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

(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     For the quarterly period ended March 31, 2024

OR

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

Commission file number 001-38487
Origin Bancorp, Inc.

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 31,014,945 shares of Common Stock, par value $5.00 per share, were issued and outstanding at April 30, 2024.



ORIGIN BANCORP, INC.
FORM 10-Q
MARCH 31, 2024
INDEX
Page



Table of Contents
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would,” or variations or negatives of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in our forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
economic uncertainty or a deterioration in economic conditions or slowdowns in economic growth in the United States generally, and particularly in the market areas in which we operate and in which our loans are concentrated, including declines in home sale volumes and financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment;
adverse developments in the banking industry highlighted by high-profile bank failures and the impact of such developments on customer confidence, liquidity, and regulatory responses to these developments (including increases in the cost of our deposit insurance assessments and increased regulatory scrutiny), our ability to effectively manage our liquidity risk and any growth plans and the availability of capital and funding;
our ability to comply with applicable capital and liquidity requirements, including our ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets;
fluctuating and/or volatile interest rates, capital markets and the impact of inflation on our business and financial results, as well as the impact on our customers (including the velocity and levels of deposit withdrawals and loan repayments);
changes in the interest rate environment may reduce interest margins;
prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions may vary substantially from period to period;
global business and economic conditions and in the financial services industry, nationally and within our local market areas;
an increase in unemployment levels, slowdowns in economic growth and threats of recession;
customer income, creditworthiness and confidence, spending and savings that may affect customer bankruptcies, defaults, charge-offs and deposit activity;
the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in our loan portfolio;
the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs.
factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance, including any loans acquired in merger/acquisition transactions;
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changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans;
natural disasters and adverse weather events (including hurricanes), acts of terrorism, an outbreak of hostilities, (including the impacts related to or resulting from Russia’s military action in Ukraine, and the ongoing conflict in Israel and the surrounding region, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments), regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond our control;
system failures, cybersecurity threats and/or security breaches and the cost of defending against them and any reputational or other financial risks following such a cybersecurity incident;
deterioration of our asset quality;
risks associated with widespread inflation or deflation;
the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition or merger targets and successfully acquire and integrate desirable financial institutions;
changes in the value of collateral securing our loans;
our ability to anticipate interest rate changes and manage interest rate risk;
the effectiveness of our risk management framework and quantitative models;
our inability to receive dividends from our bank subsidiary and to service debt, pay dividends to our common stockholders, repurchase our shares of common stock and satisfy obligations as they become due;
changes in our operation or expansion strategy or our ability to prudently manage our growth and execute our strategy;
changes in management personnel;
our ability to maintain important deposit customer relationships, our reputation or otherwise avoid liquidity risks;
increasing costs as we grow and compete for deposits;
operational risks associated with our business;
increased competition in the financial services industry, particularly from regional and national institutions, as well as fintech companies, may accelerate due to the current economic environment;
our level of nonperforming assets and the costs associated with resolving any problem loans, including litigation and other costs;
potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings or enforcement actions;
risks related to environmental, social and governance (“ESG”) strategies and initiatives, the scope and pace of which could alter our reputation and shareholder, associate, customer and third-party affiliations;
changes in the utility of our non-GAAP measurements and their underlying assumptions or estimates;
changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, as well as tax, trade, monetary and fiscal matters;
periodic changes to the extensive body of accounting rules and best practices, may change the treatment and recognition of critical financial line items and affect our profitability;


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further government intervention in the U.S. financial system;
compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities and tax matters;
a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget;
the risk that the regulatory environment may not be conducive to, or may prohibit the consummation of, future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and the potential to reduce anticipated benefits from such mergers or combinations; and
our ability to manage the risks involved in the foregoing.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. In addition, as a result of these and other factors, our past financial performance should not be relied upon as an indication of future performance. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties emerge from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.


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

March 31, 2024December 31, 2023
Assets(Unaudited)
Cash and due from banks$98,147 $127,278 
Interest-bearing deposits in banks193,365 153,163 
Total cash and cash equivalents291,512 280,441 
Securities:
Available for sale1,190,922 1,253,631 
Held to maturity, net allowance for credit losses of $24 and $63 at March 31, 2024, and December 31, 2023, respectively (fair value of $10,956 and $10,848 at March 31, 2024, and December 31, 2023, respectively)
11,651 11,615 
Securities carried at fair value through income6,755 6,808 
Total securities1,209,328 1,272,054 
Non-marketable equity securities held in other financial institutions53,870 55,190 
Loans held for sale at fair value14,975 16,852 
Loans, net of allowance for credit losses of $98,375 and $96,868 at March 31, 2024, and December 31, 2023, respectively
7,801,652 7,564,076 
Premises and equipment, net120,931 118,978 
Mortgage servicing rights 15,637 
Cash surrender value of bank-owned life insurance40,134 39,905 
Goodwill128,679 128,679 
Other intangible assets, net43,314 45,452 
Accrued interest receivable and other assets187,984 185,320 
Total assets$9,892,379 $9,722,584 
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits$1,887,066 $1,919,638 
Interest-bearing deposits4,990,632 4,918,597 
Time deposits1,627,766 1,412,890 
Total deposits8,505,464 8,251,125 
Federal Home Loan Bank (“FHLB”) advances, repurchase obligations and other borrowings13,158 83,598 
Subordinated indebtedness, net160,684 194,279 
Accrued expenses and other liabilities134,220 130,677 
Total liabilities8,813,526 8,659,679 
Commitments and contingencies - See Note 12 — Commitments and Contingencies
  
Stockholders’ equity:
Common stock ($5.00 par value; 50,000,000 shares authorized; 31,011,304 and 30,986,109 shares issued at March 31, 2024, and December 31, 2023, respectively)
155,057 154,931 
Additional paid‑in capital530,380 528,578 
Retained earnings518,325 500,419 
Accumulated other comprehensive loss(124,909)(121,023)
Total stockholders’ equity1,078,853 1,062,905 
Total liabilities and stockholders’ equity$9,892,379 $9,722,584 
The accompanying condensed notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended March 31,
20242023
Interest and dividend income
Interest and fees on loans$127,186 $106,496 
Investment securities-taxable6,849 8,161 
Investment securities-nontaxable910 1,410 
Interest and dividend income on assets held in other financial institutions3,756 4,074 
Total interest and dividend income138,701 120,141 
Interest expense
Interest-bearing deposits62,842 34,557 
FHLB advances and other borrowings518 5,880 
Subordinated indebtedness2,018 2,557 
Total interest expense65,378 42,994 
Net interest income
73,323 77,147 
Provision for credit losses3,012 6,197 
Net interest income after provision for credit losses70,311 70,950 
Noninterest income
Insurance commission and fee income7,725 7,011 
Service charges and fees4,688 4,571 
Other fee income2,247 1,974 
Mortgage banking revenue2,398 1,781 
Swap fee income57 384 
(Loss) gain on sales of securities, net(403)144 
Other income543 519 
Total noninterest income17,255 16,384 
Noninterest expense
Salaries and employee benefits35,818 33,731 
Occupancy and equipment, net6,645 6,503 
Data processing3,145 2,916 
Office and operations2,502 2,303 
Intangible asset amortization2,137 2,553 
Regulatory assessments1,734 951 
Advertising and marketing1,444 1,456 
Professional services1,231 1,525 
Loan-related expense905 1,465 
Electronic banking1,239 1,009 
Franchise tax expense477 975 
Other expense1,430 1,373 
Total noninterest expense58,707 56,760 
Income before income tax expense28,859 30,574 
Income tax expense6,227 6,272 
Net income$22,632 $24,302 
Basic earnings per common share$0.73 $0.79 
Diluted earnings per common share0.73 0.79 
The accompanying condensed notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollars in thousands)
Three Months Ended March 31,
20242023
Net income$22,632 $24,302 
Other comprehensive income (loss)
Securities available for sale and transferred securities:
Net unrealized holding (loss) gain arising during the period(5,415)27,400 
Reclassification adjustment for net loss (gain) included in net income403 (144)
Change in the net unrealized (loss) gain on available for sale investment securities, before tax(5,012)27,256 
Net gain realized as a yield adjustment in interest on transferred investment securities(3)(3)
Change in the net unrealized (loss) gain on investment securities, before tax(5,015)27,253 
Income tax (benefit) expense related to net unrealized gain (loss) arising during the period(1,053)5,724 
Change in the net unrealized (loss) gain on investment securities, net of tax(3,962)21,529 
Cash flow hedges:
Net unrealized gain arising during the period204 643 
Reclassification adjustment for net gain included in net income(108)(814)
Change in the net unrealized gain (loss) on cash flow hedges, before tax96 (171)
Income tax expense (benefit) related to net unrealized gain (loss) on cash flow hedges20 (36)
Change in net unrealized net gain (loss) on cash flow hedges, net of tax76 (135)
Other comprehensive (loss) income, net of tax(3,886)21,394 
Comprehensive income$18,746 $45,696 
The accompanying condensed notes are an integral part of these consolidated financial statements.

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ORIGIN BANCORP, INC.
Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
(Dollars in thousands, except per share amounts)
Common Shares OutstandingCommon
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders’
Equity
Balance at January 1, 202330,746,600 $153,733 $520,669 $435,416 $(159,875)$949,943 
Net income— — — 24,302 — 24,302 
Other comprehensive income, net of tax— — — — 21,394 21,394 
Stock-based compensation expense— — 1,391 — — 1,391 
Stock based compensation shares issued, net of shares withheld9,750 49 (138)— — (89)
Exercise of stock options, net of shares withheld24,503 122 202 — — 324 
Dividends declared - common stock ($0.15 per share)
— — — (4,678)— (4,678)
Balance at March 31, 202330,780,853 $153,904 $522,124 $455,040 $(138,481)$992,587 
Common Shares OutstandingCommon
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Balance at January 1, 202430,986,109$154,931 $528,578 $500,419 $(121,023)$1,062,905 
Net income— — — 22,632— 22,632 
Other comprehensive loss, net of tax— — — — (3,886)(3,886)
Stock-based compensation expense— — 2,079 — — 2,079 
Stock based compensation shares issued, net of shares withheld20,108 101 (286)— — (185)
Exercise of stock options, net of shares withheld5,087 259— — 34 
Dividends declared - common stock ($0.15 per share)
— — — (4,726)— (4,726)
Balance at March 31, 202431,011,304 $155,057 $530,380 $518,325 $(124,909)$1,078,853 





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

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

Three Months Ended March 31,
Cash flows from operating activities:20242023
Net income$22,632 $24,302 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses3,012 6,197 
Depreciation and amortization4,075 4,529 
Net amortization on securities1,218 1,744 
Accretion of net premium/discount on purchased loans(6)(1,617)
Amortization of investments in tax credit funds415 453 
Loss (gain) on sale of securities, net403 (144)
Deferred income tax (benefit) expense(2,583)12,310 
Stock-based compensation expense2,079 1,391 
Originations of mortgage loans held for sale(44,392)(43,163)
Proceeds from mortgage loans held for sale35,887 29,905 
Gain on mortgage loans held for sale including, for the three months ended March 31, 2023, origination of mortgage servicing rights(964)(758)
Mortgage servicing rights valuation adjustment(450)906 
Gain on sale of MSR(410) 
Net gain on disposals of premises and equipment(2)(63)
Increase in the cash surrender value of life insurance(229)(213)
Net losses on sales and write-downs of other real estate owned21  
Net change in operating leases35 (80)
Decrease (increase) in other assets4,835 (4,940)
Increase (decrease) in other liabilities1,557 (3,180)
Net cash provided by operating activities27,133 27,579 
Cash flows from investing activities:
Purchases of securities available for sale(7,194)(751)
Maturities and pay downs of securities available for sale42,046 36,610 
Proceeds from sales and calls of securities available for sale21,224 39,195 
Redemption of non-marketable equity securities held in other financial institutions5,556  
Purchase of non-marketable equity securities held in other financial institutions(4,016)(9,306)
Originations of mortgage warehouse loans(1,842,251)(1,198,573)
Proceeds from pay-offs of mortgage warehouse loans1,771,222 1,145,909 
Net increase in loans, excluding mortgage warehouse and loans held for sale(160,209)(224,124)
Proceeds from sale of MSR15,885  
Return of capital and other distributions from limited partnership investments275 802 
Capital calls on limited partnership investments(388)(189)
Purchase of low-income housing tax credit investments (411)
Purchases of premises and equipment(3,906)(5,790)
Proceeds from sales of premises and equipment18  
Proceeds from sales of other real estate owned54  
Net cash used in investing activities(161,684)(216,628)
The accompanying condensed notes are an integral part of these consolidated financial statements.

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

Three Months Ended March 31,
Cash flows from financing activities:20242023
Net increase in deposits$254,339 $398,608 
Repayments on long-term FHLB advances(68)(65)
Proceeds from short-term FHLB advances670,000 3,561,901 
Repayments on short-term FHLB advances(740,000)(3,260,000)
Redemption of subordinated debentures(33,675) 
Repayments on other short-term borrowings (20,000)
Net decrease in securities sold under agreements to repurchase(372)(20,995)
Dividends paid(4,670)(4,623)
Cash received from exercise of stock options68 362 
Net cash provided by financing activities145,622 655,188 
Net increase in cash and cash equivalents11,071 466,139 
Cash and cash equivalents at beginning of period280,441 358,972 
Cash and cash equivalents at end of period$291,512 $825,111 
Interest paid$61,707 $40,356 
Income taxes (refund) paid(2,069)4 
Significant non-cash transactions:
Decrease in Government National Mortgage Association (“GNMA”) repurchase obligation (24,569)
Recognition of operating right-of-use assets491 7,347 
Recognition of operating lease liabilities500 7,306 

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

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ORIGIN BANCORP, INC.
Condensed Notes to Consolidated Financial Statements

Note 1 — Significant Accounting Policies
Nature of Operations.    Origin Bancorp, Inc. (“Company” or ”Origin”) 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 has over 60 locations from Dallas/Fort Worth, East Texas and Houston, across North Louisiana and into Mississippi. Locations in South Alabama and the Florida panhandle are planned for 2024. 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 Forth Insurance, LLC. 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, 2023, 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, 2023, included in the Company’s annual report on Form 10-K (“2023 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.
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.
Investments in Tax Credit Entities.        As part of its Community Reinvestment Act responsibilities and due to their favorable economic characteristics, the Company invests in tax credit-motivated projects primarily in the markets it serves. These projects are directed at tax credits issued under Low-Income Housing Tax Credits (“LIHTC”). The Company generates returns on tax credit motivated projects through the receipt of federal, and if applicable, state tax credits. The federal tax credits are recorded as an offset to the income tax provision in the year that they are earned under federal income tax law over 10 to 15 years beginning in the year in which rental activity commences. These credits, if not used in the tax return for the year of origination, can be carried forward for 20 years.


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ORIGIN BANCORP, INC.
Condensed Notes to Consolidated Financial Statements
The Company invests in a tax credit entity, usually an LLC, which owns the real estate. The Company receives a nonvoting interest in the entity that must be retained during the compliance period for the credits (15 years for Low-Income Housing Tax Credit programs). Control of the tax credit entity rests in the 0.1% interest general partner, who has the power and authority to make decisions that impact economic performance of the project and is required to oversee and manage the project. Due to the lack of any voting, economic, or managerial control, and due to the contractual reduction in the investment, the Company accounts for its investment by amortizing the investment, beginning at the issuance of the certificate of occupancy of the project, over the compliance period, as management believes any potential residual value in the real estate will have limited value. Amortization is included as a component of income tax expense and for the three months ended March 31, 2024 and 2023, was $415,000 and $453,000, respectively. The income tax credits and other income tax benefits recognized for the three months ended March 31, 2024 and 2023, was $504,000 and $569,000, respectively, and was included as a component of income tax expense on the Consolidated Statements of Income.
The Company has the risk of credit recapture if the projects do not maintain compliance during the compliance period. No such events have occurred to date. At March 31, 2024 and 2023, the Company had investments in tax credit entities of $7.2 million and $9.0 million, respectively, which are included in accrued interest receivable and other assets in the accompanying Consolidated Balance Sheets.
Effect of Recently Adopted Accounting Standards
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.


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ORIGIN BANCORP, INC.
Condensed Notes to Consolidated Financial Statements
Because the 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.
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 did not materially impact the Company's financial statements or disclosures.
Effect of Newly Issued But Not Yet Effective Accounting Standards
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures — The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update:
1.Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”).
2.Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss.
3.Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods.
4.Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. In other words, in addition to the measure that is most consistent with the measurement principles under generally accepted accounting principles (GAAP), a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources.
5.Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
6.Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update and all existing segment disclosures in Topic 280.
The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application to all periods presented in the financial statements is required. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures.
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures — The amendments in this Update, on an annual basis, require that public business entities (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Specifically, public business entities are required to disclose a tabular reconciliation, using both percentages and reporting currency amounts, for specific listed categories.
The ASU is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures.


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ORIGIN BANCORP, INC.
Condensed Notes to Consolidated Financial Statements
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 March 31,
Numerator:20242023
Net income$22,632 $24,302 
Denominator:
Weighted average common shares outstanding30,981,333 30,742,902 
Dilutive effect of stock-based awards97,577 139,254 
Weighted average diluted common shares outstanding31,078,910 30,882,156 
Basic earnings per common share$0.73 $0.79 
Diluted earnings per common share0.73 0.79 
There were 429,589 and 220,980 shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three months ended March 31, 2024 and 2023, respectively, primarily due to the stock price of the stock awards exceeding the average market price of the Company’s stock during the respective periods.


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ORIGIN BANCORP, INC.
Condensed Notes to Consolidated Financial Statements
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)

March 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Allowance for Credit LossesNet Carrying Amount
Available for sale:
State and municipal securities$320,999 $213 $(43,615)$277,597 $ $277,597 
Corporate bonds91,251 166 (8,170)83,247  83,247 
U.S. treasury and government agency securities67,172 2 (4,736)62,438  62,438 
Commercial mortgage-backed securities104,150  (11,410)92,740  92,740 
Residential mortgage-backed securities552,647  (66,024)486,623  486,623 
Commercial collateralized mortgage obligations45,874  (4,448)41,426  41,426 
Residential collateralized mortgage obligations147,310  (20,977)126,333  126,333 
Asset-backed securities20,576 23 (81)20,518  20,518 
Total$1,349,979 $404 $(159,461)$1,190,922 $ $1,190,922 
Held to maturity:
State and municipal securities$11,675 $ $(719)$10,956 $(24)$11,651 
Securities carried at fair value through income:
State and municipal securities(1)
$6,815 $— $— $6,755 $— $6,755 
December 31, 2023
Available for sale:
State and municipal securities$323,356 $210 $(41,440)$282,126 $ $282,126 
Corporate bonds92,244 80 (8,689)83,635  83,635 
U.S. treasury and government agency securities84,377 3 (4,740)79,640  79,640 
Commercial mortgage-backed securities104,459  (11,063)93,396  93,396 
Residential mortgage-backed securities569,622  (63,120)506,502  506,502 
Commercial collateralized mortgage obligations39,386  (4,203)35,183  35,183 
Residential collateralized mortgage obligations150,710  (20,566)130,144  130,144 
Asset-backed securities43,521 4 (520)43,005  43,005 
Total$1,407,675 $297 $(154,341)$1,253,631 $ $1,253,631 
Held to maturity:
State and municipal securities$11,678 $ $(830)$10,848 $(63)$11,615 
Securities carried at fair value through income:
State and municipal securities(1)
$6,815 $— $— $6,808 $— $6,808 
________________________
(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.


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ORIGIN BANCORP, INC.
Condensed Notes to Consolidated Financial Statements
Securities with unrealized losses at March 31, 2024, and December 31, 2023, 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 Months12 Months or MoreTotal
(Dollars in thousands)
March 31, 2024
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Available for sale:
State and municipal securities$25,235 $(258)$246,037 $(43,357)$271,272 $(43,615)
Corporate bonds800 (200)73,213 (7,970)74,013 (8,170)
U.S. treasury and government agency securities  58,922 (4,736)58,922 (4,736)
Commercial mortgage-backed securities  92,740 (11,410)92,740 (11,410)
Residential mortgage-backed securities  486,623 (66,024)486,623 (66,024)
Commercial collateralized mortgage obligations
6,627 (64)34,799 (4,384)41,426 (4,448)
Residential collateralized mortgage obligations
  126,333 (20,977)126,333 (20,977)
Asset-backed securities3,841 (2)12,469 (79)16,310 (81)
Total$36,503 $(524)$1,131,136 $(158,937)$1,167,639 $(159,461)
Held to maturity:
State and municipal securities$4,833 $(328)$6,123 $(391)$10,956 $(719)
December 31, 2023
Available for sale:
State and municipal securities$27,106 $(266)$246,442 $(41,174)$273,548 $(41,440)
Corporate bonds4,254 (53)74,566 (8,636)78,820 (8,689)
U.S. treasury and government agency securities  77,340 (4,740)77,340 (4,740)
Commercial mortgage-backed securities  93,396 (11,063)93,396 (11,063)
Residential mortgage-backed securities60 (5)506,442 (63,115)506,502 (63,120)
Commercial collateralized mortgage obligations  35,183 (4,203)35,183 (4,203)
Residential collateralized mortgage obligations  130,144 (20,566)130,144 (20,566)
Asset-backed securities7,350 (52)31,618 (468)38,968 (520)
Total$38,770 $(376)$1,195,131 $(153,965)$1,233,901 $(154,341)
Held to maturity:
State and municipal securities$4,717 $(447)$6,131 $(383)$10,848 $(830)
At March 31, 2024, the Company had 595 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 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 March 31, 2024, 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.


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ORIGIN BANCORP, INC.
Condensed Notes to Consolidated Financial Statements
The following table presents the activity in the allowance for credit losses for held-to-maturity securities.
(Dollars in thousands)Municipal Securities
Allowance for credit losses:2024
Balance at January 1, 2024$63 
Provision recovery for credit loss for held to maturity securities(39)
Balance at March 31, 2024
$24 
Balance at January 1, 2023$899