Slide 1: 4Q and Full Year 2022 Investor Presentation
4Q AND FULL YEAR TWENTY22 INVESTOR PRESENTATION ORIGIN BANCORP, INC.
Slide 2: Forward-looking statements
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") future financial performance, business and growth stra
Slide 3: Origin Company Snapshot
ORIGIN BANCORP, INC. _______ 16 TEXAS Entry: DFW 2008 | Houston 2013 | East Texas(2) 2022 Loans: $4,747 Deposits: $4,261 LOUISIANA Entry: 1912 Loans: $1,447 Deposits: $2,916 DOLLARS IN MILLIONS, UNAUDITED (1) 3 ORIGIN COMPANY SNAPSHOT • Origin Bancorp, Inc., the holding company for Origin Bank, is h
Slide 4: A Unique & Defined Culture
ORIGIN BANCORP, INC. _______ 4 A UNIQUE & DEFINED CULTURE
Slide 5: Financial highlights 4Q22
ORIGIN BANCORP, INC. _______ QTD YTD Balance Sheet 4Q22 3Q22 Linked Qtr % Δ 4Q21 YoY % Δ 4Q22 4Q21 YoY % Δ Total Loans Held for Investment ("LHFI") $ 7,090,022 $ 6,882,681 3.0 % $ 5,231,331 35.5 % $ 7,090,022 $ 5,231,331 35.5 % Total Assets 9,686,067 9,462,639 2.4 7,861,285 23.2 9,686,067 7,861,285
Slide 6: Trending Key Measures
ORIGIN BANCORP, INC. _______ TRENDING KEY MEASURES 47,785 98,178 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 Total Revenue ($) UNAUDITED Diluted EPS ($)Net Income ($) Total LHFI, Adjusted ($)(7) Total Deposits ($) 0.53 0.95 2Q 18
Slide 7: Trending Key Measures Continued
ORIGIN BANCORP, INC. _______ TRENDING KEY MEASURES CONTINUED Efficiency Ratio (%) 66.99 58.32 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 UNAUDITED Net Charge Offs ($) 121 180 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20
Slide 8: Trending Key Non-GAAP Measures
ORIGIN BANCORP, INC. _______ TRENDING KEY NON-GAAP MEASURES(3) Adjusted Diluted EPS ($) UNAUDITED Adjusted Net Income ($) Adjusted PTPP Earnings ($) DOLLARS IN THOUSANDS Core Efficiency Ratio (%) 63.51 53.06 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q
Slide 9: Trending Key Non-GAAP Measures Continued
ORIGIN BANCORP, INC. _______ TRENDING KEY NON-GAAP MEASURES CONTINUED(3) Adjusted ROAE (%) UNAUDITED, ANNUALIZED Adjusted ROAA (%) Adjusted PTPP ROAA (%) Adjusted PTPP ROAE (%) 10.44 16.00 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q
Slide 10: Asset and Stockholders' Equity Growth 1997-2022
ORIGIN BANCORP, INC. _______ ASSET AND STOCKHOLDERS' EQUITY GROWTH 1997 - 2022 UNAUDITED, DOLLARS IN MILLIONS Total Assets ($) 148 9,686 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 Total S
Slide 11: Texas Growth Story
ORIGIN BANCORP, INC. _______ 11 1,741 1,956 2,247 2,620 4,747 1,067 1,127 1,343 1,545 2,746674 829 904 1,075 1,631 369 DFW Houston East Texas 2018 2019 2020 2021 2022 Deposit Trends by Texas Market ($) Loan Trends by Texas Market ($)(11) TEXAS GROWTH STORY Texas Franchise Highlights DOLLARS IN MILLI
Slide 12: Loan Growth
ORIGIN BANCORP, INC. _______ 12 LOAN GROWTH 3,581 3,869 4,094 4,498 6,805 3,581 3,869 4,094 5,593 1,212 Origin BTH 2018 2019 2020 2021 2022 2,000 4,000 6,000 8,000 LHFI Key Data DOLLARS IN MILLIONS, UNAUDITED IDT • LHFI, excluding mortgage warehouse lines of credit, increased 90.0% from 12/31/2018,
Slide 13: Well Diversified Loan Portfolio
ORIGIN BANCORP, INC. _______ Commercial & Industrial ("C&I") 28% Owner Occupied Construction/ Land/Land Development ("C&D"): 4% Owner Occupied Commercial Real Estate ("CRE"): 12% Mtg. WH LOC: 4% Non- Owner Occupied C&D: 10% Non-Owner Occupied CRE: 21% Residential Real Estate & Consumer 21% Real Esta
Slide 14: Credit Quality
ORIGIN BANCORP, INC. _______ 1.35 1.36 0.94 1.01 1.05 Classified LHFI / Total LHFI, adjusted (%) Net Charge-Offs / Average LHFI excl. PPP Loans (annualized) (%) 4Q21 1Q22 2Q22 3Q22 4Q22 0.22 0.14 0.12 0.49 0.41 0.25 0.50 0.42 0.13 Nonperforming LHFI / LHFI, excl. PPP loans (%) Past due LHFI / LHFI,
Slide 15: Investment Securities
ORIGIN BANCORP, INC. _______ 1,505 1,662 1,869 1,865 1,675 1.63 1.59 1.85 2.12 2.34 Total Securities ($) Yield (%) 4Q21 1Q22 2Q22 3Q22 4Q22 Investment Securities Average Balance and Yield INVESTMENT SECURITIES DOLLARS IN MILLIONS, UNAUDITED • The available for sale securities portfolio ended 4Q22 wi
Slide 16: Deposit Trends
ORIGIN BANCORP, INC. _______ 16 3,616 3,976 3,767 4,157 4,363 2,111 2,218 2,289 2,583 2,593 562 535 503 670 754 6,289 6,729 6,559 7,410 7,710 Interest-bearing Demand Noninterest-bearing Time Deposits 4Q21 1Q22 2Q22 3Q22 4Q22 Average Deposits ($) DEPOSIT TRENDS 0.59 0.54 0.49 1.22 0.64 1.54 0.19 0.17
Slide 17: Yields, Costs and LHFI Profile
ORIGIN BANCORP, INC. _______ 17 YIELDS, COSTS AND LHFI PROFILE Yield on LHFI (%) 4.11 4.08 4.26 3.25 3.29 5.36 6.82 1.02 2.47 2.14 3.62 Yield on LHFI Yield on LHFI excl. PPP Loans and PAA Avg. Prime Rate Avg. 1M LIBOR Avg. SOFR 4Q21 1Q22 2Q22 3Q22 4Q22 Cost of Funds (%) 0.34 0.33 0.35 1.24 1.54 0.41
Slide 18: Net Interest Income and NIM Trends
ORIGIN BANCORP, INC. _______ 18 DOLLARS IN THOUSANDS, UNAUDITED 54,180 52,502 59,504 78,523 84,749 45,035 46,202 54,241 71,494 78,174 5,385 3,897 4,544 5,614 4,678 3,760 2,403 719 1,415 1,897 3.06 2.86 3.23 3.68 3.81 2.92 2.76 3.20 3.61 3.73 Net Interest Income excl. MW LOC, adjusted ($) MW LOC Net
Slide 19: Net Revenue Distribution
ORIGIN BANCORP, INC. _______ Service Charges & Fees Mortgage Banking Revenue Insurance Commission & Fee Income Other 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 19 Net Interest Income Noninterest Income 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3
Slide 20: Noninterest Expense Analysis
ORIGIN BANCORP, INC. _______ 40,346 42,774 44,150 56,241 57,254 24,718 26,488 27,310 31,834 33,339 4,306 4,427 4,514 5,399 5,863 2,302 2,486 2,413 2,689 2,868 1,849 1,560 2,162 2,121 2,277 1,880 1,305 1,517 1,599 1,6763,614 1,179 1,872 2,554 5,097 5,400 4,902 7,113 7,498 Salaries and Employee Benefi
Slide 21: Capital
ORIGIN BANCORP, INC. _______ 9.2 8.8 9.1 9.6 9.7 9.7 9.3 9.5 9.1 9.9 Company Level Origin Bank Level 4Q21 1Q22 2Q22 3Q22 4Q22 11.4 11.3 11.0 10.7 11.1 12.0 11.9 11.4 10.9 11.5 Company Level Origin Bank Level 4Q21 1Q22 2Q22 3Q22 4Q22 21 CAPITAL Bank Level Company Level Sub-debt Impact 14.8 14.6 14.1
Slide 22: Calculation of adjusted net income
ORIGIN BANCORP, INC. _______ Calculation of adjusted net income: 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 Net interest income after provision for credit losses $ 80,125 $ 61,581 $ 56,052 $ 52,829 $ 56,827 $ 56,462 $ 59,901 $ 53,827 $ 45,486 Add: CECL provision for non-PCD loans — 14,890 — — — —
Slide 23: Calculation of adjusted net income, continued
ORIGIN BANCORP, INC. _______ Calculation of adjusted net income, continued: 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 4Q18 3Q18 2Q18 Net interest income after provision for credit losses $ 36,984 $ 24,887 $ 24,279 $ 41,718 $ 40,421 $ 40,984 $ 41,021 $ 40,338 $ 38,993 $ 36,859 Total noninterest income $ 18,
Slide 24: Calculation of adjusted PTPP earnings
ORIGIN BANCORP, INC. _______ Calculation of adjusted PTPP earnings: 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Provision for credit losses $ 4,624 $ 16,942 $ 3,452 $ (327) $ (2,647) $ (3,921) $ (5,609) $ 1,412 $ 6,333 $ 13,633 Less: CECL provision for non- PCD loans — 14,890 — — — — — — — — A
Slide 25: Calculation of adjusted dilutive EPS
ORIGIN BANCORP, INC. _______ Calculation of adjusted dilutive EPS: 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Numerator: Adjusted net income $ 30,409 $ 31,087 $ 21,949 $ 21,134 $ 24,144 $ 26,978 $ 27,729 $ 25,470 $ 17,374 $ 12,857 Denominator: Weighted average diluted common shares outstandin
Slide 26: Calculation of adjusted ROAA and ROAE
ORIGIN BANCORP, INC. _______ Calculation of adjusted ROAA and ROAE: 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Adjusted net income $ 30,409 $ 31,087 $ 21,949 $ 21,134 $ 24,144 $ 26,978 $ 27,729 $ 25,470 $ 17,374 $ 12,857 Divided by number of days in the quarter 92 92 91 90 92 92 91 90 92 92 M
Slide 27: Calculation of adjusted PTPP ROAA & ROAE
ORIGIN BANCORP, INC. _______ Calculation of adjusted PTPP ROAA & ROAE: 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Adjusted PTPP earnings $ 42,103 $ 39,905 $ 30,377 $ 26,205 $ 25,247 $ 29,299 $ 28,893 $ 32,879 $ 28,091 $ 29,633 Divided by number of days in the quarter 92 92 91 90 92 92 91 90 9
Slide 28: Calculation of tangible book value per common share
ORIGIN BANCORP, INC. _______ Calculation of tangible book value per common share(1) and adjusted tangible book value per common share: 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Total common stockholders' equity $ 949,943 $ 907,024 $ 646,373 $ 676,865 $ 730,211 $ 705,667 $ 688,235 $ 656,355 $
Slide 29: Calculation of ROATCE and Adjusted ROATCE
ORIGIN BANCORP, INC. _______ Calculation of ROATCE and Adjusted ROATCE: 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 Net income $ 29,478 $ 16,243 $ 21,311 $ 20,683 $ 28,322 $ 26,978 $ 27,733 $ 25,513 $ 17,552 Divided by number of days in the quarter 92 92 91 90 92 92 91 90 92 Multiplied by number of
Slide 30: Calculation of ROATCE and Adjusted ROATCE, continued
ORIGIN BANCORP, INC. _______ Calculation of ROATCE and Adjusted ROATCE, continued: 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 4Q18 3Q18 2Q18 Net income $ 13,095 $ 4,957 $ 753 $ 12,827 $ 14,617 $ 12,283 $ 14,155 $ 13,178 $ 12,318 $ 12,702 Divided by number of days in the quarter 92 92 91 90 92 91 90 92 92 91
Slide 31: Calculation of Core Efficiency Ratio
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED Calculation of Core Efficiency Ratio: 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Total noninterest expense $ 57,254 $ 56,241 $ 44,150 $ 42,774 $ 40,346 $ 39,165 $ 37,832 $ 39,436 $ 38,884 $
Slide 32: Year ended: Calculation of adjusted net income
ORIGIN BANCORP, INC. _______ Year Ended December 31, 2022 December 31, 2021 Calculation of adjusted net income: DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED Net interest income after provision for credit losses $ 250,587 $ 227,017 Add: CECL provision on non-PCD loans 14,890 — Adjusted n
Slide 33: Year ended: Calculation of adjusted dilutive EPS
ORIGIN BANCORP, INC. _______ Year Ended December 31, 2022 December 31, 2021 Calculation of adjusted dilutive EPS: DOLLARS IN THOUSANDS, UNAUDITED Adjusted Net Income $ 104,579 $ 103,047 Denominator: Weighted average diluted common shares outstanding 26,760,592 23,608,586 Diluted earnings per share $
Slide 34: Year ended: Calculation of ROATCE and Adjusted ROATCE
ORIGIN BANCORP, INC. _______ Year Ended December 31, 2022 December 31, 2021 Calculation of ROATCE and Adjusted ROATCE: DOLLARS IN THOUSANDS, UNAUDITED Net income $ 87,715 $ 108,546 Adjusted net income 104,579 103,047 Total average common stockholders’ equity 811,483 687,648 Less: average goodwill 74
Slide 35: Presentation Notes
ORIGIN BANCORP, INC. _______ 35 PRESENTATION NOTES (1) Excludes mortgage warehouse loans. (2) East Texas represents the nine branches acquired in the BTH merger predominately centered in Gregg, Panola, Rusk, Smith, and Wood counties. (3) As used in this presentation,adjusted net income, adjusted PTP