage obligations	43,252		—		(5,317)		37,935		—		37,935
Residential collateralized mortgage obligations	161,740		—		(23,878)		137,862		—		137,862
Asset-backed securities	67,829				(1,339)		66,490		—		66,490
Total	$	1,730,337	$	468	$	(195,103)	$	1,535,702	$	—	$	1,535,702
Held to maturity:
State and municipal securities	$	12,169	$	230	$	(563)	$	11,836	$	(935)	$	11,234
Securities carried at fair value through income:
State and municipal securities(1)	$	6,815	$	—	$	—	$	6,106	$	—	$	6,106


December 31, 2022
Available for sale:
State and municipal securities	$	447,086	$	996	$	(58,605)	$	389,477	$	—	$	389,477
Corporate bonds	89,449		—		(7,191)		82,258		—		82,258
U.S. government and agency securities	264,755		4		(16,339)		248,420		—		248,420
Commercial mortgage-backed securities	105,536		—		(13,593)		91,943		—		91,943
Residential mortgage-backed securities	649,765		—		(77,462)		572,303		—		572,303
Commercial collateralized mortgage obligations	44,330		—		(5,517)		38,813		—		38,813
Residential collateralized mortgage obligations	170,136		—		(23,766)		146,370		—		146,370
Asset-backed securities	73,918		—		(2,018)		71,900		—		71,900
Total	$	1,844,975	$	1,000	$	(204,491)	$	1,641,484	$	—	$	1,641,484
Held to maturity:
State and municipal securities	$	12,174	$	278	$	(482)	$	11,970	$	(899)	$	11,275
Securities carried at fair value through income:
State and municipal securities(1)	$	7,100	$	—	$	—	$	6,368	$	—	$	6,368

________________________

Schedule of Unrealized Losses


	Less than 12 Months				12 Months or More				Total
(Dollars in thousands) June 30, 2023	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available for sale:
State and municipal securities	$	24,925	$	(1,104)	$	295,957	$	(49,803)	$	320,882	$	(50,907)
Corporate bonds	32,267		(2,984)		45,437		(7,742)		77,704		(10,726)
U.S. government and agency securities	—		—		232,839		(14,527)		232,839		(14,527)
Commercial mortgage-backed securities	—		—		91,280		(13,726)		91,280		(13,726)
Residential mortgage-backed securities	21,918		(1,152)		514,377		(73,531)		536,295		(74,683)
Commercial collateralized mortgage obligations	—		—		37,935		(5,317)		37,935		(5,317)
Residential collateralized mortgage obligations	367		(12)		137,495		(23,866)		137,862		(23,878)
Asset-backed securities	5,373		(57)		61,117		(1,282)		66,490		(1,339)
Total	$	84,850	$	(5,309)	$	1,416,437	$	(189,794)	$	1,501,287	$	(195,103)
Held to maturity:
State and municipal securities	$	6,437	$	(563)	$	—	$	—	$	6,437	$	(563)

December 31, 2022
Available for sale:
State and municipal securities	$	171,079	$	(14,947)	$	175,011	$	(43,658)	$	346,090	$	(58,605)
Corporate bonds	69,618		(5,581)		11,640		(1,610)		81,258		(7,191)
U.S. government and agency securities	152,471		(7,373)		95,576		(8,966)		248,047		(16,339)
Commercial mortgage-backed securities	37,083		(3,416)		54,860		(10,177)		91,943		(13,593)
Residential mortgage-backed securities	231,848		(20,465)		340,455		(56,997)		572,303		(77,462)
Commercial collateralized mortgage obligations	21,999		(2,516)		16,814		(3,001)		38,813		(5,517)
Residential collateralized mortgage obligations	48,749		(3,928)		97,621		(19,838)		146,370		(23,766)
Asset-backed securities	62,047		(1,528)		9,853		(490)		71,900		(2,018)
Total	$	794,894	$	(59,754)	$	801,830	$	(144,737)	$	1,596,724	$	(204,491)
Held to maturity:
State and municipal securities	$	6,518	$	(482)	$	—	$	—	$	6,518	$	(482)

Schedule of Allowance for Credit Losses for Held-to-Maturity Securities

The following table presents the activity in the allowance for credit losses for held-to-maturity debt securities.


(Dollars in thousands)	Municipal Securities
Allowance for credit losses:	2023

Balance at January 1, 2023	$	899
Credit loss expense	36
Balance at June 30, 2023	$	935
Balance at January 1, 2022	$	167
Credit loss expense	725


Balance at June 30, 2022	$	892

Proceeds from Sales of Securities Available for Sale and Gross Gains

Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below.


	Six Months Ended June 30,
(Dollars in thousands)	2023		2022
Proceeds from sales/calls	$	39,335	$	8,552
Gross realized gains	596		—
Gross realized losses	(452)		—

Securities Classified by Contractual Maturity


(Dollars in thousands)	Held to Maturity				Available for Sale
June 30, 2023	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	64,516	$	62,980
Due after one year through five years	—		—		252,898		239,060
Due after five years through ten years	5,169		5,400		193,934		171,104
Due after ten years	7,000		6,436		230,184		192,696
Commercial mortgage-backed securities	—		—		105,006		91,280
Residential mortgage-backed securities	—		—		610,978		536,295
Commercial collateralized mortgage obligations	—		—		43,252		37,935
Residential collateralized mortgage obligations	—		—		161,740		137,862
Asset-backed securities	—		—		67,829		66,490
Total	$	12,169	$	11,836	$	1,730,337	$	1,535,702

Securities Pledged as Collateral

The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements at the periods presented.



(Dollars in thousands)	June 30, 2023		December 31, 2022
Carrying value of securities pledged to secure public deposits	$	817,717	$	769,691
Carrying value of securities pledged to repurchase agreements	6,028		6,797

Loans - Amortized Cost Basis of Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 19,379	$ 8,217
ALCL Allocation	190	738
Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	313	1,116
ALCL Allocation	52	738
Mortgage warehouse lines of credit
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
ALCL Allocation	0	0
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
ALCL Allocation	0	0
Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	19,066	7,101
Real Estate \| Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Real Estate \| Mortgage warehouse lines of credit
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Real Estate \| Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Accounts Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	111	831
Accounts Receivable \| Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	111	831
Accounts Receivable \| Mortgage warehouse lines of credit
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Accounts Receivable \| Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Equipment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	202	285
Equipment \| Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	202	285
Equipment \| Mortgage warehouse lines of credit
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Equipment \| Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Commercial Real Estate \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	3,314	273
ALCL Allocation	102	0
Commercial Real Estate \| Real Estate \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	3,314	273
Commercial Real Estate \| Accounts Receivable \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Commercial Real Estate \| Equipment \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Construction/land/land development: \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	97
ALCL Allocation	0	0
Construction/land/land development: \| Real Estate \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	97
Construction/land/land development: \| Accounts Receivable \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Construction/land/land development: \| Equipment \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Residential Real Estate \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	15,752	6,731
ALCL Allocation	36	0
Residential Real Estate \| Real Estate \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	15,752	6,731
Residential Real Estate \| Accounts Receivable \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	0	0
Residential Real Estate \| Equipment \| Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 0	$ 0

Securities - Allowance for Credit Losses for Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for credit losses:
Beginning Balance			$ 899	$ 167
Credit loss expense	$ (46)	$ 540	36	725
Ending Balance	$ 935	$ 892	$ 935	$ 892

Securities - Proceeds from Sales of Securities Available for Sale and Gross Gains (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales/calls	$ 39,335	$ 8,552
Gross realized gains	596	0
Gross realized losses	$ (452)	$ 0

Accumulated Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive (loss) income (“AOCI”) includes the after-tax change in unrealized gains and losses on AFS securities and cash flow hedging activities.


(Dollars in thousands)	Unrealized (Loss) Gain on AFS Securities		Unrealized Gain (Loss) on Cash Flow Hedges		Accumulated Other Comprehensive (Loss) Income
Balance at January 1, 2023	$	(160,700)	$	825	$	(159,875)
Net change	6,994		2		6,996
Balance at June 30, 2023	$	(153,706)	$	827	$	(152,879)

Balance at January 1, 2022	$	5,809	$	(80)	$	5,729
Net change	(122,334)		626		(121,708)
Balance at June 30, 2022	$	(116,525)	$	546	$	(115,979)

Derivative Financial Instruments - Weighted-average Rates Paid and Received (Details) - Interest Rate Swaps	Jun. 30, 2023	Dec. 31, 2022
Cash flow hedges \| Paid
Derivative [Line Items]
Weighted-Average Interest Rate	5.43%	4.98%
Cash flow hedges \| Received
Derivative [Line Items]
Weighted-Average Interest Rate	6.62%	5.72%
Non-Hedging \| Financial Institution \| Paid
Derivative [Line Items]
Weighted-Average Interest Rate	4.61%	3.72%
Non-Hedging \| Financial Institution \| Received
Derivative [Line Items]
Weighted-Average Interest Rate	7.66%	5.75%
Non-Hedging \| Customer \| Paid
Derivative [Line Items]
Weighted-Average Interest Rate	7.66%	5.75%
Non-Hedging \| Customer \| Received
Derivative [Line Items]
Weighted-Average Interest Rate	4.61%	3.72%

Mortgage Banking (Tables)

6 Months Ended

Jun. 30, 2023

Mortgage Banking [Abstract]

Mortgage Banking Operations

The following table presents the Company’s revenue from mortgage banking operations:


(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Mortgage banking revenue	2023		2022			2023		2022
Origination	$	149	$	229		$	260	$	434
Gain on sale of loans held for sale	1,014		2,118			1,623		3,841
Originations of MSRs	282		738			431		1,464
Servicing	936		1,434			1,925		2,860
Total gross mortgage revenue	2,381		4,519			4,239		8,599
MSR valuation adjustments, net	543		202			(363)		4,443
Mortgage HFS and pipeline fair value adjustment	(357)		(887)			83		(561)
MSR hedge impact	(1,165)		(1,480)			(776)		(6,031)
Mortgage banking revenue	$	1,402	$	2,354		$	3,183	$	6,450

Schedule of Activity in Mortgages Servicing Rights (MSRs)

Activity in MSRs was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	18,261	$	21,187	$	20,824	$	16,220

Addition of servicing rights	282		738		431		1,464
Settlement of sale of GNMA MSR	—		—		(1,806)		—
Valuation adjustment, net of amortization	543		202		(363)		4,443
Balance at end of period	$	19,086	$	22,127	$	19,086	$	22,127

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 21,760	$ 24,302	$ 21,311	$ 20,683	$ 46,062	$ 41,994
Denominator:
Weighted average common shares outstanding (in shares)	30,791,397		23,740,611		30,767,283	23,720,874
Dilutive effect of stock-based awards (in shares)	81,437		47,553		113,789	60,065
Weighted average diluted common shares outstanding (in shares)	30,872,834		23,788,164		30,881,072	23,780,939
Basic earnings per common share (in dollars per share)	$ 0.71		$ 0.90		$ 1.50	$ 1.77
Diluted earnings per common share (in dollars per share)	$ 0.70		$ 0.90		$ 1.49	$ 1.77

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Capital and Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Origin Bancorp, Inc.
Common Equity Tier 1 Capital to Risk-Weighted Assets
Actual, amount	$ 967,014	$ 906,859
Actual, ratio	0.1101	0.1093
Minimum capital required, amount	$ 614,641	$ 580,857
Minimum capital required, ratio	7.00%	7.00%
Tier 1 Capital to Risk-Weighted Assets
Actual, amount	$ 982,783	$ 922,584
Actual, ratio	0.1119	0.1112
Minimum capital required, amount	$ 746,349	$ 705,327
Minimum capital required, ratio	0.0850	0.0850
Total Capital to Risk-Weighted Assets
Actual, amount	$ 1,238,698	$ 1,180,665
Actual, ratio	0.1411	0.1423
Minimum capital required, amount	$ 921,964	$ 871,290
Minimum capital required, ratio	0.1050	0.1050
Leverage Ratio
Actual, amount	$ 982,783	$ 922,584
Actual, ratio	0.0965	0.0966
Minimum capital required, amount	$ 407,422	$ 381,955
Minimum capital required, ratio	0.0400	0.0400
Origin Bank \| Origin Bank
Common Equity Tier 1 Capital to Risk-Weighted Assets
Actual, amount	$ 1,021,140	$ 952,579
Actual, ratio	0.1166	0.1150
Minimum capital required, amount	$ 613,229	$ 579,775
Minimum capital required, ratio	7.00%	7.00%
Well capitalized, amount	$ 569,427	$ 538,363
Well capitalized, ratio	6.50%	6.50%
Tier 1 Capital to Risk-Weighted Assets
Actual, amount	$ 1,021,140	$ 952,579
Actual, ratio	0.1166	0.1150
Minimum capital required, amount	$ 744,635	$ 704,013
Minimum capital required, ratio	0.0850	0.0850
Well capitalized, amount	$ 700,833	$ 662,600
Well capitalized, ratio	0.0800	0.0800
Total Capital to Risk-Weighted Assets
Actual, amount	$ 1,186,413	$ 1,109,257
Actual, ratio	0.1354	0.1339
Minimum capital required, amount	$ 919,843	$ 869,661
Minimum capital required, ratio	0.1050	0.1050
Well capitalized, amount	$ 876,041	$ 828,249
Well capitalized, ratio	0.1000	0.1000
Leverage Ratio
Actual, amount	$ 1,021,140	$ 952,579
Actual, ratio	0.1005	0.0994
Minimum capital required, amount	$ 406,396	$ 383,359
Minimum capital required, ratio	0.0400	0.0400
Well capitalized, amount	$ 507,994	$ 479,198
Well capitalized, ratio	0.0500	0.0500

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 127,576	$ 150,180
Interest-bearing deposits in banks	338,414	208,792
Total cash and cash equivalents	465,990	358,972
Securities:
Available for sale	1,535,702	1,641,484
Held to maturity, net allowance for credit losses of $935 and $899 at June 30, 2023, and December 31, 2022, respectively (fair value of $11,836 and $11,970 at June 30, 2023, and December 31, 2022, respectively)	11,234	11,275
Securities carried at fair value through income	6,106	6,368
Total securities	1,553,042	1,659,127
Non-marketable equity securities held in other financial institutions	58,446	67,378
Loans held for sale ($15,198 and $25,389 at fair value at June 30, 2023, and December 31, 2022, respectively)	15,198	49,957
Loans, net of allowance for credit losses of $94,353 and $87,161 at June 30, 2023, and December 31, 2022, respectively	7,528,336	7,002,861
Premises and equipment, net	105,501	100,201
Mortgage servicing rights	19,086	20,824
Cash surrender value of bank-owned life insurance	39,467	39,040
Goodwill	128,679	128,679
Other intangible assets, net	44,724	49,829
Accrued interest receivable and other assets	206,694	209,199
Total assets	10,165,163	9,686,067
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	2,123,699	2,482,475
Interest-bearing deposits	4,738,460	4,505,940
Time deposits	1,627,884	787,287
Total deposits	8,490,043	7,775,702
Federal Home Loan Bank (“FHLB”) advances, repurchase obligations and other borrowings	342,861	639,230
Subordinated indebtedness, net	196,746	201,765
Accrued expenses and other liabilities	137,654	119,427
Total liabilities	9,167,304	8,736,124
Stockholders’ equity:
Common stock ($5.00 par value; 50,000,000 shares authorized; 30,866,205 and 30,746,600 shares issued at June 30, 2023, and December 31, 2022, respectively)	154,331	153,733
Additional paid‑in capital	524,302	520,669
Retained earnings	472,105	435,416
Accumulated other comprehensive loss	(152,879)	(159,875)
Total stockholders’ equity	997,859	949,943
Total liabilities and stockholders’ equity	$ 10,165,163	$ 9,686,067

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5 — Fair Value of Financial Instruments

Fair value is the exchange price that is expected to be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Certain assets and liabilities are recorded in the Company’s consolidated financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis.

The Company utilizes fair value measurement to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach to estimate the fair values of its financial instruments. Such valuation techniques are consistently applied.

A hierarchy for fair value has been established, which categorizes the valuation techniques into three levels used to measure fair value. The three levels are as follows:

Level 1 - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Fair value is based on significant other observable inputs that are generally determined based on a single price for each financial instrument provided to the Company by an unrelated third-party pricing service and is based on one or more of the following:

•Quoted prices for similar, but not identical, assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in markets that are not active;

•Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and

•Other inputs derived from or corroborated by observable market inputs.

Level 3 - Prices or valuation techniques that require inputs that are both significant and unobservable in the market. These instruments are valued using the best information available, some of which is internally developed, and reflects the Company’s own assumptions about the risk premiums that market participants would generally require and the assumptions they would use. These estimates can be inherently uncertain.

There were no transfers between fair value reporting levels for any period presented.

Fair Values of Assets and Liabilities Recorded on a Recurring Basis

The following tables summarize financial assets and financial liabilities recorded at fair value on a recurring basis at June 30, 2023, and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value. There were no changes in the valuation techniques during 2023 or 2022.


	June 30, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
State and municipal securities	$	—	$	301,690	$	52,267	$	353,957
Corporate bonds	—		77,704		1,000		78,704
U.S. treasury securities	95,006		—		—		95,006
U.S. government agency securities	—		138,173		—		138,173
Commercial mortgage-backed securities	—		91,280		—		91,280
Residential mortgage-backed securities	—		536,295		—		536,295
Commercial collateralized mortgage obligations	—		37,935		—		37,935
Residential collateralized mortgage obligations	—		137,862		—		137,862
Asset-backed securities	—		66,490		—		66,490
Securities available for sale	95,006		1,387,429		53,267		1,535,702
Securities carried at fair value through income	—		—		6,106		6,106
Loans held for sale	—		15,198		—		15,198

Mortgage servicing rights	—		—		19,086		19,086
Other assets - derivatives	—		26,117		—		26,117
Total recurring fair value measurements - assets	$	95,006	$	1,428,744	$	78,459	$	1,602,209

Other liabilities - derivatives	$	—	$	(24,773)	$	—	$	(24,773)
Total recurring fair value measurements - liabilities	$	—	$	(24,773)	$	—	$	(24,773)


	December 31, 2022
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
State and municipal securities	$	—	$	334,708	$	54,769	$	389,477
Corporate bonds	—		81,258		1,000		82,258
U.S. treasury securities	110,645		—		—		110,645
U.S. government agency securities	—		137,775		—		137,775
Commercial mortgage-backed securities	—		91,943		—		91,943
Residential mortgage-backed securities	—		572,303		—		572,303
Commercial collateralized mortgage obligations	—		38,813		—		38,813
Residential collateralized mortgage obligations	—		146,370		—		146,370
Asset-backed securities	—		71,900		—		71,900
Securities available for sale	110,645		1,475,070		55,769		1,641,484
Securities carried at fair value through income	—		—		6,368		6,368
Loans held for sale	—		25,389		—		25,389

Mortgage servicing rights	—		—		20,824		20,824
Other assets - derivatives	—		26,733		—		26,733
Total recurring fair value measurements - assets	$	110,645	$	1,527,192	$	82,961	$	1,720,798

Other liabilities - derivatives	$	—	$	(25,275)	$	—	$	(25,275)
Total recurring fair value measurements - liabilities	$	—	$	(25,275)	$	—	$	(25,275)

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2023 and 2022, are summarized as follows:


(Dollars in thousands)	MSRs		Securities Available for Sale		Securities at Fair Value Through Income
Balance at January 1, 2023	$	20,824	$	55,769	$	6,368

Gain (loss) recognized in earnings:
Mortgage banking revenue(1)	(363)		—		—
Other noninterest income	—		—		23
Loss recognized in AOCI	—		(364)		—
Purchases, issuances, sales and settlements:
Originations	431		—		—
Purchases	—		—		—
Sales	(1,806)		—		—

Settlements	—		(2,138)		(285)
Balance at June 30, 2023	$	19,086	$	53,267	$	6,106

___________________________

(1)Total mortgage banking revenue includes changes in fair value due to market changes and run-off.


(Dollars in thousands)	MSRs		Securities Available for Sale		Securities at Fair Value Through Income
Balance at January 1, 2022	$	16,220	$	41,461	$	7,497
Gain (loss) recognized in earnings:
Mortgage banking revenue(1)	4,443		—		—
Other noninterest income	—		—		(592)
Loss recognized in AOCI	—		(4,491)		—
Purchases, issuances, sales and settlements:
Originations	1,464		—		—
Purchases	—		23,877		—

Settlements	—		(3,282)		(275)
Balance at June 30, 2022	$	22,127	$	57,565	$	6,630

___________________________

(1)Total mortgage banking revenue includes changes in fair value due to market changes and run-off.

The Company obtains fair value measurements for loans at fair value, securities available for sale and securities at fair value through income from an independent pricing service; therefore, quantitative unobservable inputs are unknown.

The following methodologies were used to measure the fair value of financial assets and liabilities valued on a recurring basis:

Securities Available for Sale

Securities classified as available for sale are reported at fair value utilizing Level 1, Level 2 or Level 3 inputs. For Level 1 securities, the Company obtains the fair value measurements for those identical assets from an independent pricing service. For Level 2 securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things. In order to ensure the fair values are consistent with ASC 820, Fair Value Measurements and Disclosures, the Company periodically checks the fair value by comparing them to other pricing sources, such as Bloomberg LP. The third-party pricing service is subject to an annual review of internal controls in accordance with the Statement on Standards for Attestation Engagements No. 16, which was made available to the Company. In certain cases where Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. For level 3 securities, the Company determines the fair value of the instruments based on their callability, putability and prepay optionality. Putable instruments are valued at book value, non-putable instruments are priced mainly using a present value calculation based on the spread to the yield curve.

Mortgage Servicing Rights (“MSRs”)

The carrying amounts of the MSRs equal fair value, which are determined using a discounted cash flow valuation model. The significant assumptions used to value MSRs were as follows:


	June 30, 2023			December 31, 2022
	Range	Weighted Average(1)		Range	Weighted Average(1)
Prepayment speeds	7.31% - 8.35%	8.01	%	7.65% - 9.20%	8.11	%
Discount rates	9.50 - 12.00	9.56		9.50 - 22.07	12.55

__________________________

(1)The weighted average was calculated with reference to the principal balance of the underlying mortgages.

Recently there have been significant market-driven fluctuations in the assumptions listed above. These fluctuations can be rapid and may continue to be significant. Typically, loans with higher average coupon rates have a greater likelihood of prepayment during comparatively low interest rate environments, while loans with lower average coupon rates have a lower likelihood of prepayment. The recent increase in rates has caused a decrease in the weighted average prepayment speed. The decrease in the discount rate assumption was mainly due to the sale of GNMA MSR portfolio that settled during the first quarter of 2023. Estimating these assumptions within ranges that market participants would use in determining the fair value of MSRs requires significant management judgment.

Derivatives

Fair values for interest rate swap agreements and interest rate lock commitments are based upon the amounts that would be required to settle the contracts. Fair values for risk participations, forward mortgage backed security purchases or loan sale commitments and future contracts to purchase United States treasury notes are based on the fair values of the underlying mortgage loans or securities and the probability of such commitments being exercised. Significant management judgment and estimation is required in determining these fair value measurements.

Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected

Certain assets are measured at fair value on a recurring basis due to the Company’s election to adopt fair value accounting treatment for those assets. This election allows for a more effective offset of the changes in fair values of the assets and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC Topic 815, Derivatives and Hedging. For assets for which the fair value has been elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. At June 30, 2023, and December 31, 2022, there were no gains or losses recorded attributable to changes in instrument-specific credit risk. The following tables summarize the difference between the fair value and the unpaid principal balance for financial instruments for which the fair value option has been elected:


	June 30, 2023
(Dollars in thousands)	Aggregate Fair Value		Principal Balance/Amortized Cost		Difference
Loans held for sale(1)	$	15,198	$	14,947	$	251
Securities carried at fair value through income	6,106		6,815		(709)
Total	$	21,304	$	21,762	$	(458)

____________________________

(1)There were no loans held for sale that were designated as nonaccrual or 90 days or more past due at June 30, 2023.


	December 31, 2022
(Dollars in thousands)	Aggregate Fair Value		Principal Balance/Amortized Cost		Difference
Loans held for sale(1)	$	25,389	$	24,946	$	443


Securities carried at fair value through income	6,368		7,100		(732)
Total	$	31,757	$	32,046	$	(289)

____________________________

(1)$3.9 million of loans held for sale were designated as nonaccrual or 90 days or more past due at December 31, 2022. Of this balance, $3.3 million was guaranteed by U.S. Government agencies.

Changes in the fair value of assets for which the Company elected the fair value option are classified in the consolidated statements of income line items reflected in the following table:


(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Changes in fair value included in noninterest income:	2023		2022		2023		2022
Mortgage banking revenue (loans held for sale)	$	(355)	$	65	$	(192)	$	(432)
Other income:
Securities carried at fair value through income	(23)		(154)		23		(592)
Total fair value option impact on noninterest income (1)	$	(378)	$	(89)	$	(169)	$	(1,024)

____________________________

(1)The fair value option impact on noninterest income is offset by the derivative gain/loss recognized in noninterest income. Please see Note 6 — Mortgage Banking for more detail.

The following methodologies were used to measure the fair value of financial assets valued on a recurring basis for which the fair value option was elected:

Securities at Fair Value through Income

Securities carried at fair value through income are valued using a discounted cash flow with a credit spread applied to each instrument based on the creditworthiness of each issuer. Credit spreads ranged from 83 to 227 basis points at both June 30, 2023, and December 31, 2022. The Company believes the fair value approximates an exit price.

Loans Held for Sale

Fair values for loans held for sale are established using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans allocated. The Company believes the fair value approximates an exit price.

Fair Value of Assets Recorded on a Nonrecurring Basis

Equity Securities without Readily Determinable Fair Values

Equity securities without readily determinable fair values totaled $58.4 million and $67.4 million at June 30, 2023, and December 31, 2022, respectively, and are shown on the face of the consolidated balance sheets. The majority of the Company’s equity investments qualify for the practical expedient allowed for equity securities without a readily determinable fair value, such that the Company has elected to carry these securities at cost adjusted for any observable transactions during the period, less any impairment. To date, no impairment has been recorded on the Company's investments in equity securities that do not have readily determinable fair values.

Government National Mortgage Association Repurchase Asset

The Company had zero and $24.6 million Government National Mortgage Association (“GNMA”) repurchase assets included in loans held for sale on the consolidated balance sheets at June 30, 2023, and December 31, 2022, respectively. The assets were valued at the lower of cost or market and, where market is lower than cost, valued using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans.

Individually Evaluated Loans with Credit Losses

Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists. Allowable methods for determining the amount of credit loss include estimating the fair value using the fair value of the collateral for collateral-dependent loans and a discounted cash flow methodology for other evaluated loans that are not collateral dependent. If the loan is identified as collateral-dependent, the fair value method of measuring the amount of credit loss is utilized. Evaluating the fair value of the collateral for collateral-dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. If the loan is not collateral-dependent, the discounted cash flow method is utilized, which involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. Loans that have experienced a credit loss with specific allocated losses are within Level 3 of the fair value hierarchy when the credit loss is determined using the fair value method. The fair value of loans that have experienced a credit loss with specific allocated losses was approximately $22.6 million and $20.7 million at June 30, 2023, and December 31, 2022, respectively.

Non-Financial Assets

Foreclosed assets held for sale are the only non-financial assets valued on a non-recurring basis that are initially recorded by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the ALCL. Additionally, valuations are periodically performed by management, and any subsequent reduction in value is recognized by a charge to income. The carrying value and fair value of foreclosed assets held for sale was estimated using Level 3 inputs based on observable market data and was $908,000 and $806,000 at June 30, 2023, and December 31, 2022, respectively. At June 30, 2023, and December 31, 2022, the Company had zero and $10,000, respectively, in principal amount of residential mortgage loans in the process of foreclosure.

Fair Values of Financial Instruments Not Recorded at Fair Value

Loans

The estimated fair value approximates carrying value for variable-rate loans that reprice frequently and with no significant change in credit risk. The fair value of fixed rate loans and variable-rate loans, which reprice on an infrequent basis, is estimated by discounting future cash flows using exit level pricing, which combines the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality and an estimated additional rate to reflect a liquidity premium. An overall valuation adjustment is made for specific credit risks as well as general portfolio credit risk.

Deposits

The estimated fair value approximates carrying value for demand deposits. The fair value of fixed rate deposit liabilities with defined maturities is estimated by discounting future cash flows using the interest rates currently available for funding from the FHLB. The estimated fair value of deposits does not take into account the value of our long-term relationships with depositors, commonly known as core deposit intangibles, which are separate intangible assets, and not considered financial instruments. Nonetheless, the Company would likely realize a core deposit premium if the deposit portfolio were sold in the principal market for such deposits.

Borrowed Funds

The estimated fair value approximates carrying value for short-term borrowings. The fair value of long-term fixed rate and fixed-to-floating-rate borrowings is estimated using quoted market prices, if available, or by discounting future cash flows using current interest rates for similar financial instruments. The estimated fair value approximates carrying value for variable-rate junior subordinated debentures that reprice quarterly.

The carrying value and estimated fair values of financial instruments not recorded at fair value are as follows:



(Dollars in thousands)	June 30, 2023				December 31, 2022
Financial assets: Level 1 inputs:	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and cash equivalents	$	465,990	$	465,990	$	358,972	$	358,972
Level 2 inputs:
Non-marketable equity securities held in other financial institutions	58,446		58,446		67,378		67,378
GNMA repurchase asset	—		—		24,569		24,569
Accrued interest and loan fees receivable	38,430		38,430		38,136		38,136
Level 3 inputs:
Securities held to maturity	11,234		11,836		11,275		11,970
LHFI, net	7,528,336		7,250,223		7,002,861		6,835,770
Financial liabilities:
Level 2 inputs:
Deposits	8,490,043		8,469,581		7,775,702		7,753,966
FHLB advances and other borrowings	342,861		342,438		639,230		639,103
Subordinated indebtedness	196,746		186,759		201,765		181,624
Accrued interest payable	10,495		10,495		3,917		3,917

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Loans - Payment Status (Amortized Cost Basis) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Current
Financing Receivable, Past Due [Line Items]
Total LHFI	$ 19,707
30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	39
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Real estate \| Current
Financing Receivable, Past Due [Line Items]
Total LHFI	8,381
Real estate \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Real estate \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Real estate \| Commercial real estate \| Current
Financing Receivable, Past Due [Line Items]
Total LHFI	2,554
Real estate \| Commercial real estate \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Real estate \| Commercial real estate \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Real estate \| Construction/land/land development: \| Current
Financing Receivable, Past Due [Line Items]
Total LHFI	4,088
Real estate \| Construction/land/land development: \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Real estate \| Construction/land/land development: \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Real estate \| Residential real estate: \| Current
Financing Receivable, Past Due [Line Items]
Total LHFI	1,739
Real estate \| Residential real estate: \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Real estate \| Residential real estate: \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Commercial and Industrial \| Current
Financing Receivable, Past Due [Line Items]
Total LHFI	11,326
Commercial and Industrial \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	39
Commercial and Industrial \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Mortgage warehouse lines of credit \| Current
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Mortgage warehouse lines of credit \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Mortgage warehouse lines of credit \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Consumer \| Current
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Consumer \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	0
Consumer \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total LHFI	$ 0

Fair Value of Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable equity securities held in other financial institutions	$ 58,446,000			$ 58,446,000		$ 67,378,000
Impairment recorded on investments in equity securities that do not have readily determinable fair values	0			0
Liability to repurchase past due GNMA loans	0			0		24,600,000
Settlement of sale of GNMA MSR	0	$ 1,800,000	$ 0	1,806,000	$ 0
Loan balance individually evaluated	19,379,000			19,379,000		8,217,000
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan balance individually evaluated	22,600,000			22,600,000		20,700,000
Foreclosed assets	908,000			908,000		806,000
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Nonrecurring \| Residential real estate \| Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential mortgage loans in the process of foreclosure	$ 0			$ 0		$ 10,000
Minimum \| Measurement Input, Credit Spread
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread, securities at fair value through income				0.83%		0.83%
Maximum \| Measurement Input, Credit Spread
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread, securities at fair value through income				2.27%		2.27%

Stock and Incentive Compensation Plans - Narrative (Details)			3 Months Ended		6 Months Ended
	Dec. 13, 2022 USD ($) installment stock_price_hurdle tranche shares	Aug. 01, 2022 shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) category shares	Jun. 30, 2022 USD ($) shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense			$ 1,159,000	$ 841,000	$ 2,551,000	$ 1,579,000
Common Stock \| BTH
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock converted (in shares) \| shares		611,676
CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting Amount	$ 10,000,000
Employee Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Maximum number of common stock available for issuance (in shares) \| shares			1,000,000		1,000,000
Stock repurchase program, discount percentage					15.00%
Offering period					1 year
Unrecognized compensation cost			$ 433,000		$ 433,000
Unrecognized compensation cost weighted average period for recognition					11 months 1 day
Stock compensation expense			123,000	72,000	$ 200,000	$ 153,000
PSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost			3,500,000		$ 3,500,000
Unrecognized compensation cost weighted average period for recognition					2 years 4 months 24 days
Target percentage					100.00%
Performance period					3 years
Granted (in shares) \| shares					43,591	27,632
Stock compensation expense			2,000	103,000	$ 295,000	$ 149,000
Expiration period					3 years
Number of categories \| category					2
PSU \| CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares) \| shares	129,735
Number of stock price hurdles \| stock_price_hurdle	5
Performance period (in years)	7 years
Stock price hurdle, term	20 days
Number of tranches \| tranche	5
PSU \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Target percentage					0.00%
PSU \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Target percentage					150.00%
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense			0	$ 0	$ 0	$ 0
Expiration period					20 years
RSAs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost			578,000		$ 578,000
Unrecognized compensation cost weighted average period for recognition					7 months 6 days
Granted (in shares) \| shares					16,788	12,840
RSAs \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Service period in which time-vested awards are earned					1 year
RSAs \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Service period in which time-vested awards are earned					7 years
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost			$ 11,700,000		$ 11,700,000
Unrecognized compensation cost weighted average period for recognition					3 years 9 months 18 days
Granted (in shares) \| shares					109,078	61,081
RSUs \| CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares) \| shares	129,736
Number of equal installments \| installment	5
RSUs \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Service period in which time-vested awards are earned					1 year
RSUs \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Service period in which time-vested awards are earned					7 years
2012 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Maximum number of common stock available for issuance (in shares) \| shares			29,738		29,738

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 21,760	$ 24,302	$ 21,311	$ 20,683	$ 46,062	$ 41,994

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Derivative Financial Instruments - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional amounts	$ 778,586	$ 814,866
Fair Values	298	415
Interest Rate Swaps \| Derivatives Not Designated as Hedging Instruments \| Other Assets
Derivatives, Fair Value [Line Items]
Notional amounts	354,660	352,842
Fair Values	24,587	25,482
Interest Rate Swaps \| Derivatives Not Designated as Hedging Instruments \| Other Liabilities
Derivatives, Fair Value [Line Items]
Notional amounts	347,845	345,742
Fair Values	(24,196)	(25,175)
Risk Participation Derivative \| Derivatives Not Designated as Hedging Instruments \| Other Assets
Derivatives, Fair Value [Line Items]
Notional amounts	20,000	59,738
Fair Values	1	0
Forward Commitment To Purchase Forward-Settling Mortgage-Backed Securities \| Derivatives Not Designated as Hedging Instruments \| Other Liabilities
Derivatives, Fair Value [Line Items]
Notional amounts	10,000	7,000
Fair Values	(28)	(100)
Forward Commitment To Purchase Treasury Notes \| Derivatives Not Designated as Hedging Instruments \| Other Liabilities
Derivatives, Fair Value [Line Items]
Notional amounts	11,500	31,500
Fair Values	(549)	0
Forward Commitments to Sell \| Derivatives Not Designated as Hedging Instruments \| Other Assets
Derivatives, Fair Value [Line Items]
Notional amounts	13,650	8,500
Fair Values	49	7
Interest Rate-Lock Commitments \| Derivatives Not Designated as Hedging Instruments \| Other Assets
Derivatives, Fair Value [Line Items]
Notional amounts	20,931	9,544
Fair Values	434	201
Cash Flow Hedging \| Interest Rate Swaps \| Derivatives Designated as Cash Flow Hedging Instruments \| Other Assets
Derivatives, Fair Value [Line Items]
Notional amounts	10,500	10,500
Fair Values	$ 1,046	$ 1,043

Loans - Loan Portfolio Aging Analysis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 7,622,689	$ 7,090,022
Accruing Loans 90 or More Days Past Due	0	0
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19,836	10,932
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	6,750	6,927
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,847	2,879
Loans Past Due 90 Days or More
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,239	1,126
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,602,853	7,079,090
Real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,084,061	4,727,841
Accruing Loans 90 or More Days Past Due	0	0
Real estate \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,423	4,161
Real estate \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,383	2,699
Real estate \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,841	891
Real estate \| Loans Past Due 90 Days or More
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	6,199	571
Real estate \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,074,638	4,723,680
Real estate \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,428,164	2,304,678
Accruing Loans 90 or More Days Past Due	0	0
Real estate \| Commercial real estate \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,919	135
Real estate \| Commercial real estate \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	208	31
Real estate \| Commercial real estate \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	26	0
Real estate \| Commercial real estate \| Loans Past Due 90 Days or More
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,685	104
Real estate \| Commercial real estate \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,425,245	2,304,543
Real estate \| Construction/land/land development:
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,022,239	945,625
Accruing Loans 90 or More Days Past Due	0	0
Real estate \| Construction/land/land development: \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	148	871
Real estate \| Construction/land/land development: \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	103	854
Real estate \| Construction/land/land development: \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Real estate \| Construction/land/land development: \| Loans Past Due 90 Days or More
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	45	17
Real estate \| Construction/land/land development: \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,022,091	944,754
Real estate \| Residential real estate:
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,633,658	1,477,538
Accruing Loans 90 or More Days Past Due	0	0
Real estate \| Residential real estate: \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	6,356	3,155
Real estate \| Residential real estate: \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,072	1,814
Real estate \| Residential real estate: \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,815	891
Real estate \| Residential real estate: \| Loans Past Due 90 Days or More
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,469	450
Real estate \| Residential real estate: \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,627,302	1,474,383
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,977,028	2,051,161
Accruing Loans 90 or More Days Past Due	0	0
Commercial and Industrial \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	10,112	6,394
Commercial and Industrial \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,158	3,878
Commercial and Industrial \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,931	1,972
Commercial and Industrial \| Loans Past Due 90 Days or More
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,023	544
Commercial and Industrial \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,966,916	2,044,767
Mortgage warehouse lines of credit
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	537,627	284,867
Accruing Loans 90 or More Days Past Due	0	0
Mortgage warehouse lines of credit \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Mortgage warehouse lines of credit \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Mortgage warehouse lines of credit \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Mortgage warehouse lines of credit \| Loans Past Due 90 Days or More
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Mortgage warehouse lines of credit \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	537,627	284,867
Consumer
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	23,973	26,153
Accruing Loans 90 or More Days Past Due	0	0
Consumer \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	301	377
Consumer \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	209	350
Consumer \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	75	16
Consumer \| Loans Past Due 90 Days or More
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	17	11
Consumer \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 23,672	$ 25,776

Commitments and Contingencies - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) letter_of_credit	Dec. 31, 2022 USD ($) letter_of_credit
Lending-related Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Reserve for lending related commitments	$ 4,700	$ 4,600
BTH \| Retention Bonuses And Guaranteed Minimum Incentives
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contingent liability	2,100
BTH \| Retention Bonuses
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contingent liability	946
Contingent consideration, due in next fiscal year	$ 473
Contingent consideration, due in next fiscal year, percentage	50.00%
Contingent consideration, due in year two	$ 473
Contingent consideration, due in year two, percentage	50.00%
BTH \| Guaranteed Minimum Incentives
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contingent liability	$ 1,200
Contingent consideration, due in next fiscal year, percentage	50.00%
Contingent consideration, due in year two, percentage	50.00%
Lincoln Agency, LLC. and Pulley-White Insurance Agency, Inc.
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Contingent liability	$ 1,500
Contingent consideration, due in next fiscal year, percentage	30.00%
Contingent consideration, due in year two, percentage	70.00%
Revenue growth objectives, term	3 years
Letter of credit \| FHLB
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Number of instruments \| letter_of_credit	28	28
Maximum borrowing capacity	$ 284,300	$ 277,400

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments on the Balance Sheet

The following tables disclose the fair value of derivative instruments in the Company’s consolidated balance sheets at June 30, 2023, and December 31, 2022, as well as the effect of these derivative instruments on the Company’s consolidated statements of income for the six months ended June 30, 2023 and 2022. Derivative instruments and their related gains and losses are reported in other operating activities, net in the statements of cash flows.


(Dollars in thousands)	Notional Amounts(1)				Fair Values
Derivatives designated as cash flow hedging instruments:	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Interest rate swaps included in other assets	$	10,500	$	10,500	$	1,046	$	1,043

Derivatives not designated as hedging instruments:
Interest rate swaps included in other assets	$	354,660	$	352,842	$	24,587	$	25,482
Interest rate swaps included in other liabilities	347,845		345,742		(24,196)		(25,175)
Risk participation agreements included in other assets	20,000		59,738		1		—
Forward commitments to purchase forward-settling mortgage-backed securities included in other liabilities	10,000		7,000		(28)		(100)
Forward commitments to purchase treasury notes in other liabilities	11,500		31,500		(549)		—
Forward commitments to sell residential mortgage loans included in other assets	13,650		8,500		49		7
Interest rate-lock commitments on residential mortgage loans included in other assets	20,931		9,544		434		201
	$	778,586	$	814,866	$	298	$	415

____________________________

(1)Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets.

Weighted-average Rates Paid and Received for Interest Rate Swaps

The weighted-average rates paid and received for interest rate swaps at June 30, 2023, and December 31, 2022, were as follows:


	Weighted-Average Interest Rate
	June 30, 2023				December 31, 2022
Interest rate swaps:	Paid		Received		Paid		Received
Cash flow hedges	5.43	%	6.62	%	4.98	%	5.72	%
Non-hedging interest rate swaps - financial institution counterparties	4.61		7.66		3.72		5.75
Non-hedging interest rate swaps - customer counterparties	7.66		4.61		5.75		3.72

Gains and Losses Recognized on Derivative Instruments Not Designated as Hedging Instruments

Gains and losses recognized on derivative instruments not designated as hedging instruments are as follows:


(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments:	2023		2022			2023		2022
Amount of (loss) gain recognized in mortgage banking revenue (1)	$	(1,176)	$	187		$	(511)	$	(2,220)
Amount of gain recognized in other non-interest income	74		154			85		440

____________________________

(1)Gains and losses on these instruments are largely offset by market fluctuations in mortgage servicing rights. See Note 6 — Mortgage Banking for more information on components of mortgage banking revenue.

Loans - Narrative (Details)			3 Months Ended	6 Months Ended
Loans - Narrative (Details)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) borrower	Jun. 30, 2023 USD ($) borrower	Jun. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
PCD loans	$ 41,100,000	$ 48,100,000
Accrued interest	29,500,000		$ 29,500,000	$ 29,500,000	$ 15,500,000
Increase (decrease) in reserve				31,200,000
Allowance for credit losses	94,353,000	87,161,000	94,353,000	94,353,000	63,123,000	$ 92,008,000	$ 62,173,000	$ 64,586,000
Increase of individually evaluated portion of the reserve	23,000,000		23,000,000	23,000,000	18,000,000
Funding commitments	362,000	0	362,000	362,000
Transfer from held for sale portfolio to held for investment portfolio			7,100,000
Nonaccrual mortgage loans held for sale recorded at fair value	0	3,900,000	$ 0	$ 0
Number of borrowers experiencing financial difficulty \| borrower			18	26
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross interest income that would have been recorded				$ 534,000	438,000
Interest income				0	0
Real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	20,839,000	19,772,000	$ 20,839,000	20,839,000	16,112,000	20,681,000	14,606,000	13,425,000
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	54,173,000	$ 50,148,000	54,173,000	54,173,000	$ 35,477,000	$ 53,357,000	$ 36,315,000	$ 40,146,000
BTH
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 20,400,000		$ 20,400,000	$ 20,400,000

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 7 — Derivative Financial Instruments

Risk Management Objective of Using Derivatives

The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments, as well as to manage changes in fair values of some assets which are marked at fair value through the consolidated statement of income on a recurring basis.

Cash Flow Hedges of Interest Rate Risk

The Company is a party to interest rate swap agreements under which the Company receives interest at a variable rate and pays at a fixed rate. The derivative instruments represented by these swap agreements are designated as cash flow hedges of the Company’s forecasted variable cash flows under a variable-rate term borrowing agreements. During the terms of the swap agreements, the effective portion of changes in the fair value of the derivative instruments are recorded in accumulated other comprehensive (loss) income and subsequently reclassified into earnings in the periods that the hedged forecasted variable-rate interest payments affected earnings. There was no ineffective portion of the change in fair value of the derivatives recognized directly in earnings. The entire swap fair value will be reclassified into earnings before the expiration dates of the swap agreements.

Derivatives Not Designated as Hedges

Customer interest rate derivative program

The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. In most instances, the Company acts only as an intermediary, simultaneously entering into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions without significantly impacting its results of operations. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and any offsetting derivatives are recognized directly in earnings as a component of noninterest income.

From time to time, the Company shares in credit risk on interest rate swap arrangements, by entering into risk participation agreements with syndication partners. These are accounted for at fair value and disclosed as risk participation derivatives.

Mortgage banking derivatives

The Company enters into certain derivative agreements as part of its mortgage banking and related risk management activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a mandatory delivery basis. The Company also economically hedges the value of MSRs by entering into a series of commitments to purchase mortgage-backed securities in the future and U.S. Treasury future contracts.

Fair Values of Derivative Instruments on the Consolidated Balance Sheets


(Dollars in thousands)	Notional Amounts(1)				Fair Values
Derivatives designated as cash flow hedging instruments:	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Interest rate swaps included in other assets	$	10,500	$	10,500	$	1,046	$	1,043

Derivatives not designated as hedging instruments:
Interest rate swaps included in other assets	$	354,660	$	352,842	$	24,587	$	25,482
Interest rate swaps included in other liabilities	347,845		345,742		(24,196)		(25,175)
Risk participation agreements included in other assets	20,000		59,738		1		—
Forward commitments to purchase forward-settling mortgage-backed securities included in other liabilities	10,000		7,000		(28)		(100)
Forward commitments to purchase treasury notes in other liabilities	11,500		31,500		(549)		—
Forward commitments to sell residential mortgage loans included in other assets	13,650		8,500		49		7
Interest rate-lock commitments on residential mortgage loans included in other assets	20,931		9,544		434		201
	$	778,586	$	814,866	$	298	$	415

____________________________

The weighted-average rates paid and received for interest rate swaps at June 30, 2023, and December 31, 2022, were as follows:


	Weighted-Average Interest Rate
	June 30, 2023				December 31, 2022
Interest rate swaps:	Paid		Received		Paid		Received
Cash flow hedges	5.43	%	6.62	%	4.98	%	5.72	%
Non-hedging interest rate swaps - financial institution counterparties	4.61		7.66		3.72		5.75
Non-hedging interest rate swaps - customer counterparties	7.66		4.61		5.75		3.72

Gains and losses recognized on derivative instruments not designated as hedging instruments are as follows:


(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments:	2023		2022			2023		2022
Amount of (loss) gain recognized in mortgage banking revenue (1)	$	(1,176)	$	187		$	(511)	$	(2,220)
Amount of gain recognized in other non-interest income	74		154			85		440

____________________________

Some interest rate swaps included in other assets were subject to a master netting arrangement with the counterparty in all periods presented and could be offset against some amounts included in interest rate swaps included in other liabilities. The Company has chosen not to net these exposures in the consolidated balance sheets, and any impact of netting these amounts would not be significant.

At June 30, 2023, and December 31, 2022, the Company had cash collateral on deposit with swap counterparties totaling $3.9 million and $7.6 million, respectively. These amounts are included in interest-bearing deposits in banks in the consolidated balance sheets and are considered restricted cash until such time as the underlying swaps are settled.

Loans - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Real estate \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 222,286	$ 886,174
Year two	876,795	504,082
Year three	495,109	284,919
Year four	267,070	234,054
Year five	230,614	179,218
Prior	262,018	144,671
Revolving Loans Amortized Cost Basis	74,272	71,560
Total	2,428,164	2,304,678
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
More than 5 years	42	166
Revolving Loans Amortized Cost Basis	0	0
Charge-offs	42	166
Real estate \| Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	221,923	885,244
Year two	874,477	502,287
Year three	490,985	283,368
Year four	265,450	230,040
Year five	227,029	168,079
Prior	236,047	131,411
Revolving Loans Amortized Cost Basis	73,338	69,952
Total	2,389,249	2,270,381
Real estate \| Commercial real estate \| Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	8,174
Prior	8,050	1,359
Revolving Loans Amortized Cost Basis	934	1,558
Total	8,984	11,091
Real estate \| Commercial real estate \| Classified
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	363	930
Year two	2,318	1,795
Year three	4,124	1,551
Year four	1,620	4,014
Year five	3,585	2,965
Prior	17,921	11,901
Revolving Loans Amortized Cost Basis	0	50
Total	29,931	23,206
Real estate \| Commercial real estate \| Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0
Year two	0
Year three	0
Year four	0
Year five	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Real estate \| Construction/land/land development:
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	110,059	452,340
Year two	498,362	321,051
Year three	279,237	59,166
Year four	49,042	27,419
Year five	20,434	27,913
Prior	29,579	6,961
Revolving Loans Amortized Cost Basis	35,526	50,775
Total	1,022,239	945,625
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
More than 5 years	0	0
Revolving Loans Amortized Cost Basis	0	0
Charge-offs	0	0
Real estate \| Construction/land/land development: \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	110,059	445,943
Year two	487,750	320,951
Year three	259,292	58,880
Year four	48,787	27,381
Year five	19,761	27,753
Prior	27,763	5,253
Revolving Loans Amortized Cost Basis	33,188	48,436
Total	986,600	934,597
Real estate \| Construction/land/land development: \| Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	6,217
Year two	10,462	0
Year three	19,866	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	30,328	6,217
Real estate \| Construction/land/land development: \| Classified
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	180
Year two	150	100
Year three	79	286
Year four	255	38
Year five	673	160
Prior	1,816	1,708
Revolving Loans Amortized Cost Basis	2,338	2,339
Total	5,311	4,811
Real estate \| Construction/land/land development: \| Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0
Year two	0
Year three	0
Year four	0
Year five	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Real estate \| Residential real estate:
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	198,648	537,966
Year two	532,021	310,834
Year three	309,853	261,773
Year four	248,748	109,024
Year five	103,126	49,716
Prior	164,984	127,705
Revolving Loans Amortized Cost Basis	76,278	80,520
Total	1,633,658	1,477,538
Year one	0	0
Year two	0	0
Year three	0	0
Year four	5	0
Year five	0	0
More than 5 years	22	91
Revolving Loans Amortized Cost Basis	0	0
Charge-offs	27	91
Real estate \| Residential real estate: \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	198,648	535,739
Year two	530,028	308,070
Year three	308,356	261,293
Year four	247,988	107,530
Year five	101,672	48,652
Prior	157,628	123,052
Revolving Loans Amortized Cost Basis	76,179	80,375
Total	1,620,499	1,464,711
Real estate \| Residential real estate: \| Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	0
Year three	0	390
Year four	379	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	379	390
Real estate \| Residential real estate: \| Classified
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	2,227
Year two	1,993	2,764
Year three	1,497	90
Year four	381	1,494
Year five	1,454	1,064
Prior	7,356	4,653
Revolving Loans Amortized Cost Basis	99	145
Total	12,780	12,437
Real estate \| Residential real estate: \| Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0
Year two	0
Year three	0
Year four	0
Year five	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Commercial and Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	161,302	467,137
Year two	361,280	253,429
Year three	210,101	82,356
Year four	45,818	77,021
Year five	67,003	41,945
Prior	58,254	29,748
Revolving Loans Amortized Cost Basis	1,073,270	1,099,525
Total	1,977,028	2,051,161
Year one	10	28
Year two	126	726
Year three	21	48
Year four	141	869
Year five	0	337
More than 5 years	270	1,103
Revolving Loans Amortized Cost Basis	4,315	5,348
Charge-offs	4,883	8,459
Commercial and Industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	160,133	454,813
Year two	352,352	239,411
Year three	199,355	82,168
Year four	45,291	75,043
Year five	65,973	40,534
Prior	57,781	29,745
Revolving Loans Amortized Cost Basis	1,047,310	1,083,221
Total	1,928,195	2,004,935
Commercial and Industrial \| Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	441	8,683
Year two	7,297	2,563
Year three	900	0
Year four	106	0
Year five	0	187
Prior	0	0
Revolving Loans Amortized Cost Basis	3,903	1,620
Total	12,647	13,053
Commercial and Industrial \| Classified
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	728	3,641
Year two	1,631	11,455
Year three	9,846	188
Year four	421	1,978
Year five	1,030	1,224
Prior	473	3
Revolving Loans Amortized Cost Basis	22,057	14,684
Total	36,186	33,173
Commercial and Industrial \| Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0
Year two	0
Year three
Year four	0
Year five	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Mortgage warehouse lines of credit
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	537,627	284,867
Total	537,627	284,867
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
More than 5 years	0	0
Revolving Loans Amortized Cost Basis	0	0
Charge-offs	0	0
Mortgage warehouse lines of credit \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	537,627	282,298
Total	537,627	282,298
Mortgage warehouse lines of credit \| Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	2,042
Total	0	2,042
Mortgage warehouse lines of credit \| Classified
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	527
Total	0	527
Mortgage warehouse lines of credit \| Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0
Year two	0
Year three	0
Year four	0
Year five	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	5,586	9,752
Year two	6,368	3,841
Year three	2,344	1,210
Year four	763	790
Year five	608	135
Prior	73	15
Revolving Loans Amortized Cost Basis	8,231	10,410
Total	23,973	26,153
Year one	0	3
Year two	77	27
Year three	7	7
Year four	0	2
Year five	0	1
More than 5 years	0	1
Revolving Loans Amortized Cost Basis	8	2
Charge-offs	92	43
Consumer \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	5,586	9,730
Year two	6,309	3,822
Year three	2,317	1,210
Year four	763	784
Year five	605	135
Prior	73	15
Revolving Loans Amortized Cost Basis	8,230	10,408
Total	23,883	26,104
Consumer \| Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0
Year two	0
Year three	0
Year four	0
Year five	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Consumer \| Classified
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	22
Year two	59	19
Year three	27	0
Year four	0	6
Year five	3	0
Prior	0	0
Revolving Loans Amortized Cost Basis	1	2
Total	90	$ 49
Consumer \| Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0
Year two	0
Year three	0
Year four	0
Year five	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	$ 0

Securities - Unrealized Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value
Less than 12 Months	$ 84,850	$ 794,894
12 Months or More	1,416,437	801,830
Total	1,501,287	1,596,724
Unrealized Loss
Less than 12 Months	(5,309)	(59,754)
12 Months or More	(189,794)	(144,737)
Total	(195,103)	(204,491)
State and municipal securities
Fair Value
Less than 12 Months	24,925	171,079
12 Months or More	295,957	175,011
Total	320,882	346,090
Unrealized Loss
Less than 12 Months	(1,104)	(14,947)
12 Months or More	(49,803)	(43,658)
Total	(50,907)	(58,605)
Fair Value
Less than 12 Months	6,437	6,518
12 Months or More	0	0
Total	6,437	6,518
Unrealized Loss
Less than 12 Months	(563)	(482)
12 Months or More	0	0
Total	(563)	(482)
Corporate bonds
Fair Value
Less than 12 Months	32,267	69,618
12 Months or More	45,437	11,640
Total	77,704	81,258
Unrealized Loss
Less than 12 Months	(2,984)	(5,581)
12 Months or More	(7,742)	(1,610)
Total	(10,726)	(7,191)
U.S. government and agency securities
Fair Value
Less than 12 Months	0	152,471
12 Months or More	232,839	95,576
Total	232,839	248,047
Unrealized Loss
Less than 12 Months	0	(7,373)
12 Months or More	(14,527)	(8,966)
Total	(14,527)	(16,339)
Commercial mortgage-backed securities
Fair Value
Less than 12 Months	0	37,083
12 Months or More	91,280	54,860
Total	91,280	91,943
Unrealized Loss
Less than 12 Months	0	(3,416)
12 Months or More	(13,726)	(10,177)
Total	(13,726)	(13,593)
Residential mortgage-backed securities
Fair Value
Less than 12 Months	21,918	231,848
12 Months or More	514,377	340,455
Total	536,295	572,303
Unrealized Loss
Less than 12 Months	(1,152)	(20,465)
12 Months or More	(73,531)	(56,997)
Total	(74,683)	(77,462)
Commercial collateralized mortgage obligations
Fair Value
Less than 12 Months	0	21,999
12 Months or More	37,935	16,814
Total	37,935	38,813
Unrealized Loss
Less than 12 Months	0	(2,516)
12 Months or More	(5,317)	(3,001)
Total	(5,317)	(5,517)
Residential collateralized mortgage obligations
Fair Value
Less than 12 Months	367	48,749
12 Months or More	137,495	97,621
Total	137,862	146,370
Unrealized Loss
Less than 12 Months	(12)	(3,928)
12 Months or More	(23,866)	(19,838)
Total	(23,878)	(23,766)
Asset-backed securities
Fair Value
Less than 12 Months	5,373	62,047
12 Months or More	61,117	9,853
Total	66,490	71,900
Unrealized Loss
Less than 12 Months	(57)	(1,528)
12 Months or More	(1,282)	(490)
Total	$ (1,339)	$ (2,018)

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Note 1 — Significant Accounting Policies Nature of Operations. Origin Bancorp, Inc. (“Company”) is a financial holding company headquartered in Ruston, Louisiana. The Company’s wholly-owned bank subsidiary, Origin Bank (“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 61 banking centers located in Dallas/Fort Worth, East Texas, Houston, North Louisiana and Mississippi. The Company principally operates in one business segment, community banking. Basis of Presentation. The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of the Company and all other entities in which Origin Bancorp, Inc. has a controlling financial interest, including the Bank and Davison Insurance Agency, LLC, doing business as Lincoln Agency, LLC, Lincoln Agency Transportation Insurance, Pulley-White Insurance Agency, Reeves, Coon and Funderburg, Simoneaux & Wallace Agency and Thomas & Farr Agency. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s accounting and financial reporting policies conform, in all material respects, to generally accepted accounting principles in the United States (“U.S. GAAP”) and to general practices within the financial services industry. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. The consolidated financial statements in this quarterly report on Form 10-Q have not been audited by an independent registered public accounting firm, excluding the figures as of December 31, 2022, but in the opinion of management, reflect all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the Company’s financial position and results of operations for the periods presented. These consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2022, included in the Company’s annual report on Form 10-K (“2022 Form 10-K”) filed with the SEC. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year. 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 (loss). Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information that affect the amounts reported in the financial statements and disclosures provided, including the accompanying notes, and actual results could differ. Material estimates that are particularly susceptible to change include the allowance for credit losses for loans, off-balance sheet commitments and available for sale securities; fair value measurements of assets and liabilities; and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the Company’s consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual results could differ from those estimates. Allowance for Credit Losses. Accounting Standards Update (“ASU”) No. 2022-02 eliminated the accounting guidance for troubled debt restructurings (“TDRs”) and enhanced disclosure requirements for certain loan modifications. The Company may provide modifications to borrowers experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, or term extensions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Company may provide multiple types of concessions on one loan. The Company will evaluate whether the modification represents a new loan or a continuation of an existing loan. The Company assesses all loan modifications to determine whether they were made to borrowers experiencing financial difficulty. Reclassifications. Certain amounts previously reported have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior year net income or stockholders’ equity. Effect of Recently Adopted Accounting Standards ASU No. 2021-06, Presentation of Financial Statements (Topic 205), Financial Services —Depository and Lending (Topic 942), and Financial Services — Investment Companies (Topic 946) —Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants amends the Accounting Standards Codification (“ASC”) in order to codify to the new SEC releases 33-10786 and 33-10835 (the “Releases”). The Releases clearly define whether an acquired or disposed business subsidiary is significant; update, expand and eliminate certain disclosures; eliminate overlap with certain SEC and U.S. GAAP rules; and add a new subpart of Regulation S-K. The ASU is effective upon issuance; however, the SEC release on which the ASU is based is effective for registrants with the first fiscal year ending after December 15, 2021, while Guide 3 was rescinded effective January 1, 2023. Implementation of this ASU did not materially impact the Company’s financial statement disclosures. ASU No. 2021-08, Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update affect accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. ASU No. 2022-01, Derivatives and Hedging (Topic 815) — Fair Value Hedging - Portfolio Layer Method. The amendments in this Update clarify the accounting for and promote consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers. Additionally, this Update allows entities to elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures. The amendments in this Update eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. ASU No. 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 — The amendments in this Update provide temporary relief during the transition period in complying with Update No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022 - 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The ASU is effective immediately. Implementation of this ASU did not materially impact the Company's financial statements or disclosures. Effect of Newly Issued But Not Yet Effective Accounting Standards ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method — The amendments in this Update allow entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions are met. The amendments in this Update also eliminate certain low income housing tax credits (“LIHTC”)-specific guidance to align the accounting more closely for LIHTCs with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution guidance apply only to tax equity investments accounted for using the proportional amortization method. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Implementation of this ASU is not expected to materially impact the Company's financial statements or disclosures.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Securities - Amortized Cost and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Available for sale:
Available for sale, amortized cost	$ 1,730,337	$ 1,844,975
Available for sale, gross unrealized gains	468	1,000
Available for sale, gross unrealized losses	(195,103)	(204,491)
Available for sale, fair value	1,535,702	1,641,484
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	1,535,702	1,641,484
Held to maturity:
Held to maturity, amortized cost	12,169
Held to maturity, fair value	11,836	11,970
Held to maturity, allowance for credit losses	(935)	(899)	$ (892)	$ (167)
Held to maturity, net carrying amount	11,234	11,275
Securities carried at fair value through income:
Securities carried at fair value through income, fair value	6,106	6,368
State and municipal securities
Available for sale:
Available for sale, amortized cost	404,399	447,086
Available for sale, gross unrealized gains	465	996
Available for sale, gross unrealized losses	(50,907)	(58,605)
Available for sale, fair value	353,957	389,477
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	353,957	389,477
Held to maturity:
Held to maturity, amortized cost	12,169	12,174
Held to maturity, gross unrealized gains	230	278
Held to maturity, gross unrealized losses	(563)	(482)
Held to maturity, fair value	11,836	11,970
Held to maturity, allowance for credit losses	(935)	(899)
Held to maturity, net carrying amount	11,234	11,275
Securities carried at fair value through income:
Securities carried at fair value through income, amortized cost	6,815	7,100
Securities carried at fair value through income, fair value	6,106	6,368
Securities carried at fair value through income, net carrying amount	6,106	6,368
Corporate bonds
Available for sale:
Available for sale, amortized cost	89,430	89,449
Available for sale, gross unrealized gains	0	0
Available for sale, gross unrealized losses	(10,726)	(7,191)
Available for sale, fair value	78,704	82,258
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	78,704	82,258
U.S. government and agency securities
Available for sale:
Available for sale, amortized cost	247,703	264,755
Available for sale, gross unrealized gains	3	4
Available for sale, gross unrealized losses	(14,527)	(16,339)
Available for sale, fair value	233,179	248,420
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	233,179	248,420
Commercial mortgage-backed securities
Available for sale:
Available for sale, amortized cost	105,006	105,536
Available for sale, gross unrealized gains	0	0
Available for sale, gross unrealized losses	(13,726)	(13,593)
Available for sale, fair value	91,280	91,943
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	91,280	91,943
Residential mortgage-backed securities
Available for sale:
Available for sale, amortized cost	610,978	649,765
Available for sale, gross unrealized gains	0	0
Available for sale, gross unrealized losses	(74,683)	(77,462)
Available for sale, fair value	536,295	572,303
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	536,295	572,303
Commercial collateralized mortgage obligations
Available for sale:
Available for sale, amortized cost	43,252	44,330
Available for sale, gross unrealized gains	0	0
Available for sale, gross unrealized losses	(5,317)	(5,517)
Available for sale, fair value	37,935	38,813
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	37,935	38,813
Residential collateralized mortgage obligations
Available for sale:
Available for sale, amortized cost	161,740	170,136
Available for sale, gross unrealized gains	0	0
Available for sale, gross unrealized losses	(23,878)	(23,766)
Available for sale, fair value	137,862	146,370
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	137,862	146,370
Asset-backed securities
Available for sale:
Available for sale, amortized cost	67,829	73,918
Available for sale, gross unrealized gains		0
Available for sale, gross unrealized losses	(1,339)	(2,018)
Available for sale, fair value	66,490	71,900
Available for sale, allowance for credit losses	0	0
Available-for-sale, net carrying amount	$ 66,490	$ 71,900

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral on deposit	$ 3.9	$ 7.6

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11 — Commitments and Contingencies

Credit-Related Commitments

In the ordinary course of business, the Company enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Company to varying degrees of credit risk and interest rate risk in much the same way as funded loans.

Commitments to extend credit include revolving commercial credit lines, non-revolving loan commitments issued mainly to finance the merger and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company.

A substantial majority of the letters of credit are standby agreements that obligate the Company to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Company issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services.

The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support.

The table below presents the Company’s commitments to extend credit by commitment expiration date for the dates indicated:


(Dollars in thousands) June 30, 2023
	Less than One Year		One-Three Years		Three-Five Years		Greater than Five Years		Total
Commitments to extend credit(1)	$	1,090,525	$	961,529	$	601,300	$	262,932	$	2,916,286
Standby letters of credit	88,494		8,783		32,987		—		130,264
Total off-balance sheet commitments	$	1,179,019	$	970,312	$	634,287	$	262,932	$	3,046,550
December 31, 2022
Commitments to extend credit(1)	$	1,093,744	$	988,212	$	553,069	$	96,783	$	2,731,808
Standby letters of credit	86,922		2,264		—		—		89,186
Total off-balance sheet commitments	$	1,180,666	$	990,476	$	553,069	$	96,783	$	2,820,994

____________________________

(1)Includes $705.4 million and $594.6 million of unconditionally cancellable commitments at June 30, 2023, and December 31, 2022, respectively.

At June 30, 2023, the Company held 28 unfunded letters of credit from the FHLB totaling $284.3 million, with expiration dates ranging from August 25, 2023, to September 22, 2027. At December 31, 2022, the Company held 28 unfunded letters of credit from the FHLB totaling $277.4 million, with expiration dates ranging from January 14, 2023, to September 22, 2027.

The Company has a total contingent liability of $2.1 million as of June 30, 2023, for retention bonuses and guaranteed minimum incentives. The contingent liability consists of retention bonuses totaling $946,000 for former BTH employees, with $473,000, or 50%, due at December 31, 2023, and the remaining $473,000, or 50%, due at December 31, 2024. Additionally, the Company will pay $1.2 million, in total, in guaranteed minimum incentives to certain employees, with approximately 50% due on or about December 31, 2023, and the remaining 50% due on or about December 31, 2024. In all cases, continued employment through the payout date is required in order to receive the compensation.

In conjunction with the December 31, 2021, acquisitions of the Lincoln Agency, LLC and Pulley-White Insurance Agency, Inc., the Company has a total estimated fair value contingent liability of $1.5 million as of June 30, 2023. The Company expects 30% of the estimated fair value contingent liability will be payable on or about December 31, 2023, with the remaining 70% payable on or about December 31, 2024, if Davison Insurance Agency, LLC, the acquirer and surviving wholly-owned subsidiary of the Company, meets certain revenue growth objectives over three years. The fair value and probability of payout of this liability is reassessed annually at the fiscal year end of the Company.

Management establishes an asset-specific allowance for certain lending-related commitments and computes a formula-based allowance for performing consumer and commercial lending-related commitments. These are computed using a methodology similar to that used for the commercial loan portfolio, modified for expected maturities and probabilities of drawdown. The reserve for lending-related commitments was $4.7 million and $4.6 million at June 30, 2023, and December 31, 2022, respectively, and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Loss Contingencies

From time to time, the Company is also party to various legal actions arising in the ordinary course of business. At this time, management does not expect that loss contingencies, if any, arising from any such proceedings, either individually or in the aggregate, would have a material adverse effect on the consolidated financial position or liquidity of the Company.

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Recorded on a Recurring Basis


	June 30, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
State and municipal securities	$	—	$	301,690	$	52,267	$	353,957
Corporate bonds	—		77,704		1,000		78,704
U.S. treasury securities	95,006		—		—		95,006
U.S. government agency securities	—		138,173		—		138,173
Commercial mortgage-backed securities	—		91,280		—		91,280
Residential mortgage-backed securities	—		536,295		—		536,295
Commercial collateralized mortgage obligations	—		37,935		—		37,935
Residential collateralized mortgage obligations	—		137,862		—		137,862
Asset-backed securities	—		66,490		—		66,490
Securities available for sale	95,006		1,387,429		53,267		1,535,702
Securities carried at fair value through income	—		—		6,106		6,106
Loans held for sale	—		15,198		—		15,198

Mortgage servicing rights	—		—		19,086		19,086
Other assets - derivatives	—		26,117		—		26,117
Total recurring fair value measurements - assets	$	95,006	$	1,428,744	$	78,459	$	1,602,209

Other liabilities - derivatives	$	—	$	(24,773)	$	—	$	(24,773)
Total recurring fair value measurements - liabilities	$	—	$	(24,773)	$	—	$	(24,773)


	December 31, 2022
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
State and municipal securities	$	—	$	334,708	$	54,769	$	389,477
Corporate bonds	—		81,258		1,000		82,258
U.S. treasury securities	110,645		—		—		110,645
U.S. government agency securities	—		137,775		—		137,775
Commercial mortgage-backed securities	—		91,943		—		91,943
Residential mortgage-backed securities	—		572,303		—		572,303
Commercial collateralized mortgage obligations	—		38,813		—		38,813
Residential collateralized mortgage obligations	—		146,370		—		146,370
Asset-backed securities	—		71,900		—		71,900
Securities available for sale	110,645		1,475,070		55,769		1,641,484
Securities carried at fair value through income	—		—		6,368		6,368
Loans held for sale	—		25,389		—		25,389

Mortgage servicing rights	—		—		20,824		20,824
Other assets - derivatives	—		26,733		—		26,733
Total recurring fair value measurements - assets	$	110,645	$	1,527,192	$	82,961	$	1,720,798

Other liabilities - derivatives	$	—	$	(25,275)	$	—	$	(25,275)
Total recurring fair value measurements - liabilities	$	—	$	(25,275)	$	—	$	(25,275)

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2023 and 2022, are summarized as follows:


(Dollars in thousands)	MSRs		Securities Available for Sale		Securities at Fair Value Through Income
Balance at January 1, 2023	$	20,824	$	55,769	$	6,368

Gain (loss) recognized in earnings:
Mortgage banking revenue(1)	(363)		—		—
Other noninterest income	—		—		23
Loss recognized in AOCI	—		(364)		—
Purchases, issuances, sales and settlements:
Originations	431		—		—
Purchases	—		—		—
Sales	(1,806)		—		—

Settlements	—		(2,138)		(285)
Balance at June 30, 2023	$	19,086	$	53,267	$	6,106

___________________________

(1)Total mortgage banking revenue includes changes in fair value due to market changes and run-off.


(Dollars in thousands)	MSRs		Securities Available for Sale		Securities at Fair Value Through Income
Balance at January 1, 2022	$	16,220	$	41,461	$	7,497
Gain (loss) recognized in earnings:
Mortgage banking revenue(1)	4,443		—		—
Other noninterest income	—		—		(592)
Loss recognized in AOCI	—		(4,491)		—
Purchases, issuances, sales and settlements:
Originations	1,464		—		—
Purchases	—		23,877		—

Settlements	—		(3,282)		(275)
Balance at June 30, 2022	$	22,127	$	57,565	$	6,630

___________________________

(1)Total mortgage banking revenue includes changes in fair value due to market changes and run-off.

Significant Assumptions Used to Value Mortgage Servicing Rights

The significant assumptions used to value MSRs were as follows:


	June 30, 2023			December 31, 2022
	Range	Weighted Average(1)		Range	Weighted Average(1)
Prepayment speeds	7.31% - 8.35%	8.01	%	7.65% - 9.20%	8.11	%
Discount rates	9.50 - 12.00	9.56		9.50 - 22.07	12.55

__________________________

(1)The weighted average was calculated with reference to the principal balance of the underlying mortgages.

Difference Between Fair Value and the Unpaid Principal Balance for Financial Instruments for which the Fair Value Option has been Elected and Classification in Income Statement

The following tables summarize the difference between the fair value and the unpaid principal balance for financial instruments for which the fair value option has been elected:


	June 30, 2023
(Dollars in thousands)	Aggregate Fair Value		Principal Balance/Amortized Cost		Difference
Loans held for sale(1)	$	15,198	$	14,947	$	251
Securities carried at fair value through income	6,106		6,815		(709)
Total	$	21,304	$	21,762	$	(458)

____________________________

(1)There were no loans held for sale that were designated as nonaccrual or 90 days or more past due at June 30, 2023.


	December 31, 2022
(Dollars in thousands)	Aggregate Fair Value		Principal Balance/Amortized Cost		Difference
Loans held for sale(1)	$	25,389	$	24,946	$	443


Securities carried at fair value through income	6,368		7,100		(732)
Total	$	31,757	$	32,046	$	(289)

____________________________

(1)$3.9 million of loans held for sale were designated as nonaccrual or 90 days or more past due at December 31, 2022. Of this balance, $3.3 million was guaranteed by U.S. Government agencies.

Changes in the fair value of assets for which the Company elected the fair value option are classified in the consolidated statements of income line items reflected in the following table:


(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Changes in fair value included in noninterest income:	2023		2022		2023		2022
Mortgage banking revenue (loans held for sale)	$	(355)	$	65	$	(192)	$	(432)
Other income:
Securities carried at fair value through income	(23)		(154)		23		(592)
Total fair value option impact on noninterest income (1)	$	(378)	$	(89)	$	(169)	$	(1,024)

____________________________

(1)The fair value option impact on noninterest income is offset by the derivative gain/loss recognized in noninterest income. Please see Note 6 — Mortgage Banking for more detail.

Carrying Value and Estimated Fair Value of Financial Instruments Not Measured at Fair Value

The carrying value and estimated fair values of financial instruments not recorded at fair value are as follows:



(Dollars in thousands)	June 30, 2023				December 31, 2022
Financial assets: Level 1 inputs:	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and cash equivalents	$	465,990	$	465,990	$	358,972	$	358,972
Level 2 inputs:
Non-marketable equity securities held in other financial institutions	58,446		58,446		67,378		67,378
GNMA repurchase asset	—		—		24,569		24,569
Accrued interest and loan fees receivable	38,430		38,430		38,136		38,136
Level 3 inputs:
Securities held to maturity	11,234		11,836		11,275		11,970
LHFI, net	7,528,336		7,250,223		7,002,861		6,835,770
Financial liabilities:
Level 2 inputs:
Deposits	8,490,043		8,469,581		7,775,702		7,753,966
FHLB advances and other borrowings	342,861		342,438		639,230		639,103
Subordinated indebtedness	196,746		186,759		201,765		181,624
Accrued interest payable	10,495		10,495		3,917		3,917

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 21,760	$ 21,311	$ 46,062	$ 41,994
Securities available for sale and transferred securities:
Net unrealized holding gain (loss) arising during the period	(18,398)	(63,634)	9,002	(154,848)
Reclassification adjustment for net (gain) included in net income	0	0	(144)	0
Change in the net unrealized gain (loss) on available for sale investment securities, before tax	(18,398)	(63,634)	8,858	(154,848)
Net gain realized as a yield adjustment in interest on transferred investment securities	(2)	(3)	(5)	(6)
Change in the net unrealized gain (loss) on investment securities, before tax	(18,400)	(63,637)	8,853	(154,854)
Income tax expense (benefit) related to net unrealized gain (loss) arising during the period	(3,865)	(13,364)	1,859	(32,520)
Change in the net unrealized gain (loss) on investment securities, net of tax	(14,535)	(50,273)	6,994	(122,334)
Cash flow hedges:
Net unrealized gain arising during the period	268	216	911	729
Reclassification adjustment for (gain) included in net income	(94)	(18)	(908)	(64)
Change in the net unrealized gain on cash flow hedges, before tax	174	234	3	793
Income tax expense related to net unrealized gain on cash flow hedges	37	50	1	167
Change in net unrealized position on cash flow hedges, net of tax	137	184	2	626
Other comprehensive income (loss), net of tax	(14,398)	(50,089)	6,996	(121,708)
Comprehensive income (loss)	$ 7,362	$ (28,778)	$ 53,058	$ (79,714)

Stock and Incentive Compensation Plans - Monte Carlo Simulation Model Inputs (Details) - PSU - CEO	Dec. 13, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	7 years
Stock price (in dollars per share)	$ 36.87
Expected volatility	33.00%
Risk-free rate	3.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Loans (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Loans

Loans consist of the following:



(Dollars in thousands)	June 30, 2023		December 31, 2022
Loans held for sale	$	15,198	$	49,957
LHFI:
Loans secured by real estate:
Owner occupied commercial real estate	$	915,861	$	843,006
Non-owner occupied commercial real estate	1,512,303		1,461,672
Total commercial real estate	2,428,164		2,304,678
Construction/land/land development	1,022,239		945,625
Residential real estate	1,633,658		1,477,538
Total real estate	5,084,061		4,727,841
Commercial and industrial	1,977,028		2,051,161
Mortgage warehouse lines of credit	537,627		284,867
Consumer	23,973		26,153
Total LHFI(1)	7,622,689		7,090,022
Less: Allowance for loan credit losses (“ALCL”)	94,353		87,161
LHFI, net	$	7,528,336	$	7,002,861

____________________________

Recorded Investment in Loans by Credit Quality Indicator


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial real estate:
Pass	$	221,923	$	874,477	$	490,985	$	265,450	$	227,029	$	236,047	$	73,338	$	2,389,249
Special mention	—		—		—		—		—		8,050		934		8,984
Classified	363		2,318		4,124		1,620		3,585		17,921		—		29,931
Loss	—		—		—		—		—		—		—		—
Total commercial real estate loans	$	222,286	$	876,795	$	495,109	$	267,070	$	230,614	$	262,018	$	74,272	$	2,428,164
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	42	$	—	$	42



Construction/land/land development:
Pass	$	110,059	$	487,750	$	259,292	$	48,787	$	19,761	$	27,763	$	33,188	$	986,600
Special mention	—		10,462		19,866		—		—		—		—		30,328
Classified	—		150		79		255		673		1,816		2,338		5,311
Loss	—		—		—		—		—		—		—		—
Total construction/land/land development loans	$	110,059	$	498,362	$	279,237	$	49,042	$	20,434	$	29,579	$	35,526	$	1,022,239
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential real estate:
Pass	$	198,648	$	530,028	$	308,356	$	247,988	$	101,672	$	157,628	$	76,179	$	1,620,499
Special mention	—		—		—		379		—		—		—		379
Classified	—		1,993		1,497		381		1,454		7,356		99		12,780
Loss	—		—		—		—		—		—		—		—
Total residential real estate loans	$	198,648	$	532,021	$	309,853	$	248,748	$	103,126	$	164,984	$	76,278	$	1,633,658
Current period gross charge-offs	$	—	$	—	$	—	$	5	$	—	$	22	$	—	$	27



Commercial and industrial:
Pass	$	160,133	$	352,352	$	199,355	$	45,291	$	65,973	$	57,781	$	1,047,310	$	1,928,195
Special mention	441		7,297		900		106		—		—		3,903		12,647
Classified	728		1,631		9,846		421		1,030		473		22,057		36,186
Loss	—		—				—		—		—		—		—
Total commercial and industrial loans	$	161,302	$	361,280	$	210,101	$	45,818	$	67,003	$	58,254	$	1,073,270	$	1,977,028
Current period gross charge-offs	$	10	$	126	$	21	$	141	$	—	$	270	$	4,315	$	4,883


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Mortgage Warehouse Lines of Credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	537,627	$	537,627
Special mention	—		—		—		—		—		—		—		—
Classified	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total mortgage warehouse lines of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	537,627	$	537,627
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Consumer:
Pass	$	5,586	$	6,309	$	2,317	$	763	$	605	$	73	$	8,230	$	23,883
Special mention	—		—		—		—		—		—		—		—
Classified	—		59		27		—		3		—		1		90
Loss	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total consumer loans	$	5,586	$	6,368	$	2,344	$	763	$	608	$	73	$	8,231	$	23,973
Current period gross charge-offs	$	—	$	77	$	7	$	—	$	—	$	—	$	8	$	92


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial real estate:
Pass	$	885,244	$	502,287	$	283,368	$	230,040	$	168,079	$	131,411	$	69,952	$	2,270,381
Special mention	—		—		—		—		8,174		1,359		1,558		11,091
Classified	930		1,795		1,551		4,014		2,965		11,901		50		23,206

Total commercial real estate loans	$	886,174	$	504,082	$	284,919	$	234,054	$	179,218	$	144,671	$	71,560	$	2,304,678
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	166	$	—	$	166



Construction/land/land development:
Pass	$	445,943	$	320,951	$	58,880	$	27,381	$	27,753	$	5,253	$	48,436	$	934,597
Special mention	6,217		—		—		—		—		—		—		6,217
Classified	180		100		286		38		160		1,708		2,339		4,811

Total construction/land/land development loans	$	452,340	$	321,051	$	59,166	$	27,419	$	27,913	$	6,961	$	50,775	$	945,625
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential real estate:
Pass	$	535,739	$	308,070	$	261,293	$	107,530	$	48,652	$	123,052	$	80,375	$	1,464,711
Special mention	—		—		390		—		—		—		—		390
Classified	2,227		2,764		90		1,494		1,064		4,653		145		12,437

Total residential real estate loans	$	537,966	$	310,834	$	261,773	$	109,024	$	49,716	$	127,705	$	80,520	$	1,477,538
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	91	$	—	$	91



Commercial and industrial:
Pass	$	454,813	$	239,411	$	82,168	$	75,043	$	40,534	$	29,745	$	1,083,221	$	2,004,935
Special mention	8,683		2,563		—		—		187		—		1,620		13,053
Classified	3,641		11,455		188		1,978		1,224		3		14,684		33,173

Total commercial and industrial loans	$	467,137	$	253,429	$	82,356	$	77,021	$	41,945	$	29,748	$	1,099,525	$	2,051,161
Current period gross charge-offs	$	28	$	726	$	48	$	869	$	337	$	1,103	$	5,348	$	8,459


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
Mortgage Warehouse Lines of Credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	282,298	$	282,298
Special mention	—		—		—		—		—		—		2,042		2,042
Classified	—		—		—		—		—		—		527		527

Total mortgage warehouse lines of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	284,867	$	284,867
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Consumer:
Pass	$	9,730	$	3,822	$	1,210	$	784	$	135	$	15	$	10,408	$	26,104

Classified	22		19		—		6		—		—		2		49

Total consumer loans	$	9,752	$	3,841	$	1,210	$	790	$	135	$	15	$	10,410	$	26,153
Current period gross charge-offs	$	3	$	27	$	7	$	2	$	1	$	1	$	2	$	43

Loan Portfolio Aging Analysis

The following tables present the Company’s loan portfolio aging analysis at the dates indicated:


	June 30, 2023
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Loans Past Due 90 Days or More		Total Past Due		Current Loans		Total Loans Receivable		Accruing Loans 90 or More Days Past Due
Loans secured by real estate:
Commercial real estate	$	208	$	26	$	2,685	$	2,919	$	2,425,245	$	2,428,164	$	—
Construction/land/land development	103		—		45		148		1,022,091		1,022,239		—
Residential real estate	1,072		1,815		3,469		6,356		1,627,302		1,633,658		—
Total real estate	1,383		1,841		6,199		9,423		5,074,638		5,084,061		—
Commercial and industrial	5,158		1,931		3,023		10,112		1,966,916		1,977,028		—
Mortgage warehouse lines of credit	—		—		—		—		537,627		537,627		—
Consumer	209		75		17		301		23,672		23,973		—
Total LHFI	$	6,750	$	3,847	$	9,239	$	19,836	$	7,602,853	$	7,622,689	$	—


	December 31, 2022
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Loans Past Due 90 Days or More		Total Past Due		Current Loans		Total Loans Receivable		Accruing Loans 90 or More Days Past Due
Loans secured by real estate:
Commercial real estate	$	31	$	—	$	104	$	135	$	2,304,543	$	2,304,678	$	—
Construction/land/land development	854		—		17		871		944,754		945,625		—
Residential real estate	1,814		891		450		3,155		1,474,383		1,477,538		—
Total real estate	2,699		891		571		4,161		4,723,680		4,727,841		—
Commercial and industrial	3,878		1,972		544		6,394		2,044,767		2,051,161		—
Mortgage warehouse lines of credit	—		—		—		—		284,867		284,867		—
Consumer	350		16		11		377		25,776		26,153		—
Total LHFI	$	6,927	$	2,879	$	1,126	$	10,932	$	7,079,090	$	7,090,022	$	—

Allowance for Loan Losses by Portfolio Segment


	Three Months Ended June 30, 2023
	Commercial Real Estate			Construction/ Land/ Land Development			Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	20,681		$	8,065		$	8,520		$	53,357		$	565		$	820		$	92,008

Charge-offs	—			—			27			2,714			—			10			2,751
Recoveries	25			—			5			800			—			2			832
Provision(1)	133			664			520			2,730			252			(35)			4,264
Ending balance	$	20,839		$	8,729		$	9,018		$	54,173		$	817		$	777		$	94,353
Average balance	$	2,406,625		$	972,032		$	1,615,211		$	2,059,285		$	396,348		$	24,812		$	7,474,313
Net charge-offs to loan average balance (annualized)	—		%	—		%	0.01		%	0.37		%	—		%	0.13		%	0.10		%

__________________________ (1)The $4.3 million provision for credit losses on the consolidated statements of income includes a $4.3 million provision for loan credit losses, a $88,000 provision for off-balance sheet commitments and $46,000 net benefit provision for held to maturity securities credit losses for the three months ended June 30, 2023.


	Three Months Ended June 30, 2022

	Commercial Real Estate			Construction/ Land/ Land Development			Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	14,606		$	4,580		$	5,821		$	36,315		$	329		$	522		$	62,173
Charge-offs	—			—			—			2,179			—			13			2,192
Recoveries	—			—			86			545			—			8			639
Provision(1)	1,506			127			(56)			796			130						2,503
Ending balance	$	16,112		$	4,707		$	5,851		$	35,477		$	459		$	517		$	63,123
Average balance	$	1,828,700		$	587,872		$	966,363		$	1,398,802		$	444,851		$	15,979		$	5,242,567
Net charge-offs to loan average balance (annualized)	—		%	—		%	(0.04)		%	0.47		%	—		%	0.13		%	0.12		%

____________________________ (1)The $3.5 million provision for credit losses on the consolidated statements of income includes a $2.5 million provision for loan losses, a $408,000 provision for off-balance sheet commitments and a $540,000 provision for held to maturity securities credit losses for the three months ended June 30, 2022.


	Six Months Ended June 30, 2023
	Commercial Real Estate			Construction/ Land/ Land Development			Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	19,772		$	7,776		$	8,230		$	50,148		$	379		$	856		$	87,161
Charge-offs	42			—			27			4,883			—			92			5,044
Recoveries	85			—			10			1,712			—			7			1,814
Provision(1)	1,024			953			805			7,196			438			6			10,422

Ending balance	$	20,839		$	8,729		$	9,018		$	54,173		$	817		$	777		$	94,353
Average balance	$	2,374,762		$	973,465		$	1,567,533		$	2,064,791		$	305,280		$	25,411		$	7,311,242
Net charge-offs to loan average balance (annualized)	—		%	—		%	—		%	0.31		%	—		%	0.67		%	0.09		%

_________________________ (1)The $10.5 million provision for credit losses on the consolidated statement of income includes a $10.4 million provision for loan losses, a $45,000 provision for off-balance sheet commitments and a $36,000 provision for held to maturity securities credit losses for the six months ended June 30, 2023.


	Six Months Ended June 30, 2022
	Commercial Real Estate			Construction/ Land/ Land Development			Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	13,425		$	4,011		$	6,116		$	40,146		$	340		$	548		$	64,586
Charge-offs	166			—			75			4,325			—			28			4,594
Recoveries	2			—			92			1,180			—			13			1,287
Provision(1)	2,851			696			(282)			(1,524)			119			(16)			1,844
Ending balance	$	16,112		$	4,707		$	5,851		$	35,477		$	459		$	517		$	63,123
Average balance	$	1,773,784		$	576,672		$	937,005		$	1,411,946		$	434,381		$	16,219		$	5,150,007
Net charge-offs to loan average balance (annualized)	0.02		%	—		%	—		%	0.45		%	—		%	0.19		%	0.13		%


_________________________ (1)The $3.1 million provision for credit losses on the consolidated statements of income includes a $1.8 million provision for loan losses, a $556,000 provision for off-balance sheet commitments and a $725,000 provision for held to maturity securities credit losses for the six months ended June 30, 2022.

Financing Receivable Individually Evaluated to Determine Expected Credit Losses and ACL Allocation


	June 30, 2023
(Dollars in thousands)	Commercial Real Estate		Construction/ Land/ Land Development		Residential Real Estate		Commercial and Industrial		Mortgage Warehouse Lines of Credit		Consumer		Total
Real Estate	$	3,314	$	—	$	15,752	$	—	$	—	$	—	$	19,066
Accounts Receivable	—		—		—		111		—		—		111
Equipment	—		—		—		202		—		—		202

Total	$	3,314	$	—	$	15,752	$	313	$	—	$	—	$	19,379
ALCL Allocation	$	102	$	—	$	36	$	52	$	—	$	—	$	190


	December 31, 2022
(Dollars in thousands)	Commercial Real Estate		Construction/ Land/ Land Development		Residential Real Estate		Commercial and Industrial		Mortgage Warehouse Lines of Credit		Consumer		Total
Real Estate	$	273	$	97	$	6,731	$	—	$	—	$	—	$	7,101
Accounts Receivable	—		—		—		831		—		—		831
Equipment	—		—		—		285		—		—		285

Total	$	273	$	97	$	6,731	$	1,116	$	—	$	—	$	8,217
ALCL Allocation	$	—	$	—	$	—	$	738	$	—	$	—	$	738

Non-performing (Nonaccrual) Loans Held for Investment

Nonaccrual LHFI were as follows:



	Nonaccrual With No Allowance for Credit Loss				Nonaccrual
(Dollars in thousands) Loans secured by real estate:	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Commercial real estate	$	842	$	435	$	3,510	$	526
Construction/land/land development	—		59		183		270
Residential real estate	14,928		7,023		16,345		7,712
Total real estate	15,770		7,517		20,038		8,508
Commercial and industrial	971		527		13,480		1,383

Consumer	—		—		91		49
Total nonaccrual loans	$	16,741	$	8,044	$	33,609	$	9,940

Loans Classified as Troubled Debt Restructurings (TDRs)

The tables below summarize modifications made to borrowers experiencing financial difficulty by loan and modification type during the dates indicated.



		Three Months Ended June 30, 2023
	Term Extension					Combination: Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost		% of Loans			Amortized Cost		% of Loans
Loans secured by real estate:
Commercial real estate		$	1,692	0.07	%		$	—	—	%
Construction/land/land development		1,747		0.17			—		—
Residential real estate		1,739		0.11			—		—
Total real estate		5,178		0.10			—		—
Commercial and industrial		2,208		0.11			186		0.01


Total		$	7,386	0.10			$	186	—



		Six Months Ended June 30, 2023
	Term Extension					Combination: Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost		% of Loans			Amortized Cost		% of Loans
Loans secured by real estate:
Commercial real estate		$	2,554	0.11	%		$	—	—	%
Construction/land/land development		4,088		0.40			—		—
Residential real estate		1,739		0.11			—		—
Total real estate		8,381		0.16			—		—
Commercial and industrial		11,179		0.57			186		0.01


Total		$	19,560	0.26			$	186	—

The following table describes the financial effect of the modification made to 18 and 26 borrowers experiencing financial difficulty during three and six months ended June 30, 2023, respectively.

Three Months Ended June 30, 2023

Interest Rate Reduction

Term Extension

Commercial real estate

N/A

Added a weighted average 12.7 months to the life of the modified loans

Construction/land/land development

N/A

Added a weighted average 2.8 months to the life of the modified loans

Residential real estate

N/A

Added a weighted average 5.3 months to the life of the modified loans

Commercial and industrial

Reduced weighted average contractual interest rate from 9% to 6%

Added a weighted average 12.9 months to the life of the modified loans

Six Months Ended June 30, 2023

Interest Rate Reduction

Term Extension

Commercial real estate

N/A

Added a weighted average 11.9 months to the life of the modified loans

Construction/land/land development

N/A

Added a weighted average 5.1 months to the life of the modified loans

Residential real estate

N/A

Added a weighted average 5.3 months to the life of the modified loans

Commercial and industrial

Reduced weighted average contractual interest rate from 9% to 6%

Added a weighted average 5.6 months to the life of the modified loans

The following table depicts the performance of loans that have been modified during the six months ended June 30, 2023.



	Payment Status (Amortized Cost Basis)
	June 30, 2023
(Dollars in thousands)	Current		30-89 Days Past Due		90 Days or More Past Due
Loans secured by real estate:
Commercial real estate	$	2,554	$	—	$	—
Construction/land/land development	4,088		—		—
Residential real estate	1,739		—		—
Total real estate	8,381		—		—
Commercial and industrial	11,326		39		—
Mortgage warehouse lines of credit	—		—		—
Consumer	—		—		—
Total LHFI	$	19,707	$	39	$	—

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 992,587	$ 949,943	$ 676,865	$ 730,211	$ 949,943	$ 730,211
Net change	(14,398)	21,394	(50,089)	(71,619)	6,996	(121,708)
Ending balance	997,859	992,587	646,373	676,865	997,859	646,373
Unrealized (Loss) Gain on AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(160,700)		5,809	(160,700)	5,809
Net change					6,994	(122,334)
Ending balance	(153,706)		(116,525)		(153,706)	(116,525)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		825		(80)	825	(80)
Net change					2	626
Ending balance	827		546		827	546
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(138,481)	(159,875)	(65,890)	5,729	(159,875)	5,729
Net change	(14,398)	21,394	(50,089)	(71,619)
Ending balance	$ (152,879)	$ (138,481)	$ (115,979)	$ (65,890)	$ (152,879)	$ (115,979)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38487
Entity Registrant Name	Origin Bancorp, Inc.
Entity Incorporation, State or Country Code	LA
Entity Tax Identification Number	72-1192928
Entity Address, Address Line One	500 South Service Road East
Entity Address, City or Town	Ruston
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	71270
City Area Code	318
Local Phone Number	255-2222
Title of 12(b) Security	Common Stock, par value $5.00 per share
Trading Symbol	OBK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		30,866,536
Amendment Flag	false
Current Fiscal Year Focus	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity CIK	0001516912

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Held to maturity, allowance for credit losses	$ 935	$ 899
Fair value	11,836	11,970
Loans held for sale	15,198	25,389
Allowance for credit losses	$ 94,353	$ 87,161
Common stock, par value (in dollars per share)	$ 5.00	$ 5.00
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	30,866,205	30,746,600

Significant Accounting Policies (Details)	6 Months Ended
Significant Accounting Policies (Details)	Jun. 30, 2023 banking_center segment
Accounting Policies [Abstract]
Number of banking centers \| banking_center	61
Number of segments \| segment	1

Commitments and Contingencies - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Less than One Year	$ 1,179,019	$ 1,180,666
One-Three Years	970,312	990,476
Three-Five Years	634,287	553,069
Greater than Five Years	262,932	96,783
Off-balance sheet financial instrument	3,046,550	2,820,994
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Less than One Year	1,090,525	1,093,744
One-Three Years	961,529	988,212
Three-Five Years	601,300	553,069
Greater than Five Years	262,932	96,783
Off-balance sheet financial instrument	2,916,286	2,731,808
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Less than One Year	88,494	86,922
One-Three Years	8,783	2,264
Three-Five Years	32,987	0
Greater than Five Years	0	0
Off-balance sheet financial instrument	130,264	89,186
Unconditional cancellable commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet financial instrument	$ 705,400	$ 594,600

Loans - Non Performing (Nonaccrual) Loans Held For Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual With No Allowance for Credit Loss	$ 16,741	$ 8,044
Nonaccrual	33,609	9,940
Real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual With No Allowance for Credit Loss	15,770	7,517
Nonaccrual	20,038	8,508
Real estate \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual With No Allowance for Credit Loss	842	435
Nonaccrual	3,510	526
Real estate \| Construction/land/land development:
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual With No Allowance for Credit Loss	0	59
Nonaccrual	183	270
Real estate \| Residential real estate:
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual With No Allowance for Credit Loss	14,928	7,023
Nonaccrual	16,345	7,712
Commercial and Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual With No Allowance for Credit Loss	971	527
Nonaccrual	13,480	1,383
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual With No Allowance for Credit Loss	0	0
Nonaccrual	$ 91	$ 49

Fair Value of Financial Instruments - Assumptions Used to Value Mortgage Servicing Rights (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Prepayment speeds	7.31%	7.65%
Discount rates	9.50%	950.00%
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Prepayment speeds	8.35%	9.20%
Discount rates	12.00%	2207.00%
Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Prepayment speeds	8.01%	8.11%
Discount rates	9.56%	12.55%

Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

Note 9 — Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive (loss) income (“AOCI”) includes the after-tax change in unrealized gains and losses on AFS securities and cash flow hedging activities.


(Dollars in thousands)	Unrealized (Loss) Gain on AFS Securities		Unrealized Gain (Loss) on Cash Flow Hedges		Accumulated Other Comprehensive (Loss) Income
Balance at January 1, 2023	$	(160,700)	$	825	$	(159,875)
Net change	6,994		2		6,996
Balance at June 30, 2023	$	(153,706)	$	827	$	(152,879)

Balance at January 1, 2022	$	5,809	$	(80)	$	5,729
Net change	(122,334)		626		(121,708)
Balance at June 30, 2022	$	(116,525)	$	546	$	(115,979)