Business Context and Reporting Period
Company: Origin Bancorp, Inc. (OBK)
Filing Type: Form 8-K (Current Report)
Date of Report: February 21, 2025
Event: Disclosure of a material weakness in internal controls over financial reporting.
Key Financial Metrics
This filing does not contain specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on internal control deficiencies and remediation efforts.
Material Changes and Disclosures
- Material Weakness Identified: A deficiency in controls regarding employees' ability to initiate manual transfers between deposit accounts.
- Impact on Effectiveness: Internal controls over financial reporting were deemed ineffective as of December 31, 2023, and for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024.
- Financial Statement Impact: Management believes the material weakness did not impact the consolidated financial statements in the previously filed Form 10-K or Form 10-Q reports.
- Remediation: New controls and procedures have been implemented. Testing of these new controls is currently being finalized by management and the independent auditor, Forvis Mazars, LLP.
Guidance, Outlook, and Risks
Future Filings: The Company plans to file amended Annual Reports (Form 10-K/A) and Quarterly Reports (Form 10-Q/A) to reflect the ineffective internal controls for the periods mentioned above. The effectiveness of controls as of December 31, 2024, will be reported in the upcoming 2024 Form 10-K.
Risks and Contingencies:
- Potential identification of additional material weaknesses in internal controls or financial statements not yet detected.
- Uncertainties related to the evaluation and implementation of remediation efforts.
- Forward-looking statements are subject to risks that could cause actual results to differ materially from projections.
Investor Verification Checklist
- Verify the filing of amended Form 10-K/A for the year ended December 31, 2023.
- Monitor the filing of amended Form 10-Q/A reports for the first three quarters of 2024.
- Review the upcoming 2024 Form 10-K for the final conclusion on the effectiveness of internal controls as of December 31, 2024.
- Confirm that no restatements of financial figures are required despite the control weakness.