Origin Bancorp to streamline board, five directors to exit

RUSTON, La. - Origin Bancorp, Inc. (NYSE: NYSE:OBK), the parent company of Origin Bank, has announced a significant reduction in the size of its Board of Directors, with five current members not seeking reelection at the upcoming Annual Meeting of Stockholders. The decision will decrease the Board from 16 to 11 directors, in line with what the company describes as governance best practices. The announcement comes as the bank shows strong financial performance, with InvestingPro data showing revenue of $348.3 million and a solid year-to-date return of 16.74%.

The five directors departing are Jay Dyer, Farrell Malone, Lori Sirman, Elizabeth Solender, and Steve Taylor. Chairman, President, and CEO of Origin Bancorp, Inc., Drake Mills, acknowledged their contributions, particularly during periods of substantial transformation and growth for the company. Mills expressed gratitude for their service and recognized their agreement with the decision to right-size the Board as being in the company’s best interests. According to InvestingPro analysis, the company maintains a "FAIR" overall financial health score, with particularly strong momentum metrics, suggesting effective governance practices.

The Nominating and Corporate Governance Committee, with input from the lead independent director, has conducted a thorough review to determine the optimal Board size and composition. This move is part of a strategic initiative to create a more efficient Board structure. The incumbent directors nominated for reelection include Daniel Chu, James D’Agostino, Jr., James Davison, Jr., A. La’Verne Edney, Meryl Farr, Richard Gallot, Jr., Stacey Goff, Cecil Jones, Michael Jones, Gary Luffey, and Drake Mills.

Michael Jones, Chair of the Board’s Nominating and Corporate Governance Committee, emphasized the intention behind the Board’s composition, ensuring it consists of highly qualified directors with relevant backgrounds to support the company’s strategy and growth. The expertise areas include banking, financial services, executive leadership, strategic and financial planning, and risk management.

The company has clarified that the changes in the Board’s composition are not due to any disagreements with the departing directors. The Annual Meeting where the new Board structure will be confirmed is scheduled for April 23, 2025.

Origin Bancorp, Inc., established in 1912 and headquartered in Ruston, Louisiana, operates more than 55 locations across various regions, including Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama, and the Florida Panhandle. The company prides itself on offering personalized relationship banking to its diverse clientele.

This restructuring announcement is based on a press release statement from Origin Bancorp, Inc.

In other recent news, Origin Bancorp has seen several updates from analysts regarding its financial outlook and strategic initiatives. The company has been the subject of multiple price target revisions, with Piper Sandler raising its target to $42, Stephens to $45, and Raymond (NSE:RYMD) James to $44, all reflecting optimism about the company’s future performance. These changes come in the wake of Origin Bancorp’s "Optimize Origin" plan, which aims to enhance profitability and achieve a return on assets (ROA) of over 1% by late 2025.

Stephens noted a strong fourth-quarter 2024 performance, attributing it to higher net interest income and reduced loan loss provisions, and maintains an Overweight rating. Meanwhile, Raymond James upgraded the stock to Strong Buy, highlighting the potential for significant improvements through strategic initiatives like expense reduction and balance sheet optimization. Keefe, Bruyette & Woods reiterated an Outperform rating, focusing on the anticipated profitability plan that could boost the 2026 earnings per share estimate to $3.35 or higher.

These developments suggest a positive outlook for Origin Bancorp, with analysts expressing confidence in the company’s strategies to enhance shareholder value.

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