An optical receiver receives a photocurrent from a photosensor and uses a transimpedance element to convert the photocurrent into an input voltage signal. An amplifier then amplifies the input voltage signal to produce a receiver output. During this process, a reference-voltage-generation circuit generates a reference voltage for the amplifier. This reference-voltage-generation circuit includes a data-detection circuit that detects data on the input voltage signal, and an adjustable low-pass filter, which filters the input voltage signal to produce the reference voltage. During a faster operating mode, which occurs when the data-detection circuit does not detect data on the input voltage signal, the filter has a cutoff frequency f1. During a slower operating mode, which starts a bias-delay time tBD after the data-detection circuit detects data on the input voltage signal, and lasts until the data-detection circuit no longer detects data, the filter has a lower cutoff frequency f2.