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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, 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 August 5, 2022: 11,627,071




BANCPLUS CORPORATION
FORM 10-Q
For the Quarter Ended JUNE 30, 2022
INDEX
Page Number


Consolidated Balance Sheets at June 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 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)
June 30, 2022December 31, 2021
(unaudited)
Assets:
Cash and due from banks$74,231 $55,603 
Interest bearing deposits with banks269,510 608,562 
Total cash and cash equivalents343,741 664,165 
Securities available for sale627,027 576,614 
Securities held to maturity - fair value: $66,246 - 2022; $72,084 - 2021
66,359 71,648 
Loans held for sale14,757 10,621 
Loans5,159,706 3,619,172 
Less: Allowance for loan losses43,353 45,000 
Net loans5,116,353 3,574,172 
Premises and equipment122,192 101,965 
Operating lease right-of-use assets35,968 34,561 
Accrued interest receivable17,549 14,329 
Goodwill63,836 2,616 
Other assets167,020 145,587 
$6,574,802 $5,196,278 
Liabilities:
Deposits$5,682,850 $4,622,116 
Advances from Federal Home Loan Bank and other borrowings20,115 20,501 
Subordinated debentures133,383 111,509 
Operating lease liabilities37,336 35,793 
Accrued interest payable1,476 1,425 
Other liabilities14,388 14,515 
Total liabilities5,889,548 4,805,859 
Redeemable common stock owned by the ESOP97,799 100,487 
Shareholders' equity:
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, no par value
250,000 and zero authorized, issued and outstanding at June 30, 2022 and December 31, 2021; aggregate liquidation preference of $250,000
250,000  
Common Stock, par value $1.00 per share.
40,000,000 authorized at June 30, 2022 and December 31, 2021; 11,627,071 and 10,115,945 issued and outstanding at June 30, 2022 and December 31, 2021, respectively
11,627 10,116 
Unearned Employee Stock Ownership Plan compensation (1,401)
Additional paid-in capital122,132 67,380 
Retained earnings331,239 314,357 
Accumulated other comprehensive loss, net(29,744)(33)
685,254 390,419 
Less: Redeemable common stock owned by the ESOP(97,799)(100,487)
Total shareholders' equity587,455 289,932 
$6,574,802 $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 June 30,Six Months Ended June 30,
2022202120222021
Interest income:
Interest and fees on loans$53,712 $42,089 $96,699 $85,231 
Taxable securities2,502 2,094 4,809 3,927 
Tax-exempt securities401 479 821 1,018 
Interest bearing bank balances and other477 113 708 251 
Total interest income57,092 44,775 103,037 90,427 
Interest expense:
Deposits2,362 1,963 4,039 4,127 
Advances from Federal Home Loan Bank77 78 153 155 
Other borrowings1,808 1,372 3,233 2,741 
Total interest expense4,247 3,413 7,425 7,023 
Net interest income52,845 41,362 95,612 83,404 
Provision for loan losses 234 2,037 451 5,926 
Net interest income after provision for loan losses52,611 39,325 95,161 77,478 
Other operating income:
Service charges on deposit accounts7,701 6,005 14,493 11,742 
Mortgage origination income2,304 2,013 4,542 4,727 
Debit card interchange2,748 2,604 5,176 5,244 
Other income5,978 8,115 12,485 17,301 
Total other operating income18,731 18,737 36,696 39,014 
Other operating expenses:
Salaries and employee benefits expenses29,805 24,122 55,650 47,147 
Net occupancy expenses4,891 3,828 9,007 7,173 
Furniture, equipment and data processing expenses7,670 6,108 14,286 12,040 
Other expenses8,649 6,380 20,142 12,215 
Total other operating expenses51,015 40,438 99,085 78,575 
Income before income taxes20,327 17,624 32,772 37,917 
Income tax expense4,212 3,560 6,968 6,581 
Net income$16,115 $14,064 $25,804 $31,336 
Earnings per common share - basic$1.41 $1.41 $2.35 $3.15 
Earnings per common share - diluted$1.40 $1.40 $2.34 $3.12 
The accompanying notes are an integral part of these consolidated financial statements.
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BancPlus Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(In Thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income$16,115 $14,064 $25,804 $31,336 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available for sale(13,418)2,578 (39,562)(2,358)
Tax effect3,341 (642)9,851 587 
Total other comprehensive income (loss), net of tax(10,077)1,936 (29,711)(1,771)
Comprehensive income (loss)$6,038 $16,000 $(3,907)$29,565 
The accompanying notes are an integral part of these consolidated financial statements.
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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
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 paid ($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 paid ($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 consolidated financial statements.


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BancPlus Corporation and Subsidiaries
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 (Loss)
Less:
Redeemable
Common Stock
Owned by the ESOP
Total
Shareholders'
Equity
Preferred StockCommon StockRetained
Earnings
SharesAmountSharesAmount
April 1, 2022 $ 11,580,880 $11,581 $ $123,005 $319,898 $(19,667)$(102,425)$332,392 
Net income— — — — — — 16,115 — — 16,115 
Issuance of preferred stock250,000 250,000 — — — — — — — 250,000 
Other comprehensive loss, net— — — — — — — (10,077)— (10,077)
Issuance of restricted stock— — 74,401 74 — (74)— — —  
Shares withheld to satisfy withholding obligation in the vesting of restricted stock— — (9,274)(9)— (624)— — — (633)
Purchase of Company stock— — (18,936)(19)— (1,231)— — — (1,250)
Stock based compensation— — — — — 1,056 — — — 1,056 
Net change fair value of ESOP shares— — — — — — — — 4,626 4,626 
Common stock released by ESOP— — — —  — — — —  
Dividends paid ($0.41 per share)
— — — — — — (4,774)— — (4,774)
June 30, 2022250,000 $250,000 11,627,071 $11,627 $ $122,132 $331,239 $(29,744)$(97,799)$587,455 
January 1, 2022 $ 10,115,945 $10,116 $(1,401)$67,380 $314,357 $(33)$(100,487)$289,932 
Net income— — — — — — 25,804 — — 25,804 
Issuance of preferred stock250,000 250,000 — — — — — — — 250,000 
Issuance of common stock for acquisition of First Trust Corporation— — 1,444,732 1,445 — 55,044 — — — 56,489 
Other comprehensive loss, net— — — — — — — (29,711)— (29,711)
Issuance of restricted stock— — 95,768 96 — (96)— — —  
Shares withheld to satisfy withholding obligation in the vesting of restricted stock— — (10,438)(11)— (701)— — — (712)
Purchase of Company stock— — (18,936)(19)(1,231)(1,250)
Stock based compensation— — — — — 1,736 — — — 1,736 
Net change fair value of ESOP shares— — — — — — — — 2,688 2,688 
Common stock released by ESOP— — — — 1,401 — — — — 1,401 
Dividends paid ($0.82 per share)
— — — — — — (8,922)— — (8,922)
June 30, 2022250,000 $250,000 11,627,071 $11,627 $ $122,132 $331,239 $(29,744)$(97,799)$587,455 
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BancPlus Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net income per consolidated statements of income$25,804 $31,336 
Adjustments to reconcile net income to net cash from operating activities:
Provision for loan losses451 5,926 
Depreciation and amortization5,051 3,840 
Net loss on sales of premises and equipment44 232 
Net (gain) loss on sales of other real estate owned124 (260)
Write-downs of other real estate-owned555 167 
Deferred income tax expense1,489 954 
Federal Home Loan Bank stock dividends(8)(6)
Common stock released by ESOP1,401 693 
Stock based compensation expense1,736 1,104 
Origination of loans held for sale(166,236)(221,235)
Proceeds from loans held for sale168,300 232,810 
Earnings on bank-owned life insurance(1,265)(4,694)
Net change in:
Accrued interest receivable and other assets(3,664)880 
Accrued interest payable and other liabilities(3,644)(9,116)
Net cash from operating activities30,138 42,631 
Cash flows from investing activities:
Purchases of securities available for sale(99,369)(302,423)
Maturities and calls of securities available for sale41,477 60,996 
Purchases of securities held to maturity (19,103)
Maturities, prepayments and calls of securities held to maturity5,233 33,473 
Net increase in loans(543,140)(109,334)
Purchases of premises and equipment(9,517)(2,580)
Proceeds from sales of premises and equipment 31 
Proceeds from sales of other real estate owned1,374 3,100 
Investment in unconsolidated entities(30)(109)
Distributions from unconsolidated entities1,753  
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(1,044)(163)
Cash received in excess of cash paid for acquisition165,974  
Net cash used in investing activities(437,289)(341,620)

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BancPlus Corporation and Subsidiaries
Consolidated Statements of Cash Flows (continued)
(Unaudited)
(In Thousands)
Six Months Ended June 30,
20222021
Cash flows from financing activities:
Net increase (decrease) in:
Noninterest-bearing deposits$67,790 $119,496 
Money market, negotiable order of withdrawal, and savings deposits(129,848)265,269 
Certificates of deposit(89,920)(39,585)
Payments on Federal Home Loan Bank advances(386)(95)
Proceeds from issuance of preferred stock250,000  
Proceeds from other borrowings20,000  
Payments on other borrowings(20,000)(1,750)
Payment of debt issuance costs on other borrowings(25) 
Cash dividends paid on common stock(8,922)(7,640)
Purchase of Company stock(1,250)(2,433)
Shares withheld to pay taxes on restricted stock vesting(712)(229)
Net cash from financing activities86,727 333,033 
Net change in cash and cash equivalents(320,424)34,044 
Cash and cash equivalents at beginning of period664,165 637,545 
Cash and cash equivalents at end of period$343,741 $671,589 
Supplemental cash flow information:
Interest paid$7,374 $7,537 
Federal and state income tax payments3,575 7,225 
Acquisition of real estate in non-cash foreclosures890 3,597 
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.
Unless otherwise indicated, references to “BancPlus” refer to BancPlus Corporation and its subsidiaries, on a consolidated basis, and reference to “BankPlus” refer to BankPlus, our wholly-owned subsidiary, as applicable.
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 a cross functional team that is working with third-party vendors to build and validate a model that will run parallel with the Company’s current model prior to implementation of ASU 2016-13. 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
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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.

Accounting Standards Update 2022-02 (“ASU 2022-02”), “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” In March 2022, the FASB issued ASU 2022-02 which eliminates the TDR recognition and measurement guidance and instead requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, these amendments require that an entity disclose current period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 326-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. ASU 2022-02 is effective for the Company for annual and interim periods beginning on January 1, 2023. The Company is assessing ASU 2022-02 and its impact on the Company’s consolidated financial statements.

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)2022202120222021
Net income$16,115 $14,064 $25,804 $31,336 
Weighted average common shares outstanding11,460 9,957 10,959 9,937 
Diluted effect of unallocated stock 44 9 46 
Diluted effect of stock-based awards58 62 66 55 
Diluted common shares11,518 10,063 11,034 10,038 
Basic earnings per common share$1.41 $1.41 $2.35 $3.15 
Diluted earnings per common share$1.40 $1.40 $2.34 $3.12 

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 was 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 would be reinstated retroactively to September 23, 2020. On June 27, 2022, the Company received notice from the IRS that FTC’s subchapter S election had been reinstated. On July 7, 2022, the escrow
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account balance of $10.0 million was paid to the former holders of FTC stock. 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 and six months ended June 30, 2022, the Company incurred approximately $1.3 million and $5.5 million of acquisition expenses in connection with the FTC Merger, respectively. These expenses are recorded in other expenses in the Company’s Consolidated Statement of Income for the three and six months ended June 30, 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.

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