Liquidity management remains highly active, evidenced by $1.6 billion in investment purchases during 2026Q1 and an OCF/NI ratio that reached a volatile peak of 6.88 in 2025Q3.
| Cash from Operations | 176.24M | 158.92M | 108.48M | 129.92M | 145.65M | 171.49M | 887K | 61.55M | 77.83M | 61.99M | 54.58M |
| Operating CF Growth % | 217.31% | 46.49% | -16.5% | -10.8% | -15.07% | 19233.15% | -98.56% | -20.91% | 25.55% | 13.58% | - |
| Net Income | 80.48M | 75.2M | 76.49M | 83.8M | 87.72M | 108.55M | 36.36M | 53.88M | 51.6M | 14.67M | 12.85M |
| Depreciation & Amortization | 15.34M | 16.81M | 16.8M | 17.63M | 12.3M | 6.83M | 6.88M | 6.71M | 5.87M | 5.85M | 7.85M |
| Deferred Taxes | -4.56M | -4.52M | -1.47M | 27.71M | 18.31M | 6.28M | -11.88M | -2.6M | 5.64M | 4.93M | 1.4M |
| Other Non-Cash Items | 63.9M | 66.04M | 6.51M | -4.29M | 27.76M | 42.04M | -31.87M | 2.07M | 13.97M | 35.7M | 31.64M |
| Working Capital Changes | 12.23M | -2.87M | 2.98M | -207K | -3.89M | 5.5M | -917K | -755K | -713K | -631K | -708K |
| Cash from Investing | -299.89M | -113.69M | 231.94M | -130.03M | -455.99M | 12.85M | -2.12B | -291.19M | -764.93M | -197.65M | -154.71M |
| Purchase of Investments | -2.37B | -853.32M | -260.56M | -14.2M | -588.61M | -718.51M | -733.25M | -106.06M | -497.41M | -448.41M | -469.81M |
| Sale/Maturity of Investments | 2.4B | 883.78M | 400.89M | 455.51M | 677.57M | 227.91M | 218.32M | 186.6M | 301.46M | 410.08M | 441.68M |
| Net Investment Activity | 29.5M | 30.46M | 140.34M | 441.31M | 88.95M | -490.6M | -514.93M | 80.53M | -195.95M | -38.33M | -28.13M |
| Acquisitions | 0 | 0 | 0 | 0 | 69.95M | -7.46M | 818K | 503K | -6.14M | 844K | 3.6M |
| Other Investing | -317.31M | -136.28M | 113.65M | -544.52M | -606.43M | 515.92M | -1.59B | -361.07M | -557.35M | -157.14M | -122.25M |
| Cash from Financing | 303.65M | -91.27M | -150.61M | -78.42M | -36.31M | 144.07M | 2.2B | 404.47M | 616.59M | 62.97M | 83.79M |
| Dividends Paid | -18.82M | -18.87M | -18.75M | -18.57M | -15.89M | -11.53M | -8.85M | -5.86M | -5.94M | -7M | -5.76M |
| Share Repurchases | -22.64M | -15.81M | 0 | 0 | 0 | -1.26M | -723K | -10.06M | -48.26M | 0 | 0 |
| Stock Issued | 2.79M | 954K | 1.87M | 3.14M | 2.95M | 146K | 248K | 166K | 95.74M | 123K | 44.54M |
| Net Stock Activity | -19.84M | -14.85M | 1.87M | 3.14M | 2.95M | -1.11M | -475K | -9.89M | 47.48M | 123K | 44.54M |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K |
| Other Financing | -13.21M | 84.13M | -28.87M | 454.63M | -353.11M | 820.42M | 1.51B | 421.88M | 275.23M | 71.13M | 49.77M |
| Net Change in Cash | 180M | -46.03M | 189.81M | -78.53M | -346.65M | 328.4M | 85.7M | 174.84M | -70.51M | -72.7M | -16.34M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 424.22M | 470.25M | 280.44M | 358.97M | 705.62M | 377.21M | 291.52M | 116.68M | 187.19M | 259.88M | 276.22M |
| Cash at End | 666.2M | 424.22M | 470.25M | 280.44M | 358.97M | 705.62M | 377.21M | 291.52M | 116.68M | 187.19M | 259.88M |
| Interest Paid | 200.71M | 211.76M | 268.46M | 215.48M | 50.1M | 26.27M | 36.43M | 53.23M | 34.39M | 22.69M | 18.56M |
| Income Taxes Paid | 33.13M | 34.48M | 24.17M | 383K | 6.26M | 21.16M | 24.97M | 10.02M | 675K | 5.27M | 7.09M |
| Free Cash Flow | 164.16M | 151.05M | 86.43M | 103.09M | 137.18M | 166.47M | -6.31M | 50.4M | 72.34M | 58.96M | 46.65M |
| FCF Growth % | 71.86% | 74.76% | -16.16% | -24.85% | -17.59% | 2737.78% | -112.52% | -30.33% | 22.71% | 26.37% | - |
Texas CRE concentration risk
As reported in recent financial filings, Origin Bancorp demonstrated significant liquidity management activity in 2026Q1, with $1.6 billion in investment purchases offset by $1.5 billion in sales, suggesting a tactical approach to managing duration and yield sensitivity within the bank's available-for-sale securities portfolio.
The high volume of turnover in the investment portfolio indicates that management is actively adjusting the balance sheet to navigate interest rate volatility. Investors should monitor whether these frequent rebalancing actions are intended to capture short-term yield opportunities or if they reflect a defensive posture against potential duration mismatches.
Based on the reported figures, Origin Bancorp maintained a consistent quarterly dividend of $4.7 million over the last ten quarters, while opportunistic share buybacks, such as the $9.5 million repurchase in 2025Q3, suggest a flexible approach to capital allocation that prioritizes dividend stability over aggressive equity reduction.
The bank's ability to sustain dividend payments despite fluctuating net income suggests a conservative capital management philosophy. The intermittent nature of share repurchases implies that management prefers to retain capital for organic growth or balance sheet fortification, only deploying excess cash when valuation or capital levels appear particularly favorable.
According to the bank's cash flow statements, the provision for credit losses reached a notable $36.8 million in 2025Q3, a significant deviation from the typical quarterly range of $3 million to $5 million, which warrants further investigation into the underlying credit quality of the Texas-focused loan book.
This spike in provisioning suggests that management may have anticipated localized credit stress, potentially tied to the bank's concentration in Texas commercial real estate. Analysts should interpret this as a proactive adjustment to the CECL model rather than a reflection of immediate, realized losses, though it highlights the sensitivity of the bank's earnings to regional economic shifts.
As indicated by the OCF/NI ratio, which reached a high of 6.88 in 2025Q3, Origin Bancorp's operating cash flow is frequently decoupled from net income, suggesting that non-cash adjustments and changes in trading assets significantly distort the bank's reported cash generation capabilities on a quarterly basis.
The wide variance in the OCF/NI ratio confirms that the cash flow statement is a secondary tool for evaluating this bank's performance compared to the balance sheet. Investors should be cautious of relying on OCF as a proxy for earnings quality, as the volatility is likely driven by the mortgage warehouse segment and other transactional banking activities that do not represent core recurring cash flow.
Quick answers to the most common questions about buying OBK stock.
Origin Bancorp, Inc. (OBK) generated $158.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Origin Bancorp, Inc. (OBK) generated $151.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Origin Bancorp, Inc. (OBK) spent $7.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Origin Bancorp, Inc. (OBK) returned $18.9M to shareholders via cash dividends and spent $15.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.