Slide 1: Origin Bancorp, Inc. 3Q 2023 Investor Presentation
ORIGIN BANCORP, INC. 3Q TWENTY23 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: Origin Company Snapshot
ORIGIN COMPANY SNAPSHOT • Origin Bancorp, Inc. is the holding company for Origin Bank. 17 9 18 6 • Origin Bank was founded in 1912 and is headquartered in Choudrant, LA. 10 • 60(1) banking centers operating across Texas, Louisiana & Mississippi DEPOSITS & LOANS BY STATE Deposits (2) Loans (3) DOLLAR
Slide 4: A Unique & Defined Culture
A UNIQUE & DEFINED CULTURE 4 ORIGIN BANCORP, INC. _______
Slide 5: Performance Highlights At-A-Glance - Third Quarter 2023
PERFORMANCE HIGHLIGHTS AT-A-GLANCE - THIRD QUARTER 2023 DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS UNAUDITED 3Q23 2Q23 3Q23 Key Highlights Key Performance Metrics Reported Adjusted Reported Adjusted Total Loans Held for • NIM-FTE was 3.14% for the quarter ended Investment ("LHFI") $ 7,568,063 N/
Slide 6: Trending Key Measures
TRENDING KEY MEASURES UNAUDITED Net Income ($) Diluted EPS ($) Total Revenue ($) DOLLARS IN THOUSANDS DOLLARS IN THOUSANDS 14.8% CAGR 92,249 24,313 0.79 54,913 0.55 12,827 1Q 9 1Q 9 1Q 9 4Q 0 4Q 0 4Q 0 3Q 1 3Q 1 3Q 1 2Q 2 2Q 2 2Q 2 1Q 2 1Q 2 1Q 2 23 23 23 20 20 20 21 21 21 21 21 21 22 22 22 23 23 23
Slide 7: Trending Key Non-GAAP Measures
TRENDING KEY NON-GAAP MEASURES(4) UNAUDITED Adjusted Net Income ($) Adjusted PTPP Earnings ($) Adjusted Diluted EPS ($) DOLLARS IN THOUSANDS DOLLARS IN THOUSANDS % CAGR 14.6% CAGR 7.0% 15.5 CAGR 30,663 22,004 0.71 18,379 0.55 12,827 1Q 9 1Q 9 4Q 0 4Q 0 3Q 1 3Q 3 3Q 1 3Q 1 2Q 2 2Q 2 2Q 0 2Q 2 1Q 2 1Q
Slide 8: Asset and Stockholders' Equity Growth 1997 - 3Q23
19 97 148 19 98 0 1,000 1,500 2,000 2,500 12 19 /31 99 /96 20 500 100 UNAUDITED 12 00 /31 20 /97 01 20 02 12 20 DOLLARS IN MILLIONS /31 03 /98 20 04 12 20 /31 05 /99 20 06 12 20 /31 07 /00 20 08 CA 12 20 G /31 09 /01 20 10 R1 12 20 /31 11 7. /02 20 12 20 7% 12 Total Assets ($) /31 13 /03 20 14 12 20
Slide 9: Texas Growth Story
TEXAS GROWTH STORY UNAUDITED Texas Franchise Highlights Loan Trends by Texas Market ($)(3) DOLLARS IN MILLIONS • 36 locations throughout 10 counties including the 4th 29.9% and 5th largest MSAs in the United States.(10) CAGR 5,223 4,747 436 369 • Texas franchise represents 72% of LHFI(3) and 55% of
Slide 10: 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 18.4% 8,000 4,000 : CAGR 7,282 R : 15.3% 6,805 CAG 3,242 3,160 1,212 6,000 3,000 668 5,593 4,498 2,492 4,094 2,032 3,869 1,902 4,000 2,000 1,833 2,000 1,0
Slide 11: Well Diversified Loan Portfolio
(12) WELL DIVERSIFIED LOAN PORTFOLIO UNAUDITED Loan Composition at September 30, 2023: $7,568 million C&I, Owner Occupied CRE and C&D, MW LOC: $3,529 million Real Estate & Construction: 8% Finance & Insurance: 7% Residential Mtg. WH LOC: 4% Real Estate Commercial & & Consumer Transportation Svcs: 3%
Slide 12: Credit Quality
CREDIT QUALITY UNAUDITED Asset Quality Trends (%) 1.17 1.11 1.01 1.05 0.44 0.42 0.85 0.26 0.27 0.07 0.07 0.20 0.16 0.23 0.01 0.14 0.15 0.16 0.14 0.10 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 Nonperforming LHFI / LHFI (%) Classified LHFI / Total LHFI (%) Past due LHFI / LHFI (%) Net Charge-O
Slide 13: CRE Office - Strength and Diversification
CRE OFFICE - STRENGTH AND DIVERSIFICATION NON-OWNER OCCUPIED (“NOO”), UNAUDITED Tenant Classification Key Portfolio Metrics National Credit DOLLARS IN MILLIONS DOLLARS IN THOUSANDS September 30, 2023 Tenant: 15% Medical: 27% Avg. Loan Size $ 2,126 Weighted Avg. LTV 60.30 % Past Due Loans / Loans — O
Slide 14: Investment Securities
INVESTMENT SECURITIES UNAUDITED Investment Securities Average Balance and Yield • AFS Security Sale/FHLB Advance pay down details(15): DOLLARS IN MILLIONS • BV AFS Sold - $181.9 million • Realized Loss - $7.2 million 1,865 • Proceeds - $174.7 million 1,675 1,634 1,592 1,527 • Pay Down FHLB Advances
Slide 15: Loans & Securities - Repricing and Maturity
LOANS & SECURITIES- REPRICING AND MATURITY Total Loans Repricing and Maturity Term Rate Structure Over 15 1 Year or less 1-5 Years 5-15 Years Total Floating Rate Variable Rate Fixed Rate (Dollars in thousands) Years Commercial real estate $ 760,174 $ 1,272,934 $ 402,783 $ — $ 2,435,891 $ 708,405 $ 1
Slide 16: Deposit Detail
DEPOSIT DETAIL UNAUDITED Deposit Composition at September 30, 2023: $8,374 million Commercial Deposit Composition: $4,329 million Real Estate Rental & Leasing: 7% Finance & Insurance: 6% Brokered: 8% Construction: 5% Professional, Scientific, & Technical Svcs: 5% Public: 10% Other Business Deposits
Slide 17: Deposit Trends
DEPOSIT TRENDS UNAUDITED Average Deposits ($) Total Deposit Beta (%) DOLLARS IN MILLIONS 5.26 8,260 8,443 4.99 8,017 7,410 7,710 4.51 46.72 977 1,379 1,627 42.16 754 670 3.65 35.21 2,593 2,392 2,140 2,088 2,583 2.18 23.25 4,363 4,648 4,741 4,728 4,157 10.48 0.77 0.12 0.00 3Q22 4Q22 1Q23 2Q23 3Q23 -5
Slide 18: Yields and Costs
YIELDS AND COSTS UNAUDITED Yield on LHFI (%) 8.43 8.16 7.69 6.82 6.18 6.35 6.03 5.63 6.35 5.36 5.94 6.16 4.94 5.53 5.20 4.92 4.86 4.42 3.37 1.92 3Q22 4Q22 1Q23 2Q23 3Q23 Yield on LHFI Yield on LHFI excl. PAA Avg. Prime Rate 30 Day Avg. SOFR Cost of Funds (%) 3.47 3.05 2.49 2.74 2.52 2.01 2.61 1.54 2
Slide 19: Net Interest Income and NIM Trends
NET INTEREST INCOME AND NIM TRENDS DOLLARS IN THOUSANDS, UNAUDITED NIM-FTE Changes - 3Q23 (%) 84,749 5.00 1,897 78,523 4,678 77,147 1,415 75,291 4.00 78,174 1,703 530 74,130 0.19 0.14 0.02 0.01 5,614 3,009 3.16 3.14 (0.01) (0.03) 6,415 6,838 3.00 (0.16) 71,494 72,435 (0.18) 68,346 67,292 2.00 3.81 3
Slide 20: Net Revenue Distribution
NET REVENUE DISTRIBUTION DOLLARS IN THOUSANDS, UNAUDITED Net Interest Income + Noninterest Income ($) 92,249 54,913 80.4% 80.3% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Net Interest Income Noninterest Income Noninterest Income ($)(20) Components of Other Nonint
Slide 21: Noninterest Expense Analysis and Efficiency Ratio
NONINTEREST EXPENSE ANALYSIS UNAUDITED Noninterest Expense Composition ($) Efficiency Ratios (%)(4) DOLLARS IN THOUSANDS 58,887 58,663 57,254 56,760 56,241 63.59 9,671 9,342 62.71 60.97 58.64 60.69 64.76 9,174 8,754 52.16 61.17 58.32 8,712 53.06 1,179 2,716 2,868 2,303 3,614 2,277 2,552 2,264 2,553
Slide 22: Capital
CAPITAL UNAUDITED Tier 1 Capital to Average Assets (Leverage Ratio) (%)(21)(22) Tier 1 Capital to Risk-Weighted Assets (%)(21) 10.3 12.0 10.2 10.1 11.7 11.7 9.9 11.5 9.6 10.0 10.9 11.6 9.8 11.3 9.7 9.6 11.1 11.2 10.7 9.1 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 Company Level Origin Bank Lev
Slide 23: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted net income: 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 Net interest income after provision for credit losses $ 70,615 $ 70,985 $ 70,950 $ 80,125 $ 61,581 $ 56,052 $ 52,829 $ 56,827 Add: CECL provision
Slide 24: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted net income, continued: 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 Net interest income after provision for credit losses $ 56,462 $ 59,901 $ 53,827 $ 45,486 $ 36,984 $ 24,887 $ 24,279 $ 41,718 Total non
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted PTPP earnings: 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 Provision for credit losses $ 3,515 $ 4,306 $ 6,197 $ 4,624 $ 16,942 $ 3,452 $ (327) $ (2,647) Less: CECL provision for non-PCD loans — — — — 1
Slide 26: 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: 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 Numerator: Adjusted net income $ 22,004 $ 21,388 $ 24,188 $ 30,409 $ 31,087 $ 21,949 $ 21,134 $ 24,144 Denominator: We
Slide 27: 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: 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 Total common stockholders' equity $ 998,945 $ 997,859
Slide 28: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted efficiency ratio: 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 Total noninterest expense $ 58,663 $ 58,887 $ 56,760 $ 57,254 $ 56,241 $ 44,150 $ 42,774 $ 40,346 Less: insurance and mortgage noninterest e
Slide 29: 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: 3Q23 2Q23 3Q23 2Q23 Adjusted net income $ 22,004 $ 21,388 Adjusted PTPP earnings $ 30,663 $ 31,569 Divided by number of days in the quarter 9
Slide 30: Presentation Notes
PRESENTATION NOTES (1) Does not include loan production offices. Count is as of most practicable date. (2) Does not include non-market based deposits. (3) Excludes mortgage warehouse loans. (4) As used in this presentation, adjusted net income, adjusted PTPP earnings, adjusted diluted EPS, adjusted