Slide 1: Origin Bancorp, Inc. 4Q 2023 Investor Presentation
ORIGIN BANCORP, INC. 4Q 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: Deposits & Loans by State
ORIGIN COMPANY SNAPSHOT • Origin Bancorp, Inc. is the holding company for Origin Bank. 16 9 18 6 • Origin Bank was founded in 1912 and is headquartered in Choudrant, LA. 10 • 59(1) banking centers operating across Texas, Louisiana & Mississippi. DEPOSITS & LOANS BY STATE Deposits (2) Loans (3) DOLLA
Slide 4: South Alabama and Florida Panhandle Expansion
• South Alabama and Florida Panhandle expansion through experienced bankers and expected location openings in 2024 • Significant concentration of high-tech employment, particularly in aviation, aerospace, and defense sectors. In total, seven of the world’s Top 10 defense contractors have a presence
Slide 5: ORIGIN BANCORP, INC. _______
5 ORIGIN BANCORP, INC. _______
Slide 6: Performance Highlights At-A-Glance - Fourth Quarter 2023
PERFORMANCE HIGHLIGHTS AT-A-GLANCE - FOURTH QUARTER 2023 DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS UNAUDITED 4Q23 3Q23 4Q23 Key Highlights Key Performance Metrics Reported Adjusted Reported Adjusted Total Loans Held for • NIM-FTE was 3.19% for the quarter ended Investment ("LHFI") $ 7,660,944 N
Slide 7: Trending Key Measures
1Q 1Q 2 2 753 2Q 0 4,481 2Q 0 20 20 3Q 3Q 20 20 4Q UNAUDITED 4Q 2 2 1Q 0 1Q 0 21 21 2Q 2Q 21 DOLLARS IN MILLIONS 21 3Q 3Q 2 DOLLARS IN THOUSANDS 2 4Q 1 4Q 1 21 CAGR 21 1Q 1Q 22 22 2Q 2Q 2 2 3Q 2 Total LHFI ($) 3Q 2 22 Net Income ($) 15.4% 22 4Q 4Q 22 22 1Q 1Q 2 2 2Q 3 2Q 3 23 23 3Q 3Q 23 23 4Q 4Q 23
Slide 8: Trending Key Non-GAAP Measures
TRENDING KEY NON-GAAP MEASURES(4) UNAUDITED Adjusted Net Income ($) Adjusted PTPP Earnings ($) Adjusted Diluted EPS ($) DOLLARS IN THOUSANDS DOLLARS IN THOUSANDS 26,654 18,461 18,487 0.60 461 0.02 2Q 0 2Q 0 1Q 0 1Q 0 4Q 1 4Q 3 4Q 1 4Q 1 3Q 2 3Q 2 3Q 0 3Q 2 2Q 3 2Q 3 23 23 2Q 1 2Q 3 20 20 21 21 21 23
Slide 9: Asset and Stockholders' Equity Growth 1997-2023
19 97 148 19 98 0 500 1,000 1,500 2,000 2,500 12 19 /31 99 /96 20 UNAUDITED 12 00 /31 20 /97 01 20 12 02 /31 20 DOLLARS IN MILLIONS /98 03 20 12 04 /31 20 /99 05 20 12 06 /31 20 /00 07 20 12 08 CA /31 20 G /01 09 20 12 10 R1 /31 20 /02 11 7. 20 12 12 /31 20 5% Total Assets ($) /03 13 20 12 14 /31 20
Slide 10: Texas Growth Story
TEXAS GROWTH STORY UNAUDITED Texas Franchise Highlights Loan Trends by Texas Market ($)(3) DOLLARS IN MILLIONS • 35 locations throughout 10 counties including the 4th 28.2% and 5th largest MSAs in the United States.(10) CAGR 5,276 4,747 446 369 • Texas franchise represents 72% of LHFI(3) and 54% of
Slide 11: Loan Growth
LOAN GROWTH UNAUDITED LHFI Growth excluding MW LOC ($)(11) C&I, Owner Occupied CRE and C&D Growth ($)(11) DOLLARS IN MILLIONS DOLLARS IN MILLIONS 17.3% 8,000 4,000 : CAGR 14.5% 7,331 R : 6,805 CAG 3,270 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 12: Well Diversified Loan Portfolio
(12) WELL DIVERSIFIED LOAN PORTFOLIO UNAUDITED Loan Composition at December 31, 2023: $7,661 million C&I, Owner Occupied CRE and C&D, MW LOC: $3,600 million Real Estate & Construction: 8% Finance & Insurance: 7% Residential Owner Occupied MW LOC: 4% Real Estate Construction/ Commercial & Land/Land T
Slide 13: Credit Quality
CREDIT QUALITY UNAUDITED Asset Quality Trends (%) 1.17 1.11 1.05 1.05 0.44 0.42 0.85 0.39 0.34 0.26 0.27 0.07 0.23 0.01 0.14 0.15 0.16 0.14 0.10 0.10 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 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 DOLLARS IN THOUSANDS December 31, 2023 National Credit Tenant: 15% Avg. Loan Size $ 2,224 Medical: 25% Weighted Avg. LTV 59.40 % Past Due Loans / Loans 0.32
Slide 15: Investment Securities
INVESTMENT SECURITIES UNAUDITED Investment Securities Average Balance and Yield • AFS Security Sale details(15): DOLLARS IN MILLIONS • BV AFS Sold - $78.9 million • Realized Loss - $4.6 million • Proceeds - $74.3 million 1,675 1,634 • Support loan growth including in our new Southeast market 1,592 1
Slide 16: Loans & Securities - Repricing or Maturity
LOANS & SECURITIES- REPRICING OR 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 $ 808,554 $ 1,268,114 $ 366,066 $ — $ 2,442,734 $ 702,388 $ 10
Slide 17: Deposit Detail
DEPOSIT DETAIL UNAUDITED Deposit Composition at December 31, 2023(16): $8,251 million Commercial Deposit Composition: $4,315 million Real Estate Rental & Leasing: 7% Brokered: 5% Finance & Insurance: 6% Construction: 6% Public: 11% Professional, Scientific, & Technical Svcs: 5% Other Business Deposi
Slide 18: Deposit Trends
DEPOSIT TRENDS UNAUDITED Average Deposits ($) Total Deposit Beta (%) DOLLARS IN MILLIONS 5.26 5.33 8,260 8,443 8,361 4.99 8,017 7,710 50.48 4.51 977 1,379 1,627 1,603 46.72 754 3.65 42.16 2,593 2,392 2,140 2,088 1,973 35.21 2.18 23.25 4,363 4,648 4,741 4,728 4,785 10.48 0.77 0.12 0.00 4Q22 1Q23 2Q23
Slide 19: Yields and Costs
YIELDS AND COSTS UNAUDITED Yield on LHFI (%) 8.43 8.50 8.16 7.69 6.82 6.35 6.47 6.18 6.03 6.46 5.63 6.35 6.16 5.94 5.53 5.20 5.33 4.92 4.42 3.37 4Q22 1Q23 2Q23 3Q23 4Q23 (18) Yield on LHFI Yield on LHFI excl. PAA Avg. Prime Rate 30 Day Avg. SOFR Cost of Funds (%) 3.71 3.47 3.05 2.89 2.74 2.49 2.52 2
Slide 20: Net Interest Income and NIM Trends
NET INTEREST INCOME AND NIM TRENDS DOLLARS IN THOUSANDS, UNAUDITED NIM-FTE Changes - 4Q23 (%) 84,749 1,897 4.00 4,678 0.04 0.03 77,147 3.14 0.16 0.09 3.19 75,291 74,130 78,174 1,703 530 72,989 3.00 (0.05) (0.01) (0.01) (0.02) (0.03) 3,009 (0.15) 6,415 6,838 5,214 72,435 2.00 68,346 67,292 67,775 1.0
Slide 21: Net Revenue Distribution
NET REVENUE DISTRIBUTION DOLLARS IN THOUSANDS, UNAUDITED Net Interest Income + Noninterest Income ($) 81,185 54,954 89.9% 77.9% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income Noninterest Income Major Components of Noninterest Income ($)(20) Compon
Slide 22: Noninterest Expense Analysis / Efficiency Ratio
NONINTEREST EXPENSE ANALYSIS UNAUDITED Noninterest Expense Composition ($) Efficiency Ratios (%) DOLLARS IN THOUSANDS 60,906 58,887 58,663 57,254 56,760 75.02 58.64 66.43 60.69 9,795 63.59 64.76 62.71 61.17 58.32 53.06 9,671 9,342 9,174 8,754 2,947 1,179 2,716 2,868 2,303 2,259 2,277 2,552 2,264 2,5
Slide 23: Capital
CAPITAL UNAUDITED Tier 1 Capital to Average Assets (Leverage Ratio) (%)(21) Tier 1 Capital to Risk-Weighted Assets (%)(21) 10.5 10.3 12.0 12.0 10.2 10.1 11.7 11.7 9.9 10.5 11.5 11.9 10.0 11.6 9.8 11.3 9.7 9.6 11.1 11.2 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 Company Level Origin Bank Level
Slide 24: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted net income: 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Net interest income after provision for credit losses $ 70,254 $ 70,615 $ 70,985 $ 70,950 $ 80,125 $ 61,581 $ 56,052 $ 52,829 Add: CECL provision
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted net income, continued: 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 Net interest income after provision for credit losses $ 56,827 $ 56,462 $ 59,901 $ 53,827 $ 45,486 $ 36,984 $ 24,887 $ 24,279 Total non
Slide 26: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted PTPP earnings: 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Provision for credit losses $ 2,735 $ 3,515 $ 4,306 $ 6,197 $ 4,624 $ 16,942 $ 3,452 $ (327) Less: CECL provision for non-PCD loans — — — — — 1
Slide 27: 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: 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Numerator: Adjusted net income $ 18,461 $ 22,004 $ 21,388 $ 24,188 $ 30,409 $ 31,087 $ 21,949 $ 21,134 Denominator: We
Slide 28: 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: 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Total common stockholders' equity $ 1,062,905 $ 998,9
Slide 29: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, UNAUDITED Calculation of adjusted efficiency ratio: 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Total noninterest expense $ 60,906 $ 58,663 $ 58,887 $ 56,760 $ 57,254 $ 56,241 $ 44,150 $ 42,774 Less: insurance and mortgage noninterest e
Slide 30: 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: 4Q23 3Q23 4Q23 3Q23 Adjusted net income $ 18,461 $ 22,004 Adjusted PTPP earnings $ 26,654 $ 30,663 Divided by number of days in the quarter 9
Slide 31: Presentation Notes
PRESENTATION NOTES (1) Does not include loan production offices or deposit production offices. (2) Does not include wholesale deposits. (3) Excludes MW LOC. (4) As used in this presentation, adjusted net income, adjusted PTPP earnings, adjusted diluted EPS, adjusted ROAA, adjusted PTPP ROAA, adjuste