10-Q

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, 2023
	OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ____________ to __________

Commission file number 333-236022

BANCPLUS CORPORATION

(Exact name of registrant as specified in its charter)

Mississippi	64-0655312
(State or other jurisdiction of  incorporation or organization)	(I.R.S. Employer Identification Number)

1068 Highland Colony Parkway

Ridgeland, Mississippi 39157

(601) 898-8300

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Shares of the registrant’s Common Stock, par value $1.00 per share, issued and outstanding as of May 12, 2023: 11,626,496

BANCPLUS CORPORATION

FORM 10-Q

For the Quarter Ended MARCH 31, 2023

INDEX

	Page Number
PART I – FINANCIAL INFORMATION	2
Item 1. Financial Statements (Unaudited):	2
Consolidated Balance Sheets at March 31, 2023 (unaudited) and December 31, 2022	2
Consolidated Statements of Income for the three months ended March 31, 2023 and 2022 (unaudited)	3
Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2023 and 2022 (unaudited)	4
Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2023 and 2022 (unaudited)	5
Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022 (unaudited)	6
Condensed Notes to the Consolidated Financial Statements (unaudited)	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Cautionary Statement Regarding Forward-Looking Statements	32
Item 3. Quantitative and Qualitative Disclosures about Market Risk	59
Item 4. Controls and Procedures	60
PART II – OTHER INFORMATION	60
Item 1. Legal Proceedings	60
Item 1A. Risk Factors	61
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3. Defaults Upon Senior Securities	61
Item 4. Mine Safety Disclosures	61
Item 5. Other Information	61
Item 6. Exhibits	62
SIGNATURE PAGE	63

1

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, 2023		December 31, 2022
	(unaudited)
Assets:
Cash and due from banks	$	103,527	$	107,402
Interest bearing deposits with banks	17,693		30,493
Total cash and cash equivalents	121,220		137,895
Securities available for sale	659,581		623,920
Securities held to maturity - fair value: $61,144 - 2023; $62,068 - 2022	61,262		62,274
Loans held for sale	8,357		5,373
Loans	5,951,867		5,824,149
Less: Allowance for credit losses	64,403		42,875
Net loans	5,887,464		5,781,274
Premises and equipment	129,166		124,707
Operating lease right-of-use assets	34,748		35,747
Accrued interest receivable	24,025		23,156
Goodwill	62,772		62,772
Other assets	184,817		177,703
	$	7,173,412	$	7,034,821
Liabilities:
Deposits	$	5,966,656	$	5,824,904
Advances from Federal Home Loan Bank and other borrowings	310,068		318,084
Subordinated debentures	133,531		133,478
Operating lease liabilities	36,432		37,439
Accrued interest payable	4,407		2,334
Other liabilities	31,038		20,482
Total liabilities	6,482,132		6,336,721
Redeemable common stock owned by the ESOP	96,984		96,984
Shareholders' equity:
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, no par value
250,000 authorized, issued and outstanding at March 31, 2023 and December 31, 2022; aggregate liquidation preference of $250,000	250,000		250,000
Common Stock, par value $1.00 per share.
100,000,000 and 40,000,000 authorized at March 31, 2023 and December 31, 2022, respectively; 11,599,354 and 11,599,595 issued and outstanding at March 31, 2023 and December 31, 2022, respectively	11,599		11,599
Additional paid-in capital	123,878		122,890
Retained earnings	343,591		356,685
Accumulated other comprehensive loss, net	(37,788)		(43,074)
	691,280		698,100
Less: Redeemable common stock owned by the ESOP	(96,984)		(96,984)
Total shareholders' equity	594,296		601,116
	$	7,173,412	$	7,034,821

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

2

BancPlus Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

(In Thousands, Except Per Share Data)

	Three Months Ended March 31,
	2023		2022
Interest income:
Interest and fees on loans	$	76,747	$	42,987
Taxable securities	3,066		2,307
Tax-exempt securities	380		420
Interest bearing bank balances and other	578		231
Total interest income	80,771		45,945
Interest expense:
Deposits	17,160		1,677
Short-term borrowings	79		—
Advances from Federal Home Loan Bank	3,215		76
Other borrowings	2,164		1,425
Total interest expense	22,618		3,178
Net interest income	58,153		42,767
Provision for credit losses	523		217
Net interest income after provision for credit losses	57,630		42,550
Other operating income:
Service charges on deposit accounts	6,666		6,792
Mortgage origination income	687		2,238
Debit card interchange	2,566		2,428
Other income	5,920		6,507
Total other operating income	15,839		17,965
Other operating expenses:
Salaries and employee benefits expenses	30,991		25,845
Net occupancy expenses	4,472		4,116
Furniture, equipment and data processing expenses	7,316		6,616
Other expenses	8,863		11,493
Total other operating expenses	51,642		48,070
Income before income taxes	21,827		12,445
Income tax expense	4,748		2,756
Net income	$	17,079	$	9,689
Earnings per common share - basic	$	1.50	$	0.93
Earnings per common share - diluted	$	1.49	$	0.92

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

3

BancPlus Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(In Thousands)

	Three Months Ended March 31,
	2023		2022
Net income	$	17,079	$	9,689
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available for sale	7,039		(26,144)
Tax effect	(1,753)		6,510
Total other comprehensive income (loss), net of tax	5,286		(19,634)
Comprehensive income (loss)	$	22,365	$	(9,945)

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

4

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
	Preferred Stock			Common Stock							Retained Earnings
	Shares	Amount		Shares	Amount
January 1, 2022	—	$	—	10,115,945	$	10,116	$	(1,401)	$	67,380	$	314,357	$	(33)	$	(100,487)	$	289,932
Net income	—	—		—	—		—		—		9,689		—		—		9,689
Other comprehensive loss, net	—	—		—	—		—		—		—		(19,634)		—		(19,634)
Issuance of common stock for the Acquisition of First Trust Corporation	—	—		1,444,732	1,445		—		55,044		—		—		—		56,489
Issuance of restricted stock	—	—		21,367	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, 2022	—	$	—	11,580,880	$	11,581	$	—	$	123,005	$	319,898	$	(19,667)	$	(102,425)	$	332,392
January 1, 2023	250,000	$	250,000	11,599,595	$	11,599	$	—	$	122,890	$	356,685	$	(43,074)	$	(96,984)	$	601,116
Cumulative change in accounting principle	—	—		—	—		—		—		(24,953)		—		—		(24,953)
Balance at January 1, 2023 (as adjusted for change in accounting principle)	250,000	250,000		11,599,595	11,599		—		122,890		331,732		(43,074)		(96,984)		576,163
Net income	—	—		—	—		—		—		17,079		—		—		17,079
Other comprehensive income, net	—	—		—	—		—		—		—		5,286		—		5,286
Shares withheld to satisfy withholding obligation in the vesting of restricted stock	—	—		(241)	—		—		(16)		—		—		—		(16)
Stock based compensation	—	—		—	—		—		1,004		—		—		—		1,004
Dividends paid ($0.45 per share)	—	—		—	—		—		—		(5,220)		—		—		(5,220)
March 31, 2023	250,000	$	250,000	11,599,354	$	11,599	$	—	$	123,878	$	343,591	$	(37,788)	$	(96,984)	$	594,296

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

5

BancPlus Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

(In Thousands)

	Three Months Ended March 31,
	2023		2022
Cash flows from operating activities:
Net income per consolidated statements of income	$	17,079	$	9,689
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses	523		217
Depreciation and amortization	2,440		2,362
Net loss on sales of premises and equipment	201		1
Net gain on sales of other real estate owned	—		(19)
Write-downs of other real estate-owned	2		555
Deferred income tax benefit	(186)		(162)
Federal Home Loan Bank stock dividends	(221)		(3)
Common stock released by ESOP	—		1,401
Stock based compensation expense	1,004		680
Origination of loans held for sale	(47,764)		(72,280)
Proceeds from loans held for sale	44,780		77,357
Earnings on bank-owned life insurance	(656)		(626)
Net change in:
Accrued interest receivable and other assets	(1,188)		(3,374)
Accrued interest payable and other liabilities	1,020		(2,570)
Net cash from operating activities	17,034		13,228
Cash flows from investing activities:
Purchases of securities available for sale	(33,505)		(82,822)
Maturities and calls of securities available for sale	4,885		20,801
Purchases of securities held to maturity	—		—
Maturities, prepayments and calls of securities held to maturity	990		2,745
Net increase in loans	(128,754)		(122,286)
Purchases of premises and equipment	(7,015)		(2,336)
Proceeds from sales of other real estate owned	976		181
Investment in unconsolidated entities	(77)		1,709
Distributions from unconsolidated entities	483		—
Purchases or redemptions of Federal Home Loan Bank stock	(192)		—
Cash received in excess of cash paid for acquisition	—		165,974
Net cash used in investing activities	(162,209)		(16,034)

6

BancPlus Corporation and Subsidiaries

Consolidated Statements of Cash Flows (continued)

(Unaudited)

(In Thousands)

	Three Months Ended March 31,
	2023		2022
Cash flows from financing activities:
Net increase (decrease) in:
Noninterest-bearing deposits	$	(72,106)	$	42,746
Money market, negotiable order of withdrawal, and savings deposits	129,308		1,250
Certificates of deposit	84,550		(25,727)
Proceeds from Federal Home Loan Bank advances	2,545,000		—
Payments on Federal Home Loan Bank advances	(2,553,016)		(24)
Proceeds from other borrowings	—		20,000
Payment of debt issuance costs on other borrowings	—		(25)
Cash dividends paid on common stock	(5,220)		(4,148)
Shares withheld to pay taxes on restricted stock vesting	(16)		(79)
Net cash from financing activities	128,500		33,993
Net change in cash and cash equivalents	(16,675)		31,187
Cash and cash equivalents at beginning of period	137,895		664,165
Cash and cash equivalents at end of period	$	121,220	$	695,352
Supplemental cash flow information:
Interest paid	$	20,545	$	1,658
Federal and state income tax payments	—		—
Acquisition of real estate in non-cash foreclosures	705		455
Fair value of assets acquired net of liabilities assumed	—		58,508

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

7

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, 2022; 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, 2022. 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. The allowance/provision for credit 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 credit losses, provision for credit 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.

Effect of Recently Adopted Accounting Standards

ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016, the FASB issued 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 previous loss estimation techniques are still permitted, although the inputs to those techniques have changed to reflect the full amount of expected credit losses over the life of the loan. ASU 2016-13 is effective for the Company for annual and interim periods beginning on January 1, 2023. The measurement of expected credit losses under the current expected credit loss (“CECL”) methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities, which includes required presentation of credit losses to be presented as an allowance rather than as a write-down when management does not intend to sell the securities.

The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with the then applicable GAAP. As of January 1, 2023 the Company recognized a one-time, after-tax cumulative effect adjustment of approximately $25.0 million to retained earnings, increasing the allowance for credit losses on loans held for investment by approximately $20.7 million and establishing an allowance for credit losses on off-balance sheet credit exposures of approximately $12.5 million due to the adoption of ASU 2016-13.

The Company adopted ASU 2016-13 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchase credit impaired (“PCI”) and accounted for under ASC 310-30.

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In accordance with the standard, management did not reassess whether PCI assets met the criteria for PCD assets as of the date of adoption. The amortized cost basis of the PCD assets has an insignificant impact on the allowance for credit losses as of January 1, 2023. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2023.

The following table illustrates the impact of ASU 2016-13:

	January 1, 2023
(In thousands)	As Reported Under ASU 2016-13		Pre-ASU 2016-13 Adoption		Impact of ASU 2016-13 Adoption
Assets:
Allowance for credit losses on debt securities held-to-maturity	$	—	$	—	$	—
Allowance for credit losses on loans:
Commercial real estate	39,471		26,701		12,770
Residential	16,422		9,958		6,464
Commercial and industrial	6,916		4,750		2,166
Consumer and other	810		1,466		(656)
Total allowance for credit losses on loans	63,619		42,875		20,744
Liabilities:
Allowance for credit losses on off-balance sheet exposures	12,505		—		12,505
Total allowance for credit losses	$	76,124	$	42,875	$	33,249

Allowance for Credit Losses – Available-for-sale debt securities

For available-for-sale debt securities with fair value below amortized cost, when the Company does not intend to sell the debt security, and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, then the Company recognizes the credit component of a decline in fair value of a debt security in income and the remaining portion in other comprehensive income (loss). Decline in fair value related to a credit loss is measured using the discounted cash flow method. Credit loss recognition is limited to the amount that the fair value of the security is less than the amortized cost. The decline in fair value is recognized by establishing an allowance for credit loss (“ACL”) through provision for credit losses. Decline in fair value related to noncredit factors is recognized in accumulated other comprehensive income, net of applicable taxes. The Company has elected to exclude accrued interest from the estimate of credit losses for available-for-sale debt securities. The Company evaluates available-for-sale security declines in fair value on a quarterly basis.

Allowance for Credit Losses – Held-to-maturity debt securities

For held-to-maturity debt securities, expected losses are evaluated and calculated on a collective basis for those securities that share risk characteristics. The Company aggregates record level securities calculations and reports the security portfolio segments based on shared risk characteristics. The only segment included in the held to maturity portfolio is states and political subdivisions, which is comprised of municipals.

The Company performs a quarterly loss reserve calculation for municipal and corporate bonds leveraging history of defaults and recoveries as well as a baseline economic forecast. A probability of default/loss-given default approach is used, with any non-rated bonds receiving a comparable rating estimate. Losses in high grade municipals, in which the Company tends to invest, have been very limited over the last 50 years. The Company has elected to exclude accrued interest from the estimate of credit losses for held-to-maturity debt securities.

Allowance for Credit Losses – Loans

The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loans over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the principal amount owed in full is unlikely. Expected recoveries do not exceed the aggregate of amounts

9

previously charged-off and expected to be charged-off. Any interest that is accrued but not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. The Company made the policy election to exclude accrued interest receivable on loans from the estimate of credit losses.

The Company calculates estimated credit loss on its portfolio primarily using quantitative methodologies using relevant available information from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The ACL is evaluated and calculated on a collective basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether the loans in a pool continue to exhibit similar risk characteristics as the other loans and whether it needs to evaluate the allowance on an individual basis. The Company has chosen to segment its portfolio consistent with the manner in which it manages the risk of the type of credit. The Company’s segments for loans include commercial real estate, commercial and industrial, residential and consumer.

Expected credit losses are estimated over the contractual term of each loan taking into consideration expected prepayments. The contractual term excludes expected extensions, renewals, and modifications. Also included in the allowance for loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative method or the economic assumptions described above. For example, factors that the Company considers include the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans and current business conditions.

In addition to the ACL on loans held for investment, CECL requires a balance sheet liability for unfunded commitments, which is recognized if both of the following conditions are met: (1) the Company has a present contractual obligation to extend credit; and (2) the obligation is not unconditionally cancellable by the Company. Loan commitments may have a funded and unfunded portion, of which the liability for unfunded commitments is derived based upon the commitments to extend credit to a borrower (e.g., an estimate of expected credit losses is not established for unfunded portions of loan commitment that are unconditionally cancellable by the Company). The expected credit losses for funded portions are reported in the previously discussed ACL. The Company does not have any commitments that are unconditionally cancellable and therefore all commitments are in scope for an ACL calculation. The Company segments its unfunded commitment portfolio consistent with the ACL calculation. The Company incorporates the probability of funding (i.e., estimate of utilization) for each segment and then utilizes the ACL loss rates for each segment on an aggregate basis to calculate the allowance for unfunded commitments.

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 adoption of ASU 2022-02 in the first quarter of 2023 did not materially impact the Company’s consolidated financial statements.

Effect of Recently Issued, But Not Yet Effective Accounting Standards

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 Generally Accepted Accounting Principles (“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.

Accounting Standards Update 2022-06 (“ASU 2022-06”), “Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848.” In December 2022, the FASB issued ASU 2022-06 which provides temporary relief during the transition period in complying with ASU 2020-04. The Board included a sunset provision within Topic 848 based on expectations of when LIBOR would cease being published. At the time that ASU 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022 - 12 months after the expected cessation date of all

10

currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

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)	2023		2022
Net income	$	17,079	$	9,689
Weighted average common shares outstanding	11,415		10,451
Diluted effect of unallocated stock	—		18
Diluted effect of stock-based awards	73		57
Diluted common shares	11,488		10,526
Basic earnings per common share	$	1.50	$	0.93
Diluted earnings per common share	$	1.49	$	0.92

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 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.

During the three months ended March 31, 2022, the Company incurred approximately $4.2 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 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 into 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 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 paid			63,239
Total purchase price			$	119,728
Assets acquired:
Cash and due from banks	$	229,213
Securities	33,407
Loans held for sale	6,200
Loans, net	1,000,382
Premises and equipment	15,152
Accrued interest receivable	1,441
Core deposit intangible	7,825
Other assets	4,584
Total assets acquired	$	1,298,204
Liabilities assumed:
Deposits	$	1,212,712
Subordinated debentures	21,733
Other liabilities	4,187
Total liabilities assumed	$	1,238,632
Net assets acquired			59,572
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 $1.00 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 deteriorated 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, 2022. 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, 2022.

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	Three Months Ended March 31,
(In thousands, except per share data)	2022
Net interest income	$	53,873
Other operating income	20,542
Net income available to common shareholders	13,924
Earnings per common share:
Basic	$	1.22
Diluted	1.21

Note 4: Investment Securities

The following is a summary of the amortized cost and fair value of securities available for sale.

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2023:
U.S. Treasuries	$	35,886	$	—	$	894	$	34,992
U.S. Government agency obligations	444,962		805		30,703		415,064
Residential mortgage-backed securities	102,616		13		10,363		92,266
Commercial mortgage-backed securities	13,778		—		1,540		12,238
Asset-backed securities	9,470		58		137		9,391
Corporate investments	52,959		—		5,980		46,979
State and political subdivisions	50,227		154		1,730		48,651
Total available for sale	$	709,898	$	1,030	$	51,347	$	659,581
December 31, 2022:
U.S. Treasuries	$	35,814	$	—	$	1,235	$	34,579
U.S. Government agency obligations	414,251		246		35,761		378,736
Residential mortgage-backed securities	105,580		13		11,461		94,132
Commercial mortgage-backed securities	13,812		—		1,742		12,070
Asset backed securities	10,289		54		123		10,220
Corporate investments	51,000		—		4,967		46,033
State and political subdivisions	50,530		77		2,457		48,150
Total available for sale	$	681,276	$	390	$	57,746	$	623,920

Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

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The following is a summary of the amortized cost and fair value of securities held to maturity.

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2023:
States and political subdivisions	$	61,262	$	11	$	129	$	61,144
Total held to maturity	$	61,262	$	11	$	129	$	61,144
December 31, 2022:
States and political subdivisions	$	62,274	$	—	$	206	$	62,068
Total held to maturity	$	62,274	$	—	$	206	$	62,068

All mortgage-backed securities in the above tables were issued or guaranteed by U.S. government agencies or sponsored agencies, with no allowance for credit losses.

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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 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
(In thousands)
March 31, 2023:
Available for sale:
U.S. Treasuries	$	4,898	$	47	$	30,094	$	847	$	34,992	$	894
U.S. Government agencies	19,303		484		349,846		30,219		369,149		30,703
Residential mortgage-backed securities	26,160		2,496		64,977		7,867		91,137		10,363
Commercial mortgage-backed securities	—		—		12,238		1,540		12,238		1,540
Asset backed securities	3,199		10		3,210		127		6,409		137
Corporate investments	18,443		1,515		28,536		4,465		46,979		5,980
States and political subdivisions	22,312		400		17,187		1,330		39,499		1,730
	$	94,315	$	4,952	$	506,088	$	46,395	$	600,403	$	51,347
Held to maturity:
States and political subdivisions	$	3,984	$	59	$	3,690	$	70	$	7,674	$	129
	$	3,984	$	59	$	3,690	$	70	$	7,674	$	129
December 31, 2022:
Available for sale:
U.S. Treasuries	$	34,579	$	1,235	$	—	$	—	$	34,579	$	1,235
U.S. Government agencies	78,676		4,830		285,994		30,931		364,670		35,761
Residential mortgage-backed securities	81,992		8,935		11,258		2,526		93,250		11,461
Commercial mortgage-backed securities	4,860		594		7,210		1,148		12,070		1,742
Asset backed securities	1,169		7		3,499		116		4,668		123
Corporate investments	36,958		4,042		7,076		925		44,034		4,967
States and political subdivisions	36,655		1,781		5,084		676		41,739		2,457
	$	274,889	$	21,424	$	320,121	$	36,322	$	595,010	$	57,746
Held to maturity:
States and political subdivisions	$	9,259	$	206	$	—	$	—	$	9,259	$	206
	$	9,259	$	206	$	—	$	—	$	9,259	$	206

The number of debt securities in an unrealized loss position decreased from 359 at December 31, 2022 to 340 at March 31, 2023. 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, 2023.

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.

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	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
March 31, 2023:
One year or less	$	106,679	$	104,245	$	6,974	$	6,955
After one through five years	343,910		322,010		46,198		46,110
After five through ten years	146,387		130,851		6,450		6,439
After ten years	112,922		102,475		1,640		1,640
	$	709,898	$	659,581	$	61,262	$	61,144

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.

	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
March 31, 2023	$	620,381	$	576,828	$	31,678	$	31,569
December 31, 2022	$	492,206	$	451,638	$	35,734	$	35,562

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings. The Company monitors the credit rating on a quarterly basis. The following table summarizes the amortized cost basis of held-to-maturity debt securities at March 31, 2023 by credit rating:

(In thousands)	March 31, 2023
State and political subdivisions held-to-maturity:
S&P: AA+, AA, AA- / Moody's: Aa1, Aa2, Aa3	$	5,981
S&P: A+, A, A- / Moody's: A1, A2, A3	1,083
S&P: BBB+, BBB, BBB- / Moody's: Baa, Ba, B	495
Not rated	53,703
	$	61,262

Note 5: Loans

The following is a summary of the Company’s loan portfolio by loan class.

(In thousands)	March 31, 2023		December 31, 2022
Secured by real estate:
Residential properties	$	1,429,332	$	1,403,974
Construction and land development	809,390		772,357
Farmland	288,970		283,832
Other commercial	2,525,887		2,467,216
Total real estate	5,053,579		4,927,379
Commercial and industrial loans	718,740		706,466
Agricultural production and other loans to farmers	75,509		80,770
Consumer and other loans	104,039		109,534
Total loans before allowance for credit losses	$	5,951,867	$	5,824,149

Loans are stated at the amount of unpaid principal net of discounts and premiums on acquired loans, before allowance for credit losses. Interest on loans is calculated using the simple interest method on daily balances of the principal amount outstanding.

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Loan Origination/Risk Management/Credit Concentration – The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. The Company’s Board of Directors reviews and approves these policies and procedures on a regular basis. Although the Company has a diversified loan portfolio, the Company has concentrations of credit risks related to the real estate market, including residential, commercial, and construction and land development lending. Most of the Company’s lending activity occurs within Mississippi, Louisiana, Alabama, and Florida.

The risk characteristics of the Company’s material portfolio segments are as follows:

Residential Real Estate Loans – The residential real estate loan portfolio consists of residential loans for single and multifamily properties. Residential loans are generally secured by owner occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can be impacted by economic conditions within their market area. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

Commercial Real Estate Loans – Commercial real estate loans include construction and land development loans, loans secured by farmland and other commercial real estate loans.

Construction and land development loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing.

Farmland loans are generally made for the purpose of acquiring land devoted to crop production or livestock, the propagation of timber or the operation of a similar type of business on the secured property. Sources of repayment for these loans generally include income generated from operations of a business on the property, rental income, or sales of timber. Repayment may be impacted by changes in economic conditions which affect underlying collateral values.

Commercial real estate loans typically involve larger principal amounts and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates commercial real estate loans based on collateral and risk grade criteria.

Commercial and Industrial Loans – The commercial and industrial loan portfolio consists of loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchase or other expansion projects. Commercial loan underwriting standards are designed to promote relationship banking rather than transactional banking and are underwritten based on the borrower’s expected ability to profitably operate its business. The cash flows of borrowers, however, may not be as expected and collateral securing these loans may fluctuate in value. Most commercial loans are secured by assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Consumer and Other Loans – The consumer and other loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes.  Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose.  Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s market area) and the creditworthiness of a borrower.

Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that a borrower's financial condition is such that collection of interest, but not necessarily principal, is doubtful. A loan is typically placed on non-accrual when the contractual payment of principal or interest becomes 90 days past due unless the loan is well-secured and in the process of collection. Loans may be placed on non-accrual status regardless of whether or not such loans

17

are considered past due. Current year interest previously recorded, but deemed not collectible, is reversed and charged against current year income. Prior year interest previously recorded, but deemed not collectible, is charged against the allowance.

Payments subsequently received on non-accrual loans are applied to principal. Interest income is recognized to the extent that cash payments are received in excess of principal due. A loan may return to accrual status when principal and interest payments are no longer past due and collectability is reasonably assured.

The following table presents the amortized cost basis of nonaccrual loans, segregated by class as of March 31, 2023.

(In thousands)	Total Nonaccrual		Nonaccrual with no Allowance for Credit Loss		Past Due 90 days or more and Accruing
Secured by real estate:
Residential properties	$	2,585	$	—	$	1,497
Construction and land development	—		—		—
Farmland	1,434		—		158
Other commercial	1,795		—		175
Total real estate	5,814		—		1,830
Commercial and industrial loans	201		—		204
Agricultural production and other loans to farmers	—		—		—
Consumer and other loans	—		—		946
Total	$	6,015	$	—	$	2,980

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During three months ended March 31, 2023, there were no significant changes to the collateral which secures the collateral-dependent loans, whether due to general deterioration or other reason. The following table presents the amortized cost basis of collateral-dependent loans by class and collateral type as of March 31, 2023.

(In thousands)	Real Estate		Enterprise Value		Accounts Receivable & Inventory
Secured by real estate:
Residential properties	$	—	$	—	$	—
Construction and land development	—		—		—
Farmland	—		—		—
Other commercial	1,433		1,554		—
Total real estate	1,433		1,554		—
Commercial and industrial loans	—		—		9,099
Agricultural production and other loans to farmers	—		—		—
Consumer loans	—		—		—
Total	$	1,433	$	1,554	$	9,099

An age analysis of past due loans (including both accruing and non-accruing loans) segregated by class of loans is as follows:

18

(In thousands)	Past Due 30-89 Days		Past Due 90 Days or More		Total Past Due		Current		Total Loans
March 31, 2023
Secured by real estate:
Residential properties	$	6,188	$	2,668	$	8,856	$	1,420,476	$	1,429,332
Construction and land development	216		—		216		809,174		809,390
Farmland	468		1,601		2,069		286,901		288,970
Other commercial	1,393		1,061		2,454		2,523,433		2,525,887
Total real estate	8,265		5,330		13,595		5,039,984		5,053,579
Commercial and industrial loans	755		370		1,125		717,615		718,740
Agricultural production and other loans to farmers	93		—		93		75,416		75,509
Consumer loans	906		946		1,852		102,187		104,039
Total	$	10,019	$	6,646	$	16,665	$	5,935,202	$	5,951,867

(In thousands)	Past Due 30-89 Days		Past Due 90 Days or More		Total Past Due		Current		Total Loans
December 31, 2022
Secured by real estate:
Residential properties	$	5,869	$	2,015	$	7,884	$	1,396,090	$	1,403,974
Construction and land development	526		1,578		2,104		770,253		772,357
Farmland	566		1,391		1,957		281,875		283,832
Other commercial	1,498		774		2,272		2,464,944		2,467,216
Total real estate	8,459		5,758		14,217		4,913,162		4,927,379
Commercial and industrial loans	902		677		1,579		704,887		706,466
Agricultural production and other loans to farmers	126		—		126		80,644		80,770
Consumer loans	1,530		697		2,227		107,307		109,534
Total	$	11,017	$	7,132	$	18,149	$	5,806,000	$	5,824,149

Modifications to Borrowers Experiencing Financial Difficulty – From time to time, the Company may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, interest rate reduction, term extension, other-than-significant payment delay or a combination thereof, among other things. During both of the three months ended March 31, 2023 and 2022, there were no modifications of loans to borrowers experiencing financial difficulty.

Note 6: Allowance for Credit Losses

On January 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology with an expected loss methodology that is referred to as CECL. See Note 1, Basis of Presentation. As a result of implementing CECL, there was a one-time adjustment to the 2023 opening allowance balance of approximately $20.7 million.

As management evaluates the allowance for credit losses, it is categorized as follows: (1) specific allocations; (2) allocations for classified assets with no specific allowance, based on historical loan experience for similar loans with similar characteristics, adjusted as necessary, to reflect the impact of current conditions; and (3) general allocations for each major loan category for loans not individually evaluated or deemed collateral-dependent or classified, segmented by loan class based on historical loss experience and other risk factors. In assessing general economic conditions, management monitors several factors, including regional and national economic conditions, real estate market conditions and recently enacted regulations with potential economic effects.

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Credit Quality Indicators – The Company utilizes a risk grading matrix to assign a grade to each of its commercial and real estate loans. Loans are rated on a scale of 1 to 10. A description of the general characteristics of the 10 risk ratings is as follows:

•Risk Grades 1, 2, 3, 4 and 5 – These grades include loans to borrowers of solid credit quality with no higher than normal risk of loss. Borrowers in these categories have satisfactory financial strength and adequate cash flow coverage to service debt requirements. Collateral type and quality, as well as protection, are adequate. The borrower’s management is strong and capable, financial information is timely and accurate, and guarantor support is strong.

•Risk Grade 6 – Pass and Watch – Loans in this category are currently protected, but risks are emerging that warrant more than normal attention and have above average risk of loss. These factors require a higher level of monitoring and may include emerging balance sheet weaknesses, strained liquidity, increased leverage ratio, and weakening management. Collateral support is less marketable or limited use and, although the protection is sufficient, the loan-to-value ratio may not meet policy guidelines. Guarantors may have a limited ability and willingness to provide intermediate support. Also, considerations surrounding industry deterioration, increased competition and minor policy exceptions concerning structure or amortization may affect the rating of these loans.

•Risk Grade 7 – Special Mention – The Company’s special mention rating is intended to closely align with the regulatory definition. A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of repayment prospects. These weaknesses may include deteriorating balance sheets, strained liquidity and elevated leverage ratios. Cash flow and profitability are marginally sufficient to service debt and collateral is exhibiting signs of decline in value; however, protection is currently sufficient. Limited management experience or weaknesses have emerged requiring more than normal supervision and uncertainties regarding the quality of the financials are not explained. Guarantor has very limited ability and willingness to provide short-term support. Moderate policy exceptions concerning structure or amortization may be considered in order to provide relief to the borrower. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

•Risk Grade 8 – Substandard – A loan in this category is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. Factors affecting these loans may include balance sheet deterioration that has resulted in illiquid, highly leveraged or deficit net worth, cash flow that is not able to service debts as structured, collateral protection that may be inadequate, guarantor support that may be virtually non-existent, and management that is poor. Loans may require a major policy exception concerning structure or amortization. They are characterized by the distinct possibility that the Company will incur some loss if the deficiencies are not corrected.

•Risk Grade 9 – Doubtful – Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.

•Risk Grade 10 – Loss – Loans are considered uncollectible and of such little value that continuing to carry them as an active asset is not warranted. It does not mean that there will be no recovery, but, rather, it is not practical or desirable to defer writing off these assets even though a partial recovery may be possible in the future.

Pass loans for the Company include loans in Risk Grades 1 - 6. Classified loans for the Company include loans in Risk Grades 8, 9 and 10. Loans may be classified but not considered individually evaluated or collateral-dependent, due to one of the following reasons: (i) the loan falls below the established minimum dollar thresholds for individual evaluation or (ii) the loan was individually evaluated, but not deemed to be collateral-dependent.

The following table reflects loans by credit quality indicator and origination year at March 31, 2023. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at March 31, 2023.

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	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021				2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	56,509	$	458,488	$	343,007			$	142,538	$	58,061	$	105,708	$	250,166	$	1,414,477
Special mention	—		—		—				—		—		—		—		—
Classified	31		946		2,241				3,087		1,629		5,756		1,165		14,855
Total residential real estate	$	56,540	$	459,434	$	345,248			$	145,625	$	59,690	$	111,464	$	251,331	$	1,429,332
Current period gross write offs	$	—	$	—	$	—			$	32	$	—	$	140	$	1	$	173
Construction & land development:																	0
Pass	$	18,762	$	73,087	$	18,267			$	6,838	$	7,244	$	6,891	$	675,494	$	806,583
Special mention	—		43		—				—		—		—		303		346
Classified	—		92		10				1,003		1,017		14		325		2,461
Total construction & land development	$	18,762	$	73,222	$	18,277			$	7,841	$	8,261	$	6,905	$	676,122	$	809,390
Current period gross write offs	$	—	$	—	$	—			$	—	$	—	$	7	$	—	$	7
Farmland:
Pass	$	11,112	$	89,609	$	34,157			$	30,038	$	16,483	$	28,177	$	76,107	$	285,683
Special mention	—		—		—				—		—		—		—		—
Classified	22		314		690				—		65		1,944		252		3,287
Total farmland	$	11,134	$	89,923	$	34,847			$	30,038	$	16,548	$	30,121	$	76,359	$	288,970
Current period gross write offs	$	—	$	—	$	2	$	—	$	—	$	—	$	3	$	3	$	8
Other commercial real estate:
Pass	$	55,882	$	519,426	$	425,974			$	270,587	$	133,264	$	253,147	$	856,811	$	2,515,091
Special mention	—		—		—				—		—		—		—		—
Classified	23		1,719		2,332				560		1,130		3,835		1,197		10,796
Total other commercial real estate	$	55,905	$	521,145	$	428,306			$	271,147	$	134,394	$	256,982	$	858,008	$	2,525,887
Current period gross write offs	$	—	$	—	$	56			$	—	$	—	$	—	$	—	$	56
Commercial & industrial loans:
Pass	$	42,206	$	183,885	$	105,343			$	50,827	$	31,986	$	12,928	$	278,751	$	705,926
Special mention	—		—		—				—		—		—		—		—
Classified	10		866		107				639		159		10,688		345		12,814
Total commercial & industrial loans	$	42,216	$	184,751	$	105,450			$	51,466	$	32,145	$	23,616	$	279,096	$	718,740
Current period gross write offs	$	—	$	62	$	30			$	2	$	15	$	7	$	172	$	288

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	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Agricultural production & other loans to farmers:
Pass	$	8,449	$	11,311	$	5,898	$	4,476	$	1,793	$	844	$	42,652	$	75,423
Special mention	—		—		—		—		—		—		—		—
Classified	—		7		—		54		12		13		—		86
Total agricultural production & other loans to farmers	$	8,449	$	11,318	$	5,898	$	4,530	$	1,805	$	857	$	42,652	$	75,509
Current period gross write offs	$	—	$	5	$	—	$	—	$	—	$	—	$	8	$	13
Consumer & other loans:
Pass	$	11,498	$	32,852	$	9,569	$	6,439	$	1,441	$	4,291	$	36,596	$	102,686
Special mention	—		—		—		—		—		—		—		—
Classified	—		1,311		14		9		1		—		18		1,353
Total agricultural production & other loans to farmers	$	11,498	$	34,163	$	9,583	$	6,448	$	1,442	$	4,291	$	36,614	$	104,039
Current period gross write offs	$	810	$	63	$	23	$	31	$	7	$	—	$	9	$	943

The following table summarizes the credit quality of the Company’s loan portfolio by loan class at December 31, 2022:

	Risk Grades		Risk Grade		Risk Grade		Risk Grade
(In thousands)	1-6		7		8		9		Total
December 31, 2022
Secured by real estate:
Residential properties	$	1,391,039	$	—	$	12,852	$	83	$	1,403,974
Construction and land development	768,699		303		3,355		—		772,357
Farmland	280,522		—		3,310		—		283,832
Other commercial	2,456,708		—		10,384		124		2,467,216
Total real estate	4,896,968		303		29,901		207		4,927,379
Commercial and industrial	693,963		—		12,503		—		706,466
Agricultural production and other loans to farmers	80,524		—		246		—		80,770
Consumer and other loans	108,279		—		1,255		—		109,534
Total	$	5,779,734	$	303	$	43,905	$	207	$	5,824,149

The allowance for credit loss represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The lifetime estimate also considers economic conditions. During the first quarter of 2023, the U.S. economy continued to experience volatility and there remains uncertainty surrounding future economic conditions as a result of supply chain disruptions, labor shortages, and the conflict in Ukraine. Although management strives to

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maintain an allowance it deems adequate, future economic changes, deterioration of borrowers' creditworthiness, and the impact of examinations by regulatory agencies all could cause changes to BancPlus' allowance for credit losses.

Transactions in the allowance for credit losses and balances in the loan portfolio by loan segment are as follows:

(In thousands)	Commercial and Industrial		Commercial Real Estate		Residential		Consumer and other		Total
Three Months Ended March 31, 2023
Allowance for credit losses:
Beginning balance	$	4,750	$	26,701	$	9,958	$	1,466	$	42,875
Impact of adopting ASU 2016-13	2,166		12,770		6,464		(656)		20,744
Provision for credit losses	(312)		979		113		640		1,420
Recoveries on loans	88		115		58		591		852
Loans charged off	(288)		(71)		(173)		(956)		(1,488)
Ending balance	$	6,404	$	40,494	$	16,420	$	1,085	$	64,403
Period End Allowance Balance Allocated To:
Individually evaluated	$	—	$	—	$	—	$	—	$	—
Collectively evaluated	6,404		40,494		16,420		1,085		64,403
Ending balance	$	6,404	$	40,494	$	16,420	$	1,085	$	64,403

The allowance for credit losses increased for the three months ended March 31, 2023 primarily as a result of the adoption of ASU 2016-13. Accrued interest receivable on loans, reported as a component of accrued interest receivable on the balance sheet, totaled approximately $20.3 million for the period ended March 31, 2023 and is excluded from the estimate of credit losses.

(In thousands)	Commercial and Industrial		Commercial Real Estate		Residential		Consumer and other		Total
Three Months Ended March 31, 2022
Allowance for loan losses:
Beginning balance	$	6,556	$	27,133	$	9,488	$	1,823	$	45,000
Provision for loan losses	(468)		75		311		299		217
Recoveries on loans	22		141		54		791		1,008
Loans charged off	(58)		(437)		(250)		(1,242)		(1,987)
Ending balance	$	6,052	$	26,912	$	9,603	$	1,671	$	44,238
Period End Allowance Balance Allocated To:
Individually evaluated for impairment	$	1,723	$	308	$	7	$	—	$	2,038
Collectively evaluated for impairment	4,329		26,604		9,596		1,671		42,200
Ending balance	$	6,052	$	26,912	$	9,603	$	1,671	$	44,238

Note 7: Regulatory Matters

The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by state and federal banking agencies. Failure to meet minimum capital requirements triggers certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements.

In 2019, the federal bank regulatory agencies finalized a rule that simplifies capital requirements for qualifying community banks by providing an option to use a simple leverage ratio to measure capital adequacy and to not calculate risk-based capital ratios. A qualifying community bank has less than $10 billion in total consolidated assets, limited amounts of off-balance-sheet exposures and trading assets and liabilities, and a leverage ratio greater than 9.0%. The community bank leverage ratio (“CBLR”)

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framework was effective on January 1, 2020, and the Company and the Bank elected to adopt the optional CBLR framework in the third quarter of 2022, as an alternative to the generally applicable capital rules.

The Bank is also subject to capital requirements under the prompt corrective action regime. The prompt corrective action framework applies only to insured depository institutions, such as the Bank, and not to their holding companies, such as the Company. As of March 31, 2023, the Bank maintained a leverage ratio of more than 9.0% and, as an institution has elected to adopt the CBLR framework, the Bank was therefore well capitalized under the regulatory framework for prompt corrective action.

The following table presents actual and required capital ratios for the Company and the Bank under the CBLR and prompt corrective action regulations for the relevant periods.

	Actual				Minimum Requirement to be Well Capitalized
(In thousands)	Capital Amount		Ratio		Capital Amount		Ratio
March 31, 2023:
Company:
Community Bank Leverage Ratio	$	727,972	10.27	%	$	637,810	9.00	%
Bank:
Community Bank Leverage Ratio	$	672,902	9.50	%	$	637,283	9.00	%

	Actual				Minimum Requirement to be Well Capitalized
(In thousands)	Capital Amount		Ratio		Capital Amount		Ratio
December 31, 2022:
Company:
Community Bank Leverage Ratio	$	721,001	10.54	%	$	615,566	9.00	%
Bank:
Community Bank Leverage Ratio	$	636,007	9.31	%	$	614,973	9.00	%

The ability of the Company to pay future dividends, pay its expenses and retire its debt is dependent upon future dividends and income tax benefits paid to the Company by the Bank. The Bank is subject to dividend restrictions as imposed by federal and state regulatory authorities.

Note 8: Fair Value

Financial Instruments Measured at Fair Value

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date

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Level 2

Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3

Unobservable inputs that are significant to the fair value of the assets or liabilities that reflect a company’s own assumptions about the assumptions that market participants would use in pricing assets or liabilities

Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers of financial instruments between fair value levels for any period presented.

The Company used the following methods and significant assumptions to estimate fair value.

Securities – The Company utilizes an independent pricing service to advise it on the value of the securities portfolio. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of several, observable inputs such as benchmark yields, reported trades, benchmark securities, bids, offers and reference data market research publications and are classified within Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. For Level 3 securities, in addition to the inputs noted above, inputs used by the pricing service to determine fair value may also include estimated duration, municipal bond interest rate curve, and tax effected yield. There were no Level 3 securities as of March 31, 2023 or December 31, 2022. The Company’s treasury department and Asset Liability Management Committee review the aggregate fair values of the securities portfolio.

Individually Evaluated Loans with Credit Losses – Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists on a non-recurring basis. Allowable methods for determining the amount of the credit loss include estimating fair value using the fair value of the collateral for collateral-dependent loans. Specific allowances for these loans are based on comparisons of the recorded carrying values of the loans to the present value of the estimated cash flows of these loans at each loan’s effective interest rate or the fair value of the collateral net of selling costs if the loan is collateral-dependent. Loans that are primarily collateral dependent loans are assessed using a fair value approach. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or as-is value of the property being appraised. Appraisals are based on certain assumptions, which may include construction or development status and the highest and best use of the property. The appraisals are reviewed by the Company’s appraisal department to ensure they are acceptable. Loans that have experienced a credit loss are classified within Level 3 of the fair value hierarchy.

Other Real Estate Owned – Other real estate owned is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated cost to sell. Fair value estimates begin with obtaining a current independent appraisal or internal evaluation of the collateral value. Subsequent to foreclosure, valuations are performed periodically by the Company’s appraisal department and any subsequent reduction in value is recognized by a charge to income.

Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed by the Company. These appraisals are reviewed by a member of the Company’s appraisal department to ensure they are acceptable. Appraised values are adjusted down for costs associated with asset disposal. The significant unobservable inputs (Level 3) used in the fair value measurement of collateral for collateral-dependent loans and other real estate owned are primarily based on appraisals, observable market conditions, and other factors which may affect collectability. The appraisals use marketability and comparability discounts, which generally range from 5% to 15%. Assessment of the significance of a specific input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset. It is reasonably possible that a change in the estimated fair value for assets measured using Level 3 inputs could occur in the future.

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Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
March 31, 2023
U.S. Treasuries	$	34,992	$	—	$	34,992	$	—
U.S. Government agency obligations	415,064		—		415,064		—
Residential mortgage-backed securities	92,266		—		92,266		—
Commercial mortgage-backed securities	12,238		—		12,238		—
Asset-backed securities	9,391		—		9,391		—
Corporate investments	46,979		—		46,979		—
State and political subdivisions	48,651		—		48,651		—
Total securities available for sale	$	659,581	$	—	$	659,581	$	—

December 31, 2022
U.S. Treasuries	$	34,579	$	—	$	34,579	$	—
U.S. Government agency obligations	378,736		—		378,736		—
Residential mortgage-backed securities	94,132		—		94,132		—
Commercial mortgage-backed securities	12,070		—		12,070		—
Asset backed securities	10,220		—		10,220		—
Corporate investments	46,033		—		46,033		—
State and political subdivisions	48,150		—		48,150		—
Total securities available for sale	$	623,920	$	—	$	623,920	$	—

Assets measured at fair value on a non-recurring basis are summarized below.

	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
Individually evaluated loans with credit losses, net of allowance for credit losses:
March 31, 2023	$	—	$	—	$	—	$	—
Impaired loans, net of allowance for loan losses:
December 31, 2022	$	26,071	$	—	$	—	$	26,071
Other real estate owned:
March 31, 2023	$	3,958	$	—	$	—	$	3,958
December 31, 2022	$	4,231	$	—	$	—	$	4,231

The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis.

	Qualitative Information about Level 3 Fair Value Measurements
(In thousands)	Carrying Value		Valuation Methods	Unobservable Inputs	Range	Weighted Average
March 31, 2023
Individually evaluated loans with credit losses, net of specific allowance	$	—	Third-party appraisals	Selling costs	5% - 10%	6%
Other real estate owned	$	3,958	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6%

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	Qualitative Information about Level 3 Fair Value Measurements
(In thousands)	Carrying Value		Valuation Methods	Unobservable Inputs	Range	Weighted Average
December 31, 2022
Impaired loans, net of allowance for loan losses	$	26,071	Third-party appraisals	Selling costs	5% - 10%	6%
Other real estate owned	$	4,231	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6%

Fair Value of Financial Instruments

GAAP requires disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, that are not measured and reported at fair value on a recurring or non-recurring basis. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions significantly affect the estimates and, as such, the derived fair value may not be indicative of the value negotiated in an actual sale and may not be comparable to that reported by other financial institutions. In addition, the fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

The following table presents estimated fair values of the Company’s financial instruments not previously disclosed:

	March 31, 2023				December 31, 2022
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents	$	121,220	$	121,220	$	137,895	$	137,895
Level 2 inputs:
Securities held to maturity	61,262		61,144		62,274		62,068
FHLB stock	20,103		20,103		19,690		19,690
Accrued interest receivable	24,025		24,025		23,156		23,156
Level 3 inputs:
Loans held for sale	8,357		8,357		5,373		5,373
Loans, net	5,887,464		5,674,683		5,781,274		5,601,070
Financial liabilities:
Level 2 inputs:
Deposits	5,966,656		5,648,644		5,824,904		5,289,138
FHLB and other borrowings	310,068		309,927		318,084		318,079
Subordinated debentures	133,531		138,699		133,478		138,780
Accrued interest payable	4,407		4,407		2,334		2,334

Note 9: Subordinated Debentures and Trust Preferred Securities

Subordinated Debentures

On June 4, 2020, the Company entered into a Subordinated Note Purchase Agreement with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $60.0 million in aggregate principal amount of its 6.000% Fixed-to-Floating Rate Subordinated Notes due June 15, 2030 (the “Notes”). The Company incurred issuance costs

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of $1.4 million in conjunction with the issuance of the Notes. These issuance costs are netted with the balance of the Notes on the Company’s Consolidated Balance Sheets and will be amortized over the life of the Notes. At March 31, 2023 and December 31, 2022, the remaining unamortized balance of these issuance costs was $1.0 million and $1.1 million, respectively. The Notes initially bear interest at a rate of 6.000% per annum from and including June 4, 2020, to but excluding June 15, 2025 or the early redemption date, with interest during this period payable semiannually in arrears. From and including June 15, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to Three-Month Term Secured Overnight Financing Rate plus 586 basis points, with interest during this period payable quarterly in arrears. The Company used the proceeds of the private placement for general corporate purposes, including improving the Company’s liquidity and capital position.

The Notes are not redeemable by the Company, in whole or in part, prior to the fifth anniversary of the original date of issue, except that the Notes may be redeemed at any time in whole but not in part in the event of a Tier 2 Capital Event, a Tax Event, or an Investment Company Event, each as defined and described in the Notes. On or after the fifth anniversary of the original date of issue, the Notes are redeemable on any interest payment date at the option of the Company, in whole or in part in integral multiples of $1,000, at an amount equal to 100% of the outstanding principal amount redeemed plus accrued but unpaid interest thereon. Any partial redemption will be made on a pro rata basis as to the holders of the Notes. Any redemption of the Notes is subject to any applicable regulatory requirements and approvals.

Effective March 1, 2022, in conjunction with the FTC Merger, the Company assumed FTC’s obligations under its Subordinated Note Purchase Agreement, dated as of December 23, 2020, and the several purchasers of the $21.0 million aggregate principal amount of 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 issued thereunder (the “FTC Subordinated Notes”). The FTC Subordinated Notes will mature on December 30, 2030 and bear interest at an initial fixed rate of 5.50% per annum, payable semi-annually in arrears. From and including December 30, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to a Three-Month Term Secured Overnight Financing Rate (“SOFR”) plus 527 basis points, payable quarterly in arrears. BancPlus will be entitled to redeem the FTC Subordinated Notes, in whole or in part, on any interest payment date on or after December 30, 2025, and to redeem the FTC Subordinated Notes in whole upon certain other events. The FTC Subordinated Notes are not subject to redemption at the option of the holder. The FTC Subordinated Notes are unsecured, subordinated obligations of BancPlus only and are not obligations of, and are not guaranteed by, any subsidiary of BancPlus. The FTC Subordinated Notes rank junior in right to payment to BancPlus’ current and future senior indebtedness. The FTC Subordinated Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes. The FTC Subordinated Notes vary from the amount carried on the Consolidated Balance Sheets at March 31, 2023 due to the remaining purchase premium of $536,000, which was established upon closing of the FTC Merger and is being amortized over the remaining life of the debentures.

Trust Preferred Securities

The Company also owns the outstanding common stock of business trusts that have issued preferred capital securities to third parties. Under a grandfathering provision in the Basel III capital rules that applies to bank holding companies with less than $15 billion in total consolidated assets, these preferred capital securities have qualified as Tier 1 capital for the Company, subject to regulatory rules and limits. These trusts used the proceeds from the issuance of the common stock and the preferred capital securities to purchase subordinated debentures issued by the Company. These subordinated debentures are these trusts’ only assets, and quarterly interest payments on these subordinated debentures are the sole source of cash for these trusts to pay quarterly distributions on the common stock and preferred capital securities. The Company has fully and unconditionally guaranteed the trusts’ obligations with respect to the preferred capital securities.

The Company has the right to defer the payment of interest on the subordinated debentures at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust preferred securities are also deferred. Interest on the subordinated debentures and distributions on the trust preferred securities are cumulative.

The following is a summary of subordinated debentures payable to statutory trusts.

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(In thousands)	Year of Maturity	Interest Rate	March 31, 2023		December 31, 2022
First Bancshares of Baton Rouge Statutory Trust I	2034	3 month LIBOR, plus 2.50%	$	4,124	$	4,124
State Capital Statutory Trust IV	2035	3 month LIBOR, plus 1.99%	5,155		5,155
BancPlus Statutory Trust II	2036	3 month LIBOR, plus 1.50%	20,619		20,619
BancPlus Statutory Trust III	2037	3 month LIBOR, plus 1.35%	20,619		20,619
State Capital Master Trust	2037	3 month LIBOR, plus 1.46%	6,186		6,186
			$	56,703	$	56,703

The subordinated debentures payable to statutory trusts vary from the amount carried on the Consolidated Balance Sheets at March 31, 2023 due to the remaining purchase discount of $3.7 million, which was established upon the merger with State Capital Corp. (“SCC”), in which BancPlus acquired SCC, the holding company of State Bank & Trust Company (“State Bank”) by a statutory share exchange and SCC was merged with and into BancPlus and State Bank was merged with and into BankPlus, with BancPlus and BankPlus surviving the mergers, which closed on April 1, 2020, and is being amortized over the remaining life of the debentures.

Interest rates adjust quarterly for the subordinated debentures with rates that are indexed with LIBOR. On March 15, 2022 the Adjustable Interest Rate (LIBOR) Act was signed into law as part of the Consolidated Appropriations Act, 2022. The Adjustable Interest Rate (LIBOR) Act establishes a nationwide process for replacing LIBOR in financial contracts that mature after the cessation of the overnight, one-, three-, six- and 12-month U.S. dollar LIBOR tenors on June 30, 2023 and that do not provide for an effective means to replace LIBOR upon its cessation. For contracts in which a party has the discretion to identify a replacement rate, the Act also provides a safe harbor to parties if they choose the SOFR-based benchmark replacement rate identified by the Board of Governors of the Federal Reserve System. In January 2023, the Company was notified that the interest rate on the subordinated debentures would be replaced with SOFR.

The Company has the right to redeem the subordinated debentures prior to maturity. Upon redemption of the subordinated debentures payable to a statutory trust, the trust will also liquidate its common stock and preferred capital securities.

Note 10: Employee Benefits

The Company has an Employee Stock Ownership Plan (“ESOP”) that covers all employees of the Bank who are at least 21 years of age and work in a position requiring at least one thousand hours of service annually. The plan also has 401(k) provisions that allow for employee tax deferred contributions. Participants may make contributions to the ESOP in accordance with applicable regulations and the ESOP’s provisions. The Company makes a “safe harbor” matching contribution on the first 3% of an employee’s salary deferral contributions, plus an additional matching contribution equal to 50% of the next 2% of an employee’s salary deferral contributions in excess of 3%. Additional contributions are made to the ESOP at the discretion of the Company’s Board of Directors.

The ESOP owned 1,452,950 shares of the Company's common stock at both March 31, 2023 and December 31, 2022. The ESOP can enter into loans, collateralized by ESOP shares, with the Company in connection with the repurchase of shares of Company stock that were sold by participants in accordance with diversification provisions of the ESOP. These unallocated shares would be released to participants proportionately as the loans are repaid. Dividends on allocated shares are recorded as dividends and charged to retained earnings. Dividends on unallocated shares that are used to repay the loan would be treated as compensation expense. As of March 31, 2023, the ESOP had zero outstanding loans with the Company.

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Distributions of the ESOP may be either in cash or Company common stock. The allocated shares are subject to a put option, whereby the Company will provide a market for a specified period of time for shares distributed to participants. The put price is the appraised value of the stock. The fair value of allocated shares of common stock held by the ESOP are deducted from permanent shareholders’ equity in the Consolidated Balance Sheets and reflected in a line item below liabilities and above shareholders’ equity. This presentation is necessary in order to recognize the put option within the ESOP-owned shares, consistent with U.S. Securities and Exchange Commission guidelines, that is present as long as the Company is not publicly traded. The Company uses a valuation by an external third party to determine the maximum possible cash obligation related to these securities. Increases or decreases in the value of the cash obligation are included in a separate line item in the Consolidated Statements of Shareholders’ Equity. The fair value of allocated shares held by the ESOP at March 31, 2023 was $97.0 million, based on the Company’s previously disclosed appraised value of $66.75 per share of common stock. The fair value at December 31, 2022 was $97.0 million, based on the Company’s previously disclosed appraised value of $66.75 per share of common stock. As previously disclosed, these appraised values were determined solely for purposes of the ESOP’s administration and are therefore subject to certain limitations, qualifications and assumptions and may not reflect the fair value of the Company’s common stock and should not be relied on for any reason. Neither the Company nor the ESOP has any obligation to seek an adjusted valuation, to use these appraised values for any other purpose or, if the Company or the ESOP obtains a new appraised value, to disclose such new appraised value.

Note 11: Equity

Preferred Stock

The Company’s Articles of Incorporation authorize 10,000,000 shares of preferred stock with no par value, which may be issued from time to time and in one or more classes or series upon authorization of the Board of Directors.

On June 22, 2022, the Company entered into a Letter Agreement (including annexes thereto, collectively, the “Purchase Agreement”) with the U.S. Department of Treasury (the “Treasury”) under the Emergency Capital Investment Program (“ECIP”). Pursuant to the Purchase Agreement, the Company agreed to issue and sell 250,000 shares of the Company’s preferred stock designated as Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP (the “Preferred Stock”) for an aggregate purchase price of $250.0 million in cash. The Preferred Stock was issued in a private placement exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

The Preferred Stock bears no dividend for the first two years following the issuance of the Preferred Stock. Thereafter, the annual dividend rate will be adjusted, not lower than 0.5% and not higher than 2.0%, based on our extensions of credit for qualified lending as defined in the terms of the ECIP Interim Final Rule, the Purchase Agreement and the Certificate of Designations (the “Certificate of Designations”) and the investment amount. After the tenth anniversary of the issuance of the Preferred Stock, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10 compared to the baseline qualified lending and the average investment amount. The dividends will be payable quarterly in arrears on March 15, June 15, September 15, and December 15.

The Preferred Stock may be redeemed at the option of the Company on or after September 15, 2027 (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations. The restrictions on redemption are set forth in the Certificate of Designations filed with the Mississippi Secretary of State for the purpose of amending its Articles of Incorporation to fix the designations, preferences, limitations and relative rights of the Preferred Stock as described in Item 5.03 of our Current Report on Form 8-K filed with the SEC on June 23, 2022.

In the Purchase Agreement, the Company also agreed to, upon the future written request of the Treasury, comply with the terms of a Registration Rights Agreement included as an annex to the Purchase Agreement and incorporated by reference therein (the “Registration Rights Agreement”), providing for certain registration rights of the Treasury. As long as the Company is not eligible to file on Form S-3, upon written request of the Treasury, the Company would be required to prepare and file a shelf registration statement covering the potential resale of the Preferred Stock as promptly as practicable. Once the Company is eligible to file on Form S-3, the Company agreed to prepare and file such shelf registration statement within 30 days. The Registration Rights Agreement also includes customary “piggyback” registration rights, suspension rights, indemnification, contribution, and assignment provisions.

Common Stock

In the first quarter of 2023, the Company’s shareholders approved an amendment to the Company’s Articles of Incorporation increasing the number of authorized shares of the Company’s common stock from 40,000,000 shares to 100,000,000 shares.

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Note 12: Stock Based Compensation

Under the Company’s long-term incentive program, certain officers, employees and directors are eligible to receive equity-based awards under the 2018 Long-Term Incentive Plan (“LTIP”). Restricted stock awards (“RSAs”) granted under the LTIP generally vest over one to five years. Unvested RSAs are included in the Company’s common stock outstanding. Compensation expense for RSAs granted under the LTIP is recognized over the vesting period of the awards based on the fair value of the stock at the grant date, with forfeitures recognized as they occur.

Stock based compensation that has been charged against income was $1.0 million for the three months ended March 31, 2023 and $0.7 million for the same period of 2022. There were zero shares forfeited during the three months ended March 31, 2023 and 2022. As of March 31, 2023, there was $6.9 million of total unrecognized compensation cost related to unvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 2.8 years.

A summary of the Company’s equity-based award activity and related information for the Company’s RSAs is as follows:

	Three Months Ended
	March 31, 2023			March 31, 2022
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Beginning of period	184,284	$	59.36	144,572	$	51.56
Granted	—	—		21,367	68.25
Vested	1,396	50.00		(6,077)	50.00
Forfeited	—	—		—	—
End of period	185,680	$	59.43	159,862	$	53.85

Note 13: Contingencies

On March 20, 2019, a complaint (the “Complaint”), Mills v. BankPlus, et al., Case #3:19-cv-00196-CWR-FKB, was filed in the United States District Court for the Southern District of Mississippi, Northern Division, by Alysson Mills, in her capacity as Court-appointed Receiver for Arthur Lamar Adams (“Adams”) and Madison Timber Properties, LLC (“Madison Timber”), naming the Bank, three former Bank employees, one then-current BankPlus employee and other defendants, including defendants affiliated and unaffiliated with BankPlus (“Defendants”). The Complaint seeks to recover damages from the Defendants for the benefit of the receivership estate related to certain investors who were allegedly defrauded by Adams and Madison Timber, whose actions were allegedly attributable to the actions of the Defendants that allegedly enabled negligent, illegal or fraudulent activities engaged in by Adams and Madison Timber. A brief description of the cause of action on the cover sheet filed with the Complaint includes securities, civil conspiracy, aiding and abetting, negligence, and other possible causes of action. The amount of damages (including punitive damages) requested against the Defendants in the Complaint is unspecified. On January 4, 2021, the plaintiff, Mills, filed an Amended Complaint. Answers and/or Motions to Dismiss the Amended complaint were filed by the Defendants. On July 8, 2021, the Court denied the Motion to Dismiss filed by BankPlus. A related motion for reconsideration was filed by BankPlus on August 9, 2021. The Court denied that motion. On September 30, 2021, an order was entered to consolidate for purposes of discovery this case (No. 3:19-cv-00196-CWR-FKB) with three other related cases filed by Mills, the Receiver. A Case Management Order (No.: 3:22-cv-36-CWRFKB) was entered on January 31, 2022 for the sole purpose of managing consolidated discovery in the four related cases. Phase one written discovery is still underway. Phases two and three discovery, allowing depositions, will begin at a future date pursuant to a subsequent court order.

In addition to the above, the Company, including subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We do not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on our consolidated financial position or liquidity.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless otherwise indicated, references in this report to “we”, “us”, “our company”, “the Company”, or “BancPlus” refer to BancPlus Corporation and its subsidiaries, on a consolidated basis. All references to “BankPlus” or “the Bank” refer to BankPlus, our wholly-owned subsidiary.

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The following discussion and analysis of BancPlus’ financial condition and results of operations should be read in conjunction with the unaudited interim consolidated financial statements and related notes contained in Item 1 of this report.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995 about BancPlus. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations, and are subject to risks and uncertainties. These statements often, but not always, are preceded by, followed by or otherwise include the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “continue,” “seek,” “plan,” “can,” “should,” “could,” “would,” “will,” “to be,” “predict,” “potential,” “may,” “likely,” “will likely result,” “target,” “project” and “outlook” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry based on certain assumptions and beliefs of the Company’s management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important risk factors that could cause actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

•our ability to adequately measure and limit our credit risk;

•factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance, including any loans acquired in acquisition transactions;

•our ability to prudently manage our growth, maintain our historical rate of growth in light of associated risks, and execute our strategy;

•the composition of our management team and our ability to attract and retain key personnel;

•geographic concentration of our business within Mississippi, Alabama, Louisiana, and Florida;

•our ability to attract and retain customers, particularly in light of increased competition in the financial services industry, and particularly from regional and national institutions;

•failure of our risk management framework;

•systems failures, unauthorized access, cyber-crime and other threats to data security or interruptions involving our information technology and telecommunications systems or third-party servicers;

•difficult market conditions and unfavorable economic trends in the United States generally (including uncertainty regarding the federal government’s debt limit or a prolonged shutdown of the federal government), and particularly in the markets in which we operate and in which our loans are concentrated, including declines in housing markets, an increase in unemployment levels and slowdowns in economic growth;

•the impacts related to or resulting from recent bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions;

•our ability to identify potential candidates for, consummate, and achieve synergies resulting from, potential future acquisitions;

•changes in the laws, rules, regulations, interpretations, policies or stimulus programs relating to financial institutions, accounting, tax, trade, monetary and fiscal matters, and the uncertainty of the short- and long-term impacts of such changes;

•compliance with governmental and regulatory requirements, including relating to banking, consumer protection, securities and tax matters;

•operational risks associated with our business;

•volatility and direction of market interest rates;

•our ability to maintain important deposit customer relationships and our reputation or otherwise avoid liquidity risks;

•the obligations associated with being a public reporting company;

•the commencement and outcome of litigation and other legal proceedings against us or to which we may become subject;

•natural disasters, climate change, adverse weather, public health crises, acts of terrorism, outbreaks of hostilities, civil unrest or other international or domestic calamities, and other matters beyond our control; and

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•other factors that are discussed in the sections entitled “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the annual period ended December 31, 2022, and in this Quarterly Report on Form 10-Q.

New factors emerge from time to time, and it is not possible for us to predict which will arise. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether written or oral, and whether as a result of new information, future developments or otherwise, except as specifically required by law.

Overview

BancPlus is a bank holding company headquartered in Ridgeland, Mississippi. Its wholly-owned bank subsidiary, BankPlus, offers a full suite of products and services to a broad spectrum of customers, including individuals, businesses and public entities. As of March 31, 2023, we operated 94 branch offices across Mississippi, Alabama, Louisiana, and Florida. Our franchise is built on a community banking approach focused on personalized, relationship-driven service combined with local market management and expertise. We have one reportable segment.

BancPlus’ business strategy is to provide exceptional community banking services and financial solutions within its markets, which enables us to fulfill our core purpose of enriching lives and building stronger communities. We believe our team of local, experienced and relationship-focused bankers, along with strong brand recognition in our communities, differentiate us from our competitors. As a result, we have a granular, stable deposit mix and a diversified loan portfolio. As of March 31, 2023, BancPlus held $5.967 billion of total deposits, and our deposit base consisted of 96.6% core deposits, defined as total deposits less brokered deposits and time deposits greater than $250,000, with a total deposit cost of 1.16%. Our loan portfolio was comprised of 74.2% commercial loans and 25.8% consumer loans for the same period. BancPlus currently holds meaningful market share in a number of attractive markets in Mississippi, including the number three position based on deposits in the Jackson, Mississippi metropolitan statistical area as of June 30, 2022, and we believe we are well-positioned for future growth.

March 31, 2023 Highlights

•Net income for the three months ended March 31, 2023 was $17.1 million, compared with $9.7 million for the same period of 2022

•Diluted earnings per share for the three months ended March 31, 2023 were $1.49, compared with $0.92 for the same period of 2022

•Net interest income was $58.2 million for the three months ended March 31, 2023, compared with $42.8 million for the same period of 2022

•Total loans held for investment were $5.952 billion at March 31, 2023, compared with $5.824 billion at December 31, 2022

Recent Developments

The recent failures of Silicon Valley Bank, Santa Clara, California, Signature Bank, New York, New York, and First Republic Bank, San Francisco, California in March and May, 2023, may lead to regulatory changes and initiatives that could impact BancPlus. For example, the Federal Deposit Insurance Corporation (“FDIC”) has stated that it plans to impose a special deposit insurance assessment on banks in order to recover losses that the FDIC’s Deposit Insurance Fund incurred to support uninsured depositors of these institutions. In addition, President Biden has encouraged the federal banking agencies to adopt various reforms, including the completion of an incentive compensation rule for bank executives pursuant to Section 956 of the Dodd-Frank Act, in response to these bank failures.

Small Business Lending Data Collection Rule

On March 30, 2023, the Consumer Financial Protection Bureau finalized a rule under section 1071 of the Dodd-Frank Act requiring lenders to collect and report data regarding small business lending activity. BancPlus is evaluating the impact of the new rule.

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Results of Operations

The following discussion of BancPlus’ results of operations compares the three months ended March 31, 2023 to the three months ended March 31, 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023 or for any other period.

Net Income

Net income for the three months ended March 31, 2023 and 2022 was $17.1 million and $9.7 million, respectively. BancPlus’ annualized return on average assets for the three months ended March 31, 2023 and 2022 was 0.98% and 0.69%, respectively. BancPlus’ annualized return on average equity for the three months ended March 31, 2023 and 2022 was 10.15% and 9.60%, respectively.

The increase in net income and return on average assets and equity for the three months ended March 31, 2023 compared to the same period of 2022 was primarily the result of increased net interest income from our previously disclosed merger with FTC, in which BancPlus acquired FTC, the holding company of First Bank and Trust (“FBT”) by a statutory share exchange and FTC was merged with and into BancPlus, with BancPlus surviving the merger (the “FTC Holding Company Merger”), and FBT was merged with and into BankPlus, with BankPlus surviving the merger, effective March 1, 2022 (together with the FTC Holding Company Merger, the “FTC Merger”), as well as the rising interest rate environment seen in the current year period.

Net Interest Income

Net interest income represents interest income less interest expense. BancPlus generates interest income from interest, dividends and fees received on interest-earning assets, including loans and investment securities. BancPlus incurs interest expense from interest paid on interest-bearing liabilities, including interest-bearing deposits, borrowings and other forms of indebtedness. Net interest income typically is the most significant contributor to BancPlus’ net income. To evaluate net interest income, BancPlus measures and monitors: (i) yields on its loans and other interest-earning assets; (ii) the costs of its deposits and other funding sources; (iii) its net interest spread; and (iv) its net interest margin. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. Net interest margin is calculated as the annualized net interest income divided by average interest-earning assets. Because noninterest-bearing sources of funds, such as noninterest-bearing deposits and shareholders’ equity, also fund interest-earning assets, net interest margin includes the benefit of these noninterest-bearing sources.

Changes in market interest rates and interest BancPlus earns on interest-earning assets or pays on interest-bearing liabilities, as well as the volume and types of interest-earning assets, interest-bearing and noninterest-bearing liabilities and shareholders’ equity, usually have the largest impact on periodic changes in its net interest spread, net interest margin and net interest income. BancPlus measures net interest income before and after the provision for credit losses that BancPlus maintains.

For the three months ended March 31, 2023, interest income was $80.8 million, an increase of $34.8 million, or 75.8%, compared to interest income of $45.9 million for the three months ended March 31, 2022. These increase in interest income was primarily the result of higher interest rates in the current year period as well as increased interest-earning assets as a result of the FTC Merger and organic loan growth.

For the three months ended March 31, 2023, interest expense was $22.6 million, an increase of $19.4 million, or 611.7%, compared to $3.2 million for the three months ended March 31, 2022. The increase in interest expense was primarily the result of higher interest rates in the current year period as well as increased interest-bearing liabilities as a result of the FTC Merger.

For the three months ended March 31, 2023, net interest income was $58.2 million, an increase of $15.4 million, or 36.0%, compared to net interest income of $42.8 million for the three months ended March 31, 2022.

Net interest margin for the three months ended March 31, 2023 increased 29 basis points to 3.51% from 3.22% for the same period of 2022 primarily as the result of the rising interest rate environment seen in the current year period.

Our average interest-earning assets at March 31, 2023 increased $1.32 billion, or 24.89%, to $6.64 billion from $5.31 billion at March 31, 2022. BancPlus’ average interest-bearing liabilities at March 31, 2023 increased $1.09 billion, or 29.77%, to $4.74 billion from $3.65 billion at March 31, 2022. These increases in BancPlus’ average interest-earning assets and interest-bearing liabilities were primarily due to the FTC Merger and organic loan growth. The ratio of BancPlus’ average interest-earning assets to average interest-bearing liabilities was 140.1% and 145.5% at March 31, 2023 and 2022, respectively.

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BancPlus’ average interest-earning assets produced a tax-equivalent yield of 4.87% for the three months ended March 31, 2023, compared to 3.46% for the three months ended March 31, 2022. The average rate paid on interest-bearing liabilities was 1.91% for the three months ended March 31, 2023, compared to 0.35% for the three months ended March 31, 2022. The year-over-year changes in yields reflects the rising interest rate environment seen in the current year period.

Average Balances and Yields

The following tables show, for the three months ended March 31, 2023 and 2022, the average balances of each principal category of BancPlus’ assets, liabilities and shareholders’ equity, and an analysis of net interest income. The average balances are principally daily averages and, for loans, include both performing and nonperforming balances. These tables are presented on a tax-equivalent basis, if applicable.

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	Three Months Ended March 31,
	2023						2022
(Dollars in thousands)	Average Balance		Interest & Fees		Yield / Rate (4)		Average Balance		Interest & Fees		Yield / Rate (4)
ASSETS:
Interest-earning assets:
Cash investments:
Interest-bearing cash deposits	$	31,635	$	357	4.51	%	$	578,254	$	227	0.16	%
Federal funds sold	—		—		—	%	—		—		—	%
	31,635		357		4.51	%	578,254		227		0.16	%
Investment securities:
Taxable investment securities	635,344		3,066		1.93	%	629,208		2,307		1.47	%
Tax-exempt investment securities	64,139		380		2.37	%	72,432		420		2.32	%
Total securities	699,483		3,446		1.97	%	701,640		2,727		1.55	%
Loans (1)	5,881,779		76,747		5.22	%	4,029,014		42,987		4.27	%
Federal Home Loan Bank (“FHLB”) stock	22,781		221		3.88	%	4,475		4		0.36	%
Total interest-earning assets	6,635,678		80,771		4.87	%	5,313,383		45,945		3.46	%
Noninterest-earning assets	448,172						345,648
Total assets	$	7,083,850					$	5,659,031
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,656,880	$	3,224	0.78	%	$	1,590,153	$	711	0.18	%
Savings and money market deposits	1,860,403		10,579		2.27	%	1,199,908		312		0.10	%
Time deposits	810,804		3,357		1.66	%	714,438		654		0.37	%
Federal funds purchased	6,406		79		4.93	%	—		—		—	%
FHLB advances	269,196		3,215		4.78	%	20,485		76		1.48	%
Other borrowings	889		10		4.50	%	7,102		65		3.66	%
Subordinated debentures	133,485		2,154		6.45	%	119,024		1,360		4.57	%
Total interest-bearing liabilities	4,738,063		22,618		1.91	%	3,651,110		3,178		0.35	%
Noninterest-bearing liabilities:
Noninterest-bearing transaction deposits	1,585,862						1,545,452
Other noninterest-bearing liabilities	77,818						53,290
Total noninterest-bearing liabilities	1,663,680						1,598,742
Shareholders’ equity (6)	682,107						409,179
Total liabilities and shareholders’ equity	$	7,083,850					$	5,659,031
Net interest income/net interest margin (2)			58,153		3.51	%			42,767		3.22	%
Net interest spread (5)					2.96	%					3.11	%
Taxable equivalent adjustment:
Tax-exempt investment securities (3)			122						135
Net interest income/net interest margin (2)			$	58,275	3.51	%			$	42,902	3.23	%

________________________________

(1)Average loan balances include nonaccrual loans.

(2)Net interest margin during the periods presented represents: (i) the difference between interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (ii) average interest-earning assets for the period.

(3)Interest income and averages rates for tax exempt securities are presented on a tax-equivalent basis, assuming a combined federal and state income tax rate of 25% for 2023 and 2022.

(4)Yields and rates are annualized.

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(5)Net interest spread is the yield on BancPlus’ total interest-earning assets less the yield on its interest-bearing liabilities.

(6)Includes BancPlus Corporation Employee Stock Ownership Plan-owned shares.

Rate/Volume Analysis

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. It distinguishes between the changes related to the outstanding balances and those due to changes in interest rates. The change in interest attributable to rate has been determined by applying the change in rate between periods to average balances outstanding in the earlier period. The change in interest due to volume has been determined by applying the rate from the later period to the change in average balances outstanding between periods. The following table presents the changes in the volume and rate of BancPlus’ interest-bearing assets and liabilities for the dates indicated:

	Three Months Ended March 31, 2023 Compared with Three Months Ended March 31, 2022
	Change Due To:
(Dollars in thousands)	Volume		Rate		Interest Variance
Interest-earning assets:
Cash investments	$	(6,169)	$	6,299	$	130
Investment securities:
Taxable investment securities	30		729		759
Tax-exempt investment securities	(49)		9		(40)
Total securities	(19)		738		719
Loans, net	24,175		9,585		33,760
Federal Home Loan Bank stock	178		39		217
Total interest-earning assets	$	18,165	$	16,661	$	34,826
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	130	$	2,383	$	2,513
Savings and money market deposits	3,756		6,511		10,267
Time deposits	399		2,304		2,703
Federal funds purchased	79		—		79
FHLB advances	2,970		169		3,139
Other borrowings	(70)		15		(55)
Subordinated debentures	233		561		794
Total interest-bearing liabilities	$	7,497	$	11,943	$	19,440
Net interest income	$	10,668	$	4,718	$	15,386

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Provision for Credit Losses

The provision for credit losses is the amount of expense that, based on BancPlus’ judgment, is required to maintain the allowance for credit losses at an adequate level to absorb probable losses inherent in the loan portfolio at the balance sheet date and that, in management’s judgment, is appropriate under relevant accounting guidance. The determination of the provision for credit losses is complex and involves a high degree of judgment and subjectivity.

For the three months ended March 31, 2023, the provision for credit losses was $523,000, compared to $217,000 for the same period of 2022, an increase of $306,000, or 141.0%. The increase is primarily attributable to increased loan balances resulting from the FTC Merger.

Noninterest Income

Noninterest income consists of: (i) service charges on deposit accounts; (ii) mortgage origination income; (iii) debit card interchange fees; (iv) income from fiduciary activities; (v) ATM income; (vi) brokerage and insurance fees and commissions, (vii) life insurance income, (viii) CDFI grants, and (viii) other noninterest income.

BancPlus’ income from service charges on deposit accounts and debit card interchange fees is largely affected by the volume, growth and type of deposits BancPlus holds, which are impacted by prevailing market conditions for BancPlus’ deposit products, market interest rates, marketing efforts, and other factors.

Service charges on deposit accounts include fees and miscellaneous charges on deposit products offered by BancPlus. Mortgage origination income represents the gains recorded on the sale of mortgages originated by BancPlus. Debit card interchange represents income from the use of check cards by our customers. Income from fiduciary activities includes retirement and management fee income from our wealth management group. ATM income is comprised of fees from our ATM network. Brokerage and insurance fees and commissions includes stock and mutual fund brokerage fees earned by our wealth management

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group. Life insurance income includes earnings and benefits paid on bank-owned life insurance policies. Other income includes various types of income including gains on sale of other real estate, personalized check sales, and wire transfer fees.

Noninterest income decreased $2.1 million, or 11.83%, to $15.8 million for the three months ended March 31, 2023 compared to $18.0 million for the same period of 2022, primarily due to decreases in mortgage origination income and other income.

The following table presents the major components of noninterest income for three months ended March 31, 2023, compared to the three months ended March 31, 2022:

	Three Months Ended March 31,
(Dollars in thousands)	2023		2022		$ Change		% Change
Noninterest income:
Service charges on deposit accounts	$	6,666	$	6,792	$	(126)	(1.9)	%
Mortgage origination income	687		2,238		(1,551)		(69.3)	%
Debit card interchange	2,566		2,428		138		5.7	%
Income from fiduciary activities	1,906		2,018		(112)		(5.6)	%
ATM income	1,474		1,476		(2)		(0.1)	%
Brokerage and insurance fees and commissions	637		698		(61)		(8.7)	%
Life insurance income	656		627		29		4.6	%
CDFI grants	—		—		—		—	%
Other income	1,247		1,688		(441)		(26.1)	%
Total	$	15,839	$	17,965	$	(2,126)	(11.8)	%

Mortgage origination income decreased $1.6 million, or 69.3%, to $0.7 million for the three months ended March 31, 2023, compared to $2.2 million for the same period of 2022. The decrease was primarily the result of decreased mortgage origination activity as refinancing activity has slowed in the current higher interest rate environment.

Other income decreased $441,000, or 26.1%, to $1.2 million for the three months ended March 31, 2023, compared to $1.7 million for the same period of 2022. The decrease was primarily the result of a decrease in the fair value of mortgage loans held for sale and a reduced annual rebate for personalized check sales.

Noninterest Expense

Noninterest expense includes: (i) salaries and employee benefits expenses; (ii) net occupancy expenses; (iii) furniture, equipment, and data processing expenses; (iv) marketing and promotional expenses; (v) other real estate expenses and losses; (vi) professional fees; and (vii) other expenses.

Salaries and employee benefits expenses include compensation, employee benefits and tax expenses for BancPlus’ personnel. Net occupancy expenses include depreciation expense on BancPlus’ owned properties, lease expense on its leased properties and other occupancy-related expenses. Furniture and equipment expenses include depreciation and maintenance and other expenses related to its furniture, fixtures and equipment. Data processing expenses include costs related to maintenance and monitoring of its systems and expenses paid to its third-party data processing system providers. Marketing and promotional expenses include costs for advertising, promotions and sponsorships. Other real estate expenses and losses include taxes, insurance, maintenance and other expenses related to BancPlus’ foreclosed properties. Professional fees include accounting and auditing, consulting and legal fees. Other expenses include expenses associated with FDIC assessments, Mississippi Department of Banking and Consumer Finance (“MDBCF”) assessments, communications, travel, meals, training, supplies, and postage.

Noninterest expense generally increases as BancPlus grows its business. Noninterest expense has increased commensurate with our growth over the past few years as BancPlus has grown organically and through acquisitions. Additionally, BancPlus has built out and modernized its operational infrastructure and implemented its plan to build an efficient, technology-driven banking operation with capacity for growth. BancPlus continues to focus efforts on supporting growth through sales efforts, product development, marketing and promotion, as well as investing in technology and its branch network, while also seeking to improve productivity and maintain appropriate cost structure and customer service levels.

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For the three months ended March 31, 2023, noninterest expense totaled $51.6 million, an increase of $3.6 million, or 7.4%, from $48.1 million for the three months ended March 31, 2022, primarily due to increases in salaries and employee benefits expenses and other expenses, partially offset by decreases in professional fees and other real estate expenses and losses.

The following table presents the major components of noninterest expense for the three months ended March 31, 2023 compared to the three months ended March 31, 2022:

	Three Months Ended March 31,
(Dollars in thousands)	2023		2022		$ Change		% Change
Noninterest expense:
Salaries and employee benefits expenses	$	30,991	$	25,845	$	5,146	19.9	%
Net occupancy expenses	4,472		4,116		356		8.6	%
Furniture, equipment and data processing expenses	7,316		6,616		700		10.6	%
Marketing and promotional expenses	1,537		1,108		429		38.7	%
Other real estate expenses and losses	56		733		(677)		(92.4)	%
Professional fees	863		4,659		(3,796)		(81.5)	%
Other expenses	6,407		4,993		1,414		28.3	%
Total	$	51,642	$	48,070	$	3,572	7.4	%

Salaries and employee benefits expenses was the largest component of noninterest expense, representing 60.0% and 53.8% of total noninterest expense for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023, salaries and employee benefits expense increased $5.1 million, or 19.9%, to $31.0 million, compared to $25.8 million for the three months ended March 31, 2022. The increase in salaries and employee benefits expense was primarily due the FTC Merger as well as to normal annual salary increases for employees and increased bonuses.

Other expenses increased $1.4 million, or 28.3%, to $6.4 million for the three months ended March 31, 2023, compared to $5.0 million for the same period of 2022. The increase was primarily attributable to increases in amortization of intangible assets and Louisiana shares tax resulting from the FTC Merger, as well as increases in fees and commissions expense and loss on disposal of fixed assets in the current year period.

Professional fees decreased $3.8 million, or 81.5%, to $863,000 for the three months ended March 31, 2023, compared to $4.7 million for the same period of 2022. The decrease was primarily the result of advisory fees as well as increased legal and accounting expenses in the prior year in connection with the FTC Merger.

Other real estate expenses and losses decreased $677,000, or 92.4%, to $56,000 for the three months ended March 31, 2023, compared to $733,000 for the same period of 2022. The decrease was primarily related to increases in writedowns on other real estate owned in the prior year period.

Income Tax Expense

The provision for income taxes includes both federal and state taxes. Fluctuations in effective tax rates reflect the effect of the differences in the inclusion or deductibility of certain income and expenses for income tax purposes, the mix of BancPlus’ taxable and tax-free investments and loans, and its overall taxable income.

BancPlus recorded income tax expense of $4.7 million for the three months ended March 31, 2023, compared to $2.8 million for the same period of 2022, an increase of $2.0 million, or 72.3%. BancPlus’ effective tax rate for the three months ended March 31, 2023 was 21.8%, compared to 22.1% for the same period of 2022.

The decrease in the effective tax rate for the three months ended March 31, 2023 compared with the same period of 2022 was the result of non-deductible expenses related to the FTC Merger in the prior year period.

The increase in income tax expense for the three months ended March 31, 2023, compared to the same periods of 2022, was primarily the result of higher income before taxes in the current year.

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Financial Condition

The following discussion compares BancPlus’ financial condition as of March 31, 2023 to December 31, 2022.

Assets

Total assets increased $0.14 billion, or 2.0%, to $7.17 billion at March 31, 2023 over total assets of $7.03 billion at December 31, 2022. Total cash and cash equivalents decreased $16.7 million, or 12.1%, to $121.2 million at March 31, 2023, compared to $137.9 million at December 31, 2022, primarily due to an increase in cash outflow for investments and loans made during the period. Total loans held for investment increased $0.13 billion, or 2.2%, to $5.95 billion at March 31, 2023, compared to $5.82 billion at December 31, 2022 as a result of organic loan growth. Investment securities increased $34.6 million, or 5.0%, from $686.2 million at December 31, 2022 to $720.8 million at March 31, 2023 primarily as a result of increases in BancPlus’ portfolio of U.S. Government agency obligations.

Investment Securities Portfolio

BancPlus’ investment securities portfolio, which consists primarily of U.S. government agency obligations, mortgage-backed securities, municipal securities and corporate investments, is used as a source of liquidity and serves as collateral for certain types of deposits. BancPlus manages its investment securities portfolio according to a written investment policy. Balances in BancPlus’ investment securities portfolio change over time based on its funding needs and interest rate risk management objectives. BancPlus’ liquidity levels take into account anticipated future cash flows and all available sources of credit and are maintained at levels management believes ensure flexibility in meeting its anticipated funding needs.

As of March 31, 2023, 8.5% of BancPlus’ investment securities portfolio was classified as held to maturity and 91.5% was classified as available for sale. As of December 31, 2022, 9.1% of BancPlus’ investment securities portfolio was classified as held to maturity and 90.9% was classified as available for sale. Securities available for sale increased $35.7 million, or 5.7%, from $623.9 million at December 31, 2022 to $659.6 million at March 31, 2023 primarily as a result of increases in BancPlus’ portfolio of U.S. Government agency obligations.

At March 31, 2023, U.S. government agency obligations represented 57.6%, mortgage-backed securities represented 14.5%, municipal securities represented 15.2%, corporate investments represented 6.5%, U.S. Treasuries represented 4.9% and asset-backed securities represented 1.3% of BancPlus’ investment securities portfolio. At December 31, 2022, U.S. government agency obligations represented 55.2%, mortgage-backed securities represented 15.5%, municipal securities represented 16.1%, corporate investments represented 6.7% and asset-backed securities represented 1.5% of BancPlus’ investment securities portfolio. Other than the U.S. government and its agencies, BancPlus’ securities portfolio did not contain securities of any single issuer, including any securities issued by a state or political subdivision, that were payable from and secured by the same source of revenue or taxing authority where the aggregate carrying value of such securities exceeded 10% of shareholders’ equity.

The following table presents the carrying value of BancPlus’ investment securities portfolio as of the dates indicated:

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	March 31, 2023				December 31, 2022
(Dollars in thousands)	Carrying Value		% of Total		Carrying Value		% of Total
Held to Maturity:
(At amortized cost)
Issued by states and political subdivisions	$	61,262	8.50	%	$	62,274	9.08	%
Total held-to-maturity	61,262		8.50	%	62,274		9.08	%
Available for Sale:
(At fair value)
U.S. Treasuries	34,992		4.85	%	34,579		5.04	%
U.S. Government agency obligations	415,064		57.58	%	378,736		55.19	%
Issued by states and political subdivisions	48,651		6.75	%	48,150		7.02	%
Mortgage-backed securities:
Residential	92,266		12.80	%	94,132		13.72	%
Commercial	12,238		1.70	%	12,070		1.76	%
Asset-backed securities	9,391		1.30	%	10,220		1.49	%
Corporate investments	46,979		6.52	%	46,033		6.71	%
Total available for sale	659,581		91.50	%	623,920		90.92	%
Total investment securities	$	720,843	100.00	%	$	686,194	100.00	%

The following tables present the carrying value of BancPlus’ investment securities portfolio by their stated maturities and the weighted average yields for each maturity range as of the dates indicated. Weighted-average yields have been computed on a fully tax equivalent basis using a tax rate of 21%.

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	Maturity as of March 31, 2023
	Due in One Year or Less				More Than One Year to Five Years				More Than Five Years to Ten Years				Due After Ten Years
(Dollars in thousands)	Amount		Weighted Average Yield		Amount		Weighted Average Yield		Amount		Weighted Average Yield		Amount		Weighted Average Yield
Held to maturity:
Issued by states and political subdivisions	$	6,974	2.62	%	$	46,198	2.50	%	$	6,450	3.69	%	$	1,640	4.33	%
Total held to maturity	6,974		2.62	%	46,198		2.50	%	6,450		3.69	%	1,640		4.33	%
Available for sale:
U.S. Treasuries	25,591		1.35	%	9,401		1.24	%	—		—	%	—		—	%
U.S. Government agency obligations	75,321		0.55	%	276,804		1.35	%	60,430		1.61	%	2,509		6.06	%
Issued by states and political subdivisions	3,333		2.79	%	23,348		2.87	%	19,016		3.06	%	2,954		3.71	%
Mortgage-backed securities:
Residential	—		—	%	1,843		1.63	%	3,921		2.54	%	86,502		2.55	%
Commercial	—		—	%	9,214		1.51	%	2,687		1.57	%	337		2.53	%
Asset-backed securities	—		—	%	—		—	%	—		—	%	9,391		5.94	%
Corporate investments	—		—	%	1,400		2.75	%	44,797		4.26	%	782		4.50	%
Total available for sale	104,245		0.82	%	322,010		1.47	%	130,851		2.75	%	102,475		2.99	%
Total investment securities	$	111,219	0.93	%	$	368,208	1.60	%	$	137,301	2.80	%	$	104,115	3.02	%

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	Maturity as of December 31, 2022
	Due in One Year or Less				More Than One Year to Five Years				More Than Five Years to Ten Years				Due After Ten Years
(Dollars in thousands)	Amount		Weighted Average Yield		Amount		Weighted Average Yield		Amount		Weighted Average Yield		Amount		Weighted Average Yield
Held to maturity:
Issued by states and political subdivisions	$	6,961	2.71	%	$	47,221	2.53	%	$	6,452	3.77	%	$	1,640	4.39	%
Total held to maturity	6,961		2.71	%	47,221		2.53	%	6,452		3.77	%	1,640		4.39	%
Available for sale:
U.S. Treasuries	25,302		1.35	%	9,277		1.24	%	—		—	%	—		—	%
U.S. Government agency obligations	57,051		0.57	%	259,397		1.02	%	59,604		1.38	%	2,684		4.79	%
Issued by states and political subdivisions	3,391		2.72	%	22,436		2.96	%	19,230		3.19	%	3,093		3.62	%
Mortgage-backed securities:
Residential	—		—	%	386		1.48	%	5,691		2.29	%	88,056		2.54	%
Commercial	—		—	%	9,082		1.52	%	2,637		1.58	%	350		2.56	%
Asset-backed securities	—		—	%	—		—	%	—		—	%	10,220		5.57	%
Corporate investments	—		—	%	437		2.75	%	42,767		4.12	%	2,829		6.33	%
Total available for sale	85,744		0.89	%	301,015		1.19	%	129,929		2.59	%	107,232		3.02	%
Total investment securities	$	92,705	1.02	%	$	348,236	1.37	%	$	136,381	2.65	%	$	108,872	3.04	%

The objective of BancPlus’ investment policy is to invest funds to provide sufficient liquidity, optimize the total return of the portfolio, mitigate interest rate risk, and meet pledging requirements. In doing so, BancPlus balances the market and credit risks against the potential investment return, makes most investments compatible with the pledge requirements of any deposits of public funds, and maintains compliance with regulatory investment requirements. BancPlus’ investment policy allows portfolio holdings to include short-term securities purchased to provide needed liquidity and longer term securities purchased to generate stable income over periods of interest rate fluctuations.

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Loan Portfolio

The following tables detail composition and percentage composition of BancPlus’ loan portfolio, by category, as of the dates indicated:

	As of March 31, 2023				As of December 31, 2022
(Dollars in thousands)	Amount		Percent		Amount		Percent
Secured by real estate:
Residential properties	$	1,429,332	24.01	%	$	1,403,974	24.11	%
Construction and land development	809,390		13.60	%	772,357		13.26	%
Farmland	288,970		4.86	%	283,832		4.87	%
Other commercial	2,525,887		42.43	%	2,467,216		42.36	%
Total real estate	5,053,579		84.90	%	4,927,379		84.60	%
Commercial and industrial	718,740		12.08	%	706,466		12.13	%
Agricultural production and other loans to farmers	75,509		1.27	%	80,770		1.39	%
Consumer and other	104,039		1.75	%	109,534		1.88	%
Total loans, gross	5,951,867		100.00	%	5,824,149		100.00	%
Allowance for credit losses	(64,403)				(42,875)
Total loans, net	$	5,887,464			$	5,781,274

Our loan portfolio was comprised of 74.2% commercial loans and 25.8% consumer loans as of March 31, 2023, compared to 76.4% commercial loans and 23.6% consumer loans as of December 31, 2022. Commercial loans consist of our construction and land development, farmland, other commercial, commercial and industrial, agricultural production and other loans to farmers categories and our consumer loans consist of our residential property and consumer and other categories.

As a general practice, BancPlus originates substantially all of its loans, but BancPlus occasionally participates in syndications and other loan participations. At March 31, 2023, BancPlus’ loan portfolio included $491.9 million of loan participations purchased, or 8.27% of total loans, which included $295.5 million of shared national credits. At December 31, 2022, BancPlus’ loan portfolio included $471.3 million of loan participations purchased, or 8.09% of total loans, which included $274.4 million of shared national credits.

The following tables detail the contractual maturities and sensitivity to interest rate changes for BancPlus’ loan portfolio as of the dates indicated:

	As of March 31, 2023
(Dollars in thousands)	Due in One Year or Less		More Than One Year to Five		More Than Five Years to Fifteen		After Fifteen Years		Total
Secured by real estate:
Residential properties	$	140,540	$	410,742	$	508,759	$	369,291	$	1,429,332
Construction and land development	261,134		408,703		124,540		15,013		809,390
Farmland	41,867		114,118		101,146		31,839		288,970
Other commercial	251,327		1,564,714		493,558		216,288		2,525,887
Total real estate	694,868		2,498,277		1,228,003		632,431		5,053,579
Commercial and industrial	128,290		494,835		95,615		—		718,740
Agricultural production and other loans to farmers	18,092		55,839		1,578		—		75,509
Consumer and other loans	29,363		67,404		7,258		14		104,039
Total loans	$	870,613	$	3,116,355	$	1,332,454	$	632,445	$	5,951,867

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	As of December 31, 2022
(Dollars in thousands)	Due in One Year or Less		More Than One Year to Five		More Than Five Years to Fifteen		After Fifteen Years		Total
Secured by real estate:
Residential properties	$	149,146	$	401,119	$	497,926	$	355,783	$	1,403,974
Construction and land development	272,454		379,245		104,632		16,026		772,357
Farmland	46,925		114,854		96,937		25,116		283,832
Other commercial	254,430		1,504,253		487,890		220,643		2,467,216
Total real estate	722,955		2,399,471		1,187,385		617,568		4,927,379
Commercial and industrial	151,895		451,261		103,310		—		706,466
Agricultural production and other loans to farmers	40,558		39,665		547		—		80,770
Consumer and other loans	39,667		64,715		5,138		14		109,534
Total loans	$	955,075	$	2,955,112	$	1,296,380	$	617,582	$	5,824,149

	As of March 31, 2023
(Dollars in thousands)	Fixed Interest Rates		Floating or Adjustable Rates		Total
Secured by real estate:
Residential properties	$	1,134,271	$	295,061	$	1,429,332
Construction and land development	440,404		368,986		809,390
Farmland	181,777		107,193		288,970
Other commercial	1,818,832		707,055		2,525,887
Total real estate	3,575,284		1,478,295		5,053,579
Commercial and industrial	323,891		394,849		718,740
Agricultural production and other loans to farmers	46,644		28,865		75,509
Consumer and other loans	69,221		34,818		104,039
Total loans	$	4,015,040	$	1,936,827	$	5,951,867

	As of December 31, 2022
(Dollars in thousands)	Fixed Interest Rates		Floating or Adjustable Rates		Total
Secured by real estate:
Residential properties	$	1,115,571	$	288,403	$	1,403,974
Construction and land development	413,291		359,066		772,357
Farmland	181,973		101,859		283,832
Other commercial	1,748,802		718,414		2,467,216
Total real estate	3,459,637		1,467,742		4,927,379
Commercial and industrial	316,909		389,557		706,466
Agricultural production and other loans to farmers	44,941		35,829		80,770
Consumer and other loans	78,411		31,123		109,534
Total loans	$	3,899,898	$	1,924,251	$	5,824,149

Additionally, BancPlus enters into various other transactions to meet the financing needs of its customers including commitments to extend credit and letters of credit. Commitments to extend credit beyond current funding are agreements to lend to a customer

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as long as there is no violation of any condition established in the contract. Such commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. At March 31, 2023, BancPlus had total off-balance sheet commitments of $1.458 billion. At March 31, 2023, BancPlus had an allowance for credit loss on off-balance sheet commitments of $12.5 million.

Asset Quality

Federal regulations and BancPlus’ internal policies require that BancPlus utilize an asset classification system as a means of managing and reporting problem and potential problem assets. BancPlus has incorporated an internal asset classification system, substantially consistent with federal banking regulations, as part of its credit monitoring system. Federal banking regulations set forth a classification scheme for problem and potential problem assets as “substandard,” “doubtful” or “loss” assets. An asset is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses present make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose BancPlus to sufficient risk to warrant classification in one of the categories mentioned above but possess weakness are required to be designated “watch” or “special mention.”

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The tables below set forth information on BancPlus’ asset classification as of the dates indicated. BancPlus had no assets classified as loss.

	As of March 31, 2023
(Dollars in thousands)	Risk Grades 1-6		Special Mention		Substandard		Doubtful		Total
Secured by real estate:
Residential properties	$	1,414,477	$	—	$	14,772	$	83	$	1,429,332
Construction and land development	806,583		346		2,461		—		809,390
Farmland	285,683		—		3,287		—		288,970
Other commercial	2,515,091		—		10,676		120		2,525,887
Total real estate	5,021,834		346		31,196		203		5,053,579
Commercial and industrial	705,926		—		12,749		65		718,740
Agricultural production and other loans to farmers	75,423		—		86		—		75,509
Consumer and other	102,686		—		1,353		—		104,039
Total	$	5,905,869	$	346	$	45,384	$	268	$	5,951,867

	As of December 31, 2022
(Dollars in thousands)	Risk Grades 1-6		Special Mention		Substandard		Doubtful		Total
Secured by real estate:
Residential properties	$	1,391,039	$	—	$	12,852	$	83	$	1,403,974
Construction and land development	768,699		303		3,355		—		772,357
Farmland	280,522		—		3,310		—		283,832
Other commercial	2,456,708		—		10,384		124		2,467,216
Total real estate	4,896,968		303		29,901		207		4,927,379
Commercial and industrial	693,963		—		12,503		—		706,466
Agricultural production and other loans to farmers	80,524		—		246		—		80,770
Consumer and other	108,279		—		1,255		—		109,534
Total	$	5,779,734	$	303	$	43,905	$	207	$	5,824,149

Nonperforming Assets

Nonperforming loans include loans accounted for on a nonaccrual basis and loans that are 90 days past due and still accruing. Nonperforming assets consist of nonperforming loans plus foreclosed assets (i.e. real estate acquired through foreclosure).

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The following table summarizes BancPlus’ nonperforming assets, by category, as of the dates indicated:

(Dollars in thousands)	March 31, 2023			December 31, 2022
Nonaccrual loans:
Real estate loans:
Residential properties	$	2,585		$	2,726
Construction and land development	—			24
Farmland	1,434			960
Other commercial	1,795			1,215
Total real estate	5,814			4,925
Commercial and industrial	201			192
Agricultural production and other loans to farmers	—			155
Consumer and other	—			—
Total nonaccrual loans	6,015			5,272
90+ days past due and accruing:
Real estate loans:
Residential properties	1,497			1,079
Construction and land development	—			1,578
Farmland	158			427
Other commercial	175			216
Total real estate	1,830			3,300
Commercial and industrial	204			545
Agricultural production and other loans to farmers	—			—
Consumer and other	946			697
Total 90+ days past due and accruing	2,980			4,542
Total nonperforming loans	8,995			9,814
Plus: foreclosed assets	3,958			4,231
Total nonperforming assets	$	12,953		$	14,045
Nonaccrual loans to total loans	0.10		%	0.09		%
Nonperforming loans to total loans	0.15		%	0.17		%
Nonperforming assets to total assets	0.18		%	0.20		%
Allowance for credit losses to nonaccrual loans	1070.71		%	813.26		%

Total nonperforming assets decreased by $1.1 million, or 7.8%, from $14.0 million at December 31, 2022 to $13.0 million at March 31, 2023, primarily the result of collections in the current year to date period on loans there were 90+ days past due at December 31, 2022. This decrease in nonperforming loans for the period ended March 31, 2023 resulted in corresponding decreases in the ratios for nonperforming loans to total loans and nonperforming assets to total assets, as well as the increase in the ratio of allowance for credit losses to nonaccrual loans.

The balance of nonperforming assets can fluctuate due to changes in economic conditions. BancPlus has established a policy to discontinue accruing interest on a loan (that is, place the loan on nonaccrual status) after it has become 90 days delinquent as to payment of principal or interest, unless the loan is considered to be well-collateralized and is actively in the process of collection. When a loan is placed on nonaccrual status, current year interest previously accrued but uncollected on such loans is reversed and charged against current income, and prior year interest, if any, is charged off against the allowance for credit losses. Generally, payments received on nonaccrual loans are applied directly to principal.

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Allowance for Credit Losses

The allowance for credit losses is a reserve established through charges to earnings in the form of a provision for credit losses. BancPlus maintains an allowance for credit losses at a level management considers adequate to provide for expected credit losses on loans over the life of the loan. The level of the allowance is based on management’s evaluation of estimated losses in the portfolio, after consideration of risk characteristics of the loans and prevailing economic conditions. Loan charge-offs (i.e. loans judged to be uncollectible) are charged against the reserve and any subsequent recovery is credited to the reserve. BancPlus made the policy election to exclude accrued interest receivable on loans from the estimate of credit losses. The Company calculates estimated credit loss on its portfolio primarily using quantitative methodologies using relevant available information from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The ACL is evaluated and calculated on a collective basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether the loans in a pool continue to exhibit similar risk characteristics as the other loans and whether it needs to evaluate the allowance on an individual basis. The Company has chosen to segment its portfolio consistent with the manner in which it manages the risk of the type of credit. The Company’s segments for loans include commercial real estate, commercial and industrial, residential and consumer.

Expected credit losses are estimated over the contractual term of each loan taking into consideration expected prepayments. The contractual term excludes expected extensions, renewals, and modifications. Also included in the allowance for loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative method or the economic assumptions described above. For example, factors that the Company considers include the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans and current business conditions.

These estimates are reviewed at least quarterly, and, as adjustments become necessary, they are recognized in the periods in which they become known. During the first quarter of 2023, the U.S. economy continued to experience volatility and there remains uncertainty surrounding future economic conditions as a result of supply chain disruptions, labor shortages, and the conflict in Ukraine. Although management strives to maintain an allowance it deems adequate, future economic changes, deterioration of borrowers’ creditworthiness, and the impact of examinations by regulatory agencies all could cause changes to BancPlus’ allowance for credit losses.

The allowance for credit losses was $64.4 million and $42.9 million, and the allowance for credit losses as a percentage of loans was 1.08% and 0.74%, at March 31, 2023 and December 31, 2022, respectively. Net charge-offs totaled $636,000 and $979,000 for the three months ended March 31, 2023 and 2022, respectively. The variance was primarily the result of current year charge-offs on consumer and other commercial categories.

The allowance for credit losses increased by $21.5 million, or 50.2%, to $64.4 million at March 31, 2023, from $42.9 million at December 31, 2022, primarily due to the adoption of ASU 2016-13.

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The following is a summary of the activity in the allowance for credit loss reserve as of and for the year-to-date periods indicated:

(Dollars in thousands)	March 31, 2023			March 31, 2022
Balance, beginning of period	$	42,875		$	45,000
Impact of adopting ASU 2016-13	20,744			—
Charge-offs:
Residential properties	173			250
Construction and land development	7			—
Farmland	8			120
Other commercial	56			317
Total real estate	244			687
Commercial and industrial	288			58
Agricultural production and other loans to farmers	13			981
Consumer and other	943			261
Total charge-offs	1,488			1,987
Recoveries:
Residential properties	58			54
Construction and land development	3			70
Farmland	5			5
Other commercial	107			66
Total real estate	173			195
Commercial and industrial	88			22
Agricultural production and other loans to farmers	3			744
Consumer and other	588			47
Total recoveries	852			1,008
Net charge-offs (recoveries)	636			979
Provision for credit losses	1,420			217
Balance, end of period	$	64,403		$	44,238
Total loans, end of period (including loans held for sale)	$	5,960,224		$	4,752,150
Average loans	5,881,779			4,029,014
Net charge-offs (annualized) to average loans	0.04		%	0.10		%
Allowance for credit losses to total loans	1.08		%	0.93		%

The table below reflects net charge-offs to average loans outstanding, by category, during the periods presented.

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	Three Months Ended March 31,
	2023						2022
(Dollars in thousands)	Net Charge-offs		Average Loans		Net Charge-offs to Average Loans (Annualized)		Net Charge-offs		Average Loans		Net Charge-offs to Average Loans (Annualized)
Residential properties	$	115	$	1,407,039	0.03	%	$	196	$	897,909	0.09	%
Construction and land development	4		812,238		—	%	(70)		614,770		(0.05)	%
Farmland	3		283,020		—	%	115		216,353		0.21	%
Other commercial	(51)		2,492,168		(0.01)	%	251		1,592,295		0.06	%
Commercial and industrial	200		714,810		0.11	%	36		550,125		0.03	%
Agricultural production and other loans to farmers	10		65,515		0.06	%	237		64,658		1.47	%
Consumer and other	355		103,221		1.38	%	214		83,964		1.02	%
Loans held for sale	—		3,768		—	%	—		8,940		—	%
Total	$	636	$	5,881,779	0.04	%	$	979	$	4,029,014	0.10	%

The following tables present a summary of the allocation of the allowance for credit losses by loan portfolio category, and the percentage of loans in each category, for the periods indicated:

	March 31, 2023				December 31, 2022
(Dollars in thousands)	Amount		Percent		Amount		Percent
Residential properties	$	16,420	25.5	%	$	9,958	23.2	%
Construction and land development	19,044		29.6	%	6,519		15.2	%
Farmland	1,380		2.1	%	1,963		4.6	%
Other commercial	20,070		31.2	%	18,219		42.5	%
Total real estate	56,914		88.4	%	36,659		85.5	%
Commercial and industrial	6,404		9.9	%	4,750		11.1	%
Agricultural production and other loans to farmers	452		0.7	%	641		1.5	%
Consumer and other	633		1.0	%	825		1.9	%
Total allowance for credit losses	$	64,403	100.0	%	$	42,875	100.0	%

Goodwill and Other Intangible Assets

Goodwill was $62.8 million as of both March 31, 2023 and December 31, 2022. Goodwill represents the excess of the consideration paid over the fair value of the net assets acquired by the Company in prior acquisitions. Goodwill is not amortized but is subject to, at a minimum, an annual test for impairment. Other intangible assets consisted of acquired customer relationships from a 2014 acquisition and core deposit intangibles from the SCC Merger and the FTC Merger. Total other intangible assets at March 31, 2023 and December 31, 2022 were $11.1 million and $11.5 million, respectively. Other intangible assets are amortized over their estimated useful life.

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Deposits

The following table details composition and percentage composition of BancPlus’ deposit portfolio, by category, for the year to date periods indicated:

	March 31, 2023						December 31, 2022
(Dollars in thousands)	Average Balance		Average Rate		Percent		Average Balance		Average Rate		Percent
Non-interest bearing	$	1,585,862	0.00	%	26.82	%	$	1,740,283	0.00	%	31.61	%
Interest bearing:
Transaction accounts	1,656,880		0.78	%	28.02	%	1,574,512		0.35	%	28.60	%
Money market and other savings accounts	1,860,403		2.27	%	31.46	%	1,408,355		0.42	%	25.58	%
Certificates of deposit	810,804		1.66	%	13.71	%	783,047		0.45	%	14.22	%
Total deposits	$	5,913,949	1.16	%	100.00	%	$	5,506,197	0.27	%	100.00	%

BancPlus relies on increasing its deposit base to fund loans and other asset growth. BancPlus competes for local deposits by offering a variety of products at competitive rates. The increase in total average deposits of $407.8 million, or 7.4%, to $5.91 billion at March 31, 2023 from $5.51 billion as of December 31, 2022 primarily resulted from increases in money market and other savings accounts driven by the higher interest rate market. At March 31, 2023 and December 31, 2022, BancPlus held non-time deposits in excess of FDIC insurance limits estimated at $1.50 billion and $1.53 billion, respectively.

The following table shows the maturity of certificates of deposit as of March 31, 2023:

(Dollars in thousands)	$250,000 or Greater		Less than $250,000		Total		Uninsured Portion
3 months or less	$	14,942	$	80,618	$	95,560	$	4,849
Over 3 months through 6 months	24,054		65,916		89,970		9,980
Over 6 months through 12 months	88,186		245,221		333,407		26,567
Over 12 months	101,874		221,269		323,143		44,387
Total certificates of deposit	$	229,056	$	613,024	$	842,080	$	85,783

Borrowed Funds

Short-term Borrowings. In addition to deposits, BancPlus uses short-term borrowings, which consist of federal funds purchased and securities sold under agreements to repurchase, to meet the daily liquidity needs of its customers and fund its loan growth. Federal funds purchased represent primarily overnight borrowings through relationships with correspondent banks. Securities sold under agreements to repurchase are considered overnight borrowings and are secured by U.S. Government agency securities. At March 31, 2023 and December 31, 2022, BancPlus had no short-term borrowings. The following is a summary of our short-term borrowings during the periods presented.

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(Dollars in thousands)	Balances Outstanding						Weighted Average Rate
March 31, 2023	Maximum Month End		Average Daily		At Period End		During Period		At Period End
Federal funds purchased	$	—	$	6,406	$	—	4.93	%	—	%
Securities sold under agreements to repurchase	—		—		—		—	%	—	%
	$	—	$	—	$	—
December 31, 2022
Federal funds purchased	$	20,003	$	1,136	$	—	4.39	%	—	%
Securities sold under agreements to repurchase	—		—		—		—	%	—	%
	$	20,003	$	1,136	$	—

Advances from Federal Home Loan Bank (“FHLB”) and Other Borrowings. BankPlus is a member of the FHLB, and as a result, is eligible for advances from the FHLB pursuant to the terms of various borrowing agreements, which assist BancPlus in the funding of its loan and investment portfolios. BancPlus’ FHLB advances are collateralized by a blanket lien on first mortgage and other qualifying loans. At March 31, 2023 and December 31, 2022, BancPlus had $310.1 million and $318.1 million in FHLB borrowings, at a weighted average interest rate of 5.01% and 4.52%, respectively.

On February 25, 2022, the Company entered into a $20.0 million revolving line of credit with a correspondent bank. The line of credit is collateralized by 9,000 shares of BankPlus common stock. The line of credit bears interest at a floating rate of Wall Street Journal Prime with 3.25% interest rate floor. Interest only payments are due on a quarterly basis with the principal due at maturity on February 25, 2024. Unused fees on the revolving line of credit are paid quarterly at 0.25%. For the year ended December 31, 2022, the Company paid unused fees of $24,000. The balance outstanding on this revolving line of credit was zero at March 31, 2023 and December 31, 2022.

Required principal payments on FHLB advances and other borrowings were as follows:

(Dollars in thousands)	March 31, 2023		December 31, 2022
2023	$	310,009	$	318,025
2024	13		13
2025	13		13
2026	14		14
2027	14		14
Thereafter	5		5
Total	$	310,068	$	318,084

Subordinated Debentures. On June 4, 2020, the Company entered into a Subordinated Note Purchase Agreement with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $60.0 million in aggregate principal amount of its 6.000% Fixed-to-Floating Rate Subordinated Notes due June 15, 2030 (the “Notes”). The Company incurred issuance costs of $1.4 million in conjunction with the issuance of the Notes. These issuance costs are netted with the balance of the Notes on the Company’s consolidated balance sheet and will be amortized over the life of the Notes. The Notes initially bear interest at a rate of 6.000% per annum from and including June 4, 2020, to but excluding June 15, 2025 or early redemption date, with interest during this period payable semiannually in arrears. From and including June 15, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to the Three-Month Term Secured Overnight Financing Rate (“SOFR”) plus 586 basis points, with interest during this period payable quarterly in arrears. The notes qualify as Tier 2 capital for regulatory capital purposes. The Company used the proceeds from the Notes for general corporate purposes, including improving the Company’s liquidity and capital position.

The Notes are not redeemable by the Company, in whole or in part, prior to the fifth anniversary of the original date of issue, except that the Notes may be redeemed at any time in whole but not in part in the event of a Tier 2 Capital Event, a Tax Event, or an Investment Company Event, each as defined and described in the Notes. On or after the fifth anniversary of the original date of

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issue, the Notes are redeemable on any interest payment date at the option of the Company, in whole or in part in integral multiples of $1,000, at an amount equal to 100% of the outstanding principal amount redeemed plus accrued but unpaid interest thereon. Any partial redemption will be made on a pro rata basis as to the holders of the Notes. Any redemption of the Notes is subject to any applicable regulatory requirements and approvals.

Effective March 1, 2022, in conjunction with the FTC Merger, the Company assumed FTC’s obligations under its Subordinated Note Purchase Agreement, dated as of December 23, 2020, and the several purchasers of the $21.0 million aggregate principal amount of 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 issued thereunder (the “FTC Subordinated Notes”). The FTC Subordinated Notes will mature on December 30, 2030 and bear interest at an initial fixed rate of 5.50% per annum, payable semi-annually in arrears. From and including December 30, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to a Three-Month Term SOFR plus 527 basis points, payable quarterly in arrears. BancPlus will be entitled to redeem the FTC Subordinated Notes, in whole or in part, on any interest payment date on or after December 30, 2025, and to redeem the FTC Subordinated Notes in whole upon certain other events. The FTC Subordinated Notes are not subject to redemption at the option of the holder. The FTC Subordinated Notes are unsecured, subordinated obligations of BancPlus only and are not obligations of, and are not guaranteed by, any subsidiary of BancPlus. The FTC Subordinated Notes rank junior in right to payment to BancPlus’ current and future senior indebtedness. The Subordinated Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes. The FTC Subordinated Notes vary from the amount carried on the consolidated balance sheet at March 31, 2023 due to the remaining purchase premium of $536,000, which was established upon closing of the FTC Merger and is being amortized over the remaining life of the debentures.

BancPlus also owns the outstanding common stock of business trusts that have issued preferred capital securities to third parties. The preferred capital securities have qualified as Tier 1 capital, subject to regulatory rules and limits. These trusts used the proceeds from the issuance of the common stock and preferred capital securities to purchase subordinated debentures that BancPlus issued. The subordinated debentures are these trusts’ only assets, and quarterly interest payments on these subordinated debentures are the sole source of cash for these trusts to pay quarterly distributions on the common stock and preferred capital securities. BancPlus has fully and unconditionally guaranteed the trusts’ obligations on preferred capital securities.

The following table is a summary of debentures payable to statutory trusts:

(Dollars in thousands)	Year of Maturity	Interest Rate	March 31, 2023		December 31, 2022
First Bancshares of Baton Rouge Statutory Trust I	2034	3 month LIBOR, plus 2.50%	$	4,124	$	4,124
State Capital Statutory Trust IV	2035	3 month LIBOR, plus 1.99%	5,155		5,155
BancPlus Statutory Trust II	2036	3 month LIBOR, plus 1.50%	20,619		20,619
BancPlus Statutory Trust III	2037	3 month LIBOR, plus 1.35%	20,619		20,619
State Capital Master Trust	2037	3 month LIBOR, plus 1.46%	6,186		6,186
			$	56,703	$	56,703

The subordinated debentures payable to statutory trusts vary from the amount carried on the consolidated balance sheet at March 31, 2023 due to the remaining purchase discount of $3.7 million, which was established upon the SCC Merger and is being amortized over the remaining life of the debentures. At March 31, 2023 and December 31, 2022, the remaining unamortized purchase discount was $3.7 million and $3.7 million, respectively.

Interest rates adjust quarterly for the subordinated debentures with rates that are indexed with LIBOR. On March 15, 2022 the Adjustable Interest Rate (LIBOR) Act was signed into law as part of the Consolidated Appropriations Act, 2022. The Adjustable Interest Rate (LIBOR) Act establishes a nationwide process for replacing LIBOR in financial contracts that mature after the cessation of the overnight, one-, three-, six- and 12-month U.S. dollar LIBOR tenors on June 30, 2023 and that do not provide for an effective means to replace LIBOR upon its cessation. For contracts in which a party has the discretion to identify a replacement rate, the Act also provides a safe harbor to parties if they choose the SOFR-based benchmark replacement rate identified by the Board of Governors of the Federal Reserve System. In January 2023, the Company was notified that the interest rate on the subordinated debentures would be replaced with SOFR.

BancPlus believes that it will be able to meet its principal and interest payment obligations as they come due through maintenance of adequate cash levels or subsequent borrowings. BancPlus expects to maintain adequate cash levels through profitability, loan and securities repayment and maturity activity and continued deposit gathering activities. BancPlus has in place various borrowing mechanisms for both short-term and long-term liquidity needs.

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Shareholders’ Equity

Shareholders’ equity is influenced primarily by earnings, quarterly dividend payments, changes in common stock outstanding, and changes in accumulated other comprehensive income (loss) caused primarily by fluctuations in unrealized holding gains or losses, net of taxes, on available for sale investment securities.

Shareholders’ equity decreased $6.8 million, or 1.0%, to $691.3 million at March 31, 2023 from $698.1 million at December 31, 2022, primarily due to the cumulative change in accounting principle related to the adoption of ASU 2016-13 of $25.0 million and dividends paid of $5.2 million, partially offset by net income of $17.1 million and other comprehensive income of $5.3 million.

Liquidity and Capital Resources

Bank Liquidity Management

Liquidity is BancPlus’ capacity to meet its cash and collateral obligations at a reasonable cost, having cash when BancPlus needs it and having the appropriate amount of cash and other assets that are quickly convertible into cash without incurring significant loss. BancPlus is expected to maintain adequate liquidity at BankPlus to meet the cash flow requirements of its customers who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs. Maintaining an adequate level of liquidity depends on BancPlus’ ability to efficiently meet both expected and unexpected cash flows and collateral needs without adversely affecting either BancPlus’ daily operations or its financial condition. BancPlus’ Asset Liability Management Committee (“ALCO”), which is comprised of members of senior management, is responsible for managing commitments to meet the needs of customers while achieving its financial objectives. ALCO meets regularly to review balance sheet composition, funding capacities, and current and forecasted loan demand, and BancPlus’ Treasury Management department continuously monitors its liquidity position to ensure that assets and liabilities are managed in a manner that will meet all of its short-term and long-term cash requirements.

BancPlus manages its liquidity by maintaining adequate levels of cash and other assets from on and off-balance sheet arrangements. Specifically, on-balance sheet liquidity consists of cash and due from banks and unpledged investment securities, which BancPlus considers its primary liquidity. Furthermore, a significant portion of these unencumbered liquid assets are comprised of U.S. government agency obligations, mortgage backed securities and other agency securities, which the regulatory bodies consider the most marketable and liquid, especially in a stress scenario. In regard to off-balance sheet capacity, BancPlus maintains available borrowing capacity under secured borrowing lines with the FHLB and the Federal Reserve Bank of St. Louis, as well as unsecured lines of credit for the purpose of overnight funds with various correspondent banks, which BancPlus consider its secondary liquidity. BancPlus also monitors its liquidity requirements in light of interest rate trends, changes in the economy and the scheduled maturity and interest rate sensitivity of the investment and loan portfolios, FHLB borrowings and deposits. As part of its liquidity management strategy, BancPlus is also focused on minimizing its costs of liquidity and attempting to decrease these costs by growing its noninterest-bearing and other low-cost deposits and replacing higher cost borrowed funds.

The following tables provide a summary of BancPlus’ primary and secondary liquidity levels.

(Dollars in thousands) Primary Liquidity – On-Balance Sheet	March 31, 2023			December 31, 2022
Cash and cash equivalents	$	121,220		$	137,895
Total securities	720,843			686,194
Less: pledged securities	(608,506)			(487,372)
Total primary liquidity	$	233,557		$	336,717
Ratio of primary liquidity to total deposits	3.9		%	5.8		%

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Secondary Liquidity – Off-Balance Sheet Borrowing Capacity	March 31, 2023			December 31, 2022
Net secured borrowing capacity with the FHLB	$	2,064,771		$	1,880,392
Net secured borrowing capacity with the Federal Reserve Bank	593,031			573,588
Unsecured borrowing capacity with correspondent lenders	243,000			243,000
Available capacity on revolving line of credit	20,000			20,000
Total secondary liquidity	$	2,920,802		$	2,716,980
Ratio of primary and secondary liquidity to total deposits	52.9		%	52.4		%

During the three months ended March 31, 2023, BancPlus’ primary liquidity decreased by $103.2 million to $233.6 million, compared to $336.7 million at December 31, 2022, primarily due to an increase in pledged securities. Secondary liquidity increased by $203.8 million to $2.92 billion as of March 31, 2023 from $2.72 billion as of December 31, 2022. This increase was primarily due to an increase in BancPlus’ FHLB borrowing capacity.

In addition to its primary liquidity, BancPlus generates liquidity from cash flows from its loan and securities portfolios and from its large base of core customer deposits, defined as total deposits less brokered deposits and time deposits greater than $250,000. Core deposits totaled $5.76 billion and $5.66 billion and represented 96.6% of total deposits as of both March 31, 2023 and December 31, 2022. These core deposits are normally less volatile, often with customer relationships tied to other products, which promote long-standing relationships and stable funding sources. Although BancPlus’ policy allows the use of brokered deposits, BankPlus did not utilize this funding source during the 2023 and 2022 year to date periods.

BancPlus’ liquidity policy includes both policy limits and policy guidelines for measuring and monitoring liquidity. BancPlus’ policy measures include an Internal Liquidity Ratio, an Internal Liquidity Ratio adjusted for FHLB, an Internal Dependency Ratio adjusted for FHLB and a Maximum Available Funds to Total Assets Ratio. These ratios are calculated monthly. BancPlus also utilizes eleven liquidity guidelines that are reported quarterly. As of March 31, 2023 and December 31, 2022, BancPlus was in compliance with all of its established liquidity guidelines.

Holding Company Liquidity Management

BancPlus is a corporation separate and apart from BankPlus and, therefore, it must provide for its own liquidity. BancPlus’ main source of funding is dividends declared and paid to it by BankPlus. Statutory and regulatory limitations exist that affect the ability of BankPlus to pay dividends to the holding company. BancPlus believes that these limitations will not impact the ability of the holding company to meet its ongoing short-term cash obligations.

Due to state banking laws, BankPlus may not pay dividends without the prior approval of the MDBCF. BankPlus received permission from the MDBCF to pay dividends of $7.2 million and $6.3 million for the year-to-date periods ended March 31, 2023 and March 31, 2022, respectively to BancPlus. These dividends were used by the holding company to pay dividends to the BancPlus shareholders, principal and interest payments on debt and general operating expenses.

Capital Management and Regulatory Capital Requirements

BancPlus is subject to various capital requirements administered by federal banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory and possibly additional discretionary actions by federal banking regulators that, if undertaken, could have a direct material effect on BancPlus’ business operations.

In 2019, the federal bank regulatory agencies finalized a rule that simplifies capital requirements for qualifying community banks by providing an option to use a simple leverage ratio to measure capital adequacy and to not calculate risk-based capital ratios. A qualifying community bank has less than $10 billion in total consolidated assets, limited amounts of off-balance-sheet exposures and trading assets and liabilities, and a leverage ratio greater than 9.0%. The community bank leverage ratio (“CBLR”) framework was effective on January 1, 2020, and the Company and the Bank elected to adopt the optional CBLR framework in the third quarter of 2022, as an alternative to the generally applicable capital rules.

Further, under prompt corrective action regulations, an insured depository institution is classified in one of several tiers based on its level of capital and other factors, and may be subject to an escalating series of remedial measures if it is less than “well capitalized.” An institution is deemed “well capitalized” if it satisfies certain capital ratios and is not subject to any written agreement, order, capital directive, or prompt corrective action directive to meet and maintain a specific capital level for any

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capital measure. As of March 31, 2023, the Bank maintained a leverage ratio of more than 9.0% and, as an institution has elected to adopt the CBLR framework, the Bank was therefore well capitalized under the regulatory framework for prompt corrective action.

As of March 31, 2023 and December 31, 2022, BancPlus and BankPlus met the minimum CBLR requirement and therefore satisfied the capital adequacy requirements to which they are subject. As a bank holding company, BancPlus is not subject to the prompt corrective action regime that applies to insured depository institutions, including BankPlus.

BancPlus’ consolidated and BankPlus’ actual capital amounts and ratios are shown in the following tables as of the dates indicated (dollars in thousands):

	Actual				Minimum Requirement to be Well Capitalized
As of March 31, 2023:	Capital Amount		Ratio		Capital Amount		Ratio
Consolidated:
Community Bank Leverage Ratio	$	727,972	10.27	%	$	637,810	9.00	%
Bank:
Community Bank Leverage Ratio	$	672,902	9.50	%	$	637,283	9.00	%

	Actual				Minimum Requirement to be Well Capitalized
As of December 31, 2022:	Capital Amount		Ratio		Capital Amount		Ratio
Consolidated:
Community Bank Leverage Ratio	$	721,001	10.54	%	$	615,566	9.00	%
Bank:
Community Bank Leverage Ratio	$	636,007	9.31	%	$	614,973	9.00	%

Contractual Obligations

Contractual obligations as of March 31, 2023 totaled $1.33 billion and were primarily comprised of deposits with maturities of $842.1 million, subordinated debentures of $133.5 million and operating lease obligations of $47.9 million. Contractual obligations due within the next twelve months were $833.1 million and were primarily related to time deposits with maturity dates and short-term FHLB advances due in 2022. Contractual obligations due in more than 12 months were $500.5 million and were comprised of $323.1 million of time deposits with maturity dates and $133.5 million of subordinated debentures with maturities ranging from 2030 through 2037. BancPlus expects to have adequate liquidity to meet these short and long-term obligations through profitability, repayments from loans and investment securities, deposit gathering activity and access to borrowing sources.

Recent Accounting Pronouncements

See Note 1 Basis of Presentation in our Condensed Notes to Consolidated Financial Statements elsewhere in this Quarterly Report on Form 10-Q for details of recently issued accounting pronouncements and their expected impact on our consolidated financial statements.

Critical Accounting Policies and Estimates

There have been no material changes to the critical accounting policies and estimates previously disclosed under Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, previously filed with the SEC.

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Item 3. Qualitative and Quantitative Disclosures about Market Risk

Interest Rate Risk

As a financial institution, BancPlus’ primary market risk is interest rate risk, which is defined as the risk of economic loss due to changes in interest rates. These economic losses can be reflected as a loss of future net interest income and/or loss of current fair market value. BancPlus continually seeks to measure and manage the potential impact of interest rate risk. Interest rate risk occurs when interest earning assets and interest-bearing liabilities mature or re-price at different times, on a different basis or in unequal amounts. Interest rate risk also arises when BancPlus’ assets and liabilities each respond differently to changes in interest rates.

BancPlus’ management of interest rate risk is overseen by the ALCO. BancPlus’ risk management infrastructure approved by the BancPlus board of directors outlines reporting and measurement requirements. In particular, this infrastructure establishes limits and management targets for various metrics, including net interest income at risk and economic value of equity at risk, given instantaneous parallel shifts in interest rates. BancPlus’ risk management infrastructure also requires a periodic review of all key assumptions used, such as appropriate interest rate scenarios, loan prepayment rates, and transaction deposit durations.

BancPlus currently does not utilize derivative products to manage interest rate risk, although its policy does allow the use of derivatives within established parameters. BancPlus manages the interest rate risk associated with its interest bearing liabilities by managing the interest rates and terms associated with its borrowings and customer deposits on which BancPlus relies for funding. For instance, BancPlus occasionally uses special offers on deposits to attract additional balances and manage terms associated with its interest-bearing liabilities. BancPlus manages the interest rate risk associated with its earning assets by managing the interest rates and terms associated with its loan portfolio and investment securities portfolio.

Net Interest Income Simulation and Economic Value Analysis

On a quarterly basis, BancPlus uses a model to simulate and measure potential changes in its net interest income and economic value of equity (“EVE”) given instantaneous parallel shifts in interest rates. BancPlus’ net interest income at risk simulation measures shorter term risk over 12 and 24 month time frames. EVE measures the period end market value of assets minus the market value of liabilities and the change in this value given the changes in interest rates. EVE is a point-in-time measurement that helps quantify longer term interest rate risk. The model has inherent limitations since the results are based on a given set of rate changes and assumptions as of a certain point in time. For purpose of the simulation, BancPlus assumes no balance sheet growth. Therefore, the model’s results reflect an interest rate shock to a static balance sheet.

Potential changes to BancPlus’ net interest income and EVE in hypothetical rising and declining interest rate scenarios calculated as of March 31, 2023 and December 31, 2022 are presented in the table below (dollars in thousands). The projections for March 31, 2023 and December 31, 2022 assume immediate, parallel shifts down from the yield curves of 100, 200, and 300 basis points and immediate, parallel shifts up of 100, 200, and 300 basis points.

	As of March 31, 2023								As of December 31, 2022
(Dollars in thousands)	Change in Net Interest Income				Change in Economic Value of Equity				Change in Net Interest Income				Change in Economic Value of Equity
Parallel Rate Shift (basis points)	$		%		$		%		$		%		$		%
300	$	1,840	0.8	%	$	(55,074)	(8.1)	%	$	(907)	(0.4)	%	$	(28,909)	(2.7)	%
200	$	(5,836)	(2.5)	%	$	(35,481)	(5.2)	%	$	(3,041)	(1.2)	%	$	(19,101)	(1.8)	%
100	$	(3,808)	(1.6)	%	$	(16,431)	(2.4)	%	$	(2,090)	(0.8)	%	$	(9,706)	(0.9)	%
Unchanged	$	—	—	%	$	—	—	%	$	—	—	%	$	—	—	%
-100	$	3,382	1.5	%	$	12,583	1.9	%	$	430	0.2	%	$	13,299	1.2	%
-200	$	5,547	2.4	%	$	17,657	2.6	%	$	(394)	(0.2)	%	$	17,758	1.7	%
-300	$	6,561	2.8	%	$	11,544	1.7	%	$	(9,414)	(3.7)	%	$	6,027	0.6	%

The table above indicates that in the event of an immediate and sustained 300 basis point increase in interest rates, BancPlus would have experienced a 0.8% increase in net interest income and a 8.1% decrease in EVE as of March 31, 2023. At December 31, 2022, in the event of an immediate and sustained 300 basis point increase in interest, BancPlus would have experienced a 0.4% decrease in net interest income and a 2.7% decrease in EVE. In the event of an immediate 100 basis point

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decrease in interest rates, BancPlus would have experienced an increase of 1.5% in net interest income and a 1.9% increase in EVE as of March 31, 2023, and a 0.2% increase in net interest income and a 1.2% increase in EVE as of December 31, 2022.

The results of this simulation analysis are hypothetical, and a variety of factors might cause actual results to differ substantially from what is depicted. The timing and magnitude of interest rate changes will most likely differ substantially from what is depicted. The shape or steepness of the yield curve typically changes with each change in the Fed Funds target range. Increasing rates could reduce net interest income if BancPlus is required to increase deposit rates faster than planned to maintain volumes or its mix of assets and funding changes. Results could also change depending on faster or slower prepays in loans or early withdrawals in deposits than those assumed in the model. Finally, the results do not incorporate growth in the balance sheet or strategic changes made in response to changes in rates.

Because of the flaws in the nature of the static balance sheet rate shocks, ALCO also periodically runs model simulations that incorporate many of the factors mentioned above. These alternate scenarios change given the current economic environment, but may include the following: (1) expected balance sheet growth, (2) changes in rates timed with Federal Open Market Committee meetings, (3) increased early withdrawals of time deposits, (4) shifts in funding out of deposits and into wholesale borrowings, and (5) decreased growth of loans and deposits. Using a variety of scenarios in addition to BancPlus’ standard shocked scenarios enables ALCO to form a more accurate analysis of BancPlus’ overall interest rate sensitivity.

Impact of Inflation and Changing Prices

BancPlus’ consolidated financial statements and related notes have been prepared in accordance with GAAP, which require the measurement of financial position and operating results in terms of historical dollars, without considering the changes in the relative purchasing power of money over time due to inflation. The impact of inflation is reflected in the increased cost of operations. Unlike most industrial companies, nearly all of BancPlus’ assets and liabilities are monetary in nature. As a result, interest rates have a greater impact on BancPlus’ performance than do the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the price of goods or services.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out by our management, with the participation of BancPlus’ Principal Executive Officer and Principal Financial Officer, of the effectiveness of BancPlus’ disclosure controls and procedures, as defined in Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on that evaluation, the Principal Executive Officer and the Principal Financial Officer concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q, BancPlus’ disclosure controls and procedures were effective to ensure that information required to be disclosed by BancPlus in the reports required to be filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

Effective January 1, 2023, BancPlus adopted FASB ASU 2016-13. BancPlus implemented changes to its policies, processes and controls over the estimation of the allowance for credit losses to support the adoption of FASB ASU 2016-13. Management revised previous internal controls used under legacy GAAP and incorporated new internal controls to ensure adequacy of the reserve levels under the new allowance for credit losses methodology. Changes to internal controls as a result of adopting FASB ASU 2016-13 were a result of changes in the calculation under the new allowance for credit losses methodology and did not change the overall nature of the controls.

There has been no change in BancPlus’ internal control over financial reporting identified in connection with the evaluation required by 15d-15(d) under the Exchange Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, BancPlus’ internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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For information about our legal proceedings refer to Footnote 13 to our Condensed Notes to Consolidated Financial Statements for the quarter ended March 31, 2023 contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.

In addition to the above, the Company, including its subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We do not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on our consolidated financial position or liquidity.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, previously filed with the SEC, except for the addition of the following risk factor:

A failure or the perceived risk of a failure to raise the statutory debt limit of the United States could have an adverse effect on our business, financial condition and results of operations.

The inability of U.S. lawmakers to pass legislation to raise the U.S. government’s debt limit of $31.4 trillion has increased the possibility of a default by the U.S. government on its debt obligations, which could have an adverse impact on financial markets, interest rates and economic conditions in the United States and worldwide. The U.S. government reached its debt limit of $31.4 trillion in January 2023. Since then, the U.S. Department of Treasury has implemented extraordinary measures to prevent default.

It is unclear if Congress and the President will reach an agreement to increase the U.S. government’s debt limit in a timely manner. The political stalemate over legislation to fund U.S. government operations and raise the U.S. government’s debt limit may increase the possibility of a default by the U.S. government on its debt obligations and related credit-rating downgrades. This creates uncertainty in the U.S. financial markets and domestic political conditions which could have an adverse impact on our business, financial condition and results of operations. If the United States is unable to increase the U.S. government’s debt limit in a timely manner, the U.S. government could shut down for a period of time and the United States could default or delay on payment of its obligations or both, which could have an adverse impact on financial markets and economic conditions in the United States and worldwide and an adverse effect on our business, financial condition and results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

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Item 6. Exhibits

2.1*	Agreement and Plan of Share Exchange and Merger, dated September 28, 2021, as amended February 9, 2022, by and among BancPlus Corporation, BankPlus, First Trust Corporation and First Bank and Trust (incorporated by reference to Annex A of the Company’s Registration Statement on Form S-4 (File No. 333-261311), as amended, filed on February 11, 2022)
3.1	Articles of Incorporation of BancPlus Corporation
3.2	By-laws of BancPlus Corporation (incorporated by reference to Exhibit 3.2 of the Annual Report on Form 10-K of the Registrant, filed on March 9, 2023)
4.1	Specimen Certificate for BancPlus Corporation Common Stock (incorporated by reference to Exhibit 4.1 of the Registration Statement on Form S-4 as amended (File No. 333-236022), of the Registrant, filed on January 31, 2020)
4.2	Form of 6.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (incorporated by reference to Exhibit A of Exhibit 4.1 of the Current Report on Form 8-K of the Registrant filed on June 5, 2020)
4.3	Form of 5.50% Fixed-to-Floating Rate Subordinated Note due 2030 (incorporated by reference to Exhibit A of Exhibit 10.3 of the Current Report on Form 8-K of the Registrant filed on March 1, 2022)
4.4	Registration Rights Agreement, dated February 28, 2022, by and among BancPlus Corporation and Joseph C. Canizaro, and Joseph C. Canizaro, as trustee of The Corte Trust (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K of the Registrant filed on March 1, 2022)
4.5	Certificate of Designations of Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K of the Registrant filed on June 23, 2022)
4.6	Form of Certificate for Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP (incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K of the Registrant filed on June 23, 2022)
31.1+	Certification by Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
31.2+	Certification by Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
32.1++	Certification by Principal Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2++	Certification by Principal Financial Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101+	Inline XBRL Interactive Data
104+	Cover Page Interactive Data File (embedded within the Inline XBRL document in Exhibit 101)

* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule will be furnished supplementally to the SEC upon request.

+ Filed herewith.

++ Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BancPlus Corporation

Date:	May 12, 2023	By:	/s/ William A. Ray
			William A. Ray
			Vice Chairman, President and Chief Executive Officer
			(Principal Executive Officer)

Date:	May 12, 2023	By:	/s/ Karlen Turbeville
			Karlen Turbeville
			Senior Executive Vice President and Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)

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EX-3.1

COMPOSITE

ARTICLES OF INCORPORATION

OF

BANCPLUS CORPORATION

The Composite of the Articles of Incorporation of BancPlus Corporation ("Corporation") are hereby stated as follows:

FIRST:    The name of the Corporation is BancPlus Corporation.

SECOND:    The period of its duration is perpetual.

THIRD:    The specific purpose or purposes for which the corporation is organized, sated in general terms, are:

Primarily, to purchase, own, and hold the stock of other corporations, and to do every act and thing covered generally by the denomination "holding corporation" or "holding company," and especially to direct the operations of other corporations through the ownership of stock therein: to purchase, subscribe for, acquire, own, hold, sell, exchange, assign, transfer, create security interests in, pledge, or otherwise dispose of shares of the capital stock, or any bonds, notes, securities, or evidences of indebtedness created by any other corporation or corporations organized under the laws of this state or any other state or district or country, nation, or government and also bonds or evidences of indebtedness of the United States or of any state, district, territory, dependency or country or subdivision or municipality thereof; to issue in exchange therefor shares of the capital stock, bonds, notes, or other obligations of the Corporation and while the owner thereof to exercise all the rights, powers, and privileges of ownership including the right to vote on any shares of stock; to promote, lend money to, and guarantee the bonds, notes, evidences of indebtedness, contracts, or other obligations of, and otherwise aid in any manner which shall be lawful, any corporation or association of which any bonds, stocks, or other securities or evidence of indebtedness shall be held by or for this Corporation, or in which, or in the welfare of which, this Corporation shall have any interest, and to do any acts and things permitted by law and designed to protect, preserve, improve, or enhance the value of any such bonds, stocks, or other securities or evidence of indebtedness or the property of this corporation.

To do any and all things and exercise any and all powers, rights and privileges which the corporation may now or hereafter be authorized to do under the Mississippi Business Corporations Act.

FOURTH:

(a)    The aggregate number of shares the Corporation shall have the authority to issue is One Hundred Million (100,000,000) common shares of the par value of One and No/dollars ($1.00). The Corporation’s Board of Directors shall have the right to conduct one or more stock splits of the outstanding common shares as they may determine in their sole discretion. In conducting any such stock split or splits, the Board of Directors may proportionately adjust the par value of the common shares.

(b)    The aggregate number of shares of preferred stock which the Corporation shall have the authority to issue is Ten Million (10,000,000) with no par value, which preferred stock may be issued from time to time in one or more classes or series upon authorization by the Corporation’s Board of Directors.

The Board of Directors is authorized, subject to limitations prescribed by law and the provisions of Article FOURTH, to provide for the issuance of the shares of preferred stock in classes or series, and by filing Articles of Amendment pursuant to the applicable law of the State of Mississippi, to establish from time to time the number of shares to be included in each such class or series, and to fix the designation, powers, preferences, and rights of the shares of each such class or series and the qualifications, limitations, or restrictions thereof.

The authority of the Board with respect to each classes or series shall include, but not be limited to, determination of the following:

(i)    The number of shares constituting that class or series and the distinctive designation of that class or series;

(ii)    The dividend rate on the shares of that class or series; whether dividends shall be cumulative, and, if so, from which date or dates; and the relative rights of priority, if any, of payment of dividends on shares of that class or series;

(iii)    Whether that class or series shall have voting rights in addition to the voting rights provided by law and, if so, the terms of such voting rights;

(iv)    Whether that class or series shall have conversion privileges and, if so, the terms and conditions of such conversion, including provision for adjustment of the conversion rate in such events as the Board of Directors shall determine;

(v)    Whether or not the shares of that class or series shall be redeemable and, if so, the terms and conditions of such redemption, including the date or dates upon or after which they shall be redeemable and the amount per share payable in case of redemption, which amount may vary under different conditions and at different redemption dates;

(vi)    Whether that class or series shall have a sinking fund for the redemption or purchase of shares of that classes or series and, if so, the terms and amount of such sinking fund;

(vii)    The rights of the shares of that class or series in the event of voluntary or involuntary liquidation, dissolution, or winding up of the

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Corporation, and the relative rights of priority, if any, of payment of shares of that class or series;

(viii)    Any other relative rights, preferences, and limitations of that class or series, including the stated value.

Dividends on outstanding shares of preferred stock shall be paid or declared and set apart for payment before any dividends shall be paid or declared and set apart for payment on the common shares with respect to the same dividend period.

If, upon any voluntary or involuntary liquidation, dissolution, or winding up of the Corporation, the assets available for distribution to holders of shares of preferred stock of all classes or series shall be insufficient to pay such holders the full preferential amount to which they are entitled, then such assets shall be distributed ratably among the shares of all classes or series of preferred stock in accordance with the respective preferential amounts (including unpaid cumulative dividends, if any) payable with respect thereto.

FIFTH:    The corporation will not commence business until consideration of the value of at least $1,000.00 has been received for the issuance of shares.

SIXTH:    Provisions granting to shareholders the pre-emptive rights to acquire additional or treasury shares of the corporation are:

None.

SEVENTH:    The post office address of its registered office is 1068 Highland Colony Parkway, Ridgeland, Mississippi 39157, and the name of its registered agent at such address is William A. Ray.

EIGHTH:    The following provisions are inserted for the management of the business and the conduct of the affairs of the Corporation, and for further definition, limitation and regulation of the powers of the Corporation and of its directors and shareholders:

(a)    The business and affairs of the Corporation shall be managed by, or under the direction of, the Board of Directors. In addition to the powers and authority expressly conferred upon the Board of Directors by applicable law, the Articles of Incorporation (as amended from time to time, the “Articles”) or the By-Laws of the Corporation (as amended from time to time, the “By-Laws”), the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation, subject to the provisions of the Mississippi Business Corporation Act (“MBCA”) and the Articles.

(b)    The number of directors of the Corporation shall be fixed from time to time by, or in the manner provided in, the By-laws.

(c)    At each annual meeting of shareholders, directors of the Corporation shall be elected to hold office until the expiration of the term for

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which they are elected, and until their successors have been duly elected and qualified, or until their earlier death, resignation or removal. The directors initially shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of directors constituting the entire Board of Directors. The initial division of the Board of Directors into classes shall be made by the decision of the Board of Directors. The term of the initial Class I directors shall terminate at the first succeeding annual meeting of shareholders; the term of the initial Class II directors shall terminate at the second succeeding annual meeting of shareholders; and the term of the initial Class III directors shall terminate at the third succeeding annual meeting of shareholders. At the first succeeding annual meeting of shareholders, the Class I directors shall be elected for a term expiring at the third succeeding annual meeting of shareholders. At the second succeeding annual meeting of shareholders, the Class II directors shall be elected for a term expiring at the third succeeding annual meeting of shareholders. If the number of directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of directors in each class as nearly equal as possible. The term of office of each class of directors after their initial term shall be three (3) years, and each director shall hold office until the annual meeting of shareholders for the year in which his or her respective term expires and until his or her respective successor shall be elected and shall be qualified or until his or her earlier death, resignation, retirement, disqualification or removal from office.

(d)    The right to cumulate votes in the election of directors shall not exist with respect to shares of stock of the Corporation.

(e)    Any director or the entire board of directors may be removed only for cause by the holders of a majority of the shares then entitled to vote at an election of directors.

(f)    Subject to the terms of any one or more classes or series of preferred stock then outstanding, any vacancy on the Board of Directors that results from (i) removal of a director, (ii) an increase in the number of directors or (iii) death, resignation, disqualification or any other cause, may be filled by the affirmative vote of a majority of the remaining directors then in office, even if less than a quorum remains, including by a sole remaining director. Any director of any class elected to fill a vacancy resulting from an increase in the number of directors of such class shall hold office for a term that shall coincide with the remaining term of that class. Any director elected to fill a vacancy not resulting from an increase in the number of directors shall have the same remaining term as that of his or her predecessor.

(g)    Notwithstanding the foregoing, the election, term, removal and filling of vacancies with respect to directors, if any, elected separately by the holders of one or more classes or series of Preferred Stock shall not be governed by this Article EIGHTH, but rather shall be as provided for in the resolutions adopted by the Board of Directors creating and establishing such class or series of Preferred Stock.

NINTH: Except as otherwise required by law, special meetings of the shareholders of the Corporation, for any purpose or purposes, may be called at any time only (a) by the Chairman of the Board of Directors, (b) by the Chief Executive Officer of the Corporation, or (c) by the Board of Directors. Any

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power of the shareholders to call a special meeting of shareholders is hereby specifically denied.

Advance notice of shareholder nominations for the election of directors of the Corporation and of business to be brought by shareholders before any meeting of shareholders of the Corporation shall be given in the manner provided in the By-Laws. No business other than that stated in the notice of such meeting (or any amendment or supplement thereto) shall be transacted at any special meeting of shareholders.

TENTH:    

(a) A director shall not be liable to the Corporation or its shareholders for money damages for any action taken, or any failure to take any action, as a director, except liability for: (i) the amount of financial benefit received by a director to which he is not entitled; (ii) an intentional infliction of harm on the Corporation or its shareholders; (iii) a violation of Section 79-4-8.33 of Mississippi Code of 1972, as amended; or (iv) an intentional violation of criminal law.

(b) The Corporation shall indemnify and hold harmless any person (or the heirs, executors and administrators of any person) who was or is a party to, or is threatened to be made a party to, any threatened, pending or completed action, suit or proceeding, whether or not by or in the right of the Corporation, and whether civil, criminal, administrative, investigative or otherwise, formal or informal (a "Proceeding"), by reason of the fact that such person is or was a director, officer, employee or agent of the Corporation or any of its subsidiaries, or is or was serving at the request of the Corporation or any of its subsidiaries as a director, officer, partner, fiduciary, trustee, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against any obligation to pay a judgment, settlement, penalty, fine (including an excise tax assessed with respect to an employee benefit plan) or reasonable expenses (including legal fees) incurred with respect to the Proceeding: (A) to the fullest extent permitted by the Mississippi Business Corporation Act (“MBCA”) in effect from time to time (the "Act") and (B) despite the fact that such person has failed to meet the standard of conduct set forth in the Act or Miss. Code Ann. § 81-5-105 (1972, as amended), or would be disqualified for indemnification under the Act or Miss. Code Ann. § 81-5-105 (1972, as amended) because he was adjudged liable to the Corporation in connection with a Proceeding by or in the right of the Corporation or was otherwise adjudged liable on the basis that he improperly received a personal benefit, or for any other reason, if a determination is made by (i) the board of directors by majority vote of a quorum consisting of directors not at the time parties to the Proceeding, (ii) if a quorum cannot be obtained under (i), by majority vote of a committee duly designated by the board of directors (in which designation directors who are parties may participate), consisting of two or more directors not at the time parties to the Proceeding, (iii) by special legal counsel (a) selected by the board of directors or its committee in the manner prescribed in (i) or (ii) of (B) or (b) if a quorum of the board of directors cannot be obtained under (i) and a committee cannot be designated under (ii) of (B), selected by majority vote of the full board of directors (in which selection directors who are parties may participate), (iv) by the shareholders (but shares owned by or voted under the control of directors who are at the time parties to the Proceeding may not be voted on the determination) or (v) by a court, that the acts or omissions of the director,

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officer, employee or agent did not constitute gross negligence or willful misconduct. The Corporation upon request shall pay or reimburse such person for his reasonable expenses (including legal fees) in advance of final disposition of the Proceeding as long as (1) such person furnishes the Corporation a written undertaking, executed personally or on his behalf, to repay the advance if it is ultimately determined by a judgment or other final adjudication that his acts or omissions did constitute gross negligence or willful misconduct, which undertaking must be an unlimited general obligation of such person, and which shall be accepted by the Corporation without reference to final ability to make repayment or to collateral and (2) a determination is made by any of the persons described in (i) through (iv) of the preceding sentence that the facts then known to those making the determination would not preclude indemnification under this ARTICLE TENTH. Such request need not be accompanied by the affirmation otherwise required by the Act.

(c) Neither the amendment nor repeal of this ARTICLE TENTH, nor the adoption or amendment of any other provision of the Corporation's By-Laws or the Articles of Incorporation inconsistent with this ARTICLE TENTH, shall apply to or affect in any respect the applicability of the preceding two paragraphs with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

(d) The foregoing right of indemnification or reimbursement shall not be exclusive of other rights to which such persons may be entitled as a matter of law.

(e) The Board of Directors or shareholders of the Corporation may adopt a policy for the indemnification of directors, officers, employees and agents of the Corporation, as they from time to time see necessary or prudent in the best interest of the Corporation.

(f) The Corporation may, upon the affirmative vote of a majority of its Board of Directors, purchase insurance for the purpose of indemnifying its directors, officers, and other employees to the extent that such indemnification is allowed in the preceding paragraphs. Such insurance may, but need not be for the benefit of all directors, officers, or employees.

(g) If any provision of this ARTICLE TENTH is contrary to, prohibited by, or deemed invalid under the applicable laws or regulations of any jurisdiction in which it is sought to be enforced, then such provision shall be deemed inapplicable but shall not invalidate the remaining provisions of this ARTICLE TENTH.

ELEVENTH: Meetings of shareholders may be held within or without the State of Mississippi, or solely by means of remote communication, as provided by, or in the manner provided in, the By-Laws. The books of the Corporation may be kept outside the State of Mississippi at such place or places or in such form as may be designated from time to time by the Board of Directors or in the By-Laws, subject to compliance with the MBCA. Elections of directors need not be by written ballot.

TWELFTH:    In furtherance, and not in limitation, of the powers conferred upon it by the laws of the State of Mississippi, the Board of Directors shall have the power without the assent or vote of the shareholders to adopt, amend, alter or repeal the By-Laws. The By-Laws also may be adopted, amended,

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altered or repealed by the affirmative vote of the holders of two-thirds of the outstanding shares of common stock of the Corporation entitled to vote generally in the election of directors present in person or by proxy and entitled to vote at any meeting of the shareholders if notice of such proposed adoption, amendment, alteration or repeal is contained in the notice of the meeting.

THIRTEENTH: If any provision or provisions of the Articles of Incorporation, as amended from time to time, shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (a) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of the Articles of Incorporation, as amended from time to time, (including, without limitation, each portion of any paragraph of the Articles of Incorporation, as amended from time to time, containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of the Articles of Incorporation, as amended from time to time, (including, without limitation, each such portion of any paragraph of the Articles of Incorporation, as amended from time to time, containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent authorized or permitted by law.

FOURTEENTH: The amendment, alteration, change or repeal of EIGHTH, NINTH, TENTH, TWELFTH and this ARTICLE FOURTEENTH, shall require the affirmative vote of the holders of two-thirds of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election.

CERTIFICATE OF DESIGNATIONS
OF
SENIOR NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES ECIP

OF

BANCPLUS CORPORATION

BancPlus Corporation, a corporation organized and existing under the laws of the State of Mississippi and an Eligible Financial Institution (the “Issuer”), in accordance with the provisions of Sections 79-4-6.02 and 79-4-10.05 of the Mississippi Business Corporations Act thereof, does hereby certify:

The Board of Directors, in accordance with the Articles of Incorporationand bylawsof the Issuer and applicable law, adopted the following resolution onMay 17, 2022 creating a series of 250,000 shares of Senior Preferred Stock of the Issuer designated as “Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP”.

RESOLVED, that pursuant to the provisions of the Articles of Incorporation and bylaws of the Issuer and applicable law, a series of Senior Preferred Stock, stated value no par per share, of the Issuer be and hereby is created, and that the designation and number of shares of such series, and the voting and other powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions thereof, of the shares of such series, are as follows:

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Part 1. Designation and Number of Shares. There is hereby created out of the authorized and unissued shares of preferred stock of the Issuer a series of senior preferred stock designated as the “Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP” (the “Designated Senior Preferred Stock”). The authorized number of shares of Designated Senior Preferred Stock shall be 250,000

Part 2. Standard Provisions. The Standard Provisions contained in Schedule A attached hereto are incorporated herein by reference in their entirety and shall be deemed to be a part of this Certificate of Designation to the same extent as if such provisions had been set forth in full herein.

Part 3. Definitions. The following terms are used in this Certificate of Designation(including the Standard Provisions in Schedule A hereto) as defined below:

(a)“Board of Directors” means the Board of Directors of the Issuer or a committee thereof duly authorized by it to declare dividends on the Designated Senior Preferred Stock or take other action relating to the Designated Senior Preferred Stock; provided, for purposes of Section 7(c), the term Board of Directors shall refer to the Board of Directors and not to any committee thereof.

(b)“CDFI” means a regulated community development financial institution currently certified by the CDFI Fund pursuant to 12 C.F.R. § 1805.201(a) as having satisfied the eligibility requirements of the Community Development Financial Institutions Program and that satisfies the eligibility requirements for a community development financial institution set forth in 12 C.F.R. § 1805.201 (b)(1) – (6).

(c)“CDFI Fund” means the Community Development Financial Institution Fund of the United States Department of the Treasury.

(d)“Common Stock” means the common stock, par value $1.00per share, of the Issuer.

(e)“Dividend Parity Stock” means any class or series of stock of the Issuer that ranks on a parity with the Designated Senior Preferred Stock as to dividend rights (without regard to whether dividends accrue cumulatively or non-cumulatively), including any class or series of stock of the Issuer (other than Common Stock, Designated Senior Preferred Stock or any class or series of stock identified in the definition of Junior Stock) the terms of which do not expressly provide that such class or series will rank senior or junior to Designated Senior Preferred Stock as to dividend rights.

(f)“Dividend Payment Date” means March 15, June 15, September 15 and December 15 of each year.

(g)“Eligible Financial Institution” means a financial institution that is, as of the date of submitting an application to participate in the Emergency Capital Investment Program and as of the Signing Date (1)(i) a CDFI or (ii) a MDI; and (2)(i) an insured depository institution not controlled by a company registered as a bank holding company with the Federal Reserve pursuant to 12 U.S.C. § 1842 (a “Bank Holding Company”) or a company registered as a savings and loan holding company with the Federal Reserve pursuant to 12 U.S.C. § 1467(a) (a “Savings and Loan Holding Company”) that is also an Eligible Financial Institution, (ii) a Bank Holding Company; (iii) a Savings and Loan Holding Company; or (iv) any credit union the member accounts of which are insured by the National Credit Union Share Insurance Fund.

(h)“First Optional Redemption Date” means September 15, 2027.

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(i)“Initial Aggregate Liquidation Amount” means $250,000,000.

(j)“Junior Stock” means the Common Stock, and any other class or series of stock of the Issuer the terms of which expressly provide that it ranks junior to Designated Senior Preferred Stock as to dividend rights and/or as to rights on liquidation, dissolution or winding up of the Issuer.

(k) “Liquidation Amount” means $1,000 per share of Designated Senior Preferred Stock.

(l)“Liquidation Preference Parity Stock” means any class or series of stock of the Issuer that ranks on a parity with Designated Senior Preferred Stock as to rights on liquidation, dissolution or winding up of the Issuer (without regard to whether dividends accrue cumulatively or non-cumulatively), including any other class or series of stock of the Issuer (other than Common Stock, Designated Senior Preferred Stock or any class or series of stock identified in the definition of Junior Stock) the terms of which do not expressly provide that such class or series will rank senior or junior to Designated Senior Preferred Stock as to rights on liquidation, dissolution or winding up of the Issuer.

(m)“MDI” means a minority depository institution, (i) as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. § 1463 et seq.); or (ii) considered to be a minority depository institution by the National Credit Union Administration or the “appropriate Federal banking agency” as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. § 1813(q)), as applicable; or (iii) as listed in the Federal Deposit Insurance Corporation’s Minority Depository Institutions List published for the third quarter of 2020.

(n)“Parity Stock” means Dividend Parity Stock and Liquidation Preference Parity Stock.

(o)“Signing Date” means June 22, 2022.

Part 4. Certain Voting Matters. Holders of shares of Designated Senior Preferred Stock will be entitled to one vote for each such share on any matter on which holders of Designated Senior Preferred Stock are entitled to vote, including any action by written consent.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF,BancPlus Corporation has caused this Certificate of Designationsto be signed by William A. Ray, its President & CEO, this 22nd day of June, 2022.

BancPlus Corporation

By:

    Name: William A. Ray

    Title:     President & Chief Executive Officer

Schedule A

STANDARD PROVISIONS

Section 1.General Matters. Each share of Designated Senior Preferred Stock shall be identical in all respects to every other share of Designated Senior Preferred Stock. The Designated Senior Preferred Stock shall be perpetual, subject to the provisions of Section 5 of these Standard Provisions that form a part of the Certificate of Designations. The Designated Senior Preferred Stock shall rank equally with Dividend Parity Stock with respect to the payment of dividends, shall rank equally with Liquidation Preference Parity Stock with respect to the distribution of assets in the event of any dissolution, liquidation or winding up of the Issuer and shall rank senior to Common Stock and, as applicable, other Junior Stock with respect to the payment of dividends and the distribution of assets in the event of any dissolution, liquidation or winding up of the Issuer.

Section 2.Standard Definitions. As used herein with respect to Designated Senior Preferred Stock:

(a)“Acquiror” in any Holding Company Transaction, means the surviving or resulting entity or its ultimate parent in the case of a merger or consolidation or the transferee in the case of a sale, lease or other transfer in one transaction or a series of related transactions of all or substantially all of the consolidated assets of the Issuer and its subsidiaries, taken as a whole.

(b)“Aggregate Baseline” means the “Aggregate Baseline Qualified Lending” set forth in the Applicable Quarterly Supplemental Report relating to the Last Reset Date. Notwithstanding the foregoing, if the Applicable Quarterly Supplemental Report relating to the Last Reset Date is restated pursuant to Section 4.1(g)(ii) of the Securities Purchase Agreement, “Aggregate Baseline” shall mean the “Aggregate Baseline Qualified Lending” set forth on such restated Applicable Quarterly Supplemental Report.

(c)“Aggregate Increase in Qualified Lending” means the Aggregate Qualified Lending minus the Aggregate Baseline.

(d)“Aggregate Qualified Lending” means the “Aggregate Annual Qualified Lending” set forth in the Applicable Quarterly Supplemental Report relating to the Last Reset Date. Notwithstanding the foregoing, if the Applicable Quarterly Supplemental Report relating to the Last Reset Date is restated pursuant to Section 4.1(g)(ii) of the Securities Purchase Agreement, “Aggregate Qualified Lending” shall mean the “Aggregate Annual Qualified Lending” set forth on such restated Applicable Quarterly Supplemental Report.

(e)“Annual Reset Period” means the period from and including the First Reset Date, to, but excluding, the next following Reset Date, and thereafter each period from and including each Reset Date to, but excluding, the next following Reset Date; provided that the last Annual Reset Period will be the period from and including the Reset Date immediately preceding the Tenth Anniversary to, but excluding, the Last Reset Date. Each Reset Date “relates” to the Annual Reset Period commencing on such Reset Date, and vice versa (with the words “related” and “relating” having correlative meanings).

(f)“Applicable Dividend Rate” has the meaning set forth in Section 3(a).

(g)“Applicable Investment Amount” means the Initial Aggregate Liquidation Amount, subject to adjustment pursuant to Section 3(a)(v).

(h)“Applicable Quarterly Supplemental Report” means, for the First Reset Date, the Quarterly Supplemental Report for the most recently completed calendar quarter for which the due date has occurred and, for each Reset Date thereafter, the Quarterly Supplemental Report for the most recently completed calendar quarter.

(i)“Appropriate Federal Banking Agency” means the “appropriate Federal banking agency” for the Issuer as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(q)), or any successor provision.

(j)“Average Annual Increase in Qualified Lending” means the “Average Annual Increase in Qualified Lending” set forth in the Applicable Quarterly Supplemental Report relating to the Last Reset Date, which is based on the Aggregate Increase in Qualified Lending over a nine-year period preceding the Last Reset Date. Notwithstanding the foregoing, if the Applicable Quarterly Supplemental Report relating to the Last Reset Date is restated pursuant to Section 4.1(g)(ii) of the Securities Purchase Agreement, “Average Annual Increase in Qualified Lending” shall mean the “Average Annual Increase in Qualified Lending” set forth on such restated Applicable Quarterly Supplemental Report.

(k)“Average Applicable Investment Amount” means the “Average Applicable Investment Amount” set forth in the Applicable Quarterly Supplemental Report relating to the Last Reset Date.

(l)“Bank Holding Company” means a company registered as a bank holding company with the Board of Governors of the Federal Reserve System pursuant to 12 U.S.C. § 1842.

(m)“Baseline” means the “Baseline Qualified Lending” set forth on the Initial Supplemental Report, subject to adjustment pursuant to Section 3(a)(iv). Notwithstanding the foregoing, if the Initial Supplemental Report is restated pursuant to Section 4.1(g)(ii) of the Securities Purchase Agreement, “Baseline” shall mean the “Baseline Qualified Lending” set forth on such restated Initial Supplemental Report, subject to adjustment pursuant to Section 3(a)(iv).

(n)“Business Combination” means a merger, consolidation, statutory share exchange or similar transaction that requires the approval of the Issuer’s stockholders.

(o)“Business Day” means any day except Saturday, Sunday and any day on which banking institutions in the State of New York or the District of Columbia generally are authorized or required by law or other governmental action to close.

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(p)“Bylaws” means the bylaws of the Issuer, as they may be amended from time to time.

(q)“Certificate of Designations” means the Certificate of Designations or comparable instrument relating to the Designated Senior Preferred Stock, of which these Standard Provisions form a part, as it may be amended from time to time.

(r)“Charter” means the Issuer’s certificate or articles of incorporation, articles of association, or similar organizational document, as it may be amended from time to time, including the Certificate of Designations.

(s)“Dividend Period” means the period from and including any Dividend Payment Date to, but excluding, the next following Dividend Payment Date; provided, however, the initial Dividend Period shall be the period from and including the Second Anniversary to, but excluding, the next succeeding Dividend Payment Date. Dividend Payment Dates and Dividend Periods will not be adjusted for Business Days.

(t)“Dividend Record Date” has the meaning set forth in Section 3(b)(iii).

(u)“First Reset Date” means the Second Anniversary.

(v)“Holding Company Preferred Stock” has the meaning set forth in Section 7(d)(iv).

(w)“Holding Company Transaction” means (a) any transaction (including, without limitation, any acquisition, merger or consolidation) a result of which is that a “person” or “group” within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended, (i) becomes the direct or indirect ultimate “beneficial owner,” as defined in Rule 13d-3 under that Act, of common equity of the Issuer representing more than fifty percent (50%) of the voting power of the outstanding Common Stock or (ii) is otherwise required to consolidate the Issuer for purposes of generally accepted accounting principles in the United States, or (b) any consolidation or merger of the Issuer or similar transaction or any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially all of the consolidated assets of the Issuer and its subsidiaries, taken as a whole, to any Person other than one of the Issuer’s subsidiaries; provided that, in the case of either clause (a) or (b), the Issuer or the Acquiror is or becomes a Bank Holding Company or Savings and Loan Holding Company.

(x) “Initial Supplemental Report” means the supplemental report delivered by the Issuer to Treasury prior to the Original Issue Date pursuant to the Securities Purchase Agreement.

(y)“Last Reset Date” means the Dividend Payment Date immediately following the Tenth Anniversary, provided that if the Tenth Anniversary is a Dividend Payment Date, then the Last Reset Date shall be the date of the Tenth Anniversary.

(z)“Liquidation Preference” has the meaning set forth in Section 4(a).

(aa)“Ninth Anniversary” means the date that is nine (9) years from the Original Issue Date.

(ab)“Original Issue Date” means the date on which shares of Designated Senior Preferred Stock are first issued.

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(ac)“Percentage Change in Qualified Lending” has the meaning set forth in Section 3(a)(ii).

(ad)“Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability company or trust.

(ae)“Preferred Director” has the meaning set forth in Section 7(c).

(af)“Preferred Observer” has the meaning set forth in Section 7(b).

(ag)“Preferred Stock” means any and all series of preferred stock of the Issuer, including the Designated Senior Preferred Stock.

(ah)“Qualified Lending” means, with respect to any particular Reset Date other than the Last Reset Date, the “Annual Qualified Lending” set forth in the Applicable Quarterly Supplemental Report with respect to such Reset Date. Notwithstanding the foregoing, if the Applicable Quarterly Supplemental Report is restated pursuant to Section 4.1(g)(ii) of the Securities Purchase Agreement, “Qualified Lending” shall mean the “Annual Qualified Lending” set forth on such restated Applicable Quarterly Supplemental Report.

(ai)“Quarterly Supplemental Report” means a quarterly supplemental report to be delivered by the Issuer to Treasury on or after the Original Issue Date pursuant to the Securities Purchase Agreement.

(aj)“Rate Reduction Disqualifying Event” means any breach, violation or default by the Issuer of or under (i) (A) Section 104A of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. § 4701 et seq.), (B) any regulations promulgated thereunder, including, without limitation, the interim final rule promulgated by Treasury setting forth restrictions on executive compensation, share buybacks and dividends applicable to participants in the Emergency Capital Investment Program, originally codified at 31 C.F.R. Part 35 or (C) any additional rules or regulations established in connection with the Emergency Capital Investment Program or (ii) any covenant, agreement or obligation of the Issuer set forth in the Agreement or this Certificate of Designation, in each case, as determined by Treasury in its sole discretion. Notwithstanding the foregoing, a determination by the Issuer not to declare dividends for any Dividend Period or a default in the payment of dividends shall not give rise to a Rate Reduction Disqualifying Event.

(ak)“Rate Reduction Disqualifying Period” means the period from and including the Dividend Payment Date immediately following the occurrence of a Rate Reduction Disqualifying Event (provided that if a Rate Reduction Disqualifying Event occurs on a Dividend Payment Date, the Rate Reduction Disqualifying Period shall commence on such Dividend Payment Date), to, but excluding, the Dividend Payment Date immediately following the occurrence of a Rate Reduction Termination Event. Any failure by Treasury to provide notice of a Rate Reduction Disqualifying Event or defect in such notice or the transmission thereof shall not affect the occurrence of a Rate Reduction Disqualifying Event or commencement or length of a Rate Reduction Disqualifying Period.

(al)“Rate Reduction Termination Event” means the determination by Treasury, in its sole discretion, that the Rate Reduction Disqualifying Event has terminated. For the avoidance of doubt, notwithstanding any actual or purported remediation or cure of the breach, violation or default giving rise to a Rate Reduction Disqualifying Event by the Issuer, a Rate Reduction Disqualifying Event shall be ongoing from and including the occurrence thereof

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unless and until Treasury, in its sole discretion, provides notice to the Issuer of the termination thereof.

(am)“Regulatory Capital Treatment Event” means the good faith determination by the Issuer that, as a result of (i) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Appropriate Federal Banking Agency) or any political subdivision of or in the United States that is enacted or becomes effective after the Original Issue Date, or (ii) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules or regulations or policies with respect thereto that is announced after the Original Issue Date, there is more than an insubstantial risk that the Issuer will not be entitled to treat the full Liquidation Amount of $1,000 per share of Designated Senior Preferred Stock then outstanding as “Tier 1 capital” (or its equivalent) for purposes of the capital adequacy rules or regulations of the Appropriate Federal Banking Agency as then in effect and applicable, for so long as any share of Designated Senior Preferred Stock is outstanding.

(an)“Reset Date” means, as applicable, the (i) First Reset Date, (ii) (x) if the First Reset Date is not a Dividend Payment Date, each Dividend Payment Date immediately following each annual anniversary of the First Reset Date through the Dividend Payment Date immediately following the Ninth Anniversary or (y) if the First Reset Date is a Dividend Payment Date, each Dividend Payment Date occurring on each annual anniversary of the First Reset Date through the Dividend Payment Date occurring on the Ninth Anniversary, and (iii) the Last Reset Date. Reset Dates will not be adjusted for Business Days.

(ao)“Savings and Loan Holding Company” means a company registered as a savings and loan holding company with the Board of Governors of the Federal Reserve System pursuant to 12 U.S.C. § 1467a(b).

(ap)“Second Anniversary” means the date that is two (2) years from the Original Issue Date.

(aq)“Securities Purchase Agreement” means the Letter Agreement, including the Securities Purchase Agreement – Standard Terms attached as Exhibit A thereto, entered into between the Issuer and Treasury on the Signing Date relating to Treasury’s purchase of the Designated Senior Preferred Stock.

(ar)“Standard Provisions” mean these Standard Provisions that form a part of the Certificate of Designations relating to the Designated Senior Preferred Stock.

(as)“Tenth Anniversary” means the date that is ten (10) years from the Original Issue Date.

(at)“Treasury” means the United States Department of the Treasury.

(au)“Voting Parity Stock” means, with regard to any matter as to which the holders of Designated Senior Preferred Stock are entitled to vote as specified in Section 7(d), any and all series of Parity Stock upon which like voting rights have been conferred and are exercisable with respect to such matter.

Section 3.Dividends.

(a)Rate.

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(i)The “Applicable Dividend Rate” for each Dividend Period shall be determined as follows:

(1)From the Original Issue Date to, but excluding, the First Reset Date, the dividend rate on the Designated Senior Preferred Stock shall be zero percent (0%) per annum;

(2)From and including the First Reset Date, to, but excluding, the Last Reset Date, during each applicable Annual Reset Period, the dividend rate on the Designated Senior Preferred Stock shall be the applicable rate, expressed as a percentage per annum, set forth in column “A” of the table in Section 3(a)(iii), in each case determined by reference to the Applicable Quarterly Supplemental Report submitted to Treasury for the Reset Date relating to such Annual Reset Period; provided that if the Issuer shall fail to timely submit a complete and accurate Applicable Quarterly Supplemental Report during any Annual Reset Period, the dividend rate on the Designated Senior Preferred Stock for the next Annual Reset Period shall be 2.0%;

(3)From and including the Last Reset Date, the dividend rate on the Designated Senior Preferred Stock shall be the applicable rate, expressed as a percentage per annum, set forth in column “B” of the table in Section 3(a)(iii), determined by reference to the Applicable Quarterly Supplemental Report submitted to Treasury and relating to the Last Reset Date; provided that if the Issuer shall fail to timely submit a complete and accurate Applicable Quarterly Supplemental Report during the Annual Reset Period preceding the Last Reset Date, the dividend rate on the Designated Senior Preferred Stock shall be 2.0% from and including the Last Reset Date; and

(4)Notwithstanding the foregoing, during any Rate Reduction Disqualifying Period, the Applicable Dividend Rate shall be 2.0%.

(ii)The “Percentage Change in Qualified Lending” used to determine the Applicable Dividend Rate for any Reset Date shall be the result of the following formulas, as applicable, expressed as a percentage:

(1)With respect to each Reset Date other than the Last Reset Date: (i)(x) the Qualified Lending set forth in the Applicable Quarterly Supplemental Report minus (y) the Baseline, divided by (ii) the Applicable Investment Amount, and multiplied by (iii) 100.

(2)With respect to the Last Reset Date: (i) the Average Annual Increase in Qualified Lending, divided by (ii) the Average Applicable Investment Amount, and multiplied by (iii) 100.

(iii)The following table shall be used for determining the Applicable Dividend Rate:

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If the Percentage Change in Qualified Lending is:	Column “A” – rate in effect during Annual Reset Periods	Column “B” – rate in effect from and including the Last Reset Date
Less than 200% of the Applicable Investment Amount (in the case of Section 3(a)(ii)(1)) or the Average Applicable Investment Amount (in the case of Section 3(a)(ii)(2))	2.0%	2.0%
More than or equal to 200%, but less than or equal to 400% of the Applicable Investment Amount (in the case of Section 3(a)(ii)(1)) or the Average Applicable Investment Amount (in the case of Section 3(a)(ii)(2))	1.25%	1.25%
More than 400% of the Applicable Investment Amount (in the case of Section 3(a)(ii)(1)) or the Average Applicable Investment Amount (in the case of Section 3(a)(ii)(2))	0.5%	0.5%

(iv)If the Issuer has consummated or consummates a Business Combination, any other merger or consolidation with or acquisition of another entity, since and including, the quarter ended on September 30, 2020, then, with respect to each such transaction, the Baseline shall be increased and, thereafter for each Annual Reset Period, the Baseline shall be the “Adjusted Baseline Qualified Lending” as calculated and set forth on the Applicable Quarterly Supplemental Report submitted to Treasury for the Reset Date relating to such Annual Reset Period. Such Adjusted Baseline Qualified Lending shall also factor into the determination of the Aggregate Baseline, as provided in the instructions for the Quarterly Supplemental Reports.

(v)If the Issuer has consummated or consummates a Business Combination, any other merger or consolidation with or acquisition of another entity that has also issued preferred stock or subordinated debt to Treasury through Treasury’s Emergency Capital Investment Program, the Applicable Investment Amount shall be adjusted to reflect the amount of the preferred stock or subordinated debt, as the case may be, issued by such entity to Treasury and, from and after any such Business Combination, or other merger, consolidation or acquisition, the Applicable Investment Amount shall be the “Adjusted Investment Amount” set forth on the Applicable Quarterly Supplemental Report submitted to Treasury for the Reset Date. Such adjustments shall also factor into the determination of the Average Applicable Investment Amount, as provided in the instructions for the Quarterly Supplemental Reports.

(b)Payments.

(i)Holders of Designated Senior Preferred Stock shall be entitled to receive, on each share of Designated Senior Preferred Stock if, as and when declared by the Board of Directors, but only out of assets legally available therefor, non-cumulative cash dividends with respect to each Dividend Period at a rate per annum equal to the Applicable Dividend Rate for such Dividend Period on the Liquidation Amount per share of Designated Senior Preferred Stock, and no more, payable quarterly in arrears on each Dividend Payment Date occurring after the Second Anniversary. In the event that any

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Dividend Payment Date would otherwise fall on a day that is not a Business Day, that day shall nevertheless be the Dividend Payment Date but the dividend payment due on that date will be postponed to the next day that is a Business Day, and no additional dividends will accrue or be payable as a result of that postponement.

(ii)Dividends that are payable on Designated Senior Preferred Stock with respect to any Dividend Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

(iii)Any dividends that are payable on Designated Senior Preferred Stock on any Dividend Payment Date will be payable to holders of record of Designated Senior Preferred Stock as they appear on the stock register of the Issuer on the applicable record date, which shall be the 15th calendar day immediately preceding such Dividend Payment Date or such other record date fixed by the Board of Directors that is not more than sixty (60) nor less than ten (10) days prior to such Dividend Payment Date (each, a “Dividend Record Date”). Any such day that is a Dividend Record Date shall be a Dividend Record Date whether or not such day is a Business Day.

(iv)Holders of Designated Senior Preferred Stock shall not be entitled to any dividends, whether payable in cash, securities or other property, other than dividends (if any) declared and payable on Designated Senior Preferred Stock as specified in this Section 3 (subject to the other provisions of the Certificate of Designations). Because the Applicable Dividend Rate from, and including, the Original Issue Date to, but excluding, the Second Anniversary is zero percent (0%) per annum, holders of Designated Senior Preferred Stock shall not be entitled to receive any dividends with respect to any Dividend Period ending on or prior to the Second Anniversary.

(c)Non-Cumulative. Dividends on shares of Designated Senior Preferred Stock shall be non-cumulative. If the Board of Directors does not declare a dividend on the Designated Senior Preferred Stock with respect to any Dividend Period, the holders of Designated Senior Preferred Stock shall have no right to receive any dividend with respect to such Dividend Period, and the Issuer shall have no obligation to pay a dividend with respect to such Dividend Period, whether or not dividends are declared for any subsequent Dividend Period with respect to the Designated Senior Preferred Stock.

(d)Priority of Dividends.

(i)So long as any share of Designated Senior Preferred Stock remains outstanding, (x) no dividend or distribution shall be declared or paid on any Junior Stock or Parity Stock (other than dividends payable solely in shares of stock that ranks junior to the Designated Senior Preferred Stock as to dividend rights and rights on liquidation, dissolution or winding up of the Issuer), subject to the immediately following paragraph in the case of Dividend Parity Stock, (y) no Junior Stock or Dividend Parity Stock shall be, directly or indirectly, purchased, redeemed or otherwise acquired for consideration by the Issuer or any of its subsidiaries, and (z) no monies shall be paid or made available for any sinking fund for the redemption of Junior Stock or Dividend Parity Stock, unless full dividends on all outstanding shares of Designated Senior Preferred Stock with respect to the most recently completed Dividend Period have been or are contemporaneously declared and paid (or have been declared and a sum sufficient for the payment thereof has been set aside for the benefit of the holders of shares of Designated Senior Preferred Stock on the applicable record date) and the Issuer is not in default on its obligation to redeem any shares of Designated Senior Preferred Stock that have been called for redemption.

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(ii)If the Board of Directors elects to declare only partial instead of full dividends for a dividend payment date and related dividend period (which terms include, in the case of Designated Senior Preferred Stock, the Dividend Payment Dates and Dividend Periods provided for herein) on the shares of Designated Senior Preferred Stock or any Dividend Parity Stock, then to the extent permitted by the terms of the Designated Senior Preferred Stock and each outstanding series of Dividend Parity Stock, such partial dividends shall be declared on shares of Designated Senior Preferred Stock and Dividend Parity Stock, and dividends so declared shall be paid, as to any such dividend payment date and related dividend period in amounts such that the ratio of the partial dividends declared and paid on each such series to full dividends on each such series is the same. As used in this paragraph, “full dividends” means, as to any Dividend Parity Stock that bears dividends on a cumulative basis, the amount of dividends that would need to be declared and paid to bring such Parity Stock current in dividends, including undeclared dividends for past dividend periods. To the extent a dividend period with respect to the Designated Senior Preferred Stock or any series of Dividend Parity Stock (in either case, the “first series”) coincides with more than one dividend period with respect to another series as applicable (in either case, a “second series”), for purposes of this paragraph the Board of Directors may, to the extent permitted by the terms of each affected series, treat such dividend period for the first series as two or more consecutive dividend periods, none of which coincides with more than one dividend period with respect to the second series, or may treat such dividend period(s) with respect to any Dividend Parity Stock and Dividend Period(s) with respect to the Designated Senior Preferred Stock for purposes of this paragraph in any other manner that it deems to be fair and equitable in order to achieve ratable payments of dividends on such Dividend Parity Stock and the Designated Senior Preferred Stock.

(iii)Subject to the foregoing, and not otherwise, such dividends (payable in cash, securities or other property) as may be determined by the Board of Directors may be declared and paid on any securities, including Common Stock and other Junior Stock, from time to time out of any funds legally available for such payment, and holders of Designated Senior Preferred Stock shall not be entitled to participate in any such dividends.

Section 4.Liquidation Rights.

(a)Voluntary or Involuntary Liquidation. In the event of any liquidation, dissolution or winding up of the affairs of the Issuer, whether voluntary or involuntary, holders of Designated Senior Preferred Stock shall be entitled to receive for each share of Designated Senior Preferred Stock, out of the assets of the Issuer or proceeds thereof (whether capital or surplus) available for distribution to stockholders of the Issuer, subject to the rights of any creditors of the Issuer (including, without limitation, general creditors, subordinated debtholders and, if the Issuer is a depository institution, depositors), before any distribution of such assets or proceeds is made to or set aside for the holders of Common Stock and any other stock of the Issuer ranking junior to Designated Senior Preferred Stock as to such distribution, payment in full in an amount equal to the sum of (i) the Liquidation Amount per share and (ii) the amount of any declared and unpaid dividends (without accumulation of undeclared dividends) on each such share (such amounts collectively, the “Liquidation Preference”).

(b)Partial Payment. If in any distribution described in Section 4(a) above the assets of the Issuer or proceeds thereof are not sufficient to pay in full the amounts payable with respect to all outstanding shares of Designated Senior Preferred Stock and the corresponding amounts payable with respect to any Liquidation Preference Parity Stock, holders of Designated Senior Preferred Stock and the holders of such Liquidation Preference Parity Stock shall share

9

ratably in any such distribution in proportion to the full respective distributions to which they are entitled.

(c)Residual Distributions. If the Liquidation Preference has been paid in full to all holders of Designated Senior Preferred Stock and the corresponding amounts payable with respect to any Liquidation Preference Parity Stock has been paid in full, the holders of other stock of the Issuer shall be entitled to receive all remaining assets of the Issuer (or proceeds thereof) according to their respective rights and preferences.

(d)Merger, Consolidation and Sale of Assets Is Not Liquidation. For purposes of this Section 4(d), the merger or consolidation of the Issuer with any other corporation or other entity, including a merger or consolidation in which the holders of Designated Senior Preferred Stock receive cash, securities or other property for their shares, or the sale, lease or exchange (for cash, securities or other property) of all or substantially all of the assets of the Issuer, shall not constitute a liquidation, dissolution or winding up of the Issuer.

Section 5.Redemption.

(a)Optional Redemption. The Designated Senior Preferred Stock is perpetual and has no maturity date. The Issuer may, at its option, redeem the shares of Designated Senior Preferred Stock (i) in whole or in part, from time to time, on any Dividend Payment Date on or after the First Optional Redemption Date, or (ii) in whole but not in part at any time within ninety (90) days following a Regulatory Capital Treatment Event, in each case, at a cash redemption price equal to the Liquidation Amount, together (except as otherwise provided herein) with an amount equal to any dividends that have been declared but not paid prior to the redemption date (but with no amount with respect to any dividends that have not been declared prior to such date). The redemption price for any shares of Designated Senior Preferred Stock shall be payable on the redemption date to the holder of such shares against surrender of the certificate(s) evidencing such shares to the Issuer or its agent, if the shares of Designated Senior Preferred Stock are issued in certificated form. Any declared but unpaid dividends payable on a redemption date that occurs subsequent to the record date for a Dividend Payment Date shall not be paid to the holder entitled to receive the redemption price on the redemption date, but rather shall be paid to the holder of record of the redeemed shares on such record date relating to the Dividend Payment Date. Notwithstanding the foregoing, the Issuer may not redeem shares of Designated Senior Preferred Stock without having received the prior approval of the Appropriate Federal Banking Agency to the extent required under capital rules applicable to the Issuer and without complying with the capital rules applicable to the Issuer.

(b)No Sinking Fund. The Designated Senior Preferred Stock will not be subject to any mandatory redemption, sinking fund or other similar provisions. Holders of Designated Senior Preferred Stock will have no right to require redemption or repurchase of any shares of Designated Senior Preferred Stock.

(c)Notice of Redemption. Notice of every redemption of shares of Designated Senior Preferred Stock shall be given by first class mail, postage prepaid, addressed to the holders of record of the shares to be redeemed at their respective last addresses appearing on the books of the Issuer. Such mailing shall be at least thirty (30) days and not more than sixty (60) days before the date fixed for redemption. Any notice mailed as provided in this Subsection shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of Designated Senior Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Designated Senior Preferred Stock. Notwithstanding the foregoing, if shares of Designated Senior Preferred Stock or any depositary shares representing interests in the Designated Senior

10

Preferred Stock are issued in book-entry form through The Depository Trust Company or any other similar facility, notice of redemption may be given to the holders of Designated Senior Preferred Stock at such time and in any manner permitted by such facility. Each notice of redemption given to a holder shall state: (1) the redemption date; (2) the number of shares of Designated Senior Preferred Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (3) the redemption price; and (4) the place or places where certificates for such shares are to be surrendered for payment of the redemption price.

(d)Partial Redemption. In case of any redemption of part of the shares of Designated Senior Preferred Stock at the time outstanding, the shares to be redeemed shall equal at least twenty percent (20%) of the number of originally issued shares of Designated Senior Preferred Stock, or all the then-outstanding shares (if the number of shares then outstanding is less than twenty percent (20%) of the number of originally issued shares of Designated Senior Preferred Stock) and, in any such case, the shares to be redeemed shall be selected either pro rata or in such other manner as the Board of Directors may determine to be fair and equitable. Subject to the provisions hereof, the Board of Directors shall have full power and authority to prescribe the terms and conditions upon which shares of Designated Senior Preferred Stock shall be redeemed from time to time, subject, as provided above, to the approval of the Appropriate Federal Banking Agency and to the capital adequacy rules applicable to the Issuer. If fewer than all the shares represented by any certificate are redeemed, a new certificate shall be issued representing the unredeemed shares without charge to the holder thereof.

(e)Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds necessary for the redemption have been deposited by the Issuer, in trust for the pro rata benefit of the holders of the shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation, on and after the redemption date dividends shall cease to accrue on all shares so called for redemption, all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such shares shall forthwith on such redemption date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three (3) years from the redemption date shall, to the extent permitted by law, be released to the Issuer, after which time the holders of the shares so called for redemption shall look only to the Issuer for payment of the redemption price of such shares.

(f)Status of Redeemed Shares. Shares of Designated Senior Preferred Stock that are redeemed, repurchased or otherwise acquired by the Issuer shall revert to authorized but unissued shares of Preferred Stock undesignated as to series (provided that any such cancelled shares of Designated Senior Preferred Stock may be reissued only as shares of any series of Preferred Stock other than Designated Senior Preferred Stock).

Section 6.Conversion. Holders of Designated Senior Preferred Stock shares shall have no right to exchange or convert such shares into any other securities.

Section 7.Voting Rights.

(a)General. The holders of Designated Senior Preferred Stock shall not have any voting rights except as set forth below or as otherwise from time to time required by law.

11

(b)Board Observation Rights. Whenever, at any time or times, dividends payable on the shares of Designated Senior Preferred Stock have not been declared and paid in full for an aggregate of five (5) Dividend Periods or more, whether or not consecutive, the Issuer shall invite a representative (a “Preferred Observer”) selected by the holders of a majority of the outstanding shares of Designated Senior Preferred Stock, voting as a single class, to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such Preferred Observer copies of all notices, minutes, consents, and other materials that it provides to its directors in connection with such meetings (subject to disclosure limitations under applicable law); provided, that the holders of the Designated Senior Preferred Stock shall not be obligated to select a Preferred Observer, nor shall such Preferred Observer, if selected, be obligated to attend any meeting to which he/she is invited. The rights of the holders of the Designated Senior Preferred Stock set forth in this Section 7(b) shall terminate when full dividends have been timely paid on the Designated Senior Preferred Stock for at least four (4) consecutive Dividend Periods, subject to revesting in the event of each and every subsequent default of the character above mentioned.

(c)Preferred Stock Directors. Whenever, at any time or times, dividends payable on the shares of Designated Senior Preferred Stock have not been declared and paid in full for an aggregate of six (6) Dividend Periods or more, whether or not consecutive, the authorized number of directors of the Issuer shall automatically be increased by two (2) and the holders of the Designated Senior Preferred Stock, voting as a single class, shall have the right, but not the obligation, to elect two (2) directors of the Board of Directors (hereinafter the “Preferred Directors” and each a “Preferred Director”) to fill such newly created directorships at the Issuer’s next annual meeting of stockholders (or, if the next annual meeting is not yet scheduled or is scheduled to occur more than thirty (30) days later, the President or Secretary or equivalent officer of the Issuer shall, at the request of holders of at least twenty percent (20%) of the outstanding shares of Designated Senior Preferred Stock promptly call a special meeting for that purpose prior to such next annual meeting) and at each subsequent annual meeting of stockholders until full dividends have been paid on the Designated Senior Preferred Stock for at least four (4) consecutive Dividend Periods, at which time such right shall terminate with respect to the Designated Senior Preferred Stock, except as herein or by law expressly provided, subject to revesting in the event of each and every subsequent default of the character above mentioned; provided that it shall be a qualification for election for any Preferred Director that the election of such Preferred Director shall not cause the Issuer to violate any corporate governance requirements of any securities exchange or other trading facility on which securities of the Issuer may then be listed or traded that listed or traded companies must have a majority of independent directors; provided, further, that if the holders of the Designated Senior Preferred Stock initially determine not to elect two (2) directors in accordance with the foregoing, then (i) there shall remain a vacancy or two (2) vacancies, as applicable, on the Board of Directors and (ii) the holders of the Designated Senior Preferred Stock, voting as a single class, shall continue to have the right, but not the obligation, to fill any such vacancy at any annual meeting of stockholders of the Issuer (or, at the request of holders of at least twenty percent (20%) of the outstanding shares of Designated Senior Preferred Stock, if the next annual meeting has not at the time been scheduled or at the time is scheduled to occur more than thirty (30) days later, the Issuer’s President or Secretary, or any officer of the Issuer performing similar functions, shall promptly call a special meeting for that purpose) and to continue to elect up to two (2) Preferred Directors at each subsequent annual meeting of stockholders as provided above. Upon any termination of the right of the holders of shares of Designated Senior Preferred Stock to vote for directors as provided above, the Preferred Directors shall cease to be qualified as directors, the term of office of all Preferred Directors then in office shall terminate immediately and the authorized number of directors shall be reduced by the number of Preferred Directors authorized to be elected pursuant hereto. Any Preferred Director may be removed at any time, with or without cause, and any vacancy created thereby may be filled, only by the affirmative vote of the holders a majority of the shares of Designated Senior Preferred Stock at the time outstanding voting separately as a

12

class. If the office of any Preferred Director becomes vacant for any reason other than removal from office as aforesaid, the holders of the Designated Senior Preferred Stock may choose a successor who shall hold office for the unexpired term with respect to which such vacancy occurred.

(d)Class Voting Rights as to Particular Matters. So long as any shares of Designated Senior Preferred Stock are outstanding, in addition to any other vote or consent of stockholders required by law or by the Charter, the vote or consent of the holders of at least two-thirds (66 2/3%) of the shares of Designated Senior Preferred Stock at the time outstanding, voting as a separate class, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating:

(i)Authorization of Senior Stock. Any amendment or alteration of the (i) Certificate of Designations for the Designated Senior Preferred Stock or (ii) the Charter, to authorize or create or increase the authorized amount of, or any issuance of, any shares of, or any securities convertible into or exchangeable or exercisable for shares of, any class or series of capital stock of the Issuer ranking senior to Designated Senior Preferred Stock with respect to either or both the payment of dividends and/or the distribution of assets on any liquidation, dissolution or winding up of the Issuer;

(ii)Amendment of Designated Senior Preferred Stock. Any amendment, alteration or repeal of any provision of the Certificate of Designations for the Designated Senior Preferred Stock or the Charter (including, unless no vote on such merger or consolidation is required by Section 7(d)(iii) below, any amendment, alteration or repeal by means of a merger, consolidation or otherwise) so as to adversely affect the rights, preferences, privileges or voting powers of the Designated Senior Preferred Stock;

(iii)Share Exchanges, Reclassifications, Mergers and Consolidations. Subject to Section 7(d)(iv) below, any consummation of a binding share exchange or reclassification involving the Designated Senior Preferred Stock, or of a merger or consolidation of the Issuer with another corporation or other entity, unless in each case (x) the shares of Designated Senior Preferred Stock remain outstanding or, in the case of any such merger or consolidation with respect to which the Issuer is not the surviving or resulting entity, are converted into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and (y) such shares remaining outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and limitations and restrictions thereof, of Designated Senior Preferred Stock immediately prior to such consummation, taken as a whole; or

(iv)Holding Company Transactions. Any consummation of a Holding Company Transaction, unless as a result of the Holding Company Transaction each share of Designated Senior Preferred Stock shall be converted into or exchanged for one share with an equal liquidation preference of preference securities of the Issuer or the Acquiror (the “Holding Company Preferred Stock”). Any such Holding Company Preferred Stock shall entitle holders thereof to non-cumulative dividends from the date of issuance of such Holding Company Preferred Stock on terms that are equivalent to the terms set forth herein, and shall have such other rights, preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and limitations and restrictions thereof, of Designated Senior Preferred Stock immediately prior to such conversion or exchange, taken as a whole;

13

provided, however, that for all purposes of this Section 7(d), any increase in the amount of the authorized Preferred Stock, including any increase in the authorized amount of Designated Senior Preferred Stock necessary to satisfy preemptive or similar rights granted by the Issuer to other persons prior to the Signing Date, or the creation and issuance, or an increase in the authorized or issued amount, whether pursuant to preemptive or similar rights or otherwise, of any other series of Preferred Stock, or any securities convertible into or exchangeable or exercisable for any other series of Preferred Stock, ranking equally with and/or junior to Designated Senior Preferred Stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) and the distribution of assets upon liquidation, dissolution or winding up of the Issuer will not be deemed to adversely affect the rights, preferences, privileges or voting powers, and shall not require the affirmative vote or consent of, the holders of outstanding shares of the Designated Senior Preferred Stock.

(e)Changes after Provision for Redemption. No vote or consent of the holders of Designated Senior Preferred Stock shall be required pursuant to Section 7(d) above if, at or prior to the time when any such vote or consent would otherwise be required pursuant to such Section, all outstanding shares of the Designated Senior Preferred Stock shall have been redeemed, or shall have been called for redemption upon proper notice and sufficient funds shall have been deposited in trust for such redemption, in each case pursuant to Section 5 above.

(f)Procedures for Voting and Consents. The rules and procedures for calling and conducting any meeting of the holders of Designated Senior Preferred Stock (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such a meeting or such consents shall be governed by any rules of the Board of Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Charter, the Bylaws, and applicable law and the rules of any national securities exchange or other trading facility on which Designated Senior Preferred Stock is listed or traded at the time.

Section 8.Record Holders. To the fullest extent permitted by applicable law, the Issuer and the transfer agent for Designated Senior Preferred Stock may deem and treat the record holder of any share of Designated Senior Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Issuer nor such transfer agent shall be affected by any notice to the contrary.

Section 9.Notices. All notices or communications with respect to the Designated Senior Preferred Stock shall be sufficiently given if given in writing and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Designations, in the Charter or Bylaws or by applicable law. Notwithstanding the foregoing, if shares of Designated Senior Preferred Stock or any depositary shares representing interests in the Designated Senior Preferred Stock are issued in book-entry form through The Depository Trust Company or any similar facility, such notices may be given to the holders of Designated Senior Preferred Stock in any manner permitted by such facility.

Section 10.No Preemptive Rights. No share of Designated Senior Preferred Stock shall have any rights of preemption whatsoever as to any securities of the Issuer, or any warrants, rights or options issued or granted with respect thereto, regardless of how such securities, or such warrants, rights or options, may be designated, issued or granted.

Section 11.Replacement Certificates. The Issuer shall replace any mutilated certificate at the holder’s expense upon surrender of that certificate to the Issuer. The Issuer shall replace certificates that become destroyed, stolen or lost at the holder’s expense upon delivery to

14

the Issuer of reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any indemnity that may be reasonably required by the Issuer.

Section 12.Other Rights. The shares of Designated Senior Preferred Stock shall not have any rights, preferences, privileges or voting powers or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Charter or as provided by applicable law.

15

IN WITNESS WHEREOF, BancPlus Corporation has caused this Composite of the Articles of Incorporation to be signed by William A. Ray, its President and Chief Executive Officer, this ___ day of ___________________, 2023.

            BANCPLUS CORPORATION

            BY: ____________________________________

             Name: William A. Ray

             Title: President & Chief Executive Officer

16

EX-31.1

EXHIBIT 31.1

Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934,

As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, William A. Ray, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of BancPlus Corporation and Subsidiaries;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 12, 2023
		/s/ William A. Ray
		William A. Ray
		Vice Chairman, President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934,

As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Karlen Turbeville, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of BancPlus Corporation and Subsidiaries;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 12, 2023
		/s/ Karlen Turbeville
		Karlen Turbeville
		Senior Executive Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certifications Pursuant to 18 U.S.C §1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of BancPlus Corporation and Subsidiaries (the “Company”) for the period ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William A. Ray, President and Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 12, 2023
		/s/ William A. Ray
		William A. Ray
		Vice Chairman, President and Chief Executive Officer

EX-32.2

EXHIBIT 32.2

Certifications Pursuant to 18 U.S.C §1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of BancPlus Corporation and Subsidiaries (the “Company”) for the period ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Karlen Turbeville, Senior Executive Vice President and Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 12, 2023
		/s/ Karlen Turbeville
		Karlen Turbeville
		Senior Executive Vice President and Chief Financial Officer

XML

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 12, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	333-236022
Entity Registrant Name	BANCPLUS CORPORATION
Entity Incorporation, State or Country Code	MS
Entity Tax Identification Number	64-0655312
Entity Address, Address Line One	1068 Highland Colony Parkway
Entity Address, City or Town	Ridgeland
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39157
City Area Code	601
Local Phone Number	898-8300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,626,496
Entity Central Index Key	0001118004
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and due from banks	$ 103,527	$ 107,402
Interest bearing deposits with banks	17,693	30,493
Total cash and cash equivalents	121,220	137,895
Securities available for sale	659,581	623,920
Securities held to maturity - fair value: $61,144 - 2023; $62,068 - 2022	61,262	62,274
Loans held for sale	8,357	5,373
Loans	5,951,867	5,824,149
Less: Allowance for credit losses	64,403	42,875
Net loans	5,887,464	5,781,274
Premises and equipment	129,166	124,707
Operating lease right-of-use assets	34,748	35,747
Accrued interest receivable	24,025	23,156
Goodwill	62,772	62,772
Other assets	184,817	177,703
Total assets	7,173,412	7,034,821
Liabilities:
Deposits	5,966,656	5,824,904
Advances from Federal Home Loan Bank and other borrowings	310,068	318,084
Subordinated debentures	133,531	133,478
Operating lease liabilities	36,432	37,439
Accrued interest payable	4,407	2,334
Other liabilities	31,038	20,482
Total liabilities	6,482,132	6,336,721
Redeemable common stock owned by the ESOP	96,984	96,984
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, no par value
250,000 authorized, issued and outstanding at March 31, 2023 and December 31, 2022; aggregate liquidation preference of $250,000	250,000	250,000
Common Stock, par value $1.00 per share.
100,000,000 and 40,000,000 authorized at March 31, 2023 and December 31, 2022, respectively; 11,599,354 and 11,599,595 issued and outstanding at March 31, 2023 and December 31, 2022, respectively	11,599	11,599
Additional paid-in capital	123,878	122,890
Retained earnings	343,591	356,685
Accumulated other comprehensive loss, net	(37,788)	(43,074)
Stockholders' equity before redeemable common stock owned by employee stock ownership plan	691,280	698,100
Less: Redeemable common stock owned by the ESOP	(96,984)	(96,984)
Total shareholders' equity	594,296	601,116
Liabilities and equity	$ 7,173,412	$ 7,034,821

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Securities, held to maturity, fair value	$ 61,144	$ 62,068
Preferred stock, authorized (in shares)	250,000	250,000
Preferred stock, shares issued (in shares)	250,000	250,000
Preferred stock, shares outstanding (in shares)	250,000	250,000
Preferred stock, liquidation value (in USD per share)	$ 250,000	$ 250,000
Common stock, par value per share (in USD per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	100,000,000	40,000,000
Common stock, shares, issued (in shares)	11,599,354	11,599,595
Common stock outstanding (in shares)	11,599,354	11,599,595

XML

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income:
Interest and fees on loans	$ 76,747	$ 42,987
Taxable securities	3,066	2,307
Tax-exempt securities	380	420
Interest bearing bank balances and other	578	231
Total interest income	80,771	45,945
Interest expense:
Deposits	17,160	1,677
Short-term borrowings	79	0
Advances from Federal Home Loan Bank	3,215	76
Other borrowings	2,164	1,425
Total interest expense	22,618	3,178
Net interest income	58,153	42,767
Provision for loan losses	523	217
Net interest income after provision for credit losses	57,630	42,550
Other operating income:
Service charges on deposit accounts	6,666	6,792
Mortgage origination income	687	2,238
Debit card interchange	2,566	2,428
Other income	5,920	6,507
Total other operating income	15,839	17,965
Other operating expenses:
Salaries and employee benefits expenses	30,991	25,845
Net occupancy expenses	4,472	4,116
Furniture, equipment and data processing expenses	7,316	6,616
Other expenses	8,863	11,493
Total other operating expenses	51,642	48,070
Income before income taxes	21,827	12,445
Income tax expense	4,748	2,756
Net income	$ 17,079	$ 9,689
Earnings per common share - basic (in USD per share)	$ 1.50	$ 0.93
Earnings per common share - diluted (in USD per share)	$ 1.49	$ 0.92

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 17,079	$ 9,689
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available for sale	7,039	(26,144)
Tax effect	(1,753)	6,510
Total other comprehensive income (loss), net of tax	5,286	(19,634)
Comprehensive income (loss)	$ 22,365	$ (9,945)

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Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Cumulative effect, period of adoption, adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred Stock	Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Unearned ESOP Compensation	Unearned ESOP Compensation Cumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained Earnings Cumulative effect, period of adoption, adjustment	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance	Less: Redeemable Common Stock Owned by the ESOP	Less: Redeemable Common Stock Owned by the ESOP Cumulative Effect, Period of Adoption, Adjusted Balance
Shares outstanding, beginning balance (in shares) at Dec. 31, 2021						10,115,945
Shareholders' equity, beginning balance at Dec. 31, 2021	$ 289,932					$ 10,116		$ (1,401)		$ 67,380		$ 314,357			$ (33)		$ (100,487)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,689											9,689
Other comprehensive loss, net	(19,634)														(19,634)
Issuance of common stock for acquisition of First Trust Corporations (in shares)						1,444,732
Issuance of common stock for the Acquisition of First Trust Corporation	56,489					$ 1,445				55,044
Issuance of restricted stock (in shares)						21,367
Issuance of restricted stock	0					$ 21				(21)
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares)						(1,164)
Shares withheld to satisfy withholding obligation in the vesting of restricted stock	(79)					$ (1)				(78)
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	(4,148)											(4,148)
Shares outstanding, ending balance (in shares) at Mar. 31, 2022						11,580,880
Shareholders' equity, ending balance at Mar. 31, 2022	$ 332,392					$ 11,581		0		123,005		319,898			(19,667)		(102,425)
Preferred stock, beginning balance (in shares) at Dec. 31, 2022	250,000			250,000	250,000
Preferred stock, beginning balance at Dec. 31, 2022				$ 250,000	$ 250,000
Shares outstanding, beginning balance (in shares) at Dec. 31, 2022						11,599,595	11,599,595
Shareholders' equity, beginning balance at Dec. 31, 2022	$ 601,116	$ (24,953)	$ 576,163			$ 11,599	$ 11,599	0	$ 0	122,890	$ 122,890	356,685	$ (24,953)	$ 331,732	(43,074)	$ (43,074)	(96,984)	$ (96,984)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,079											17,079
Other comprehensive loss, net	5,286														5,286
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares)						(241)
Shares withheld to satisfy withholding obligation in the vesting of restricted stock	(16)									(16)
Stock based compensation	1,004									1,004
Dividends paid	$ (5,220)											(5,220)
Preferred stock, ending balance (in shares) at Mar. 31, 2023	250,000			250,000
Preferred stock, ending balance at Mar. 31, 2023				$ 250,000
Shares outstanding, ending balance (in shares) at Mar. 31, 2023						11,599,354
Shareholders' equity, ending balance at Mar. 31, 2023	$ 594,296					$ 11,599		$ 0		$ 123,878		$ 343,591			$ (37,788)		$ (96,984)

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Consolidated Statements of Shareholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 0.45	$ 0.41

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income per consolidated statements of income	$ 17,079	$ 9,689
Adjustments to reconcile net income to net cash from operating activities:
Provision for loan losses	523	217
Depreciation and amortization	2,440	2,362
Net loss on sales of premises and equipment	201	1
Net gain on sales of other real estate owned	0	(19)
Write-downs of other real estate-owned	2	555
Deferred income tax benefit	(186)	(162)
Federal Home Loan Bank stock dividends	(221)	(3)
Common stock released by ESOP	0	1,401
Stock based compensation expense	1,004	680
Origination of loans held for sale	(47,764)	(72,280)
Proceeds from loans held for sale	44,780	77,357
Earnings on bank-owned life insurance	(656)	(626)
Net change in:
Accrued interest receivable and other assets	(1,188)	(3,374)
Accrued interest payable and other liabilities	1,020	(2,570)
Net cash from operating activities	17,034	13,228
Cash flows from investing activities:
Purchases of securities available for sale	(33,505)	(82,822)
Maturities and calls of securities available for sale	4,885	20,801
Purchases of securities held to maturity	0	0
Maturities, prepayments and calls of securities held to maturity	990	2,745
Net increase in loans	(128,754)	(122,286)
Purchases of premises and equipment	(7,015)	(2,336)
Proceeds from sales of other real estate owned	976	181
Investment in unconsolidated entities	(77)	1,709
Distributions from unconsolidated entities	483	0
Purchases or redemptions of Federal Home Loan Bank stock	(192)	0
Cash received in excess of cash paid for acquisition	0	165,974
Net cash used in investing activities	(162,209)	(16,034)
Net increase (decrease) in:
Noninterest-bearing deposits	(72,106)	42,746
Money market, negotiable order of withdrawal, and savings deposits	129,308	1,250
Certificates of deposit	84,550	(25,727)
Proceeds from Federal Home Loan Bank advances	2,545,000	0
Payments on Federal Home Loan Bank advances	(2,553,016)	(24)
Proceeds from other borrowings	0	20,000
Payment of debt issuance costs on other borrowings	0	(25)
Cash dividends paid on common stock	(5,220)	(4,148)
Shares withheld to pay taxes on restricted stock vesting	(16)	(79)
Net cash from financing activities	128,500	33,993
Net change in cash and cash equivalents	(16,675)	31,187
Cash and cash equivalents at beginning of period	137,895	664,165
Cash and cash equivalents at end of period	121,220	695,352
Supplemental cash flow information:
Interest paid	20,545	1,658
Federal and state income tax payments	0	0
Acquisition of real estate in non-cash foreclosures	705	455
Fair value of assets acquired net of liabilities assumed	$ 0	$ 58,508

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Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

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, 2022; 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, 2022. 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. The allowance/provision for credit 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 credit losses, provision for credit 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.

Effect of Recently Adopted Accounting Standards

ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016, the FASB issued 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 previous loss estimation techniques are still permitted, although the inputs to those techniques have changed to reflect the full amount of expected credit losses over the life of the loan. ASU 2016-13 is effective for the Company for annual and interim periods beginning on January 1, 2023. The measurement of expected credit losses under the current expected credit loss (“CECL”) methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities, which includes required presentation of credit losses to be presented as an allowance rather than as a write-down when management does not intend to sell the securities.

The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with the then applicable GAAP. As of January 1, 2023 the Company recognized a one-time, after-tax cumulative effect adjustment of approximately $25.0 million to retained earnings, increasing the allowance for credit losses on loans held for investment by approximately $20.7 million and establishing an allowance for credit losses on off-balance sheet credit exposures of approximately $12.5 million due to the adoption of ASU 2016-13.

The Company adopted ASU 2016-13 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchase credit impaired (“PCI”) and accounted for under ASC 310-30.

In accordance with the standard, management did not reassess whether PCI assets met the criteria for PCD assets as of the date of adoption. The amortized cost basis of the PCD assets has an insignificant impact on the allowance for credit losses as of January 1, 2023. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2023.

The following table illustrates the impact of ASU 2016-13:

	January 1, 2023
(In thousands)	As Reported Under ASU 2016-13		Pre-ASU 2016-13 Adoption		Impact of ASU 2016-13 Adoption
Assets:
Allowance for credit losses on debt securities held-to-maturity	$	—	$	—	$	—
Allowance for credit losses on loans:
Commercial real estate	39,471		26,701		12,770
Residential	16,422		9,958		6,464
Commercial and industrial	6,916		4,750		2,166
Consumer and other	810		1,466		(656)
Total allowance for credit losses on loans	63,619		42,875		20,744
Liabilities:
Allowance for credit losses on off-balance sheet exposures	12,505		—		12,505
Total allowance for credit losses	$	76,124	$	42,875	$	33,249

Allowance for Credit Losses – Available-for-sale debt securities

For available-for-sale debt securities with fair value below amortized cost, when the Company does not intend to sell the debt security, and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, then the Company recognizes the credit component of a decline in fair value of a debt security in income and the remaining portion in other comprehensive income (loss). Decline in fair value related to a credit loss is measured using the discounted cash flow method. Credit loss recognition is limited to the amount that the fair value of the security is less than the amortized cost. The decline in fair value is recognized by establishing an allowance for credit loss (“ACL”) through provision for credit losses. Decline in fair value related to noncredit factors is recognized in accumulated other comprehensive income, net of applicable taxes. The Company has elected to exclude accrued interest from the estimate of credit losses for available-for-sale debt securities. The Company evaluates available-for-sale security declines in fair value on a quarterly basis.

Allowance for Credit Losses – Held-to-maturity debt securities

For held-to-maturity debt securities, expected losses are evaluated and calculated on a collective basis for those securities that share risk characteristics. The Company aggregates record level securities calculations and reports the security portfolio segments based on shared risk characteristics. The only segment included in the held to maturity portfolio is states and political subdivisions, which is comprised of municipals.

The Company performs a quarterly loss reserve calculation for municipal and corporate bonds leveraging history of defaults and recoveries as well as a baseline economic forecast. A probability of default/loss-given default approach is used, with any non-rated bonds receiving a comparable rating estimate. Losses in high grade municipals, in which the Company tends to invest, have been very limited over the last 50 years. The Company has elected to exclude accrued interest from the estimate of credit losses for held-to-maturity debt securities.

Allowance for Credit Losses – Loans

The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loans over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the principal amount owed in full is unlikely. Expected recoveries do not exceed the aggregate of amounts

previously charged-off and expected to be charged-off. Any interest that is accrued but not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. The Company made the policy election to exclude accrued interest receivable on loans from the estimate of credit losses.

The Company calculates estimated credit loss on its portfolio primarily using quantitative methodologies using relevant available information from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The ACL is evaluated and calculated on a collective basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether the loans in a pool continue to exhibit similar risk characteristics as the other loans and whether it needs to evaluate the allowance on an individual basis. The Company has chosen to segment its portfolio consistent with the manner in which it manages the risk of the type of credit. The Company’s segments for loans include commercial real estate, commercial and industrial, residential and consumer.

Expected credit losses are estimated over the contractual term of each loan taking into consideration expected prepayments. The contractual term excludes expected extensions, renewals, and modifications. Also included in the allowance for loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative method or the economic assumptions described above. For example, factors that the Company considers include the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans and current business conditions.

In addition to the ACL on loans held for investment, CECL requires a balance sheet liability for unfunded commitments, which is recognized if both of the following conditions are met: (1) the Company has a present contractual obligation to extend credit; and (2) the obligation is not unconditionally cancellable by the Company. Loan commitments may have a funded and unfunded portion, of which the liability for unfunded commitments is derived based upon the commitments to extend credit to a borrower (e.g., an estimate of expected credit losses is not established for unfunded portions of loan commitment that are unconditionally cancellable by the Company). The expected credit losses for funded portions are reported in the previously discussed ACL. The Company does not have any commitments that are unconditionally cancellable and therefore all commitments are in scope for an ACL calculation. The Company segments its unfunded commitment portfolio consistent with the ACL calculation. The Company incorporates the probability of funding (i.e., estimate of utilization) for each segment and then utilizes the ACL loss rates for each segment on an aggregate basis to calculate the allowance for unfunded commitments.

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 adoption of ASU 2022-02 in the first quarter of 2023 did not materially impact the Company’s consolidated financial statements.

Effect of Recently Issued, But Not Yet Effective Accounting Standards

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 Generally Accepted Accounting Principles (“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.

Accounting Standards Update 2022-06 (“ASU 2022-06”), “Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848.” In December 2022, the FASB issued ASU 2022-06 which provides temporary relief during the transition period in complying with ASU 2020-04. The Board included a sunset provision within Topic 848 based on expectations of when LIBOR would cease being published. At the time that ASU 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022 - 12 months after the expected cessation date of all

currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

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Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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)	2023		2022
Net income	$	17,079	$	9,689
Weighted average common shares outstanding	11,415		10,451
Diluted effect of unallocated stock	—		18
Diluted effect of stock-based awards	73		57
Diluted common shares	11,488		10,526
Basic earnings per common share	$	1.50	$	0.93
Diluted earnings per common share	$	1.49	$	0.92

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Business Combinations

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

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 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.

During the three months ended March 31, 2022, the Company incurred approximately $4.2 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 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 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 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 paid			63,239
Total purchase price			$	119,728
Assets acquired:
Cash and due from banks	$	229,213
Securities	33,407
Loans held for sale	6,200
Loans, net	1,000,382
Premises and equipment	15,152
Accrued interest receivable	1,441
Core deposit intangible	7,825
Other assets	4,584
Total assets acquired	$	1,298,204
Liabilities assumed:
Deposits	$	1,212,712
Subordinated debentures	21,733
Other liabilities	4,187
Total liabilities assumed	$	1,238,632
Net assets acquired			59,572
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 $1.00 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 deteriorated 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, 2022. 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, 2022.

	Three Months Ended March 31,
(In thousands, except per share data)	2022
Net interest income	$	53,873
Other operating income	20,542
Net income available to common shareholders	13,924
Earnings per common share:
Basic	$	1.22
Diluted	1.21

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Investment Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The following is a summary of the amortized cost and fair value of securities available for sale.

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2023:
U.S. Treasuries	$	35,886	$	—	$	894	$	34,992
U.S. Government agency obligations	444,962		805		30,703		415,064
Residential mortgage-backed securities	102,616		13		10,363		92,266
Commercial mortgage-backed securities	13,778		—		1,540		12,238
Asset-backed securities	9,470		58		137		9,391
Corporate investments	52,959		—		5,980		46,979
State and political subdivisions	50,227		154		1,730		48,651
Total available for sale	$	709,898	$	1,030	$	51,347	$	659,581
December 31, 2022:
U.S. Treasuries	$	35,814	$	—	$	1,235	$	34,579
U.S. Government agency obligations	414,251		246		35,761		378,736
Residential mortgage-backed securities	105,580		13		11,461		94,132
Commercial mortgage-backed securities	13,812		—		1,742		12,070
Asset backed securities	10,289		54		123		10,220
Corporate investments	51,000		—		4,967		46,033
State and political subdivisions	50,530		77		2,457		48,150
Total available for sale	$	681,276	$	390	$	57,746	$	623,920

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.

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2023:
States and political subdivisions	$	61,262	$	11	$	129	$	61,144
Total held to maturity	$	61,262	$	11	$	129	$	61,144
December 31, 2022:
States and political subdivisions	$	62,274	$	—	$	206	$	62,068
Total held to maturity	$	62,274	$	—	$	206	$	62,068

All mortgage-backed securities in the above tables were issued or guaranteed by U.S. government agencies or sponsored agencies, with no allowance for credit losses.

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 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
(In thousands)
March 31, 2023:
Available for sale:
U.S. Treasuries	$	4,898	$	47	$	30,094	$	847	$	34,992	$	894
U.S. Government agencies	19,303		484		349,846		30,219		369,149		30,703
Residential mortgage-backed securities	26,160		2,496		64,977		7,867		91,137		10,363
Commercial mortgage-backed securities	—		—		12,238		1,540		12,238		1,540
Asset backed securities	3,199		10		3,210		127		6,409		137
Corporate investments	18,443		1,515		28,536		4,465		46,979		5,980
States and political subdivisions	22,312		400		17,187		1,330		39,499		1,730
	$	94,315	$	4,952	$	506,088	$	46,395	$	600,403	$	51,347
Held to maturity:
States and political subdivisions	$	3,984	$	59	$	3,690	$	70	$	7,674	$	129
	$	3,984	$	59	$	3,690	$	70	$	7,674	$	129
December 31, 2022:
Available for sale:
U.S. Treasuries	$	34,579	$	1,235	$	—	$	—	$	34,579	$	1,235
U.S. Government agencies	78,676		4,830		285,994		30,931		364,670		35,761
Residential mortgage-backed securities	81,992		8,935		11,258		2,526		93,250		11,461
Commercial mortgage-backed securities	4,860		594		7,210		1,148		12,070		1,742
Asset backed securities	1,169		7		3,499		116		4,668		123
Corporate investments	36,958		4,042		7,076		925		44,034		4,967
States and political subdivisions	36,655		1,781		5,084		676		41,739		2,457
	$	274,889	$	21,424	$	320,121	$	36,322	$	595,010	$	57,746
Held to maturity:
States and political subdivisions	$	9,259	$	206	$	—	$	—	$	9,259	$	206
	$	9,259	$	206	$	—	$	—	$	9,259	$	206

The number of debt securities in an unrealized loss position decreased from 359 at December 31, 2022 to 340 at March 31, 2023. 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, 2023.

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, 2023:
One year or less	$	106,679	$	104,245	$	6,974	$	6,955
After one through five years	343,910		322,010		46,198		46,110
After five through ten years	146,387		130,851		6,450		6,439
After ten years	112,922		102,475		1,640		1,640
	$	709,898	$	659,581	$	61,262	$	61,144

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.

	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
March 31, 2023	$	620,381	$	576,828	$	31,678	$	31,569
December 31, 2022	$	492,206	$	451,638	$	35,734	$	35,562

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings. The Company monitors the credit rating on a quarterly basis. The following table summarizes the amortized cost basis of held-to-maturity debt securities at March 31, 2023 by credit rating:

(In thousands)	March 31, 2023
State and political subdivisions held-to-maturity:
S&P: AA+, AA, AA- / Moody's: Aa1, Aa2, Aa3	$	5,981
S&P: A+, A, A- / Moody's: A1, A2, A3	1,083
S&P: BBB+, BBB, BBB- / Moody's: Baa, Ba, B	495
Not rated	53,703
	$	61,262

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Loans

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Loans

Loans

The following is a summary of the Company’s loan portfolio by loan class.

(In thousands)	March 31, 2023		December 31, 2022
Secured by real estate:
Residential properties	$	1,429,332	$	1,403,974
Construction and land development	809,390		772,357
Farmland	288,970		283,832
Other commercial	2,525,887		2,467,216
Total real estate	5,053,579		4,927,379
Commercial and industrial loans	718,740		706,466
Agricultural production and other loans to farmers	75,509		80,770
Consumer and other loans	104,039		109,534
Total loans before allowance for credit losses	$	5,951,867	$	5,824,149

Loans are stated at the amount of unpaid principal net of discounts and premiums on acquired loans, before allowance for credit losses. Interest on loans is calculated using the simple interest method on daily balances of the principal amount outstanding.

Loan Origination/Risk Management/Credit Concentration – The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. The Company’s Board of Directors reviews and approves these policies and procedures on a regular basis. Although the Company has a diversified loan portfolio, the Company has concentrations of credit risks related to the real estate market, including residential, commercial, and construction and land development lending. Most of the Company’s lending activity occurs within Mississippi, Louisiana, Alabama, and Florida.

The risk characteristics of the Company’s material portfolio segments are as follows:

Residential Real Estate Loans – The residential real estate loan portfolio consists of residential loans for single and multifamily properties. Residential loans are generally secured by owner occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can be impacted by economic conditions within their market area. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

Commercial Real Estate Loans – Commercial real estate loans include construction and land development loans, loans secured by farmland and other commercial real estate loans.

Construction and land development loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing.

Farmland loans are generally made for the purpose of acquiring land devoted to crop production or livestock, the propagation of timber or the operation of a similar type of business on the secured property. Sources of repayment for these loans generally include income generated from operations of a business on the property, rental income, or sales of timber. Repayment may be impacted by changes in economic conditions which affect underlying collateral values.

Commercial real estate loans typically involve larger principal amounts and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates commercial real estate loans based on collateral and risk grade criteria.

Commercial and Industrial Loans – The commercial and industrial loan portfolio consists of loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchase or other expansion projects. Commercial loan underwriting standards are designed to promote relationship banking rather than transactional banking and are underwritten based on the borrower’s expected ability to profitably operate its business. The cash flows of borrowers, however, may not be as expected and collateral securing these loans may fluctuate in value. Most commercial loans are secured by assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Consumer and Other Loans – The consumer and other loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes.  Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose.  Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s market area) and the creditworthiness of a borrower.

Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that a borrower's financial condition is such that collection of interest, but not necessarily principal, is doubtful. A loan is typically placed on non-accrual when the contractual payment of principal or interest becomes 90 days past due unless the loan is well-secured and in the process of collection. Loans may be placed on non-accrual status regardless of whether or not such loans

are considered past due. Current year interest previously recorded, but deemed not collectible, is reversed and charged against current year income. Prior year interest previously recorded, but deemed not collectible, is charged against the allowance.

Payments subsequently received on non-accrual loans are applied to principal. Interest income is recognized to the extent that cash payments are received in excess of principal due. A loan may return to accrual status when principal and interest payments are no longer past due and collectability is reasonably assured.

The following table presents the amortized cost basis of nonaccrual loans, segregated by class as of March 31, 2023.

(In thousands)	Total Nonaccrual		Nonaccrual with no Allowance for Credit Loss		Past Due 90 days or more and Accruing
Secured by real estate:
Residential properties	$	2,585	$	—	$	1,497
Construction and land development	—		—		—
Farmland	1,434		—		158
Other commercial	1,795		—		175
Total real estate	5,814		—		1,830
Commercial and industrial loans	201		—		204
Agricultural production and other loans to farmers	—		—		—
Consumer and other loans	—		—		946
Total	$	6,015	$	—	$	2,980

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During three months ended March 31, 2023, there were no significant changes to the collateral which secures the collateral-dependent loans, whether due to general deterioration or other reason. The following table presents the amortized cost basis of collateral-dependent loans by class and collateral type as of March 31, 2023.

(In thousands)	Real Estate		Enterprise Value		Accounts Receivable & Inventory
Secured by real estate:
Residential properties	$	—	$	—	$	—
Construction and land development	—		—		—
Farmland	—		—		—
Other commercial	1,433		1,554		—
Total real estate	1,433		1,554		—
Commercial and industrial loans	—		—		9,099
Agricultural production and other loans to farmers	—		—		—
Consumer loans	—		—		—
Total	$	1,433	$	1,554	$	9,099

An age analysis of past due loans (including both accruing and non-accruing loans) segregated by class of loans is as follows:

(In thousands)	Past Due 30-89 Days		Past Due 90 Days or More		Total Past Due		Current		Total Loans
March 31, 2023
Secured by real estate:
Residential properties	$	6,188	$	2,668	$	8,856	$	1,420,476	$	1,429,332
Construction and land development	216		—		216		809,174		809,390
Farmland	468		1,601		2,069		286,901		288,970
Other commercial	1,393		1,061		2,454		2,523,433		2,525,887
Total real estate	8,265		5,330		13,595		5,039,984		5,053,579
Commercial and industrial loans	755		370		1,125		717,615		718,740
Agricultural production and other loans to farmers	93		—		93		75,416		75,509
Consumer loans	906		946		1,852		102,187		104,039
Total	$	10,019	$	6,646	$	16,665	$	5,935,202	$	5,951,867

(In thousands)	Past Due 30-89 Days		Past Due 90 Days or More		Total Past Due		Current		Total Loans
December 31, 2022
Secured by real estate:
Residential properties	$	5,869	$	2,015	$	7,884	$	1,396,090	$	1,403,974
Construction and land development	526		1,578		2,104		770,253		772,357
Farmland	566		1,391		1,957		281,875		283,832
Other commercial	1,498		774		2,272		2,464,944		2,467,216
Total real estate	8,459		5,758		14,217		4,913,162		4,927,379
Commercial and industrial loans	902		677		1,579		704,887		706,466
Agricultural production and other loans to farmers	126		—		126		80,644		80,770
Consumer loans	1,530		697		2,227		107,307		109,534
Total	$	11,017	$	7,132	$	18,149	$	5,806,000	$	5,824,149

Modifications to Borrowers Experiencing Financial Difficulty – From time to time, the Company may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, interest rate reduction, term extension, other-than-significant payment delay or a combination thereof, among other things. During both of the three months ended March 31, 2023 and 2022, there were no modifications of loans to borrowers experiencing financial difficulty.

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Allowance for Credit Losses

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses

On January 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology with an expected loss methodology that is referred to as CECL. See Note 1, Basis of Presentation. As a result of implementing CECL, there was a one-time adjustment to the 2023 opening allowance balance of approximately $20.7 million.

As management evaluates the allowance for credit losses, it is categorized as follows: (1) specific allocations; (2) allocations for classified assets with no specific allowance, based on historical loan experience for similar loans with similar characteristics, adjusted as necessary, to reflect the impact of current conditions; and (3) general allocations for each major loan category for loans not individually evaluated or deemed collateral-dependent or classified, segmented by loan class based on historical loss experience and other risk factors. In assessing general economic conditions, management monitors several factors, including regional and national economic conditions, real estate market conditions and recently enacted regulations with potential economic effects.

Credit Quality Indicators – The Company utilizes a risk grading matrix to assign a grade to each of its commercial and real estate loans. Loans are rated on a scale of 1 to 10. A description of the general characteristics of the 10 risk ratings is as follows:

•Risk Grades 1, 2, 3, 4 and 5 – These grades include loans to borrowers of solid credit quality with no higher than normal risk of loss. Borrowers in these categories have satisfactory financial strength and adequate cash flow coverage to service debt requirements. Collateral type and quality, as well as protection, are adequate. The borrower’s management is strong and capable, financial information is timely and accurate, and guarantor support is strong.

•Risk Grade 6 – Pass and Watch – Loans in this category are currently protected, but risks are emerging that warrant more than normal attention and have above average risk of loss. These factors require a higher level of monitoring and may include emerging balance sheet weaknesses, strained liquidity, increased leverage ratio, and weakening management. Collateral support is less marketable or limited use and, although the protection is sufficient, the loan-to-value ratio may not meet policy guidelines. Guarantors may have a limited ability and willingness to provide intermediate support. Also, considerations surrounding industry deterioration, increased competition and minor policy exceptions concerning structure or amortization may affect the rating of these loans.

•Risk Grade 7 – Special Mention – The Company’s special mention rating is intended to closely align with the regulatory definition. A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of repayment prospects. These weaknesses may include deteriorating balance sheets, strained liquidity and elevated leverage ratios. Cash flow and profitability are marginally sufficient to service debt and collateral is exhibiting signs of decline in value; however, protection is currently sufficient. Limited management experience or weaknesses have emerged requiring more than normal supervision and uncertainties regarding the quality of the financials are not explained. Guarantor has very limited ability and willingness to provide short-term support. Moderate policy exceptions concerning structure or amortization may be considered in order to provide relief to the borrower. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

•Risk Grade 8 – Substandard – A loan in this category is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. Factors affecting these loans may include balance sheet deterioration that has resulted in illiquid, highly leveraged or deficit net worth, cash flow that is not able to service debts as structured, collateral protection that may be inadequate, guarantor support that may be virtually non-existent, and management that is poor. Loans may require a major policy exception concerning structure or amortization. They are characterized by the distinct possibility that the Company will incur some loss if the deficiencies are not corrected.

•Risk Grade 9 – Doubtful – Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.

•Risk Grade 10 – Loss – Loans are considered uncollectible and of such little value that continuing to carry them as an active asset is not warranted. It does not mean that there will be no recovery, but, rather, it is not practical or desirable to defer writing off these assets even though a partial recovery may be possible in the future.

Pass loans for the Company include loans in Risk Grades 1 - 6. Classified loans for the Company include loans in Risk Grades 8, 9 and 10. Loans may be classified but not considered individually evaluated or collateral-dependent, due to one of the following reasons: (i) the loan falls below the established minimum dollar thresholds for individual evaluation or (ii) the loan was individually evaluated, but not deemed to be collateral-dependent.

The following table reflects loans by credit quality indicator and origination year at March 31, 2023. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at March 31, 2023.

	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021				2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	56,509	$	458,488	$	343,007			$	142,538	$	58,061	$	105,708	$	250,166	$	1,414,477
Special mention	—		—		—				—		—		—		—		—
Classified	31		946		2,241				3,087		1,629		5,756		1,165		14,855
Total residential real estate	$	56,540	$	459,434	$	345,248			$	145,625	$	59,690	$	111,464	$	251,331	$	1,429,332
Current period gross write offs	$	—	$	—	$	—			$	32	$	—	$	140	$	1	$	173
Construction & land development:																	0
Pass	$	18,762	$	73,087	$	18,267			$	6,838	$	7,244	$	6,891	$	675,494	$	806,583
Special mention	—		43		—				—		—		—		303		346
Classified	—		92		10				1,003		1,017		14		325		2,461
Total construction & land development	$	18,762	$	73,222	$	18,277			$	7,841	$	8,261	$	6,905	$	676,122	$	809,390
Current period gross write offs	$	—	$	—	$	—			$	—	$	—	$	7	$	—	$	7
Farmland:
Pass	$	11,112	$	89,609	$	34,157			$	30,038	$	16,483	$	28,177	$	76,107	$	285,683
Special mention	—		—		—				—		—		—		—		—
Classified	22		314		690				—		65		1,944		252		3,287
Total farmland	$	11,134	$	89,923	$	34,847			$	30,038	$	16,548	$	30,121	$	76,359	$	288,970
Current period gross write offs	$	—	$	—	$	2	$	—	$	—	$	—	$	3	$	3	$	8
Other commercial real estate:
Pass	$	55,882	$	519,426	$	425,974			$	270,587	$	133,264	$	253,147	$	856,811	$	2,515,091
Special mention	—		—		—				—		—		—		—		—
Classified	23		1,719		2,332				560		1,130		3,835		1,197		10,796
Total other commercial real estate	$	55,905	$	521,145	$	428,306			$	271,147	$	134,394	$	256,982	$	858,008	$	2,525,887
Current period gross write offs	$	—	$	—	$	56			$	—	$	—	$	—	$	—	$	56
Commercial & industrial loans:
Pass	$	42,206	$	183,885	$	105,343			$	50,827	$	31,986	$	12,928	$	278,751	$	705,926
Special mention	—		—		—				—		—		—		—		—
Classified	10		866		107				639		159		10,688		345		12,814
Total commercial & industrial loans	$	42,216	$	184,751	$	105,450			$	51,466	$	32,145	$	23,616	$	279,096	$	718,740
Current period gross write offs	$	—	$	62	$	30			$	2	$	15	$	7	$	172	$	288

	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Agricultural production & other loans to farmers:
Pass	$	8,449	$	11,311	$	5,898	$	4,476	$	1,793	$	844	$	42,652	$	75,423
Special mention	—		—		—		—		—		—		—		—
Classified	—		7		—		54		12		13		—		86
Total agricultural production & other loans to farmers	$	8,449	$	11,318	$	5,898	$	4,530	$	1,805	$	857	$	42,652	$	75,509
Current period gross write offs	$	—	$	5	$	—	$	—	$	—	$	—	$	8	$	13
Consumer & other loans:
Pass	$	11,498	$	32,852	$	9,569	$	6,439	$	1,441	$	4,291	$	36,596	$	102,686
Special mention	—		—		—		—		—		—		—		—
Classified	—		1,311		14		9		1		—		18		1,353
Total agricultural production & other loans to farmers	$	11,498	$	34,163	$	9,583	$	6,448	$	1,442	$	4,291	$	36,614	$	104,039
Current period gross write offs	$	810	$	63	$	23	$	31	$	7	$	—	$	9	$	943

The following table summarizes the credit quality of the Company’s loan portfolio by loan class at December 31, 2022:

	Risk Grades		Risk Grade		Risk Grade		Risk Grade
(In thousands)	1-6		7		8		9		Total
December 31, 2022
Secured by real estate:
Residential properties	$	1,391,039	$	—	$	12,852	$	83	$	1,403,974
Construction and land development	768,699		303		3,355		—		772,357
Farmland	280,522		—		3,310		—		283,832
Other commercial	2,456,708		—		10,384		124		2,467,216
Total real estate	4,896,968		303		29,901		207		4,927,379
Commercial and industrial	693,963		—		12,503		—		706,466
Agricultural production and other loans to farmers	80,524		—		246		—		80,770
Consumer and other loans	108,279		—		1,255		—		109,534
Total	$	5,779,734	$	303	$	43,905	$	207	$	5,824,149

The allowance for credit loss represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The lifetime estimate also considers economic conditions. During the first quarter of 2023, the U.S. economy continued to experience volatility and there remains uncertainty surrounding future economic conditions as a result of supply chain disruptions, labor shortages, and the conflict in Ukraine. Although management strives to

maintain an allowance it deems adequate, future economic changes, deterioration of borrowers' creditworthiness, and the impact of examinations by regulatory agencies all could cause changes to BancPlus' allowance for credit losses.

Transactions in the allowance for credit losses and balances in the loan portfolio by loan segment are as follows:

(In thousands)	Commercial and Industrial		Commercial Real Estate		Residential		Consumer and other		Total
Three Months Ended March 31, 2023
Allowance for credit losses:
Beginning balance	$	4,750	$	26,701	$	9,958	$	1,466	$	42,875
Impact of adopting ASU 2016-13	2,166		12,770		6,464		(656)		20,744
Provision for credit losses	(312)		979		113		640		1,420
Recoveries on loans	88		115		58		591		852
Loans charged off	(288)		(71)		(173)		(956)		(1,488)
Ending balance	$	6,404	$	40,494	$	16,420	$	1,085	$	64,403
Period End Allowance Balance Allocated To:
Individually evaluated	$	—	$	—	$	—	$	—	$	—
Collectively evaluated	6,404		40,494		16,420		1,085		64,403
Ending balance	$	6,404	$	40,494	$	16,420	$	1,085	$	64,403

The allowance for credit losses increased for the three months ended March 31, 2023 primarily as a result of the adoption of ASU 2016-13. Accrued interest receivable on loans, reported as a component of accrued interest receivable on the balance sheet, totaled approximately $20.3 million for the period ended March 31, 2023 and is excluded from the estimate of credit losses.

(In thousands)	Commercial and Industrial		Commercial Real Estate		Residential		Consumer and other		Total
Three Months Ended March 31, 2022
Allowance for loan losses:
Beginning balance	$	6,556	$	27,133	$	9,488	$	1,823	$	45,000
Provision for loan losses	(468)		75		311		299		217
Recoveries on loans	22		141		54		791		1,008
Loans charged off	(58)		(437)		(250)		(1,242)		(1,987)
Ending balance	$	6,052	$	26,912	$	9,603	$	1,671	$	44,238
Period End Allowance Balance Allocated To:
Individually evaluated for impairment	$	1,723	$	308	$	7	$	—	$	2,038
Collectively evaluated for impairment	4,329		26,604		9,596		1,671		42,200
Ending balance	$	6,052	$	26,912	$	9,603	$	1,671	$	44,238

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Regulatory Matters

3 Months Ended

Mar. 31, 2023

Regulatory Matters [Abstract]

Regulatory Matters

Regulatory Matters

The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by state and federal banking agencies. Failure to meet minimum capital requirements triggers certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements.

In 2019, the federal bank regulatory agencies finalized a rule that simplifies capital requirements for qualifying community banks by providing an option to use a simple leverage ratio to measure capital adequacy and to not calculate risk-based capital ratios. A qualifying community bank has less than $10 billion in total consolidated assets, limited amounts of off-balance-sheet exposures and trading assets and liabilities, and a leverage ratio greater than 9.0%. The community bank leverage ratio (“CBLR”)

framework was effective on January 1, 2020, and the Company and the Bank elected to adopt the optional CBLR framework in the third quarter of 2022, as an alternative to the generally applicable capital rules.

The Bank is also subject to capital requirements under the prompt corrective action regime. The prompt corrective action framework applies only to insured depository institutions, such as the Bank, and not to their holding companies, such as the Company. As of March 31, 2023, the Bank maintained a leverage ratio of more than 9.0% and, as an institution has elected to adopt the CBLR framework, the Bank was therefore well capitalized under the regulatory framework for prompt corrective action.

The following table presents actual and required capital ratios for the Company and the Bank under the CBLR and prompt corrective action regulations for the relevant periods.

	Actual				Minimum Requirement to be Well Capitalized
(In thousands)	Capital Amount		Ratio		Capital Amount		Ratio
March 31, 2023:
Company:
Community Bank Leverage Ratio	$	727,972	10.27	%	$	637,810	9.00	%
Bank:
Community Bank Leverage Ratio	$	672,902	9.50	%	$	637,283	9.00	%

	Actual				Minimum Requirement to be Well Capitalized
(In thousands)	Capital Amount		Ratio		Capital Amount		Ratio
December 31, 2022:
Company:
Community Bank Leverage Ratio	$	721,001	10.54	%	$	615,566	9.00	%
Bank:
Community Bank Leverage Ratio	$	636,007	9.31	%	$	614,973	9.00	%

The ability of the Company to pay future dividends, pay its expenses and retire its debt is dependent upon future dividends and income tax benefits paid to the Company by the Bank. The Bank is subject to dividend restrictions as imposed by federal and state regulatory authorities.

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Fair Value

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

Financial Instruments Measured at Fair Value

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date

Level 2

Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3

Unobservable inputs that are significant to the fair value of the assets or liabilities that reflect a company’s own assumptions about the assumptions that market participants would use in pricing assets or liabilities

Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers of financial instruments between fair value levels for any period presented.

The Company used the following methods and significant assumptions to estimate fair value.

Securities – The Company utilizes an independent pricing service to advise it on the value of the securities portfolio. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of several, observable inputs such as benchmark yields, reported trades, benchmark securities, bids, offers and reference data market research publications and are classified within Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. For Level 3 securities, in addition to the inputs noted above, inputs used by the pricing service to determine fair value may also include estimated duration, municipal bond interest rate curve, and tax effected yield. There were no Level 3 securities as of March 31, 2023 or December 31, 2022. The Company’s treasury department and Asset Liability Management Committee review the aggregate fair values of the securities portfolio.

Individually Evaluated Loans with Credit Losses – Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists on a non-recurring basis. Allowable methods for determining the amount of the credit loss include estimating fair value using the fair value of the collateral for collateral-dependent loans. Specific allowances for these loans are based on comparisons of the recorded carrying values of the loans to the present value of the estimated cash flows of these loans at each loan’s effective interest rate or the fair value of the collateral net of selling costs if the loan is collateral-dependent. Loans that are primarily collateral dependent loans are assessed using a fair value approach. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or as-is value of the property being appraised. Appraisals are based on certain assumptions, which may include construction or development status and the highest and best use of the property. The appraisals are reviewed by the Company’s appraisal department to ensure they are acceptable. Loans that have experienced a credit loss are classified within Level 3 of the fair value hierarchy.

Other Real Estate Owned – Other real estate owned is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated cost to sell. Fair value estimates begin with obtaining a current independent appraisal or internal evaluation of the collateral value. Subsequent to foreclosure, valuations are performed periodically by the Company’s appraisal department and any subsequent reduction in value is recognized by a charge to income.

Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed by the Company. These appraisals are reviewed by a member of the Company’s appraisal department to ensure they are acceptable. Appraised values are adjusted down for costs associated with asset disposal. The significant unobservable inputs (Level 3) used in the fair value measurement of collateral for collateral-dependent loans and other real estate owned are primarily based on appraisals, observable market conditions, and other factors which may affect collectability. The appraisals use marketability and comparability discounts, which generally range from 5% to 15%. Assessment of the significance of a specific input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset. It is reasonably possible that a change in the estimated fair value for assets measured using Level 3 inputs could occur in the future.

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
March 31, 2023
U.S. Treasuries	$	34,992	$	—	$	34,992	$	—
U.S. Government agency obligations	415,064		—		415,064		—
Residential mortgage-backed securities	92,266		—		92,266		—
Commercial mortgage-backed securities	12,238		—		12,238		—
Asset-backed securities	9,391		—		9,391		—
Corporate investments	46,979		—		46,979		—
State and political subdivisions	48,651		—		48,651		—
Total securities available for sale	$	659,581	$	—	$	659,581	$	—

December 31, 2022
U.S. Treasuries	$	34,579	$	—	$	34,579	$	—
U.S. Government agency obligations	378,736		—		378,736		—
Residential mortgage-backed securities	94,132		—		94,132		—
Commercial mortgage-backed securities	12,070		—		12,070		—
Asset backed securities	10,220		—		10,220		—
Corporate investments	46,033		—		46,033		—
State and political subdivisions	48,150		—		48,150		—
Total securities available for sale	$	623,920	$	—	$	623,920	$	—

Assets measured at fair value on a non-recurring basis are summarized below.

	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
Individually evaluated loans with credit losses, net of allowance for credit losses:
March 31, 2023	$	—	$	—	$	—	$	—
Impaired loans, net of allowance for loan losses:
December 31, 2022	$	26,071	$	—	$	—	$	26,071
Other real estate owned:
March 31, 2023	$	3,958	$	—	$	—	$	3,958
December 31, 2022	$	4,231	$	—	$	—	$	4,231

The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis.

	Qualitative Information about Level 3 Fair Value Measurements
(In thousands)	Carrying Value		Valuation Methods	Unobservable Inputs	Range	Weighted Average
March 31, 2023
Individually evaluated loans with credit losses, net of specific allowance	$	—	Third-party appraisals	Selling costs	5% - 10%	6%
Other real estate owned	$	3,958	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6%

	Qualitative Information about Level 3 Fair Value Measurements
(In thousands)	Carrying Value		Valuation Methods	Unobservable Inputs	Range	Weighted Average
December 31, 2022
Impaired loans, net of allowance for loan losses	$	26,071	Third-party appraisals	Selling costs	5% - 10%	6%
Other real estate owned	$	4,231	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6%

Fair Value of Financial Instruments

GAAP requires disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, that are not measured and reported at fair value on a recurring or non-recurring basis. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions significantly affect the estimates and, as such, the derived fair value may not be indicative of the value negotiated in an actual sale and may not be comparable to that reported by other financial institutions. In addition, the fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

The following table presents estimated fair values of the Company’s financial instruments not previously disclosed:

	March 31, 2023				December 31, 2022
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents	$	121,220	$	121,220	$	137,895	$	137,895
Level 2 inputs:
Securities held to maturity	61,262		61,144		62,274		62,068
FHLB stock	20,103		20,103		19,690		19,690
Accrued interest receivable	24,025		24,025		23,156		23,156
Level 3 inputs:
Loans held for sale	8,357		8,357		5,373		5,373
Loans, net	5,887,464		5,674,683		5,781,274		5,601,070
Financial liabilities:
Level 2 inputs:
Deposits	5,966,656		5,648,644		5,824,904		5,289,138
FHLB and other borrowings	310,068		309,927		318,084		318,079
Subordinated debentures	133,531		138,699		133,478		138,780
Accrued interest payable	4,407		4,407		2,334		2,334

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Subordinated Debentures and Trust Preferred Securities

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Subordinated Debentures and Trust Preferred Securities

Subordinated Debentures and Trust Preferred Securities

Subordinated Debentures

On June 4, 2020, the Company entered into a Subordinated Note Purchase Agreement with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $60.0 million in aggregate principal amount of its 6.000% Fixed-to-Floating Rate Subordinated Notes due June 15, 2030 (the “Notes”). The Company incurred issuance costs

of $1.4 million in conjunction with the issuance of the Notes. These issuance costs are netted with the balance of the Notes on the Company’s Consolidated Balance Sheets and will be amortized over the life of the Notes. At March 31, 2023 and December 31, 2022, the remaining unamortized balance of these issuance costs was $1.0 million and $1.1 million, respectively. The Notes initially bear interest at a rate of 6.000% per annum from and including June 4, 2020, to but excluding June 15, 2025 or the early redemption date, with interest during this period payable semiannually in arrears. From and including June 15, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to Three-Month Term Secured Overnight Financing Rate plus 586 basis points, with interest during this period payable quarterly in arrears. The Company used the proceeds of the private placement for general corporate purposes, including improving the Company’s liquidity and capital position.

The Notes are not redeemable by the Company, in whole or in part, prior to the fifth anniversary of the original date of issue, except that the Notes may be redeemed at any time in whole but not in part in the event of a Tier 2 Capital Event, a Tax Event, or an Investment Company Event, each as defined and described in the Notes. On or after the fifth anniversary of the original date of issue, the Notes are redeemable on any interest payment date at the option of the Company, in whole or in part in integral multiples of $1,000, at an amount equal to 100% of the outstanding principal amount redeemed plus accrued but unpaid interest thereon. Any partial redemption will be made on a pro rata basis as to the holders of the Notes. Any redemption of the Notes is subject to any applicable regulatory requirements and approvals.

Effective March 1, 2022, in conjunction with the FTC Merger, the Company assumed FTC’s obligations under its Subordinated Note Purchase Agreement, dated as of December 23, 2020, and the several purchasers of the $21.0 million aggregate principal amount of 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 issued thereunder (the “FTC Subordinated Notes”). The FTC Subordinated Notes will mature on December 30, 2030 and bear interest at an initial fixed rate of 5.50% per annum, payable semi-annually in arrears. From and including December 30, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to a Three-Month Term Secured Overnight Financing Rate (“SOFR”) plus 527 basis points, payable quarterly in arrears. BancPlus will be entitled to redeem the FTC Subordinated Notes, in whole or in part, on any interest payment date on or after December 30, 2025, and to redeem the FTC Subordinated Notes in whole upon certain other events. The FTC Subordinated Notes are not subject to redemption at the option of the holder. The FTC Subordinated Notes are unsecured, subordinated obligations of BancPlus only and are not obligations of, and are not guaranteed by, any subsidiary of BancPlus. The FTC Subordinated Notes rank junior in right to payment to BancPlus’ current and future senior indebtedness. The FTC Subordinated Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes. The FTC Subordinated Notes vary from the amount carried on the Consolidated Balance Sheets at March 31, 2023 due to the remaining purchase premium of $536,000, which was established upon closing of the FTC Merger and is being amortized over the remaining life of the debentures.

Trust Preferred Securities

The Company also owns the outstanding common stock of business trusts that have issued preferred capital securities to third parties. Under a grandfathering provision in the Basel III capital rules that applies to bank holding companies with less than $15 billion in total consolidated assets, these preferred capital securities have qualified as Tier 1 capital for the Company, subject to regulatory rules and limits. These trusts used the proceeds from the issuance of the common stock and the preferred capital securities to purchase subordinated debentures issued by the Company. These subordinated debentures are these trusts’ only assets, and quarterly interest payments on these subordinated debentures are the sole source of cash for these trusts to pay quarterly distributions on the common stock and preferred capital securities. The Company has fully and unconditionally guaranteed the trusts’ obligations with respect to the preferred capital securities.

The Company has the right to defer the payment of interest on the subordinated debentures at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust preferred securities are also deferred. Interest on the subordinated debentures and distributions on the trust preferred securities are cumulative.

The following is a summary of subordinated debentures payable to statutory trusts.

(In thousands)	Year of Maturity	Interest Rate	March 31, 2023		December 31, 2022
First Bancshares of Baton Rouge Statutory Trust I	2034	3 month LIBOR, plus 2.50%	$	4,124	$	4,124
State Capital Statutory Trust IV	2035	3 month LIBOR, plus 1.99%	5,155		5,155
BancPlus Statutory Trust II	2036	3 month LIBOR, plus 1.50%	20,619		20,619
BancPlus Statutory Trust III	2037	3 month LIBOR, plus 1.35%	20,619		20,619
State Capital Master Trust	2037	3 month LIBOR, plus 1.46%	6,186		6,186
			$	56,703	$	56,703

The subordinated debentures payable to statutory trusts vary from the amount carried on the Consolidated Balance Sheets at March 31, 2023 due to the remaining purchase discount of $3.7 million, which was established upon the merger with State Capital Corp. (“SCC”), in which BancPlus acquired SCC, the holding company of State Bank & Trust Company (“State Bank”) by a statutory share exchange and SCC was merged with and into BancPlus and State Bank was merged with and into BankPlus, with BancPlus and BankPlus surviving the mergers, which closed on April 1, 2020, and is being amortized over the remaining life of the debentures.

Interest rates adjust quarterly for the subordinated debentures with rates that are indexed with LIBOR. On March 15, 2022 the Adjustable Interest Rate (LIBOR) Act was signed into law as part of the Consolidated Appropriations Act, 2022. The Adjustable Interest Rate (LIBOR) Act establishes a nationwide process for replacing LIBOR in financial contracts that mature after the cessation of the overnight, one-, three-, six- and 12-month U.S. dollar LIBOR tenors on June 30, 2023 and that do not provide for an effective means to replace LIBOR upon its cessation. For contracts in which a party has the discretion to identify a replacement rate, the Act also provides a safe harbor to parties if they choose the SOFR-based benchmark replacement rate identified by the Board of Governors of the Federal Reserve System. In January 2023, the Company was notified that the interest rate on the subordinated debentures would be replaced with SOFR.

The Company has the right to redeem the subordinated debentures prior to maturity. Upon redemption of the subordinated debentures payable to a statutory trust, the trust will also liquidate its common stock and preferred capital securities.

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Employee Benefits

3 Months Ended

Mar. 31, 2023

Postemployment Benefits [Abstract]

Employee Benefits

Employee Benefits

The Company has an Employee Stock Ownership Plan (“ESOP”) that covers all employees of the Bank who are at least 21 years of age and work in a position requiring at least one thousand hours of service annually. The plan also has 401(k) provisions that allow for employee tax deferred contributions. Participants may make contributions to the ESOP in accordance with applicable regulations and the ESOP’s provisions. The Company makes a “safe harbor” matching contribution on the first 3% of an employee’s salary deferral contributions, plus an additional matching contribution equal to 50% of the next 2% of an employee’s salary deferral contributions in excess of 3%. Additional contributions are made to the ESOP at the discretion of the Company’s Board of Directors.

The ESOP owned 1,452,950 shares of the Company's common stock at both March 31, 2023 and December 31, 2022. The ESOP can enter into loans, collateralized by ESOP shares, with the Company in connection with the repurchase of shares of Company stock that were sold by participants in accordance with diversification provisions of the ESOP. These unallocated shares would be released to participants proportionately as the loans are repaid. Dividends on allocated shares are recorded as dividends and charged to retained earnings. Dividends on unallocated shares that are used to repay the loan would be treated as compensation expense. As of March 31, 2023, the ESOP had zero outstanding loans with the Company.

Distributions of the ESOP may be either in cash or Company common stock. The allocated shares are subject to a put option, whereby the Company will provide a market for a specified period of time for shares distributed to participants. The put price is the appraised value of the stock. The fair value of allocated shares of common stock held by the ESOP are deducted from permanent shareholders’ equity in the Consolidated Balance Sheets and reflected in a line item below liabilities and above shareholders’ equity. This presentation is necessary in order to recognize the put option within the ESOP-owned shares, consistent with U.S. Securities and Exchange Commission guidelines, that is present as long as the Company is not publicly traded. The Company uses a valuation by an external third party to determine the maximum possible cash obligation related to these securities. Increases or decreases in the value of the cash obligation are included in a separate line item in the Consolidated Statements of Shareholders’ Equity. The fair value of allocated shares held by the ESOP at March 31, 2023 was $97.0 million, based on the Company’s previously disclosed appraised value of $66.75 per share of common stock. The fair value at December 31, 2022 was $97.0 million, based on the Company’s previously disclosed appraised value of $66.75 per share of common stock. As previously disclosed, these appraised values were determined solely for purposes of the ESOP’s administration and are therefore subject to certain limitations, qualifications and assumptions and may not reflect the fair value of the Company’s common stock and should not be relied on for any reason. Neither the Company nor the ESOP has any obligation to seek an adjusted valuation, to use these appraised values for any other purpose or, if the Company or the ESOP obtains a new appraised value, to disclose such new appraised value.

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Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

Equity

Preferred Stock

The Company’s Articles of Incorporation authorize 10,000,000 shares of preferred stock with no par value, which may be issued from time to time and in one or more classes or series upon authorization of the Board of Directors.

On June 22, 2022, the Company entered into a Letter Agreement (including annexes thereto, collectively, the “Purchase Agreement”) with the U.S. Department of Treasury (the “Treasury”) under the Emergency Capital Investment Program (“ECIP”). Pursuant to the Purchase Agreement, the Company agreed to issue and sell 250,000 shares of the Company’s preferred stock designated as Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP (the “Preferred Stock”) for an aggregate purchase price of $250.0 million in cash. The Preferred Stock was issued in a private placement exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

The Preferred Stock bears no dividend for the first two years following the issuance of the Preferred Stock. Thereafter, the annual dividend rate will be adjusted, not lower than 0.5% and not higher than 2.0%, based on our extensions of credit for qualified lending as defined in the terms of the ECIP Interim Final Rule, the Purchase Agreement and the Certificate of Designations (the “Certificate of Designations”) and the investment amount. After the tenth anniversary of the issuance of the Preferred Stock, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10 compared to the baseline qualified lending and the average investment amount. The dividends will be payable quarterly in arrears on March 15, June 15, September 15, and December 15.

The Preferred Stock may be redeemed at the option of the Company on or after September 15, 2027 (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations. The restrictions on redemption are set forth in the Certificate of Designations filed with the Mississippi Secretary of State for the purpose of amending its Articles of Incorporation to fix the designations, preferences, limitations and relative rights of the Preferred Stock as described in Item 5.03 of our Current Report on Form 8-K filed with the SEC on June 23, 2022.

In the Purchase Agreement, the Company also agreed to, upon the future written request of the Treasury, comply with the terms of a Registration Rights Agreement included as an annex to the Purchase Agreement and incorporated by reference therein (the “Registration Rights Agreement”), providing for certain registration rights of the Treasury. As long as the Company is not eligible to file on Form S-3, upon written request of the Treasury, the Company would be required to prepare and file a shelf registration statement covering the potential resale of the Preferred Stock as promptly as practicable. Once the Company is eligible to file on Form S-3, the Company agreed to prepare and file such shelf registration statement within 30 days. The Registration Rights Agreement also includes customary “piggyback” registration rights, suspension rights, indemnification, contribution, and assignment provisions.

Common Stock

In the first quarter of 2023, the Company’s shareholders approved an amendment to the Company’s Articles of Incorporation increasing the number of authorized shares of the Company’s common stock from 40,000,000 shares to 100,000,000 shares.

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Stock Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Stock Based Compensation

Under the Company’s long-term incentive program, certain officers, employees and directors are eligible to receive equity-based awards under the 2018 Long-Term Incentive Plan (“LTIP”). Restricted stock awards (“RSAs”) granted under the LTIP generally vest over one to five years. Unvested RSAs are included in the Company’s common stock outstanding. Compensation expense for RSAs granted under the LTIP is recognized over the vesting period of the awards based on the fair value of the stock at the grant date, with forfeitures recognized as they occur.

Stock based compensation that has been charged against income was $1.0 million for the three months ended March 31, 2023 and $0.7 million for the same period of 2022. There were zero shares forfeited during the three months ended March 31, 2023 and 2022. As of March 31, 2023, there was $6.9 million of total unrecognized compensation cost related to unvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 2.8 years.

A summary of the Company’s equity-based award activity and related information for the Company’s RSAs is as follows:

	Three Months Ended
	March 31, 2023			March 31, 2022
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Beginning of period	184,284	$	59.36	144,572	$	51.56
Granted	—	—		21,367	68.25
Vested	1,396	50.00		(6,077)	50.00
Forfeited	—	—		—	—
End of period	185,680	$	59.43	159,862	$	53.85

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Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Contingencies

On March 20, 2019, a complaint (the “Complaint”), Mills v. BankPlus, et al., Case #3:19-cv-00196-CWR-FKB, was filed in the United States District Court for the Southern District of Mississippi, Northern Division, by Alysson Mills, in her capacity as Court-appointed Receiver for Arthur Lamar Adams (“Adams”) and Madison Timber Properties, LLC (“Madison Timber”), naming the Bank, three former Bank employees, one then-current BankPlus employee and other defendants, including defendants affiliated and unaffiliated with BankPlus (“Defendants”). The Complaint seeks to recover damages from the Defendants for the benefit of the receivership estate related to certain investors who were allegedly defrauded by Adams and Madison Timber, whose actions were allegedly attributable to the actions of the Defendants that allegedly enabled negligent, illegal or fraudulent activities engaged in by Adams and Madison Timber. A brief description of the cause of action on the cover sheet filed with the Complaint includes securities, civil conspiracy, aiding and abetting, negligence, and other possible causes of action. The amount of damages (including punitive damages) requested against the Defendants in the Complaint is unspecified. On January 4, 2021, the plaintiff, Mills, filed an Amended Complaint. Answers and/or Motions to Dismiss the Amended complaint were filed by the Defendants. On July 8, 2021, the Court denied the Motion to Dismiss filed by BankPlus. A related motion for reconsideration was filed by BankPlus on August 9, 2021. The Court denied that motion. On September 30, 2021, an order was entered to consolidate for purposes of discovery this case (No. 3:19-cv-00196-CWR-FKB) with three other related cases filed by Mills, the Receiver. A Case Management Order (No.: 3:22-cv-36-CWRFKB) was entered on January 31, 2022 for the sole purpose of managing consolidated discovery in the four related cases. Phase one written discovery is still underway. Phases two and three discovery, allowing depositions, will begin at a future date pursuant to a subsequent court order.

In addition to the above, the Company, including subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We do not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on our consolidated financial position or liquidity.

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Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation

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, 2022; 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, 2022. 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.

Basis of Accounting

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. The allowance/provision for credit 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 credit losses, provision for credit 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.

Effect of Recently Adopted Accounting Standards and Effect of Recently Issued But Not Yet Effective Accounting Standards

Effect of Recently Adopted Accounting Standards

ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016, the FASB issued 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 previous loss estimation techniques are still permitted, although the inputs to those techniques have changed to reflect the full amount of expected credit losses over the life of the loan. ASU 2016-13 is effective for the Company for annual and interim periods beginning on January 1, 2023. The measurement of expected credit losses under the current expected credit loss (“CECL”) methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities, which includes required presentation of credit losses to be presented as an allowance rather than as a write-down when management does not intend to sell the securities.

The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with the then applicable GAAP. As of January 1, 2023 the Company recognized a one-time, after-tax cumulative effect adjustment of approximately $25.0 million to retained earnings, increasing the allowance for credit losses on loans held for investment by approximately $20.7 million and establishing an allowance for credit losses on off-balance sheet credit exposures of approximately $12.5 million due to the adoption of ASU 2016-13.

The Company adopted ASU 2016-13 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchase credit impaired (“PCI”) and accounted for under ASC 310-30.

In accordance with the standard, management did not reassess whether PCI assets met the criteria for PCD assets as of the date of adoption. The amortized cost basis of the PCD assets has an insignificant impact on the allowance for credit losses as of January 1, 2023. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2023.

The following table illustrates the impact of ASU 2016-13:

	January 1, 2023
(In thousands)	As Reported Under ASU 2016-13		Pre-ASU 2016-13 Adoption		Impact of ASU 2016-13 Adoption
Assets:
Allowance for credit losses on debt securities held-to-maturity	$	—	$	—	$	—
Allowance for credit losses on loans:
Commercial real estate	39,471		26,701		12,770
Residential	16,422		9,958		6,464
Commercial and industrial	6,916		4,750		2,166
Consumer and other	810		1,466		(656)
Total allowance for credit losses on loans	63,619		42,875		20,744
Liabilities:
Allowance for credit losses on off-balance sheet exposures	12,505		—		12,505
Total allowance for credit losses	$	76,124	$	42,875	$	33,249

Allowance for Credit Losses – Available-for-sale debt securities

For available-for-sale debt securities with fair value below amortized cost, when the Company does not intend to sell the debt security, and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, then the Company recognizes the credit component of a decline in fair value of a debt security in income and the remaining portion in other comprehensive income (loss). Decline in fair value related to a credit loss is measured using the discounted cash flow method. Credit loss recognition is limited to the amount that the fair value of the security is less than the amortized cost. The decline in fair value is recognized by establishing an allowance for credit loss (“ACL”) through provision for credit losses. Decline in fair value related to noncredit factors is recognized in accumulated other comprehensive income, net of applicable taxes. The Company has elected to exclude accrued interest from the estimate of credit losses for available-for-sale debt securities. The Company evaluates available-for-sale security declines in fair value on a quarterly basis.

Allowance for Credit Losses – Held-to-maturity debt securities

For held-to-maturity debt securities, expected losses are evaluated and calculated on a collective basis for those securities that share risk characteristics. The Company aggregates record level securities calculations and reports the security portfolio segments based on shared risk characteristics. The only segment included in the held to maturity portfolio is states and political subdivisions, which is comprised of municipals.

The Company performs a quarterly loss reserve calculation for municipal and corporate bonds leveraging history of defaults and recoveries as well as a baseline economic forecast. A probability of default/loss-given default approach is used, with any non-rated bonds receiving a comparable rating estimate. Losses in high grade municipals, in which the Company tends to invest, have been very limited over the last 50 years. The Company has elected to exclude accrued interest from the estimate of credit losses for held-to-maturity debt securities.

Allowance for Credit Losses – Loans

The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loans over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the principal amount owed in full is unlikely. Expected recoveries do not exceed the aggregate of amounts

previously charged-off and expected to be charged-off. Any interest that is accrued but not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. The Company made the policy election to exclude accrued interest receivable on loans from the estimate of credit losses.

The Company calculates estimated credit loss on its portfolio primarily using quantitative methodologies using relevant available information from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The ACL is evaluated and calculated on a collective basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether the loans in a pool continue to exhibit similar risk characteristics as the other loans and whether it needs to evaluate the allowance on an individual basis. The Company has chosen to segment its portfolio consistent with the manner in which it manages the risk of the type of credit. The Company’s segments for loans include commercial real estate, commercial and industrial, residential and consumer.

Expected credit losses are estimated over the contractual term of each loan taking into consideration expected prepayments. The contractual term excludes expected extensions, renewals, and modifications. Also included in the allowance for loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative method or the economic assumptions described above. For example, factors that the Company considers include the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans and current business conditions.

In addition to the ACL on loans held for investment, CECL requires a balance sheet liability for unfunded commitments, which is recognized if both of the following conditions are met: (1) the Company has a present contractual obligation to extend credit; and (2) the obligation is not unconditionally cancellable by the Company. Loan commitments may have a funded and unfunded portion, of which the liability for unfunded commitments is derived based upon the commitments to extend credit to a borrower (e.g., an estimate of expected credit losses is not established for unfunded portions of loan commitment that are unconditionally cancellable by the Company). The expected credit losses for funded portions are reported in the previously discussed ACL. The Company does not have any commitments that are unconditionally cancellable and therefore all commitments are in scope for an ACL calculation. The Company segments its unfunded commitment portfolio consistent with the ACL calculation. The Company incorporates the probability of funding (i.e., estimate of utilization) for each segment and then utilizes the ACL loss rates for each segment on an aggregate basis to calculate the allowance for unfunded commitments.

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 adoption of ASU 2022-02 in the first quarter of 2023 did not materially impact the Company’s consolidated financial statements.

Effect of Recently Issued, But Not Yet Effective Accounting Standards

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 Generally Accepted Accounting Principles (“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.

Accounting Standards Update 2022-06 (“ASU 2022-06”), “Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848.” In December 2022, the FASB issued ASU 2022-06 which provides temporary relief during the transition period in complying with ASU 2020-04. The Board included a sunset provision within Topic 848 based on expectations of when LIBOR would cease being published. At the time that ASU 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022 - 12 months after the expected cessation date of all

currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

Allowance for Loan Losses

Loans are stated at the amount of unpaid principal net of discounts and premiums on acquired loans, before allowance for credit losses. Interest on loans is calculated using the simple interest method on daily balances of the principal amount outstanding.

Loan Origination/Risk Management/Credit Concentration – The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. The Company’s Board of Directors reviews and approves these policies and procedures on a regular basis. Although the Company has a diversified loan portfolio, the Company has concentrations of credit risks related to the real estate market, including residential, commercial, and construction and land development lending. Most of the Company’s lending activity occurs within Mississippi, Louisiana, Alabama, and Florida.

The risk characteristics of the Company’s material portfolio segments are as follows:

Residential Real Estate Loans – The residential real estate loan portfolio consists of residential loans for single and multifamily properties. Residential loans are generally secured by owner occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can be impacted by economic conditions within their market area. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

Commercial Real Estate Loans – Commercial real estate loans include construction and land development loans, loans secured by farmland and other commercial real estate loans.

Construction and land development loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing.

Farmland loans are generally made for the purpose of acquiring land devoted to crop production or livestock, the propagation of timber or the operation of a similar type of business on the secured property. Sources of repayment for these loans generally include income generated from operations of a business on the property, rental income, or sales of timber. Repayment may be impacted by changes in economic conditions which affect underlying collateral values.

Commercial real estate loans typically involve larger principal amounts and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates commercial real estate loans based on collateral and risk grade criteria.

Commercial and Industrial Loans – The commercial and industrial loan portfolio consists of loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchase or other expansion projects. Commercial loan underwriting standards are designed to promote relationship banking rather than transactional banking and are underwritten based on the borrower’s expected ability to profitably operate its business. The cash flows of borrowers, however, may not be as expected and collateral securing these loans may fluctuate in value. Most commercial loans are secured by assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Consumer and Other Loans – The consumer and other loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes.  Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose.  Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s market area) and the creditworthiness of a borrower.

Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that a borrower's financial condition is such that collection of interest, but not necessarily principal, is doubtful. A loan is typically placed on non-accrual when the contractual payment of principal or interest becomes 90 days past due unless the loan is well-secured and in the process of collection. Loans may be placed on non-accrual status regardless of whether or not such loans

are considered past due. Current year interest previously recorded, but deemed not collectible, is reversed and charged against current year income. Prior year interest previously recorded, but deemed not collectible, is charged against the allowance.

Payments subsequently received on non-accrual loans are applied to principal. Interest income is recognized to the extent that cash payments are received in excess of principal due. A loan may return to accrual status when principal and interest payments are no longer past due and collectability is reasonably assured.

Allowance for Credit Losses

On January 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology with an expected loss methodology that is referred to as CECL. See Note 1, Basis of Presentation. As a result of implementing CECL, there was a one-time adjustment to the 2023 opening allowance balance of approximately $20.7 million.

As management evaluates the allowance for credit losses, it is categorized as follows: (1) specific allocations; (2) allocations for classified assets with no specific allowance, based on historical loan experience for similar loans with similar characteristics, adjusted as necessary, to reflect the impact of current conditions; and (3) general allocations for each major loan category for loans not individually evaluated or deemed collateral-dependent or classified, segmented by loan class based on historical loss experience and other risk factors. In assessing general economic conditions, management monitors several factors, including regional and national economic conditions, real estate market conditions and recently enacted regulations with potential economic effects.

Credit Quality Indicators – The Company utilizes a risk grading matrix to assign a grade to each of its commercial and real estate loans. Loans are rated on a scale of 1 to 10. A description of the general characteristics of the 10 risk ratings is as follows:

•Risk Grades 1, 2, 3, 4 and 5 – These grades include loans to borrowers of solid credit quality with no higher than normal risk of loss. Borrowers in these categories have satisfactory financial strength and adequate cash flow coverage to service debt requirements. Collateral type and quality, as well as protection, are adequate. The borrower’s management is strong and capable, financial information is timely and accurate, and guarantor support is strong.

•Risk Grade 6 – Pass and Watch – Loans in this category are currently protected, but risks are emerging that warrant more than normal attention and have above average risk of loss. These factors require a higher level of monitoring and may include emerging balance sheet weaknesses, strained liquidity, increased leverage ratio, and weakening management. Collateral support is less marketable or limited use and, although the protection is sufficient, the loan-to-value ratio may not meet policy guidelines. Guarantors may have a limited ability and willingness to provide intermediate support. Also, considerations surrounding industry deterioration, increased competition and minor policy exceptions concerning structure or amortization may affect the rating of these loans.

•Risk Grade 7 – Special Mention – The Company’s special mention rating is intended to closely align with the regulatory definition. A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of repayment prospects. These weaknesses may include deteriorating balance sheets, strained liquidity and elevated leverage ratios. Cash flow and profitability are marginally sufficient to service debt and collateral is exhibiting signs of decline in value; however, protection is currently sufficient. Limited management experience or weaknesses have emerged requiring more than normal supervision and uncertainties regarding the quality of the financials are not explained. Guarantor has very limited ability and willingness to provide short-term support. Moderate policy exceptions concerning structure or amortization may be considered in order to provide relief to the borrower. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

•Risk Grade 8 – Substandard – A loan in this category is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. Factors affecting these loans may include balance sheet deterioration that has resulted in illiquid, highly leveraged or deficit net worth, cash flow that is not able to service debts as structured, collateral protection that may be inadequate, guarantor support that may be virtually non-existent, and management that is poor. Loans may require a major policy exception concerning structure or amortization. They are characterized by the distinct possibility that the Company will incur some loss if the deficiencies are not corrected.

•Risk Grade 9 – Doubtful – Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.

•Risk Grade 10 – Loss – Loans are considered uncollectible and of such little value that continuing to carry them as an active asset is not warranted. It does not mean that there will be no recovery, but, rather, it is not practical or desirable to defer writing off these assets even though a partial recovery may be possible in the future.

Pass loans for the Company include loans in Risk Grades 1 - 6. Classified loans for the Company include loans in Risk Grades 8, 9 and 10. Loans may be classified but not considered individually evaluated or collateral-dependent, due to one of the following reasons: (i) the loan falls below the established minimum dollar thresholds for individual evaluation or (ii) the loan was individually evaluated, but not deemed to be collateral-dependent.

Financial Instruments Measured at Fair Value

Financial Instruments Measured at Fair Value

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date

Level 2

Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3

Unobservable inputs that are significant to the fair value of the assets or liabilities that reflect a company’s own assumptions about the assumptions that market participants would use in pricing assets or liabilities

Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers of financial instruments between fair value levels for any period presented.

The Company used the following methods and significant assumptions to estimate fair value.

Securities – The Company utilizes an independent pricing service to advise it on the value of the securities portfolio. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of several, observable inputs such as benchmark yields, reported trades, benchmark securities, bids, offers and reference data market research publications and are classified within Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. For Level 3 securities, in addition to the inputs noted above, inputs used by the pricing service to determine fair value may also include estimated duration, municipal bond interest rate curve, and tax effected yield. There were no Level 3 securities as of March 31, 2023 or December 31, 2022. The Company’s treasury department and Asset Liability Management Committee review the aggregate fair values of the securities portfolio.

Individually Evaluated Loans with Credit Losses – Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists on a non-recurring basis. Allowable methods for determining the amount of the credit loss include estimating fair value using the fair value of the collateral for collateral-dependent loans. Specific allowances for these loans are based on comparisons of the recorded carrying values of the loans to the present value of the estimated cash flows of these loans at each loan’s effective interest rate or the fair value of the collateral net of selling costs if the loan is collateral-dependent. Loans that are primarily collateral dependent loans are assessed using a fair value approach. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or as-is value of the property being appraised. Appraisals are based on certain assumptions, which may include construction or development status and the highest and best use of the property. The appraisals are reviewed by the Company’s appraisal department to ensure they are acceptable. Loans that have experienced a credit loss are classified within Level 3 of the fair value hierarchy.

Other Real Estate Owned – Other real estate owned is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated cost to sell. Fair value estimates begin with obtaining a current independent appraisal or internal evaluation of the collateral value. Subsequent to foreclosure, valuations are performed periodically by the Company’s appraisal department and any subsequent reduction in value is recognized by a charge to income.

Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed by the Company. These appraisals are reviewed by a member of the Company’s appraisal department to ensure they are acceptable. Appraised values are adjusted down for costs associated with asset disposal. The significant unobservable inputs (Level 3) used in the fair value measurement of collateral for collateral-dependent loans and other real estate owned are primarily based on appraisals, observable market conditions, and other factors which may affect collectability. The appraisals use marketability and comparability discounts, which generally range from 5% to 15%. Assessment of the significance of a specific input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset. It is reasonably possible that a change in the estimated fair value for assets measured using Level 3 inputs could occur in the future.

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Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table illustrates the impact of ASU 2016-13:

	January 1, 2023
(In thousands)	As Reported Under ASU 2016-13		Pre-ASU 2016-13 Adoption		Impact of ASU 2016-13 Adoption
Assets:
Allowance for credit losses on debt securities held-to-maturity	$	—	$	—	$	—
Allowance for credit losses on loans:
Commercial real estate	39,471		26,701		12,770
Residential	16,422		9,958		6,464
Commercial and industrial	6,916		4,750		2,166
Consumer and other	810		1,466		(656)
Total allowance for credit losses on loans	63,619		42,875		20,744
Liabilities:
Allowance for credit losses on off-balance sheet exposures	12,505		—		12,505
Total allowance for credit losses	$	76,124	$	42,875	$	33,249

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of earnings per share

	Three Months Ended March 31,
(In thousands except per share data)	2023		2022
Net income	$	17,079	$	9,689
Weighted average common shares outstanding	11,415		10,451
Diluted effect of unallocated stock	—		18
Diluted effect of stock-based awards	73		57
Diluted common shares	11,488		10,526
Basic earnings per common share	$	1.50	$	0.93
Diluted earnings per common share	$	1.49	$	0.92

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Business Combinations (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Consideration paid and preliminary fair value allocation

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			$	56,489
Cash paid			63,239
Total purchase price			$	119,728
Assets acquired:
Cash and due from banks	$	229,213
Securities	33,407
Loans held for sale	6,200
Loans, net	1,000,382
Premises and equipment	15,152
Accrued interest receivable	1,441
Core deposit intangible	7,825
Other assets	4,584
Total assets acquired	$	1,298,204
Liabilities assumed:
Deposits	$	1,212,712
Subordinated debentures	21,733
Other liabilities	4,187
Total liabilities assumed	$	1,238,632
Net assets acquired			59,572
Goodwill			$	60,156

Unaudited pro forma information

The following table presents unaudited pro forma information as if the FTC Merger had occurred on January 1, 2022. 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, 2022.

	Three Months Ended March 31,
(In thousands, except per share data)	2022
Net interest income	$	53,873
Other operating income	20,542
Net income available to common shareholders	13,924
Earnings per common share:
Basic	$	1.22
Diluted	1.21

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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of the amortized cost and fair value of securities available for sale

The following is a summary of the amortized cost and fair value of securities available for sale.

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2023:
U.S. Treasuries	$	35,886	$	—	$	894	$	34,992
U.S. Government agency obligations	444,962		805		30,703		415,064
Residential mortgage-backed securities	102,616		13		10,363		92,266
Commercial mortgage-backed securities	13,778		—		1,540		12,238
Asset-backed securities	9,470		58		137		9,391
Corporate investments	52,959		—		5,980		46,979
State and political subdivisions	50,227		154		1,730		48,651
Total available for sale	$	709,898	$	1,030	$	51,347	$	659,581
December 31, 2022:
U.S. Treasuries	$	35,814	$	—	$	1,235	$	34,579
U.S. Government agency obligations	414,251		246		35,761		378,736
Residential mortgage-backed securities	105,580		13		11,461		94,132
Commercial mortgage-backed securities	13,812		—		1,742		12,070
Asset backed securities	10,289		54		123		10,220
Corporate investments	51,000		—		4,967		46,033
State and political subdivisions	50,530		77		2,457		48,150
Total available for sale	$	681,276	$	390	$	57,746	$	623,920

Summary of the amortized cost and fair value of securities held to maturity

The following is a summary of the amortized cost and fair value of securities held to maturity.

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2023:
States and political subdivisions	$	61,262	$	11	$	129	$	61,144
Total held to maturity	$	61,262	$	11	$	129	$	61,144
December 31, 2022:
States and political subdivisions	$	62,274	$	—	$	206	$	62,068
Total held to maturity	$	62,274	$	—	$	206	$	62,068

Summary of investment securities that were in an unrealized loss position

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 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
(In thousands)
March 31, 2023:
Available for sale:
U.S. Treasuries	$	4,898	$	47	$	30,094	$	847	$	34,992	$	894
U.S. Government agencies	19,303		484		349,846		30,219		369,149		30,703
Residential mortgage-backed securities	26,160		2,496		64,977		7,867		91,137		10,363
Commercial mortgage-backed securities	—		—		12,238		1,540		12,238		1,540
Asset backed securities	3,199		10		3,210		127		6,409		137
Corporate investments	18,443		1,515		28,536		4,465		46,979		5,980
States and political subdivisions	22,312		400		17,187		1,330		39,499		1,730
	$	94,315	$	4,952	$	506,088	$	46,395	$	600,403	$	51,347
Held to maturity:
States and political subdivisions	$	3,984	$	59	$	3,690	$	70	$	7,674	$	129
	$	3,984	$	59	$	3,690	$	70	$	7,674	$	129
December 31, 2022:
Available for sale:
U.S. Treasuries	$	34,579	$	1,235	$	—	$	—	$	34,579	$	1,235
U.S. Government agencies	78,676		4,830		285,994		30,931		364,670		35,761
Residential mortgage-backed securities	81,992		8,935		11,258		2,526		93,250		11,461
Commercial mortgage-backed securities	4,860		594		7,210		1,148		12,070		1,742
Asset backed securities	1,169		7		3,499		116		4,668		123
Corporate investments	36,958		4,042		7,076		925		44,034		4,967
States and political subdivisions	36,655		1,781		5,084		676		41,739		2,457
	$	274,889	$	21,424	$	320,121	$	36,322	$	595,010	$	57,746
Held to maturity:
States and political subdivisions	$	9,259	$	206	$	—	$	—	$	9,259	$	206
	$	9,259	$	206	$	—	$	—	$	9,259	$	206

Schedule of investments classified by contractual maturity date

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, 2023:
One year or less	$	106,679	$	104,245	$	6,974	$	6,955
After one through five years	343,910		322,010		46,198		46,110
After five through ten years	146,387		130,851		6,450		6,439
After ten years	112,922		102,475		1,640		1,640
	$	709,898	$	659,581	$	61,262	$	61,144

Summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes

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.

	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
March 31, 2023	$	620,381	$	576,828	$	31,678	$	31,569
December 31, 2022	$	492,206	$	451,638	$	35,734	$	35,562

Debt Securities, Held-to-Maturity, Credit Quality Indicator

The following table summarizes the amortized cost basis of held-to-maturity debt securities at March 31, 2023 by credit rating:

(In thousands)	March 31, 2023
State and political subdivisions held-to-maturity:
S&P: AA+, AA, AA- / Moody's: Aa1, Aa2, Aa3	$	5,981
S&P: A+, A, A- / Moody's: A1, A2, A3	1,083
S&P: BBB+, BBB, BBB- / Moody's: Baa, Ba, B	495
Not rated	53,703
	$	61,262

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Loans (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Summary of the Company’s loan portfolio by loan class

The following is a summary of the Company’s loan portfolio by loan class.

(In thousands)	March 31, 2023		December 31, 2022
Secured by real estate:
Residential properties	$	1,429,332	$	1,403,974
Construction and land development	809,390		772,357
Farmland	288,970		283,832
Other commercial	2,525,887		2,467,216
Total real estate	5,053,579		4,927,379
Commercial and industrial loans	718,740		706,466
Agricultural production and other loans to farmers	75,509		80,770
Consumer and other loans	104,039		109,534
Total loans before allowance for credit losses	$	5,951,867	$	5,824,149

Summary of the recorded investment in non-accrual loans, segregated by class

The following table presents the amortized cost basis of nonaccrual loans, segregated by class as of March 31, 2023.

(In thousands)	Total Nonaccrual		Nonaccrual with no Allowance for Credit Loss		Past Due 90 days or more and Accruing
Secured by real estate:
Residential properties	$	2,585	$	—	$	1,497
Construction and land development	—		—		—
Farmland	1,434		—		158
Other commercial	1,795		—		175
Total real estate	5,814		—		1,830
Commercial and industrial loans	201		—		204
Agricultural production and other loans to farmers	—		—		—
Consumer and other loans	—		—		946
Total	$	6,015	$	—	$	2,980

Summary of the credit quality of the Company’s loan portfolio by loan class

The following table presents the amortized cost basis of collateral-dependent loans by class and collateral type as of March 31, 2023.

(In thousands)	Real Estate		Enterprise Value		Accounts Receivable & Inventory
Secured by real estate:
Residential properties	$	—	$	—	$	—
Construction and land development	—		—		—
Farmland	—		—		—
Other commercial	1,433		1,554		—
Total real estate	1,433		1,554		—
Commercial and industrial loans	—		—		9,099
Agricultural production and other loans to farmers	—		—		—
Consumer loans	—		—		—
Total	$	1,433	$	1,554	$	9,099

The following table reflects loans by credit quality indicator and origination year at March 31, 2023. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at March 31, 2023.

	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021				2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	56,509	$	458,488	$	343,007			$	142,538	$	58,061	$	105,708	$	250,166	$	1,414,477
Special mention	—		—		—				—		—		—		—		—
Classified	31		946		2,241				3,087		1,629		5,756		1,165		14,855
Total residential real estate	$	56,540	$	459,434	$	345,248			$	145,625	$	59,690	$	111,464	$	251,331	$	1,429,332
Current period gross write offs	$	—	$	—	$	—			$	32	$	—	$	140	$	1	$	173
Construction & land development:																	0
Pass	$	18,762	$	73,087	$	18,267			$	6,838	$	7,244	$	6,891	$	675,494	$	806,583
Special mention	—		43		—				—		—		—		303		346
Classified	—		92		10				1,003		1,017		14		325		2,461
Total construction & land development	$	18,762	$	73,222	$	18,277			$	7,841	$	8,261	$	6,905	$	676,122	$	809,390
Current period gross write offs	$	—	$	—	$	—			$	—	$	—	$	7	$	—	$	7
Farmland:
Pass	$	11,112	$	89,609	$	34,157			$	30,038	$	16,483	$	28,177	$	76,107	$	285,683
Special mention	—		—		—				—		—		—		—		—
Classified	22		314		690				—		65		1,944		252		3,287
Total farmland	$	11,134	$	89,923	$	34,847			$	30,038	$	16,548	$	30,121	$	76,359	$	288,970
Current period gross write offs	$	—	$	—	$	2	$	—	$	—	$	—	$	3	$	3	$	8
Other commercial real estate:
Pass	$	55,882	$	519,426	$	425,974			$	270,587	$	133,264	$	253,147	$	856,811	$	2,515,091
Special mention	—		—		—				—		—		—		—		—
Classified	23		1,719		2,332				560		1,130		3,835		1,197		10,796
Total other commercial real estate	$	55,905	$	521,145	$	428,306			$	271,147	$	134,394	$	256,982	$	858,008	$	2,525,887
Current period gross write offs	$	—	$	—	$	56			$	—	$	—	$	—	$	—	$	56
Commercial & industrial loans:
Pass	$	42,206	$	183,885	$	105,343			$	50,827	$	31,986	$	12,928	$	278,751	$	705,926
Special mention	—		—		—				—		—		—		—		—
Classified	10		866		107				639		159		10,688		345		12,814
Total commercial & industrial loans	$	42,216	$	184,751	$	105,450			$	51,466	$	32,145	$	23,616	$	279,096	$	718,740
Current period gross write offs	$	—	$	62	$	30			$	2	$	15	$	7	$	172	$	288

	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Agricultural production & other loans to farmers:
Pass	$	8,449	$	11,311	$	5,898	$	4,476	$	1,793	$	844	$	42,652	$	75,423
Special mention	—		—		—		—		—		—		—		—
Classified	—		7		—		54		12		13		—		86
Total agricultural production & other loans to farmers	$	8,449	$	11,318	$	5,898	$	4,530	$	1,805	$	857	$	42,652	$	75,509
Current period gross write offs	$	—	$	5	$	—	$	—	$	—	$	—	$	8	$	13
Consumer & other loans:
Pass	$	11,498	$	32,852	$	9,569	$	6,439	$	1,441	$	4,291	$	36,596	$	102,686
Special mention	—		—		—		—		—		—		—		—
Classified	—		1,311		14		9		1		—		18		1,353
Total agricultural production & other loans to farmers	$	11,498	$	34,163	$	9,583	$	6,448	$	1,442	$	4,291	$	36,614	$	104,039
Current period gross write offs	$	810	$	63	$	23	$	31	$	7	$	—	$	9	$	943

The following table summarizes the credit quality of the Company’s loan portfolio by loan class at December 31, 2022:

	Risk Grades		Risk Grade		Risk Grade		Risk Grade
(In thousands)	1-6		7		8		9		Total
December 31, 2022
Secured by real estate:
Residential properties	$	1,391,039	$	—	$	12,852	$	83	$	1,403,974
Construction and land development	768,699		303		3,355		—		772,357
Farmland	280,522		—		3,310		—		283,832
Other commercial	2,456,708		—		10,384		124		2,467,216
Total real estate	4,896,968		303		29,901		207		4,927,379
Commercial and industrial	693,963		—		12,503		—		706,466
Agricultural production and other loans to farmers	80,524		—		246		—		80,770
Consumer and other loans	108,279		—		1,255		—		109,534
Total	$	5,779,734	$	303	$	43,905	$	207	$	5,824,149

Summary of age analysis of past due loans

An age analysis of past due loans (including both accruing and non-accruing loans) segregated by class of loans is as follows:

(In thousands)	Past Due 30-89 Days		Past Due 90 Days or More		Total Past Due		Current		Total Loans
March 31, 2023
Secured by real estate:
Residential properties	$	6,188	$	2,668	$	8,856	$	1,420,476	$	1,429,332
Construction and land development	216		—		216		809,174		809,390
Farmland	468		1,601		2,069		286,901		288,970
Other commercial	1,393		1,061		2,454		2,523,433		2,525,887
Total real estate	8,265		5,330		13,595		5,039,984		5,053,579
Commercial and industrial loans	755		370		1,125		717,615		718,740
Agricultural production and other loans to farmers	93		—		93		75,416		75,509
Consumer loans	906		946		1,852		102,187		104,039
Total	$	10,019	$	6,646	$	16,665	$	5,935,202	$	5,951,867

(In thousands)	Past Due 30-89 Days		Past Due 90 Days or More		Total Past Due		Current		Total Loans
December 31, 2022
Secured by real estate:
Residential properties	$	5,869	$	2,015	$	7,884	$	1,396,090	$	1,403,974
Construction and land development	526		1,578		2,104		770,253		772,357
Farmland	566		1,391		1,957		281,875		283,832
Other commercial	1,498		774		2,272		2,464,944		2,467,216
Total real estate	8,459		5,758		14,217		4,913,162		4,927,379
Commercial and industrial loans	902		677		1,579		704,887		706,466
Agricultural production and other loans to farmers	126		—		126		80,644		80,770
Consumer loans	1,530		697		2,227		107,307		109,534
Total	$	11,017	$	7,132	$	18,149	$	5,806,000	$	5,824,149

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Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Summary of the Company’s loan portfolio by loan class

The following is a summary of the Company’s loan portfolio by loan class.

(In thousands)	March 31, 2023		December 31, 2022
Secured by real estate:
Residential properties	$	1,429,332	$	1,403,974
Construction and land development	809,390		772,357
Farmland	288,970		283,832
Other commercial	2,525,887		2,467,216
Total real estate	5,053,579		4,927,379
Commercial and industrial loans	718,740		706,466
Agricultural production and other loans to farmers	75,509		80,770
Consumer and other loans	104,039		109,534
Total loans before allowance for credit losses	$	5,951,867	$	5,824,149

Summary of the credit quality of the Company’s loan portfolio by loan class

The following table presents the amortized cost basis of collateral-dependent loans by class and collateral type as of March 31, 2023.

(In thousands)	Real Estate		Enterprise Value		Accounts Receivable & Inventory
Secured by real estate:
Residential properties	$	—	$	—	$	—
Construction and land development	—		—		—
Farmland	—		—		—
Other commercial	1,433		1,554		—
Total real estate	1,433		1,554		—
Commercial and industrial loans	—		—		9,099
Agricultural production and other loans to farmers	—		—		—
Consumer loans	—		—		—
Total	$	1,433	$	1,554	$	9,099

The following table reflects loans by credit quality indicator and origination year at March 31, 2023. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at March 31, 2023.

	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021				2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	56,509	$	458,488	$	343,007			$	142,538	$	58,061	$	105,708	$	250,166	$	1,414,477
Special mention	—		—		—				—		—		—		—		—
Classified	31		946		2,241				3,087		1,629		5,756		1,165		14,855
Total residential real estate	$	56,540	$	459,434	$	345,248			$	145,625	$	59,690	$	111,464	$	251,331	$	1,429,332
Current period gross write offs	$	—	$	—	$	—			$	32	$	—	$	140	$	1	$	173
Construction & land development:																	0
Pass	$	18,762	$	73,087	$	18,267			$	6,838	$	7,244	$	6,891	$	675,494	$	806,583
Special mention	—		43		—				—		—		—		303		346
Classified	—		92		10				1,003		1,017		14		325		2,461
Total construction & land development	$	18,762	$	73,222	$	18,277			$	7,841	$	8,261	$	6,905	$	676,122	$	809,390
Current period gross write offs	$	—	$	—	$	—			$	—	$	—	$	7	$	—	$	7
Farmland:
Pass	$	11,112	$	89,609	$	34,157			$	30,038	$	16,483	$	28,177	$	76,107	$	285,683
Special mention	—		—		—				—		—		—		—		—
Classified	22		314		690				—		65		1,944		252		3,287
Total farmland	$	11,134	$	89,923	$	34,847			$	30,038	$	16,548	$	30,121	$	76,359	$	288,970
Current period gross write offs	$	—	$	—	$	2	$	—	$	—	$	—	$	3	$	3	$	8
Other commercial real estate:
Pass	$	55,882	$	519,426	$	425,974			$	270,587	$	133,264	$	253,147	$	856,811	$	2,515,091
Special mention	—		—		—				—		—		—		—		—
Classified	23		1,719		2,332				560		1,130		3,835		1,197		10,796
Total other commercial real estate	$	55,905	$	521,145	$	428,306			$	271,147	$	134,394	$	256,982	$	858,008	$	2,525,887
Current period gross write offs	$	—	$	—	$	56			$	—	$	—	$	—	$	—	$	56
Commercial & industrial loans:
Pass	$	42,206	$	183,885	$	105,343			$	50,827	$	31,986	$	12,928	$	278,751	$	705,926
Special mention	—		—		—				—		—		—		—		—
Classified	10		866		107				639		159		10,688		345		12,814
Total commercial & industrial loans	$	42,216	$	184,751	$	105,450			$	51,466	$	32,145	$	23,616	$	279,096	$	718,740
Current period gross write offs	$	—	$	62	$	30			$	2	$	15	$	7	$	172	$	288

	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Agricultural production & other loans to farmers:
Pass	$	8,449	$	11,311	$	5,898	$	4,476	$	1,793	$	844	$	42,652	$	75,423
Special mention	—		—		—		—		—		—		—		—
Classified	—		7		—		54		12		13		—		86
Total agricultural production & other loans to farmers	$	8,449	$	11,318	$	5,898	$	4,530	$	1,805	$	857	$	42,652	$	75,509
Current period gross write offs	$	—	$	5	$	—	$	—	$	—	$	—	$	8	$	13
Consumer & other loans:
Pass	$	11,498	$	32,852	$	9,569	$	6,439	$	1,441	$	4,291	$	36,596	$	102,686
Special mention	—		—		—		—		—		—		—		—
Classified	—		1,311		14		9		1		—		18		1,353
Total agricultural production & other loans to farmers	$	11,498	$	34,163	$	9,583	$	6,448	$	1,442	$	4,291	$	36,614	$	104,039
Current period gross write offs	$	810	$	63	$	23	$	31	$	7	$	—	$	9	$	943

The following table summarizes the credit quality of the Company’s loan portfolio by loan class at December 31, 2022:

	Risk Grades		Risk Grade		Risk Grade		Risk Grade
(In thousands)	1-6		7		8		9		Total
December 31, 2022
Secured by real estate:
Residential properties	$	1,391,039	$	—	$	12,852	$	83	$	1,403,974
Construction and land development	768,699		303		3,355		—		772,357
Farmland	280,522		—		3,310		—		283,832
Other commercial	2,456,708		—		10,384		124		2,467,216
Total real estate	4,896,968		303		29,901		207		4,927,379
Commercial and industrial	693,963		—		12,503		—		706,466
Agricultural production and other loans to farmers	80,524		—		246		—		80,770
Consumer and other loans	108,279		—		1,255		—		109,534
Total	$	5,779,734	$	303	$	43,905	$	207	$	5,824,149

Summary of allowance for loan losses and balances in the loan portfolio by loan segment

Transactions in the allowance for credit losses and balances in the loan portfolio by loan segment are as follows:

(In thousands)	Commercial and Industrial		Commercial Real Estate		Residential		Consumer and other		Total
Three Months Ended March 31, 2023
Allowance for credit losses:
Beginning balance	$	4,750	$	26,701	$	9,958	$	1,466	$	42,875
Impact of adopting ASU 2016-13	2,166		12,770		6,464		(656)		20,744
Provision for credit losses	(312)		979		113		640		1,420
Recoveries on loans	88		115		58		591		852
Loans charged off	(288)		(71)		(173)		(956)		(1,488)
Ending balance	$	6,404	$	40,494	$	16,420	$	1,085	$	64,403
Period End Allowance Balance Allocated To:
Individually evaluated	$	—	$	—	$	—	$	—	$	—
Collectively evaluated	6,404		40,494		16,420		1,085		64,403
Ending balance	$	6,404	$	40,494	$	16,420	$	1,085	$	64,403

The allowance for credit losses increased for the three months ended March 31, 2023 primarily as a result of the adoption of ASU 2016-13. Accrued interest receivable on loans, reported as a component of accrued interest receivable on the balance sheet, totaled approximately $20.3 million for the period ended March 31, 2023 and is excluded from the estimate of credit losses.

(In thousands)	Commercial and Industrial		Commercial Real Estate		Residential		Consumer and other		Total
Three Months Ended March 31, 2022
Allowance for loan losses:
Beginning balance	$	6,556	$	27,133	$	9,488	$	1,823	$	45,000
Provision for loan losses	(468)		75		311		299		217
Recoveries on loans	22		141		54		791		1,008
Loans charged off	(58)		(437)		(250)		(1,242)		(1,987)
Ending balance	$	6,052	$	26,912	$	9,603	$	1,671	$	44,238
Period End Allowance Balance Allocated To:
Individually evaluated for impairment	$	1,723	$	308	$	7	$	—	$	2,038
Collectively evaluated for impairment	4,329		26,604		9,596		1,671		42,200
Ending balance	$	6,052	$	26,912	$	9,603	$	1,671	$	44,238

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Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2023

Regulatory Matters [Abstract]

Schedule of actual and required capital ratios

The following table presents actual and required capital ratios for the Company and the Bank under the CBLR and prompt corrective action regulations for the relevant periods.

	Actual				Minimum Requirement to be Well Capitalized
(In thousands)	Capital Amount		Ratio		Capital Amount		Ratio
March 31, 2023:
Company:
Community Bank Leverage Ratio	$	727,972	10.27	%	$	637,810	9.00	%
Bank:
Community Bank Leverage Ratio	$	672,902	9.50	%	$	637,283	9.00	%

	Actual				Minimum Requirement to be Well Capitalized
(In thousands)	Capital Amount		Ratio		Capital Amount		Ratio
December 31, 2022:
Company:
Community Bank Leverage Ratio	$	721,001	10.54	%	$	615,566	9.00	%
Bank:
Community Bank Leverage Ratio	$	636,007	9.31	%	$	614,973	9.00	%

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule assets and liabilities measured on recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
March 31, 2023
U.S. Treasuries	$	34,992	$	—	$	34,992	$	—
U.S. Government agency obligations	415,064		—		415,064		—
Residential mortgage-backed securities	92,266		—		92,266		—
Commercial mortgage-backed securities	12,238		—		12,238		—
Asset-backed securities	9,391		—		9,391		—
Corporate investments	46,979		—		46,979		—
State and political subdivisions	48,651		—		48,651		—
Total securities available for sale	$	659,581	$	—	$	659,581	$	—

December 31, 2022
U.S. Treasuries	$	34,579	$	—	$	34,579	$	—
U.S. Government agency obligations	378,736		—		378,736		—
Residential mortgage-backed securities	94,132		—		94,132		—
Commercial mortgage-backed securities	12,070		—		12,070		—
Asset backed securities	10,220		—		10,220		—
Corporate investments	46,033		—		46,033		—
State and political subdivisions	48,150		—		48,150		—
Total securities available for sale	$	623,920	$	—	$	623,920	$	—

Schedule of assets measured at fair value on a non-recurring basis

Assets measured at fair value on a non-recurring basis are summarized below.

	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
Individually evaluated loans with credit losses, net of allowance for credit losses:
March 31, 2023	$	—	$	—	$	—	$	—
Impaired loans, net of allowance for loan losses:
December 31, 2022	$	26,071	$	—	$	—	$	26,071
Other real estate owned:
March 31, 2023	$	3,958	$	—	$	—	$	3,958
December 31, 2022	$	4,231	$	—	$	—	$	4,231

Schedule of quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis

The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis.

	Qualitative Information about Level 3 Fair Value Measurements
(In thousands)	Carrying Value		Valuation Methods	Unobservable Inputs	Range	Weighted Average
March 31, 2023
Individually evaluated loans with credit losses, net of specific allowance	$	—	Third-party appraisals	Selling costs	5% - 10%	6%
Other real estate owned	$	3,958	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6%

	Qualitative Information about Level 3 Fair Value Measurements
(In thousands)	Carrying Value		Valuation Methods	Unobservable Inputs	Range	Weighted Average
December 31, 2022
Impaired loans, net of allowance for loan losses	$	26,071	Third-party appraisals	Selling costs	5% - 10%	6%
Other real estate owned	$	4,231	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6%

Schedule of estimated fair values of the Company’s financial instruments not previously disclosed

The following table presents estimated fair values of the Company’s financial instruments not previously disclosed:

	March 31, 2023				December 31, 2022
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents	$	121,220	$	121,220	$	137,895	$	137,895
Level 2 inputs:
Securities held to maturity	61,262		61,144		62,274		62,068
FHLB stock	20,103		20,103		19,690		19,690
Accrued interest receivable	24,025		24,025		23,156		23,156
Level 3 inputs:
Loans held for sale	8,357		8,357		5,373		5,373
Loans, net	5,887,464		5,674,683		5,781,274		5,601,070
Financial liabilities:
Level 2 inputs:
Deposits	5,966,656		5,648,644		5,824,904		5,289,138
FHLB and other borrowings	310,068		309,927		318,084		318,079
Subordinated debentures	133,531		138,699		133,478		138,780
Accrued interest payable	4,407		4,407		2,334		2,334

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Subordinated Debentures and Trust Preferred Securities (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of debentures payable to statutory trusts

The following is a summary of subordinated debentures payable to statutory trusts.

(In thousands)	Year of Maturity	Interest Rate	March 31, 2023		December 31, 2022
First Bancshares of Baton Rouge Statutory Trust I	2034	3 month LIBOR, plus 2.50%	$	4,124	$	4,124
State Capital Statutory Trust IV	2035	3 month LIBOR, plus 1.99%	5,155		5,155
BancPlus Statutory Trust II	2036	3 month LIBOR, plus 1.50%	20,619		20,619
BancPlus Statutory Trust III	2037	3 month LIBOR, plus 1.35%	20,619		20,619
State Capital Master Trust	2037	3 month LIBOR, plus 1.46%	6,186		6,186
			$	56,703	$	56,703

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Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of restricted stock activity

A summary of the Company’s equity-based award activity and related information for the Company’s RSAs is as follows:

	Three Months Ended
	March 31, 2023			March 31, 2022
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Beginning of period	184,284	$	59.36	144,572	$	51.56
Granted	—	—		21,367	68.25
Vested	1,396	50.00		(6,077)	50.00
Forfeited	—	—		—	—
End of period	185,680	$	59.43	159,862	$	53.85

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Basis of Presentation - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments | segment	1
Allowance for credit losses on off-balance sheet exposures		$ 0
Less: Allowance for credit losses	$ 64,403	42,875	$ 44,238	$ 45,000
Cumulative effect, period of adoption, adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on off-balance sheet exposures		12,505
Less: Allowance for credit losses		20,744
Retained Earnings | Cumulative effect, period of adoption, adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to retained earnings		$ 25,000

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Basis of Presentation - Allowance for Credit Losses Adjustments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets:
Allowance for credit losses on debt securities held-to-maturity		$ 0
Total allowance for credit losses on loans	$ 64,403	42,875	$ 44,238	$ 45,000
Liabilities:
Allowance for credit losses on off-balance sheet exposures		0
Total allowance for credit losses		42,875
Real estate | Construction and land development
Assets:
Total allowance for credit losses on loans		26,701
Real estate | Residential properties
Assets:
Total allowance for credit losses on loans		9,958
Commercial and industrial loans
Assets:
Total allowance for credit losses on loans	6,404	4,750	6,052	6,556
Residential
Assets:
Total allowance for credit losses on loans	$ 16,420	9,958	$ 9,603	$ 9,488
Consumer and other
Assets:
Total allowance for credit losses on loans		1,466
Cumulative effect, period of adoption, adjustment
Assets:
Allowance for credit losses on debt securities held-to-maturity		0
Total allowance for credit losses on loans		20,744
Liabilities:
Allowance for credit losses on off-balance sheet exposures		12,505
Total allowance for credit losses		33,249
Cumulative effect, period of adoption, adjustment | Real estate | Construction and land development
Assets:
Total allowance for credit losses on loans		12,770
Cumulative effect, period of adoption, adjustment | Real estate | Residential properties
Assets:
Total allowance for credit losses on loans		6,464
Cumulative effect, period of adoption, adjustment | Commercial and industrial loans
Assets:
Total allowance for credit losses on loans		2,166
Cumulative effect, period of adoption, adjustment | Residential
Assets:
Total allowance for credit losses on loans		6,464
Cumulative effect, period of adoption, adjustment | Consumer and other
Assets:
Total allowance for credit losses on loans		(656)
Cumulative Effect, Period of Adoption, Adjusted Balance
Assets:
Allowance for credit losses on debt securities held-to-maturity		0
Total allowance for credit losses on loans		63,619
Liabilities:
Allowance for credit losses on off-balance sheet exposures		12,505
Total allowance for credit losses		76,124
Cumulative Effect, Period of Adoption, Adjusted Balance | Real estate | Construction and land development
Assets:
Total allowance for credit losses on loans		39,471
Cumulative Effect, Period of Adoption, Adjusted Balance | Real estate | Residential properties
Assets:
Total allowance for credit losses on loans		16,422
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial and industrial loans
Assets:
Total allowance for credit losses on loans		6,916
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer and other
Assets:
Total allowance for credit losses on loans		$ 810

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 17,079	$ 9,689
Weighted average common shares outstanding (in shares)	11,415	10,451
Dilutive effect of unallocated stock (in shares)	0	18
Diluted effect of stock-based awards (in shares)	73	57
Diluted common shares (in shares)	11,488	10,526
Basic earnings per common share (in USD per share)	$ 1.50	$ 0.93
Diluted earnings per common share (in USD per share)	$ 1.49	$ 0.92

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Business Combinations - Narrative (Details) - First Trust Corporation ("FTC") Merger Agreement - USD ($) $ in Thousands			3 Months Ended
	Jul. 07, 2022	Mar. 01, 2022	Sep. 30, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Number of shares issued with cash in lieu of fractional shares (in shares)		1,444,764
Cash consideration paid		$ 52,700
Escrow deposit		10,000
Escrow deposit paid to former holders of FTC stock	$ 10,000
Acquisition expenses				$ 4,200
Acquired core deposit intangible		$ 7,800
Acquired core deposit intangible, amortization period		10 years
Loans acquired		$ 1,000,382
Discount on loans acquired		6,600
Contractual cash flows not expected to be collected		$ 15,700
Decrease in goodwill			$ (1,100)

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Business Combinations - Consideration Paid and Preliminary Fair Value Allocation (Details) - USD ($) $ in Thousands	Mar. 01, 2022	Mar. 31, 2023	Dec. 31, 2022
Liabilities assumed:
Goodwill		$ 62,772	$ 62,772
First Trust Corporation ("FTC") Merger Agreement
Purchase price allocation:
Common stock issued	$ 56,489
Cash paid	63,239
Total purchase price	119,728
Assets acquired:
Cash and due from banks	229,213
Securities	33,407
Loans held for sale	6,200
Loans, net	1,000,382
Premises and equipment	15,152
Accrued interest receivable	1,441
Core deposit intangible	7,825
Other assets	4,584
Total assets acquired	1,298,204
Liabilities assumed:
Deposits	1,212,712
Subordinated debentures	21,733
Other liabilities	4,187
Total liabilities assumed	1,238,632
Net assets acquired	59,572
Goodwill	$ 60,156

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Business Combinations - Unaudited Pro Forma Information (Details) - First Trust Corporation ("FTC") Merger Agreement $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares
Business Acquisition [Line Items]
Net interest income	$ 53,873
Other operating income	20,542
Net income available to common shareholders	$ 13,924
Earnings per common share:
Basic (in dollars per share) | $ / shares	$ 1.22
Diluted (in dollars per share) | $ / shares	$ 1.21

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Investment Securities - Summary of Amortized Cost and Fair Value of the Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 709,898	$ 681,276
Gross unrealized gains	1,030	390
Gross unrealized losses	51,347	57,746
Fair value	659,581	623,920
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized cost	35,886	35,814
Gross unrealized gains	0	0
Gross unrealized losses	894	1,235
Fair value	34,992	34,579
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized cost	444,962	414,251
Gross unrealized gains	805	246
Gross unrealized losses	30,703	35,761
Fair value	415,064	378,736
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	102,616	105,580
Gross unrealized gains	13	13
Gross unrealized losses	10,363	11,461
Fair value	92,266	94,132
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	13,778	13,812
Gross unrealized gains	0	0
Gross unrealized losses	1,540	1,742
Fair value	12,238	12,070
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	9,470	10,289
Gross unrealized gains	58	54
Gross unrealized losses	137	123
Fair value	9,391	10,220
Corporate investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	52,959	51,000
Gross unrealized gains	0	0
Gross unrealized losses	5,980	4,967
Fair value	46,979	46,033
State and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized cost	50,227	50,530
Gross unrealized gains	154	77
Gross unrealized losses	1,730	2,457
Fair value	$ 48,651	$ 48,150

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Investment Securities - Summary of Amortized Cost and Fair Value of Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	$ 61,262	$ 62,274
Gross unrealized gains	11	0
Gross unrealized losses	129	206
Fair value	61,144	62,068
State and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	61,262	62,274
Gross unrealized gains	11	0
Gross unrealized losses	129	206
Fair value	$ 61,144	$ 62,068

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Investment Securities - Summary of Investment Securities that were in an Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2023 USD ($) debtPosition	Dec. 31, 2022 USD ($) debtPosition
Available for Sale
Fair value, less than 12 months	$ 94,315	$ 274,889
Unrealized losses, less than 12 months	4,952	21,424
Fair value, 12 months or more	506,088	320,121
Unrealized losses, 12 months or more	46,395	36,322
Fair value, total	600,403	595,010
Unrealized losses, total	51,347	57,746
Held to maturity:
Fair value, less than 12 months	3,984	9,259
Unrealized losses, less than 12 months	59	206
Fair value, 12 months or more	3,690	0
Unrealized Losses, 12 months or more	70	0
Fair value, total	7,674	9,259
Unrealized losses, total	$ 129	$ 206
Unrealized loss position, number of positions | debtPosition	340	359
U.S. Treasuries
Available for Sale
Fair value, less than 12 months	$ 4,898	$ 34,579
Unrealized losses, less than 12 months	47	1,235
Fair value, 12 months or more	30,094	0
Unrealized losses, 12 months or more	847	0
Fair value, total	34,992	34,579
Unrealized losses, total	894	1,235
U.S. Government agencies
Available for Sale
Fair value, less than 12 months	19,303	78,676
Unrealized losses, less than 12 months	484	4,830
Fair value, 12 months or more	349,846	285,994
Unrealized losses, 12 months or more	30,219	30,931
Fair value, total	369,149	364,670
Unrealized losses, total	30,703	35,761
Residential mortgage-backed securities
Available for Sale
Fair value, less than 12 months	26,160	81,992
Unrealized losses, less than 12 months	2,496	8,935
Fair value, 12 months or more	64,977	11,258
Unrealized losses, 12 months or more	7,867	2,526
Fair value, total	91,137	93,250
Unrealized losses, total	10,363	11,461
Commercial mortgage-backed securities
Available for Sale
Fair value, less than 12 months	0	4,860
Unrealized losses, less than 12 months	0	594
Fair value, 12 months or more	12,238	7,210
Unrealized losses, 12 months or more	1,540	1,148
Fair value, total	12,238	12,070
Unrealized losses, total	1,540	1,742
Asset-backed securities
Available for Sale
Fair value, less than 12 months	3,199	1,169
Unrealized losses, less than 12 months	10	7
Fair value, 12 months or more	3,210	3,499
Unrealized losses, 12 months or more	127	116
Fair value, total	6,409	4,668
Unrealized losses, total	137	123
Corporate investments
Available for Sale
Fair value, less than 12 months	18,443	36,958
Unrealized losses, less than 12 months	1,515	4,042
Fair value, 12 months or more	28,536	7,076
Unrealized losses, 12 months or more	4,465	925
Fair value, total	46,979	44,034
Unrealized losses, total	5,980	4,967
State and political subdivisions
Available for Sale
Fair value, less than 12 months	22,312	36,655
Unrealized losses, less than 12 months	400	1,781
Fair value, 12 months or more	17,187	5,084
Unrealized losses, 12 months or more	1,330	676
Fair value, total	39,499	41,739
Unrealized losses, total	1,730	2,457
Held to maturity:
Fair value, less than 12 months	3,984	9,259
Unrealized losses, less than 12 months	59	206
Fair value, 12 months or more	3,690	0
Unrealized Losses, 12 months or more	70	0
Fair value, total	7,674	9,259
Unrealized losses, total	$ 129	$ 206

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Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Amortized cost
One year or less	$ 106,679
After one through five years	343,910
After five through ten years	146,387
After ten years	112,922
Allocated and single maturity date, total	709,898
Fair value
One year or less	104,245
After one through five years	322,010
After five through ten years	130,851
After ten years	102,475
Allocated and single maturity date, total	659,581
Amortized Cost
One year or less	6,974
After one through five years	46,198
After five through ten years	6,450
After ten years	1,640
Allocated and single maturity date, total	61,262
Fair Value
One year or less	6,955
After one through five years	46,110
After five through ten years	6,439
After ten years	1,640
Allocated and single maturity date, total	$ 61,144

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Investment Securities - Summary of the Amortized Cost and Fair Value for Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Available for Sale
Amortized cost	$ 709,898	$ 681,276
Fair value	659,581	623,920
Held to Maturity
Securities held to maturity	61,262	62,274
Fair value	61,144	62,068
Pledged to secure public deposits and for other purposes required or permitted by law
Available for Sale
Amortized cost	620,381	492,206
Fair value	576,828	451,638
Held to Maturity
Securities held to maturity	31,678	35,734
Fair value	$ 31,569	$ 35,562

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Investment Securities - Schedule of securities by credit rating (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
State and political subdivisions held-to-maturity:	$ 61,262
S&P AA plus, AA, AA minus / Moody's Aa1, Aa2, Aa3
Schedule of Held-to-maturity Securities [Line Items]
State and political subdivisions held-to-maturity:	5,981
S&P A plus, A, A minus / Moody's A1, A2, A3
Schedule of Held-to-maturity Securities [Line Items]
State and political subdivisions held-to-maturity:	1,083
S&P BBB Plus, BBB, BBB minus / Moody's Baa, Ba, B
Schedule of Held-to-maturity Securities [Line Items]
State and political subdivisions held-to-maturity:	495
Not Rated
Schedule of Held-to-maturity Securities [Line Items]
State and political subdivisions held-to-maturity:	$ 53,703

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Loans - Summary of the Company's Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	$ 5,951,867	$ 5,824,149
Real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	5,053,579	4,927,379
Real estate | Residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	1,429,332	1,403,974
Real estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	809,390	772,357
Real estate | Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	288,970	283,832
Real estate | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	2,525,887	2,467,216
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	718,740	706,466
Commercial and industrial loans | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	809,390
Commercial and industrial loans | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	2,525,887
Agricultural production and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	75,509	80,770
Agricultural production and other loans to farmers | Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	288,970
Consumer and other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before allowance for loan losses	$ 104,039	$ 109,534

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Loans - Summary of Non-accrual Loans (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	$ 6,015
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	2,980
Real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	5,814
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	1,830
Real estate | Residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	2,585
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	1,497
Real estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	0
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	0
Real estate | Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	1,434
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	158
Real estate | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	1,795
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	175
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	201
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	204
Agricultural production and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	0
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	0
Consumer and other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Nonaccrual	0
Nonaccrual with no Allowance for Credit Loss	0
Past Due 90 days or more and Accruing	$ 946

XML

Loans - Summary of the Credit Quality of the Company's Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	$ 5,887,464	$ 5,781,274
Enterprise Value	1,554
Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	1,433
Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	9,099
Real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Enterprise Value	1,554
Real estate | Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	1,433
Real estate | Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Real estate | Residential properties
Financing Receivable, Troubled Debt Restructuring [Line Items]
Enterprise Value	0
Real estate | Residential properties | Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Real estate | Residential properties | Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Real estate | Construction and land development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Enterprise Value	0
Real estate | Construction and land development | Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Real estate | Construction and land development | Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Real estate | Farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Enterprise Value	0
Real estate | Farmland | Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Real estate | Farmland | Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Real estate | Other commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Enterprise Value	1,554
Real estate | Other commercial | Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	1,433
Real estate | Other commercial | Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Commercial and industrial loans | Commercial & industrial loans:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Enterprise Value	0
Commercial and industrial loans | Commercial & industrial loans: | Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Commercial and industrial loans | Commercial & industrial loans: | Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	9,099
Agricultural production and other loans to farmers
Financing Receivable, Troubled Debt Restructuring [Line Items]
Enterprise Value	0
Agricultural production and other loans to farmers | Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Agricultural production and other loans to farmers | Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Consumer and other loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Enterprise Value	0
Consumer and other loans | Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	0
Consumer and other loans | Accounts Receivable And Inventory
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real Estate	$ 0

XML

Loans - Summary of Past Due Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 5,951,867	$ 5,824,149
Past Due 90 days or more and Accruing	2,980
Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	16,665	18,149
Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	10,019	11,017
Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,646	7,132
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,935,202	5,806,000
Real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,053,579	4,927,379
Past Due 90 days or more and Accruing	1,830
Real estate | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	13,595	14,217
Real estate | Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	8,265	8,459
Real estate | Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,330	5,758
Real estate | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,039,984	4,913,162
Real estate | Residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,429,332	1,403,974
Past Due 90 days or more and Accruing	1,497
Real estate | Residential properties | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	8,856	7,884
Real estate | Residential properties | Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,188	5,869
Real estate | Residential properties | Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,668	2,015
Real estate | Residential properties | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,420,476	1,396,090
Real estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	809,390	772,357
Past Due 90 days or more and Accruing	0
Real estate | Construction and land development | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	216	2,104
Real estate | Construction and land development | Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	216	526
Real estate | Construction and land development | Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	1,578
Real estate | Construction and land development | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	809,174	770,253
Real estate | Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	288,970	283,832
Past Due 90 days or more and Accruing	158
Real estate | Farmland | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,069	1,957
Real estate | Farmland | Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	468	566
Real estate | Farmland | Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,601	1,391
Real estate | Farmland | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	286,901	281,875
Real estate | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,525,887	2,467,216
Past Due 90 days or more and Accruing	175
Real estate | Other commercial | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,454	2,272
Real estate | Other commercial | Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,393	1,498
Real estate | Other commercial | Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,061	774
Real estate | Other commercial | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,523,433	2,464,944
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	718,740	706,466
Past Due 90 days or more and Accruing	204
Commercial and industrial loans | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,125	1,579
Commercial and industrial loans | Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	755	902
Commercial and industrial loans | Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	370	677
Commercial and industrial loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	717,615	704,887
Commercial and industrial loans | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	809,390
Commercial and industrial loans | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,525,887
Agricultural production and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	75,509	80,770
Past Due 90 days or more and Accruing	0
Agricultural production and other loans to farmers | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	93	126
Agricultural production and other loans to farmers | Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	93	126
Agricultural production and other loans to farmers | Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Agricultural production and other loans to farmers | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	75,416	80,644
Agricultural production and other loans to farmers | Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	288,970
Consumer and other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	104,039	109,534
Past Due 90 days or more and Accruing	946
Consumer and other loans | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,852	2,227
Consumer and other loans | Past Due 30-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	906	1,530
Consumer and other loans | Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	946	697
Consumer and other loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 102,187	$ 107,307

XML

Allowance for Credit Losses - Summary of the Company's Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Total	$ 5,951,867		$ 5,824,149
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
Total	1,488	$ 1,987
Commercial and industrial loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Total	718,740		706,466
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
Total	288	58
Commercial and industrial loans | Construction and land development
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	18,762
2022	73,222
2021	18,277
2020	7,841
2019	8,261
Prior	6,905
Revolving Loans Amortized Cost Basis	676,122
Total	809,390
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	7
Revolving Loans Amortized Cost Basis	0
Total	7
Commercial and industrial loans | Construction and land development | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	18,762
2022	73,087
2021	18,267
2020	6,838
2019	7,244
Prior	6,891
Revolving Loans Amortized Cost Basis	675,494
Total	806,583
Commercial and industrial loans | Construction and land development | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	43
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	303
Total	346
Commercial and industrial loans | Construction and land development | Classified
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	92
2021	10
2020	1,003
2019	1,017
Prior	14
Revolving Loans Amortized Cost Basis	325
Total	2,461
Commercial and industrial loans | Other commercial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	55,905
2022	521,145
2021	428,306
2020	271,147
2019	134,394
Prior	256,982
Revolving Loans Amortized Cost Basis	858,008
Total	2,525,887
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
2023	0
2022	0
2021	56
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	56
Commercial and industrial loans | Other commercial | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	55,882
2022	519,426
2021	425,974
2020	270,587
2019	133,264
Prior	253,147
Revolving Loans Amortized Cost Basis	856,811
Total	2,515,091
Commercial and industrial loans | Other commercial | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Commercial and industrial loans | Other commercial | Classified
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	23
2022	1,719
2021	2,332
2020	560
2019	1,130
Prior	3,835
Revolving Loans Amortized Cost Basis	1,197
Total	10,796
Commercial and industrial loans | Commercial & industrial loans:
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	42,216
2022	184,751
2021	105,450
2020	51,466
2019	32,145
Prior	23,616
Revolving Loans Amortized Cost Basis	279,096
Total	718,740
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
2023	0
2022	62
2021	30
2020	2
2019	15
Prior	7
Revolving Loans Amortized Cost Basis	172
Total	288
Commercial and industrial loans | Commercial & industrial loans: | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	42,206
2022	183,885
2021	105,343
2020	50,827
2019	31,986
Prior	12,928
Revolving Loans Amortized Cost Basis	278,751
Total	705,926
Commercial and industrial loans | Commercial & industrial loans: | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Commercial and industrial loans | Commercial & industrial loans: | Classified
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	10
2022	866
2021	107
2020	639
2019	159
Prior	10,688
Revolving Loans Amortized Cost Basis	345
Total	12,814
Residential
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
Total	173	250
Residential | Residential properties
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	56,540
2022	459,434
2021	345,248
2020	145,625
2019	59,690
Prior	111,464
Revolving Loans Amortized Cost Basis	251,331
Total	1,429,332
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
2023	0
2022	0
2021	0
2020	32
2019	0
Prior	140
Revolving Loans Amortized Cost Basis	1
Total	173
Residential | Residential properties | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	56,509
2022	458,488
2021	343,007
2020	142,538
2019	58,061
Prior	105,708
Revolving Loans Amortized Cost Basis	250,166
Total	1,414,477
Residential | Residential properties | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Residential | Residential properties | Classified
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	31
2022	946
2021	2,241
2020	3,087
2019	1,629
Prior	5,756
Revolving Loans Amortized Cost Basis	1,165
Total	14,855
Agricultural production and other loans to farmers
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Total	75,509		80,770
Agricultural production and other loans to farmers | Farmland
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	11,134
2022	89,923
2021	34,847
2020	30,038
2019	16,548
Prior	30,121
Revolving Loans Amortized Cost Basis	76,359
Total	288,970
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
2023	0
2022	0
2021	2
2020	0
2019	0
Prior	3
Revolving Loans Amortized Cost Basis	3
Total	8
Agricultural production and other loans to farmers | Farmland | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	11,112
2022	89,609
2021	34,157
2020	30,038
2019	16,483
Prior	28,177
Revolving Loans Amortized Cost Basis	76,107
Total	285,683
Agricultural production and other loans to farmers | Farmland | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Agricultural production and other loans to farmers | Farmland | Classified
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	22
2022	314
2021	690
2020	0
2019	65
Prior	1,944
Revolving Loans Amortized Cost Basis	252
Total	3,287
Agricultural production and other loans to farmers | Agricultural production & other loans to farmers:
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	8,449
2022	11,318
2021	5,898
2020	4,530
2019	1,805
Prior	857
Revolving Loans Amortized Cost Basis	42,652
Total	75,509
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
2023	0
2022	5
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	8
Total	13
Agricultural production and other loans to farmers | Agricultural production & other loans to farmers: | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	8,449
2022	11,311
2021	5,898
2020	4,476
2019	1,793
Prior	844
Revolving Loans Amortized Cost Basis	42,652
Total	75,423
Agricultural production and other loans to farmers | Agricultural production & other loans to farmers: | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Agricultural production and other loans to farmers | Agricultural production & other loans to farmers: | Classified
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	7
2021	0
2020	54
2019	12
Prior	13
Revolving Loans Amortized Cost Basis	0
Total	86
Consumer and other loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Total	104,039		$ 109,534
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
Total	956	$ 1,242
Consumer and other loans | Consumer & other loans:
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	11,498
2022	34,163
2021	9,583
2020	6,448
2019	1,442
Prior	4,291
Revolving Loans Amortized Cost Basis	36,614
Total	104,039
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract]
2023	810
2022	63
2021	23
2020	31
2019	7
Prior	0
Revolving Loans Amortized Cost Basis	9
Total	943
Consumer and other loans | Consumer & other loans: | Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	11,498
2022	32,852
2021	9,569
2020	6,439
2019	1,441
Prior	4,291
Revolving Loans Amortized Cost Basis	36,596
Total	102,686
Consumer and other loans | Consumer & other loans: | Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Total	0
Consumer and other loans | Consumer & other loans: | Classified
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023	0
2022	1,311
2021	14
2020	9
2019	1
Prior	0
Revolving Loans Amortized Cost Basis	18
Total	$ 1,353

XML

Allowance for Credit Losses - Schedule of the Credit Quality of the Company's Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 5,951,867	$ 5,824,149
Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		5,779,734
Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		303
Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		43,905
Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		207
Real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,053,579	4,927,379
Real estate | Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		4,896,968
Real estate | Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		303
Real estate | Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		29,901
Real estate | Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		207
Real estate | Residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,429,332	1,403,974
Real estate | Residential properties | Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		1,391,039
Real estate | Residential properties | Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Real estate | Residential properties | Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		12,852
Real estate | Residential properties | Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		83
Real estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	809,390	772,357
Real estate | Construction and land development | Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		768,699
Real estate | Construction and land development | Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		303
Real estate | Construction and land development | Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		3,355
Real estate | Construction and land development | Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Real estate | Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	288,970	283,832
Real estate | Farmland | Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		280,522
Real estate | Farmland | Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Real estate | Farmland | Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		3,310
Real estate | Farmland | Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Real estate | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,525,887	2,467,216
Real estate | Other commercial | Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		2,456,708
Real estate | Other commercial | Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Real estate | Other commercial | Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		10,384
Real estate | Other commercial | Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		124
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	718,740	706,466
Commercial and industrial loans | Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		693,963
Commercial and industrial loans | Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Commercial and industrial loans | Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		12,503
Commercial and industrial loans | Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Commercial and industrial loans | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	18,762
2022	73,222
2021	18,277
2020	7,841
2019	8,261
Prior	6,905
Revolving Loans Amortized Cost Basis	676,122
Loans	809,390
Commercial and industrial loans | Construction and land development | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	18,762
2022	73,087
2021	18,267
2020	6,838
2019	7,244
Prior	6,891
Revolving Loans Amortized Cost Basis	675,494
Loans	806,583
Commercial and industrial loans | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	55,905
2022	521,145
2021	428,306
2020	271,147
2019	134,394
Prior	256,982
Revolving Loans Amortized Cost Basis	858,008
Loans	2,525,887
Commercial and industrial loans | Other commercial | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	55,882
2022	519,426
2021	425,974
2020	270,587
2019	133,264
Prior	253,147
Revolving Loans Amortized Cost Basis	856,811
Loans	2,515,091
Commercial and industrial loans | Commercial & industrial loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	42,216
2022	184,751
2021	105,450
2020	51,466
2019	32,145
Prior	23,616
Revolving Loans Amortized Cost Basis	279,096
Loans	718,740
Commercial and industrial loans | Commercial & industrial loans: | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	42,206
2022	183,885
2021	105,343
2020	50,827
2019	31,986
Prior	12,928
Revolving Loans Amortized Cost Basis	278,751
Loans	705,926
Agricultural production and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	75,509	80,770
Agricultural production and other loans to farmers | Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		80,524
Agricultural production and other loans to farmers | Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Agricultural production and other loans to farmers | Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		246
Agricultural production and other loans to farmers | Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Agricultural production and other loans to farmers | Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	11,134
2022	89,923
2021	34,847
2020	30,038
2019	16,548
Prior	30,121
Revolving Loans Amortized Cost Basis	76,359
Loans	288,970
Agricultural production and other loans to farmers | Farmland | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	11,112
2022	89,609
2021	34,157
2020	30,038
2019	16,483
Prior	28,177
Revolving Loans Amortized Cost Basis	76,107
Loans	285,683
Agricultural production and other loans to farmers | Agricultural production & other loans to farmers:
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	8,449
2022	11,318
2021	5,898
2020	4,530
2019	1,805
Prior	857
Revolving Loans Amortized Cost Basis	42,652
Loans	75,509
Agricultural production and other loans to farmers | Agricultural production & other loans to farmers: | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	8,449
2022	11,311
2021	5,898
2020	4,476
2019	1,793
Prior	844
Revolving Loans Amortized Cost Basis	42,652
Loans	75,423
Consumer and other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 104,039	109,534
Consumer and other loans | Risk Grades 1-6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		108,279
Consumer and other loans | Risk Grade 7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		0
Consumer and other loans | Rick Grade 8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		1,255
Consumer and other loans | Risk Grade 9
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		$ 0

XML

Allowance for Credit Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 42,875	$ 45,000
Provision for credit losses	1,420	217
Recoveries on loans	852	1,008
Loans charged off	(1,488)	(1,987)
Loans	5,951,867		$ 5,824,149
Ending balance	64,403	44,238
Period End Allowance Balance Allocated To:
Individually evaluated	0	2,038
Collectively evaluated	64,403	42,200
Ending balance	64,403	44,238	42,875
Risk Grades 1-6
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans			5,779,734
Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	20,744
Period End Allowance Balance Allocated To:
Ending balance			20,744
Commercial and industrial loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,750	6,556
Provision for credit losses	(312)	(468)
Recoveries on loans	88	22
Loans charged off	(288)	(58)
Loans	718,740		706,466
Ending balance	6,404	6,052
Period End Allowance Balance Allocated To:
Individually evaluated	0	1,723
Collectively evaluated	6,404	4,329
Ending balance	6,404	6,052	4,750
Commercial and industrial loans | Risk Grades 1-6
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans			693,963
Commercial and industrial loans | Construction and land development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans charged off	(7)
2023	18,762
2022	73,222
2021	18,277
2020	7,841
2019	8,261
Prior	6,905
Revolving Loans Amortized Cost Basis	676,122
Loans	809,390
Commercial and industrial loans | Construction and land development | Pass
Financing Receivable, Allowance for Credit Loss [Roll Forward]
2023	18,762
2022	73,087
2021	18,267
2020	6,838
2019	7,244
Prior	6,891
Revolving Loans Amortized Cost Basis	675,494
Loans	806,583
Commercial and industrial loans | Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,166
Period End Allowance Balance Allocated To:
Ending balance			2,166
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	26,701	27,133
Provision for credit losses	979	75
Recoveries on loans	115	141
Loans charged off	(71)	(437)
Ending balance	40,494	26,912
Period End Allowance Balance Allocated To:
Individually evaluated	0	308
Collectively evaluated	40,494	26,604
Ending balance	40,494	26,912	26,701
Commercial real estate | Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	12,770
Period End Allowance Balance Allocated To:
Ending balance			12,770
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	9,958	9,488
Provision for credit losses	113	311
Recoveries on loans	58	54
Loans charged off	(173)	(250)
Ending balance	16,420	9,603
Period End Allowance Balance Allocated To:
Individually evaluated	0	7
Collectively evaluated	16,420	9,596
Ending balance	16,420	9,603	9,958
Residential | Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,464
Period End Allowance Balance Allocated To:
Ending balance			6,464
Consumer and other loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,466	1,823
Provision for credit losses	640	299
Recoveries on loans	591	791
Loans charged off	(956)	(1,242)
Loans	104,039		109,534
Ending balance	1,085	1,671
Period End Allowance Balance Allocated To:
Individually evaluated	0	0
Collectively evaluated	1,085	1,671
Ending balance	1,085	$ 1,671	1,466
Consumer and other loans | Risk Grades 1-6
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans			108,279
Consumer and other loans | Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(656)
Period End Allowance Balance Allocated To:
Ending balance			(656)
Real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	5,053,579		4,927,379
Real estate | Risk Grades 1-6
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans			4,896,968
Real estate | Construction and land development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	26,701
Loans	809,390		772,357
Period End Allowance Balance Allocated To:
Ending balance			26,701
Real estate | Construction and land development | Risk Grades 1-6
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans			768,699
Real estate | Cumulative effect, period of adoption, adjustment | Construction and land development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	12,770
Period End Allowance Balance Allocated To:
Ending balance			12,770
Agricultural production and other loans to farmers
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans	75,509		80,770
Agricultural production and other loans to farmers | Risk Grades 1-6
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans			$ 80,524
Agricultural production and other loans to farmers | Agricultural production & other loans to farmers:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loans charged off	(13)
2023	8,449
2022	11,318
2021	5,898
2020	4,530
2019	1,805
Prior	857
Revolving Loans Amortized Cost Basis	42,652
Loans	75,509
Agricultural production and other loans to farmers | Agricultural production & other loans to farmers: | Pass
Financing Receivable, Allowance for Credit Loss [Roll Forward]
2023	8,449
2022	11,311
2021	5,898
2020	4,476
2019	1,793
Prior	844
Revolving Loans Amortized Cost Basis	42,652
Loans	$ 75,423

XML

Allowance for Credit Losses - Schedule of the Impairment Methodology (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 5,951,867	$ 5,824,149
Less: Allowance for credit losses	64,403	42,875	$ 44,238	$ 45,000
Accrued interest receivable	20,300
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	718,740	706,466
Less: Allowance for credit losses	6,404	4,750	6,052	6,556
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for credit losses	40,494	26,701	26,912	27,133
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for credit losses	$ 16,420	9,958	$ 9,603	$ 9,488
Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for credit losses		$ 1,466

XML

Regulatory Matters - Summary of Capital Requirements (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
BancPlus Corporation
Actual
Tier 1 Capital to Average Assets	$ 727,972	$ 721,001
Tier 1 Capital to Average Assets, ratio (as a percentage)	0.1027	0.1054
Minimum Requirement to be Well Capitalized
Tier 1 Capital to Average Assets	$ 637,810	$ 615,566
Tier 1 Capital to Average Assets, ratio (as a percentage)	0.0900	0.0900
Subsidiaries
Actual
Tier 1 Capital to Average Assets	$ 672,902	$ 636,007
Tier 1 Capital to Average Assets, ratio (as a percentage)	0.0950	0.0931
Minimum Requirement to be Well Capitalized
Tier 1 Capital to Average Assets	$ 637,283	$ 614,973
Tier 1 Capital to Average Assets, ratio (as a percentage)	0.0900	0.0900

XML

Fair Value - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 659,581	$ 623,920
Minimum | Marketability and comparability discounts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input (as a percent)	0.05
Maximum | Marketability and comparability discounts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input (as a percent)	0.15
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	659,581	623,920
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	34,992	34,579
U.S. Treasuries | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
U.S. Treasuries | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	34,992	34,579
U.S. Treasuries | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
U.S. Government agency obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	415,064	378,736
U.S. Government agency obligations | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
U.S. Government agency obligations | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	415,064	378,736
U.S. Government agency obligations | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	92,266	94,132
Residential mortgage-backed securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
Residential mortgage-backed securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	92,266	94,132
Residential mortgage-backed securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
Commercial mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	12,238	12,070
Commercial mortgage-backed securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
Commercial mortgage-backed securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	12,238	12,070
Commercial mortgage-backed securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	9,391	10,220
Asset-backed securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
Asset-backed securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	9,391	10,220
Asset-backed securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
Corporate investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	46,979	46,033
Corporate investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
Corporate investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	46,979	46,033
Corporate investments | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
State and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	48,651	48,150
State and political subdivisions | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	0	0
State and political subdivisions | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	48,651	48,150
State and political subdivisions | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 0	$ 0

XML

Fair Value - Schedule of Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually evaluated loans with credit losses, net of allowance for credit losses:	$ 0
Impaired loans, net of allowance for loan losses:		$ 26,071
Other real estate owned:	3,958	4,231
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually evaluated loans with credit losses, net of allowance for credit losses:	0
Impaired loans, net of allowance for loan losses:		26,071
Other real estate owned:	3,958	4,231
Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually evaluated loans with credit losses, net of allowance for credit losses:	0
Impaired loans, net of allowance for loan losses:		0
Other real estate owned:	0	0
Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually evaluated loans with credit losses, net of allowance for credit losses:	0
Impaired loans, net of allowance for loan losses:		0
Other real estate owned:	0	0
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually evaluated loans with credit losses, net of allowance for credit losses:	0
Impaired loans, net of allowance for loan losses:		26,071
Other real estate owned:	$ 3,958	$ 4,231

XML

Fair Value - Qualitative Information About Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans with credit losses, net of allowance for credit losses:	$ 0
Impaired loans, net of allowance for loan losses:		$ 26,071
Other real estate owned:	$ 3,958	$ 4,231
Selling costs | Third-party appraisals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, measurement input weighted average (as a percentage)	6.00%	6.00%
Other real estate owned, weighted average measurement input (as a percentage)	6.00%	6.00%
Minimum | Selling costs | Third-party appraisals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, net of allowance for loan losses, selling costs (as a percentage)	5.00%	5.00%
Other real estate owned, measurement input (as a percentage)	0.05	0.05
Maximum | Selling costs | Third-party appraisals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, net of allowance for loan losses, selling costs (as a percentage)	10.00%	10.00%
Other real estate owned, measurement input (as a percentage)	0.10	0.10

XML

Fair Value - Summary of Estimated Fair Values of the Company’s Financial Instruments Not Previously Disclosed (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Level 2 inputs:
Securities held to maturity	$ 61,262	$ 62,274
Accrued interest receivable	24,025	23,156
Carrying Value | Level 1
Level 1 inputs:
Cash and cash equivalents	121,220	137,895
Carrying Value | Level 2
Level 2 inputs:
Securities held to maturity	61,262	62,274
FHLB stock	20,103	19,690
Accrued interest receivable	24,025	23,156
Level 2 inputs:
Deposits	5,966,656	5,824,904
FHLB and other borrowings	310,068	318,084
Subordinated debentures	133,531	133,478
Accrued interest payable	4,407	2,334
Carrying Value | Level 3
Level 3 inputs:
Loans held for sale	8,357	5,373
Loans, net	5,887,464	5,781,274
Fair Value | Level 1
Level 1 inputs:
Cash and cash equivalents	121,220	137,895
Fair Value | Level 2
Level 2 inputs:
Securities held to maturity	61,144	62,068
FHLB stock	20,103	19,690
Accrued interest receivable	24,025	23,156
Level 2 inputs:
Deposits	5,648,644	5,289,138
FHLB and other borrowings	309,927	318,079
Subordinated debentures	138,699	138,780
Accrued interest payable	4,407	2,334
Fair Value | Level 3
Level 3 inputs:
Loans held for sale	8,357	5,373
Loans, net	$ 5,674,683	$ 5,601,070

XML

Subordinated Debentures and Trust Preferred Securities - Narrative (Details) - USD ($)	Jun. 04, 2025	Mar. 01, 2022	Jun. 04, 2020	Mar. 31, 2023	Dec. 31, 2022
Subordinated Debt | The Notes
Debt Instrument [Line Items]
Face amount of debt issued and sold			$ 60,000,000
Issuance costs			$ 1,400,000
Unamortized debt issuance costs				$ 1,000,000	$ 1,100,000
Period to defer payment of interest (not exceeding)			5 years
Remaining purchase discount				3,700,000
Subordinated Debt | The Notes | Forecast
Debt Instrument [Line Items]
Multiples allowed to be redeemed	$ 1,000
Redemption price (as a percent)	100.00%
Subordinated Debt | The Notes | From and including June 4, 2020, to but excluding June 15, 2025 or early redemption date
Debt Instrument [Line Items]
Fixed interest rate			6.00%
Subordinated Debt | The Notes | From and including June 15, 2025, to but excluding the maturity date or early redemption date | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			5.86%
Junior Subordinated Debt | 5.50% Fixed to Floating Rate Subordinated Notes Due 2030
Debt Instrument [Line Items]
Fixed interest rate		5.50%
Junior Subordinated Debt | 5.50% Fixed to Floating Rate Subordinated Notes Due 2030 | First Trust Corporation ("FTC") Merger Agreement
Debt Instrument [Line Items]
Aggregate obligation assumed in conjunction with FTC merger		$ 21,000,000
Remaining purchase premium				$ 536,000
Junior Subordinated Debt | 5.50% Fixed to Floating Rate Subordinated Notes Due 2030 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		5.27%

XML

Subordinated Debentures and Trust Preferred Securities - Summary of Debentures Payable to Statutory Trusts (Details) - Subordinated Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debentures payable	$ 56,703	$ 56,703
First Bancshares of Baton Rouge Statutory Trust I
Debt Instrument [Line Items]
Debentures payable	4,124	4,124
State Capital Statutory Trust IV
Debt Instrument [Line Items]
Debentures payable	5,155	5,155
BancPlus Statutory Trust II
Debt Instrument [Line Items]
Debentures payable	20,619	20,619
BancPlus Statutory Trust III
Debt Instrument [Line Items]
Debentures payable	20,619	20,619
State Capital Master Trust
Debt Instrument [Line Items]
Debentures payable	$ 6,186	$ 6,186
LIBOR | First Bancshares of Baton Rouge Statutory Trust I
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
LIBOR | State Capital Statutory Trust IV
Debt Instrument [Line Items]
Basis spread on variable rate	1.99%
LIBOR | BancPlus Statutory Trust II
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
LIBOR | BancPlus Statutory Trust III
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
LIBOR | State Capital Master Trust
Debt Instrument [Line Items]
Basis spread on variable rate	1.46%

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Employee Benefits - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) hour $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Required annual hours of service for participation in ESOP (in hours) | hour	1,000
Employers matching contribution, annual vesting percentage (as a percentage)	3.00%
Employer matching contribution, percent of match (as a percentage)	50.00%
Employer matching contribution, percent of employees' gross pay (as a percentage)	2.00%
ESOP owned shares (in shares) | shares	1,452,950	1,452,950
Redeemable common stock owned by the ESOP	$ 96,984	$ 96,984
Employee Stock Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redeemable common stock owned by the ESOP	$ 97,000	$ 97,000
Temporary equity (in USD per share) | $ / shares	$ 66.75	$ 66.75

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Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 22, 2022	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		10,000,000
Preferred stock, par value (in dollars per share)		$ 0
Dividends paid initial two years	0.00%
Period of no dividends paid (in years)	2 years
Review lookback period after year 10, beginning of period	2 years
Review lookback period after year 10, end of period	10 years
Common stock, shares authorized (in shares)		100,000,000	40,000,000
Minimum
Class of Stock [Line Items]
Dividend rate after initial two years	0.50%
Maximum
Class of Stock [Line Items]
Dividend rate after initial two years	2.00%
Noncumulative Preferred Stock | Private Placement
Class of Stock [Line Items]
Shares issued in sale	250,000
Aggregate purchase price of shares	$ 250.0

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Stock Based Compensation - Narrative (Details) - Restricted stock awards - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 1.0	$ 0.7
Forfeited (in shares)	0	0
Unrecognized compensation cost related to nonvested RSAs	$ 6.9
Unrecognized compensation cost related to nonvested RSAs, period for recognition	2 years 9 months 18 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years

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Stock Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted stock awards - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Shares
Beginning of period (in shares)	184,284	144,572
Granted (in shares)	0	21,367
Vested (in shares)	1,396	(6,077)
Forfeited (in shares)	0	0
End of period (in shares)	185,680	159,862
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share)	$ 59.36	$ 51.56
Granted (in dollars per share)	0	68.25
Vested (in dollars per share)	50.00	50.00
Forfeited (in dollars per share)	0	0
Ending of period (in dollars per share)	$ 59.43	$ 53.85

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Contingencies (Details)	Mar. 20, 2019 defendant
Commitments and Contingencies Disclosure [Abstract]
Number of former employees named as defendants	3
Number of current employees named as defendants	1