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Borrowings | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Borrowings | Note 11 — Borrowings Borrowed funds are summarized as follows:
| December 31,
(Dollars in thousands) | 2024 |  | 2023
Short-term FHLB advances | $ | — |  |  | $ | 70,000 |
Long-term FHLB advances | 6,198 |  |  | 6,474 |
Overnight repurchase agreements with depositors | 6,262 |  |  | 7,124 |
Total FHLB advances and other borrowings | $ | 12,460 |  |  | $ | 83,598 |
Subordinated indebtedness, net | $ | 159,943 |  |  | $ | 194,279 |
Additional details of certain FHLB advances are as follows:
(Dollars in thousands) | Amount |  | Interest Rate |  | Maturity Date
At December 31, 2023: |  |  |  |  |
Short-term FHLB advance, fixed rate | $ | 70,000 |  |  | 5.68 | % |  | 1/5/2024
Security for all indebtedness and outstanding commitments to the FHLB consists of a blanket floating lien on all of the Company’s first mortgage loans, commercial real estate and other real estate loans, as well as the Company’s investment in capital stock of the FHLB and deposit accounts at the FHLB. The net amounts available under the blanket floating lien at December 31, 2024 and 2023, were $2.15 billion and $2.01 billion, respectively. Long-Term Borrowings Interest rates for FHLB long-term advances outstanding at December 31, 2024 and 2023, ranged from 1.99% to 4.57%. These advances are all fixed rate and are subject to restrictions or penalties in the event of prepayment. Scheduled maturities of long-term advances from the FHLB at December 31, 2024, are as follows:
(Dollars in thousands) |  |
Years Ended December 31, |  |
2025 | $ | — |  |
2026 | 447 |  |
2027 | 1,227 |  |
2028 | — |  |
2029 | 1,361 |  |
Thereafter | 3,163 |  |
Total | $ | 6,198 |  |
Short-Term Borrowings The Company’s repurchase agreements include the sale and repurchase of investment securities and mature on a daily basis. The total overnight repurchase agreements with depositors carried a daily average interest rate of 2.62% for the year ended December 31, 2024, and 2.21% for the year ended December 31, 2023. The Company had unsecured lines of credit for the purchase of federal funds in the amount of $145.0 million at December 31, 2024 and 2023. The Company also had a $75.0 million secured repurchase line of credit at December 31, 2024 and 2023. There were no amounts outstanding on these lines at either date. It is customary for the financial institutions granting the unsecured lines of credit to require a minimum amount of cash be held on deposit at that institution. Amounts required to be held on deposit are typically $250,000 or less, and the Company has complied with all compensating balance requirements to allow utilization of these lines of credit. Additionally, at December 31, 2024 and 2023, the Company had the availability to borrow $1.33 billion and $1.42 billion, respectively, from the discount window at the FRBD, with $1.57 billion and $1.69 billion in commercial and industrial loans pledged as collateral, respectively. There were no borrowings against this line at December 31, 2024 or 2023. Holding Company Line of Credit The Company entered into a Loan Agreement (the “Loan Agreement”), along with certain ancillary instruments, with NexBank SSB (“Lender”) pursuant to which the Lender could make one or more revolving credit loans of up to $50.0 million to the Company, which can be used for working capital and general corporate purposes. On October 29, 2021, the Company entered into a second amendment (the “Amendment”) to the Loan Agreement. Pursuant to the Amendment, the loan was not permitted to exceed an aggregate principal amount of $100.0 million, consisting of the $50.0 million existing loan amount and any one or more potential incremental revolving loan commitments that the Lender could make in its sole discretion, up to an aggregate principal of $50.0 million, upon the request of the Company. Any principal amounts borrowed under the Loan Agreement bear interest at a variable rate equal to the applicable Term SOFR for the then-current SOFR Interest Period plus 3.35% (as such terms are defined in the Loan Agreement). The Company was entitled to extend the maturity date to a date that is three hundred and sixty-four (364) days after the then-effective maturity date, no more than two times upon (i) delivery of a written request therefor to Lender at least thirty (30) days, but no more than (60) days, prior to the maturity date then in effect; and (ii) receipt by the Lender of a certificate of the Company dated the date of such request. Consistent with the terms of the agreement, the Company extended the maturity twice in prior years. The Loan Agreement was terminated upon its October 27, 2024, expiration date. The Company had no balance outstanding on this revolving credit loan under the Loan Agreement at December 31, 2023. Subordinated Indebtedness At December 31, 2023, the Company had $34.7 million in subordinated promissory notes that were assumed in the merger with BTH (“BTH Notes”) with origination dates ranging from June 2015 to June 2021. After the five-year anniversary of issuance, the Company had the right to redeem the BTH Notes, in part or in full, at the Company’s discretion and, if applicable, subject to receipt of any required regulatory approvals. Primarily due to the declining Tier 2 capital treatment of the BTH Notes, the Company elected to redeem majority of the BTH Notes during the year ended December 31, 2024. In February 2020, Origin Bank completed an offering of $70.0 million in aggregate principal amount of 4.25% fixed-to-floating rate subordinated notes due 2030 (the “4.25% Notes”) to certain investors in a transaction exempt from registration under Section 3(a)(2) of the Securities Act of 1933, as amended. The 4.25% Notes bore interest at a fixed annual rate of 4.25%, payable semi-annually in arrears, to but excluding February 15, 2025. From and including February 15, 2025, to but excluding the maturity date or early redemption date, the interest rate would equal the three-month LIBOR rate plus 282 basis points, payable quarterly in arrears. On June 30, 2023, in conjunction with the customary fallback provision upon the discontinuation of LIBOR, the rate for the floating rate periods from and including February 15, 2025, on these notes transitioned to the three-month term SOFR plus 308 basis points. Origin Bank elected to redeem the 4.25% Notes on February 15, 2025, as permitted under the terms of the 4.25% Notes. In October 2020, the Company completed of an offering of $80.0 million in aggregate principal amount of 4.50% fixed-to-floating rate subordinated notes due 2030 (the “4.50% Notes”). The 4.50% Notes bear a fixed interest rate of 4.50% payable semi-annually in arrears, to but excluding November 1, 2025. From and including November 1, 2025, to but excluding the maturity date or earlier redemption date, the 4.50% Notes bear a floating interest rate expected to equal the three-month term Secured Overnight Financing Rate plus 432 basis points, payable quarterly in arrears. The Company may redeem the 4.50% Notes at any time upon certain specified events or in whole or in part on or after November 1, 2025. The 4.50% Notes qualify as Tier 2 capital for regulatory capital purposes for the Company and a portion was transferred to Origin Bank, which qualifies as Tier 1 capital for regulatory capital purposes for the Bank. During the years ended December 31, 2024 and 2023, and with the approval of the Board of Governors of the Federal Reserve System, the Company repurchased $1.0 million and $5.0 million, respectively, of the 4.50% notes. The following table is a summary of the terms of the junior subordinated debentures at December 31, 2024:
(Dollars in thousands) Issuance Trust |  | Issuance Date |  | Maturity Date |  | Amount Outstanding |  | Rate Type |  | Current Rate |  | Maximum Rate
CTB Statutory Trust I |  | 07/2001 |  | 07/2031 |  | $ | 6,702 |  |  | Variable (1) |  | 8.15 | % |  | 16.00 | %
First Louisiana Statutory Trust I |  | 09/2006 |  | 12/2036 |  | 4,124 |  |  | Variable (2) |  | 6.42 |  |  | 16.00 |
BT Holdings Trust I |  | 05/2007 |  | 09/2037 |  | 7,217 |  |  | Variable (3) |  | 6.35 |  |  | N/A
Par amount |  |  |  |  |  | $ | 18,043 |  |  |  |  |  |  |
Unamortized original issue discount |  |  | (973) |  |  |  |  |  |  |
Unamortized purchase accounting discount |  |  | (622) |  |  |  |  |  |  |
Total junior subordinated debt at December 31, 2024 | $ | 16,448 |  |  |  |  |  |  |
____________________________ (1)The trust preferred securities reprice quarterly based on the three-month average SOFR plus 3.30%, plus 0.26161% SOFR with the last reprice date on October 29, 2024. (2)The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.80%, plus 0.26161% SOFR spread adjustment, with the last reprice date on December 12, 2024. (3)The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.64%, plus 0.26161% SOFR spread adjustment, with the last reprice date on December 4, 2024. The balance of the subordinated indebtedness carried on the consolidated balance sheets varies from the outstanding amounts due to the remaining original issue and purchase discount of which was established at the time of issuance or purchase and is being amortized over the remaining life of the securities using the interest method.

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