Origin Bancorp - 10-Q quarterly report FY

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to __________

Commission file number 001-38487

Origin Bancorp, Inc.

(Exact name of registrant as specified in its charter)


Louisiana						72-1192928
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

500 South Service Road East

Ruston, Louisiana 71270

(318) 255-2222

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Exchange on which registered
Common Stock, par value $5.00 per share	OBK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 30,904,093 shares of Common Stock, par value $5.00 per share, were issued and outstanding at April 30, 2026.

ORIGIN BANCORP, INC.

FORM 10-Q

MARCH 31, 2026

INDEX


			Page
PART I - FINANCIAL INFORMATION			6

Item 1. Financial Statements (Unaudited):			6

Consolidated Balance Sheets March 31, 2026 (unaudited), and December 31, 2025			6
Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited)			7
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)			8
Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)			9
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)			10
Condensed Notes to Consolidated Financial Statements			12

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			44

Item 3. Quantitative and Qualitative Disclosures about Market Risk			62

Item 4. Controls and Procedures			64

Part II - OTHER INFORMATION			65

Item 1. Legal Proceedings			65

Item 1A. Risk Factors			65

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities			65

Item 3. Defaults Upon Senior Securities			65

Item 4. Mine Safety Disclosures			65

Item 5. Other Information			65

Item 6. Exhibits			66

SIGNATURE PAGE			67

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “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,” or variations or negatives of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in our forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

•economic uncertainty or a deterioration in economic conditions or slowdowns in economic growth in the United States generally, and particularly in the market areas in which we operate and in which our loans are concentrated, including the impact of tariffs, declines in home sale volumes and financial stress on borrowers (consumers and businesses) as a result of fluctuating interest rates or an uncertain economic environment;

•risks relating to technological change, including the Bank’s and its competitors’ adoption of new technology such as artificial intelligence as well as consumer demands relating to new technologies;

•adverse developments in the banking industry highlighted by high-profile bank failures and the impact of such developments on customer confidence, liquidity, and regulatory responses to these developments (including increases in the cost of our deposit insurance assessments and increased regulatory scrutiny), our ability to effectively manage our liquidity risk and any growth plans and the availability of capital and funding;

•our ability to comply with applicable capital and liquidity requirements, including our ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets;

•fluctuating and/or volatile interest rates, capital markets and the impact of inflation on our business, financial results, financial projections, models and guidance, as well as the impact on our customers (including the velocity and levels of deposit withdrawals and loan repayments);

•changes in the interest rate environment may reduce interest margins;

•prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions may vary substantially from period to period;

•global business and economic conditions and in the financial services industry, nationally and within our local market areas;

•an increase in unemployment levels, slowdowns in economic growth and threats of recession;

•customer income, creditworthiness and confidence, spending and savings that may affect customer bankruptcies, defaults, charge-offs and deposit activity;

•the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in our loan portfolio;

•the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs;

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•factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance, including any loans acquired in merger/acquisition transactions;

•changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans;

•natural disasters and adverse weather events (including hurricanes), acts of terrorism, an outbreak of hostilities, (including the impacts related to or resulting from Russia’s military action in Ukraine, and the continued unrest in the Middle East, 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 our control;

•system failures, cybersecurity threats and/or security breaches and the cost of defending against them and any reputational or other financial risks following such a cybersecurity incident;

•the failure to maintain an effective system of controls and procedures, including internal control over financial and non-financial reporting;

•deterioration of our asset quality;

•risks associated with widespread inflation or deflation;

•the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition or merger targets and successfully acquire and integrate desirable financial institutions;

•changes in the value of collateral securing our loans;

•our ability to anticipate interest rate changes and manage interest rate risk;

•the effectiveness of our risk management framework and quantitative models;

•the impact of fraud or misconduct by internal or external parties which we may not be able to prevent, detect or mitigate;

•our inability to receive dividends from our bank subsidiary and to service debt, pay dividends to our common stockholders, repurchase our shares of common stock and satisfy obligations as they become due;

•changes in our operation or expansion strategy or our ability to prudently manage our growth and execute our strategy;

•changes in management personnel;

•our ability to maintain important deposit customer relationships, our reputation or otherwise avoid liquidity risks;

•increasing costs as we grow and compete for deposits;

•operational risks associated with our business;

•increased competition in the financial services industry, particularly from regional and national institutions, as well as fintech companies, may accelerate due to the current economic environment;

•our level of nonperforming assets and the costs associated with resolving any problem loans, including litigation and other costs;

•potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings or enforcement actions;

•risks related to sustainability strategies and initiatives, the scope and pace of which could alter our reputation and shareholder, associate, customer and third-party affiliations;

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•changes in the utility of our non-GAAP measurements and their underlying assumptions or estimates;

•changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, as well as tax, trade, monetary and fiscal matters;

•periodic changes to the extensive body of accounting rules and best practices, may change the treatment and recognition of critical financial line items and affect our profitability;

•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 (the “Dodd-Frank Act”) and others relating to banking, consumer protection, securities and tax matters;

•a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget;

•the risk that the regulatory environment may not be conducive to, or may prohibit the consummation of, future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and the potential to reduce anticipated benefits from such mergers or combinations; and

•our ability to manage the risks involved in the foregoing.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. In addition, as a result of these and other factors, our past financial performance should not be relied upon as an indication of future performance. 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 we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties emerge from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our 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.

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ORIGIN BANCORP, INC.

Consolidated Balance Sheets

(Dollars in thousands, except per share amounts)


	March 31, 2026		December 31, 2025
Assets	(Unaudited)
Cash and due from banks	$	90,641	$	73,122
Interest-earning deposits in banks	575,562		351,095
Total cash and cash equivalents	666,203		424,217
Securities:
Available for sale	1,151,402		1,117,176
Held to maturity, net of allowance for credit losses of $40 and $41 at March 31, 2026, and December 31, 2025, respectively (fair value of $9,016 and $9,607 at March 31, 2026, and December 31, 2025, respectively)	10,557		10,559
Securities carried at fair value through income	6,197		6,215
Total securities	1,168,156		1,133,950
Non-marketable equity securities held in other financial institutions	31,193		31,069
Equity method investments	66,091		67,502
Loans held for sale	2,935		1,032
Loans, net of allowance for credit losses of $99,015 and $96,782 at March 31, 2026, and December 31, 2025, respectively	7,765,206		7,574,135
Premises and equipment, net	126,916		124,249
Cash surrender value of bank-owned life insurance	41,968		41,726
Goodwill	128,679		128,679
Other intangible assets, net	31,877		33,362
Accrued interest receivable and other assets	158,920		164,801
Total assets	$	10,188,144	$	9,724,722
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	2,062,982	$	1,979,875
Interest-bearing deposits	5,895,932		5,497,920
Time deposits	797,354		829,452
Total deposits	8,756,268		8,307,247
Federal Home Loan Bank (“FHLB”) advances, repurchase agreements and other borrowings	12,609		19,050
Subordinated indebtedness, net	16,569		16,544
Accrued expenses and other liabilities	142,423		135,196
Total liabilities	8,927,869		8,478,037

Stockholders’ equity:

Common stock ($5.00 par value; 50,000,000 shares authorized; 30,879,462 and 30,952,428 shares issued at March 31, 2026, and December 31, 2025, respectively)	154,397		154,762
Additional paid‑in capital	532,773		533,541
Retained earnings	633,949		612,523
Accumulated other comprehensive loss	(60,844)		(54,141)
Total stockholders’ equity	1,260,275		1,246,685
Total liabilities and stockholders’ equity	$	10,188,144	$	9,724,722

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

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ORIGIN BANCORP, INC.

Consolidated Statements of Income

(Unaudited)

(Dollars in thousands, except per share amounts)


	Three Months Ended March 31,
	2026		2025
Interest and dividend income
Interest and fees on loans	$	114,161	$	117,075
Investment securities-taxable	8,776		8,076
Investment securities-nontaxable	1,486		968
Interest and dividend income on assets held in other financial institutions	6,873		6,424
Total interest and dividend income	131,296		132,543
Interest expense
Interest-bearing deposits	43,702		51,779
FHLB advances and other borrowings	111		96
Subordinated indebtedness	239		2,209
Total interest expense	44,052		54,084
Net interest income	87,244		78,459
Provision for credit losses	4,965		3,444
Net interest income after provision for credit losses	82,279		75,015
Noninterest income
Insurance commission and fee income	9,597		7,927
Service charges and fees	4,951		4,716
Other fee income	2,295		2,301
Mortgage banking revenue	563		915
Swap fee income	54		533

Equity method investment loss	(1,517)		(1,692)

Other income	852		902
Total noninterest income	16,795		15,602
Noninterest expense
Salaries and employee benefits	38,397		37,731
Occupancy and equipment, net	6,984		8,544
Data processing	4,050		2,957
Office and operations	2,937		2,972
Professional services	2,649		1,250
Intangible asset amortization	1,485		1,761
Electronic banking	1,442		1,354
Advertising and marketing	1,360		1,133
Regulatory assessments	1,335		1,392
Loan-related expense	895		599
Other expense	2,263		2,375
Total noninterest expense	63,797		62,068
Income before income tax expense	35,277		28,549
Income tax expense	7,584		6,138




Net income	$	27,693	$	22,411
Basic earnings per common share	$	0.89	$	0.72
Diluted earnings per common share	0.89		0.71

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

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ORIGIN BANCORP, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)


	Three Months Ended March 31,
	2026		2025
Net income	$	27,693	$	22,411
Other comprehensive (loss) income
Securities available for sale and transferred securities:
Net unrealized holding (loss) gain arising during the period	(8,414)		19,842
Reclassification adjustment for net loss included in net income	—		—
Change in the net unrealized (loss) gain on available for sale investment securities, before tax	(8,414)		19,842
Net loss realized as a yield adjustment in interest on transferred investment securities	(3)		(3)
Change in the net unrealized (loss) gain on investment securities, before tax	(8,417)		19,839
Income tax (benefit) expense related to net unrealized (loss) gain arising during the period	(1,769)		4,166
Change in the net unrealized (loss) gain on investment securities, net of tax	(6,648)		15,673
Cash flow hedges:

Reclassification adjustment for net gain included in net income	(69)		(69)

Income tax benefit related to reclassification adjustment on cash flow hedges	(14)		(14)
Change in cash flow hedges, net of tax	(55)		(55)
Other comprehensive (loss) income, net of tax	(6,703)		15,618
Comprehensive income	$	20,990	$	38,029

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

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ORIGIN BANCORP, INC.

Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)

(Dollars in thousands, except per share amounts)


	Common Shares Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total Stockholders’ Equity
Balance at January 1, 2025	31,197,574	$	155,988	$	537,366	$	557,920	$	(106,029)	$	1,145,245
Net income	—	—		—		22,411		—		22,411
Other comprehensive income, net of tax	—	—		—		—		15,618		15,618
Stock-based compensation expense	—	—		1,815		—		—		1,815
Stock-based compensation shares issued, net of shares withheld	31,476	157		(734)		—		—		(577)
Exercise of stock options, net of shares withheld	14,956	75		343		—		—		418
Dividends declared - common stock ($0.15 per share)	—	—		—		(4,753)		—		(4,753)

Balance at March 31, 2025	31,244,006	$	156,220	$	538,790	$	575,578	$	(90,411)	$	1,180,177



















	Common Shares Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balance at January 1, 2026	30,952,428	$	154,762	$	533,541	$	612,523	$	(54,141)	$	1,246,685
Net income	—	—		—		27,693		—		27,693
Other comprehensive loss, net of tax	—	—		—		—		(6,703)		(6,703)
Stock-based compensation expense	—	—		2,404		—		—		2,404
Stock-based compensation shares issued, net of shares withheld	27,215	136		(729)		—		—		(593)
Exercise of stock options	65,319	327		1,963		—		—		2,290
Dividends declared - common stock ($0.15 per share)	—	—		—		(4,669)		—		(4,669)
Repurchase of Common Stock	(165,500)	(828)		(4,406)		(1,598)		—		(6,832)
Balance at March 31, 2026	30,879,462	$	154,397	$	532,773	$	633,949	$	(60,844)	$	1,260,275

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

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ORIGIN BANCORP, INC.

Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	27,693	$	22,411
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	4,965		3,444
Depreciation and amortization	3,784		5,251
Net amortization on securities	(29)		696
Amortization of net premium/discount on purchased loans	29		19
Amortization of investments in tax credit funds	252		279

Equity method investment loss	1,517		1,692
Deferred income tax expense	1,137		1,180
Stock-based compensation expense	2,404		1,815
Originations of mortgage loans held for sale	(26,925)		(36,616)
Proceeds from mortgage loans held for sale	24,901		36,648
Gain on mortgage loans held for sale	(508)		(960)


Net gain on disposals of premises and equipment	—		(75)
Increase in the cash surrender value of life insurance	(242)		(389)
Employee Retention Credit received	—		1,863

Net loss on sales and write-downs of other real estate owned	25		515
Net change in operating leases	(17)		275
Decrease in other assets	2,939		794
Increase (decrease) in other liabilities	10,956		(3,279)
Net cash provided by operating activities	52,881		35,563
Cash flows from investing activities:

Purchases of securities available for sale	(1,588,125)		(72,377)
Maturities and pay downs of securities available for sale	1,532,908		27,183
Proceeds from sales and calls of securities available for sale	12,651		5,504




Purchase of non-marketable equity securities held in other financial institutions	(61)		(34)
Originations of mortgage warehouse loans	(2,435,323)		(1,931,472)
Proceeds from pay-offs of mortgage warehouse loans	2,441,814		1,876,421
Net (increase) decrease in loans, excluding mortgage warehouse and loans held for sale	(203,046)		40,496
Purchase of other intangibles	—		(2,500)
Proceeds from bank-owned life insurance	—		208
Return of capital and other distributions from equity method investments	—		173
Return of capital and other distributions from cost method investments	8		9
Capital calls on limited partnership investments	(203)		(2,217)

Purchases of premises and equipment	(4,966)		(753)
Proceeds from sales of premises and equipment	—		111
Proceeds from sales of other real estate owned	107		1,213


Net cash used in investing activities	(244,236)		(58,035)

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

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ORIGIN BANCORP, INC.

Consolidated Statements of Cash Flows - Continued

(Unaudited)

(Dollars in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from financing activities:
Net increase in deposits	$	449,021	$	115,292

Repayments of long-term FHLB advances	(73)		(70)



Redemption/Repurchase of subordinated indebtedness	—		(72,593)
Proceeds from other short-term borrowings	82,285		116,724
Repayments of other short-term borrowings	(82,285)		(116,724)
Net (decrease) increase in securities sold under agreements to repurchase	(6,368)		98
Dividends paid	(4,697)		(4,752)
Cash received from exercise of stock options	2,290		450

Common stock repurchased	(6,832)		—
Net cash provided by financing activities	433,341		38,425
Net increase in cash and cash equivalents	241,986		15,953
Cash and cash equivalents at beginning of period	424,217		470,249
Cash and cash equivalents at end of period	$	666,203	$	486,202

Interest paid	$	44,420	$	55,476
Income taxes (refunded) paid, total	(361)		1,346





Significant non-cash transactions:

Real estate acquired in settlement of loans	445		—




Recognition of operating right-of-use assets	35		546
Recognition of operating lease liabilities	43		515
Impairment of right-of-use assets due to branch closures	(38)		(332)

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

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

Note 1 — Significant Accounting Policies

Nature of Operations. Origin Bancorp, Inc. (“Company” or ”Origin”) is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 57 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and 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 in this quarterly report on Form 10-Q include the accounts of the Company and all other entities in which Origin Bancorp, Inc. has a controlling financial interest, including Origin Bank (“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 generally accepted accounting principles 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.

The consolidated financial statements in this quarterly report on Form 10-Q have not been audited by an independent registered public accounting firm, excluding the figures as of December 31, 2025, but in the opinion of management, reflect all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the Company’s financial position and results of operations for the periods presented. These consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements.

These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s annual report on Form 10-K (“2025 Form 10-K”) filed with the SEC. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year.

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.

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.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

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.

Effect of Recently Adopted Accounting Standards

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.

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 was 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.

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

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

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 committed 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 address 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.

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ORIGIN BANCORP, INC.

Condensed 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)	Three Months Ended March 31,
Numerator:	2026		2025
Net income	$	27,693	$	22,411
Denominator:
Weighted average common shares outstanding	30,942,565		31,205,752
Dilutive effect of stock-based awards	260,783		206,258
Weighted average diluted common shares outstanding	31,203,348		31,412,010

Basic earnings per common share	$	0.89	$	0.72
Diluted earnings per common share	0.89		0.71

There were 57,969 and 146,238 weighted average shares of anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three months ended March 31, 2026 and 2025, 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.

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ORIGIN BANCORP, INC.

Condensed 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) March 31, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses		Net Carrying Amount
Available for sale:
State and municipal securities	$	319,330	$	658	$	(32,860)	$	287,128	$	—	$	287,128
Corporate bonds	53,682		379		(1,737)		52,324		—		52,324
U.S. treasury and government agency securities	3,714		—		(636)		3,078		—		3,078
Commercial mortgage-backed securities	20,011		11		(1,712)		18,310		—		18,310
Residential mortgage-backed securities	481,428		2,281		(29,569)		454,140		—		454,140
Commercial collateralized mortgage obligations	85,225		330		(1,110)		84,445		—		84,445
Residential collateralized mortgage obligations	265,359		805		(14,187)		251,977		—		251,977

Total	$	1,228,749	$	4,464	$	(81,811)	$	1,151,402	$	—	$	1,151,402
Held to maturity:
State and municipal securities	$	10,597	$	—	$	(1,581)	$	9,016	$	(40)	$	10,557
Securities carried at fair value through income:
State and municipal securities(1)	$	6,200	$	—	$	—	$	6,197	$	—	$	6,197


December 31, 2025
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

________________________

(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 5 — Fair Value of Financial Instruments for more information.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

Securities with unrealized losses at March 31, 2026, and December 31, 2025 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) March 31, 2026	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available for sale:
State and municipal securities	$	34,399	$	(560)	$	200,678	$	(32,300)	$	235,077	$	(32,860)
Corporate bonds	15,864		(91)		23,438		(1,646)		39,302		(1,737)
U.S. treasury and government agency securities	—		—		3,041		(636)		3,041		(636)
Commercial mortgage-backed securities	3,056		(39)		13,775		(1,673)		16,831		(1,712)
Residential mortgage-backed securities	46,028		(539)		228,498		(29,030)		274,526		(29,569)
Commercial collateralized mortgage obligations	5,417		(19)		12,702		(1,091)		18,119		(1,110)
Residential collateralized mortgage obligations	77,545		(598)		90,639		(13,589)		168,184		(14,187)

Total	$	182,309	$	(1,846)	$	572,771	$	(79,965)	$	755,080	$	(81,811)
Held to maturity:
State and municipal securities	$	—	$	—	$	9,016	$	(1,581)	$	9,016	$	(1,581)

December 31, 2025
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)

At March 31, 2026, the Company had 410 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 March 31, 2026, 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)	Three Months Ended March 31,
Allowance for credit losses:	2026		2025
Beginning balance	$	41	$	50
Recovery for credit losses for held to maturity securities	(1)		(1)
Balance at March 31,	$	40	$	49

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ORIGIN BANCORP, INC.

Condensed 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 March 31, 2026, or December 31, 2025. Accrued interest on securities of $5.6 million and $5.9 million at March 31, 2026, and December 31, 2025, 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.


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025
Proceeds from sales/calls	$	12,651	$	5,504
Gross realized gains	—		—
Gross realized losses	—		—

The following table presents the amortized cost and fair value of securities available for sale and held to maturity at March 31, 2026, 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
March 31, 2026	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	4,978	$	4,973
Due after one year through five years	5,140		4,322		37,440		35,737
Due after five years through ten years	5,457		4,694		178,457		161,587
Due after ten years	—		—		155,851		140,233
Commercial mortgage-backed securities	—		—		20,011		18,310
Residential mortgage-backed securities	—		—		481,428		454,140
Commercial collateralized mortgage obligations	—		—		85,225		84,445
Residential collateralized mortgage obligations	—		—		265,359		251,977

Total	$	10,597	$	9,016	$	1,228,749	$	1,151,402

The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements at the periods presented.



(Dollars in thousands)	March 31, 2026		December 31, 2025
Carrying value of securities pledged to secure public deposits	$	672,139	$	671,626
Carrying value of securities pledged to repurchase agreements	21,072		22,405

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 6 — 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.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

Note 4 — Loans

Loans consist of the following:



(Dollars in thousands)	March 31, 2026		December 31, 2025
Loans held for sale	$	2,935	$	1,032
LHFI:
Loans secured by real estate:


Commercial real estate(1)	$	2,510,578	$	2,523,905
Construction/land/land development	641,273		611,220
Single-family residential real estate	1,442,792		1,444,611
Multifamily residential real estate	555,527		553,149
Total real estate	5,150,170		5,132,885
Commercial and industrial	2,173,126		1,989,218
Mortgage warehouse lines of credit	522,290		528,781
Consumer	18,635		20,033
Total LHFI(2)	7,864,221		7,670,917
Less: Allowance for loan credit losses (“ALCL”)	99,015		96,782
LHFI, net	$	7,765,206	$	7,574,135

____________________________

(1)Includes owner-occupied commercial real estate of $999.4 million and $1.00 billion at March 31, 2026, and December 31, 2025 respectively.

(2)Includes unamortized purchase accounting adjustment and net deferred loan fees of $11.3 million and $10.6 million at March 31, 2026, and December 31, 2025, respectively.

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.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

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


• Pass (1-6)			Loans within this risk rating are further categorized as follows:
Minimal risk (1)			Well-collateralized by cash equivalent instruments held by the 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;

•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;

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

•for commercial and industrial loans, the debt service coverage ratio (income from the business in excess of operating expenses compared to loan repayment requirements), the operating results of the commercial, industrial or professional enterprise, the borrower’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category and the value, nature and marketability of collateral; 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 $5.2 million and $5.4 million of unpaid principal balance PCD loans at March 31, 2026 and December 31, 2025, 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.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

The following table reflects recorded investments in loans by credit quality indicator and origination year at March 31, 2026, and gross charge-offs for the three months ended March 31, 2026, 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 March 31, 2026.


	Term Loans
	Amortized Cost Basis by Origination Year
(Dollars in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial real estate:
Pass	$	115,235	$	557,711	$	186,786	$	292,642	$	680,402	$	580,065	$	60,796	$	2,473,637
Special mention	—		—		—		—		—		1,581		—		1,581
Classified	—		4,692		9,254		10,227		4,210		6,727		250		35,360

Total commercial real estate loans	$	115,235	$	562,403	$	196,040	$	302,869	$	684,612	$	588,373	$	61,046	$	2,510,578
Year-to-date gross charge-offs	$	—	$	—	$	—	$	56	$	200	$	519	$	—	$	775



Construction/land/land development:
Pass	$	45,666	$	274,078	$	75,178	$	63,349	$	65,463	$	51,223	$	33,885	$	608,842

Classified	654		124		2,927		6,350		11,370		4,868		6,138		32,431

Total construction/land/land development loans	$	46,320	$	274,202	$	78,105	$	69,699	$	76,833	$	56,091	$	40,023	$	641,273




Single-family residential real estate:
Pass	$	54,649	$	201,820	$	88,643	$	200,935	$	344,378	$	389,307	$	118,464	$	1,398,196

Classified	302		2,692		1,159		9,450		22,755		8,071		167		44,596

Total single-family residential real estate loans	$	54,951	$	204,512	$	89,802	$	210,385	$	367,133	$	397,378	$	118,631	$	1,442,792
Year-to-date gross charge-offs	$	—	$	—	$	3	$	14	$	15	$	—	$	—	$	32



Multi-family residential real estate:
Pass	$	67,491	$	142,327	$	17,689	$	58,467	$	183,816	$	84,132	$	1,369	$	555,291

Classified	—		236		—		—		—		—		—		236
Total multi-family residential real estate loans	$	67,491	$	142,563	$	17,689	$	58,467	$	183,816	$	84,132	$	1,369	$	555,527


Commercial and industrial:
Pass	$	174,904	$	405,079	$	139,044	$	149,837	$	78,024	$	72,453	$	1,111,549	$	2,130,890
Special mention	—		—		—		—		487		—		845		1,332
Classified	370		10,337		3,932		2,726		6,968		632		15,939		40,904

Total commercial and industrial loans	$	175,274	$	415,416	$	142,976	$	152,563	$	85,479	$	73,085	$	1,128,333	$	2,173,126
Year-to-date gross charge-offs	$	—	$	20	$	5	$	16	$	—	$	95	$	2,868	$	3,004



Mortgage Warehouse Lines of Credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	522,290	$	522,290








Consumer:
Pass	$	1,993	$	6,732	$	3,123	$	1,354	$	277	$	73	$	5,018	$	18,570

Classified	—		4		31		16		11		—		3		65

Total consumer loans	$	1,993	$	6,736	$	3,154	$	1,370	$	288	$	73	$	5,021	$	18,635
Year-to-date gross charge-offs	$	—	$	22	$	106	$	2	$	2	$	—	$	20	$	152

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ORIGIN BANCORP, INC.

Condensed 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

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




Single-family residential real estate:
Pass	$	207,545	$	95,844	$	207,189	$	355,335	$	191,161	$	219,513	$	114,688	$	1,391,275

Classified	4,476		836		14,060		24,756		4,305		4,857		46		53,336

Total residential real estate loans	$	212,021	$	96,680	$	221,249	$	380,091	$	195,466	$	224,370	$	114,734	$	1,444,611
Year-to-date gross charge-offs	$	—	$	36	$	86	$	267	$	—	$	—	$	100	$	489



Multifamily residential real estate:
Pass	$	188,102	$	17,847	$	58,625	$	200,912	$	59,824	$	26,320	$	1,276	$	552,906

Classified	243		—		—		—		—		—		—		243
Total residential real estate loans	$	188,345	$	17,847	$	58,625	$	200,912	$	59,824	$	26,320	$	1,276	$	553,149


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







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

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

The following tables present the Company’s loan portfolio aging analysis at the dates indicated:


	March 31, 2026
(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		30-89 Days Past Due and Still Accruing		Accruing Loans 90 or More Days Past Due
Loans secured by real estate:
Commercial real estate	$	—	$	3,690	$	7,779	$	11,469	$	2,499,109	$	2,510,578	$	3,097	$	—
Construction/land/land development	17		2,416		10,529		12,962		628,311		641,273		17		—
Single-family residential real estate	13,773		3,394		18,545		35,712		1,407,080		1,442,792		10,890		—
Multifamily residential real estate	1,167		—		—		1,167		554,360		555,527		1,167		—
Total real estate	14,957		9,500		36,853		61,310		5,088,860		5,150,170		15,171		—
Commercial and industrial	2,399		498		7,645		10,542		2,162,584		2,173,126		2,336		—
Mortgage warehouse lines of credit	—		—		—		—		522,290		522,290		—		—
Consumer	94		36		2		132		18,503		18,635		117		—
Total LHFI	$	17,450	$	10,034	$	44,500	$	71,984	$	7,792,237	$	7,864,221	$	17,624	$	—


	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		30-89 Days Past Due and Still Accruing		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	$	4,203	$	—
Construction/land/land development	137		45		14,484		14,666		596,554		611,220		108		—
Single-family residential real estate	9,912		3,333		22,368		35,613		1,408,998		1,444,611		9,114		—
Multifamily residential real estate	—		—		—		—		553,149		553,149		—		—
Total real estate	10,049		7,581		46,736		64,366		5,068,519		5,132,885		13,425		—
Commercial and industrial	895		254		7,792		8,941		1,980,277		1,989,218		1,149		—
Mortgage warehouse lines of credit	—		—		—		—		528,781		528,781		—		—
Consumer	127		63		104		294		19,739		20,033		190		—
Total LHFI	$	11,071	$	7,898	$	54,632	$	73,601	$	7,597,316	$	7,670,917	$	14,764	$	—

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 $29.4 million and $28.9 million at March 31, 2026, and December 31, 2025, respectively, was included in accrued interest receivable and other assets on the face of the consolidated balance sheets.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements



	Three Months Ended March 31, 2026
	Commercial Real Estate			Construction/ Land/ Land Development			Single-Family Residential Real Estate			Multifamily Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	18,929		$	7,219		$	9,525		$	4,963		$	54,496		$	913		$	737		$	96,782
Charge-offs	775			—			32			—			3,004			—			152			3,963
Recoveries	—			—			2			—			1,182			—			2			1,186
Provision(1)	1,234			(223)			298			1,848			1,753			85			15			5,010
Ending balance	$	19,388		$	6,996		$	9,793		$	6,811		$	54,427		$	998		$	602		$	99,015
Average balance	$	2,506,193		$	628,332		$	1,448,774		$	549,475		$	2,076,837		$	406,072		$	19,823		$	7,635,506
Net charge-offs to loan average balance (annualized)	0.13		%	—		%	0.01		%	—		%	0.36		%	—		%	3.07		%	0.15		%






____________________________ (1)The $5.0 million provision for credit losses on the consolidated statements of income includes a $5.0 million provision for loan credit losses, a $44,000 and $1,000 net benefit provision for off-balance sheet commitments and held to maturity securities credit losses, respectively, for the three months ended March 31, 2026.



	Three Months Ended March 31, 2025

	Commercial Real Estate			Construction/ Land/ Land Development			Single-Family Residential Real Estate			Multifamily Residential Real Estate			Commercial and Industrial			Mortgage Warehouse Lines of Credit			Consumer			Total

	(Dollars in thousands)
Beginning balance	$	16,546		$	7,398		$	8,623		$	3,831		$	53,449		$	501		$	712		$	91,060
Charge-offs	257			—			—			—			4,561			—			30			4,848
Recoveries	13			—			3			43			2,042			—			19			2,120
Provision(1)	(117)			(562)			323			204			3,832			(79)			78			3,679
Ending balance	$	16,185		$	6,836		$	8,949		$	4,078		$	54,762		$	422		$	779		$	92,011
Average balance	$	2,448,099		$	821,754		$	1,438,618		$	471,304		$	2,004,034		$	289,521		$	22,709		$	7,496,039
Net charge-offs to loan average balance (annualized)	0.04		%	—		%	—		%	(0.04)		%	0.51		%	—		%	0.20		%	0.15		%


____________________________ (1)The $3.4 million provision for credit losses on the consolidated statements of income includes a $3.7 million provision for loan credit losses, a $233,000 and $1,000 net benefit provision for off-balance sheet commitments and held to maturity securities credit losses, respectively, for the three months ended March 31, 2025.

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:


	March 31, 2026
(Dollars in thousands)	Commercial Real Estate		Construction/ Land/ Land Development		Single-Family Residential Real Estate		Commercial and Industrial		Total
Real Estate	$	6,071	$	206	$	11,585	$	—	$	17,862
Accounts Receivable	—		—		—		189		189

Other	—		—		—		193		193
Total	$	6,071	$	206	$	11,585	$	382	$	18,244
ALCL Allocation	$	—	$	—	$	95	$	—	$	95

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements


	December 31, 2025
(Dollars in thousands)	Commercial Real Estate		Construction/ Land/ Land Development		Single-Family Residential Real Estate		Commercial and Industrial		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

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:	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Commercial real estate	$	13,663	$	11,167	$	19,891	$	13,212
Construction/land/land development	12,845		8,139		19,427		16,388
Single-family residential real estate	32,355		33,418		37,809		39,480

Total real estate	58,863		52,724		77,127		69,080
Commercial and industrial	1,638		870		10,074		11,919

Consumer	—		—		65		185
Total nonaccrual loans	$	60,501	$	53,594	$	87,266	$	81,184

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 three months ended March 31, 2026 and 2025.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

The tables below summarize modifications made to borrowers experiencing financial difficulty by loan and modification type during the three months ended March 31, 2026 and 2025:



		Amortized Cost Basis at March 31, 2026
	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		$	5,148	0.21	%		$	6,190	0.25	%
Construction/land/land development		4,107		0.64			42		0.01
Single-family residential real estate		487		0.03			1,158		0.08

Total real estate		9,742		0.19			7,390		0.14
Commercial and industrial		10,352		0.48			30		—


Total		$	20,094	0.26			$	7,420	0.09



	Amortized Cost Basis at March 31, 2025
	Term Extension
(Dollars in thousands)	Amortized Cost		% of Loans
Loans secured by real estate:
Commercial real estate	$	721	0.03	%
Construction/land/land development	133		0.02
Single-family residential real estate	415		0.03

Total real estate	1,269		0.02
Commercial and industrial	18,555		0.92


Total	$	19,824	0.26

The following tables describe the financial effects of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

Term Extension

Other-Than-Insignificant Payment Delay

Commercial real estate

Added a weighted average 4.2 months to the life of the modified loans

Delayed payment of weighted average 8.8 months

Construction/land/land development

Added a weighted average 7.9 months to the life of the modified loans

Delayed payment of weighted average 3.0 months

Single-family residential real estate

Added a weighted average 13.7 months to the life of the modified loans

Delayed payment of weighted average 3.7 months

Commercial and industrial

Added a weighted average 4.6 months to the life of the modified loans

Delayed payment of weighted average 3.0 months

Three Months Ended March 31, 2025

Term Extension

Commercial real estate

Added a weighted average 6.0 months to the life of the modified loans

Construction/land/land development

Added a weighted average 5.9 months to the life of the modified loans

Single-family residential real estate

Added a weighted average 28.8 months to the life of the modified loans

Commercial and industrial

Added a weighted average 5.5 months to the life of the modified loans

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

The following table depicts the performance of loans that have been modified during the last twelve months ended March 31, 2026 and 2025:



	Payment Status (Amortized Cost Basis)
	March 31, 2026
(Dollars in thousands)	Current		30-89 Days Past Due		90 Days or More Past Due
Loans secured by real estate:
Commercial real estate	$	13,842	$	269	$	110
Construction/land/land development	9,877		4		—
Single-family residential real estate	3,007		210		—

Total real estate	26,726		483		110
Commercial and industrial	27,903		545		—

Consumer	69		—		—
Total LHFI	$	54,698	$	1,028	$	110



	Payment Status (Amortized Cost Basis)
	March 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	$	2,265	$	—	$	—
Construction/land/land development	133		206		—
Single-family residential real estate	911		643		—

Total real estate	3,309		849		—
Commercial and industrial(1)	22,144		1,088		419

Consumer	—		3		—
Total LHFI	$	25,453	$	1,940	$	419

____________________________

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

At March 31, 2026, and December 31, 2025, the Company had $458,000 and $52,000 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 three months ended March 31, 2026 and 2025, and were modified in the twelve months prior to that default:














	At or For the Three Months Ended March 31, 2026
	Term Extension
(Dollars in thousands)	Amortized Cost		Default Amount

Commercial real estate	$	1,516	$	2,004




Commercial and industrial	324		2,874


Total	$	1,840	$	4,878

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements



	At or For the Three Months Ended March 31, 2025
	Term Extension
(Dollars in thousands)	Amortized Cost		Default Amount

Commercial real estate	$	—	$	257



Commercial and industrial(1)	432		2,795


Total	$	432	$	3,052

____________________________

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 5 — 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.

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

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

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 March 31, 2026, and December 31, 2025 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.


	March 31, 2026
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
State and municipal securities	$	—	$	257,537	$	29,591	$	287,128
Corporate bonds	—		51,324		1,000		52,324

U.S. government agency securities	—		3,078		—		3,078
Commercial mortgage-backed securities	—		18,310		—		18,310
Residential mortgage-backed securities	—		454,140		—		454,140
Commercial collateralized mortgage obligations	—		84,445		—		84,445
Residential collateralized mortgage obligations	—		251,977		—		251,977

Securities available for sale	—		1,120,811		30,591		1,151,402
Securities carried at fair value through income	—		—		6,197		6,197


Rabbi Trust assets	1,050		—		—		1,050
Other assets - derivatives	—		11,199		—		11,199
Total recurring fair value measurements - assets	$	1,050	$	1,132,010	$	36,788	$	1,169,848


Other liabilities - derivatives	—		(11,255)		—		(11,255)
Total recurring fair value measurements - liabilities	$	—	$	(11,255)	$	—	$	(11,255)


	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)

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2026 and 2025, are summarized as follows:


(Dollars in thousands)	Securities Available for Sale		Securities at Fair Value Through Income
Balance at January 1, 2026	$	34,842	$	6,215

Loss recognized in earnings:
Other noninterest income	—		(18)
Loss recognized in AOCI	(884)		—
Purchases, issuances, sales and settlements:

Purchases	1,356		—


Settlements	(4,723)		—
Balance at March 31, 2026	$	30,591	$	6,197


(Dollars in thousands)	Securities Available for Sale		Securities at Fair Value Through Income
Balance at January 1, 2025	$	35,754	$	6,512



Loss recognized in AOCI	(3)		—





Settlements	(1,170)		—
Balance at March 31, 2025	$	34,581	$	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 provides a SOC 1 Type 2 report on its internal controls, which was made available to and reviewed by 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.

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 6 — Derivative Financial Instruments.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

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 March 31, 2026, and December 31, 2025 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:


	March 31, 2026
(Dollars in thousands)	Aggregate Fair Value		Amortized Cost/Contributions		Difference
Securities carried at fair value through income	$	6,197	$	6,200	$	(3)
Rabbi Trust assets	1,050		1,031		19
Total	$	7,247	$	7,231	$	16


	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

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)	Three Months Ended March 31,
Changes in fair value included in noninterest income:	2026		2025

Other income:

Securities carried at fair value through income	$	(18)	$	—
Total fair value option impact on noninterest income	$	(18)	$	—

Changes in fair value included in noninterest expense:
Rabbi Trust assets	$	(19)	$	1
Deferred compensation liabilities related to Rabbi Trust assets(1)	19		(1)
Total fair value option impact on noninterest expense	$	—	$	—

____________________________

(1)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:

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 March 31, 2026, and December 31, 2025. The Company believes the fair value approximates an exit price.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

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.

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 Federal Reserve Bank of Dallas (“FRBD”) or the FHLB, are carried at cost, less impairment, if any. 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.

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 $5.7 million and $5.2 million at March 31, 2026, and December 31, 2025, 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 $1.0 million and $694,000 at March 31, 2026, and December 31, 2025, respectively. At March 31, 2026, and December 31, 2025, the Company had $2.0 million and $5.4 million, respectively, principal amounts of residential mortgage loans in the process of foreclosure.

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ORIGIN BANCORP, INC.

Condensed 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)	March 31, 2026				December 31, 2025
Financial assets: Level 1 inputs:	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and cash equivalents	$	666,203	$	666,203	$	424,217	$	424,217
Level 2 inputs:
Non-marketable equity securities held in other financial institutions	31,193		31,193		31,069		31,069
Loans held for sale	2,935		2,935		1,032		1,032
Accrued interest receivable	36,081		36,081		35,152		35,152
Level 3 inputs:
Securities held to maturity	10,557		9,016		10,559		9,607
LHFI, net	7,765,206		7,657,069		7,574,135		7,459,710
Financial liabilities:
Level 2 inputs:
Deposits	8,756,268		8,751,602		8,307,247		8,302,897
FHLB advances, repurchase agreements and other borrowings	12,609		12,553		19,050		18,989
Subordinated indebtedness	16,569		16,555		16,544		16,530
Accrued interest payable	2,871		2,871		3,239		3,239

Note 6 — 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 previously entered into interest rate swap agreements that were designated as cash flow hedges of the Company’s forecasted variable cash flows under variable-rate term borrowing agreements. These swap agreements were terminated during the fourth quarter of 2024. The related after-tax gain of $537,000 recorded at termination is being accreted from accumulated other comprehensive income into earnings over the remaining term of the swap agreements through April 2027.

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.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

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 5 — 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
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Securities available-for-sale	$	43,841	$	44,132	$	242	$	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 previously 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. As a result, the Company no longer enters into IRLCs with mortgage loan customers.

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ORIGIN BANCORP, INC.

Condensed 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 March 31, 2026 and December 31, 2025. 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
Included in other assets:	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025



Derivatives not designated as hedging instruments:
Interest rate swaps	$	412,817	$	438,595	$	11,182	$	13,150
Caps and floors	25,000		25,000		17		2
Total included in other assets	$	437,817	$	463,595	$	11,199	$	13,152

Included in other liabilities:
Derivatives designated as fair value hedging instruments:
Interest rate swaps	$	43,940	$	43,940	$	242	$	514
Derivatives not designated as hedging instruments:

Interest rate swaps	406,617		432,395		10,996		12,975

Caps and floors	25,000		25,000		17		2
Risk participation agreements	18,647		12,148		—		—


Total included in other liabilities	$	494,204	$	513,483	$	11,255	$	13,491

____________________________

(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.


	March 31, 2026							December 31, 2025
(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	7.12	3.66	%	3.78	%	$	43,940	7.37	4.14	%	3.78	%
Non-hedging interest rate swaps - financial institution counterparties	377,813		3.70	6.18		5.60		403,591		3.60	6.37		5.52
Non-hedging interest rate swaps - customer counterparties	377,813		3.70	5.60		6.18		403,591		3.60	5.52		6.37
Non-hedging interest rate caps - financial institution counterparties(1)	25,000		1.39	3.67		—		25,000		1.64	3.82		—
Non-hedging interest rate caps - customer counterparties(1)	25,000		1.39	—		3.67		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.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

Gains and losses recognized on derivative instruments were as follows:


(Dollars in thousands)	Three Months Ended March 31,
Derivatives designated as fair value hedging instruments:	2026		2025
Amount of gain recognized in interest income on available for sale securities	$	272	$	—
Amount of loss recognized in interest income on interest rate swaps - available for sale securities	(272)		—
Derivatives not designated as hedging instruments:
Amount of gain recognized in mortgage banking revenue	—		115
Amount of gain (loss) recognized in other non-interest income	11		(64)

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 both March 31, 2026, and December 31, 2025, the Company had $3.8 million cash collateral on deposit with swap counterparties. 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 7 — 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, which was adopted in April 2024 and was amended and restated in April 2026 (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 2,375,000 shares were reserved for issuance under the Incentive Plans. The Omnibus Plan, as amended in April 2026, allows for the issuance of 1,675,000 shares, and no future awards may be granted under the 2012 Plan after adoption of the Omnibus Plan. At March 31, 2026, the maximum number of shares of the Company’s common stock available for grant under the Omnibus Plan was 187,284, which does not reflect the additional 1,000,000 shares available for grant under the Omnibus Plan by amendment of the plan in April 2026.

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 March 31, 2026, there was $78,000 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 0.2 years.

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ORIGIN BANCORP, INC.

Condensed 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:



	Three Months Ended March 31,
	2026		2025
Expected term (in years)	1.00		1.00
Dividend yield	1.79	%	1.98	%
Risk-free interest rate	3.95		4.94
Expected volatility	29.61		30.40

The ESPP shares purchased are as follows for the dates indicated:



	Three Months Ended March 31,
	2026	2025
ESPP shares purchased	—	—

Shares available for issuance under the ESPP	812,472	871,040

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”).

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.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

The following table summarizes the Company’s award activity:


	Three Months Ended March 31,
	2026			2025
	Shares	Weighted Average Grant-Date Fair Value		Shares	Weighted Average Grant-Date Fair Value
Nonvested RSAs, January 1,	13,284	$	33.89	20,415	$	33.06



Nonvested RSAs, March 31,	13,284	33.89		20,415	33.06

Nonvested RSUs, January 1,	337,631	$	35.97	352,002	$	35.45
Granted RSUs	71,612	43.97		65,729	39.44


Vested RSUs	(42,981)	39.23		(30,813)	40.73
Forfeited RSUs	—	—		(6,211)	33.02
Nonvested RSUs, March 31,	366,262	37.15		380,707	35.75

Nonvested PSUs, January 1,	293,918	$	32.31	265,197	$	32.07
Granted PSUs	59,047	43.97		55,650	39.50
Vested PSUs	—	—		(17,191)	44.77
Forfeited PSUs(1)	(41,178)	39.64		(9,738)	44.77
Nonvested PSUs, March 31,	311,787	33.55		293,918	32.31

____________________________

(1)PSUs forfeited during the three months ended March 31, 2026 and 2025, represent forfeiture of incremental shares upon final measurement of performance metrics.

At March 31, 2026, there was $29,000, $11.2 million and $6.5 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 0.06, 2.4 and 2.6 years for RSA, RSU and PSU shares, respectively.

Share-based compensation cost charged to income for the three months ended March 31, 2026 and 2025, is presented below. There was no stock option expense for any of the periods shown.


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025
RSA & RSU	$	1,385	$	1,163
PSU	916		539
ESPP	103		113
Total stock compensation expense	$	2,404	$	1,815
Related tax benefits recognized in net income	$	505	$	381

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 March 31, 2026, fully exercised, and there are no options outstanding, excluding the options assumed in conjunction with the BTH merger as described further below.

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 March 31, 2026, 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.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

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
Three Months Ended March 31, 2026
Outstanding at January 1, 2026	184,670	$	33.41	2.97	$	781

Exercised	(65,319)	35.05		—	570

Outstanding and exercisable at March 31, 2026	119,351	32.51		3.08	1,068

Three Months Ended March 31, 2025
Outstanding at January 1, 2025	225,834	$	32.24	3.72	$	614
Exercised	(17,845)	28.85		—	156

Outstanding and exercisable at March 31, 2025	207,989	32.53		3.48	670

Note 8 — 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, 2026	$	(54,426)	$	285	$	(54,141)
Net change	(6,648)		(55)		(6,703)
Balance at March 31, 2026	$	(61,074)	$	230	$	(60,844)

Balance at January 1, 2025	$	(106,535)	$	506	$	(106,029)
Net change	15,673		(55)		15,618
Balance at March 31, 2025	$	(90,862)	$	451	$	(90,411)

Note 9 — 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 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 March 31, 2026, and December 31, 2025, that the Company and the Bank met all capital adequacy requirements to which they are subject, including the capital buffer requirement.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

At March 31, 2026, and December 31, 2025, 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.

The actual capital amounts and ratios of the Company and the Bank at March 31, 2026, and December 31, 2025, are presented in the following table:


(Dollars in thousands) March 31, 2026	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.	$	1,161,490	13.60	%	$	597,826	7.00	%	N/A		N/A
Origin Bank	1,083,901		12.78		593,765		7.00		$	551,353	6.50	%
Tier 1 Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	1,177,516		13.79		725,808		8.50		N/A		N/A
Origin Bank	1,083,901		12.78		721,000		8.50		678,589		8.00
Total Capital to Risk-Weighted Assets
Origin Bancorp, Inc.	1,279,772		14.99		896,438		10.50		N/A		N/A
Origin Bank	1,186,157		13.98		890,648		10.50		848,237		10.00
Leverage Ratio
Origin Bancorp, Inc.	1,177,516		11.74		401,198		4.00		N/A		N/A
Origin Bank	1,083,901		10.89		398,127		4.00		497,659		5.00
December 31, 2025
Common Equity Tier 1 Capital to Risk-Weighted Assets
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

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. As of March 31, 2026, any additional Bank dividends would require approval as they exceed the Bank’s year-to-date net income combined with the retained net income for the preceding year.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

Stock Repurchases

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 quarter ended March 31, 2026, the Company repurchased a total of 165,500 shares of its common stock pursuant to its July 2025 stock repurchase program at an average price per share of $41.27, for an aggregate purchase price of $6.8 million, including broker commissions and applicable excise taxes. There was $31.7 million remaining available for repurchase at March 31, 2026. No shares were repurchased during the three months ended March 31, 2025.

Note 10 — 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) March 31, 2026
	Less than One Year		One-Three Years		Three-Five Years		Greater than Five Years		Total
Commitments to extend credit(1)	$	785,520	$	803,405	$	563,013	$	101,660	$	2,253,598
Standby letters of credit	189,643		8,400		21,673		—		219,716
Total off-balance sheet commitments	$	975,163	$	811,805	$	584,686	$	101,660	$	2,473,314
December 31, 2025
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

____________________________

(1)Includes $785.2 million and $768.4 million of unconditionally cancellable commitments at March 31, 2026, and December 31, 2025, respectively.

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ORIGIN BANCORP, INC.

Condensed Notes to Consolidated Financial Statements

At March 31, 2026, the Company held 43 unfunded letters of credit from the FHLB totaling $592.2 million, with expiration dates ranging from April 22, 2026, to September 22, 2027. 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. These letters of credit either support pledges for our public fund deposits or confirm letters of credit we have issued to support our customers’ businesses.

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 $4.4 million and $4.5 million at March 31, 2026, and December 31, 2025, respectively, and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Loss Contingencies

As previously disclosed beginning in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, the Company discovered certain questioned activity involving a former banker in our East Texas market. As of March 31, 2026, the Company maintained a contingency reserve of $2.8 million related to this matter.

The Company previously recorded provision for loan credit losses related to this matter of $4.1 million in 2024 and $1.3 million in 2025. The Company has filed insurance claims and continues to pursue recoveries related to this matter.

During the three months ended March 31, 2026, the Company recognized $438,000 of related insurance recoveries of third party expenses in other noninterest income, with cumulative recoveries totaling $3.0 million through March 31, 2026.

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 be incurred in excess of the amounts 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.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless the context indicates otherwise, references in this report to “we,” “us,” “our,” “our company,” “the Company” or “Origin” refer to Origin Bancorp, Inc., a Louisiana corporation, and its consolidated subsidiaries. All references to “Origin Bank” or “the Bank” refer to Origin Bank our wholly-owned bank subsidiary.

The following discussion and analysis presents our financial condition and results of operations on a consolidated basis. However, we conduct all of our material business operations through our wholly-owned bank subsidiary, Origin Bank, the discussion and analysis that follows primarily relates to activities conducted at the Bank level.

The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and related condensed notes contained in Item 1 of this report. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of our future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors” and in the section titled “Risk Factors” in our 2025 Form 10-K. We assume no obligation to update any of these forward-looking statements.

General

We are a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 57 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and 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. As a financial holding company operating through one segment, we generate the majority of our revenue from interest earned on loans and investments, service charges and fees on deposit accounts.

We incur interest expense on deposits and other borrowed funds and noninterest expense, such as salaries and employee benefits and occupancy expenses. We analyze our ability to maximize the income generated from interest-earning assets and minimize expense of our liabilities through our net interest margin. Net interest margin is a ratio calculated as net interest income divided by average interest-earning assets. Net interest income is the difference between interest income on interest-earning assets, such as loans, securities and interest-earning cash, and interest expense on interest-bearing liabilities, such as deposits and borrowings. Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

Changes in market interest rates and the interest rates we earn on interest-earning assets or pay on interest-bearing liabilities, as well as in the volume and types of interest-earning assets and interest-bearing liabilities are usually the largest drivers of periodic changes in net interest spread, net interest margin and net interest income.

Our Optimize Origin initiative, announced in January 2025 and designed to drive elite financial performance and enhance our award-winning culture, remains an integral part of our corporate DNA.

•Built on three primary pillars:

◦Productivity, Delivery & Efficiency

◦Balance Sheet Optimization

◦Culture & Employee Engagement

•As announced in our Fourth Quarter and Full Year 2025 Earnings Release, we updated our near term ROAA run rate target to 1.15% or higher by 4Q26, as we continue towards our ultimate target of a top quartile ROAA.

2026 First Quarter Key Metrics

•Net interest income was $87.2 million for the three months ended March 31, 2026, reflecting an increase of $8.8 million, or 11.2%, compared to the three months ended March 31, 2025.

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•Our fully tax equivalent net interest margin (“NIM-FTE”) increased 27 basis points for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. This expansion was driven primarily by a 63-basis point reduction in rates paid on interest-bearing liabilities, offset by a 23-basis point decline in our yield earned on interest-earning assets.

•Total loans held for investment (“LHFI”) were $7.86 billion at March 31, 2026, reflecting an increase of $193.3 million, or 2.5%, compared to December 31, 2025. LHFI, excluding mortgage warehouse lines of credit, were $7.34 billion at March 31, 2026, reflecting an increase of $199.8 million, or 2.8%, compared to December 31, 2025.

•Total deposits were $8.76 billion at March 31, 2026, reflecting an increase of $449.0 million, or 5.4%, compared to December 31, 2025. Interest-bearing deposits were $5.90 billion, reflecting an increase of $398.0 million, or 7.2%, compared to December 31, 2025.

•During the quarter ended March 31, 2026, we repurchased 165,500 shares of our common stock at an average price of $41.27 per share, including broker commissions and applicable excise taxes.

•During April 2026, our board approved an increase in our quarterly dividend from $0.15 to $0.25 per share, a 67% increase, reflecting balance sheet strength and earnings durability.

Comparison of Results of Operations for the Three Months Ended March 31, 2026 and 2025

Our net income increased $5.3 million, or 23.6%, to $27.7 million for the three months ended March 31, 2026, from $22.4 million for the three months ended March 31, 2025. Diluted EPS increased $0.18 to $0.89 per share for the three months ended March 31, 2026, compared to $0.71 per share for the three months ended March 31, 2025. The increase was primarily due to an $8.8 million increase in net interest income, partially offset by increases of $1.7 million and $1.5 million in noninterest expense and provision expense for credit losses, respectively, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Net Interest Income and Net Interest Margin

Net interest income for the three months ended March 31, 2026, was $87.2 million, an increase of $8.8 million, or 11.2%, compared to the three months ended March 31, 2025. The increase was primarily due to a $10.0 million decrease in interest expense, partially offset by a $1.2 million decrease in total interest income during the three months ended March 31, 2026, compared to three months ended March 31, 2025.

Interest expense on total interest-bearing deposits decreased by $8.1 million, primarily due to a $9.3 million decline attributable to lower interest rates, partially offset by a $1.2 million increase resulting from higher average balances, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The average rate on interest-bearing deposits declined 57 basis points to 2.66% for the three months ended March 31, 2026, from 3.23% for the three months ended March 31, 2025. The decline in the average rates reflected lower rates across all categories of interest-bearing deposits. The benefit of lower rates was partially offset by a $1.2 million increase in interest expense attributable to higher average balances, as average interest-bearing deposit balances increased $158.5 million to $6.67 billion for the three months ended March 31, 2026, from $6.51 billion for the three months ended March 31, 2025. This increase was primarily driven by a $349.7 million increase in average money market deposit balances, which increased interest expense by $3.0 million, partially offset by a $160.2 million decrease in average time deposit balances, which reduced interest expense by $1.6 million. In addition, interest expense on subordinated debentures decreased $2.0 million for the three months ended March 31, 2026, primarily due to the redemption of $145.1 million in principal amount of subordinated debentures during the year ended December 31, 2025, which reduced the average balance of subordinated debenture to $16.6 million for the three months ended March 31, 2026, from $124.1 million for the three months ended March 31, 2025.

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Interest income decreased $1.2 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a $2.8 million decrease in interest income on LHFI, partially offset by a $1.2 million increase in interest income on investment securities. The decrease in interest income on LHFI was primarily due to lower yields, which reduced interest income by $4.9 million. The decrease in yields was primarily driven by lower yields on commercial and industrial loans, which declined to 6.62% for the three months ended March 31, 2026, from 7.37% for the three months ended March 31, 2025, and reduced interest income by $3.8 million. The impact of lower yields was partially offset by a $2.1 million increase in interest income attributable to higher average LHFI balances, primarily due to increases in average balances in mortgage warehouse lines of credit, commercial and industrial and multifamily residential real estate loans, respectively, partially offset by lower average balances in construction/land/land development loans. The $1.2 million increase in interest income earned on investment securities was primarily driven by improved yields resulting from the execution of our bond portfolio optimization strategy during the intervening period, in conjunction with our Optimize Origin initiative.

The Federal Reserve Board sets various benchmark rates, including the federal funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. On September 17, 2025, October 29, 2025, and December 10, 2025, the Federal Reserve Board reduced the federal funds target rate range by 25 basis points each, to a range of 3.50% to 3.75%, and has maintained the federal funds target rate unchanged since December 10, 2025.

The NIM-FTE was 3.71% for the three months ended March 31, 2026, a 27-basis point increase from 3.44% for the three months ended March 31, 2025. The improvement was mainly driven by an expanding interest rate spread, as the 63-basis-point decline in the average cost of total interest-bearing liabilities exceeded the 23-basis-point decline in the yield earned on interest-earning assets for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The average rate on total interest-bearing liabilities for the three months ended March 31, 2026, was 2.67%, compared to 3.30% for the three months ended March 31, 2025. The average yield earned on total interest-earning assets for the three months ended March 31, 2026, was 5.56%, compared to 5.79% for the three months ended March 31, 2025.

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The following table presents average balance sheet information, interest income, interest expense and the corresponding average yields earned, and rates paid for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026						2025
(Dollars in thousands) Assets	Average Balance(1)		Income/Expense		Yield/Rate(2)		Average Balance(1)		Income/Expense		Yield/Rate(2)
Commercial real estate	$	2,506,193	$	35,222	5.70	%	$	2,448,099	$	35,111	5.82	%
Construction/land/land development	628,332		10,402		6.71		821,754		13,913		6.87
Single-family residential real estate	1,448,774		19,765		5.53		1,438,618		19,305		5.44
Multifamily residential real estate	549,475		8,104		5.98		471,304		6,729		5.79
Commercial and industrial	2,076,837		33,910		6.62		2,004,034		36,422		7.37
Mortgage warehouse lines of credit	406,072		6,389		6.38		289,521		5,047		7.07
Consumer	19,823		345		7.06		22,709		417		7.45
LHFI	7,635,506		114,137		6.06		7,496,039		116,944		6.33
Loans held for sale	1,712		24		5.69		8,590		131		6.18
Loans receivable	7,637,218		114,161		6.06		7,504,629		117,075		6.33
Investment securities-taxable	1,017,777		8,776		3.50		1,021,904		8,076		3.21
Investment securities-non-taxable	183,691		1,486		3.28		140,875		968		2.79
Non-marketable equity securities held in other financial institutions	31,112		399		5.20		71,669		416		2.35
Interest-earning deposits in banks	713,959		6,474		3.68		543,821		6,008		4.48

Total interest-earning assets	9,583,757		131,296		5.56		9,282,898		132,543		5.79
Noninterest-earning assets	542,734						525,317
Total assets	$	10,126,491					$	9,808,215

Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Interest-bearing demand deposits	$	2,068,810	$	11,901	2.33	%	$	2,081,567	$	14,654	2.86	%
Money market deposits	3,487,443		24,783		2.88		3,137,768		27,013		3.49
Savings deposits	301,161		852		1.15		319,375		1,277		1.62
Savings and interest-bearing transaction accounts	5,857,414		37,536		2.60		5,538,710		42,944		3.14
Time deposits	811,939		6,166		3.08		972,176		8,835		3.69
Total interest-bearing deposits	6,669,353		43,702		2.66		6,510,886		51,779		3.23

FHLB advances & other borrowings	16,434		111		2.74		14,148		96		2.75

Subordinated indebtedness	16,558		239		5.85		124,133		2,209		7.22
Total interest-bearing liabilities	6,702,345		44,052		2.67		6,649,167		54,084		3.30
Noninterest-bearing liabilities
Noninterest-bearing deposits	1,978,098						1,837,365
Other liabilities	178,160						154,934
Total liabilities	8,858,603						8,641,466
Stockholders’ Equity	1,267,888						1,166,749
Total liabilities and stockholders’ equity	$	10,126,491					$	9,808,215
Net interest spread					2.89	%					2.49	%
Net interest income and margin			$	87,244	3.69				$	78,459	3.43
Net interest income and margin - (tax equivalent)(3)			$	87,748	3.71				$	78,837	3.44

___________________

(1)Nonaccrual loans are included in their respective loan category for the purpose of calculating the yield earned. All average balances are daily average balances.

(2)Yields/Rates are calculated on an actual/actual day count basis.

(3)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 and income from tax-exempt investments, and tax credits were computed using a federal income tax rate of 21%.

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Rate/Volume Analysis

The following table presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. It distinguishes between the changes related to outstanding balances and those due to changes in interest rates. The change in interest attributable to rate changes has been determined by applying the change in rate between periods to average balances outstanding in the earlier period. The change in interest due to volume has been determined by applying the rate from the earlier period to the change in average balances outstanding between periods. For purposes of this table, changes attributable to both rate and volume that cannot be segregated, including the difference in day count, have been allocated to rate.


	Three Months Ended March 31, 2026 vs. Three Months Ended March 31, 2025
(Dollars in thousands) Interest-earning assets	Increase (Decrease) Due To Change In
Loans:	Volume		Yield/Rate		Total Change
Commercial real estate	$	833	$	(722)	$	111
Construction/land/land development	(3,275)		(236)		(3,511)
Single-family residential real estate	136		324		460
Multifamily residential real estate	1,116		259		1,375
Commercial and industrial	1,323		(3,835)		(2,512)
Mortgage warehouse lines of credit	2,032		(690)		1,342
Consumer	(53)		(19)		(72)
Loans held for sale	(105)		(2)		(107)
Loans receivable	2,007		(4,921)		(2,914)
Investment securities-taxable	(33)		733		700
Investment securities-non-taxable	294		224		518
Non-marketable equity securities held in other financial institutions	(235)		218		(17)
Interest-earning deposits in banks	1,880		(1,414)		466
Total interest-earning assets	3,913		(5,160)		(1,247)
Interest-bearing liabilities
Interest-bearing demand deposits	(90)		(2,663)		(2,753)
Money market deposits	3,010		(5,240)		(2,230)
Savings deposits	(73)		(352)		(425)
Time deposits	(1,632)		(1,037)		(2,669)
FHLB advances & other borrowings	16		(1)		15
Subordinated indebtedness	(1,914)		(56)		(1,970)
Total interest-bearing liabilities	(683)		(9,349)		(10,032)
Net interest income	$	4,596	$	4,189	$	8,785

Provision for Credit Losses

The provision for credit losses, which includes the provisions for loan credit losses, off-balance sheet commitments credit losses and security credit losses, is based on management’s assessment of the adequacy of our allowance for credit losses (“ACL”) for loans, securities, and our reserve for off-balance-sheet lending commitments. Factors impacting the provision include inherent risk characteristics in our loan and security portfolios, the level of nonperforming loans and net charge-offs, both current and historic, local economic and credit conditions, the direction of the change in collateral values, reasonable and supportable forecasts, and the funding probability on unfunded lending commitments. The provision for credit losses is charged against earnings in order to maintain our ACL, which reflects management’s best estimate of the life of loan/investment security credit losses inherent in our loan/security portfolios at the balance sheet date, and our reserve for off-balance-sheet lending commitments, which reflects management’s best estimate of losses inherent in our legally binding lending-related commitments. The allowance is increased by the provision for loan credit losses and decreased by charge-offs, net of recoveries.

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Total provision expense increased by $1.5 million, to $5.0 million for the three months ended March 31, 2026, from $3.4 million for the three months ended March 31, 2025, primarily due to a $1.3 million increase in provision expense for loan credit losses, which was primarily driven by higher collectively evaluated reserves associated with growth in LHFI and updated credit data and risks embedded in our LHFI portfolio.

Net charge-offs increased $49,000, to $2.8 million for the three months ended March 31, 2026, from $2.7 million for the three months ended March 31, 2025. The allowance for loan credit losses to nonperforming LHFI increased slightly to 113.46% for the three months ended March 31, 2026, compared to 113.08% for the three months ended March 31, 2025.

Noninterest Income

The table below presents the various components of and changes in our noninterest income for the periods indicated.


(Dollars in thousands)	Three Months Ended March 31,
Noninterest income:	2026		2025		$ Change		% Change
Insurance commission and fee income	$	9,597	$	7,927	$	1,670	21.1	%
Service charges and fees	4,951		4,716		235		5.0
Other fee income	2,295		2,301		(6)		(0.3)
Mortgage banking revenue	563		915		(352)		(38.5)
Swap fee income	54		533		(479)		(89.9)



Equity method investment (loss) income	(1,517)		(1,692)		175		10.3
Other income	852		902		(50)		(5.5)
Total noninterest income	$	16,795	$	15,602	$	1,193	7.6

Noninterest income for the three months ended March 31, 2026, increased by $1.2 million, or 7.6%, to $16.8 million, compared to $15.6 million for the three months ended March 31, 2025, primarily due to an increase of $1.7 million in changes in insurance commission and fee income.

Insurance commission and fee income. The $1.7 million increase in insurance commission and fee income was driven by higher policy volumes resulting from continued expansion of our customer base, increased new business production, and favorable retention of existing policies reflected primarily in the property and casualty and contingency lines of business.

Noninterest Expense

The following table presents the significant components of noninterest expense for the periods indicated:


(Dollars in thousands)	Three Months Ended March 31,
Noninterest expense:	2026		2025		$ Change		% Change
Salaries and employee benefits	$	38,397	$	37,731	$	666	1.8	%
Occupancy and equipment, net	6,984		8,544		(1,560)		(18.3)
Data processing	4,050		2,957		1,093		37.0
Office and operations	2,937		2,972		(35)		(1.2)
Professional services	2,649		1,250		1,399		111.9
Intangible asset amortization	1,485		1,761		(276)		(15.7)
Electronic banking	1,442		1,354		88		6.5
Advertising and marketing	1,360		1,133		227		20.0
Regulatory assessments	1,335		1,392		(57)		(4.1)
Loan-related expenses	895		599		296		49.4

Other expense	2,263		2,375		(112)		(4.7)
Total noninterest expense	$	63,797	$	62,068	$	1,729	2.8

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Noninterest expense for the three months ended March 31, 2026, increased by $1.7 million, or 2.8%, to $63.8 million, compared to $62.1 million for the three months ended March 31, 2025, primarily due to increases of $1.4 million, $1.1 million and $666,000 in professional services, data processing and salaries and employee benefits, respectively. These increases were offset by a decrease of $1.6 million in occupancy and equipment, net.

Professional services. The $1.4 million increase in professional services was primarily due to $858,000 in consultant fees related to contract renegotiations which is expected to result in meaningful expense savings on our technology contracts in the future. Additionally, there was a $473,000 increase in legal and consultant expense related to the Tricolor Holdings, LLC fraud which was first disclosed in our Current Report on Form 8-K filed on September 10, 2025 and discussed in subsequent filings.

Data processing. The $1.1 million increase in data processing was primarily due to an increase of $791,000 in software related expense.

Salaries and employee benefits. The $666,000 increase in salaries and employee benefits was primary due to a $1.8 million increase in incentive compensation expense, including stock based incentive compensation. Also contributing to the increase was an increase in salaries primarily due an increase in full time equivalent (“FTE”) employees. Our FTE employees increased to 1,000 at March 31, 2026, from 991 at March 31, 2025. These increases were partially offset by a $1.9 million decrease in medical insurance expense.

Occupancy and equipment, net. The $1.6 million decrease in occupancy and equipment, net expense was primarily due to a $1.5 million increase in expense during the three months ended March 31, 2025, due to the accounting for our strategic profitability initiative which included the consolidation of eight banking centers, six of which closed during the three months ended March 31, 2025.

Comparison of Financial Condition at March 31, 2026, and December 31, 2025

General

Total assets increased by $463.4 million, or 4.8%, to $10.19 billion at March 31, 2026, from $9.72 billion at December 31, 2025. The increase was primarily driven by increases of $242.0 million and $193.3 million in cash and cash equivalents and LHFI, respectively. Cash and cash equivalents were $666.2 million at March 31, 2026, an increase of 57.0% from $424.2 million at December 31, 2025. LHFI were $7.86 billion at March 31, 2026, an increase of 2.5% from $7.67 billion at December 31, 2025.

Total liabilities increased by $449.8 million, or 5.3%, to $8.93 billion at March 31, 2026, from $8.48 billion at December 31, 2025. Total deposits increased by $449.0 million, or 5.4%, to $8.76 billion at March 31, 2026, from $8.31 billion at December 31, 2025, primarily due to increases of $237.2 million, $154.2 million and $83.1 million in money market, interest-bearing demand and noninterest-bearing deposits, respectively. These increases were partially offset by a $32.1 million decrease in time deposits.

Loan Portfolio

Our loan portfolio is our largest category of interest-earning assets, and interest income earned on our loan portfolio is our primary source of income. At March 31, 2026, 74.4% of the loan portfolio held for investment was comprised of commercial and industrial loans, including mortgage warehouse lines of credit, commercial real estate and construction/land/land development loans, which were primarily originated within our existing market areas, compared to 73.7% at December 31, 2025.

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The following table presents the ending balance of our loan portfolio held for investment at the dates indicated.



(Dollars in thousands)	March 31, 2026				December 31, 2025				2026 vs. 2025
Real estate:	Amount		Percent		Amount		Percent		$ Change		% Change


Commercial real estate (“CRE”)(1)	$	2,510,578	31.9	%	$	2,523,905	32.9	%	$	(13,327)	(0.5)	%
Construction/land/land development	641,273		8.2		611,220		8.0		30,053		4.9
Single-family residential real estate	1,442,792		18.3		1,444,611		18.8		(1,819)		(0.1)
Multifamily residential real estate	555,527		7.1		553,149		7.2		2,378		0.4
Total real estate	5,150,170		65.5		5,132,885		66.9		17,285		0.3
Commercial and industrial	2,173,126		27.7		1,989,218		25.9		183,908		9.2
Mortgage warehouse lines of credit	522,290		6.6		528,781		6.9		(6,491)		(1.2)
Consumer	18,635		0.2		20,033		0.3		(1,398)		(7.0)
Total LHFI	$	7,864,221	100.0	%	$	7,670,917	100.0	%	$	193,304	2.5

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(1)Includes owner-occupied commercial real estate of $999.4 million and $1.00 billion at March 31, 2026, and December 31, 2025, respectively.

At March 31, 2026, total LHFI were $7.86 billion, an increase of $193.3 million, or 2.5%, compared to $7.67 billion at December 31, 2025. The increase was primarily driven by growth of $183.9 million and $30.1 million in commercial and industrial loans and construction/land/land development loans, respectively. The growth was partially offset by a decline of $13.3 million in commercial real estate loans. Total LHFI at March 31, 2026, excluding mortgage warehouse lines of credit, were $7.34 billion, reflecting an increase of $199.8 million, or 2.8%, compared to December 31, 2025.

A significant portion, 31.9%, of our LHFI portfolio at March 31, 2026, consisted of commercial real estate loans secured by real estate properties. Such loans can involve high principal loan amounts, and the repayment of these loans is dependent, in large part, on a borrower’s ongoing business operations or on income generated from the properties that are leased to third parties.

The table below sets forth the commercial real estate loan portfolio, by portfolio industry sector and collateral location as of March 31, 2026.


	March 31, 2026
(Dollars in thousands)	Texas		Louisiana		Mississippi		All Other States		Total
Non-owner-occupied CRE:
Office building	$	300,143	$	24,800	$	30,180	$	24,904	$	380,027
Retail shopping	276,543		28,237		30,332		89,921		425,033
Real estate & construction	185,948		49,410		5,515		17,746		258,619
Healthcare	92,616		41,441		5,544		17,466		157,067
Hotels	9,293		46,776		37,195		8,768		102,032
All other sectors	118,300		9,711		1,886		58,463		188,360
Total non-owner-occupied CRE	982,843		200,375		110,652		217,268		1,511,138
Owner-occupied CRE:
Real estate & construction	167,120		44,719		9,123		21,749		242,711
Retail shopping	142,606		18,217		2,801		1,728		165,352
Restaurants	45,783		16,115		2,142		6,400		70,440
Healthcare	53,822		20,871		880		—		75,573
Consumer services	46,071		14,684		132		3,377		64,264
Entertainment & recreation	38,176		16,456		9,477		—		64,109
All other sectors	174,400		76,128		20,969		45,494		316,991
Total owner-occupied CRE	667,978		207,190		45,524		78,748		999,440
Total commercial real estate loans	$	1,650,821	$	407,565	$	156,176	$	296,016	$	2,510,578

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Loan Portfolio Maturity Analysis

The table below presents the maturity distribution of our LHFI at March 31, 2026. The table also presents the portion of our loans that have fixed interest rates, rather than interest rates that fluctuate over the life of the loans, based on changes in the interest rate environment.


	March 31, 2026
(Dollars in thousands)	One Year or Less		After One Year Through Five Years		After Five Years Through Fifteen Years		After Fifteen Years		Total
Real estate:
Commercial real estate	$	567,240	$	1,677,034	$	266,304	$	—	$	2,510,578
Construction/land/land development	214,379		350,134		74,247		2,513		641,273
Single-family residential real estate	135,464		403,728		47,558		856,042		1,442,792
Multifamily residential real estate	171,181		370,012		14,334		—		555,527
Total real estate	1,088,264		2,800,908		402,443		858,555		5,150,170
Commercial and industrial	906,130		1,165,055		101,941		—		2,173,126
Mortgage warehouse lines of credit	513,403		8,887		—		—		522,290
Consumer	7,919		10,282		374		60		18,635
Total LHFI	$	2,515,716	$	3,985,132	$	504,758	$	858,615	$	7,864,221

Amounts with fixed rates	$	702,786	$	1,784,088	$	303,156	$	203,412	$	2,993,442
Amounts with variable rates	1,812,930		2,201,044		201,602		655,203		4,870,779
Total	$	2,515,716	$	3,985,132	$	504,758	$	858,615	$	7,864,221

Nonperforming Assets

Nonperforming assets consist of nonperforming/nonaccrual loans and property acquired through foreclosures or repossession, as well as bank-owned property not in use and listed for sale.

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. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Past due status is based on the 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 returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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 ALCL.

We manage the quality of our lending portfolio in part through a disciplined underwriting policy and through continual monitoring of loan performance and borrowers’ financial condition. There can be no assurance, however, that our loan portfolio will not become subject to losses due to declines in economic conditions or deterioration in the financial condition of our borrowers.

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The following table shows our nonperforming loans and nonperforming assets at the dates indicated:


(Dollars in thousands)
Nonperforming LHFI:	March 31, 2026			December 31, 2025
Commercial real estate	$	19,891		$	13,212
Construction/land/land development	19,427			16,388
Single-family residential real estate	37,809			39,480

Commercial and industrial	10,074			11,919

Consumer	65			185
Total nonperforming LHFI	87,266			81,184


Other real estate owned:
Commercial and industrial, Commercial real estate	362			—
Residential real estate	601			650

Total other real estate owned	963			650
Other repossessed assets owned	44			44
Total repossessed assets owned	1,007			694
Total nonperforming assets	$	88,273		$	81,878
Total LHFI	$	7,864,221		$	7,670,917


Ratio of nonperforming LHFI to total LHFI	1.11		%	1.06		%
Ratio of nonperforming assets to total assets	0.87			0.84

As explained in detail in Part I, Note 10 — Commitments and Contingencies under Loss Contingencies, and as discussed in previous filings, our classified and nonperforming LHFI were negatively impacted beginning in the second quarter of 2024 as a result of certain questioned activity involving a former banker in our East Texas market. We continue to work toward a resolution in this matter.

Nonperforming LHFI increased $6.1 million at March 31, 2026, compared to December 31, 2025, and nonperforming LHFI to LHFI increased to 1.11% compared to 1.06%. The increase in nonperforming LHFI was driven by increases in the real estate secured sectors of commercial real estate and construction/land/land development offset by reductions in the sectors of single-family residential real estate and commercial and industrial. Please see Note 4 — Loans to our consolidated financial statements contained in Part I, Item 1 of this report for more information on nonperforming loans.

Potential Problem Loans

From a credit risk standpoint, we classify loans using risk grades which fall into one of five categories: pass, special mention, substandard, doubtful or loss. The classifications of loans reflect a judgment about the risks of default and loss associated with the loan. We review the ratings on loans and adjust them to reflect the degree of risk and loss that is felt to be inherent or expected in each loan. The methodology is structured, so that reserve allocations are increased in accordance with deterioration in credit quality (and a corresponding increase in risk and loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk and loss). Loans rated special mention reflect borrowers who exhibit credit weaknesses or downward trends deserving close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. While potentially weak, no loss of principal or interest is envisioned, and these borrowers currently do not pose sufficient risk to warrant adverse classification. Loans rated substandard are those borrowers with deteriorating trends and well-defined weaknesses that jeopardize the orderly liquidation of debt. A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any, and where normal repayment from the borrower might be in jeopardy.

Loans rated as doubtful have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full questionable, and there is a high probability of loss based on currently existing facts, conditions and values. Loans classified as loss are charged-off, and we have no expectation of the recovery of any payments with respect to loans rated as loss. Information regarding the internal risk ratings of our loans at March 31, 2026, is included in Note 4 — Loans to our consolidated financial statements contained in Part I, Item 1 of this report.

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Allowance for Loan Credit Losses

The ALCL represents the estimated losses for loans 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. We evaluate LHFI on a pool basis with pools of loans characterized by loan type, collateral, industry, internal credit risk rating and FICO score. We apply a probability of default, loss given default loss methodology, to the loan pools at March 31, 2026. 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 the effects of certain economic variables forecast over a one-year period, particularly for differences between current period conditions and the conditions existing during the historical loss period. Subsequent to the forecast effects, historical loss rates are used 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.

The amount of the ALCL is affected by loan charge-offs, which decrease the allowance, recoveries on loans previously charged off, which increase the allowance, as well as the provision for loan credit losses charged to income, which increases the allowance. In determining the provision for loan credit losses, management monitors fluctuations in the allowance resulting from actual charge-offs and recoveries and periodically reviews the size and composition of the loan portfolio in light of current and forecasted economic conditions. If actual losses exceed the amount of the ALCL, it would materially and adversely affect our earnings.

As a general rule, when it becomes evident that the full principal and accrued interest of a loan may not be collected, or at 90 days past due, we will reflect that loan as nonperforming. It will remain nonperforming until it performs in a manner that it is reasonable to expect that we will collect principal and accrued interest in full. When the amount or likelihood of a loss on a loan has been confirmed, a charge-off will be taken in the period it is determined.

We establish general allocations for each major loan category and credit quality. The general allocation is based, in part, on historical charge-off experience and loss given default methodology, derived from our internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. We give consideration to trends, changes in loan mix, delinquencies, prior losses, reasonable and supportable forecasts and other related information.

In connection with the review of our loan portfolio, we consider risk elements attributable to particular loan types or categories in assessing the quality of individual loans. Some of the risk elements we consider include:

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Acquisition Accounting and Acquired Loans. We account for our mergers/acquisitions under Financial Accounting Standards Board (“FASB”) 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, we record 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.

Purchased loans that have experienced more than insignificant credit deterioration since origination are PCD loans. An ALCL is determined using the same methodology as other individually evaluated 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 ALCL are recorded through the provision for credit losses.

The following table presents the allowance for credit loss by loan category at the following dates:



	March 31,				December 31,				March 31,
(Dollars in thousands)	2026				2025				2025
Loans secured by real estate:	Amount		%(1)		Amount		%(1)		Amount		%(1)
Commercial real estate	$	19,388	31.9	%	$	18,929	32.9	%	$	16,185	31.4	%
Construction/land/land development	6,996		8.2		7,219		8.0		6,836		10.5
Single-family residential real estate	9,793		18.3		9,525		18.8		8,949		19.3
Multifamily residential real estate	6,811		7.1		4,963		7.2		4,078		6.5
Commercial and industrial	54,427		27.7		54,496		25.9		54,762		26.7
Mortgage warehouse lines of credit	998		6.6		913		6.9		422		5.3
Consumer	602		0.2		737		0.3		779		0.3
Total	$	99,015	100.0	%	$	96,782	100.0	%	$	92,011	100.0	%

__________________________

(1)Represents the ratio of each loan type to total LHFI.

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The following table presents an analysis of the ALCL and other related data at the periods indicated.



(Dollars in thousands)	Three Months Ended March 31,						Year Ended December 31,
ALCL	2026			2025			2025
Balance at beginning of period	$	96,782		$	91,060		$	91,060

Provision for loan credit losses	5,010			3,679			45,303
Charge-offs:
Commercial real estate	775			257			728

Single-family residential real estate	32			—			489
Multifamily residential real estate	—			—			—
Commercial and industrial	3,004			4,561			43,691

Consumer	152			30			174
Total charge-offs	3,963			4,848			45,082
Recoveries:
Commercial real estate	—			13			18

Single-family residential real estate	2			3			17
Multifamily residential real estate	—			43			43
Commercial and industrial	1,182			2,042			5,392

Consumer	2			19			31
Total recoveries	1,186			2,120			5,501
Net charge-offs	2,777			2,728			39,581
Balance at end of period	$	99,015		$	92,011		$	96,782
Ratio of ALCL to:
Nonperforming LHFI	113.46		%	113.08		%	119.21		%
LHFI	1.26			1.21			1.26
Net charge-offs (annualized) as a percentage of:
Provision for loan credit loss	55.43			74.15			87.37
ALCL	11.37			12.02			40.90
Average LHFI	0.15			0.15			0.52

The ALCL to nonperforming LHFI decreased to 113.46% at March 31, 2026, compared to 119.21% at December 31, 2025, primarily driven by an increase of $6.1 million in the Company’s nonperforming LHFI as explained in the preceding Nonperforming Assets section, during the three months ended March 31, 2026.

Securities

Our securities portfolio totaled $1.17 billion at March 31, 2026, representing an increase of $34.2 million, or 3.0% from $1.13 billion at December 31, 2025. The increase reflects the net effect of new purchases, sales, calls, maturities, principal paydowns, and changes in fair value during the three months ended March 31, 2026.

Our available for sale portfolio totaled $1.15 billion at March 31, 2026, and represented 98.6% of our total security portfolio and was comprised of 41.1% mortgage-backed, 24.9% municipal, 29.2% collateralized mortgage obligations, 4.5% corporate and 0.3% treasury/agency securities. Our available for sale portfolio totaled $1.12 billion at December 31, 2025, and represented 98.5% of our total security portfolio and was comprised of 42.0% mortgage-backed, 26.4% municipal, 26.3% collateralized mortgage obligations, 5.0% corporate and 0.3% treasury/agency securities.

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All of our mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities. We do not hold any Fannie Mae or Freddie Mac preferred stock, collateralized debt obligations, collateralized loan obligations, structured investment vehicles, private label collateralized mortgage obligations, subprime, Alt-A, or second lien elements in our investment portfolio. As of March 31, 2026, our investment portfolio did not contain any securities that are directly backed by subprime or Alt-A mortgages.

The securities portfolio had a weighted average effective duration of 4.14 years at March 31, 2026, compared to 4.15 years at December 31, 2025. For additional information regarding our securities portfolio, please see Note 3 — Securities in the condensed notes to our consolidated financial statements contained in Part I, Item 1 of this report.

Deposits

Deposits are the primary funding source used to fund our loans, investments and operating needs. We offer a variety of products designed to attract and retain both consumer and commercial deposit customers. These products consist of noninterest and interest-bearing checking accounts, savings deposits, money market accounts and time deposits. Deposits are primarily gathered from individuals, partnerships and corporations in our market areas. We also obtain deposits from local municipalities and state agencies.

Total deposits increased $449.0 million, or 5.4%, at March 31, 2026, compared to December 31, 2025, with increases of $237.2 million, $154.2 million, and $83.1 million in money market, interest-bearing demand, and noninterest-bearing demand, respectively. $215.0 million of the increase related to deposit growth that occurred during 2025 but was not reflected in the deposit balance at December 31, 2025, due to the sale of such deposit on December 31, 2025, and subsequent repurchase on January 2, 2026. The additional deposit funding was primarily used to increase cash and cash equivalents by $242.0 million and LHFI by $193.3 million when comparing March 31, 2026, to December 31, 2025.

The following table presents our deposit mix at the dates indicated:


	March 31, 2026				December 31, 2025
(Dollars in thousands)	Balance		% of Total		Balance		% of Total		$ Change		% Change
Noninterest-bearing demand	$	2,062,982	23.6	%	$	1,979,875	23.8	%	$	83,107	4.2	%
Money market	3,518,907		40.1		3,281,708		39.5		237,199		7.2
Interest-bearing demand	2,071,808		23.7		1,917,658		23.1		154,150		8.0
Time deposits	797,354		9.1		829,452		10.0		(32,098)		(3.9)

Savings	305,217		3.5		298,554		3.6		6,663		2.2
Total deposits	$	8,756,268	100.0	%	$	8,307,247	100.0	%	$	449,021	5.4

We manage our interest expense on deposits through specific deposit product pricing that is based on competitive pricing, economic conditions and current and anticipated funding needs. We may use interest rates as a mechanism to attract or deter additional deposits based on our anticipated funding needs and liquidity position. We also consider potential interest rate risk caused by extended maturities of time deposits when setting the interest rates in periods of future economic uncertainty.

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The following table reflects the classification of our average deposits, and the average rate paid on each deposit category for the periods indicated:


	Three Months Ended March 31,
	2026						2025
(Dollars in thousands)	Average Balance		Interest Expense		Average Rate Paid		Average Balance		Interest Expense		Average Rate Paid
Interest-bearing demand	$	2,068,810	$	11,901	2.33	%	$	2,081,566	$	14,654	2.86	%
Money market	3,487,443		24,783		2.88		3,137,769		27,013		3.49
Time deposits	811,939		6,166		3.08		912,067		8,091		3.60
Brokered deposits(1)	—		—		—		60,109		744		5.02
Savings	301,161		852		1.15		319,375		1,277		1.62
Total interest-bearing	6,669,353		43,702		2.66		6,510,886		51,779		3.23

Noninterest-bearing demand	1,978,098		—				1,837,365		—
Total average deposits	$	8,647,451	$	43,702	2.05		$	8,348,251	$	51,779	2.52

______________________

(1)Average brokered deposits include average brokered time deposits and average brokered interest-bearing demand of $60.1 million and $3,000, respectively, for the three months ended March 31, 2025.

Our average deposit balances were $8.65 billion for the three months ended March 31, 2026, an increase of $299.2 million, or 3.6%, from $8.35 billion for the three months ended March 31, 2025. The average rate paid on our interest-bearing deposits for the three months ended March 31, 2026, was 2.66%, compared to 3.23% for the three months ended March 31, 2025.

Average noninterest-bearing deposits were $1.98 billion for the three months ended March 31, 2026, an increase of $140.7 million, or 7.7%, from $1.84 billion for the three months ended March 31, 2025, and represented 22.9% and 22.0% of average total deposits for the three months ended March 31, 2026 and 2025, respectively.

The amount of deposits in excess of the FDIC insurance limit at March 31, 2026, and December 31, 2025 was $3.99 billion and $3.93 billion, respectively, including $840.4 million and $860.0 million in public fund deposits collateralized by pledged assets, respectively.

Liquidity and Capital Resources

Overview

Management oversees our liquidity position to ensure adequate cash and liquid assets are available to support our operations and satisfy current and future financial obligations, including demand for loan funding and deposit withdrawals. Management continually monitors, forecasts and tests our liquidity and non-core dependency ratios to ensure compliance with targets established by our Asset-Liability Management Committee and approved by our board of directors.

Management measures our liquidity position by giving consideration to both on-balance sheet and off-balance sheet sources of, and demands for, funds on a daily and weekly basis.

The Company, which is a separate legal entity apart from the Bank, must provide for its own liquidity, including payment of any dividends that may be declared for its common stockholders and interest and principal on any outstanding debt or trust preferred securities incurred by the Company. The cash held at the holding company is available for general corporate purposes described above, as well as providing capital support to the Bank.

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The table below shows the liquidity measures for the Company at the dates indicated:


(Dollars in thousands)	March 31, 2026			December 31, 2025
Available cash balances at the holding company (unconsolidated)	$	24,373		$	32,731
Cash and liquid securities as a percentage of total assets	10.7		%	8.4		%

There are regulatory restrictions on the ability of the Bank to pay dividends under federal and state laws, regulations and policies; please see Note 9 — Capital and Regulatory Matters in the condensed notes to our consolidated financial statements for more information on the availability of Bank dividends.

Liquidity Sources

In addition to cash generated from operations, we utilize a number of funding sources to manage our liquidity, including core deposits, investment securities, cash and cash equivalents, loan repayments, federal funds lines of credit available from other financial institutions, as well as advances from the FHLB. We also have access to the Federal Reserve discount window as a source of short-term funding.

Core deposits, which are total deposits excluding time deposits greater than $250,000, brokered, and Certificate of Deposit Account Registry Service deposits, are a major source of funds used to meet our cash flow needs. Maintaining the ability to acquire these funds as needed in a variety of markets is the key to assuring our liquidity.

Our investment portfolio is another source for meeting our liquidity needs. Monthly payments on mortgage-backed securities are used for short-term liquidity, and our investments are generally traded in active markets that offer a readily available source of cash liquidity through sales, if needed. Securities in our investment portfolio are also used to secure certain deposit types, such as deposits from state and local municipalities, and can be pledged as collateral for other borrowing sources.

Other sources available for meeting liquidity needs include long- and short-term advances from the FHLB and unsecured federal funds lines of credit. Long-term funds obtained from the FHLB are primarily used as an alternative source to fund long-term growth of the balance sheet by supporting growth in loans and other long-term interest-earning assets. We typically rely on such funding when the cost of such borrowings compares favorably to the rates that we would be required to pay for other funding sources, including certain deposits.

We also had unsecured federal funds lines of credit available to us, with no amounts outstanding at either March 31, 2026, or December 31, 2025. These lines of credit primarily provide short-term liquidity and, in order to ensure the availability of these funds, we test these lines of credit at least annually. Interest is charged at the prevailing market rate on federal funds purchased and FHLB advances.

We were eligible to borrow an additional $2.40 billion and $2.39 billion from the FHLB at March 31, 2026 and December 31, 2025, respectively.

Additionally, at March 31, 2026, we had the ability to borrow $1.33 billion from the discount window at the FRBD, with $1.51 billion in commercial and industrial loans pledged as collateral. There were no borrowings against this line at March 31, 2026, or December 31, 2025.

In the normal course of business as a financial services provider, we enter into financial instruments, such as certain contractual obligations and commitments to extend credit and letters of credit, to meet the financing needs of our customers. These commitments involve elements of credit risk, interest rate risk and liquidity risk. Some instruments may not be reflected in our consolidated financial statements until they are funded, and a significant portion of commitments to extend credit may expire without being drawn, although they expose us to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Please see Note 10 — Commitments and Contingencies in the condensed notes to our consolidated financial statements for more information on our off-balance sheet commitments.

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Stockholders’ Equity

Stockholders’ equity provides a source of permanent funding, allows for future growth and provides a degree of protection to withstand unforeseen adverse developments. Changes in stockholders’ equity is reflected below:


(Dollars in thousands)	Total Stockholders’ Equity
Balance at January 1, 2026	$	1,246,685
Net income	27,693
Other comprehensive loss, net of tax	(6,703)

Dividends declared - common stock ($0.15 per share)	(4,669)
Stock-based compensation, net	4,101
Repurchase of common stock	(6,832)
Balance at March 31, 2026	$	1,260,275

Please see Part II, Item 2. “Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities” below for information on the Company’s stock repurchase program.

Regulatory Capital Requirements

Together with the Bank, we are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements may result in certain actions by regulators that, if enforced, could have a direct material effect on our financial statements. At March 31, 2026, and December 31, 2025, we and the Bank were in compliance with all applicable regulatory capital requirements, and the Bank was classified as “well capitalized” for purposes of the prompt corrective action regulations of the Federal Reserve. As we deploy capital and continue to grow operations, regulatory capital levels may decrease depending on the level of earnings. However, we expect to monitor and control growth in order to remain “well capitalized” under applicable regulatory guidelines and in compliance with all applicable regulatory capital standards. While we are currently classified as “well capitalized,” an extended economic recession could adversely impact our reported and regulatory capital ratios.

The following table presents our regulatory capital ratios, as well as those of the Bank, at the dates indicated:



(Dollars in thousands)	March 31, 2026				December 31, 2025
Origin Bancorp, Inc.	Amount		Ratio		Amount		Ratio
Common equity Tier 1 capital (to risk-weighted assets)	$	1,161,490	13.60	%	$	1,139,627	13.54	%
Tier 1 capital (to risk-weighted assets)	1,177,516		13.79		1,155,628		13.73
Total capital (to risk-weighted assets)	1,279,772		14.99		1,255,717		14.91
Tier 1 capital (to average total consolidated assets)	1,177,516		11.74		1,155,628		11.86

Origin Bank
Common equity Tier 1 capital (to risk-weighted assets)	$	1,083,901	12.78	%	$	1,054,279	12.62	%
Tier 1 capital (to risk-weighted assets)	1,083,901		12.78		1,054,279		12.62
Total capital (to risk-weighted assets)	1,186,157		13.98		1,154,368		13.82
Tier 1 capital (to average total consolidated assets)	1,083,901		10.89		1,054,279		10.91

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During the three months ended March 31, 2026, the Company repurchased a total of 165,500 shares of its common stock pursuant to its July 2025 stock repurchase program at an average price per share of $41.27, for an aggregate purchase price of $6.8 million, including broker commissions and applicable excise taxes. There was $31.7 million remaining available for repurchases at March 31, 2026.

Critical Accounting Policies and Estimates

SEC guidance requires disclosure of “critical accounting estimates.” The SEC defines “critical accounting estimates” as those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant.

Our accounting policies are fundamental to understanding our management’s discussion and analysis of our results of operations and financial condition. We have identified certain significant accounting policies which involve a higher degree of judgment and complexity in making certain estimates and assumptions that affect amounts reported in our consolidated financial statements. Please see Note 1 — Significant Accounting Policies in the notes to our consolidated financial statements included in the Company's 2025 Form 10-K filed with the SEC for more information about our critical accounting policies and use of estimates.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Sensitivity and Market Risk

As a financial institution, our primary component of market risk is interest rate volatility. Our financial management policy provides management with guidelines for effective funds management, and we have established a measurement system for monitoring the net interest rate sensitivity position.

Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on most of our assets and liabilities, and the market value of all interest-earning assets and interest-bearing liabilities, other than those which have a short-term to maturity. Interest rate risk is the potential for economic losses due to future interest rate changes. These economic losses can be reflected as a loss of future net interest income and/or a loss of current fair market values. The objective is to measure the effect on net interest income and to adjust the consolidated balance sheets to minimize the inherent risk while at the same time maximizing income.

We manage exposure to interest rates by structuring the consolidated balance sheet in the ordinary course of business. We may utilize derivative financial instruments as part of an ongoing effort to mitigate interest rate risk exposure to interest rate fluctuations and facilitate the needs of our customers. For more information about our derivative financial instruments, see Note 6 — Derivative Financial Instruments in the condensed notes to our consolidated financial statements contained in Part I, Item 1 of this report. Based on the nature of operations, we are not subject to foreign exchange or commodity price risk.

Our exposure to interest rate risk is managed by the Bank’s Asset Liability Committee in accordance with policies approved by the Bank’s board of directors. The committee formulates strategies based on appropriate levels of interest rate risk. In determining the appropriate level of interest rate risk, the committee considers the impact on earnings and capital of the current outlook on interest rates and the economy, potential changes in interest rates, liquidity, business strategies and other factors.

The committee meets regularly to review, among other things, the sensitivity of assets and liabilities to interest rate changes, the book and market values of assets and liabilities, unrealized gains and losses, purchase and sale activities, commitments to originate loans and the maturities of investments and borrowings. Additionally, the committee reviews liquidity, cash flow flexibility, maturities of deposits and consumer and commercial deposit activity. We employ methodologies to manage interest rate risk, which includes an analysis of relationships between interest-earning assets and interest-bearing liabilities, and an interest rate shock simulation model.

We use interest rate risk simulation models and shock analyses to test the interest rate sensitivity of net interest income and fair value of equity, and the impact of changes in interest rates on other financial metrics. Our interest rate risk modeling incorporates a number of assumptions, including the repricing sensitivity of certain assets and liabilities, asset prepayment speeds, and the expected average life of non-maturity deposits. The assumptions used are inherently uncertain, and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions and the application and timing of various management strategies.

On a quarterly basis, we run various simulation models, including a static balance sheet and a dynamic growth balance sheet. These models test the impact on net interest income and fair value of equity from changes in market interest rates under various scenarios. Under the static model, rates are shocked instantaneously, and ramped rates change over a twelve-month horizon based upon parallel yield curve shifts. Parallel shock scenarios assume instantaneous parallel movements in the yield curve compared to a flat yield curve scenario. Additionally, we run a non-parallel simulation involving analysis of interest income and expense under various changes in the shape of the yield curve. Internal policy regarding interest rate risk simulations currently specifies that for instantaneous parallel shifts of the yield curve, estimated net interest income at risk for the subsequent one-year period should not change by more than 10.0% for a 100-basis point shift, 15.0% for a 200-basis point shift, 20.0% for a 300-basis point shift, and 25.0% for a 400-basis point shift. We continue to monitor our asset sensitivity and evaluate strategies to prevent being significantly impacted by future changes in interest rates.

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The following table summarizes the impact of an instantaneous, sustained simulated change in net interest income and fair value of equity over a 12-month horizon at the date indicated.


	March 31, 2026
Change in Interest Rates (basis points)	% Change in Net Interest Income		% Change in Fair Value of Equity
+400	11.2	%	(6.0)	%
+300	8.7		(3.9)
+200	6.0		(2.1)
+100	3.0		(0.8)
Base
-100	(3.1)		0.5
-200	(3.6)		0.9
-300	(3.5)		1.6
-400	(5.8)		0.9

We have found that, historically, interest rates on deposits do not change completely in tandem with the changes in the discount and federal funds rates. Overall, interest rates on deposits typically experience a lower degree of rate change than changes in market interest rates and this assumption is incorporated into the simulation model. The assumptions incorporated into the model are inherently uncertain and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude and frequency of interest rate changes, as well as changes in market conditions and the application and timing of various strategies.

The FRB sets various benchmark rates, including the federal funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions and the fair value of our available for sale securities. The Federal Reserve Board reduced the federal funds target rate range six times, for a total of 175 basis points from its recent cycle high set in mid-2023, to a range of 3.50% to 3.75%, and has maintained the range unchanged since December 10, 2025.

Impact of Inflation

Our financial statements included herein have been prepared in accordance with U.S. GAAP, which presently requires us to measure the majority of our financial position and operating results primarily in terms of historic dollars. Changes in the relative value of money due to inflation or recession are generally not considered.

Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates have a more significant impact on a financial institution’s performance than the general level of inflation. However, inflation affects financial institutions by increasing their cost of goods and services purchased, as well as the cost of salaries and benefits, occupancy expense, and similar items. Inflation and related increases in interest rates generally decrease the market value of investments and loans held and may adversely affect liquidity, earnings, and stockholders’ equity. In management’s opinion, changes in interest rates affect the financial condition of a financial institution to a far greater degree than changes in the inflation rate. While interest rates are greatly influenced by changes in the inflation rate, they do not necessarily change at the same rate or in the same magnitude as the inflation rate. Interest rates are highly sensitive to many factors that are beyond our control, including changes in the expected rate of inflation, the influence of general and local economic conditions and the monetary and fiscal policies of the United States government, its agencies and various other governmental regulatory authorities.

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Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures — As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our design and operation of our disclosure controls and procedures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was required to apply judgment in evaluating its controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective as of the end of the period covered by this report.

Changes in internal control over financial reporting. Our management, including the Chief Executive Officer and Chief Financial Officer, identified no change in our internal control over financial reporting that occurred during the three month period ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

The effectiveness of our disclosure controls and procedures and our internal control over financial reporting is subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the soundness of our systems, the possibility of human error, and the risk of fraud. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions and the risk that the degree of compliance with policies or procedures may deteriorate over time. Because of these limitations, any system of disclosure controls and procedures or internal control over financial reporting may not be successful in preventing all errors or fraud or in making all material information known in a timely manner to the appropriate levels of management.

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PART II: OTHER INFORMATION

Item 1. Legal Proceedings

Refer to Note 10 — Commitments and Contingencies - Loss Contingencies in the condensed notes to consolidated financial statements included in Part I, Item 1 of this report for additional information regarding legal proceedings not reportable under this Item.

Item 1A. Risk Factors

There are no material changes during the period covered by this Report to the risk factors previously disclosed in our 2025 Form 10-K.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

(a) Not applicable.

(b) Not applicable.

(c) 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 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 SEC. 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.

There were a total of 165,500 shares of stock repurchased during the quarter ended March 31, 2026.



(Dollars in thousands, except per share amounts) Period	Total Number of Shares Purchased	Average Price Paid per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Plan	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan at the End of the Period(1)
January 1, 2026 - January 31, 2026	28,425	$	39.22	28,425	$	37,461
February 1, 2026 - February 28, 2026	27,817	43.66		56,242	36,247
March 1, 2026 - March 31, 2026	109,258	41.20		165,500	31,745
Total	165,500	41.27		165,500	31,745

____________________________

(1)Includes broker commissions and applicable excise taxes.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a) Not applicable.

(b) Not applicable.

(c) Pursuant to Item 408(a) of Regulation S-K, none of our directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2026.

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Item 6. Exhibits


Exhibit Number						Description





3.1						Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed April 28, 2020

3.2						Amended and Restated Bylaws, incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed April 28, 2020

4.1						Specimen common stock certificate, incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 filed April 10, 2018

						Instruments defining the rights of holders of long-term debt of the Company and its subsidiaries are not filed as Exhibits because the amount of debt under each instrument is less than 10% of the consolidated assets of the Company. The Company undertakes to file these instruments with the SEC upon request.

10.1						Amended and Restated Origin Bancorp, Inc. Omnibus Incentive Plan, incorporated by reference to Appendix A to the Company's Definitive Proxy Statement Schedule 14A filed March 13, 2026









10.2						Termination of Employment Agreement, dated March 18, 2026, by and among Origin Bancorp, Inc., Origin Bank and Stephen Brolly

31.1						Certification by Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a).

31.2						Certification by Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a).

32.1						Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2						Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101						The following financial information from Origin Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, is formatted in Inline XBRL: (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income (Loss), (iv) the Unaudited Consolidated Statements of Changes in Stockholders' Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Condensed Notes to Unaudited Consolidated Financial Statements.

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


						Origin Bancorp, Inc.


Date:	May 6, 2026	By:	/s/ Drake Mills
			Drake Mills
			Chairman, President and Chief Executive Officer


Date:	May 6, 2026	By:	/s/ William J. Wallace, IV
			William J. Wallace, IV
			Senior Executive Officer and Chief Financial Officer

Origin Bancorp - 10-Q quarterly report FY

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