RUSTON, La. - Origin Bancorp, Inc. (NYSE: NYSE:OBK), the parent company of Origin Bank, announced today the addition of Cecil Jones to its Board of Directors for both the bank and the holding company. Jones, a certified public accountant with over three decades of experience in the financial sector, will bring his extensive background in audits, financial reporting, and regulatory compliance to the board.
Jones has spent the last ten years as the partner-in-charge of the Financial Institutions Group at Whitley Penn LLP and is set to retire from that role at the end of the year. His experience is expected to be valuable to Origin as he assumes his new responsibilities.
Drake Mills, Chairman, President, and CEO of Origin Bancorp, expressed confidence in Jones' ability to contribute to the company, citing his deep industry knowledge and professional network. Jones himself conveyed honor at the appointment, praising Origin's commitment to its stakeholders and expressing enthusiasm for contributing to the company's value.
Origin Bancorp, Inc., established in 1912 and headquartered in Ruston, Louisiana, operates over 60 locations across several southern states, offering a variety of financial services. The company emphasizes personalized relationship banking and community engagement.
The information in this article is based on a press release statement from Origin Bancorp, Inc.
In other recent news, Origin Bancorp has been the subject of a revised stock price target by Stephens, which has lifted the target to $38.00, maintaining an Overweight rating on the stock. This adjustment recognizes the company's effective cost management and core loan yield growth. Stephens remains optimistic about Origin Bancorp's future profitability, despite a third-quarter miss in net interest income and net interest margin due to higher deposit costs.
Recent developments indicate an anticipated recovery in profitability for Origin Bancorp, with management expected to outline a strategy to achieve profitability comparable to its peers in the medium term. The company's third-quarter performance showed significant growth, with assets growing from $4.2 billion at its public inception in 2018 to nearly $10 billion.
President Lance Hall reported a 2.3% increase in total deposits and a rise in non-interest-bearing deposits by 1.5%. The company's loan portfolio health has shown improvement, with a decrease in past dues to 0.49% and nonperforming loans to 0.81%. Despite these positive trends, Origin Bancorp faces challenges in achieving top-tier profitability, with a strategic focus on improving profitability by the end of 2024. A detailed plan is set to be unveiled in January.
InvestingPro Insights
Adding to Origin Bancorp's recent board appointment, InvestingPro data reveals some interesting financial metrics that provide context to the company's current position. As of the last twelve months ending Q3 2024, Origin Bancorp's P/E ratio stands at 12.86, suggesting a relatively modest valuation compared to industry peers. This could be seen as an attractive entry point for investors, especially considering the company's dividend history.
An InvestingPro Tip highlights that Origin Bancorp has raised its dividend for 6 consecutive years, demonstrating a commitment to shareholder returns. This consistent dividend growth aligns well with the company's emphasis on stakeholder value, as mentioned by the newly appointed board member, Cecil Jones.
However, it's worth noting that the company's revenue growth has been negative, with a -3.62% decline over the last twelve months. This context makes Jones' extensive financial experience particularly valuable as Origin Bancorp navigates current market challenges.
Another InvestingPro Tip indicates that analysts predict the company will be profitable this year, which is a positive sign amidst the revenue decline. This profitability forecast, combined with Jones' expertise in financial reporting and regulatory compliance, could be crucial for maintaining investor confidence and steering the company towards growth.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Origin Bancorp, providing a deeper dive into the company's financial health and prospects.
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