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Origin Bancorp, Inc. Reports Earnings for Second Quarter 2025

1. OBK reported Q2 2025 net income of $14.6 million, down from $22.4 million. 2. Pre-tax pre-provision earnings dropped to $21.5 million, affecting investors' confidence. 3. Optimize Origin initiative aims for 1% ROAA run rate by Q4 2025. 4. NIM expanded to 3.61%, contributing to increased net interest income. 5. Significant loss of $14.4 million on security sales impacted EPS negatively.

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FAQ

Why Bearish?

The notable decrease in net income and EPS indicates weakening profitability—a detrimental signal for investors, reminiscent of struggles during previous downturns like 2020. Market perceptions could tilt towards pessimism following the poor quarterly performance.

How important is it?

The details regarding declining net income and earnings per share can have direct implications on investor sentiment towards OBK, leading to potential stock price declines. The ongoing optimization efforts may be viewed as insufficient given the current performance metrics.

Why Short Term?

Immediate stock price reactions often reflect quarterly results—investors will likely reassess their positions quickly in response to disappointing earnings.

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RUSTON, La., July 23, 2025 (GLOBE NEWSWIRE) -- Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $14.6 million, or $0.47 diluted earnings per share (“EPS”) for the quarter ended June 30, 2025, compared to net income of $22.4 million, or $0.71 diluted earnings per share, for the quarter ended March 31, 2025. Pre-tax, pre-provision (“PTPP”)(1) earnings were $21.5 million for the quarter ended June 30, 2025, compared to $32.0 million for the linked quarter. “During the second quarter, we continued to successfully execute on Optimize Origin, our plan to deliver elite level financial performance for Origin and our shareholders,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “Throughout the first half of the year, we have created efficiencies within our branch network, improved the overall profitability of our commercial banking team, restructured our mortgage business, and taken multiple actions to optimize our balance sheet. As we head into the back half of 2025, we are well-positioned in the nation’s most dynamic growth markets; and I have full confidence that our employees will continue delivering exceptional value to our customers, communities, and shareholders.” (1) PTPP earnings is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.   Optimize Origin In January 2025, we announced our initiative to drive elite financial performance and enhance our award-winning culture.Built on three primary pillars: Productivity, Delivery & EfficiencyBalance Sheet OptimizationCulture & Employee Engagement Established near term target of greater than a 1% ROAA run rate by 4Q25 and an ultimate target of top quartile ROAA.Near term target is being achieved in part by branch consolidation, headcount reduction, securities optimization, capital optimization, cash/liquidity management, mortgage restructuring, as well as other opportunistic efficiency optimizations throughout the organization.We believe the actions we have taken will drive earnings improvement of approximately $34.2 million annually on a pre-tax pre-provision basis - an increase of approximately $10.8 million since the last quarterly update, due to additional benefits from increasing our Argent Financial ownership and further securities portfolio optimization.       Financial Highlights Net interest income was $82.1 million for the quarter ended June 30, 2025, reflecting an increase of $3.7 million, or 4.7%, compared to the linked quarter and is at its highest level in the previous nine quarters.Our fully tax equivalent net interest margin (“NIM-FTE”) expanded 17 basis points to 3.61% for the quarter ended June 30, 2025, compared to the quarter ended March 31, 2025. The increase was primarily driven by an eight-basis point increase in the yield earned on average interest-earning assets and a five-basis point decline in the rate paid on average interest-bearing liabilities.As part of our bond portfolio optimization strategy, we sold available-for-sale investment securities with a book value of $215.8 million and realized a loss of $14.4 million during the quarter ended June 30, 2025. This transaction, net of the increase in interest income, negatively impacted diluted EPS by $0.35, but contributed approximately two basis points to our NIM-FTE for the quarter ended June 30, 2025, with an estimated twelve-month total positive impact to NIM-FTE of six basis points.Total loans held for investment (“LHFI”) were $7.68 billion at June 30, 2025, reflecting an increase of $98.9 million, or 1.3%, compared to March 31, 2025. LHFI, excluding mortgage warehouse lines of credit (“MW LOC”), were $7.11 billion at June 30, 2025, reflecting a decrease of $71.7 million, or 1.0%, compared to March 31, 2025.During the quarter ended June 30, 2025, we repurchased 136,399 shares of our common stock at an average price of $31.84 per share. Also, in July 2025, our board of directors approved a stock repurchase program authorizing the purchase of up to $50.0 million of the Company’s outstanding common stock over the next three years, replacing the existing plan which expires this month.Book value per common share was $38.62 at June 30, 2025, reflecting an increase of $0.85, or 2.3%, compared to March 31, 2025 and $3.39, or 9.6%, compared to June 30, 2024. Tangible book value per common share(1) was $33.33 at June 30, 2025, reflecting an increase of $0.90, or 2.8%, compared to March 31, 2025 and $3.56, or 12.0%, compared to June 30, 2024.As part of our Optimize Origin initiatives, we purchased additional shares of Argent Financial on July 1, 2025, which allowed us to reach the 20% ownership threshold. This will change our accounting methodology on this investment to the equity method, which will result in an increase in noninterest income. (1) Tangible book value per common share is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure. Results of Operations for the Quarter Ended June 30, 2025 Net Interest Income and Net Interest Margin Net interest income for the quarter ended June 30, 2025, was $82.1 million, an increase of $3.7 million, or 4.7%, compared to the quarter ended March 31, 2025. The increase was primarily driven by a $4.1 million increase in interest income earned on LHFI and decreases of $1.6 million and $1.1 million in interest expense paid on interest-bearing deposits and subordinated debentures, respectively, partially offset by a $3.0 million decrease in interest income earned on interest-earning balances due from banks and a $1.1 million increase in interest expense on FHLB advances and other borrowings. The increase in average LHFI principal balances and the impact of one more calendar day during the quarter ended June 30, 2025, resulted in interest income increases of $3.1 million and $1.3 million, respectively, when compared to the quarter ended March 31, 2025. The increase in average LHFI principal balances was primarily driven by increases of $191.1 million and $64.1 million in MW LOC and commercial and industrial loans, respectively, partially offset by a decrease of $77.1 million in total average real estate loan balances. The $1.6 million decrease in interest expense on interest-bearing deposits was mainly due to a $232.8 million decrease in average interest-bearing deposits balance, during the quarter ended June 30, 2025, when compared to the quarter ended March 31, 2025. Due primarily to the seasonality of the deposits, interest-bearing public fund average deposit balances decreased $163.5 million during the quarter ended June 30, 2025. The $1.1 million decrease in interest expense on subordinated debentures was primarily driven by the redemption of $70.0 million in subordinated debentures during the quarter ended March 31, 2025, in conjunction with our Optimize Origin initiatives. The $3.0 million decrease in interest income earned on average interest-earning balances due from banks was primarily driven by a $267.4 million decrease in average interest-earning balances due from banks. The $97.8 million increase in average FHLB advances and other borrowings balance contributed $664,000 to the total $1.1 million increase in interest expense on FHLB advances and other borrowings during the quarter ended June 30, 2025. The remaining increase was primarily driven by an increase in the average rate paid on FHLB advances and other borrowings rising to 4.36% for the quarter ended June 30, 2025, from 2.75% for the quarter ended March 31, 2025. The average short-term FHLB balances were $98.4 million for the quarter ended June 30, 2025, compared to zero for the quarter ended March 31, 2025. The Federal Reserve Board sets various benchmark rates, including the federal funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. On September 18, 2024, the Federal Reserve reduced the federal funds target rate range by 50 basis points, to a range of 4.75% to 5.00%, marking the first rate reduction since early 2020. Subsequently, it implemented two additional reductions, with the current federal funds target range set to 4.25% to 4.50% on December 18, 2024. In total, the federal funds target range has decreased 100 basis points from its recent cycle high. Our NIM-FTE was 3.61% for the quarter ended June 30, 2025, representing 17- and 44-basis-point increases compared to the linked quarter and the quarter ended June 30, 2024, respectively. The yield earned on interest-earning assets for the quarter ended June 30, 2025, was 5.87%, an increase of eight basis points compared to the linked quarter and a decrease of 17 basis points compared to the quarter ended June 30, 2024. The average rate paid on total interest-bearing liabilities for the quarter ended June 30, 2025, was 3.25%, representing a decrease of five- and 73-basis points compared to the linked quarter and the quarter ended June 30, 2024, respectively. Additionally, total loans represented 83.6% of average interest-earning assets during the quarter ended June 30, 2025, up from 80.8% during the quarter ended March 31, 2025, providing a favorable shift in the asset mix that contributed to the margin improvement. During the quarter ended June 30, 2025, we executed a bond portfolio optimization strategy aimed at enhancing long-term yields and improving overall portfolio performance. This strategy involved selling lower-yielding available-for-sale investment securities and using the proceeds to purchase higher-yielding available-for-sale investment securities. As a result, we replaced securities with a total book value of $215.8 million and a weighted average yield of 2.60% with new securities totaling $201.8 million with a weighted average yield of 5.23%, realizing a loss of $14.4 million. The weighted average duration of the securities portfolio increased to 4.52 years as of June 30, 2025, compared to 4.10 years as of March 31, 2025. As part of the strategy, we also entered into interest rate swaps designated as fair value hedges on seven of these purchased securities with a total book value of $41.3 million, to help reduce potential volatility in the fair value of these securities due to changes in market rates. While this transaction resulted in a $0.35 negative impact to diluted EPS during the quarter ended June 30, 2025, due to the realized loss net of the increase in interest income, we believe the trade-off in yield represents an attractive opportunity. This transaction is expected to generate an estimated annual increase in net interest income of $5.6 million, with an estimated earn-back period of 2.6 years and an estimated twelve-month total positive impact to NIM-FTE of six basis points. We will continue to evaluate and identify any additional opportunities that may present themselves to maximize our return on our securities portfolio. Credit Quality The table below includes key credit quality information:  At and For the Three Months Ended Change % Change(Dollars in thousands, unaudited)June 30,2025 March 31,2025 June 30,2024 LinkedQuarter LinkedQuarterPast due LHFI(1)$67,626  $72,774  $66,276  $(5,148) 7.1%Past due 30 to 89 days and still accruing 12,495   42,587   17,080   (30,092) 70.7 Allowance for loan credit losses (“ALCL”) 92,426   92,011   100,865   415  0.5 Classified loans 127,637   127,676   118,254   (39) — Total nonperforming LHFI 85,315   81,368   75,812   3,947  4.9 Provision for credit losses 2,862   3,444   5,231   (582) 16.9 Net charge-offs 2,300   2,728   2,946   (428) 15.7 Credit quality ratios(2):         ALCL to nonperforming LHFI 108.33%  113.08%  133.05% (4.75) % N/AALCL to total LHFI 1.20   1.21   1.27   (0.01) N/AALCL to total LHFI, adjusted(3) 1.29   1.28   1.34   0.01  N/AClassified loans to total LHFI 1.66   1.68   1.49   (0.02) N/ANonperforming LHFI to LHFI 1.11   1.07   0.95   0.04  N/ANet charge-offs to total average LHFI (annualized) 0.12   0.15   0.15   (0.03) N/A ___________________________  N/A = Not applicable.(1)Past due LHFI are defined as loans 30 days or more past due and includes past due nonperforming loans.(2)Please see the Loan Data schedule at the back of this document for additional information.(3)The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.   Loans past due 30-89 days and still accruing decreased $30.1 million for the current quarter compared to the linked quarter. The decrease was primarily driven by three loan relationships totaling $10.7 million that were paid off in the current quarter. Also contributing to the decrease in loans 30-89 days past due and still accruing were three loan relationships that are now over 90 days past due and nonperforming totaling $10.6 million and two loan relationships that are now no longer past due totaling $3.0 million. Nonperforming LHFI increased $3.9 million for the current quarter compared to the linked quarter, evidenced by an increase in the percentage of nonperforming LHFI to LHFI to 1.11% compared to 1.07% for the linked quarter. The increase in nonperforming loans was primarily driven by four relationships totaling $12.9 million at June 30, 2025. The increase was partially offset by $3.6 million in payments from two relationships and further reduced by total charge-offs of $2.9 million. Our results included a credit loss provision expense of $2.9 million during the quarter ended June 30, 2025, which includes a $2.7 million provision for loan credit losses, compared to provision for loan credit losses of $3.7 million for the linked quarter. Net charge-offs decreased $428,000 for the quarter ended June 30, 2025, when compared to the quarter ended March 31, 2025, primarily due to total charge-offs of $4.8 million in the linked quarter, consisting primarily of two commercial and industrial loan relationships with charge-offs totaling $2.6 million, with no comparably sized charge-offs during the current quarter. Noninterest Income Noninterest income for the quarter ended June 30, 2025, was $1.4 million, a decrease of $14.2 million, or 91.2%, from the linked quarter, primarily driven by a $14.4 million loss on sales of securities, net, and a $1.3 million decrease in insurance commission and fee income, respectively, in the current quarter. These decreases were partially offset by an increase of $902,000 in swap fee income. The loss on sales of securities, net, during the current quarter was due to the execution of the bond portfolio optimization strategy discussed above. The decrease in insurance commission and fee income was primarily driven by a seasonal increase in annual contingency fee income recognized in the first quarter with no comparable increase in the current quarter. The increase in swap fee income was due to both an attractive interest rate environment which is increasingly conducive to facilitating back-to-back swaps for our customers and an increased focus on the marketing of customer swaps as part of Optimize Origin. Noninterest Expense Noninterest expense for the quarter ended June 30, 2025, was $62.0 million, a decrease of $85,000, or 0.1% from the linked quarter. The decrease was primarily driven by a decrease of $1.4 million in occupancy and equipment, net, that was partially offset by increases of $549,000 and $475,000 in salaries and employee benefit expense and data processing expense, respectively. The $1.4 million decrease in occupancy and equipment, net was primarily due to cost incurred in the linked quarter in connection with the closure of banking centers as a part of Optimize Origin. The $549,000 increase in salaries and employee benefit expense was primarily due to the adjustment of the incentive compensation accrual which drove the salaries and employee benefit expense lower during the linked quarter. The $475,000 increase in data processing expense was primarily due to higher loan workflow software costs during the current quarter compared to the linked quarter. Financial Condition Loans Total LHFI at June 30, 2025, were $7.68 billion, an increase of $98.9 million, or 1.3%, from $7.59 billion at March 31, 2025, and a decrease of $274.7 million, or 3.5%, compared to June 30, 2024.The primary drivers of the increase during the quarter ended June 30, 2025, compared to the linked quarter, were increases in MW LOC, multi-family real estate and owner occupied commercial real estate of $170.6 million, $40.1 million and $34.8 million, respectively. These increases were partially offset by decreases of $144.9 million and $10.9 million in construction/land/land development loans and commercial and industrial loans, respectively. Securities Total securities at June 30, 2025 were $1.14 billion, a decrease of $34.9 million, or 3.0%, from $1.18 billion at March 31, 2025, and a decrease of $34.1 million, or 2.9%, compared to June 30, 2024.The decrease in securities was primarily due to maturities of short-term investments and net sales of available for sale securities during the current quarter.In connection with Optimize Origin, we made a strategic decision to replace lower yielding available-for-sale securities with a total book value of $215.8 million with higher-yielding securities totaling $201.8 million. Additional details about this transaction is disclosed above in the Net Interest Income and Net Interest Margin section of this release.Accumulated other comprehensive loss, net of taxes, primarily associated with unrealized losses within the available for sale portfolio, was $73.6 million at June 30, 2025, a decrease of $16.9 million, or 18.6%, from the linked quarter.The weighted average effective duration for the total securities portfolio was 4.52 years as of June 30, 2025, compared to 4.10 years as of March 31, 2025. Deposits Total deposits at June 30, 2025, were $8.12 billion, a decrease of $215.4 million, or 2.6%, compared to March 31, 2025, and a decrease of $387.8 million, or 4.6%, from June 30, 2024. Seasonality in our public fund deposits drove $99.7 million of the current quarter decline when compared to March 31, 2025.The decrease in total deposits at June 30, 2025, compared to the linked quarter was primarily due to decreases of $159.0 million, $57.3 million and $47.1 million in interest-bearing demand deposits, time deposits (excluding brokered time deposits) and noninterest-bearing deposits, respectively. The decrease was partially offset by an increase of $92.6 million in money market deposits. At June 30, 2025 and March 31, 2025, noninterest-bearing deposits as a percentage of total deposits were 22.7%. At June 30, 2024, noninterest-bearing deposits as a percentage of total deposits were 21.9%. Borrowings FHLB advances and other borrowings at June 30, 2025, were $127.8 million, an increase of $115.4 million from $12.5 million at March 31, 2025, and an increase of $87.1 million compared to June 30, 2024. The increase in the current quarter compared to the linked quarter is primarily due to an increase in FHLB short-term borrowings of $115.0 million used primarily to meet current liquidity needs.Average FHLB advances were $104.5 million for the quarter ended June 30, 2025, an increase of $98.3 million from $6.2 million for the quarter ended March 31, 2025 and an increase of $68.8 million from June 30, 2024. Conference Call Origin will hold a conference call to discuss its second quarter 2025 results on Thursday, July 24, 2025, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (888) 700-7550 (U.S. Toll Free), enter Conference ID: 05905 and request to be joined into the Origin Bancorp, Inc. (OBK) 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://dealroadshow.com/e/ORIGINQ2. 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 Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 55 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank. Non-GAAP Financial Measures Origin reports its results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin's results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin's reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: PTPP earnings, PTPP ROAA, tangible book value per common share, ROATCE, and core efficiency ratio. Please see the last few pages of this release for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP. 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 Bancorp, Inc’s (“Origin”, “we”, “our” or the “Company”) future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including 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: (1) the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the impact of tariffs, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; (2) changes in benchmark interest rates and the resulting impacts on net interest income; (3) deterioration of Origin’s asset quality; (4) factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; (5) the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; (6) changes in the value of collateral securing Origin’s loans; (7) the impact of generative artificial intelligence; (8) Origin’s ability to anticipate interest rate changes and manage interest rate risk; (9) the impact of heightened regulatory requirements, reduced debit interchange and overdraft income and the possibility of facing related adverse business consequences if our total assets grow in excess of $10 billion as of December 31 of any calendar year; (10) the effectiveness of Origin’s risk management framework and quantitative models; (11) 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; (12) the impact of labor pressures; (13) changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; (14) changes in management personnel; (15) Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; (16) increasing costs as Origin grows deposits; (17) operational risks associated with Origin’s business; (18) significant turbulence or a disruption in the capital or financial markets and the effect of market disruption and interest rate volatility on our investment securities; (19) increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; (20) compliance with governmental and regulatory requirements and changes in laws, rules, regulations, interpretations or policies relating to financial institutions; (21) periodic changes to the extensive body of accounting rules and best practices; (22) further government intervention in the U.S. financial system; (23) a deterioration of the credit rating for U.S. long-term sovereign debt; (24) 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; (25) natural disasters and other adverse weather events, pandemics, acts of terrorism, war, and other matters beyond Origin’s control; (26) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (27) fraud or misconduct by internal or external actors (including Origin employees); (28) cybersecurity threats or security breaches and the cost of defending against them; (29) Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and (30) potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions. 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 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 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. 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. This press release contains projected financial information with respect to Origin, including with respect to certain goals and strategic initiatives of Origin and the anticipated benefits thereof. This projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to significant business, economic (including interest rate), competitive, and other risks and uncertainties. Actual results may differ materially from the results contemplated by the projected financial information contained herein and the inclusion of such projected financial information in this release should not be regarded as a representation by any person that such actions will be taken or accomplished or that the results reflected in such projected financial information with respect thereto will be achieved. Contact: Investor RelationsChris Reigelman318-497-3177chris@origin.bank Media ContactRyan Kilpatrick318-232-7472rkilpatrick@origin.bank Origin Bancorp, Inc.Selected Quarterly Financial Data(Unaudited)   Three Months Ended June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024          Income statement and share amounts(Dollars in thousands, except per share amounts)Net interest income$82,136  $78,459  $78,349  $74,804  $73,890 Provision (benefit) for credit losses 2,862   3,444   (5,398)  4,603   5,231 Noninterest income (loss) 1,368   15,602   (330)  15,989   22,465 Noninterest expense 61,983   62,068   65,422   62,521   64,388 Income before income tax expense 18,659   28,549   17,995   23,669   26,736 Income tax expense 4,012   6,138   3,725   5,068   5,747 Net income$14,647  $22,411  $14,270  $18,601  $20,989 PTPP earnings(1)$21,521  $31,993  $12,597  $28,272  $31,967 Basic earnings per common share 0.47   0.72   0.46   0.60   0.68 Diluted earnings per common share 0.47   0.71   0.46   0.60   0.67 Dividends declared per common share 0.15   0.15   0.15   0.15   0.15 Weighted average common shares outstanding - basic 31,192,622   31,205,752   31,155,486   31,130,293   31,042,527 Weighted average common shares outstanding - diluted 31,327,818   31,412,010   31,308,805   31,239,877   31,131,829           Balance sheet data         Total LHFI$7,684,446  $7,585,526  $7,573,713  $7,956,790  $7,959,171 Total LHFI excluding MW LOC 7,109,698   7,181,395   7,224,632   7,461,602   7,452,666 Total assets 9,678,158   9,750,372   9,678,702   9,965,986   9,947,182 Total deposits 8,123,036   8,338,412   8,223,120   8,486,568   8,510,842 Total stockholders’ equity 1,205,769   1,180,177   1,145,245   1,145,673   1,095,894           Performance metrics and capital ratios         Yield on LHFI 6.33%  6.33%  6.47%  6.67%  6.58%Yield on interest-earnings assets 5.87   5.79   5.91   6.09   6.04 Cost of interest-bearing deposits 3.20   3.23   3.61   4.01   3.95 Cost of total deposits 2.47   2.52   2.79   3.14   3.08 NIM - fully tax equivalent ("FTE") 3.61   3.44   3.33   3.18   3.17 Return on average assets (annualized) ("ROAA") 0.60   0.93   0.57   0.74   0.84 PTPP ROAA (annualized)(1) 0.89   1.32   0.50   1.13   1.28 Return on average stockholders’ equity (annualized) ("ROAE") 4.94   7.79   4.94   6.57   7.79 Return on average tangible common equity (annualized) ("ROATCE")(1) 5.74   9.09   5.78   7.74   9.25 Book value per common share$38.62  $37.77  $36.71  $36.76  $35.23 Tangible book value per common share(1) 33.33   32.43   31.38   31.37   29.77 Efficiency ratio(2) 74.23%  65.99%  83.85%  68.86%  66.82%Core efficiency ratio(1) 73.77   65.33   82.79   67.48   65.55 Common equity tier 1 to risk-weighted assets(3) 13.47   13.57   13.32   12.46   12.15 Tier 1 capital to risk-weighted assets(3) 13.66   13.77   13.52   12.64   12.33 Total capital to risk-weighted assets(3) 15.68   15.81   16.44   15.45   15.16 Tier 1 leverage ratio(3) 11.70   11.47   11.08   10.93   10.70                      __________________________ (1)PTPP earnings, PTPP ROAA, tangible book value per common share, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.(2)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.(3)June 30, 2025, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.   Origin Bancorp, Inc. Selected Year-To-Date Financial Data (Unaudited)   Six Months Ended June 30, 2025(Dollars in thousands, except per share amounts) 2025   2024     Income statement and share amounts Net interest income$160,595  $147,213 Provision for credit losses 6,306   8,243 Noninterest income 16,970   39,720 Noninterest expense 124,051   123,095 Income before income tax expense 47,208   55,595 Income tax expense 10,150   11,974 Net income$37,058  $43,621 PTPP earnings(1)$53,514  $63,838 Basic earnings per common share 1.19   1.41 Diluted earnings per common share 1.18   1.40 Dividends declared per common share 0.30   0.30 Weighted average common shares outstanding - basic 31,199,151   31,011,930 Weighted average common shares outstanding - diluted 31,375,804   31,110,747     Performance metrics   Yield on LHFI 6.33%  6.58%Yield on interest-earning assets 5.83   6.01 Cost of interest-bearing deposits 3.21   3.90 Cost of total deposits 2.49   3.04 NIM-FTE 3.52   3.18 ROAA (annualized) 0.77   0.88 PTPP ROAA (annualized)(1) 1.11   1.29 ROAE (annualized) 6.34   8.17 ROATCE (annualized)(1) 7.38   9.73 Efficiency ratio(2) 69.86   65.85 Core efficiency ratio(1) 69.29   65.40          ____________________________ (1)PTPP earnings, PTPP ROAA, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.(2)Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.   Origin Bancorp, Inc.Consolidated Quarterly Statements of Income(Unaudited)  Three Months Ended June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024          Interest and dividend income(Dollars in thousands, except per share amounts)Interest and fees on loans$121,239  $117,075  $127,021  $133,195 $129,879Investment securities-taxable 7,692   8,076   6,651   6,536  6,606Investment securities-nontaxable 1,425   968   964   905  893Interest and dividend income on assets held in other financial institutions 4,281   6,424   5,197   3,621  4,416Total interest and dividend income 134,637   132,543   139,833   144,257  141,794Interest expense         Interest-bearing deposits 50,152   51,779   59,511   67,051  65,469FHLB advances and other borrowings 1,216   96   88   482  514Subordinated indebtedness 1,133   2,209   1,885   1,920  1,921Total interest expense 52,501   54,084   61,484   69,453  67,904Net interest income 82,136   78,459   78,349   74,804  73,890Provision (benefit) for credit losses 2,862   3,444   (5,398)  4,603  5,231Net interest income after provision (benefit) for credit losses 79,274   75,015   83,747   70,201  68,659Noninterest income         Insurance commission and fee income 6,661   7,927   5,441   6,928  6,665Service charges and fees 4,927   4,716   4,801   4,664  4,862Other fee income 2,809   2,301   2,152   2,114  2,404Mortgage banking revenue 1,369   915   1,151   1,153  1,878Swap fee income 1,435   533   116   106  44(Loss) gain on sales of securities, net (14,448)  —   (14,617)  221  —Limited partnership investment (loss) income (1,909)  (1,692)  (62)  375  68Change in fair value of equity investments —   —   —   —  5,188Other income 524   902   688   428  1,356Total noninterest income (loss) 1,368   15,602   (330)  15,989  22,465Noninterest expense         Salaries and employee benefits 38,280   37,731   36,405   38,491  38,109Occupancy and equipment, net 7,187   8,544   7,913   6,298  7,009Data processing 3,432   2,957   3,414   3,470  3,468Office and operations 3,337   2,972   2,883   2,984  3,072Intangible asset amortization 1,768   1,761   1,800   1,905  2,137Regulatory assessments 1,345   1,392   1,535   1,791  1,842Advertising and marketing 1,158   1,133   1,929   1,449  1,328Professional services 1,285   1,250   2,064   2,012  1,303Electronic banking 1,359   1,354   1,377   1,308  1,238Loan-related expenses 669   599   431   751  1,077Franchise tax expense 688   675   884   721  815Other expenses 1,475   1,700   4,787   1,341  2,990Total noninterest expense 61,983   62,068   65,422   62,521  64,388Income before income tax expense 18,659   28,549   17,995   23,669  26,736Income tax expense 4,012   6,138   3,725   5,068  5,747Net income$14,647  $22,411  $14,270  $18,601 $20,989  Origin Bancorp, Inc.Consolidated Balance Sheets(Unaudited) (Dollars in thousands)June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Assets         Cash and due from banks$113,918  $112,888  $132,991  $159,337  $137,615 Interest-bearing deposits in banks 220,193   373,314   337,258   161,854   150,435 Total cash and cash equivalents 334,111   486,202   470,249   321,191   288,050 Securities:         AFS 1,126,721   1,161,368   1,102,528   1,160,965   1,160,048 Held to maturity, net of allowance for credit losses 11,093   11,094   11,095   11,096   11,616 Securities carried at fair value through income 6,218   6,512   6,512   6,533   6,499 Total securities 1,144,032   1,178,974   1,120,135   1,178,594   1,178,163 Non-marketable equity securities held in other financial institutions 75,181   71,754   71,643   67,068   64,010 Loans held for sale 8,878   10,191   10,494   7,631   18,291 LHFI 7,684,446   7,585,526   7,573,713   7,956,790   7,959,171 Less: ALCL 92,426   92,011   91,060   95,989   100,865 LHFI, net of ALCL 7,592,020   7,493,515   7,482,653   7,860,801   7,858,306 Premises and equipment, net 122,618   123,847   126,620   126,751   121,562 Cash surrender value of bank-owned life insurance 41,265   41,021   40,840   40,602   40,365 Goodwill 128,679   128,679   128,679   128,679   128,679 Other intangible assets, net 36,444   38,212   37,473   39,272   41,177 Accrued interest receivable and other assets 194,930   177,977   189,916   195,397   208,579 Total assets$9,678,158  $9,750,372  $9,678,702  $9,965,986  $9,947,182 Liabilities and Stockholders’ Equity         Noninterest-bearing deposits$1,841,684  $1,888,808  $1,900,651  $1,893,767  $1,866,622 Interest-bearing deposits excluding brokered interest-bearing deposits, if any 5,450,710   5,536,636   5,301,243   5,137,940   4,984,817 Time deposits 805,642   862,968   941,000   1,023,252   1,022,589 Brokered deposits 25,000   50,000   80,226   431,609   636,814 Total deposits 8,123,036   8,338,412   8,223,120   8,486,568   8,510,842 FHLB advances and other borrowings 127,843   12,488   12,460   30,446   40,737 Subordinated indebtedness 89,657   89,599   159,943   159,861   159,779 Accrued expenses and other liabilities 131,853   129,696   137,934   143,438   139,930 Total liabilities 8,472,389   8,570,195   8,533,457   8,820,313   8,851,288 Stockholders’ equity:         Common stock 156,124   156,220   155,988   155,837   155,543 Additional paid-in capital 537,819   538,790   537,366   535,662   532,950 Retained earnings 585,387   575,578   557,920   548,419   534,585 Accumulated other comprehensive loss (73,561)  (90,411)  (106,029)  (94,245)  (127,184)Total stockholders’ equity 1,205,769   1,180,177   1,145,245   1,145,673   1,095,894 Total liabilities and stockholders’ equity$9,678,158  $9,750,372  $9,678,702  $9,965,986  $9,947,182   Origin Bancorp, Inc.Loan Data(Unaudited)  At and For the Three Months Ended June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024          LHFI(Dollars in thousands)Owner occupied commercial real estate$972,788  $937,985  $975,947  $991,671  $959,850 Non-owner occupied commercial real estate 1,455,771   1,445,864   1,501,484   1,533,093   1,563,152 Construction/land/land development 653,748   798,609   864,011   991,545   1,017,389 Residential real estate - single family 1,465,535   1,465,192   1,432,129   1,414,013   1,421,027 Multi-family real estate 529,899   489,765   425,460   434,317   398,202 Total real estate loans 5,077,741   5,137,415   5,199,031   5,364,639   5,359,620 Commercial and industrial 2,011,178   2,022,085   2,002,634   2,074,037   2,070,947 MW LOC 574,748   404,131   349,081   495,188   506,505 Consumer 20,779   21,895   22,967   22,926   22,099 Total LHFI 7,684,446   7,585,526   7,573,713   7,956,790   7,959,171 Less: ALCL 92,426   92,011   91,060   95,989   100,865 LHFI, net$7,592,020  $7,493,515  $7,482,653  $7,860,801  $7,858,306           Nonperforming assets(1)         Nonperforming LHFI         Commercial real estate$12,814  $5,465  $4,974  $2,776  $2,196 Construction/land/land development 17,720   17,694   18,505   26,291   26,336 Residential real estate(2) 37,996   40,749   36,221   14,313   13,493 Commercial and industrial 16,655   17,325   15,120   20,486   33,608 Consumer 130   135   182   407   179 Total nonperforming LHFI 85,315   81,368   75,002   64,273   75,812 Other real estate owned/repossessed assets 1,991   1,990   3,635   6,043   6,827 Total nonperforming assets$87,306  $83,358  $78,637  $70,316  $82,639 Classified assets$129,628  $129,666  $122,417  $113,529  $125,081 Past due LHFI(3) 67,626   72,774   42,437   38,838   66,276 Past due 30 to 89 days and still accruing 12,495   42,587   18,015   20,170   17,080           Allowance for loan credit losses         Balance at beginning of period$92,011  $91,060  $95,989  $100,865  $98,375 Provision (benefit) for loan credit losses 2,715   3,679   (5,489)  4,644   5,436 Loans charged off 3,700   4,848   2,025   11,226   3,706 Loan recoveries 1,400   2,120   2,585   1,706   760 Net charge-offs (recoveries) 2,300   2,728   (560)  9,520   2,946 Balance at end of period$92,426  $92,011  $91,060  $95,989  $100,865           Credit quality ratios         Total nonperforming assets to total assets 0.90%  0.85%  0.81%  0.71%  0.83%Nonperforming LHFI to LHFI 1.11   1.07   0.99   0.81   0.95 Past due LHFI to LHFI 0.88   0.96   0.56   0.49   0.83 Past due 30 to 89 days and still accruing to LHFI 0.16   0.56   0.24   0.25   0.21 ALCL to nonperforming LHFI 108.33   113.08   121.41   149.35   133.05 ALCL to total LHFI 1.20   1.21   1.20   1.21   1.27 ALCL to total LHFI, adjusted(4) 1.29   1.28   1.25   1.28   1.34 Net charge-offs (recoveries) to total average LHFI (annualized) 0.12   0.15   (0.03)  0.48   0.15   ____________________________ (1)Nonperforming assets consist of nonperforming/nonaccrual loans and property acquired through foreclosures or repossession, as well as bank-owned property not in use and listed for sale, if any.(2) Includes multi-family real estate.(3)Past due LHFI are defined as loans 30 days or more past due and includes past due nonperforming loans.(4)The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.   Origin Bancorp, Inc.Average Balances and Yields/Rates(Unaudited)  Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Average Balance Yield/Rate Average Balance Yield/Rate Average Balance Yield/Rate            Assets(Dollars in thousands)Commercial real estate$2,407,632 5.78% $2,448,099 5.82% $2,497,490 5.91%Construction/land/land development 739,601 6.92   821,754 6.87   1,058,972 6.98 Residential real estate(1) 1,955,422 5.62   1,909,922 5.53   1,787,829 5.48 Commercial and industrial ("C&I") 2,068,175 7.30   2,004,034 7.37   2,128,486 7.87 MW LOC 480,587 6.86   289,521 7.07   430,885 7.57 Consumer 21,851 7.29   22,709 7.45   22,396 8.06 LHFI 7,673,268 6.33   7,496,039 6.33   7,926,058 6.58 Loans held for sale 11,422 6.92   8,590 6.18   14,702 6.84 Loans receivable 7,684,690 6.33   7,504,629 6.33   7,940,760 6.58 Investment securities-taxable 980,430 3.15   1,021,904 3.21   1,046,301 2.54 Investment securities-nontaxable 175,101 3.26   140,875 2.79   143,232 2.51 Non-marketable equity securities held in other financial institutions 77,240 6.63   71,669 2.35   56,270 6.53 Interest-earning balances due from banks 276,372 4.36   543,821 4.48   254,627 5.53 Total interest-earning assets 9,193,833 5.87   9,282,898 5.79   9,441,190 6.04 Noninterest-earning assets 522,090    525,317    567,035  Total assets$9,715,923   $9,808,215   $10,008,225              Liabilities and Stockholders’ Equity          Liabilities           Interest-bearing liabilities           Savings and interest-bearing transaction accounts$5,409,357 3.17% $5,538,710 3.14% $5,130,224 3.80%Time deposits 868,703 3.45   972,176 3.69   1,534,679 4.46 Total interest-bearing deposits 6,278,060 3.20   6,510,886 3.23   6,664,903 3.95 FHLB advances and other borrowings 111,951 4.36   14,148 2.75   41,666 4.96 Subordinated indebtedness 89,633 5.07   124,133 7.22   159,973 4.83 Total interest-bearing liabilities 6,479,644 3.25   6,649,167 3.30   6,866,542 3.98 Noninterest-bearing liabilities           Noninterest-bearing deposits 1,881,301    1,837,365    1,894,141  Other liabilities 164,647    154,934    163,273  Total liabilities 8,525,592    8,641,466    8,923,956  Stockholders’ Equity 1,190,331    1,166,749    1,084,269  Total liabilities and stockholders’ equity$9,715,923   $9,808,215   $10,008,225  Net interest spread  2.62%   2.49%   2.06%NIM  3.58    3.43    3.15 NIM-FTE(2)  3.61    3.44    3.17   ____________________________ (1)Includes multi-family real estate.(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.   Origin Bancorp, Inc.Notable Items(Unaudited)  At and For the Three Months Ended June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024 $ Impact EPSImpact(1) $ Impact EPSImpact(1) $ Impact EPSImpact(1) $ Impact EPSImpact(1) $ Impact EPSImpact(1)                     (Dollars in thousands, except per share amounts)Notable interest income items:                  Interest income reversal on relationships impacted by questioned banker activity$—  $—  $—  $—  $—  $—  $—  $—  $(1,206) $(0.03)Notable interest expense items:                  OID amortization - subordinated debenture redemption —   —   (681)  (0.02)  —   —   —   —   —   — Notable provision expense items:                  Provision release (expense) related to questioned banker activity —   —   —   —   3,212   0.08   —   —   (3,212)  (0.08)Provision release (expense) on relationships impacted by questioned banker activity —   —   375   0.01   —   —   —   —   (4,131)  (0.11)Notable noninterest income items(2):                (Loss) gain on sales of securities, net (14,448)  (0.36)  —   —   (14,617)  (0.37)  221   0.01   —   — Gain on sub-debt repurchase —   —   —   —   —   —   —   —   81   — Positive valuation adjustment on non-marketable equity securities —   —   —   —   —   —   —   —   5,188   0.13 Net (loss) gain on OREO properties(2) (158)  —   (212)  (0.01)  198   —   —   —   800   0.02 BOLI payout —   —   208   0.01   —   —   —   —   —   — Notable noninterest expense items:                Operating expense related to questioned banker activity (530)  (0.01)  (543)  (0.01)  (4,069)  (0.10)  (848)  (0.02)  (1,452)  (0.04)Operating expense related to strategic Optimize Origin initiatives (428)  (0.01)  (1,615)  (0.04)  (1,121)  (0.03)  —   —   —   — Employee Retention Credit —   —   213   0.01   1,651   0.04   —   —   —   — Total notable items$(15,564)  (0.39) $(2,255)  (0.06) $(14,746)  (0.37) $(627)  (0.02) $(3,932)  (0.10)  ____________________________ (1)The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.(2)The $158,000 net loss on OREO properties for the quarter ended June 30, 2025, includes an $8,000 insurance settlement recovery that was included in noninterest income on the face of the income statement and $3,000 in repair costs that was included in noninterest expense. The $212,000 net loss on OREO properties for the quarter ended March 31, 2025, includes a $444,000 expected insurance settlement recovery that was included in noninterest income on the face of the income statement, and a $148,000 repair cost that was included in noninterest expense.   Origin Bancorp, Inc.Notable Items - Continued(Unaudited)  Six Months Ended June 30,  2025   2024  $ Impact EPS Impact(1) $ Impact EPS Impact(1)         (Dollars in thousands, except per share amounts)Notable interest income items:       Interest income reversal on relationships impacted by questioned banker activity$—  $—  $(1,206) $(0.03)Notable interest expense items:       OID amortization -subordinated debenture redemption (681)  (0.02)  —   — Notable provision expense items:       Provision expense related to questioned banker activity —   —   (3,212)  (0.08)Provision release (expense) on relationships impacted by questioned banker activity 375   0.01   (4,131)  (0.10)Notable noninterest income items:       MSR gain (impairment) —   —   410   0.01 Loss on sales of securities, net (14,448)  (0.36)  (403)  (0.01)Gain on sub-debt repurchase —   —   81   — Positive valuation adjustment on non-marketable equity securities —   —   5,188   0.13 Net (loss) gain on OREO properties(2) (370)  (0.01)  800   0.02 BOLI payout 208   0.01   —   — Notable noninterest expense items:       Operating expense related to questioned banker activity (1,073)  (0.03)  (1,452)  (0.04)Operating expense related to strategic Optimize Origin initiatives (2,043)  (0.05)  —   — Employee Retention Credit 213   0.01   —   — Total notable items$(17,819)  (0.45) $(3,925)  (0.10)  ____________________________ (1)The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.(2)The $370,000 net loss on OREO properties for the six months ended June 30, 2025, includes a $452,000 insurance settlement recovery that was included in noninterest income on the face of the income statement and a $151,000 repair cost that was included in noninterest expense.   Origin Bancorp, Inc.Non-GAAP Financial Measures(Unaudited)  At and For the Three Months Ended June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024           (Dollars in thousands, except per share amounts)Calculation of PTPP earnings:         Net income$14,647  $22,411  $14,270  $18,601  $20,989 Provision (benefit) for credit losses 2,862   3,444   (5,398)  4,603   5,231 Income tax expense 4,012   6,138   3,725   5,068   5,747 PTPP earnings (non-GAAP)$21,521  $31,993  $12,597  $28,272  $31,967           Calculation of PTPP ROAA:         PTPP earnings$21,521  $31,993  $12,597  $28,272  $31,967 Divided by number of days in the quarter 91   90   92   92   91 Multiplied by the number of days in the year 365   365   366   366   366 PTPP earnings, annualized$86,320  $129,749  $50,114  $112,473   128,571 Divided by total average assets 9,715,923   9,808,215   9,978,543   9,985,836   10,008,225 ROAA (annualized) (GAAP) 0.60%  0.93%  0.57%  0.74%  0.84%PTPP ROAA (annualized) (non-GAAP) 0.89   1.32   0.50   1.13   1.28           Calculation of tangible book value per common share:Total common stockholders’ equity$1,205,769  $1,180,177  $1,145,245  $1,145,673  $1,095,894 Goodwill (128,679)  (128,679)  (128,679)  (128,679)  (128,679)Other intangible assets, net (36,444)  (38,212)  (37,473)  (39,272)  (41,177)Tangible common equity 1,040,646   1,013,286   979,093   977,722   926,038 Divided by common shares outstanding at the end of the period 31,224,718   31,244,006   31,197,574   31,167,410   31,108,667 Book value per common share (GAAP)$38.62  $37.77  $36.71  $36.76  $35.23 Tangible book value per common share (non-GAAP) 33.33   32.43   31.38   31.37   29.77           Calculation of ROATCE:        Net income$14,647  $22,411  $14,270  $18,601  $20,989 Divided by number of days in the quarter 91   90   92   92   91 Multiplied by number of days in the year 365   365   366   366   366 Annualized net income$58,749  $90,889  $56,770  $74,000  $84,417           Total average common stockholders’ equity$1,190,331  $1,166,749  $1,149,228  $1,125,697  $1,084,269 Average goodwill (128,679)  (128,679)  (128,679)  (128,679)  (128,679)Average other intangible assets, net (37,459)  (38,254)  (38,646)  (40,487)  (42,563)Average tangible common equity 1,024,193   999,816   981,903   956,531   913,027           ROAE (annualized) (GAAP) 4.94%  7.79%  4.94%  6.57%  7.79%ROATCE (annualized) (non-GAAP) 5.74   9.09   5.78   7.74   9.25           Calculation of core efficiency ratio:         Total noninterest expense$61,983  $62,068  $65,422  $62,521  $64,388 Insurance and mortgage noninterest expense (8,460)  (8,230)  (8,497)  (8,448)  (8,402)Adjusted total noninterest expense 53,523   53,838   56,925   54,073   55,986           Net interest income$82,136  $78,459  $78,349  $74,804  $73,890 Insurance and mortgage net interest income (2,924)  (2,815)  (2,666)  (2,578)  (2,407)Total noninterest income 1,368   15,602   (330)  15,989   22,465 Insurance and mortgage noninterest income (8,030)  (8,842)  (6,592)  (8,081)  (8,543)Adjusted total revenue 72,550   82,404   68,761   80,134   85,405           Efficiency ratio (GAAP) 74.23%  65.99%  83.85%  68.86%  66.82%Core efficiency ratio (non-GAAP) 73.77   65.33   82.79   67.48   65.55   Origin Bancorp, Inc.Non-GAAP Financial Measures - Continued(Unaudited)  Six Months Ended June 30,  2025   2024      (Dollars in thousands, except per share amounts)Calculation of PTPP earnings:   Net income$37,058  $43,621 Provision for credit losses 6,306   8,243 Income tax expense 10,150   11,974 PTPP earnings (non-GAAP)$53,514  $63,838     Calculation of PTPP ROAA:   PTPP Earnings$53,514  $63,838 Divided by the year-to-date number of days 181   182 Multiplied by number of days in the year 365   366 Annualized PTPP Earnings$107,915  $128,378     Divided by total average assets$9,761,814  $9,934,730 ROAA (annualized) (GAAP) 0.77%  0.88%PTPP ROAA (annualized) (non-GAAP) 1.11   1.29     Calculation of ROATCE:  Net income$37,058  $43,621 Divided by the year-to-date number of days 181   182 Multiplied by number of days in the year 365   366 Annualized net income$74,730  $87,721     Total average common stockholders’ equity$1,178,605  $1,073,487 Average goodwill (128,679)  (128,679)Average other intangible assets, net (37,854)  (43,631)Average tangible common equity 1,012,072   901,177     ROAE (annualized) (GAAP) 6.34%  8.17%ROATCE (annualized) (non-GAAP) 7.38   9.73     Calculation of core efficiency ratio:   Total noninterest expense$124,051  $123,095 Insurance and mortgage noninterest expense (16,690)  (16,447)Adjusted total noninterest expense 107,361   106,648     Net interest income$160,595  $147,213 Insurance and mortgage net interest income (5,739)  (5,202)Total noninterest income 16,970   39,720 Insurance and mortgage noninterest income (16,872)  (18,666)Adjusted total revenue 154,954   163,065     Efficiency ratio (non-GAAP) 69.86%  65.85%Core efficiency ratio (non-GAAP) 69.29   65.40         

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