Origin Bancorp, Inc.OBK
Origin Bancorp, Inc. Debt Disclosure
Note 12 — Borrowings
Borrowed funds are summarized as follows:
| December 31, | |||||||||||
| (Dollars in thousands) | 2025 | 2024 | |||||||||
| Long-term FHLB advances | $ | 5,913 | $ | 6,198 | |||||||
| Overnight repurchase agreements with depositors | 13,137 | 6,262 | |||||||||
| Total FHLB advances and other borrowings | $ | 19,050 | $ | 12,460 | |||||||
| Subordinated indebtedness, net | $ | 16,544 | $ | 159,943 | |||||||
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, 2025 and 2024, were $2.39 billion and $2.15 billion, respectively.
Long-Term Borrowings
Interest rates for FHLB long-term advances outstanding at December 31, 2025 and 2024, 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, 2025, are as follows:
| (Dollars in thousands) | |||||
| Years Ended December 31, | |||||
| 2026 | $ | 428 | |||
| 2027 | 1,149 | ||||
| 2028 | — | ||||
| 2029 | 1,307 | ||||
| 2030 | — | ||||
| Thereafter | 3,029 | ||||
| Total | $ | 5,913 | |||
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 1.67% for the year ended December 31, 2025, and 2.62% for the year ended December 31, 2024.
The Company had unsecured lines of credit for the purchase of federal funds in the amount of $145.0 million at December 31, 2025 and 2024. The Company also had a $75.0 million secured repurchase line of credit at December 31, 2024. 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, 2025 and 2024, the Company had the availability to borrow $1.25 billion and $1.33 billion, respectively, from the discount window at the FRBD, with $1.41 billion and $1.57 billion in commercial and industrial loans pledged as collateral, respectively. There were no borrowings against this line at December 31, 2025 or 2024.
Subordinated Indebtedness
The Company had 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, and redeemed the remaining balance of $1.1 million during the year ended December 31, 2025.
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 interest rate would equal the three-month term Secured Overnight Financing Rate plus 432 basis points, payable quarterly in arrears. During the years ended December 31, 2025, 2024 and 2023, and with the approval of the Board of Governors of the Federal Reserve System, the Company redeemed or repurchased $74.0 million, $1.0 million and $5.0 million, respectively, of the 4.50% Notes leaving no 4.50% Notes outstanding as of December 31, 2025.
The following table is a summary of the terms of the junior subordinated indebtedness at December 31, 2025:
(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) | 7.40 | % | 16.00 | % | |||||||||||||||||||||||||||||
First Louisiana Statutory Trust I | 09/2006 | 12/2036 | 4,124 | Variable (2) | 5.78 | 16.00 | ||||||||||||||||||||||||||||||||
| BT Holdings Trust I | 05/2007 | 09/2037 | 7,217 | Variable (3) | 5.64 | N/A | ||||||||||||||||||||||||||||||||
| Par amount | $ | 18,043 | ||||||||||||||||||||||||||||||||||||
| Unamortized original issue discount | (926) | |||||||||||||||||||||||||||||||||||||
| Unamortized purchase accounting discount | (573) | |||||||||||||||||||||||||||||||||||||
Total junior subordinated indebtedness at December 31, 2025 | $ | 16,544 | ||||||||||||||||||||||||||||||||||||
____________________________
(1)The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 3.30%, plus 0.26161% SOFR spread adjustment, with the last reprice date on October 29, 2025.
(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 11, 2025.
(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, 2025.
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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.