obnk-20240124
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 24, 2024
ORIGIN BANCORP, INC.
(Exact name of Registrant as specified in its charter)
Louisiana001-3848772-1192928
(State or other jurisdiction of incorporation)(Commission File No.)(I.R.S. Employer Identification No.)

500 South Service Road East
Ruston, Louisiana 71270
(Address of principal executive offices including zip code)
(318) 255-2222
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $5.00 per shareOBKNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨





ITEM 2.02Results of Operations and Financial Condition
On January 24, 2024, Origin Bancorp, Inc. (the "Company" or the "Registrant") issued a press release announcing its fourth quarter and 2023 annual results of operations. A copy of the press release is attached hereto as Exhibit 99.1, which is incorporated herein by reference.
On Thursday, January 25, 2024, at 8:00 a.m. Central Time, the Company will host an investor conference call and webcast to review its fourth quarter and 2023 full year financial results. The webcast will include presentation materials, which consist of information regarding the Company's results of operations and financial performance. The presentation materials will be posted on the Company's website on January 24, 2024. The presentation materials are attached hereto as Exhibit 99.2, which is incorporated herein by reference.
As provided in General Instructions B.2 to Form 8-K, the information furnished in Item 2.02, Exhibit 99.1 and Exhibit 99.2 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
ITEM 8.01Other Events
On January 24, 2024, the Company issued a press release announcing that the board of directors of the Company declared a quarterly cash dividend of $0.15 per share of its common stock. The cash dividend will be paid on February 29, 2024, to stockholders of record as of the close of business on February 15, 2024. The press release is attached hereto as Exhibit 99.3, and incorporated herein by reference.
ITEM 9.01Financial Statements and Exhibits
(d)Exhibits.
Exhibit 99.1
Exhibit 99.2
Exhibit 99.3
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: January 24, 2024
ORIGIN BANCORP, INC.
By: /s/ William J. Wallace, IV
William J. Wallace, IV
Senior Executive Officer and Chief Financial Officer

Document


Exhibit 99.1
For Immediate Release
https://cdn.kscope.io/a0b2ffe97490813b67ddbd4180162781-obnklogoa52.jpg
ORIGIN BANCORP, INC. REPORTS EARNINGS FOR FOURTH QUARTER AND 2023 FULL YEAR
RUSTON, Louisiana (January 24, 2024) - Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $13.4 million, or $0.43 diluted earnings per share for the quarter ended December 31, 2023, compared to net income of $24.3 million, or $0.79 diluted earnings per share, for the quarter ended September 30, 2023. Adjusted pre-tax, pre-provision (“adjusted PTPP”)(1) earnings was $26.7 million for the quarter ended December 31, 2023, compared to $30.7 million for the linked quarter. Adjusted diluted earnings per common share(1) was $0.60 for the quarter ended December 31, 2023, compared to $0.71 for the linked quarter.
Net income for the year ended December 31, 2023, was $83.8 million, or $2.71 diluted earnings per share, representing a decrease of $0.57, or 17.4%, from diluted earnings per share of $3.28 for the year ended December 31, 2022. Adjusted PTPP earnings for the year ended December 31, 2023, was $125.5 million, representing a decrease of $13.1 million, or 9.4% from the year ended December 31, 2022. Adjusted diluted earnings per common share(1) was $2.64 for the year ended December 31, 2023, compared to $3.91 for the year ended December 31, 2022.
“The moves we made in 2023 and the initiatives that we continue to prioritize are all aimed at long-term profitable growth,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “Our expansion into South Alabama and the Florida Panhandle, along with strengthening the balance sheet give me great confidence as we move into the new year. Our business model is built to last, and more importantly, one that is scalable as we look to continue our growth trajectory.”
(1) Adjusted PTPP earnings and adjusted diluted earnings per common share are non-GAAP financial measures, please see the last few pages of this document for a reconciliation of these alternative financial measures to their comparable GAAP measures.
Financial Highlights
Total loans held for investment (“LHFI”) were $7.66 billion at December 31, 2023, reflecting an increase of $92.9 million, or 1.2%, compared to September 30, 2023. LHFI, excluding mortgage warehouse lines of credit (“MW LOC”), were $7.33 billion at December 31, 2023, reflecting an increase of $49.2 million, or 0.7%, compared to September 30, 2023.
Total deposits were $8.25 billion at December 31, 2023, reflecting a decrease of $123.4 million, or 1.5%, compared to September 30, 2023. Deposits, excluding brokered deposits, were $7.81 billion reflecting an increase of $100.9 million, or 1.3%, compared to September 30, 2023.
Provision for credit losses was $2.7 million for the quarter ended December 31, 2023, compared to $3.5 million for the linked quarter. The allowance for loan credit losses (“ALCL”) to nonperforming LHFI was 321.66% at December 31, 2023, compared to 301.12% at September 30, 2023.
Loans held for investment (“LHFI”), excluding MW LOC, to deposits were 88.8% at December 31, 2023, compared to 87.0% at September 30, 2023. Cash and liquid securities as a percentage of total assets was 10.9% at December 31, 2023, compared to 11.6% at September 30, 2023.
Book value per common share was $34.30 at December 31, 2023, reflecting an increase of $1.98, or 6.1%, compared to the linked quarter. Tangible book value per common share(1) was $28.68 at December 31, 2023, reflecting an increase of $1.90, or 7.1%, compared to the linked quarter.
During December 2023, we sold $78.9 million of available-for-sale investment securities at a loss of $4.6 million, in order to build liquidity to support loan growth, including loan growth our new Southeast market, which negatively impacted our diluted EPS by $0.12 for the quarter ended December 31, 2023.
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At December 31, 2023, and September 30, 2023, Company level common equity Tier 1 capital to risk-weighted assets was 11.83%, and 11.46%, respectively, the Tier 1 leverage ratio was 10.50% and 10.00%, respectively, and the total capital ratio was 15.02% and 14.61%, respectively. Tangible common equity to tangible assets(1) was 9.31% at December 31, 2023, compared to 8.66% at September 30, 2023.
Entered our new Southeast market with two loan production offices with an expected staffing of eight experienced lenders and their support personnel located in Mobile, Alabama and Fort Walton Beach, Florida.
(1) Tangible book value per common share is a non-GAAP financial measure. Please see the last few pages of this document for a reconciliation of this alternative financial measure to its comparable GAAP measure.
Results of Operations for the Three Months Ended December 31, 2023
Net Interest Income and Net Interest Margin
Net interest income for the quarter ended December 31, 2023, was $73.0 million, a decrease of $1.1 million, or 1.5%, compared to the linked quarter, primarily due to a $1.2 million increase in total interest expense. Increases in interest rates drove a $3.9 million increase in total deposit interest expense, which was partially offset by a $2.9 million decrease in interest expense paid on FHLB advances and other borrowings due to lower average balances during the current quarter compared to the linked quarter.
Increases in interest rates on LHFI drove a $2.4 million increase in interest income and increases in average LHFI principal balances, excluding MW LOC, drove interest income higher by $2.0 million during the current quarter compared to the linked quarter. These increases in interest income were offset by a decrease of $1.9 million in interest income earned on MW LOC due to lower average balances during the current quarter compared to the linked quarter. Lower average balances of investment securities drove a $1.5 million decline in interest income earned on investment securities during the current quarter compared to the linked quarter, in part due to the sale of $181.9 million and $78.9 million in investment securities late in the third quarter of 2023 and during December 2023, respectively, as described in further detail below.
The Federal Reserve Board sets various benchmark rates, including the Federal Funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. On March 17, 2022, the Federal Reserve began an aggressive campaign to combat inflation with its first target rate range increase to 0.25% to 0.50%. Subsequently, it increased the target range six more times during 2022 and four more times during 2023, with the most recent and current Federal Funds target rate range being set on July 26, 2023, at 5.25% to 5.50%. By December 31, 2023, the Federal Funds target rate range had increased 525 basis points from March 17, 2022, and in order to remain competitive as market interest rates increased, we increased interest rates paid on our deposits. Recently, Federal Reserve Board chairman, Jerome Powell, has indicated that the Federal Funds rate may be at or near its peak.
The average rate on interest-bearing deposits increased to 3.71% for the quarter ended December 31, 2023, compared to 3.47% for the quarter ended September 30, 2023. The average savings and interest-bearing transaction account balances increased $56.4 million to $4.78 billion for the quarter ended December 31, 2023, from $4.73 billion for the linked quarter, primarily due to a $69.6 million increase in average money market deposit balances. Average balances in FHLB advances and other borrowings decreased to $22.6 million for the quarter ended December 31, 2023, compared to $230.8 million for the linked quarter, primarily due to the repayment of short-term advances during the linked quarter.
The yield on LHFI was 6.46% for the quarter ended December 31, 2023, an increase of 11 basis points from 6.35% for the quarter ended September 30, 2023. Higher interest rates and increases in average loan balances on real estate loans drove a $1.6 million and $1.3 million increase in interest income earned on LHFI, respectively, offset by a $1.9 million decline in interest income due to lower MW LOC loan balances during the current quarter. Average MW LOC loan balances declined to $269.2 million for the quarter ended December 31, 2023, compared to $376.3 million for the linked quarter, however MW LOC ending loan balances increased late in the current quarter to $330.0 million at December 31, 2023, from $286.3 million at September 30, 2023.
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The fully tax-equivalent net interest margin (“NIM-FTE”) has been impacted by margin compression over the previous four quarters as rates on interest-bearing liabilities rose faster than yields on interest-earning assets when compared to the rates and yields in the comparable linked quarters. The quarter ended December 31, 2023, was the first quarter since the quarter ended September 30, 2022, that the yield on interest-earnings assets increased by more than the rate on interest-bearing liabilities when compared to the linked quarter. The yield earned on interest-earning assets for the quarter ended December 31, 2023, was 5.86%, an increase of 17 and 90 basis points compared to the linked quarter and the prior year same quarter, respectively. The average rate paid on total interest-bearing liabilities for the quarter ended December 31, 2023, was 3.75%, representing a 16 and a 196 basis point increase compared to the linked quarter and the prior year same quarter, respectively. The NIM-FTE was 3.19% for the quarter ended December 31, 2023, representing a five basis point increase and a 62 basis point decrease compared to the linked quarter and the prior year same quarter, respectively. There was a minimal impact to the NIM-FTE as a result of accretion income due to the BT Holdings, Inc. (“BTH”) merger for the current and linked quarter, and an eight basis points increase for the quarter ended December 31, 2022.
During the month ended December 31, 2023, we sold available for sale investment securities with a book value of $78.9 million and realized a loss of $4.6 million. We intend to use the proceeds in order to support loan growth in our markets, including our new Southeast market; however, in the interim, the proceeds will be held in interest-earning deposit accounts at other banks with an estimated annual yield of 5.4%. Due to the timing of this transaction, the sale positively impacted our NIM-FTE by one basis point for the quarter ended December 31, 2023. While the associated loss resulted in a $0.12 negative impact to diluted EPS for the quarter ended December 31, 2023, the difference between the relatively low yield on the securities sold and the higher yield of either interest-earning deposits in banks and new loan originations as we deploy proceeds was an attractive trade-off. Depending on how long it takes to deploy from cash to loans, we estimate an annualized positive forward impact to NIM-FTE of three to five basis points, an estimated annualized forward diluted EPS benefit of approximately $0.06 to $0.11, and an estimated earn-back period of 1.9 to 1.1 years. The metrics above used the estimated annualized tax-effected net interest income generated in excess of the weighted average tax-effected yield of 2.04% on the securities sold compared to an estimated interest yield of 5.4% if the proceeds are invested in interest-earning deposits at other banks, or 7.7% if the proceeds are used to fund new loan production.
Credit Quality
The table below includes key credit quality information:
At and For the Three Months EndedChange% Change
(Dollars in thousands, unaudited)December 31,
 2023
September 30,
 2023
December 31,
2022
Linked
 Quarter
Linked
 Quarter
Past due LHFI$26,043 $20,347 $10,932 $5,696 28.0 %
ALCL96,868 95,177 87,161 1,691 1.8 
Classified loans80,545 64,021 74,203 16,524 25.8 
Total nonperforming LHFI30,115 31,608 9,940 (1,493)(4.7)
Provision for credit losses2,735 3,515 4,624 (780)(22.2)
Net charge-offs1,891 2,686 180 (795)(29.6)
Credit quality ratios(1):
ALCL to nonperforming LHFI321.66 %301.12 %876.87 %2054 bpN/A
ALCL to total LHFI1.26 1.26 1.23 0 bpN/A
ALCL to total LHFI, adjusted(2)
1.31 1.30 1.28 1 bpN/A
Nonperforming LHFI to LHFI0.39 0.42 0.14 -3 bpN/A
Net charge-offs to total average LHFI (annualized)0.10 0.14 0.01 -4 bpN/A
___________________________
(1)Please see the Loan Data schedule at the back of this document for additional information.
(2)The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.
We recorded a credit loss provision of $2.7 million during the quarter ended December 31, 2023, compared to $3.5 million recorded during the linked quarter. The decrease is primarily due to the stable credit risk profile of our LHFI portfolio along with an $1.4 million increase in recoveries of loan losses experienced during the quarter ended December 31, 2023, compared to the linked quarter. Also contributing to the decrease in provision was a $827,000 release of provision on our securities portfolio during the quarter ended December 31, 2023.
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The ALCL to nonperforming LHFI increased to 321.7% at December 31, 2023, compared to 301.1% at September 30, 2023, and nonperforming LHFI to LHFI decreased over the past quarter to 0.39% compared to 0.42% for the linked quarter. Quarterly net charge-offs decreased to $1.9 million from $2.7 million for the linked quarter, primarily due to a $1.2 million recovery on one commercial and industrial loan relationship in the current quarter, with no similar recovery during the linked quarter.
Noninterest Income
Noninterest income for the quarter ended December 31, 2023, was $8.2 million, a decrease of $9.9 million, or 54.8%, from the linked quarter. The decrease from the linked quarter was primarily driven by decreases of $11.0 million, $1.6 million and $997,000 in other noninterest income, mortgage banking revenue and insurance commission and fee income, partially offset by a decrease of $2.6 million in loss on the sale of securities.
The decrease in other noninterest income for the quarter ended December 31, 2023, compared to the linked quarter was primarily due to a $10.1 million positive valuation adjustment recorded on one of our non-marketable equity securities during the linked quarter, with no such valuation adjustment recorded during the current quarter.
The loss on the disposition of securities was due to the sale of available for sale investment securities with a current book value of $78.9 million, which realized a loss on sale of $4.6 million. We intend to use the proceeds in order to support loan growth in our markets, including our new Southeast market, as previously discussed. We also sold investment securities with a book value of $181.9 million late in the linked quarter and realized a loss on sale of $7.2 million.
The decline in mortgage banking revenue was primarily due to a $1.8 million impairment recorded during the quarter ended December 31, 2023, in conjunction with the planned sale of our mortgage servicing rights asset.
The $997,000 decrease in insurance commission and fee income was primarily attributable to a decline in property and casualty direct bill revenue as the linked quarter reflected several significant renewals, with the remainder of the decrease being driven by other seasonality factors.
Noninterest Expense
Noninterest expense for the quarter ended December 31, 2023, was $60.9 million, an increase of $2.2 million, or 3.8% from the linked quarter. The increase from the linked quarter was primarily due to a $1.3 million increase in salaries and employee benefits expense and several other less meaningful changes in noninterest expense line items.
The $1.3 million increase in salaries and employee benefits expense was primarily due to increases of $749,000 and $299,000 in medical self-insurance costs and nonrecurring fees primarily related to our new Southeast market, respectively.
Income Taxes
The effective tax rate was 23.5% during the quarter ended December 31, 2023, compared to 19.1% during the linked quarter primarily due to the tax impact of the favorable change in unrealized gain/loss on our portfolio of available for sale investment securities during the current quarter as well as an increase in stock compensation expense. The effective tax rate was 20.9% for the year ended December 31, 2023.
Financial Condition
Loans
Total LHFI at December 31, 2023, were $7.66 billion, an increase of $92.9 million, or 1.2%, from $7.57 billion at September 30, 2023, and an increase of $570.9 million, or 8.1%, compared to December 31, 2022.
MW LOC totaled $330.0 million at December 31, 2023, an increase of $43.7 million, or 15.3%, compared to the linked quarter and an increase of $45.1 million, or 15.8%, compared to December 31, 2022. Much of the current quarter growth in MW LOC occurred during the last few days of the quarter. Average MW LOCs declined $107.1 million during the quarter ended December 31, 2023, compared to the linked quarter.
Residential real estate loans were $1.73 billion at December 31, 2023, an increase of $46.8 million, or 2.8%, from the linked quarter, contributing 50.4% of the total loan growth for the quarter ended December 31, 2023.

4


Securities
Total securities at December 31, 2023, were $1.27 billion, a decrease of $36.3 million, or 2.8%, compared to the linked quarter and a decrease of $387.1 million, or 23.3%, compared to December 31, 2022.
The decrease was primarily due to sales, maturities and calls, as well as normal principal payments. During the month ended December 31, 2023, we made a strategic decision to sell available for sale investment securities with a book value of $78.9 million and realized a loss of $4.6 million, the proceeds of which will be used to support loan growth in our markets, including our new Southeast market, as previously discussed.
Accumulated other comprehensive loss, net of taxes, primarily associated with the available for sale (“AFS”) portfolio, was $121.0 million at December 31, 2023, an improvement of $51.7 million, or 29.9%, from the linked quarter.
The weighted average effective duration for the total securities portfolio was 4.28 years as of December 31, 2023, compared to 4.49 years as of September 30, 2023.
Deposits
Total deposits at December 31, 2023, were $8.25 billion, a decrease of $123.4 million, or 1.5%, compared to the linked quarter, and represented an increase of $475.4 million, or 6.1%, from December 31, 2022.
The decrease in the current quarter compared to the linked quarter was primarily due to decreases of $224.2 million and $89.0 million in brokered time deposits and noninterest-bearing deposits, respectively. These reductions were partially offset by an increase of $127.6 million in interest-bearing demand deposits. Excluding brokered time deposits, total deposits increased 1.3% from the linked quarter. Noninterest-bearing deposits continued to be impacted by the higher interest rate environment, as we saw a continuation of the declining trend in noninterest-bearing deposit balances that began in the fourth quarter of 2022, although at a slower pace than prior periods.
At December 31, 2023, noninterest-bearing deposits as a percentage of total deposits were 23.3%, compared to 24.0% and 31.9% at September 30, 2023, and December 31, 2022, respectively.
Uninsured/uncollateralized deposits totaled $2.73 billion at December 31, 2023, compared to $2.75 billion at September 30, 2023, representing 33.1% and 32.8% of total deposits at December 31, 2023, and September 30, 2023, respectively.
Borrowings
FHLB advances and other borrowings at December 31, 2023, were $83.6 million, an increase of $71.4 million compared to the linked quarter and represented a decrease of $555.6 million from December 31, 2022.

Stockholders’ Equity
Stockholders’ equity was $1.06 billion at December 31, 2023, an increase of $64.0 million, or 6.4%, compared to $998.9 million at September 30, 2023, and an increase of $113.0 million, or 11.9%, compared to December 31, 2022.
The increase in stockholders’ equity from the linked quarter is primarily due to a decrease in accumulated other comprehensive loss, net of tax, of $51.7 million and net income of $13.4 million, partially offset by dividends declared of $4.7 million during the current quarter.
Conference Call
Origin will hold a conference call to discuss its fourth quarter and 2023 full year results on Thursday, January 25, 2024, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (800) 528-1066 (U.S. Toll Free), enter Conference ID: 48784 and request to be joined into the Origin Bancorp, Inc. (OBK) call. A simultaneous audio-only webcast may be accessed via Origin’s website at www.origin.bank under the investor relations, News & Events, Events & Presentations link or directly by visiting https://dealroadshow.com/e/ORIGINQ423.

If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Origin’s website at www.origin.bank, under Investor Relations, News & Events, Events & Presentations.
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About Origin
Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized, relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently has over 60 locations from Dallas/Fort Worth, East Texas and Houston, across North Louisiana and into Mississippi. For more information, visit www.origin.bank.

Non-GAAP Financial Measures
Origin reports its results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin's results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin's reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: adjusted net income, adjusted PTPP earnings, adjusted diluted EPS, adjusted NIM-FTE, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, ROATCE, adjusted ROATCE and adjusted efficiency ratio.
Please see the last few pages of this release for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin’s future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect Origin’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; potential reductions in benchmark interest rates and the resulting impacts on net interest income; deterioration of Origin’s asset quality; factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; changes in the value of collateral securing Origin’s loans; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; Origin’s ability to anticipate interest rate changes and manage interest rate risk, (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business); the effectiveness of Origin’s risk management framework and quantitative models; Origin’s inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin’s common stockholders, repurchase Origin’s shares of common stock and satisfy obligations as they become due; the impact of labor pressures; changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; changes in management personnel; Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; increasing costs as Origin grows deposits; operational risks associated with Origin’s business; volatility and direction of market interest rates; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; increased competition in
6


the financial services industry, particularly from regional and national institutions, as well as from fintech companies; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which Origin operates and in which its loans are concentrated; an increase in unemployment levels and slowdowns in economic growth; Origin’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in Origin’s loan portfolio; changes in laws, rules, regulations, interpretations or policies relating to financial institutions, and potential expenses associated with complying with such regulations; periodic changes to the extensive body of accounting rules and best practices; further government intervention in the U.S. financial system; a deterioration of the credit rating for U.S. long-term sovereign debt or actions that the U.S. government may take to avoid exceeding the debt ceiling; a potential U.S. federal government shutdown and the resulting impacts; compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities, and tax matters; Origin’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; changes in the utility of Origin’s non-GAAP liquidity measurements and its underlying assumptions or estimates; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies and similar organizations; natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities (including the impacts related to or resulting from Russia's military action in Ukraine or the conflict in Israel and surrounding areas, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments), regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond Origin’s control; the impact of generative artificial intelligence; fraud or misconduct by internal or external actors, system failures, cybersecurity threats or security breaches and the cost of defending against them. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Origin’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates to those sections set forth in Origin’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin’s underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Origin does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
New risks and uncertainties arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin’s behalf may issue. Annualized, pro forma, adjusted, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.
Contact:
Investor Relations
Chris Reigelman
318-497-3177
chris@origin.bank

Media Contact
Ryan Kilpatrick
318-232-7472
rkilpatrick@origin.bank
7

Origin Bancorp, Inc.
Selected Quarterly Financial Data
(Unaudited)


Three Months Ended
December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
Income statement and share amounts (Dollars in thousands, except per share amounts)
Net interest income
$72,989 $74,130 $75,291 $77,147 $84,749 
Provision for credit losses2,735 3,515 4,306 6,197 4,624 
Noninterest income
8,196 18,119 15,636 16,384 13,429 
Noninterest expense60,906 58,663 58,887 56,760 57,254 
Income before income tax expense
17,544 30,071 27,734 30,574 36,300 
Income tax expense4,119 5,758 5,974 6,272 6,822 
Net income
$13,425 $24,313 $21,760 $24,302 $29,478 
Adjusted net income(1)
$18,461 $22,004 $21,388 $24,188 $30,409 
Adjusted PTPP earnings(1)
26,654 30,663 31,569 36,627 42,103 
Basic earnings per common share
0.43 0.79 0.71 0.79 0.96 
Diluted earnings per common share
0.43 0.79 0.70 0.79 0.95 
Adjusted diluted earnings per common share(1)
0.60 0.71 0.69 0.78 0.99 
Dividends declared per common share0.15 0.15 0.15 0.15 0.15 
Weighted average common shares outstanding - basic
30,898,941 30,856,649 30,791,397 30,742,902 30,674,389 
Weighted average common shares outstanding - diluted
30,995,354 30,943,860 30,872,834 30,882,156 30,867,511 
Balance sheet data
Total LHFI
$7,660,944 $7,568,063 $7,622,689 $7,375,823 $7,090,022 
Total assets
9,722,584 9,733,303 10,165,163 10,358,516 9,686,067 
Total deposits8,251,125 8,374,488 8,490,043 8,174,310 7,775,702 
Total stockholders’ equity1,062,905 998,945 997,859 992,587 949,943 
Performance metrics and capital ratios
Yield on LHFI6.46 %6.35 %6.18 %6.03 %5.63 %
Yield on interest-earnings assets5.86 5.69 5.50 5.31 4.96 
Cost of interest-bearing deposits3.71 3.47 3.05 2.49 1.54 
Cost of total deposits2.84 2.61 2.26 1.75 1.02 
NIM - fully tax equivalent ("FTE")3.19 3.14 3.16 3.44 3.81 
Adjusted NIM-FTE(2)
3.19 3.14 3.14 3.36 3.73 
Return on average assets (annualized) ("ROAA")0.55 0.96 0.86 1.01 1.23 
Adjusted ROAA (annualized)(1)
0.75 0.87 0.84 1.00 1.27 
Adjusted PTPP ROAA (annualized)(1)
1.08 1.21 1.24 1.52 1.75 
Return on average stockholders’ equity (annualized) ("ROAE")5.26 9.52 8.76 10.10 12.80 
Adjusted ROAE (annualized)(1)
7.23 8.62 8.61 10.05 13.20 
Adjusted PTPP ROAE (annualized)(1)
10.44 12.01 12.70 15.22 18.28 
Book value per common share(3)
$34.30 $32.32 $32.33 $32.25 $30.90 
Tangible book value per common share (1)(3)
28.68 26.78 26.71 26.53 25.09 
Adjusted tangible book value per common share(1)
32.59 32.37 31.66 31.03 30.29 
Return on average tangible common equity (annualized) ("ROATCE")(1)
6.36 %11.48 %10.62 %12.34 %16.00 %
Adjusted return on average tangible common equity (annualized) ("adjusted ROATCE")(1)
8.74 10.39 10.44 12.29 16.50 
Efficiency ratio(4)
75.02 63.59 64.76 60.69 58.32 
Adjusted efficiency ratio(1)
66.43 62.71 61.17 58.64 53.06 
8

Origin Bancorp, Inc.
Selected Quarterly Financial Data- Continued
(Unaudited)
Three Months Ended
December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
 (Dollars in thousands, except per share amounts)
Common equity tier 1 to risk-weighted assets(5)
11.83 %11.46 %11.01 %11.08 %10.93 %
Tier 1 capital to risk-weighted assets(5)
12.01 11.64 11.19 11.27 11.12 
Total capital to risk-weighted assets(5)
15.02 14.61 14.11 14.30 14.23 
Tier 1 leverage ratio(5)
10.50 10.00 9.65 9.79 9.66 
__________________________

(1)Adjusted net income, adjusted PTPP earnings, adjusted diluted earnings per common share, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, tangible book value per common share, adjusted tangible book value per common share, ROATCE, adjusted ROATCE and adjusted efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their comparable GAAP measures, please see the last few pages of this release.
(2)Adjusted NIM-FTE is a non-GAAP financial measure and is calculated by removing the $48,000, $38,000 net purchase accounting amortization for the quarters ended December 31, 2023 and September 30, 2023, respectively, and the $530,000, $1.7 million, and $1.9 million net purchase accounting accretion from the net interest income for the quarters ended June 30, 2023, March 31, 2023 and December 31, 2022, respectively.
(3)An increase in accumulated other comprehensive loss negatively impacted total stockholders' equity, tangible common equity, book value and tangible book value per common share primarily due to the movement of the short end of the yield curve and its impact on our investment portfolio.
(4)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
(5)December 31, 2023, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.
9

Origin Bancorp, Inc.
Selected Annual Financial Data
(Unaudited)
Years Ended December 31,
(Dollars in thousands, except per share amounts)20232022
Income statement and share amounts
Net interest income
$299,557 $275,278 
Provision for credit losses16,753 24,691 
Noninterest income
58,335 57,274 
Noninterest expense235,216 200,419 
Income before income tax expense
105,923 107,442 
Income tax expense
22,123 19,727 
Net income
$83,800 $87,715 
Adjusted net income(1)
$81,603 $104,579 
Adjusted PTPP earnings(1)
125,513 138,590 
Basic earnings per common share2.72 3.29 
Diluted earnings per common share2.71 3.28 
Adjusted diluted earnings per common share(1)
2.64 3.91 
Dividends declared per common share0.60 0.58 
Weighted average common shares outstanding - basic
30,822,993 26,627,476 
Weighted average common shares outstanding - diluted
30,931,605 26,760,592 
Performance metrics
Yield on LHFI6.26 %4.81 %
Yield on interest-earning assets5.59 4.02 
Cost of interest-bearing deposits3.21 0.72 
Cost of total deposits2.38 0.47 
NIM, FTE3.23 3.42 
Adjusted NIM-FTE(2)
3.21 3.38 
ROAA0.84 1.01 
Adjusted ROAA(1)
0.82 1.20 
Adjusted PTPP ROAA(1)
1.26 1.60 
ROAE8.38 10.81 
Adjusted ROAE(1)
8.16 12.89 
Adjusted PTPP ROAE(1)
12.55 17.08 
ROATCE(1)
10.16 12.43 
Adjusted ROATCE(1)
9.89 14.82 
Efficiency ratio(3)
65.72 60.27 
Adjusted efficiency ratio(1)
62.18 54.16 
____________________________
(1)Adjusted net income, adjusted PTPP earnings, adjusted diluted earnings per common share, adjusted ROAA, adjusted PTPP ROAA, adjusted ROAE, adjusted PTPP ROAE, ROATCE, adjusted ROATCE and adjusted efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their comparable GAAP measures, please see the last few pages of this release.
(2)Adjusted NIM-FTE is a non-GAAP financial measure and is calculated by removing the $2.1 million and $3.3 million million net purchase accounting accretion from the net interest income for the years ended December 31, 2023 and December 31, 2022, respectively.
(3)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
10

Origin Bancorp, Inc.
Consolidated Quarterly Statements of Income
(Unaudited)

Three Months Ended
December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
Interest and dividend income(Dollars in thousands, except per share amounts)
Interest and fees on loans$123,673 $121,204 $115,442 $106,496 $99,178 
Investment securities-taxable7,024 8,194 8,303 8,161 7,765 
Investment securities-nontaxable1,124 1,281 1,283 1,410 2,128 
Interest and dividend income on assets held in other financial institutions3,664 4,772 7,286 4,074 2,225 
Total interest and dividend income135,485 135,451 132,314 120,141 111,296 
Interest expense
Interest-bearing deposits59,771 55,599 46,530 34,557 19,820 
FHLB advances and other borrowings220 3,207 7,951 5,880 4,208 
Subordinated indebtedness2,505 2,515 2,542 2,557 2,519 
Total interest expense62,496 61,321 57,023 42,994 26,547 
Net interest income
72,989 74,130 75,291 77,147 84,749 
Provision for credit losses2,735 3,515 4,306 6,197 4,624 
Net interest income after provision for credit losses70,254 70,615 70,985 70,950 80,125 
Noninterest income
Insurance commission and fee income5,446 6,443 6,185 7,011 5,054 
Service charges and fees4,889 4,621 4,722 4,571 4,663 
Mortgage banking revenue (loss)(719)892 1,402 1,781 1,201 
Other fee income1,015 944 970 942 1,132 
Swap fee income196 366 331 384 292 
(Loss) gain on sales of securities, net(4,606)(7,173)— 144 — 
Limited partnership investment (loss) income533 (425)231 66 (230)
Gain (loss) on sales and disposals of other assets, net67 45 (111)63 34 
Other income1,375 12,406 1,906 1,422 1,283 
Total noninterest income8,196 18,119 15,636 16,384 13,429 
Noninterest expense
Salaries and employee benefits35,931 34,624 34,533 33,731 33,339 
Occupancy and equipment, net6,912 6,790 6,578 6,503 5,863 
Data processing3,062 2,775 2,837 2,916 2,868 
Intangible asset amortization2,259 2,264 2,552 2,553 2,554 
Office and operations2,947 2,868 2,716 2,303 2,277 
Professional services1,440 1,409 1,557 1,525 1,145 
Loan-related expenses1,094 1,220 1,256 1,465 1,676 
Advertising and marketing1,690 1,371 1,469 1,456 1,505 
Electronic banking1,103 1,384 1,216 1,009 1,058 
Franchise tax expense942 520 897 975 1,017 
Regulatory assessments1,860 1,913 1,732 951 1,242 
Communications346 390 407 384 434 
Merger-related expense— — — — 1,179 
Other expenses1,320 1,135 1,137 989 1,097 
Total noninterest expense60,906 58,663 58,887 56,760 57,254 
Income before income tax expense17,544 30,071 27,734 30,574 36,300 
Income tax expense4,119 5,758 5,974 6,272 6,822 
Net income$13,425 $24,313 $21,760 $24,302 $29,478 
Basic earnings per common share$0.43 $0.79 $0.71 $0.79 $0.96 
Diluted earnings per common share0.43 0.79 0.70 0.79 0.95 
11

Origin Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
Assets
Cash and due from banks$127,278 $141,705 $127,576 $117,309 $150,180 
Interest-bearing deposits in banks153,163 163,573 338,414 707,802 208,792 
Total cash and cash equivalents280,441 305,278 465,990 825,111 358,972 
Securities:
AFS1,253,631 1,290,839 1,535,702 1,591,334 1,641,484 
Held to maturity, net of allowance for credit losses11,615 10,790 11,234 11,191 11,275 
Securities carried at fair value through income6,808 6,772 6,106 6,413 6,368 
Total securities1,272,054 1,308,401 1,553,042 1,608,938 1,659,127 
Non-marketable equity securities held in other financial institutions55,190 63,842 58,446 77,036 67,378 
Loans held for sale16,852 14,944 15,198 29,143 49,957 
Loans7,660,944 7,568,063 7,622,689 7,375,823 7,090,022 
Less: ALCL96,868 95,177 94,353 92,008 87,161 
Loans, net of ALCL7,564,076 7,472,886 7,528,336 7,283,815 7,002,861 
Premises and equipment, net118,978 111,700 105,501 104,047 100,201 
Mortgage servicing rights15,637 19,189 19,086 18,261 20,824 
Cash surrender value of bank-owned life insurance39,905 39,688 39,467 39,253 39,040 
Goodwill 128,679 128,679 128,679 128,679 128,679 
Other intangible assets, net45,452 42,460 44,724 47,277 49,829 
Accrued interest receivable and other assets185,320 226,236 206,694 196,956 209,199 
Total assets$9,722,584 $9,733,303 $10,165,163 $10,358,516 $9,686,067 
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits$1,919,638 $2,008,671 $2,123,699 $2,247,782 $2,482,475 
Interest-bearing deposits4,918,597 4,728,263 4,738,460 4,779,023 4,505,940 
Time deposits967,901 968,352 949,975 857,537 781,880 
Brokered time deposits444,989 669,202 677,909 289,968 5,407 
Total deposits8,251,125 8,374,488 8,490,043 8,174,310 7,775,702 
FHLB advances and other borrowings83,598 12,213 342,861 875,502 639,230 
Subordinated indebtedness194,279 196,825 196,746 201,845 201,765 
Accrued expenses and other liabilities130,677 150,832 137,654 114,272 119,427 
Total liabilities8,659,679 8,734,358 9,167,304 9,365,929 8,736,124 
Stockholders’ equity:
Common stock
154,931 154,534 154,331 153,904 153,733 
Additional paid-in capital528,578 525,434 524,302 522,124 520,669 
Retained earnings500,419 491,706 472,105 455,040 435,416 
Accumulated other comprehensive loss(121,023)(172,729)(152,879)(138,481)(159,875)
Total stockholders’ equity1,062,905 998,945 997,859 992,587 949,943 
Total liabilities and stockholders’ equity$9,722,584 $9,733,303 $10,165,163 $10,358,516 $9,686,067 
12

Origin Bancorp, Inc.
Loan Data
(Unaudited)
At and For the Three Months Ended
December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
LHFI(Dollars in thousands)
Owner occupied commercial real estate$953,822 $932,109 $915,861 $855,887 $843,006 
Non-owner occupied commercial real estate1,488,912 1,503,782 1,512,303 1,529,513 1,461,672 
Owner occupied construction/land/land development256,658 252,168 259,984 252,617 265,838 
Non-owner occupied construction/land/land development813,567 824,588 762,255 696,009 679,787 
Residential real estate - single family1,373,696 1,338,382 1,284,955 1,231,022 1,173,316 
Residential real estate - multi-family361,239 349,787 348,703 357,469 304,222 
Total real estate loans5,247,894 5,200,816 5,084,061 4,922,517 4,727,841 
Commercial and industrial2,059,460 2,058,073 1,977,028 2,091,093 2,051,161 
MW LOC329,966 286,293 537,627 337,529 284,867 
Consumer23,624 22,881 23,973 24,684 26,153 
Total LHFI7,660,944 7,568,063 7,622,689 7,375,823 7,090,022 
Less: ALCL96,868 95,177 94,353 92,008 87,161 
LHFI, net$7,564,076 $7,472,886 $7,528,336 $7,283,815 $7,002,861 
Nonperforming assets
Nonperforming LHFI
Commercial real estate$786 $942 $3,510 $3,100 $526 
Construction/land/land development305 235 183 226 270 
Residential real estate13,037 13,236 16,345 8,969 7,712 
Commercial and industrial15,897 17,072 13,480 4,730 1,383 
MW LOC— — — — — 
Consumer90 123 91 53 49 
Total nonperforming LHFI30,115 31,608 33,609 17,078 9,940 
Nonperforming loans held for sale— — — 4,646 3,933 
Total nonperforming loans30,115 31,608 33,609 21,724 13,873 
Repossessed assets3,929 3,939 908 806 806 
Total nonperforming assets$34,044 $35,547 $34,517 $22,530 $14,679 
Classified assets$84,474 $67,960 $85,206 $86,975 $75,009 
Past due LHFI(1)
26,043 20,347 19,836 11,498 10,932 
Allowance for loan credit losses
Balance at beginning of period$95,177 $94,353 $92,008 $87,161 $83,359 
Provision for loan credit losses3,582 3,510 4,264 6,158 3,982 
Loans charged off3,803 3,202 2,751 2,293 2,537 
Loan recoveries1,912 516 832 982 2,357 
Net charge-offs1,891 2,686 1,919 1,311 180 
Balance at end of period$96,868 $95,177 $94,353 $92,008 $87,161 
13

Origin Bancorp, Inc.
Loan Data - Continued
(Unaudited)
At and For the Three Months Ended
December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
Credit quality ratios(Dollars in thousands)
Total nonperforming assets to total assets0.35 %0.37 %0.34 %0.22 %0.15 %
Total nonperforming loans to total loans0.39 0.42 0.44 0.29 0.19 
Nonperforming LHFI to LHFI0.39 0.42 0.44 0.23 0.14 
Past due LHFI to LHFI0.34 0.27 0.26 0.16 0.15 
ALCL to nonperforming LHFI321.66 301.12 280.74 538.75 876.87 
ALCL to total LHFI1.26 1.26 1.24 1.25 1.23 
ALCL to total LHFI, adjusted(2)
1.31 1.30 1.32 1.30 1.28 
Net charge-offs to total average LHFI (annualized)0.10 0.14 0.10 0.07 0.01 
____________________________
(1)Past due LHFI are defined as loans 30 days or more past due.
(2)The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.
14

Origin Bancorp, Inc.
Average Balances and Yields/Rates
(Unaudited)
Three Months Ended
December 31, 2023September 30, 2023December 31, 2022
Average BalanceYield/RateAverage BalanceYield/RateAverage BalanceYield/Rate
Assets(Dollars in thousands)
Commercial real estate$2,438,653 5.79 %$2,428,969 5.73 %$2,205,219 5.07 %
Construction/land/land development1,068,243 7.16 1,044,180 7.04 916,697 6.01 
Residential real estate1,717,976 5.27 1,663,291 5.06 1,442,281 4.57 
Commercial and industrial ("C&I")2,062,418 7.71 2,024,675 7.62 2,053,473 6.74 
MW LOC269,195 7.68 376,275 7.21 322,658 5.75 
Consumer24,008 8.04 23,704 7.74 26,924 8.18 
LHFI7,580,493 6.46 7,561,094 6.35 6,967,252 5.63 
Loans held for sale11,971 5.80 11,829 5.81 28,842 5.39 
Loans receivable7,592,464 6.46 7,572,923 6.35 6,996,094 5.62 
Investment securities-taxable1,108,802 2.51 1,310,459 2.48 1,421,839 2.17 
Investment securities-nontaxable182,324 2.45 216,700 2.35 253,073 3.34 
Non-marketable equity securities held in other financial institutions63,360 3.98 58,421 6.47 63,321 3.68 
Interest-bearing balances due from banks218,833 5.49 279,383 5.42 175,138 3.71 
Total interest-earning assets9,165,783 5.86 9,437,886 5.69 8,909,465 4.96 
Noninterest-earning assets(1)
588,064 597,678 621,078 
Total assets$9,753,847 $10,035,564 $9,530,543 
Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$4,784,623 3.54 %$4,728,211 3.28 %$4,362,915 1.59 %
Time deposits1,603,049 4.24 1,626,935 4.04 753,526 1.22 
Total interest-bearing deposits6,387,672 3.71 6,355,146 3.47 5,116,441 1.54 
FHLB advances and other borrowings22,573 3.86 230,815 5.51 552,903 3.02 
Subordinated indebtedness196,741 5.05 196,792 5.07 201,731 4.95 
Total interest-bearing liabilities6,606,986 3.75 6,782,753 3.59 5,871,075 1.79 
Noninterest-bearing liabilities
Noninterest-bearing deposits1,972,995 2,088,183 2,593,321 
Other liabilities(1)
160,580 151,716 152,297 
Total liabilities8,740,561 9,022,652 8,616,693 
Stockholders’ Equity1,013,286 1,012,912 913,850 
Total liabilities and stockholders’ equity$9,753,847 $10,035,564 $9,530,543 
Net interest spread2.11 %2.10 %3.17 %
NIM3.16 3.12 3.77 
NIM-FTE(2)
3.19 3.14 3.81 
Adjusted NIM-FTE(3)
3.19 3.14 3.73 
____________________________
(1)Includes Government National Mortgage Association (“GNMA”) repurchase average balances of $25.9 million for the three months ended December 31, 2022. There were no GNMA average repurchase balances at either December 31, 2023, or September 30, 2023. The GNMA repurchase asset and liability are recorded as equal offsetting amounts in the consolidated balance sheets, with the asset included in Loans held for sale and the liability included in FHLB advances and other borrowings. During the quarter ended December 31, 2022, the Company entered into a contract to sell the servicing of these GNMA loans to a third party which closed during the quarter ended March 31, 2023.
(2)In order to present pre-tax income and resulting yields on tax-exempt investments comparable to those on taxable investments, a tax-equivalent adjustment has been computed. This adjustment also includes income tax credits received on Qualified School Construction Bonds.
(3)Adjusted NIM-FTE is a non-GAAP financial measure and is calculated by removing the $48,000 and $38,000 net purchase accounting amortization from the net interest income for the quarters ended December 31, 2023 and September 30, 2023, respectively, and the $1.9 million net purchase accounting accretion from the net interest income for the quarter ended December 31, 2022.
15

Origin Bancorp, Inc.
Non-GAAP Financial Measures
(Unaudited)
At and For the Three Months Ended
December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
(Dollars in thousands, except per share amounts)
Calculation of adjusted net income:
Net interest income after provision for credit losses$70,254 $70,615 $70,985 $70,950 $80,125 
Total noninterest income$8,196 $18,119 $15,636 $16,384 $13,429 
Less: MSR impairment(1,769)— — — — 
Less: (loss) gain on sales of securities, net(4,606)(7,173)— 144 — 
Less: gain on sub-debt repurchase— — 471 — — 
Less: positive valuation adjustment on non-marketable equity securities— 10,096 — — — 
Adjusted total noninterest income14,571 15,196 15,165 16,240 13,429 
Total noninterest expense$60,906 $58,663 $58,887 $56,760 $57,254 
Less: merger-related expenses— — — — 1,179 
Adjusted total noninterest expense60,906 58,663 58,887 56,760 56,075 
Income tax expense$4,119 $5,758 $5,974 $6,272 $6,822 
Add: income tax expense on adjustment items1,339 (614)(99)(30)248 
Adjusted income tax expense5,458 5,144 5,875 6,242 7,070 
Net income$13,425 $24,313 $21,760 $24,302 $29,478 
Adjusted net income$18,461 $22,004 $21,388 $24,188 $30,409 
Calculation of adjusted PTPP earnings:
Provision for credit losses$2,735 $3,515 $4,306 $6,197 $4,624 
Adjusted net income$18,461 $22,004 $21,388 $24,188 $30,409 
Add: provision for credit losses2,735 3,515 4,306 6,197 4,624 
Add: adjusted income tax expense5,458 5,144 5,875 6,242 7,070 
Adjusted PTPP Earnings$26,654 $30,663 $31,569 $36,627 $42,103 
16

Origin Bancorp, Inc.
Non-GAAP Financial Measures - Continued
(Unaudited)
At and For the Three Months Ended
December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
(Dollars in thousands, except per share amounts)
Calculation of adjusted dilutive EPS:
Numerator:
Adjusted net income$18,461 $22,004 $21,388 $24,188 $30,409 
Denominator:
Weighted average diluted common shares outstanding30,995,354 30,943,860 30,872,834 30,882,156 30,867,511 
Diluted earnings per share$0.43 $0.79 $0.70 $0.79 $0.95 
Adjusted diluted earnings per share0.60 0.71 0.69 0.78 0.99 
Calculation of adjusted ROAA and adjusted ROAE:
Adjusted net income$18,461 $22,004 $21,388 $24,188 $30,409 
Divided by number of days in the quarter92 92 91 90 92 
Multiplied by number of days in the year365 365 365 365 365 
Annualized adjusted net income$73,242 $87,298 $85,787 $98,096 $120,644 
Divided by total average assets9,753,847 10,035,564 10,190,356 9,783,602 9,530,543 
ROAA (annualized)0.55 %0.96 %0.86 %1.01 %1.23 %
Adjusted ROAA (annualized)0.75 0.87 0.84 1.00 1.27 
Divided by total average stockholders' equity$1,013,286 $1,012,912 $996,823 $976,044 $913,850 
ROAE (annualized)5.26 %9.52 %8.76 %10.10 %12.80 %
Adjusted ROAE (annualized)7.23 8.62 8.61 10.05 13.20 
Calculation of adjusted PTPP ROAA and adjusted PTPP ROAE:
Adjusted PTPP earnings$26,654 $30,663 $31,569 $36,627 $42,103 
Divided by number of days in the quarter92 92 91 90 92 
Multiplied by the number of days in the year365 365 365 365 365 
Adjusted PTPP earnings, annualized$105,747 $121,652 $126,623 $148,543 $167,039 
Divided by total average assets$9,753,847 $10,035,564 $10,190,356 $9,783,602 $9,530,543 
Adjusted PTPP ROAA(annualized)1.08 %1.21 %1.24 %1.52 %1.75 %
Divided by total average stockholders' equity$1,013,286 $1,012,912 $996,823 $976,044 $913,850 
Adjusted PTPP ROAE (annualized)10.44 %12.01 %12.70 %15.22 %18.28 %
17

Origin Bancorp, Inc.
Non-GAAP Financial Measures - Continued
(Unaudited)
At and For the Three Months Ended
December 31,
 2023
September 30,
 2023
June 30,
 2023
March 31,
 2023
December 31,
2022
(Dollars in thousands, except per share amounts)
Calculation of tangible common equity to tangible common assets, book value per common share and adjusted tangible book value per common share:
Total assets$9,722,584 $9,733,303 $10,165,163 $10,358,516 $9,686,067 
Less: goodwill128,679 128,679 128,679 128,679 128,679 
Less: other intangible assets, net45,452 42,460 44,724 47,277 49,829 
Tangible assets9,548,453 9,562,164 9,991,760 10,182,560 9,507,559 
Total common stockholders’ equity$1,062,905 $998,945 $997,859 $992,587 $949,943 
Less: goodwill 128,679 128,679 128,679 128,679 128,679 
Less: other intangible assets, net45,452 42,460 44,724 47,277 49,829 
Tangible common equity888,774 827,806 824,456 816,631 771,435 
Less: accumulated other comprehensive loss(121,023)(172,729)(152,879)(138,481)(159,875)
Adjusted tangible common equity1,009,797 1,000,535 977,335 955,112 931,310 
Divided by common shares outstanding at the end of the period30,986,109 30,906,716 30,866,205 30,780,853 30,746,600 
Book value per common share$34.30 $32.32 $32.33 $32.25 $30.90 
Tangible book value per common share28.68 26.78 26.71 26.53 25.09 
Adjusted tangible book value per common share32.59 32.37 31.66 31.03 30.29 
Tangible common equity to tangible assets9.31 %8.66 %8.25 %8.02 %8.11 %
Calculation of ROATCE and adjusted ROATCE:
Net income$13,425 $24,313 $21,760 $24,302 $29,478 
Divided by number of days in the quarter92 92 91 90 92 
Multiplied by number of days in the year365 365 365 365 365 
Annualized net income$53,262 $96,459 $87,279 $98,558 $116,951 
Adjusted net income$18,461 $22,004 $21,388 $24,188 $30,409 
Divided by number of days in the quarter92 92 91 90 92 
Multiplied by number of days in the year365 365 365 365 365 
Annualized adjusted net income$73,242 $87,298 $85,787 $98,096 $120,644 
Total average common stockholders’ equity$1,013,286 $1,012,912 $996,823 $976,044 $913,850 
Less: average goodwill128,679 128,679 128,679 128,679 131,302 
Less: average other intangible assets, net46,825 43,901 46,379 48,950 51,495 
Average tangible common equity837,782 840,332 821,765 798,415 731,053