Slide 1: Origin Bancorp, Inc. 1Q24 Investor Presentation
ORIGIN BANCORP, INC. 1Q TWENTY24 INVESTOR PRESENTATION
Slide 2: Forward-Looking Statements and Non-GAAP Measures
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" or the "Company") futur
Slide 3: Deposits & Loans by State
16 18 6 9 * * 10 *Locations in Mobile, Alabama and Fort Walton Beach, Florida coming soon DOLLARS IN MILLIONS, UNAUDITED (1) (2) DEPOSITS & LOANS BY STATE Deposits (1) Loans (2) TEXAS Dallas/Fort Worth Houston East Texas Entry: 2008 Entry: 2013 Entry: 2022 Loans: $3,098 Loans: $1,917 Loans: $443 55%
Slide 4: Texas Strong; South Alabama & Florida Panhandle
TEXAS STRONG l 8th largest economy in the world NET MIGRATION INTO OUR MARKETS l #1 in jobs created in 2023 with 369,600 jobs added l Home to 55 fortune 500 company headquarters l Texas boasts the 2nd largest civilian workforce in the US NORTHEAST with over 15 million workers -1,181,700 MIDWEST l Te
Slide 5: Origin Bancorp, Inc.
5 ORIGIN BANCORP, INC. _______
Slide 6: Performance Highlights At-A-Glance - First Quarter 2024
PERFORMANCE HIGHLIGHTS AT-A-GLANCE - FIRST QUARTER 2024 DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS UNAUDITED 1Q24 4Q23 Key Performance Metrics 1Q24 Key Highlights Reported Adjusted Reported Adjusted Total Loans Held for • Total LHFI were $7.90 billion at March Investment ("LHFI") $ 7,900,027 N/A
Slide 7: Trending Key Measures
2Q 2Q 2 2 3Q 0 4,957 3Q 0 20 5,312 20 4Q 4Q 20 20 1Q UNAUDITED 1Q 2 2 2Q 1 2Q 1 21 21 3Q 3Q 21 DOLLARS IN MILLIONS 21 4Q 4Q 2 DOLLARS IN THOUSANDS 2 1Q 1 CAG 1Q 1 22 22 2Q 2Q 22 R1 22 3Q 3Q 2 2 4Q 2 Total LHFI ($) 4Q 2 22 Net Income ($) 1.2% 22 1Q 1Q 23 23 2Q 2Q 2 2 3Q 3 3Q 3 23 23 4Q 4Q 23 23 1Q 1Q
Slide 8: Trending Key Non-GAAP Measures
TRENDING KEY NON-GAAP MEASURES(4) UNAUDITED Adjusted Net Income ($) Adjusted PTPP Earnings ($) Adjusted Diluted EPS ($) DOLLARS IN THOUSANDS DOLLARS IN THOUSANDS 31,864 27,146 22,626 0.73 0.21 4,957 3Q 0 3Q 0 2Q 1 2Q 1 1Q 1 1Q 3 1Q 1 1Q 1 4Q 2 4Q 2 4Q 0 4Q 2 3Q 3 3Q 3 24 24 3Q 1 3Q 3 20 20 21 21 22
Slide 9: Asset and Stockholders' Equity Growth 1997 - 1Q24
19 97 148 19 98 0 500 1,000 1,500 2,000 2,500 12 19 /31 99 /96 20 00 UNAUDITED 12 20 /31 01 /97 20 02 12 20 /31 03 DOLLARS IN MILLIONS /98 20 04 12 20 /31 05 /99 20 06 20 C 12 07 /31 /00 20 08 AG 12 20 /31 09 20 R1 /01 10 7 12 20 /31 11 /02 20 .4% 12 12 20 /31 13 Total Assets ($) /03 20 14 12 20 /31
Slide 10: Texas Growth Story
TEXAS GROWTH STORY UNAUDITED Texas Franchise Highlights Loan Trends by Texas Market ($)(2) DOLLARS IN MILLIONS • 35 locations throughout 10 counties including the 4th 31.4% and 5th largest MSAs in the United States.(10) CAGR 5,276 5,458 4,747 446 443 • Texas franchise represents 73% of LHFI(2) and 5
Slide 11: Loan Growth
LOAN GROWTH UNAUDITED LHFI Growth excluding MW LOC ($)(11) C&I, Owner Occupied CRE and C&D Growth ($)(11) DOLLARS IN MILLIONS DOLLARS IN MILLIONS .5% 8,000 CAG R: 20 4,000 7,499 .5% : 20 7,331 R 6,805 7,331 7,499 CAG 3,362 3,270 3,160 1,212 3,362 3,270 6,000 3,000 668 5,593 4,498 2,492 4,094 2,032 4
Slide 12: Well Diversified Loan Portfolio
(12) WELL DIVERSIFIED LOAN PORTFOLIO UNAUDITED Loan Composition at March 31, 2024: $7,900 million C&I, Owner Occupied CRE and C&D, MW LOC: $3,763 million Residential Real Real Estate & Construction: 8% Estate - Single Family Finance & Insurance: 7% & Consumer 17% MW LOC: 5% Commercial & Energy: 4% M
Slide 13: Credit Quality
CREDIT QUALITY UNAUDITED Asset Quality Trends (%) 1.17 1.11 1.05 1.07 0.51 0.85 0.44 0.42 0.39 0.34 0.42 0.23 0.26 0.27 0.16 0.07 0.10 0.14 0.10 0.13 1Q23 2Q23 3Q23 4Q23 1Q24 1Q23 2Q23 3Q23 4Q23 1Q24 Nonperforming LHFI / LHFI (%) Classified LHFI / Total LHFI (%) Past due LHFI / LHFI (%) Net Charge-O
Slide 14: CRE Office - Strength and Diversification
CRE OFFICE - STRENGTH AND DIVERSIFICATION NON-OWNER OCCUPIED (“NOO”), UNAUDITED Tenant Classification Key Portfolio Metrics DOLLARS IN MILLIONS National Credit DOLLARS IN THOUSANDS March 31, 2024 Tenant: 15% Medical: 25% Avg. Loan Size $ 2,290 Weighted Avg. LTV 59.45 % Past Due Loans / Loans — $377.
Slide 15: Selected Sectors - Key Portfolio Metrics
SELECTED SECTORS - KEY PORTFOLIO METRICS DOLLARS IN THOUSANDS, UNAUDITED Multi-Family Real Estate March 31, 2024 + Hotel Retail Shopping Under Construction Outstanding Loan Balance $ 595,846 $ 104,921 $ 656,252 % of LHFI 7.54 % 1.33 % 8.31 % Avg. Loan Size $ 3,329 $ 4,562 $ 1,589 Weighted Avg. LTV 5
Slide 16: Investment Securities
INVESTMENT SECURITIES UNAUDITED Investment Securities Average Balance and Yield DOLLARS IN MILLIONS • Total securities portfolio weighted average effective duration was 4.34 years as of March 31, 1,634 1,592 2024, compared to 4.28 years as of December 1,527 31, 2023. 1,291 1,244 2.42 2.46 2.50 2.51
Slide 17: Loans & Securities - Repricing or Maturity
LOANS & SECURITIES- REPRICING OR MATURITY UNAUDITED Total Loans Repricing or Maturity Term Rate Structure 1 Year or > 1 to 3 > 3 to 5 > 5 to 10 Floating Variable > 10 Years Total Fixed Rate (Dollars in thousands) less Years Years Years Rate Rate Commercial real estate $ 807,583 $ 520,450 $ 758,784 $
Slide 18: Deposit Detail
DEPOSIT DETAIL UNAUDITED Deposit Composition at March 31, 2024(18): $8,505 million Commercial Deposit Composition: $4,391 million Real Estate Rental & Leasing: 6% Finance & Insurance: 6% Brokered: 7% Construction: 6% Professional, Scientific, & Public: 10% Technical Svcs: 5% Other Business Deposits
Slide 19: Deposit Trends
DEPOSIT TRENDS UNAUDITED Average Deposits ($) Total Deposit Beta (%) DOLLARS IN MILLIONS 5.26 5.33 5.33 8,260 8,443 8,361 8,439 4.99 8,017 4.51 977 1,379 1,627 1,603 1,564 53.33 3.65 50.48 2,392 2,140 2,088 1,973 1,866 46.72 42.16 2.18 35.21 4,648 4,741 4,728 4,785 5,009 23.25 0.77 0.12 10.48 0.00 1
Slide 20: Yields and Costs
YIELDS AND COSTS UNAUDITED Yield on LHFI (%) 8.43 8.50 8.50 8.16 7.69 6.47 6.58 6.35 6.18 6.03 6.46 6.58 6.35 6.16 5.94 5.20 5.33 5.33 4.92 4.42 1Q23 2Q23 3Q23 4Q23 1Q24 (19) Yield on LHFI Yield on LHFI excl. PAA Avg. Prime Rate 30 Day Avg. SOFR Cost of Funds (%) 3.85 3.71 3.47 3.05 3.04 2.89 2.74 2
Slide 21: Net Interest Income and NIM Trends
NET INTEREST INCOME AND NIM TRENDS DOLLARS IN THOUSANDS, UNAUDITED Net Interest Income & NIM ($) NIM-FTE Changes - 1Q24 (%) 77,147 0.07 0.02 0.01 75,291 74,130 0.08 1,703 72,989 73,323 3.19 3.19 3,009 530 (0.01) 6,415 6,838 5,214 5,783 (0.17) 72,435 3.00 68,346 67,292 67,775 67,540 2.00 C s cc B er
Slide 22: Net Revenue Distribution
NET REVENUE DISTRIBUTION DOLLARS IN THOUSANDS, UNAUDITED Net Interest Income + Noninterest Income ($) 93,531 90,927 92,249 90,578 81,185 82.5% 82.8% 80.4% 89.9% 81.0% 1Q23 2Q23 3Q23 4Q23 1Q24 Net Interest Income Noninterest Income Major Components of Noninterest Income ($)(21) Components of Other No
Slide 23: Noninterest Expense Analysis / Efficiency Ratio
NONINTEREST EXPENSE ANALYSIS UNAUDITED Noninterest Expense Composition ($) Efficiency Ratios (%) DOLLARS IN THOUSANDS 60,906 58,887 58,663 58,707 56,760 75.02 66.43 64.81 61.17 64.90 64.76 63.59 9,795 62.71 60.69 58.64 9,671 9,342 8,460 8,754 2,947 2,502 2,716 2,868 2,303 2,259 2,137 2,552 2,264 2,5
Slide 24: Capital
CAPITAL UNAUDITED Tier 1 Capital to Average Assets (Leverage Ratio) (%)(22) Tier 1 Capital to Risk-Weighted Assets (%)(22) 10.7 10.5 12.2 10.3 12.0 12.0 10.2 10.6 10.1 11.7 11.7 10.5 12.1 11.9 10.0 11.6 9.8 11.3 9.6 11.2 1Q23 2Q23 3Q23 4Q23 1Q24 1Q23 2Q23 3Q23 4Q23 1Q24 Company Level Origin Bank Lev
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted net income: 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Net interest income after provision for credit losses $ 70,311 $ 70,254 $ 70,615 $ 70,985 $ 70,950 $ 80,125 $ 61,581 $ 56,052 CECL provision for n
Slide 26: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted net income, continued: 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 Net interest income after provision for credit losses $ 52,829 $ 56,827 $ 56,462 $ 59,901 $ 53,827 $ 45,486 $ 36,984 $ 24,887 Total non
Slide 27: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted PTPP earnings: 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Provision for credit losses $ 3,012 $ 2,735 $ 3,515 $ 4,306 $ 6,197 $ 4,624 $ 16,942 $ 3,452 CECL provision for non-PCD loans — — — — — — (14,8
Slide 28: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED Calculation of adjusted dilutive EPS: 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Numerator: Adjusted net income $ 22,626 $ 18,461 $ 22,004 $ 21,388 $ 24,188 $ 30,409 $ 31,087 $ 21,949 Denominator: We
Slide 29: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED Calculation of tangible book value per common share and adjusted tangible book value per common share: 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Total common stockholders' equity $ 1,078,853 $ 1,062
Slide 30: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted efficiency ratio: 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Total noninterest expense $ 58,707 $ 60,906 $ 58,663 $ 58,887 $ 56,760 $ 57,254 $ 56,241 $ 44,150 Insurance and mortgage noninterest expense
Slide 31: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted ROAA and ROAE: Calculation of adjusted PTPP ROAA & ROAE: 1Q24 4Q23 1Q24 4Q23 Adjusted net income $ 22,626 $ 18,461 Adjusted PTPP earnings $ 31,864 $ 26,654 Divided by number of days in the quarter 9
Slide 32: Presentation Notes
PRESENTATION NOTES (1) Does not include wholesale or mortgage warehouse deposits. (2) Excludes MW LOC. (3) New Fort Walton Beach, Florida loan production office opened in 1Q2024. (4) As used in this presentation, adjusted net income, adjusted PTPP earnings, adjusted diluted EPS, adjusted ROAA, adjus