11-K 1 2024_form_11-k.htm 11-K 11-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

(Mark One)

 

 

 

 

 

 

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2024

 

 

 

 

 

 

OR

 

 

 

 

 

 

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to __________

 

 

Commission file number 333-236022

 

 

A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

 

BANCPLUS CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN

WITH 401(k) PROVISIONS

 

 

B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

 

BANCPLUS CORPORATION

1068 Highland Colony Parkway

Ridgeland, MS 39157

 


 

BancPlus Corporation

Employee Stock Ownership Plan

with 401(k) Provisions

December 31, 2024 and 2023

 

CONTENTS

 

Reports of the Independent Registered Public Accounting Firm

3

 

 

Financial Statements

 

Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023

5

Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024

6

Notes to Financial Statements

7

 

 

Supplemental Schedules

 

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

15

Schedule H, Line 4j - Schedule of Reportable Transactions

16

 

 

Signature

17

 

 

Exhibits

18

 

 


 

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

 

 

Plan Administrator and Plan Participants

BancPlus Corporation Employee Stock Ownership Plan

With 401(k) Provisions

Ridgeland, Mississippi

 

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of BancPlus Corporation Employee Stock Ownership Plan With 401(k) Provisions (“Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

 

Basis of Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

 

 

3


 

Report on Supplemental Information

 

The supplemental information in the accompanying Schedule H, Line 4iSchedule of Assets (Held at End of Year) as of December 31, 2024 and Schedule H, Line 4j Schedule of Reportable Transactions for the year ended December 31, 2024 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the Schedule H, Line 4i Schedule of Assets (Held at End of Year) and Schedule H, Line 4j Schedule of Reportable Transactions are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

 

/s/ Forvis Mazars, LLP

 

 

We have served as the Plan’s auditor since 2008.

 

Jackson, Mississippi

June 20, 2025

4


 

BancPlus Corporation

Employee Stock Ownership Plan

with 401(k) Provisions

Statements of Net Assets Available for Benefits

 

 

 

 

December 31,

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

Investments, at Fair Value

 

 

 

 

 

Money market mutual fund

$

6,422,614

 

 

$

 

Money market account

 

 

 

 

3,152,729

 

Mutual funds

 

59,007,276

 

 

 

49,949,614

 

Common collective trusts

 

3,076,089

 

 

 

4,857,856

 

BancPlus Corporation common stock

 

95,252,916

 

 

 

84,997,575

 

Total investments

 

163,758,895

 

 

 

142,957,774

 

Receivables

 

 

 

 

 

Notes receivable from participants

 

790,778

 

 

 

800,050

 

Participant contributions receivable

 

108,250

 

 

 

 

Total receivables

 

899,028

 

 

 

800,050

 

Other assets

 

 

 

 

27,000

 

Total assets

 

164,657,923

 

 

 

143,784,824

 

 

 

 

 

 

 

Net Assets Available for Benefits

$

164,657,923

 

 

$

143,784,824

 

 

 

 

 

 

 

 

The accompanying notes are an integral part to these financial statements.

5


 

BancPlus Corporation

Employee Stock Ownership Plan

with 401(k) Provisions

Statement of Changes in Net Assets Available for Benefits

 

 

Year Ended December 31, 2024

 

Additions

 

 

Contributions

 

 

Employer

$

4,397,790

 

Participant salary deferrals

 

5,856,291

 

Participant rollovers

 

1,198,955

 

Total contributions

 

11,453,036

 

Investment Income

 

 

Dividends on BancPlus Corporation common stock

 

2,727,001

 

Interest and dividend income

 

590,542

 

Interest income on notes receivable from participants

 

56,517

 

Change in value of BancPlus Corporation common stock

 

10,111,173

 

Net appreciation in fair value of mutual funds

 

8,340,552

 

Total investment income

 

21,825,785

 

Total additions

 

33,278,821

 

 

 

 

Deductions

 

 

Benefits Paid Directly to Participants

 

 

Cash

 

11,555,998

 

Stock

 

654,605

 

Loans deemed distributed

 

75,972

 

Total benefits paid

 

12,286,575

 

Administrative expense

 

119,147

 

 

 

 

Total deductions

 

12,405,722

 

 

 

 

Net Increase in Net Assets

 

20,873,099

 

 

 

 

Net Assets Available for Benefits, Beginning of Year

 

143,784,824

 

 

 

 

Net Assets Available for Benefits, End of Year

$

164,657,923

 

 

The accompanying notes are an integral part to these financial statements.

6


 

BancPlus Corporation

Employee Stock Ownership Plan

with 401(k) Provisions

Notes to the Financial Statements

December 31, 2024 and 2023

 

Note 1: Description of the Plan

 

The following description of the BancPlus Corporation (“BancPlus” or the “Company”) Employee Stock Ownership Plan with 401(k) Provisions (the “Plan”) provides only general information. Participants should refer to the Plan Document and Summary Plan Description for a more complete description of the Plan’s provisions, which are available from the Plan Administrator.

 

General

 

The Company established the Plan effective as of January 1, 1956. The Plan operates as a defined contribution plan, is designed to comply with Section 4975(e)(7) and the regulations thereunder of the Internal Revenue Code of 1986, as amended (the “Code”) and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. At December 31, 2023, BankPlus (the “Bank”), a wholly-owned subsidiary of the Company, was the Trustee of the Plan. On January 1, 2024, the Company appointed GreatBanc Trust Company as Trustee of the Plan. The Plan’s recordkeeping is performed by the Bank and by EPIC Retirement Plan Services. The Bank also performs custodial functions for the Plan along with Mid-Atlantic Company. The Company is the Plan Sponsor and Administrator.

 

Participation

 

The Plan is a defined contribution plan covering all full-time employees of the Bank who have completed 1,000 hours of service for the Plan year and are age 21 or older.

 

Vesting

 

Participants are fully vested in their salary reduction and rollover contributions and the Bank’s matching and basic contributions. Participants vest in the Bank’s optional contributions and earnings thereon at a rate of 20% for each year of service greater than two years and become fully vested upon completing six years of service. Participants terminating due to normal retirement, death, or disability will be 100% vested.

 

Put Option

 

Under federal income tax regulations, the employer stock that is held by the Plan and its participants and is not readily tradable on an established market or is subject to trading limitations includes a put right. This put option is a right to demand that the Company buy, within 30 days of the exercise of the put option, any shares of its stock distributed to participants for which there is no market. The put price is representative of the current appraised value of the stock.

 

Payment of Benefits

 

Participants are entitled to benefits upon termination of service due to death, disability or retirement. In addition, participants who are 100% vested and have completed six years of service in the Plan may request in-service distributions. A participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account, or may elect to receive installment payments over a period of not more than the participant’s assumed life expectancy (or assumed life expectancies for the participant and beneficiary). Net assets available for benefits include amounts allocated to the accounts of terminated participants. These accounts had a total balance of $30,762,093 and $26,249,479 and a vested balance of $30,636,462 and $26,157,987 at December 31, 2024 and 2023, respectively.

7


 

 

Distributions relating to the Company’s stock may be made in shares of the Company’s common stock or in cash, at the discretion of the participants.

 

Voting Rights

 

Each participant in the Plan is entitled to direct the Trustee as to the manner in which voting rights on shares of the Company’s common stock, which are allocated to the common stock account of such participant, are to be exercised with respect to any corporate matter which involves the voting of such shares, including the approval or disapproval of any corporate merger or consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or such similar transaction. The Trustee is permitted to vote any share for which instructions have not been given by a participant.

 

Diversification

 

Diversification is offered to participants close to retirement so that they may have the opportunity to move part of the value of their investment in Company common stock into other investments. Participants who are at least age 55 with at least 10 years of participation in the Plan may elect to diversify a portion of their account.

 

Contributions

 

The Bank makes (1) annual safe harbor matching contributions in the amount of 100% of the first 3% and 50% of the next 2% of the participant’s compensation contributed, and may make (2) discretionary matching contributions equal to a percentage of the participant’s contributions and/or (3) optional contributions to all eligible participants.

 

Participants may make (1) salary reduction contributions subject to Internal Revenue Service (“IRS”) and plan limits and (2) rollover contributions. Effective January 1, 2025 the Plan was amended to include Roth options for salary reduction contributions and rollovers.

 

Participant Accounts

 

Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan offers the option to invest in the Company’s common stock, various participant-directed investment allocation options and participant-directed investments in mutual funds.

 

Each participant’s account is credited with the participant’s contributions and with an allocation of (1) the Company’s contribution, (2) plan earnings and (3) forfeitures of terminated participants’ nonvested accounts. Allocations of basic and optional contributions and forfeitures are based on a participant’s compensation. Company matching contributions are allocated based on a participant’s salary reduction contributions.

 

Nonparticipant-directed investments are credited to individual participant accounts as of the last day of each plan year, with an allocation of shares of the Company’s common stock released by the Trustee from the unallocated account and forfeitures of terminated participants’ nonvested accounts. Only those participants who are eligible employees of the Company as of the last day of the plan year will receive an allocation. Allocations are based on a participant’s eligible compensation relative to total eligible compensation.

 

Forfeited Accounts

 

In 2024, $48,876 was forfeited and reallocated to participants.

 

Notes Receivable from Participants

 

The Plan Document includes provisions authorizing loans from the Plan to active eligible participants. Participants may borrow from their accounts a minimum of $2,500 up to a maximum of $50,000, or 50% of their account balance, whichever is less. Loans are secured by the balance in the participant’s account and bear interest at commercially

8


 

reasonable rates as determined by the Plan Administrator. The term shall not exceed five years, except for the purchase or construction of a principal residence, and loans shall be made from the vested portion of a participant’s account.

 

Plan Termination

 

The Company reserves the right to terminate the Plan at any time, subject to plan provisions. Upon such termination of the Plan, the interest of each participant will be distributed to such participant or his or her beneficiary at the time prescribed by the plan terms and the Code. Upon termination of the Plan, the Administrative Committee, which is composed of individuals appointed by the board of directors, shall direct the Trustee to pay all liabilities and expenses and to sell shares of any financed stock held in the loan suspense account to the extent it determines such sale to be necessary in order to repay any outstanding loan.

 

 

Note 2 - Summary of Significant Accounting Policies

 

Basis of Accounting

 

The accompanying financial statements are prepared on the accrual basis of accounting, with the exception of the payment of benefits, which is recognized as a reduction in the net assets available for benefits of the Plan as distributions are made to participants.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein at the date of the financial statements. Actual results could differ from those estimates.

 

Investment Valuation and Income Recognition

 

Investments are reported at fair value. Quoted market prices, if available, are used to value investments. The Plan’s investment in company common stock is valued at estimated fair value, as determined by an annual independent appraisal, on December 31, 2024 and 2023. Mutual funds are valued at the net asset value of shares held by the Plan at year-end. The Plan’s interests in common collective trusts are valued at net asset value as provided by the issuers. Other marketable investments are stated at fair value based on closing quoted market prices on the last business day of the plan year.

 

Dividend income is accrued on the ex-dividend date. Purchases and sales of securities are recorded on a trade-date basis. Realized gains and losses from security transactions are reported on the average cost method. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

 

Dividends

 

Dividends paid on shares of the Company’s common stock are credited to participant accounts based on the number of shares allocated to each account as of the dividend record date.

 

Notes Receivable from Participants

 

Notes receivable from participants are reported at amortized principal balance plus accrued but unpaid interest. Delinquent notes receivable from participants are reclassified as distributions based upon the terms of the Plan Document.

 

Payment of Benefits

 

Benefit payments to participants are recorded upon distribution.

9


 

Administrative Expenses

 

Certain administrative functions are performed by officers or employees of the Bank. No such officer or employee receives compensation from the Plan. Administrative expenses of the Plan may be paid by the Company or the Plan at the Company’s discretion.

 

Plan Tax Status

 

The Internal Revenue Service has determined and informed the Company by a letter dated November 1, 2013, that the Plan and related trust are designed in accordance with applicable sections of the Code. Although the Plan has been amended since receiving the determination letter, the Plan Administrator and the Plan’s tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

 

 

Note 3 - Investments

 

The following is a summary of the Plan’s investment in the Company’s common stock at December 31, 2024 and 2023.

 

 

2024

 

 

2023

 

Shares of Company common stock

 

 

 

 

 

 Number of shares

 

1,454,243

 

 

 

1,452,950

 

 Cost

$

32,236,168

 

 

$

31,133,208

 

 Appraised value

$

95,252,916

 

 

$

84,997,575

 

 

 

The following is a summary of participant-directed and nonparticipant-directed investments in company common stock at December 31, 2024 and 2023.

 

 

Number of

 

 

Appraised

 

 

Shares

 

 

Value

 

December 31, 2024

 

 

 

 

 

Participant-directed

 

580,554

 

 

$

38,026,286

 

Nonparticipant-directed

 

873,689

 

 

 

57,226,630

 

 

 

1,454,243

 

 

$

95,252,916

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

Participant-directed

 

603,998

 

 

$

35,333,883

 

Nonparticipant-directed

 

848,952

 

 

 

49,663,692

 

 

 

1,452,950

 

 

$

84,997,575

 

 

Note 4 - Net Assets of Nonparticipant-directed Investments

 

 

2024

 

 

2023

 

Investments

 

 

 

 

 

Money market mutual fund

$

5,083,789

 

 

$

 

Money market account

 

 

 

 

3,152,729

 

Company common stock

 

57,226,630

 

 

 

49,663,692

 

Total investments

 

62,310,419

 

 

 

52,816,421

 

Net assets

$

62,310,419

 

 

$

52,816,421

 

 

Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments follows.

10


 

 

 

2024

 

Additions to Net Assets

 

 

Employer contributions

$

4,397,790

 

Investment Income

 

 

Dividends on Company common stock

 

1,624,999

 

Interest income

 

154,820

 

Change in fair value of Company common stock

 

6,126,576

 

Interest income on notes receivable from participants

 

11,419

 

Total investment income

 

7,917,814

 

Total additions

 

12,315,604

 

Deductions from Net Assets

 

 

Benefits paid to participants or their beneficiaries

 

2,728,922

 

Administrative fees

 

5,655

 

 

 

2,734,577

 

Additions less deductions

 

9,581,027

 

Transfers to Participant-directed Investments

 

(87,029

)

Change in net assets

$

9,493,998

 

 

Note 5 - Contributions

 

The following is a summary of contributions to the Plan for the years ended December 31, 2024.

 

 

Nonparticipant

 

 

Participant

 

 

 

 

 

Directed

 

 

Directed

 

 

Total

 

December 31, 2024

 

 

 

 

 

 

 

 

Employer contributions

$

4,397,790

 

 

$

 

 

$

4,397,790

 

Participant salary deferrals

 

 

 

 

5,856,291

 

 

 

5,856,291

 

Participant rollovers

 

 

 

 

1,198,955

 

 

 

1,198,955

 

Total participant contributions

 

 

 

 

7,055,246

 

 

 

7,055,246

 

Total contributions

$

4,397,790

 

 

$

7,055,246

 

 

$

11,453,036

 

 

Note 6 - Parties-in-interest Transactions

 

Parties-in-interest are defined under DOL regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer and certain others. Administrative expenses of the Plan have been paid by the Plan Sponsor. The following is a summary of parties-in-interest balances at December 31, 2024 and 2023.

 

 

2024

 

 

2023

 

Company common stock

$

95,252,916

 

 

$

84,997,575

 

Notes receivable from participants

 

790,778

 

 

 

800,505

 

BankPlus Wealth Mgmt Aggressive

 

11,589,791

 

 

 

9,621,372

 

BankPlus Wealth Mgmt Cons Growth

 

5,931,435

 

 

 

5,332,360

 

BankPlus Wealth Mgmt Conservative

 

693,265

 

 

 

754,876

 

BankPlus Wealth Mgmt Growth

 

13,022,512

 

 

 

11,314,735

 

BankPlus Wealth Mgmt Mod Growth

 

7,096,950

 

 

 

6,523,287

 

BankPlus Money Market #049

 

 

 

 

3,152,729

 

 

The plan paid administrative fees to EPIC Retirement Plan Services of $119,147 during the year ended December 31, 2024. The Plan received dividends on BancPlus Corporation common stock of $2,727,001 during the year ended December 31, 2024. The Plan Sponsor paid commissions on behalf of the Plan to BankPlus Wealth Management of $103,399 during the year ended December 31, 2024.

 

Note 7 - Fair Value of Plan Assets

11


 

 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:

 

Level 1 Quoted prices in active markets for identical assets or liabilities that the Plan can access at the measurement date

 

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

 

Level 3 Unobservable inputs supported by little or no market activity and are significant to the fair value of the assets or liabilities

 

Recurring Measurements

 

The following table presents the fair value measurements of assets recognized in the accompanying statements of net assets available for benefits measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2024 and 2023.

 

 

Fair Value Measurements Using

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Significant

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Money market mutual fund

$

6,422,614

 

 

$

6,422,614

 

 

$

 

 

$

 

Mutual funds

 

59,007,276

 

 

 

20,673,323

 

 

 

38,333,953

 

 

 

 

Common collective trusts

 

3,076,089

 

 

 

 

 

 

3,076,089

 

 

 

 

Company common stock

 

95,252,916

 

 

 

 

 

 

 

 

 

95,252,916

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Money market account

$

3,152,729

 

 

$

3,152,729

 

 

$

 

 

$

 

Mutual funds

 

49,949,614

 

 

 

16,402,984

 

 

 

33,546,630

 

 

 

 

Common collective trusts

 

4,857,856

 

 

 

 

 

 

4,857,856

 

 

 

 

Company common stock

 

84,997,575

 

 

 

 

 

 

 

 

 

84,997,575

 

 

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying statements of net assets available for benefits, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the years ended December 31, 2024 or 2023. The Plan had no assets measured at fair value on a nonrecurring basis. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

 

Investments

 

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 investments include money market accounts and mutual funds. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases

12


 

where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and include Company common stock whose fair value is determined by an independent appraisal. The independent appraiser considers inputs such as general economic outlook, financial institution industry outlook, company history, company financial condition, the book value of company common stock, company earnings and dividend capacity, sales of company stock, and market prices of stock of other financial institutions whose stock is traded in a free and open market.

 

The independent appraisal uses the income approach and the market approach. The two approaches are then weighted to derive the fair market value. At December 31, 2024 and December 31, 2023, the income approach was determined using the capitalization of earnings method and a capitalization factor of 12.48 and 13.44, respectively. The capitalization factor is considered to be an unobservable input.

 

Level 3 Reconciliation

 

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying statements of net assets available for benefits using significant unobservable (Level 3) inputs.

 

 

BancPlus Corporation Common Stock

 

 

2024

 

 

2023

 

Balance, January 1

$

84,997,575

 

 

$

96,984,413

 

Purchases

 

1,364,527

 

 

 

452,597

 

Distributions

 

(1,220,359

)

 

 

(452,597

)

Unrealized gain (loss)

 

10,111,173

 

 

 

(11,986,838

)

Balance, December 31

$

95,252,916

 

 

$

84,997,575

 

 

Realized and unrealized gains and losses in Company common stock, which are included in net increase in net assets available for benefits for the year ended December 31, 2024, are reported in change in fair value of Company common stock in the statements of changes in net assets available for benefits.

 

 

Note 8 - Risks and Uncertainties

 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term, and that such changes could materially affect the participants’ account balances and the amounts reported in the statements of net assets available for benefits.

13


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Schedules

 

14


 

BancPlus Corporation
Employee Stock Ownership Plan
with 401(k) Provisions
EIN 64-0655312 PN 001
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2024

 

(a)

(b) Identity of issuer, borrower, lessor, or similar party

(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value

 

(d) Cost

 

 

(e) Current Value

 

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

Goldman Sachs

Financial Square Government Fund

 

$

6,422,614

 

 

$

6,422,614

 

 

 

 

 

 

 

 

 

 

 

Mutual Funds

 

 

 

 

 

 

 

 

American Funds

American Fund TD 2025

 

N/A

 

 

 

41,477

 

 

American Funds

American Fund TD 2030

 

N/A

 

 

 

182,277

 

 

American Funds

American Fund TD 2035

 

N/A

 

 

 

219,189

 

 

American Funds

American Fund TD 2040

 

N/A

 

 

 

107,615

 

 

American Funds

American Fund TD 2045

 

N/A

 

 

 

162,381

 

 

American Funds

American Fund TD 2050

 

N/A

 

 

 

94,072

 

 

American Funds

American Fund TD 2055

 

N/A

 

 

 

104,456

 

 

American Funds

American Fund TD 2060

 

N/A

 

 

 

61,932

 

 

American Funds

American Fund TD 2065

 

N/A

 

 

 

17,336

 

*

BankPlus Wealth Management

BankPlus Wealth Mgmt Aggressive

 

N/A

 

 

 

11,589,791

 

*

BankPlus Wealth Management

BankPlus Wealth Mgmt Conservative

 

N/A

 

 

 

693,265

 

*

BankPlus Wealth Management

BankPlus Wealth Mgmt Cons Growth

 

N/A

 

 

 

5,931,435

 

*

BankPlus Wealth Management

BankPlus Wealth Mgmt Growth

 

N/A

 

 

 

13,022,512

 

*

BankPlus Wealth Management

BankPlus Wealth Mgmt Mod Growth

 

N/A

 

 

 

7,096,950

 

 

Fidelity

Fidelity 500 Index Fund

 

N/A

 

 

 

7,325,113

 

 

Goldman Sachs

Goldman Sachs GQG Partners Int'l

 

N/A

 

 

 

1,161,359

 

 

Invesco

Invesco Qqq Trust

 

N/A

 

 

 

4,306,267

 

 

Blackrock

Ishares MSCI EAFE Index Fund

 

N/A

 

 

 

309,935

 

 

JP Morgan

JP Morgan Core Plus

 

N/A

 

 

 

160,207

 

 

Loomis Sayles

Loomis Sayles Investment Grade Bond Fund

 

N/A

 

 

 

77,135

 

 

Neuberger Berman

Neuberger Berman Large Cap Value

 

N/A

 

 

 

916,066

 

 

Pimco

Pimco Income Fund

 

N/A

 

 

 

487,134

 

 

Vanguard

Vanguard Inflation Protected Securities

 

N/A

 

 

 

71,034

 

 

Vanguard

Vanguard Mid Cap ETF

 

N/A

 

 

 

2,217,747

 

 

Vanguard

Vanguard Emerging Markets ETF

 

N/A

 

 

 

453,327

 

 

Vanguard

Vanguard Small Cap ETF

 

N/A

 

 

 

1,956,390

 

 

Vanguard

Vanguard Total Bond Market ETF

 

N/A

 

 

 

225,676

 

 

William Blair

William Blair Small-Mid Cap

 

N/A

 

 

 

15,198

 

 

Total Mutual Funds

 

 

 

 

 

 

59,007,276

 

 

 

 

 

 

 

 

 

 

 

Common Collective Trust

 

 

 

 

 

 

 

 

Reliance Trust

Reliance Metlife Stable Value

 

N/A

 

 

 

3,076,089

 

 

 

 

 

 

 

 

 

 

*

BancPlus Corporation common stock

 1,454,243 shares

 

 

32,236,168

 

 

 

95,252,916

 

 

 

 

 

 

 

 

 

 

*

Notes receivable from participants, payable semimonthly

2025-2030

 

 

 

 

 

 

 

 

5.25%-10.50%

 

N/A

 

 

 

790,778

 

 

 

 

 

 

 

 

 

 

 

* - Denotes party-in-interest

 

 

 

 

 

 

 

 

N/A - Cost information not required for participant-directed investments

 

 

 

 

 

 

 

 

15


 

BancPlus Corporation

Employee Stock Ownership Plan

with 401(k) Provisions

EIN 64-0655312 PN 001

Schedule H, Line 4j – Schedule of Reportable Transactions

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

Value of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

 

 

 

 

Asset on

 

 

 

 

 

 

 

Purchase

 

 

Selling

 

 

Lease

 

 

with

 

 

Cost of

 

 

Transaction

 

 

Net Gain or

 

Identity

Description

 

Price

 

 

Price

 

 

Rental

 

 

Transaction

 

 

Asset

 

 

Date

 

 

(Loss)

 

Goldman Sachs

Financial Square Government Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases*

 

$

12,110,330

 

 

$

 

 

$

 

 

$

 

 

$

12,110,330

 

 

$

12,110,330

 

 

$

 

 

Sales*

 

 

 

 

 

5,687,716

 

 

 

 

 

 

 

 

 

5,687,716

 

 

 

5,687,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* - Denotes series of transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned duly authorized.

 

 

 

BANCPLUS CORPORATION

 

EMPLOYEE STOCK OWNERSHIP PLAN

 

(WITH CODE SECTION 401(K) PROVISIONS)

 

 

 

 

 

 

 

 

 

 

 

 

Date: June 20, 2025

/s/ Lisa McDaniel

 

 

Lisa McDaniel

 

 

Senior Vice President & Director of Human Resources

 

17


 

EXHIBIT INDEX

 

Exhibit Number

 

Description

 

 

 

23.1

 

Consent of the Independent Registered Public Accounting Firm - Forvis Mazars, LLP

 

18