Preston Moore
About Preston Moore
Preston Moore, age 64, is Senior Executive Officer and Chief Credit & Banking Officer of Origin Bancorp, Inc. (OBK) since October 2019; he joined Origin in November 2012 as the first Houston-market employee and later served as Houston Regional President. He has a BA in Political Science from Washington and Lee University and an MBA in Finance from The University of Texas, with prior leadership roles at Encore Bancshares/Encore Bank, Amegy Bank of Texas, and J.P. Morgan Chase. Company performance metrics relevant to his remit show ROAA moved from 1.01% (2022) to 0.84% (2023) and 0.77% (2024), net income was $87.7M (2022), $83.8M (2023), $76.5M (2024), and cumulative five-year TSR was -4.77% through 2024; STIP financial goals for 2024 were met roughly at target (financial achievement 98.7%) with normalized net income and normalized PTPP ROAA at target levels .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Origin Bancorp/Origin Bank | Chief Credit & Banking Officer | Oct 2019–present | Built five regional credit teams; facilitated weekly portfolio discipline to manage NPA/NCO metrics . |
| Origin Bank | Houston Regional President; first Houston hire | Nov 2012–Oct 2019 | Launched and expanded Houston market; relationship banking growth foundation . |
| Encore Bancshares, Inc. | President and Director | Not disclosed | Executive leadership of a publicly traded bank; credit and growth experience . |
| Encore Bank | President, CEO, and Director | Not disclosed | Bank-level P&L accountability; governance . |
| Amegy Bank of Texas | EVP, Investment Division Manager | Not disclosed | Led investment division; risk/ALM exposure . |
| J.P. Morgan Chase & Co. | Managing Director, Debt Capital Markets | Not disclosed | Capital markets execution; credit markets expertise . |
External Roles
No public-company directorships or external board roles are disclosed for Mr. Moore in the 2025 proxy .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 460,417 | 475,000 | 475,000 |
| All Other Compensation ($) | 37,310 | 38,060 | 38,510 |
| Perquisites detail (2024) | — | — | Auto allowance $9,000; 401(k) match $10,350; country club dues $19,160 |
| STIP Opportunity (as % of Base) | Threshold | Target | Maximum |
|---|---|---|---|
| 2024 STIP (Chief Credit & Banking Officer) | 20% | 40% | 60% |
Performance Compensation
Annual Bonus and Equity Mix
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Non-Equity Incentive (STIP) ($) | 209,156 | 176,071 | 190,000 |
| Stock Awards ($) | 157,412 | 189,954 | 190,054 |
2024 STIP Financial Metrics and Outcomes
| Metric | Weight | Threshold | Target | Maximum | Actual | % of Target Earned |
|---|---|---|---|---|---|---|
| Normalized PTPP ROAA | 30% | 0.93% | 1.16% | 1.39% | 1.16% | 100.0% |
| Normalized Net Income ($) | 25% | 61.6M | 76.9M | 92.3M | 76.9M | 100.0% |
| NPA Ratio (incl. repossessed) | 10% | 1.20% | 1.00% | 0.80% | 1.04% | 90.0% |
| NCO Ratio | 10% | 0.30% | 0.25% | 0.20% | 0.25% | 100.0% |
| Financial Achievement subtotal | 75% | — | — | — | — | 98.7% of target |
| Individual Scorecard (Moore) | 25% | — | — | — | Weighted achievement 104% | — |
| Combined Payout Factor (Moore) | — | — | — | — | 100.0% | Bonus $190,000 |
Moore’s 2024 scorecard highlights: rolled out five regional credit teams; enforced weekly discipline across overdrafts, past dues, exceptions and borrowing base deficiencies, strengthening collaboration between lending and credit functions .
Long-Term Incentive (LTI) Design and Grants
| Component | 2024 Grant Date | Target Units | Target $ | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| RSUs | 5/20/2024 | 2,877 | 95,000 | 33.3% annually; final 5/20/2027 | Time-based; share price exposure |
| PSUs | 5/20/2024 | 2,877 | 95,000 | Cliff on 2/20/2027 | 3-year avg ROAA and ROAE; payout 50–150% at 85–115% of target |
| Historical PSU Outcomes | Threshold (#) | Target (#) | Maximum (#) | Actual (#) |
|---|---|---|---|---|
| 2022 Grant (vests 2/18/2025) | 878 | 1,758 | 2,636 | 1,123 (57.13% ROAA, 70.67% ROAE) |
Equity Ownership & Alignment
| Ownership Detail (as of Feb 21, 2025) | Value |
|---|---|
| Total beneficial ownership (shares) | 63,581 (incl. 46,724 jointly with spouse; 13,760 in 401(k); 1,500 in IRA; 1,597 vested-but-deferred) |
| Ownership as % of outstanding | <1% |
| Unvested RSUs at 12/31/2024 | 1,598 (2023 RSUs); 2,877 (2024 RSUs) |
| Unearned PSUs at 12/31/2024 | 1,198 (2023 PSUs; shown at threshold); 4,315 (2024 PSUs; shown at max) |
| Shares pledged as collateral | None disclosed; pledging discouraged and requires pre-approval . |
| Stock ownership guideline | Senior Executive Officers: 2x base salary; all executives compliant at 12/31/2024 . |
Insider trading policies prohibit hedging and margin accounts; pledging is discouraged and permitted only with prior approval and independent capacity to repay without resort to pledged securities .
Employment Terms
| Agreement | Key Terms |
|---|---|
| Change-in-Control (CIC) Agreement (effective 3/28/2018; auto-renews annually) | If terminated without Cause or for Good Reason within two years post-CIC (or earlier of talks commencing or six months pre-CIC), severance equals 2x base salary plus 2x average STIP bonus (prior 3 years) and full vesting of any equity-type awards; payment within 30 days post-termination/CIC . Non-solicit of customers for nine months in specified geographies; hiring restrictions on employees for six months pre-termination . |
| Potential Payments (as of 12/31/2024 scenario) | CIC: $1,803,642 total; death/disability: $1,069,665/$569,665; termination other than for cause: $211,185; includes accelerated vesting and accrued PTO . |
| Base pay and bonus treatment | Base salary $475,000; prorated bonus upon death/disability/retirement; STIP payouts subject to clawback policy aligned with SEC/NYSE rules . |
No SERP or ESIA benefits apply to Mr. Moore (plans exist for other NEOs only) .
Performance & Track Record
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| OBK TSR (annual) | -25.47% | +56.45% | -13.30% | -1.22% | -4.64% |
| Cumulative TSR (from 12/31/2019) | 74.53 | 116.60 | 101.09 | 99.86 | 95.23 |
| Net Income ($) | 36.36M | 108.55M | 87.72M | 83.80M | 76.49M |
| ROAA (%) | 0.56 | 1.45 | 1.01 | 0.84 | 0.77 |
| Net Interest Income ($) | — | — | — | 299.6M | 300.4M |
| NIM-FTE (%) | — | — | — | 3.23 | 3.22 |
| Nonperforming LHFI / total LHFI (%) | — | — | — | 0.39 | 0.99 |
| Net charge-offs / avg LHFI (%) | — | — | — | 0.10 | 0.18 |
2024 scorecard execution for Moore centered on credit discipline and organization design (regional credit teams) to address rising NPA/NCO ratios while maintaining lending collaboration .
Compensation Structure Analysis
- Pay-for-performance alignment: 2024 STIP weighted 75% to financial metrics directly linked to credit quality and profitability (normalized PTPP ROAA, normalized net income, NPA and NCO ratios); financial achievement ~99% of target drove a 100% payout for Moore .
- Equity mix: Balanced RSUs/PSUs (50/50 by target $) with three-year vesting and metrics focused on ROAA/ROAE; multi-year design supports retention and long-run value creation .
- Governance safeguards: Clawback policy compliant with SEC/NYSE; no excise tax gross-ups; no option repricing; hedging prohibited; pledging discouraged; minimum vesting periods generally ≥3 years .
- Say-on-Pay support: 98% approval in 2024 reflecting shareholder endorsement of the program .
Equity Ownership & Alignment Red Flags
- Pledging/Hedging: Hedging prohibited; pledging discouraged and requires approval—no pledges disclosed for Moore .
- Ownership guideline compliance: Senior executives must hold ≥2x salary; all executives compliant at year-end 2024, indicating alignment .
- Insider selling pressure: Near-term vesting includes 2022 PSUs vesting 2/18/2025 (1,123 shares for Moore) and RSU tranches through 2027, which can create supply overhang windows; mitigated by deferral elections and guideline retention requirements .
Employment Terms
| Provision | Details |
|---|---|
| CIC trigger type | Double-trigger (termination without Cause or for Good Reason near CIC); equity accelerates to 100% of target if awards not assumed or if terminated within 12 months post-CIC . |
| Severance multiple | 2x base + 2x average STIP (3 years) for CIC termination; accelerated equity; defined non-solicit scope/duration . |
| Auto-renewal | Initial term ended 3/27/2021; auto-renews annually unless 90 days’ notice . |
Investment Implications
- Alignment and incentives: Moore’s pay design tightly links annual payouts to credit quality and profitability, while PSUs tied to ROAA/ROAE promote sustained balance-sheet returns—supportive for underwriting discipline in a credit normalization cycle .
- Retention risk: CIC protections and multi-year equity vesting reduce near-term departure risk; absence of SERP/ESIA limits long-tail entitlements compared to CEO/President, but RSU/PSU cadence supports continuity .
- Trading signals: Scheduled vesting events in 2025–2027 (PSUs/RSUs) may create episodic selling windows; stock ownership guidelines and deferral mechanisms temper forced-selling pressure . Rising NPA/NCO ratios in 2024 underscore heightened credit oversight—watch STIP metric calibration and PSU performance trajectory vs. Optimize Origin targets for read-through to 2026 payouts .