4Q TWENTY24 INVESTOR PRESENTATION ORIGIN BANCORP, INC.
2 FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin Bancorp, Inc’s (“Origin”, “we”, “our” or the “Company”) 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: (1) the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; (2) changes in benchmark interest rates and the resulting impacts on net interest income; (3) deterioration of Origin’s asset quality; (4) factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; (5) the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; (6) changes in the value of collateral securing Origin’s loans; (7) the impact of generative artificial intelligence; (8) Origin’s ability to anticipate interest rate changes and manage interest rate risk; (9) the impact of heightened regulatory requirements, reduced debit interchange and overdraft income and the possibility of facing related adverse business consequences if our total assets grow in excess of $10 billion as of December 31 of any calendar year; (10) the effectiveness of Origin’s risk management framework and quantitative models; (11) 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; (12) the impact of labor pressures; (13) changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; (14) changes in management personnel; (15) Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; (16) increasing costs as Origin grows deposits; (17) operational risks associated with Origin’s business; (18) significant turbulence or a disruption in the capital or financial markets and the effect of market disruption and interest rate volatility on our investment securities; (19) increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; (20) compliance with governmental and regulatory requirements and changes in laws, rules, regulations, interpretations or policies relating to financial institutions; (21) periodic changes to the extensive body of accounting rules and best practices; (22) further government intervention in the U.S. financial system; (23) a deterioration of the credit rating for U.S. long-term sovereign debt; (24) 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; (25) natural disasters and other adverse weather events, pandemics, acts of terrorism, war, and other matters beyond Origin’s control; (26) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (27) fraud or misconduct by internal or external actors (including Origin employees); (28) cybersecurity threats or security breaches and the cost of defending against them; (29) Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and (30) potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions. 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. This presentation contains projected financial information with respect to Origin, including with respect to certain goals and strategic initiatives of Origin and the anticipated benefits thereof. This projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to significant business, economic (including interest rate), competitive, and other risks and uncertainties. Actual results may differ materially from the results contemplated by the projected financial information contained herein and the inclusion of such projected financial information in this presentation should not be regarded as a representation by any person that such actions will be taken or accomplished or that the results reflected in such projected financial information with respect thereto will be achieved. Origin reports its results in accordance with generally accepted accounting principles in the United States ("GAAP"). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin's results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin's reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this presentation: Pre-tax, pre-provision (“PTPP”) earnings, PTPP ROAA, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity and core efficiency ratio. Please see “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP. ORIGIN BANCORP, INC. _______
ORIGIN BANCORP, INC. _______ LOUISIANA Entry: 1912 Loans: $1,408 Deposits*: $3,070 DOLLARS IN MILLIONS, UNAUDITED (1) (2) 3 DEPOSITS & LOANS BY STATE Note: All financial information is as of December 31, 2024. Map location counts include full service branches only as of filing date. Please see slide 31 for all footnote references included above. MISSISSIPPI Entry: 2010 Loans: $538 Deposits: $614 7% 7% 37% 19% 56% 74% Loans (2)Deposits (1) ICS ICS TEXAS Dallas/Fort Worth Houston East Texas Entry: 2008 Entry: 2013 Entry: 2022 Loans: $2,810 Loans: $2,022 Loans: $418 Deposits*: $2,119 Deposits*: $1,478 Deposits: $927 Total Texas Loans: $5,250 Total Texas Deposits: $4,524 SOUTHEAST (AL/FL) Entry: 2024 Loans: $29 Deposits: $57 15 9 9 18 7 11 BEST BANKS TO WORK FOR IN AMERICA 12 CONSECUTIVE YEARS * * The markets above include $139.7 million of deposits in total that were sold on December 31, 2024, and immediately repurchased on January 1, 2025.
4 T O D E L I V E R E L I T E L E V E L F I N A N C I A L P E R F O R M A N C E T O D E L I V E R E L I T E L E V E L F I N A N C I A L P E R F O R M A N C E PRODUCTIVITY, DELIVERY & EFFICIENCY BALANCE SHEET OPTIMIZATION CULTURE & EMPLOYEE ENGAGEMENT FINANCIAL OUTLOOK 4 Q 2 5* 2 0 2 5* Loan Growth - ex Warehouse (Yr/Yr) Mid- to High-Single Digits Mid- to High-Single Digits Deposit Growth (Yr/Yr) Mid-Single Digits Mid-Single Digits NIM 3.45% +/- 10 BPS 3.40% +/- 10 BPS NII Growth Mid- to High-Single Digits Mid- to High-Single Digits Noninterest Income Growth (Yr/Yr)(3) Mid-Single Digits Low- to Mid-Single Digits Noninterest Expense Growth (Yr/Yr)(3) Flat to Down Slightly Low-Single Digits Tax rate (Yr/Yr) ~ 21.5% ~ 21.5% *Assume two 25-bp cuts in 2025 NEAR TERM GOAL 1% + ROAA RUN RATE BY 4Q25 ULTIMATE TARGET TOP QUARTILE ROAA O P T I M I Z E O R I G I N Please see slide 31 for all footnote references included above.
OPTIMIZATIONS REALIZATION TIMELINE ANNUALIZED BENEFIT (pre-tax) • Branch and retail staff consolidation 4Q24 and 1Q25 ~ $4.6MM • Commercial and mortgage banker profitability optimization 4Q24 and 1Q25 ~ $6.7MM • Restructured $188M of securities in our bond portfolio 4Q24 and 1Q25 ~ $6.2MM • Capital Optimization: Call Bank level subordinated debt - saving future interest expense in shift from fixed to floating Ongoing ~ $2.1MM • Cash & liquidity management efficiency opportunities Ongoing ~ $1.2MM • Additional investment opportunity in Argent Financial: Ownership over 20% allows for new accounting methodology TBD TBD • 3rd party benchmarking project to assist in identifying additional opportunities TBD TBD Identified total estimated annualized benefit ~$20.8 MM 5 O P T I M I Z E O R I G I N T O D E L I V E R E L I T E L E V E L F I N A N C I A L P E R F O R M A N C E
Net Domestic Migration from April 1, 2020 to July 1, 2024 STRONG NET MIGRATION INTO OUR MARKETS WEST -968,751 MIDWEST -528,601 NORTHEAST -1,318,575 SOUTH +2,815,927 6 TEXAS SOUTH ALABAMA & FLORIDA PANHANDLE l Baldwin County - 7th fastest growing metro area in the country l High-tech employment population l 7 of top 10 US defense contractors have a presence in the region l Mobile, AL - 14th largest US port by tonnage l Mobile Harbor project will make it the deepest harbor in the Gulf of Mexico in 2025 l 8th largest economy in the world l #1 in jobs created from November 2023 to November 2024 with 274,300 nonfarm jobs added l Home to 52 Fortune 500 company headquarters l Texas boasts the 2nd largest civilian workforce in the US with over 15 million workers l Texas is the leading destination for corporate relocation & expansion projects l Texas is home to 3.2 million small businesses and hundreds of publicly traded companies l As of 3Q24, Texas continues to lead the nation in high tech exports, approaching the 12th year in a row. ORIGIN STRATEGICALLY INVESTS I N T E X A S & S O U T H E A S T THE MOST DYNAMIC GROWTH MARKETS IN THE COUNTRY (4)
7 ORIGIN BANCORP, INC. _______
ORIGIN BANCORP, INC. _______ • Optimize Origin - Our newly announced initiative to drive elite financial performance and enhance our award- winning culture. • Our NIM-FTE increased 15 bps for 4Q24, compared to 3Q24. This was driven primarily by a 40 bp reduction in rates paid on interest-bearing liabilities, offset by an 18 bp decline in our yield on interest-earning assets. • Net interest income was $78.3 million for 4Q24, reflecting an increase of $3.5 million, or 4.7%, compared to 3Q24 and is at its highest level in two years. • Provision for credit loss benefit was $5.4 million at 4Q24, compared to a provision for credit loss expense of $4.6 million in 3Q24. • Our bond portfolio optimization strategy, aimed at enhancing long-term yields and improving overall portfolio performance, positively impacted our NIM-FTE by 3 bps for 4Q24, and is estimated to provide a total annual positive impact to NIM-FTE of 7 bps. We sold AFS investment securities with a book value of $188.2 million and realized a loss of $14.6 million, which negatively impacted our diluted EPS by $0.37 for 4Q24. Key Performance Metrics 4Q24 3Q24 B al an ce S he et Total Loans Held for Investment ("LHFI") $ 7,573,713 $ 7,956,790 Total Assets 9,678,702 9,965,986 Total Deposits 8,223,120 8,486,568 In co m e St at em en t Net Income $ 14,270 $ 18,601 Pre-Tax, Pre-Provision ("PTPP") Earnings(5) 12,597 28,272 Diluted EPS 0.46 0.60 Se le ct ed R at io s NIM - FTE 3.33 % 3.18 % Return on Average Assets (annualized) ("ROAA") 0.57 0.74 PTPP ROAA (annualized)(5) 0.50 1.13 Return on Average Stockholders’ Equity (annualized) ("ROAE") 4.94 6.57 Book Value per Common Share $ 36.71 $ 36.76 Tangible Book Value per Common Share(5) 31.38 31.37 Adjusted Tangible Book Value per Common Share(5) 34.78 34.39 Tangible Common Equity to Tangible Assets(5) 10.29 % 9.98 % Return on Average Tangible Common Equity (annualized) ("ROATCE")(5) 5.78 7.74 Efficiency Ratio 83.85 68.86 Core Efficiency Ratio(5) 82.79 67.48 ALCL to Total LHFI 1.20 1.21 DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS UNAUDITED 8 PERFORMANCE HIGHLIGHTS AT-A-GLANCE - FOURTH QUARTER 2024 4Q24 Key Highlights Please see slide 31 for all footnote references included above.
ORIGIN BANCORP, INC. _______ TRENDING KEY MEASURES UNAUDITED Diluted EPS ($)Net Income ($) Total LHFI, Adjusted(6) ($) Total Deposits ($) 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 8,223 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 4,176 7,225 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 DOLLARS IN THOUSANDS 9 Total LHFI ($) DOLLARS IN MILLIONS 5,850 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 DOLLARS IN MILLIONS DOLLARS IN MILLIONS Please see slide 31 for all footnote references included above. CAGR 7.1% CAGR 15.7% CAGR 7.2% 6,34625,513 14,270 Core Efficiency Ratio(5) (%) (Non-GAAP) 51.07 82.79 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 31.38 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 Tangible Book Value per Common Share(5) ($) (Non-GAAP) 34.78 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 Adj Tangible Book Value per Common Share(5) ($) (Non-GAAP) CAGR 4.4% CAGR 7.9% 1.08 0.46 26.66 26.14 7,574
ORIGIN BANCORP, INC. _______ ASSET AND STOCKHOLDERS' EQUITY GROWTH 1997 - 2024 DOLLARS IN MILLIONS Total Assets ($) 148 9,679 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 Total Stockholders' Equity ($) 11 1,145 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 CAGR 16.7% CAGR 18.6% 10 1,681 1,764 Origin Bancorp, Inc. Cumulative Return ($) KBW Nasdaq Bank Total Return Index ($) 12 /3 1/ 96 12 /3 1/ 97 12 /3 1/ 98 12 /3 1/ 99 12 /3 1/ 00 12 /3 1/ 01 12 /3 1/ 02 12 /3 1/ 03 12 /3 1/ 04 12 /3 1/ 05 12 /3 1/ 06 12 /3 1/ 07 12 /3 1/ 08 12 /3 1/ 09 12 /3 1/ 10 12 /3 1/ 11 12 /3 1/ 12 12 /3 1/ 13 12 /3 1/ 14 12 /3 1/ 15 12 /3 1/ 16 12 /3 1/ 17 12 /3 1/ 18 12 /3 1/ 19 12 /3 1/ 20 12 /3 1/ 21 12 /3 1/ 22 12 /3 1/ 23 12 /3 1/ 24 0 500 1,000 1,500 2,000 2,500 Total Shareholder Return(7) ($) IPO Please see slide 31 for all footnote references included above. DOLLARS IN MILLIONS UNAUDITED
ORIGIN BANCORP, INC. _______ 11 2,247 2,620 4,747 5,276 5,250 1,343 1,545 2,747 2,993 2,810 904 1,075 1,631 1,837 2,022 369 446 418 DFW Houston East Texas 2020 2021 2022 2023 2024 Deposit Trends by Texas Market(1)(9) ($) Loan Trends by Texas Market(2) ($) TEXAS GROWTH STORY Texas Franchise Highlights DOLLARS IN MILLIONS • 33 locations throughout 10 counties including the 4th and 5th largest MSAs in the United States.(8) • Texas franchise represents 74% of LHFI(2) and 56% of deposits(1) at December 31, 2024. 2,574 3,132 4,261 4,172 4,524 1,581 1,925 2,196 2,058 2,119 993 1,207 1,173 1,205 1,478 892 909 927 DFW Houston East Texas 2020 2021 2022 2023 2024 CAGR 23.6% CAGR 15.1% Please see slide 31 for all footnote references included above. DOLLARS IN MILLIONS UNAUDITED * The DFW and Houston markets include $108.0 million of deposits in total that were sold on December 31, 2024, and immediately repurchased on January 1, 2025. *
ORIGIN BANCORP, INC. _______ 12 LOAN GROWTH 4,094 4,498 6,805 7,331 7,225 4,094 4,498 5,593 7,331 7,225 1,212 Origin BTH 2020 2021 2022 2023 2024 0 2,000 4,000 6,000 8,000 LHFI Key Data DOLLARS IN MILLIONS IDT • Total LHFI, excluding MW LOC, were $7.22 billion at December 31, 2024, reflecting a decrease of $237.0 million, or 3.2%, compared to September 30, 2024. • Total MW LOC were $349.1 million, or 4.6%, of total LHFI at December 31, 2024. LHFI Growth excluding MW LOC(10) ($) 1,732 1,872 2,894 3,013 2,979 1,732 1,872 2,267 3,013 2,979627 Origin BTH 2020 2021 2022 2023 2024 0 1,000 2,000 3,000 4,000 C&I and Owner Occupied CRE Growth(10) ($) Please see slide 31 for all footnote references included above. DOLLARS IN MILLIONS UNAUDITED
ORIGIN BANCORP, INC. _______ Commercial & Industrial ("C&I") 26% Owner Occupied Commercial Real Estate ("CRE") Non-Owner Occupied CRE 20% C&D: 11% Multi- Family Real Estate Residential Real Estate - Single Family & Consumer Real Estate & Construction: 9% Retail Shopping: 6% Multi-Family Real Estate: 6% Office Building: 5% Multi-Family under Construction: 2% Healthcare: 2% Hotel: 1% Auto-Related: 1% Consumer: 1% Restaurant: 1% Finance & Insurance: 1% Professional Svcs.: 1% Misc.: 1% Finance & Insurance: 7% Real Estate & Construction: 7% MW LOC: 5% Energy: 4% Transportation Svcs: 3% Healthcare: 2% Retail Shopping: 2% Retail Dealers: 2% Restaurants: 2% Professional Svcs: 1% Entertainment: 1% Consumer Svcs: 1% Commercial Svcs: 1% Banks: 1% Wholesale Distribution: 1% Misc: 4% 13 WELL DIVERSIFIED LOAN PORTFOLIO (Dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 C&I 2,002,634 2,074,037 2,070,947 2,154,151 2,059,460 Owner Occupied CRE 975,947 991,671 959,850 948,624 953,822 MW LOC 349,081 495,188 506,505 400,995 329,966 Total Commercial 3,327,662 3,560,896 3,537,302 3,503,770 3,343,248 Non-Owner Occupied CRE 1,501,484 1,533,093 1,563,152 1,472,164 1,488,912 C&D 864,011 991,545 1,017,389 1,168,597 1,070,225 Multi-Family Real Estate 425,460 434,317 398,202 359,765 361,239 Residential Real Estate- Single Family 1,432,129 1,414,013 1,421,027 1,373,532 1,373,696 Consumer Loans 22,967 22,926 22,099 22,199 23,624 Total LHFI 7,573,713 7,956,790 7,959,171 7,900,027 7,660,944 Loan Portfolio Details ($) Non-Owner Occupied CRE, C&D and Multi-Family: $2,791 million C&I, Owner Occupied CRE and MW LOC: $3,328 million C&I, Owner Occupied CRE, MW LOC: 44% Non-Owner Occupied CRE, C&D, Multi-Family: 37% Loan Composition at December 31, 2024: $7,574 million Please see slide 31 for all footnote references included above. UNAUDITED (11) MW LOC 6% 19% 13% 5%
ORIGIN BANCORP, INC. _______ 1.05 1.07 1.49 1.35 1.57 0.10 0.13 0.15 0.48 (0.03) Classified LHFI / Total LHFI Net Charge-Offs / Average LHFI (annualized) 4Q23 1Q24 2Q24 3Q24 4Q24 0.39 0.51 0.95 0.81 0.99 0.34 0.42 0.83 0.49 0.56 Nonperforming LHFI / LHFI Past due LHFI / LHFI 4Q23 1Q24 2Q24 3Q24 4Q24 14 CREDIT QUALITY Asset Quality Trends (%) Allowance for Loan Credit Losses ("ALCL") 96,868 98,375 100,865 95,989 91,060 1.26 1.25 1.27 1.21 1.20 1.31 1.30 1.34 1.28 1.25 ALCL as a percentage of LHFI, adjusted (%) ALCL as a percentage of LHFI (%) ALCL ($) 4Q23 1Q24 2Q24 3Q24 4Q24 • Provision for loan credit loss benefit for 4Q24 was $5.5 million, compared to provision for loan credit loss expense of $4.6 million in 3Q24, and $3.6 million in 4Q23. • As a result of our ongoing investigation, we released our provision of $3.2 million initially recorded during the 2Q24 quarter due to certain questioned activity and recorded a net contingency reserve increase of $3.1 million during the quarter ended 4Q24. • ALCL to nonperforming LHFI is 121.41% at 4Q24, 149.35% at 3Q24, and 321.66% at 4Q23. DOLLARS IN THOUSANDS (12) Please see slide 31 for all footnote references included above. UNAUDITED
ORIGIN BANCORP, INC. _______ Texas: 79% Mississippi: 10% Louisiana: 6% Out of Market: 5% 15 Medical: 26% Financial: 17% National Credit Tenant: 16% Energy: 8% Law Firms: 8% Other: 25% CRE OFFICE - STRENGTH AND DIVERSIFICATION Tenant Classification at December 31, 2024 $351.0 $351.0 Geographic Diversification at December 31, 2024 DOLLARS IN THOUSANDS December 31, 2024 Avg. Loan Size $ 2,221 Weighted Avg. LTV 58.45 % Past Due Loans / Loans — Classified Loans / Loans — NPL / Loans — NCOs / Avg. Loans — ALCL / Loans 0.69 Key Portfolio Metrics DOLLARS IN MILLIONS DOLLARS IN MILLIONS NON-OWNER OCCUPIED, UNAUDITED Sensitivity Analysis(13) (%) 1.43 1.16 53.89 75.91 Current DSC Stressed DSC Current LTV Stressed LTV Non-Owner Occupied CRE Office (14) Please see slide 31 for all footnote references included above. (15)
ORIGIN BANCORP, INC. _______ 16 SELECTED SECTORS - KEY PORTFOLIO METRICS December 31, 2024 Multi-Family Real Estate + Under Construction Hotel Retail Shopping Outstanding Loan Balance $ 636,989 $ 104,984 $ 622,432 % of LHFI 8.41 % 1.39 % 8.22 % Avg. Loan Size $ 3,661 $ 5,525 $ 1,621 Weighted Avg. LTV 57.05 % 56.12 % 63.15 % Past Due Loans / Loans 0.19 — 0.22 Classified Loans / Loans 1.24 — 1.27 NPL / Loans 0.01 — — NCOs / Avg. Loans 0.01 — (0.01) ALCL / Loans 0.91 0.88 0.76 DOLLARS IN THOUSANDS, UNAUDITED
ORIGIN BANCORP, INC. _______ Treasury/Agency: 1% MBS: 54% CMO: 15% Municipal: 23% Corporate: 7% 1,291 1,244 1,190 1,185 1,152 2.50 2.51 2.54 2.50 2.63 Total Securities ($) Yield (%) 4Q23 1Q24 2Q24 3Q24 4Q24 Investment Securities Average Balance and Yield INVESTMENT SECURITIES DOLLARS IN MILLIONS • AFS Bond Portfolio Optimization details: • AFS Sold - BV: $188.2 million; Wtd Avg Yield (“WAY”): 1.51%; • AFS Purchased - BV: $173.7 million; WAY: 5.22%; • Realized Loss: $14.6 million • Estimated Earnback (years): 2.4 years • 4Q24 NIM-FTE Impact : +3 bps • Total Annual Expected NIM-FTE Impact: +7 bps • 4Q24 EPS Impact (negative): $0.35 • Total securities portfolio weighted average effective duration was 4.46 years at December 31, 2024, compared to 4.21 years at September 30, 2024. • Expected principal cash flows from investments with no rate changes: • 2025: $112.3 million • 2026: $104.1 million • 2027: $93.9 million 17 (121.0) (124.9) (127.2) (94.2) (106.0) 4Q23 1Q24 2Q24 3Q24 4Q24 Accumulated Other Comprehensive Loss(16) ($) Investment Securities - AFS at December 31, 2024 Please see slide 31 for all footnote references included above. $1.10B DOLLARS IN MILLIONS UNAUDITED
ORIGIN BANCORP, INC. _______ Total Loans at December 31, 2024 (Dollars in thousands) Repricing or Maturity Term Rate Structure 1 Year or less > 1 to 3 Years > 3 to 5 Years > 5 to 10 Years > 10 Years Total Floating Rate(17) Variable Rate(17) Fixed Rate Commercial and industrial $ 1,674,722 $ 157,445 $ 135,250 $ 35,217 $ — $ 2,002,634 $ 1,595,183 $ 1,366 $ 406,085 Owner Occupied CRE 317,368 299,869 199,019 159,691 — 975,947 259,273 5,076 711,598 MW LOC 349,081 — — — — 349,081 349,081 — — Total Commercial 2,341,171 457,314 334,269 194,908 — 3,327,662 2,203,537 6,442 1,117,683 Non-Owner Occupied CRE 713,423 471,057 248,775 68,229 — 1,501,484 573,206 2,504 925,774 C&D 624,840 147,333 66,889 13,370 11,579 864,011 505,798 23,710 334,503 Multi-Family Real Estate 213,729 152,225 42,118 9,568 7,820 425,460 154,807 — 270,653 Residential Real Estate - Single Family 401,920 258,131 349,063 227,040 195,975 1,432,129 244,556 718,170 469,403 Consumer 11,571 6,766 4,208 386 36 22,967 5,755 31 17,181 Total LHFI $ 4,306,654 $ 1,492,826 $ 1,045,322 $ 513,501 $ 215,410 $ 7,573,713 $ 3,687,659 $ 750,857 $ 3,135,197 % of total 56 % 20 % 14 % 7 % 3 % 100 % 49 % 10 % 41 % Weighted Average Coupon Rate 6.89 4.68 6.00 4.20 5.28 6.12 7.13 4.69 5.25 AFS & HTM Securities at December 31, 2024 (Dollars in thousands) Maturity & Projected Principal Cashflow Total1 Year or less > 1 to 3 Years > 3 to 5 Years > 5 to 10 Years > 10 Years Projected cash flow $ 112,320 $ 198,019 $ 221,650 $ 487,934 $ 213,302 $ 1,233,225 % of Total 9 % 16 % 18 % 40 % 17 % 100 % LOANS & SECURITIES- REPRICING OR MATURITY 18 UNAUDITED Please see slide 31 for all footnote references included above.
ORIGIN BANCORP, INC. _______ Commercial: 54% Consumer: 33% Public Funds: 12% Brokered: 1% 34% 22% 7% 32% 4% 1% 10% 2% 13% 59% 16% Finance & Insurance: 8% Real Estate Rental & Leasing: 8% Construction: 6% Other Business Deposits <2%: 6% Professional, Scientific, & Technical Svcs: 5% Affiliate: 4% Mgmt of Companies & Enterprises: 4% Manufacturing: 3% Health Care & Social Assistance: 2% Mining: 2% Other Svcs (except Public Administration): 2%Wholesale Trade: 1% Mic: 3% 19 DEPOSIT DETAIL (Dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 QoQ % Δ Total Deposits $ 8,223,120 $ 8,486,568 $ 8,510,842 $ 8,505,464 $ 8,251,125 (3.1) % FDIC Insured (3,464,116) (3,464,116) (3,442,636) (3,447,538) (3,425,268) — FDIC Insured Reciprocal (1,093,952) (1,093,952) (799,221) (801,145) (801,699) — FDIC Insured Brokered Deposits (431,609) (431,609) (636,814) (597,110) (444,989) — Total Estimated FDIC Uninsured Deposits 3,233,443 3,496,891 3,632,171 3,659,671 3,579,169 (7.5) Collateralized Public Funds (714,431) (714,431) (771,419) (836,150) (849,603) — Uninsured/ Uncollateralized Deposits ($) $ 2,519,012 $ 2,782,460 $ 2,860,752 $ 2,823,521 $ 2,729,566 (9.5) Uninsured/ Uncollateralized Deposits (%) 30.6 % 32.8 % 33.6 % 33.2 % 33.1 % Deposit Detail Geographic Concentration(1) at December 31, 2024 Commercial Deposit Composition: $4,505 million Deposit Composition at December 31, 2024: $8,223 million Commercial Public FundsConsumer MississippiLouisiana Texas- DFW TX- East TexasTexas- Houston Please see slide 31 for all footnote references included above. UNAUDITED Southeast 17% 17% 19% 37% 10% * The DFW, Houston and Louisiana markets include $139.7 million of deposits in total that were sold on December 31, 2024, and immediately repurchased on January 1, 2025. * * *
ORIGIN BANCORP, INC. _______ 20 8,361 8,439 8,559 8,498 8,496 4,785 5,009 5,130 5,178 5,341 1,973 1,866 1,894 1,850 1,941 1,603 1,564 1,535 1,470 1,214 Interest-bearing Demand Noninterest-bearing Time Deposits 4Q23 1Q24 2Q24 3Q24 4Q24 Average Deposits ($) DEPOSIT TRENDS IDT Index-Based Deposits DOLLARS IN MILLIONS UNAUDITED Deposit Cost Trends (QTD Annualized) (%) 4.24 4.35 4.46 4.47 4.20 3.71 3.85 3.95 4.01 3.61 2.84 2.99 3.08 3.14 2.79 Time Deposits Cost of Interest-bearing Deposits Cost of Total Deposits 4Q23 1Q24 2Q24 3Q24 4Q24 Time Deposit Repricing Schedule (18) Maturity Balance ($) Weighted Average Rate (%) 1Q25 464 4.19 2Q25 334 3.86 3Q25 105 3.36 4Q25 70 2.57 1Q26+ 48 1.39 Total 1,021 3.76 DOLLARS IN MILLIONS Noninterest-bearing Deposits Interest-bearing Deposits Index-based Interest- bearing Deposits 10% 67% 23%
ORIGIN BANCORP, INC. _______ 21 YIELDS AND COSTS Yield on LHFI (%) Cost of Funds (%) • At 4Q24, LHFI with fixed rates = 41% and LHFI with floating/variable rates = 59%. • At 4Q24, SOFR-based = $2.19 billion, Prime-based = $2.04 billion, and other index-based loans = $213.5 million. UNAUDITED 6.46 6.58 6.58 6.67 6.47 8.50 8.50 8.50 8.43 7.82 5.33 5.33 5.33 5.33 4.78 Yield on LHFI Avg. Prime Rate 30 Day Avg. SOFR 4Q23 1Q24 2Q24 3Q24 4Q24 2.89 3.04 3.12 3.18 2.82 3.71 3.85 3.95 4.01 3.61 2.84 2.99 3.08 3.14 2.79 Cost of Total Deposits & Borrowings Cost of Interest Bearing Deposits Cost of Total Deposits 4Q23 1Q24 2Q24 3Q24 4Q24
ORIGIN BANCORP, INC. _______ 72,989 73,323 73,890 74,804 78,349 67,775 67,540 65,781 65,502 69,956 5,214 5,783 8,109 9,302 8,393 3.19 3.19 3.17 3.18 3.33 Net Interest Income excl. MW LOC MW LOC Interest Income NIM (FTE) 4Q23 1Q24 2Q24 3Q24 4Q24 22 DOLLARS IN THOUSANDS, UNAUDITED NET INTEREST INCOME AND NIM TRENDS 3.18 0.16 0.16 0.02 0.02 0.02 (0.02) (0.03) (0.08) (0.10) 3Q 24 Sav ing s a nd IB Tr an sc . A cc ts Tim e D ep os its FH LB & O the r Bor ro wing s IB B al. D FB To tal S ec ur itie s Othe r MW LO C C&I Rea l E sta te Lo an s 4Q 24 3.00 24.64 29.52 21.01 8.58 2.04 2.480.12 0.77 2.18 3.65 4.99 5.26 5.33 4.65 Cumulative NIM-FTE Beta Average Quarterly Fed Funds Rate 1Q22 2Q22 3Q22 4Q22 2Q23 3Q23 4Q23 1Q24 4Q24 NIM Beta - 4Q24 (%) 1.54 2.48 4.51 NIM-FTE Changes - 4Q24 (%) NIM-FTE Changes - 4Q24 (%) 73,32372,989 1,362 1,537 568 432 (298) (3,267) 4Q 23 RE Lo an s C&I MW LO C Othe r FH LB & O the r Bor ro wing s Sav ing s & IB Tr an sa c. Acc ts. 1Q 24 40,000 60,000 80,000 • Our NIM-FTE increased 15 basis points during 4Q24 compared to 3Q24, driven primarily by a 40 bp reduction in rates paid on interest- bearing liabilities, partially offset by an 18 bp decline in our yield on interest-earning assets. • Our bond portfolio optimization strategy, aimed at enhancing long- term yields and improving overall portfolio performance, positively impacted our NIM-FTE by 3 bps for the quarter ended December 31, 2024, and is estimated to provide an annual positive impact to NIM- FTE of 7 bps in total. • During the second half of 2024 the federal funds target range has decreased 100 basis points from its recent cycle high. Net Interest Income & NIM ($) 3.33
ORIGIN BANCORP, INC. _______ 87,560 90,571 91,492 90,572 92,438 Net Interest Income Noninterest Income 4Q23 1Q24 2Q24 3Q24 4Q24 13,503 16,648 15,809 14,859 13,545 5,446 7,725 6,665 6,928 5,441 4,889 4,688 4,862 4,664 4,801 2,118 2,247 2,404 2,114 2,152 1,050 1,988 1,878 1,153 1,151 Insurance Commission & Fee Income Service Charges & Fees Other Fee Income Mortgage Banking Revenue 4Q23 1Q24 2Q24 3Q24 4Q24 23 Major Components of Noninterest Income(19) ($) Net Interest Income + Noninterest Income ($)(3) NET REVENUE DISTRIBUTION Components of Other Noninterest Income ($) 4Q24 3Q24 2Q24 1Q24 4Q23 Swap Fee Income 116 106 44 57 196 Gain on Subordinated Debentures — — 81 — — Gain (loss) on Sale of Securities (14,617) 221 — (403) (4,606) Positive Valuation Adj. on Non-Marketable Equity Securities — — 5,188 — — MSR Gain (Impairment) — — — 410 (1,769) Gain on Property Sale, Net Valuation Adjustments 198 — 800 — — Other 428 803 543 543 872 Total Components of Other Noninterest Income (13,875) 1,130 6,656 607 (5,307) Major Components of Noninterest Income 13,545 14,859 15,809 16,648 13,503 Total Noninterest Income (330) 15,989 22,465 17,255 8,196 83.4% 84.8% Please see slide 31 for all footnote references included above. DOLLARS IN THOUSANDS, UNAUDITED 82.6%82.1%81.0%
ORIGIN BANCORP, INC. _______ 24 Efficiency Ratios (%) NONINTEREST EXPENSE ANALYSIS DOLLARS IN THOUSANDS Noninterest Expense Composition ($) Consolidated Efficiency Ratio Core Efficiency Ratio 4Q23 1Q24 2Q24 3Q24 4Q24 Operating Leverage (%) E FF IC IE N C Y R AT IO N IE / AV E R A G E A S S E TS 2.48 2.39 2.59 2.49 2.61 75.02 64.81 66.82 68.86 4Q23 1Q24 2Q24 3Q24 4Q24 40 60 80 100 1.5 2.0 2.5 3.0 75 .0 2 70 .5 5 65 .2 4 64 .8 1 Please see slide 31 for all footnote references included above. 65 .5 5 83 .8 5 (5) UNAUDITED 82 .7 9 66 .8 2 68 .8 6 67 .4 8 60,906 58,707 64,388 62,521 65,422 35,931 35,818 38,109 38,491 36,405 6,912 6,645 7,009 6,298 7,913 3,062 3,145 3,468 3,470 3,414 2,947 2,502 3,072 2,984 2,8832,259 2,137 2,137 1,905 1,800 9,795 8,460 10,593 9,373 13,007 Salaries and Employee Benefits Occupancy and Equipment, net Data Processing Office and Operations Intangible Asset Amortization Other 4Q23 1Q24 2Q24 3Q24 4Q24 83.85
ORIGIN BANCORP, INC. _______ 10.5 10.7 10.7 10.9 11.1 10.5 10.6 10.5 10.8 10.9 Company Level Origin Bank Level 4Q23 1Q24 2Q24 3Q24 4Q24 12.0 12.2 12.3 12.6 13.5 11.9 12.1 12.2 12.4 13.3 Company Level Origin Bank Level 4Q23 1Q24 2Q24 3Q24 4Q24 25 CAPITAL 15.0 15.0 15.2 15.5 16.4 13.9 14.0 14.2 14.4 15.3 Company Level Origin Bank Level 4Q23 1Q24 2Q24 3Q24 4Q24 4Q24 Reported versus Capital Ratios incl. AOCI (%) ICap ICap Total Capital to Risk-Weighted Assets(20) (%) Tier 1 Capital to Risk-Weighted Assets(20) (%)Tier 1 Capital to Average Assets (Leverage Ratio)(20) (%) Please see slide 31 for all footnote references included above. 11.1 13.5 16.4 13.3 10.0 12.3 15.2 12.1 10.9 13.3 15.3 13.3 9.8 12.0 14.1 12.0 Company Level, Reported Company Level, incl. AOCI Bank Level, Reported Bank Level, incl. AOCI Tier 1 Leverage Ratio Tier 1 Capital Ratio Total Capital Ratio Common Equity Tier 1 Capital Ratio (21) (21) UNAUDITED
ORIGIN BANCORP, INC. _______ QTD YTD 4Q24 3Q24 4Q24 $ Impact EPS Impact (22) $ Impact EPS Impact (22) $ Impact EPS Impact (22) Notable interest income items: Interest income reversal on relationships impacted by questioned banker activity $ — $ — $ — $ — $ (1,206) $ (0.03) Notable provision expense items: Provision expense related to questioned banker activity 3,212 0.08 — — — — Provision expense on relationships impacted by questioned banker activity — — — — (4,131) (0.10) Notable noninterest income items: MSR gain — — — — 410 0.01 (Loss) gain on sales of securities, net (14,617) (0.37) 221 0.01 (14,799) (0.37) Gain on sub-debt repurchase — — — — 81 — Positive valuation adjustment on non-marketable equity securities — — — — 5,188 0.13 Gain on property sale, net of valuation adjustments 198 — — — 998 0.03 Notable noninterest expense items: Operating expense related to questioned banker activity (4,069) (0.10) (848) (0.02) (6,369) (0.16) Operating expense related to strategic Optimize Origin initiatives (1,121) (0.03) — — (1,121) (0.03) Employee Retention Credit 1,651 0.04 — — 1,651 0.04 Total notable items $ (14,746) (0.37) $ (627) (0.02) $ (19,298) (0.49) 26 DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED NOTABLE ITEMS Please see slide 31 for all footnote references included above.
ORIGIN BANCORP, INC. _______ 4Q24 3Q24 Calculation of PTPP earnings: Net income $ 14,270 $ 18,601 Provision (benefit) for credit losses (5,398) 4,603 Income tax expense 3,725 5,068 PTPP earnings (non-GAAP) $ 12,597 $ 28,272 Calculation of PTPP ROAA: PTPP earnings $ 12,597 $ 28,272 Divided by number of days in the quarter 92 92 Multiplied by the number of days in the year 366 366 PTPP earnings, annualized $ 50,114 $ 112,473 Divided by total average assets $ 9,978,543 $ 9,985,836 ROAA (annualized) (GAAP) 0.57 % 0.74 % PTPP ROAA (annualized) (non-GAAP) 0.50 1.13 Calculation of tangible common equity to tangible assets: Total assets $ 9,678,702 $ 9,965,986 Goodwill (128,679) (128,679) Other intangible assets, net (37,473) (39,272) Tangible assets 9,512,550 9,798,035 Total common stockholders' equity $ 1,145,245 $ 1,145,673 Goodwill (128,679) (128,679) Other intangible assets, net (37,473) (39,272) Tangible common equity 979,093 977,722 Tangible common equity to tangible assets (non-GAAP) 10.29 % 9.98 % 27 DOLLARS IN THOUSANDS, UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ORIGIN BANCORP, INC. _______ 4Q24 3Q24 Calculation of ROATCE: Net income $ 14,270 $ 18,601 Divided by number of days in the quarter 92 92 Multiplied by the number of days in the year 366 366 Annualized net income $ 56,770 $ 74,000 Total average stockholders' equity $ 1,149,228 $ 1,125,697 Average goodwill (128,679) (128,679) Average other intangible assets, net (38,646) (40,487) Average tangible common equity 981,903 956,531 ROATCE (annualized) (non-GAAP) 5.78 % 7.74 % 28 DOLLARS IN THOUSANDS, UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ORIGIN BANCORP, INC. _______ Calculation of tangible book value per common share and adjusted tangible book value per common share: 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 Total common stockholders' equity $ 1,145,245 $ 1,145,673 $ 1,095,894 $ 1,078,853 $ 1,062,905 $ 998,945 $ 997,859 $ 992,587 Goodwill (128,679) (128,679) (128,679) (128,679) (128,679) (128,679) (128,679) (128,679) Other intangible assets, net (37,473) (39,272) (41,177) (43,314) (45,452) (42,460) (44,724) (47,277) Tangible common equity 979,093 977,722 926,038 906,860 888,774 827,806 824,456 816,631 Accumulated other comprehensive loss 106,029 94,245 127,184 124,909 121,023 172,729 152,879 138,481 Adjusted tangible common equity 1,085,122 1,071,967 1,053,222 1,031,769 1,009,797 1,000,535 977,335 955,112 Divided by common shares outstanding at period end 31,197,574 31,167,410 31,108,667 31,011,304 30,986,109 30,906,716 30,866,205 30,780,853 Book value per common share (GAAP) $ 36.71 $ 36.76 $ 35.23 $ 34.79 $ 34.30 $ 32.32 $ 32.33 $ 32.25 Tangible book value per common share (non-GAAP) 31.38 31.37 29.77 29.24 28.68 26.78 26.71 26.53 Adjusted tangible book value per common share (non-GAAP) 34.78 34.39 33.86 33.27 32.59 32.37 31.66 31.03 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 Total common stockholders' equity $ 949,943 $ 907,024 $ 646,373 $ 676,865 $ 730,211 $ 705,667 $ 688,235 $ 656,355 Goodwill (128,679) (136,793) (34,153) (34,153) (34,368) (26,741) (26,741) (26,741) Other intangible assets, net (49,829) (52,384) (15,900) (16,425) (16,962) (3,089) (3,283) (3,505) Tangible common equity 771,435 717,847 596,320 626,287 678,881 675,837 658,211 626,109 Accumulated other comprehensive loss (income) 159,875 175,233 115,979 65,890 (5,729) (11,872) (18,914) (12,185) Adjusted tangible common equity 931,310 893,080 712,299 692,177 673,152 663,965 639,297 613,924 Divided by common shares outstanding at period end 30,746,600 30,661,734 23,807,677 23,748,748 23,746,502 23,496,058 23,502,215 23,488,884 Book value per common share (GAAP) $ 30.90 $ 29.58 $ 27.15 $ 28.50 $ 30.75 $ 30.03 $ 29.28 $ 27.94 Tangible book value per common share (non-GAAP) 25.09 23.41 25.05 26.37 28.59 28.76 28.01 26.66 Adjusted tangible book value per common share (non-GAAP) 30.29 29.13 29.92 29.15 28.35 28.26 27.20 26.14 29 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED
ORIGIN BANCORP, INC. _______ RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of core efficiency ratio: 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 Total noninterest expense $ 65,422 $ 62,521 $ 64,388 $ 58,707 $ 60,906 $ 58,663 $ 58,887 $ 56,760 Insurance and mortgage noninterest expense (8,497) (8,448) (8,402) (8,045) (8,581) (8,579) (9,156) (8,033) Adjusted total noninterest expense 56,925 54,073 55,986 50,662 52,325 50,084 49,731 48,727 Net interest income 78,349 74,804 73,890 73,323 72,989 74,130 75,291 77,147 Insurance and mortgage net interest income (2,666) (2,578) (2,407) (2,795) (2,294) (2,120) (1,574) (1,493) Total noninterest income (330) 15,989 22,465 17,255 8,196 18,119 15,636 16,384 Insurance and mortgage noninterest income (6,592) (8,081) (8,543) (10,123) (4,727) (7,335) (7,587) (8,792) Adjusted total revenue 68,761 80,134 85,405 77,660 74,164 82,794 81,766 83,246 Efficiency ratio (GAAP) 83.85 % 68.86 % 66.82 % 64.81 % 75.02 % 63.59 % 64.76 % 60.69 % Core efficiency ratio (non-GAAP) 82.79 67.48 65.55 65.24 70.55 60.49 60.82 58.53 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 Total noninterest expense $ 57,254 $ 56,241 $ 44,150 $ 42,774 $ 40,346 $ 39,165 $ 37,832 $ 39,436 Insurance and mortgage noninterest expense (8,031) (8,479) (8,397) (8,626) (6,580) (6,688) (6,964) (7,252) Adjusted total noninterest expense 49,223 47,762 35,753 34,148 33,766 32,477 30,868 32,184 Net interest income 84,749 78,523 59,504 52,502 54,180 52,541 54,292 55,239 Insurance and mortgage net interest income (1,376) (1,208) (1,082) (875) (946) (1,048) (979) (1,003) Total noninterest income 13,429 13,723 14,216 15,906 16,701 15,923 12,438 17,131 Insurance and mortgage noninterest income (6,255) (4,737) (8,047) (10,552) (5,683) (6,179) (5,815) (8,348) Adjusted total revenue 90,547 86,301 64,591 56,981 64,252 61,237 59,936 63,019 Efficiency ratio (GAAP) 58.32 % 60.97 % 59.89 % 62.53 % 56.92 % 57.21 % 56.69 % 54.49 % Core efficiency ratio (non-GAAP) 54.36 55.34 55.35 59.93 52.55 53.03 51.50 51.07 30
ORIGIN BANCORP, INC. _______ 31 PRESENTATION NOTES (1) Excludes Treasury / wholesale deposits of $41.9 million at December 31, 2024. (2) Excludes mortgage warehouse lines of credit (“MW LOC”). (3) Excludes notable items. (4) Data obtained from United States Census Bureau (census.gov), Texas Comptroller (comptroller.texas.gov), Office of the Texas Governor (gov.texas.gov), Fortune (fortune.com), Bureau of Labor Statistics (bls.gov), Baldwin County Economic Development Council (baldwineda.com), Florida's Great Northwest (floridasgreatnorthwest.com), Bureau of Transportation Statistics (bts.gov) and Port of Mobile, Alabama Port Authority (alports.com). (5) As used in this presentation, PTPP earnings, PTPP ROAA, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their comparable GAAP measures, see slides 27-30 of this presentation. (6) Total LHFI, adjusted excludes MW LOC for all periods presented. (7) Origin Bancorp, Inc. and KBW Nasdaq Bank cumulative total shareholder return assumes $100 invested on December 31, 1996, and any dividends are reinvested. Data for Origin Bancorp, Inc. cumulative total shareholder return prior to May 9, 2018, is based upon private stock transactions and is not reflective of open market trades. (8) Data obtained from The United States Census Bureau (census.gov). Count is as of most recent practicable date. The Company expects to close six banking centers in February 2025 in conjunction with its Optimize Origin initiative. (9) Prior period numbers were adjusted to include mortgage warehouse deposits in our DFW market. (10) Periods ended December 31, 2020 and 2021, exclude PPP loans. (11) Does not include loans held for sale. (12) The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC from the total LHFI ALCL in the numerator and excluding the MW LOC from the LHFI in the denominator. Due to their low-risk profile, MW LOC require a disproportionately low allocation of the ALCL. (13) The sensitivity analysis is based on loans exceeding $2.5 million. (14) Represents an interest rate sensitivity test for CRE non-owner office loans over $2.5 million using interest rate assumptions increased to 8.0% for 2024 maturities, 7.4% for 2025 maturities, 6.4% for 2026 maturities, 5.9% for 2027 maturities and 5.9% for 2028+ maturities, based upon federal open market committee projections at September 2024. (15) Represents the weighted average loan to value based upon an increase to a 10% stress capitalization rate on loans exceeding $2.5 million within the CRE non-owner occupied office portfolio. (16) The accumulated other comprehensive loss primarily represents the unrealized loss, net of tax benefit, of available for sale securities and is a component of equity. (17) Floating rate loans typically reprice monthly, while variable rate loans reprice based upon the terms defined within the adjustable rate loan agreement specific to their loan contract. (18) Projection is based upon December 31, 2024, time deposit balances. (19) Mortgage banking revenue for 1Q24 and 4Q23 was adjusted by removing the impact for the $410,000 gain on sale and $1.8 million impairment, respectively, on the MSR portfolio. (20) December 31, 2024, dollars and ratios are estimated. (21) Capital ratios including AOCI are calculated by including the accumulated other comprehensive loss used in the numerator of the respective ratios and including the primarily negative fair value adjustments on the available for sale portfolio in the total risk-weighted assets used in the denominator of the ratio. (22) The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
