What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-25 compared with 2025-02-27 · 469 added, 398 removed, 1752 unchanged (33% of the section changed)

7 unchanged sentences

Consolidated Statements of Income

Consolidated Statements of Comprehensive Income (Loss)

Consolidated Statements of Comprehensive Income

Consolidated Statements of Changes in Stockholders’ Equity

6 unchanged sentences

We have audited the accompanying consolidated balance sheets of Origin Bancorp, Inc.

(Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).

(the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

6 unchanged sentences

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

7 unchanged sentences

Allowance for Credit Losses

The Company’s loan portfolio totaled $7.57 billion as of December 31, 2024, and the allowance for credit losses on loans was $91.1 million.

As more fully described in Notes 1 and 4 to the Company’s consolidated financial statements, the Company estimates its exposure to expected credit losses as of the balance sheet date, for existing loans held for investment.

The determination of the ACL requires management to exercise significant judgment and consider numerous subjective factors, including determining qualitative factors utilized to adjust historical loss rates, loan credit risk grading, and identifying loans requiring individual evaluation among others.

As disclosed by management, different assumptions and conditions could result in a materially different amount for the estimate of the ACL.

We identified the identification and valuation of the qualitative factors within the ACL at December 31, 2024 as a critical audit matter.

The Entity’s loan portfolio totaled $7.67 billion as of December 31, 2025, and the allowance for loan credit losses (“ALCL”) on loans was $96.78 million.

As more fully described in Notes 1 and 5 to the Entity’s consolidated financial statements, the Entity estimates its exposure to expected credit losses as of the balance sheet date, for existing loans held for investment.

The determination of the ALCL requires management to exercise significant judgment and consider numerous subjective factors, including determining qualitative factors utilized to adjust historical loss rates, loan credit risk grading, and identifying loans requiring individual evaluation among others.

As disclosed by management, different assumptions and conditions could result in a materially different amount for the estimate of the ALCL.

We identified the aggregation of the qualitative factors within the allowance at December 31, 2025 as a critical audit matter.

Auditing the qualitative factors involved a high degree of judgment and subjectivity in evaluating management's assessment of economic conditions and other portfolio and environmental factors.

The primary procedures we performed as of December 31, 2025 to address this critical audit matter included:

• Obtained an understanding of the Company’s process for establishing the qualitative factors

• Tested the design and operating effectiveness of controls over the establishment of qualitative factors in the allowance for loan credit losses

• Obtained an understanding of the Entity’s process for establishing the qualitative factors.

• Tested the design and operating effectiveness of controls over the establishment of qualitative factors in the ALCL.

• Evaluated the completeness and accuracy and the relevance of the key data used as inputs in the qualitative factor adjustment process.

• Evaluated the qualitative adjustments to the ACL, including assessing the basis for adjustments and the reasonableness of the significant assumptions

• Evaluated credit quality trends in delinquencies, non-accruals, charge-offs, and loan risk ratings

• Evaluated the qualitative adjustments to the allowance for credit losses, including assessing the basis for adjustments and the reasonableness of the significant assumptions.

• Evaluated credit quality trends in delinquencies, non-accruals and charge-offs.

/s/ Forvis Mazars, LLP

7 unchanged sentences

Cash and due from banks $ 73,122 $ 132,991

Interest-bearing deposits in banks 337,258 153,163

Interest-earning deposits in banks 351,095 337,258

Total cash and cash equivalents 424,217 470,249

Available for sale 1,117,176 1,102,528

Held to maturity, net allowance for credit losses of $ 50 and $ 63 at December 31, 2024, and December 31, 2023, respectively (fair value of $ 10,456 and $ 10,848 at December 31, 2024, and December 31, 2023, respectively)

Held to maturity, net of allowance for credit losses of $ 41 and $ 50 at December 31, 2025, and December 31, 2024, respectively (fair value of $ 9,607 and $ 10,456 at December 31, 2025, and December 31, 2024, respectively)

10,559 11,095

2 unchanged sentences

Non-marketable equity securities held in other financial institutions 31,069 71,643

Loans held for sale at fair value 10,494 16,852

Equity method investments 67,502 18,971

Loans held for sale (at fair value at December 31, 2024) 1,032 10,494

Loans, net of allowance for credit losses of $ 96,782 and $ 91,060 at December 31, 2025, and December 31, 2024, respectively

1 unchanged sentence

Premises and equipment, net 124,249 126,620

Mortgage servicing rights (“MSR”) — 15,637

Cash surrender value of bank-owned life insurance 41,726 40,840

51 unchanged sentences

Swap fee income 3,413 323 1,277

(Loss) gain on sales of securities, net ( 14,799 ) ( 11,635 ) 1,664

Loss on sales of securities, net ( 14,448 ) ( 14,799 ) ( 11,635 )

Change in fair value of equity investments 6,972 5,188 10,096

Equity method investment (loss) income ( 1,192 ) 519 405

Other income 5,131 2,877 2,859

9 unchanged sentences

Professional services 6,633 6,610 5,931

Loan-related expense 3,164 5,035 6,097

Electronic banking 5,728 5,162 4,712

Franchise tax expense 2,897 3,334 3,582

Merger-related expense — — 6,171

Loan-related expense 3,034 3,164 5,035

Bank share tax expense 2,518 2,897 3,334

Other expense 6,300 10,548 6,108

7 unchanged sentences

ORIGIN BANCORP, INC.

Consolidated Statements of Comprehensive Income (Loss)

Consolidated Statements of Comprehensive Income

(Dollars in thousands)

2 unchanged sentences

Net income $ 75,197 $ 76,492 $ 83,800

Other comprehensive income (loss)

Other comprehensive income

Securities available for sale and transferred securities:

Net unrealized holding gain (loss) arising during the period 4,340 37,811 ( 209,097 )

Reclassification adjustment for net (gain) loss included in net income 14,799 11,635 ( 1,664 )

Change in the net unrealized gain (loss) on available for sale investment securities, before tax 19,139 49,446 ( 210,761 )

Net unrealized holding gain arising during the year 51,524 4,340 37,811

Reclassification adjustment for net loss included in net income 14,448 14,799 11,635

Change in the net unrealized gain on available for sale investment securities, before tax 65,972 19,139 49,446

Net loss realized as a yield adjustment in interest on transferred investment securities ( 11 ) ( 11 ) ( 10 )

Change in the net unrealized gain (loss) on investment securities, before tax 19,128 49,436 ( 210,771 )

Income tax expense (benefit) related to net unrealized gain (loss) arising during the period 4,017 10,382 ( 44,262 )

Change in the net unrealized gain (loss) on investment securities, net of tax 15,111 39,054 ( 166,509 )

Change in the net unrealized gain on investment securities, before tax 65,961 19,128 49,436

Income tax expense related to net unrealized gain arising during the year 13,852 4,017 10,382

Change in the net unrealized gain on investment securities, net of tax 52,109 15,111 39,054

Cash flow hedges:

Net unrealized gain arising during the period 303 867 1,161

Reclassification adjustment for net gain (loss) included in net income ( 451 ) ( 1,123 ) 15

Change in the net unrealized (loss) gain on cash flow hedges, before tax ( 148 ) ( 256 ) 1,146

Income tax (benefit) expense related to net unrealized gain (loss) on cash flow hedges ( 31 ) ( 54 ) 241

Change in net unrealized net (loss) gain on cash flow hedges, net of tax ( 117 ) ( 202 ) 905

Other comprehensive income (loss), net of tax 14,994 38,852 ( 165,604 )

Comprehensive income (loss) $ 91,486 $ 122,652 $ ( 77,889 )

Net unrealized gain arising during the year — 303 867

Reclassification adjustment for net gain included in net income ( 280 ) ( 451 ) ( 1,123 )

Change in the net unrealized loss on cash flow hedges, before tax ( 280 ) ( 148 ) ( 256 )

Income tax (benefit) related to net unrealized loss on cash flow hedges ( 59 ) ( 31 ) ( 54 )

Change in net unrealized loss on cash flow hedges, net of tax ( 221 ) ( 117 ) ( 202 )

Other comprehensive income, net of tax 51,888 14,994 38,852

Comprehensive income $ 127,085 $ 91,486 $ 122,652

The accompanying notes are an integral part of these consolidated financial statements.

12 unchanged sentences

Net income — — — 83,800 — 83,800

Other comprehensive loss, net of tax — — — — ( 165,604 ) ( 165,604 )

Other comprehensive income, net of tax — — — — 38,852 38,852

Stock based compensation expense — — 5,281 — — 5,281

2 unchanged sentences

Shares issued under employee stock purchase program 46,213 231 887 — — 1,118

Options assumed - BT Holdings, Inc., (“BTH”) Merger — — 13,687 — — 13,687

Stock issuance - BTH Merger 6,794,910 33,975 258,682 — — 292,657

Dividends declared - common stock ($ 0.60 per share)

15 unchanged sentences

Stock-based compensation expense — — 8,263 — — 8,263

Stock based compensation shares issued, net of shares withheld 84,473 422 ( 971 ) — — ( 549 )

Stock based compensation shares issued, net of shares withheld and forfeitures 111,498 557 ( 2,044 ) — — ( 1,487 )

Exercise of stock options, net of shares withheld 35,793 179 743 — — 922

2 unchanged sentences

— — — ( 19,049 ) — ( 19,049 )

Repurchase of common stock

( 451,005 ) ( 2,255 ) ( 12,006 ) ( 1,545 ) — ( 15,806 )

Balance at December 31, 2025

12 unchanged sentences

Net amortization on securities 1,135 4,807 6,889

Accretion of net premium/discount on purchased loans ( 2 ) ( 2,023 ) ( 2,840 )

Amortization (accretion) of net premium/discount on purchased loans 91 ( 2 ) ( 2,023 )

Amortization of investments in tax credit funds 1,165 1,749 1,842

Loss (gain) on sale of securities, net 14,799 11,635 ( 1,664 )

Loss on sale of securities, net 14,448 14,799 11,635

Equity method investment loss (gain) 1,192 ( 519 ) ( 405 )

Deferred income tax (benefit) expense ( 4,520 ) ( 1,467 ) 27,714

2 unchanged sentences

Proceeds from mortgage loans held for sale 158,172 185,339 158,357

Gain on mortgage loans held for sale (including origination of MSR for the years ended December 31, 2023 and 2022)

( 4,928 ) ( 3,819 ) ( 7,175 )

Gain on mortgage loans held for sale (including origination of MSR for the year ended December 31, 2023) ( 3,892 ) ( 4,928 ) ( 3,819 )

MSR asset valuation adjustment — ( 450 ) 4,089

2 unchanged sentences

Increase in the cash surrender value of life insurance ( 1,136 ) ( 935 ) ( 865 )

Employee Retention Credit received 1,863 — —

Gain on equity securities without a readily determinable fair value ( 6,972 ) ( 5,188 ) ( 10,096 )

Net (gain) losses on sales and write-downs of other real estate owned ( 67 ) ( 66 ) 194

Net loss (gain) on sales and write-downs of other real estate owned 796 ( 67 ) ( 66 )

Net change in operating leases 876 1,869 ( 770 )

Increase in other assets ( 6,827 ) ( 555 ) ( 6,222 )

Increase (decrease) in other liabilities 4,988 7,285 ( 1,105 )

Increase in other liabilities 5,097 4,988 7,285

Net cash provided by operating activities 158,918 108,481 129,921

Cash flows from investing activities:

Cash acquired in business combination — — 69,953

Purchases of securities available for sale ( 834,936 ) ( 247,387 ) ( 10,981 )

1 unchanged sentence

Proceeds from sales and calls of securities available for sale 248,621 231,199 291,189

Purchase of securities held to maturity — — ( 7,000 )

Maturities, pay downs and calls of securities held to maturity 534 522 486

1 unchanged sentence

Redemption of non-marketable equity securities held in other financial institutions (1)

11,800 10,680 —

Purchase of non-marketable equity securities held in other financial institutions (1)

( 12,415 ) ( 21,302 ) —

Net redemptions (purchases) of non-marketable equity securities held in other financial institutions (1)

Net (purchases) redemptions of non-marketable equity securities held in other financial institutions (1)

( 615 ) ( 10,622 ) 23,980

2 unchanged sentences

Net decrease (increase) in loans, excluding mortgage warehouse and loans held for sale 41,892 106,877 ( 499,558 )

Purchase of other intangibles ( 2,500 ) — —

Proceeds from sale of the MSR asset — 15,885 —

Return of capital and other distributions from limited partnership investments 1,374 1,757 6,668

Proceeds from bank-owned life insurance 250 — —

Return of capital and other distributions from equity method investments 595 1,374 1,757

Return of capital and other distributions from cost method investments 57 — —

Capital calls on limited partnership investments ( 4,424 ) ( 1,082 ) ( 2,644 )

1 unchanged sentence

Purchases of premises and equipment ( 7,866 ) ( 22,047 ) ( 26,830 )

Proceeds from sales of premises and equipment 5,568 49 —

Proceeds from sales of other real estate owned 4,434 93 997

Purchase of equity method investment ( 800 ) — —

Proceeds from termination of cash flow hedge 680 — —

Net cash provided by (used in) investing activities 231,940 ( 130,031 ) ( 455,988 )

The accompanying notes are an integral part of these consolidated financial statements.

4 unchanged sentences

2025 2024 2023

Proceeds from sales of premises and equipment 125 5,568 49

Proceeds from sales of other real estate owned 3,041 4,434 93

Purchase of equity method investment — ( 800 ) —

Proceeds from termination of cash flow hedge — 680 —

Net cash (used in) provided by investing activities ( 113,685 ) 231,940 ( 130,031 )

Cash flows from financing activities:

Net (decrease) increase in deposits $ ( 28,005 ) $ 475,423 $ ( 361,450 )

Net increase (decrease) in deposits $ 84,127 $ ( 28,005 ) $ 475,423

Repayments of long-term FHLB advances ( 285 ) ( 275 ) ( 266 )

1 unchanged sentence

Repayments of short-term FHLB advances ( 1,440,000 ) ( 1,755,000 ) ( 6,545,000 )

Maturities of subordinated debentures — ( 2,625 ) —

Repurchase of subordinated debentures ( 34,599 ) ( 4,729 ) —

Maturities of subordinated indebtedness — — ( 2,625 )

Redemption/Repurchase of subordinated indebtedness ( 148,258 ) ( 34,599 ) ( 4,729 )

Repayments of other short-term borrowings ( 116,724 ) — ( 30,000 )

Proceeds from other short-term borrowings 116,724 — —

Net (decrease) increase in securities sold under agreements to repurchase ( 863 ) ( 20,797 ) 8,339

Net increase (decrease) in securities sold under agreements to repurchase 6,875 ( 863 ) ( 20,797 )

Dividends paid ( 18,872 ) ( 18,745 ) ( 18,567 )

Cash received from exercise of stock options 954 1,874 3,140

Common stock repurchased ( 15,806 ) — —

Net cash used in financing activities ( 91,265 ) ( 150,613 ) ( 78,421 )

Net increase (decrease) in cash and cash equivalents 189,808 ( 78,531 ) ( 346,646 )

Net (decrease) increase in cash and cash equivalents ( 46,032 ) 189,808 ( 78,531 )

Cash and cash equivalents at beginning of year 470,249 280,441 358,972

1 unchanged sentence

Interest paid $ 211,764 $ 268,459 $ 215,479

Income taxes paid (refund) 24,171 383 ( 6,261 )

Income taxes paid, total 34,481 24,171 383

Federal 32,037 N/A N/A

State 2,444 N/A N/A

Significant non-cash transactions:

2 unchanged sentences

Real estate transferred from fixed assets to other real estate owned — 894 —

Transfers from other real estate owned to other assets 194 — —

Transfers from loans held for sale to loans held for investment (1)

Decrease in Government National Mortgage Association (“GNMA”) repurchase obligation — ( 24,569 ) ( 18,786 )

Decrease in Government National Mortgage Association repurchase obligation — — ( 24,569 )

Transfer from non-marketable securities held in other financial institutions to equity method investments 41,590 — —

Recognition of operating right-of-use assets 4,777 11,454 20,568

Recognition of operating lease liabilities 5,261 12,659 20,653

Total assets acquired in BTH merger — — 1,846,598

Total liabilities assumed in BTH merger — — 1,633,340

Common stock issued in BTH merger as consideration — — 292,657

Impairment of right-of-use assets due to branch closures ( 332 ) — —

________________________

(1) No change was made to the prior period presentation due to immateriality.

(1) No change was made to the December 31, 2024, prior period presentation due to immateriality.

The accompanying notes are an integral part of these consolidated financial statements.

8 unchanged sentences

The Bank provides a broad range of financial services and currently operates more than 56 locations in Dallas/Fort Worth, East Texas, Houston, across North Louisiana, Mississippi, South Alabama and into the Florida Panhandle .

In addition, Origin provides a broad range of insurance agency products and services through its wholly owned insurance agency subsidiary, Forth Insurance, LLC.

Basis of Presentation .

29 unchanged sentences

The Company’s significant expense categories are disclosed on the Company’s Consolidated Statements of Income .

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Use of Estimates .

6 unchanged sentences

While management uses its best judgment, actual results could differ from those estimates.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Cash and Cash Equivalents .

For purposes of the consolidated statements of cash flows, the Company considers all cash on hand, demand deposits with other banks, federal funds sold and short-term interest-bearing cash items with an original maturity less than 90 days to be cash equivalents.

For purposes of the Consolidated Statements of Cash Flows , the Company considers all cash on hand, demand deposits with other banks, federal funds sold and short-term interest-earning cash items with an original maturity less than 90 days to be cash equivalents.

The Company maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage.

22 unchanged sentences

Realized gains and losses are determined using the specific identification method and are recorded in noninterest income on the trade date.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Equity Method Investments .

An equity method investment is an investment in which the investor has significant influence over the operating and financial policies of the investee, but not control, generally presumed when ownership is 20%–50% of the voting interests.

Under the equity method of accounting, the Company records its initial investment at cost.

Subsequently, the carrying amount of the investment is increased or decreased to reflect its share of income or loss of the investee, and included in equity method investments in the Company’s Consolidated Balance Sheets .

Any dividends or distributions received on the investment are recognized as a reduction to the carrying amount of the investment.

The Company’s recognition of earnings or losses from an equity method investment is based on its ownership percentage in the investee and the investee’s earnings for the reporting period and is recorded through “equity method investment income (loss)” in the Company’s C onsolidated Statements of Income .

Equity method investments in limited partnership and LLCs are reported on a one-quarter lag.

Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable.

The Company’s equity method investments include Argent Financial Group, Inc.

and various equity method investments in limited partnerships and LLCs, and totaled $ 67.5 million and $ 19.0 million at December 31, 2025 and 2024, respectively.

Non-marketable Equity Securities Held in Other Financial Institutions .

Securities with limited marketability, such as stock in the FRBD or the Federal Home Loan Bank of Dallas (“FHLB”), are carried at cost, less impairment, if any.

Securities with limited marketability, such as stock in the Federal Reserve Bank of Dallas (“FRBD”) or the Federal Home Loan Bank of Dallas (“FHLB”), are carried at cost, less impairment, if any.

These investments in stock do not have readily determinable fair values.

1 unchanged sentence

The carrying value of these securities was evaluated and determined not to be impaired during the years ended December 31, 2025 and 2024.

On July 1, 2025, the Company increased its ownership in Argent Financial Group, Inc.

to an amount in excess of 20 % of the outstanding shares of capital stock resulting in the application of the equity method for this investment.

As a result, the investment is now disclosed in equity method investments on the Company’s Consolidated Balance Sheet .

Loans Held for Sale .

Loans held for sale include mortgage loans and are carried at fair value, with unrealized gains and losses recorded in the consolidated statements of income.

For loans held for sale originated prior to January 1, 2025, the Company elected the fair value option to offset the volatility in the derivative instruments of the forward commitments entered into in conjunction with the mortgage loans held for sale and their related mortgage servicing asset.

Effective January 1, 2025, the Company elected to carry mortgage loans held for sale at the lower of amortized cost or market value determined as of the balance sheet date.

Gains and losses resulting from sales of mortgage loans are realized when the respective loans are sold to investors.

Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold.

Fees received from borrowers to guarantee the funding of mortgage loans held for sale are recognized as income or expense when the loans are sold or when it becomes evident that the commitment will not be used.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Loans sold into the secondary market are considered transfers of financial assets.

12 unchanged sentences

The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Purchased loans that have experienced more than insignificant credit deterioration since origination are purchased credit deteriorated (“PCD”) loans.

24 unchanged sentences

If a loan is determined by management to be uncollectible, regardless of size, the portion of the loan determined to be uncollectible is then charged to the allowance for loan credit losses.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Allowance for Credit Losses .

4 unchanged sentences

These loss rates are adjusted for differences between current period conditions, including the economic forecast and the conditions existing during the historical loss period.

Historical losses are additionally adjusted for the effects of certain economic variables forecast over a one-year period followed by an immediate reversion to historical loss rates to estimate losses over the estimated remaining lives of the loans.

Historical losses are additionally adjusted for the effects of certain economic variables forecast over a one-year period followed by a straight-line reversion to historical loss rates to estimate losses over the estimated remaining lives of the loans.

The estimated remaining lives consist of the contractual lives, adjusted for estimated prepayments.

6 unchanged sentences

Subsequent recoveries, if any, are credited to the allowance.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Delinquency statistics are updated at least monthly and are the most meaningful indicator of the credit quality of one-to-four single-family residential, home equity loans and lines of credit and other consumer loans.

2 unchanged sentences

Internal risk ratings are updated on a regular basis.

2022-02 eliminated the accounting guidance for troubled debt restructurings and enhanced disclosure requirements for certain loan modifications.

2022-02 provides the accounting guidance and disclosure requirements for certain loan modifications.

Under this accounting guidance, the Company must first assess if the loan modification was made to a borrower experiencing financial difficulty.

The Company may provide modifications to borrowers experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, or term extensions.

1 unchanged sentence

In some cases, the Company may provide multiple types of concessions on one loan.

The Company will evaluate whether the modification represents a new loan or a continuation of an existing loan.

The Company assesses all loan modifications to determine whether they were made to borrowers experiencing financial difficulty.

The Company evaluates whether the modification represents a new loan or a continuation of an existing loan.

The allowance for off-balance sheet exposures was determined using the same methodology that is applied to LHFI.

8 unchanged sentences

These amounts are established as an allowance for credit losses and included in earnings as provision for credit loss expense.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Premises and Equipment, net .

14 unchanged sentences

All of the Company’s operating long-term leases are real estate leases, which are accounted for as a single lease component.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Derivative Instruments and Hedging Activities .

6 unchanged sentences

Changes in the fair value of derivatives to which hedge accounting does not apply are recognized immediately in earnings.

The Bank has entered into various fair value hedging transactions to mitigate the impact of changing interest rates on the fair values of available-for-sale securities.

Note 13 — Derivative Financial Instruments describes the derivative instruments currently used by the Company and discloses how these derivatives impact its consolidated balance sheets and statements of income.

4 unchanged sentences

In the quarter following the period in which identified intangible assets become fully amortized, the fully amortized balances are removed from the gross asset and accumulated amortization amounts.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Other Real Estate Owned .

5 unchanged sentences

Any subsequent write-downs to reflect current fair value, or gains and losses on the sale of the properties are charged to noninterest income.

At December 31, 2024 and 2023, the balance of OREO was $ 3.6 million and $ 3.9 million, respectively, and included as a component of accrued interest receivable and other assets in the accompanying consolidated balance sheets.

At December 31, 2025 and 2024, the balance of OREO was $ 650,000 and $ 3.6 million, respectively, and included as a component of accrued interest receivable and other assets in the accompanying consolidated balance sheets.

Overnight Repurchase Agreements with Depositors .

9 unchanged sentences

Descriptions of the Company’s revenue generating activities that are within the scope of the revenue recognition standard are described below.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Service charges and fees on deposit accounts

8 unchanged sentences

The Company’s performance obligation for these transactions is deemed to have occurred upon completion of each transaction.

The amounts are included as a component of other income in the consolidated statements of income.

The amounts are included as a component of other fee income in the consolidated statements of income.

Gain or loss on sale of other assets and OREO

2 unchanged sentences

Mortgage Banking Revenue .

This revenue category primarily reflects the Company’s mortgage production and sales, including fees and income derived from mortgages originated with the intent to sell and the impact of risk management activities associated with the mortgage pipeline.

This revenue category also includes gains and losses on sales and changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option.

This revenue category primarily reflects the Company’s mortgage production and sales, including fees and income derived from mortgages originated with the intent to sell and gains and losses on sales.

Prior to January 1, 2025, this revenue category also includes changes in fair value for mortgage loans originated with the intent to sell measured at fair value under the fair value option and the impact of risk management activities associated with the mortgage pipeline.

Net interest income from mortgage loans is recorded in interest income.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Income Taxes .

10 unchanged sentences

Stock-Based Compensation .

The cost of employee services received in exchange for stock options, restricted stock and performance stock grants and/or units are measured using the fair value of the award on the grant date and is recognized over the service period.

The cost of employee and director services received in exchange for restricted stock, performance stock grants and/or units, and stock options are measured using the fair value of the award on the grant date and is recognized over the service period.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Other Investments .

The Company accounts for investments in limited partnerships, limited liability companies (“LLCs”), and other privately held companies using either the equity method of accounting or at amortized cost net of impairments and observable price changes.

The Company accounts for investments in limited partnerships, limited liability companies (“LLCs”), and other privately held companies using either the equity method of accounting or amortized cost, net of impairments and observable price changes.

The accounting treatment depends upon the Company’s percentage ownership or degree of management influence.

Under the equity method of accounting, the Company records its initial investment at cost.

Subsequently, the carrying amount of the investment is increased or decreased to reflect its share of income or loss of the investee.

The Company applies the equity method of accounting to investments in limited partnerships in which the Company owns at least three to five percent of the limited partnership’s capital in accordance with the requirements of Accounting Standards Codification (“ASC”) 323.

ASC 323 presumes that an investor has the ability to influence the operating and financial policies of the investee when an ownership interest is greater than three to five percent in certain partnership, unincorporated joint ventures and limited liability companies.

Please see the Equity Method Investments section above for information on equity method accounting.

All of the Company’s investments in limited partnerships, LLCs, and other companies are privately held, and their fair values are not readily available.

1 unchanged sentence

There are inherent risks associated with investments in such companies, which may result in volatility in the consolidated statements of income in future periods.

At December 31, 2024 and 2023, investments in limited partnerships, LLCs and other privately held companies totaled $ 23.1 million and $ 22.2 million, respectively, and were included in accrued interest receivable and other assets in the accompanying consolidated balance sheets.

At December 31, 2025 and 2024, investments in limited partnerships, LLCs and other privately held companies accounted for using amortized cost, net of impairments and observable price changes totaled $ 6.8 million and $ 4.2 million, respectively, and were included in accrued interest receivable and other assets in the accompanying consolidated balance sheets.

The Company’s investments in limited partnerships, LLCs and other privately held companies accounted for using the equity method are included in equity method investments in the accompanying consolidated balance sheets.

Investments in Tax Credit Entities .

10 unchanged sentences

The income tax credits and other income tax benefits recognized for the years ended December 31, 2025, 2024 and 2023 was $ 1.4 million, $ 2.0 million, and $ 2.3 million respectively, and was recorded in income tax expense on the Consolidated Statements of Income.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The Company has the risk of credit recapture if the project does not maintain compliance during the compliance period.

4 unchanged sentences

Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under stock options and restricted stock awards and units.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Diluted income per common share considers common stock issuable under the assumed release of unvested restricted stock awards, restricted stock units, performance stock units, shares potentially issuable under the employee stock purchase plan, and the assumed exercise of stock options granted.

2 unchanged sentences

Effect of Recently Adopted Accounting Standards

2021-08, Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.

The amendments in this Update affect accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.

The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

Implementation of this ASU did not materially impact the Company’s financial statements or disclosures.

2022-01, Derivatives and Hedging (Topic 815) — Fair Value Hedging - Portfolio Layer Method .

The amendments in this Update clarify the accounting for and promote consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers.

Additionally, this Update allows entities to elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815.

The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

Implementation of this ASU did not materially impact the Company’s financial statements or disclosures.

2022-02, Financial Instruments - Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures.

The amendments in this Update eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty.

Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan.

For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost.

The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

Implementation of this ASU did not materially impact the Company’s financial statements or disclosures.

2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 — The amendments in this Update provide temporary relief during the transition period in complying with Update No.

2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.

The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published.

At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021.

As a result, the sunset provision was set for December 31, 2022 - 12 months after the expected cessation date of all currencies and tenors of LIBOR.

In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.

The ASU is effective immediately.

Implementation of this ASU did not materially impact the Company’s financial statements or disclosures.

2023-02, Investments - Equity Method and Joint Ventures (Topic 323):

3 unchanged sentences

Implementation of this ASU did not materially impact the Company’s financial statements or disclosures.

2023-06, Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative — The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification.

Certain of the amendments represent clarifications to or technical corrections of the current requirements.

Because of the variety of Topics amended, a broad range of entities may be affected by one or more of those amendments.

The effective date of this ASU will be coincident with the removal of the related disclosure from Regulation S-X or Regulation S-K.

Implementation of this ASU did not materially impact the Company’s financial statements or disclosures.

2023-07, Segment Reporting (Topic 280):

13 unchanged sentences

Implementation of this ASU did not materially impact the Company’s financial statements or disclosures.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Effect of Newly Issued But Not Yet Effective Accounting Standards

2023-09, Income Taxes (Topic 740):

2 unchanged sentences

The ASU is effective for fiscal years beginning after December 15, 2024.

Implementation of this ASU is not expected to materially impact the Company’s consolidated financial statements or disclosures.

Implementation of this ASU did not materially impact the Company’s financial statements or disclosures.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Effect of Newly Issued But Not Yet Effective Accounting Standards

2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses — The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses.

6 unchanged sentences

The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures.

2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software — The amendments in this Update remove all references to prescriptive and sequential software development stages (referred to as project stages) throughout Subtopic 350-40.

An entity is required to start capitalizing software costs when both of the following occur:

Management has authorized and commitment to funding the software project.

It is probable that the project will be completed and the software will be used to perform the function intended.

The ASU is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures.

2025-08, Financial Instruments—Credit Losses (Topic:

326)—Purchased Loans — The amendments in this Update expand the population of acquired financial assets subject to the gross-up approach.

Under the guidance, loans (excluding credit cards) acquired without credit deterioration (“non-PCD”) and deemed seasoned, defined below, are purchased seasoned loans and accounted for using the gross-up approach at acquisition.

All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned.

Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans.

The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

The Company has evaluated this ASU and determined that it does not currently have an impact on its consolidated financial statements and disclosures.

2025-09, Derivatives and Hedging (Topic 815)—Hedge Accounting Improvements — The amendments in this Update addresses five targeted hedge accounting issues, including 1) similar risk assessment for cash flow hedges, 2) hedging forecasted interest payments on Choose-Your-Rate Debt Instruments, 3) cash flow hedges of nonfinancial forecasted transactions, 4) net written options as hedging instruments, and 5) foreign-currency denominated debt instrument as hedging instrument and hedged item.

The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

The Company has evaluated this ASU and determined that it does not currently have an impact on its consolidated financial statements and disclosures.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Note 2 — Earnings Per Share

11 unchanged sentences

Diluted earnings per common share 2.40 2.45 2.71

There were 322,628 , 442,909 and 9,881 weighted average shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the years ended December 31, 2024, 2023, and 2022, respectively.

The awards were anti-dilutive primarily due to the exercise price, grant date fair value or purchase price of the stock awards exceeding the average market price of the Company’s stock during the respective periods.

There were 83,454 , 322,628 and 442,909 weighted average shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the year ended December 31, 2025, 2024 and 2023, respectively, primarily due to the exercise price, grant date fair value or purchase price of the stock awards exceeding the average market price of the Company’s stock during the respective periods.

ORIGIN BANCORP, INC.

28 unchanged sentences

Residential collateralized mortgage obligations 160,422 15 ( 19,610 ) 140,827 — 140,827

Asset-backed securities 43,521 4 ( 520 ) 43,005 — 43,005

Total $ 1,237,433 $ 686 $ ( 135,591 ) $ 1,102,528 $ — $ 1,102,528

9 unchanged sentences

Notes to Consolidated Financial Statements

Securities with unrealized losses at December 31, 2024, and December 31, 2023, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows.

Securities with unrealized losses at December 31, 2025 and 2024 aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows.

Less than 12 Months 12 Months or More Total

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Residential collateralized mortgage obligations 14,884 ( 291 ) 109,416 ( 19,319 ) 124,300 ( 19,610 )

Asset-backed securities 7,350 ( 52 ) 31,618 ( 468 ) 38,968 ( 520 )

Total $ 216,560 $ ( 2,803 ) $ 840,598 $ ( 132,788 ) $ 1,057,158 $ ( 135,591 )

7 unchanged sentences

Accordingly, at December 31, 2025, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The following tables present the activity in the allowance for credit losses for held-to-maturity securities.

Years Ended December 31,

(Dollars in thousands) 2024 2023 2022

(Dollars in thousands) Years Ended December 31,

Allowance for credit losses:

2025 2024 2023

Balance at January 1, $ 50 $ 63 $ 899

(Recovery) provision for credit loss for held to maturity securities ( 13 ) ( 836 ) 732

Recovery for credit losses for held to maturity securities ( 9 ) ( 13 ) ( 836 )

Balance at December 31,

Accrued interest of $ 5.3 million was not included in the calculation of the allowance or the amortized cost basis of the securities at either December 31, 2024 or December 31, 2023.

$ 41 $ 50 $ 63

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Management has made the accounting policy election to exclude accrued interest receivable on securities from the estimate of credit losses.

There were no past due or nonaccrual available for sale or held to maturity securities at December 31, 2025, or 2024.

Accrued interest on securities of $ 5.9 million and $ 5.3 million at December 31, 2025, and 2024, respectively, was included in accrued interest receivable and other assets on the face of the consolidated balance sheets.

Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below.

6 unchanged sentences

Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately.

Actual maturities for mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.

Actual maturities for mortgage-backed securities and collateralized mortgage obligations will differ from contractual maturities as a result of prepayments made on the underlying loans.

(Dollars in thousands) Held to Maturity Available for Sale

13 unchanged sentences

Carrying value of securities pledged to repurchase agreements 22,405 4,731

The Bank has entered into various fair value hedging transactions to mitigate the impact of changing interest rates on the fair values of certain available-for-sale securities.

See Note 13 — Derivative Financial Instruments for disclosure of the gains and losses recognized on derivative instruments and the cumulative fair value hedging adjustments to the carrying amount of the hedged securities.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Note 4 — Equity Method Investments

On July 1, 2025, the Company increased its ownership in Argent Financial Group, Inc.

to an amount in excess of 20 % of Argent’s outstanding capital stock through a series of acquisitions of previously issued shares from other shareholders, resulting in the application of the equity method for this investment.

The Company identified a total basis difference of $ 39.3 million, consisting of $ 23.8 million of equity method goodwill and $ 19.7 million of identifiable intangible assets, partially offset by a $ 4.2 million deferred tax liability.

The identifiable intangible basis differences are being amortized on a straight-line basis over estimated useful lives of 11 - 19 years, with the related deferred tax liability being released over the same period.

The goodwill is not subject to amortization.

The Company evaluates equity method investments for impairment whenever events or changes in circumstance indicate that the carrying amount of an investment might not be recoverable.

The Company’s percentage of ownership and carrying amount of the equity method investments are summarized as follows:

December 31, 2025 December 31, 2024

(Dollars in thousands) Ownership

% Carrying Amount Ownership

% Carrying Amount

Argent Financial Group, Inc.

20.1 % $ 51,768 N/A N/A

Various equity method investments in limited partnerships and LLCs (2)

6.0 15,734 5.1 % $ 18,971

Equity method investments $ 67,502 $ 18,971

________________________

(1) Included in non-marketable equity securities held in other financial institutions in the Company’s Consolidated Balance Sheet at December 31, 2024.

(2) The ownership percentage represents the weighted average ownership for equity method investments in limited partnerships and LLCs.

The Company’s proportionate share of the income (loss) resulting from these investments is reported through “Equity method investment (loss) income” in the Company’s consolidated statements of income.

Note 5 — Loans

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Residential real estate (2)

1,997,760 1,857,589

Total real estate 5,132,885 5,199,031

8 unchanged sentences

____________________________

(1) Includes owner occupied commercial real estate of $ 975.9 million and $ 953.8 million at December 31, 2024 and 2023, respectively.

(1) Includes owner-occupied commercial real estate of $ 1.0 billion and $ 975.9 million at December 31, 2025 and 2024 respectively.

(2) Includes multifamily real estate of $ 553.1 million and $ 425.5 million at December 31, 2025 and 2024, respectively.

(3) Includes unamortized purchase accounting adjustment and net deferred loan fees of $ 10.6 million and $ 9.8 million at December 31, 2025 and 2024, respectively.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Credit quality indicators.

2 unchanged sentences

Loan risk ratings are the primary indicator of credit quality for the loan portfolio and are continually evaluated to ensure they are appropriate based on currently available information.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The following is a summary description of the Company’s internal risk ratings:

• Pass (1-6) Loans within this risk rating are further categorized as follows:

Minimal risk (1) Well-collateralized by cash equivalent instruments held by the Banks.

Minimal risk (1) Well-collateralized by cash equivalent instruments held by the Bank.

Moderate risk (2) Borrowers with excellent asset quality and liquidity.

18 unchanged sentences

In connection with the review of the loan portfolio, the Company considers risk elements attributable to particular loan types or categories in assessing the quality of individual loans.

The list of loans to be reviewed for possible individual evaluation consists of unsecured loans over 90 days past due, modified loans to borrowers experiencing financial difficulty, loans greater than $100,000 in which the borrower has filed bankruptcy, collateralized loans 180 days or more past due, classified commercial loans, including non-accrual, over $100,000 with direct exposure, and consumer loans greater than $100,000 with a FICO score under 625.

Loans under $50,000 will be evaluated collectively in designated pools unless a loss exposure has been identified.

The list of loans to be reviewed for possible individual evaluation consists of unsecured loans over 90 days past due;

loans greater than $50,000 that are either modified loans to borrowers experiencing financial difficulty or collateralized loans 180 days or more past due;

as well as loans greater than $100,000 in which the borrower has either filed bankruptcy, is rated classified or non-accrual, and/or is a consumer loan with a FICO score under 625.

Loans $50,000 or less will be evaluated collectively in designated pools unless a loss exposure has been identified.

Some additional risk elements considered by loan type include:

• for commercial real estate loans, the debt service coverage ratio, operating results of the owner in the case of owner-occupied properties, the loan to value ratio, the age and condition of the collateral and the volatility of income, property value and future operating results typical of properties of that type;

• for construction, land and land development loans, the perceived feasibility of the project, including the ability to sell developed lots or improvements constructed for resale or the ability to lease property constructed for lease, the quality and nature of contracts for presale or prelease, if any, experience and ability of the developer and loan to value ratio;

• for residential mortgage loans, the borrower’s ability to repay the loan, including a consideration of the debt to income ratio and employment and income stability, the loan-to-value ratio, and the age, condition and marketability of the collateral;

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

• for commercial and industrial loans, the debt service coverage ratio (income from the business in excess of operating expenses compared to loan repayment requirements), the operating results of the commercial, industrial or professional enterprise, the borrower’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category and the value, nature and marketability of collateral;

2 unchanged sentences

An allowance for credit losses is determined using the same methodology as other individually evaluated loans.

As a result of the BTH merger, the Company held approximately $ 12.3 million and $ 34.8 million of unpaid principal balance PCD loans at December 31, 2024 and 2023, respectively.

The Company held approximately $ 5.4 million and $ 12.3 million of unpaid principal balance PCD loans at December 31, 2025 and December 31, 2024, respectively.

Please see Note 1 — Significant Accounting Policies included in these Notes to Consolidated Financial Statements for a description of our accounting policies related to purchased financial assets with credit deterioration.

107 unchanged sentences

The following tables detail activity in the ALCL by portfolio segment.

Accrued interest of $ 32.6 million and $ 35.1 million was not included in the book value for the purposes of calculating the allowance at December 31, 2024 and 2023, respectively.

Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of loan credit losses.

Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

Accrued interest on loans receivable of $ 28.9 million and $ 32.6 million at December 31, 2025 and December 31, 2024, respectively, was included in accrued interest receivable and other assets on the face of the consolidated balance sheets.

Year Ended December 31, 2025

11 unchanged sentences

_________________________

(1) The $ 7.4 million provision for credit losses on the consolidated statement of income includes a $ 8.7 million provision for loan losses, and a $ 1.2 million and $ 13,000 net benefit provision for off-balance sheet commitments and held to maturity securities credit losses, respectively, for the year ended December 31, 2024.

(1) The $ 46.3 million provision for credit losses on the consolidated statements of income includes a $ 45.3 million provision for loan losses, a $ 1.0 million provision expense for off-balance sheet commitments and a $ 9,000 net benefit provision for held to maturity securities credit losses for the year ended December 31, 2025.

Year Ended December 31, 2024

10 unchanged sentences

____________________________

(1) The $ 16.8 million provision for credit losses on the consolidated statements of income includes a $ 17.5 million provision for loan credit losses, a $ 75,000 provision for off-balance sheet commitments and a $ 836,000 net benefit provision for held to maturity securities credit losses for the year ended December 31, 2023.

(1) The $ 7.4 million provision for credit losses on the consolidated statements of income includes a $ 8.7 million provision for loan credit losses, a $ 1.2 million and $ 13,000 net benefit provision for off-balance sheet commitments and held to maturity securities credit losses, respectively, for the year ended December 31, 2024.

ORIGIN BANCORP, INC.

4 unchanged sentences

Beginning balance $ 19,772 $ 7,776 $ 8,230 $ 50,148 $ 379 $ 856 $ 87,161

Allowance for loan credit losses - BTH merger (1)

1 — — 5,525 — 1 5,527

Charge-offs 42 — 27 11,833 — 147 12,049

6 unchanged sentences

_________________________

(1) Excluded from the allowance is $ 10.8 million in PCD loans that were acquired in the merger with BTH that were added to the allowance and immediately written off.

(2) The $ 24.7 million provision for credit losses on the consolidated statement of income includes a $ 21.6 million provision for loan losses, a $ 2.3 million provision for off-balance sheet commitments and a $ 732,000 provision for held to maturity securities credit losses for the year ended December 31, 2022.

The increase in charge-offs during the year ended December 31, 2025, compared to the year ended December 31, 2024, was primarily due to net charge-offs of $ 29.5 million in the current year related to the borrower fraud impacting the Tricolor Holdings, LLC loan relationship, which was first disclosed in our Current Report on Form 8-K filed on September 10, 2025, and discussed in subsequent filings.

The increase in charge-offs during the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily driven by charge-offs relating to four commercial and industrial relationships totaling $ 15.2 million during the year ended December 31, 2024, compared to four commercial and industrial relationships totaling $ 6.8 million being the major driver for charge-offs during the year ended December 31, 2023.

The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ALCL allocated to these loans:

2 unchanged sentences

Real Estate $ 4,409 $ 206 $ 14,803 $ — $ — $ — $ 19,418

Accounts Receivable — — — 189 — — 189

Equipment — — — 119 — — 119

Other — — — 206 — — 206

Total $ 4,409 $ 206 $ 14,803 $ 514 $ — $ — $ 19,932

4 unchanged sentences

Equipment — — — 42 — 46 88

Other — — — 258 — — 258

Total $ 832 $ — $ 16,804 $ 42 $ — $ 46 $ 17,724

ALCL Allocation $ — $ — $ 121 $ — $ — $ — $ 121

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Collateral-dependent loans consist primarily of residential real estate, commercial real estate and commercial and industrial loans.

3 unchanged sentences

Note that the Company did not elect to use the collateral maintenance agreement practical expedient available under the current expected credit loss (“CECL”) guidance.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Nonaccrual LHFI was as follows:

17 unchanged sentences

No interest income was recorded on nonaccrual loans while they were considered nonaccrual during the years ended December 31, 2025, 2024 and 2023.

The Company elects the fair value option for recording residential mortgage loans held for sale in accordance with U.S.

The Company had zero nonaccrual mortgage loans held for sale that were recorded using the fair value option election at both December 31, 2024 and December 31, 2023.

The tables below summarize modifications made to borrowers experiencing financial difficulty by loan and modification type during the years ended December 31, 2024 and 2023.

The tables below summarize modifications made to borrowers experiencing financial difficulty by loan and modification type during the year ended December 31, 2025, 2024 and 2023:

Amortized Cost Basis at December 31, 2025

Term Extension Other-Than-Insignificant Payment Delay

(Dollars in thousands) Amortized Cost % of Loans Amortized Cost % of Loans

Loans secured by real estate:

Commercial real estate $ 8,087 0.32 % $ — — %

Construction/land/land development 5,846 0.96 — —

Residential real estate 1,729 0.09 383 0.02

Total real estate 15,662 0.31 383 0.01

Commercial and industrial 33,960 1.71 56 —

Consumer 45 0.22 31 0.15

Total $ 49,667 0.65 $ 470 0.01

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Amortized Cost Basis at December 31, 2024

Term Extension Combination:

11 unchanged sentences

____________________________

(1) Does not include the loans impacted by the questioned activity as a result of not meeting the modification criteria as described in the Accounting Standards Codification 310-10-50-36, “Modifications”.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

(1) Does not include the loans impacted by the questioned banker activity as a result of not meeting the modification criteria as described in the Accounting Standards Codification 310-10-50-36, “Modifications”.

Amortized Cost Basis at December 31, 2023

8 unchanged sentences

Commercial and industrial (1)

21,093 1.02 1,072 0.05 53 —

Total $ 35,516 0.46 $ 1,262 0.02 $ 579 0.01

1 unchanged sentence

Year Ended December 31, 2025

Term Extension Other-Than-Insignificant Payment Delay

Commercial real estate Added a weighted average 7.6 months to the life of the modified loans

Construction/land/land development Added a weighted average 10.0 months to the life of the modified loans

Residential real estate Added a weighted average 16.5 months to the life of the modified loans

Delayed payment of weighted average 3.6 months

Commercial and industrial Added a weighted average 13.2 months to the life of the modified loans

Delayed payment of weighted average 13.5 months

Consumer Added a weighted average 14.8 months to the life of the modified loans

Delayed payment of weighted average 1.0 months

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Year Ended December 31, 2024

Interest Rate Reduction Term Extension Other-Than-Insignificant Payment Delay

10 unchanged sentences

____________________________

Year Ended December 31, 2023

9 unchanged sentences

Delayed payment of weighted average 6.0 months

The following table depicts the performance of loans that have been modified during the years ended December 31, 2025, 2024 and 2023:

Payment Status (Amortized Cost Basis)

December 31, 2025

(Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due

Loans secured by real estate:

Commercial real estate

$ 7,977 $ — $ 110

Construction/land/land development

Residential real estate 1,952 160 —

Total real estate 15,775 160 110

Commercial and industrial 32,977 557 482

Consumer 76 — —

Total LHFI $ 48,828 $ 717 $ 592

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The following table depicts the performance of loans that have been modified during the years ended December 31, 2024 and 2023.

Payment Status (Amortized Cost Basis)

12 unchanged sentences

____________________________

Payment Status (Amortized Cost Basis)

9 unchanged sentences

Total LHFI $ 36,954 $ 120 $ 282

At December 31, 2024, and December 31, 2023, the Company had $ 35,000 and $ 1.6 million funding commitments for loans in which the terms were modified as a result of the borrowers experiencing financial difficulty, respectively.

The table below provides the details of loans to borrowers experiencing financial difficulty that were modified within the last twelve months and defaulted during the years ended December 31, 2024 and 2023.

At December 31, 2025 and 2024, the Company had $ 52,000 and $ 35,000 of funding commitments for loans in which the terms were modified as a result of the borrowers experiencing financial difficulty, respectively.

The tables below provide the details of loans to borrowers experiencing financial difficulty that experienced a payment default during the years ended December 31, 2025, 2024 and 2023, and were modified in the twelve months prior to that default:

At or For The Year Ended December 31, 2025

1 unchanged sentence

(Dollars in thousands) Amortized Cost Default Amount

Loans secured by real estate:

Commercial real estate

Construction/land/land development — —

Residential real estate — —

Total real estate 110 110

Commercial and industrial 500 2,392

Total $ 610 $ 2,502

____________________________

ORIGIN BANCORP, INC.

6 unchanged sentences

Total $ 854 $ 7,399

____________________________

At or For The Year Ended December 31, 2023

Term Extension

(Dollars in thousands) Amortized Cost Default Amount

Residential real estate $ 282 $ 282

Commercial and industrial — 10

Total $ 282 $ 292

A payment default is defined as a loan that was 90 or more days past due.

21 unchanged sentences

These estimates can be inherently uncertain.

There were no transfers between fair value reporting levels for any period presented.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

There were no transfers between fair value reporting levels for any period presented.

Fair Values of Assets and Liabilities Recorded on a Recurring Basis

The following tables summarize financial assets and financial liabilities recorded at fair value on a recurring basis at December 31, 2024, and December 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

There were no changes in the valuation techniques during 2024 or 2023.

The following tables summarize financial assets and financial liabilities recorded at fair value on a recurring basis at December 31, 2025 and 2024 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

There were no changes in the valuation techniques during the periods presented.

December 31, 2025

9 unchanged sentences

Securities carried at fair value through income — — 6,215 6,215

Loans held for sale — 10,494 — 10,494

Rabbi Trust assets 839 — — 839

7 unchanged sentences

Corporate bonds — 77,236 1,000 78,236

treasury securities 55,480 — — 55,480

government agency securities — 13,805 — 13,805

3 unchanged sentences

Residential collateralized mortgage obligations — 140,827 — 140,827

Asset-backed securities — 43,005 — 43,005

Securities available for sale — 1,066,774 35,754 1,102,528

1 unchanged sentence

Loans held for sale — 10,494 — 10,494

Mortgage servicing rights — — 15,637 15,637

Rabbi Trust assets 509 — — 509

Other assets - derivatives — 15,595 — 15,595

5 unchanged sentences

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2025 and 2024, are summarized as follows:

(Dollars in thousands) MSR Asset Securities Available for Sale Securities at Fair Value Through Income

(Dollars in thousands) Securities Available for Sale Securities at Fair Value Through Income

Balance at January 1, 2025 $ 35,754 $ 6,512

Gain (loss) recognized in earnings:

Mortgage banking revenue 450 — —

Gain recognized in earnings:

Other noninterest income — 18

Gain recognized in AOCI — 272 —

Loss recognized in AOCI 774 —

Purchases, issuances, sales and settlements:

Purchases 3,526 —

Sales ( 16,087 ) — —

Settlements ( 5,212 ) ( 315 )

5 unchanged sentences

Mortgage banking revenue 450 — —

( 4,089 ) — —

Other noninterest income — — 3

Loss recognized in AOCI — ( 193 ) —

Gain recognized in AOCI — 272 —

Purchases, issuances, sales and settlements:

Originations 708 — —

Purchases — 5,396 —

Sales ( 16,087 ) — —

2 unchanged sentences

$ — $ 35,754 $ 6,512

___________________________

(1) Total mortgage banking revenue includes changes in fair value due to market changes and run-off.

The Company obtains fair value measurements for securities available for sale and securities at fair value through income from an independent pricing service;

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In certain cases where Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.

For Level 3 securities, the Company determines the fair value of the instruments based on their callability, putability and prepay optionality.

Putable instruments are valued at book value, non-putable instruments are priced mainly using a present value calculation based on the spread to the yield curve.

For Level 3 securities, the Company determines the fair value of the instruments based on features such as callability, embedded put options, and prepayment optionality.

Instruments with put option features are valued at book value, non-putable instruments are priced mainly using a present value calculation based on the spread to the yield curve.

ORIGIN BANCORP, INC.

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The Company sold substantially all of its MSR asset and recorded a $ 410,000 gain on the sale during the year ended December 31, 2024.

There were no MSR assets recognized or recorded during the year ended December 31, 2024, and the carrying value of the MSR asset is zero at December 31, 2024.

At December 31, 2023, the carrying amounts of the MSR asset equal fair value, which are determined using a discounted cash flow valuation model.

The significant assumptions used to value MSR assets were as follows:

December 31, 2023

Range Weighted Average (1)

Prepayment speeds 7.49 % - 8.50 %

Discount rates 10.25 % - 12.75 %

__________________________

(1) The weighted average was calculated with reference to the principal balance of the underlying mortgages.

There were significant market-driven fluctuations in the assumptions listed above.

Typically, loans with higher average coupon rates have a greater likelihood of prepayment during comparatively low interest rate environments, while loans with lower average coupon rates have a lower likelihood of prepayment.

Estimating these assumptions within ranges that market participants would use in determining the fair value of the MSR asset requires significant management judgment.

There were no MSR assets recognized or recorded during the year ended December 31, 2025 or 2024, and the carrying value of the MSR asset is zero at both December 31, 2025 and December 31, 2024.

Fair values for interest rate swap agreements and interest rate lock commitments are based upon the amounts that would be required to settle the contracts.

Fair values for risk participations and loan sale commitments are based on the fair values of the underlying mortgage loans or securities and the probability of such commitments being exercised.

Significant management judgment and estimation is required in determining these fair value measurements.

Fair values for risk participations are based on the fair values of the underlying derivative transactions and an assessment of counterparty credit risk.

Fair values for interest rate swaps designated as fair value hedges are based upon observable Level 2 inputs such as forward fixed and floating rate projections entered into a discounted cash flow model using factors based upon the market yield curve.

Fair values for interest rate options (caps) are based upon observable Level 2 inputs such as forward floating rate and floating rate volatility projections entered into a discounted cash flow model using factors based upon the market yield curve.

For further details on interest rate swaps designated as fair value hedges, refer to Note 13 — Derivative Financial Instruments .

Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected

Certain assets are measured at fair value on a recurring basis due to the Company’s election to adopt fair value accounting treatment for those assets.

For most of these assets, this election allows for a more effective offset of the changes in fair values of the assets and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC Topic 815, Derivatives and Hedging.

For interest-earning assets for which the fair value has been elected, the earned current contractual interest payment is recognized in interest income.

Compensation (benefit) expense associated with the deferred compensation liabilities is offset by loss (gain) from the related security investments Rabbi Trust.

The net effect of investment income or loss and related compensation expense or benefit has no impact on the Company’s net income or cash balances.

At December 31, 2024, and December 31, 2023, there were no gains or losses recorded attributable to changes in instrument-specific credit risk.

For securities carried at fair value through income and loans held for sale, this election allows for a more effective offset of the changes in fair values of the assets and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC Topic 815, Derivatives and Hedging.

For the Rabbi Trust assets, the Company has elected the fair value option for these investments in order to align their valuation with the related deferred compensation liabilities.

At December 31, 2025 and 2024 there were no gains or losses recorded attributable to changes in instrument-specific credit risk.

The following tables summarize the difference between the fair value and the unpaid principal balance, amortized cost or contributions, respectively, for financial instruments for which the fair value option has been elected:

December 31, 2025

(Dollars in thousands) Aggregate Fair Value Principal Balance/Amortized Cost/Contributions Difference

Loans held for sale (1)

$ 10,494 $ 10,228 $ 266

(Dollars in thousands) Aggregate Fair Value Amortized Cost/Contributions Difference

Securities carried at fair value through income $ 6,215 $ 6,200 $ 15

1 unchanged sentence

Total $ 7,054 $ 7,001 $ 53

____________________________

(1) There were no loans held for sale that were designated as nonaccrual or 90 days or more past due at December 31, 2024.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

December 31, 2024

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Securities carried at fair value through income 6,512 6,515 ( 3 )

Rabbi Trust Assets 509 499 10

Total $ 17,515 $ 17,242 $ 273

____________________________

(1) There were no of loans held for sale that were designated as nonaccrual or 90 days or more past due at December 31, 2023.

(1) There were no loans held for sale that were designated as nonaccrual or 90 days or more past due at December 31, 2024.

Please see the Loans Held for Sale section below for more details.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Changes in the fair value of assets for which the Company elected the fair value option are classified in the Consolidated Statements of Income line items reflected in the following table:

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____________________________

(1) For the years ended December 31, 2023 and 2022, the fair value option impact on noninterest income is offset by the derivative gain/loss recognized in noninterest income.

Please see Note 9 — Mortgage Banking for more detail.

(1) Please see the Loans Held for Sale section below for more details.

(2) Please see the Rabbi Trust section below for more detail on its impact on the Company’s net income.

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Loans Held for Sale

Fair values for loans held for sale are established using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans allocated.

The Company believes the fair value approximates an exit price.

Prior to January 1, 2025, the Company had elected to use the fair value option when measuring the valuation of the loans held for sale portfolio.

During the quarter ended March 31, 2025, we sold all loans that were previously recorded using the fair value option, and all unsold loans funded in 2025 are valued at the lower of amortized cost basis or market determined as of the balance sheet date.

Fair values for loans held for sale were established using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans allocated.

The Company believed the fair value approximated an exit price.

Securities at Fair Value through Income

Securities carried at fair value through income are valued using a discounted cash flow with a credit spread applied to each instrument based on the creditworthiness of each issuer.

Credit spreads ranged from 83 to 227 basis points at both December 31, 2024, and 2023.

The credit spread was 227 basis points at both December 31, 2025 and 2024.

The Company believes the fair value approximates an exit price.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The Company maintains a Rabbi Trust to fund obligations under the Origin Bank Nonqualified Deferred Compensation Plan (the “DCP”).

The Company maintains a Rabbi Trust to fund obligations under the Origin Bank Nonqualified Deferred Compensation Plan.

Investments within the Rabbi Trust consist of various mutual funds based on the participants individual investment elections.

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These assets are included in accrued interest receivable and other assets in the Company’s Consolidated Balance Sheet , while the offsetting deferred compensation liabilities are included in accrued expenses and other liabilities.

Changes in the fair value of the Rabbi Trust assets and changes in the deferred compensation obligation are recognized in salaries and employee benefits in the accompanying Consolidated Statements of Income , but because the fair value adjustments for the assets and the change in the liabilities offset each other, the net impact to the Company’s net income is zero.

Compensation (benefit) expense associated with the deferred compensation liabilities is offset by loss (gain) from the related security investments Rabbi Trust.

The net effect of investment income or loss and related compensation expense or benefit has no impact on the Company’s net income or cash balances because the fair value adjustments for the assets and the change in the liabilities offset each other.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Fair Value of Assets Recorded on a Nonrecurring Basis

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Securities with limited marketability, such as stock in the FRBD or the FHLB, are carried at cost, less impairment, if any, and total $ 27.8 million and $ 28.2 million at December 31, 2025 and 2024, respectively.

The Company’s remaining equity investments in other financial institutions, excluding FRBD and FHLB, totaling $ 43.4 million and $ 25.9 million at December 31, 2024 and 2023, respectively, qualify for the practicability exception under Accounting Standards Update (“ASU”) 2016-01 due to having illiquid markets and are carried at cost, less impairment, plus or minus any observable price changes.

The Company’s remaining equity investments in other financial institutions, excluding FRBD and FHLB, totaled $ 3.3 million and $ 43.4 million at December 31, 2025 and 2024, respectively, and qualify for the practicability exception under ASC 321 due to having illiquid markets and are carried at cost, less impairment, plus or minus any observable price changes.

We believe these amounts approximate the fair value of these securities.

To date, no impairment has been recorded on the Company's investments in equity securities that do not have readily determinable fair values.

During the years ended December 31, 2024, and 2023, the Company observed a price change in multiple orderly transactions for identical equity securities in one of the Company’s equity securities and adjusted the Company’s basis upwards by $ 5.2 million and $ 10.1 million, respectively.

During the years ended December 31, 2025 and 2024, the Company recorded upward fair value adjustments of $ 7.0 million and $ 5.2 million, respectively, in Argent Financial Group, Inc.

based on observed price changes in orderly transactions during 2024 and an additional investment on July 1, 2025.

The additional investment in mid-2025 increased the Company’s ownership above the threshold for equity method accounting, requiring remeasurement at fair value immediately prior to adoption.

As a result, the investment is now disclosed in equity method investments on the face of the balance sheet.

Individually Evaluated Loans with Credit Losses

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Loans that have experienced a credit loss with specific allocated losses are within Level 3 of the fair value hierarchy when the credit loss is determined using the fair value method.

The fair value of collateral-dependent loans that have specific allocated reserves was approximately $ 4.5 million and $ 3.8 million at December 31, 2024, and December 31, 2023, respectively.

The fair value of collateral-dependent loans that have specific allocated reserves was approximately $ 5.2 million and $ 4.5 million at December 31, 2025 and 2024, respectively.

Non-Financial Assets

Held for sale OREO properties, which include foreclosed assets and bank-owned real estate which the Company is no longer utilizing and intends to sell, are the only non-financial assets valued on a nonrecurring basis that are initially recorded by the Company at fair value, less estimated costs to sell.

Held for sale other real estate owned properties include foreclosed assets and bank-owned real estate, which the Company is no longer utilizing and intends to sell and are the only non-financial assets valued on a nonrecurring basis that are initially recorded by the Company at fair value, less estimated costs to sell.

At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the ALCL.

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Additionally, valuations are periodically performed by management, and any subsequent reduction in value is recognized by a charge to income.

The carrying value and fair value of foreclosed assets and bank-owned real estate held for sale was estimated using Level 3 inputs based on observable market data and was $ 3.6 million and $ 3.9 million at December 31, 2024, and December 31, 2023, respectively.

At December 31, 2024, and December 31, 2023, the Company had $ 5.1 million and zero , respectively, principal amounts of residential mortgage loans in the process of foreclosure.

The carrying value and fair value of foreclosed assets and bank-owned real estate held for sale was estimated using Level 3 inputs based on observable market data and was $ 694,000 and $ 3.6 million at December 31, 2025 and 2024, respectively.

At December 31, 2025 and 2024, the Company had $ 5.4 million and $ 5.1 million, respectively, principal amounts of residential mortgage loans in the process of foreclosure.

ORIGIN BANCORP, INC.

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31,069 31,069 71,643 71,643

Accrued interest and loan fees receivable 38,901 38,901 41,688 41,688

Loans held for sale 1,032 1,032 N/A N/A

Accrued interest receivable 35,152 35,152 38,901 38,901

Level 3 inputs:

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Weighted average discount rate - operating leases 4.29 % 4.21 %

(Dollars in thousands) December 31, 2024 December 31, 2023 December 31, 2022

Years Ended December 31,

(Dollars in thousands) 2025 2024 2023

Lease expense:

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Relationship based intangibles 19,650 10,762 ( 10,265 ) 9,385

Tradename 818 637 ( 272 ) 546

Naming rights 5,250 5,122 ( 431 ) 4,819

Other intangibles 8,568 5,365 ( 1,021 ) 7,547

Total $ 66,574 $ 37,473 $ ( 33,212 ) $ 33,362

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Relationship based intangibles 19,650 12,281 ( 8,888 ) 10,762

Tradename 818 727 ( 181 ) 637

Non-compete 903 452 ( 903 ) —

Naming rights 5,250 — ( 128 ) 5,122

Other intangibles 6,068 5,759 ( 703 ) 5,365

Total $ 64,074 $ 45,452 $ ( 26,601 ) $ 37,473

During the year ended December 31, 2023, the Company acquired naming and logo rights on certain facilities and properties for $ 5.3 million for a defined period of time.

Amortization expense on other intangible assets totaled $ 6.6 million, $ 8.0 million and $ 9.6 million for the years ended December 31, 2025, 2024 and 2023, respectively, and was included as a component of other noninterest expense in the consolidated statements of income.

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The following table presents the Company’s revenue from mortgage banking operations:

(Dollars in thousands) Year Ended December 31,

(Dollars in thousands) Years Ended December 31,

Mortgage banking revenue

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Mortgage banking revenue $ 3,690 $ 6,580 $ 3,356

During 2023 and 2022, management used forward-settling mortgage-backed securities and U.S.

Treasury futures to mitigate the impact of changes in fair value of the MSR asset.

See Note 12 — Derivative Financial Instruments for further information.

Due to the timing of the MSR asset sale, the MSR asset hedge impact in 2024 primarily reflected the financial effects of the MSR asset sale rather than ongoing hedging activities.

Mortgage Servicing Rights

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(Dollars in thousands) 2025 2024 2023

Balance at beginning of year $ 15,637 $ 20,824 $ 16,220

Servicing acquired in BTH merger — — 1,099

Balance at beginning of period $ — $ 15,637 $ 20,824

Addition of servicing rights — — 708

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Valuation adjustment, net of amortization — 450 ( 4,089 )

Balance at end of year $ — $ 15,637 $ 20,824

Balance at end of period $ — $ — $ 15,637

The Company sold substantially all of its MSR asset and recorded a $ 410,000 gain on the sale during the year ended December 31, 2024.

There were no MSR assets recognized or recorded during the year ended December 31, 2024, and the Company is no longer retaining servicing on sold loans.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

During the second half of 2022, the Company entered into an agreement to sell its GNMA MSR asset portfolio, which met all final sale conditions in early 2023.

The Company sold $ 1.8 million in GNMA MSR assets, with no significant gain or loss realized, and derecognized the related GNMA repurchase asset and offsetting liability during the quarter ended March 31, 2023.

There were no MSR assets recognized or recorded during the year ended December 31, 2025 or 2024, and the Company is no longer retaining servicing on sold loans.

Prior to the sale of the Company’s MSR asset, the Company received annual servicing fee income approximating 0.25 % of the outstanding balance of the underlying loans.

In connection with the Company's activities as a servicer of mortgage loans, the investors and the securitization trusts have no recourse to the Company’s assets for failure of debtors to pay when due.

The Company is potentially subject to losses on loans previously sold due to loan foreclosures.

The Company has obligations to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the economic benefits of a loan if it is determined that the loan sold violated representations or warranties made by the Company and/or the borrower at the time of the sale, which the Company refers to as mortgage loan putback expenses.

Such representations and warranties typically include those made regarding loans that had missing or insufficient file documentation and/or loans obtained through fraud by borrowers or other third parties.

Putback claims may be made until the loan is paid in full.

When a putback claim is received, the Company evaluates the claim and takes appropriate actions based on the nature of the claim.

The Company is required by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to provide a response to putback claims within 60 days of the date of receipt.

At December 31, 2024 and 2023, the reserve for mortgage loan putback expenses totaled $ 103,000 and $ 127,000 , respectively.

There is inherent uncertainty in reasonably estimating the requirement for reserves against future mortgage loan putback expenses.

Future putback expenses depend on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Note 11 — Deposits

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Brokered deposits (1)

80,226 444,989

Savings 298,554 310,070

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(1) At December 31, 2024, brokered deposits included brokered time deposits and brokered interest-bearing demand of $ 80.0 million and $ 236,000 , respectively.

At December 31, 2023, brokered deposits included brokered time deposits of $ 445.0 million.

Municipal deposits totaled $ 960.6 million and $ 881.5 million at December 31, 2024 and 2023, respectively.

Municipal deposits totaled $ 1.00 billion and $ 960.6 million at December 31, 2025 and 2024, respectively.

Included in time and brokered time deposits at December 31, 2025 and 2024, are $ 406.5 million and $ 525.1 million, respectively, of time deposits in denominations of $250,000 or more.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Maturities of time deposits, at December 31, 2025, are as follows:

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Total $ 829,452

At December 31, 2024 and 2023, overdrawn deposits of $ 2.2 million and $ 934,000 , respectively, were reclassified as unsecured loans.

At December 31, 2025 and 2024, overdrawn deposits of $ 1.3 million and $ 2.2 million, respectively, were reclassified as unsecured loans.

Note 12 — Borrowings

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(Dollars in thousands) 2025 2024

Short-term FHLB advances $ — $ 70,000

Long-term FHLB advances $ 5,913 $ 6,198

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Subordinated indebtedness, net $ 16,544 $ 159,943

Additional details of certain FHLB advances are as follows:

(Dollars in thousands) Amount Interest Rate Maturity Date

At December 31, 2023:

Short-term FHLB advance, fixed rate $ 70,000 5.68 % 1/5/2024

Security for all indebtedness and outstanding commitments to the FHLB consists of a blanket floating lien on all of the Company’s first mortgage loans, commercial real estate and other real estate loans, as well as the Company’s investment in capital stock of the FHLB and deposit accounts at the FHLB.

The net amounts available under the blanket floating lien at December 31, 2025 and 2024, were $ 2.39 billion and $ 2.15 billion, respectively.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Long-Term Borrowings

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These advances are all fixed rate and are subject to restrictions or penalties in the event of prepayment.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Scheduled maturities of long-term advances from the FHLB at December 31, 2025, are as follows:

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The Company had unsecured lines of credit for the purchase of federal funds in the amount of $ 145.0 million at December 31, 2025 and 2024.

The Company also had a $ 75.0 million secured repurchase line of credit at December 31, 2024 and 2023.

The Company also had a $ 75.0 million secured repurchase line of credit at December 31, 2024.

There were no amounts outstanding on these lines at either date.

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There were no borrowings against this line at December 31, 2025 or 2024.

Holding Company Line of Credit

The Company entered into a Loan Agreement (the “Loan Agreement”), along with certain ancillary instruments, with NexBank SSB (“Lender”) pursuant to which the Lender could make one or more revolving credit loans of up to $ 50.0 million to the Company, which can be used for working capital and general corporate purposes.

On October 29, 2021, the Company entered into a second amendment (the “Amendment”) to the Loan Agreement.

Pursuant to the Amendment, the loan was not permitted to exceed an aggregate principal amount of $ 100.0 million, consisting of the $ 50.0 million existing loan amount and any one or more potential incremental revolving loan commitments that the Lender could make in its sole discretion, up to an aggregate principal of $ 50.0 million, upon the request of the Company.

Any principal amounts borrowed under the Loan Agreement bear interest at a variable rate equal to the applicable Term SOFR for the then-current SOFR Interest Period plus 3.35 % (as such terms are defined in the Loan Agreement).

The Company was entitled to extend the maturity date to a date that is three hundred and sixty-four ( 364 ) days after the then-effective maturity date, no more than two times upon (i) delivery of a written request therefor to Lender at least thirty ( 30 ) days, but no more than ( 60 ) days, prior to the maturity date then in effect;

and (ii) receipt by the Lender of a certificate of the Company dated the date of such request.

Consistent with the terms of the agreement, the Company extended the maturity twice in prior years.

The Loan Agreement was terminated upon its October 27, 2024, expiration date.

The Company had no balance outstanding on this revolving credit loan under the Loan Agreement at December 31, 2023.

Subordinated Indebtedness

At December 31, 2023, the Company had $ 34.7 million in subordinated promissory notes that were assumed in the merger with BTH (“BTH Notes”) with origination dates ranging from June 2015 to June 2021.

The Company had subordinated promissory notes that were assumed in the merger with BTH (“BTH Notes”) with origination dates ranging from June 2015 to June 2021.

After the five-year anniversary of issuance, the Company had the right to redeem the BTH Notes, in part or in full, at the Company’s discretion and, if applicable, subject to receipt of any required regulatory approvals.

Primarily due to the declining Tier 2 capital treatment of the BTH Notes, the Company elected to redeem majority of the BTH Notes during the year ended December 31, 2024.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Primarily due to the declining Tier 2 capital treatment of the BTH Notes, the Company elected to redeem majority of the BTH Notes during the year ended December 31, 2024, and redeemed the remaining balance of $ 1.1 million during the year ended December 31, 2025.

In February 2020, Origin Bank completed an offering of $ 70.0 million in aggregate principal amount of 4.25 % fixed-to-floating rate subordinated notes due 2030 (the “ 4.25 % Notes”) to certain investors in a transaction exempt from registration under Section 3(a)(2) of the Securities Act of 1933, as amended.

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Origin Bank elected to redeem the 4.25 % Notes on February 15, 2025, as permitted under the terms of the 4.25 % Notes.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

In October 2020, the Company completed of an offering of $ 80.0 million in aggregate principal amount of 4.50 % fixed-to-floating rate subordinated notes due 2030 (the “ 4.50 % Notes”).

The 4.50 % Notes bear a fixed interest rate of 4.50 % payable semi-annually in arrears, to but excluding November 1, 2025.

From and including November 1, 2025, to but excluding the maturity date or earlier redemption date, the 4.50 % Notes bear a floating interest rate expected to equal the three-month term Secured Overnight Financing Rate plus 432 basis points, payable quarterly in arrears.

The Company may redeem the 4.50 % Notes at any time upon certain specified events or in whole or in part on or after November 1, 2025.

The 4.50 % Notes qualify as Tier 2 capital for regulatory capital purposes for the Company and a portion was transferred to Origin Bank, which qualifies as Tier 1 capital for regulatory capital purposes for the Bank.

During the years ended December 31, 2024 and 2023, and with the approval of the Board of Governors of the Federal Reserve System, the Company repurchased $ 1.0 million and $ 5.0 million, respectively, of the 4.50 % notes.

The following table is a summary of the terms of the junior subordinated debentures at December 31, 2024:

From and including November 1, 2025, to but excluding the maturity date or earlier redemption date, the interest rate would equal the three-month term Secured Overnight Financing Rate plus 432 basis points, payable quarterly in arrears.

During the years ended December 31, 2025, 2024 and 2023, and with the approval of the Board of Governors of the Federal Reserve System, the Company redeemed or repurchased $ 74.0 million, $ 1.0 million and $ 5.0 million, respectively, of the 4.50 % Notes leaving no 4.50 % Notes outstanding as of December 31, 2025.

The following table is a summary of the terms of the junior subordinated indebtedness at December 31, 2025:

(Dollars in thousands)

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Unamortized purchase accounting discount ( 573 )

Total junior subordinated debt at December 31, 2024

Total junior subordinated indebtedness at December 31, 2025

____________________________

(1) The trust preferred securities reprice quarterly based on the three-month average SOFR plus 3.30 %, plus 0.26161 % SOFR with the last reprice date on October 29, 2024.

(1) The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 3.30 %, plus 0.26161 % SOFR spread adjustment, with the last reprice date on October 29, 2025.

(2) The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.80 %, plus 0.26161 % SOFR spread adjustment, with the last reprice date on December 11, 2025.

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The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments, as well as to manage changes in fair values of some assets which are marked at fair value through the consolidated statement of income on a recurring basis.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Cash Flow Hedges of Interest Rate Risk

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During the fourth quarter of 2024, the Company terminated these swap agreements locking in an after-tax gain of $ 537,000 in other comprehensive income.

The gain will be accreted from other comprehensive income to earnings over the remaining term of the swap agreements (March 2027 and April 2027).

The gain will be accreted from other comprehensive income into earnings over the remaining term of the swap agreements (March 2027 and April 2027).

Additionally, during the duration of these swap agreements, there was no ineffective portion of the change in fair value of the derivatives recognized directly in earnings.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Fair Value Hedges of Interest Rate Risk

The Company entered into interest rate swap agreements concurrently with the purchase of certain fixed-rate AFS securities.

The hedging strategy converts the fixed interest rates to variable interest rates based on SOFR.

These swaps are designated as fair value hedges of interest rate risk, with the objective of mitigating changes in the fair value of the hedged securities attributable to fluctuations in the benchmark interest rate.

Under the terms of the swaps, the Company pays a fixed rate and receives a floating rate based on the SOFR Overnight Index Swap (“OIS”) compounded rate.

The hedging relationships are expected to be perfectly effective in offsetting changes in the fair value of the hedged securities attributable to movements in the designated benchmark interest rate.

These hedges qualify for the shortcut method under applicable accounting guidance.

Accordingly, no ongoing quantitative assessment of hedge effectiveness is required for the duration of the hedging relationships.

The fair value of the interest rate swaps is included in accrued interest receivable and other assets or accrued expenses and other liabilities on the face of the consolidated balance sheets, based on their fair value position as of the reporting date.

Changes in the fair value of the interest rate swaps and corresponding basis adjustment to the hedged AFS securities are recorded in earnings and fully offset each other.

For additional details regarding the valuation and fair value hierarchy of interest rate swaps designated as fair value hedges, refer to Note 6 — Fair Value of Financial Instruments.

The follow table presents the amounts recorded in the consolidated balance sheets related to the cumulative adjustments for fair value hedges at the periods presented.

(Dollars in thousands) Carrying Amount of the

Hedged Assets (1)

Cumulative Amount of Fair Value Hedging Adjustments

Included in the Carrying Amount of the Hedged Items

December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024

Securities available-for-sale $ 44,132 $ — $ 514 $ —

____________________________

(1) Represents amortized cost for fair value hedge disclosures.

Available-for-sale securities are carried at fair value on the consolidated balance sheets.

Derivatives Not Designated as Hedges

Customer interest rate derivative program

The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies.

The Company offers certain derivatives products, primarily interest rate swaps, and from time to time caps and/or floors, directly to qualified commercial banking customers to facilitate their risk management strategies.

In most instances, the Company acts only as an intermediary, simultaneously entering into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions without significantly impacting its results of operations.

3 unchanged sentences

Mortgage banking derivatives

As part of its mortgage banking and related risk management activities, the Company enters into interest rate lock commitment agreements (“IRLCs”) on prospective residential mortgage loans.

These IRLCs are derivative financial instruments and the fair value of these IRLCs are included in other assets.

Prior to January 1, 2024, the Company also economically hedged the value of the MSR asset by entering into a series of commitments to purchase mortgage-backed securities in the future and U.S.

Treasury Notes.

As part of its mortgage banking and related risk management activities, the Company entered into interest rate lock commitment agreements (“IRLCs”) on prospective residential mortgage loans.

These IRLCs were derivative financial instruments and the fair value of these IRLCs were included in other assets.

During the third quarter of 2025, the Company began utilizing a third-party mortgage company to lock the customer’s interest rates and to purchase the loans the Company originates, and as such, as of December 31, 2025, the Company no longer enters into IRLCs with mortgage loan customers.

ORIGIN BANCORP, INC.

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Fair Values of Derivative Instruments on the Consolidated Balance Sheets

The following tables disclose the fair value of derivative instruments in the Company’s consolidated balance sheets at December 31, 2024 and December 31, 2023, as well as the effect of these derivative instruments on the Company’s consolidated statements of income for the year ended December 31, 2024 and 2023.

The following tables disclose the notional amount and the fair value of derivative instruments in the Company’s consolidated balance sheets at December 31, 2025 and 2024.

Derivative instruments and their related gains and losses are reported in other operating activities, net in the statements of cash flows.

(Dollars in thousands) Notional Amounts (1)

Derivatives designated as cash flow hedging instruments:

Derivatives designated as fair value hedging instruments:

December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024

Interest rate swaps included in other assets $ — $ 10,500 $ — $ 786

Interest rate swaps included in other liabilities $ 43,940 $ — $ ( 514 ) $ —

Derivatives not designated as hedging instruments:

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Interest rate swaps included in other liabilities 432,395 358,527 ( 12,975 ) ( 14,959 )

358,527 356,683 ( 14,959 ) ( 18,298 )

Caps and floors included in other assets 25,000 — 2 —

Caps and floors included in other liabilities 25,000 — ( 2 ) —

Risk participation agreements included in other liabilities 12,148 32,494 — —

Forward commitments to purchase forward-settling mortgage-backed securities included in other assets — 9,000 — 91

Forward commitments to purchase treasury notes in other assets — 22,500 — 822

Interest rate-lock commitments on residential mortgage loans included in other assets — 11,007 — 331

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____________________________

(1) Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement.

These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets.

The weighted-average rates for interest rate swaps were as follows:

Weighted-Average Interest Rate

The summarized expected weighted average remaining maturity of the notional amount of interest rate swaps and the weighted average interest rates associated with the amounts expected to be received or paid on interest rate swap agreements are presented below.

December 31, 2025 December 31, 2024

Interest rate swaps:

Paid Received Paid Received

Cash flow hedges 4.24 % 8.31 % 4.24 % 8.35 %

(Dollars in thousands) Notional Amount Weighted Average Notional Amount Weighted Average

Remaining Maturity (in years) Receive Rate Pay

Rate Remaining Maturity

(in years) Receive Rate Pay

Interest rate swaps designated as fair value hedge

$ 43,940 7.37 4.14 % 3.78 % $ — — — % — %

Non-hedging interest rate swaps - financial institution counterparties 403,591 3.60 6.37 5.52 358,527 3.36 7.67 5.04

Non-hedging interest rate swaps - customer counterparties 403,591 3.60 5.52 6.37 358,527 3.36 5.04 7.67

Gains and losses recognized on derivative instruments not designated as hedging instruments were as follows:

Non-hedging interest rate caps - financial institution counterparties (1)

25,000 1.64 3.82 — — — — —

Non-hedging interest rate caps - customer counterparties (1)

25,000 1.64 — 3.82 — — — —

____________________________

(1) Represents the strike rate for interest rate caps, above which the Company will either pay its customer counterparties or receive from its dealer counterparties.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Gains and losses recognized on derivative instruments were as follows:

(Dollars in thousands) Years Ended December 31,

Derivatives not designated as hedging instruments:

Derivatives designated as fair value hedging instruments:

2025 2024 2023

Amount of gain recognized in interest income on available for sale securities $ 514 $ — $ —

Amount of loss recognized in interest income on interest rate swaps - available for sale securities ( 514 ) — —

Derivatives not designated as hedging instruments:

Amount of (loss) gain recognized in mortgage banking revenue ( 331 ) 41 ( 573 )

$ 41 $ ( 573 ) $ ( 2,813 )

Amount of (loss) gain recognized in other non-interest income ( 130 ) 38 ( 41 )

____________________________

(1) Gains and losses on these instruments are largely offset by market fluctuations in the MSR asset.

The Company sold substantially all of its MSR asset recognizing a gain on the sale of $ 410,000 for the year ended December 31, 2024.

See Note 9 — Mortgage Banking for more information on components of mortgage banking revenue.

Some interest rate swaps included in other assets were subject to a master netting arrangement with the counterparty in all periods presented and could be offset against some amounts included in interest rate swaps included in other liabilities.

The Company has chosen not to net these exposures in the consolidated balance sheets, and any impact of netting these amounts would not be significant.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

At December 31, 2024 and 2023, the Company had cash collateral on deposit with swap counterparties totaling $ 670,000 and $ 865,000 , respectively.

These amounts are included in interest-bearing deposits in banks in the consolidated balance sheets and are considered restricted cash until such time as the underlying swaps are settled.

At December 31, 2025 and 2024, the Company had $ 3.8 million and $ 670,000 cash collateral on deposit with swap counterparties, respectively.

These amounts are included in interest-earning deposits in banks in the consolidated balance sheets and are considered restricted cash until such time as the underlying swaps are settled.

Note 14 — Stock and Incentive Compensation Plans

The Company has granted, and currently has outstanding, stock and incentive compensation awards subject to the provisions of the Company’s 2012 Stock Incentive Plan (the “2012 Plan”).

Additionally, the Company’s stockholders approved the Origin Bancorp, Inc.

Omnibus Incentive Plan (“Omnibus Plan”) at the April 24, 2024, Annual Meeting.

The Company has granted, and currently has outstanding, stock and incentive compensation awards subject to the provisions of the Company’s 2012 Stock Incentive Plan (the “2012 Plan”), and the Company’s Omnibus Incentive Plan (“the Omnibus Plan”).

The 2012 Plan and the Omnibus Plan (collectively, the “Incentive Plans”) are designed to provide flexibility to the Company regarding its ability to motivate, attract and retain the services of key officers, employees and directors.

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These costs are expected to be recognized over a period of 0.4 years.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The table below includes the weighted-average assumptions used to calculate the grant date fair value of the ESPP rights for the periods indicated using the Black-Scholes option pricing model:

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Each performance period commences on January 1 and ends three years later on December 31 (“Performance Period”).

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

On December 7, 2022, the Committee and the independent members of the Board also approved a special, one-time stock award to Drake Mills, the Company’s President and Chief Executive Officer (the “One-Time Award”), having an approximate value of $ 10,000,000 , was comprised of 129,736 restricted stock units (“CEO RSUs”) and 129,735 market-based performance stock units (“CEO PSUs”), and was effective as of December 13, 2022, (the “Grant Date”).

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Compensation expense for the CEO PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date determined by using a Monte Carlo simulation model with the following inputs:

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Simulation Inputs Year Ended December 31, 2022

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These awards are recognized on the straight-line method over the requisite service period, with forfeitures recognized as they occur.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The Company’s PSU awards, excluding the CEO PSUs, are three-year cliff-vested awards, with each unit divided into two categories (“ROAA Unit Group” and “ROAE Unit Group”), composed of an equivalent number of initial PSUs granted.

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Forfeitures are recognized as they occur.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The following table summarizes the Company’s award activity:

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Vested RSAs ( 20,415 ) 33.06 ( 17,629 ) 29.33 ( 26,550 ) 35.11

Forfeited RSAs ( 1,476 ) 33.89 — — — —

Nonvested RSAs, December 31,

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Granted PSUs 55,650 39.50 67,355 33.03 43,591 31.77

Vested PSUs ( 17,191 ) 44.77 — — — —

Forfeited PSUs (1)

( 9,738 ) 44.77 — — ( 3,116 ) 31.77

Nonvested PSUs, December 31,

293,918 32.31 265,197 32.07 197,842 28.33

____________________________

(1) PSUs forfeited during the year ended December 31, 2025, represent forfeiture of incremental shares upon final measurement of performance metrics.

PSUs forfeited during the year ended December 31, 2023, were due to normal employee attrition.

At December 31, 2025, there was $ 150,000 , $ 9.4 million and $ 4.3 million of total unrecognized compensation cost related to nonvested RSA shares, RSU shares and PSU shares under the Incentive Plans, respectively.

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Related tax benefits recognized in net income $ 1,735 $ 1,505 $ 1,109

Stock Option Grants

The Company had previously issued common stock options to select officers and employees primarily through individual agreements.

All of the options are fully vested, and as of December 31, 2025, fully exercised, and there are no options outstanding, excluding the options assumed in conjunction with the BTH merger as described further below.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Stock Option Grants

The Company has previously issued common stock options to select officers and employees primarily through individual agreements.

The exercise price of each option varies by agreement and is based on the fair value of the stock at the date of the grant.

No outstanding stock option has a term that exceeds twenty years , and all of the outstanding options are fully vested.

The Company recognized compensation cost for stock option grants over the required service period based upon the grant date fair value, which is established using a Black-Scholes valuation model.

The Black-Scholes valuation model uses assumptions of risk-free interest rate, expected term of stock options, expected stock price volatility and expected dividends.

Forfeitures are recognized as they occur.

In conjunction with the BTH merger, the Company assumed the BTH 2012 Equity Incentive Plan and converted all outstanding options to purchase BTH common stock into options to purchase an aggregate of 611,676 shares of the Company’s common stock.

Under the terms of applicable change in control provisions within the BTH 2012 Equity Incentive Plan and BTH Notice Of Stock Option Award, all BTH stock options fully vested immediately prior to the closing of the merger that occurred on August 1, 2022.

BTH converted options have no expiration dates past August 16, 2031, and no further grants will be made under the BTH 2012 Equity Incentive Plan.

As of December 31, 2025, BTH converted options have no expiration dates past February 16, 2031, and no further grants will be made under the BTH 2012 Equity Incentive Plan.

The table below summarizes the Company’s option activity:

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504,437 $ 29.46 5.13 $ 3,736

BTH options converted to OBK options 611,676 28.62 — 8,838

Exercised ( 135,746 ) 23.61 — 1,533

2 unchanged sentences

353,473 31.49 4.46 1,670

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Note 15 — Employee Benefit Plans

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The total expense related to the Retirement Plan, including optional contributions, was $ 2.9 million, $ 2.9 million and $ 2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Other Benefit Plans

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Deferred compensation has been recorded for these plans as a component of accrued expenses and other liabilities in the accompanying consolidated balance sheets.

The deferred compensation liability was $ 10.8 million at both December 31, 2024 and 2023.

The deferred compensation liability was $ 10.8 million at both December 31, 2025 and 2024, respectively.

Typically, payments to participants reduce the accrual and any actuarial adjustments are netted with the expense.

The expense recorded for the deferred compensation plan totaled $ 630,000 , $ 452,000 and $ 1.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The expense recorded for the deferred compensation plan totaled $ 610,000 , $ 630,000 and $ 452,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

On December 7, 2022, the Company’s Board of Directors approved the Origin Bank Nonqualified Deferred Compensation Plan (the “DCP”), pursuant to which certain employees, including the Company’s named executive officers, may elect to participate.

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Effective January 1, 2025, the Origin Bank Long-Term Equity Deferred Compensation Plan (“LTE-DCP”) portion of the DCP, which allowed the deferral of stock units, was suspended due to administrative inefficiencies and its limited benefits for participants.

While existing grants with deferred elections for the 2024 performance year will remain in place, no new deferrals will be made under this program going forward.

While existing grants with deferred elections for the prior performance years will remain in place, no new deferrals will be made under this program going forward.

The cash compensation deferral portion of the DCP is accounted for under the scope of Federal Accounting Standards Board Accounting Standards Codification 710-10-15-8 - Deferred Compensation - Rabbi Trust and satisfies the Internal Revenue Service guidelines for a Rabbi Trust.

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Distributions can be paid either as a lump sum payment or in substantially equal annual installments, over a period of up to five years for in-service distributions, or over a period of up to ten years for separation from service distributions.

The DCP deferred liability was $ 512,000 at December 31, 2024.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The DCP deferred liability was $ 849,000 and $ 512,000 at December 31, 2025 and 2024, respectively.

The Company elected the fair value option for Rabbi Trust portion of the DCP, and therefore, the investment loss (gain) also represents a decrease (increase) in the future payout to participants and is recorded as compensation (benefit) expense in our consolidated statements of income.

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Note 16 — Income Taxes

The provision for income taxes is as follows:

The income tax expense from continuing operations is as follows:

(Dollars in thousands) Years Ended December 31,

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Income tax expense $ 20,444 $ 20,767 $ 22,123

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The Company’s effective income tax rates have historically differed from the applicable U.S.

statutory rates of 21% at December 31, 2025, 2024 and 2023, due to the effect of state and local income taxes, low-income housing and qualified school construction bond tax credits, tax-exempt income from securities and life insurance policies and the income tax effects associated with stock-based compensation.

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is below:

Years Ended December 31,

Year Ended December 31, 2025

(Dollars in thousands) Amount %

Federal statutory income tax $ 20,085 21.00 %

State and local income taxes, net of federal benefit (1)

Tax credits ( 640 ) ( 0.67 )

Changes in valuation allowance ( 15 ) ( 0.02 )

Nontaxable or nondeductible items:

Tax exempt interest income ( 1,109 ) ( 1.16 )

Other 757 0.79

Other (<5%) ( 118 ) ( 0.11 )

Total $ 20,444 21.38 %

____________________________

(Dollars in thousands) Amount % Amount % Amount %

(1) State taxes in Mississippi and Texas made up the majority (greater than 50%) of the tax effect in this category.

Years Ended December 31,

(Dollars in thousands) Amount % Amount %

Income taxes computed at statutory rate $ 20,424 21.00 % $ 22,244 21.00 %

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Intangible assets 4,681 5,597

Mortgage servicing rights — 3,378

Deferred Income 5,501 3,302

Other 339 361

Gross deferred tax liabilities 15,888 16,102

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Accumulated other comprehensive (loss) income (“AOCI”) includes the after-tax change in unrealized gains and losses on AFS securities and cash flow hedging activities.

(Dollars in thousands) Unrealized (Loss) Gain on AFS Securities Unrealized Gain (Loss) on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income

(Dollars in thousands) Unrealized Loss on AFS Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Loss

Balance at January 1, 2023

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Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1 and Tier 1 capital to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average total consolidated assets (as defined).

Management believes, at December 31, 2024, and December 31, 2023, that the Company and the Bank met all capital adequacy requirements to which they are subject, including the capital buffer requirement.

At December 31, 2024, and December 31, 2023, the Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action.

Management believes, at December 31, 2025 and 2024, that the Company and the Bank met all capital adequacy requirements to which they are subject, including the capital buffer requirement.

At December 31, 2025 and 2024, the Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action.

To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, common equity Tier 1 risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below.

A final rule adopted by the federal banking agencies in February 2019 provides banking organizations with the option to phase in, over a three-year period, the adverse day-one regulatory capital effects of the adoption of CECL.

In addition, on March 27, 2020, the federal banking agencies issued an interim final rule that gives banking organizations that were required to implement CECL before the end of 2020 the option to delay for two years CECL’s adverse effects on regulatory capital.

The Bank elected to adopt CECL in the first quarter of 2020 and exercised the option to delay the estimated impact of the adoption of CECL on the Company’s regulatory capital for two years (from January 2020 through December 31, 2021).

The two-year delay is followed by a three-year transition period of CECL’s initial impact on the Company’s regulatory capital (from January 1, 2022, through December 31, 2024).

The amount representing the CECL impact to the Company’s regulatory capital that will be ratably transitioning back into regulatory capital over the transition period was zero and $ 2.5 million at December 31, 2024, and December 31, 2023, respectively.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The actual capital amounts and ratios of the Company and the Bank at December 31, 2024, and December 31, 2023, are presented in the following table:

The actual capital amounts and ratios of the Company and the Bank at December 31, 2025 and 2024, are presented in the following table:

(Dollars in thousands)

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Stock Repurchases

In July 2022, the Board of Directors of the Company authorized a stock repurchase program pursuant to which the Company was authorized to purchase up to $ 50.0 million of its outstanding common stock.

The July 2022 repurchase plan expired in July 2025 with the Company having repurchased a total of 136,399 shares of its common stock at an average price per share of $ 32.13 , for an aggregate purchase price of $ 4.4 million, including broker commissions and applicable excise taxes.

All the common stock repurchases executed under the July 2022 repurchase plan were completed during the second quarter of 2025.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

In July 2025, the Board of Directors of the Company authorized a stock repurchase program pursuant to which the Company may, from time to time, purchase up to $ 50.0 million of its outstanding common stock.

2 unchanged sentences

The stock repurchase program does not obligate the Company to purchase any shares at any time.

There have been no stock repurchases during the years ended December 31, 2024 or 2023.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

During the second half of 2025, the Company repurchased a total of 314,606 shares of its common stock pursuant to its July 2025 stock repurchase program at an average price per share of $ 36.31 , for an aggregate purchase price of $ 11.4 million, including broker commissions and applicable excise taxes.

Year-to-date 2025, stock repurchases totaled 451,005 shares of common stock at an average price per share of $ 35.05 , for an aggregate purchase price of $ 15.8 million, including broker commissions and applicable excise taxes.

There were no stock repurchases during the year ended December 31, 2024.

Note 19 — Commitments and Contingencies

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____________________________

(1) Includes $ 773.1 million and $ 759.4 million of unconditionally cancellable commitments at December 31, 2024, and December 31, 2023, respectively.

(1) Includes $ 768.4 million and $ 773.1 million of unconditionally cancellable commitments at December 31, 2025 and 2024, respectively.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

At December 31, 2025, the Company held 44 unfunded letters of credit from the FHLB totaling $ 598.3 million, with expiration dates ranging from January 2, 2026, to September 22, 2027.

2 unchanged sentences

These are computed using a methodology similar to that used for the commercial loan portfolio, modified for expected maturities and probabilities of drawdown.

The reserve for lending-related commitments was $ 3.5 million and $ 4.7 million at December 31, 2024, and December 31, 2023, respectively, and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

The reserve for lending-related commitments was $ 4.5 million and $ 3.5 million at December 31, 2025 and 2024, respectively, and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Loss Contingencies

During the year ended December 31, 2024, the Company discovered certain questioned activity involving a former banker in our East Texas market.

The activity involved the banker, who has since been terminated, facilitating transactions in and among certain customer loans and accounts.

The Company has notified its insurance providers of anticipated claims resulting from this activity, but there is no consideration in the Company’s financial results of any potential insurance recoveries.

The activity involved the banker, who has since been terminated, facilitating transactions in and among certain customer accounts.

As a result of this activity, the Company filed insurance claims and recognized $ 2.6 million of related insurance recoveries in other noninterest income for the year ended December 31, 2025.

Several of the loan relationships impacted by the activity were placed on non-accrual and, as a result, the Company recorded a provision for loan credit losses of $ 4.1 million during the year ended December 31, 2024.

Additionally, in conjunction with the on-going investigation of this matter, the Company recorded a net contingency reserve of $ 4.3 million during the year ended December 31, 2024.

Total expenses associated with the questioned activity for the year ended December 31, 2024, were $ 10.5 million inclusive of the provision for loan credit losses and contingency reserve.

The Company continues to work with a third-party forensic accounting team to confirm the Bank’s identification and reconciliation of the activity, and also to assist in evaluating any additional impact from the questioned activity.

There is at least a reasonable possibility that an additional loss may have been incurred in excess of the amount accrued above and that a change in the estimate could occur in the near term.

As of the date of this report, management has assessed that an estimate for this additional loss cannot be made.

At this time, we believe that any ultimate loss arising from the situation will not be material to our financial position.

During the year ended December 31, 2025, there was a net increase of $ 1.3 million in recorded provision, primarily due to the ongoing litigation extending longer than initial expectations.

Additionally, in conjunction with the investigation of this matter, the Company has maintained a contingency reserve of $ 2.8 million at December 31, 2025, which was established during the year ended December 31, 2024.

At this time, we continue to believe that any ultimate loss arising from the situation will not be material to our financial position.

However, there is at least a reasonable possibility that an additional loss may have been incurred in excess of the amount accrued above, and that a change in the estimate could occur.

As of the date of this report, management has assessed that an estimate of any potential additional loss cannot be made.

From time to time, the Company is also party to various other legal actions arising in the ordinary course of business.

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Principal repayments ( 33,670 ) ( 35,665 )

Effect of changes in composition of related parties ( 25,622 ) —

Balance, end of year $ 9,168 $ 52,919

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These loans were made in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated persons and do not involve more than normal risk of collectability.

Deposits from related parties held by the Company at December 31, 2024 and 2023, amounted to $ 21.6 million and $ 34.6 million, respectively.

The effect of changes in composition of related parties is primarily due to the resignation of one of our directors during the year ended December 31, 2025, which was first disclosed in our Current Report on Form 8-K filed on September 10, 2025, and discussed in subsequent filings.

Additionally, Argent Financial Group, Inc.

became a related party upon our purchase of additional shares which resulted in the application of the equity method of accounting.

Please see Note 4 - Equity Method Investments in the notes to our consolidated financial statements for more information.

ORIGIN BANCORP, INC.

Notes to Consolidated Financial Statements

Deposits from related parties held by the Company at December 31, 2025 and 2024, amounted to $ 55.6 million and $ 21.6 million, respectively.

Note 21 — Condensed Parent Company Only Financial Statements

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Income before income taxes and equity in undistributed net income of subsidiaries 104,831 29,422 54,502

Income tax (expense) benefit 1,436 ( 943 ) 3,359

Income tax benefit (expense) 589 1,436 ( 943 )

Income before equity in undistributed net income of subsidiaries 105,420 30,858 53,559

Equity in undistributed net income of subsidiaries 45,634 30,241 77,195

Excess of (dividends) over earnings from subsidiaries ( 30,223 ) 45,634 30,241

Net income $ 75,197 $ 76,492 $ 83,800

7 unchanged sentences

Deferred income taxes 1,857 1,229 4,451

Equity in undistributed net income of subsidiaries ( 45,634 ) ( 30,241 ) ( 77,195 )

Excess of (dividends) over earnings from subsidiaries 30,223 ( 45,634 ) ( 30,241 )

Amortization of subordinated indebtedness discount including purchase accounting adjustment 1,003 224 220

Gain on equity securities without a readily determinable fair value ( 6,972 ) ( 5,188 ) ( 10,096 )

Gain on repurchase of subordinated debentures ( 81 ) ( 471 ) —

Gain on repurchase of subordinated indebtedness — ( 81 ) ( 471 )

Equity method investment (gain) loss ( 2,415 ) ( 61 ) 61

Other, net 73 ( 1,978 ) ( 4,601 )

1 unchanged sentence

Cash flows from investing activities:

BTH acquisition — — 44,265

Purchases of non-marketable equity securities held in other financial institutions ( 1,420 ) ( 12,373 ) —

Capital calls on limited partnership investments ( 2,617 ) ( 982 ) ( 2,454 )

Net cash (used in) provided by investing activities ( 13,355 ) ( 2,454 ) 40,543

Payment for investments and advances to subsidiaries ( 1,250 ) — —

Net cash used in investing activities ( 5,287 ) ( 13,355 ) ( 2,454 )

Cash flows from financing activities:

Proceeds from short-term borrowings — — 30,000

Repayments on short-term borrowings — — ( 30,000 )

1 unchanged sentence

Cash received on exercise of stock options 954 1,874 3,140

Repurchase of subordinated debentures ( 34,599 ) ( 4,729 ) —

Maturities of subordinated debentures — ( 2,625 ) —

Net cash (used in) provided by financing activities ( 51,470 ) ( 52,781 ) 17,111

Net (decrease) increase in cash and cash equivalents ( 39,822 ) ( 12,112 ) 70,906

Redemption/Repurchase of subordinated indebtedness ( 75,100 ) ( 34,599 ) ( 4,729 )

Maturities of subordinated indebtedness — — ( 2,625 )

Payment to repurchase common stock ( 15,806 ) — —

Net cash used in financing activities ( 108,824 ) ( 51,470 ) ( 52,781 )

Net decrease in cash and cash equivalents ( 15,145 ) ( 39,822 ) ( 12,112 )

Cash and cash equivalents at beginning of year 47,876 87,698 99,810

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data