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 class	Trading Symbol	Name of each exchange on which registered
None	N/A	N/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 filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller 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
PART I – FINANCIAL INFORMATION	2
Item 1. Financial Statements (Unaudited):	2
Condensed Consolidated Balance Sheets at June 30, 2021 (unaudited), and December 31, 2020	2
Condensed Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020 (unaudited)	3
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020 (unaudited)	4
Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2021 and 2020 (unaudited)	5
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)	7
Notes to the Condensed Consolidated Financial Statements (unaudited)	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Cautionary Statement Regarding Forward-Looking Statements	32
Item 3. Quantitative and Qualitative Disclosures about Market Risk	62
Item 4. Controls and Procedures	63
PART II – OTHER INFORMATION	63
Item 1. Legal Proceedings	63
Item 1A. Risk Factors	64
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 3. Defaults Upon Senior Securities	64
Item 4. Mine Safety Disclosures	64
Item 5. Other Information	64
Item 6. Exhibits	65
SIGNATURE PAGE	66

1

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, 2021		December 31, 2020
	(unaudited)
Assets:
Cash and due from banks	$	85,091	$	109,233
Interest bearing deposits with banks	586,498		508,196
Federal funds sold	—		20,116
Total cash and cash equivalents	671,589		637,545
Securities available for sale	548,891		311,373
Securities held to maturity - fair value: $79,851 - 2021; $94,436 - 2020	79,308		93,766
Loans held for sale	17,109		28,684
Loans	3,484,886		3,378,732
Less: Allowance for loan losses	42,004		36,000
Net loans	3,442,882		3,342,732
Premises and equipment	101,123		102,967
Operating lease right-of-use assets	34,836		35,936
Accrued interest receivable	16,813		18,061
Goodwill	2,616		2,616
Other assets	149,973		137,240
	$	5,065,140	$	4,710,920
Liabilities:
Deposits	$	4,497,991	$	4,152,810
Advances from Federal Home Loan Bank and other borrowings	31,926		33,771
Subordinated debentures	111,314		111,124
Operating lease liabilities	35,877		37,127
Accrued interest payable	2,195		2,709
Other liabilities	9,527		18,129
Total liabilities	4,688,830		4,355,670
Redeemable common stock owned by the ESOP	87,794		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 capital	66,152		67,742
Retained earnings	296,900		273,204
Accumulated other comprehensive income, net	5,104		6,875
	376,310		355,250
Less: Redeemable common stock owned by the ESOP	(87,794)		(74,278)
Total shareholders' equity	288,516		280,972
	$	5,065,140	$	4,710,920

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

2

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,
	2021		2020		2021		2020
Interest income:
Interest and fees on loans	$	42,089	$	42,720	$	85,231	$	69,627
Taxable securities	2,094		2,012		3,927		3,342
Tax-exempt securities	479		606		1,018		1,369
Interest bearing bank balances and other	113		104		251		1,216
Total interest income	44,775		45,442		90,427		75,554
Interest expense:
Deposits	1,963		3,814		4,127		8,066
Short-term borrowings	—		—		—		2
Advances from Federal Home Loan Bank	78		80		155		160
Other borrowings	1,372		770		2,741		1,253
Total interest expense	3,413		4,664		7,023		9,481
Net interest income	41,362		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 losses	39,325		37,928		77,478		63,038
Other operating income:
Service charges on deposit accounts	6,005		4,454		11,742		10,984
Mortgage origination income	2,013		1,888		4,727		3,147
Debit card interchange	2,604		2,056		5,244		3,503
Securities gains, net	4		14		4		51
Other income	8,111		4,145		17,297		9,072
Total other operating income	18,737		12,557		39,014		26,757
Other operating expenses:
Salaries and employee benefits	24,122		24,572		47,147		42,187
Net occupancy expenses	3,828		3,387		7,173		6,250
Furniture, equipment and data processing expenses	6,108		5,589		12,040		9,820
Other expenses	6,380		7,292		12,215		12,344
Total other operating expenses	40,438		40,840		78,575		70,601
Income before income taxes	17,624		9,645		37,917		19,194
Income tax expense	3,560		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

BancPlus Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(In Thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income	$	14,064	$	7,239	$	31,336	$	14,915
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available for sale	2,578		3,554		(2,358)		9,723
Tax effect	(642)		(885)		587		(2,421)
Total other comprehensive income (loss), net of tax	1,936		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.

4

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 Stock							Retained Earnings
	Shares	Amount
April 1, 2020	7,655,185	$	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 stock	17,805	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, 2020	10,126,817	$	10,127	$	(3,375)	$	70,173	$	255,990	$	7,584	$	(57,545)	$	282,954
January 1, 2020	7,652,957	$	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 stock	20,305	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, 2020	10,126,817	$	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.

5

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 Stock							Retained Earnings
	Shares	Amount
April 1, 2021	10,041,328	$	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 stock	82,108	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, 2021	10,111,045	$	10,111	$	(1,957)	$	66,152	$	296,900	$	5,104	$	(87,794)	$	288,516
January 1, 2021	10,079,277	$	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 stock	82,108	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, 2021	10,111,045	$	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.

6

BancPlus Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In Thousands)

	Six Months Ended June 30,
	2021		2020
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 losses	5,926		3,035
Depreciation and amortization	3,840		2,980
Net loss on sales of premises and equipment	232		5
Net gain on sales of other real estate owned	(260)		(230)
Write-downs of other real estate-owned	167		80
Deferred income tax expense	954		478
Federal Home Loan Bank stock dividends	(6)		(35)
Common stock released by ESOP	693		1,101
Stock based compensation expense	1,104		685
Origination of loans held for sale	(221,235)		(167,703)
Proceeds from loans held for sale	232,810		164,123
Earnings on bank-owned life insurance	(4,694)		(856)
Net change in:
Accrued interest receivable and other assets	880		(2,770)
Accrued interest payable and other liabilities	(9,116)		(3,905)
Net cash from operating activities	42,631		11,903
Cash flows from investing activities:
Purchases of securities available for sale	(302,423)		(55,337)
Maturities and calls of securities available for sale	60,996		77,714
Purchases of securities held to maturity	(19,103)		(161)
Maturities, prepayments and calls of securities held to maturity	33,473		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 equipment	31		30
Proceeds from sales of other real estate owned	3,100		2,718
Investment in unconsolidated entities, net	(109)		(68)
Purchase of bank-owned life insurance	(10,000)		—
Proceeds from bank-owned life insurance	4,492		—
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)

7

BancPlus Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (continued)

(Unaudited)

(In Thousands)

	Six Months Ended June 30,
	2021		2020
Cash flows from financing activities:
Net increase (decrease) in:
Noninterest-bearing deposits	$	119,496	$	406,099
Money market, negotiable order of withdrawal, and savings deposits	265,269		(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 activities	333,033		415,659
Net change in cash and cash equivalents	34,044		149,658
Cash and cash equivalents at beginning of period	637,545		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 payments	7,225		—
Acquisition of real estate in non-cash foreclosures	3,597		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.

8

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.

9

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)	2021		2020		2021		2020
Net income	$	14,064	$	7,239	$	31,336	$	14,915
Weighted average common shares outstanding	9,957		10,038		9,937		8,807
Diluted effect of unallocated stock	106		72		101		75
Diluted common shares	10,063		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.

10

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 shares			12
Total purchase price			$	71,173
Assets acquired:
Cash and due from banks	$	75,315
Securities, FHLB stock and FNBB stock	97,910
Loans, net	880,390
Premises and equipment	29,968
Accrued interest receivable	3,664
Bank-owned life insurance	28,441
Core deposit intangible	6,045
Taxes receivable	7,787
Deferred tax asset, net	5,972
Other assets	3,330
Total assets acquired	$	1,138,822
Liabilities assumed:
Deposits	$	1,024,381
Advances from FHLB and other borrowings	14,563
Subordinated debentures	11,121
Deferred compensation	10,310
Other liabilities	6,196
Total liabilities assumed	$	1,066,571
Net assets acquired			72,251
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.

11

	Three Months Ended		Six Months Ended
(In thousands, except per share data)	June 30, 2020		June 30, 2020
Net interest income	$	42,899	$	80,130
Other operating income	12,556		28,408
Net income available to common shareholders	8,769		13,546
Earnings per common share:
Basic	$	0.88	$	1.36
Diluted	0.87		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)	Cost		Gains		Losses		Value
June 30, 2021:
U.S. Government agency obligations	$	302,481	$	877	$	1,563	$	301,795
Residential mortgage-backed securities	126,466		4,132		5		130,593
Commercial mortgage-backed securities	15,258		235		—		15,493
Asset-backed securities	13,352		533		42		13,843
Corporate investments	38,250		1,251