• Origin Bancorp, Inc. Reports Earnings For Third Quarter 2024

    المصدر: Nasdaq GlobeNewswire / 23 أكتوبر 2024 16:25:57   America/New_York

    RUSTON, La., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $18.6 million, or $0.60 diluted earnings per share for the quarter ended September 30, 2024, compared to net income of $21.0 million, or $0.67 diluted earnings per share, for the quarter ended June 30, 2024. Pre-tax, pre-provision (“PTPP”)(1) earnings was $28.3 million for the quarter ended September 30, 2024, compared to $32.0 million for the linked quarter.

    “I am pleased with the balance sheet trends we showed in the third quarter,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “I am confident these trends will continue and our bankers will capitalize on opportunities throughout our markets.”

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

    Financial Highlights

    • Total loans held for investment (“LHFI”) were $7.96 billion at both September 30, 2024, and June 30, 2024. LHFI, excluding mortgage warehouse lines of credit (“MW LOC”), were $7.46 billion at September 30, 2024, reflecting an increase of $8.9 million, or 0.12%, compared to June 30, 2024.
    • Noninterest-bearing deposits were $1.89 billion at September 30, 2024, reflecting an increase of $27.1 million, or 1.5%, compared to June 30, 2024.
    • Net interest income was $74.8 million for the quarter ended September 30, 2024, reflecting an increase of $914,000, or 1.2%, compared to the linked quarter.
    • Our book value per common share was $36.76 as of September 30, 2024, reflecting an increase of $1.53, or 4.3%, compared to June 30, 2024. Tangible book value per common share(1) was $31.37 at September 30, 2024, reflecting an increase of $1.60, or 5.4%, compared to June 30, 2024.
    • Stockholders’ equity was $1.15 billion at September 30, 2024, reflecting an increase of $49.8 million, or 4.5%, compared to June 30, 2024.
    • At September 30, 2024, and June 30, 2024, the ratio of Company-level common equity Tier 1 capital to risk-weighted assets was 12.46%, and 12.15%, respectively, the Tier 1 leverage ratio was 10.93% and 10.70%, respectively, and the total capital ratio was 15.45% and 15.16%, respectively. The ratio of tangible common equity to tangible assets(1) was 9.98% at September 30, 2024, compared to 9.47% at June 30, 2024.

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

    Results of Operations for the Three Months Ended September 30, 2024

    Net Interest Income and Net Interest Margin

    Net interest income for the quarter ended September 30, 2024, was $74.8 million, an increase of $914,000, or 1.2%, compared to the quarter ended June 30, 2024, $813,000 of which was driven by one additional day in the current quarter. Higher interest rates drove a net increase of $147,000 in net interest income, which was reflected in a $1.2 million increase in interest income earned on interest-earnings assets offset by a $1.1 million increase in interest expense paid on interest-bearing liabilities.

    Higher interest rates on LHFI drove a $2.0 million increase in the yield for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, $1.5 million of which was driven by real estate-based loans. The average rate on LHFI increased to 6.67% for the quarter ended September 30, 2024, compared to 6.58% for the quarter ended June 30, 2024. Higher interest rates on savings and interest-bearing transaction accounts drove a $1.1 million increase in interest expense, compared to the quarter ended June 30, 2024. The average rate on interest-bearing deposits increased to 4.01% for the quarter ended September 30, 2024, compared to 3.95% for the quarter ended June 30, 2024.

    The Federal Reserve Board sets various benchmark rates, including the federal funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. The federal funds target rate range was reduced by 50 basis points on September 18, 2024, to a range of 4.75% to 5.00%, the first rate reduction since early 2020.

    The NIM-FTE was 3.18% for the quarter ended September 30, 2024, representing a one- and a four-basis-point increase compared to the linked quarter and the prior year same quarter, respectively. The yield earned on interest-earning assets for the quarter ended September 30, 2024, was 6.09%, an increase of five and 40 basis points compared to the linked quarter and the prior year same quarter, respectively. The average rate paid on total interest-bearing liabilities for the quarter ended September 30, 2024, was 4.04%, representing a six- and 45-basis point increase compared to the linked quarter and the prior year same quarter, respectively.

    As discussed in our June 30, 2024, Origin Bancorp, Inc. Earnings Release, we reversed $1.2 million of accrued loan interest during the quarter ended June 30, 2024, due to certain questioned activity involving a single banker, who has since been terminated, in our East Texas market. This reversal of accrued loan interest income negatively impacted the fully tax equivalent net interest margin (“NIM-FTE”) by five basis points for the linked quarter. Had we not experienced the reversal of the $1.2 million of accrued interest income during the quarter ended June 30, 2024, our NIM-FTE would have been 3.22% for the linked quarter, and we would have experienced a four-basis point decrease in our current NIM-FTE compared to the linked quarter. There was no equivalent interest income reversal during the current quarter and these loans remain on non-accrual.

    Credit Quality

    The table below includes key credit quality information:

     At and For the Three Months Ended Change % Change
    (Dollars in thousands, unaudited)September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023    		 Linked
    Quarter    		 Linked
    Quarter
    Past due LHFI$38,838  $66,276  $20,347  $(27,438) (41.4)%
    Allowance for loan credit losses (“ALCL”) 95,989   100,865   95,177   (4,876) (4.8)
    Classified loans 107,486   118,254   64,021   (10,768) (9.1)
    Total nonperforming LHFI 64,273   75,812   31,608   (11,539) (15.2)
    Provision for credit losses 4,603   5,231   3,515   (628) (12.0)
    Net charge-offs 9,520   2,946   2,686   6,574  223.2 
    Credit quality ratios(1):         
    ALCL to nonperforming LHFI 149.35%  133.05%  301.12%  16.30% N/A
    ALCL to total LHFI 1.21   1.27   1.26   (0.06) N/A
    ALCL to total LHFI, adjusted(2) 1.28   1.34   1.30   (0.06) N/A
    Classified loans to total LHFI 1.35   1.49   0.85   (0.14) N/A
    Nonperforming LHFI to LHFI 0.81   0.95   0.42   (0.14) N/A
    Net charge-offs to total average LHFI (annualized) 0.48   0.15   0.14   0.33  N/A

    ___________________________

    (1)Please see the Loan Data schedule at the back of this document for additional information.
    (2) The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.
      

    As discussed in our June 30, 2024, Origin Bancorp, Inc. Earnings Release, our credit metrics were negatively impacted by certain questioned activity involving a single banker, who has since been terminated, in our East Texas market. Our investigation of this activity remains ongoing and is not final; however, as a result of a forbearance agreement with one of our impacted customer relationships, our past due LHFI declined $26.4 million when compared to the quarter ended June 30, 2024. There was no material change in the level of our nonperforming or classified LHFI principal balances between the current quarter and the linked quarter as a result of the questioned activity. We continue to work with an outside forensic accounting firm to confirm the bank’s identification and reconciliation of the activity, targeting a conclusion of this analysis by the end of this year. At this time, we believe that any ultimate loss arising from the situation will not be material to our financial position.

    Past due LHFI were $38.8 million for the quarter ended September 30, 2024, compared to $66.3 million at June 30, 2024. Of the $27.4 million decrease, $26.4 million were impacted by or related to the questioned activity. The remaining net decrease in past due LHFI was primarily due to charge-offs or payoffs in commercial and industrial past due loans during the quarter ended September 30, 2024.

    Nonperforming LHFI decreased $11.5 million for the quarter reflecting a decrease in the percentage of nonperforming LHFI to LHFI to 0.81% compared to 0.95% for the linked quarter. The decrease in nonperforming loans was primarily driven by three commercial and industrial loan relationships totaling $14.6 million at June 30, 2024, $10.4 million of which were charged-off and $4.2 million were paid down during the current quarter.

    Classified loans decreased $10.8 million to $107.5 million at September 30, 2024, reflecting 1.35% as a percentage of total LHFI, down 14 basis points from the linked quarter. The decrease in classified loans was primarily driven by the same three commercial and industrial loan relationships mentioned in the nonperforming loan paragraph directly above.

    Noninterest Income

    Noninterest income for the quarter ended September 30, 2024, was $16.0 million, a decrease of $6.5 million, or 28.8%, from the linked quarter. The decrease from the linked quarter was primarily driven by decreases of $5.2 million, $725,000 and $621,000 in the change in fair value of equity investments, mortgage banking revenue and other income, respectively.

    The decrease in change in fair value of equity investments was due to a $5.2 million positive valuation adjustment on a non-marketable equity security recognized during the linked quarter with no comparable amount recognized during the current quarter.

    The decrease in mortgage banking revenue was primarily due to an $833,000 combined decrease in the pipeline and interest rate lock commitment fair values during the current quarter compared to the linked quarter.

    The decrease in other income was primarily due to an $818,000 gain on sale of bank property recognized in the linked quarter with no comparable amount recognized in the current quarter.

    Noninterest Expense

    Noninterest expense for the quarter ended September 30, 2024, was $62.5 million, a decrease of $1.9 million, or 2.9% from the linked quarter. The decrease was primarily driven by a decrease of $1.6 million and in other noninterest expense.

    The decrease in other expenses resulted from recognizing contingent liabilities totaling approximately $1.2 million related to certain questioned activity involving a single banker, who has since been terminated, in our East Texas market, as described previously, in the linked quarter with no comparable liability incurred in the current quarter. Also, contributing to the quarter over quarter decline was a $357,000 decrease in corporate membership fees.

    Financial Condition

    Loans

    • Total LHFI were $7.96 billion at both September 30, 2024, and June 30, 2024, and reflected an increase of $388.7 million, or 5.1%, compared to September 30, 2023.
    • Total LHFI, excluding MW LOC, were $7.46 billion at September 30, 2024, representing an increase of $8.9 million, or 0.1%, from June 30, 2024, and an increase of $179.8 million, or 2.5%, from September 30, 2023.
    • During the quarter ended September 30, 2024, compared to the linked quarter, we experienced declines in construction/land/land development loans and MW LOC of $25.8 million and $11.3 million, respectively, partially offset by growth in multi-family real estate loans of $36.1 million.

    Securities

    • Total securities were $1.18 billion at both September 30, 2024, and June 30, 2024, and reflected a decrease of $129.8 million, or 9.9%, compared to September 30, 2023.
    • Accumulated other comprehensive loss, net of taxes, primarily associated with the available for sale (“AFS”) portfolio, was $94.2 million at September 30, 2024, an improvement of $32.9 million, or 25.9%, from the linked quarter.
    • The weighted average effective duration for the total securities portfolio was 4.21 years as of September 30, 2024, compared to 4.28 years as of June 30, 2024.

    Deposits

    • Total deposits at September 30, 2024, were $8.49 billion, a decrease of $24.3 million, or 0.3%, compared to the linked quarter, and represented an increase of $112.1 million, or 1.3%, from September 30, 2023. The decrease in the current quarter compared to the linked quarter was primarily due to a decrease of $205.2 million in brokered (which includes both brokered time and brokered interest-bearing demand) deposits. The decrease in brokered deposits was primarily replaced with customer deposits.
    • Excluding brokered deposits, total deposit increased $180.9 million, or 2.3%, to $8.05 billion, primarily due to increases of $87.0 million, $64.4 million and $27.1 million in money market deposits, interest-bearing demand deposits and noninterest-bearing demand deposits, respectively.
    • At September 30, 2024, noninterest-bearing deposits as a percentage of total deposits were 22.3%, compared to 21.9% and 24.0% at June 30, 2024, and September 30, 2023, respectively. Excluding brokered deposits, noninterest-bearing deposits as a percentage of total deposits were 23.5%, compared to 23.7% and 26.1% at June 30, 2024, and September 30, 2023, respectively.

    Borrowings

    • FHLB advances and other borrowings at September 30, 2024, were $30.4 million, a decrease of $10.3 million, or 25.3%, compared to the linked quarter and represented an increase of $18.2 million, or 149.3%, from September 30, 2023.

    Stockholders’ Equity

    • Stockholders’ equity was $1.15 billion at September 30, 2024, an increase of $49.8 million, or 4.5%, compared to $1.10 billion at June 30, 2024, and an increase of $146.7 million, or 14.7%, compared to September 30, 2023.
    • The increase in stockholders’ equity from the linked quarter is primarily due to a decrease in accumulated other comprehensive loss of $32.9 million and net income of $18.6 million, partially offset by dividends declared of $4.8 million during the current quarter.

    Conference Call

    Origin will hold a conference call to discuss its third quarter 2024 results on Thursday, October 24, 2024, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (800) 528-1066 (U.S. Toll Free), enter Conference ID: 84865 and request to be joined into the Origin Bancorp, Inc. (OBK) call. A simultaneous audio-only webcast may be accessed via Origin’s website at www.origin.bank under the investor relations, News & Events, Events & Presentations link or directly by visiting https://dealroadshow.com/e/ORIGINQ324.

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

    About Origin

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

    Non-GAAP Financial Measures

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

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

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin’s future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect Origin’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the effects of declines in the real estate market, high-profile bank failures, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; changes in benchmark interest rates and the resulting impacts on net interest income; deterioration of Origin’s asset quality; factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; changes in the value of collateral securing Origin’s loans; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; Origin’s ability to anticipate interest rate changes and manage interest rate risk (including the impact of higher interest rates on macroeconomic conditions, competition, and the cost of doing business and the impact of prolonged elevated interest rates on our financial projections, models and guidance); the effectiveness of Origin’s risk management framework and quantitative models; Origin’s inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin’s common stockholders, repurchase Origin’s shares of common stock and satisfy obligations as they become due; the impact of labor pressures; changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; changes in management personnel; Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; increasing costs as Origin grows deposits; operational risks associated with Origin’s business; 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; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which Origin operates and in which its loans are concentrated; Origin’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in Origin’s loan portfolio; changes in laws, rules, regulations, interpretations or policies relating to financial institutions, and potential expenses associated with complying with such regulations; periodic changes to the extensive body of accounting rules and best practices; further government intervention in the U.S. financial system; a deterioration of the credit rating for U.S. long-term sovereign debt or actions that the U.S. government may take to avoid exceeding the debt ceiling; a potential U.S. federal government shutdown and the resulting impacts; compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities, and tax matters; Origin’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; changes in the utility of Origin’s non-GAAP liquidity measurements and its underlying assumptions or estimates; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies and similar organizations; natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities (including the impacts related to or resulting from Russia's military action in Ukraine or the conflict in Israel and surrounding areas, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments), regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond Origin’s control; the impact of generative artificial intelligence; fraud or misconduct by internal or external actors (including Origin employees) which Origin may not be able to prevent, detect or mitigate, system failures, cybersecurity threats or security breaches and the cost of defending against them; Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and 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.

    Contact:

    Investor Relations
    Chris Reigelman
    318-497-3177
    chris@origin.bank

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

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

     Three Months Ended
     September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
              
    Income statement and share amounts(Dollars in thousands, except per share amounts)
    Net interest income$74,804  $73,890  $73,323  $72,989  $74,130 
    Provision for credit losses 4,603   5,231   3,012   2,735   3,515 
    Noninterest income 15,989   22,465   17,255   8,196   18,119 
    Noninterest expense 62,521   64,388   58,707   60,906   58,663 
    Income before income tax expense 23,669   26,736   28,859   17,544   30,071 
    Income tax expense 5,068   5,747   6,227   4,119   5,758 
    Net income$18,601  $20,989  $22,632  $13,425  $24,313 
    PTPP earnings(1)$28,272  $31,967  $31,871  $20,279  $33,586 
    Basic earnings per common share 0.60   0.68   0.73   0.43   0.79 
    Diluted earnings per common share 0.60   0.67   0.73   0.43   0.79 
    Dividends declared per common share 0.15   0.15   0.15   0.15   0.15 
    Weighted average common shares outstanding - basic 31,130,293   31,042,527   30,981,333   30,898,941   30,856,649 
    Weighted average common shares outstanding - diluted 31,239,877   31,131,829   31,078,910   30,995,354   30,943,860 
              
    Balance sheet data         
    Total LHFI$7,956,790  $7,959,171  $7,900,027  $7,660,944  $7,568,063 
    Total LHFI excluding MW LOC 7,461,602   7,452,666   7,499,032   7,330,978   7,281,770 
    Total assets 9,965,986   9,947,182   9,892,379   9,722,584   9,733,303 
    Total deposits 8,486,568   8,510,842   8,505,464   8,251,125   8,374,488 
    Total stockholders’ equity 1,145,673   1,095,894   1,078,853   1,062,905   998,945 
              
    Performance metrics and capital ratios         
    Yield on LHFI 6.67%  6.58%  6.58%  6.46%  6.35%
    Yield on interest-earnings assets 6.09   6.04   5.99   5.86   5.69 
    Cost of interest-bearing deposits 4.01   3.95   3.85   3.71   3.47 
    Cost of total deposits 3.14   3.08   2.99   2.84   2.61 
    NIM - fully tax equivalent ("FTE") 3.18   3.17   3.19   3.19   3.14 
    Return on average assets (annualized) ("ROAA") 0.74   0.84   0.92   0.55   0.96 
    PTPP ROAA (annualized)(1) 1.13   1.28   1.30   0.82   1.33 
    Return on average stockholders’ equity (annualized) ("ROAE") 6.57   7.79   8.57   5.26   9.52 
    Book value per common share$36.76  $35.23  $34.79  $34.30  $32.32 
    Tangible book value per common share(1) 31.37   29.77   29.24   28.68   26.78 
    Adjusted tangible book value per common share(1) 34.39   33.86   33.27   32.59   32.37 
    Return on average tangible common equity (annualized) ("ROATCE")(1) 7.74%  9.25%  10.24%  6.36%  11.48%
    Efficiency ratio(2) 68.86   66.82   64.81   75.02   63.59 
    Core efficiency ratio(1) 67.48   65.55   65.24   70.55   60.49 
    Common equity tier 1 to risk-weighted assets(3) 12.46   12.15   11.97   11.83   11.46 
    Tier 1 capital to risk-weighted assets(3) 12.64   12.33   12.15   12.01   11.64 
    Total capital to risk-weighted assets(3) 15.45   15.16   14.98   15.02   14.61 
    Tier 1 leverage ratio(3) 10.93   10.70   10.66   10.50   10.00 

    __________________________

    (1)PTPP earnings, PTPP ROAA, tangible book value per common share, adjusted tangible book value per common share, 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 most directly comparable GAAP measures, please see the last few pages of this release.
    (2)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
    (3)September 30, 2024, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.
      

    Origin Bancorp, Inc.
    Selected Year-To-Date Financial Data
    (Unaudited)

     Nine Months Ended September 30,
    (Dollars in thousands, except per share amounts) 2024   2023 
        
    Income statement and share amounts 
    Net interest income$222,017  $226,568 
    Provision for credit losses 12,846   14,018 
    Noninterest income 55,709   50,139 
    Noninterest expense 185,616   174,310 
    Income before income tax expense 79,264   88,379 
    Income tax expense 17,042   18,004 
    Net income$62,222  $70,375 
    PTPP earnings(1)$92,110  $102,397 
    Basic earnings per common share 2.00   2.29 
    Diluted earnings per common share 2.00   2.28 
    Dividends declared per common share 0.45   0.45 
    Weighted average common shares outstanding - basic 31,051,672   30,797,399 
    Weighted average common shares outstanding - diluted 31,160,867   30,903,222 
        
    Performance metrics   
    Yield on LHFI 6.61%  6.19%
    Yield on interest-earning assets 6.04   5.50 
    Cost of interest-bearing deposits 3.94   3.03 
    Cost of total deposits 3.07   2.22 
    NIM-FTE 3.18   3.24 
    Adjusted NIM-FTE(2) 3.18   3.21 
    ROAA (annualized) 0.84   0.94 
    PTPP ROAA (annualized)(1) 1.24   1.37 
    ROAE (annualized) 7.62   9.45 
    ROATCE (annualized)(1) 9.04   11.47 
    Efficiency ratio(3) 66.83   62.99 
    Core efficiency ratio(1) 66.09   59.94 

    ____________________________

    (1)PTPP earnings, PTPP ROAA, 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 most directly comparable GAAP measures, please see the last few pages of this release.
    (2)Adjusted NIM-FTE is a non-GAAP financial measure and is calculated for nine months ended September 30, 2024, by removing the $20,000 net purchase accounting amortization from net interest income. And, for the nine months ended September 30, 2023, by removing the $2.2 million net purchase accounting accretion from net interest income.
    (3)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
      

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

     Three Months Ended
     September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
              
    Interest and dividend income(Dollars in thousands, except per share amounts)
    Interest and fees on loans$133,195 $129,879 $127,186  $123,673  $121,204 
    Investment securities-taxable 6,536  6,606  6,849   7,024   8,194 
    Investment securities-nontaxable 905  893  910   1,124   1,281 
    Interest and dividend income on assets held in other financial institutions 3,621  4,416  3,756   3,664   4,772 
    Total interest and dividend income 144,257  141,794  138,701   135,485   135,451 
    Interest expense         
    Interest-bearing deposits 67,051  65,469  62,842   59,771   55,599 
    FHLB advances and other borrowings 482  514  518   220   3,207 
    Subordinated indebtedness 1,920  1,921  2,018   2,505   2,515 
    Total interest expense 69,453  67,904  65,378   62,496   61,321 
    Net interest income  74,804  73,890  73,323   72,989   74,130 
    Provision for credit losses 4,603  5,231  3,012   2,735   3,515 
    Net interest income after provision for credit losses 70,201  68,659  70,311   70,254   70,615 
    Noninterest income         
    Insurance commission and fee income 6,928  6,665  7,725   5,446   6,443 
    Service charges and fees 4,664  4,862  4,688   4,889   4,621 
    Other fee income 2,114  2,404  2,247   2,118   2,006 
    Mortgage banking revenue (loss) 1,153  1,878  2,398   (719)  892 
    Swap fee income 106  44  57   196   366 
    Gain (loss) on sales of securities, net 221  —  (403)  (4,606)  (7,173)
    Change in fair value of equity investments —  5,188  —   —   10,096 
    Other income 803  1,424  543   872   868 
    Total noninterest income 15,989  22,465  17,255   8,196   18,119 
    Noninterest expense         
    Salaries and employee benefits 38,491  38,109  35,818   35,931   34,624 
    Occupancy and equipment, net 6,298  7,009  6,645   6,912   6,790 
    Data processing 3,470  3,468  3,145   3,062   2,775 
    Office and operations 2,984  3,072  2,502   2,947   2,868 
    Intangible asset amortization 1,905  2,137  2,137   2,259   2,264 
    Regulatory assessments 1,791  1,842  1,734   1,860   1,913 
    Advertising and marketing 1,449  1,328  1,444   1,690   1,371 
    Professional services 2,012  1,303  1,231   1,440   1,409 
    Loan-related expenses 751  1,077  905   1,094   1,220 
    Electronic banking 1,308  1,238  1,239   1,103   1,384 
    Franchise tax expense 721  815  477   942   520 
    Other expenses 1,341  2,990  1,430   1,666   1,525 
    Total noninterest expense 62,521  64,388  58,707   60,906   58,663 
    Income before income tax expense 23,669  26,736  28,859   17,544   30,071 
    Income tax expense 5,068  5,747  6,227   4,119   5,758 
    Net income$18,601 $20,989 $22,632  $13,425  $24,313 
    Basic earnings per common share$0.60 $0.68 $0.73  $0.43  $0.79 
    Diluted earnings per common share 0.60  0.67  0.73   0.43   0.79 
                      

    Origin Bancorp, Inc.
    Consolidated Balance Sheets
    (Unaudited)

    (Dollars in thousands)September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Assets         
    Cash and due from banks$159,337  $137,615  $98,147  $127,278  $141,705 
    Interest-bearing deposits in banks 161,854   150,435   193,365   153,163   163,573 
    Total cash and cash equivalents 321,191   288,050   291,512   280,441   305,278 
    Securities:         
    AFS 1,160,965   1,160,048   1,190,922   1,253,631   1,290,839 
    Held to maturity, net of allowance for credit losses 11,096   11,616   11,651   11,615   10,790 
    Securities carried at fair value through income 6,533   6,499   6,755   6,808   6,772 
    Total securities 1,178,594   1,178,163   1,209,328   1,272,054   1,308,401 
    Non-marketable equity securities held in other financial institutions 67,068   64,010   53,870   55,190   63,842 
    Loans held for sale 7,631   18,291   14,975   16,852   14,944 
    Loans 7,956,790   7,959,171   7,900,027   7,660,944   7,568,063 
    Less: ALCL 95,989   100,865   98,375   96,868   95,177 
    Loans, net of ALCL 7,860,801   7,858,306   7,801,652   7,564,076   7,472,886 
    Premises and equipment, net 126,751   121,562   120,931   118,978   111,700 
    Mortgage servicing rights —   —   —   15,637   19,189 
    Cash surrender value of bank-owned life insurance 40,602   40,365   40,134   39,905   39,688 
    Goodwill 128,679   128,679   128,679   128,679   128,679 
    Other intangible assets, net 39,272   41,177   43,314   45,452   42,460 
    Accrued interest receivable and other assets 195,397   208,579   187,984   185,320   226,236 
    Total assets$9,965,986  $9,947,182  $9,892,379  $9,722,584  $9,733,303 
    Liabilities and Stockholders’ Equity         
    Noninterest-bearing deposits$1,893,767  $1,866,622  $1,887,066  $1,919,638  $2,008,671 
    Interest-bearing deposits excluding brokered interest-bearing deposits 5,137,940   4,984,817   4,990,632   4,918,597   4,728,263 
    Time deposits 1,023,252   1,022,589   1,030,656   967,901   968,352 
    Brokered deposits 431,609   636,814   597,110   444,989   669,202 
    Total deposits 8,486,568   8,510,842   8,505,464   8,251,125   8,374,488 
    FHLB advances and other borrowings 30,446   40,737   13,158   83,598   12,213 
    Subordinated indebtedness 159,861   159,779   160,684   194,279   196,825 
    Accrued expenses and other liabilities 143,438   139,930   134,220   130,677   150,832 
    Total liabilities 8,820,313   8,851,288   8,813,526   8,659,679   8,734,358 
    Stockholders’ equity:         
    Common stock 155,837   155,543   155,057   154,931   154,534 
    Additional paid-in capital 535,662   532,950   530,380   528,578   525,434 
    Retained earnings 548,419   534,585   518,325   500,419   491,706 
    Accumulated other comprehensive loss (94,245)  (127,184)  (124,909)  (121,023)  (172,729)
    Total stockholders’ equity 1,145,673   1,095,894   1,078,853   1,062,905   998,945 
    Total liabilities and stockholders’ equity$9,965,986  $9,947,182  $9,892,379  $9,722,584  $9,733,303 
                        

    Origin Bancorp, Inc.
    Loan Data
    (Unaudited)

     At and For the Three Months Ended
     September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
              
    LHFI(Dollars in thousands)
    Owner occupied commercial real estate$991,671  $959,850  $948,624  $953,822  $932,109 
    Non-owner occupied commercial real estate 1,533,093   1,563,152   1,472,164   1,488,912   1,503,782 
    Construction/land/land development 991,545   1,017,389   1,168,597   1,070,225   1,076,756 
    Residential real estate - single family 1,414,013   1,421,027   1,373,532   1,373,696   1,338,382 
    Multi-family real estate 434,317   398,202   359,765   361,239   349,787 
    Total real estate loans 5,364,639   5,359,620   5,322,682   5,247,894   5,200,816 
    Commercial and industrial 2,074,037   2,070,947   2,154,151   2,059,460   2,058,073 
    MW LOC 495,188   506,505   400,995   329,966   286,293 
    Consumer 22,926   22,099   22,199   23,624   22,881 
    Total LHFI 7,956,790   7,959,171   7,900,027   7,660,944   7,568,063 
    Less: ALCL 95,989   100,865   98,375   96,868   95,177 
    LHFI, net$7,860,801  $7,858,306  $7,801,652  $7,564,076  $7,472,886 
              
    Nonperforming assets(1)         
    Nonperforming LHFI         
    Commercial real estate$2,776  $2,196  $4,474  $786  $942 
    Construction/land/land development 26,291   26,336   383   305   235 
    Residential real estate(2) 14,313   13,493   14,918   13,037   13,236 
    Commercial and industrial 20,486   33,608   20,560   15,897   17,072 
    Consumer 407   179   104   90   123 
    Total nonperforming loans 64,273   75,812   40,439   30,115   31,608 
    Repossessed assets 6,043   6,827   3,935   3,929   3,939 
    Total nonperforming assets$70,316  $82,639  $44,374  $34,044  $35,547 
    Classified assets$113,529  $125,081  $88,152  $84,474  $67,960 
    Past due LHFI(3) 38,838   66,276   32,835   26,043   20,347 
              
    Allowance for loan credit losses         
    Balance at beginning of period$100,865  $98,375  $96,868  $95,177  $94,353 
    Provision for loan credit losses 4,644   5,436   4,089   3,582   3,510 
    Loans charged off 11,226   3,706   6,683   3,803   3,202 
    Loan recoveries 1,706   760   4,101   1,912   516 
    Net charge-offs 9,520   2,946   2,582   1,891   2,686 
    Balance at end of period$95,989  $100,865  $98,375  $96,868  $95,177 
              
    Credit quality ratios         
    Total nonperforming assets to total assets 0.71%  0.83%  0.45%  0.35%  0.37%
    Nonperforming LHFI to LHFI 0.81   0.95   0.51   0.39   0.42 
    Past due LHFI to LHFI 0.49   0.83   0.42   0.34   0.27 
    ALCL to nonperforming LHFI 149.35   133.05   243.27   321.66   301.12 
    ALCL to total LHFI 1.21   1.27   1.25   1.26   1.26 
    ALCL to total LHFI, adjusted(4) 1.28   1.34   1.30   1.31   1.30 
    Net charge-offs to total average LHFI (annualized) 0.48   0.15   0.13   0.10   0.14 

    ____________________________

    (1)Nonperforming assets consist of nonperforming/nonaccrual loans and property acquired through foreclosures or repossession, as well as bank-owned property not in use and listed for sale.
    (2)Includes multi-family real estate.
    (3)Past due LHFI are defined as loans 30 days or more past due.
    (4)The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.
      

    Origin Bancorp, Inc.
    Average Balances and Yields/Rates
    (Unaudited)

     Three Months Ended
     September 30, 2024 June 30, 2024 September 30, 2023
     Average Balance Yield/Rate Average Balance Yield/Rate Average Balance Yield/Rate
                
    Assets(Dollars in thousands)
    Commercial real estate$2,507,566 5.93% $2,497,490 5.91% $2,428,969 5.73%
    Construction/land/land development 1,019,302 7.37   1,058,972 6.98   1,044,180 7.04 
    Residential real estate(1) 1,824,725 5.56   1,787,829 5.48   1,663,291 5.06 
    Commercial and industrial ("C&I") 2,071,984 7.96   2,128,486 7.87   2,024,675 7.62 
    MW LOC 484,680 7.64   430,885 7.57   376,275 7.21 
    Consumer 22,739 7.93   22,396 8.06   23,704 7.74 
    LHFI 7,930,996 6.67   7,926,058 6.58   7,561,094 6.35 
    Loans held for sale 14,645 6.28   14,702 6.84   11,829 5.81 
    Loans receivable 7,945,641 6.67   7,940,760 6.58   7,572,923 6.35 
    Investment securities-taxable 1,038,634 2.50   1,046,301 2.54   1,310,459 2.48 
    Investment securities-nontaxable 146,619 2.46   143,232 2.51   216,700 2.35 
    Non-marketable equity securities held in other financial institutions 66,409 2.85   56,270 6.53   58,421 6.47 
    Interest-bearing balances due from banks 229,224 5.46   254,627 5.53   279,383 5.42 
    Total interest-earning assets 9,426,527 6.09   9,441,190 6.04   9,437,886 5.69 
    Noninterest-earning assets 559,309    567,035    597,678  
    Total assets$9,985,836   $10,008,225   $10,035,564  
                
    Liabilities and Stockholders’ Equity          
    Liabilities           
    Interest-bearing liabilities           
    Savings and interest-bearing transaction accounts$5,177,522 3.88% $5,130,224 3.80% $4,728,211 3.28%
    Time deposits 1,469,849 4.47   1,534,679 4.46   1,626,935 4.04 
    Total interest-bearing deposits 6,647,371 4.01   6,664,903 3.95   6,355,146 3.47 
    FHLB advances and other borrowings 40,331 4.75   41,666 4.96   230,815 5.51 
    Subordinated indebtedness 159,826 4.78   159,973 4.83   196,792 5.07 
    Total interest-bearing liabilities 6,847,528 4.04   6,866,542 3.98   6,782,753 3.59 
    Noninterest-bearing liabilities           
    Noninterest-bearing deposits 1,850,046    1,894,141    2,088,183  
    Other liabilities 162,565    163,273    151,716  
    Total liabilities 8,860,139    8,923,956    9,022,652  
    Stockholders’ Equity 1,125,697    1,084,269    1,012,912  
    Total liabilities and stockholders’ equity$9,985,836   $10,008,225   $10,035,564  
    Net interest spread  2.05%   2.06%   2.10%
    NIM  3.16    3.15    3.12 
    NIM-FTE(2)  3.18    3.17    3.14 

    ____________________________

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

    Origin Bancorp, Inc.
    Notable Items
    (Unaudited)

     At and For the Three Months Ended
     September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
     $ Impact EPS
    Impact(1)    		 $ Impact EPS
    Impact(1)    		 $ Impact EPS
    Impact(1)    		 $ Impact EPS
    Impact(1)    		 $ Impact EPS
    Impact(1)
                        
     (Dollars in thousands, except per share amounts)
    Notable interest income items:                  
    Interest income reversal on relationships impacted by questioned banker activity$—  $—  $(1,206) $(0.03) $—  $—  $—  $—  $—  $— 
    Notable provision expense items:                  
    Provision expense related to questioned banker activity —   —   (3,212)  (0.08)  —   —   —   —   —   — 
    Provision expense on relationships impacted by questioned banker activity —   —   (4,131)  (0.10)  —   —   —   —   —   — 
    Notable noninterest income items:                  
    MSR gain (impairment) —   —   —   —   410   0.01   (1,769)  (0.05)  —   — 
    Gain (loss) on sales of securities, net 221   0.01   —   —   (403)  (0.01)  (4,606)  (0.12)  (7,173)  (0.18)
    Gain on sub-debt repurchase —   —   81   —   —   —   —   —   —   — 
    Positive valuation adjustment on non-marketable equity securities —   —   5,188   0.13   —   —   —   —   10,096   0.26 
    Gain on bank property sale —   —   800   0.02   —   —   —   —   —   — 
    Notable noninterest expense items:                  
    Operating expense related to questioned banker activity (848)  (0.02)  (1,452)  (0.04)  —   —   —   —   —   — 
    Total notable items$(627)  (0.02) $(3,932)  (0.10) $7   —  $(6,375)  (0.16) $2,923   0.07 

    ____________________________

    (1)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.
      

    Origin Bancorp, Inc.
    Notable Items - Continued
    (Unaudited)

     Nine Months Ended September 30,
      2024   2023 
     $ Impact EPS Impact(1) $ Impact EPS Impact(1)
            
     (Dollars in thousands, except per share amounts)
    Notable interest income items:       
    Interest income reversal on relationships impacted by questioned banker activity$(1,206) $(0.03) $—  $— 
    Notable provision expense items:       
    Provision expense related to questioned banker activity (3,212)  (0.08)  —   — 
    Provision expense on relationships impacted by questioned banker activity (4,131)  (0.10)  —   — 
    Notable noninterest income items:       
    MSR gain 410   0.01   —   — 
    Loss on sales of securities, net (182)  —   (7,029)  (0.18)
    Gain on sub-debt repurchase 81   —   471   0.01 
    Positive valuation adjustment on non-marketable equity securities 5,188   0.13   10,096   0.26 
    Gain on bank property sale 800   0.02   —   — 
    Notable noninterest expense items:    
    Operating expense related to questioned banker activity (2,300)  (0.06)  —   — 
    Total notable items$(4,552)  (0.12) $3,538   0.09 

    ____________________________

    (1)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.
      

    Origin Bancorp, Inc.
    Non-GAAP Financial Measures
    (Unaudited)

     At and For the Three Months Ended
     September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
              
     (Dollars in thousands, except per share amounts)
    Calculation of PTPP earnings:         
    Net income$18,601  $20,989  $22,632  $13,425  $24,313 
    Provision for credit losses 4,603   5,231   3,012   2,735   3,515 
    Income tax expense 5,068   5,747   6,227   4,119   5,758 
    PTPP earnings (non-GAAP)$28,272  $31,967  $31,871  $20,279  $33,586 
              
    Calculation of PTPP ROAA:         
    PTPP earnings$28,272  $31,967  $31,871  $20,279  $33,586 
    Divided by number of days in the quarter 92   91   91   92   92 
    Multiplied by the number of days in the year 366   366   366   365   365 
    PTPP earnings, annualized$112,473  $128,571  $128,184  $80,455  $133,249 
              
    Divided by total average assets$9,985,836  $10,008,225  $9,861,236  $9,753,847  $10,035,564 
    ROAA (annualized) (GAAP) 0.74%  0.84%  0.92%  0.55%  0.96%
    PTPP ROAA (annualized) (non-GAAP) 1.13   1.28   1.30   0.82   1.33 
              
    Calculation of tangible common equity to tangible common assets, book value per common share and adjusted tangible book value per common share:
    Total assets$9,965,986  $9,947,182  $9,892,379  $9,722,584  $9,733,303 
    Goodwill (128,679)  (128,679)  (128,679)  (128,679)  (128,679)
    Other intangible assets, net (39,272)  (41,177)  (43,314)  (45,452)  (42,460)
    Tangible assets 9,798,035   9,777,326   9,720,386   9,548,453   9,562,164 
              
    Total common stockholders’ equity$1,145,673  $1,095,894  $1,078,853  $1,062,905  $998,945 
    Goodwill (128,679)  (128,679)  (128,679)  (128,679)  (128,679)
    Other intangible assets, net (39,272)  (41,177)  (43,314)  (45,452)  (42,460)
    Tangible common equity 977,722   926,038   906,860   888,774   827,806 
    Accumulated other comprehensive loss 94,245   127,184   124,909   121,023   172,729 
    Adjusted tangible common equity 1,071,967   1,053,222   1,031,769   1,009,797   1,000,535 
    Divided by common shares outstanding at the end of the period 31,167,410   31,108,667   31,011,304   30,986,109   30,906,716 
    Book value per common share (GAAP)$36.76  $35.23  $34.79  $34.30  $32.32 
    Tangible book value per common share (non-GAAP) 31.37   29.77   29.24   28.68   26.78 
    Adjusted tangible book value per common share (non-GAAP) 34.39   33.86   33.27   32.59   32.37 
    Tangible common equity to tangible assets (non-GAAP) 9.98%  9.47%  9.33%  9.31%  8.66%
                        
    Calculation of ROATCE:        
    Net income$18,601  $20,989  $22,632  $13,425  $24,313 
    Divided by number of days in the quarter 92   91   91   92   92 
    Multiplied by number of days in the year 366   366   366   365   365 
    Annualized net income$74,000  $84,417  $91,025  $53,262  $96,459 
              
    Total average common stockholders’ equity$1,125,697  $1,084,269  $1,062,705  $1,013,286  $1,012,912 
    Average goodwill (128,679)  (128,679)  (128,679)  (128,679)  (128,679)
    Average other intangible assets, net (40,487)  (42,563)  (44,700)  (46,825)  (43,901)
    Average tangible common equity 956,531   913,027   889,326   837,782   840,332 
              
    ROATCE (non-GAAP) 7.74%  9.25%  10.24%  6.36%  11.48%
              
    Calculation of core efficiency ratio:         
    Total noninterest expense$62,521  $64,388  $58,707  $60,906  $58,663 
    Insurance and mortgage noninterest expense (8,448)  (8,402)  (8,045)  (8,581)  (8,579)
    Adjusted total noninterest expense 54,073   55,986   50,662   52,325   50,084 
              
    Net interest income$74,804  $73,890  $73,323  $72,989  $74,130 
    Insurance and mortgage net interest income (2,578)  (2,407)  (2,795)  (2,294)  (2,120)
    Total noninterest income 15,989   22,465   17,255   8,196   18,119 
    Insurance and mortgage noninterest income (8,081)  (8,543)  (10,123)  (4,727)  (7,335)
    Adjusted total revenue 80,134   85,405   77,660   74,164   82,794 
              
    Efficiency ratio (GAAP) 68.86%  66.82%  64.81%  75.02%  63.59%
    Core efficiency ratio (non-GAAP) 67.48   65.55   65.24   70.55   60.49 
                        

    Origin Bancorp, Inc.
    Non-GAAP Financial Measures - Continued
    (Unaudited)

     Nine Months Ended September 30,
      2024   2023 
        
     (Dollars in thousands, except per share amounts)
    Calculation of PTPP earnings:   
    Net income$62,222  $70,375 
    Provision for credit losses 12,846   14,018 
    Income tax expense 17,042   18,004 
    PTPP earnings (non-GAAP)$92,110  $102,397 
        
    Calculation of PTPP ROAA:   
    PTPP Earnings$92,110  $102,397 
    Divided by the year-to-date number of days 274   273 
    Multiplied by number of days in the year 366   365 
    Annualized PTPP Earnings$123,037  $136,904 
        
    Divided by total average assets$9,951,890  $10,004,097 
    ROAA (annualized) (GAAP) 0.84%  0.94%
    PTPP ROAA (annualized) (non-GAAP) 1.24   1.37 
        
    Calculation of ROATCE:  
    Net income$62,222  $70,375 
    Divided by the year-to-date number of days 274   273 
    Multiplied by number of days in the year 366   365 
    Annualized net income$83,114  $94,091 
        
    Total average common stockholders’ equity$1,091,018  $995,395 
    Average goodwill (128,679)  (128,679)
    Average other intangible assets, net (42,576)  (46,391)
    Average tangible common equity 919,763   820,325 
        
    ROATCE 9.04%  11.47%
        
    Calculation of core efficiency ratio:   
    Total noninterest expense$185,616  $174,310 
    Insurance and mortgage noninterest expense (24,895)  (25,768)
    Adjusted total noninterest expense 160,721   148,542 
        
    Net interest income$222,017  $226,568 
    Insurance and mortgage net interest income (7,780)  (5,187)
    Total noninterest income 55,709   50,139 
    Insurance and mortgage noninterest income (26,747)  (23,714)
    Adjusted total revenue 243,199   247,806 
        
    Efficiency ratio 66.83%  62.99%
    Core efficiency ratio 66.09   59.94 

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