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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to __________
Commission file number 333-236022

BANCPLUS CORPORATION
(Exact name of registrant as specified in its charter)



Mississippi

64-0655312
(State or other jurisdiction of 
incorporation or organization)

(I.R.S. Employer
Identification Number)
1068 Highland Colony Parkway
Ridgeland, Mississippi 39157
(601) 898-8300
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
NoneN/AN/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
Shares of the registrant’s Common Stock, par value $1.00 per share, issued and outstanding as of July 30, 2021: 10,111,045




BANCPLUS CORPORATION
FORM 10-Q
For the Quarter Ended JUNE 30, 2021
INDEX
Page Number


Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)










1

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1.     Financial Statements
BancPlus Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands, Except Par Value, Share and Per Share Data)
June 30, 2021December 31, 2020
(unaudited)
Assets:
Cash and due from banks$85,091 $109,233 
Interest bearing deposits with banks586,498 508,196 
Federal funds sold 20,116 
Total cash and cash equivalents671,589 637,545 
Securities available for sale548,891 311,373 
Securities held to maturity - fair value: $79,851 - 2021; $94,436 - 2020
79,308 93,766 
Loans held for sale17,109 28,684 
Loans3,484,886 3,378,732 
Less: Allowance for loan losses42,004 36,000 
Net loans3,442,882 3,342,732 
Premises and equipment101,123 102,967 
Operating lease right-of-use assets34,836 35,936 
Accrued interest receivable16,813 18,061 
Goodwill2,616 2,616 
Other assets149,973 137,240 
$5,065,140 $4,710,920 
Liabilities:
Deposits$4,497,991 $4,152,810 
Advances from Federal Home Loan Bank and other borrowings31,926 33,771 
Subordinated debentures111,314 111,124 
Operating lease liabilities35,877 37,127 
Accrued interest payable2,195 2,709 
Other liabilities9,527 18,129 
Total liabilities4,688,830 4,355,670 
Redeemable common stock owned by the ESOP87,794 74,278 
Shareholders' equity:
Common Stock, par value $1.00 per share.
40,000,000 authorized at June 30, 2021 and December 31, 2020; 10,111,045 and 10,079,277 issued and outstanding at June 30, 2021 and December 31, 2020, respectively
10,111 10,079 
Unearned Employee Stock Ownership Plan compensation(1,957)(2,650)
Additional paid-in capital66,152 67,742 
Retained earnings296,900 273,204 
Accumulated other comprehensive income, net5,104 6,875 
376,310 355,250 
Less: Redeemable common stock owned by the ESOP(87,794)(74,278)
Total shareholders' equity288,516 280,972 
$5,065,140 $4,710,920 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

Table of Contents
BancPlus Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Interest income:
Interest and fees on loans$42,089 $42,720 $85,231 $69,627 
Taxable securities2,094 2,012 3,927 3,342 
Tax-exempt securities479 606 1,018 1,369 
Interest bearing bank balances and other113 104 251 1,216 
Total interest income44,775 45,442 90,427 75,554 
Interest expense:
Deposits1,963 3,814 4,127 8,066 
Short-term borrowings   2 
Advances from Federal Home Loan Bank78 80 155 160 
Other borrowings1,372 770 2,741 1,253 
Total interest expense3,413 4,664 7,023 9,481 
Net interest income41,362 40,778 83,404 66,073 
Provision for loan losses 2,037 2,850 5,926 3,035 
Net interest income after provision for loan losses39,325 37,928 77,478 63,038 
Other operating income:
Service charges on deposit accounts6,005 4,454 11,742 10,984 
Mortgage origination income2,013 1,888 4,727 3,147 
Debit card interchange2,604 2,056 5,244 3,503 
Securities gains, net4 14 4 51 
Other income8,111 4,145 17,297 9,072 
Total other operating income18,737 12,557 39,014 26,757 
Other operating expenses:
Salaries and employee benefits 24,122 24,572 47,147 42,187 
Net occupancy expenses3,828 3,387 7,173 6,250 
Furniture, equipment and data processing expenses6,108 5,589 12,040 9,820 
Other expenses6,380 7,292 12,215 12,344 
Total other operating expenses40,438 40,840 78,575 70,601 
Income before income taxes17,624 9,645 37,917 19,194 
Income tax expense3,560 2,406 6,581 4,279 
Net income$14,064 $7,239 $31,336 $14,915 
Earnings per common share - basic$1.41 $0.72 $3.15 $1.69 
Earnings per common share - diluted$1.40 $0.72 $3.12 $1.68 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

Table of Contents
BancPlus Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(In Thousands)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income$14,064 $7,239 $31,336 $14,915 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available for sale2,578 3,554 (2,358)9,723 
Tax effect(642)(885)587 (2,421)
Total other comprehensive income (loss), net of tax1,936 2,669 (1,771)7,302 
Comprehensive income$16,000 $9,908 $29,565 $22,217 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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BancPlus Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
(In Thousands, Except Share and Per Share Data)

Unearned
ESOP
Compensation
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income
Less:
Redeemable
Common Stock
Owned by the ESOP
Total
Shareholders'
Equity
Common StockRetained
Earnings
SharesAmount
April 1, 20207,655,185 $7,655 $(4,184)$1,182 $252,264 $4,915 $(79,730)$182,102 
Net income— — — — 7,239 — — 7,239 
Other comprehensive income, net— — — — — 2,669 — 2,669 
Acquisition of State Capital Corp.2,453,827 2,454 — 68,707 — — — 71,161 
Issuance of restricted stock17,805 18 — (18)— — —  
Stock based compensation— — — 302 — — — 302 
Net change fair value of ESOP shares— — — — — — 22,185 22,185 
Common stock released by ESOP— — 809 — — — — 809 
Dividends declared ($0.35 per share)
— — — — (3,513)— — (3,513)
June 30, 202010,126,817 $10,127 $(3,375)$70,173 $255,990 $7,584 $(57,545)$282,954 
January 1, 20207,652,957 $7,653 $(4,476)$811 $247,241 $282 $(79,308)$172,203 
Net income— — — — 14,915 — — 14,915 
Other comprehensive income, net— — — — — 7,302 — 7,302 
Acquisition of State Capital Corp.2,453,827 2,454 — 68,707 — — — 71,161 
Issuance of restricted stock20,305 20 — (20)— — —  
Shares withheld to satisfy withholding obligation in the vesting of restricted stock(272)— — (10)— — — (10)
Stock based compensation— — — 685 — — — 685 
Net change fair value of ESOP shares— — — — — — 21,763 21,763 
Common stock released by ESOP— — 1,101 — — — — 1,101 
Dividends declared ($0.70 per share)
— — — — (6,166)— — (6,166)
June 30, 202010,126,817 $10,127 $(3,375)$70,173 $255,990 $7,584 $(57,545)$282,954 

The accompanying notes are an integral part of these condensed consolidated financial statements.


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BancPlus Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity (Continued)
(Unaudited)
(In Thousands, Except Share and Per Share Data)
Unearned
ESOP
Compensation
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income
Less:
Redeemable
Common Stock
Owned by the ESOP
Total
Shareholders'
Equity
Common StockRetained
Earnings
SharesAmount
April 1, 202110,041,328 $10,041 $(2,304)$66,322 $286,665 $3,168 $(87,403)$276,489 
Net income— — — — 14,064 — — 14,064 
Other comprehensive income, net— — — — — 1,936 — 1,936 
Issuance of restricted stock82,108 82 — (82)— — —  
Shares withheld to satisfy withholding obligation in the vesting of restricted stock(2,977)(2)— (150)— — — (152)
Purchase of Company stock(9,414)(10)— (555)— — — (565)
Stock based compensation— — — 617 — — — 617 
Net change fair value of ESOP shares— — — — — — (391)(391)
Common stock released by ESOP— — 347 — — — — 347 
Dividends declared ($0.38 per share)
— — — — (3,829)— — (3,829)
June 30, 202110,111,045 $10,111 $(1,957)$66,152 $296,900 $5,104 $(87,794)$288,516 
January 1, 202110,079,277 $10,079 $(2,650)$67,742 $273,204 $6,875 $(74,278)$280,972 
Net income— — — — 31,336 — — 31,336 
Other comprehensive loss, net— — — — — (1,771)— (1,771)
Issuance of restricted stock82,108 82 — (82)— — —  
Shares withheld to satisfy withholding obligation in the vesting of restricted stock(4,477)(4)— (225)— — — (229)
Purchase of Company stock(45,863)(46)— (2,387)— — — (2,433)
Stock based compensation— — — 1,104 — — — 1,104 
Net change fair value of ESOP shares— — — — — — (13,516)(13,516)
Common stock released by ESOP— — 693 — — — — 693 
Dividends declared ($0.76 per share)
— — — — (7,640)— — (7,640)
June 30, 202110,111,045 $10,111 $(1,957)$66,152 $296,900 $5,104 $(87,794)$288,516 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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BancPlus Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
Six Months Ended June 30,
20212020
Cash flows from operating activities:
Net income per condensed consolidated statements of income$31,336 $14,915 
Adjustments to reconcile net income to net cash from operating activities:
Provision for loan losses5,926 3,035 
Depreciation and amortization3,840 2,980 
Net loss on sales of premises and equipment232 5 
Net gain on sales of other real estate owned(260)(230)
Write-downs of other real estate-owned167 80 
Deferred income tax expense954 478 
Federal Home Loan Bank stock dividends(6)(35)
Common stock released by ESOP693 1,101 
Stock based compensation expense1,104 685 
Origination of loans held for sale(221,235)(167,703)
Proceeds from loans held for sale232,810 164,123 
Earnings on bank-owned life insurance(4,694)(856)
Net change in:
Accrued interest receivable and other assets880 (2,770)
Accrued interest payable and other liabilities(9,116)(3,905)
Net cash from operating activities42,631 11,903 
Cash flows from investing activities:
Purchases of securities available for sale(302,423)(55,337)
Maturities and calls of securities available for sale60,996 77,714 
Purchases of securities held to maturity(19,103)(161)
Maturities, prepayments and calls of securities held to maturity33,473 7,226 
Net increase in loans(109,334)(382,120)
Purchases of premises and equipment(2,580)(3,209)
Proceeds from sales of premises and equipment31 30 
Proceeds from sales of other real estate owned3,100 2,718 
Investment in unconsolidated entities, net(109)(68)
Purchase of bank-owned life insurance(10,000) 
Proceeds from bank-owned life insurance4,492  
Purchases or redemptions of Federal Home Loan Bank stock(163) 
Cash received in excess of cash paid for acquisition 75,303 
Net cash used in investing activities(341,620)(277,904)

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BancPlus Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (continued)
(Unaudited)
(In Thousands)
Six Months Ended June 30,
20212020
Cash flows from financing activities:
Net increase (decrease) in:
Noninterest-bearing deposits$119,496 $406,099 
Money market, negotiable order of withdrawal, and savings deposits265,269 (1,138)
Certificates of deposit(39,585)(25,165)
Payments on Federal Home Loan Bank advances(95)(14,825)
Proceeds from issuance of subordinated debentures 60,000 
Payment of subordinated debt issuance costs (1,386)
Payments on other borrowings(1,750)(1,750)
Cash dividends paid on common stock(7,640)(6,166)
Purchase of Company stock(2,433) 
Shares withheld to pay taxes on restricted stock vesting(229)(10)
Net cash from financing activities333,033 415,659 
Net change in cash and cash equivalents34,044 149,658 
Cash and cash equivalents at beginning of period637,545 312,972 
Cash and cash equivalents at end of period$671,589 $462,630 
Supplemental cash flow information:
Interest paid$7,537 $6,667 
Federal and state income tax payments7,225  
Acquisition of real estate in non-cash foreclosures3,597 5,812 
Fair value of assets acquired net of liabilities assumed 70,096 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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BancPlus Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1: Basis of Presentation
BancPlus Corporation (the “Company”) is a bank holding company headquartered in Ridgeland, Mississippi operating in one reportable segment. BankPlus (the “Bank”), the principal operating subsidiary and sole banking subsidiary of the Company, is a commercial bank primarily engaged in the business of commercial and consumer banking. In addition to general and consumer banking, other products and services offered though the Bank’s subsidiaries include certain insurance and annuity services, asset and investment management and financial planning services. Oakhurst Development, Inc. (“Oakhurst”) is a real estate subsidiary originally formed by the Company to liquidate a real estate development that was acquired by the Bank through foreclosure in 2002. Oakhurst became active again in March 2009 and holds loans and other real estate.
The unaudited interim condensed consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest, and reflect all adjustments (consisting of normal recurring adjustments) that are necessary in the opinion of the Company’s management to fairly present the financial position, results of operations and cash flows of the Company. They have been derived from the audited consolidated financial statements for the fiscal year ended December 31, 2020; however, certain notes and information have been omitted from the interim periods. Therefore, these unaudited financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. The accounting and financial reporting policies followed by the Company conform, in all material respects, to the accounting principles generally accepted in the United States (“GAAP”) and to general practices within the financial services industry. The results of operations for the interim periods are not necessarily indicative of the results to be expected for future interim periods or for the entire year.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Particularly given the effects of the COVID-19 pandemic, the allowance for loan losses, provision for loan losses, the fair value of financial instruments and the status of contingencies are particularly subject to change. Material estimates that are subject to significant change in the near term are the allowance for loan losses, provision for loan losses, valuation of other real estate owned and fair values of financial instruments. Actual results could differ from these estimates.
Recently Issued But Not Yet Effective Accounting Standards
Accounting Standards Update 2016-13 (“ASU 2016-13”), Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, which requires earlier measurement of credit losses and enhances disclosures. The main objective of ASU 2016-13 is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses over the life of the loan. ASU 2016-13 was originally effective for the Company for annual and interim periods beginning on January 1, 2021. Subsequently, FASB approved a deferral of the effective date. ASU 2016-13 will now be effective for the Company for annual and interim periods beginning on January 1, 2023. The Company has formed a cross functional team that is assessing data and system needs and evaluating the impact of adopting the new guidance. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the Company adopts the new standard, but has not yet determined the magnitude of the one-time adjustment or the overall impact on the Company’s consolidated financial statements.

Accounting Standards Update 2020-04 (“ASU 2020-04”), “Reference Rate Reform - Topic 848.” In March 2020, the FASB issued ASU 2020-04, which provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications, hedge accounting, and other transactions affected that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The company is still evaluating the impact of ASU 2020-04, but does not expect it to have a material impact on the Company’s consolidated financial statements.

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Note 2: Earnings Per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted number of common shares outstanding during the period and the number of common shares that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period.
Three Months Ended June 30,Six Months Ended June 30,
(In thousands except per share data)2021202020212020
Net income$14,064 $7,239 $31,336 $14,915 
Weighted average common shares outstanding9,957 10,038 9,937 8,807 
Diluted effect of unallocated stock106 72 101 75 
Diluted common shares10,063 10,110 10,038 8,882 
Basic earnings per common share$1.41 $0.72 $3.15 $1.69 
Diluted earnings per common share$1.40 $0.72 $3.12 $1.68 

Note 3: Business Combination

On April 1, 2020, the Company completed its previously announced merger with State Capital Corp. (“SCC”), the holding company of State Bank & Trust Company (“State Bank”). Pursuant to the terms of the Agreement and Plan of Share Exchange and Merger, dated September 18, 2019, by and among the Company, BankPlus, SCC, and State Bank (the “Merger Agreement”), following BancPlus’ acquisition of SCC by a statutory share exchange, SCC was merged with and into BancPlus, with BancPlus surviving the merger (the “Merger”). Immediately thereafter, State Bank was merged with and into BankPlus, with BankPlus surviving the merger. As a result of the Merger, the Company’s geographic footprint expanded in Mississippi, Louisiana and Alabama, providing access to new markets and deposits.

Pursuant to the Merger Agreement, holders of SCC common stock received 0.6950 shares of BancPlus common stock, par value $1.00 per share, for each share of SCC common stock, par value $1.25 per share, held immediately prior to the effective time of the Merger, plus cash in lieu of fractional shares. BancPlus issued 2,453,827 shares of common stock to holders of SCC common stock, in addition to approximately $12,000 in lieu of fractional shares. In connection with the Merger, the Company incurred approximately $6.4 million of acquisition expenses, of which approximately $3.8 million were incurred during the six months ended June 30, 2020. These expenses are recorded in other operating expenses and furniture, equipment and data processing expenses in the Company’s Condensed Consolidated Statement of Income for the six months ended June 30, 2020.

The excess fair value of net assets acquired over cost paid was recorded as a gain on bargain purchase during 2020. The gain on bargain purchase was primarily the result of changes in the value of BancPlus common stock due to the timing of the closing of the Merger relative to when the Merger Agreement was signed and declines in the overall market as a result of the COVID-19 pandemic over that period.
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The following table reflects the consideration paid and the fair value allocation of assets acquired and liabilities assumed as of the acquisition date:
(In thousands)
Purchase price allocation:
Common stock issued$71,161 
Cash paid for fractional shares12 
Total purchase price$71,173 
Assets acquired:
Cash and due from banks$75,315 
Securities, FHLB stock and FNBB stock97,910 
Loans, net880,390 
Premises and equipment29,968 
Accrued interest receivable3,664 
Bank-owned life insurance28,441 
Core deposit intangible6,045 
Taxes receivable7,787 
Deferred tax asset, net5,972 
Other assets3,330 
Total assets acquired$1,138,822 
Liabilities assumed:
Deposits$1,024,381 
Advances from FHLB and other borrowings14,563 
Subordinated debentures11,121 
Deferred compensation10,310 
Other liabilities6,196 
Total liabilities assumed$1,066,571 
Net assets acquired72,251 
Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase$(1,078)

In connection with the Merger, the Company recorded a $6.0 million core deposit intangible, which will be amortized over 10 years. The Company also acquired loans with a fair value of $880.4 million, net of a $19.1 million fair value discount, which included a credit mark discount of $11.6 million.

Revenues and earnings of the acquired company since the Merger date have not been disclosed as it is not practicable as SCC was merged into BancPlus and separate financial information for SCC is not available. The following table presents unaudited pro forma information as if the Merger with SCC had occurred on January 1, 2020. This pro forma information combines the historic condensed consolidated results of operations of BancPlus and SCC after giving effect to certain adjustments, including purchase accounting fair value adjustments and amortization of intangibles, as well as the related income tax effects of those adjustments. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Merger occurred on January 1, 2020.
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Three Months EndedSix Months Ended
(In thousands, except per share data)June 30, 2020June 30, 2020
Net interest income$42,899 $80,130 
Other operating income12,556 28,408 
Net income available to common shareholders8,769 13,546 
Earnings per common share:
Basic$0.88 $1.36 
Diluted0.87 1.35 
Note 4: Investment Securities
The following is a summary of the amortized cost and fair value of securities available for sale.
 Amortized  Gross Unrealized  Fair
(In thousands)CostGainsLossesValue
June 30, 2021:
U.S. Government agency obligations$302,481 $877 $1,563 $301,795 
Residential mortgage-backed securities126,466 4,132 5 130,593 
Commercial mortgage-backed securities15,258 235  15,493 
Asset-backed securities13,352 533 42 13,843 
Corporate investments38,250 1,251