Origin Bancorp (NYSE: OBK) faces $30.1M Tricolor non-accrual loans after director’s resignation

Rhea-AI Filing Summary

Origin Bancorp, Inc. reported that director Daniel T. Chu resigned from the boards of the company and Origin Bank, effective September 7, 2025. The company states there were no disagreements with Mr. Chu.

Mr. Chu is Chief Executive Officer of Tricolor Holdings, LLC, a bank customer with total loan commitments of approximately $30.1 million, primarily secured by notes receivable. Although these loans are currently performing, Origin Bank has placed them on non-accrual following Tricolor’s Chapter 7 bankruptcy filing on September 10, 2025. The bank is evaluating the collateral’s status and valuation and any additional provision for credit losses that may be needed, and plans to pursue all available remedies to protect its interests. The company also reiterates standard cautionary language regarding forward-looking statements and previously disclosed material weakness in internal control over financial reporting.

Positive

• None.

Negative

• Exposure to Tricolor bankruptcy and non-accrual loans: Origin Bank has approximately $30.1 million in loan commitments to Tricolor Holdings, LLC that have been placed on non-accrual following Tricolor’s Chapter 7 filing, creating potential additional credit loss provisions and pressure on earnings.

Insights

Bank credit risk analyst

Director tied to a $30.1M borrower resigns as loans go non-accrual.

Origin Bancorp discloses that director Daniel T. Chu resigned while also noting that his company, Tricolor Holdings, LLC, has total loan commitments of about $30.1 million with Origin Bank. These loans are primarily secured by notes receivable.

After Tricolor filed for Chapter 7 bankruptcy on September 10, 2025, the bank moved these loans to non-accrual status. That step typically signals concern about full and timely collection and can pressure interest income and future credit costs.

Management indicates it is evaluating collateral values and any needed additional provision for credit losses, and intends to pursue all available remedies. Actual impact will depend on collateral realizations and ultimate loss experience as the Chapter 7 process and related credit reviews progress.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

September 7, 2025

ORIGIN BANCORP, INC.

(Exact name of Registrant as specified in its charter)

Louisiana

001-38487

72-1192928

(State or other jurisdiction of incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

500 South Service Road East

Ruston, Louisiana 71270

(Address of principal executive offices including zip code)

(318) 255-2222

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $5.00 per share

OBK

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 7, 2025, Daniel T. Chu informed Origin Bancorp, Inc. (the “Company”) and its wholly-owned subsidiary, Origin Bank (the “Bank”), of his resignation from the Board of Directors of the Company and the Bank, effective immediately. There were no disagreements between Mr. Chu and the Company or the Bank.

ITEM 7.01 Regulation FD Disclosure.

Mr. Chu serves as Chief Executive Officer of Tricolor Holdings, LLC (“Tricolor”), a customer of the Bank. The Bank currently has total loan commitments to Tricolor of approximately $30.1 million to Tricolor, which are primarily secured by notes receivable. Although these loans are currently performing, the Bank has placed these loans on non-accrual in connection with the Chapter 7 bankruptcy case filed by Tricolor on September 10, 2025. The Bank is currently evaluating the status and valuation of the collateral and any necessary additional provision for credit losses relating to these loans, and the Bank plans to pursue all available remedies to protect the Bank’s interests.

As provided in General Instructions B.2 to Form 8-K, the information furnished in this Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

When used in filings by the Company with the Securities and Exchange Commission (the “SEC”), in the Company's press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” or variations of such terms are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Factors that might cause such a difference include among other things: the impact of management’s conclusion, in consultation with the Audit Committee, that a material weakness existed in the Company’s internal control procedures over financial reporting; the evaluation and implementation of remediation efforts designed and implemented to enhance the Company’s control environment; the potential identification of one or more additional material weaknesses in the Company’s internal control of which the Company is not currently aware or that have not yet been detected; the potential identification of one or more material weaknesses in the Company’s consolidated financial statements of which the Company is not currently aware or that have not yet been detected; and those described more fully in the Company’s periodic filings with the SEC.

The Company does not undertake and specifically declines any obligation - to update or revise any forward-looking statements to reflect events or circumstances that occur after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: September 10, 2025						ORIGIN BANCORP, INC.
						By: /s/ William J. Wallace, IV
						William J. Wallace, IV
						Senior Executive Officer and Chief Financial Officer

FAQ

Why did Daniel T. Chu resign from Origin Bancorp (OBK)’s board?

Daniel T. Chu resigned from the boards of Origin Bancorp and Origin Bank effective September 7, 2025. The company states there were no disagreements between Mr. Chu and the company or bank related to his resignation, suggesting it was not prompted by a disclosed board dispute.

What is Origin Bancorp’s loan exposure to Tricolor Holdings, LLC?

Origin Bank has total loan commitments of approximately $30.1 million to Tricolor Holdings, LLC. These commitments are primarily secured by notes receivable, so recovery will depend on the value and realizations of that collateral during and after Tricolor’s Chapter 7 bankruptcy process.

Why did Origin Bank place the Tricolor loans on non-accrual status?

Origin Bank placed its Tricolor-related loans on non-accrual after Tricolor filed for Chapter 7 bankruptcy on September 10, 2025. Non-accrual status generally means the bank stops recognizing interest income on these loans because full and timely collection has become uncertain.

How might the Tricolor bankruptcy affect Origin Bancorp’s credit losses?

Origin Bank is evaluating the status and valuation of collateral securing its approximately $30.1 million in Tricolor loan commitments and any necessary additional provision for credit losses. Depending on collateral realizations, the bank could recognize higher credit costs in future financial periods.

What actions does Origin Bank plan regarding the Tricolor loans?

Origin Bank plans to pursue all available remedies to protect its interests in the Tricolor loans. This may involve enforcing its security interests in notes receivable and other collateral through the Chapter 7 bankruptcy process and related legal or workout actions, subject to applicable law.

Does the 8-K mention Origin Bancorp’s internal control over financial reporting?

Yes. The company references a previously concluded material weakness in internal control over financial reporting and ongoing remediation efforts. It notes the potential risk of additional material weaknesses and refers readers to its periodic SEC reports for a fuller description of related risk factors.