Origin Bancorp, Inc. 10-K

Item 8. Financial Statements and Supplementary Data ORIGIN BANCORP, INC. Financial Statements DECEMBER 31, 2025, 2024 and 2023 INDEX Page REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 686 ) 78 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Balance Sheets 80 Consolidated Statements of Income 81 Consolidated Statements of Comprehensive Income 82 Consolidated Statements of Changes in Stockholders’ Equity 83 Consolidated Statements of Cash Flows 84 Notes to Consolidated Financial Statements 86 77 Table of Contents Report of Independent Registered Public Accounting Firm Shareholders, Board of Directors, and Audit Committee Origin Bancorp, Inc. Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Origin Bancorp, Inc. (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. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2026, expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. 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. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below arise from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Allowance for Credit Losses 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. 78 Table of Contents 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 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 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 We have served as the Company’s auditor since 2016. Little Rock, Arkansas February 25, 2026 79 Table of Contents ORIGIN BANCORP, INC. Consolidated Balance Sheets (Dollars in thousands, except per share amounts) December 31, 2025 December 31, 2024 Assets Cash and due from banks $ 73,122 $ 132,991 Interest-earning deposits in banks 351,095 337,258 Total cash and cash equivalents 424,217 470,249 Securities: Available for sale 1,117,176 1,102,528 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 Securities carried at fair value through income 6,215 6,512 Total securities 1,133,950 1,120,135 Non-marketable equity securities held in other financial institutions 31,069 71,643 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 7,574,135 7,482,653 Premises and equipment, net 124,249 126,620 Cash surrender value of bank-owned life insurance 41,726 40,840 Goodwill 128,679 128,679 Other intangible assets, net 33,362 37,473 Accrued interest receivable and other assets 164,801 170,945 Total assets $ 9,724,722 $ 9,678,702 Liabilities and Stockholders’ Equity Noninterest-bearing deposits $ 1,979,875 $ 1,900,651 Interest-bearing deposits 5,497,920 5,301,479 Time deposits 829,452 1,020,990 Total deposits 8,307,247 8,223,120 Federal Home Loan Bank (“FHLB”) advances, repurchase agreements and other borrowings 19,050 12,460 Subordinated indebtedness, net 16,544 159,943 Accrued expenses and other liabilities 135,196 137,934 Total liabilities 8,478,037 8,533,457 Commitments and contingencies - See Note 19 — Commitments and Contingencies — — Stockholders’ equity: Preferred stock, no par value, 2,000,000 shares authorized — — Common stock ($ 5.00 par value; 50,000,000 shares authorized; 30,952,428 and 31,197,574 shares issued at December 31, 2025, and December 31, 2024, respectively) 154,762 155,988 Additional paid‑in capital 533,541 537,366 Retained earnings 612,523 557,920 Accumulated other comprehensive loss ( 54,141 ) ( 106,029 ) Total stockholders’ equity 1,246,685 1,145,245 Total liabilities and stockholders’ equity $ 9,724,722 $ 9,678,702 The accompanying notes are an integral part of these consolidated financial statements. 80 Table of Contents ORIGIN BANCORP, INC. Consolidated Statements of Income (Dollars in thousands, except per share amounts) Years Ended December 31, 2025 2024 2023 Interest and dividend income Interest and fees on loans $ 477,692 $ 517,281 $ 466,815 Investment securities-taxable 33,526 26,642 31,682 Investment securities-nontaxable 5,403 3,672 5,098 Interest and dividend income on assets held in other financial institutions 21,342 16,990 19,796 Total interest and dividend income 537,963 564,585 523,391 Interest expense Interest-bearing deposits 199,467 254,873 196,457 FHLB advances and other borrowings 1,687 1,602 17,258 Subordinated indebtedness 5,816 7,744 10,119 Total interest expense 206,970 264,219 223,834 Net interest income 330,993 300,366 299,557 Provision for credit losses 46,284 7,448 16,753 Net interest income after provision for credit losses 284,709 292,918 282,804 Noninterest income Insurance commission and fee income 27,117 26,759 25,085 Service charges and fees 19,651 19,015 18,803 Other fee income 9,500 8,917 8,089 Mortgage banking revenue 3,690 6,580 3,356 Swap fee income 3,413 323 1,277 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 Total noninterest income 59,834 55,379 58,335 Noninterest expense Salaries and employee benefits 150,889 148,823 138,819 Occupancy and equipment, net 29,771 27,865 26,783 Data processing 13,587 13,497 11,590 Office and operations 12,736 11,441 10,834 Intangible asset amortization 6,611 7,979 9,628 Regulatory assessments 5,534 6,902 6,456 Advertising and marketing 5,561 6,150 5,986 Professional services 6,633 6,610 5,931 Electronic banking 5,728 5,162 4,712 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 Total noninterest expense 248,902 251,038 235,216 Income before income tax expense 95,641 97,259 105,923 Income tax expense 20,444 20,767 22,123 Net income $ 75,197 $ 76,492 $ 83,800 Basic earnings per common share $ 2.42 $ 2.46 $ 2.72 Diluted earnings per common share 2.40 2.45 2.71 The accompanying notes are an integral part of these consolidated financial statements. 81 Table of Contents ORIGIN BANCORP, INC. Consolidated Statements of Comprehensive Income (Dollars in thousands) Years Ended December 31, 2025 2024 2023 Net income $ 75,197 $ 76,492 $ 83,800 Other comprehensive income Securities available for sale and transferred securities: 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 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 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. 82 Table of Contents ORIGIN BANCORP, INC. Consolidated Statements of Changes in Stockholders' Equity (Dollars in thousands, except per share amounts) Common Shares Outstanding Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (loss) Total Stockholders’ Equity Balance at January 1, 2023 30,746,600 $ 153,733 $ 520,669 $ 435,416 $ ( 159,875 ) $ 949,943 Net income — — — 83,800 — 83,800 Other comprehensive income, net of tax — — — — 38,852 38,852 Stock based compensation expense — — 5,281 — — 5,281 Stock based compensation shares issued, net of shares withheld 60,329 302 ( 696 ) — — ( 394 ) Exercise of stock options, net of shares withheld 132,967 665 2,437 — — 3,102 Shares issued under employee stock purchase program 46,213 231 887 — — 1,118 Dividends declared - common stock ($ 0.60 per share) — — — ( 18,797 ) — ( 18,797 ) Balance at December 31, 2023 30,986,109 154,931 528,578 500,419 ( 121,023 ) 1,062,905 Net income — — — 76,492 — 76,492 Other comprehensive income, net of tax — — — — 14,994 14,994 Stock based compensation expense — — 7,166 — — 7,166 Stock based compensation shares issued, net of shares withheld 84,473 422 ( 971 ) — — ( 549 ) Exercise of stock options, net of shares withheld 70,334 352 1,490 — — 1,842 Shares issued under employee stock purchase program 56,658 283 1,103 — — 1,386 Dividends declared - common stock ($ 0.60 per share) — — — ( 18,991 ) — ( 18,991 ) Balance at December 31, 2024 31,197,574 155,988 537,366 557,920 ( 106,029 ) 1,145,245 Net income — — — 75,197 — 75,197 Other comprehensive income, net of tax — — — — 51,888 51,888 Stock-based compensation expense — — 8,263 — — 8,263 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 Shares issued under employee stock purchase program 58,568 293 1,219 — — 1,512 Dividends declared - common stock ($ 0.60 per share) — — — ( 19,049 ) — ( 19,049 ) Repurchase of common stock ( 451,005 ) ( 2,255 ) ( 12,006 ) ( 1,545 ) — ( 15,806 ) Balance at December 31, 2025 30,952,428 $ 154,762 $ 533,541 $ 612,523 $ ( 54,141 ) $ 1,246,685 The accompanying notes are an integral part of these consolidated financial statements. 83 Table of Contents ORIGIN BANCORP, INC. Consolidated Statements of Cash Flows (Dollars in thousands) Years Ended December 31, 2025 2024 2023 Cash flows from operating activities: Net income $ 75,197 $ 76,492 $ 83,800 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 46,284 7,448 16,753 Depreciation and amortization 16,808 16,800 17,628 Net amortization on securities 1,135 4,807 6,889 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 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 Stock-based compensation expense 8,263 7,166 5,281 Originations of mortgage loans held for sale ( 149,037 ) ( 197,577 ) ( 187,088 ) 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 year ended December 31, 2023) ( 3,892 ) ( 4,928 ) ( 3,819 ) MSR asset valuation adjustment — ( 450 ) 4,089 Gain on sale of MSR asset — ( 410 ) — Net (gain) loss on disposals of premises and equipment ( 85 ) ( 878 ) 2 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 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 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: Purchases of securities available for sale ( 834,936 ) ( 247,387 ) ( 10,981 ) Maturities and pay downs of securities available for sale 621,854 166,818 137,815 Proceeds from sales and calls of securities available for sale 248,621 231,199 291,189 Maturities, pay downs and calls of securities held to maturity 534 522 486 Pay downs of securities carried at fair value 315 299 285 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 (purchases) redemptions of non-marketable equity securities held in other financial institutions (1) ( 615 ) ( 10,622 ) 23,980 Originations of mortgage warehouse loans ( 10,246,114 ) ( 9,705,580 ) ( 6,470,400 ) Proceeds from pay-offs of mortgage warehouse loans 10,066,413 9,686,466 6,425,300 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 — 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 ) Purchase of low-income housing tax credit investments ( 927 ) ( 664 ) ( 572 ) Purchases of premises and equipment ( 7,866 ) ( 22,047 ) ( 26,830 ) The accompanying notes are an integral part of these consolidated financial statements. 84 Table of Contents ORIGIN BANCORP, INC. Consolidated Statements of Cash Flows - Continued (Dollars in thousands) Years Ended December 31, 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 increase (decrease) in deposits $ 84,127 $ ( 28,005 ) $ 475,423 Repayments of long-term FHLB advances ( 285 ) ( 275 ) ( 266 ) Proceeds from short-term FHLB advances 1,440,000 1,685,000 6,065,000 Repayments of short-term FHLB advances ( 1,440,000 ) ( 1,755,000 ) ( 6,545,000 ) 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 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 (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 Cash and cash equivalents at end of year $ 424,217 $ 470,249 $ 280,441 Interest paid $ 211,764 $ 268,459 $ 215,479 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: Unsettled liability for investment purchases recorded at trade date — ( 5 ) — Real estate acquired in settlement of loans 1,146 3,576 3,243 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) 213 18,596 — 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 Impairment of right-of-use assets due to branch closures ( 332 ) — — ________________________ (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. 85 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Note 1 — Significant Accounting Policies Nature of Operations . Origin Bancorp, Inc. (“Company”) is a financial holding company headquartered in Ruston, Louisiana. The Company’s wholly-owned bank subsidiary, Origin Bank (“Bank”), was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. 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 . The consolidated financial statements include the accounts of the Company and all other entities in which Origin Bancorp, Inc. has a controlling financial interest, including the Bank, and Forth Insurance, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s accounting and financial reporting policies conform, in all material respects, to accounting principles generally accepted in the United States (“U.S. GAAP”) and to general practices within the financial services industry. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. Reclassifications . Certain amounts previously reported have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior year net income or stockholders’ equity. Variable Interest Entities . The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) under U.S. GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company’s wholly-owned subsidiaries CTB Statutory Trust I, First Louisiana Statutory Trust I and BT Holdings Trust I are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these trusts are not included in the Company’s consolidated financial statements. Operating Segments . Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s senior executive management functions as its CODM. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Individual bank branches offer a group of similar services, including commercial, real estate and consumer loans, time deposits, checking and savings accounts, all with similar operating and economic characteristics. While the CODM monitors the revenue streams of the various products and services, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the community banking services and branch locations are considered by management to be aggregated into one reportable operating segment, community banking. The CODM uses net interest income and net income to evaluate income generated from segment assets (return on average assets) in deciding whether to reinvest profits into the Company, pursue acquisitions or pay out dividends. Net income is used to monitor budget versus actual results. The CODM also uses net income in competitive analysis by benchmarking to the Company’s peers. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company’s significant expense categories are disclosed on the Company’s Consolidated Statements of Income . 86 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Use of Estimates . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information that affect the amounts reported in the financial statements and disclosures provided, including the accompanying notes, and actual results could differ. Material estimates that are particularly susceptible to change include the allowance for credit losses for loans; fair value measurements of assets and liabilities; and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the Company’s consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual results could differ from those estimates. 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-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. Furthermore, federal funds sold are essentially uncollateralized loans to other financial institutions. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes that the Company is not exposed to any significant credit risks on cash and cash equivalents. At December 31, 2025 and 2024, the Company had cash collateral required to be held with counterparties on certain derivative transactions as discussed in Note 13 — Derivative Financial Instruments . Securities . The Company accounts for debt and equity securities as follows: Available for Sale (“AFS”) - Debt securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity and changes in the availability of and the yield of alternative investments are classified as AFS. These assets are carried at fair value. Fair value is determined using published quotes. If quoted market prices are not available, fair values are based on other methods including, but not limited to the discounting of cash flows. Unrealized gains and losses on AFS securities are excluded from earnings and reported net of tax in accumulated other comprehensive (loss) income until realized. Please see the paragraphs under Allowance for Credit Losses referenced below in this footnote for information on the allowance for credit losses pertaining to AFS securities. Held to Maturity (“HTM”) - Debt securities that management has the positive intent and ability to hold until maturity are classified as HTM and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccredited discounts. Please see the paragraphs under Allowance for Credit Losses referenced below in this footnote for information on the allowance for credit losses pertaining to HTM securities. Securities Carried at Fair Value through Income - Debt securities for which the Company has elected the fair value option for accounting are classified as securities carried at fair value through income. Management has elected the fair value option for these items to offset the corresponding change in fair value of related interest rate swap agreements. Fair value is determined using discounted cash flows and credit quality indicators. Changes in fair value are reported through the Consolidated Statements of Income as a part of other noninterest income. Interest income on securities includes amortization of purchase premiums and discounts. Premiums and discounts on securities are generally amortized using the interest method with a constant effective yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to their earliest call date. A security is placed on nonaccrual status if (i) principal or interest has been in default for a period of 90 days or more or (ii) full payment of principal and interest is not expected. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest in other assets in the consolidated balance sheets. Interest accrued but not received for a security placed on nonaccrual status is reversed against interest income. Realized gains and losses are determined using the specific identification method and are recorded in noninterest income on the trade date. 87 Table of Contents 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 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. The Company’s remaining equity investments in other financial institutions, excluding FRBD and FHLB, totaling $ 3.3 million and $ 43.4 million at December 31, 2025 and 2024, 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 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 . 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. Loans sold into the secondary market are considered transfers of financial assets. These transfers are accounted for as sales when control over the asset has been surrendered. See Transfers of Financial Assets below for more information. Transfers of Financial Assets . Transfers of financial assets (generally consisting of sales of loans held for sale and loan participations with unaffiliated banks) are accounted for as sales when control over the asset has been surrendered, which is deemed to have occurred when: an asset does not have any claims to it by the transferor or their creditors, including in bankruptcy or other receivership situations; the transferee obtains the unconditional right to pledge or exchange the asset; or the transfer does not include a repurchase provision above the limited recourse provisions of loan sales. Acquisition Accounting and Acquired Loans. The Company accounts for its mergers/acquisitions under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with ASC 326, the Company records a discount or premium and also an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements. 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. 88 Table of Contents 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. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on merger/ acquisition date, but had previously been 60 days or more delinquent on two or more occasions. An allowance for credit losses is determined using the same methodology as other individually evaluated loans. The Non-PCD model utilizes data from the Bank in order to determine the probability of default and loss given default to be used in the calculation. The initial allowance for credit losses, determined on a collective basis, is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. Loans . Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for credit losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, and certain direct origination costs, are deferred and amortized as a yield adjustment over the lives of the related loans using the interest method. Late fees are recognized as income when earned, assuming collectability is reasonably assured. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and classifies these overdrafts as loans in its consolidated balance sheets. Loans are placed on nonaccrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans may be placed on nonaccrual status even if the contractual payments are not past due if information becomes available that causes substantial doubt about the borrower’s ability to meet the contractual obligations of the loan. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Past due status is based on contractual terms of the loan. Interest income on nonaccrual loans may be recognized to the extent cash payments are received, but payments received are usually applied to principal. Nonaccrual loans are generally returned to accrual status when payments are considered current, the customer has made required payments for at least six months, and the Company reasonably expects to collect all principal and interest. 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. Allowance for Credit Losses . The allowance for loan credit losses represents the estimated losses for financial assets accounted for on an amortized cost basis. Expected losses are calculated using relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company evaluates loans held for investment (“LHFI”) on a pool basis with pools of loans characterized by loan type, collateral, industry, internal credit risk rating and Fair Isaac Corporation (“FICO”) score. Historical loss rates for each pool are calculated based on charge-off and recovery data beginning with the second quarter of 2012. 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 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. Loans that exhibit characteristics different from their pool characteristics are evaluated on an individual basis. Certain of these loans are considered to be collateral dependent with the borrower experiencing financial difficulty. For these loans, the fair value of collateral practical expedient is elected whereby the allowance is calculated as the amount by which the amortized cost exceeds the fair value of collateral, less costs to sell (if applicable). Those individual loans that are not collateral dependent are evaluated based on a discounted cash flow methodology. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. Loans are charged off against the allowance for credit losses when management believes the principal balance is unlikely to be collected. Subsequent recoveries, if any, are credited to the allowance. 89 Table of Contents 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. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial and industrial, construction, and commercial real estate loans. Internal risk ratings are a key factor in identifying loans that are individually evaluated for credit loss and impact management’s estimates of loss factors used in determining the amount of the allowance for credit losses. Internal risk ratings are updated on a regular basis. ASU No. 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. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Company may provide multiple types of concessions on one loan. 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. Utilization rates are determined based on historical usage. The Company evaluates the portfolio of AFS securities in an unrealized loss position, on a quarterly basis, to determine if it intends to sell, or it is more likely than not that it will be required to sell the securities before recovery of the amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the securities’ amortized cost basis is written down to fair value through income. For AFS securities that do not meet the criteria, the Company evaluates relevant factors to determine if the decline in fair value has resulted from credit losses or other factors. In making this assessment, such factors as extent of the loss, adverse conditions related to the entity, industry or geographic region, security structure, ratings and changes by a rating agency and past performance are considered. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized costs basis, a credit loss exists and an allowance for credit losses is recorded and reflected in income as provision for credit loss expense. The Company measures the expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. These amounts are established as an allowance for credit losses and included in earnings as provision for credit loss expense. Premises and Equipment, net . Land is carried at cost. Buildings and improvements are stated at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives of the assets, which range from 5 to 40 years. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Furniture, fixtures, and equipment are stated at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives of the assets, which range from three to 25 years. Leases. The Company determines if an arrangement is a lease at inception. Operating lease assets are included in accrued interest receivable and other assets, operating lease liabilities are included in accrued expenses and other liabilities in the Company’s consolidated balance sheets. The Company has made an accounting policy election not to recognize short-term lease assets and liabilities (less than a 12-month term) or immaterial equipment and server space leases in its consolidated balance sheets; instead, the Company recognizes the lease expense for these leases on a straight-line basis over the life of the lease. The Company has no material finance leases. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses an estimated incremental collateralized borrowing rate, which is derived from information available at the lease commencement date and gives consideration to the applicable FHLB borrowing rates, when determining the present value of lease payments. The Company’s lease terms include options to extend a lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements do not contain any residual value guarantees. All of the Company’s operating long-term leases are real estate leases, which are accounted for as a single lease component. 90 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Derivative Instruments and Hedging Activities . All derivatives are recorded on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. During the term of a cash flow hedge contract, the effective portion of changes in fair value in the derivative instrument are recorded in accumulated other comprehensive (loss) income. 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. Goodwill and Other Intangible Assets . Goodwill, which represents the excess of cost over the fair value of the net assets of an acquired business, is not amortized but evaluated for potential impairment on an annual basis, which is typically October 1 for the Company, or more often if events or circumstances indicate that there may be impairment. Other intangible assets, such as core deposit intangibles and relationship based intangibles, are amortized on a basis consistent with the receipt of economic benefit to the Company. Such assets are evaluated at least annually as to the recoverability of their carrying value for potential impairment. 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. Other Real Estate Owned . Other real estate owned (“OREO”) represents properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure on loans on which the borrowers have defaulted as to payment of principal and interest. OREO also includes bank-owned real estate which the Company is no longer utilizing and intends to sell. These properties are initially recorded at fair value, less cost to sell at the date of foreclosure, establishing a new cost basis. Fair value is determined based on third-party appraisals. Any valuation adjustments required at the date of transfer from loans to OREO are charged to the allowance for credit losses. 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, 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 . The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates it to repurchase the assets. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially sold and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. Revenue Recognition . In general, for revenue not associated with financial instruments, guarantees and lease contracts, the Company applies the following steps when recognizing revenue from contracts with customers: (i) identify the contract, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when a performance obligation is satisfied. Our contracts with customers are generally short-term in nature, typically due within one year or less or cancellable by us or our customer upon a short notice period. Performance obligations for our customer contracts are generally satisfied at a single point in time, typically when the transaction is complete, or over time. Descriptions of the Company’s revenue generating activities that are within the scope of the revenue recognition standard are described below. 91 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Service charges and fees on deposit accounts Service charges and fees on deposit accounts are primarily comprised of maintenance fees, service fees, stop payment and insufficient funds fees. The Company’s performance obligation for service fees or other fees covering a period of time are generally satisfied, and related revenue recognized, over the period in which the service is provided. The Company’s performance obligations for transactional-based fees are generally satisfied, and related revenue recognized, at a point in time. Insurance commission and fee income The Company earns commission income through production on behalf of insurance carriers and also earns fee income by providing complementary services such as collection of premiums. In most instances, the Company considers the performance obligation to be complete at the time the service was rendered. Credit card interchange income The Company records credit card interchange income at a point in time as card transactions occur. 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 fee income in the consolidated statements of income. Gain or loss on sale of other assets and OREO In the normal course of business, the Company recognizes the sale on other assets and OREO, along with any gain or loss, when control of the property transfers to the buyer through an executed contractual agreement. The transaction price is fixed, and the Company may finance a portion of the purchase price of the transferred asset on an infrequent basis. 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 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. Income Taxes . Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company did not have any amount accrued with respect to uncertain income tax positions at December 31, 2025 and 2024. The Company recognizes interest and/or penalties related to income tax matters as a component of noninterest expense. There were no material penalties or related interest for the years ended December 31, 2025, 2024 or 2023. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. Stock-Based Compensation . 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. 92 Table of Contents 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 amortized cost, net of impairments and observable price changes. The accounting treatment depends upon the Company’s percentage ownership or degree of management influence. 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. Management evaluates the investments in investees for impairment based on the investee’s ability to generate cash through its operations or obtain alternative financing, and other subjective factors. 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, 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 . As part of its Community Reinvestment Act responsibilities and due to their favorable economic characteristics, the Company invests in tax credit-motivated projects primarily in the markets it serves. These projects are directed at tax credits issued under Low-Income Housing Tax Credits (“LIHTC”). The Company generates returns on tax credit motivated projects through the receipt of federal, and if applicable, state tax credits. The federal tax credits are recorded as an offset to the income tax provision in the year that they are earned under federal income tax law –over 10 to 15 years beginning in the year in which rental activity commences. These credits, if not used in the tax return for the year of origination, can be carried forward for 20 years. The Company invests in a tax credit entity, usually an LLC, which owns the real estate. The Company receives a nonvoting interest in the entity that must be retained during the compliance period for the credits (15 years for Low-Income Housing Tax Credit programs). Control of the tax credit entity rests in the 0.1 % interest general partner, who has the power and authority to make decisions that impact economic performance of the project and is required to oversee and manage the project. Due to the lack of any voting, economic, or managerial control, and due to the contractual reduction in the investment, the Company accounts for its investment by amortizing the investment, beginning at the issuance of the certificate of occupancy of the project, over the compliance period, as management believes any potential residual value in the real estate will have limited value. Amortization is included as a component of income tax expense and for the years ended December 31, 2025, 2024 and 2023 was $ 1.2 million, $ 1.7 million and $ 1.8 million respectively. 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. The Company has the risk of credit recapture if the project does not maintain compliance during the compliance period. No such events have occurred to date. At December 31, 2025 and 2024, the Company had investments in tax credit entities of $ 7.6 million and $ 8.8 million, respectively, which are included in accrued interest receivable and other assets in the accompanying consolidated balance sheets. Earnings Per Share . Basic and diluted earnings per common share are calculated using the treasury method, under which basic earnings per share is calculated as net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under stock options and restricted stock awards and units. 93 Table of Contents 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. The dilutive effect of share-based payment awards that are not deemed to be participating securities is calculated using the treasury stock method, which assumes that the proceeds from exercise are used to purchase common stock at the average market price for the period. Potentially dilutive common stock equivalents are excluded from the computation of diluted earnings per common share in periods in which the effect would be anti-dilutive. Effect of Recently Adopted Accounting Standards ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method — The amendments in this Update allow entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions are met. The amendments in this Update also eliminate certain LIHTC-specific guidance to align the accounting more closely for LIHTCs with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution guidance apply only to tax equity investments accounted for using the proportional amortization method. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures — The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update: 1. Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”); 2. Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss; 3. Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; 4. Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. In other words, in addition to the measure that is most consistent with the measurement principles under generally accepted accounting principles (GAAP), a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources; 5. Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and 6. Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update and all existing segment disclosures in Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application to all periods presented in the financial statements is required. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures — The amendments in this Update, on an annual basis, require that public business entities (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Specifically, public business entities are required to disclose a tabular reconciliation, using both percentages and reporting currency amounts, for specific listed categories. The ASU is effective for fiscal years beginning after December 15, 2024. Implementation of this ASU did not materially impact the Company’s financial statements or disclosures. 94 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Effect of Newly Issued But Not Yet Effective Accounting Standards ASU No. 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. The amendments in this Update require: 1. Disclosure of the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities; 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements; 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and 4. Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures. ASU No. 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: 1. Management has authorized and commitment to funding the software project. 2. 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. ASU No. 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. ASU No. 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. 95 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Note 2 — Earnings Per Share Basic and diluted earnings per common share are calculated using the treasury method. Under the treasury method, basic earnings per share is calculated as net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under the Company’s stock and incentive compensation plans. Information regarding the Company’s basic and diluted earnings per common share is presented in the following table: (Dollars in thousands, except per share amounts) Years Ended December 31, Numerator: 2025 2024 2023 Net income $ 75,197 $ 76,492 $ 83,800 Denominator: Weighted average common shares outstanding 31,135,865 31,077,767 30,822,993 Dilutive effect of stock-based awards 197,598 124,096 108,612 Weighted average diluted common shares outstanding 31,333,463 31,201,863 30,931,605 Basic earnings per common share $ 2.42 $ 2.46 $ 2.72 Diluted earnings per common share 2.40 2.45 2.71 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. 96 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Note 3 — Securities The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated: (Dollars in thousands) December 31, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses Net Carrying Amount Available for sale: State and municipal securities $ 323,255 $ 1,183 $ ( 29,554 ) $ 294,884 $ — $ 294,884 Corporate bonds 57,129 367 ( 1,792 ) 55,704 — 55,704 U.S. treasury and government agency securities 3,832 1 ( 693 ) 3,140 — 3,140 Commercial mortgage-backed securities 16,982 21 ( 1,717 ) 15,286 — 15,286 Residential mortgage-backed securities 478,875 4,539 ( 28,929 ) 454,485 — 454,485 Commercial collateralized mortgage obligations 83,143 712 ( 1,062 ) 82,793 — 82,793 Residential collateralized mortgage obligations 222,893 1,085 ( 13,094 ) 210,884 — 210,884 Total $ 1,186,109 $ 7,908 $ ( 76,841 ) $ 1,117,176 $ — $ 1,117,176 Held to maturity: State and municipal securities $ 10,600 $ — $ ( 993 ) $ 9,607 $ ( 41 ) $ 10,559 Securities carried at fair value through income: State and municipal securities (1) $ 6,200 $ — $ — $ 6,215 $ — $ 6,215 December 31, 2024 Available for sale: State and municipal securities $ 299,642 $ 216 $ ( 43,882 ) $ 255,976 $ — $ 255,976 Corporate bonds 83,041 445 ( 5,250 ) 78,236 — 78,236 U.S. treasury and government agency securities 14,742 2 ( 939 ) 13,805 — 13,805 Commercial mortgage-backed securities 49,943 — ( 5,659 ) 44,284 — 44,284 Residential mortgage-backed securities 598,380 8 ( 57,554 ) 540,834 — 540,834 Commercial collateralized mortgage obligations 31,263 — ( 2,697 ) 28,566 — 28,566 Residential collateralized mortgage obligations 160,422 15 ( 19,610 ) 140,827 — 140,827 Total $ 1,237,433 $ 686 $ ( 135,591 ) $ 1,102,528 $ — $ 1,102,528 Held to maturity: State and municipal securities $ 11,145 $ — $ ( 689 ) $ 10,456 $ ( 50 ) $ 11,095 Securities carried at fair value through income: State and municipal securities (1) $ 6,515 $ — $ — $ 6,512 $ — $ 6,512 ________________________ (1) Securities carried at fair value through income have no unrealized gains or losses at the consolidated balance sheet dates as all changes in value have been recognized in the consolidated statements of income. See Note 6 — Fair Value of Financial Instruments for more information. 97 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements 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 (Dollars in thousands) December 31, 2025 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available for sale: State and municipal securities $ 17,469 $ ( 158 ) $ 216,568 $ ( 29,396 ) $ 234,037 $ ( 29,554 ) Corporate bonds 4,006 ( 29 ) 33,324 ( 1,763 ) 37,330 ( 1,792 ) U.S. treasury and government agency securities 117 ( 1 ) 2,973 ( 692 ) 3,090 ( 693 ) Commercial mortgage-backed securities — — 13,797 ( 1,717 ) 13,797 ( 1,717 ) Residential mortgage-backed securities 20,436 ( 255 ) 240,923 ( 28,674 ) 261,359 ( 28,929 ) Commercial collateralized mortgage obligations — — 15,180 ( 1,062 ) 15,180 ( 1,062 ) Residential collateralized mortgage obligations — — 93,659 ( 13,094 ) 93,659 ( 13,094 ) Total $ 42,028 $ ( 443 ) $ 616,424 $ ( 76,398 ) $ 658,452 $ ( 76,841 ) Held to maturity: State and municipal securities $ — $ — $ 9,607 $ ( 993 ) $ 9,607 $ ( 993 ) December 31, 2024 Available for sale: State and municipal securities $ 18,349 $ ( 346 ) $ 226,484 $ ( 43,536 ) $ 244,833 $ ( 43,882 ) Corporate bonds 7,450 ( 550 ) 59,443 ( 4,700 ) 66,893 ( 5,250 ) U.S. treasury and government agency securities 10,062 ( 52 ) 3,423 ( 887 ) 13,485 ( 939 ) Commercial mortgage-backed securities 4,418 ( 120 ) 39,866 ( 5,539 ) 44,284 ( 5,659 ) Residential mortgage-backed securities 148,383 ( 1,296 ) 386,414 ( 56,258 ) 534,797 ( 57,554 ) Commercial collateralized mortgage obligations 13,014 ( 148 ) 15,552 ( 2,549 ) 28,566 ( 2,697 ) Residential collateralized mortgage obligations 14,884 ( 291 ) 109,416 ( 19,319 ) 124,300 ( 19,610 ) Total $ 216,560 $ ( 2,803 ) $ 840,598 $ ( 132,788 ) $ 1,057,158 $ ( 135,591 ) Held to maturity: State and municipal securities $ — $ — $ 10,456 $ ( 689 ) $ 10,456 $ ( 689 ) At December 31, 2025, the Company had 378 individual securities that were in an unrealized loss position. Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than the cost, and (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. Management does not currently intend to sell any securities in an unrealized loss position and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. 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. The following tables present the activity in the allowance for credit losses for held-to-maturity securities. (Dollars in thousands) Years Ended December 31, Allowance for credit losses: 2025 2024 2023 Balance at January 1, $ 50 $ 63 $ 899 Recovery for credit losses for held to maturity securities ( 9 ) ( 13 ) ( 836 ) Balance at December 31, $ 41 $ 50 $ 63 98 Table of Contents 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. Years Ended December 31, (Dollars in thousands) 2025 2024 2023 Proceeds from sales/calls $ 248,621 $ 231,199 $ 291,189 Gross realized gains — 357 596 Gross realized losses ( 14,448 ) ( 15,156 ) ( 12,231 ) The following table presents the amortized cost and fair value of securities available for sale and held to maturity at December 31, 2025, grouped by contractual maturity. 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 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 December 31, 2025 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 8,598 $ 8,592 Due after one year through five years 5,143 4,549 42,282 41,316 Due after five years through ten years 5,457 5,058 165,821 151,633 Due after ten years — — 167,515 152,187 Commercial mortgage-backed securities — — 16,982 15,286 Residential mortgage-backed securities — — 478,875 454,485 Commercial collateralized mortgage obligations — — 83,143 82,793 Residential collateralized mortgage obligations — — 222,893 210,884 Total $ 10,600 $ 9,607 $ 1,186,109 $ 1,117,176 The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements at the periods presented. (Dollars in thousands) December 31, 2025 December 31, 2024 Carrying value of securities pledged to secure public deposits $ 671,626 $ 504,554 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. 99 Table of Contents 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. (1) 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 Loans consist of the following: (Dollars in thousands) December 31, 2025 December 31, 2024 Loans held for sale $ 1,032 $ 10,494 LHFI: Loans secured by real estate: Commercial real estate (1) $ 2,523,905 $ 2,477,431 Construction/land/land development 611,220 864,011 Residential real estate (2) 1,997,760 1,857,589 Total real estate 5,132,885 5,199,031 Commercial and industrial 1,989,218 2,002,634 Mortgage warehouse lines of credit 528,781 349,081 Consumer 20,033 22,967 Total LHFI (3) 7,670,917 7,573,713 Less: Allowance for loan credit losses (“ALCL”) 96,782 91,060 LHFI, net $ 7,574,135 $ 7,482,653 ____________________________ (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. 100 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Credit quality indicators. As part of the Company’s commitment to managing the credit quality of its loan portfolio, management annually and periodically updates and evaluates certain credit quality indicators, which include but are not limited to (i) weighted-average risk rating of the loan portfolio, (ii) net charge-offs, (iii) level of non-performing loans, (iv) level of classified loans (defined as substandard, doubtful and loss), and (v) the general economic conditions particularly in the cities and states in which the Company operates. The Company maintains an internal risk rating system where ratings are assigned to individual loans based on assessed risk. 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. 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 Bank. Moderate risk (2) Borrowers with excellent asset quality and liquidity. Borrowers’ capitalization and liquidity exceed industry norms. Borrowers in this category have significant levels of liquid assets and have a low level of leverage. Better than average risk (3) Borrowers with strong financial strength and excellent liquidity that consistently demonstrate strong operating performance. Borrowers in this category generally have a sizable net worth that can be converted into liquid assets within 12 months. Average risk (4) Borrowers with sound credit quality and financial performance, including liquidity. Borrowers are supported by sufficient cash flow coverage generated through operations across the full business cycle. Marginally acceptable risk (5) Loans generally meet minimum requirements for an acceptable loan in accordance with lending policy but possess one or more attributes that cause the overall risk profile to be higher than the majority of newly approved loans. Watch (6) A passing loan with one or more factors that identify a potential weakness in the overall ability of the borrower to repay the loan. These weaknesses are generally mitigated by other factors that reduce the risk of delinquency or loss. • Special Mention (7) This grade is intended to be temporary and includes borrowers whose credit quality has deteriorated and is at risk of further decline. • Substandard (8) This grade includes “Substandard” loans under regulatory guidelines. Substandard loans exhibit a well-defined weakness that jeopardizes debt repayment in accordance with contractual agreements, even though the loan may be performing. These obligations are characterized by the distinct possibility that a loss may be incurred if these weaknesses are not corrected, and repayment may be dependent upon collateral liquidation or secondary source of repayment. • Doubtful (9) This grade includes “Doubtful” loans under regulatory guidelines. Such loans are placed on nonaccrual status and repayment may be dependent upon collateral with no readily determinable valuation or valuations that are highly subjective in nature. Repayment for these loans is considered improbable based on currently existing facts and circumstances. • Loss (0) This grade includes “Loss” loans under regulatory guidelines. Loss loans are charged-off or written down when repayment is not expected. 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; 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; 101 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements • 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; • 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; and • for mortgage warehouse loans, the borrower’s adherence to agency or investor underwriting guidelines, while the risk associated with the underlying consumer mortgage loan repayments, similar to other consumer loans, depends on the borrower’s financial stability and are more likely than commercial loans to be adversely affected by divorce, job loss, illness and other personal hardships. Purchased loans that have experienced more than insignificant credit deterioration since origination at the time of acquisition are purchase credit deteriorated (“PCD”) loans. An allowance for credit losses is determined using the same methodology as other individually evaluated loans. 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. 102 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements The following table reflects recorded investments in loans by credit quality indicator and origination year at December 31, 2025, and gross charge-offs for the year ended December 31, 2025, excluding loans held for sale. Loans acquired are shown in the table by origination year, not merger date. The Company had an immaterial amount of revolving loans converted to term loans at December 31, 2025. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate: Pass $ 566,147 $ 211,520 $ 302,448 $ 718,350 $ 323,489 $ 310,901 $ 61,123 $ 2,493,978 Special mention — — — 6,225 — 1,602 — 7,827 Classified 529 8,146 4,887 1,664 2,136 4,638 100 22,100 Total commercial real estate loans $ 566,676 $ 219,666 $ 307,335 $ 726,239 $ 325,625 $ 317,141 $ 61,223 $ 2,523,905 Year-to-date gross charge-offs $ — $ — $ 10 $ — $ 34 $ 427 $ 257 $ 728 Construction/land/land development: Pass $ 235,134 $ 84,044 $ 88,060 $ 80,150 $ 57,982 $ 5,828 $ 34,246 $ 585,444 Special mention — — — — — — — — Classified 124 723 3,996 11,242 2,727 826 6,138 25,776 Total construction/land/land development loans $ 235,258 $ 84,767 $ 92,056 $ 91,392 $ 60,709 $ 6,654 $ 40,384 $ 611,220 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential real estate: Pass $ 395,647 $ 113,691 $ 265,814 $ 556,247 $ 250,985 $ 245,833 $ 115,964 $ 1,944,181 Special mention — — — — — — — — Classified 4,719 836 14,060 24,756 4,305 4,857 46 53,579 Total residential real estate loans $ 400,366 $ 114,527 $ 279,874 $ 581,003 $ 255,290 $ 250,690 $ 116,010 $ 1,997,760 Year-to-date gross charge-offs $ — $ 36 $ 86 $ 267 $ — $ — $ 100 $ 489 Commercial and industrial: Pass $ 425,600 $ 151,628 $ 158,442 $ 81,585 $ 54,154 $ 29,762 $ 1,039,561 $ 1,940,732 Special mention — — — 1,434 — — 1,063 2,497 Classified 7,115 4,267 4,219 7,121 301 529 22,437 45,989 Total commercial and industrial loans $ 432,715 $ 155,895 $ 162,661 $ 90,140 $ 54,455 $ 30,291 $ 1,063,061 $ 1,989,218 Year-to-date gross charge-offs $ 131 $ 2,958 $ 553 $ 4,206 $ 757 $ 1,746 $ 33,340 $ 43,691 Mortgage Warehouse Lines of Credit: Pass $ — $ — $ — $ — $ — $ — $ 528,781 $ 528,781 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 8,621 $ 3,625 $ 1,587 $ 348 $ 96 $ 25 $ 5,547 $ 19,849 Classified — 134 19 16 — — 15 184 Total consumer loans $ 8,621 $ 3,759 $ 1,606 $ 364 $ 96 $ 25 $ 5,562 $ 20,033 Year-to-date gross charge-offs $ 14 $ 23 $ 24 $ 2 $ — $ 20 $ 91 $ 174 103 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements The following table reflects recorded investments in loans by credit quality indicator and origination year at December 31, 2024, and gross charge-offs for the year ended December 31, 2024, excluding loans held for sale. Loans acquired are shown in the table by origination year, not merger date. The Company had an immaterial amount of revolving loans converted to term loans at December 31, 2024. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate: Pass $ 229,213 $ 355,744 $ 918,847 $ 407,666 $ 220,040 $ 277,379 $ 54,391 $ 2,463,280 Special mention 1,209 — — 23 907 1,252 238 3,629 Classified 949 1,151 1,155 2,503 1,539 2,968 257 10,522 Total commercial real estate loans $ 231,371 $ 356,895 $ 920,002 $ 410,192 $ 222,486 $ 281,599 $ 54,886 $ 2,477,431 Year-to-date gross charge-offs $ — $ 36 $ 193 $ — $ 251 $ — $ — $ 480 Construction/land/land development: Pass $ 153,847 $ 206,970 $ 290,035 $ 123,645 $ 14,903 $ 3,343 $ 47,982 $ 840,725 Special mention — — 547 — — — 145 692 Classified 1,366 2,331 10,552 5,053 731 219 2,342 22,594 Total construction/land/land development loans $ 155,213 $ 209,301 $ 301,134 $ 128,698 $ 15,634 $ 3,562 $ 50,469 $ 864,011 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential real estate: Pass $ 147,379 $ 319,186 $ 522,226 $ 305,893 $ 215,305 $ 179,503 $ 112,471 $ 1,801,963 Special mention — — — 18,176 124 309 — 18,609 Classified 1,962 8,068 17,898 3,123 748 4,854 364 37,017 Total residential real estate loans $ 149,341 $ 327,254 $ 540,124 $ 327,192 $ 216,177 $ 184,666 $ 112,835 $ 1,857,589 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ 11 $ — $ 11 Commercial and industrial: Pass $ 280,152 $ 265,237 $ 171,157 $ 87,040 $ 20,938 $ 54,565 $ 1,066,600 $ 1,945,689 Special mention — 70 5,652 39 — 545 2,172 8,478 Classified 4,312 6,706 13,578 1,022 691 375 21,783 48,467 Total commercial and industrial loans $ 284,464 $ 272,013 $ 190,387 $ 88,101 $ 21,629 $ 55,485 $ 1,090,555 $ 2,002,634 Year-to-date gross charge-offs $ 346 $ 1,171 $ 2,103 $ 4,477 $ 162 $ 595 $ 13,933 $ 22,787 Mortgage Warehouse Lines of Credit: Pass $ — $ — $ — $ — $ — $ — $ 349,081 $ 349,081 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 10,060 $ 4,290 $ 1,277 $ 271 $ 210 $ 32 $ 6,645 $ 22,785 Classified 23 64 79 — — — 16 182 Total consumer loans $ 10,083 $ 4,354 $ 1,356 $ 271 $ 210 $ 32 $ 6,661 $ 22,967 Year-to-date gross charge-offs $ — $ 19 $ 47 $ 3 $ — $ 5 $ 288 $ 362 104 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements The following tables present the Company’s loan portfolio aging analysis at the dates indicated: December 31, 2025 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans 90 or More Days Past Due Loans secured by real estate: Commercial real estate $ — $ 4,203 $ 9,884 $ 14,087 $ 2,509,818 $ 2,523,905 $ — Construction/land/land development 137 45 14,484 14,666 596,554 611,220 — Residential real estate 9,912 3,333 22,368 35,613 1,962,147 1,997,760 — Total real estate 10,049 7,581 46,736 64,366 5,068,519 5,132,885 — Commercial and industrial 895 254 7,792 8,941 1,980,277 1,989,218 — Mortgage warehouse lines of credit — — — — 528,781 528,781 — Consumer 127 63 104 294 19,739 20,033 — Total LHFI $ 11,071 $ 7,898 $ 54,632 $ 73,601 $ 7,597,316 $ 7,670,917 $ — December 31, 2024 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans 90 or More Days Past Due Loans secured by real estate: Commercial real estate $ 3,576 $ 1,019 $ 957 $ 5,552 $ 2,471,879 $ 2,477,431 $ — Construction/land/land development 441 33 4,876 5,350 858,661 864,011 — Residential real estate 12,655 5,219 5,723 23,597 1,833,992 1,857,589 — Total real estate 16,672 6,271 11,556 34,499 5,164,532 5,199,031 — Commercial and industrial 3,873 2,206 1,596 7,675 1,994,959 2,002,634 — Mortgage warehouse lines of credit — — — — 349,081 349,081 — Consumer 199 7 57 263 22,704 22,967 — Total LHFI $ 20,744 $ 8,484 $ 13,209 $ 42,437 $ 7,531,276 $ 7,573,713 $ — 105 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements The following tables detail activity in the ALCL by portfolio segment. 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 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning balance $ 16,546 $ 7,398 $ 12,454 $ 53,449 $ 501 $ 712 $ 91,060 Charge-offs 728 — 489 43,691 — 174 45,082 Recoveries 18 — 60 5,392 — 31 5,501 Provision (1) 3,093 ( 179 ) 2,463 39,346 412 168 45,303 Ending balance $ 18,929 $ 7,219 $ 14,488 $ 54,496 $ 913 $ 737 $ 96,782 Average balance $ 2,457,523 $ 702,655 $ 1,969,247 $ 2,013,301 $ 412,030 $ 21,482 $ 7,576,238 Net charge-offs to loan average balance 0.03 % — % 0.02 % 1.90 % — % 0.67 % 0.52 % _________________________ (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 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning balance $ 19,625 $ 9,990 $ 10,619 $ 55,330 $ 529 $ 775 $ 96,868 Charge-offs 480 — 11 22,787 — 362 23,640 Recoveries 530 — 16 8,583 — 23 9,152 Provision (1) ( 3,129 ) ( 2,592 ) 1,830 12,323 ( 28 ) 276 8,680 Ending balance $ 16,546 $ 7,398 $ 12,454 $ 53,449 $ 501 $ 712 $ 91,060 Average balance $ 2,485,800 $ 1,035,871 $ 1,799,963 $ 2,087,361 $ 420,665 $ 22,962 $ 7,852,622 Net charge-offs to loan average balance — % — % — % 0.68 % — % 1.48 % 0.18 % ____________________________ (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. 106 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Year Ended December 31, 2023 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning balance $ 19,772 $ 7,776 $ 8,230 $ 50,148 $ 379 $ 856 $ 87,161 Charge-offs 42 — 27 11,833 — 147 12,049 Recoveries 140 3 17 4,068 — 14 4,242 Provision (1) ( 245 ) 2,211 2,399 12,947 150 52 17,514 Ending balance $ 19,625 $ 9,990 $ 10,619 $ 55,330 $ 529 $ 775 $ 96,868 Average balance $ 2,404,530 $ 1,015,178 $ 1,629,589 $ 2,054,081 $ 314,079 $ 24,627 $ 7,442,084 Net charge-offs to loan average balance — % — % — % 0.38 % — % 0.54 % 0.10 % _________________________ (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. 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: December 31, 2025 (Dollars in thousands) Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total 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 ALCL Allocation $ — $ — $ 61 $ — $ — $ — $ 61 December 31, 2024 (Dollars in thousands) Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total Real Estate $ 832 $ — $ 16,804 $ — $ — $ — $ 17,636 Equipment — — — 42 — 46 88 Total $ 832 $ — $ 16,804 $ 42 $ — $ 46 $ 17,724 ALCL Allocation $ — $ — $ 121 $ — $ — $ — $ 121 107 Table of Contents 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. These loans are individually evaluated when foreclosure is probable or when the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral. In the case of commercial and industrial loans secured by equipment, the fair value of the collateral is estimated by third-party valuation experts. Loan balances are charged down to the underlying collateral value when they are deemed uncollectible. Note that the Company did not elect to use the collateral maintenance agreement practical expedient available under the current expected credit loss (“CECL”) guidance. Nonaccrual LHFI was as follows: Nonaccrual With No Allowance for Credit Loss Total Nonaccrual (Dollars in thousands) Loans secured by real estate: December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Commercial real estate $ 11,167 $ 832 $ 13,212 $ 4,974 Construction/land/land development 8,139 — 16,388 18,505 Residential real estate 33,418 16,048 39,480 36,221 Total real estate 52,724 16,880 69,080 59,700 Commercial and industrial 870 42 11,919 15,120 Consumer — 46 185 182 Total nonaccrual loans $ 53,594 $ 16,968 $ 81,184 $ 75,002 All interest formerly accrued but not received for loans placed on nonaccrual status is reversed from interest income. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. No interest income was recorded on nonaccrual loans while they were considered nonaccrual during the years ended December 31, 2025, 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 0.01 108 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Amortized Cost Basis at December 31, 2024 Term Extension Combination: Term Extension and Interest Rate Reduction Other-Than-Insignificant Payment Delay (Dollars in thousands) Amortized Cost % of Loans Amortized Cost % of Loans Amortized Cost % of Loans Loans secured by real estate: Commercial real estate $ 2,552 0.10 % $ — — % $ — — % Construction/land/land development 340 0.04 — — — — Residential real estate 644 0.03 128 0.01 449 0.02 Total real estate 3,536 0.07 128 — 449 0.01 Commercial and industrial (1) 17,671 0.88 — — 34 — Consumer — — 3 0.01 — — Total $ 21,207 0.28 $ 131 — $ 483 0.01 ____________________________ (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 Term Extension Combination: Term Extension and Interest Rate Reduction Other-Than-Insignificant Payment Delay (Dollars in thousands) Amortized Cost % of Loans Amortized Cost % of Loans Amortized Cost % of Loans Loans secured by real estate: Commercial real estate $ 7,845 0.32 % $ — — % $ 428 0.02 % Construction/land/land development 3,979 0.37 — — — — Residential real estate 2,599 0.15 190 0.01 98 0.01 Total real estate 14,423 0.27 190 — 526 0.01 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 The following tables describe the financial effects of the modifications made to borrowers experiencing financial difficulty during the years ended December 31, 2025, 2024 and 2023: 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 N/A Construction/land/land development Added a weighted average 10.0 months to the life of the modified loans N/A 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 109 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Year Ended December 31, 2024 Interest Rate Reduction Term Extension Other-Than-Insignificant Payment Delay Commercial real estate N/A Added a weighted average 11.2 months to the life of the modified loans N/A Construction/land/land development N/A Added a weighted average 7.5 months to the life of the modified loans N/A Residential real estate Reduced weighted average contractual interest rate from 9.0 % to 8.0 % Added a weighted average 10.4 months to the life of the modified loans Delayed payment of weighted average 7.0 months Commercial and industrial (1) N/A Added a weighted average 7.6 months to the life of the modified loans Delayed payment of weighted average 2.0 months Consumer Reduced weighted average contractual interest rate from 9.5 % to 6.0 % Added a weighted average 4.9 months to the life of the modified loans N/A ____________________________ (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”. Year Ended December 31, 2023 Interest Rate Reduction Term Extension Other-Than-Insignificant Payment Delay Commercial real estate N/A Added a weighted average 10.7 months to the life of the modified loans Delayed payment of weighted average 6.0 months Construction/land/land development N/A Added a weighted average 13.0 months to the life of the modified loans N/A Residential real estate Reduced weighted average contractual interest rate from 8.8 % to 6.0 % Added a weighted average 32.8 months to the life of the modified loans Delayed payment of weighted average 2.0 months Commercial and industrial Reduced weighted average contractual interest rate from 9.9 % to 8.9 % Added a weighted average 9.5 months to the life of the modified loans 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 5,846 — — 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 $ 592 110 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Payment Status (Amortized Cost Basis) December 31, 2024 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due Loans secured by real estate: Commercial real estate $ 2,552 $ — $ — Construction/land/land development 340 — — Residential real estate 1,086 100 35 Total real estate 3,978 100 35 Commercial and industrial (1) 16,193 1,511 — Consumer — 3 — Total LHFI $ 20,171 $ 1,614 $ 35 ____________________________ (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”. Payment Status (Amortized Cost Basis) December 31, 2023 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due Loans secured by real estate: Commercial real estate $ 8,272 $ — $ — Construction/land/land development 3,979 — — Residential real estate 2,484 120 282 Total real estate 14,735 120 282 Commercial and industrial 22,219 — — Total LHFI $ 36,954 $ 120 $ 282 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 Term Extension (Dollars in thousands) Amortized Cost Default Amount Loans secured by real estate: Commercial real estate $ 110 $ 110 Construction/land/land development — — Residential real estate — — Total real estate 110 110 Commercial and industrial 500 2,392 Total $ 610 $ 2,502 111 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements At or For The Year Ended December 31, 2024 Term Extension (Dollars in thousands) Amortized Cost Default Amount Residential real estate $ 35 $ 35 Commercial and industrial (1) 819 7,364 Total $ 854 $ 7,399 ____________________________ (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”. 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. The Company monitors the performance of modified loans on an ongoing basis. In the event of subsequent default, the ALCL is assessed on the basis of an individual evaluation of each loan. The modifications made during the periods presented did not significantly impact the Company’s determination of the allowance for credit losses. Note 6 — Fair Value of Financial Instruments Fair value is the exchange price that is expected to be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Certain assets and liabilities are recorded in the Company’s consolidated financial statements at fair value. Some are recorded on a recurring basis and some on a nonrecurring basis. The Company utilizes fair value measurement to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach to estimate the fair values of its financial instruments. Such valuation techniques are consistently applied. A hierarchy for fair value has been established, which categorizes the valuation techniques into three levels used to measure fair value. The three levels are as follows: Level 1 - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Fair value is based on significant other observable inputs that are generally determined based on a single price for each financial instrument provided to the Company by an unrelated third-party pricing service and is based on one or more of the following: • Quoted prices for similar, but not identical, assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in markets that are not active; • Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and • Other inputs derived from or corroborated by observable market inputs. Level 3 - Prices or valuation techniques that require inputs that are both significant and unobservable in the market. These instruments are valued using the best information available, some of which is internally developed, and reflects the Company’s own assumptions about the risk premiums that market participants would generally require and the assumptions they would use. These estimates can be inherently uncertain. 112 Table of Contents 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, 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 (Dollars in thousands) Level 1 Level 2 Level 3 Total State and municipal securities $ — $ 261,042 $ 33,842 $ 294,884 Corporate bonds — 54,704 1,000 55,704 U.S. government agency securities — 3,140 — 3,140 Commercial mortgage-backed securities — 15,286 — 15,286 Residential mortgage-backed securities — 454,485 — 454,485 Commercial collateralized mortgage obligations — 82,793 — 82,793 Residential collateralized mortgage obligations — 210,884 — 210,884 Securities available for sale — 1,082,334 34,842 1,117,176 Securities carried at fair value through income — — 6,215 6,215 Rabbi Trust assets 839 — — 839 Other assets - derivatives — 13,152 — 13,152 Total recurring fair value measurements - assets $ 839 $ 1,095,486 $ 41,057 $ 1,137,382 Other liabilities - derivatives — ( 13,491 ) — ( 13,491 ) Total recurring fair value measurements - liabilities $ — $ ( 13,491 ) $ — $ ( 13,491 ) December 31, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total State and municipal securities $ — $ 221,222 $ 34,754 $ 255,976 Corporate bonds — 77,236 1,000 78,236 U.S. government agency securities — 13,805 — 13,805 Commercial mortgage-backed securities — 44,284 — 44,284 Residential mortgage-backed securities — 540,834 — 540,834 Commercial collateralized mortgage obligations — 28,566 — 28,566 Residential collateralized mortgage obligations — 140,827 — 140,827 Securities available for sale — 1,066,774 35,754 1,102,528 Securities carried at fair value through income — — 6,512 6,512 Loans held for sale — 10,494 — 10,494 Rabbi Trust assets 509 — — 509 Other assets - derivatives — 15,595 — 15,595 Total recurring fair value measurements - assets $ 509 $ 1,092,863 $ 42,266 $ 1,135,638 Other liabilities - derivatives — ( 14,959 ) — ( 14,959 ) Total recurring fair value measurements - liabilities $ — $ ( 14,959 ) $ — $ ( 14,959 ) 113 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements 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) Securities Available for Sale Securities at Fair Value Through Income Balance at January 1, 2025 $ 35,754 $ 6,512 Gain recognized in earnings: Other noninterest income — 18 Loss recognized in AOCI 774 — Purchases, issuances, sales and settlements: Purchases 3,526 — Settlements ( 5,212 ) ( 315 ) Balance at December 31, 2025 $ 34,842 $ 6,215 (Dollars in thousands) MSR Asset Securities Available for Sale Securities at Fair Value Through Income Balance at January 1, 2024 $ 15,637 $ 50,447 $ 6,808 Gain (loss) recognized in earnings: Mortgage banking revenue 450 — — Other noninterest income — — 3 Gain recognized in AOCI — 272 — Purchases, issuances, sales and settlements: Purchases — 5,396 — Sales ( 16,087 ) — — Settlements — ( 20,361 ) ( 299 ) Balance at December 31, 2024 $ — $ 35,754 $ 6,512 The Company obtains fair value measurements for securities available for sale and securities at fair value through income from an independent pricing service; therefore, quantitative unobservable inputs are unknown. The following methodologies were used to measure the fair value of financial assets and liabilities valued on a recurring basis: Securities Available for Sale Securities classified as available for sale are reported at fair value utilizing Level 1, Level 2 or Level 3 inputs. For Level 1 securities, the Company obtains the fair value measurements for those identical assets from an independent pricing service. For Level 2 securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things. In order to ensure the fair values are consistent with ASC 820, Fair Value Measurements and Disclosures , the Company periodically checks the fair value by comparing them to other pricing sources, such as Bloomberg LP. The third-party pricing service is subject to an annual review of internal controls in accordance with the Statement on Standards for Attestation Engagements No. 16, which was made available to the Company. 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 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. 114 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Mortgage Servicing Rights (“MSR”) 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, 2025 or 2024, and the carrying value of the MSR asset is zero at both December 31, 2025 and December 31, 2024. Derivatives 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 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 interest-earning assets for which the fair value has been elected, the earned current contractual interest payment is recognized in interest income. 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 Amortized Cost/Contributions Difference Securities carried at fair value through income $ 6,215 $ 6,200 $ 15 Rabbi Trust assets 839 801 38 Total $ 7,054 $ 7,001 $ 53 December 31, 2024 (Dollars in thousands) Aggregate Fair Value Principal Balance/Amortized Cost/Contributions Difference Loans held for sale (1) $ 10,494 $ 10,228 $ 266 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 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. 115 Table of Contents 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: (Dollars in thousands) Years Ended December 31, Changes in fair value included in noninterest income: 2025 2024 2023 Mortgage banking revenue (loans held for sale) (1) $ — $ ( 111 ) $ ( 66 ) Other income: Securities carried at fair value through income 18 4 726 Total fair value option impact on noninterest income $ 18 $ ( 107 ) $ 660 Changes in fair value included in noninterest expense: Rabbi Trust assets $ ( 28 ) $ 6 $ — Deferred compensation liabilities related to Rabbi Trust assets (2) 28 ( 6 ) — Total fair value option impact on noninterest expense $ — $ — $ — ____________________________ (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. The following methodologies were used to measure the fair value of financial assets valued on a recurring basis for which the fair value option was elected: Loans Held for Sale 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. The credit spread was 227 basis points at both December 31, 2025 and 2024. The Company believes the fair value approximates an exit price. Rabbi Trust 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. The Company has elected the fair value option for these investments to align their valuation with the related deferred compensation liabilities. Fair values for the Rabbi Trust investments are valued at the daily closing price as reported by the mutual fund. 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. 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. 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. 116 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Fair Value of Assets Recorded on a Nonrecurring Basis Non-marketable equity securities held in other financial institutions The Company’s non-marketable equity securities held in other financial institutions are within Level 2 of the fair value hierarchy and do not have readily determinable fair values. 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, 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, 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 Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists. Allowable methods for determining the amount of credit loss include estimating the fair value using the fair value of the collateral for collateral-dependent loans and a discounted cash flow methodology for other evaluated loans that are not collateral dependent. If the loan is identified as collateral-dependent, the fair value method of measuring the amount of credit loss is utilized. Evaluating the fair value of the collateral for collateral-dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. If the loan is not collateral-dependent, the discounted cash flow method is utilized, which involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. 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 $ 5.2 million and $ 4.5 million at December 31, 2025 and 2024, respectively. Non-Financial Assets 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. Similarly, real estate-based properties that were formerly operating as bank offices are evaluated at the time the decision is made to sell, and if the fair value, less estimated costs to sell, of the property is less than the Company’s net book value, a write-down is recognized. 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 $ 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. 117 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Fair Values of Financial Instruments Not Recorded at Fair Value The carrying value and estimated fair values of financial instruments not recorded at fair value are as follows: (Dollars in thousands) December 31, 2025 December 31, 2024 Financial assets: Level 1 inputs: Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and cash equivalents $ 424,217 $ 424,217 $ 470,249 $ 470,249 Level 2 inputs: Non-marketable equity securities held in other financial institutions 31,069 31,069 71,643 71,643 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: Securities held to maturity 10,559 9,607 11,095 10,456 LHFI, net 7,574,135 7,459,710 7,482,653 7,209,866 Financial liabilities: Level 2 inputs: Deposits 8,307,247 8,302,897 8,223,120 8,217,564 FHLB advances, repurchase agreements and other borrowings 19,050 18,989 12,460 12,203 Subordinated indebtedness 16,544 16,530 159,943 159,928 Accrued interest payable 3,239 3,239 8,033 8,033 Note 7 — Premises and Equipment Major classifications of premises and equipment are summarized below: December 31, (Dollars in thousands) 2025 2024 Land, buildings and improvements $ 105,603 $ 105,331 Furniture, fixtures and equipment 47,198 48,299 Leasehold improvements 43,226 44,806 Construction in process 5,547 423 Total premises and equipment 201,574 198,859 Accumulated depreciation ( 77,325 ) ( 72,239 ) Premises and equipment, net $ 124,249 $ 126,620 Depreciation expense for premises and equipment totaled $ 10.2 million, $ 8.8 million and $ 8.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. 118 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Note 8 — Leases The Company leases certain real estate, as well as certain equipment, under non-cancelable operating leases that expire at various dates through 2052. The consolidated balance sheets detail and components of the Company’s lease expense were as follows: (Dollars in thousands) December 31, 2025 December 31, 2024 Operating lease right of use assets (included in Accrued interest receivable and other assets) $ 51,883 $ 52,832 Operating lease liabilities (included in Accrued expenses and other liabilities) 55,926 55,999 Finance lease right of use assets (included in Premises and equipment, net) 1,586 1,862 Finance lease liabilities (included in Accrued expenses and other liabilities) 1,661 1,932 Weighted average remaining lease term (years) - operating leases 10.39 11.18 Weighted average discount rate - operating leases 4.29 % 4.21 % Years Ended December 31, (Dollars in thousands) 2025 2024 2023 Lease expense: Operating lease expense $ 8,299 $ 7,916 $ 7,884 Other lease expense 355 356 360 Total lease expense 8,654 8,272 8,244 Sublease income 577 339 231 Net lease expense $ 8,077 $ 7,933 $ 8,013 Right of use assets obtained in exchange for new operating lease liabilities $ 4,549 $ 11,454 $ 20,568 Maturities of operating lease liabilities at December 31, 2025, were as follows: (Dollars in thousands) December 31, 2025 2026 $ 7,925 2027 7,820 2028 7,592 2029 6,574 2030 6,443 Thereafter 34,361 Total lease payments 70,715 Less: Imputed interest 14,789 Total lease obligations $ 55,926 119 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements The Company subleases commercial office spaces to tenants under operating leases. Future lease payments at December 31, 2025, are as follows: (Dollars in thousands) December 31, 2025 2026 $ 607 2027 615 2028 563 2029 455 2030 431 Thereafter 960 Total $ 3,631 Supplemental cash flow related to leases was as follows: Years Ended (Dollars in thousands) December 31, 2025 December 31, 2024 Cash paid for operating leases $ 7,353 $ 7,375 Note 9 — Goodwill and Other Intangible Assets There were zero changes to the carrying amount of goodwill during the years ended December 31, 2025 or 2024. The components of the Company’s goodwill and other intangible assets are as follows: (Dollars in thousands) December 31, 2025 Gross Carrying Amount at Year End Net Carrying Amount at the Beginning of the Year Accumulated Amortization Net Carrying Amount at Year End Goodwill $ 128,679 N/A $ 128,679 Other intangible assets: Core deposit intangibles $ 38,356 $ 21,346 $ ( 21,926 ) $ 16,430 Relationship based intangibles 19,650 10,762 ( 10,265 ) 9,385 Other intangibles 8,568 5,365 ( 1,021 ) 7,547 Total $ 66,574 $ 37,473 $ ( 33,212 ) $ 33,362 December 31, 2024 Goodwill $ 128,679 N/A $ 128,679 Other intangible assets: Core deposit intangibles $ 38,356 $ 27,412 $ ( 17,010 ) $ 21,346 Relationship based intangibles 19,650 12,281 ( 8,888 ) 10,762 Other intangibles 6,068 5,759 ( 703 ) 5,365 Total $ 64,074 $ 45,452 $ ( 26,601 ) $ 37,473 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. 120 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Estimated future amortization expense for intangible assets remaining at December 31, 2025, was as follows: (Dollars in thousands) Years Ended December 31, 2026 $ 5,570 2027 4,689 2028 3,978 2029 3,421 2030 2,997 Thereafter 12,707 Total $ 33,362 Note 10 — Mortgage Banking The following table presents the Company’s revenue from mortgage banking operations: (Dollars in thousands) Years Ended December 31, Mortgage banking revenue 2025 2024 2023 Origination $ 395 $ 528 $ 483 Gain on sale of loans held for sale 3,892 4,928 3,111 Originations of MSR — — 708 Servicing — 744 3,739 Total gross mortgage revenue 4,287 6,200 8,041 MSR asset valuation adjustments, net — 450 ( 4,089 ) Gain on sale of MSR asset — 410 — Mortgage HFS and pipeline fair value adjustment ( 597 ) ( 1 ) ( 53 ) MSR asset hedge impact — ( 479 ) ( 543 ) Mortgage banking revenue $ 3,690 $ 6,580 $ 3,356 Mortgage Servicing Rights Activity in the MSR asset was as follows: Years Ended December 31, (Dollars in thousands) 2025 2024 2023 Balance at beginning of period $ — $ 15,637 $ 20,824 Addition of servicing rights — — 708 Settlement of sale of MSR asset — ( 16,087 ) ( 1,806 ) Valuation adjustment, net of amortization — 450 ( 4,089 ) 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, 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. 121 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Note 11 — Deposits Deposit balances are summarized as follows: December 31, (Dollars in thousands) 2025 2024 Noninterest-bearing demand $ 1,979,875 $ 1,900,651 Money market 3,281,708 2,930,710 Interest bearing demand 1,917,658 2,060,463 Time deposits 829,452 941,000 Brokered deposits (1) — 80,226 Savings 298,554 310,070 Total $ 8,307,247 $ 8,223,120 _____________________ (1) At December 31, 2024, brokered deposits included brokered time deposits and brokered interest-bearing demand of $ 80.0 million and $ 236,000 , 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. Maturities of time deposits, at December 31, 2025, are as follows: (Dollars in thousands) Years Ended December 31, 2026 $ 793,582 2027 18,626 2028 9,659 2029 4,430 2030 3,051 Thereafter 104 Total $ 829,452 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 Borrowed funds are summarized as follows: December 31, (Dollars in thousands) 2025 2024 Long-term FHLB advances $ 5,913 $ 6,198 Overnight repurchase agreements with depositors 13,137 6,262 Total FHLB advances and other borrowings $ 19,050 $ 12,460 Subordinated indebtedness, net $ 16,544 $ 159,943 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. 122 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Long-Term Borrowings Interest rates for FHLB long-term advances outstanding at December 31, 2025 and 2024, ranged from 1.99 % to 4.57 %. These advances are all fixed rate and are subject to restrictions or penalties in the event of prepayment. Scheduled maturities of long-term advances from the FHLB at December 31, 2025, are as follows: (Dollars in thousands) Years Ended December 31, 2026 $ 428 2027 1,149 2028 — 2029 1,307 2030 — Thereafter 3,029 Total $ 5,913 Short-Term Borrowings The Company’s repurchase agreements include the sale and repurchase of investment securities and mature on a daily basis. The total overnight repurchase agreements with depositors carried a daily average interest rate of 1.67 % for the year ended December 31, 2025, and 2.62 % for the year ended December 31, 2024. 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. There were no amounts outstanding on these lines at either date. It is customary for the financial institutions granting the unsecured lines of credit to require a minimum amount of cash be held on deposit at that institution. Amounts required to be held on deposit are typically $ 250,000 or less, and the Company has complied with all compensating balance requirements to allow utilization of these lines of credit. Additionally, at December 31, 2025 and 2024, the Company had the availability to borrow $ 1.25 billion and $ 1.33 billion, respectively, from the discount window at the FRBD, with $ 1.41 billion and $ 1.57 billion in commercial and industrial loans pledged as collateral, respectively. There were no borrowings against this line at December 31, 2025 or 2024. Subordinated Indebtedness 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, 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. The 4.25 % Notes bore interest at a fixed annual rate of 4.25 %, payable semi-annually in arrears, to but excluding February 15, 2025. From and including February 15, 2025, to but excluding the maturity date or early redemption date, the interest rate would equal the three-month LIBOR rate plus 282 basis points, payable quarterly in arrears. On June 30, 2023, in conjunction with the customary fallback provision upon the discontinuation of LIBOR, the rate for the floating rate periods from and including February 15, 2025, on these notes transitioned to the three-month term SOFR plus 308 basis points. Origin Bank elected to redeem the 4.25 % Notes on February 15, 2025, as permitted under the terms of the 4.25 % Notes. 123 Table of Contents 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 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) Issuance Trust Issuance Date Maturity Date Amount Outstanding Rate Type Current Rate Maximum Rate CTB Statutory Trust I 07/2001 07/2031 $ 6,702 Variable (1) 7.40 % 16.00 % First Louisiana Statutory Trust I 09/2006 12/2036 4,124 Variable (2) 5.78 16.00 BT Holdings Trust I 05/2007 09/2037 7,217 Variable (3) 5.64 N/A Par amount $ 18,043 Unamortized original issue discount ( 926 ) Unamortized purchase accounting discount ( 573 ) Total junior subordinated indebtedness at December 31, 2025 $ 16,544 ____________________________ (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. (3) The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.64 %, plus 0.26161 % SOFR spread adjustment, with the last reprice date on December 4, 2025. The balance of the subordinated indebtedness carried on the consolidated balance sheets varies from the outstanding amounts due to the remaining original issue and purchase discount of which was established at the time of issuance or purchase and is being amortized over the remaining life of the securities using the interest method. Note 13 — Derivative Financial Instruments Risk Management Objective of Using Derivatives 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. Cash Flow Hedges of Interest Rate Risk The Company was a party to interest rate swap agreements under which the Company received interest at a variable rate and paid interest at a fixed rate. The derivative instruments represented by these swap agreements were designated as cash flow hedges of the Company’s forecasted variable cash flows under variable-rate term borrowing agreements. During the terms of the swap agreements, the effective portion of changes in the fair value of the derivative instruments were recorded in accumulated other comprehensive (loss) income and subsequently reclassified into earnings in the periods that the hedged forecasted variable-rate interest payments affected earnings. 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 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. 124 Table of Contents 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, 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. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and any offsetting derivatives are recognized directly in earnings as a component of noninterest income. From time to time, the Company shares in credit risk on interest rate swap arrangements, by entering into risk participation agreements with syndication partners. These are accounted for at fair value and disclosed as risk participation derivatives. Mortgage banking derivatives 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. 125 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Fair Values of Derivative Instruments on the Consolidated Balance Sheets 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) Fair Values 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 liabilities $ 43,940 $ — $ ( 514 ) $ — Derivatives not designated as hedging instruments: Interest rate swaps included in other assets $ 438,595 $ 365,042 $ 13,150 $ 15,264 Interest rate swaps included in other liabilities 432,395 358,527 ( 12,975 ) ( 14,959 ) 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 — — Interest rate-lock commitments on residential mortgage loans included in other assets — 11,007 — 331 $ 933,138 $ 767,070 $ 175 $ 636 ____________________________ (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 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 (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 Rate 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 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. 126 Table of Contents 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 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 ) Amount of (loss) gain recognized in other non-interest income ( 130 ) 38 ( 41 ) 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. 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”), 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. The Incentive Plans allow the Company to make grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards (“RSA”), restricted stock units (“RSU”), dividend equivalent rights, performance stock units (“PSU”) or any combination thereof. A maximum of 1,375,000 shares were originally reserved for issuance under the Incentive Plans. The Omnibus Plan, approved in April 2024, allows for the issuance of 675,000 shares, and no future awards may be granted under the 2012 Plan after adoption of the Omnibus Plan. At December 31, 2025, the maximum number of shares of the Company’s common stock available for grant under the Omnibus Plan was 317,943 . Additionally, the Company’s stockholders previously approved an employee stock purchase plan (“ESPP”) which qualified as an ESPP under IRS guidelines. The ESPP provides for the purchase of up to an aggregate 1,000,000 shares of the Company’s common stock by employees. Under the ESPP, employees of the Company, who elect to participate, have the right to purchase a limited number of shares of the Company’s common stock at a 15 % discount from the lower of the market value of the common stock at the beginning or the end of each one year offering period, beginning on June 1st. The ESPP benefit is treated as compensation to the employee, and the compensation expense will be recognized over the service period based on the grant date fair value of the rights determined at the beginning of the purchase period, adjusted for forfeitures and certain modifications. Forfeitures are recognized as they occur. At December 31, 2025, there was $ 202,000 of total unrecognized compensation cost related to estimated ESPP shares for the June 1, 2025 - May 31, 2026 ESPP offering period. These costs are expected to be recognized over a period of 0.4 years. 127 Table of Contents 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: Years Ended December 31, 2025 2024 2023 Expected term (in years) 1.00 1.00 1.00 Dividend yield 1.87 % 2.02 % 1.88 % Risk-free interest rate 4.36 4.94 3.90 Expected volatility 29.94 30.69 31.63 The ESPP shares purchased are as follows for the dates indicated: Years Ended December 31, 2025 2024 2023 ESPP shares purchased 58,568 56,658 46,213 Shares available for issuance under the ESPP 812,472 871,040 927,698 The Compensation Committee (“Committee”) has approved, and the Company has granted PSUs to select officers and employees under the Incentive Plans. Each PSU represents a right for the participant to receive shares of Company common stock or cash equal to the fair market value of such stock, as determined by the Committee. The number of PSUs to which the participant may be entitled will vary from 0 % to 150 % of the target number of PSUs, based on the Company’s achievement of specified performance criteria during the performance period compared to performance benchmarks adopted by the Committee and, further, the participant’s continuous service with the Company through the third anniversary of the date of the grant. Each performance period commences on January 1 and ends three years later on December 31 (“Performance Period”). 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”). In exchange for the One-Time Award, Mr. Mills agreed to a 2-year non-competition covenant, in addition to the standard non-solicitation of customers and employees covenant included in the Company’s form of award agreement. Pursuant to the One-Time Award, the CEO RSUs shall vest in five approximately equal installments on each of the third, fourth, fifth, sixth and seventh anniversaries of the Grant Date, subject to Mr. Mills’ continued employment with the Company on each respective vesting date, or upon the earlier occurrence of Mr. Mills’ death, disability, termination of employment without cause or resignation for good reason. The CEO PSUs shall be eligible to vest based on achievement of five pre-established stock price hurdles (each, a “Stock Price Hurdle”) during a seven-year performance period (the “CEO Performance Period”). Achievement of each Stock Price Hurdle requires substantial and sustained growth in the Company’s stock price, with each Stock Price Hurdle representing a twenty percent ( 20 %) price appreciation over the 20-day average closing price of the Company’s common stock as of the Grant Date (such that 100 % appreciation is required for 100 % of the CEO PSUs to vest). Each Stock Price Hurdle must be maintained for twenty consecutive days during the CEO Performance Period. Each of the five tranches of CEO PSUs will vest on the later of the date that the applicable Stock Price Hurdle is achieved (“Achieved PSUs”) or the third, fourth, fifth, sixth and seventh anniversaries of the Grant Date, respectively, subject to Mr. Mills’ continued employment with the Company on each respective vesting date, or upon the earlier occurrence of Mr. Mills’ death or disability. If Mr. Mills’ employment is terminated without cause or he resigns for good reason, then any Achieved PSUs will become fully vested and unearned CEO PSUs will remain outstanding and eligible to vest based on achievement of the Stock Price Hurdle during the CEO Performance Period. The One-Time Award was granted pursuant to, and subject to the terms and conditions of, the Origin Bancorp, Inc. 2012 Stock Incentive Plan and the Company’s form of RSU agreement and PSU agreement, respectively. 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: 128 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Simulation Inputs Year Ended December 31, 2022 Grant date December 13, 2022 Performance period seven years Stock price $ 36.87 Expected volatility (1) 33.0 % Risk-free rate (2) 3.5 __________________________ (1) The expected volatility was determined based on the historical volatilities of the Company and the specified peer group. (2) The risk-free interest rate for the performance period was derived from the seven-year continuous U.S. Treasury Yield constant maturity curve on the valuation date. Restricted Stock and Performance Stock Grants The Company’s RSAs and RSUs are time-vested awards and are granted to the Company’s Board of Directors, executives and senior management team. The service period in which time-vested awards are earned ranges from one to seven years . Time-vested awards are valued utilizing the fair value of the Company’s stock at the grant date. These awards are recognized on the straight-line method over the requisite service period, with forfeitures recognized as they occur. 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. The PSU share amounts do not reflect potential increases or decreases resulting from the interim performance results until the final performance results are determined at the end of the three-year period. The ROAA Unit Group is based upon the Company’s Performance Period Return on Average Assets performance, as defined in the award agreement, and the ROAE Unit Group is based upon the Company’s Performance Period Return on Average Equity performance, as defined in the award agreement. The PSUs are initially valued utilizing the fair value of the Company’s stock at the grant date, assuming 100 % of the target number of units are achieved. Subsequent valuation of the PSUs is determined using the ratio of the actual Company’s Performance Period ROAA or ROAE to the Company’s targeted Performance Period ROAA or ROAE. The determination of whether and to what extent the performance criteria has been satisfied during the applicable Performance Period shall be made by the Compensation Committee, in its sole and absolute discretion, including disregarding certain nonrecurring, unusual or infrequent items in the ROAA or ROAE calculation as described further in the PSU award agreement. Forfeitures are recognized as they occur. 129 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements The following table summarizes the Company’s award activity: Years Ended December 31, 2025 2024 2023 Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value Nonvested RSAs, January 1, 20,415 $ 33.06 17,629 $ 29.33 27,391 $ 35.37 Granted RSAs 14,760 33.89 20,415 33.06 16,788 28.61 Vested RSAs ( 20,415 ) 33.06 ( 17,629 ) 29.33 ( 26,550 ) 35.11 Forfeited RSAs ( 1,476 ) 33.89 — — — — Nonvested RSAs, December 31, 13,284 33.89 20,415 33.06 17,629 29.33 Nonvested RSUs, January 1, 352,002 $ 35.45 318,168 $ 37.69 270,390 $ 39.63 Granted RSUs 123,363 37.26 119,149 32.01 116,098 35.65 Vested RSUs ( 124,618 ) 36.04 ( 83,889 ) 38.93 ( 55,614 ) 41.98 Forfeited RSUs ( 13,116 ) 33.43 ( 1,426 ) 42.15 ( 12,706 ) 41.59 Nonvested RSUs, December 31, 337,631 35.97 352,002 35.45 318,168 37.69 Nonvested PSUs, January 1, 265,197 $ 32.07 197,842 $ 28.33 157,367 $ 29.06 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. Those costs are expected to be recognized over a weighted-average period of 0.3 , 2.4 and 1.2 years for RSA, RSU and PSU shares, respectively. Share-based compensation cost charged to income for the years ended December 31, 2025, 2024 and 2023, is presented below. There was no stock option expense for any of the periods shown. Years Ended December 31, (Dollars in thousands) 2025 2024 2023 RSA & RSU $ 4,803 $ 4,631 $ 4,321 PSU 2,972 2,043 534 ESPP 488 492 426 Total stock compensation expense $ 8,263 $ 7,166 $ 5,281 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. 130 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements 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. 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: (Dollars in thousands, except per share amounts) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Year Ended December 31, 2025 Outstanding at January 1, 2025 225,834 $ 32.24 3.72 $ 614 Exercised ( 38,682 ) 26.34 — 417 Expired and forfeited ( 2,482 ) 37.41 — — Outstanding and exercisable at December 31, 2025 184,670 33.41 2.97 781 Year Ended December 31, 2024 Outstanding at January 1, 2024 353,473 $ 31.49 4.46 $ 1,670 Exercised ( 73,188 ) 26.50 — 559 Expired and forfeited ( 54,451 ) 35.06 — — Outstanding and exercisable at December 31, 2024 225,834 32.24 3.72 614 Year Ended December 31, 2023 Outstanding at January 1, 2023 504,437 $ 29.46 5.13 $ 3,736 Exercised ( 135,746 ) 23.61 — 1,533 Expired and forfeited ( 15,218 ) 34.48 — — Outstanding and exercisable at December 31, 2023 353,473 31.49 4.46 1,670 Note 15 — Employee Benefit Plans Defined Contribution Retirement Plan The Company maintains the Origin Bancorp, Inc. Employee Retirement Plan (the “Retirement Plan”) that is a defined contribution benefit plan, which allows contributions under section 401(k) of the Internal Revenue Code. The Retirement Plan covers substantially all employees who meet certain other requirements and employment classification criteria. Under the provisions of the Retirement Plan, the Company may make discretionary matching contributions on a percentage, not to exceed 6 % of a participant’s elective deferrals. Any percentage(s) determined by the Company shall apply to all eligible persons for the entire plan year. Historically, the Company has matched 50 % of the first 6 % of eligible compensation deferred by a participant. Eligible compensation includes salaries, wages, overtime and bonuses, and excludes expense reimbursements and fringe benefits. In addition, the Company may make additional discretionary contributions out of current or accumulated net profit. Matching contributions are invested as directed by the participant. The total of the Company’s contributions may not exceed limitations set forth in the Retirement Plan document or the maximum deductible under the Internal Revenue Code. Although it has not expressed any intention to do so, the Company has the right to terminate the Retirement Plan at any time. 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. 131 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Other Benefit Plans The Company has entered into individual Supplemental Executive Retirement Plans (“SERP”) or Executive Supplemental Income Agreements (“ESIA”) with several of its executive officers. Eligibility to participate in a SERP or ESIA is limited to senior officers and determined by the Board. The SERPs and ESIA are unfunded and designed to be a nonqualified deferred compensation retirement plan in compliance with Section 409A of the Internal Revenue Code. 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, 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 $ 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. Pursuant to the DCP, which became effective January 1, 2023, participants may make deferral elections with respect to their base salary, bonus or stock units. The accounting treatment for the DCP differs based upon the type of compensation deferred and therefore, plan assets were bifurcated based upon the deferral of salary/bonus (cash compensation) or stock unit. 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 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. The Company may make discretionary contributions to the DCP, which contributions will be subject to a vesting schedule. Unless otherwise specified by the Company, such Company contributions will have a five-year ratable vesting schedule, subject to acceleration of vesting in the case of a change in control or the participant’s death, disability or retirement. Participants may make individual investment elections that will determine the rate of return on their cash deferral amounts under the DCP. Cash deferrals are only deemed to be invested in the investment options selected. The DCP does not provide any above-market returns or preferential earnings to participants, and, with the exception of Company contributions, the deferrals and their earnings are always 100 % vested. Participants may elect, at the time they make their deferral elections, to receive in-service distributions or separation from service distributions. 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 $ 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. Compensation (benefit) expense associated with the Rabbi Trust obligations is offset by loss (gain) from related securities. The net effect of investment income or loss and related compensation expense or benefit has no impact on our income before income taxes, net income, or cash balances. The LTE-DCP portion of the DCP had an immaterial expense amount recorded for the years ended December 31, 2025, 2024 and 2023. Note 16 — Income Taxes The income tax expense from continuing operations is as follows: (Dollars in thousands) Years Ended December 31, Federal income taxes: 2025 2024 2023 Current $ 22,920 $ 19,920 $ ( 7,181 ) Deferred ( 4,393 ) ( 1,425 ) 27,458 State income taxes: Current 2,044 2,314 1,590 Deferred ( 127 ) ( 42 ) 256 Income tax expense $ 20,444 $ 20,767 $ 22,123 132 Table of Contents 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: Year Ended December 31, 2025 (Dollars in thousands) Amount % Federal statutory income tax $ 20,085 21.00 % Effect of: State and local income taxes, net of federal benefit (1) 1,484 1.55 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 % ____________________________ (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, 2024 2023 (Dollars in thousands) Amount % Amount % Income taxes computed at statutory rate $ 20,424 21.00 % $ 22,244 21.00 % Tax exempt revenue, net of nondeductible interest ( 772 ) ( 0.79 ) ( 1,072 ) ( 1.01 ) Low-income housing tax credits, net of amortization ( 539 ) ( 0.55 ) ( 758 ) ( 0.72 ) Other tax credits, net of add-backs ( 1,063 ) ( 1.09 ) ( 1,218 ) ( 1.15 ) Bank-owned life insurance income ( 196 ) ( 0.20 ) ( 182 ) ( 0.17 ) State income taxes, net of federal benefit 1,791 1.84 1,498 1.41 Stock-based compensation 525 0.54 632 0.60 Nondeductible expense 834 0.86 814 0.77 Other ( 237 ) ( 0.26 ) 165 0.16 Total income tax expense $ 20,767 21.35 % $ 22,123 20.89 % 133 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Significant components of deferred tax assets and liabilities are as follows: (Dollars in thousands) December 31, Deferred tax assets: 2025 2024 Credit loss allowances $ 21,881 $ 20,458 Deferred compensation and share-based compensation 8,369 8,244 Net operating loss carryforwards 1,887 1,699 Other 7 1 Self-funded insurance 593 119 Litigation reserve 613 854 Investments in limited partnerships 3,786 1,307 Other real estate owned 13 137 Lease obligations 55 48 Premium/discount on acquisitions 195 187 Deferred rent obligations 996 819 Gross deferred tax assets 38,395 33,873 Valuation allowance ( 1,803 ) ( 1,587 ) Deferred tax assets net of valuation allowance $ 36,592 $ 32,286 Deferred tax liabilities: Basis difference in premises and equipment $ 5,638 $ 6,864 Intangible assets 4,681 5,597 Deferred Income 5,501 3,302 Other 68 339 Gross deferred tax liabilities 15,888 16,102 Net deferred tax asset $ 20,704 $ 16,184 At December 31, 2025, the Company had $ 1.9 million of Federal gross net operating net loss carryforwards and $ 34.6 million in gross state net operating losses carryforwards. Of these net loss carryforwards, $ 1.9 million in Federal gross net operating loss carryforwards acquired in previous business combinations are expiring between 2026 and 2028, and 99.2 % of the $ 34.6 million in state net operating losses can be carried forward indefinitely with the remaining carryforwards expiring between 2032 and 2034. Due to limitations on the amounts of these losses that can be recognized annually, the Company has determined that it is more likely than not that some of these net operating loss carryforwards will expire unused and has established a $ 1.8 million valuation allowance related to these carryforwards. The Company files a consolidated income tax return in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities in these taxing jurisdictions for the years before 2022. 134 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements Note 17 — Accumulated Other Comprehensive (Loss) Income 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 on AFS Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at January 1, 2023 $ ( 160,700 ) $ 825 $ ( 159,875 ) Net change 39,054 ( 202 ) 38,852 Balance at December 31, 2023 $ ( 121,646 ) $ 623 $ ( 121,023 ) Net change 15,111 ( 117 ) 14,994 Balance at December 31, 2024 $ ( 106,535 ) $ 506 $ ( 106,029 ) Net change 52,109 ( 221 ) 51,888 Balance at December 31, 2025 $ ( 54,426 ) $ 285 $ ( 54,141 ) Note 18 — Capital and Regulatory Matters The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. The Company is subject to the Basel III regulatory capital framework (“Basel III Capital Rules”), which includes a 2.5% capital conservation buffer. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company’s ability to make capital distributions, which include dividend payments, stock repurchases and to pay discretionary bonuses to executive officers. 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, 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. 135 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements 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) December 31, 2025 Actual Minimum Capital Required - Basel III To be Well Capitalized Under Prompt Corrective Action Provisions Common Equity Tier 1 Capital to Risk-Weighted Assets Amount Ratio Amount Ratio Amount Ratio Origin Bancorp, Inc. $ 1,139,627 13.54 % $ 589,364 7.00 % N/A N/A Origin Bank 1,054,279 12.62 584,801 7.00 $ 543,029 6.50 % Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 1,155,628 13.73 715,658 8.50 N/A N/A Origin Bank 1,054,279 12.62 710,115 8.50 668,344 8.00 Total Capital to Risk-Weighted Assets Origin Bancorp, Inc. 1,255,717 14.91 884,171 10.50 N/A N/A Origin Bank 1,154,368 13.82 877,205 10.50 835,433 10.00 Leverage Ratio Origin Bancorp, Inc. 1,155,628 11.86 389,648 4.00 N/A N/A Origin Bank 1,054,279 10.91 386,406 4.00 483,007 5.00 December 31, 2024 Common Equity Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 1,085,860 13.32 570,647 7.00 N/A N/A Origin Bank 1,075,768 13.29 566,620 7.00 526,147 6.50 Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 1,101,766 13.52 692,929 8.50 N/A N/A Origin Bank 1,075,768 13.29 688,038 8.50 647,565 8.00 Total Capital to Risk-Weighted Assets Origin Bancorp, Inc. 1,339,735 16.44 855,670 10.50 N/A N/A Origin Bank 1,239,644 15.31 850,353 10.50 809,860 10.00 Leverage Ratio Origin Bancorp, Inc. 1,101,766 11.08 397,635 4.00 N/A N/A Origin Bank 1,075,768 10.89 395,154 4.00 493,943 5.00 In the ordinary course of business, the Company depends on dividends from the Bank to provide funds for the payment of dividends to stockholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared and paid exceed the Bank’s year-to-date net income combined with the retained net income for the preceding year, which was $ 13.2 million at December 31, 2025. 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. 136 Table of Contents 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. The shares may be repurchased in the open market or in privately negotiated transactions from time to time, depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The stock repurchase program is intended to expire in three years but may be terminated or amended by the Board of Directors at any time. The stock repurchase program does not obligate the Company to purchase any shares at any time. 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 Credit-Related Commitments In the ordinary course of business, the Company enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Company to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Commitments to extend credit include revolving commercial credit lines, non-revolving loan commitments issued mainly to finance the merger and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Company to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Company issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. The table below presents the Company’s commitments to extend credit by commitment expiration date for the dates indicated: (Dollars in thousands) December 31, 2025 Less than One Year One-Three Years Three-Five Years Greater than Five Years Total Commitments to extend credit (1) $ 843,675 $ 762,261 $ 524,071 $ 137,736 $ 2,267,743 Standby letters of credit 214,588 7,530 21,673 — 243,791 Total off-balance sheet commitments $ 1,058,263 $ 769,791 $ 545,744 $ 137,736 $ 2,511,534 December 31, 2024 Commitments to extend credit (1) $ 776,568 $ 612,149 $ 238,791 $ 44,095 $ 1,671,603 Standby letters of credit 169,983 42,609 21,318 350 234,260 Total off-balance sheet commitments $ 946,551 $ 654,758 $ 260,109 $ 44,445 $ 1,905,863 ____________________________ (1) Includes $ 768.4 million and $ 773.1 million of unconditionally cancellable commitments at December 31, 2025 and 2024, respectively. 137 Table of Contents 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. At December 31, 2024, the Company held 37 unfunded letters of credit from the FHLB totaling $ 709.2 million, with expiration dates ranging from January 2, 2025, to September 22, 2027. Management establishes an asset-specific allowance for certain lending-related commitments and computes a formula-based allowance for performing consumer and commercial lending-related commitments. 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 $ 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 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. 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. Currently, management has not identified any other loss contingencies, either individually or in the aggregate, which would have a material adverse effect on the consolidated financial position or liquidity of the Company. Note 20 — Related Party Transactions Loans to executive officers, directors, and their affiliates at December 31, 2025 and 2024, were as follows: (Dollars in thousands) 2025 2024 Balance, beginning of year $ 52,919 $ 71,129 Advances 15,541 17,455 Principal repayments ( 33,670 ) ( 35,665 ) Effect of changes in composition of related parties ( 25,622 ) — Balance, end of year $ 9,168 $ 52,919 Commitments to extend credit $ 30,089 $ 4,123 None of the above loans were considered non-performing or potential problem loans. 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. 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. 138 Table of Contents 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 Financial statements of Origin Bancorp, Inc. (parent company only) are as follows: (Dollars in thousands) December 31, Condensed Balance Sheets 2025 2024 Assets Cash and cash equivalents $ 32,731 $ 47,876 Investment in affiliates/subsidiaries 1,169,596 1,138,466 Other assets 64,020 53,001 Total assets $ 1,266,347 $ 1,239,343 Liabilities and Stockholders’ Equity Subordinated indebtedness, net $ 16,544 $ 90,641 Accrued expenses and other liabilities 3,118 3,457 Total liabilities 19,662 94,098 Stockholders’ Equity Common stock 154,762 155,988 Additional paid‑in capital 533,541 537,366 Retained earnings 612,523 557,920 Accumulated other comprehensive loss ( 54,141 ) ( 106,029 ) Total stockholders’ equity 1,246,685 1,145,245 Total liabilities and stockholders’ equity $ 1,266,347 $ 1,239,343 (Dollars in thousands) Years Ended December 31, Condensed Statements of Income 2025 2024 2023 Income: Dividends from subsidiaries $ 107,050 $ 36,250 $ 53,150 Other 10,296 5,802 10,945 Total income 117,346 42,052 64,095 Expenses: Interest expense 4,746 4,670 7,515 Salaries and employee benefits 6,432 6,125 370 Other 1,337 1,835 1,708 Total expenses 12,515 12,630 9,593 Income before income taxes and equity in undistributed net income of subsidiaries 104,831 29,422 54,502 Income tax benefit (expense) 589 1,436 ( 943 ) Income before equity in undistributed net income of subsidiaries 105,420 30,858 53,559 Excess of (dividends) over earnings from subsidiaries ( 30,223 ) 45,634 30,241 Net income $ 75,197 $ 76,492 $ 83,800 139 Table of Contents ORIGIN BANCORP, INC. Notes to Consolidated Financial Statements (Dollars in thousands) Years Ended December 31, Condensed Statements of Cash Flows 2025 2024 2023 Cash flows from operating activities: Net income $ 75,197 $ 76,492 $ 83,800 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes 1,857 1,229 4,451 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 indebtedness — ( 81 ) ( 471 ) Equity method investment (gain) loss ( 2,415 ) ( 61 ) 61 Other, net 73 ( 1,978 ) ( 4,601 ) Net cash provided by operating activities 98,966 25,003 43,123 Cash flows from investing activities: 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 ) 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: Repayments on short-term borrowings — — ( 30,000 ) Dividends paid ( 18,872 ) ( 18,745 ) ( 18,567 ) Cash received on exercise of stock options 954 1,874 3,140 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 Cash and cash equivalents at end of year $ 32,731 $ 47,876 $ 87,698 140 Table of Contents Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures None.