EX-99.1 2 a12312021obnkexhibit991er.htm EX-99.1 Document


Exhibit 99.1
For Immediate Release
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ORIGIN BANCORP, INC. REPORTS EARNINGS FOR FOURTH QUARTER AND 2021 FULL YEAR
RUSTON, Louisiana (January 26, 2022) - Origin Bancorp, Inc. (Nasdaq: OBNK) (“Origin” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced record net income of $28.3 million, or $1.20 diluted earnings per share for the quarter ended December 31, 2021, compared to net income of $27.0 million, or $1.14 diluted earnings per share for the quarter ended September 30, 2021, and net income of $17.6 million, or $0.75 diluted earnings per share for the quarter ended December 31, 2020. Pre-tax, pre-provision (“PTPP”) earnings for the quarter were $30.5 million, a 4.2% increase from the quarter ended September 30, 2021, and a 7.8% increase from the fourth quarter of 2020. Net income for the year ended December 31, 2021, was at a record high of $108.5 million, reflecting diluted earnings per share for the year ended December 31, 2021, of $4.60, representing an increase of $3.05, or 196.8%, from diluted earnings per share of $1.55 for the year ended December 31, 2020.
“Origin Bancorp delivered another strong quarter and closed out a very dynamic year,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “We remain focused on core, organic growth and our team performed well with 23% annualized growth on loans excluding PPP and mortgage warehouse this quarter. We have been and will continue to be purposeful in our strategy and efforts to provide value to our employees, customers, communities, and shareholders.”
Financial Highlights
•Net income was $28.3 million for the quarter ended December 31, 2021, achieving a historic high compared to $27.0 million for the linked quarter and $17.6 million for the quarter ended December 31, 2020.
•Total loans held for investment (“LHFI”) at December 31, 2021, excluding PPP and mortgage warehouse lines of credit, were $4.50 billion, reflecting a $241.5 million, or 5.7% increase, compared to the linked quarter, and a $404.2 million, or 9.9% increase compared to December 31, 2020.
•Total deposits grew $411.9 million, or 6.7%, to $6.57 billion at December 31, 2021, compared to $6.16 billion at September 30, 2021, and increased $819.4 million, or 14.2%, compared to December 31, 2020. Noninterest-bearing deposits grew $183.4 million, or 9.3%, compared to September 30, 2021, and $555.9 million, or 34.6%, compared to December 31, 2020, and represented 32.9% of total deposits at December 31, 2021.
•Average balances of total securities for the quarter ended December 31, 2021, were $1.50 billion, reflecting a $371.4 million, or 32.8% increase compared to the linked quarter, and a $550.7 million, or 57.7% increase, compared to the quarter ended December 31, 2020. Total securities were $1.53 billion at December 31, 2021, compared to $1.54 billion at September 30, 2021, and increased $480.6 million, or 45.6%, compared to December 31, 2020.
•Provision for credit losses was a net benefit of $2.6 million for the quarter ended December 31, 2021, compared to a net benefit of $3.9 million for the linked quarter and a provision expense of $6.3 million for the quarter ended December 31, 2020.
•Annualized returns on average stockholder’s equity and average assets were 15.70% and 1.49%, respectively, for the quarter ended December 31, 2021, compared to 15.21% and 1.43%, respectively for the linked quarter, and 10.92% and 0.97%, respectively, for the quarter ended December 31, 2020.
•On December 31, 2021, the Company acquired the remaining 62% equity interest in The Lincoln Agency bringing the Company’s total ownership to 100%. Additionally, the Company acquired substantially all assets of the Pulley-White Insurance Agency, Inc. on December 31, 2021, for $2.2 million in cash and $2.2 million in Company common stock.
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Results of Operations for the Three Months Ended December 31, 2021
Net Interest Income and Net Interest Margin
Net interest income for the quarter ended December 31, 2021, was $54.2 million, an increase of $1.6 million, or 3.1%, compared to the linked quarter. The increase was primarily due to a $1.2 million increase in interest income earned on total investment securities and a $1.2 million increase in interest income earned on commercial real estate loans, offset by decreases of $873,000 and $577,000 in interest earned on residential real estate loans and mortgage warehouse lines of credit, respectively. The increase in interest income earned on total securities was primarily due to a $371.4 million increase in the average balance of total securities caused by a shift in balance sheet composition. The increase in interest income earned on commercial real estate loans was primarily driven by a $106.3 million increase in the average balance of total commercial real estate loans. The decrease in interest earned on residential real estate loans was primarily due to a decline in interest rates, which contributed $595,000 to the $873,000 decline in interest income on residential real estate loans. The decrease in interest earned on mortgage warehouse lines of credit was caused primarily by a decrease of $82.9 million in average mortgage warehouse lines of credit loan balances, as the outstanding balances of mortgage warehouse lines of credit continued to normalize.
The yield earned on interest-earning assets for the quarter ended December 31, 2021, was 3.35%, an increase of two basis points compared to the linked quarter and a decrease of 12 basis points compared to the quarter ended December 31, 2020. Excluding PPP loans, the yield earned on interest-earning assets was 3.21%, a four basis point decrease compared to the linked quarter. The rate paid on total interest-bearing liabilities for the quarter ended December 31, 2021, was 0.51%, representing a two basis point decrease from the linked quarter, and a 13 basis point decrease compared to the quarter ended December 31, 2020.
The fully tax-equivalent net interest margin (“NIM”) was 3.06% for the quarter ended December 31, 2021, a four basis point increase and a one basis point decrease from the linked quarter and the quarter ended December 31, 2020, respectively. Excluding PPP loans, the fully tax-equivalent NIM was 2.92%, a two basis point decrease and a 25 basis point decrease from the linked quarter and the quarter ended December 31, 2020, respectively. The decrease in fully tax-equivalent NIM, excluding PPP loans, was primarily due to a shift in balance sheet composition as PPP loan balances continued to be forgiven by the Small Business Administration (“SBA”) and mortgage warehouse loan volume continued to normalize, along with the increase in deposits, causing a surge in liquidity which was primarily invested in comparatively lower-yielding securities.
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Credit Quality
The table below includes key credit quality information:
At and for the three months ended$ Change% Change
(Dollars in thousands)December 31,
2021		September 30,
 2021		December 31,
2020		Linked
 Quarter		Linked
 Quarter
Allowance for loan credit losses$64,586 $69,947 $86,670 $(5,361)(7.7)%
Classified loans69,372 75,591 107,781 (6,219)(8.2)
Total nonperforming LHFI24,903 24,555 26,149 348 1.4 
Provision for credit losses(2,647)(3,921)6,333 1,274 (32.5)
Net charge-offs2,693 2,891 1,757 (198)(6.8)
Credit quality ratios:
Allowance for loan credit losses to nonperforming LHFI259.35 %284.86 %331.45 %N/A-2551 bp
Allowance for loan credit losses to total LHFI1.23 1.35 1.51 N/A-12 bp
Allowance for loan credit losses to total LHFI excluding PPP and warehouse loans (1)
1.43 1.63 2.10 N/A-20 bp
Nonperforming LHFI to LHFI0.48 0.47 0.46 N/A1 bp
Net charge-offs to total average LHFI (annualized)0.21 0.22 0.13 N/A-1 bp
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(1)Please see the Loan Data schedule at the back of this document for additional information.
The Company recorded a credit loss provision net benefit of $2.6 million during the quarter ended December 31, 2021, compared to a credit loss provision net benefit of $3.9 million recorded during the linked quarter. The release of credit loss provision reflects the continued improvement in forecasted economic conditions at December 31, 2021, and stable credit loss metrics. While economic forecasts have improved, uncertainty remains due to risks related to the resurgence or lingering effects of COVID-19, rising inflation and labor pressures, as well as continued global supply-chain disruptions.
Credit metrics remained stable for the quarter ended December 31, 2021, compared to the linked quarter. The allowance for loan credit losses to nonperforming LHFI decreased to 259.35% at December 31, 2021, compared to 284.86% at September 30, 2021. The Company’s nonperforming LHFI and quarterly net charge-offs were stable, compared to the linked quarter. Classified loans declined $6.2 million at December 31, 2021, compared to September 30, 2021, and represented 1.35% of LHFI, excluding PPP loans, at December 31, 2021, compared to 1.52% at September 30, 2021.
Noninterest Income
Noninterest income for the quarter ended December 31, 2021, was $16.7 million, an increase of $778,000, or 4.9%, from the linked quarter. The increase from the linked quarter was primarily driven by an increase of $5.4 million in other noninterest income, offset by decreases of $3.0 million, $1.0 million, and $625,000 in limited partnership investment income, swap fee income, and insurance commission and fee income, respectively.
The $5.4 million increase in other noninterest income was primarily due to the Company’s acquisition of the remaining 62% equity interest in The Lincoln Agency. The Company remeasured the previously held equity method investment to its fair value, resulting in recognition of a gain of $5.2 million in other noninterest income. The $3.0 million decrease in limited partnership investment income was primarily due to a $3.1 million valuation increase of the investments in two of the limited partnership funds during the quarter ended September 30, 2021, with no such increase during the current quarter. The $1.0 million decrease in swap fee income was primarily driven by $727,000 in swap commission fees earned on one new swap contract executed during the quarter ended September 30, 2021, combined with an early termination fee incurred during the quarter ended December 31, 2021. To benefit future income, the Company elected to unwind a one-way swap during the quarter ended December 31, 2021, and paid an early termination fee of $296,000. The decrease in insurance commission and fee income was caused by the seasonality of policy renewals.
Noninterest Expense
Noninterest expense for the quarter ended December 31, 2021, was $40.3 million, an increase of $1.2 million, compared to the linked quarter. This increase was primarily driven by an increase of $1.1 million in salaries and employee
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benefit expenses, primarily due to a $893,000 increase in our incentive compensation bonus during the quarter ended December 31, 2021, primarily due to the growth in loan production.
Income Taxes
The effective tax rate was 14.6% during the quarter ended December 31, 2021, compared to 18.8% during the linked quarter and 20.2% during the quarter ended December 31, 2020. The decline was primarily due the tax impact of the exercise of stock options and vesting of stock awards during the period.
Financial Condition
Loans
•Total LHFI increased $44.0 million compared to the linked quarter and decreased $493.4 million compared to December 31, 2020.
•Total LHFI at December 31, 2021, were $4.50 billion, excluding PPP and mortgage warehouse lines of credit, reflecting a $241.5 million, or 5.7% increase, compared to the linked quarter and a $404.2 million, or 9.9% increase, compared to December 31, 2020.
•PPP loans, net of deferred fees and costs, totaled $105.8 million at December 31, 2021, a decrease of $111.2 million compared to the linked quarter and a decrease of $440.8 million compared to December 31, 2020. Net deferred loan fees and costs on PPP loans were $3.0 million, $6.3 million, and $9.6 million, at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.
•Mortgage warehouse lines of credit totaled $627.1 million at December 31, 2021, a decrease of $86.3 million compared to the linked quarter and a decrease of $456.9 million compared to December 31, 2020, falling within the expected range of 10% to 12% of total LHFI by year-end 2021.
•Average LHFI decreased $56.1 million, compared to the linked quarter, and decreased $375.6 million compared to the quarter ended December 31, 2020.
•Average LHFI, excluding PPP and mortgage warehouse lines of credit, increased $144.0 million, compared to the linked quarter, and increased $333.3 million compared to the quarter ended December 31, 2020.
Total LHFI at December 31, 2021, were $5.23 billion, reflecting an increase of 0.8%, compared to the linked quarter and a decrease of 8.6%, compared to December 31, 2020. The increase in LHFI compared to the linked quarter, was primarily driven by increases in commercial and industrial loans excluding PPP and commercial real estate loans, offset by decreases in PPP loans and mortgage warehouse lines of credit, respectively. PPP outstanding loan balances continued to decline primarily through the SBA’s forgiveness process and outstanding balances of mortgage warehouse lines of credit continued to normalize during the current period.
Securities
•Total securities remained relatively unchanged compared to the linked quarter and increased $480.6 million, compared to December 31, 2020.
•Average securities increased $371.4 million, compared to the linked quarter, and increased $550.7 million compared to the quarter ended December 31, 2020.
Total securities at December 31, 2021, were $1.53 billion, decreasing slightly from the linked quarter, and increasing 45.6%, compared to December 31, 2020. The increase in securities during 2021 reflects a shift in balance sheet composition as liquidity surged due to declines in PPP and mortgage warehouse lines of credit loan balances, as a result of the SBA’s forgiveness process and the normalization of mortgage warehouse lines of credit balances, along with the increase in deposits.
Goodwill & Intangibles
On December 31, 2021, the Company acquired the remaining 62% equity interest in The Lincoln Agency for $5.3 million in cash and $5.3 million in Company common stock, bringing the Company’s total ownership to 100%. Additionally, the Company acquired substantially all assets of the Pulley-White Insurance Agency, Inc. on December 31, 2021, for $2.2 million in cash and $2.2 million in Company common stock.
•The Company recognized a $14.1 million and $7.6 million increase, respectively, in intangible assets and goodwill in conjunction with the acquisitions.
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Deposits
•Total deposits increased $411.9 million and $819.4 million compared to the linked quarter and December 31, 2020, respectively.
•Interest-bearing deposits grew $263.4 million, or 7.3%, compared to September 30, 2021, and $385.1 million, or 11.1%, compared to December 31, 2020.
•Noninterest-bearing deposits grew $183.4 million, or 9.3%, compared to September 30, 2021, and $555.9 million, or 34.6%, compared to December 31, 2020.

Business depositors drove increases of $168.1 million and $142.2 million in noninterest-bearing demand and money market deposits compared to the linked quarter. Consumer depositors drove an additional increase of $104.6 million in total deposits compared to the linked quarter. Business depositors drove an increase of $890.8 million in total deposits compared to December 31, 2020.
For the quarter ended December 31, 2021, average noninterest-bearing deposits as a percentage of total average deposits were 33.6%, compared to 31.7% for the linked quarter, and 28.7% for the quarter ended December 31, 2020.
Borrowings
•Average Federal Home Loan Bank (“FHLB”) advances and other borrowings for the quarter ended December 31, 2021, increased by $3.8 million or 1.4%, compared to the linked quarter, and decreased by $79.8 million or 23.0%, compared to the quarter ended December 31, 2020.
The changes in average FHLB advances and other borrowings from both the linked quarter and from the quarter ended December 31, 2020, were driven by short-term borrowing variations during the respective periods as a result of liquidity management.
Stockholder’s Equity
Stockholders’ equity was $730.2 million at December 31, 2021, an increase of $24.5 million compared to $705.7 million at September 30, 2021, and an increase of $83.1 million compared to $647.2 million at December 31, 2020. The increase from the linked quarter was primarily due to net income for the quarter of $28.3 million, combined with a $7.5 million stock issuance for the insurance agency acquisitions, discussed earlier. These increases were partially offset by other comprehensive loss, net of tax and the quarterly dividend declared during the quarter ended December 31, 2021. The increase from December 31, 2020, was primarily driven by net income retained during the intervening period, and partially offset by the other comprehensive loss, net of tax.
Conference Call
Origin will hold a conference call to discuss its fourth quarter and 2021 full year results on Thursday, January 27, 2022, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial (844) 695-5516; International: (412) 902-6750 and request to be joined into the Origin Bancorp, Inc. (OBNK) 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://services.choruscall.com/mediaframe/webcast.html?webcastid=yG9FTkGk.

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 Bancorp, Inc.
Origin is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly-owned bank subsidiary, Origin Bank, was founded in 1912. Deeply rooted in Origin’s history is a culture committed to providing personalized, relationship banking to its clients and communities. Origin provides a broad range of financial services to businesses, municipalities, high net-worth individuals and retail clients. Origin currently operates 44 banking centers located from Dallas/Fort Worth and Houston, Texas across North Louisiana and into Mississippi. For more information, visit www.origin.bank.
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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 strategy, projected plans and objectives, including the Company’s loan loss reserves and allowance for credit losses related to the COVID-19 pandemic and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including expectations regarding and efforts to respond to the COVID-19 pandemic and 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 continuing duration and impacts of the COVID-19 global pandemic and continuing development and distribution of COVID-19 vaccines, as well as other efforts to contain the virus’s transmission, including the effect of these factors and developments on Origin’s business, customers, and economic conditions generally, as well as the impact of the actions taken by governmental authorities to address the impact of COVID-19 on the United States economy, including any economic stimulus legislation; 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; Origin’s ability to anticipate interest rate changes and manage interest rate risk; the effectiveness of Origin’s risk management framework and quantitative models; the risk of widespread inflation; 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; business and economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas; 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; volatility and direction of market interest rates; increased competition in the financial services industry, particularly from regional and national institutions; 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; an increase in unemployment levels and slowdowns in economic growth; 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; 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; uncertainty regarding the transition away from the London Interbank Offered Rate (“LIBOR”) and the impact of any replacement alternatives such as the Secured Overnight Financing Rate (“SOFR”) on Origin’s business; 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, 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; and system failures, cybersecurity threats or security breaches and the cost of defending against them. 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 (“SEC”) 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
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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. Furthermore, many of these risks and uncertainties are currently amplified by, may continue to be amplified by or may, in the future, be amplified by the COVID-19 pandemic and the impact of varying governmental responses that affect Origin’s customers and the economies where they operate. 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:
Chris Reigelman, Origin Bancorp, Inc.
318-497-3177 / chris@origin.bank
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Origin Bancorp, Inc.
Selected Quarterly Financial Data
At and for the three months ended
December 31,
2021		September 30,
 2021		June 30,
2021		March 31,
2021		December 31,
2020
Income statement and share amounts(Dollars in thousands, except per share amounts, unaudited)
Net interest income
$54,180 $52,541 $54,292 $55,239 $51,819 
Provision for credit losses(2,647)(3,921)(5,609)1,412 6,333 
Noninterest income
16,701 15,923 12,438 17,131 15,381 
Noninterest expense40,346 39,165 37,832 39,436 38,884 
Income before income tax expense
33,182 33,220 34,507 31,522 21,983 
Income tax expense4,860 6,242 6,774 6,009 4,431 
Net income
$28,322 $26,978 $27,733 $25,513 $17,552 
PTPP earnings (1)
$30,535 $29,299 $28,898 $32,934 $28,316 
Basic earnings per common share
1.21 1.15 1.18 1.09 0.75 
Diluted earnings per common share
1.20 1.14 1.17 1.08 0.75 
Dividends declared per common share0.13 0.13 0.13 0.10 0.10 
Weighted average common shares outstanding - basic
23,484,056 23,429,705 23,410,693 23,393,356 23,392,684 
Weighted average common shares outstanding - diluted
23,609,874 23,613,010 23,604,566 23,590,430 23,543,917 
Balance sheet data
Total LHFI
$5,231,331 $5,187,288 $5,396,306 $5,849,760 $5,724,773 
Total assets
7,861,285 7,470,478 7,268,068 7,563,175 7,628,268 
Total deposits6,570,693 6,158,768 6,028,352 6,346,194 5,751,315 
Total stockholders’ equity730,211 705,667 688,235 656,355 647,150 
Performance metrics and capital ratios
Yield on LHFI4.11 %4.05 %4.00 %4.03 %3.89 %
Yield on interest-earnings assets3.35 3.33 3.44 3.58 3.47 
Cost of interest-bearing deposits0.28 0.30 0.31 0.37 0.43 
Cost of total deposits0.19 0.21 0.22 0.26 0.31 
Net interest margin, fully tax equivalent3.06 3.02 3.12 3.22 3.07 
Net interest margin, excluding PPP loans, fully tax equivalent (2)
2.92 2.94 3.06 3.15 3.17 
Return on average stockholders’ equity (annualized)15.70 15.21 16.54 15.73 10.92 
Return on average assets (annualized)1.49 1.43 1.49 1.40 0.97 
PTPP return on average stockholders’ equity (annualized) (1)
16.93 16.52 17.23 20.30 17.61 
PTPP return on average assets (annualized) (1)
1.60 1.56 1.55 1.81 1.57 
Efficiency ratio (3)
56.92 57.21 56.69 54.49 57.86 
Book value per common share$30.75 $30.03 $29.28 $27.94 $27.53 
Tangible book value per common share (1)
28.59 28.76 28.01 26.66 26.23 
Common equity tier 1 to risk-weighted assets (4)
11.20 %11.27 %11.03 %10.16 %9.95 %
Tier 1 capital to risk-weighted assets (4)
11.36 11.42 11.19 10.32 10.11 
Total capital to risk-weighted assets (4)
14.76 14.95 14.85 13.92 13.79 
Tier 1 leverage ratio (4)
9.20 9.20 8.87 8.67 8.62 
____________________________
(1)PTPP earnings, PTPP return on average stockholders’ equity, PTPP return on average assets and tangible book value per common share are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their comparable GAAP measures, please see the last two pages.
(2)Net interest margin, excluding PPP loans, fully tax-equivalent is calculated by removing average PPP loans from average interest-earning assets, and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.
(3)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
(4)December 31, 2021, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.
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Origin Bancorp, Inc.
Consolidated Quarterly Statements of Income

Three months ended
December 31,
2021		September 30,
 2021		June 30,
2021		March 31,
2021		December 31,
2020
Interest and dividend income(Dollars in thousands, except per share amounts, unaudited)
Interest and fees on loans$53,260 $53,182 $55,529 $56,810 $54,193 
Investment securities-taxable4,691 3,449 3,115 3,300 3,154 
Investment securities-nontaxable1,493 1,582 1,590 1,672 1,708 
Interest and dividend income on assets held in other financial institutions686 538 414 345 367 
Total interest and dividend income60,130 58,751 60,648 62,127 59,422 
Interest expense
Interest-bearing deposits2,957 3,255 3,417 3,789 4,582 
FHLB advances and other borrowings1,161 1,118 1,106 1,269 1,339 
Subordinated debentures1,832 1,837 1,833 1,830 1,682 
Total interest expense5,950 6,210 6,356 6,888 7,603 
Net interest income
54,180 52,541 54,292 55,239 51,819 
Provision for credit losses(2,647)(3,921)(5,609)1,412 6,333 
Net interest income after provision for credit losses56,827 56,462 59,901 53,827 45,486 
Noninterest income
Service charges and fees3,994 3,973 3,739 3,343 3,420 
Mortgage banking revenue2,857 2,728 2,765 4,577 6,594 
Insurance commission and fee income2,826 3,451 3,050 3,771 2,732 
Gain on sales of securities, net75 — 5 1,668 225 
Loss on sales and disposals of other assets, net(97)(8)(42)(38)(33)
Limited partnership investment income50 3,078 801 1,772 368 
Swap fee (loss) income(285)727 24 348 233 
Change in fair value of equity investments— 19 — — — 
Other fee income702 783 623 771 604 
Other income6,579 1,172 1,473 919 1,238 
Total noninterest income16,701 15,923 12,438 17,131 15,381 
Noninterest expense
Salaries and employee benefits24,718 23,629 22,354 22,325 22,475 
Occupancy and equipment, net4,306 4,353 4,349 4,339 4,271 
Data processing2,302 2,329 2,313 2,173 2,178 
Electronic banking616 997 989 961 942 
Communications286 359 514 415 449 
Advertising and marketing1,147 863 748 680 1,108 
Professional services923 912 836 973 1,176 
Regulatory assessments526 664 544 1,170 1,135 
Loan-related expenses1,880 1,949 2,154 1,705 1,856 
Office and operations1,849 1,598 1,498 1,454 1,472 
Intangible asset amortization194 194 222 234 237 
Franchise tax expense692 598 629 619 665 
Other expenses907 720 682 2,388 920 
Total noninterest expense40,346 39,165 37,832 39,436 38,884 
Income before income tax expense33,182 33,220 34,507 31,522 21,983 
Income tax expense4,860 6,242 6,774 6,009 4,431 
Net income$28,322 $26,978 $27,733 $25,513 $17,552 
Basic earnings per common share$1.21 $1.15 $1.18 $1.09 $0.75 
Diluted earnings per common share1.20 1.14 1.17 1.08 0.75 

9
Origin Bancorp, Inc.
Selected Year-to-Date Financial Data
Year Ended December 31,
(Dollars in thousands, except per share amounts)20212020
Income statement and share amounts(Unaudited)
Net interest income
$216,252 $191,536 
Provision for credit losses(10,765)59,900 
Noninterest income
62,193 64,652 
Noninterest expense156,779 151,935 
Income before income tax expense
132,431 44,353 
Income tax expense
23,885 7,996 
Net income
$108,546 $36,357 
PTPP earnings (1)
$121,666 $104,253 
Basic earnings per common share (2)
4.63 1.56 
Diluted earnings per common share(2)
4.60 1.55 
Dividends declared per common share0.49 0.3775 
Weighted average common shares outstanding - basic
23,431,504 23,367,221 
Weighted average common shares outstanding - diluted
23,608,586 23,511,952 
Performance metrics
Yield on LHFI4.05 %4.17 %
Yield on interest-earning assets3.42 3.75 
Cost of interest-bearing deposits0.32 0.75 
Cost of total deposits0.22 0.53 
Net interest margin, fully tax equivalent3.10 3.18 
Net interest margin, excluding PPP loans, fully tax equivalent (3)
3.01 3.25 
Return on average stockholders’ equity15.79 5.82 
Return on average assets1.45 0.56 
PTPP return on average stockholders’ equity (1)
17.69 16.69 
PTPP return on average assets (1)
1.63 1.62 
Efficiency ratio (4)
56.31 59.31 
____________________________
(1)PTPP earnings, PTPP return on average stockholders’ equity, and PTPP return on average assets are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their comparable GAAP measures, please see the last two pages.
(2)Due to the combined impact of the repurchase of common stock on the quarterly average common shares outstanding calculation compared to the impact of the repurchase of common stock shares on the year-to-date average common outstanding calculation, and the effect of rounding, the sum of the quarterly earnings per common share may not equal the year-to-date earnings per common share amount.
(3)Net interest margin, excluding PPP loans, fully tax-equivalent is calculated by removing average PPP loans from average interest-earning assets, and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.
(4)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
10
Origin Bancorp, Inc.
Consolidated Balance Sheets
(Dollars in thousands)December 31,
2021		September 30,
 2021		June 30,
2021		March 31,
2021		December 31,
2020
Assets(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Cash and due from banks$133,334 $124,515 $155,311 $64,330 $60,544 
Interest-bearing deposits in banks572,284 227,450 289,421 200,571 316,670 
Total cash and cash equivalents705,618 351,965 444,732 264,901 377,214 
Securities:
Available for sale1,504,728 1,486,543 973,948 980,132 1,004,674 
Held to maturity, net of allowance for credit losses22,767 37,702 37,835 37,983 38,128 
Securities carried at fair value through income7,497 10,876 10,973 11,077 11,554 
Total securities1,534,992 1,535,121 1,022,756 1,029,192 1,054,356 
Non-marketable equity securities held in other financial institutions45,192 45,144 41,468 47,274 62,586 
Loans held for sale80,387 109,956 124,710 144,950 191,512 
Loans5,231,331 5,187,288 5,396,306 5,849,760 5,724,773 
Less: allowance for loan credit losses64,586 69,947 77,104 85,136 86,670 
Loans, net of allowance for loan credit losses5,166,745 5,117,341 5,319,202 5,764,624 5,638,103 
Premises and equipment, net80,691 80,740 80,133 81,064 81,763 
Mortgage servicing rights16,220 16,000 16,081 17,552 13,660 
Cash surrender value of bank-owned life insurance38,352 38,162 37,959 37,757 37,553 
Goodwill and other intangible assets, net51,330 29,830 30,024 30,246 30,480 
Accrued interest receivable and other assets141,758 146,219 151,003 145,615 141,041 
Total assets$7,861,285 $7,470,478 $7,268,068 $7,563,175 $7,628,268 
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits$2,163,507 $1,980,107 $1,861,016 $1,736,534 $1,607,564 
Interest-bearing deposits3,864,058 3,600,654 3,554,427 3,962,082 3,478,985 
Time deposits543,128 578,007 612,909 647,578 664,766 
Total deposits6,570,693 6,158,768 6,028,352 6,346,194 5,751,315 
FHLB advances and other borrowings309,801 309,152 314,123 325,751 984,608 
Subordinated debentures157,417 157,357 157,298 157,239 157,181 
Accrued expenses and other liabilities93,163 139,534 80,060 77,636 88,014 
Total liabilities7,131,074 6,764,811 6,579,833 6,906,820 6,981,118 
Stockholders’ equity
Common stock
118,733 117,480 117,511 117,444 117,532 
Additional paid-in capital242,114 237,928 237,338 236,934 237,341 
Retained earnings363,635 338,387 314,472 289,792 266,628 
Accumulated other comprehensive income5,729 11,872 18,914 12,185 25,649 
Total stockholders’ equity730,211 705,667 688,235 656,355 647,150 
Total liabilities and stockholders’ equity$7,861,285 $7,470,478 $7,268,068 $7,563,175 $7,628,268 
11
Origin Bancorp, Inc.
Loan Data
At and for the three months ended
(Dollars in thousands, unaudited)December 31,
2021		September 30,
 2021		June 30,
2021		March 31,
2021		December 31,
2020
LHFI
Commercial real estate$1,693,512 $1,590,519 $1,480,536 $1,454,649 $1,387,939 
Construction/land/land development530,083 518,920 497,170 548,236 531,860 
Residential real estate909,739 913,411 966,301 904,753 885,120 
Total real estate loans3,133,334 3,022,850 2,944,007 2,907,638 2,804,919 
PPP105,761 216,957 369,910 584,148 546,519 
Commercial and industrial1,348,474 1,218,246 1,200,881 1,250,350 1,271,343 
Mortgage warehouse lines of credit627,078 713,339 865,255 1,090,347 1,084,001 
Consumer16,684 15,896 16,253 17,277 17,991 
Total LHFI5,231,331 5,187,288 5,396,306 5,849,760 5,724,773 
Less: allowance for loan credit losses64,586 69,947 77,104 85,136 86,670 
LHFI, net$5,166,745 $5,117,341 $5,319,202 $5,764,624 $5,638,103 
Nonperforming assets
Nonperforming LHFI
Commercial real estate$512 $672 $1,544 $1,085 $3,704 
Construction/land/land development338 592 621 2,431 2,962 
Residential real estate11,647 9,377 10,571 10,692 6,530 
Commercial and industrial12,306 13,873 17,723 19,094 12,897 
Consumer100 41 43 56 56 
Total nonperforming LHFI24,903 24,555 30,502 33,358 26,149 
Nonperforming loans held for sale1,754 2,074 1,606 963 681 
Total nonperforming loans26,657 26,629 32,108 34,321 26,830 
Repossessed assets1,860 4,574 4,723 3,893 1,927 
Total nonperforming assets$28,517 $31,203 $36,831 $38,214 $28,757 
Classified assets$71,232 $80,165 $88,150 $99,214 $109,708 
Past due LHFI (1)
25,615 25,954 30,446 26,574 25,763 
Allowance for loan credit losses
Balance at beginning of period$69,947 $77,104 $85,136 $86,670 $81,643 
Provision for loan credit losses(2,668)(4,266)(5,224)1,360 6,784 
Loans charged off3,162 3,035 3,010 3,027 2,089 
Loan recoveries469 144 202 133 332 
Net charge-offs2,693 2,891 2,808 2,894 1,757 
Balance at end of period$64,586 $69,947 $77,104 $85,136 $86,670 
12
Origin Bancorp, Inc.
Loan Data - Continued
At and for the three months ended
(Dollars in thousands, unaudited)December 31,
2021		September 30,
 2021		June 30,
2021		March 31,
2021		December 31,
2020
Credit quality ratios
Total nonperforming assets to total assets0.36 %0.42 %0.51 %0.51 %0.38 %
Total nonperforming loans to total loans0.50 0.50 0.58 0.57 0.45 
Nonperforming LHFI to LHFI0.48 0.47 0.57 0.57 0.46 
Past due LHFI to LHFI0.49 0.50 0.56 0.45 0.45 
Allowance for loan credit losses to nonperforming LHFI259.35 284.86 252.78 255.22 331.45 
Allowance for loan credit losses to total LHFI1.23 1.35 1.43 1.46 1.51 
Allowance for loan credit losses to total LHFI excluding PPP and warehouse loans (2)
1.43 1.63 1.84 2.02 2.10 
Net charge-offs to total average LHFI (annualized)0.21 0.22 0.20 0.21 0.13 
Net charge-offs to total average LHFI (annualized), excluding PPP loans0.22 0.24 0.23 0.23 0.14 
____________________________
(1)Past due LHFI are defined as loans 30 days or more past due. There were $266,000 of past due PPP loans at September 30, 2021, that are fully guaranteed by the SBA. There were no past due PPP loans for the other disclosed quarterly period end dates included in this release.
(2)The allowance for loan credit losses (“ACL”) to total LHFI excluding PPP and warehouse loans is calculated by excluding the ACL for warehouse loans from the numerator and excluding the PPP and warehouse loans from the denominator. Due to their low-risk profile, mortgage warehouse loans require a disproportionately low allocation of the allowance for loan credit losses.
13
Origin Bancorp, Inc.
Average Balances and Yields/Rates
Three months ended
December 31, 2021September 30, 2021December 31, 2020
Average BalanceYield/RateAverage BalanceYield/RateAverage BalanceYield/Rate
Assets(Dollars in thousands, unaudited)
Commercial real estate$1,612,078 4.10 %$1,505,731 4.08 %$1,362,025 4.27 %
Construction/land/land development528,172 4.21 527,881 4.10 533,756 4.21 
Residential real estate909,778 3.88 936,375 4.14 853,299 4.23 
PPP162,340 9.19 279,578 5.24 551,325 2.36 
Commercial and industrial1,276,386 3.76 1,212,797 3.88 1,242,018 3.83 
Mortgage warehouse lines of credit577,835 3.70 660,715 3.58 897,716 3.81 
Consumer16,572 5.74 16,222 5.81 18,575 6.03 
LHFI5,083,161 4.11 5,139,299 4.05 5,458,714 3.89 
Loans held for sale47,352 5.20 72,739 3.85 114,196 2.73 
Loans receivable5,130,513 4.12 5,212,038 4.05 5,572,910 3.87 
Investment securities-taxable1,239,648 1.50 853,277 1.60 662,527 1.89 
Investment securities-nontaxable265,261 2.23 280,189 2.24 291,702 2.33 
Non-marketable equity securities held in other financial institutions45,153 4.16 43,725 2.22 39,763 1.99 
Interest-bearing balances due from banks442,060 0.19 610,863 0.19 236,772 0.28 
Total interest-earning assets7,122,635 3.35 7,000,092 3.33 6,803,674 3.47 
Noninterest-earning assets(1)
436,935 464,721 360,354 
Total assets$7,559,570 $7,464,813 $7,164,028 
Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$3,616,101 0.23 %$3,657,625 0.25 %$3,520,543 0.29 %
Time deposits561,990 0.59 582,384 0.67 677,651 1.20 
Total interest-bearing deposits4,178,091 0.28 4,240,009 0.30 4,198,194 0.43 
FHLB advances and other borrowings267,737 1.72 263,956 1.68 347,494 1.53 
Subordinated debentures157,395 4.62 157,321 4.63 144,475 4.63 
Total interest-bearing liabilities4,603,223 0.51 4,661,286 0.53 4,690,163 0.64 
Noninterest-bearing liabilities
Noninterest-bearing deposits2,110,816 1,965,843 1,686,088 
Other liabilities(1)
129,917 134,079 148,269 
Total liabilities6,843,956 6,761,208 6,524,520 
Stockholders’ Equity715,614 703,605 639,508 
Total liabilities and stockholders’ equity$7,559,570 $7,464,813 $7,164,028 
Net interest spread2.84 %2.80 %2.83 %
Net interest margin3.02 2.98 3.03 
Net interest margin - (tax-equivalent)(2)
3.06 3.02 3.07 
Net interest margin excluding PPP loans - (tax-equivalent)(3)
2.92 %2.94 %3.17 %
____________________________
(1)Includes Government National Mortgage Association (“GNMA”) repurchase average balances of $45.2 million, $51.3 million, and $61.9 million for the three months ended December 31, 2021, September 30, 2021, and December 31, 2020, respectively. The GNMA repurchase asset and liability are recorded as equal offsetting amounts in the consolidated balance sheets, with the asset included in Loans held for sale and the liability included in FHLB advances and other borrowings.
(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.
(3)Net interest margin, excluding PPP loans, fully tax-equivalent is calculated by removing average PPP loans from average interest-earning assets, and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.
14
Origin Bancorp, Inc.
Non-GAAP Financial Measures


At and for the three months ended
December 31,
2021		September 30,
 2021		June 30,
2021		March 31,
2021		December 31,
2020
Calculation of Tangible Common Equity:(Dollars in thousands, except per share amounts, unaudited)
Total common stockholders’ equity$730,211 $705,667 $688,235 $656,355 $647,150 
Less: goodwill and other intangible assets, net51,330 29,830 30,024 30,246 30,480 
Tangible Common Equity$678,881 $675,837 $658,211 $626,109 $616,670 
Calculation of Tangible Book Value per Common Share:
Divided by common shares outstanding at the end of the period23,746,502 23,496,058 23,502,215 23,488,884 23,506,312 
Tangible Book Value per Common Share$28.59 $28.76 $28.01 $26.66 $26.23 
Calculation of PTPP Earnings:
Net Income$28,322 $26,978 $27,733 $25,513 $17,552 
Plus: provision for credit losses(2,647)(3,921)(5,609)1,412 6,333 
Plus: income tax expense4,860 6,242 6,774 6,009 4,431 
PTPP Earnings$30,535 $29,299 $28,898 $32,934 $28,316 
Calculation of PTPP ROAA and PTPP ROAE:
PTPP Earnings$30,535 $29,299 $28,898 $32,934 $28,316 
Divided by number of days in the quarter92 92 91 90 92 
Multiplied by the number of days in the year365 365 365 365 366 
Annualized PTPP Earnings$121,144 $116,241 $115,910 $133,566 $112,648 
Divided by total average assets$7,559,570 $7,464,813 $7,474,951 $7,382,495 $7,164,028 
PTPP ROAA (annualized)1.60 %1.56 %1.55 %1.81 %1.57 %
Divided by total average stockholder’s equity$715,614 $703,605 $672,698 $657,863 $639,508 
PTPP ROAE (annualized)16.93 %16.52 %17.23 %20.30 %17.61 %


15
Origin Bancorp, Inc.
Non-GAAP Financial Measures
Year Ended December 31,
(Dollars in thousands, except per share amounts, unaudited)20212020
Calculation of PTPP Earnings:
Net Income$108,546 $36,357 
Plus: provision for credit losses(10,765)59,900 
Plus: income tax expense23,885 7,996 
PTPP Earnings$121,666 $104,253 
Calculation of PTPP ROAA and PTPP ROAE:
Divided by total average assets$7,470,927 $6,442,528 
PTPP ROAA1.63 %1.62 %
Divided by total average stockholder’s equity$687,648 $624,580 
PTPP ROAE17.69 %16.69 %
16