Form 4: Origin Bancorp CEO Converts RSUs, Adjusts Holdings

Origin Bancorp's Chairman, President, and CEO, Drake Mills, converted 25,947 restricted stock units into common stock and had 10,324 shares withheld for tax obligations.

Summary

• Drake Mills, Chairman, President, and CEO of Origin Bancorp, Inc. (OBK), reported changes in his beneficial ownership.
• On December 13, 2025, 25,947 restricted stock units (RSUs) converted into common stock on a one-for-one basis.
• These RSUs were part of a grant made on December 13, 2022, with a vesting schedule of 20% annually over five years, starting December 13, 2025.
• The issuer withheld 10,324 shares of common stock at a price of $39.06 to cover income tax withholding and remittance obligations related to the RSU settlement.
• Following these transactions, Mr. Mills directly owns 164,257 shares of common stock.
• He also indirectly owns 3,866 shares through an IRA and 57,837 shares through an issuer retirement plan.
• Mr. Mills retains 103,789 derivative securities (RSUs) after this transaction.

Sentiment

Score: 6

Explanation: The filing reports a standard, pre-planned executive compensation event (RSU vesting and conversion) and associated tax withholding. It is neutral to slightly positive as it reflects the executive's continued equity ownership and the execution of a compensation plan.

Positives

• Vesting of 25,947 restricted stock units indicates a successful milestone in the executive's compensation plan.
• The conversion of RSUs into common stock increases the executive's direct equity stake in the company, aligning interests with shareholders.

Negatives

• 10,324 shares of common stock were withheld by the issuer to satisfy tax obligations, reducing the net number of shares received by the executive from the RSU conversion. This is a standard procedure and not a negative reflection on the company's performance.

Future Outlook

No specific forward-looking statements or guidance are provided in this Form 4 filing, as it primarily reports past transactions. However, the remaining 103,789 RSUs will continue to vest annually.

Industry Context

This filing details a routine insider transaction related to executive compensation. It reflects the vesting and conversion of restricted stock units, a common form of equity compensation in the banking and financial services industry. Such transactions are standard and do not typically indicate broader industry trends or competitive shifts.

Stakeholder Impact

• Shareholders: The transaction slightly increases the direct ownership of the CEO, aligning his interests with shareholders. The tax withholding is a routine event and has minimal impact.
• Employees: No direct impact on general employees.
• Customers: No direct impact on customers.
• Suppliers: No direct impact on suppliers.
• Creditors: No direct impact on creditors.

Next Steps

• The remaining 103,789 Restricted Stock Units (RSUs) held by Drake Mills are expected to continue vesting at a rate of 20% on each of the fourth, fifth, sixth, and seventh anniversaries of the December 13, 2022 grant date.

Key Dates

Recommendation

This Form 4 filing details a routine, pre-scheduled executive compensation event involving the vesting and conversion of restricted stock units and subsequent tax withholding. Such transactions are standard and do not typically provide new information that would alter the fundamental investment thesis for Origin Bancorp. Therefore, a 'hold' recommendation is appropriate, as the filing does not present new catalysts for significant price movement.

Keywords

Origin Bancorp, OBK, Drake Mills, SEC Form 4, insider transaction, RSU conversion, stock ownership, executive compensation, beneficial ownership