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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 March 31, 2022
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 May 6, 2022: 11,644,407




BANCPLUS CORPORATION
FORM 10-Q
For the Quarter Ended MARCH 31, 2022
INDEX
Page Number


Consolidated Balance Sheets at March 31, 2022 (unaudited), and December 31, 2021
Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)










1

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1.     Financial Statements
BancPlus Corporation and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Data)
March 31, 2022December 31, 2021
(unaudited)
Assets:
Cash and due from banks$74,563 $55,603 
Interest bearing deposits with banks620,789 608,562 
Total cash and cash equivalents695,352 664,165 
Securities available for sale645,196 576,614 
Securities held to maturity - fair value: $68,858 - 2022; $72,084 - 2021
68,873 71,648 
Loans held for sale11,744 10,621 
Loans4,740,406 3,619,172 
Less: Allowance for loan losses44,238 45,000 
Net loans4,696,168 3,574,172 
Premises and equipment117,342 101,965 
Operating lease right-of-use assets35,351 34,561 
Accrued interest receivable17,756 14,329 
Goodwill63,836 2,616 
Other assets163,640 145,587 
$6,515,258 $5,196,278 
Liabilities:
Deposits$5,853,097 $4,622,116 
Advances from Federal Home Loan Bank and other borrowings40,453 20,501 
Subordinated debentures133,338 111,509 
Operating lease liabilities36,615 35,793 
Accrued interest payable2,945 1,425 
Other liabilities13,993 14,515 
Total liabilities6,080,441 4,805,859 
Redeemable common stock owned by the ESOP102,425 100,487 
Shareholders' equity:
Common Stock, par value $1.00 per share.
40,000,000 authorized at March 31, 2022 and December 31, 2021; 11,580,880 and 10,115,945 issued and outstanding at March 31, 2022 and December 31, 2021, respectively
11,581 10,116 
Unearned Employee Stock Ownership Plan compensation (1,401)
Additional paid-in capital123,005 67,380 
Retained earnings319,898 314,357 
Accumulated other comprehensive loss, net(19,667)(33)
434,817 390,419 
Less: Redeemable common stock owned by the ESOP(102,425)(100,487)
Total shareholders' equity332,392 289,932 
$6,515,258 $5,196,278 
The accompanying notes are an integral part of these consolidated financial statements.
2

Table of Contents
BancPlus Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ended March 31,
20222021
Interest income:
Interest and fees on loans$42,987 $43,142 
Taxable securities2,307 1,833 
Tax-exempt securities420 539 
Interest bearing bank balances and other231 138 
Total interest income45,945 45,652 
Interest expense:
Deposits1,677 2,164 
Advances from Federal Home Loan Bank76 77 
Other borrowings1,425 1,369 
Total interest expense3,178 3,610 
Net interest income42,767 42,042 
Provision for loan losses 217 3,889 
Net interest income after provision for loan losses42,550 38,153 
Other operating income:
Service charges on deposit accounts6,792 5,737 
Mortgage origination income2,238 2,714 
Debit card interchange2,428 2,640 
Other income6,507 9,186 
Total other operating income17,965 20,277 
Other operating expenses:
Salaries and employee benefits expenses25,845 23,025 
Net occupancy expenses4,116 3,345 
Furniture, equipment and data processing expenses6,616 5,932 
Other expenses11,493 5,835 
Total other operating expenses48,070 38,137 
Income before income taxes12,445 20,293 
Income tax expense2,756 3,021 
Net income$9,689 $17,272 
Earnings per common share - basic$0.93 $1.74 
Earnings per common share - diluted$0.92 $1.73 
The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
BancPlus Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(In Thousands)
Three Months Ended March 31,
20222021
Net income$9,689 $17,272 
Other comprehensive income (loss), net of tax:
Unrealized losses on securities available for sale(26,144)(4,936)
Tax effect6,510 1,229 
Total other comprehensive loss, net of tax(19,634)(3,707)
Comprehensive income (loss)$(9,945)$13,565 
The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
BancPlus Corporation and Subsidiaries
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 (Loss)
Less:
Redeemable
Common Stock
Owned by the ESOP
Total
Shareholders'
Equity
Common StockRetained
Earnings
SharesAmount
January 1, 202110,079,277 $10,079 $(2,650)$67,742 $273,204 $6,875 $(74,278)$280,972 
Net income— — — — 17,272 — — 17,272 
Other comprehensive loss, net— — — — — (3,707)— (3,707)
Purchase of Company stock(36,449)(36)— (1,832)— — — (1,868)
Shares withheld to satisfy withholding obligation in the vesting of restricted stock(1,500)(2)— (75)— — — (77)
Stock based compensation— — — 487 — — — 487 
Net change fair value of ESOP shares— — — — — — (13,125)(13,125)
Common stock released by ESOP— — 346 — — — — 346 
Dividends paid ($0.38 per share)
— — — — (3,811)— — (3,811)
March 31, 202110,041,328 $10,041 $(2,304)$66,322 $286,665 $3,168 $(87,403)$276,489 
January 1, 202210,115,945 $10,116 $(1,401)$67,380 $314,357 $(33)$(100,487)$289,932 
Net income— — — — 9,689 — — 9,689 
Issuance of common stock for acquisition of First Trust Corporations1,444,732 1,445 — 55,044 — — — 56,489 
Other comprehensive loss, net— — — — — (19,634)— (19,634)
Issuance of restricted stock21,367 21 — (21)— — —  
Shares withheld to satisfy withholding obligation in the vesting of restricted stock(1,164)(1)— (78)— — — (79)
Stock based compensation— — — 680 — — — 680 
Net change fair value of ESOP shares— — — — — — (1,938)(1,938)
Common stock released by ESOP— — 1,401 — — — — 1,401 
Dividends paid ($0.41 per share)
— — — — (4,148)— — (4,148)
March 31, 202211,580,880 $11,581 $ $123,005 $319,898 $(19,667)$(102,425)$332,392 

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


5

Table of Contents
BancPlus Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
Three Months Ended March 31,
20222021
Cash flows from operating activities:
Net income per consolidated statements of income$9,689 $17,272 
Adjustments to reconcile net income to net cash from operating activities:
Provision for loan losses217 3,889 
Depreciation and amortization2,362 1,903 
Net loss on sales of premises and equipment1 85 
Net gain on sales of other real estate owned(19)(171)
Write-downs of other real estate-owned555 20 
Deferred income tax expense (benefit)(162)433 
Federal Home Loan Bank stock dividends(3)(3)
Common stock released by ESOP1,401 346 
Stock based compensation expense680 487 
Origination of loans held for sale(72,280)(105,569)
Proceeds from loans held for sale77,357 114,794 
Earnings on bank-owned life insurance(626)(3,492)
Net change in:
Accrued interest receivable and other assets(3,374)(1,365)
Accrued interest payable and other liabilities(2,570)(6,903)
Net cash from operating activities13,228 21,726 
Cash flows from investing activities:
Purchases of securities available for sale(82,822)(296,923)
Maturities and calls of securities available for sale20,801 29,822 
Purchases of securities held to maturity (19,103)
Maturities, prepayments and calls of securities held to maturity2,745 22,005 
Net increase in loans(122,286)(30,982)
Purchases of premises and equipment(2,336)(1,343)
Proceeds from sales of premises and equipment 26 
Proceeds from sales of other real estate owned181 1,539 
Investment in unconsolidated entities, net1,709 (122)
Proceeds from bank-owned life insurance 4,336 
Cash received in excess of cash paid for acquisition165,974  
Net cash used in investing activities(16,034)(290,745)

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BancPlus Corporation and Subsidiaries
Consolidated Statements of Cash Flows (continued)
(Unaudited)
(In Thousands)
Three Months Ended March 31,
20222021
Cash flows from financing activities:
Net increase (decrease) in:
Noninterest-bearing deposits$42,746 $82,692 
Money market, negotiable order of withdrawal, and savings deposits1,250 183,510 
Certificates of deposit(25,727)(26,055)
Payments on Federal Home Loan Bank advances(24)(59)
Proceeds from other borrowings20,000  
Payments on other borrowings (875)
Payment of debt issuance costs on other borrowings(25) 
Cash dividends paid on common stock(4,148)(3,811)
Purchase of Company stock (1,868)
Shares withheld to pay taxes on restricted stock vesting(79)(77)
Net cash from financing activities33,993 233,457 
Net change in cash and cash equivalents31,187 (35,562)
Cash and cash equivalents at beginning of period664,165 637,545 
Cash and cash equivalents at end of period$695,352 $601,983 
Supplemental cash flow information:
Interest paid$1,658 $2,910 
Acquisition of real estate in non-cash foreclosures455 2,272 
Fair value of assets acquired net of liabilities assumed58,508  

The accompanying notes are an integral part of these consolidated financial statements.
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BancPlus Corporation and Subsidiaries
Condensed Notes to 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 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, 2021; however, certain notes and information have been omitted from the interim periods. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021. 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/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 March 31,
(In thousands except per share data)20222021
Net income$9,689 $17,272 
Weighted average common shares outstanding10,451 9,919 
Diluted effect of unallocated stock75 73 
Diluted common shares10,526 9,992 
Basic earnings per common share$0.93 $1.74 
Diluted earnings per common share$0.92 $1.73 

Note 3: Business Combinations

First Trust Corporation

Effective March 1, 2022, the Company completed its previously announced merger with First Trust Corporation (“FTC”), the holding company of First Bank and Trust (“FBT”). Pursuant to the terms of the Agreement and Plan of Share Exchange and Merger, dated September 28, 2021, as amended on February 9, 2022, by and among the Company, BankPlus, FTC, and FBT (the “FTC Merger Agreement”), following the Company’s acquisition of FTC by statutory share exchange, FTC was merged with and into BancPlus, with BancPlus surviving the merger (the “FTC Holding Company Merger”). Immediately thereafter FBT was merged with and into BankPlus, with BankPlus surviving the merger (together with the FTC Holding Company Merger, the “FTC Merger”). The FTC Merger expands the Company’s geographic footprint into Florida and adds additional locations in Louisiana and Mississippi, providing access to new markets and deposits.

Pursuant to the FTC Merger Agreement, holders of FTC stock received, in the aggregate, 1,444,764 shares of BancPlus common stock, with cash paid in lieu of fractional shares, and $52.7 million in cash, plus up to $10.0 million, less certain fees, costs, and expenses, that is being held in escrow pursuant to the terms of a previously disclosed Indemnity and Escrow Agreement that was entered into immediately prior to the completion of the FTC Merger pending a final determination from the Internal Revenue Service as to whether FTC’s subchapter S election will be reinstated retroactively to September 23, 2020. The fair value of the common shares issued was determined based on a third-party appraisal at the date of the acquisition, as there is no active market for the Company’s stock. At the time of this filing, final valuations of the stock consideration, assets acquired and liabilities assumed were not complete. The Company expects to finalize its analysis of the acquired assets and assumed liabilities in this transaction within one year of the completion of the FTC Merger. Therefore, adjustments to the estimated amounts and carrying values may occur.

During the three months ended March 31, 2022, the Company incurred approximately $4.2 million of acquisition expenses in connection with the FTC Merger. These expenses are recorded in other expenses in the Company’s Consolidated Statement of Income for the three months ended March 31, 2022.

The excess cost paid over the fair value of net assets acquired was recorded as goodwill during 2022. Goodwill, which reflects an enhanced presence in the Louisiana and Southern Mississippi market areas and expansion in to the Florida panhandle market as well as synergies expected as a result of the combined operations, is not deductible for tax purposes.

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The following table reflects the consideration paid and the preliminary fair value allocation of assets acquired and liabilities assumed as of the acquisition date:
(In thousands)
Purchase price allocation:
Common stock issued$56,489 
Cash paid63,239 
Total purchase price$119,728 
Assets acquired:
Cash and due from banks$229,213 
Securities33,407 
Loans held for sale6,200 
Loans, net1,000,382 
Premises and equipment15,152 
Accrued interest receivable1,441 
Core deposit intangible7,825 
Other assets3,063 
Total assets acquired$1,296,683 
Liabilities assumed:
Deposits$1,212,712 
Subordinated debentures21,733 
Other liabilities3,730 
Total liabilities assumed$1,238,175 
Net assets acquired58,508 
Goodwill$61,220 

In connection with the FTC Merger, the Company recorded a $7.8 million core deposit intangible, which will be amortized over 10 years. The Company also acquired loans with a fair value of $1.000 billion. The fair value of acquired loans at the time of acquisition is recorded as a premium or discount to the unpaid balance of each acquired loan. The net premium or discount is accreted or amortized into interest income over the remaining life of the loan. The Company recorded a net discount of $6.6 million on the acquired FTC loans, which included a credit mark discount of $15.7 million. Purchase credit impaired loans were insignificant.

Revenues and earnings of the acquired company since the FTC Merger date have not been disclosed as it is not practicable as FTC was merged into BancPlus and separate financial information for FTC is not available. The following table presents unaudited pro forma information as if the FTC Merger had occurred on January 1, 2021. This pro forma information combines the historic consolidated results of operations of BancPlus and FTC 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 FTC Merger occurred on January 1, 2021.

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Three Months Ended March 31,
(In thousands, except per share data)20222021
Net interest income$53,873 $53,148 
Other operating income20,542 22,854 
Net income available to common shareholders13,924 21,507 
Earnings per common share:
Basic$1.22 $1.89 
Diluted1.21 1.87 
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
March 31, 2022:
U.S. Treasuries$40,768 $ $619 $40,149 
U.S. Government agency obligations387,931 174 21,018 367,087 
Residential mortgage-backed securities123,989 221 2,896 121,314 
Commercial mortgage-backed securities14,137  883 13,254 
Asset-backed securities12,173 272 91 12,354 
Corporate investments46,000 324 932 45,392 
State and political subdivisions46,386 264 1,004 45,646 
Total available for sale$671,384 $1,255 $27,443 $645,196 
December 31, 2021:
U.S. Government agency obligations$354,774 $256 $4,780 $350,250 
Residential mortgage-backed securities107,772 2,312 297 109,787 
Commercial mortgage-backed securities14,286 41 51 14,276 
Asset backed securities12,730 421 44 13,107 
Corporate investments43,500 1,138 128 44,510 
State and political subdivisions43,596 1,200 112 44,684 
Total available for sale$576,658 $5,368 $5,412 $576,614 
Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.
The following is a summary of the amortized cost and fair value of securities held to maturity.
AmortizedGross UnrealizedFair
(In thousands)CostGainsLossesValue
March 31, 2022:
States and political subdivisions$68,873 $46 $61 $68,858 
Total held to maturity$68,873 $46 $61 $68,858 
December 31, 2021:
States and political subdivisions$71,648 $436 $ $72,084 
Total held to maturity$71,648 $436 $ $72,084 
All mortgage-backed securities in the above tables were issued or guaranteed by U.S. government agencies or sponsored agencies.
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Provided below is a summary of investment securities that were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position.
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
(In thousands)
March 31, 2022:
Available for sale:
U.S. Treasuries$30,150 $619 $ $ 30,150 $619 
U.S. Government agencies236,649 13,035 124,827 7,983 361,476 21,018 
Residential mortgage-backed securities87,476 2,896   87,476 2,896 
Commercial mortgage-backed securities13,254 883   13,254 883 
Asset backed securities2,144 40 2,068 51 4,212 91 
Corporate investments30,159 841 1,909 91 32,068 932 
States and political subdivisions16,165 541 4,851 463 21,016 1,004 
$415,997 $18,855 $133,655 $8,588 549,652 $27,443 
December 31, 2021:
Available for sale:
U.S. Government agencies$314,614 $4,780 $ $ 314,614 $4,780 
Residential mortgage-backed securities15,216 297   15,216 297 
Commercial mortgage-backed securities8,376 51   8,376 51 
Asset backed securities2,272 8 2,192 36 4,464 44 
Corporate investments6,117 112   6,117 112 
States and political subdivisions11,372 128   11,372 128 
$357,967 $5,376 $2,192 $36 360,159 $5,412 
The number of debt securities in an unrealized loss position increased from 82 at December 31, 2021 to 232 at March 31, 2022. The unrealized losses shown above are due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, the Company does not consider these investments to be impaired on an other-than-temporary basis at March 31, 2022.
The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay certain obligations with, or without, call or prepayment penalties.
Available for Sale Held to Maturity
Amortized Fair Amortized Fair
(In thousands)Cost Value Cost Value
March 31, 2022:
One year or less$12,048 $12,050 $7,529 $7,530 
After one through five years328,003 313,889 47,762 47,745 
After five through ten years184,927 175,390 11,372 11,373 
After ten years146,406 143,867 2,210 2,210 
$671,384 $645,196 $68,873 $68,858 

The following is a summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes required or permitted by law.
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Available for Sale Held to Maturity
AmortizedFairAmortizedFair
(In thousands)Cost Value CostValue
March 31, 2022$580,152 $555,294 $38,645 $38,644 
December 31, 2021$451,402 $450,480 $38,704 $39,102 
Note 5: Loans
The following is a summary of the Company’s loan portfolio by loan class.
(In thousands)March 31, 2022December 31, 2021
Secured by real estate:
Residential properties$1,142,726 $774,699 
Construction and land development676,562 543,763 
Farmland 221,706 211,503 
Other commercial 1,953,941 1,396,085 
Total real estate3,994,935 2,926,050 
Commercial and industrial loans584,565 527,102 
Agricultural production and other loans to farmers70,276