22 1919 ANNUAL REPORT LETTER FROM THE CEO As we enter our 108th year, I am filled with a deep sense of pride business. Prior to becoming a public company, we highlighted our in all that we have accomplished and how we are positioned as a ability to leverage investments in our infrastructure, drive organic company. If you have followed the Origin story over the years, growth through our employees and attract talented teams in key you are aware of the passion that we have for our company and markets. In 2019, we saw those investments and relationship- the emphasis that we place on all of our employees and our focused employees continue to provide a high level of value. culture. Oftentimes, shareholder letters only speak to the financial highlights of the year. I will certainly cover those for 2019, but I From a deposit standpoint, our teams increased total deposits by believe it is important to acknowledge that our people and our $446 million or 12%, while reducing brokered deposits by $179 culture make Origin unique and have positioned us for success as million during the year. That equates to a core deposit increase we move forward into a new decade. of $625 million or 18%. We saw impressive deposit growth across all of our markets, with Texas leading the bank with over 32% core Late in 2019, I asked a team of employees to reevaluate our vision deposit growth. This core deposit growth was intentional and statement and determine if it truly defined who we aspire to be. a result of our strategy to hire deposit gatherers in our markets The result is a powerful statement of what we strive for in the whose primary focus is building core banking relationships. This new era of financial services: “To combine the power of trusted strategy continues to yield results, even amidst the competitive advisors with innovative technology to build unwavering loyalty by climate for core deposits. Moving into 2020, we will remain connecting people to their dreams.” Delivering on this vision will focused on continued growth through leveraging our relationships define success as we move forward. and providing an excellent customer experience. There is a sea change taking place in the financial sector and in While deposit growth was one of our top strategic initiatives in other sectors as well, with increasing recognition that in order for 2019, we also remained steadfast in our commitment to grow our a company to grow, prosper and remain profitable, it must have a loan portfolio through sound, profitable relationships. Loans purpose and a strong sense of commitment to its stakeholders, its held for investment ended the year at $4.14 billion, an increase of community and to society as a whole. $354 million, or 9%, compared to the end of 2018. Our strategy At Origin, we have always placed emphasis on our purpose and markets has proven effective, as we saw significant relationship our relationships, and that continues to remain at the core of our enhancement in these markets which led to impressive growth. associated with banking teams in the Houston and north Texas Another priority for our company in 2019 was refining our strategy Officer from 1983 to 2002 and served as chairman of the bank as it relates to our mortgage business. Over the past 18 months, board of directors from 1997 to 2010. He was a mentor to many we began taking steps to build a mortgage platform that reflects within our company and had a belief that Origin could be a dynamic a community-based retail model. This shift in strategy has organization that could impact people far beyond north Louisiana. proven to be effective as we have increased mortgage banking Mr. Emory had a deep passion for community banking and always revenue year-over-year by approximately $3 million or 28%. We had a focus and drive to do right by our customers and to invest also concluded that outsourcing the servicing of our qualified, in our community. As I think about our core values such as trust, residential mortgage loans was the best option for both us and our strong work ethic, individual initiative, respect, and commitment customers. While we are still taking steps to improve our overall to our communities, I am reminded that Mr. Emory lived these mortgage business, we made great progress in 2019 and have the values for the many decades he led our company. I have asked our team in place to continue to execute at a high level. employees to honor Mr. Emory’s legacy by continuing to serve our customers and communities passionately, and to make the world I am proud of the organic growth that took place in 2019, and I a better place. am equally proud of the way our team was able to adapt to the changing rate environment. With three interest rate cuts, our net Origin is well positioned to capitalize on the opportunities before interest margin only declined six basis points, which is a result of us. While we have seen impressive growth in our franchise in the our efforts to capitalize on our core banking relationships that we increased during 2019. We also saw an improved efficiency ratio year-over-year and will remain focused on maximizing efficiency as we move through 2020, with a continued emphasis on an DELIVER ON OUR VISION OF CONNECTING PEOPLE TO THEIR DREAMS metropolitan areas we serve throughout Texas, we recognize the potential for increasing our market share in a dynamic way. We have the infrastructure and teams in place to support that growth. With the recent disruptions in our major markets related to bank mergers, we efficient, yet differentiating, customer experience. All of this believe there is significant opportunity to reach new customers and speaks to the diligence that our bankers have in being mindful of attract new bankers. We will also remain disciplined in our efforts driving profitable relationships and managing expenses within our to seek out acquisition opportunities that fit with our culture and company. strategic plan. The results and strategic points I have just highlighted are part While we are aware of the current and evolving challenges in our of our continued focus to enhance long-term shareholder value. industry, we have shown over our long history of doing business We are also focused on enhancing shareholder value in other that we are up to the challenge of executing on our strategic plan ways, such as share repurchases and increased dividends. In and providing long-term value to our stakeholders. Business cycles July, we announced a $40 million share repurchase program and will continue to change and our team will adapt to those changes. repurchased $10 million worth of shares under the plan in August. We will always remain deeply committed to our employees, In 2019, we also increased the quarterly dividend to 9.25 cents per customers, communities and shareholders to deliver on our vision share. With the increased dividend and repurchase activity, we of connecting people to their dreams. returned over $16 million to shareholders during 2019. As we move into 2020, we have some recent developments I would like to mention. In January, Lance Hall was promoted to CEO of Origin Bank. Lance has been serving as President of the Bank since July of 2018. In occupying both the CEO and President roles, Lance will continue to partner with me and guide the day-to-day operations and growth strategy at the bank level. Additionally, we completed a $70 million sub-debt offering at the bank level in February 2020, which supports our strategic plan of strengthening our balance sheet, while bolstering our capital levels and supporting future growth. Earlier this year, we lost our long-time Chairman and CEO, John Emory. Mr. Emory was instrumental in laying the foundation for the success of our company. He served as our Chief Executive DRAKE MILLS Chairman of the Board, President & Chief Executive Officer Origin Bancorp, Inc. FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, (dollar amounts in thousands except per share data) SUMMARY INCOME STATEMENT 2019 2018 Net Interest Income $ 173,712 $ 153,452 Provision for Credit Losses Noninterest Income Noninterest Expense Net Income SUMMARY BALANCE SHEET 9,568 46,478 144,074 53,882 1,014 41,240 131,236 51,605 Total Loans Held for Investment $ 4,143,195 $ 3,789,105 Total Assets Total Deposits 5,324,626 4,821,576 4,228,612 3,783,138 Total Stockholders’ Equity 599,262 549,779 PER COMMON SHARE DATA Diluted Earnings Per Common Share $ 2.28 $ 2.20 Cash Dividends Declared Per Common Share Book Value Per Common Share RATIOS Return on Average Assets Return on Average Equity Tier 1 Capital Ratio Total Capital Ratio 0.25 25.52 1.06% 9.27% 11.94% 12.76% 0.13 23.17 1.16% 10.07% 12.16% 12.98% THE BOARD OF DIRECTORS ORIGIN BANCORP, INC. / ORIGIN BANK James D’Agostino, Jr. Managing Director Encore Interests LLC 1 James Davison, Jr. Investments 2 Richard Gallot, Jr. President Grambling State University * Stacey Goff General Counsel & Chief Administrative Officer CenturyLink, Inc. ** Lance Hall President & Chief Executive Officer Origin Bank Michael Jones Certified Public Accountant 3 Gary Luffey Partner Green Clinic 4 Farrell Malone Partner (Retired) KPMG LLP Drake Mills Chairman, President & Chief Executive Officer Origin Bancorp, Inc. Chairman Origin Bank Ronnie Myrick Vice Chairman Origin Bank George Snellings, IV Attorney Nelson, Zentner, Sartor & Snellings, LLC 5 Elizabeth Solender President Solender/Hall, Inc. Steven Taylor Auto Dealer EXECUTIVE OFFICERS Drake Mills - Chairman, President & Chief Executive Officer, Origin Bancorp, Inc. / Chairman, Origin Bank Lance Hall - President & Chief Executive Officer, Origin Bank Chase Anderson Chief Accounting Officer & Treasurer Warrie Birdwell Regional President North Texas Steve Brolly Chief Financial Officer Russ Chase Chief Community Banking Officer Jim Crotwell Chief Risk Officer Cary Davis Executive Risk Officer Josh Hammett Chief Information Officer David Harrison Chief Audit Executive Carmen Jordan Regional President Houston Ryan Kilpatrick Chief Brand & Communications Officer Larry Little State President Louisiana Regina McNeill Market Analytics & Strategic Planning Clark Mercer Chief Compliance Officer Preston Moore Chief Credit & Banking Officer Larry Ratzlaff State President Mississippi Lonnie Scarborough Chief Dream Manager & Talent Development Officer Linda Tuten Chief People & Diversity Officer Debbie Williamson Chief Operations Officer 1. Chair, Finance Committee 2. Chair, Risk Committee 3. Chair, Nominating & Corporate Governance Committee 4. Chair, Audit Committee 5. Chair, Compensation Committee *Effective 01/01/2020 **Origin Bank Board Member Only www.Origin.bank 500 South Service Road East, Ruston, LA 71270 · Member FDIC