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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, 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 November 4, 2022: 11,602,114




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


Consolidated Balance Sheets at September 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 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)
September 30, 2022December 31, 2021
(unaudited)
Assets:
Cash and due from banks$54,726 $55,603 
Interest bearing deposits with banks117,559 608,562 
Total cash and cash equivalents172,285 664,165 
Securities available for sale614,658 576,614 
Securities held to maturity - fair value: $65,505 - 2022; $72,084 - 2021
65,889 71,648 
Loans held for sale4,199 10,621 
Loans5,549,768 3,619,172 
Less: Allowance for loan losses42,533 45,000 
Net loans5,507,235 3,574,172 
Premises and equipment122,590 101,965 
Operating lease right-of-use assets34,532 34,561 
Accrued interest receivable20,315 14,329 
Goodwill62,772 2,616 
Other assets176,758 145,587 
$6,781,233 $5,196,278 
Liabilities:
Deposits$5,594,217 $4,622,116 
Advances from Federal Home Loan Bank and other borrowings310,099 20,501 
Subordinated debentures133,430 111,509 
Operating lease liabilities36,061 35,793 
Accrued interest payable2,949 1,425 
Other liabilities21,407 14,515 
Total liabilities6,098,163 4,805,859 
Redeemable common stock owned by the ESOP93,352 100,487 
Shareholders' equity:
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, no par value
250,000 and zero authorized, issued and outstanding at September 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 September 30, 2022 and December 31, 2021; 11,601,136 and 10,115,945 issued and outstanding at September 30, 2022 and December 31, 2021, respectively
11,601 10,116 
Unearned Employee Stock Ownership Plan compensation (1,401)
Additional paid-in capital121,350 67,380 
Retained earnings345,615 314,357 
Accumulated other comprehensive loss, net(45,496)(33)
683,070 390,419 
Less: Redeemable common stock owned by the ESOP(93,352)(100,487)
Total shareholders' equity589,718 289,932 
$6,781,233 $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 September 30,Nine Months Ended September 30,
2022202120222021
Interest income:
Interest and fees on loans$64,309 $43,835 $161,008 $129,066 
Taxable securities2,658 2,097 7,467 6,024 
Tax-exempt securities387 455 1,208 1,473 
Interest bearing bank balances and other463 242 1,171 493 
Total interest income67,817 46,629 170,854 137,056 
Interest expense:
Deposits3,066 1,746 7,105 5,873 
Advances from Federal Home Loan Bank1,093 78 1,246 233 
Other borrowings1,781 1,371 5,014 4,112 
Total interest expense5,940 3,195 13,365 10,218 
Net interest income61,877 43,434 157,489 126,838 
Provision for loan losses 489 1,469 940 7,395 
Net interest income after provision for loan losses61,388 41,965 156,549 119,443 
Other operating income:
Service charges on deposit accounts8,203 7,484 22,696 19,226 
Mortgage origination income1,119 1,999 5,661 6,726 
Debit card interchange2,393 2,390 7,569 7,634 
Other income5,851 7,193 18,336 24,494 
Total other operating income17,566 19,066 54,262 58,080 
Other operating expenses:
Salaries and employee benefits expenses32,909 25,218 88,559 72,365 
Net occupancy expenses4,733 3,606 13,740 10,779 
Furniture, equipment and data processing expenses7,671 6,282 21,957 18,322 
Other expenses9,391 7,716 29,533 19,931 
Total other operating expenses54,704 42,822 153,789 121,397 
Income before income taxes24,250 18,209 57,022 56,126 
Income tax expense5,107 4,012 12,075 10,593 
Net income$19,143 $14,197 $44,947 $45,533 
Earnings per common share - basic$1.67 $1.43 $4.04 $4.58 
Earnings per common share - diluted$1.67 $1.41 $4.01 $4.53 
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 September 30,Nine Months Ended September 30,
2022202120222021
Net income$19,143 $14,197 $44,947 $45,533 
Other comprehensive income (loss), net of tax:
Unrealized losses on securities available for sale(20,975)(2,340)(60,537)(4,698)
Tax effect5,223 583 15,074 1,170 
Total other comprehensive loss, net of tax(15,752)(1,757)(45,463)(3,528)
Comprehensive income (loss)$3,391 $12,440 $(516)$42,005 
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
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 fair value of ESOP shares— — — — — — (8,829)(8,829)
Common stock released by ESOP— — 348 — — — — 348 
Dividends paid ($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 paid ($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 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 LossLess:
Redeemable
Common Stock
Owned by the ESOP
Total
Shareholders'
Equity
Preferred StockCommon StockRetained
Earnings
SharesAmountSharesAmount
July 1, 2022250,000 $250,000 11,627,071 $11,627 $ $122,132 $331,239 $(29,744)$(97,799)$587,455 
Net income— — — — — — 19,143 — — 19,143 
Other comprehensive loss, net— — — — — — — (15,752)— (15,752)
Issuance of restricted stock— — 2,911 3 — (3)— — —  
Purchase of Company stock— — (28,846)(29)— (1,824)— — — (1,853)
Stock based compensation— — — — — 1,045 — — — 1,045 
Net change fair value of ESOP shares— — — — — — — — 4,447 4,447 
Dividends paid ($0.41 per share)
— — — — — — (4,767)— — (4,767)
September 30, 2022250,000 $250,000 11,601,136 $11,601 $ $121,350 $345,615 $(45,496)$(93,352)$589,718 
January 1, 2022 $ 10,115,945 $10,116 $(1,401)$67,380 $314,357 $(33)$(100,487)$289,932 
Net income— — — — — — 44,947 — — 44,947 
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— — — — — — — (45,463)— (45,463)
Issuance of restricted stock— — 98,679 99 — (99)— — —  
Shares withheld to satisfy withholding obligation in the vesting of restricted stock— — (10,438)(11)— (701)— — — (712)
Purchase of Company stock— — (47,782)(48)(3,055)(3,103)
Stock based compensation— — — — — 2,781 — — — 2,781 
Net change fair value of ESOP shares— — — — — — — — 7,135 7,135 
Common stock released by ESOP— — — — 1,401 — — — — 1,401 
Dividends paid ($1.23 per share)
— — — — — — (13,689)— — (13,689)
September 30, 2022250,000 $250,000 11,601,136 $11,601 $ $121,350 $345,615 $(45,496)$(93,352)$589,718 
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BancPlus Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net income per consolidated statements of income$44,947 $45,533 
Adjustments to reconcile net income to net cash from operating activities:
Provision for loan losses940 7,395 
Depreciation and amortization7,466 5,818 
Net loss on sales of premises and equipment278 279 
Net (gain) loss on sales of other real estate owned74 (169)
Write-downs of other real estate-owned563 186 
Deferred income tax expense911 399 
Federal Home Loan Bank stock dividends(23)(9)
Common stock released by ESOP1,401 1,041 
Stock based compensation expense2,781 1,720 
Origination of loans held for sale(228,530)(300,866)
Proceeds from loans held for sale241,152 315,646 
Earnings on bank-owned life insurance(1,913)(5,858)
Net change in:
Accrued interest receivable and other assets(933)5,849 
Accrued interest payable and other liabilities4,848 (2,163)
Net cash from operating activities73,962 74,801 
Cash flows from investing activities:
Purchases of securities available for sale(115,927)(317,600)
Maturities and calls of securities available for sale48,856 81,015 
Purchases of securities held to maturity (19,103)
Maturities, prepayments and calls of securities held to maturity5,678 34,318 
Net increase in loans(934,387)(151,332)
Purchases of premises and equipment(12,162)(5,188)
Proceeds from sales of premises and equipment 31 
Proceeds from sales of other real estate owned4,418 4,672 
Investment in unconsolidated entities(30)(96)
Distributions from unconsolidated entities2,490  
Purchase of bank-owned life insurance (10,000)
Proceeds from bank-owned life insurance 5,987 
Purchases or redemptions of Federal Home Loan Bank stock(12,210)(163)
Cash received in excess of cash paid for acquisition165,974  
Net cash used in investing activities(847,300)(377,459)

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BancPlus Corporation and Subsidiaries
Consolidated Statements of Cash Flows (continued)
(Unaudited)
(In Thousands)
Nine Months Ended September 30,
20222021
Cash flows from financing activities:
Net increase (decrease) in:
Noninterest-bearing deposits$(18,413)$168,926 
Money market, negotiable order of withdrawal, and savings deposits(89,991)265,081 
Certificates of deposit(132,207)(56,950)
Proceeds from Federal Home Loan Bank advances1,392,000  
Payments on Federal Home Loan Bank advances(1,102,402)(120)
Proceeds from issuance of preferred stock250,000  
Proceeds from other borrowings20,000  
Payments on other borrowings(20,000)(2,625)
Payment of debt issuance costs on other borrowings(25) 
Cash dividends paid on common stock(13,689)(11,468)
Purchase of Company stock(3,103)(2,433)
Shares withheld to pay taxes on restricted stock vesting(712)(229)
Net cash from financing activities281,458 360,182 
Net change in cash and cash equivalents(491,880)57,524 
Cash and cash equivalents at beginning of period664,165 637,545 
Cash and cash equivalents at end of period$172,285 $695,069 
Supplemental cash flow information:
Interest paid$11,840 $10,280 
Federal and state income tax payments5,750 9,950 
Acquisition of real estate in non-cash foreclosures1,374 4,924 
Fair value of assets acquired net of liabilities assumed59,572  

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 has been working with third-party vendors to build and validate a CECL model which has been running parallel with the Company’s current model while validation of the model is completed. 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 does not expect ASU 2020-04 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. Implementation of ASU 2022-02 is not expected to materially impact 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 September 30,Nine Months Ended September 30,
(In thousands except per share data)2022202120222021
Net income$19,143 $14,197 $44,947 $45,533 
Weighted average common shares outstanding11,437 9,934 11,120 9,936 
Diluted effect of unallocated stock 75 6 44 
Diluted effect of stock-based awards32 41 73 61 
Diluted common shares11,469 10,050 11,199 10,041 
Basic earnings per common share$1.67 $1.43 $4.04 $4.58 
Diluted earnings per common share$1.67 $1.41 $4.01 $4.53 

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 nine months ended September 30, 2022, the Company incurred approximately $2.9 million and $8.4 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 nine months ended September 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 into 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 
Loans, net1,000,382 
Premises and equipment15,152 
Accrued interest receivable1,441 
Core deposit intangible7,825 
Other assets4,584 
Total assets acquired$1,298,204 
Liabilities assumed:
Deposits$1,212,712 
Subordinated debentures21,733 
Other liabilities4,187 
Total liabilities assumed$1,238,632 
Net assets acquired59,572 
Goodwill$60,156 

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. In the third quarter of 2022, the Company increased the fair value of other real estate and deferred tax assets resulting in a corresponding decrease to goodwill of $1.1 million.

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
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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.

Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share data)2022202120222021
Net interest income$62,029 $