RUSTON, La., July 27, 2022 (GLOBE NEWSWIRE) -- Origin Bancorp, Inc. (NASDAQ:OBNK) ("Origin" or the "Company"), the holding company for Origin Bank (the "Bank"), today announced net income of $21.3 million, or $0.90 diluted earnings per share for the quarter ended June 30, 2022, compared to $20.7 million, or $0.87 diluted earnings per share, for the quarter ended March 31, 2022, and compared to net income of $27.7 million, or $1.17 diluted earnings per share for the quarter ended June 30, 2021.

"Origin performed extremely well in the second quarter as we saw impressive results in many key financial metrics. I'm extremely pleased with how we delivered for our clients with an annualized loan growth rate of twenty-nine percent while maintaining strong credit discipline," said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. "We have also received all regulatory and shareholder approvals for the BTH partnership and we look forward to our two companies coming together to positively impact our employees, customers, communities and shareholders."

Second Quarter Financial Highlights

The fully tax-equivalent net interest margin ("NIM") was 3.23% for the quarter ended June 30, 2022, reflecting a robust 37 basis point increase from the linked quarter and an 11 basis point increase from the quarter ended June 30, 2021.
Net interest income for the quarter ended June 30, 2022, was $59.5 million, reflecting a $7.0 million, or 13.3%, increase compared to the linked quarter, and a $5.2 million, or 9.6% increase, compared to the quarter ended June 30, 2021.
Total loans held for investment ("LHFI") at June 30, 2022, excluding PPP loans and mortgage warehouse lines of credit, were $5.0 billion, reflecting a strong $336.3 million or 29.0% annualized increase, compared to the linked quarter, and an $834.2 million, or 20.0% increase, compared to June 30, 2021.
Average balances of total securities for the quarter ended June 30, 2022, were $1.87 billion, reflecting a $206.6 million, or 12.4%, increase compared to the linked quarter, and a $838.5 million, or 81.4% increase, compared to the quarter ended June 30, 2021. Total securities were $1.82 billion at June 30, 2022, compared to $1.92 billion at March 31, 2022, and $1.02 billion at June 30, 2021.
Provision for credit losses was a net expense of $3.5 million for the quarter ended June 30, 2022, compared to net benefit of $327,000 and $5.6 million for the linked quarter and the quarter ended June 30, 2021, respectively.
Total nonperforming LHFI to total LHFI was 0.25% at June 30, 2022, compared to 0.41% at March 31, 2022, and 0.57% at June 30, 2021, reflecting a 33.5% and 53.8% decrease in total nonperforming LHFI when compared to the linked quarter and June 30, 2021, respectively. The allowance for loan credit losses to nonperforming LHFI was 448.16% at June 30, 2022, compared to 293.53% and 252.78% at March 31, 2022, and June 30, 2021, respectively.
On February 23, 2022, the Company entered into an agreement and plan of merger with BT Holdings, Inc., ("BTH"), pursuant to which, upon the terms and subject to the conditions set forth in the merger agreement, BTH will merge with and into the Company, with Origin Bancorp, Inc. as the surviving entity in the merger. On June 30, 2022, the Company and BTH issued a joint press release announcing that the shareholders of the Company and BTH had each approved the merger agreement and the transactions contemplated by the merger agreement, including the merger and the merger of BTH Bank, N.A., with and into Origin Bank (the "bank merger"). In addition, the press release announced that the Company had received the requisite regulatory approvals from the Federal Reserve Bank of Dallas, Louisiana Office of Financial Institutions, and Texas Department of Banking for the merger and the bank merger. The proposed merger is expected to close effective August 1, 2022, subject to the satisfaction of customary closing conditions.

Results of Operations for the Three Months Ended June 30, 2022

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended June 30, 2022, was $59.5 million, an increase of $7.0 million, or 13.3%, compared to the linked quarter. The increase was primarily due to increases of $4.2 million, $2.1 million, and $1.6 million in interest earned on real estate loans, investment securities and commercial and industrial loans excluding PPP loans, respectively, offset by a $1.7 million decrease in interest income and fees earned on PPP loans. A $192.0 million increase in average real estate loan balances contributed $1.9 million to the increase in interest income earned on real estate loans, while increases in market interest rates contributed another $2.3 million to the total increase in interest income earned on real estate loans. The increase in interest income earned on investment securities was driven by an increase in market rates, which contributed $1.3 million of the total $2.1 million increase. The increase in interest income earned on commercial and industrial loans, excluding PPP loans, was primarily driven by an increase in market interest rates, which contributed $1.3 million of the total $1.6 million increase. The decrease in interest income and fees earned on PPP loans was mainly due to the decrease in outstanding balances of PPP loans as they continued to be forgiven by the Small Business Administration ("SBA").

The yield earned on interest-earning assets for the quarter ended June 30, 2022, was 3.53%, an increase of 40 basis points compared to the linked quarter and an increase of nine basis points compared to the quarter ended June 30, 2021. The 40 basis point increase was primarily due to the reduction of $468.3 million of interest income on low yielding, interest bearing balances due from banks, and an 18 basis point increase in the yield of LHFI. The rate paid on total deposits for the quarter ended June 30, 2022, was 0.19%, representing a two basis point increase from the linked quarter and a three basis point decrease compared to the quarter ended June 30, 2021.

The fully tax-equivalent net interest margin was 3.23% for the quarter ended June 30, 2022, a 37 basis point increase and an 11 basis point increase from the linked quarter and the quarter ended June 30, 2021, respectively. Excluding PPP loans, the fully tax-equivalent NIM was 3.20%, a 44 basis point increase and a 14 basis point increase from the linked quarter and the quarter ended June 30, 2021, respectively. The increase in fully tax-equivalent NIM, excluding PPP loans, was primarily due to increases in market interest rates, which drove a net increase of $5.0 million in net interest income, as well as a shift in balance sheet composition from lower-yielding interest-bearing balances due from banks and investment securities to higher-yielding loans.

Credit Quality

The table below includes key credit quality information:

	At and for three months ended						$ Change			% Change
(Dollars in thousands)	June 30, 2022			March 31, 2022			Linked Quarter			Linked Quarter
Past due LHFI	$	7,186		$	21,753		$	(14,567	)	(67.0	)%
Allowance for loan credit losses		63,123			62,173			950		1.5
Classified loans		52,115			70,379			(18,264	)	(26.0	)
Total nonperforming LHFI		14,085			21,181			(7,096	)	(33.5	)
Provision for credit losses		3,452			(327	)		3,779		1,155.7
Net charge-offs		1,553			1,754			(201	)	(11.5	)
Credit quality ratios⁽¹⁾:
Allowance for loan credit losses to nonperforming LHFI		448.16	%		293.53	%	N/A			15,463 bp
Allowance for loan credit losses to total LHFI		1.14			1.20		N/A			-6 bp
Allowance for loan credit losses to total LHFI excluding PPP and mortgage warehouse loans		1.25			1.33		N/A			-8 bp
Nonperforming LHFI to LHFI		0.25			0.41		N/A			-16 bp
Net charge-offs to total average LHFI (annualized)		0.12			0.14		N/A			-2 bp

___________________________

⁽¹⁾Please see the Loan Data schedule at the back of this document for additional information.

The Company recorded a credit loss provision of $3.5 million during the quarter ended June 30, 2022, compared to a credit loss provision net benefit of $327,000 recorded during the linked quarter. The increase in credit loss provision is primarily due to a $333.7 million increase in total LHFI during the current quarter, somewhat offset by improved credit quality.

Significantly all credit metrics improved at June 30, 2022, when compared to the linked quarter. Past due loans to total LHFI declined to 0.13% as of June 30, 2022, compared to 0.42% for the linked quarter. The allowance for loan credit losses to nonperforming LHFI increased to 448.16% at June 30, 2022, compared to 293.53% at March 31, 2022, primarily driven by the $7.1 million reduction in the Company's nonperforming LHFI for the quarter. Quarterly net charge-offs decreased to $1.6 million from $1.8 million for the linked quarter, decreasing to 0.12% (annualized) to total average LHFI for the quarter ending June 30, 2022, compared to 0.14% (annualized) for the quarter ending March 31, 2022. Classified loans decreased $18.3 million at June 30, 2022, compared to the linked quarter and represented 0.94% of LHFI, excluding PPP loans, at June 30, 2022, compared to 1.36% at March 31, 2022. As a result of the Company's continued improving credit trends, the allowance for loan credit losses to total LHFI decreased to 1.14% at June 30, 2022, compared to 1.20% at March 31, 2022. While our credit metrics continue to improve, uncertainty remains due to risks related to continued inflation, market interest rate increases, labor pressures, continued global supply-chain disruptions, geopolitical risks, and economic recession concerns.

Noninterest Income

Noninterest income for the quarter ended June 30, 2022, was $14.2 million, a decrease of $1.7 million, or 10.6%, from the linked quarter. The decrease from the linked quarter was primarily driven by decreases of $1.7 million and $763,000 in mortgage banking revenue and insurance commission and fee income, respectively, offset by an increase of $645,000 in limited partnership investment income.

The $1.7 million decrease in mortgage banking revenue was primarily due to a loss on the loan pipeline, net of hedge, in the current quarter, compared to a gain recorded in the linked quarter, causing a decline of $1.2 million in mortgage banking revenue, as well as a $968,000 net decrease due to a change in valuation assumptions for the mortgage servicing rights ("MSR") asset. The loss on the loan pipeline was primarily due to a $21.5 million quarterly decrease in loan pipeline volume. The $763,000 decrease in insurance commission and fee income was primarily driven by seasonality, as there is typically higher insurance revenue in the first quarter of each year. The limited partnership investment income increased $645,000 when compared to the quarter ended March 31, 2022, primarily due to a decrease in the fair value of investments in one of the limited partnership funds during the first quarter of the 2022 year.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2022, was $44.2 million, an increase of $1.4 million compared to the linked quarter. This increase was primarily driven by increases of $831,000 and $603,000 in salaries and employee benefit expenses and office and operations expenses, respectively, offset by a $713,000 decrease in professional fees.

The $831,000 increase in salaries and employee benefit expense was primarily driven by the addition of 19 full time equivalent employees that were hired during the quarter and the full impact of cost of living adjustments and annual raises made on March 1, 2022, which were realized during the quarter ended June 30, 2022, as well as increased incentive accruals due to exceeding performance metrics during the period. The $603,000 increase in office and operations expenses was primarily due to an increase of $290,000 in business development costs. The $713,000 decrease in professional fees was primarily related to the recovery of legal fees related to nonperforming loans. Merger transaction expenses related to the proposed merger were $807,000 and $571,000 for the quarters ended June 30, 2022, and March 31, 2022, respectively.

Income Taxes

The effective tax rate was 18.4% during the quarter ended June 30, 2022, compared to 20.4% during the linked quarter and 19.6% during the quarter ended June 30, 2021. The effective tax rate for the quarter ended June 30, 2022, was lower due to the other comprehensive income loss experienced during the six months ended June 30, 2022, and its cumulative impact on the calculation of state income taxes.

Financial Condition

Loans

Total LHFI increased $333.7 million compared to the linked quarter and $131.8 million compared to June 30, 2021.
Total LHFI, excluding PPP and mortgage warehouse lines of credit, were $5.0 billion at June 30, 2022, reflecting a $336.3 million, or 29.0% annualized increase, compared to the linked quarter, and an $834.2 million, or 20.0% increase, compared to June 30, 2021.
Mortgage warehouse lines of credit totaled $531.9 million at June 30, 2022, an increase of $28.6 million, or 5.7%, compared to the linked quarter, and a decrease of $333.4 million, or 38.5%, compared to June 30, 2021.
Average LHFI increased $186.1 million compared to the linked quarter and decreased $267.0 million compared to the quarter ended June 30, 2021.
Average LHFI, excluding PPP and mortgage warehouse lines of credit, increased $220.7 million compared to the linked quarter and increased $614.1 million compared to the quarter ended June 30, 2021.

Total LHFI at June 30, 2022, were $5.53 billion, reflecting an increase of 6.4% compared to the linked quarter and 2.4% compared to June 30, 2021. The increase in LHFI compared to the linked quarter was primarily driven by increases in real estate loans and commercial and industrial loans, excluding PPP.

Securities

Total securities decreased $102.3 million compared to the linked quarter and increased $792.5 million compared to June 30, 2021. The current quarter decrease in the total securities portfolio was partially due to a $63.6 million decrease in the fair value of the available for sale portfolio. The total securities portfolio effective duration was 4.39 years as of June 30, 2022, compared to 4.29 years as of March 31, 2022.
Average securities increased $206.6 million compared to the linked quarter and increased $838.5 million compared to the quarter ended June 30, 2021.

Total securities at June 30, 2022, were $1.82 billion, decreasing 5.3% compared to the linked quarter and increasing 77.5% compared to the quarter ended June 30, 2021. The increase in security balances compared to June 30, 2021, reflects a shift in balance sheet composition as liquidity surged primarily due to declines in mortgage warehouse lines of credit and PPP loan balances and increases in deposits. This trend has since stabilized with more normalized balances reflected in cash and cash equivalents and mortgage warehouse lines of credit, and with PPP loan balances at near zero levels, at June 30, 2022.

Deposits

Total deposits decreased $464.0 million compared to the linked quarter and increased $274.8 million compared to June 30, 2021, respectively.
Interest-bearing demand deposits declined $349.3 million, or 8.8%, compared to March 31, 2022, and grew $44.0 million, or 1.2%, compared to June 30, 2021.
Noninterest-bearing deposits declined $80.8 million, or 3.5%, compared to March 31, 2022, and grew $353.9 million, or 19.0%, compared to June 30, 2021.

Money market public fund depositors and money market business depositors contributed decreases of $236.1 million and $116.1 million, respectively, to the $349.3 million decrease in interest-bearing demand deposits compared to the linked quarter, while noninterest-bearing business deposit balances contributed $91.7 million to the total $80.8 million decline in noninterest-bearing deposits. Business deposit balances increased $252.0 million, and were primarily responsible for the $274.8 million total increase in deposits when compared to June 30, 2021, balances. In order to manage deposit costs, the Company strategically allowed the attrition of non-relationship, higher-rate deposits during the current period.

For the quarter ended June 30, 2022, average noninterest-bearing deposits as a percentage of total average deposits were 34.9%, compared to 33.0% for the linked quarter and 29.4% for the quarter ended June 30, 2021.

Borrowings

Federal Home Loan Bank ("FHLB") advances and other borrowings were $894.6 million at June 30, 2022, an increase of $589.0 million, or 192.8%, compared to the linked quarter and an increase of $580.5 million, or 184.8%, compared to the quarter ended June 30, 2021.

Average Federal Home Loan Bank ("FHLB") advances and other borrowings for the quarter ended June 30, 2022, increased by $151.6 million or 57.1%, compared to the linked quarter, and by $154.3 million or 58.7%, compared to the quarter ended June 30, 2021. The increase in FHLB advances and other borrowings from both the linked quarter and from the quarter ended June 30, 2021, were driven by an increase in short-term borrowings during the respective periods as a result of liquidity management.

Stockholders' Equity

Stockholders' equity was $646.4 million at June 30, 2022, a decrease of $30.5 million compared to $676.9 million at March 31, 2022, and a decrease of $41.9 million compared to $688.2 million at June 30, 2021. The decrease from the linked quarter was primarily due to an additional $50.1 million in other comprehensive loss, net of tax, offset by net income for the quarter of $21.3 million. The decrease from June 30, 2021, was also primarily driven by other comprehensive loss, net of tax, and partially offset by net income retained during the intervening period.

Book value and tangible book value were impacted by an additional accumulated other comprehensive loss, net of tax, experienced primarily on the Company's available for sale securities portfolio during the six months ended June 30, 2022. The accumulated other comprehensive loss, net of tax, was $116.0 million at June 30, 2022, and $65.9 million at March 31, 2022, compared to an accumulated other comprehensive gain, net of tax, of $18.9 million at June 30, 2021. The accumulated other comprehensive loss did not impact the regulatory capital ratios.

Conference Call

Origin will hold a conference call to discuss its second quarter 2022 results on Thursday, July 28, 2022, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial (888) 437-3179 (U.S. and Canada); and (862) 298-0702 (International), and request to be joined into the Origin Bancorp, Inc. (OBNK) call. A simultaneous audio-only webcast may be accessed via Origin's website at www.origin.bank under the Investor Relations, News & Events, Events & Presentations link or directly by visiting: www.webcaster4.com/Webcast/Page/2864/45885.

If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Origin's website at www.origin.bank, under Investor Relations, News & Events, Events & Presentations.

About Origin Bancorp, Inc.

Origin is a financial holding company headquartered in Ruston, Louisiana. Origin's wholly-owned bank subsidiary, Origin Bank, was founded in 1912. Deeply rooted in Origin's history is a culture committed to providing personalized, relationship banking to its clients and communities. Origin provides a broad range of financial services to businesses, municipalities, high net-worth individuals and retail clients. Origin currently operates 45 banking centers located from Dallas/Fort Worth and Houston, Texas, across North Louisiana, and into Mississippi. For more information, visit www.origin.bank.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin's future financial performance, business and growth strategy, projected plans and objectives, including the Company's loan loss reserves and allowance for credit losses related to the COVID-19 pandemic and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including expectations regarding and efforts to respond to the COVID-19 pandemic and changes to interest rates by the Federal Reserve and the resulting impact on Origin's results of operations, estimated forbearance amounts and expectations regarding the Company's liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin's control. Statements or statistics preceded by, followed by or that otherwise include the words "assumes," "anticipates," "believes," "estimates," "expects," "foresees," "intends," "plans," "projects," and similar expressions or future or conditional verbs such as "could," "may," "might," "should," "will," and "would" and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect Origin's future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: deterioration of Origin's asset quality; factors that can impact the performance of Origin's loan portfolio, including real estate values and liquidity in Origin's primary market areas; the financial health of Origin's commercial borrowers and the success of construction projects that Origin finances; changes in the value of collateral securing Origin's loans; Origin's ability to anticipate interest rate changes and manage interest rate risk, (including the impact of higher interest rates on macroeconomic conditions, and customer and client behavior); the effectiveness of Origin's risk management framework and quantitative models; the risk of widespread inflation; Origin's inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin's common stockholders, repurchase Origin's shares of common stock and satisfy obligations as they become due; business and economic conditions generally and in the financial services industry, nationally and within Origin's primary market areas, including the impact of supply-chain disruptions and labor pressures; changes in Origin's operation or expansion strategy or Origin's ability to prudently manage its growth and execute its strategy; changes in management personnel; Origin's ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; increasing costs as Origin grows deposits; operational risks associated with Origin's business; volatility and direction of market interest rates; increased competition in the financial services industry, particularly from regional and national institutions; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which Origin operates and in which its loans are concentrated; an increase in unemployment levels and slowdowns in economic growth; Origin's level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in Origin's loan portfolio; changes in laws, rules, regulations, interpretations or policies relating to financial institutions, and potential expenses associated with complying with such regulations; periodic changes to the extensive body of accounting rules and best practices; further government intervention in the U.S. financial system; compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities, and tax matters; Origin's ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; changes in the utility of Origin's non-GAAP liquidity measurements and its underlying assumptions or estimates; uncertainty regarding the transition away from the London Interbank Offered Rate ("LIBOR") and the impact of any replacement alternatives such as the Secured Overnight Financing Rate ("SOFR") on Origin's business; possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies and similar organizations; natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities (including the impacts related to or resulting from Russia's military action in Ukraine, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond Origin's control; and system failures, cybersecurity threats or security breaches and the cost of defending against them. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in Origin's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") and any updates to those sections set forth in Origin's subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin's underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Origin does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The risks relating to the proposed BTH merger include, without limitation, the timing to consummate the proposed merger; the risk that a condition to the closing of the proposed merger may not be satisfied; the parties' ability to achieve the synergies and value creation contemplated by the proposed merger; the parties' ability to promptly and effectively integrate the businesses of Origin and BTH, including unexpected transaction costs, the costs of integrating operations, severance, professional fees and other expenses; the diversion of management time on issues related to the merger; the failure to consummate or any delay in consummating the merger for other reasons; changes in laws or regulations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers and employees by competitors; and the difficulties and risks inherent with entering new markets.

New risks and uncertainties arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Furthermore, many of these risks and uncertainties are currently amplified by, may continue to be amplified by or may, in the future, be amplified by the COVID-19 pandemic and the impact of varying governmental responses that affect Origin's customers and the economies where they operate. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin's behalf may issue. Annualized, pro forma, adjusted, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

Contact:

Investor Relations

Chris Reigelman

318-497-3177

chris@origin.bank

Media Contact

Ryan Kilpatrick

318-232-7472

rkilpatrick@origin.bank

Origin Bancorp, Inc.

Selected Quarterly Financial Data

	Three months ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021

Income statement and share amounts	(Dollars in thousands, except per share amounts, unaudited)
Net interest income	$	59,504		$	52,502		$	54,180		$	52,541		$	54,292
Provision for credit losses		3,452			(327	)		(2,647	)		(3,921	)		(5,609	)
Noninterest income		14,216			15,906			16,701			15,923			12,438
Noninterest expense		44,150			42,774			40,346			39,165			37,832
Income before income tax expense		26,118			25,961			33,182			33,220			34,507
Income tax expense		4,807			5,278			4,860			6,242			6,774
Net income	$	21,311		$	20,683		$	28,322		$	26,978		$	27,733
PTPP earnings ⁽¹⁾	$	29,570		$	25,634		$	30,535		$	29,299		$	28,898
Basic earnings per common share		0.90			0.87			1.21			1.15			1.18
Diluted earnings per common share		0.90			0.87			1.20			1.14			1.17
Dividends declared per common share		0.15			0.13			0.13			0.13			0.13
Weighted average common shares outstanding - basic		23,740,611			23,700,550			23,484,056			23,429,705			23,410,693
Weighted average common shares outstanding - diluted		23,788,164			23,770,791			23,609,874			23,613,010			23,604,566

Balance sheet data
Total LHFI	$	5,528,093		$	5,194,406		$	5,231,331		$	5,187,288		$	5,396,306
Total assets		8,111,524			8,112,295			7,861,285			7,470,478			7,268,068
Total deposits		6,303,158			6,767,179			6,570,693			6,158,768			6,028,352
Total stockholders' equity		646,373			676,865			730,211			705,667			688,235

Performance metrics and capital ratios
Yield on LHFI		4.26	%		4.08	%		4.11	%		4.05	%		4.00	%
Yield on interest-earnings assets		3.53			3.13			3.35			3.33			3.44
Cost of interest-bearing deposits		0.29			0.26			0.28			0.30			0.31
Cost of total deposits		0.19			0.17			0.19			0.21			0.22
Net interest margin, fully tax equivalent		3.23			2.86			3.06			3.02			3.12
Net interest margin, excluding PPP loans, fully tax equivalent ⁽²⁾		3.20			2.76			2.92			2.94			3.06
Return on average stockholders' equity (annualized)		12.81			11.61			15.70			15.21			16.54
Return on average assets (annualized)		1.08			1.04			1.49			1.43			1.49
PTPP return on average stockholders' equity (annualized) ⁽¹⁾		17.77			14.39			16.93			16.52			17.23
PTPP return on average assets (annualized) ⁽¹⁾		1.49			1.29			1.60			1.56			1.55
Book value per common share⁽³⁾	$	27.15		$	28.50		$	30.75		$	30.03		$	29.28
Tangible book value per common share⁽¹⁾⁽³⁾		25.05			26.37			28.59			28.76			28.01
Efficiency ratio ⁽⁴⁾		59.89			62.53			56.92			57.21			56.69
Adjusted efficiency ratio ⁽¹⁾		55.35			59.93			52.55			53.03			51.50
Common equity tier 1 to risk-weighted assets ⁽⁵⁾		10.78	%		11.20	%		11.20	%		11.27	%		11.03	%
Tier 1 capital to risk-weighted assets ⁽⁵⁾		10.93			11.35			11.36			11.42			11.19
Total capital to risk-weighted assets ⁽⁵⁾		14.05			14.64			14.77			14.95			14.85
Tier 1 leverage ratio ⁽⁵⁾		9.09			8.84			9.20			9.20			8.87

__________________________

⁽¹⁾PTPP earnings, PTPP return on average stockholders' equity, PTPP return on average assets, adjusted efficiency ratio, and tangible book value per common share are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their comparable GAAP measures, please see the last two pages of this release.

⁽²⁾Net interest margin, excluding PPP loans, fully tax-equivalent, is calculated by removing average PPP loans from average interest-earning assets and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.

⁽³⁾A decline of $121.7 million in accumulated other comprehensive loss during the YTD period ended June 30, 2022, negatively impacted total stockholders' equity and book value and tangible common equity and caused book value per common share and tangible book value per common share to decline by $5.11 primarily due to the steepening of the short end of the yield curve that occurred during 2022 and its impact on our investment portfolio, however, it did not impact regulatory capital.

⁽⁴⁾Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.

⁽⁵⁾June 30, 2022, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.

Origin Bancorp, Inc.

Selected Year-to-Date Financial Data

	Six Months Ended June 30,
(Dollars in thousands, except per share amounts)		2022			2021
Income statement and share amounts	(Unaudited)
Net interest income	$	112,006		$	109,531
Provision for credit losses		3,125			(4,197	)
Noninterest income		30,122			29,569
Noninterest expense		86,924			77,268
Income before income tax expense		52,079			66,029
Income tax expense		10,085			12,783
Net income	$	41,994		$	53,246
PTPP earnings ⁽¹⁾	$	55,204		$	61,832
Basic earnings per common share ⁽²⁾		1.77			2.28
Diluted earnings per common share⁽²⁾		1.77			2.26
Dividends declared per common share		0.28			0.23
Weighted average common shares outstanding - basic		23,720,874			23,402,073
Weighted average common shares outstanding - diluted		23,780,939			23,597,291

Performance metrics
Yield on LHFI		4.17	%		4.02	%
Yield on interest-earning assets		3.33			3.51
Cost of interest-bearing deposits		0.27			0.34
Cost of total deposits		0.18			0.24
Net interest margin, fully tax equivalent		3.04			3.17
Net interest margin, excluding PPP loans, fully tax equivalent ⁽³⁾		2.98			3.10
Return on average stockholders' equity (annualized)		12.19			16.14
Return on average assets (annualized)		1.06			1.45
PTPP return on average stockholders' equity (annualized)⁽¹⁾		16.02			18.74
PTPP return on average assets (annualized) ⁽¹⁾		1.39			1.68
Efficiency ratio ⁽⁴⁾		61.16			55.55
Adjusted efficiency ratio ⁽¹⁾		57.50			51.28

____________________________

⁽¹⁾PTPP earnings, PTPP return on average stockholders' equity, PTPP return on average assets, and adjusted efficiency ratio are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their comparable GAAP measures, please see the last two pages.

⁽²⁾Due to the combined impact of the repurchase of common stock on the quarterly average common shares outstanding calculation compared to the impact of the repurchase of common stock shares on the year-to-date average common outstanding calculation, and the effect of rounding, the sum of the quarterly earnings per common share may not equal the year-to-date earnings per common share amount.

⁽³⁾Net interest margin, excluding PPP loans, fully tax-equivalent is calculated by removing average PPP loans from average interest-earning assets, and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.

⁽⁴⁾Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.

Origin Bancorp, Inc.

Consolidated Quarterly Statements of Income

	Three months ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021

Interest and dividend income	(Dollars in thousands, except per share amounts, unaudited)
Interest and fees on loans	$	55,986		$	51,183		$	53,260		$	53,182		$	55,529
Investment securities-taxable		7,116			5,113			4,691			3,449			3,115
Investment securities-nontaxable		1,493			1,400			1,493			1,582			1,590
Interest and dividend income on assets held in other financial institutions		1,193			587			686			538			414
Total interest and dividend income		65,788			58,283			60,130			58,751			60,648
Interest expense
Interest-bearing deposits		3,069			2,886			2,957			3,255			3,417
FHLB advances and other borrowings		1,392			1,094			1,161			1,118			1,106
Subordinated debentures		1,823			1,801			1,832			1,837			1,833
Total interest expense		6,284			5,781			5,950			6,210			6,356
Net interest income		59,504			52,502			54,180			52,541			54,292
Provision for credit losses		3,452			(327	)		(2,647	)		(3,921	)		(5,609	)
Net interest income after provision for credit losses		56,052			52,829			56,827			56,462			59,901
Noninterest income
Service charges and fees		4,274			3,998			3,994			3,973			3,739
Insurance commission and fee income		5,693			6,456			2,826			3,451			3,050
Mortgage banking revenue		2,354			4,096			2,857			2,728			2,765
Other fee income		638			598			702			783			623
Gain on sales of securities, net		—			—			75			—			5
Loss on sales and disposals of other assets, net		(279	)		—			(97	)		(8	)		(42	)
Limited partnership investment income (loss)		282			(363	)		50			3,078			801
Swap fee income (loss)		1			139			(285	)		727			24
Change in fair value of equity investments		—			—			—			19			—
Other income		1,253			982			6,579			1,172			1,473
Total noninterest income		14,216			15,906			16,701			15,923			12,438
Noninterest expense
Salaries and employee benefits		27,319			26,488			24,718			23,629			22,354
Occupancy and equipment, net		4,514			4,427			4,306			4,353			4,349
Data processing		2,641			2,486			2,302			2,329			2,313
Office and operations		2,163			1,560			1,849			1,598			1,498
Loan related expenses		1,517			1,305			1,880			1,949			2,154
Professional services		918			1,631			923			912			836
Electronic banking		896			917			616			997			989
Advertising and marketing		859			871			1,147			863			748
Franchise tax expense		838			770			692			598			629
Regulatory assessments		802			626			526			664			544
Intangible asset amortization		525			537			194			194			222
Communications		252			281			286			359			514
Other expenses		906			875			907			720			682
Total noninterest expense		44,150			42,774			40,346			39,165			37,832
Income before income tax expense		26,118			25,961			33,182			33,220			34,507
Income tax expense		4,807			5,278			4,860			6,242			6,774
Net income	$	21,311		$	20,683		$	28,322		$	26,978		$	27,733
Basic earnings per common share	$	0.90		$	0.87		$	1.21		$	1.15		$	1.18
Diluted earnings per common share		0.90			0.87			1.20			1.14			1.17

Origin Bancorp, Inc.

Consolidated Balance Sheets

(Dollars in thousands)	June 30, 2022			March 31, 2022			December 31, 2021		September 30, 2021		June 30, 2021
Assets	(Unaudited)			(Unaudited)					(Unaudited)		(Unaudited)
Cash and due from banks	$	123,499		$	129,825		$	133,334	$	124,515	$	155,311
Interest-bearing deposits in banks		200,421			454,619			572,284		227,450		289,421
Total cash and cash equivalents		323,920			584,444			705,618		351,965		444,732
Securities:
Available for sale		1,804,370			1,905,687			1,504,728		1,486,543		973,948
Held to maturity, net of allowance for credit losses		4,288			4,831			22,767		37,702		37,835
Securities carried at fair value through income		6,630			7,058			7,497		10,876		10,973
Total securities		1,815,288			1,917,576			1,534,992		1,535,121		1,022,756
Non-marketable equity securities held in other financial institutions		76,822			45,242			45,192		45,144		41,468
Loans held for sale		62,493			80,295			80,387		109,956		124,710
Loans		5,528,093			5,194,406			5,231,331		5,187,288		5,396,306
Less: allowance for loan credit losses		63,123			62,173			64,586		69,947		77,104
Loans, net of allowance for loan credit losses		5,464,970			5,132,233			5,166,745		5,117,341		5,319,202
Premises and equipment, net		81,950			80,421			80,691		80,740		80,133
Mortgage servicing rights		22,127			21,187			16,220		16,000		16,081
Cash surrender value of bank-owned life insurance		38,742			38,547			38,352		38,162		37,959
Goodwill and other intangible assets, net		50,053			50,578			51,330		29,830		30,024
Accrued interest receivable and other assets		175,159			161,772			141,758		146,219		151,003
Total assets	$	8,111,524		$	8,112,295		$	7,861,285	$	7,470,478	$	7,268,068
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	2,214,919		$	2,295,682		$	2,163,507	$	1,980,107	$	1,861,016
Interest-bearing deposits		3,598,417			3,947,714			3,864,058		3,600,654		3,554,427
Time deposits		489,822			523,783			543,128		578,007		612,909
Total deposits		6,303,158			6,767,179			6,570,693		6,158,768		6,028,352
FHLB advances and other borrowings		894,581			305,560			309,801		309,152		314,123
Subordinated debentures		157,540			157,478			157,417		157,357		157,298
Accrued expenses and other liabilities		109,872			205,213			93,163		139,534		80,060
Total liabilities		7,465,151			7,435,430			7,131,074		6,764,811		6,579,833
Stockholders' equity:
Common stock		119,038			118,744			118,733		117,480		117,511
Additional paid-in capital		244,368			242,789			242,114		237,928		237,338
Retained earnings		398,946			381,222			363,635		338,387		314,472
Accumulated other comprehensive (loss) income		(115,979	)		(65,890	)		5,729		11,872		18,914
Total stockholders' equity		646,373			676,865			730,211		705,667		688,235
Total liabilities and stockholders' equity	$	8,111,524		$	8,112,295		$	7,861,285	$	7,470,478	$	7,268,068

Origin Bancorp, Inc.

Loan Data

	At and for the three months ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021

LHFI	(Dollars in thousands, unaudited)
Commercial real estate	$	1,909,054		$	1,801,382		$	1,693,512		$	1,590,519		$	1,480,536
Construction/land/land development		635,556			593,350			530,083			518,920			497,170
Residential real estate		1,005,623			922,054			909,739			913,411			966,301
Total real estate loans		3,550,233			3,316,786			3,133,334			3,022,850			2,944,007
PPP		901			32,154			105,761			216,957			369,910
Commercial and industrial		1,429,338			1,326,443			1,348,474			1,218,246			1,200,881
Mortgage warehouse lines of credit		531,888			503,249			627,078			713,339			865,255
Consumer		15,733			15,774			16,684			15,896			16,253
Total LHFI		5,528,093			5,194,406			5,231,331			5,187,288			5,396,306
Less: allowance for loan credit losses		63,123			62,173			64,586			69,947			77,104
LHFI, net	$	5,464,970		$	5,132,233		$	5,166,745		$	5,117,341		$	5,319,202

Nonperforming assets
Nonperforming LHFI
Commercial real estate	$	224		$	233		$	512		$	672		$	1,544
Construction/land/land development		373			256			338			592			621
Residential real estate		7,478			11,609			11,647			9,377			10,571
Commercial and industrial		5,930			8,987			12,306			13,873			17,723
Consumer		80			96			100			41			43
Total nonperforming LHFI		14,085			21,181			24,903			24,555			30,502
Nonperforming loans held for sale		2,461			2,698			1,754			2,074			1,606
Total nonperforming loans		16,546			23,879			26,657			26,629			32,108
Repossessed assets		2,009			1,703			1,860			4,574			4,723
Total nonperforming assets	$	18,555		$	25,582		$	28,517		$	31,203		$	36,831
Classified assets	$	54,124		$	72,082		$	71,232		$	80,165		$	88,150
Past due LHFI⁽¹⁾		7,186			21,753			25,615			25,954			30,446

Allowance for loan credit losses
Balance at beginning of period	$	62,173		$	64,586		$	69,947		$	77,104		$	85,136
Provision for loan credit losses		2,503			(659	)		(2,668	)		(4,266	)		(5,224	)
Loans charged off		2,192			2,402			3,162			3,035			3,010
Loan recoveries		639			648			469			144			202
Net charge-offs		1,553			1,754			2,693			2,891			2,808
Balance at end of period	$	63,123		$	62,173		$	64,586		$	69,947		$	77,104

Credit quality ratios	(Dollars in thousands, unaudited)
Total nonperforming assets to total assets		0.23	%		0.32	%		0.36	%		0.42	%		0.51	%
Total nonperforming loans to total loans		0.30			0.45			0.50			0.50			0.58
Nonperforming LHFI to LHFI		0.25			0.41			0.48			0.47			0.57
Past due LHFI to LHFI		0.13			0.42			0.49			0.50			0.56
Allowance for loan credit losses to nonperforming LHFI		448.16			293.53			259.35			284.86			252.78
Allowance for loan credit losses to total LHFI		1.14			1.20			1.23			1.35			1.43
Allowance for loan credit losses to total LHFI excluding PPP and warehouse loans ⁽²⁾		1.25			1.33			1.43			1.63			1.84
Net charge-offs to total average LHFI (annualized)		0.12			0.14			0.21			0.22			0.20
Net charge-offs to total average LHFI (annualized), excluding PPP loans		0.12			0.14			0.22			0.24			0.23

____________________________

⁽¹⁾Past due LHFI are defined as loans 30 days or more past due. There were $266,000 of past due PPP loans at September 30, 2021, that are fully guaranteed by the SBA. There were no past due PPP loans at quarter end for the remaining periods disclosed within this release.

⁽²⁾The allowance for loan credit losses ("ACL") to total LHFI excluding PPP and warehouse loans is calculated by excluding the ACL for warehouse loans from the numerator and excluding the PPP and warehouse loans from the denominator. Due to their low-risk profile, mortgage warehouse loans require a disproportionately low allocation of the allowance for loan credit losses.

Origin Bancorp, Inc.

Average Balances and Yields/Rates

	Three months ended
	June 30, 2022				March 31, 2022				June 30, 2021
	Average Balance		Yield/Rate		Average Balance		Yield/Rate		Average Balance		Yield/Rate

Assets	(Dollars in thousands, unaudited)
Commercial real estate	$	1,828,700	4.17	%	$	1,718,259	4.02	%	$	1,465,799	4.12	%
Construction/land/land development		587,872	4.52			565,347	4.21			516,794	4.18
Residential real estate		966,363	4.30			907,320	3.98			929,332	4.11
PPP		14,807	19.47			70,442	13.83			521,551	4.27
Commercial and industrial, excluding PPP		1,383,995	4.09			1,354,794	3.76			1,240,252	3.80
Mortgage warehouse lines of credit		444,851	4.10			423,795	3.73			819,233	3.63
Consumer		15,979	6.03			16,462	5.78			16,632	5.83
LHFI		5,242,567	4.26			5,056,419	4.08			5,509,593	4.00
Loans held for sale		37,678	3.69			32,710	3.27			68,797	3.51
Loans receivable		5,280,245	4.25			5,089,129	4.08			5,578,390	3.99
Investment securities-taxable		1,610,400	1.77			1,408,109	1.47			749,538	1.67
Investment securities-nontaxable		258,178	2.32			253,875	2.24			280,504	2.27
Non-marketable equity securities held in other financial institutions		51,052	4.79			45,205	1.93			46,898	2.12
Interest-bearing balances due from banks		277,800	0.84			746,057	0.20			417,782	0.16
Total interest-earning assets		7,477,675	3.53			7,542,375	3.13			7,073,112	3.44
Noninterest-earning assets⁽¹⁾		467,045				502,871				401,839
Total assets	$	7,944,720			$	8,045,246			$	7,474,951

Liabilities and Stockholders' Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	3,767,275	0.26	%	$	3,975,395	0.22	%	$	3,774,529	0.23	%
Time deposits		503,325	0.49			535,044	0.54			631,654	0.78
Total interest-bearing deposits		4,270,600	0.29			4,510,439	0.26			4,406,183	0.31
FHLB advances and other borrowings		417,121	1.34			265,472	1.67			262,806	1.69
Subordinated debentures		157,517	4.64			157,455	4.64			157,276	4.67
Total interest-bearing liabilities		4,845,238	0.52			4,933,366	0.48			4,826,265	0.53
Noninterest-bearing liabilities
Noninterest-bearing deposits		2,288,732				2,218,092				1,837,823
Other liabilities⁽¹⁾		143,427				171,284				138,165
Total liabilities		7,277,397				7,322,742				6,802,253
Stockholders' Equity		667,323				722,504				672,698
Total liabilities and stockholders' equity	$	7,944,720			$	8,045,246			$	7,474,951
Net interest spread			3.01	%			2.65	%			2.91	%
Net interest margin			3.19				2.82				3.08
Net interest margin - (tax-equivalent)⁽²⁾			3.23				2.86				3.12
Net interest margin excluding PPP loans - (tax-equivalent)⁽³⁾			3.20				2.76				3.06

____________________________

⁽¹⁾Includes Government National Mortgage Association ("GNMA") repurchase average balances of $35.8 million, $43.8 million, and $60.3 million for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively. The GNMA repurchase asset and liability are recorded as equal offsetting amounts in the consolidated balance sheets, with the asset included in Loans held for sale and the liability included in FHLB advances and other borrowings.

⁽²⁾In order to present pre-tax income and resulting yields on tax-exempt investments comparable to those on taxable investments, a tax-equivalent adjustment has been computed. This adjustment also includes income tax credits received on Qualified School Construction Bonds.

⁽³⁾Net interest margin, excluding PPP loans, fully tax-equivalent, is calculated by removing average PPP loans from average interest-earning assets and removing the associated interest income (net of 35 basis points assumed cost of funds on average PPP loan balances) from net interest income.

Origin Bancorp, Inc.

Non-GAAP Financial Measures

	At and for the three months ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021

Calculation of PTPP Earnings:	(Dollars in thousands, except per share amounts, unaudited)
Net Income	$	21,311		$	20,683		$	28,322		$	26,978		$	27,733
Plus: provision for credit losses		3,452			(327	)		(2,647	)		(3,921	)		(5,609	)
Plus: income tax expense		4,807			5,278			4,860			6,242			6,774
PTPP Earnings	$	29,570		$	25,634		$	30,535		$	29,299		$	28,898

Calculation of PTPP ROAA and PTPP ROAE:
PTPP Earnings	$	29,570		$	25,634		$	30,535		$	29,299		$	28,898
Divided by number of days in the quarter		91			90			92			92			91
Multiplied by the number of days in the year		365			365			365			365			365
Annualized PTPP Earnings	$	118,605		$	103,960		$	121,144		$	116,241		$	115,910

Divided by total average assets	$	7,944,720		$	8,045,246		$	7,559,570		$	7,464,813		$	7,474,951
PTPP ROAA (annualized)		1.49	%		1.29	%		1.60	%		1.56	%		1.55	%

Divided by total average stockholder's equity	$	667,323		$	722,504		$	715,614		$	703,605		$	672,698
PTPP ROAE (annualized)		17.77	%		14.39	%		16.93	%		16.52	%		17.23	%

Calculation of Adjusted Efficiency Ratio:
Net Interest Income	$	59,504		$	52,502		$	54,180		$	52,541		$	54,292
Less: Insurance and Mortgage Net Interest Income		1,082			875			946			1,048			979
Total Noninterest Income		14,216			15,906			16,701			15,923			12,438
Less: Insurance and Mortgage Noninterest Income		8,047			10,552			5,683			6,179			5,815
Adjusted Total Revenue		64,591			56,981			64,252			61,237			59,936
Total Noninterest Expense		44,150			42,774			40,346			39,165			37,832
Less: Insurance and Mortgage Noninterest Expense		8,397			8,626			6,580			6,688			6,964
Adjusted Total Noninterest Expense		35,753			34,148			33,766			32,477			30,868
Adjusted Efficiency Ratio		55.35	%		59.93	%		52.55	%		53.03	%		51.50	%

Calculation of Tangible Common Equity:
Total common stockholders' equity	$	646,373		$	676,865		$	730,211		$	705,667		$	688,235
Less: goodwill and other intangible assets, net		50,053			50,578			51,330			29,830			30,024
Tangible Common Equity	$	596,320		$	626,287		$	678,881		$	675,837		$	658,211

Calculation of Tangible Book Value per Common Share:
Divided by common shares outstanding at the end of the period		23,807,677			23,748,748			23,746,502			23,496,058			23,502,215
Tangible Book Value per Common Share	$	25.05		$	26.37		$	28.59		$	28.76		$	28.01

Origin Bancorp, Inc.

Non-GAAP Financial Measures

	Six Months Ended June 30,
(Dollars in thousands, except per share amounts, unaudited)		2022			2021
Calculation of PTPP Earnings:	(Unaudited)
Net Income	$	41,994		$	53,246
Plus: provision for credit losses		3,125			(4,197	)
Plus: income tax expense		10,085			12,783
PTPP Earnings	$	55,204		$	61,832

Calculation of PTPP ROAA and PTPP ROAE:
PTPP Earnings	$	55,204		$	61,832
Divided by number of days in this period		181			181
Multiplied by the number of days in the year		365			365
Annualized PTPP Earnings	$	111,323		$	124,689

Divided by total average assets	$	7,994,705		$	7,428,978
PTPP ROAA		1.39	%		1.68	%

Divided by total average stockholder's equity	$	694,761		$	665,322
PTPP ROAE		16.02	%		18.74	%

Calculation of Adjusted Efficiency Ratio:
Net Interest Income	$	112,006		$	109,531
Less: Insurance and Mortgage Net Interest Income		1,957			1,982
Noninterest Income		30,122			29,569
Less: Insurance and Mortgage Noninterest Income		18,599			14,163
Adjusted Total Revenue	$	121,572		$	122,955
Total Noninterest Expense	$	86,924		$	77,268
Less: Insurance and Mortgage Noninterest Expense		17,023			14,216
Adjusted Total Expense	$	69,901		$	63,052
Adjusted Efficiency Ratio		57.50	%		51.28	%

Origin Bancorp, Inc. Reports Earnings for Second Quarter 2022