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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 September 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 November 8, 2021: 10,112,254




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


Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 Share and Per Share Data)
September 30, 2021December 31, 2020
(unaudited)
Assets:
Cash and due from banks$57,417 $109,233 
Interest bearing deposits with banks637,652 508,196 
Federal funds sold 20,116 
Total cash and cash equivalents695,069 637,545 
Securities available for sale540,883 311,373 
Securities held to maturity - fair value: $78,905 - 2021; $94,436 - 2020
78,423 93,766 
Loans held for sale13,904 28,684 
Loans3,526,086 3,378,732 
Less: Allowance for loan losses44,001 36,000 
Net loans3,482,085 3,342,732 
Premises and equipment101,715 102,967 
Operating lease right-of-use assets35,305 35,936 
Accrued interest receivable17,120 18,061 
Goodwill2,616 2,616 
Other assets146,204 137,240 
$5,113,324 $4,710,920 
Liabilities:
Deposits$4,529,868 $4,152,810 
Advances from Federal Home Loan Bank and other borrowings31,026 33,771 
Subordinated debentures111,411 111,124 
Operating lease liabilities36,458 37,127 
Accrued interest payable2,647 2,709 
Other liabilities16,028 18,129 
Total liabilities4,727,438 4,355,670 
Redeemable common stock owned by the ESOP96,623 74,278 
Shareholders' equity:
Common Stock, par value $1.00 per share.
40,000,000 authorized at September 30, 2021 and December 31, 2020; 10,112,254 and 10,079,277 issued and outstanding at September 30, 2021 and December 31, 2020, respectively
10,112 10,079 
Unearned Employee Stock Ownership Plan compensation(1,609)(2,650)
Additional paid-in capital66,767 67,742 
Retained earnings307,269 273,204 
Accumulated other comprehensive income, net3,347 6,875 
385,886 355,250 
Less: Redeemable common stock owned by the ESOP(96,623)(74,278)
Total shareholders' equity289,263 280,972 
$5,113,324 $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 September 30,Nine Months Ended September 30,
2021202020212020
Interest income:
Interest and fees on loans$43,835 $44,083 $129,066 $113,710 
Taxable securities2,097 1,815 6,024 5,157 
Tax-exempt securities455 573 1,473 1,942 
Interest bearing bank balances and other242 113 493 1,329 
Total interest income46,629 46,584 137,056 122,138 
Interest expense:
Deposits1,746 3,193 5,873 11,259 
Short-term borrowings   2 
Advances from Federal Home Loan Bank78 79 233 239 
Other borrowings1,371 1,420 4,112 2,673 
Total interest expense3,195 4,692 10,218 14,173 
Net interest income43,434 41,892 126,838 107,965 
Provision for loan losses 1,469 4,671 7,395 7,706 
Net interest income after provision for loan losses41,965 37,221 119,443 100,259 
Other operating income:
Service charges on deposit accounts7,484 5,690 19,226 16,674 
Mortgage origination income1,999 2,827 6,726 5,974 
Debit card interchange2,390 1,909 7,634 5,412 
Securities gains, net 6 4 57 
Other income7,193 8,193 24,490 17,265 
Total other operating income19,066 18,625 58,080 45,382 
Other operating expenses:
Salaries and employee benefits expenses25,218 23,162 72,365 65,349 
Net occupancy expenses3,606 3,459 10,779 9,709 
Furniture, equipment and data processing expenses6,282 5,801 18,322 15,621 
Other expenses7,716 7,490 19,931 19,834 
Total other operating expenses42,822 39,912 121,397 110,513 
Income before income taxes18,209 15,934 56,126 35,128 
Income tax expense4,012 3,334 10,593 7,613 
Net income$14,197 $12,600 $45,533 $27,515 
Earnings per common share - basic$1.43 $1.25 $4.58 $2.98 
Earnings per common share - diluted$1.41 $1.24 $4.53 $2.96 
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 September 30,Nine Months Ended September 30,
2021202020212020
Net income$14,197 $12,600 $45,533 $27,515 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available for sale(2,340)(225)(4,698)9,498 
Tax effect583 56 1,170 (2,365)
Total other comprehensive income (loss), net of tax(1,757)(169)(3,528)7,133 
Comprehensive income$12,440 $12,431 $42,005 $34,648 
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
July 1, 202010,126,817 $10,127 $(3,375)$70,173 $255,990 $7,584 $(57,545)$282,954 
Net income— — — — 12,600 — — 12,600 
Other comprehensive loss, net— — — — — (169)— (169)
Purchase of Company stock(12,791)(13)— (588)— — — (601)
Issuance of restricted stock18,850 19 — (19)— — —  
Stock based compensation— — — 367 — — — 367 
Net change fair value of ESOP shares— — — — — — (10,977)(10,977)
Common stock released by ESOP— — 433 — — — — 433 
Dividends declared ($0.35 per share)
— — — — (3,527)— — (3,527)
September 30, 202010,132,876 $10,133 $(2,942)$69,933 $265,063 $7,415 $(68,522)$281,080 
January 1, 20207,652,957 $7,653 $(4,476)$811 $247,241 $282 $(79,308)$172,203 
Net income— — — — 27,515 — — 27,515 
Other comprehensive income, net— — — — — 7,133 — 7,133 
Acquisition of State Capital Corp.2,453,827 2,454 — 68,707 — — — 71,161 
Purchase of Company stock(12,791)(13)— (588)— — — (601)
Issuance of restricted stock39,155 39 — (39)— — —  
Shares withheld to satisfy withholding obligation in the vesting of restricted stock(272)— — (10)— — — (10)
Stock based compensation— — — 1,052 — — — 1,052 
Net change fair value of ESOP shares— — — — — — 10,786 10,786 
Common stock released by ESOP— — 1,534 — — — — 1,534 
Dividends declared ($1.05 per share)
— — — — (9,693)— — (9,693)
September 30, 202010,132,876 $10,133 $(2,942)$69,933 $265,063 $7,415 $(68,522)$281,080 

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
July 1, 202110,111,045 $10,111 $(1,957)$66,152 $296,900 $5,104 $(87,794)$288,516 
Net income— — — — 14,197 — — 14,197 
Other comprehensive loss, net— — — — — (1,757)— (1,757)
Issuance of restricted stock1,209 1 — (1)— — —  
Stock based compensation— — — 616 — — — 616 
Net change in fair value of ESOP shares— — — — — — (8,829)(8,829)
Common stock released by ESOP— — 348 — — — — 348 
Dividends declared ($0.38 per share)
— — — — (3,828)— — (3,828)
September 30, 202110,112,254 $10,112 $(1,609)$66,767 $307,269 $3,347 $(96,623)$289,263 
January 1, 202110,079,277 $10,079 $(2,650)$67,742 $273,204 $6,875 $(74,278)$280,972 
Net income— — — — 45,533 — — 45,533 
Other comprehensive loss, net— — — — — (3,528)— (3,528)
Issuance of restricted stock83,317 83 — (83)— — —  
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— — — 1,720 — — — 1,720 
Net change fair value of ESOP shares— — — — — — (22,345)(22,345)
Common stock released by ESOP— — 1,041 — — — — 1,041 
Dividends declared ($1.14 per share)
— — — — (11,468)— — (11,468)
September 30, 202110,112,254 $10,112 $(1,609)$66,767 $307,269 $3,347 $(96,623)$289,263 
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)
Nine Months Ended September 30,
20212020
Cash flows from operating activities:
Net income per condensed consolidated statements of income$45,533 $27,515 
Adjustments to reconcile net income to net cash from operating activities:
Provision for loan losses7,395 7,706 
Depreciation and amortization5,818 4,663 
Net loss on sales of premises and equipment279 294 
Net gain on sales of other real estate owned(169)(354)
Write-downs of other real estate-owned186 106 
Deferred income tax expense399 935 
Federal Home Loan Bank stock dividends(9)(41)
Common stock released by ESOP1,041 1,534 
Stock based compensation expense1,720 1,052 
Origination of loans held for sale(300,866)(274,668)
Proceeds from loans held for sale315,646 264,489 
Earnings on bank-owned life insurance(5,858)(1,526)
Bargain purchase gain on merger (1,078)
Net change in:
Accrued interest receivable and other assets5,849 (2,987)
Accrued interest payable and other liabilities(2,163)(3,928)
Net cash from operating activities74,801 23,712 
Cash flows from investing activities:
Purchases of securities available for sale(317,600)(77,290)
Maturities and calls of securities available for sale81,015 112,835 
Purchases of securities held to maturity(19,103)(777)
Maturities, prepayments and calls of securities held to maturity34,318 12,071 
Net increase in loans(151,332)(465,459)
Purchases of premises and equipment(5,188)(6,992)
Proceeds from sales of premises and equipment31 40 
Proceeds from sales of other real estate owned4,672 4,955 
Investment in unconsolidated entities, net(96)(289)
Purchase of bank-owned life insurance(10,000) 
Proceeds from bank-owned life insurance5,987  
Purchases or redemptions of Federal Home Loan Bank stock(163)2,562 
Cash received in excess of cash paid for acquisition 75,303 
Net cash used in investing activities(377,459)(343,041)

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BancPlus Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (continued)
(Unaudited)
(In Thousands)
Nine Months Ended September 30,
20212020
Cash flows from financing activities:
Net increase (decrease) in:
Noninterest-bearing deposits$168,926 $390,152 
Money market, negotiable order of withdrawal, and savings deposits265,081 21,169 
Certificates of deposit(56,950)(36,389)
Payments on Federal Home Loan Bank advances(120)(14,884)
Proceeds from issuance of subordinated debentures 60,000 
Payment of subordinated debt issuance costs (1,439)
Payments on other borrowings(2,625)(2,625)
Cash dividends paid on common stock(11,468)(9,693)
Purchase of Company stock(2,433)(601)
Shares withheld to pay taxes on restricted stock vesting(229)(10)
Net cash from financing activities360,182 405,680 
Net change in cash and cash equivalents57,524 86,351 
Cash and cash equivalents at beginning of period637,545 312,972 
Cash and cash equivalents at end of period$695,069 $399,323 
Supplemental cash flow information:
Interest paid$10,280 $10,889 
Federal and state income tax payments9,950 7,175 
Acquisition of real estate in non-cash foreclosures4,924 5,836 
Fair value of assets acquired net of liabilities assumed 72,251 

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 interim condensed consolidated 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 September 30,Nine Months Ended September 30,
(In thousands except per share data)2021202020212020
Net income$14,197 $12,600 $45,533 $27,515 
Weighted average common shares outstanding9,934 10,070 9,936 9,231 
Diluted effect of unallocated stock116 64 105 72 
Diluted common shares10,050 10,134 10,041 9,303 
Basic earnings per common share$1.43 $1.25 $4.58 $2.98 
Diluted earnings per common share$1.41 $1.24 $4.53 $2.96 

Note 3: Business Combinations

State Capital Corp.

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, the Bank, SCC, and State Bank (the “Merger Agreement”), following BancPlus’ acquisition of SCC by a statutory share exchange, SCC was merged with and into the Company, with the Company surviving the merger (the “Merger”). Immediately thereafter, State Bank was merged with and into the Bank, with the Bank 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 the Company’s 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. The Company 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 $6.2 million were incurred during the nine months ended September 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 nine months ended September 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 the Company’s 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, Federal Home Loan Bank (“FHLB”) stock and First National Bankers Bankshares, Inc. 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 EndedNine Months Ended
(In thousands, except per share data)September 30, 2020September 30, 2020
Net interest income$43,828 $123,958 
Other operating income18,626 47,034 
Net income available to common shareholders13,993 27,539 
Earnings per common share:
Basic$1.39 $2.74 
Diluted1.38 2.72 

First Trust Corporation

On September 28, 2021, the Company entered in an Agreement and Plan of Share Exchange and Merger with First Trust Corporation (“FTC”), the parent company of First Bank and Trust (“FBT”), whereby the Company will acquire FTC and the Bank will acquire FBT (the “transaction”). The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including receipt of required regulatory approvals and the approval by shareholders of FTC.
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
September 30, 2021:
U.S. Government agency obligations$301,619 $421 $2,199 $299,841 
Residential mortgage-backed securities118,554 3,522 230 121,846 
Commercial mortgage-backed securities14,764 146 16 14,894 
Asset-backed securities13,068 506 35 13,539 
Corporate investments43,000 1,210 60