Tricolor Holdings — Origin Bank and Tricolor: lending, Chu’s board seat and annual losses

analysisChu joined Origin Bancorp’s board in April 2022 and also served on the board of Origin Bank. He resigned from both effective 7 September 2025. The 2024 proxy describes his committee membership, $86,025 of 2023 director compensation and 2,469 shares as of February 2024, less than 1%. It also records attendance below 75% of relevant meetings. Origin disclosed approximately $30.1 million of credit commitments to Tricolor secured mainly by notes receivable, transferred the relationship to nonaccrual after bankruptcy and later reported substantial credit losses.

qualification

Origin’s aggregate loans to directors and related parties cannot be used to identify Tricolor’s exact inclusion without a specific disclosure. Chu’s board role and the bank’s lending coexist, but do not themselves establish an improper approval or fraud by the bank. A separately reported personal mortgage is not the same loan as Tricolor’s corporate credit line.

response

Origin said it was pursuing available recoveries. A charge-off recognizes an accounting loss; it does not establish that future recoveries are impossible.

outcome

Origin’s later annual disclosure reports $29.5 million of 2025 net charge-offs connected with Tricolor and approximately $29.6 million of provision, comprising $29.3 million for loans and $338,000 for off-balance-sheet commitments. It reports a $0.77 adverse effect on diluted EPS. These annual figures supersede the narrower third-quarter $28.4 million net charge-off for the year’s total.