Cover
Cover - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Feb. 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
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 | |
ICFR Auditor Attestation Flag | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,115,945 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0001118004 | |
Entity Public Float | $ 0 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | BKD, LLP |
Auditor Location | Jackson, Mississippi |
Auditor Firm ID | 686 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and due from banks | $ 55,603 | $ 109,233 |
Interest bearing deposits with banks | 608,562 | 508,196 |
Federal funds sold | 0 | 20,116 |
Total cash and cash equivalents | 664,165 | 637,545 |
Securities available for sale | 576,614 | 311,373 |
Securities held to maturity - fair value: $72,084 - 2021; $94,436 - 2020 | 71,648 | 93,766 |
Loans held for sale | 10,621 | 28,684 |
Loans | 3,619,172 | 3,378,732 |
Less: Allowance for loan losses | 45,000 | 36,000 |
Net loans | 3,574,172 | 3,342,732 |
Premises and equipment, net | 101,965 | 102,967 |
Operating lease right-of-use asset | 34,561 | 35,936 |
Accrued interest receivable | 14,329 | 18,061 |
Goodwill | 2,616 | 2,616 |
Other assets | 145,587 | 137,240 |
Assets | 5,196,278 | 4,710,920 |
Liabilities: | ||
Deposits | 4,622,116 | 4,152,810 |
Advances from Federal Home Loan Bank and other borrowings | 20,501 | 33,771 |
Subordinated debentures | 111,509 | 111,124 |
Operating lease liabilities | 35,793 | 37,127 |
Accrued interest payable | 1,425 | 2,709 |
Other liabilities | 14,515 | 18,129 |
Total liabilities | 4,805,859 | 4,355,670 |
Equity [Abstract] | ||
Common Stock, par value $1.00 per share. 40,000,000 authorized; 10,115,945 and 10,079,277 issued and outstanding at December 31, 2021, and 2020, respectively | 10,116 | 10,079 |
Unearned Employee Stock Ownership Plan compensation | (1,401) | (2,650) |
Additional paid-in capital | 67,380 | 67,742 |
Retained earnings | 314,357 | 273,204 |
Accumulated other comprehensive income (loss), net | (33) | 6,875 |
Stockholders' Equity Before Redeemable Common Stock Owned By Employee Stock Ownership Plan | 390,419 | 355,250 |
Total shareholders' equity | 289,932 | 280,972 |
Liabilities and Equity | 5,196,278 | 4,710,920 |
Employee Stock Ownership Plan | ||
Commitments and Contingent Liabilities: | ||
Redeemable common stock owned by the ESOP | 100,487 | 74,278 |
Equity [Abstract] | ||
Less: Redeemable common stock owned by the ESOP | $ (100,487) | $ (74,278) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity Fair value | $ 72,084 | $ 94,436 |
Common stock, par value per share (USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares, issued (in shares) | 10,115,945 | 10,079,277 |
Common stock outstanding (in shares) | 10,115,945 | 10,079,277 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income: | |||
Interest and fees on loans | $ 170,412 | $ 159,678 | $ 111,369 |
Taxable securities | 8,122 | 6,967 | 5,055 |
Tax-exempt securities | 1,899 | 2,470 | 3,583 |
Interest bearing bank balances and other | 744 | 1,424 | 4,401 |
Total interest income | 181,177 | 170,539 | 124,408 |
Interest expense: | |||
Deposits | 7,420 | 14,155 | 18,438 |
Short-term borrowings | 0 | 2 | 0 |
Advances from Federal Home Loan Bank | 312 | 318 | 324 |
Other borrowings | 5,331 | 4,041 | 2,336 |
Total interest expense | 13,063 | 18,516 | 21,098 |
Net interest income | 168,114 | 152,023 | 103,310 |
Provision for loan losses | 9,068 | 17,090 | 586 |
Net interest income after provision for loan losses | 159,046 | 134,933 | 102,724 |
Other operating income: | |||
Service charges on deposit accounts | 26,508 | 23,062 | 28,039 |
Mortgage origination income | 8,544 | 8,745 | 4,569 |
Debit card interchange | 10,164 | 7,459 | 6,263 |
Securities gains, net | 14 | 58 | 76 |
Other income | 30,102 | 26,429 | 18,806 |
Total other operating income | 75,332 | 65,753 | 57,753 |
Other operating expenses: | |||
Salaries and employee benefits | 97,455 | 90,442 | 65,855 |
Net occupancy expenses | 14,500 | 13,319 | 11,653 |
Furniture, equipment and data processing expenses | 24,472 | 21,201 | 15,702 |
Other expenses | 28,081 | 27,331 | 21,874 |
Total other operating expenses | 164,508 | 152,293 | 115,084 |
Income before income taxes | 69,870 | 48,393 | 45,393 |
Income tax expense | 13,418 | 9,210 | 8,993 |
Net income | $ 56,452 | $ 39,183 | $ 36,400 |
Basic earning per common shares (in USD per share) | $ 5.68 | $ 4.19 | $ 4.83 |
Diluted earnings per common share (in USD per share) | $ 5.62 | $ 4.14 | $ 4.78 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 56,452 | $ 39,183 | $ 36,400 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on securities available for sale | (9,198) | 8,778 | 1,003 |
Tax effect | 2,290 | (2,185) | (250) |
Total other comprehensive income (loss), net of tax | (6,908) | 6,593 | 753 |
Comprehensive income | $ 49,544 | $ 45,776 | $ 37,153 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Common StockClass A Common Stock | Common StockClass B Common Stock | Unearned ESOP Compensation | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Less: Redeemable common stock owned by the ESOP |
Shares outstanding, beginning balance, (in shares) at Dec. 31, 2018 | 0 | 7,476,989 | 115,005 | ||||||||
Shareholders' equity, beginning balance at Dec. 31, 2018 | $ 159,555 | $ (5,240) | $ 0 | $ 7,477 | $ 115 | $ (2,962) | $ 180 | $ 225,723 | $ (5,240) | $ (471) | $ (70,507) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 36,400 | 36,400 | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 753 | 753 | |||||||||
Conversion of Class A and B Common Stock to Common Stock (in shares) | (7,591,994) | (7,476,989) | (115,005) | ||||||||
Conversion of Class A and B Common Stock to Common Stock | 0 | $ 7,592 | $ (7,477) | $ (115) | |||||||
Issuance of restricted stock (in shares) | 61,880 | ||||||||||
Issuance of restricted stock | 0 | $ 62 | (62) | ||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares) | (917) | ||||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock | (46) | $ (1) | (45) | ||||||||
Stock based compensation | 738 | 738 | |||||||||
Net change fair value of ESOP shares | (8,801) | ||||||||||
Common stock acquired by ESOP | (2,499) | (2,499) | |||||||||
Common stock released by ESOP | 985 | 985 | |||||||||
Dividends declared | (9,642) | (9,642) | |||||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2019 | 7,652,957 | 0 | 0 | ||||||||
Shareholders' equity, ending balance at Dec. 31, 2019 | 172,203 | $ 7,653 | $ 0 | $ 0 | (4,476) | 811 | 247,241 | 282 | (79,308) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 39,183 | 39,183 | |||||||||
Acquisition of State Capital Corp. (in shares) | 2,453,827 | ||||||||||
Acquisition of State Capital Corp. | 71,161 | $ 2,454 | 68,707 | ||||||||
Purchase of Company stock (in shares) | (66,390) | ||||||||||
Purchase of Company stock | (3,268) | $ (67) | (3,201) | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 6,593 | 6,593 | |||||||||
Issuance of restricted stock (in shares) | 39,155 | ||||||||||
Issuance of restricted stock | 0 | $ 39 | (39) | ||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares) | (272) | ||||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock | (10) | $ 0 | (10) | ||||||||
Stock based compensation | 1,474 | 1,474 | |||||||||
Net change fair value of ESOP shares | 5,030 | 5,030 | |||||||||
Common stock released by ESOP | 1,826 | 1,826 | |||||||||
Dividends declared | (13,220) | (13,220) | |||||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2020 | 10,079,277 | ||||||||||
Shareholders' equity, ending balance at Dec. 31, 2020 | 280,972 | $ 10,079 | (2,650) | 67,742 | 273,204 | 6,875 | (74,278) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 56,452 | 56,452 | |||||||||
Purchase of Company stock (in shares) | (45,863) | ||||||||||
Purchase of Company stock | (2,433) | $ (46) | (2,387) | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (6,908) | (6,908) | |||||||||
Issuance of restricted stock (in shares) | 87,008 | ||||||||||
Issuance of restricted stock | $ 87 | (87) | |||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares) | (4,477) | ||||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock | (229) | $ (4) | (225) | ||||||||
Stock based compensation | 2,337 | 2,337 | |||||||||
Net change fair value of ESOP shares | (26,209) | (26,209) | |||||||||
Common stock released by ESOP | 1,249 | 1,249 | |||||||||
Dividends declared | (15,299) | (15,299) | |||||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 10,115,945 | ||||||||||
Shareholders' equity, ending balance at Dec. 31, 2021 | $ 289,932 | $ 10,116 | $ (1,401) | $ 67,380 | $ 314,357 | $ (33) | $ (100,487) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends declared (in USD per share) | $ 1.52 | $ 1.40 | |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-02 [Member] | ||
Class B Common Stock | |||
Dividends declared (in USD per share) | $ 1.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 56,452 | $ 39,183 | $ 36,400 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Provision for loan losses | 9,068 | 17,090 | 586 |
Depreciation and amortization | 8,629 | 6,406 | 5,180 |
Net (gain) loss on sales of premises and equipment | 637 | (3,451) | 816 |
Net gain on sales of other real estate owned | (184) | (400) | (311) |
Write-downs of other real estate owned | 209 | 301 | 75 |
Deferred income tax (benefit) expense | 198 | (51) | 5,130 |
Federal Home Loan Bank stock dividends | (11) | (45) | (84) |
Common stock released by ESOP | 1,249 | 1,826 | 985 |
Stock based compensation expense | 2,337 | 1,474 | 738 |
Origination of loans held for sale | (367,035) | (380,588) | (222,655) |
Proceeds from loans held for sale | 385,098 | 368,499 | 215,469 |
Earnings on bank-owned life insurance | (6,601) | (2,386) | (1,628) |
Bargain purchase gain in merger | 0 | (1,078) | 0 |
Net change in: | |||
Accrued interest receivable and other assets | 8,964 | 657 | 2,961 |
Accrued interest payable and other liabilities | (4,898) | (6,001) | 5,211 |
Net cash from operating activities | 94,112 | 41,436 | 48,873 |
Cash flows from investing activities: | |||
Purchases of securities available for sale | (375,535) | (86,184) | (202,691) |
Maturities and calls of securities available for sale | 97,911 | 146,921 | 91,318 |
Purchases of securities held to maturity | (19,103) | (655) | (20,343) |
Maturities, prepayments and calls of securities held to maturity | 41,059 | 15,627 | 134,650 |
Net increase in loans | (245,116) | (426,109) | (10,854) |
Purchases of premises and equipment | (7,962) | (9,830) | (6,237) |
Proceeds from sales of premises and equipment | 81 | 205 | 507 |
Proceeds from sales of other real estate owned | 5,861 | 7,654 | 10,667 |
Investment in unconsolidated entities, net | (82) | (2,371) | (801) |
Cash received in excess of cash paid for acquisition | 0 | 75,303 | 0 |
Purchase of bank-owned life insurance | (10,000) | 0 | 0 |
Proceeds from bank-owned life insurance | 7,482 | 0 | 0 |
Proceeds from redemptions of (purchases of) Federal Home Loan Bank stock | (163) | 2,562 | 0 |
Net cash used in investing activities | (505,567) | (276,877) | (3,784) |
Net increase (decrease) in: | |||
Noninterest-bearing deposits | 173,722 | 453,664 | 11,188 |
Money market, NOW and savings deposits | 364,581 | 138,742 | 138,568 |
Certificates of deposit | (68,997) | (56,012) | (11,103) |
Payments on long-term FHLB advances | (145) | (14,943) | (280) |
Proceeds from issuance of subordinated debt | 0 | 60,000 | 0 |
Payment of subordinated debt issuance costs | 0 | (1,439) | 0 |
Payments on other borrowings | (13,125) | (3,500) | (3,500) |
Common stock acquired by ESOP | 0 | 0 | (2,499) |
Shares withheld to pay taxes on restricted stock vesting | (229) | (10) | (46) |
Purchase of Company stock | (2,433) | (3,268) | 0 |
Cash dividends paid on common stock | (15,299) | (13,220) | (9,642) |
Net cash from financing activities | 438,075 | 560,014 | 122,686 |
Net change in cash and cash equivalents | 26,620 | 324,573 | 167,775 |
Cash and cash equivalents at beginning of year | 637,545 | 312,972 | 145,197 |
Cash and cash equivalents at end of year | 664,165 | 637,545 | 312,972 |
Supplemental cash flow information: | |||
Interest paid | 14,347 | 16,890 | 21,050 |
Federal and state income tax payments | 11,075 | 9,825 | 1,500 |
Acquisition of real estate in non-cash foreclosures | $ 4,947 | $ 8,688 | $ 3,366 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business BancPlus Corporation (the “Company”) is a bank holding company headquartered in Jackson, Mississippi. 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. 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. Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting polices followed by the Company conform, in all material respects, to the accounting principles generally accepted in the United States and to general practices within the financial services industry. Variable Interest Entities The Company owns interests in limited liability partnerships and 100% of the common stock of five statutory trusts, discussed in Note 13. As defined in applicable accounting standards, these are interests in variable interest entities (“VIE”) for which the Company is not the primary beneficiary. Accordingly, the accounts of the VIEs have not been consolidated into the Company’s financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 for loan losses, fair value of financial instruments and status of contingencies are particularly subject to change. Material estimates that are subject to significant change in the near term are the allowance for loan losses, valuation of other real estate owned (“OREO”) and fair values of financial instruments. Actual results could differ from these estimates. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include interest and noninterest-bearing cash accounts and federal funds sold. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Furthermore, federal funds sold are essentially uncollateralized loans to other financial institutions. Management regularly evaluates the credit risk associated with these transactions and believes that the Company is not exposed to any significant credit risks on cash and cash equivalents. The Company had deposits with correspondent banks that exceeded federally insured limits by $12.3 million at December 31, 2021. Net cash flows are reported for customer deposit transactions and short term borrowings. Cash flows from loans are classified at the time according to management’s intent to either sell or hold the loan for the foreseeable future. When management’s intent is to hold the loan for the foreseeable future, the cash flows of that loan are presented as investing cash flows. Comprehensive Income Comprehensive income includes net income reported in the consolidated statements of income and changes in unrealized gain or loss on securities available for sale reported as a component of shareholders' equity. Unrealized gain or loss on securities available for sale, net of deferred income taxes, is the only component of accumulated other comprehensive income (loss) for the Company. Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in income. Debt securities not classified as held to maturity or trading are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from income and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For 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 the Company will not have to sell the security before recovery of its cost basis, then the Company recognizes the credit component of an other-than-temporary impairment of a debt security in income and the remaining portion in other comprehensive income (loss). For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income (loss) for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value. These loans are generally sold with mortgage servicing rights released. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balance adjusted for net charge-offs, the allowance for loan losses, and any deferred fees and costs. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. 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. A loan is considered impaired, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310-10-35 guidance, when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan, including scheduled interest and principal payments. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Substandard loans 500,000 or greater and not previously coded impaired and all loans previously coded impaired, if the relationship is 500,000 or greater, are individually reviewed for impairment. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of future cash flows discounted at the loan’s original interest rate, or at the fair value of collateral if repayment is expected solely from the collateral. Groups of loans with similar risk characteristics, including individually evaluated loans not determined to be impaired, are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Included in certain impaired loan categories are loans considered troubled debt restructurings (“TDRs”). Restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the Company grants a concession it would not otherwise consider for borrowers of similar credit quality. Concessions may include interest rate reductions and/or payment modifications, payment extensions, forgiveness of principal or interest, and other actions intended to minimize potential losses. A loan continues to qualify as restructured until a consistent payment history and change in the borrower‘s financial condition has been evidenced. Assuming that the restructuring specifies an interest rate at the time of restructuring that is greater than or equal to the rate that the Company is willing to accept for a new extension of credit with comparable risk, then the loan no longer has to be considered a troubled debt restructuring if it is in compliance with modified terms in calendar years after the year of restructure. Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance consists of general and specific components. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is maintained at a level believed to be adequate by management to absorb estimated probable loan losses. Management’s periodic evaluation of the adequacy of the allowance for loan losses is based on estimated credit losses for specifically identified loans as well as estimated probable credit losses inherent in the remainder of the loan portfolio. Management considers a number of factors in estimating probable credit losses inherent in the loan portfolio, including: historical loan loss experience for various types of loans; composition of the loan portfolio; past due trends in the loan portfolio; current trends; current economic conditions; industry exposure and allowance allocation percentages for various grades of loans with such grades being assigned to loans based on loan reviews. Management’s evaluation of the allowance for loan losses is inherently subjective as it requires material estimates. The actual amounts of loan losses realized in the near term could differ from the amounts estimated in arriving at the allowance for loan losses reported in the financial statements. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right to pledge or exchange the transferred asserts, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally using the straight-line method and are charged to operating expenses over the estimated useful lives of the assets. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where the Company has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized costs of the leasehold improvements is extended when the Company is reasonably assured that it will renew the lease. Costs of major additions and improvements are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Other Real Estate Other real estate acquired through partial or total satisfaction of loans is initially carried at fair value less cost to sell at the date of acquisition (foreclosure), establishing a new cost basis. Any loss incurred at the date of acquisition is charged to the allowance for loan losses. Subsequent gains or losses on such assets and related operating income and expenses are reported in current operations when earned or incurred. Federal Home Loan Bank Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. The Company’s investment in member bank stock is carried at cost and included in other assets in the consolidated balance sheets. The carrying value of the Company’s FHLB stock was evaluated and determined not to be impaired for the years ended December 31, 2021 and 2020. Both cash and stock dividends are reported as income. Intangible Assets Goodwill, which represents the excess of cost over the fair value of net assets of an acquired business, is not amortized but tested for impairment on an annual basis or more often if events or circumstances indicate there may be impairment. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Other identifiable assets with finite lives include the following: (1) core deposits intangible assets, which are amounts recorded related to the value of acquired deposits, (2) amounts recorded related to the value of acquired customer relationships, and (3) amounts recorded related to non-competition agreements with certain individuals of acquired entities. Identifiable intangibles are initially recorded at fair value and are amortized over the periods benefited. These intangibles are evaluated for impairment whenever events or circumstances indicate that the carrying amount should be reevaluated. Impairment losses are recorded in other operating expense and reduce the carrying amount of the intangible. Bank-Owned Life Insurance The Company maintains bank-owned life insurance policies on certain current and former employees, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of other operating income in the Company’s consolidated statements of income. Loan Commitments and Related Financial Instruments In the normal course of business, the Company enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of customers. Such instruments are not reflected in the consolidated financial statements until they are funded. The face amount of these items represents the exposure to loss, before considering customer collateral or ability to repay. Revenue Recognition Accounting Standards Codification (“ASC”) Topic 606 implements a common revenue standard that clarifies the principles for recognizing revenue from contracts. The majority of the Company’s revenues come from interest income and other sources, including loans and securities that are outside the scope of Topic 606. The Company’s services that fall within the scope of Topic 606 are presented within other operating income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of Topic 606 include service charges on deposits, interchange income, wealth management fees and investment brokerage fees. The Company generally acts in a principal capacity, on its own behalf, in most of its contracts with customers. In such transactions, revenue is recognized and the related costs to provide services is recognized on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting other entities in transactions with customers. In such transactions, revenue and the related costs to provide services is recognized on a net basis in the financial statements. These transactions recognized on a net basis primarily relate to insurance and brokerage commissions and fees derived from customers' use of various interchange and ATM/debit card networks. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance, ASC Topic 740, “Income Taxes”. The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. A valuation allowance, if needed, reduces deferred assets to the amount expected to be realized. The Company did not have a valuation allowance recorded with respect to the realization of deferred income taxes at December 31, 2021 or 2020. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Uncertain tax positions are recognized if it is more likely than not that the tax position will be realized or sustained upon examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company did not recognize any uncertain tax positions at December 31, 2021 or 2020. Stock Based Compensation Compensation cost is recognized for restricted stock awards issued to employees based on the fair value of these awards at the date of the grant. Compensation cost is recognized over the required service period, generally defined as the vesting period. 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. Year Ended (Dollars in thousands) 2021 2020 2019 Net income $ 56,452 $ 39,183 $ 36,400 Common stock 9,936,809 9,355,980 7,534,302 Effect of dilutive securities 112,488 101,497 81,656 Total weighted average diluted shares 10,049,297 9,457,477 7,615,958 Basic earnings per common shares $ 5.68 $ 4.19 $ 4.83 Diluted earnings per common shares $ 5.62 $ 4.14 $ 4.78 Operating Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. Accounting Changes and Reclassifications Some items in the prior year financial statements were reclassified to conform to current presentations. Reclassifications had no effect on prior year net income or shareholders’ equity. Recently Issued, But Not Yet Effective Accounting Standards Updates 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 loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses over the life of the loan. ASU 2016-13 is effective for the Company for annual and interim periods beginning on January 1, 2023. The Company has formed a cross functional team that is assessing data and system needs and working with a third-party vendor to build a model which it plans to run parallel with its current model in the months prior to implementation. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but has not yet determined the magnitude of any such one-time adjustments or the overall impact on the Company’s financial statements. Accounting Standards Update 2020-04 (“ASU 2020-04”), “Reference Rate Reform - Topic 848.” In March 2020, the FASB issued ASU 2020-04 which provides temporary optional expedients and exceptions to the 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 |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination | Business Combinations State Capital Corp. On April 1, 2020, the Company completed its previously announced merger with State Capital Corp. (“SCC”), the holding company of State Bank & Trust Company (“State Bank”). Pursuant to the terms of the Agreement and Plan of Share Exchange and Merger, dated September 18, 2019, by and among the Company, BankPlus, SCC, and State Bank (the “SCC Merger Agreement”), following BancPlus’ acquisition of SCC by a statutory share exchange, SCC was merged with and into BancPlus, with BancPlus surviving the merger (the “SCC Merger”). Immediately thereafter, State Bank was merged with and into BankPlus, with BankPlus surviving the merger. As a result of the merger, the Company’s geographic footprint expanded in Mississippi, Louisiana and Alabama, providing access to new markets and deposits. Pursuant to the SCC Merger Agreement, holders of SCC common stock received 0.6950 shares of BancPlus common stock, par value $1.00 per share, for each share of SCC common stock, par value $1.25 per share, held immediately prior to the effective time of the SCC Merger, plus cash in lieu of fractional shares. BancPlus issued 2,453,827 shares of common stock to holders of SCC common stock, in addition to approximately $12,000 in lieu of fractional shares. During 2020, the Company incurred approximately $6.4 million of acquisition expenses in connection with the SCC Merger. These expenses are recorded in other expenses and furniture, equipment and data processing expenses in the Company’s Consolidated Statement of Income for the year ended December 31, 2020. The excess fair value of net assets acquired over cost paid is recorded as a gain on bargain purchase during 2020. The gain on bargain purchase was primarily the result of changes in the value of BancPlus common stock due to the timing of the closing of the SCC Merger relative to when the SCC Merger Agreement was signed and declines in the overall market as a result of the COVID-19 pandemic over that period. The measurement period adjustment during the third quarter of 2020 was the result of a reduction in the value of liabilities assumed in the SCC Merger during refinement of the preliminary valuations disclosed at the time of the SCC Merger. The gain on bargain purchase is recorded in other income in the Company’s Consolidated Statements of Income for the year ended December 31, 2020. The following table reflects the consideration paid and the fair value allocation of assets acquired and liabilities assumed as of the acquisition date: (In thousands) Purchase price allocation: Common stock issued $ 71,161 Cash paid for fractional shares 12 Total purchase price $ 71,173 Assets acquired: Cash and due from banks $ 75,315 Securities, FHLB stock and FNBB stock 97,910 Loans, net 880,390 Premises and equipment 29,968 Accrued interest receivable 3,664 Bank-owned life insurance 28,441 Core deposit intangible 6,045 Taxes receivable 7,787 Deferred tax asset, net 5,972 Other assets 3,330 Total assets acquired $ 1,138,822 Liabilities assumed: Deposits $ 1,024,381 Advances from FHLB and other borrowings 14,563 Subordinated debentures 11,121 Deferred compensation 10,310 Other liabilities 6,196 Total liabilities assumed $ 1,066,571 Net assets acquired 72,251 Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase $ (1,078) In connection with the SCC Merger, the Company recorded a $6.0 million core deposit intangible, which will be amortized over 10 years. The Company also acquired loans with a fair value of $880.4 million, net of an $19.1 million fair value discount, which included a credit mark discount of $11.6 million. Revenues and earnings of the acquired company since the SCC Merger date have not been disclosed as it is not practicable as SCC was merged into BancPlus and separate financial information for SCC is not available. The following table presents unaudited pro forma information as if the Merger with SCC had occurred on January 1, 2019. This pro forma information combines the historic consolidated results of operations of BancPlus and SCC after giving effect to certain adjustments, including purchase accounting fair value adjustments and amortization of intangibles, as well as the related income tax effects of those adjustments. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Merger occurred on January 1, 2019. Year Ended December 31, (In thousands, except per share data) 2020 2019 Net interest income $ 168,499 $ 152,224 Other operating income 67,405 66,049 Net income available to common shareholders 39,509 52,323 Earnings per common share: Basic $ 3.93 $ 5.24 Diluted 3.90 5.20 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 Merger”). Immediately thereafter FBT was merged with and into BankPlus, with BankPlus surviving the merger. The FTC Merger expands the Company’s geographic footprint into Florida and adds additional locations in Louisiana and Mississippi, providing access to new markets and deposits. Pursuant to the FTC Merger Agreement, holders of FTC stock received, in the aggregate, 1,444,764 shares of BancPlus common stock, with cash paid in lieu of fractional shares, and $52.7 million in cash, plus up to $10.0 million, less certain fees, costs, and expenses, that is being held in escrow pursuant to the terms of a previously disclosed Indemnity and Escrow Agreement that was entered into immediately prior to the completion of the FTC Merger pending a final determination from the Internal Revenue Service as to whether FTC’s subchapter S election will be reinstated retroactively to September 23, 2020. At the time of this filing, final valuations of the assets acquired and liabilities assumed were not complete. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment SecuritiesThe following is a summary of the amortized cost and fair value of securities available for sale. Amortized Cost Gross Unrealized Fair (In thousands) Gains Losses December 31, 2021 U.S. Government agencies $ 354,774 $ 256 $ 4,780 $ 350,250 Residential mortgage-backed securities 107,772 2,312 297 109,787 Commercial mortgage-backed securities 14,286 41 51 14,276 Asset backed securities 12,730 421 44 13,107 Corporate investments 43,500 1,138 128 44,510 State and political subdivisions 43,596 1,200 112 44,684 Total available for sale $ 576,658 $ 5,368 $ 5,412 $ 576,614 December 31, 2020 U.S. Government agencies $ 12,092 $ 342 $ — $ 12,434 Residential mortgage-backed securities 181,569 5,644 1 187,212 Commercial mortgage-backed securities 16,793 538 — 17,331 Asset backed securities 13,990 543 86 14,447 Corporate investments 32,750 420 22 33,148 State and political subdivisions 45,025 1,833 57 46,801 Total available for sale $ 302,219 $ 9,320 $ 166 $ 311,373 The following is a summary of the amortized cost and fair value of securities held to maturity. Amortized Cost Gross Unrealized Fair (In thousands) Gains Losses December 31, 2021 States and political subdivisions $ 71,648 $ 436 $ — $ 72,084 Total held to maturity $ 71,648 $ 436 $ — $ 72,084 December 31, 2020 States and political subdivisions $ 93,766 $ 670 $ — $ 94,436 Total held to maturity $ 93,766 $ 670 $ — $ 94,436 All mortgage-backed securities in the above tables were issued or guaranteed by U.S. government agencies or sponsored agencies. Provided below is a summary of investment securities which 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) December 31, 2021: Available for sale: U. S. Government agencies $ 314,614 $ 4,780 $ — $ — $ 314,614 $ 4,780 Residential mortgage-backed securities 15,216 297 — — 15,216 297 Commercial mortgage-backed securities 8,376 51 — — 8,376 51 Asset backed securities 2,272 8 2,192 36 4,464 44 States and political subdivisions 6,117 112 — — 6,117 112 Corporate investments 11,372 128 — — 11,372 128 $ 357,967 $ 5,376 $ 2,192 $ 36 $ 360,159 $ 5,412 December 31, 2020: Available for sale: Residential mortgage-backed securities $ 4,471 $ 1 $ — $ — $ 4,471 $ 1 Commercial mortgage-backed securities 305 — — — 305 — Asset backed securities 2,492 86 — — 2,492 86 States and political subdivisions 3,028 57 — — 3,028 57 Corporate investments 9,229 22 — — 9,229 22 $ 19,525 $ 166 $ — $ — $ 19,525 $ 166 The number of debt securities in an unrealized loss position increased from 13 at December 31, 2020 to 82 at December 31, 2021. 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 maturity, the Company does not consider these investments to be other-than temporarily impaired at December 31, 2021. 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 (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value December 31, 2021: One year or less $ 11,190 $ 11,212 $ 9,286 $ 9,299 After one through five years 239,290 236,674 44,803 44,989 After five through ten years 197,992 197,809 15,349 15,586 After ten years 128,186 130,919 2,210 2,210 $ 576,658 $ 576,614 $ 71,648 $ 72,084 December 31, 2020: One year or less $ 4,087 $ 4,108 $ 15,891 $ 15,926 After one through five years 21,150 21,692 50,738 50,926 After five through ten years 74,219 76,192 24,247 24,694 After ten years 202,763 209,381 2,890 2,890 $ 302,219 $ 311,373 $ 93,766 $ 94,436 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 Cost Fair Value Amortized Cost Fair Value (In thousands) December 31, 2021 $ 451,402 $ 450,480 $ 38,704 $ 39,102 December 31, 2020 $ 251,913 $ 260,351 $ 57,110 $ 57,770 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans | Loans The following is a summary of the Company’s loan portfolio by loan class. (In thousands) December 31, 2021 December 31, 2020 Secured by real estate: Residential properties $ 774,699 $ 738,340 Construction and land development 543,763 403,496 Farmland 211,503 217,104 Other commercial 1,396,085 1,224,633 Total real estate 2,926,050 2,583,573 Commercial and industrial loans 527,102 635,714 Agricultural production and other loans to farmers 86,520 85,469 Consumer and other loans 79,500 73,976 Total loans before allowance for loan losses $ 3,619,172 $ 3,378,732 Loans are stated at the amount of unpaid principal, before allowance for loan 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, Alabama and Louisiana. 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 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 - 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. The following table presents the recorded investment in non-accrual loans, segregated by class. (In thousands) December 31, 2021 December 31, 2020 Secured by real estate: Residential properties $ 3,154 $ 3,869 Construction and land development 51 1,863 Farmland 1,327 158 Other commercial 1,176 7,947 Total real estate 5,708 13,837 Commercial and industrial loans 20 12 Agricultural production and other loans to farmers 3 85 Consumer and other loans 166 177 Total non-accrual loans $ 5,897 $ 14,111 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 Past Due 90 days or more and Accruing December 31, 2021 Secured by real estate: Residential properties $ 4,537 $ 2,032 $ 6,569 $ 768,130 $ 774,699 $ 865 Construction and land development 367 1,085 1,452 542,311 543,763 1,085 Farmland 600 425 1,025 210,478 211,503 30 Other commercial 1,589 1,118 2,707 1,393,378 1,396,085 212 Total real estate 7,093 4,660 11,753 2,914,297 2,926,050 2,192 Commercial and industrial loans 824 623 1,447 525,655 527,102 606 Agricultural production and other loans to farmers 311 32 343 86,177 86,520 32 Consumer loans 374 250 624 78,876 79,500 84 Total $ 8,602 $ 5,565 $ 14,167 $ 3,605,005 $ 3,619,172 $ 2,914 Past Due 30-89 Days Past Due 90 Days or more Total Past Due Current Total Loans Past Due 90 days or more and Accruing (In thousands) December 31, 2020 Secured by real estate: Residential properties $ 5,836 $ 2,016 $ 7,852 $ 730,488 $ 738,340 $ 1,174 Construction and land development 713 3,086 3,799 399,697 403,496 1,843 Farmland 373 779 1,152 215,952 217,104 618 Other commercial 3,956 3,084 7,040 1,217,593 1,224,633 2,417 Total real estate 10,878 8,965 19,843 2,563,730 2,583,573 6,052 Commercial and industrial loans 2,195 135 2,330 633,384 635,714 135 Agricultural production and other loans to farmers 319 15 334 85,135 85,469 15 Consumer loans 444 278 722 73,254 73,976 101 Total $ 13,836 $ 9,393 $ 23,229 $ 3,355,503 $ 3,378,732 $ 6,303 Impaired Loans - Impaired loans include nonperforming loans, loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties, and certain other loans identified by management. Certain other loans identified by management consist of performing loans with specific allocations of the allowance for loan loss. Impaired loans or portions thereof, are charged-off when deemed uncollectible. Impaired loans, segregated by class were as follows: December 31, 2021 (In thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,667 $ 5,034 $ — Construction and land development 3,615 1,649 — Farmland 3,413 2,859 — Other commercial 2,671 1,300 — Total real estate 17,366 10,842 — Commercial and industrial 17,528 17,300 — Agricultural production and other loans to farmers 105 15 — Consumer and other loans 249 166 — Total 35,248 28,323 — Impaired loans with related allowance: Secured by real estate: Residential properties 813 813 9 Construction and land development — — — Farmland — — — Other commercial 1,906 1,906 304 Total real estate 2,719 2,719 313 Commercial and industrial 4,542 4,542 1,701 Total 7,261 7,261 2,014 Total impaired loans $ 42,509 $ 35,584 $ 2,014 December 31, 2020 (In thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 8,474 $ 5,795 $ — Construction and land development 5,530 3,462 — Farmland 11,024 10,584 — Other commercial 8,439 5,149 — Total real estate 33,467 24,990 — Commercial and industrial 10,386 9,962 — Agricultural production and other loans to farmers 156 97 — Consumer loans 216 177 — Total 44,225 35,226 — Impaired loans with related allowance: Secured by real estate: Residential properties 1,073 1,073 9 Other commercial 6,072 6,039 2,028 Total real estate 7,145 7,112 2,037 Commercial and industrial 4,430 4,430 2,158 Total 11,575 11,542 4,195 Total impaired loans $ 55,800 $ 46,768 $ 4,195 (1) Recorded balance represents the book value – the contractual principal obligation due from the customer less charge-offs and payments applied. The average recorded investment and interest recognized for impaired loans for the years ended December 31, 2021 and 2020 are presented below. Year Ended December 31, 2021 2020 2019 (In thousands) Average Investment Interest Recognized Average Investment Interest Recognized Average Investment Interest Recognized Secured by real estate: Residential properties $ 6,309 $ 139 $ 6,014 $ 152 $ 5,013 $ 151 Construction and land development 2,123 115 4,384 127 2,135 175 Farmland 8,622 384 10,515 510 2,831 12 Other commercial 5,927 168 11,679 249 12,182 108 Total real estate 22,981 806 32,592 1,038 22,161 446 Commercial and industrial 20,473 1,089 2,136 81 624 30 Agricultural production and other loans to farmers 96 3 82 — 74 — Consumer loans 188 1 181 — 93 — Total $ 43,738 $ 1,899 $ 34,991 $ 1,119 $ 22,952 $ 476 There were zero modifications classified as TDRs for the year ended December 31, 2021. The following table illustrates the impact of modifications classified as TDRs for the years ended December 31, 2020 and 2019: (Dollars in thousands) Number of Loans Balance Prior to TDR Balance at Year End December 31, 2020 Secured by real estate: Residential properties 1 $ 200 $ 183 Construction and land development 1 95 — Total 2 $ 295 $ 183 December 31, 2019 Secured by real estate: Other commercial 2 $ 7,493 $ 7,454 Total real estate 2 7,493 7,454 Consumer and other loans 1 188 187 Total 3 $ 7,681 $ 7,641 Although there were additional modifications of terms on some loans, the prevailing modifications during the reported periods were related to converting the loans to interest only for a period of time, reductions in the interest rates, and/or extensions of payment dates or maturity dates. Because the majority of these loans were classified as impaired loans before restructuring, the modifications did not materially impact the Company’s determination of the allowance for loan losses. The Company did not forgive any principal on the above loans. The allowance for loan losses attributable to restructured loans was $139,000 and $2.0 million at December 31, 2021 and 2020, respectively. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan LossesAs management evaluates the allowance for loan 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 deemed impaired 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 may be inadequate, guarantor support may be virtually non-existent, and management 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. Classified loans for the Company include loans in Risk Grades 8, 9 and 10. Loans may be classified but not considered impaired, due to one of the following reasons: (i) the loan falls below the established minimum dollar thresholds for loan impairment testing or (ii) the loan was tested for impairment, but not deemed to be impaired. The following table summarizes the credit quality of the Company’s loan portfolio by loan class for the period indicated: (In thousands) Risk Grades 1-6 Risk Grade 7 Risk Grade 8 Risk Grade 9 Total December 31, 2021 Secured by real estate: Residential properties $ 763,116 $ — $ 11,583 $ — $ 774,699 Construction and land development 537,573 4,097 2,093 — 543,763 Farmland 208,318 — 3,185 — 211,503 Other commercial 1,386,240 — 9,845 — 1,396,085 Total real estate 2,895,247 4,097 26,706 — 2,926,050 Commercial and industrial 503,603 — 23,496 3 527,102 Agricultural production and other loans to farmers 86,292 — 228 — 86,520 Consumer and other loans 79,176 — 306 18 79,500 Total $ 3,564,318 $ 4,097 $ 50,736 $ 21 $ 3,619,172 (In thousands) Risk Grades 1-6 Risk Grade 7 Risk Grade 8 Risk Grade 9 Total December 31, 2020 Secured by real estate: Residential properties $ 721,024 $ — $ 17,316 $ — $ 738,340 Construction and land development 401,347 — 2,149 — 403,496 Farmland 205,211 — 11,893 — 217,104 Other commercial 1,209,365 — 15,041 227 1,224,633 Total real estate 2,536,947 — 46,399 227 2,583,573 Commercial and industrial 619,086 51 16,526 51 635,714 Agricultural production and other loans to farmers 85,197 91 181 — 85,469 Consumer and other loans 73,560 — 416 — 73,976 Total $ 3,314,790 $ 142 $ 63,522 $ 278 $ 3,378,732 Transactions in the allowance for loan 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 Unallocated Total December 31, 2021 Allowance for loan losses: Balance, beginning of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Provision for loan losses 98 5,535 1,442 1,993 — 9,068 Recoveries on loans 512 2,414 599 2,744 — 6,269 Loans charged off (391) (979) (453) (4,514) — (6,337) Balance, end of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Allowance Balances: Individually evaluated for impairment $ 1,701 $ 304 $ 9 $ — $ — $ 2,014 Collectively evaluated for impairment 4,855 26,829 9,479 1,823 — 42,986 Ending balance $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Loan Balances: Individually evaluated for impairment $ 21,822 $ 3,434 $ 1,640 $ 166 $ — $ 27,062 Collectively evaluated for impairment 505,280 2,147,917 773,059 165,854 — 3,592,110 Ending balance $ 527,102 $ 2,151,351 $ 774,699 $ 166,020 $ — $ 3,619,172 (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2020: Allowance for loan losses: Balance, beginning of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 Provision for loan losses 3,951 11,380 2,369 648 (1,258) 17,090 Recoveries on loans 212 492 353 3,324 — 4,381 Loans charged off (599) (2,475) (390) (3,507) — (6,971) Balance, end of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Allowance Balances: Individually evaluated for impairment $ 2,158 $ 2,028 $ 9 $ — $ — $ 4,195 Collectively evaluated for impairment 4,179 18,135 7,891 1,600 — 31,805 Ending balance $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Loan Balances: Individually evaluated for impairment $ 14,392 $ 25,234 $ 6,868 $ 274 $ — $ 46,768 Collectively evaluated for impairment 621,322 1,819,999 731,472 159,171 — 3,331,964 Ending balance $ 635,714 $ 1,845,233 $ 738,340 $ 159,445 $ — $ 3,378,732 (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2019: Allowance for loan losses: Balance, beginning of year $ 3,203 $ 12,920 $ 5,358 $ 1,134 $ 1,885 $ 24,500 Provision for loan losses (386) (1,758) 1,064 2,293 (627) 586 Recoveries on loans 428 633 529 3,236 — 4,826 Loans charged off (472) (1,029) (1,383) (5,528) — (8,412) Balance, end of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment The following is a summary of premises and equipment. (In thousands) December 31, December 31, 2020 Land $ 26,902 $ 27,023 Bank premises 74,311 72,561 Leasehold improvements 15,325 13,572 Data processing equipment 34,286 34,708 Furniture and other equipment 42,685 44,103 193,509 191,967 Less accumulated depreciation and amortization (91,544) (89,000) $ 101,965 $ 102,967 Depreciation and amortization expense for premises and equipment totaled $7.9 million in 2021, $6.4 million in 2020, and $5.1 million in 2019. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The following is a summary of other assets. (In thousands) December 31, December 31, Amortized intangible assets $ 5,100 $ 5,823 Other real estate owned 5,815 6,754 Cash value of bank-owned life insurance 100,325 91,284 Federal Home Loan Bank stock 2,731 2,557 Deferred income tax 4,608 2,516 Investment in statutory trusts 1,704 1,703 Other 25,304 26,603 $ 145,587 $ 137,240 As a condition to borrowing funds from the FHLB, the Bank is required to purchase stock in the FHLB. No ready market exists for the stock, and it has no quoted fair value. The investment in FHLB stock can only be redeemed by the FHLB at face value. Intangible assets with a determinable useful life are amortized to other operating expense over their respective useful lives. Core deposit intangibles and acquired customer relationships are amortized over 15 years and non-competition intangibles are amortized over three years. The following is a summary of amortized intangible assets: (In thousands) Gross Accumulated Net December 31, 2021 Core deposit intangibles $ 6,901 $ 2,060 $ 4,841 Acquired customer relationships 1,415 1,156 259 Non-compete agreements 90 90 — $ 8,406 $ 3,306 $ 5,100 (In thousands) Gross Accumulated Net December 31, 2020 Core deposit intangibles $ 6,901 $ 1,375 $ 5,526 Acquired customer relationships 1,415 1,118 297 Non-compete agreements 90 90 — $ 8,406 $ 2,583 $ 5,823 Amortization expense of intangible assets having determinable useful lives amounted to $723,000, $559,000, and $93,000 for the years ended December 31, 2021, 2020, and 2019, respectively. The future amortization schedule for the Company’s intangible assets is as follows: (In thousands) 2022 $ 705 2023 688 2024 668 2025 646 2026 620 After 2026 1,773 $ 5,100 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company adopted FASB ASU No. 2016-02 — Leases (Topic 842) as of January 1, 2019, and recognized a $5.2 million cumulative effect adjustment debit, net of tax, to retained earnings. The Company elected the package of practical expedients, which among other things, does not require reassessment of lease classification. The Company determines at inception if a contract is or contains a lease. Operating lease assets are included in operating lease right-of-use assets, and operating lease liabilities are included in operating lease liabilities in the Company's consolidated balance sheets. The Company has made an accounting policy election not to recognize short-term lease assets and liabilities (less than a 12-month term) or immaterial leases in its consolidated balance sheets. The Company recognizes the lease expense for these leases on a straight-line basis over the life of the lease. The Company has no finance leases. Right-of-use (“ROU”) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company’s leases do not include an implicit rate, so the Company uses an estimated incremental borrowing rate which is derived from information available at the lease commencement date when determining the present value of lease payments. The Company's lease agreements do not contain any residual value guarantees. Most of the Company's operating long-term leases are real estate leases. The Company leases real estate and equipment under non-cancelable operating leases that expire at various dates through 2068. These leases generally contain renewal options for periods ranging from one the Company is not reasonably certain to exercise these renewal options, the optional periods are not included in determining the lease term, and associated payments under these renewal options are excluded from lease payments. The Company’s office space leases require it to make variable payments for the Company’s share of property taxes, insurance and common area costs. These variable costs are not included in the lease payments used to determine lease liability and are recognized as variable costs when incurred. Sublease income is recognized as other income when received. Year Ended December 31, 2021 2020 Lease weighted averages: Weighted average remaining lease term (years) - operating leases 11.28 11.99 Weighted average discount rate - operating leases 5.00 % 5.00 % Year Ended December 31, (In thousands) 2021 2020 Lease expense: Operating lease expense $ 4,747 $ 5,112 Variable lease expense 774 508 Short-term lease expense 181 165 Sublease income — (8) Total lease expense $ 5,702 $ 5,777 Maturities of operating lease liabilities were as follows: (In thousands) December 31, 2021 Year 1 $ 4,439 Year 2 4,359 Year 3 4,215 Year 4 4,291 Year 5 4,402 Thereafter 25,327 Total lease payments 47,033 Less: Imputed interest (11,240) Total lease obligation $ 35,793 Supplemental cash flow related to leases was: Year Ended December 31, (In thousands) 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flow from operating leases $ 4,610 $ 4,683 ROU assets obtained in exchange for lease obligations: Operating leases $ 711 $ 214 Reduction to ROU assets resulting from reductions to lease obligations: Operating leases $ 2,927 $ 3,028 There were no lease sale transactions in 2021. During the year ended December 31, 2020, the Company recognized $3.8 million of gains from lease sales transactions. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2021 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned | Other Real Estate OwnedOther real estate owned activity was as follows: (In thousands) December 31, 2021 December 31, 2020 Beginning balance $ 6,754 $ 4,851 Additions 4,947 9,491 Proceeds from sales (5,861) (7,687) Write-downs (209) (301) Net gain (loss) on sales 184 400 Balance at end of period $ 5,815 $ 6,754 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits The following is a summary of the Company’s deposits. (In thousands) December 31, 2021 December 31, 2020 Noninterest-bearing $ 1,404,590 $ 1,230,868 Interest bearing: Money market, NOW and savings accounts 2,592,560 2,227,979 Certificates of deposit of $250,000 or more 181,751 192,188 Other certificates of deposit 443,215 501,775 Total interest bearing 3,217,526 2,921,942 Total deposits $ 4,622,116 $ 4,152,810 Scheduled maturities of certificates of deposits are as follows: (In thousands) December 31, 2021 2022 $ 419,846 2023 115,419 2024 54,745 2025 22,045 2026 12,891 After 2025 20 $ 624,966 |
Short-term Borrowings
Short-term Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings | Short-term BorrowingsThe following is a summary of the Company’s short-term borrowings. Balances Outstanding Weighted Average Rate (Dollars in thousands) Maximum Month End Average Daily At During At December 31, 2021: Federal funds purchased $ — $ — $ — — % — % Securities sold under agreements to repurchase — — — — % — % $ — $ — $ — December 31, 2020: Federal funds purchased $ — $ 150 $ — 1.07 % — % Securities sold under agreements to repurchase — — — — % — % $ — $ 150 $ — |
Advances from Federal Home Loan
Advances from Federal Home Loan Bank and Other Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Advances from Federal Home Loan Bank and Other Borrowings | Advances from Federal Home Loan Bank and Other Borrowings The Bank has advances from the FHLB which are collateralized by a blanket lien on first mortgage and other qualifying loans. The following is a summary of these advances. (Dollars in thousands) December 31, 2021 December 31, 2020 Balance: Single payment advances $ 20,000 $ 20,000 Amortizing advances 501 646 $ 20,501 $ 20,646 Range of interest rates: Single payment advances 1.42% - 1.53% 1.42% - 1.53% Amortizing advances 2.06% - 2.94% 2.06% - 2.94% Range of maturities: Single payment advances 2027 2027 Amortizing advances 2022 - 2028 2021 - 2028 The Bank may not prepay single payment advances without paying a prepayment penalty. These advances are subject to quarterly calls until maturity by the FHLB. The Company had $1.48 billion as of December 31, 2021 and $1.41 billion as of December 31, 2020 available in additional short and long-term borrowing capacity from the FHLB of Dallas. At December 31, 2021 and 2020, the Company had the ability to draw additional borrowings of $189.5 million and $211.4 million, respectively, from the Federal Reserve Bank of St. Louis. The ability to draw borrowings is based on loan collateral pledged with principal balances of $231.7 million and $253.7 million as of December 31, 2021 and 2020, respectively, subject to the approval from the Board of Governors of the Federal Reserve System. In October 2016, the Company entered into a five-year loan agreement with a correspondent bank under which the Company borrowed $35.0 million in connection with the redemption of its preferred stock. The Company pledged 100% of its shares of BankPlus stock as collateral for the loan. The loan required quarterly principal reductions of $875,000 and quarterly interest payments, at a 3.75% annual rate, beginning December 31, 2019. The balance outstanding on this loan was $13.1 million as of December 31, 2020. The Company repaid this loan at its maturity in October 2021. Required principal payments on FHLB advances and other borrowings are as follows. (In thousands) December 31, 2021 December 31, 2020 2022 $ 417 $ 13,171 2023 25 395 2024 13 110 2025 13 — 2026 14 — Thereafter 20,019 20,095 $ 20,501 $ 33,771 On February 25, 2022, the Company entered into a Loan Agreement with First Horizon Bank pursuant to which First Horizon Bank will provide the Company a revolving credit facility in the amount of up to $20.0 million. The revolving credit facility is collateralized by all of the outstanding shares of BankPlus common stock. The revolving credit facility matures on February 25, 2024. The revolving credit facility bears interest at the prime rate of interest as reported in The Wall Street Journal published daily, subject to a minimum of 3.25%. |
Subordinated Debentures and Tru
Subordinated Debentures and Trust Preferred Securities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Subordinated Debentures and Trust Preferred Securities | Subordinated Debentures and Trust Preferred Securities On June 4, 2020, the Company entered into a Subordinated Note Purchase Agreement (the “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. At December 31, 2021 and December 31, 2020, the remaining unamortized balance of these issuance costs was $1.2 million and $1.4 million, respectively. The Notes will 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 shall be 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. The Company also owns the outstanding common stock of business trusts that have issued preferred capital securities to third parties. 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 debentures issued by the Company. These debentures are these trusts’ only assets, and quarterly interest payments on these 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 debentures payable to statutory trusts. (Dollars in thousands) Year of Maturity Interest Rate December 31, December 31, 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 due to the remaining purchase discount which was established upon the SCC Merger and is being amortized over the life of the debentures. At December 31, 2021 and December 31, 2020, the remaining unamortized purchase discount was $4.0 million and $4.2 million, respectively . Interest rates adjust quarterly for the debentures whose rates are indexed with LIBOR. We are currently monitoring the actions of LIBOR’s regulator and the implementation of alternative reference rates to determine any potential impact of the discontinuation of LIBOR on the subordinated debentures. The Company has the right to redeem the 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. 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 “Subordinated Notes”). The Subordinated Notes will mature on December 30, 2030 and bear interest at an initial fixed rate of 5.50% per annum, payable quarterly 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 plus 527 basis points, payable quarterly in arrears. BancPlus will be entitled to redeem the Subordinated Notes, in whole or in part, on any interest payment date on or after December 30, 2025, and to redeem the Subordinated Notes in whole upon certain other events. The Subordinated Notes are not subject to redemption at the option of the holder. The Subordinated Notes are unsecured, subordinated obligations of BancPlus only and are not obligations of, and are not guaranteed by, any subsidiary of BancPlus. The 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. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders’ Equity In March 2019, the Company’s board of directors amended its Articles of Incorporation to reclassify the existing Class A Voting Common Stock and Class B Nonvoting Common Stock into a single class of $1.00 Par Value per Share Common Stock. This reclassification had no effect on share count or total shareholders’ equity. Additionally, in March 2019, the Company’s board of directors authorized 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. At December 31, 2021, there were zero shares of preferred stock issued and outstanding. |
Other Operating Income and Othe
Other Operating Income and Other Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Operating Income and Other Operating Expenses | Other Operating Income and Other Operating ExpensesSignificant components of other operating income are summarized as follows. Year Ended December 31, (In thousands) 2021 2020 2019 Income from fiduciary activities $ 7,569 $ 6,280 $ 6,434 ATM income 6,377 5,389 4,548 Brokerage and insurance fees and commissions 2,399 1,986 1,791 Other real estate income and gains 399 761 1,028 Life insurance income 6,601 2,386 1,628 Community Development Financial Institutions grants 2,241 823 960 Other 4,516 8,804 2,417 $ 30,102 $ 26,429 $ 18,806 Significant components of other operating expenses are summarized as follows. Year Ended December 31, (In thousands) 2021 2020 2019 Advertising and marketing $ 3,868 $ 3,968 $ 3,536 Other real estate expenses and losses 842 889 1,250 FDIC and State insurance assessments 3,029 2,085 851 Professional fees 3,907 6,272 3,200 Security expense 857 831 1,045 Supplies 992 1,023 805 Other 14,586 12,263 11,187 $ 28,081 $ 27,331 $ 21,874 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
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 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 3% “safe harbor” matching contribution, 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 board of directors. Total contribution expenses related to the ESOP were $3.5 million in 2021, $3.2 million in 2020, and $2.6 million in 2019. The ESOP owned 1,500,732 and 1,499,459 shares of the Company's common stock at December 31, 2021 and 2020, respectively. The ESOP entered 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. A total of 176,786 shares were repurchased through 2011, 77,000 shares were repurchased under this program in 2012, and 27,594 shares were repurchased in 2019. These unallocated shares are released to participants proportionately as the loan is 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 are treated as compensation expense. The following table presents information related to the Company’s ESOP-owned shares. (Dollars in thousands) December 31, December 31, Allocated shares 1,472,334 1,449,335 Unearned shares 28,398 50,124 Total ESOP shares 1,500,732 1,499,459 Fair value of unearned shares $ 1,938 $ 2,569 Distributions of the ESOP may be either in cash or Company common stock. The allocated shares are subject to a put option, whereby the Comp any 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 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 SEC 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 changes of shareholders’ equity. The fair value of shares held by the ESOP at December 31, 2021 was $100.5 million, based on the Company’s previously disclosed appraised value of $68.25 per share of common stock. The fair value of shares held by the ESOP at December 31, 2020 was $74.3 million, based on the Company’s previously disclosed appraised value of $51.25 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. In particular, the COVID-19 pandemic has had a significant impact on the trading markets for equity securities, including the value of equity securities of banking institutions. 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. State Bank Employee Stock Ownership Plan In connection with the Company’s Merger with SCC, the State Bank & Trust Company Employee Stock Ownership Plan (“State Bank ESOP”) was amended on March 17, 2020, to be terminated effective March 31, 2020. As of March 31, 2020, all State Bank ESOP participants were fully vested in their respective account balances, no additional contributions were permitted by either the Company or the State Bank ESOP participants, and no additional participants were permitted to enter the State Bank ESOP. All shares of SCC common stock held in the State Bank ESOP were allocated to participants. The Company has no contribution obligations or compensation expense with respect to the State Bank ESOP. The Company received approval of the termination from the Internal Revenue Service (“IRS”) and all assets held by the State Bank ESOP have been distributed in accordance with its terms. In connection with the Merger, all shares of SCC common stock held in the State Bank ESOP were converted into shares of the Company’s common stock using the exchange ratio provided for in the Merger Agreement. Distributions from the State Bank ESOP may be either in cash or Company common stock. The shares of Company common stock distributed by the State Bank ESOP are subject to a put option so long as the Company is not publicly traded and the valuation obtained for purposes of the ESOP is used to determine the put option price under the State Bank ESOP. As of December 31, 2021 and December 31, 2020, the State Bank ESOP held zero and 213,134 shares of Company common stock, respectively. State Bank Defined Contribution Plan On March 31, 2020, the State Bank & Trust Company 401(k) Plan (“State Bank 401(k)”) was amended to be terminated effective as of the same date in connection with the Merger. As of March 31, 2020, all State Bank 401(k) participants were fully vested in their respective account balances, no additional contributions were permitted by either the Company or the State Bank 401(k) participants, and no additional participants were permitted to enter into the State Bank 401(k). The Company has no contribution obligations or compensation expense with respect to the State Bank 401(k). The Company received approval of the termination from the IRS and has distributed all assets held by the State Bank 401(k) in accordance with its terms. State Bank Defined Benefit Pension Plan As a result of the Merger, the Company assumed the Mississippi Southern Bank Pension Plan (“State Bank Pension Plan”), a defined benefit pension plan which was closed to new participants and benefits were frozen effective as of December 31, 2002. While no additional benefits accrue, the Company’s cumulative obligation is subject to adjustment due to changes in actuarial assumptions such as expected mortality and changes in interest rates. Net periodic pension costs for the annual period ended December 31, 2021 were not material to the Company’s consolidated statements of income. The Company received approval of the termination of the State Bank Pension Plan from the IRS and has distributed all assets held by the State Bank Pension Plan in accordance with its terms. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Significant components of income tax expense (benefit) are as follows. Year Ended December 31, (In thousands) 2021 2020 2019 Current: Federal $ 11,249 $ 7,365 $ 3,095 State 1,971 1,896 768 13,220 9,261 3,863 Deferred: Federal 131 45 4,152 State 67 (96) 978 198 (51) 5,130 $ 13,418 $ 9,210 $ 8,993 The differences between actual income tax expense and the expected amount computed using the applicable Federal rate are summarized as follows. Year Ended December 31, (In thousands) 2021 2020 2019 Amount computed on earnings before income taxes $ 14,656 $ 10,150 $ 9,532 Tax effect of: Income from tax-exempt investments, net of disallowed interest deduction (392) (486) (701) Bargain purchase gain — (226) 1,380 State income taxes, net of Federal tax benefit 1,610 1,422 — Life insurance income (1,341) (445) (341) Qualified School Construction Bond credits (854) (854) (854) New markets tax credit (460) — — Low Income Housing Tax credits (161) (221) (221) Non-deductible expense 355 384 337 Sale of foreclosed right-of-use asset — (809) — Other, net 5 295 (139) $ 13,418 $ 9,210 $ 8,993 The components of net deferred tax assets (liabilities) are presented in the table below. With limited exception, the Company is no longer subject to income tax examinations by tax authorities for years before 2018. (In thousands) December 31, December 31, Deferred tax assets: Allowance for loan losses $ 11,410 $ 9,157 Other real estate 1,182 1,243 Investment securities 183 409 Restricted stock 351 202 Unrealized loss on securities available for sale 11 — Loan yield and credit mark on loans 1,120 2,691 Deposit yield mark 569 1,211 Accrued expenses 576 715 Other 78 35 Total deferred tax assets 15,480 15,663 Deferred tax liabilities: Depreciation of premises and equipment (7,022) (7,067) Federal Home Loan Bank stock dividends (87) (85) Partnership income (678) (371) Prepaid expenses (1,014) (1,059) Amortization of intangibles (1,066) (1,219) Subordinated debt yield mark (1,005) (1,067) Unrealized gain on securities available for sale — (2,279) Total deferred tax liabilities (10,872) (13,147) Net deferred tax assets $ 4,608 $ 2,516 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation 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 BankPlus, three former BankPlus 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. 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-CWR-FKB) was entered on January 31, 2022 for the sole purpose of managing consolidated discovery in the four related cases. In addition to the above, the Company, including subsidiaries, is party to various legal proceedings arising in the ordinary course of business. The Company does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on its consolidated financial position or liquidity. Credit Related Financial Instruments The Bank makes commitments to extend credit and issue standby and commercial letters of credit in the normal course of business in order to fulfill the financing needs of its customers. These instruments involve, to varying degree, elements of credit and interest rate risk. Commitments to extend credit are agreements to lend money to customers pursuant to certain specified conditions and generally have fixed expiration dates or other termination clauses. Because many of these commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. When making these commitments, the Bank applies the same credit policies and standards as it does in the normal lending process. Collateral is obtained based upon the assessed credit worthiness of the borrower. Standby and commercial letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. When issuing letters of credit, the Bank applies the same credit policies and standards as it does in the normal lending process. Collateral is obtained based upon the Bank's assessment of a customer's credit worthiness. The Bank's maximum credit exposure in the event of non-performance for loan commitments and standby and commercial letters of credit is represented by the contract amount of the instruments. The following is a summary of these instruments. December 31, December 31, Loan commitments to extend credit $ 1,185,760 $ 974,069 Standby letters of credit 15,128 7,139 The Bank makes commitments to originate mortgage loans that will be held for sale. The total commitments to originate mortgages to be held for sale were $25.3 million and $81.5 million at December 31, 2021 and 2020, respectively. These commitments are accounted for as derivatives and marked to fair value through income. The Bank also engages in forward sales contracts with mortgage investors to purchase mortgages held for sale. These forward sales agreements that have a determined price and expiration date are accounted for as derivatives and marked to fair value through income. The Bank had $35.5 million and $122.5 million in locked forward sales agreements in place at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, derivatives with a positive fair value of $129,000 and $191,000, respectively, were included in other assets and derivatives with a negative fair value of $85,000 and $371,000, respectively, were included in other liabilities. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Regulatory Matters The Company (on a consolidated basis) and 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. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. The U.S. capital rules, which in substance adopted the international Basel III Capital Rules and accordingly are referred to as the Basel III rules, became effective for both the Company and Bank on January 1, 2015, and were fully phased in as of January 1, 2019. The Basel III rules require banking institutions to comply with three minimum risk-based capital ratios for common equity Tier 1 (“CET1”) capital, Tier 1 capital, and total capital, as well as a minimum leverage ratio based on Tier 1 capital. Under the Basel III rules, the Company must maintain a capital conservation buffer of CET1 capital above the minimum risk-based capital ratios. The capital conservation buffer is designed to absorb losses during periods of economic stress and effectively increases the minimum required risk-weighted capital ratios. If, after deducting the buffer amount from its CET1 capital, Tier 1 capital, and total capital, any of these amounts results in a risk-based capital ratio below the minimum, a banking institution will face constraints on dividends, equity repurchases and discretionary compensation based on the amount of the shortfall. The capital conservation buffer, which was 2.50% at December 31, 2021 and December 31, 2020, is included in the minimum capital requirements relative to risk-weighted assets in the following table. Management believes as of December 31, 2021 and December 31, 2020, the Company and the Bank met Basel III minimum capital requirements to which they are subject. The Bank is also subject to capital requirements under the prompt corrective action regime. As of December 31, 2021, the Bank met the criteria for being categorized as well capitalized under the regulatory framework for prompt corrective action. 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. To be categorized as well capitalized, an insured depository institution must maintain certain ratios of CET1 capital, Tier 1 capital and total capital to risk-weighted assets, and of Tier 1 capital to adjusted quarterly average assets. There are no conditions or events since December 31, 2021 that management believes would change the Bank’s category. The amounts of the Bank’s capital relative to the standards for well capitalized status are set forth in the following table. The Company’s and the Bank’s CET1 capital includes total common equity reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions. In connection with the adoption of Basel III, the Company elected to opt out of the requirement to include most components of accumulated other comprehensive income (loss) in its CET1 capital. Tier 1 capital includes CET1 capital and additional Tier 1 capital. For the Company, additional Tier 1 capital at December 31, 2021 and December 31, 2020 included $51.0 million and $50.8 million of trust preferred securities issued by the trusts (net of investment in the trusts), respectively. The Bank did not have any additional Tier 1 capital beyond CET1 capital as of December 31, 2021 and December 31, 2020. Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital for both the Company and the Bank includes a permissible portion of the allowance for loan losses. In addition, Tier 2 capital for the Company includes $58.8 million of subordinated debentures, net of issuance cost, that were issued in the second quarter of 2020. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under Basel III. The following table presents actual and required capital ratios for the Company and the Bank under the Basel III rules and prompt corrective action regulations. Actual For Capital Adequacy Purposes (incl. Capital Conservation Buffer) Required to be Well Capitalized (Dollars in thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2021: Company: CET1 Capital to Risk-Weighted Assets $ 382,736 9.40 % $ 285,078 7.00 % n/a n/a Tier 1 Capital to Risk-Weighted Assets 433,754 10.65 % 346,166 8.50 % n/a n/a Total Capital to Risk-Weighted Assets 537,541 13.20 % 427,617 10.50 % n/a n/a Tier 1 Capital to Average Assets 433,754 8.46 % 205,072 4.00 % n/a n/a Bank: CET1 Capital to Risk-Weighted Assets $ 428,602 10.55 % $ 284,509 7.00 % $ 264,187 6.50 % Tier 1 Capital to Risk-Weighted Assets 428,602 10.55 % 345,475 8.50 % 325,153 8.00 % Total Capital to Risk-Weighted Assets 473,602 11.65 % 426,763 10.50 % 406,441 10.00 % Tier 1 Capital to Average Assets 428,602 8.37 % 204,714 4.00 % 255,893 5.00 % December 31, 2020: Company: CET1 Capital to Risk-Weighted Assets $ 339,936 9.94 % $ 239,437 7.00 % n/a n/a Tier 1 Capital to Risk-Weighted Assets 390,713 11.42 % 290,745 8.50 % n/a n/a Total Capital to Risk-Weighted Assets 485,357 14.19 % 359,155 10.50 % n/a n/a Tier 1 Capital to Average Assets 390,713 8.55 % 182,853 4.00 % n/a n/a Bank: CET1 Capital to Risk-Weighted Assets $ 387,231 11.36 % $ 238,629 7.00 % $ 221,584 6.50 % Tier 1 Capital to Risk-Weighted Assets 387,231 11.36 % 289,763 8.50 % 272,719 8.00 % Total Capital to Risk-Weighted Assets 423,231 12.42 % 357,943 10.50 % 340,898 10.00 % Tier 1 Capital to Average Assets 387,231 8.49 % 182,531 4.00 % 228,164 5.00 % The ability of the Company to pay future dividends, pay its expenses and retire its debt is dependent upon future income tax benefits and dividends paid to the Company by the Bank. The Bank is subject to dividend restrictions as imposed by federal and state regulatory authorities. These restrictions are not anticipated to have a material effect on the ability of the Bank to pay dividends to the Company. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
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 during the years ended December 31, 2021 and 2020. 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. The Company’s treasury department and Chief Risk Officer review the fair values. Impaired loans - Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment on a nonrecurring basis. Allowable methods for determining the amount of impairment include estimating fair value using the fair value of the collateral for collateral-dependent loans. Specific allowances for impaired 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. Impaired loans are primarily collateral dependent loans and 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 Bank’s Appraisal Review Department to ensure they are acceptable. Impaired loans are classified within Level 3 of the fair value hierarchy. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted in accordance with the allowance policy. 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 appraisal 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 impaired 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 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 impaired loans and other real estate 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 Value Fair Value Measurements Using (In thousands) Level 1 Level 2 Level 3 December 31, 2021 U.S. Government agencies $ 350,250 $ — $ 350,250 $ — Residential mortgage-backed securities 109,787 — 109,787 — Commercial mortgage-backed securities 14,276 — 14,276 — Asset backed securities 13,107 — 13,107 — Corporate investments 44,510 — 44,510 — State and local political subdivisions 44,684 — 44,684 — Total securities available for sale $ 576,614 $ — $ 576,614 $ — December 31, 2020 U.S. Government agencies $ 12,434 $ — $ 12,434 $ — Residential mortgage-backed securities 187,212 — 187,212 — Commercial mortgage-backed securities 17,331 — 17,331 — Asset backed securities 14,447 — 14,447 — Corporate investments 33,148 — 33,148 — State and local political subdivisions 46,801 — 46,801 — Total securities available for sale $ 311,373 $ — $ 311,373 $ — There were no transfers between Level 1, 2 or 3 during the periods shown above. Assets measured at fair value on a non-recurring basis are summarized below. Fair Value Fair Value Measurements Using (In thousands) Level 1 Level 2 Level 3 Impaired loans, net of allowance for loan losses: December 31, 2021 $ 33,570 $ — $ — $ 33,570 December 31, 2020 $ 42,573 $ — $ — $ 42,573 Other real estate: December 31, 2021 $ 5,815 $ — $ — $ 5,815 December 31, 2020 $ 6,754 $ — $ — $ 6,754 There were no transfers between Level 1, 2 or 3 during the periods shown above. 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) Fair Value Valuation Methods Unobservable Inputs Range Weighted Average December 31, 2021 Impaired loans, net of specific allowance $ 33,570 Third-party appraisals Selling costs 5% - 10% 6% Other real estate $ 5,815 Third-party and in-house appraisals Selling costs 5% - 10% 6% December 31, 2020 Impaired loans, net of specific allowance $ 42,573 Third-party appraisals Selling costs 5% - 10% 6% Other real estate $ 6,754 Third-party and in-house appraisals Selling costs 5% - 10% 6% Fair Value of Financial Instruments Generally accepted accounting principles require 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 that are not recorded at fair value: December 31, 2021 December 31, 2020 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets: Level 1 inputs: Cash and cash equivalents $ 664,165 $ 664,165 $ 637,545 $ 637,545 Level 2 inputs: Securities held to maturity 71,648 72,084 93,766 94,436 Federal Home Loan Bank stock 2,731 2,731 2,557 2,557 Accrued interest receivable 14,329 14,329 18,061 18,061 Level 3 inputs: Loans held for sale 10,621 10,621 28,684 28,684 Loans, net 3,574,172 3,548,595 3,342,732 3,348,872 Financial liabilities: Level 2 inputs: Deposits 4,622,116 4,493,957 4,152,810 4,153,402 Advances from FHLB and other borrowings 20,501 21,024 33,771 34,941 Subordinated debentures 111,509 111,509 111,124 111,124 Accrued interest payable 1,425 1,425 2,709 2,709 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Bank makes loans to its (and to the Company's) executive officers and directors and to companies in which these officers and directors are principal owners. In the opinion of management, these loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons. The following is a summary of loans made to such borrowers. (In thousands) December 31, 2021 December 31, 2020 Beginning balance $ 15,906 $ 17,804 Advances 6,025 5,578 Payments (5,280) (7,476) Ending balance $ 16,651 $ 15,906 The Bank had commitments to extend credit to these related parties amounting to $1.6 million and $2.4 million at December 31, 2021 and 2020, respectively. In addition, one of the Company’s directors serves as Chairman of the board of directors for an entity that provides insurance services to the Company. For the years ended December 31, 2021, 2020, and 2019 the Company paid $1.6 million, $1.4 million, and $1.2 million, respectively, for these policies. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation Under the Company’s long-term incentive program, officers and directors are eligible to receive equity-based awards under the 2018 Long-Term Incentive Plan (“LTIP”). In connection with awards granted under the 2018 LTIP, a maximum of 250,000 shares of BancPlus common stock may be issued. As of December 31, 2021, 45,345 shares of BancPlus common stock were available for issuance under the 2018 LTIP Plan. The awards may consist of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, dividend equivalent rights, performance unit awards, or any combination thereof. During the years ended December 31, 2021, 2020, and 2019 restricted stock awards (“RSA”) were granted for 90,927, 39,155, and 61,880 shares of common stock, respectively. RSAs granted under the LTIP generally vest over one Stock based compensation that has been charged against income was $2.3 million, $1.5 million, and $738,000 for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, there was $5.6 million of total unrecognized compensation cost related to nonvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 2.9 years. A summary of our equity-based award activity and related information for our RSAs is as follows: Number of Shares Weighted Average Grant Date Fair Value January 1, 2019 12,693 $ 53.00 Granted 61,880 53.75 Vested (5,476) 53.00 Forfeited — — December 31, 2019 69,097 53.67 Granted 39,155 45.36 Vested (17,143) 51.03 Forfeited — — December 31, 2020 91,109 50.60 Granted 90,927 52.49 Vested (33,545) 52.03 Forfeited (3,919) 46.87 December 31, 2021 144,572 $ 51.56 |
COVID-19
COVID-19 | 12 Months Ended |
Dec. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 | COVID-19 In response to the economic impact of the COVID-19 pandemic, on March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. It contained substantial lending, tax and spending provisions, including creating and appropriating an initial $349 billion of funding to the Paycheck Protection Program (“PPP”), designed to aid small and medium-sized businesses through federally guaranteed, forgivable loans distributed by banks. On April 24, 2020, Congress enacted the Paycheck Protection Program and Healthcare Enhancement Act to, among other things, increase the available funding under the PPP by $310 billion to a total of $659 billion. The deadline for the first round of loan applications was August 8, 2020. The Consolidated Appropriations Act, enacted on December 27, 2020, provided additional funding for the PPP of approximately $284 billion and allowed eligible borrowers, including certain borrowers who already received a PPP loan, to apply for PPP loans through March 31, 2021. Subsequently, the American Rescue Plan Act of 2021, enacted on March 11, 2021, expanded the eligibility criteria for both first and second draw PPP loans and revised the exclusions from payroll costs for purposes of loan forgiveness. The PPP Extension Act of 2021, enacted on March 30, 2021, extended the PPP through May 31, 2021. As of December 31, 2021, 6,968 BankPlus PPP loans totaling $404.2 million had been forgiven and paid by SBA or the paid off by the customer. As of December 31, 2021, the Company held 736 loans for customers under the PPP, totaling approximately $46.4 million. The loans have maturities ranging from February 2022 to April 2028. The Company expects to recognize total fee income of approximately $2.0 million over the lives of the loans. The CARES Act and related guidance from the federal banking agencies also provide financial institutions the option to temporarily suspend requirements under GAAP related to classification of certain loan modifications as TDRs, to account for the current and anticipated effects of COVID-19. The CARES Act, as amended by the Consolidated Appropriations Act, 2021, specified that COVID-19 related loan modifications executed between March 1, 2020 and the earlier of (i) 60 days after the date of termination of the national emergency declared by the President and (ii) January 1, 2022, on loans that were current as of December 31, 2019 are not subject to TDR accounting requirements under GAAP. Additionally, under April 2020 interagency guidance from the federal banking agencies, other short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs under ASC Subtopic 310-40, “Troubled Debt Restructuring by Creditors.” These modifications include short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. The federal banking agencies also have encouraged banks to work with their borrowers to modify loans as may be appropriate. As of December 31, 2021, the Company had granted temporary modifications on 1,714 outstanding loans totaling approximately $671.0 million, or 19% of total outstanding loans, primarily secured by 1-4 family residences and multi-tenant retail commercial real estate. As of December 31, 2021, two loans totaling $14.0 million, or 0.4% of the Company’s loan portfolio, were still in deferment. Economic uncertainties have arisen which may negatively affect the financial position, results of operations and cash flows of the Company. The duration of these uncertainties and ultimate financial effects cannot be reasonably estimated at this time. |
Summarized Financial Informatio
Summarized Financial Information of BancPlus Corporation | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Summarized Financial Information of BancPlus Corporation | Summarized Financial Information of BancPlus Corporation Summarized financial information of BancPlus Corporation (parent company only) is as follows. Balance Sheets (In thousands) December 31, 2021 December 31, 2020 Assets Cash and cash equivalents $ 52,960 $ 61,820 Investment in banking subsidiary 436,285 402,545 Due from Oakhurst Development, Inc. 31,173 31,698 Equity in undistributed loss of Oakhurst Development, Inc. (22,379) (22,547) Investment in statutory trusts 1,703 1,703 Other assets 3,304 5,806 $ 503,046 $ 481,025 Liabilities and Shareholders' Equity Liabilities: Subordinated debentures payable to statutory trusts $ 111,509 $ 111,124 Accrued interest payable 194 227 Deferred income taxes 924 1,299 Note payable — 13,125 Other liabilities — — Total liabilities 112,627 125,775 Redeemable common stock owned by ESOP 100,487 74,278 Shareholders' equity, net of ESOP owned shares 289,932 280,972 $ 503,046 $ 481,025 Statements of Income Year Ended December 31, (In thousands) 2021 2020 2019 Income: Dividends from banking subsidiary $ 21,600 $ 22,050 $ 18,000 Equity in undistributed income of banking subsidiary 38,466 20,181 22,078 Equity in undistributed income (loss) of Oakhurst Development, Inc. 167 3,706 (265) Other income 2,571 36 48 Total income 62,804 45,973 39,861 Expenses: Interest expense 4,101 2,741 719 Other expenses 3,889 5,583 3,461 Total expenses 7,990 8,324 4,180 Income before income taxes 54,814 37,649 35,681 Income tax benefit 1,638 1,534 719 Net income $ 56,452 $ 39,183 $ 36,400 Statements of Comprehensive Income Year Ended December 31, (In thousands) 2021 2020 2019 Net income $ 56,452 $ 39,183 $ 36,400 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on securities available for sale (9,198) 8,778 1,003 Tax effect 2,290 (2,185) (250) Total other comprehensive income (loss), net of tax (6,908) 6,593 753 Comprehensive income $ 49,544 $ 45,776 $ 37,153 Statements of Cash Flows Year Ended December 31, (In thousands) 2021 2020 2019 Cash flows from operating activities: Net income $ 56,452 $ 39,183 $ 36,400 Adjustments to reconcile net income to net cash from operating activities: Common stock released by ESOP 1,249 1,826 985 Stock based compensation expense 2,337 1,474 105 Equity in undistributed income of banking subsidiary (38,466) (20,181) (22,078) Equity in undistributed (income) loss of Oakhurst Development, Inc. (167) (3,706) 265 Other, net 506 (2,453) 108 Net cash from operating activities 21,911 16,143 15,785 Cash flows from investing activities: Acquisition of State Capital Corp. — (7,115) — Investment in Oakhurst Development, Inc. 315 201 2,312 Net cash from (used in) investing activities 315 (6,914) 2,312 Cash flows from financing activities: Payments on other borrowings (13,125) (3,500) (3,500) Common stock acquired by ESOP — — (2,499) Proceeds from issuance of subordinated debt — 60,000 — Payment of subordinated debt issuance costs — (1,439) — Purchase of Company stock (2,433) (3,268) — Shares withheld to pay taxes on restricted stock vesting (229) (10) (46) Cash dividends paid on common stock (15,299) (13,220) (9,642) Net cash from (used in) financing activities (31,086) 38,563 (15,687) Net change in cash and cash equivalents (8,860) 47,792 2,410 Cash and cash equivalents at beginning of year 61,820 14,028 11,618 Cash and cash equivalents at end of year $ 52,960 $ 61,820 $ 14,028 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting polices followed by the Company conform, in all material respects, to the accounting principles generally accepted in the United States and to general practices within the financial services industry. |
Variable Interest Entities | Variable Interest EntitiesThe Company owns interests in limited liability partnerships and 100% of the common stock of five statutory trusts, discussed in Note 13. As defined in applicable accounting standards, these are interests in variable interest entities (“VIE”) for which the Company is not the primary beneficiary. Accordingly, the accounts of the VIEs have not been consolidated into the Company’s financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 for loan losses, fair value of financial instruments and status of contingencies are particularly subject to change. Material estimates that are subject to significant change in the near term are the allowance for loan losses, valuation of other real estate owned (“OREO”) and fair values of financial instruments. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include interest and noninterest-bearing cash accounts and federal funds sold. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Furthermore, federal funds sold are essentially uncollateralized loans to other financial institutions. Management regularly evaluates the credit risk associated with these transactions and believes that the Company is not exposed to any significant credit risks on cash and cash equivalents. The Company had deposits with correspondent banks that exceeded federally insured limits by $12.3 million at December 31, 2021. Net cash flows are reported for customer deposit transactions and short term borrowings. Cash flows from loans are classified at the time according to management’s intent to either sell or hold the loan for the foreseeable future. When management’s intent is to hold the loan for the foreseeable future, the cash flows of that loan are presented as investing cash flows. |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income reported in the consolidated statements of income and changes in unrealized gain or loss on securities available for sale reported as a component of shareholders' equity. Unrealized gain or loss on securities available for sale, net of deferred income taxes, is the only component of accumulated other comprehensive income (loss) for the Company. |
Securities | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in income. Debt securities not classified as held to maturity or trading are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from income and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For 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 the Company will not have to sell the security before recovery of its cost basis, then the Company recognizes the credit component of an other-than-temporary impairment of a debt security in income and the remaining portion in other comprehensive income (loss). For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income (loss) for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value. These loans are generally sold with mortgage servicing rights released. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balance adjusted for net charge-offs, the allowance for loan losses, and any deferred fees and costs. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. 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. A loan is considered impaired, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310-10-35 guidance, when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan, including scheduled interest and principal payments. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Substandard loans 500,000 or greater and not previously coded impaired and all loans previously coded impaired, if the relationship is 500,000 or greater, are individually reviewed for impairment. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of future cash flows discounted at the loan’s original interest rate, or at the fair value of collateral if repayment is expected solely from the collateral. Groups of loans with similar risk characteristics, including individually evaluated loans not determined to be impaired, are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Included in certain impaired loan categories are loans considered troubled debt restructurings (“TDRs”). Restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the Company grants a concession it would not otherwise consider for borrowers of similar credit quality. Concessions may include interest rate reductions and/or |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance consists of general and specific components. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is maintained at a level believed to be adequate by management to absorb estimated probable loan losses. Management’s periodic evaluation of the adequacy of the allowance for loan losses is based on estimated credit losses for specifically identified loans as well as estimated probable credit losses inherent in the remainder of the loan portfolio. Management considers a number of factors in estimating probable credit losses inherent in the loan portfolio, including: historical loan loss experience for various types of loans; composition of the loan portfolio; past due trends in the loan portfolio; current trends; current economic conditions; industry exposure and allowance allocation percentages for various grades of loans with such grades being assigned to loans based on loan reviews. Management’s evaluation of the allowance for loan losses is inherently subjective as it requires material estimates. The actual amounts of loan losses realized in the near term could differ from the amounts estimated in arriving at the allowance for loan losses reported in the financial statements. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right to pledge or exchange the transferred asserts, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally using the straight-line method and are charged to operating expenses over the estimated useful lives of the assets. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where the Company has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized costs of the leasehold improvements is extended when the Company is reasonably assured that it will renew the lease. Costs of major additions and improvements are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. |
Other Real Estate | Other Real Estate Other real estate acquired through partial or total satisfaction of loans is initially carried at fair value less cost to sell at the date of acquisition (foreclosure), establishing a new cost basis. Any loss incurred at the date of acquisition is charged to the allowance for loan losses. Subsequent gains or losses on such assets and related operating income and expenses are reported in current operations when earned or incurred. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. The Company’s investment in member bank stock is carried at cost and included in other assets in the consolidated balance sheets. The carrying value of the Company’s FHLB stock was evaluated and determined not to be impaired for the years ended December 31, 2021 and 2020. Both cash and stock dividends are reported as income. |
Intangible assets | Intangible Assets Goodwill, which represents the excess of cost over the fair value of net assets of an acquired business, is not amortized but tested for impairment on an annual basis or more often if events or circumstances indicate there may be impairment. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Other identifiable assets with finite lives include the following: (1) core deposits intangible assets, which are amounts recorded related to the value of acquired deposits, (2) amounts recorded related to the value of acquired customer relationships, and (3) amounts recorded related to non-competition agreements with certain individuals of acquired entities. Identifiable intangibles are initially recorded at fair value and are amortized over the periods benefited. These intangibles are evaluated for impairment whenever events or circumstances indicate that the carrying amount should be reevaluated. Impairment losses are recorded in other operating expense and reduce the carrying amount of the intangible. |
Bank Owned Life Insurance | Bank-Owned Life Insurance The Company maintains bank-owned life insurance policies on certain current and former employees, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of other operating income in the Company’s consolidated statements of income. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments In the normal course of business, the Company enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of customers. Such instruments are not reflected in the consolidated financial statements until they are funded. The face amount of these items represents the exposure to loss, before considering customer collateral or ability to repay. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification (“ASC”) Topic 606 implements a common revenue standard that clarifies the principles for recognizing revenue from contracts. The majority of the Company’s revenues come from interest income and other sources, including loans and securities that are outside the scope of Topic 606. The Company’s services that fall within the scope of Topic 606 are presented within other operating income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of Topic 606 include service charges on deposits, interchange income, wealth management fees and investment brokerage fees. The Company generally acts in a principal capacity, on its own behalf, in most of its contracts with customers. In such transactions, revenue is recognized and the related costs to provide services is recognized on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting other entities in transactions with customers. In such transactions, revenue and the related costs to provide services is recognized on a net basis in the financial statements. These transactions recognized on a net basis primarily relate to insurance and brokerage commissions and fees derived from customers' use of various interchange and ATM/debit card networks. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance, ASC Topic 740, “Income Taxes”. The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. A valuation allowance, if needed, reduces deferred assets to the amount expected to be realized. The Company did not have a valuation allowance recorded with respect to the realization of deferred income taxes at December 31, 2021 or 2020. |
Stock Based Compensation | Stock Based Compensation Compensation cost is recognized for restricted stock awards issued to employees based on the fair value of these awards at the date of the grant. Compensation cost is recognized over the required service period, generally defined as the vesting period. |
Earnings Per Share | Earnings Per ShareBasic 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. |
Operating Segments | Operating Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. |
Accounting Changes and Reclassifications | Accounting Changes and Reclassifications Some items in the prior year financial statements were reclassified to conform to current presentations. Reclassifications had no effect on prior year net income or shareholders’ equity. |
Recently Issued, But Not Yet Effective Accounting Standards Updates | Recently Issued, But Not Yet Effective Accounting Standards Updates 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 loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses over the life of the loan. ASU 2016-13 is effective for the Company for annual and interim periods beginning on January 1, 2023. The Company has formed a cross functional team that is assessing data and system needs and working with a third-party vendor to build a model which it plans to run parallel with its current model in the months prior to implementation. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but has not yet determined the magnitude of any such one-time adjustments or the overall impact on the Company’s financial statements. Accounting Standards Update 2020-04 (“ASU 2020-04”), “Reference Rate Reform - Topic 848.” In March 2020, the FASB issued ASU 2020-04 which provides temporary optional expedients and exceptions to the 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended (Dollars in thousands) 2021 2020 2019 Net income $ 56,452 $ 39,183 $ 36,400 Common stock 9,936,809 9,355,980 7,534,302 Effect of dilutive securities 112,488 101,497 81,656 Total weighted average diluted shares 10,049,297 9,457,477 7,615,958 Basic earnings per common shares $ 5.68 $ 4.19 $ 4.83 Diluted earnings per common shares $ 5.62 $ 4.14 $ 4.78 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [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 $ 71,161 Cash paid for fractional shares 12 Total purchase price $ 71,173 Assets acquired: Cash and due from banks $ 75,315 Securities, FHLB stock and FNBB stock 97,910 Loans, net 880,390 Premises and equipment 29,968 Accrued interest receivable 3,664 Bank-owned life insurance 28,441 Core deposit intangible 6,045 Taxes receivable 7,787 Deferred tax asset, net 5,972 Other assets 3,330 Total assets acquired $ 1,138,822 Liabilities assumed: Deposits $ 1,024,381 Advances from FHLB and other borrowings 14,563 Subordinated debentures 11,121 Deferred compensation 10,310 Other liabilities 6,196 Total liabilities assumed $ 1,066,571 Net assets acquired 72,251 Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase $ (1,078) |
Unaudited pro forma information | The following table presents unaudited pro forma information as if the Merger with SCC had occurred on January 1, 2019. This pro forma information combines the historic consolidated results of operations of BancPlus and SCC after giving effect to certain adjustments, including purchase accounting fair value adjustments and amortization of intangibles, as well as the related income tax effects of those adjustments. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Merger occurred on January 1, 2019. Year Ended December 31, (In thousands, except per share data) 2020 2019 Net interest income $ 168,499 $ 152,224 Other operating income 67,405 66,049 Net income available to common shareholders 39,509 52,323 Earnings per common share: Basic $ 3.93 $ 5.24 Diluted 3.90 5.20 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Cost Gross Unrealized Fair (In thousands) Gains Losses December 31, 2021 U.S. Government agencies $ 354,774 $ 256 $ 4,780 $ 350,250 Residential mortgage-backed securities 107,772 2,312 297 109,787 Commercial mortgage-backed securities 14,286 41 51 14,276 Asset backed securities 12,730 421 44 13,107 Corporate investments 43,500 1,138 128 44,510 State and political subdivisions 43,596 1,200 112 44,684 Total available for sale $ 576,658 $ 5,368 $ 5,412 $ 576,614 December 31, 2020 U.S. Government agencies $ 12,092 $ 342 $ — $ 12,434 Residential mortgage-backed securities 181,569 5,644 1 187,212 Commercial mortgage-backed securities 16,793 538 — 17,331 Asset backed securities 13,990 543 86 14,447 Corporate investments 32,750 420 22 33,148 State and political subdivisions 45,025 1,833 57 46,801 Total available for sale $ 302,219 $ 9,320 $ 166 $ 311,373 |
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 Cost Gross Unrealized Fair (In thousands) Gains Losses December 31, 2021 States and political subdivisions $ 71,648 $ 436 $ — $ 72,084 Total held to maturity $ 71,648 $ 436 $ — $ 72,084 December 31, 2020 States and political subdivisions $ 93,766 $ 670 $ — $ 94,436 Total held to maturity $ 93,766 $ 670 $ — $ 94,436 |
Summary of investment securities that were in an unrealized loss position | Provided below is a summary of investment securities which 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) December 31, 2021: Available for sale: U. S. Government agencies $ 314,614 $ 4,780 $ — $ — $ 314,614 $ 4,780 Residential mortgage-backed securities 15,216 297 — — 15,216 297 Commercial mortgage-backed securities 8,376 51 — — 8,376 51 Asset backed securities 2,272 8 2,192 36 4,464 44 States and political subdivisions 6,117 112 — — 6,117 112 Corporate investments 11,372 128 — — 11,372 128 $ 357,967 $ 5,376 $ 2,192 $ 36 $ 360,159 $ 5,412 December 31, 2020: Available for sale: Residential mortgage-backed securities $ 4,471 $ 1 $ — $ — $ 4,471 $ 1 Commercial mortgage-backed securities 305 — — — 305 — Asset backed securities 2,492 86 — — 2,492 86 States and political subdivisions 3,028 57 — — 3,028 57 Corporate investments 9,229 22 — — 9,229 22 $ 19,525 $ 166 $ — $ — $ 19,525 $ 166 |
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 (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value December 31, 2021: One year or less $ 11,190 $ 11,212 $ 9,286 $ 9,299 After one through five years 239,290 236,674 44,803 44,989 After five through ten years 197,992 197,809 15,349 15,586 After ten years 128,186 130,919 2,210 2,210 $ 576,658 $ 576,614 $ 71,648 $ 72,084 December 31, 2020: One year or less $ 4,087 $ 4,108 $ 15,891 $ 15,926 After one through five years 21,150 21,692 50,738 50,926 After five through ten years 74,219 76,192 24,247 24,694 After ten years 202,763 209,381 2,890 2,890 $ 302,219 $ 311,373 $ 93,766 $ 94,436 |
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 Cost Fair Value Amortized Cost Fair Value (In thousands) December 31, 2021 $ 451,402 $ 450,480 $ 38,704 $ 39,102 December 31, 2020 $ 251,913 $ 260,351 $ 57,110 $ 57,770 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) December 31, 2021 December 31, 2020 Secured by real estate: Residential properties $ 774,699 $ 738,340 Construction and land development 543,763 403,496 Farmland 211,503 217,104 Other commercial 1,396,085 1,224,633 Total real estate 2,926,050 2,583,573 Commercial and industrial loans 527,102 635,714 Agricultural production and other loans to farmers 86,520 85,469 Consumer and other loans 79,500 73,976 Total loans before allowance for loan losses $ 3,619,172 $ 3,378,732 |
Summary of the recorded investment in non-accrual loans, segregated by class | The following table presents the recorded investment in non-accrual loans, segregated by class. (In thousands) December 31, 2021 December 31, 2020 Secured by real estate: Residential properties $ 3,154 $ 3,869 Construction and land development 51 1,863 Farmland 1,327 158 Other commercial 1,176 7,947 Total real estate 5,708 13,837 Commercial and industrial loans 20 12 Agricultural production and other loans to farmers 3 85 Consumer and other loans 166 177 Total non-accrual loans $ 5,897 $ 14,111 |
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 Past Due 90 days or more and Accruing December 31, 2021 Secured by real estate: Residential properties $ 4,537 $ 2,032 $ 6,569 $ 768,130 $ 774,699 $ 865 Construction and land development 367 1,085 1,452 542,311 543,763 1,085 Farmland 600 425 1,025 210,478 211,503 30 Other commercial 1,589 1,118 2,707 1,393,378 1,396,085 212 Total real estate 7,093 4,660 11,753 2,914,297 2,926,050 2,192 Commercial and industrial loans 824 623 1,447 525,655 527,102 606 Agricultural production and other loans to farmers 311 32 343 86,177 86,520 32 Consumer loans 374 250 624 78,876 79,500 84 Total $ 8,602 $ 5,565 $ 14,167 $ 3,605,005 $ 3,619,172 $ 2,914 Past Due 30-89 Days Past Due 90 Days or more Total Past Due Current Total Loans Past Due 90 days or more and Accruing (In thousands) December 31, 2020 Secured by real estate: Residential properties $ 5,836 $ 2,016 $ 7,852 $ 730,488 $ 738,340 $ 1,174 Construction and land development 713 3,086 3,799 399,697 403,496 1,843 Farmland 373 779 1,152 215,952 217,104 618 Other commercial 3,956 3,084 7,040 1,217,593 1,224,633 2,417 Total real estate 10,878 8,965 19,843 2,563,730 2,583,573 6,052 Commercial and industrial loans 2,195 135 2,330 633,384 635,714 135 Agricultural production and other loans to farmers 319 15 334 85,135 85,469 15 Consumer loans 444 278 722 73,254 73,976 101 Total $ 13,836 $ 9,393 $ 23,229 $ 3,355,503 $ 3,378,732 $ 6,303 |
Summary of impaired loans | Impaired loans, segregated by class were as follows: December 31, 2021 (In thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,667 $ 5,034 $ — Construction and land development 3,615 1,649 — Farmland 3,413 2,859 — Other commercial 2,671 1,300 — Total real estate 17,366 10,842 — Commercial and industrial 17,528 17,300 — Agricultural production and other loans to farmers 105 15 — Consumer and other loans 249 166 — Total 35,248 28,323 — Impaired loans with related allowance: Secured by real estate: Residential properties 813 813 9 Construction and land development — — — Farmland — — — Other commercial 1,906 1,906 304 Total real estate 2,719 2,719 313 Commercial and industrial 4,542 4,542 1,701 Total 7,261 7,261 2,014 Total impaired loans $ 42,509 $ 35,584 $ 2,014 December 31, 2020 (In thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 8,474 $ 5,795 $ — Construction and land development 5,530 3,462 — Farmland 11,024 10,584 — Other commercial 8,439 5,149 — Total real estate 33,467 24,990 — Commercial and industrial 10,386 9,962 — Agricultural production and other loans to farmers 156 97 — Consumer loans 216 177 — Total 44,225 35,226 — Impaired loans with related allowance: Secured by real estate: Residential properties 1,073 1,073 9 Other commercial 6,072 6,039 2,028 Total real estate 7,145 7,112 2,037 Commercial and industrial 4,430 4,430 2,158 Total 11,575 11,542 4,195 Total impaired loans $ 55,800 $ 46,768 $ 4,195 (1) Recorded balance represents the book value – the contractual principal obligation due from the customer less charge-offs and payments applied. The average recorded investment and interest recognized for impaired loans for the years ended December 31, 2021 and 2020 are presented below. Year Ended December 31, 2021 2020 2019 (In thousands) Average Investment Interest Recognized Average Investment Interest Recognized Average Investment Interest Recognized Secured by real estate: Residential properties $ 6,309 $ 139 $ 6,014 $ 152 $ 5,013 $ 151 Construction and land development 2,123 115 4,384 127 2,135 175 Farmland 8,622 384 10,515 510 2,831 12 Other commercial 5,927 168 11,679 249 12,182 108 Total real estate 22,981 806 32,592 1,038 22,161 446 Commercial and industrial 20,473 1,089 2,136 81 624 30 Agricultural production and other loans to farmers 96 3 82 — 74 — Consumer loans 188 1 181 — 93 — Total $ 43,738 $ 1,899 $ 34,991 $ 1,119 $ 22,952 $ 476 Transactions in the allowance for loan 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 Unallocated Total December 31, 2021 Allowance for loan losses: Balance, beginning of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Provision for loan losses 98 5,535 1,442 1,993 — 9,068 Recoveries on loans 512 2,414 599 2,744 — 6,269 Loans charged off (391) (979) (453) (4,514) — (6,337) Balance, end of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Allowance Balances: Individually evaluated for impairment $ 1,701 $ 304 $ 9 $ — $ — $ 2,014 Collectively evaluated for impairment 4,855 26,829 9,479 1,823 — 42,986 Ending balance $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Loan Balances: Individually evaluated for impairment $ 21,822 $ 3,434 $ 1,640 $ 166 $ — $ 27,062 Collectively evaluated for impairment 505,280 2,147,917 773,059 165,854 — 3,592,110 Ending balance $ 527,102 $ 2,151,351 $ 774,699 $ 166,020 $ — $ 3,619,172 (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2020: Allowance for loan losses: Balance, beginning of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 Provision for loan losses 3,951 11,380 2,369 648 (1,258) 17,090 Recoveries on loans 212 492 353 3,324 — 4,381 Loans charged off (599) (2,475) (390) (3,507) — (6,971) Balance, end of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Allowance Balances: Individually evaluated for impairment $ 2,158 $ 2,028 $ 9 $ — $ — $ 4,195 Collectively evaluated for impairment 4,179 18,135 7,891 1,600 — 31,805 Ending balance $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Loan Balances: Individually evaluated for impairment $ 14,392 $ 25,234 $ 6,868 $ 274 $ — $ 46,768 Collectively evaluated for impairment 621,322 1,819,999 731,472 159,171 — 3,331,964 Ending balance $ 635,714 $ 1,845,233 $ 738,340 $ 159,445 $ — $ 3,378,732 (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2019: Allowance for loan losses: Balance, beginning of year $ 3,203 $ 12,920 $ 5,358 $ 1,134 $ 1,885 $ 24,500 Provision for loan losses (386) (1,758) 1,064 2,293 (627) 586 Recoveries on loans 428 633 529 3,236 — 4,826 Loans charged off (472) (1,029) (1,383) (5,528) — (8,412) Balance, end of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 |
Summary of modifications classified as TDRs | The following table illustrates the impact of modifications classified as TDRs for the years ended December 31, 2020 and 2019: (Dollars in thousands) Number of Loans Balance Prior to TDR Balance at Year End December 31, 2020 Secured by real estate: Residential properties 1 $ 200 $ 183 Construction and land development 1 95 — Total 2 $ 295 $ 183 December 31, 2019 Secured by real estate: Other commercial 2 $ 7,493 $ 7,454 Total real estate 2 7,493 7,454 Consumer and other loans 1 188 187 Total 3 $ 7,681 $ 7,641 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Financing Receivable Credit Quality Indicators | The following table summarizes the credit quality of the Company’s loan portfolio by loan class for the period indicated: (In thousands) Risk Grades 1-6 Risk Grade 7 Risk Grade 8 Risk Grade 9 Total December 31, 2021 Secured by real estate: Residential properties $ 763,116 $ — $ 11,583 $ — $ 774,699 Construction and land development 537,573 4,097 2,093 — 543,763 Farmland 208,318 — 3,185 — 211,503 Other commercial 1,386,240 — 9,845 — 1,396,085 Total real estate 2,895,247 4,097 26,706 — 2,926,050 Commercial and industrial 503,603 — 23,496 3 527,102 Agricultural production and other loans to farmers 86,292 — 228 — 86,520 Consumer and other loans 79,176 — 306 18 79,500 Total $ 3,564,318 $ 4,097 $ 50,736 $ 21 $ 3,619,172 (In thousands) Risk Grades 1-6 Risk Grade 7 Risk Grade 8 Risk Grade 9 Total December 31, 2020 Secured by real estate: Residential properties $ 721,024 $ — $ 17,316 $ — $ 738,340 Construction and land development 401,347 — 2,149 — 403,496 Farmland 205,211 — 11,893 — 217,104 Other commercial 1,209,365 — 15,041 227 1,224,633 Total real estate 2,536,947 — 46,399 227 2,583,573 Commercial and industrial 619,086 51 16,526 51 635,714 Agricultural production and other loans to farmers 85,197 91 181 — 85,469 Consumer and other loans 73,560 — 416 — 73,976 Total $ 3,314,790 $ 142 $ 63,522 $ 278 $ 3,378,732 |
Financing Receivable, Allowance for Credit Loss | Transactions in the allowance for loan 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 Unallocated Total December 31, 2021 Allowance for loan losses: Balance, beginning of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Provision for loan losses 98 5,535 1,442 1,993 — 9,068 Recoveries on loans 512 2,414 599 2,744 — 6,269 Loans charged off (391) (979) (453) (4,514) — (6,337) Balance, end of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Allowance Balances: Individually evaluated for impairment $ 1,701 $ 304 $ 9 $ — $ — $ 2,014 Collectively evaluated for impairment 4,855 26,829 9,479 1,823 — 42,986 Ending balance $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Loan Balances: Individually evaluated for impairment $ 21,822 $ 3,434 $ 1,640 $ 166 $ — $ 27,062 Collectively evaluated for impairment 505,280 2,147,917 773,059 165,854 — 3,592,110 Ending balance $ 527,102 $ 2,151,351 $ 774,699 $ 166,020 $ — $ 3,619,172 (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2020: Allowance for loan losses: Balance, beginning of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 Provision for loan losses 3,951 11,380 2,369 648 (1,258) 17,090 Recoveries on loans 212 492 353 3,324 — 4,381 Loans charged off (599) (2,475) (390) (3,507) — (6,971) Balance, end of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Allowance Balances: Individually evaluated for impairment $ 2,158 $ 2,028 $ 9 $ — $ — $ 4,195 Collectively evaluated for impairment 4,179 18,135 7,891 1,600 — 31,805 Ending balance $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Loan Balances: Individually evaluated for impairment $ 14,392 $ 25,234 $ 6,868 $ 274 $ — $ 46,768 Collectively evaluated for impairment 621,322 1,819,999 731,472 159,171 — 3,331,964 Ending balance $ 635,714 $ 1,845,233 $ 738,340 $ 159,445 $ — $ 3,378,732 (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2019: Allowance for loan losses: Balance, beginning of year $ 3,203 $ 12,920 $ 5,358 $ 1,134 $ 1,885 $ 24,500 Provision for loan losses (386) (1,758) 1,064 2,293 (627) 586 Recoveries on loans 428 633 529 3,236 — 4,826 Loans charged off (472) (1,029) (1,383) (5,528) — (8,412) Balance, end of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 |
Summary of impaired loans | Impaired loans, segregated by class were as follows: December 31, 2021 (In thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,667 $ 5,034 $ — Construction and land development 3,615 1,649 — Farmland 3,413 2,859 — Other commercial 2,671 1,300 — Total real estate 17,366 10,842 — Commercial and industrial 17,528 17,300 — Agricultural production and other loans to farmers 105 15 — Consumer and other loans 249 166 — Total 35,248 28,323 — Impaired loans with related allowance: Secured by real estate: Residential properties 813 813 9 Construction and land development — — — Farmland — — — Other commercial 1,906 1,906 304 Total real estate 2,719 2,719 313 Commercial and industrial 4,542 4,542 1,701 Total 7,261 7,261 2,014 Total impaired loans $ 42,509 $ 35,584 $ 2,014 December 31, 2020 (In thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 8,474 $ 5,795 $ — Construction and land development 5,530 3,462 — Farmland 11,024 10,584 — Other commercial 8,439 5,149 — Total real estate 33,467 24,990 — Commercial and industrial 10,386 9,962 — Agricultural production and other loans to farmers 156 97 — Consumer loans 216 177 — Total 44,225 35,226 — Impaired loans with related allowance: Secured by real estate: Residential properties 1,073 1,073 9 Other commercial 6,072 6,039 2,028 Total real estate 7,145 7,112 2,037 Commercial and industrial 4,430 4,430 2,158 Total 11,575 11,542 4,195 Total impaired loans $ 55,800 $ 46,768 $ 4,195 (1) Recorded balance represents the book value – the contractual principal obligation due from the customer less charge-offs and payments applied. The average recorded investment and interest recognized for impaired loans for the years ended December 31, 2021 and 2020 are presented below. Year Ended December 31, 2021 2020 2019 (In thousands) Average Investment Interest Recognized Average Investment Interest Recognized Average Investment Interest Recognized Secured by real estate: Residential properties $ 6,309 $ 139 $ 6,014 $ 152 $ 5,013 $ 151 Construction and land development 2,123 115 4,384 127 2,135 175 Farmland 8,622 384 10,515 510 2,831 12 Other commercial 5,927 168 11,679 249 12,182 108 Total real estate 22,981 806 32,592 1,038 22,161 446 Commercial and industrial 20,473 1,089 2,136 81 624 30 Agricultural production and other loans to farmers 96 3 82 — 74 — Consumer loans 188 1 181 — 93 — Total $ 43,738 $ 1,899 $ 34,991 $ 1,119 $ 22,952 $ 476 Transactions in the allowance for loan 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 Unallocated Total December 31, 2021 Allowance for loan losses: Balance, beginning of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Provision for loan losses 98 5,535 1,442 1,993 — 9,068 Recoveries on loans 512 2,414 599 2,744 — 6,269 Loans charged off (391) (979) (453) (4,514) — (6,337) Balance, end of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Allowance Balances: Individually evaluated for impairment $ 1,701 $ 304 $ 9 $ — $ — $ 2,014 Collectively evaluated for impairment 4,855 26,829 9,479 1,823 — 42,986 Ending balance $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Loan Balances: Individually evaluated for impairment $ 21,822 $ 3,434 $ 1,640 $ 166 $ — $ 27,062 Collectively evaluated for impairment 505,280 2,147,917 773,059 165,854 — 3,592,110 Ending balance $ 527,102 $ 2,151,351 $ 774,699 $ 166,020 $ — $ 3,619,172 (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2020: Allowance for loan losses: Balance, beginning of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 Provision for loan losses 3,951 11,380 2,369 648 (1,258) 17,090 Recoveries on loans 212 492 353 3,324 — 4,381 Loans charged off (599) (2,475) (390) (3,507) — (6,971) Balance, end of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Allowance Balances: Individually evaluated for impairment $ 2,158 $ 2,028 $ 9 $ — $ — $ 4,195 Collectively evaluated for impairment 4,179 18,135 7,891 1,600 — 31,805 Ending balance $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Loan Balances: Individually evaluated for impairment $ 14,392 $ 25,234 $ 6,868 $ 274 $ — $ 46,768 Collectively evaluated for impairment 621,322 1,819,999 731,472 159,171 — 3,331,964 Ending balance $ 635,714 $ 1,845,233 $ 738,340 $ 159,445 $ — $ 3,378,732 (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2019: Allowance for loan losses: Balance, beginning of year $ 3,203 $ 12,920 $ 5,358 $ 1,134 $ 1,885 $ 24,500 Provision for loan losses (386) (1,758) 1,064 2,293 (627) 586 Recoveries on loans 428 633 529 3,236 — 4,826 Loans charged off (472) (1,029) (1,383) (5,528) — (8,412) Balance, end of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | The following is a summary of premises and equipment. (In thousands) December 31, December 31, 2020 Land $ 26,902 $ 27,023 Bank premises 74,311 72,561 Leasehold improvements 15,325 13,572 Data processing equipment 34,286 34,708 Furniture and other equipment 42,685 44,103 193,509 191,967 Less accumulated depreciation and amortization (91,544) (89,000) $ 101,965 $ 102,967 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of other assets | The following is a summary of other assets. (In thousands) December 31, December 31, Amortized intangible assets $ 5,100 $ 5,823 Other real estate owned 5,815 6,754 Cash value of bank-owned life insurance 100,325 91,284 Federal Home Loan Bank stock 2,731 2,557 Deferred income tax 4,608 2,516 Investment in statutory trusts 1,704 1,703 Other 25,304 26,603 $ 145,587 $ 137,240 |
Summary of amortized intangible assets | The following is a summary of amortized intangible assets: (In thousands) Gross Accumulated Net December 31, 2021 Core deposit intangibles $ 6,901 $ 2,060 $ 4,841 Acquired customer relationships 1,415 1,156 259 Non-compete agreements 90 90 — $ 8,406 $ 3,306 $ 5,100 (In thousands) Gross Accumulated Net December 31, 2020 Core deposit intangibles $ 6,901 $ 1,375 $ 5,526 Acquired customer relationships 1,415 1,118 297 Non-compete agreements 90 90 — $ 8,406 $ 2,583 $ 5,823 |
Future expected amortization of finite-lived intangible assets | The future amortization schedule for the Company’s intangible assets is as follows: (In thousands) 2022 $ 705 2023 688 2024 668 2025 646 2026 620 After 2026 1,773 $ 5,100 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease expense | Year Ended December 31, 2021 2020 Lease weighted averages: Weighted average remaining lease term (years) - operating leases 11.28 11.99 Weighted average discount rate - operating leases 5.00 % 5.00 % Year Ended December 31, (In thousands) 2021 2020 Lease expense: Operating lease expense $ 4,747 $ 5,112 Variable lease expense 774 508 Short-term lease expense 181 165 Sublease income — (8) Total lease expense $ 5,702 $ 5,777 Supplemental cash flow related to leases was: Year Ended December 31, (In thousands) 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flow from operating leases $ 4,610 $ 4,683 ROU assets obtained in exchange for lease obligations: Operating leases $ 711 $ 214 Reduction to ROU assets resulting from reductions to lease obligations: Operating leases $ 2,927 $ 3,028 |
Operating lease, maturity schedule | Maturities of operating lease liabilities were as follows: (In thousands) December 31, 2021 Year 1 $ 4,439 Year 2 4,359 Year 3 4,215 Year 4 4,291 Year 5 4,402 Thereafter 25,327 Total lease payments 47,033 Less: Imputed interest (11,240) Total lease obligation $ 35,793 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Real Estate [Abstract] | |
Other real estate owned activity | Other real estate owned activity was as follows: (In thousands) December 31, 2021 December 31, 2020 Beginning balance $ 6,754 $ 4,851 Additions 4,947 9,491 Proceeds from sales (5,861) (7,687) Write-downs (209) (301) Net gain (loss) on sales 184 400 Balance at end of period $ 5,815 $ 6,754 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Summary of deposits | The following is a summary of the Company’s deposits. (In thousands) December 31, 2021 December 31, 2020 Noninterest-bearing $ 1,404,590 $ 1,230,868 Interest bearing: Money market, NOW and savings accounts 2,592,560 2,227,979 Certificates of deposit of $250,000 or more 181,751 192,188 Other certificates of deposit 443,215 501,775 Total interest bearing 3,217,526 2,921,942 Total deposits $ 4,622,116 $ 4,152,810 |
Schedule of maturities of certificates of deposit | Scheduled maturities of certificates of deposits are as follows: (In thousands) December 31, 2021 2022 $ 419,846 2023 115,419 2024 54,745 2025 22,045 2026 12,891 After 2025 20 $ 624,966 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | The following is a summary of the Company’s short-term borrowings. Balances Outstanding Weighted Average Rate (Dollars in thousands) Maximum Month End Average Daily At During At December 31, 2021: Federal funds purchased $ — $ — $ — — % — % Securities sold under agreements to repurchase — — — — % — % $ — $ — $ — December 31, 2020: Federal funds purchased $ — $ 150 $ — 1.07 % — % Securities sold under agreements to repurchase — — — — % — % $ — $ 150 $ — |
Advances from Federal Home Lo_2
Advances from Federal Home Loan Bank and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Summary of Federal Home Loan Bank Advances | The Bank has advances from the FHLB which are collateralized by a blanket lien on first mortgage and other qualifying loans. The following is a summary of these advances. (Dollars in thousands) December 31, 2021 December 31, 2020 Balance: Single payment advances $ 20,000 $ 20,000 Amortizing advances 501 646 $ 20,501 $ 20,646 Range of interest rates: Single payment advances 1.42% - 1.53% 1.42% - 1.53% Amortizing advances 2.06% - 2.94% 2.06% - 2.94% Range of maturities: Single payment advances 2027 2027 Amortizing advances 2022 - 2028 2021 - 2028 Required principal payments on FHLB advances and other borrowings are as follows. (In thousands) December 31, 2021 December 31, 2020 2022 $ 417 $ 13,171 2023 25 395 2024 13 110 2025 13 — 2026 14 — Thereafter 20,019 20,095 $ 20,501 $ 33,771 |
Subordinated Debentures and T_2
Subordinated Debentures and Trust Preferred Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of debentures payable to statutory trusts | The following is a summary of debentures payable to statutory trusts. (Dollars in thousands) Year of Maturity Interest Rate December 31, December 31, 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 |
Other Operating Income and Ot_2
Other Operating Income and Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Summary of significant components of other operating expenses | Significant components of other operating income are summarized as follows. Year Ended December 31, (In thousands) 2021 2020 2019 Income from fiduciary activities $ 7,569 $ 6,280 $ 6,434 ATM income 6,377 5,389 4,548 Brokerage and insurance fees and commissions 2,399 1,986 1,791 Other real estate income and gains 399 761 1,028 Life insurance income 6,601 2,386 1,628 Community Development Financial Institutions grants 2,241 823 960 Other 4,516 8,804 2,417 $ 30,102 $ 26,429 $ 18,806 Significant components of other operating expenses are summarized as follows. Year Ended December 31, (In thousands) 2021 2020 2019 Advertising and marketing $ 3,868 $ 3,968 $ 3,536 Other real estate expenses and losses 842 889 1,250 FDIC and State insurance assessments 3,029 2,085 851 Professional fees 3,907 6,272 3,200 Security expense 857 831 1,045 Supplies 992 1,023 805 Other 14,586 12,263 11,187 $ 28,081 $ 27,331 $ 21,874 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
Schedule of ESOP-owned shares | The following table presents information related to the Company’s ESOP-owned shares. (Dollars in thousands) December 31, December 31, Allocated shares 1,472,334 1,449,335 Unearned shares 28,398 50,124 Total ESOP shares 1,500,732 1,499,459 Fair value of unearned shares $ 1,938 $ 2,569 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of income tax expense (benefit) are as follows. Year Ended December 31, (In thousands) 2021 2020 2019 Current: Federal $ 11,249 $ 7,365 $ 3,095 State 1,971 1,896 768 13,220 9,261 3,863 Deferred: Federal 131 45 4,152 State 67 (96) 978 198 (51) 5,130 $ 13,418 $ 9,210 $ 8,993 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between actual income tax expense and the expected amount computed using the applicable Federal rate are summarized as follows. Year Ended December 31, (In thousands) 2021 2020 2019 Amount computed on earnings before income taxes $ 14,656 $ 10,150 $ 9,532 Tax effect of: Income from tax-exempt investments, net of disallowed interest deduction (392) (486) (701) Bargain purchase gain — (226) 1,380 State income taxes, net of Federal tax benefit 1,610 1,422 — Life insurance income (1,341) (445) (341) Qualified School Construction Bond credits (854) (854) (854) New markets tax credit (460) — — Low Income Housing Tax credits (161) (221) (221) Non-deductible expense 355 384 337 Sale of foreclosed right-of-use asset — (809) — Other, net 5 295 (139) $ 13,418 $ 9,210 $ 8,993 |
Schedule of Deferred Tax Assets and Liabilities | The components of net deferred tax assets (liabilities) are presented in the table below. With limited exception, the Company is no longer subject to income tax examinations by tax authorities for years before 2018. (In thousands) December 31, December 31, Deferred tax assets: Allowance for loan losses $ 11,410 $ 9,157 Other real estate 1,182 1,243 Investment securities 183 409 Restricted stock 351 202 Unrealized loss on securities available for sale 11 — Loan yield and credit mark on loans 1,120 2,691 Deposit yield mark 569 1,211 Accrued expenses 576 715 Other 78 35 Total deferred tax assets 15,480 15,663 Deferred tax liabilities: Depreciation of premises and equipment (7,022) (7,067) Federal Home Loan Bank stock dividends (87) (85) Partnership income (678) (371) Prepaid expenses (1,014) (1,059) Amortization of intangibles (1,066) (1,219) Subordinated debt yield mark (1,005) (1,067) Unrealized gain on securities available for sale — (2,279) Total deferred tax liabilities (10,872) (13,147) Net deferred tax assets $ 4,608 $ 2,516 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks | The following is a summary of these instruments. December 31, December 31, Loan commitments to extend credit $ 1,185,760 $ 974,069 Standby letters of credit 15,128 7,139 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Basel III rules and prompt corrective action regulations. Actual For Capital Adequacy Purposes (incl. Capital Conservation Buffer) Required to be Well Capitalized (Dollars in thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2021: Company: CET1 Capital to Risk-Weighted Assets $ 382,736 9.40 % $ 285,078 7.00 % n/a n/a Tier 1 Capital to Risk-Weighted Assets 433,754 10.65 % 346,166 8.50 % n/a n/a Total Capital to Risk-Weighted Assets 537,541 13.20 % 427,617 10.50 % n/a n/a Tier 1 Capital to Average Assets 433,754 8.46 % 205,072 4.00 % n/a n/a Bank: CET1 Capital to Risk-Weighted Assets $ 428,602 10.55 % $ 284,509 7.00 % $ 264,187 6.50 % Tier 1 Capital to Risk-Weighted Assets 428,602 10.55 % 345,475 8.50 % 325,153 8.00 % Total Capital to Risk-Weighted Assets 473,602 11.65 % 426,763 10.50 % 406,441 10.00 % Tier 1 Capital to Average Assets 428,602 8.37 % 204,714 4.00 % 255,893 5.00 % December 31, 2020: Company: CET1 Capital to Risk-Weighted Assets $ 339,936 9.94 % $ 239,437 7.00 % n/a n/a Tier 1 Capital to Risk-Weighted Assets 390,713 11.42 % 290,745 8.50 % n/a n/a Total Capital to Risk-Weighted Assets 485,357 14.19 % 359,155 10.50 % n/a n/a Tier 1 Capital to Average Assets 390,713 8.55 % 182,853 4.00 % n/a n/a Bank: CET1 Capital to Risk-Weighted Assets $ 387,231 11.36 % $ 238,629 7.00 % $ 221,584 6.50 % Tier 1 Capital to Risk-Weighted Assets 387,231 11.36 % 289,763 8.50 % 272,719 8.00 % Total Capital to Risk-Weighted Assets 423,231 12.42 % 357,943 10.50 % 340,898 10.00 % Tier 1 Capital to Average Assets 387,231 8.49 % 182,531 4.00 % 228,164 5.00 % |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Value Fair Value Measurements Using (In thousands) Level 1 Level 2 Level 3 December 31, 2021 U.S. Government agencies $ 350,250 $ — $ 350,250 $ — Residential mortgage-backed securities 109,787 — 109,787 — Commercial mortgage-backed securities 14,276 — 14,276 — Asset backed securities 13,107 — 13,107 — Corporate investments 44,510 — 44,510 — State and local political subdivisions 44,684 — 44,684 — Total securities available for sale $ 576,614 $ — $ 576,614 $ — December 31, 2020 U.S. Government agencies $ 12,434 $ — $ 12,434 $ — Residential mortgage-backed securities 187,212 — 187,212 — Commercial mortgage-backed securities 17,331 — 17,331 — Asset backed securities 14,447 — 14,447 — Corporate investments 33,148 — 33,148 — State and local political subdivisions 46,801 — 46,801 — Total securities available for sale $ 311,373 $ — $ 311,373 $ — |
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 Value Fair Value Measurements Using (In thousands) Level 1 Level 2 Level 3 Impaired loans, net of allowance for loan losses: December 31, 2021 $ 33,570 $ — $ — $ 33,570 December 31, 2020 $ 42,573 $ — $ — $ 42,573 Other real estate: December 31, 2021 $ 5,815 $ — $ — $ 5,815 December 31, 2020 $ 6,754 $ — $ — $ 6,754 |
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) Fair Value Valuation Methods Unobservable Inputs Range Weighted Average December 31, 2021 Impaired loans, net of specific allowance $ 33,570 Third-party appraisals Selling costs 5% - 10% 6% Other real estate $ 5,815 Third-party and in-house appraisals Selling costs 5% - 10% 6% December 31, 2020 Impaired loans, net of specific allowance $ 42,573 Third-party appraisals Selling costs 5% - 10% 6% Other real estate $ 6,754 Third-party and in-house appraisals 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 that are not recorded at fair value: December 31, 2021 December 31, 2020 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets: Level 1 inputs: Cash and cash equivalents $ 664,165 $ 664,165 $ 637,545 $ 637,545 Level 2 inputs: Securities held to maturity 71,648 72,084 93,766 94,436 Federal Home Loan Bank stock 2,731 2,731 2,557 2,557 Accrued interest receivable 14,329 14,329 18,061 18,061 Level 3 inputs: Loans held for sale 10,621 10,621 28,684 28,684 Loans, net 3,574,172 3,548,595 3,342,732 3,348,872 Financial liabilities: Level 2 inputs: Deposits 4,622,116 4,493,957 4,152,810 4,153,402 Advances from FHLB and other borrowings 20,501 21,024 33,771 34,941 Subordinated debentures 111,509 111,509 111,124 111,124 Accrued interest payable 1,425 1,425 2,709 2,709 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following is a summary of loans made to such borrowers. (In thousands) December 31, 2021 December 31, 2020 Beginning balance $ 15,906 $ 17,804 Advances 6,025 5,578 Payments (5,280) (7,476) Ending balance $ 16,651 $ 15,906 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of restricted stock activity | A summary of our equity-based award activity and related information for our RSAs is as follows: Number of Shares Weighted Average Grant Date Fair Value January 1, 2019 12,693 $ 53.00 Granted 61,880 53.75 Vested (5,476) 53.00 Forfeited — — December 31, 2019 69,097 53.67 Granted 39,155 45.36 Vested (17,143) 51.03 Forfeited — — December 31, 2020 91,109 50.60 Granted 90,927 52.49 Vested (33,545) 52.03 Forfeited (3,919) 46.87 December 31, 2021 144,572 $ 51.56 |
Summarized Financial Informat_2
Summarized Financial Information of BancPlus Corporation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Balance Sheets (In thousands) December 31, 2021 December 31, 2020 Assets Cash and cash equivalents $ 52,960 $ 61,820 Investment in banking subsidiary 436,285 402,545 Due from Oakhurst Development, Inc. 31,173 31,698 Equity in undistributed loss of Oakhurst Development, Inc. (22,379) (22,547) Investment in statutory trusts 1,703 1,703 Other assets 3,304 5,806 $ 503,046 $ 481,025 Liabilities and Shareholders' Equity Liabilities: Subordinated debentures payable to statutory trusts $ 111,509 $ 111,124 Accrued interest payable 194 227 Deferred income taxes 924 1,299 Note payable — 13,125 Other liabilities — — Total liabilities 112,627 125,775 Redeemable common stock owned by ESOP 100,487 74,278 Shareholders' equity, net of ESOP owned shares 289,932 280,972 $ 503,046 $ 481,025 |
Condensed Income Statement | Statements of Income Year Ended December 31, (In thousands) 2021 2020 2019 Income: Dividends from banking subsidiary $ 21,600 $ 22,050 $ 18,000 Equity in undistributed income of banking subsidiary 38,466 20,181 22,078 Equity in undistributed income (loss) of Oakhurst Development, Inc. 167 3,706 (265) Other income 2,571 36 48 Total income 62,804 45,973 39,861 Expenses: Interest expense 4,101 2,741 719 Other expenses 3,889 5,583 3,461 Total expenses 7,990 8,324 4,180 Income before income taxes 54,814 37,649 35,681 Income tax benefit 1,638 1,534 719 Net income $ 56,452 $ 39,183 $ 36,400 |
Condensed Statement of Comprehensive Income | tatements of Comprehensive Income Year Ended December 31, (In thousands) 2021 2020 2019 Net income $ 56,452 $ 39,183 $ 36,400 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on securities available for sale (9,198) 8,778 1,003 Tax effect 2,290 (2,185) (250) Total other comprehensive income (loss), net of tax (6,908) 6,593 753 Comprehensive income $ 49,544 $ 45,776 $ 37,153 |
Condensed Cash Flow Statement | Statements of Cash Flows Year Ended December 31, (In thousands) 2021 2020 2019 Cash flows from operating activities: Net income $ 56,452 $ 39,183 $ 36,400 Adjustments to reconcile net income to net cash from operating activities: Common stock released by ESOP 1,249 1,826 985 Stock based compensation expense 2,337 1,474 105 Equity in undistributed income of banking subsidiary (38,466) (20,181) (22,078) Equity in undistributed (income) loss of Oakhurst Development, Inc. (167) (3,706) 265 Other, net 506 (2,453) 108 Net cash from operating activities 21,911 16,143 15,785 Cash flows from investing activities: Acquisition of State Capital Corp. — (7,115) — Investment in Oakhurst Development, Inc. 315 201 2,312 Net cash from (used in) investing activities 315 (6,914) 2,312 Cash flows from financing activities: Payments on other borrowings (13,125) (3,500) (3,500) Common stock acquired by ESOP — — (2,499) Proceeds from issuance of subordinated debt — 60,000 — Payment of subordinated debt issuance costs — (1,439) — Purchase of Company stock (2,433) (3,268) — Shares withheld to pay taxes on restricted stock vesting (229) (10) (46) Cash dividends paid on common stock (15,299) (13,220) (9,642) Net cash from (used in) financing activities (31,086) 38,563 (15,687) Net change in cash and cash equivalents (8,860) 47,792 2,410 Cash and cash equivalents at beginning of year 61,820 14,028 11,618 Cash and cash equivalents at end of year $ 52,960 $ 61,820 $ 14,028 |
Schedule of Significant Account
Schedule of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)trustsegment | Dec. 31, 2020USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Ownership percentage in variable interest entities | 100.00% | |
Number of statutory trusts | trust | 5 | |
Deposits with correspondent banks that exceed federal deposit insurance coverage | $ 12,300,000 | |
Financing receivable individually evaluated for impairment (greater than) | 500,000 | |
Unrecognized tax positions | $ 0 | $ 0 |
Number of operating segments | segment | 1 | |
Number of reportable segments | segment | 1 |
Schedule of Significant Accou_2
Schedule of Significant Accounting Policies - Schedule of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income | $ 56,452 | $ 39,183 | $ 36,400 |
Common stock | 9,936,809 | 9,355,980 | 7,534,302 |
Effect of dilutive securities | 112,488 | 101,497 | 81,656 |
Total weighted average diluted shares | 10,049,297 | 9,457,477 | 7,615,958 |
Basic earning per common shares (in USD per share) | $ 5.68 | $ 4.19 | $ 4.83 |
Diluted earnings per common share (in USD per share) | $ 5.62 | $ 4.14 | $ 4.78 |
Business Combination - Narrativ
Business Combination - Narrative (Details) $ / shares in Units, $ in Thousands | Mar. 01, 2022USD ($)shares | Apr. 01, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares |
Business Acquisition [Line Items] | ||||
Conversion ratio | 0.6950 | |||
Common stock, par value per share (USD per share) | $ / shares | $ 1 | $ 1 | $ 1 | |
Number of shares issued | shares | 2,453,827 | |||
Consideration paid in lieu of fractional shares | $ 12 | |||
Acquisition expenses | $ 6,400 | |||
SCC Merger | ||||
Business Acquisition [Line Items] | ||||
Acquired core deposit intangible | $ 6,000 | |||
Acquired core deposit intangible, amortization period | 10 years | |||
Loans acquired | $ 880,390 | |||
Discount on loans acquired | 19,100 | |||
Contractual cash flows not expected to be collected | 11,600 | |||
Cash paid for fractional shares | 12 | |||
Common stock issued | $ 71,161 | |||
FTC Merger Agreement | ||||
Business Acquisition [Line Items] | ||||
Acquisition expenses | $ 1,100 | |||
FTC Merger Agreement | Subsequent Event | ||||
Business Acquisition [Line Items] | ||||
Shares issued with cash paid in lieu of fractional shares (in shares) | shares | 1,444,764 | |||
Cash paid for fractional shares | $ 52,700 | |||
Escrow deposit | $ 10,000 | |||
SCC | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value per share (USD per share) | $ / shares | $ 1.25 |
Business Combination - Consider
Business Combination - Consideration paid and preliminary fair value allocation (Details) - USD ($) $ in Thousands | Apr. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities assumed: | |||
Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase | $ 2,616 | $ 2,616 | |
SCC Merger | |||
Purchase price allocation: | |||
Common stock issued | $ 71,161 | ||
Cash paid for fractional shares | 12 | ||
Total purchase price | 71,173 | ||
Assets acquired: | |||
Cash and due from banks | 75,315 | ||
Securities, FHLB stock and FNBB stock | 97,910 | ||
Loans, net | 880,390 | ||
Premises and equipment | 29,968 | ||
Accrued interest receivable | 3,664 | ||
Bank-owned life insurance | 28,441 | ||
Core deposit intangible | 6,045 | ||
Taxes receivable | 7,787 | ||
Deferred tax asset, net | 5,972 | ||
Other assets | 3,330 | ||
Total assets acquired | 1,138,822 | ||
Liabilities assumed: | |||
Deposits | 1,024,381 | ||
Advances from FHLB and other borrowings | 14,563 | ||
Subordinated debentures | 11,121 | ||
Deferred compensation | 10,310 | ||
Other liabilities | 6,196 | ||
Total liabilities assumed | 1,066,571 | ||
Net assets acquired | 72,251 | ||
Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase | $ (1,078) |
Business Combination - Unaudite
Business Combination - Unaudited pro forma information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Abstract] | ||
Net interest income | $ 168,499 | $ 152,224 |
Other operating income | 67,405 | 66,049 |
Net income available to common shareholders | $ 39,509 | $ 52,323 |
Earnings per common share: | ||
Basic (in USD per share) | $ 3.93 | $ 5.24 |
Diluted (in USD per share) | $ 3.90 | $ 5.20 |
Investment Securities - Summary
Investment Securities - Summary of amortized cost and fair value of the securities available for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 576,658 | $ 302,219 |
Gross unrealized gains | 5,368 | 9,320 |
Gross unrealized losses | 5,412 | 166 |
Fair Value | 576,614 | 311,373 |
U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 354,774 | 12,092 |
Gross unrealized gains | 256 | 342 |
Gross unrealized losses | 4,780 | 0 |
Fair Value | 350,250 | 12,434 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 107,772 | 181,569 |
Gross unrealized gains | 2,312 | 5,644 |
Gross unrealized losses | 297 | 1 |
Fair Value | 109,787 | 187,212 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,286 | 16,793 |
Gross unrealized gains | 41 | 538 |
Gross unrealized losses | 51 | 0 |
Fair Value | 14,276 | 17,331 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,730 | 13,990 |
Gross unrealized gains | 421 | 543 |
Gross unrealized losses | 44 | 86 |
Fair Value | 13,107 | 14,447 |
Corporate investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 43,500 | 32,750 |
Gross unrealized gains | 1,138 | 420 |
Gross unrealized losses | 128 | 22 |
Fair Value | 44,510 | 33,148 |
States and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 43,596 | 45,025 |
Gross unrealized gains | 1,200 | 1,833 |
Gross unrealized losses | 112 | 57 |
Fair Value | $ 44,684 | $ 46,801 |
Investment Securities - Summa_2
Investment Securities - Summary of amortized cost and fair value of securities held to maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 71,648 | $ 93,766 |
Gross unrealized gains | 436 | 670 |
Gross unrealized losses | 0 | 0 |
Fair Value | 72,084 | 94,436 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 71,648 | 93,766 |
Gross unrealized gains | 436 | 670 |
Gross unrealized losses | 0 | 0 |
Fair Value | $ 72,084 | $ 94,436 |
Investment Securities - Summa_3
Investment Securities - Summary of investment securities that were in an unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale: | ||
Fair value, less than 12 months | $ 357,967 | $ 19,525 |
Unrealized losses, less than 12 months | 5,376 | 166 |
Fair value, 12 months or more | 2,192 | 0 |
Unrealized losses, 12 months or more | 36 | 0 |
Fair value, total | 360,159 | 19,525 |
Unrealized losses, total | 5,412 | 166 |
U.S. Government agencies | ||
Available for sale: | ||
Fair value, less than 12 months | 314,614 | |
Unrealized losses, less than 12 months | 4,780 | |
Fair value, 12 months or more | 0 | |
Unrealized losses, 12 months or more | 0 | |
Fair value, total | 314,614 | |
Unrealized losses, total | 4,780 | |
Residential mortgage-backed securities | ||
Available for sale: | ||
Fair value, less than 12 months | 15,216 | 4,471 |
Unrealized losses, less than 12 months | 297 | 1 |
Fair value, 12 months or more | 0 | 0 |
Unrealized losses, 12 months or more | 0 | 0 |
Fair value, total | 15,216 | 4,471 |
Unrealized losses, total | 297 | 1 |
Commercial mortgage-backed securities | ||
Available for sale: | ||
Fair value, less than 12 months | 8,376 | 305 |
Unrealized losses, less than 12 months | 51 | 0 |
Fair value, 12 months or more | 0 | 0 |
Unrealized losses, 12 months or more | 0 | 0 |
Fair value, total | 8,376 | 305 |
Unrealized losses, total | 51 | 0 |
Asset backed securities | ||
Available for sale: | ||
Fair value, less than 12 months | 2,272 | 2,492 |
Unrealized losses, less than 12 months | 8 | 86 |
Fair value, 12 months or more | 2,192 | 0 |
Unrealized losses, 12 months or more | 36 | 0 |
Fair value, total | 4,464 | 2,492 |
Unrealized losses, total | 44 | 86 |
Corporate investments | ||
Available for sale: | ||
Fair value, less than 12 months | 6,117 | 3,028 |
Unrealized losses, less than 12 months | 112 | 57 |
Fair value, 12 months or more | 0 | 0 |
Unrealized losses, 12 months or more | 0 | 0 |
Fair value, total | 6,117 | 3,028 |
Unrealized losses, total | 112 | 57 |
States and political subdivisions | ||
Available for sale: | ||
Fair value, less than 12 months | 11,372 | 9,229 |
Unrealized losses, less than 12 months | 128 | 22 |
Fair value, 12 months or more | 0 | 0 |
Unrealized losses, 12 months or more | 0 | 0 |
Fair value, total | 11,372 | 9,229 |
Unrealized losses, total | $ 128 | $ 22 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - debtPosition | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities in unrealized loss position | 82 | 13 |
Investment Securities - Summa_4
Investment Securities - Summary of amortized cost and fair value of debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost | ||
One year or less | $ 11,190 | $ 4,087 |
After one through five years | 239,290 | 21,150 |
After five through ten years | 197,992 | 74,219 |
After ten years | 128,186 | 202,763 |
Total | 576,658 | 302,219 |
Fair value | ||
One year or less | 11,212 | 4,108 |
After one through five years | 236,674 | 21,692 |
After five through ten years | 197,809 | 76,192 |
After ten years | 130,919 | 209,381 |
Total | 576,614 | 311,373 |
Amortized Cost | ||
One year or less | 9,286 | 15,891 |
After one through five years | 44,803 | 50,738 |
After five through ten years | 15,349 | 24,247 |
After ten years | 2,210 | 2,890 |
Total | 71,648 | 93,766 |
Fair Value | ||
One year or less | 9,299 | 15,926 |
After one through five years | 44,989 | 50,926 |
After five through ten years | 15,586 | 24,694 |
After ten years | 2,210 | 2,890 |
Total | $ 72,084 | $ 94,436 |
Investment Securities - Summa_5
Investment Securities - Summary of the amortized cost and fair value for investment securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale: | ||
Amortized Cost | $ 576,658 | $ 302,219 |
Fair Value | 576,614 | 311,373 |
Held to maturity: | ||
Amortized Cost | 71,648 | 93,766 |
Fair Value | 72,084 | 94,436 |
Pledged To Secure Public Deposits And For Other Purposes Required Or Permitted By Law | ||
Available for sale: | ||
Amortized Cost | 451,402 | 251,913 |
Fair Value | 450,480 | 260,351 |
Held to maturity: | ||
Amortized Cost | 38,704 | 57,110 |
Fair Value | $ 39,102 | $ 57,770 |
Loans - Summary of the company'
Loans - Summary of the company's loan portfolio by loan class (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan Balances: | ||
Loans before allowance for loan losses | $ 3,619,172 | $ 3,378,732 |
Total real estate | ||
Loan Balances: | ||
Loans before allowance for loan losses | 2,926,050 | 2,583,573 |
Total real estate | Residential properties | ||
Loan Balances: | ||
Loans before allowance for loan losses | 774,699 | 738,340 |
Total real estate | Construction and land development | ||
Loan Balances: | ||
Loans before allowance for loan losses | 543,763 | 403,496 |
Total real estate | Farmland | ||
Loan Balances: | ||
Loans before allowance for loan losses | 211,503 | 217,104 |
Total real estate | Other commercial | ||
Loan Balances: | ||
Loans before allowance for loan losses | 1,396,085 | 1,224,633 |
Commercial and industrial loans | ||
Loan Balances: | ||
Loans before allowance for loan losses | 527,102 | 635,714 |
Agricultural production and other loans to farmers | ||
Loan Balances: | ||
Loans before allowance for loan losses | 86,520 | 85,469 |
Consumer and other loans | ||
Loan Balances: | ||
Loans before allowance for loan losses | $ 79,500 | $ 73,976 |
Loans - Summary of non-accrual
Loans - Summary of non-accrual loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan Balances: | ||
Total non-accrual loans | $ 5,897 | $ 14,111 |
Total real estate | ||
Loan Balances: | ||
Total non-accrual loans | 5,708 | 13,837 |
Total real estate | Residential properties | ||
Loan Balances: | ||
Total non-accrual loans | 3,154 | 3,869 |
Total real estate | Construction and land development | ||
Loan Balances: | ||
Total non-accrual loans | 51 | 1,863 |
Total real estate | Farmland | ||
Loan Balances: | ||
Total non-accrual loans | 1,327 | 158 |
Total real estate | Other commercial | ||
Loan Balances: | ||
Total non-accrual loans | 1,176 | 7,947 |
Commercial and industrial loans | ||
Loan Balances: | ||
Total non-accrual loans | 20 | 12 |
Agricultural production and other loans to farmers | ||
Loan Balances: | ||
Total non-accrual loans | 3 | 85 |
Consumer and other loans | ||
Loan Balances: | ||
Total non-accrual loans | $ 166 | $ 177 |
Loans - Summary of past due loa
Loans - Summary of past due loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan Balances: | ||
Total loans before allowance for loan losses | $ 3,619,172 | $ 3,378,732 |
Past Due 90 days or more and Accruing | 2,914 | 6,303 |
Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 14,167 | 23,229 |
Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 8,602 | 13,836 |
Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 5,565 | 9,393 |
Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 3,605,005 | 3,355,503 |
Total real estate | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,926,050 | 2,583,573 |
Past Due 90 days or more and Accruing | 2,192 | 6,052 |
Total real estate | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 11,753 | 19,843 |
Total real estate | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 7,093 | 10,878 |
Total real estate | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 4,660 | 8,965 |
Total real estate | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,914,297 | 2,563,730 |
Total real estate | Residential properties | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 774,699 | 738,340 |
Past Due 90 days or more and Accruing | 865 | 1,174 |
Total real estate | Residential properties | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 6,569 | 7,852 |
Total real estate | Residential properties | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 4,537 | 5,836 |
Total real estate | Residential properties | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,032 | 2,016 |
Total real estate | Residential properties | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 768,130 | 730,488 |
Total real estate | Construction and land development | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 543,763 | 403,496 |
Past Due 90 days or more and Accruing | 1,085 | 1,843 |
Total real estate | Construction and land development | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,452 | 3,799 |
Total real estate | Construction and land development | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 367 | 713 |
Total real estate | Construction and land development | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,085 | 3,086 |
Total real estate | Construction and land development | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 542,311 | 399,697 |
Total real estate | Farmland | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 211,503 | 217,104 |
Past Due 90 days or more and Accruing | 30 | 618 |
Total real estate | Farmland | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,025 | 1,152 |
Total real estate | Farmland | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 600 | 373 |
Total real estate | Farmland | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 425 | 779 |
Total real estate | Farmland | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 210,478 | 215,952 |
Total real estate | Other commercial | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,396,085 | 1,224,633 |
Past Due 90 days or more and Accruing | 212 | 2,417 |
Total real estate | Other commercial | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,707 | 7,040 |
Total real estate | Other commercial | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,589 | 3,956 |
Total real estate | Other commercial | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,118 | 3,084 |
Total real estate | Other commercial | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,393,378 | 1,217,593 |
Commercial and industrial loans | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 527,102 | 635,714 |
Past Due 90 days or more and Accruing | 606 | 135 |
Commercial and industrial loans | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,447 | 2,330 |
Commercial and industrial loans | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 824 | 2,195 |
Commercial and industrial loans | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 623 | 135 |
Commercial and industrial loans | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 525,655 | 633,384 |
Agricultural production and other loans to farmers | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 86,520 | 85,469 |
Past Due 90 days or more and Accruing | 32 | 15 |
Agricultural production and other loans to farmers | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 343 | 334 |
Agricultural production and other loans to farmers | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 311 | 319 |
Agricultural production and other loans to farmers | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 32 | 15 |
Agricultural production and other loans to farmers | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 86,177 | 85,135 |
Consumer and other loans | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 79,500 | 73,976 |
Past Due 90 days or more and Accruing | 84 | 101 |
Consumer and other loans | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 624 | 722 |
Consumer and other loans | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 374 | 444 |
Consumer and other loans | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 250 | 278 |
Consumer and other loans | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | $ 78,876 | $ 73,254 |
Loans - Summary of impaired loa
Loans - Summary of impaired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired loans with no related allowance: | ||
Principal Balance | $ 35,248 | $ 44,225 |
Recorded Balance | 28,323 | 35,226 |
Impaired loans with related allowance: | ||
Principal Balance | 7,261 | 11,575 |
Recorded Balance | 7,261 | 11,542 |
Related Allowance | 2,014 | 4,195 |
Principal balance, total impaired loans | 42,509 | 55,800 |
Recorded balance, total impaired loans | 35,584 | 46,768 |
Total real estate | ||
Impaired loans with no related allowance: | ||
Principal Balance | 17,366 | 33,467 |
Recorded Balance | 10,842 | 24,990 |
Impaired loans with related allowance: | ||
Principal Balance | 2,719 | 7,145 |
Recorded Balance | 2,719 | 7,112 |
Related Allowance | 313 | 2,037 |
Total real estate | Residential properties | ||
Impaired loans with no related allowance: | ||
Principal Balance | 7,667 | 8,474 |
Recorded Balance | 5,034 | 5,795 |
Impaired loans with related allowance: | ||
Principal Balance | 813 | 1,073 |
Recorded Balance | 813 | 1,073 |
Related Allowance | 9 | 9 |
Total real estate | Construction and land development | ||
Impaired loans with no related allowance: | ||
Principal Balance | 3,615 | 5,530 |
Recorded Balance | 1,649 | 3,462 |
Impaired loans with related allowance: | ||
Principal Balance | 0 | |
Recorded Balance | 0 | |
Related Allowance | 0 | |
Total real estate | Farmland | ||
Impaired loans with no related allowance: | ||
Principal Balance | 3,413 | 11,024 |
Recorded Balance | 2,859 | 10,584 |
Impaired loans with related allowance: | ||
Principal Balance | 0 | |
Recorded Balance | 0 | |
Related Allowance | 0 | |
Total real estate | Other commercial | ||
Impaired loans with no related allowance: | ||
Principal Balance | 2,671 | 8,439 |
Recorded Balance | 1,300 | 5,149 |
Impaired loans with related allowance: | ||
Principal Balance | 1,906 | 6,072 |
Recorded Balance | 1,906 | 6,039 |
Related Allowance | 304 | 2,028 |
Commercial and industrial loans | ||
Impaired loans with no related allowance: | ||
Principal Balance | 17,528 | 10,386 |
Recorded Balance | 17,300 | 9,962 |
Impaired loans with related allowance: | ||
Principal Balance | 4,542 | 4,430 |
Recorded Balance | 4,542 | 4,430 |
Related Allowance | 1,701 | 2,158 |
Agricultural production and other loans to farmers | ||
Impaired loans with no related allowance: | ||
Principal Balance | 105 | 156 |
Recorded Balance | 15 | 97 |
Consumer and other loans | ||
Impaired loans with no related allowance: | ||
Principal Balance | 249 | 216 |
Recorded Balance | $ 166 | $ 177 |
Loans - Summary of average reco
Loans - Summary of average recorded investment and interest recognized for impaired loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loan Balances: | |||
Average Investment | $ 43,738 | $ 34,991 | $ 22,952 |
Interest Recognized | 1,899 | 1,119 | 476 |
Total real estate | |||
Loan Balances: | |||
Average Investment | 22,981 | 32,592 | 22,161 |
Interest Recognized | 806 | 1,038 | 446 |
Total real estate | Residential properties | |||
Loan Balances: | |||
Average Investment | 6,309 | 6,014 | 5,013 |
Interest Recognized | 139 | 152 | 151 |
Total real estate | Construction and land development | |||
Loan Balances: | |||
Average Investment | 2,123 | 4,384 | 2,135 |
Interest Recognized | 115 | 127 | 175 |
Total real estate | Farmland | |||
Loan Balances: | |||
Average Investment | 8,622 | 10,515 | 2,831 |
Interest Recognized | 384 | 510 | 12 |
Total real estate | Other commercial | |||
Loan Balances: | |||
Average Investment | 5,927 | 11,679 | 12,182 |
Interest Recognized | 168 | 249 | 108 |
Commercial and industrial loans | |||
Loan Balances: | |||
Average Investment | 20,473 | 2,136 | 624 |
Interest Recognized | 1,089 | 81 | 30 |
Agricultural production and other loans to farmers | |||
Loan Balances: | |||
Average Investment | 96 | 82 | 74 |
Interest Recognized | 3 | 0 | 0 |
Consumer and other loans | |||
Loan Balances: | |||
Average Investment | 188 | 181 | 93 |
Interest Recognized | $ 1 | $ 0 | $ 0 |
Loans - Summary of modification
Loans - Summary of modifications classified as TDRs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)debtPosition | Dec. 31, 2020USD ($)debtPosition | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | debtPosition | 2 | 3 |
Balance Prior to TDR | $ 295 | $ 7,681 |
Balance at Year End | $ 183 | $ 7,641 |
Construction and land development | Construction and land development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | debtPosition | 1 | |
Balance Prior to TDR | $ 95 | |
Balance at Year End | $ 0 | |
Other commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | debtPosition | 2 | |
Balance Prior to TDR | $ 7,493 | |
Balance at Year End | $ 7,454 | |
Consumer and other loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | debtPosition | 1 | |
Balance Prior to TDR | $ 188 | |
Balance at Year End | $ 187 | |
Total real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | debtPosition | 2 | |
Balance Prior to TDR | $ 7,493 | |
Balance at Year End | $ 7,454 | |
Total real estate | Residential properties | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | debtPosition | 1 | |
Balance Prior to TDR | $ 200 | |
Balance at Year End | $ 183 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loan Balances: | ||||
Allowance for loan losses attributable to restructured loans | $ 45,000 | $ 36,000 | $ 21,500 | $ 24,500 |
Restructured loan | ||||
Loan Balances: | ||||
Allowance for loan losses attributable to restructured loans | $ 139 | $ 2,000 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of the credit quality of the company's loan portfolio by loan class (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan Balances: | ||
Loans before allowance for loan losses | $ 3,619,172 | $ 3,378,732 |
Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 3,564,318 | 3,314,790 |
Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 4,097 | 142 |
Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 50,736 | 63,522 |
Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 21 | 278 |
Total real estate | ||
Loan Balances: | ||
Loans before allowance for loan losses | 2,926,050 | 2,583,573 |
Total real estate | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 2,895,247 | 2,536,947 |
Total real estate | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 4,097 | 0 |
Total real estate | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 26,706 | 46,399 |
Total real estate | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 227 |
Total real estate | Residential properties | ||
Loan Balances: | ||
Loans before allowance for loan losses | 774,699 | 738,340 |
Total real estate | Residential properties | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 763,116 | 721,024 |
Total real estate | Residential properties | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Total real estate | Residential properties | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 11,583 | 17,316 |
Total real estate | Residential properties | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Total real estate | Construction and land development | ||
Loan Balances: | ||
Loans before allowance for loan losses | 543,763 | 403,496 |
Total real estate | Construction and land development | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 537,573 | 401,347 |
Total real estate | Construction and land development | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 4,097 | 0 |
Total real estate | Construction and land development | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 2,093 | 2,149 |
Total real estate | Construction and land development | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Total real estate | Farmland | ||
Loan Balances: | ||
Loans before allowance for loan losses | 211,503 | 217,104 |
Total real estate | Farmland | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 208,318 | 205,211 |
Total real estate | Farmland | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Total real estate | Farmland | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 3,185 | 11,893 |
Total real estate | Farmland | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Total real estate | Other commercial | ||
Loan Balances: | ||
Loans before allowance for loan losses | 1,396,085 | 1,224,633 |
Total real estate | Other commercial | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 1,386,240 | 1,209,365 |
Total real estate | Other commercial | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Total real estate | Other commercial | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 9,845 | 15,041 |
Total real estate | Other commercial | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 227 |
Commercial and industrial loans | ||
Loan Balances: | ||
Loans before allowance for loan losses | 527,102 | 635,714 |
Commercial and industrial loans | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 503,603 | 619,086 |
Commercial and industrial loans | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 51 |
Commercial and industrial loans | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 23,496 | 16,526 |
Commercial and industrial loans | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 3 | 51 |
Agricultural production and other loans to farmers | ||
Loan Balances: | ||
Loans before allowance for loan losses | 86,520 | 85,469 |
Agricultural production and other loans to farmers | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 86,292 | 85,197 |
Agricultural production and other loans to farmers | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 91 |
Agricultural production and other loans to farmers | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 228 | 181 |
Agricultural production and other loans to farmers | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Consumer and other loans | ||
Loan Balances: | ||
Loans before allowance for loan losses | 79,500 | 73,976 |
Consumer and other loans | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 79,176 | 73,560 |
Consumer and other loans | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Consumer and other loans | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 306 | 416 |
Consumer and other loans | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | $ 18 | $ 0 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Schedule of allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of year | $ 36,000 | $ 21,500 | $ 24,500 | |
Provision for loan losses | $ 9,068 | 9,068 | 17,090 | 586 |
Recoveries on loans | 6,269 | 4,381 | 4,826 | |
Loans charged off | (6,337) | (6,971) | (8,412) | |
Balance, end of year | 45,000 | 45,000 | 36,000 | 21,500 |
Allowance Balances: | ||||
Individually evaluated for impairment | 2,014 | 2,014 | 4,195 | |
Collectively evaluated for impairment | 42,986 | 42,986 | 31,805 | |
Allowance for loan losses attributable to restructured loans | 45,000 | 45,000 | 36,000 | 21,500 |
Individually evaluated for impairment | 27,062 | 27,062 | 46,768 | |
Collectively evaluated for impairment | 3,592,110 | 3,592,110 | 3,331,964 | |
Total loans before allowance for loan losses | 3,619,172 | 3,619,172 | 3,378,732 | |
Commercial and industrial loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of year | 6,337 | 2,773 | 3,203 | |
Provision for loan losses | 98 | 3,951 | (386) | |
Recoveries on loans | 512 | 212 | 428 | |
Loans charged off | (391) | (599) | (472) | |
Balance, end of year | 6,556 | 6,556 | 6,337 | 2,773 |
Allowance Balances: | ||||
Individually evaluated for impairment | 1,701 | 1,701 | 2,158 | |
Collectively evaluated for impairment | 4,855 | 4,855 | 4,179 | |
Allowance for loan losses attributable to restructured loans | 6,556 | 6,556 | 6,337 | 2,773 |
Individually evaluated for impairment | 21,822 | 21,822 | 14,392 | |
Collectively evaluated for impairment | 505,280 | 505,280 | 621,322 | |
Total loans before allowance for loan losses | 527,102 | 527,102 | 635,714 | |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of year | 20,163 | 10,766 | 12,920 | |
Provision for loan losses | 5,535 | 11,380 | (1,758) | |
Recoveries on loans | 2,414 | 492 | 633 | |
Loans charged off | (979) | (2,475) | (1,029) | |
Balance, end of year | 27,133 | 27,133 | 20,163 | 10,766 |
Allowance Balances: | ||||
Individually evaluated for impairment | 304 | 304 | 2,028 | |
Collectively evaluated for impairment | 26,829 | 26,829 | 18,135 | |
Allowance for loan losses attributable to restructured loans | 27,133 | 27,133 | 20,163 | 10,766 |
Individually evaluated for impairment | 3,434 | 3,434 | 25,234 | |
Collectively evaluated for impairment | 2,147,917 | 2,147,917 | 1,819,999 | |
Total loans before allowance for loan losses | 2,151,351 | 2,151,351 | 1,845,233 | |
Residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of year | 7,900 | 5,568 | 5,358 | |
Provision for loan losses | 1,442 | 2,369 | 1,064 | |
Recoveries on loans | 599 | 353 | 529 | |
Loans charged off | (453) | (390) | (1,383) | |
Balance, end of year | 9,488 | 9,488 | 7,900 | 5,568 |
Allowance Balances: | ||||
Individually evaluated for impairment | 9 | 9 | 9 | |
Collectively evaluated for impairment | 9,479 | 9,479 | 7,891 | |
Allowance for loan losses attributable to restructured loans | 9,488 | 9,488 | 7,900 | 5,568 |
Individually evaluated for impairment | 1,640 | 1,640 | 6,868 | |
Collectively evaluated for impairment | 773,059 | 773,059 | 731,472 | |
Total loans before allowance for loan losses | 774,699 | 774,699 | 738,340 | |
Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of year | 1,600 | 1,135 | 1,134 | |
Provision for loan losses | 1,993 | 648 | 2,293 | |
Recoveries on loans | 2,744 | 3,324 | 3,236 | |
Loans charged off | (4,514) | (3,507) | (5,528) | |
Balance, end of year | 1,823 | 1,823 | 1,600 | 1,135 |
Allowance Balances: | ||||
Individually evaluated for impairment | 0 | 0 | 0 | |
Collectively evaluated for impairment | 1,823 | 1,823 | 1,600 | |
Allowance for loan losses attributable to restructured loans | 1,823 | 1,823 | 1,600 | 1,135 |
Individually evaluated for impairment | 166 | 166 | 274 | |
Collectively evaluated for impairment | 165,854 | 165,854 | 159,171 | |
Total loans before allowance for loan losses | 166,020 | 166,020 | 159,445 | |
Unallocated | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of year | 0 | 1,258 | 1,885 | |
Provision for loan losses | 0 | (1,258) | (627) | |
Recoveries on loans | 0 | 0 | 0 | |
Loans charged off | 0 | 0 | 0 | |
Balance, end of year | 0 | 0 | 0 | 1,258 |
Allowance Balances: | ||||
Individually evaluated for impairment | 0 | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | 0 | |
Allowance for loan losses attributable to restructured loans | 0 | 0 | 0 | $ 1,258 |
Individually evaluated for impairment | 0 | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | 0 | |
Total loans before allowance for loan losses | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses - S_3
Allowance for Loan Losses - Schedule of the impairment methodology (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan Balances: | ||
Individually evaluated for impairment | $ 27,062 | $ 46,768 |
Collectively evaluated for impairment | 3,592,110 | 3,331,964 |
Total loans before allowance for loan losses | 3,619,172 | 3,378,732 |
Commercial and industrial loans | ||
Loan Balances: | ||
Individually evaluated for impairment | 21,822 | 14,392 |
Collectively evaluated for impairment | 505,280 | 621,322 |
Total loans before allowance for loan losses | 527,102 | 635,714 |
Commercial Real Estate | ||
Loan Balances: | ||
Individually evaluated for impairment | 3,434 | 25,234 |
Collectively evaluated for impairment | 2,147,917 | 1,819,999 |
Total loans before allowance for loan losses | 2,151,351 | 1,845,233 |
Residential | ||
Loan Balances: | ||
Individually evaluated for impairment | 1,640 | 6,868 |
Collectively evaluated for impairment | 773,059 | 731,472 |
Total loans before allowance for loan losses | 774,699 | 738,340 |
Consumer and other | ||
Loan Balances: | ||
Individually evaluated for impairment | 166 | 274 |
Collectively evaluated for impairment | 165,854 | 159,171 |
Total loans before allowance for loan losses | 166,020 | 159,445 |
Unallocated | ||
Loan Balances: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 0 | 0 |
Total loans before allowance for loan losses | $ 0 | $ 0 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | $ 193,509 | $ 191,967 | |
Less accumulated depreciation and amortization | (91,544) | (89,000) | |
Premises and equipment, net | 101,965 | 102,967 | |
Depreciation | 7,900 | 6,400 | $ 5,100 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | 26,902 | 27,023 | |
Bank premises | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | 74,311 | 72,561 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | 15,325 | 13,572 | |
Data processing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | 34,286 | 34,708 | |
Furniture and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | $ 42,685 | $ 44,103 |
Other Assets - Summary of other
Other Assets - Summary of other assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Amortized intangible assets | $ 5,100 | $ 5,823 | |
Other real estate owned | 5,815 | 6,754 | $ 4,851 |
Cash value of bank-owned life insurance | 100,325 | 91,284 | |
Federal Home Loan Bank stock | 2,731 | 2,557 | |
Deferred income tax | 4,608 | 2,516 | |
Investment in statutory trusts | 1,704 | 1,703 | |
Other | 25,304 | 26,603 | |
Other assets | $ 145,587 | $ 137,240 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Amortization expense | $ 723 | $ 559 | $ 93 |
Non-compete agreements | |||
Business Acquisition [Line Items] | |||
Amortization period of intangible assets | 3 years | ||
Core deposit intangibles | |||
Business Acquisition [Line Items] | |||
Amortization period of intangible assets | 15 years | ||
Acquired customer relationships | |||
Business Acquisition [Line Items] | |||
Amortization period of intangible assets | 15 years |
Other Assets - Amortization of
Other Assets - Amortization of intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 8,406 | $ 8,406 |
Accumulated Amortization | 3,306 | 2,583 |
Net Intangible Assets | 5,100 | 5,823 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 6,901 | 6,901 |
Accumulated Amortization | 2,060 | 1,375 |
Net Intangible Assets | 4,841 | 5,526 |
Acquired customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 1,415 | 1,415 |
Accumulated Amortization | 1,156 | 1,118 |
Net Intangible Assets | 259 | 297 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 90 | 90 |
Accumulated Amortization | 90 | 90 |
Net Intangible Assets | $ 0 | $ 0 |
Other Assets - Future expected
Other Assets - Future expected amortization (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2022 | $ 705 |
2023 | 688 |
2024 | 668 |
2025 | 646 |
2026 | 620 |
After 2026 | 1,773 |
Future expected amortization of finite intangible assets | $ 5,100 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect adjustment | $ 280,972 | $ 289,932 | $ 172,203 | $ 159,555 |
Gains on lease sale transactions | 3,800 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease renewal periods | 1 year | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease renewal periods | 25 years | |||
Retained Earnings | ||||
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect adjustment | $ 273,204 | $ 314,357 | $ 247,241 | 225,723 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect adjustment | (5,240) | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect adjustment | $ (5,240) |
Leases - Additional lease infor
Leases - Additional lease information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term (years) - operating leases | 11 years 3 months 10 days | 11 years 11 months 26 days |
Weighted average discount rate - operating leases | 5.00% | 5.00% |
Leases- Lease expense (Details)
Leases- Lease expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 4,747 | $ 5,112 |
Variable lease expense | 774 | 508 |
Short-term lease expense | 181 | 165 |
Sublease income | 0 | (8) |
Total lease expense | $ 5,702 | $ 5,777 |
Leases - Maturities of operatin
Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Year 1 | $ 4,439 | |
Year 2 | 4,359 | |
Year 3 | 4,215 | |
Year 4 | 4,291 | |
Year 5 | 4,402 | |
Thereafter | 25,327 | |
Total lease payments | 47,033 | |
Less: Imputed interest | (11,240) | |
Total lease obligation | $ 35,793 | $ 37,127 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of operating lease liabilities: | ||
Operating cash flow from operating leases | $ 4,610 | $ 4,683 |
ROU assets obtained in exchange for lease obligations: | ||
Operating leases | 711 | 214 |
Reduction to ROU assets resulting from reductions to lease obligations: | ||
Operating leases | $ 2,927 | $ 3,028 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Real Estate [Roll Forward] | |||
Beginning balance | $ 6,754 | $ 4,851 | |
Additions | 4,947 | 9,491 | |
Proceeds from sales | (5,861) | (7,687) | |
Write-downs | (209) | (301) | |
Net gain (loss) on sales | 184 | 400 | $ 311 |
Balance at end of period | $ 5,815 | $ 6,754 | $ 4,851 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Noninterest-bearing | $ 1,404,590 | $ 1,230,868 |
Interest bearing: | ||
Money market, NOW and savings accounts | 2,592,560 | 2,227,979 |
Certificates of deposit of $250,000 or more | 181,751 | 192,188 |
Other certificates of deposit | 443,215 | 501,775 |
Total interest bearing | 3,217,526 | 2,921,942 |
Total deposits | $ 4,622,116 | $ 4,152,810 |
Deposits - Certificate of Depos
Deposits - Certificate of Deposits Maturity Schedule (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Deposits [Abstract] | |
2022 | $ 419,846 |
2023 | 115,419 |
2024 | 54,745 |
2025 | 22,045 |
2026 | 12,891 |
After 2025 | 20 |
Total certificates of deposits | $ 624,966 |
Short-term Borrowings (Details)
Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balances Outstanding | ||
Maximum Month End | $ 0 | $ 0 |
Average Daily | 0 | 150 |
At Period End | 0 | 0 |
Federal funds purchased | ||
Balances Outstanding | ||
Maximum Month End | 0 | 0 |
Average Daily | 0 | 150 |
At Period End | $ 0 | $ 0 |
Weighted Average Rate | ||
During Period | 0.00% | 1.07% |
At Period End | 0.00% | 0.00% |
Unsecured federal funds line, available commitment | $ 223,000 | |
Securities sold under agreements to repurchase | ||
Balances Outstanding | ||
Maximum Month End | 0 | $ 0 |
Average Daily | 0 | 0 |
At Period End | $ 0 | $ 0 |
Weighted Average Rate | ||
During Period | 0.00% | 0.00% |
At Period End | 0.00% | 0.00% |
Advances from Federal Home Lo_3
Advances from Federal Home Loan Bank and Other Borrowings - Schedule of advances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from Federal Home Loan Banks | $ 20,501 | $ 20,646 |
Amortizing Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from Federal Home Loan Banks | $ 501 | $ 646 |
Minimum | Amortizing Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Range of interest rates | 2.06% | 2.06% |
Maximum | Amortizing Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Range of interest rates | 2.94% | 2.94% |
Federal Home Loan Bank, Advances, Callable Option | Single Payment Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from Federal Home Loan Banks | $ 20,000 | $ 20,000 |
Federal Home Loan Bank, Advances, Callable Option | Minimum | Single Payment Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Range of interest rates | 1.42% | 1.42% |
Federal Home Loan Bank, Advances, Callable Option | Maximum | Single Payment Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Range of interest rates | 1.53% | 1.53% |
Advances from Federal Home Lo_4
Advances from Federal Home Loan Bank and Other Borrowings - Narrative (Details) - USD ($) | 1 Months Ended | |||
Oct. 31, 2016 | Feb. 25, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Secured Revolving Credit Facility | Subsequent Event | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Secured revolving line of credit facility | $ 20,000,000 | |||
Secured Revolving Credit Facility | Subsequent Event | Wall Street Journal Prime | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Floor of floating interest rate | 3.25% | |||
Five Year Term Loan | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Term of loan agreement | 5 years | |||
Face amount of debt issued and sold | $ 35,000,000 | |||
Stock pledged as collateral (as a percent) | 100.00% | |||
Quarterly principal reduction | $ 875,000 | |||
Fixed interest rate | 3.75% | |||
Outstanding balance on other borrowings | $ 13,100,000 | |||
Federal Home Loan Bank of Dallas | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Additional short and long-term borrowing capacity | $ 1,480,000,000 | 1,410,000,000 | ||
Federal Reserve Bank, Saint Louis | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Additional short and long-term borrowing capacity | 189,500,000 | 211,400,000 | ||
Loan collateral pledged | $ 231,700,000 | $ 253,700,000 |
Advances from Federal Home Lo_5
Advances from Federal Home Loan Bank and Other Borrowings - FHLB maturity schedule (Details) - FHLB Advances and Other Debt - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
2022 | $ 417 | |
2023 | 25 | $ 13,171 |
2024 | 13 | 395 |
2025 | 13 | 110 |
2026 | 14 | 0 |
Thereafter | 20,019 | |
FHLB and other debt | 20,501 | 33,771 |
Prior Year Fiscal Maturity Schedule [Abstract] | ||
2022 | 25 | 13,171 |
2023 | 13 | 395 |
2024 | 13 | 110 |
2025 | 14 | 0 |
2026 | 0 | |
Thereafter | 20,095 | |
FHLB and other debt | $ 20,501 | $ 33,771 |
Subordinated Debentures and T_3
Subordinated Debentures and Trust Preferred Securities - Narrative (Details) - USD ($) | Jun. 04, 2025 | Mar. 01, 2022 | Jun. 04, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
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 cost | $ 1,200,000 | $ 1,400,000 | |||
Period to defer payment of interest (not exceeding) | 5 years | ||||
Remaining purchase discount | $ 4,000,000 | $ 4,200,000 | |||
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 | Five Point Five Zero Percent Fixed to Floating Rate Subordinated Notes Due 2030 | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 5.50% | ||||
Junior Subordinated Debt | Five Point Five Zero Percent Fixed to Floating Rate Subordinated Notes Due 2030 | Subsequent Event | SCC Merger | |||||
Debt Instrument [Line Items] | |||||
Subordinated note assumed in merger | $ 21,000,000 | ||||
Junior Subordinated Debt | Five Point Five Zero Percent Fixed to Floating Rate Subordinated Notes Due 2030 | SOFR | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 5.27% |
Subordinated Debentures and T_4
Subordinated Debentures and Trust Preferred Securities - Summary of debentures payable to statutory trusts (Details) - Subordinated Debt - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 |
First Bancshares of Baton Rouge Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | 2.50% |
State Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 5,155 | $ 5,155 |
State Capital Statutory Trust IV | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.99% | 1.99% |
BancPlus Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 20,619 | $ 20,619 |
BancPlus Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | 1.50% |
BancPlus Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 20,619 | $ 20,619 |
BancPlus Statutory Trust III | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% | 1.35% |
State Capital Master Trust | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 6,186 | $ 6,186 |
State Capital Master Trust | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.46% | 1.46% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 01, 2020 | Mar. 31, 2019 |
Debt and Equity Securities, FV-NI [Line Items] | ||||
Common stock, par value per share (USD per share) | $ 1 | $ 1 | $ 1 | |
Shares of preferred stock authorized (in shares) | 10,000,000 | |||
Shares of preferred stock issued | 0 | |||
Shares of preferred stock outstanding | 0 | |||
Class A Common Stock | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Common stock, par value per share (USD per share) | $ 1 | |||
Class B Common Stock | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Common stock, par value per share (USD per share) | $ 1 |
Other Operating Income and Ot_3
Other Operating Income and Other Operating Expenses - Components of other operating income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Other operating income | $ 30,102 | $ 26,429 | $ 18,806 |
Income from fiduciary activities | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 7,569 | 6,280 | 6,434 |
ATM income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 6,377 | 5,389 | 4,548 |
Brokerage and insurance fees and commissions | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 2,399 | 1,986 | 1,791 |
Other real estate income and gains | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 399 | 761 | 1,028 |
Life insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 6,601 | 2,386 | 1,628 |
Community Development Financial Institutions grants | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 2,241 | 823 | 960 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | $ 4,516 | $ 8,804 | $ 2,417 |
Other Operating Income and Ot_4
Other Operating Income and Other Operating Expenses - Components of other operating expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Advertising and marketing | $ 3,868 | $ 3,968 | $ 3,536 |
Other real estate expenses and losses | 842 | 889 | 1,250 |
FDIC and State insurance assessments | 3,029 | 2,085 | 851 |
Professional fees | 3,907 | 6,272 | 3,200 |
Security expense | 857 | 831 | 1,045 |
Supplies | 992 | 1,023 | 805 |
Other | 14,586 | 12,263 | 11,187 |
Other expenses | $ 28,081 | $ 27,331 | $ 21,874 |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employers matching contribution, annual vesting percentage (in percentage) | 3.00% | ||||
Employer matching contribution, percent of match (in percentage) | 50.00% | ||||
Employer matching contribution, percent of employees' gross pay (in percentage) | 2.00% | ||||
Employer contribution expense | $ 3,500 | $ 3,200 | $ 2,600 | ||
Total ESOP shares | 1,500,732 | 1,499,459 | |||
Stock repurchased during period (in shares) | 27,594 | 77,000 | 176,786 | ||
State Bank ESOP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total ESOP shares | 0 | 213,134 | |||
Employee Stock Ownership Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Redeemable common stock owned by the ESOP | $ 100,487 | $ 74,278 | |||
Temporary equity (in USD per share) | $ 68.25 | $ 51.25 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of ESOP (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Postemployment Benefits [Abstract] | ||
Allocated shares (in shares) | 1,472,334 | 1,449,335 |
Unearned shares (in shares) | 28,398 | 50,124 |
Total ESOP (in shares) | 1,500,732 | 1,499,459 |
Fair value of unearned shares (in USD) | $ 1,938 | $ 2,569 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 11,249 | $ 7,365 | $ 3,095 |
State | 1,971 | 1,896 | 768 |
Current components of income tax expense (benefit) | 13,220 | 9,261 | 3,863 |
Deferred: | |||
Federal | 131 | 45 | 4,152 |
State | 67 | (96) | 978 |
Deferred components of income tax expense (benefit) | 198 | (51) | 5,130 |
Income tax expense | $ 13,418 | $ 9,210 | $ 8,993 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of actual and expected tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Amount computed on earnings before income taxes | $ 14,656 | $ 10,150 | $ 9,532 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income from tax-exempt investments, net of disallowed interest deduction | (392) | (486) | (701) |
Bargain purchase gain | 0 | (226) | 1,380 |
State income taxes, net of Federal tax benefit | 1,610 | 1,422 | 0 |
Life insurance income | (1,341) | (445) | (341) |
Qualified School Construction Bond credits | (854) | (854) | (854) |
New markets tax credit | (460) | 0 | 0 |
Low Income Housing Tax credits | (161) | (221) | (221) |
Non-deductible expense | 355 | 384 | 337 |
Sale of foreclosed right-of-use asset | 0 | (809) | 0 |
Other, net | 5 | 295 | (139) |
Income tax expense | $ 13,418 | $ 9,210 | $ 8,993 |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for loan losses | $ 11,410 | $ 9,157 |
Other real estate | 1,182 | 1,243 |
Investment securities | 183 | 409 |
Restricted stock | 351 | 202 |
Unrealized loss on securities available for sale | 11 | 0 |
Loan yield and credit mark on loans | 1,120 | 2,691 |
Deposit yield mark | 569 | 1,211 |
Accrued expenses | 576 | 715 |
Other | 78 | 35 |
Total deferred tax assets | 15,480 | 15,663 |
Deferred tax liabilities: | ||
Depreciation of premises and equipment | (7,022) | (7,067) |
Federal Home Loan Bank stock dividends | (87) | (85) |
Partnership income | (678) | (371) |
Prepaid expenses | (1,014) | (1,059) |
Amortization of intangibles | (1,066) | (1,219) |
Subordinated debt yield mark | (1,005) | (1,067) |
Unrealized gain on securities available for sale | 0 | (2,279) |
Total deferred tax liabilities | (10,872) | (13,147) |
Net deferred tax assets | 4,608 | 2,516 |
Deferred income tax | 4,608 | 2,516 |
Other Assets | ||
Deferred tax liabilities: | ||
Deferred income tax | $ 4,600 | $ 2,500 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit | ||
Other Commitments [Line Items] | ||
Conditional commitments issued by the Bank | $ 1,185,760 | $ 974,069 |
Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Conditional commitments issued by the Bank | $ 15,128 | $ 7,139 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Forward Contracts | ||
Other Commitments [Line Items] | ||
Locked forward sales agreements | $ 35,500 | $ 122,500 |
Forward Contracts | ||
Other Commitments [Line Items] | ||
Derivatives with a positive fair value | 129 | 191 |
Derivatives with a negative fair value | 85 | 371 |
Loan Origination Commitments | ||
Other Commitments [Line Items] | ||
Conditional commitments issued by the Bank | $ 25,300 | $ 81,500 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Regulatory Matters [Abstract] | ||
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0250 | 0.0250 |
Tier one additional capital, trust preferred securities | $ 51,000,000 | $ 50,800,000 |
Banking regulation, tier one additional capital, trust preferred securities | 0 | $ 0 |
Tier 2 capital, subordinated debentures | $ 58,800,000 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of capital requirements (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
For Capital Adequacy Purposes (incl. Capital Conservation Buffer) | ||
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0250 | 0.0250 |
Company: | ||
Actual | ||
CET1 Capital to Risk-Weighted Assets | $ 382,736 | $ 339,936 |
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0940 | 0.0994 |
Tier 1 Capital to Risk-Weighted Assets | $ 433,754 | $ 390,713 |
Tier 1 Capital to Risk-Weighted Assets, Ration (as a percentage) | 0.1065 | 0.1142 |
Total Capital to Risk-Weighted Assets | $ 537,541 | $ 485,357 |
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.1320 | 0.1419 |
Tier 1 Capital to Average Assets | $ 433,754 | $ 390,713 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0846 | 0.0855 |
For Capital Adequacy Purposes (incl. Capital Conservation Buffer) | ||
CET1 Capital to Risk-Weighted Assets | $ 285,078 | $ 239,437 |
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0700 | 0.0700 |
Tier 1 Capital to Risk-Weighted Assets | $ 346,166 | $ 290,745 |
Tier 1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0850 | 0.0850 |
Total Capital to Risk-Weighted Assets | $ 427,617 | $ 359,155 |
Total Risk-Based Assets, Ratio (as a percentage) | 0.1050 | 0.1050 |
Tier 1 Capital to Average Assets | $ 205,072 | $ 182,853 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0400 | 0.0400 |
Bank: | ||
Actual | ||
CET1 Capital to Risk-Weighted Assets | $ 428,602 | $ 387,231 |
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.1055 | 0.1136 |
Tier 1 Capital to Risk-Weighted Assets | $ 428,602 | $ 387,231 |
Tier 1 Capital to Risk-Weighted Assets, Ration (as a percentage) | 0.1055 | 0.1136 |
Total Capital to Risk-Weighted Assets | $ 473,602 | $ 423,231 |
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.1165 | 0.1242 |
Tier 1 Capital to Average Assets | $ 428,602 | $ 387,231 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0837 | 0.0849 |
For Capital Adequacy Purposes (incl. Capital Conservation Buffer) | ||
CET1 Capital to Risk-Weighted Assets | $ 284,509 | $ 238,629 |
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0700 | 0.0700 |
Tier 1 Capital to Risk-Weighted Assets | $ 345,475 | $ 289,763 |
Tier 1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0850 | 0.0850 |
Total Capital to Risk-Weighted Assets | $ 426,763 | $ 357,943 |
Total Risk-Based Assets, Ratio (as a percentage) | 0.1050 | 0.1050 |
Tier 1 Capital to Average Assets | $ 204,714 | $ 182,531 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0400 | 0.0400 |
Required to be Well Capitalized | ||
CET1 Capital to Risk-Weighted Assets | $ 264,187 | $ 221,584 |
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0650 | 0.0650 |
Tier 1 Capital to Risk-Weighted Assets | $ 325,153 | $ 272,719 |
Tier 1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0800 | 0.0800 |
Total Capital to Risk-Weighted Assets | $ 406,441 | $ 340,898 |
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.1000 | 0.1000 |
Tier 1 Capital to Average Assets | $ 255,893 | $ 228,164 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0500 | 0.0500 |
Fair Value - Schedule of assets
Fair Value - Schedule of assets and liabilities measured on recurring basis (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 576,614 | $ 311,373 |
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 | 576,614 | 311,373 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 350,250 | 12,434 |
U.S. Government agencies | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
U.S. Government agencies | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 350,250 | 12,434 |
U.S. Government agencies | 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 | 109,787 | 187,212 |
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 | 109,787 | 187,212 |
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 | 14,276 | 17,331 |
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 | 14,276 | 17,331 |
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 | 13,107 | 14,447 |
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 | 13,107 | 14,447 |
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 | 44,510 | 33,148 |
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 | 44,510 | 33,148 |
Corporate investments | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
States and political subdivisions | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 44,684 | 46,801 |
States and political subdivisions | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
States and political subdivisions | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 44,684 | 46,801 |
States and political subdivisions | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value - Schedule of asse_2
Fair Value - Schedule of assets measured at fair value on a non-recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance for loan losses: | $ 33,570 | $ 42,573 |
Other real estate: | 5,815 | 6,754 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance for loan losses: | 33,570 | 42,573 |
Other real estate: | 5,815 | 6,754 |
Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance for loan losses: | 0 | 0 |
Other real estate: | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance for loan losses: | 0 | 0 |
Other real estate: | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance for loan losses: | 33,570 | 42,573 |
Other real estate: | $ 5,815 | $ 6,754 |
Fair Value - Qualitative inform
Fair Value - Qualitative information about Level 3 fair value measurement (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, net of specific allowance | $ 33,570 | $ 42,573 |
Other real estate | $ 5,815 | $ 6,754 |
Minimum | Selling costs | Third-party appraisals | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, net of specific allowance, unobservable inputs (as a percentage) | 5.00% | 5.00% |
Other real estate, observable inputs, selling cost range (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 specific allowance, unobservable inputs (as a percentage) | 10.00% | 10.00% |
Other real estate, observable inputs, selling cost range (as a percentage) | 0.10 | 0.10 |
Weighted Average | Selling costs | Third-party appraisals | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, net of specific allowance, unobservable inputs (as a percentage) | 6.00% | 6.00% |
Other real estate, observable inputs, selling cost range (as a percentage) | 0.06 | 0.06 |
Fair Value - Summary of estimat
Fair Value - Summary of estimated fair values of the Company’s financial instruments not previously disclosed (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Amortized Cost | $ 71,648 | $ 93,766 |
Federal Home Loan Bank stock | 2,731 | 2,557 |
Accrued interest receivable | 14,329 | 18,061 |
Carrying Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 664,165 | 637,545 |
Carrying Value | Level 2 | ||
Financial assets: | ||
Amortized Cost | 71,648 | 93,766 |
Federal Home Loan Bank stock | 2,731 | 2,557 |
Accrued interest receivable | 14,329 | 18,061 |
Financial liabilities: | ||
Deposits | 4,622,116 | 4,152,810 |
FHLB and other borrowings | 20,501 | 33,771 |
Subordinated debentures | 111,509 | 111,124 |
Accrued interest payable | 1,425 | 2,709 |
Carrying Value | Level 3 | ||
Financial assets: | ||
Loans held for sale | 10,621 | 28,684 |
Loans, net | 3,574,172 | 3,342,732 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 664,165 | 637,545 |
Fair Value | Level 2 | ||
Financial assets: | ||
Amortized Cost | 72,084 | 94,436 |
Federal Home Loan Bank stock | 2,731 | 2,557 |
Accrued interest receivable | 14,329 | 18,061 |
Financial liabilities: | ||
Deposits | 4,493,957 | 4,153,402 |
FHLB and other borrowings | 21,024 | 34,941 |
Subordinated debentures | 111,509 | 111,124 |
Accrued interest payable | 1,425 | 2,709 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans held for sale | 10,621 | 28,684 |
Loans, net | $ 3,548,595 | $ 3,348,872 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Beginning balance | $ 16,651 | $ 15,906 | $ 17,804 |
Advances | 6,025 | 5,578 | |
Payments | (5,280) | (7,476) | |
Ending balance | $ 16,651 | $ 15,906 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Director | Insurance Services | |||
Related Party Transaction [Line Items] | |||
Insurance services | $ 1.6 | $ 1.4 | $ 1.2 |
Management | |||
Related Party Transaction [Line Items] | |||
Conditional commitments issued by the Bank | $ 1.6 | $ 2.4 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock granted for RSA's (in shares) | 90,927 | 39,155 | 61,880 |
Stock based compensation expense | $ 2,300 | $ 1,500 | $ 738 |
Unrecognized compensation cost related to nonvested RSAs | $ 5,600 | ||
Unrecognized compensation cost related to nonvested RSAs, period for recognition | 2 years 10 months 24 days | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Share-based Payment Arrangement, Option | 2018 LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum shares that may be issued (in shares) | 250,000 | ||
Shares available for grant (in shares) | 45,345 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | |||
Outstanding at the beginning of period (in shares) | 91,109 | 69,097 | 12,693 |
Granted (in shares) | 90,927 | 39,155 | 61,880 |
Vested (in shares) | (33,545) | (17,143) | (5,476) |
Forfeited (in shares) | (3,919) | 0 | 0 |
Outstanding at the end of period (in shares) | 144,572 | 91,109 | 69,097 |
Weighted Average Grant Date Fair Value | |||
Outstanding, weighted average grant date fair value, beginning balance (in USD per share) | $ 50.60 | $ 53.67 | $ 53 |
Granted (in USD per share) | 52.49 | 45.36 | 53.75 |
Vested (in USD per share) | 52.03 | 51.03 | 53 |
Forfeited (in USD per share) | 46.87 | 0 | 0 |
Outstanding, weighted average grant date fair value, ending balance (in USD per share) | $ 51.56 | $ 50.60 | $ 53.67 |
COVID-19 (Details)
COVID-19 (Details) $ in Thousands | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) |
Unusual or Infrequent Item, or Both [Line Items] | ||
Loans before allowance for loan losses | $ 3,619,172 | $ 3,378,732 |
COVID-19 pandemic | Paycheck Protection Program | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Number of loans approved for forgiveness and paid | loan | 6,968 | |
Amount of loans approved for forgiveness and paid | $ 404,200 | |
Number of loans | loan | 736 | |
Loans before allowance for loan losses | $ 46,400 | |
Additional fee income expected | 2,000 | |
COVID-19 pandemic | CARES Act | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Loans before allowance for loan losses | $ 671,000 | |
Number of loans granted deferment, temporary modifications | loan | 1,714 | |
Percentage of loans granted temporary modification (as a percentage) | 19.00% | |
Percentage of loans currently in temporary modification (as a percentage) | 0.40% | |
Number of loans currently in temporary modification | loan | 2 | |
Loans in temporary modification | $ 14,000 |
Summarized Financial Informat_3
Summarized Financial Information of BancPlus Corporation - Balance sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||||
Investment in statutory trusts | $ 1,704 | $ 1,703 | ||
Other assets | 145,587 | 137,240 | ||
Assets | 5,196,278 | 4,710,920 | ||
Liabilities and Equity [Abstract] | ||||
Subordinated debentures | 111,509 | 111,124 | ||
Accrued interest payable | 1,425 | 2,709 | ||
Other liabilities | 14,515 | 18,129 | ||
Total liabilities | 4,805,859 | 4,355,670 | ||
Redeemable common stock owned by ESOP | (1,401) | (2,650) | ||
Shareholders' equity, net of ESOP owned shares | 289,932 | 280,972 | $ 172,203 | $ 159,555 |
Liabilities and Equity | 5,196,278 | 4,710,920 | ||
Parent | ||||
Assets: | ||||
Cash | 52,960 | 61,820 | ||
Investment in banking subsidiary | 436,285 | 402,545 | ||
Due from Oakhurst Development, Inc. | 31,173 | 31,698 | ||
Equity in undistributed loss of Oakhurst Development, Inc. | (22,379) | (22,547) | ||
Investment in statutory trusts | 1,703 | 1,703 | ||
Other assets | 3,304 | 5,806 | ||
Assets | 503,046 | 481,025 | ||
Liabilities and Equity [Abstract] | ||||
Subordinated debentures | 111,509 | 111,124 | ||
Accrued interest payable | 194 | 227 | ||
Deferred income tax (benefit) expense | 924 | 1,299 | ||
Note payable | 0 | 13,125 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 112,627 | 125,775 | ||
Redeemable common stock owned by ESOP | 100,487 | 74,278 | ||
Shareholders' equity, net of ESOP owned shares | 289,932 | 280,972 | ||
Liabilities and Equity | $ 503,046 | $ 481,025 |
Summarized Financial Informat_4
Summarized Financial Information of BancPlus Corporation - Statement of income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses: | |||
Interest expense | $ 13,063 | $ 18,516 | $ 21,098 |
Income tax expense | (13,418) | (9,210) | (8,993) |
Net income | 56,452 | 39,183 | 36,400 |
Parent | |||
Income: | |||
Dividends from banking subsidiary | 21,600 | 22,050 | 18,000 |
Other income | 2,571 | 36 | 48 |
Total income | 62,804 | 45,973 | 39,861 |
Expenses: | |||
Interest expense | 4,101 | 2,741 | 719 |
Other expenses | 3,889 | 5,583 | 3,461 |
Total expenses | 7,990 | 8,324 | 4,180 |
Income before income taxes | 54,814 | 37,649 | 35,681 |
Income tax expense | 1,638 | 1,534 | 719 |
Net income | 56,452 | 39,183 | 36,400 |
Banking Subsidiary | Parent | |||
Income: | |||
Equity in undistributed earnings of subsidiary | 38,466 | 20,181 | 22,078 |
Oakhurst Development, Inc. | Parent | |||
Income: | |||
Equity in undistributed earnings of subsidiary | $ 167 | $ 3,706 | $ (265) |
Summarized Financial Informat_5
Summarized Financial Information of BancPlus Corporation - Statements of comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income | $ 56,452 | $ 39,183 | $ 36,400 |
Other comprehensive income (loss), net of tax: | |||
Tax effect | 2,290 | (2,185) | (250) |
Total other comprehensive income (loss), net of tax | (6,908) | 6,593 | 753 |
Comprehensive income | 49,544 | 45,776 | 37,153 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 56,452 | 39,183 | 36,400 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on securities available for sale | (9,198) | 8,778 | 1,003 |
Tax effect | 2,290 | (2,185) | (250) |
Total other comprehensive income (loss), net of tax | (6,908) | 6,593 | 753 |
Comprehensive income | $ 49,544 | $ 45,776 | $ 37,153 |
Summarized Financial Informat_6
Summarized Financial Information of BancPlus Corporation - Cash flow statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 56,452 | $ 39,183 | $ 36,400 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Common stock released by ESOP | 1,249 | 1,826 | 985 |
Stock based compensation expense | 2,337 | 1,474 | 738 |
Net cash from operating activities | 94,112 | 41,436 | 48,873 |
Cash flows from investing activities: | |||
Net cash used in investing activities | (505,567) | (276,877) | (3,784) |
Cash flows from financing activities: | |||
Payments on other borrowings | (13,125) | (3,500) | (3,500) |
Proceeds from issuance of subordinated debt | 0 | 60,000 | 0 |
Payment of subordinated debt issuance costs | 0 | (1,439) | 0 |
Purchase of Company stock | (2,433) | (3,268) | 0 |
Shares withheld to pay taxes on restricted stock vesting | (229) | (10) | (46) |
Cash dividends paid on common stock | (15,299) | (13,220) | (9,642) |
Net cash from financing activities | 438,075 | 560,014 | 122,686 |
Net change in cash and cash equivalents | 26,620 | 324,573 | 167,775 |
Cash and cash equivalents at beginning of year | 637,545 | 312,972 | 145,197 |
Cash and cash equivalents at end of year | 664,165 | 637,545 | 312,972 |
Parent | |||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | 56,452 | 39,183 | 36,400 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Common stock released by ESOP | 1,249 | 1,826 | 985 |
Stock based compensation expense | 2,337 | 1,474 | 105 |
Other, net | 506 | (2,453) | 108 |
Net cash from operating activities | 21,911 | 16,143 | 15,785 |
Cash flows from investing activities: | |||
Acquisition of State Capital Corp. | 0 | (7,115) | 0 |
Investment in Oakhurst Development, Inc. | 315 | 201 | 2,312 |
Net cash used in investing activities | 315 | (6,914) | 2,312 |
Cash flows from financing activities: | |||
Payments on other borrowings | (13,125) | (3,500) | (3,500) |
Purchase of Company stock | 0 | 0 | (2,499) |
Proceeds from issuance of subordinated debt | 0 | 60,000 | 0 |
Payment of subordinated debt issuance costs | 0 | (1,439) | 0 |
Purchase of Company stock | (2,433) | (3,268) | 0 |
Shares withheld to pay taxes on restricted stock vesting | (229) | (10) | (46) |
Cash dividends paid on common stock | (15,299) | (13,220) | (9,642) |
Net cash from financing activities | (31,086) | 38,563 | (15,687) |
Net change in cash and cash equivalents | (8,860) | 47,792 | 2,410 |
Cash and cash equivalents at beginning of year | 61,820 | 14,028 | 11,618 |
Cash and cash equivalents at end of year | 52,960 | 61,820 | 14,028 |
Oakhurst Development, Inc. | Parent | |||
Adjustments to reconcile net income to net cash from operating activities: | |||
Equity in undistributed income | (167) | (3,706) | 265 |
Banking Subsidiary | Parent | |||
Adjustments to reconcile net income to net cash from operating activities: | |||
Equity in undistributed income | $ (38,466) | $ (20,181) | $ (22,078) |