Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Only Financial Statements

Note 20 — Condensed Parent Company Only Financial Statements

Financial statements of Origin Bancorp, Inc. (parent company only) are as follows:


(Dollars in thousands)	December 31,
Condensed Balance Sheets	2023		2022
Assets
Cash and cash equivalents	$	87,698	$	99,810
Investment in affiliates/subsidiaries	1,069,967		995,507

Other assets	33,478		19,840
Total assets	$	1,191,143	$	1,115,157
Liabilities and Stockholders’ Equity
Short-term borrowings	$	—	$	30,000

Subordinated indebtedness, net	125,078		132,661
Accrued expenses and other liabilities	3,160		2,553
Total liabilities	128,238		165,214
Stockholders’ Equity

Common stock	154,931		153,733
Additional paid‑in capital	528,578		520,669
Retained earnings	500,419		435,416
Accumulated other comprehensive loss	(121,023)		(159,875)
Total stockholders’ equity	1,062,905		949,943
Total liabilities and stockholders’ equity	$	1,191,143	$	1,115,157


(Dollars in thousands)	Years Ended December 31,
Condensed Statements of Income	2023		2022		2021
Income:
Dividends from subsidiaries	$	53,150	$	17,500	$	19,200
Other	10,945		408		1,608
Total income	64,095		17,908		20,808
Expenses:
Interest expense	7,515		5,612		4,313
Salaries and employee benefits	370		220		221
Other	1,708		4,915		1,079
Total expenses	9,593		10,747		5,613
Income before income taxes and equity in undistributed net income of subsidiaries	54,502		7,161		15,195
Income tax (expense) benefit	(943)		3,359		762
Income before equity in undistributed net income of subsidiaries	53,559		10,520		15,957
Equity in undistributed net income of subsidiaries	30,241		77,195		92,589
Net income	$	83,800	$	87,715	$	108,546


(Dollars in thousands)	Years Ended December 31,
Condensed Statements of Cash Flows	2023		2022		2021
Cash flows from operating activities:
Net income	$	83,800	$	87,715	$	108,546
Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income taxes	4,451		(2,254)		7

Equity in undistributed net income of subsidiaries	(30,241)		(77,195)		(92,589)
Amortization of subordinated indebtedness discount including purchase accounting adjustment	220		181		147
Gain on equity securities without a readily determinable fair value	(10,096)		—		—
Gain on repurchase of subordinated debentures	(471)		—		—
Other, net	(4,540)		4,805		(5,898)
Net cash provided by operating activities	43,123		13,252		10,213
Cash flows from investing activities:

Lincoln Agency, LLC and Pulley-White Insurance Agency acquisitions	—		—		(7,457)
BTH acquisition	—		44,265		—

Net purchases of non-marketable equity securities held in other financial institutions	—		—		(3,612)
Capital calls on limited partnership investments	(2,454)		(3,722)		(513)
Net cash (used in) provided by investing activities	(2,454)		40,543		(11,582)
Cash flows from financing activities:
Proceeds from short-term borrowings	—		30,000		—
Repayments on short-term borrowings	(30,000)		—		—
Dividends paid	(18,567)		(15,887)		(11,525)

Cash received on exercise of stock options	3,140		2,998		146
Repurchase of subordinated debentures, net	(4,729)		—		—
Maturities of subordinated debentures	(2,625)		—		—




Net cash (used in) provided by financing activities	(52,781)		17,111		(12,635)
Net (decrease) increase in cash and cash equivalents	(12,112)		70,906		(14,004)
Cash and cash equivalents at beginning of year	99,810		28,904		42,908
Cash and cash equivalents at end of year	$	87,698	$	99,810	$	28,904