BANCPLUS CORP, 10-K filed on 3/10/2021
Annual Report
v3.20.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2020
Mar. 02, 2021
Cover [Abstract]    
Document Type 10-K  
Document Annual Report true  
Document Period End Date Dec. 31, 2020  
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   10,079,277
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus FY  
Entity Central Index Key 0001118004  
Entity Public Float $ 0  
v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Assets:    
Cash and due from banks $ 109,233 $ 45,475
Interest bearing deposits with banks 508,196 267,497
Federal funds sold 20,116 0
Total cash and cash equivalents 637,545 312,972
Securities available for sale 311,373 201,073
Securities held to maturity - fair value: $94,436 - 2020; $179,225 - 2019 93,766 177,854
Loans held for sale 28,684 16,092
Loans 3,378,732 2,078,997
Less: Allowance for loan losses 36,000 21,500
Net loans 3,342,732 2,057,497
Premises and equipment 102,967 75,072
Operating lease right-of-use asset 35,936 39,194
Accrued interest receivable 18,061 11,509
Goodwill 2,616 2,616
Other assets 137,240 85,185
Assets 4,710,920 2,979,064
Liabilities:    
Deposits 4,152,810 2,592,065
Advances from Federal Home Loan Bank and other borrowings 33,771 37,652
Subordinated debentures 111,124 41,238
Operating lease liabilities 37,127 43,578
Accrued interest payable 2,709 1,083
Other liabilities 18,129 11,937
Total liabilities 4,355,670 2,727,553
Equity [Abstract]    
Common Stock, par value $1.00 per share. 40,000,000 authorized; 10,079,277 and 7,652,957 issued and outstanding at December 31, 2020, and 2019, respectively 10,079 7,653
Unearned Employee Stock Ownership Plan compensation (2,650) (4,476)
Additional paid-in capital 67,742 811
Retained earnings 273,204 247,241
Accumulated other comprehensive income, net 6,875 282
Stockholders' Equity Before Redeemable Common Stock Owned By Employee Stock Ownership Plan 355,250 251,511
Total shareholders' equity 280,972 172,203
Liabilities and Equity 4,710,920 2,979,064
Employee Stock Ownership Plan    
Liabilities:    
Redeemable common stock owned by the ESOP 74,278 79,308
Equity [Abstract]    
Less: Redeemable common stock owned by the ESOP $ (74,278) $ (79,308)
v3.20.4
Statement of Financial Position, Classified (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Securities held to maturity Fair value $ 94,436 $ 179,225
Common stock, par value per share (USD per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 40,000,000 40,000,000
Common stock, shares, issued (in shares) 10,079,277 7,652,957
Common stock outstanding (in shares) 10,079,277 7,652,957
v3.20.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest income:      
Interest and fees on loans $ 159,678 $ 111,369 $ 100,323
Taxable securities 6,967 5,055 5,868
Tax-exempt securities 2,470 3,583 3,993
Interest bearing bank balances and other 1,424 4,401 1,067
Total interest income 170,539 124,408 111,251
Interest expense:      
Deposits 14,155 18,438 8,201
Short-term borrowings 2 0 90
Advances from Federal Home Loan Bank 318 324 1,905
Other borrowings 4,041 2,336 2,346
Total interest expense 18,516 21,098 12,542
Net interest income 152,023 103,310 98,709
Provision for loan losses 17,090 586 15,227
Net interest income after provision for loan losses 134,933 102,724 83,482
Other operating income:      
Service charges on deposit accounts 23,062 28,039 28,923
Mortgage origination income 8,745 4,569 3,608
Debit card interchange 7,459 6,263 6,083
Securities gains, net 58 76 25
Other income 26,429 18,806 19,056
Total other operating income 65,753 57,753 57,695
Other operating expenses:      
Salaries and employee benefits 90,442 65,855 62,747
Net occupancy expenses 13,319 11,653 10,771
Furniture, equipment and data processing expenses 21,201 15,702 13,324
Other expenses 27,331 21,874 41,733
Total other operating expenses 152,293 115,084 128,575
Income before income taxes 48,393 45,393 12,602
Income tax expense 9,210 8,993 189
Net income $ 39,183 $ 36,400 $ 12,413
Basic earning per common shares (in USD per share) $ 4.19 $ 4.83 $ 1.66
Diluted earnings per common share (in USD per share) $ 4.14 $ 4.78 $ 1.64
v3.20.4
Statement of Comprehensive Income (Statement) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Net income $ 39,183 $ 36,400 $ 12,413
Other comprehensive income, net of tax:      
Change in unrealized gains on securities available for sale 8,778 1,003 171
Reclassification adjustment - legislative rate change 0 0 (99)
Tax effect (2,185) (250) (43)
Total other comprehensive income, net of tax 6,593 753 29
Comprehensive income $ 45,776 $ 37,153 $ 12,442
v3.20.4
Statement of Shareholders' Equity (Statement) - USD ($)
$ in Thousands
Total
Class A Common Stock
Class B Common Stock
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Unearned ESOP Compensation
Additional Paid-In Capital
Retained Earnings
Retained Earnings
Class A Common Stock
Retained Earnings
Class B Common Stock
Retained Earnings
Cumulative 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, 2017         0 7,464,296 115,005                
Shareholders' equity, beginning balance at Dec. 31, 2017 $ 152,115       $ 0 $ 7,464 $ 115 $ (3,948) $ 0 $ 222,231       $ (500) $ (73,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net income 12,413                 12,413          
OCI, before Reclassifications, Net of Tax, Attributable to Parent 128                         128  
Other comprehensive income, net 29                            
Issuance of restricted stock (in shares)           12,693                  
Stock based compensation 193         $ 13     180            
Net change fair value of ESOP shares 2,740                           2,740
Common stock released by ESOP 986             986              
Reclass stranded tax effects of rate change 0                 99       (99)  
Dividends declared:   $ (8,876) $ (144)               $ (8,876) $ (144)      
Shares outstanding, ending balance (in shares) at Dec. 31, 2018         0 7,476,989 115,005                
Shareholders' equity, ending 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          
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)                
Other comprehensive income, net 753                         753  
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)                            
Stock Acquired During Period, Value, Employee Stock Ownership Plan (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, net 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)
v3.20.4
Statement of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Common Stock, Dividends, Per Share, Declared $ 1.40 $ 1.28  
Accounting Standards Update [Extensible List]     us-gaap:AccountingStandardsUpdate201602Member
Class A Common Stock      
Common Stock, Dividends, Per Share, Declared     $ 1.20
Class B Common Stock      
Common Stock, Dividends, Per Share, Declared     $ 1.25
v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Cash Flows [Abstract]      
Net income $ 39,183 $ 36,400 $ 12,413
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Provision for loan losses 17,090 586 15,227
Depreciation and amortization 6,406 5,180 5,134
Net (gain) loss on sales of premises and equipment (3,451) 816 478
Net (gain) loss on sales of other real estate (400) (311) 2,091
Write-downs of other real estate 301 75 20,526
Deferred income tax (benefit) expense (51) 5,130 (6,057)
Federal Home Loan Bank stock dividends (45) (84) (262)
Common stock released by ESOP 1,826 985 986
Stock based compensation expense 1,474 738 193
Origination of loans held for sale (380,588) (222,655) (164,582)
Proceeds from loans held for sale 368,499 215,469 168,475
Earnings on bank-owned life insurance (2,386) (1,628) (1,648)
Bargain purchase gain in merger (1,078) 0 0
Net change in:      
Accrued interest receivable and other assets 657 2,961 (664)
Accrued interest payable and other liabilities (6,001) 5,211 340
Net cash from operating activities 41,436 48,873 52,650
Cash flows from investing activities:      
Purchases of securities available for sale (86,184) (202,691) 0
Maturities and calls of securities available for sale 146,921 91,318 87,504
Purchases of securities held to maturity (655) (20,343) (22,134)
Maturities, prepayments and calls of securities held to maturity 15,627 134,650 62,823
Net increase in loans (426,109) (10,854) (178,583)
Purchases of premises and equipment (9,830) (6,237) (5,126)
Proceeds from sales of premises and equipment 205 507 270
Proceeds from sales of other real estate 7,654 10,667 9,427
Investment in unconsolidated entities, net (2,371) (801) (470)
Cash received in excess of cash paid for acquisition 75,303 0 0
Proceeds from redemptions of Federal Home Loan Bank stock 2,562 0 10,815
Net cash used in investing activities (276,877) (3,784) (35,474)
Net increase (decrease) in:      
Noninterest-bearing deposits 453,664 11,188 16,509
Money market, NOW and savings deposits 138,742 138,568 290,633
Certificates of deposit (56,012) (11,103) 25,965
Short-term borrowings 0 0 (100,112)
Proceeds from long-term FHLB advances 0 0 60,852
Payments on long-term FHLB advances (14,943) (280) (235,425)
Proceeds from issuance of subordinated debt 60,000 0 0
Payment of subordinated debt issuance costs (1,439) 0 0
Payments on other borrowings (3,500) (3,500) (3,500)
Common stock acquired by ESOP 0 (2,499) 0
Shares withheld to pay taxes on restricted stock vesting (10) (46) 0
Purchase of Company stock (3,268) 0 0
Cash dividends paid on common stock (13,220) (9,642) (9,020)
Net cash from financing activities 560,014 122,686 45,902
Net change in cash and cash equivalents 324,573 167,775 63,078
Cash and cash equivalents at beginning of year 312,972 145,197 82,119
Cash and cash equivalents at end of year 637,545 312,972 145,197
Supplemental cash flow information:      
Interest paid 16,890 21,050 12,227
Federal and state income tax payments 9,825 1,500 8,300
Acquisition of real estate in non-cash foreclosures $ 8,688 $ 3,366 $ 8,236
v3.20.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
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 $65.5 million at December 31, 2020. 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”) under the provisions of FASB Accounting Standards Update (“ASU”) 2011-02. 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, 2020 and 2019. 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

The Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” as of January 1, 2018. 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, 2020 or 2019.

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, 2020 or 2019.
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)202020192018
Net income$39,183 $36,400 $12,413 
Common stock9,355,980 7,534,302 7,497,081 
Effect of dilutive securities101,497 81,656 92,166 
Total weighted average diluted shares9,457,477 7,615,958 7,589,247 
Basic earnings per common shares$4.19 $4.83 $1.66 
Diluted earnings per common shares$4.14 $4.78 $1.64 

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 evaluating the impact of adopting the new guidance. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the 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 GAAP guidance on contract modifications, hedge accounting, and other transactions affected that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. ASU 2020-04 is effective upon issuance and can be applied through December
31, 2022. The company is still evaluating the impact of ASU 2020-04, but does not expect it to have a material impact on the Company’s consolidated financial statements.
v3.20.4
Business Combination
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Business Combination Business Combination
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 “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 “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 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 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 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 Merger relative to when the 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 Merger during refinement of the preliminary valuations disclosed at the time of the 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 shares12 
Total purchase price$71,173 
Assets acquired:
Cash and due from banks$75,315 
Securities, FHLB stock and FNBB stock97,910 
Loans, net880,390 
Premises and equipment29,968 
Accrued interest receivable3,664 
Bank-owned life insurance28,441 
Core deposit intangible6,045 
Taxes receivable7,787 
Deferred tax asset, net5,972 
Other assets3,330 
Total assets acquired$1,138,822 
Liabilities assumed:
Deposits$1,024,381 
Advances from FHLB and other borrowings14,563 
Subordinated debentures11,121 
Deferred compensation10,310 
Other liabilities6,196 
Total liabilities assumed$1,066,571 
Net assets acquired72,251 
Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase$(1,078)

In connection with the 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 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)20202019
Net interest income$168,499 $152,224 
Other operating income67,405 66,049 
Net income available to common shareholders39,509 52,323 
Earnings per common share:
Basic$3.93 $5.24 
Diluted3.90 5.20 
v3.20.4
Investment Securities
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following is a summary of the amortized cost and fair value of securities available for sale.

Amortized CostGross UnrealizedFair
Value
(In thousands)GainsLosses
December 31, 2020
U.S. Government agencies$12,092 $342 $— $12,434 
Residential mortgage-backed securities181,569 5,644 1 187,212 
Commercial mortgage-backed securities16,793 538 — 17,331 
Asset backed securities13,990 543 86 14,447 
Corporate investments32,750 420 22 33,148 
State and political subdivisions45,025 1,833 57 46,801 
Total available for sale$302,219 $9,320 $166 $311,373 
December 31, 2019
U.S. Government agencies$17,999 $104 $1 $18,102 
Residential mortgage-backed securities175,696 693 510 175,879 
Commercial mortgage-backed securities3,002 8 — 3,010 
Corporate investments4,000 82 — 4,082 
Total available for sale$200,697 $887 $511 $201,073 


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

Amortized CostGross UnrealizedFair
Value
(In thousands)GainsLosses
December 31, 2020
States and political subdivisions$93,766 $670 $— $94,436 
Total held to maturity$93,766 $670 $— $94,436 
December 31, 2019
U.S. Government agencies$5,000 $3 $— $5,003 
Residential mortgage-backed securities1,071 41 — 1,112 
States and political subdivisions171,783 1,339 12 173,110 
Total held to maturity$177,854 $1,383 $12 $179,225 

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 MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
(In thousands)
December 31, 2020:
Available for sale:
Residential mortgage-backed securities$4,471 $1 $— $— $4,471 $1 
Commercial mortgage-backed securities305 — — — 305 — 
Asset backed securities2,492 86 — — 2,492 86 
States and political subdivisions3,028 57 — — 3,028 57 
Corporate investments9,229 22 — — 9,229 22 
$19,525 $166 $— $— $19,525 $166 
December 31, 2019:
Available for sale:
U. S. Government agencies$— $— $4,999 $1 $4,999 $1 
Residential mortgage-backed securities92,323 466 2,240 44 94,563 510 
$92,323 $466 $7,239 $45 $99,562 $511 
Held to maturity:
States and political subdivisions$2,656 $8 $2,766 $4 $5,422 $12 
$2,656 $8 $2,766 $4 $5,422 $12 

The number of debt securities in an unrealized loss position decreased from 36 at December 31, 2019 to 13 at December 31, 2020. 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, 2020.

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 CostFair Value
December 31, 2020:
One year or less$4,087 $4,108 $15,891 $15,926 
After one through five years21,150 21,692 50,738 50,926 
After five through ten years74,219 76,192 24,247 24,694 
After ten years202,763 209,381 2,890 2,890 
$302,219 $311,373 $93,766 $94,436 
December 31, 2019:
One year or less$10,000 $9,999 $23,318 $23,375 
After one through five years12,312 12,499 68,804 69,035 
After five through ten years5,833 5,787 67,411 68,091 
After ten years172,552 172,788 18,321 18,724 
$200,697 $201,073 $177,854 $179,225 
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 SaleHeld to Maturity
Amortized CostFair ValueAmortized CostFair Value
(In thousands)
December 31, 2020$251,913 $260,351 $57,110 $57,770 
December 31, 2019$124,854 $125,103 $123,978 $125,241 
v3.20.4
Loans
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Loans Loans
The following is a summary of the Company’s loan portfolio by loan class.

(In thousands)December 31, 2020December 31, 2019
Secured by real estate:
Residential properties$738,340 $555,413 
Construction and land development403,496 230,931 
Farmland 217,104 162,991 
Other commercial 1,224,633 664,145 
Total real estate2,583,573 1,613,480 
Commercial and industrial loans635,714 333,834 
Agricultural production and other loans to farmers85,469 70,145 
Consumer and other loans73,976 61,538 
Total loans before allowance for loan losses$3,378,732 $2,078,997 

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.
Farm 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, 2020December 31, 2019
Secured by real estate:
Residential properties$3,869 $2,419 
Construction and land development1,863 390 
Farmland 158 — 
Other commercial 7,947 9,034 
Total real estate13,837 11,843 
Commercial and industrial loans12 67 
Agricultural production and other loans to farmers85 62 
Consumer and other loans177 187 
Total non-accrual loans$14,111 $12,159 
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 DaysPast Due 90 Days or moreTotal Past DueCurrent Total LoansPast Due 90 days or more and Accruing
December 31, 2020
Secured by real estate:
Residential properties$5,836 $2,016 $7,852 $730,488 $738,340 $1,174 
Construction and land development713 3,086 3,799 399,697 403,496 1,843 
Farmland 373 779 1,152 215,952 217,104 618 
Other commercial3,956 3,084 7,040 1,217,593 1,224,633 2,417 
Total real estate10,878 8,965 19,843 2,563,730 2,583,573 6,052 
Commercial and industrial loans2,195 135 2,330 633,384 635,714 135 
Agricultural production and other loans to farmers319 15 334 85,135 85,469 15 
Consumer loans444 278 722 73,254 73,976 101 
Total$13,836 $9,393 $23,229 $3,355,503 $3,378,732 $6,303 

Past Due 30-89 DaysPast Due 90 Days or moreTotal Past DueCurrentTotal LoansPast Due 90 days or more and Accruing
(In thousands)
December 31, 2019
Secured by real estate:
Residential properties$6,262 $2,610 $8,872 $546,541 $555,413 $1,745 
Construction and land development688 — 688 230,243 230,931 — 
Farmland253 149 402 162,589 162,991 149 
Other commercial1,227 724 1,951 662,194 664,145 418 
Total real estate8,430 3,483 11,913 1,601,567 1,613,480 2,312 
Commercial and industrial loans375 255 630 333,204 333,834 235 
Agricultural production and other loans to farmers400 20 420 69,725 70,145 20 
Consumer loans795 51 846 60,692 61,538 51 
Total$10,000 $3,809 $13,809 $2,065,188 $2,078,997 $2,618 

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, 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 development5,530 3,462 — 
Farmland11,024 10,584 — 
Other commercial8,439 5,149 — 
Total real estate33,467 24,990 — 
Commercial and industrial10,386 9,962 — 
Agricultural production and other loans to farmers156 97 — 
Consumer and other loans216 177 — 
Total44,225 35,226 — 
Impaired loans with related allowance:
Secured by real estate:
Residential properties1,073 1,073 9 
Construction and land development— — — 
Farmland— — — 
Other commercial6,072 6,039 2,028 
Total real estate7,145 7,112 2,037 
Commercial and industrial4,430 4,430 2,158 
Total11,575 11,542 4,195 
Total impaired loans$55,800 $46,768 $4,195 
December 31, 2019
(In thousands)Principal Balance
Recorded Balance (1)
Related Allowance
Impaired loans with no related allowance:
Secured by real estate:
Residential properties$4,789 $3,789 $— 
Construction and land development3,919 2,009 — 
Farmland10,993 10,937 — 
Other commercial3,893 2,400 — 
Total real estate23,594 19,135 — 
Commercial and industrial384 67 — 
Agricultural production and other loans to farmers75 62 — 
Consumer loans211 187 — 
Total24,264 19,451 — 
Impaired loans with related allowance:
Secured by real estate:
Residential properties1,127 1,127 11 
Other commercial10,114 10,076 3,325 
Total real estate11,241 11,203 3,336 
Commercial and industrial427 427 34 
Total11,668 11,630 3,370 
Total impaired loans$35,932 $31,081 $3,370 
(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, 2020 and 2019 are presented below.
Year Ended December 31,
202020192018
(In thousands)Average InvestmentInterest RecognizedAverage InvestmentInterest RecognizedAverage InvestmentInterest Recognized
Secured by real estate:
Residential properties$6,014 $152 $5,013 $151 $4,503 $200 
Construction and land development4,384 127 2,135 175 8,838 234 
Farmland10,515 510 2,831 12 533 — 
Other commercial11,679 249 12,182 108 7,931 289 
Total real estate32,592 1,038 22,161 446 21,805 723 
Commercial and industrial2,136 81 624 30 1,087 28 
Agricultural production and other loans to farmers82 74 — 17 — 
Consumer loans181 93 — — — 
Total$34,991 $1,119 $22,952 $476 $22,909 $751 

The following table illustrates the impact of modifications classified as TDRs for the periods presented:

(Dollars in thousands)Number of LoansBalance Prior to TDRBalance at Year End
December 31, 2020
Secured by real estate:
Residential properties1 $200 $183 
Construction and land development1 $95 $— 
Total2 $295 $183 
December 31, 2019
Secured by real estate:
Other commercial2 $7,493 $7,454 
Total real estate2 7,493 7,454 
Consumer and other loans1 188 187 
Total3 $7,681 $7,641 
December 31, 2018
Secured by real estate:
Other commercial1 308 125 
Total1 $308 $125 

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 $2.0 million and $3.3 million at December 31, 2020 and 2019, respectively.
The Company defines a payment default as a payment received more than 90 days after its due date.
v3.20.4
Allowance for Loan Losses
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Allowance for Loan Losses Allowance for Loan Losses
As 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 1-6Risk Grade 7Risk Grade 8Risk Grade 9Total
December 31, 2020
Secured by real estate:
Residential properties$721,024 $— $17,316 $— $738,340 
Construction and land development401,347 — 2,149 — 403,496 
Farmland 205,211 — 11,893 — 217,104 
Other commercial1,209,365 — 15,041 227 1,224,633 
Total real estate2,536,947 — 46,399 227 2,583,573 
Commercial and industrial619,086 51 16,526 51 635,714 
Agricultural production and other loans to farmers85,197 91 181 — 85,469 
Consumer and other loans73,560 — 416 — 73,976 
Total$3,314,790 $142 $63,522 $278 $3,378,732 

(In thousands)Risk Grades 1-6Risk Grade 7Risk Grade 8Risk Grade 9Total
December 31, 2019
Secured by real estate:
Residential properties$540,933 $177 $14,303 $— $555,413 
Construction and land development229,933 388 610 — 230,931 
Farmland151,354 — 11,637 — 162,991 
Other commercial645,891 — 18,254 — 664,145 
Total real estate1,568,111 565 44,804 — 1,613,480 
Commercial and industrial331,693 — 2,060 81 333,834 
Agricultural production and other loans to farmers69,854 — 291 — 70,145 
Consumer and other loans61,220 — 318 — 61,538 
Total$2,030,878 $565 $47,473 $81 $2,078,997 

Transactions in the allowance for loan losses and balances in the loan portfolio by loan segment are as follows:
(In thousands)Commercial and IndustrialCommercial Real Estate Residential Consumer and otherUnallocatedTotal
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 losses3,951 11,380 2,369 648 (1,258)17,090 
Recoveries on loans212 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 impairment4,179 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 impairment621,322 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 IndustrialCommercial Real EstateResidentialConsumer and otherUnallocatedTotal
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 loans428 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 
Allowance Balances:
Individually evaluated for impairment$34 $3,325 $11 $— $— $3,370 
Collectively evaluated for impairment2,739 7,441 5,557 1,135 1,258 18,130 
Ending balance$2,773 $10,766 $5,568 $1,135 $1,258 $21,500 
Loan Balances:
Individually evaluated for impairment$494 $25,422 $4,916 $249 $— $31,081 
Collectively evaluated for impairment333,340 1,032,645 550,497 131,434 — 2,047,916 
Ending balance$333,834 $1,058,067 $555,413 $131,683 $— $2,078,997 
(In thousands)Commercial and IndustrialCommercial Real EstateResidentialConsumer and otherUnallocatedTotal
December 31, 2018:
Allowance for loan losses:
Balance, beginning of year$2,856 $7,700 $6,000 $782 $1,662 $19,000 
Provision for loan losses1,577 9,866 411 3,150 223 15,227 
Recoveries on loans264 511 268 2,818 — 3,861 
Loans charged off(1,494)(5,157)(1,321)(5,616)— (13,588)
Balance, end of year$3,203 $12,920 $5,358 $1,134 $1,885 $24,500 
v3.20.4
Premises and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Premises and Equipment Premises and Equipment
The following is a summary of premises and equipment.

(In thousands)December 31,
2020		December 31, 2019
Land$27,023 $20,208 
Bank premises72,561 54,895 
Leasehold improvements13,572 13,092 
Data processing equipment34,708 33,915 
Furniture and other equipment44,103 40,491 
191,967 162,601 
Less accumulated depreciation and amortization(89,000)(87,529)
$102,967 $75,072 

Depreciation and amortization expense for premises and equipment totaled $6.4 million in 2020, $5.1 million in 2019, and $4.9 million in 2018.
v3.20.4
Other Assets
 12 Months Ended
Dec. 31, 2020
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,
2020		December 31,
2019
Amortized intangible assets$5,823 $366 
Other real estate owned6,754 4,851 
Cash value of life insurance91,284 61,220 
Federal Home Loan Bank stock2,557 2,585 
Deferred income tax2,516 409 
Investment in statutory trusts1,703 1,238 
Other26,603 14,516 
$137,240 $85,185 

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 3 years.

The following is a summary of amortized intangible assets:

(In thousands)Gross
Intangible
Assets		Accumulated
Amortization		Net
Intangible
Assets
December 31, 2020
Core deposit intangibles$6,901 $1,375 $5,526 
Acquired customer relationships1,415 1,118 297 
Non-compete agreements90 90 — 
$8,406 $2,583 $5,823 

(In thousands)Gross
Intangible
Assets		Accumulated
Amortization		Net
Intangible
Assets
December 31, 2019
Core deposit intangibles$855 $855 $— 
Acquired customer relationships1,415 1,049 366 
Non-compete agreements90 90 — 
$2,360 $1,994 $366 

Amortization expense of intangible assets having determinable useful lives amounted to $559,000, $93,000, and $93,000 for the years ended December 31, 2020, 2019, and 2018, respectively. The future amortization schedule for the Company’s intangible assets is as follows:

(In thousands)
2021$723 
2022709 
2023692 
2024673 
2025650 
After 20252,376 
$5,823 
v3.20.4
Leases
 12 Months Ended
Dec. 31, 2020
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 equipment 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 to twenty-five years. Because 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,
20202019
Lease weighted averages:
Weighted average remaining lease term (years) - operating leases11.9916.27
Weighted average discount rate - operating leases5.00 %5.00 %

Year Ended December 31,
(In thousands)20202019
Lease expense:
Operating lease expense$5,112 $5,122 
Variable lease expense508 419 
Short-term lease expense165 65 
Sublease income(8)(35)
Total lease expense$5,777 $5,571 

Maturities of operating lease liabilities were as follows:
(In thousands)December 31, 2020
Year 1$4,626 
Year 24,464 
Year 34,362 
Year 44,218 
Year 54,295 
Thereafter29,777 
Total lease payments51,742 
Less: Imputed interest(14,615)
Total lease obligation$37,127 

Supplemental cash flow related to leases was:
Year Ended December 31,
(In thousands)20202019
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flow from operating leases$4,683 $4,950 
ROU assets obtained in exchange for lease obligations:
Operating leases$214 $43,070 
Reduction to ROU assets resulting from reductions to lease obligations:
Operating leases$3,028 $3,876 

During the year ended December 31, 2020, the Company recognized $3.8 million of gains from lease sales transactions.
The Company has entered into three leases that have not yet commenced, but create significant rights and obligations including constructing leasehold improvements. The total of future payments on these leases is $3.3 million.
v3.20.4
Other Real Estate Owned
 12 Months Ended
Dec. 31, 2020
Other Real Estate [Abstract]  
Other Real Estate Owned Other Real Estate Owned
Other real estate owned activity was as follows:

(In thousands)December 31, 2020December 31, 2019
Beginning balance$4,851 $11,916 
Additions9,491 3,366 
Proceeds from sales(7,687)(10,667)
Write-downs(301)(75)
Net gain (loss) on sales400 311 
Balance at end of period$6,754 $4,851 
v3.20.4
Deposits
 12 Months Ended
Dec. 31, 2020
Deposits [Abstract]  
Deposit Liabilities Disclosures Deposits
The following is a summary of the Company’s deposits.

(In thousands)December 31, 2020December 31, 2019
Noninterest-bearing$1,230,868 $637,377 
Interest bearing:
Money market, NOW and savings accounts2,227,979 1,569,970 
Certificates of deposit of $250,000 or more
192,188 110,291 
Other certificates of deposit501,775 274,427 
Total interest bearing2,921,942 1,954,688 
Total deposits$4,152,810 $2,592,065 

Scheduled maturities of certificates of deposits are as follows:

(In thousands)December 31, 2020
2021$493,332 
2022106,874 
202350,012 
202429,505 
202514,220 
After 202520 
$693,963 
v3.20.4
Short-term Borrowings
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Short-term Borrowings Short-term BorrowingsThe following is a summary of the Company’s short-term borrowings.
Balances OutstandingWeighted Average Rate
(In thousands)
Maximum
Month End
Average
Daily
At
Period End		During
Period		At
Period End
December 31, 2020:
Federal funds purchased$— $150 $— 1.07 %— %
Securities sold under agreements to repurchase— — — — %— %
$— $150 $— 
December 31, 2019:
Federal funds purchased$— $— $— — %— %
Securities sold under agreements to repurchase— — — — %— %
$— $— $— 
Federal funds purchased represent primarily overnight borrowings through relationships with correspondent banks. Securities sold under agreements to repurchase are considered overnight borrowings and are secured by U. S. Government agency securities. As of December 31, 2020, the Company had unsecured federal funds lines with available commitments totaling $228.0 million
v3.20.4
Advances from Federal Home Loan Bank and Other Borrowings
 12 Months Ended
Dec. 31, 2020
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, 2020December 31, 2019
Balance:
Single payment advances$20,000 $20,000 
Amortizing advances646 1,027 
$20,646 $21,027 
Range of interest rates:
Single payment advances
1.42% - 1.53%
1.42% - 1.53%
Amortizing advances
2.06% - 2.94%
1.10% - 2.94%
Range of maturities:
Single payment advances20272027
Amortizing advances
2021 - 2028
2020 - 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 $1.41 billion as of December 31, 2020 and $711.6 million as of December 31, 2019 available in additional short and long-term borrowing capacity from the FHLB of Dallas.

At December 31, 2020 and 2019, the Company had the ability to draw additional borrowings of $211.4 million and $206.8 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 $253.7 million and $248.8 million as of December 31, 2020 and 2019, 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 requires quarterly principal reductions of $875,000 and quarterly interest payments, at a 3.75% annual rate, beginning December 31, 2018. The balance outstanding on this loan was $13.1 million and $16.6 million as of December 31, 2020 and 2019, respectively.

Required principal payments on FHLB advances and other borrowings are as follows.

(In thousands)December 31, 2020December 31, 2019
2021$13,171 $3,647 
2022395 13,307 
2023110 433 
2024— 157 
2025— — 
Thereafter20,095 20,108 
$33,771 $37,652 
v3.20.4
Subordinated Debentures and Trust Preferred Securities
 12 Months Ended
Dec. 31, 2020
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. 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 intends to use 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 I 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,
2020		December 31,
2019
First Bancshares of Baton Rouge Statutory Trust I2034
3 month LIBOR, plus 2.50%
$4,124 $— 
State Capital Statutory Trust IV2035
3 month LIBOR, plus 1.99%
5,155 — 
BancPlus Statutory Trust II2036
3 month LIBOR, plus 1.50%
20,619 20,619 
BancPlus Statutory Trust III2037
3 month LIBOR, plus 1.35%
20,619 20,619 
State Capital Master Trust2037
3 month LIBOR, plus 1.46%
6,186 — 
$56,703 $41,238 

The subordinated debentures payable to statutory trusts vary from the amount carried on the consolidated balance sheet at December 31, 2020 due to the remaining purchase discount of $4.2 million, which was established upon the Merger with SCC and is being amortized over the life of the debentures.

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 in advance of the expected discontinuation of LIBOR after 2021 to determine any potential impact 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.
v3.20.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
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, 2020, there were zero shares of preferred stock issued and outstanding.
v3.20.4
Other Operating Income and Other Operating Expenses
 12 Months Ended
Dec. 31, 2020
Other Income and Expenses [Abstract]  
Other Operating Income and Expense Other Operating Income and Other Operating Expenses
Significant components of other operating income are summarized as follows.
Year Ended December 31,
(In thousands)202020192018
Income from fiduciary activities$4,500 $4,709 $4,883 
ATM income5,389 4,548 4,396 
Brokerage and insurance fees and commissions3,766 3,516 3,862 
Other real estate income and gains761 1,028 370 
Life insurance income2,386 1,628 1,648 
Community Development Financial Institutions grants823 960 1,317 
Other8,804 2,417 2,580 
$26,429 $18,806 $19,056 
Significant components of other operating expenses are summarized as follows
Year Ended December 31,
(In thousands)202020192018
Advertising and marketing$3,968 $3,536 $3,617 
Other real estate expenses and losses889 1,250 23,373 
FDIC and State insurance assessments2,085 851 1,147 
Professional fees6,272 3,200 2,140 
Acquisition expense— — — 
Security expense831 1,045 1,110 
Supplies1,023 805 888 
Other12,263 11,187 9,458 
$27,331 $21,874 $41,733 
v3.20.4
Employee Benefits
 12 Months Ended
Dec. 31, 2020
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 $3.2 million in 2020, $2.6 million in 2019, and $2.5 million in 2018.

The ESOP owned 1,499,459 and 1,434,625 shares of the Company's common stock at December 31, 2020 and 2019, 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,
2020		December 31,
2019
Allocated shares1,449,335 1,355,699 
Unearned shares50,124 78,926 
Total ESOP shares1,499,459 1,434,625 
Fair value of unearned shares$2,569 $4,617 

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, 2020 was $74.3 million, based on the Company’s previously disclosed appraised value of $51.25 per share of common stock. The fair value of shares held by the ESOP at December 31, 2019 was $79.3 million, based on the Company’s previously disclosed appraised value of $58.50 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 for termination from the Internal Revenue Service (“IRS”) and plans to distribute all assets held by the State Bank ESOP in accordance with its terms as soon as reasonably possible.

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, 2020, the State Bank ESOP held 52,204 shares of Company common stock.

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 has filed a determination letter application with the IRS to seek approval of the termination. Upon receipt of a favorable determination letter from the IRS, the Company will distribute 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, 2020 were not material to the Company’s consolidated statements of income. The Company plans to file a determination letter with the IRS to seek approval of termination. Upon receipt of a favorable determination letter from the IRS, the Company will distribute all assets held by the State Bank Pension Plan in accordance with its terms.
v3.20.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Significant components of income tax expense (benefit) are as follows.
Year Ended December 31,
(In thousands)202020192018
Current:
Federal$7,365 $3,095 $5,050 
State1,896 768 1,196 
9,261 3,863 6,246 
Deferred:
Federal45 4,152 (4,773)
State(96)978 (1,284)
(51)5,130 (6,057)
$9,210 $8,993 $189 

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)202020192018
Amount computed on earnings before income taxes$10,150 $9,532 $2,562 
Tax effect of:
Income from tax-exempt investments, net of disallowed interest deduction(486)(701)(789)
Bargain purchase gain(226)— (70)
State income taxes, net of Federal tax benefit1,422 1,380 — 
Life insurance income(445)(341)(345)
Qualified School Construction Bond credits(854)(854)(854)
Low Income Housing Tax credits(221)(221)(221)
Non-deductible expense384 337 73 
Sale of foreclosed right-of-use asset(809)— — 
Other, net295 (139)(167)
$9,210 $8,993 $189 

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 2017.
(In thousands)December 31,
2020		December 31,
2019
Deferred tax assets:
Allowance for loan losses$9,157 $5,481 
Other real estate1,243 1,488 
Investment securities409 — 
Amortization of intangibles— 187 
Restricted stock202 131 
Loan yield and credit mark on loans2,691 — 
Deposit yield mark1,211 — 
Accrued expenses715 443 
Other35 — 
Total deferred tax assets15,663 7,730 
Deferred tax liabilities:
Depreciation of premises and equipment(7,067)(5,918)
Federal Home Loan Bank stock dividends(85)(85)
Investment securities— (56)
Partnership income(371)(70)
Prepaid expenses(1,059)(1,079)
Amortization of intangibles(1,219)— 
Subordinated debt yield mark(1,067)— 
Unrealized gain on securities available for sale(2,279)(94)
Other— (19)
Total deferred tax liabilities(13,147)(7,321)
Net deferred tax assets$2,516 $409 
The net deferred tax assets of $2.5 million and $409,000 at December 31, 2020 and 2019, respectively, are included in other assets on the consolidated balance sheets.
v3.20.4
Commitment and Contingencies
 12 Months Ended
Dec. 31, 2020
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 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. As of February 15, 2021, the plaintiff, Mills, has filed an Amended Complaint. Answers and/or Motions to Dismiss the Amended complaint have been filed by the defendants. Discovery is currently stayed in the case pending resolution of the Motions to Dismiss; however, the parties to that appeal recently reached a settlement of all claims announced December 30, 2020 and the court held a hearing on their motion to approve the settlement on February 23, 2021 in which it indicated that it will lift the stay if it approves the settlement.
In addition to the above, the Company, including subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We do not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on our consolidated financial position or liquidity.

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,
2020		December 31,
2019
Loan commitments to extend credit$974,069 $476,936 
Standby letters of credit7,139 4,853 

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 $81.5 million and $17.5 million at December 31, 2020 and 2019, 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 $122.5 million and $39.1 million in locked forward sales agreements in place at December 31, 2020 and 2019, respectively. At December 31, 2020 and 2019, derivatives with a positive fair value of $191,000 and $40,000, respectively, were included in other assets and derivatives with a negative fair value of $371,000 and $73,000, respectively, were included in other liabilities.
v3.20.4
Regulatory Matters
 12 Months Ended
Dec. 31, 2020
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, 2020 and December 31, 2019, is included in the minimum capital
requirements relative to risk-weighted assets in the following table. Management believes as of December 31, 2020 and December 31, 2019, 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, 2020, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank 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 that notification that management believes have changed 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, 2020 and December 31, 2019 included $50.8 million and $40.0 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, 2020 and December 31, 2019.

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 $58.6 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.

ActualFor Capital Adequacy Purposes (incl. Capital Conservation Buffer)Required to be Well Capitalized
(Dollars in thousands)Capital AmountRatioCapital AmountRatioCapital AmountRatio
December 31, 2020:
Company:
CET1 Capital to Risk-Weighted Assets$339,936 9.94 %$239,437 7.00 %n/an/a
Tier 1 Capital to Risk-Weighted Assets390,713 11.42 %290,745 8.50 %n/an/a
Total Capital to Risk-Weighted Assets485,357 14.19 %359,155 10.50 %n/an/a
Tier 1 Capital to Average Assets390,713 8.55 %182,853 4.00 %n/an/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 Assets387,231 11.36 %289,763 8.50 %272,719 8.00 %
Total Capital to Risk-Weighted Assets423,231 12.42 %357,943 10.50 %340,898 10.00 %
Tier 1 Capital to Average Assets387,231 8.49 %182,531 4.00 %228,164 5.00 %
December 31, 2019:
Company:
CET1 Capital to Risk-Weighted Assets$248,247 10.86 %$160,002 7.00 %n/an/a
Tier 1 Capital to Risk-Weighted Assets288,247 12.61 %194,288 8.50 %n/an/a
Total Capital to Risk-Weighted Assets309,747 13.55 %240,003 10.50 %n/an/a
Tier 1 Capital to Average Assets288,247 9.74 %118,373 4.00 %n/an/a
Bank:
CET1 Capital to Risk-Weighted Assets$284,513 12.49 %$159,469 7.00 %$148,078 6.50 %
Tier 1 Capital to Risk-Weighted Assets284,513 12.49 %193,641 8.50 %182,250 8.00 %
Total Capital to Risk-Weighted Assets306,013 13.43 %239,203 10.50 %227,813 10.00 %
Tier 1 Capital to Average Assets284,513 9.63 %118,134 4.00 %147,668 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.
v3.20.4
Fair Value
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019.

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 1Level 2Level 3
December 31, 2020
U.S. Government agencies$12,434 $— $12,434 $— 
Residential mortgage-backed securities187,212 — 187,212 — 
Commercial mortgage-backed securities17,331 — 17,331 — 
Asset backed securities14,447 — 14,447 — 
Corporate investments33,148 — 33,148 — 
State and local political subdivisions46,801 — 46,801 — 
Total securities available for sale$311,373 $— $311,373 $— 

December 31, 2019
U.S. Government agencies$18,102 $— $18,102 $— 
Residential mortgage-backed securities175,879 — 175,879 — 
Commercial mortgage-backed securities3,010 — 3,010 — 
Corporate investments4,082 — 4,082 — 
Total securities available for sale$201,073 $— $201,073 $— 

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 1Level 2Level 3
Impaired loans, net of allowance for loan losses:
December 31, 2020$42,573 $— $— $42,573 
December 31, 2019$27,711 $— $— $27,711 
Other real estate:
December 31, 2020$6,754 $— $— $6,754 
December 31, 2019$4,851 $— $— $4,851 

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)
Carrying Value
Valuation MethodsUnobservable InputsRangeWeighted Average
December 31, 2020
Impaired loans, net of specific allowance$42,573 Third-party appraisalsSelling costs
5% - 10%
6%
Other real estate$6,754 Third-party and in-house appraisalsSelling costs
5% - 10%
6%
December 31, 2019
Impaired loans, net of specific allowance$27,711 Third-party appraisalsSelling costs
5% - 10%
6%
Other real estate$4,851 Third-party and in-house appraisalsSelling 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, 2020December 31, 2019
(In thousands)
Carrying Value
Fair ValueCarrying ValueFair Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents$637,545 $637,545 $312,972 $312,972 
Level 2 inputs:
Securities held to maturity93,766 94,436 177,854 179,225 
Federal Home Loan Bank stock2,557 2,557 2,585 2,585 
Accrued interest receivable18,061 18,061 11,509 11,509 
Level 3 inputs:
Loans held for sale28,684 28,684 16,092 16,092 
Loans, net3,342,732 3,348,872 2,057,497 2,050,169 
Financial liabilities:
Level 2 inputs:
Deposits4,152,810 4,153,402 2,592,065 2,593,910 
Advances from FHLB and other borrowings33,771 34,941 37,652 37,298 
Subordinated debentures111,124 111,124 41,238 41,238 
Accrued interest payable2,709 2,709 1,083 1,083 
v3.20.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2020
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, 2020December 31, 2019
Beginning balance$17,804 $16,886 
Advances5,578 6,145 
Payments(7,476)(5,227)
Ending balance$15,906 $17,804 

The Bank had commitments to extend credit to these related parties amounting to $2.4 million and $1.3 million at December 31, 2020 and 2019, 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, 2020, 2019, and 2018 the Company paid $1.4 million, $1.2 million, and $1.2 million, respectively, for these policies.
v3.20.4
Stock Based Compensation
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based CompensationUnder 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, 2020, 136,272 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, 2020, 2019, and 2018 restricted stock awards (“RSA”) were
granted for 39,155, 61,880, and 12,693 shares of common stock, respectively. RSAs granted under the LTIP generally vest over one to five years. Nonvested restricted stock awards are included in the Company’s common stock outstanding. Compensation expense for RSAs granted under the LTIP is recognized over the vesting period of the awards based on the fair value of the stock at the grant date, with forfeitures recognized as they occur.

Stock based compensation that has been charged against income was $1.5 million, $738,000, and $193,000 for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, there was $3,370 of total unrecognized compensation cost related to nonvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 3.1 years.

A summary of our equity-based award activity and related information for our RSAs is as follows:
Number of SharesWeighted Average Grant Date Fair Value
January 1, 2018— $— 
Granted12,693 53.00 
Vested— — 
Forfeited— — 
December 31, 201812,693 53.00 
Granted61,880 53.75 
Vested(5,476)53.00 
Forfeited— — 
December 31, 201969,097 53.67 
Granted39,155 45.36 
Vested(17,143)51.03 
Forfeited— — 
December 31, 202091,109 $50.60 
v3.20.4
COVID-19
 12 Months Ended
Dec. 31, 2020
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 contains substantial lending, tax and spending provisions, including the Paycheck Protection Program (“PPP”), a $349 billion program designed to aid small and medium-sized businesses through federally guaranteed loans distributed by banks. On April 24, 2020, Congress enacted the Paycheck Protection Program and Healthcare Enhancement Act (the “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, 2021, provided additional funding for the PPP of approximately $284 billion and allows eligible borrowers, including certain borrowers who already received a PPP loan, to apply for PPP loans through March 31, 2021. PPP loans are intended to guarantee payroll and other costs to help those businesses remain viable and allow their workers to pay their bills. The Small Business Administration (“SBA”) manages and backs the PPP. If a loan is fully forgiven, SBA will repay the lending bank in full. If a loan is partially forgiven or not forgiven at all, a bank must look to the borrower for repayment of unforgiven principal and interest. If the borrower defaults, the loan is guaranteed by SBA. In order to obtain loan forgiveness, a PPP borrower must submit a forgiveness application to the Company, which the Company must review and forward to the SBA. The SBA began approving forgiveness applications on August 10, 2020. As of December 31, 2020, 724 BankPlus loans totaling $92.8 million had been forgiven and paid by the SBA or the customer. As of December 31, 2020, the Company held 3,529 loans for customers under the PPP, totaling approximately $205.3 million. The loans have maturities ranging from April 2022 to August 2025. The Company expects to recognize total fee income of approximately $11.7 million over the lives of the loans.

The CARES Act also provides certain measures to support individuals and businesses in maintaining solvency through monetary relief, including in the form of financing, loan forgiveness and automatic forbearance for federally backed mortgage 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, 2020, the Company had granted temporary modifications on 2,437 outstanding loans totaling approximately $860.0 million, or 25% of total outstanding loans, primarily secured by 1-4 family residences and multi-tenant retail commercial real estate. As of December 31, 2020, 29 loans totaling $51.0 million, or 1.5% 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.
v3.20.4
Summarized Financial Information of BancPlus Corporation
 12 Months Ended
Dec. 31, 2020
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, 2020December 31, 2019
Assets
Cash$61,820 $14,028 
Investment in banking subsidiary402,545 287,777 
Due from Oakhurst Development, Inc.31,698 31,898 
Equity in undistributed loss of Oakhurst Development, Inc.(22,547)(26,253)
Investment in statutory trusts1,704 1,238 
Other assets5,805 919 
$481,025 $309,607 
Liabilities and Shareholders' Equity
Liabilities:
Subordinated debentures payable to statutory trusts$111,124 $41,238 
Accrued interest payable227 88 
Deferred income taxes1,299 — 
Note payable13,125 16,625 
Other liabilities— 145 
Total liabilities125,775 58,096 
Redeemable common stock owned by ESOP74,278 79,308 
Shareholders' equity, net of ESOP owned shares280,972 172,203 
$481,025 $309,607 

Statements of Income
Year Ended December 31,
(In thousands)202020192018
Income:
Dividends from banking subsidiary$22,050 $18,000 $16,200 
Equity in undistributed income of banking subsidiary20,181 22,078 4,188 
Equity in undistributed loss of Oakhurst Development, Inc.3,706 (265)(5,852)
Other income36 48 44 
Total income45,973 39,861 14,580 
Expenses:
Interest expense2,741 719 850 
Other expenses5,583 3,461 2,021 
Total expenses8,324 4,180 2,871 
Income before income taxes37,649 35,681 11,709 
Income tax benefit1,534 719 704 
Net Income$39,183 $36,400 $12,413 

Statements of Comprehensive Income
Year Ended December 31,
(In thousands)2020 20192018
Net income$39,183 $36,400 $12,413 
Other comprehensive income, net of tax:
Change in unrealized gains on securities available for sale8,778 1,003 171 
Reclassification adjustment - legislative rate change— — (99)
Tax effect(2,185)(250)(43)
Total other comprehensive income, net of tax6,593 753 29 
Comprehensive income$45,776 $37,153 $12,442 

Statements of Cash Flows
Year Ended December 31,
(In thousands)2020 20192018
Cash flows from operating activities:
Net income$39,183 $36,400 $12,413 
Adjustments to reconcile net income to net cash from operating activities:
Common stock released by ESOP1,826 985 986 
Stock based compensation expense1,474 105 193 
Equity in undistributed income of banking subsidiary(20,181)(22,078)(4,188)
Equity in undistributed loss of Oakhurst Development, Inc.(3,706)265 5,852 
Other, net(2,453)108 (797)
Net cash from operating activities16,143 15,785 14,459 
Cash flows from investing activities:
Acquisition of State Capital Corp.(7,115)— — 
Investment in Oakhurst Development, Inc.201 2,312 3,017 
Net cash from (used in) investing activities(6,914)2,312 3,017 
Cash flows from financing activities:
Payments on other borrowings(3,500)(3,500)(3,500)
Common stock acquired by ESOP— (2,499)— 
Proceeds from issuance of subordinated debt60,000 — — 
Payment of subordinated debt issuance costs(1,439)— — 
Purchase of Company stock(3,268)— — 
Shares withheld to pay taxes on restricted stock vesting(10)(46)— 
Cash dividends paid on common stock(13,220)(9,642)(9,020)
Net cash from (used in) financing activities38,563 (15,687)(12,520)
Net change in cash and cash equivalents47,792 2,410 4,956 
Cash at beginning of year14,028 11,618 6,662 
Cash at end of year$61,820 $14,028 $11,618 
v3.20.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2020
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 $65.5 million at December 31, 2020. 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”) under the provisions of FASB Accounting Standards Update (“ASU”) 2011-02. 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
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.
Intangible assets Intangible AssetsGoodwill, 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

The Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” as of January 1, 2018. 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, 2020 or 2019.
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.
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 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)202020192018
Net income$39,183 $36,400 $12,413 
Common stock9,355,980 7,534,302 7,497,081 
Effect of dilutive securities101,497 81,656 92,166 
Total weighted average diluted shares9,457,477 7,615,958 7,589,247 
Basic earnings per common shares$4.19 $4.83 $1.66 
Diluted earnings per common shares$4.14 $4.78 $1.64 
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 evaluating the impact of adopting the new guidance. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the 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 GAAP guidance on contract modifications, hedge accounting, and other transactions affected that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. ASU 2020-04 is effective upon issuance and can be applied through December
31, 2022. The company is still evaluating the impact of ASU 2020-04, but does not expect it to have a material impact on the Company’s consolidated financial statements.
v3.20.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Year Ended
(Dollars in thousands)202020192018
Net income$39,183 $36,400 $12,413 
Common stock9,355,980 7,534,302 7,497,081 
Effect of dilutive securities101,497 81,656 92,166 
Total weighted average diluted shares9,457,477 7,615,958 7,589,247 
Basic earnings per common shares$4.19 $4.83 $1.66 
Diluted earnings per common shares$4.14 $4.78 $1.64 
v3.20.4
Business Combination (Tables)
 12 Months Ended
Dec. 31, 2020
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 shares12 
Total purchase price$71,173 
Assets acquired:
Cash and due from banks$75,315 
Securities, FHLB stock and FNBB stock97,910 
Loans, net880,390 
Premises and equipment29,968 
Accrued interest receivable3,664 
Bank-owned life insurance28,441 
Core deposit intangible6,045 
Taxes receivable7,787 
Deferred tax asset, net5,972 
Other assets3,330 
Total assets acquired$1,138,822 
Liabilities assumed:
Deposits$1,024,381 
Advances from FHLB and other borrowings14,563 
Subordinated debentures11,121 
Deferred compensation10,310 
Other liabilities6,196 
Total liabilities assumed$1,066,571 
Net assets acquired72,251 
Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase$(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)20202019
Net interest income$168,499 $152,224 
Other operating income67,405 66,049 
Net income available to common shareholders39,509 52,323 
Earnings per common share:
Basic$3.93 $5.24 
Diluted3.90 5.20 
v3.20.4
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2020
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 CostGross UnrealizedFair
Value
(In thousands)GainsLosses
December 31, 2020
U.S. Government agencies$12,092 $342 $— $12,434 
Residential mortgage-backed securities181,569 5,644 1 187,212 
Commercial mortgage-backed securities16,793 538 — 17,331 
Asset backed securities13,990 543 86 14,447 
Corporate investments32,750 420 22 33,148 
State and political subdivisions45,025 1,833 57 46,801 
Total available for sale$302,219 $9,320 $166 $311,373 
December 31, 2019
U.S. Government agencies$17,999 $104 $1 $18,102 
Residential mortgage-backed securities175,696 693 510 175,879 
Commercial mortgage-backed securities3,002 8 — 3,010 
Corporate investments4,000 82 — 4,082 
Total available for sale$200,697 $887 $511 $201,073 
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 CostGross UnrealizedFair
Value
(In thousands)GainsLosses
December 31, 2020
States and political subdivisions$93,766 $670 $— $94,436 
Total held to maturity$93,766 $670 $— $94,436 
December 31, 2019
U.S. Government agencies$5,000 $3 $— $5,003 
Residential mortgage-backed securities1,071 41 — 1,112 
States and political subdivisions171,783 1,339 12 173,110 
Total held to maturity$177,854 $1,383 $12 $179,225 
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 MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
(In thousands)
December 31, 2020:
Available for sale:
Residential mortgage-backed securities$4,471 $1 $— $— $4,471 $1 
Commercial mortgage-backed securities305 — — — 305 — 
Asset backed securities2,492 86 — — 2,492 86 
States and political subdivisions3,028 57 — — 3,028 57 
Corporate investments9,229 22 — — 9,229 22 
$19,525 $166 $— $— $19,525 $166 
December 31, 2019:
Available for sale:
U. S. Government agencies$— $— $4,999 $1 $4,999 $1 
Residential mortgage-backed securities92,323 466 2,240 44 94,563 510 
$92,323 $466 $7,239 $45 $99,562 $511 
Held to maturity:
States and political subdivisions$2,656 $8 $2,766 $4 $5,422 $12 
$2,656 $8 $2,766 $4 $5,422 $12 
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 CostFair Value
December 31, 2020:
One year or less$4,087 $4,108 $15,891 $15,926 
After one through five years21,150 21,692 50,738 50,926 
After five through ten years74,219 76,192 24,247 24,694 
After ten years202,763 209,381 2,890 2,890 
$302,219 $311,373 $93,766 $94,436 
December 31, 2019:
One year or less$10,000 $9,999 $23,318 $23,375 
After one through five years12,312 12,499 68,804 69,035 
After five through ten years5,833 5,787 67,411 68,091 
After ten years172,552 172,788 18,321 18,724 
$200,697 $201,073 $177,854 $179,225 
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 SaleHeld to Maturity
Amortized CostFair ValueAmortized CostFair Value
(In thousands)
December 31, 2020$251,913 $260,351 $57,110 $57,770 
December 31, 2019$124,854 $125,103 $123,978 $125,241 
v3.20.4
Loans (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020December 31, 2019
Secured by real estate:
Residential properties$738,340 $555,413 
Construction and land development403,496 230,931 
Farmland 217,104 162,991 
Other commercial 1,224,633 664,145 
Total real estate2,583,573 1,613,480 
Commercial and industrial loans635,714 333,834 
Agricultural production and other loans to farmers85,469 70,145 
Consumer and other loans73,976 61,538 
Total loans before allowance for loan losses$3,378,732 $2,078,997 
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, 2020December 31, 2019
Secured by real estate:
Residential properties$3,869 $2,419 
Construction and land development1,863 390 
Farmland 158 — 
Other commercial 7,947 9,034 
Total real estate13,837 11,843 
Commercial and industrial loans12 67 
Agricultural production and other loans to farmers85 62 
Consumer and other loans177 187 
Total non-accrual loans$14,111 $12,159 
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 DaysPast Due 90 Days or moreTotal Past DueCurrent Total LoansPast Due 90 days or more and Accruing
December 31, 2020
Secured by real estate:
Residential properties$5,836 $2,016 $7,852 $730,488 $738,340 $1,174 
Construction and land development713 3,086 3,799 399,697 403,496 1,843 
Farmland 373 779 1,152 215,952 217,104 618 
Other commercial3,956 3,084 7,040 1,217,593 1,224,633 2,417 
Total real estate10,878 8,965 19,843 2,563,730 2,583,573 6,052 
Commercial and industrial loans2,195 135 2,330 633,384 635,714 135 
Agricultural production and other loans to farmers319 15 334 85,135 85,469 15 
Consumer loans444 278 722 73,254 73,976 101 
Total$13,836 $9,393 $23,229 $3,355,503 $3,378,732 $6,303 

Past Due 30-89 DaysPast Due 90 Days or moreTotal Past DueCurrentTotal LoansPast Due 90 days or more and Accruing
(In thousands)
December 31, 2019
Secured by real estate:
Residential properties$6,262 $2,610 $8,872 $546,541 $555,413 $1,745 
Construction and land development688 — 688 230,243 230,931 — 
Farmland253 149 402 162,589 162,991 149 
Other commercial1,227 724 1,951 662,194 664,145 418 
Total real estate8,430 3,483 11,913 1,601,567 1,613,480 2,312 
Commercial and industrial loans375 255 630 333,204 333,834 235 
Agricultural production and other loans to farmers400 20 420 69,725 70,145 20 
Consumer loans795 51 846 60,692 61,538 51 
Total$10,000 $3,809 $13,809 $2,065,188 $2,078,997 $2,618 
Summary of impaired loans
Impaired loans, segregated by class were as follows:
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 development5,530 3,462 — 
Farmland11,024 10,584 — 
Other commercial8,439 5,149 — 
Total real estate33,467 24,990 — 
Commercial and industrial10,386 9,962 — 
Agricultural production and other loans to farmers156 97 — 
Consumer and other loans216 177 — 
Total44,225 35,226 — 
Impaired loans with related allowance:
Secured by real estate:
Residential properties1,073 1,073 9 
Construction and land development— — — 
Farmland— — — 
Other commercial6,072 6,039 2,028 
Total real estate7,145 7,112 2,037 
Commercial and industrial4,430 4,430 2,158 
Total11,575 11,542 4,195 
Total impaired loans$55,800 $46,768 $4,195 
December 31, 2019
(In thousands)Principal Balance
Recorded Balance (1)
Related Allowance
Impaired loans with no related allowance:
Secured by real estate:
Residential properties$4,789 $3,789 $— 
Construction and land development3,919 2,009 — 
Farmland10,993 10,937 — 
Other commercial3,893 2,400 — 
Total real estate23,594 19,135 — 
Commercial and industrial384 67 — 
Agricultural production and other loans to farmers75 62 — 
Consumer loans211 187 — 
Total24,264 19,451 — 
Impaired loans with related allowance:
Secured by real estate:
Residential properties1,127 1,127 11 
Other commercial10,114 10,076 3,325 
Total real estate11,241 11,203 3,336 
Commercial and industrial427 427 34 
Total11,668 11,630 3,370 
Total impaired loans$35,932 $31,081 $3,370 
(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, 2020 and 2019 are presented below.
Year Ended December 31,
202020192018
(In thousands)Average InvestmentInterest RecognizedAverage InvestmentInterest RecognizedAverage InvestmentInterest Recognized
Secured by real estate:
Residential properties$6,014 $152 $5,013 $151 $4,503 $200 
Construction and land development4,384 127 2,135 175 8,838 234 
Farmland10,515 510 2,831 12 533 — 
Other commercial11,679 249 12,182 108 7,931 289 
Total real estate32,592 1,038 22,161 446 21,805 723 
Commercial and industrial2,136 81 624 30 1,087 28 
Agricultural production and other loans to farmers82 74 — 17 — 
Consumer loans181 93 — — — 
Total$34,991 $1,119 $22,952 $476 $22,909 $751 
Transactions in the allowance for loan losses and balances in the loan portfolio by loan segment are as follows:
(In thousands)Commercial and IndustrialCommercial Real Estate Residential Consumer and otherUnallocatedTotal
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 losses3,951 11,380 2,369 648 (1,258)17,090 
Recoveries on loans212 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 impairment4,179 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 impairment621,322 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 IndustrialCommercial Real EstateResidentialConsumer and otherUnallocatedTotal
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 loans428 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 
Allowance Balances:
Individually evaluated for impairment$34 $3,325 $11 $— $— $3,370 
Collectively evaluated for impairment2,739 7,441 5,557 1,135 1,258 18,130 
Ending balance$2,773 $10,766 $5,568 $1,135 $1,258 $21,500 
Loan Balances:
Individually evaluated for impairment$494 $25,422 $4,916 $249 $— $31,081 
Collectively evaluated for impairment333,340 1,032,645 550,497 131,434 — 2,047,916 
Ending balance$333,834 $1,058,067 $555,413 $131,683 $— $2,078,997 
(In thousands)Commercial and IndustrialCommercial Real EstateResidentialConsumer and otherUnallocatedTotal
December 31, 2018:
Allowance for loan losses:
Balance, beginning of year$2,856 $7,700 $6,000 $782 $1,662 $19,000 
Provision for loan losses1,577 9,866 411 3,150 223 15,227 
Recoveries on loans264 511 268 2,818 — 3,861 
Loans charged off(1,494)(5,157)(1,321)(5,616)— (13,588)
Balance, end of year$3,203 $12,920 $5,358 $1,134 $1,885 $24,500 
Summary of modifications classified as TDRs
The following table illustrates the impact of modifications classified as TDRs for the periods presented:

(Dollars in thousands)Number of LoansBalance Prior to TDRBalance at Year End
December 31, 2020
Secured by real estate:
Residential properties1 $200 $183 
Construction and land development1 $95 $— 
Total2 $295 $183 
December 31, 2019
Secured by real estate:
Other commercial2 $7,493 $7,454 
Total real estate2 7,493 7,454 
Consumer and other loans1 188 187 
Total3 $7,681 $7,641 
December 31, 2018
Secured by real estate:
Other commercial1 308 125 
Total1 $308 $125 
v3.20.4
Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2020
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 1-6Risk Grade 7Risk Grade 8Risk Grade 9Total
December 31, 2020
Secured by real estate:
Residential properties$721,024 $— $17,316 $— $738,340 
Construction and land development401,347 — 2,149 — 403,496 
Farmland 205,211 — 11,893 — 217,104 
Other commercial1,209,365 — 15,041 227 1,224,633 
Total real estate2,536,947 — 46,399 227 2,583,573 
Commercial and industrial619,086 51 16,526 51 635,714 
Agricultural production and other loans to farmers85,197 91 181 — 85,469 
Consumer and other loans73,560 — 416 — 73,976 
Total$3,314,790 $142 $63,522 $278 $3,378,732 

(In thousands)Risk Grades 1-6Risk Grade 7Risk Grade 8Risk Grade 9Total
December 31, 2019
Secured by real estate:
Residential properties$540,933 $177 $14,303 $— $555,413 
Construction and land development229,933 388 610 — 230,931 
Farmland151,354 — 11,637 — 162,991 
Other commercial645,891 — 18,254 — 664,145 
Total real estate1,568,111 565 44,804 — 1,613,480 
Commercial and industrial331,693 — 2,060 81 333,834 
Agricultural production and other loans to farmers69,854 — 291 — 70,145 
Consumer and other loans61,220 — 318 — 61,538 
Total$2,030,878 $565 $47,473 $81 $2,078,997 
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 IndustrialCommercial Real Estate Residential Consumer and otherUnallocatedTotal
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 losses3,951 11,380 2,369 648 (1,258)17,090 
Recoveries on loans212 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 impairment4,179 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 impairment621,322 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 IndustrialCommercial Real EstateResidentialConsumer and otherUnallocatedTotal
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 loans428 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 
Allowance Balances:
Individually evaluated for impairment$34 $3,325 $11 $— $— $3,370 
Collectively evaluated for impairment2,739 7,441 5,557 1,135 1,258 18,130 
Ending balance$2,773 $10,766 $5,568 $1,135 $1,258 $21,500 
Loan Balances:
Individually evaluated for impairment$494 $25,422 $4,916 $249 $— $31,081 
Collectively evaluated for impairment333,340 1,032,645 550,497 131,434 — 2,047,916 
Ending balance$333,834 $1,058,067 $555,413 $131,683 $— $2,078,997 
(In thousands)Commercial and IndustrialCommercial Real EstateResidentialConsumer and otherUnallocatedTotal
December 31, 2018:
Allowance for loan losses:
Balance, beginning of year$2,856 $7,700 $6,000 $782 $1,662 $19,000 
Provision for loan losses1,577 9,866 411 3,150 223 15,227 
Recoveries on loans264 511 268 2,818 — 3,861 
Loans charged off(1,494)(5,157)(1,321)(5,616)— (13,588)
Balance, end of year$3,203 $12,920 $5,358 $1,134 $1,885 $24,500 
Summary of impaired loans
Impaired loans, segregated by class were as follows:
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 development5,530 3,462 — 
Farmland11,024 10,584 — 
Other commercial8,439 5,149 — 
Total real estate33,467 24,990 — 
Commercial and industrial10,386 9,962 — 
Agricultural production and other loans to farmers156 97 — 
Consumer and other loans216 177 — 
Total44,225 35,226 — 
Impaired loans with related allowance:
Secured by real estate:
Residential properties1,073 1,073 9 
Construction and land development— — — 
Farmland— — — 
Other commercial6,072 6,039 2,028 
Total real estate7,145 7,112 2,037 
Commercial and industrial4,430 4,430 2,158 
Total11,575 11,542 4,195 
Total impaired loans$55,800 $46,768 $4,195 
December 31, 2019
(In thousands)Principal Balance
Recorded Balance (1)
Related Allowance
Impaired loans with no related allowance:
Secured by real estate:
Residential properties$4,789 $3,789 $— 
Construction and land development3,919 2,009 — 
Farmland10,993 10,937 — 
Other commercial3,893 2,400 — 
Total real estate23,594 19,135 — 
Commercial and industrial384 67 — 
Agricultural production and other loans to farmers75 62 — 
Consumer loans211 187 — 
Total24,264 19,451 — 
Impaired loans with related allowance:
Secured by real estate:
Residential properties1,127 1,127 11 
Other commercial10,114 10,076 3,325 
Total real estate11,241 11,203 3,336 
Commercial and industrial427 427 34 
Total11,668 11,630 3,370 
Total impaired loans$35,932 $31,081 $3,370 
(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, 2020 and 2019 are presented below.
Year Ended December 31,
202020192018
(In thousands)Average InvestmentInterest RecognizedAverage InvestmentInterest RecognizedAverage InvestmentInterest Recognized
Secured by real estate:
Residential properties$6,014 $152 $5,013 $151 $4,503 $200 
Construction and land development4,384 127 2,135 175 8,838 234 
Farmland10,515 510 2,831 12 533 — 
Other commercial11,679 249 12,182 108 7,931 289 
Total real estate32,592 1,038 22,161 446 21,805 723 
Commercial and industrial2,136 81 624 30 1,087 28 
Agricultural production and other loans to farmers82 74 — 17 — 
Consumer loans181 93 — — — 
Total$34,991 $1,119 $22,952 $476 $22,909 $751 
Transactions in the allowance for loan losses and balances in the loan portfolio by loan segment are as follows:
(In thousands)Commercial and IndustrialCommercial Real Estate Residential Consumer and otherUnallocatedTotal
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 losses3,951 11,380 2,369 648 (1,258)17,090 
Recoveries on loans212 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 impairment4,179 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 impairment621,322 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 IndustrialCommercial Real EstateResidentialConsumer and otherUnallocatedTotal
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 loans428 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 
Allowance Balances:
Individually evaluated for impairment$34 $3,325 $11 $— $— $3,370 
Collectively evaluated for impairment2,739 7,441 5,557 1,135 1,258 18,130 
Ending balance$2,773 $10,766 $5,568 $1,135 $1,258 $21,500 
Loan Balances:
Individually evaluated for impairment$494 $25,422 $4,916 $249 $— $31,081 
Collectively evaluated for impairment333,340 1,032,645 550,497 131,434 — 2,047,916 
Ending balance$333,834 $1,058,067 $555,413 $131,683 $— $2,078,997 
(In thousands)Commercial and IndustrialCommercial Real EstateResidentialConsumer and otherUnallocatedTotal
December 31, 2018:
Allowance for loan losses:
Balance, beginning of year$2,856 $7,700 $6,000 $782 $1,662 $19,000 
Provision for loan losses1,577 9,866 411 3,150 223 15,227 
Recoveries on loans264 511 268 2,818 — 3,861 
Loans charged off(1,494)(5,157)(1,321)(5,616)— (13,588)
Balance, end of year$3,203 $12,920 $5,358 $1,134 $1,885 $24,500 
v3.20.4
Property, Plant, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Premises and Equipment
The following is a summary of premises and equipment.

(In thousands)December 31,
2020		December 31, 2019
Land$27,023 $20,208 
Bank premises72,561 54,895 
Leasehold improvements13,572 13,092 
Data processing equipment34,708 33,915 
Furniture and other equipment44,103 40,491 
191,967 162,601 
Less accumulated depreciation and amortization(89,000)(87,529)
$102,967 $75,072 
v3.20.4
Deferred Costs, Capitalized, Prepaid, and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2020
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,
2020		December 31,
2019
Amortized intangible assets$5,823 $366 
Other real estate owned6,754 4,851 
Cash value of life insurance91,284 61,220 
Federal Home Loan Bank stock2,557 2,585 
Deferred income tax2,516 409 
Investment in statutory trusts1,703 1,238 
Other26,603 14,516 
$137,240 $85,185 
Summary of amortized intangible assets
The following is a summary of amortized intangible assets:

(In thousands)Gross
Intangible
Assets		Accumulated
Amortization		Net
Intangible
Assets
December 31, 2020
Core deposit intangibles$6,901 $1,375 $5,526 
Acquired customer relationships1,415 1,118 297 
Non-compete agreements90 90 — 
$8,406 $2,583 $5,823 

(In thousands)Gross
Intangible
Assets		Accumulated
Amortization		Net
Intangible
Assets
December 31, 2019
Core deposit intangibles$855 $855 $— 
Acquired customer relationships1,415 1,049 366 
Non-compete agreements90 90 — 
$2,360 $1,994 $366 
Future expected amortization of finite-lived intangible assets The future amortization schedule for the Company’s intangible assets is as follows:
(In thousands)
2021$723 
2022709 
2023692 
2024673 
2025650 
After 20252,376 
$5,823 
v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease expense
Year Ended December 31,
20202019
Lease weighted averages:
Weighted average remaining lease term (years) - operating leases11.9916.27
Weighted average discount rate - operating leases5.00 %5.00 %

Year Ended December 31,
(In thousands)20202019
Lease expense:
Operating lease expense$5,112 $5,122 
Variable lease expense508 419 
Short-term lease expense165 65 
Sublease income(8)(35)
Total lease expense$5,777 $5,571 
Supplemental cash flow related to leases was:
Year Ended December 31,
(In thousands)20202019
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flow from operating leases$4,683 $4,950 
ROU assets obtained in exchange for lease obligations:
Operating leases$214 $43,070 
Reduction to ROU assets resulting from reductions to lease obligations:
Operating leases$3,028 $3,876 
Operating lease, maturity schedule
Maturities of operating lease liabilities were as follows:
(In thousands)December 31, 2020
Year 1$4,626 
Year 24,464 
Year 34,362 
Year 44,218 
Year 54,295 
Thereafter29,777 
Total lease payments51,742 
Less: Imputed interest(14,615)
Total lease obligation$37,127 
v3.20.4
Other Real Estate Owned (Tables)
 12 Months Ended
Dec. 31, 2020
Other Real Estate [Abstract]  
Other real estate owned activity
Other real estate owned activity was as follows:

(In thousands)December 31, 2020December 31, 2019
Beginning balance$4,851 $11,916 
Additions9,491 3,366 
Proceeds from sales(7,687)(10,667)
Write-downs(301)(75)
Net gain (loss) on sales400 311 
Balance at end of period$6,754 $4,851 
v3.20.4
Deposits (Tables)
 12 Months Ended
Dec. 31, 2020
Deposits [Abstract]  
Summary of deposits
The following is a summary of the Company’s deposits.

(In thousands)December 31, 2020December 31, 2019
Noninterest-bearing$1,230,868 $637,377 
Interest bearing:
Money market, NOW and savings accounts2,227,979 1,569,970 
Certificates of deposit of $250,000 or more
192,188 110,291 
Other certificates of deposit501,775 274,427 
Total interest bearing2,921,942 1,954,688 
Total deposits$4,152,810 $2,592,065 
Schedule of maturities of certificates of deposit
Scheduled maturities of certificates of deposits are as follows:

(In thousands)December 31, 2020
2021$493,332 
2022106,874 
202350,012 
202429,505 
202514,220 
After 202520 
$693,963 
v3.20.4
Short-term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of short-term borrowings The following is a summary of the Company’s short-term borrowings.
Balances OutstandingWeighted Average Rate
(In thousands)
Maximum
Month End
Average
Daily
At
Period End		During
Period		At
Period End
December 31, 2020:
Federal funds purchased$— $150 $— 1.07 %— %
Securities sold under agreements to repurchase— — — — %— %
$— $150 $— 
December 31, 2019:
Federal funds purchased$— $— $— — %— %
Securities sold under agreements to repurchase— — — — %— %
$— $— $— 
v3.20.4
Financial Services, Federal Home Loan Banks (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020December 31, 2019
Balance:
Single payment advances$20,000 $20,000 
Amortizing advances646 1,027 
$20,646 $21,027 
Range of interest rates:
Single payment advances
1.42% - 1.53%
1.42% - 1.53%
Amortizing advances
2.06% - 2.94%
1.10% - 2.94%
Range of maturities:
Single payment advances20272027
Amortizing advances
2021 - 2028
2020 - 2028
Required principal payments on FHLB advances and other borrowings are as follows.

(In thousands)December 31, 2020December 31, 2019
2021$13,171 $3,647 
2022395 13,307 
2023110 433 
2024— 157 
2025— — 
Thereafter20,095 20,108 
$33,771 $37,652 
v3.20.4
Subordinated Debentures and Trust Preferred Securities (Tables)
 12 Months Ended
Dec. 31, 2020
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,
2020		December 31,
2019
First Bancshares of Baton Rouge Statutory Trust I2034
3 month LIBOR, plus 2.50%
$4,124 $— 
State Capital Statutory Trust IV2035
3 month LIBOR, plus 1.99%
5,155 — 
BancPlus Statutory Trust II2036
3 month LIBOR, plus 1.50%
20,619 20,619 
BancPlus Statutory Trust III2037
3 month LIBOR, plus 1.35%
20,619 20,619 
State Capital Master Trust2037
3 month LIBOR, plus 1.46%
6,186 — 
$56,703 $41,238 
v3.20.4
Other Operating Income and Other Operating Expenses (Tables)
 12 Months Ended
Dec. 31, 2020
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)202020192018
Income from fiduciary activities$4,500 $4,709 $4,883 
ATM income5,389 4,548 4,396 
Brokerage and insurance fees and commissions3,766 3,516 3,862 
Other real estate income and gains761 1,028 370 
Life insurance income2,386 1,628 1,648 
Community Development Financial Institutions grants823 960 1,317 
Other8,804 2,417 2,580 
$26,429 $18,806 $19,056 
Significant components of other operating expenses are summarized as follows
Year Ended December 31,
(In thousands)202020192018
Advertising and marketing$3,968 $3,536 $3,617 
Other real estate expenses and losses889 1,250 23,373 
FDIC and State insurance assessments2,085 851 1,147 
Professional fees6,272 3,200 2,140 
Acquisition expense— — — 
Security expense831 1,045 1,110 
Supplies1,023 805 888 
Other12,263 11,187 9,458 
$27,331 $21,874 $41,733 
v3.20.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
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,
2020		December 31,
2019
Allocated shares1,449,335 1,355,699 
Unearned shares50,124 78,926 
Total ESOP shares1,499,459 1,434,625 
Fair value of unearned shares$2,569 $4,617 
v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
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)202020192018
Current:
Federal$7,365 $3,095 $5,050 
State1,896 768 1,196 
9,261 3,863 6,246 
Deferred:
Federal45 4,152 (4,773)
State(96)978 (1,284)
(51)5,130 (6,057)
$9,210 $8,993 $189 
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)202020192018
Amount computed on earnings before income taxes$10,150 $9,532 $2,562 
Tax effect of:
Income from tax-exempt investments, net of disallowed interest deduction(486)(701)(789)
Bargain purchase gain(226)— (70)
State income taxes, net of Federal tax benefit1,422 1,380 — 
Life insurance income(445)(341)(345)
Qualified School Construction Bond credits(854)(854)(854)
Low Income Housing Tax credits(221)(221)(221)
Non-deductible expense384 337 73 
Sale of foreclosed right-of-use asset(809)— — 
Other, net295 (139)(167)
$9,210 $8,993 $189 
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 2017.
(In thousands)December 31,
2020		December 31,
2019
Deferred tax assets:
Allowance for loan losses$9,157 $5,481 
Other real estate1,243 1,488 
Investment securities409 — 
Amortization of intangibles— 187 
Restricted stock202 131 
Loan yield and credit mark on loans2,691 — 
Deposit yield mark1,211 — 
Accrued expenses715 443 
Other35 — 
Total deferred tax assets15,663 7,730 
Deferred tax liabilities:
Depreciation of premises and equipment(7,067)(5,918)
Federal Home Loan Bank stock dividends(85)(85)
Investment securities— (56)
Partnership income(371)(70)
Prepaid expenses(1,059)(1,079)
Amortization of intangibles(1,219)— 
Subordinated debt yield mark(1,067)— 
Unrealized gain on securities available for sale(2,279)(94)
Other— (19)
Total deferred tax liabilities(13,147)(7,321)
Net deferred tax assets$2,516 $409 
v3.20.4
Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Fair Value, Off-balance Sheet Risks The following is a summary of these instruments.
December 31,
2020		December 31,
2019
Loan commitments to extend credit$974,069 $476,936 
Standby letters of credit7,139 4,853 
v3.20.4
Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2020
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.

ActualFor Capital Adequacy Purposes (incl. Capital Conservation Buffer)Required to be Well Capitalized
(Dollars in thousands)Capital AmountRatioCapital AmountRatioCapital AmountRatio
December 31, 2020:
Company:
CET1 Capital to Risk-Weighted Assets$339,936 9.94 %$239,437 7.00 %n/an/a
Tier 1 Capital to Risk-Weighted Assets390,713 11.42 %290,745 8.50 %n/an/a
Total Capital to Risk-Weighted Assets485,357 14.19 %359,155 10.50 %n/an/a
Tier 1 Capital to Average Assets390,713 8.55 %182,853 4.00 %n/an/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 Assets387,231 11.36 %289,763 8.50 %272,719 8.00 %
Total Capital to Risk-Weighted Assets423,231 12.42 %357,943 10.50 %340,898 10.00 %
Tier 1 Capital to Average Assets387,231 8.49 %182,531 4.00 %228,164 5.00 %
December 31, 2019:
Company:
CET1 Capital to Risk-Weighted Assets$248,247 10.86 %$160,002 7.00 %n/an/a
Tier 1 Capital to Risk-Weighted Assets288,247 12.61 %194,288 8.50 %n/an/a
Total Capital to Risk-Weighted Assets309,747 13.55 %240,003 10.50 %n/an/a
Tier 1 Capital to Average Assets288,247 9.74 %118,373 4.00 %n/an/a
Bank:
CET1 Capital to Risk-Weighted Assets$284,513 12.49 %$159,469 7.00 %$148,078 6.50 %
Tier 1 Capital to Risk-Weighted Assets284,513 12.49 %193,641 8.50 %182,250 8.00 %
Total Capital to Risk-Weighted Assets306,013 13.43 %239,203 10.50 %227,813 10.00 %
Tier 1 Capital to Average Assets284,513 9.63 %118,134 4.00 %147,668 5.00 %
v3.20.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2020
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 1Level 2Level 3
December 31, 2020
U.S. Government agencies$12,434 $— $12,434 $— 
Residential mortgage-backed securities187,212 — 187,212 — 
Commercial mortgage-backed securities17,331 — 17,331 — 
Asset backed securities14,447 — 14,447 — 
Corporate investments33,148 — 33,148 — 
State and local political subdivisions46,801 — 46,801 — 
Total securities available for sale$311,373 $— $311,373 $— 

December 31, 2019
U.S. Government agencies$18,102 $— $18,102 $— 
Residential mortgage-backed securities175,879 — 175,879 — 
Commercial mortgage-backed securities3,010 — 3,010 — 
Corporate investments4,082 — 4,082 — 
Total securities available for sale$201,073 $— $201,073 $— 
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 1Level 2Level 3
Impaired loans, net of allowance for loan losses:
December 31, 2020$42,573 $— $— $42,573 
December 31, 2019$27,711 $— $— $27,711 
Other real estate:
December 31, 2020$6,754 $— $— $6,754 
December 31, 2019$4,851 $— $— $4,851 
Schedule of quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis
The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis.

Qualitative Information about Level 3 Fair Value Measurements
(In thousands)
Carrying Value
Valuation MethodsUnobservable InputsRangeWeighted Average
December 31, 2020
Impaired loans, net of specific allowance$42,573 Third-party appraisalsSelling costs
5% - 10%
6%
Other real estate$6,754 Third-party and in-house appraisalsSelling costs
5% - 10%
6%
December 31, 2019
Impaired loans, net of specific allowance$27,711 Third-party appraisalsSelling costs
5% - 10%
6%
Other real estate$4,851 Third-party and in-house appraisalsSelling 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, 2020December 31, 2019
(In thousands)
Carrying Value
Fair ValueCarrying ValueFair Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents$637,545 $637,545 $312,972 $312,972 
Level 2 inputs:
Securities held to maturity93,766 94,436 177,854 179,225 
Federal Home Loan Bank stock2,557 2,557 2,585 2,585 
Accrued interest receivable18,061 18,061 11,509 11,509 
Level 3 inputs:
Loans held for sale28,684 28,684 16,092 16,092 
Loans, net3,342,732 3,348,872 2,057,497 2,050,169 
Financial liabilities:
Level 2 inputs:
Deposits4,152,810 4,153,402 2,592,065 2,593,910 
Advances from FHLB and other borrowings33,771 34,941 37,652 37,298 
Subordinated debentures111,124 111,124 41,238 41,238 
Accrued interest payable2,709 2,709 1,083 1,083 
v3.20.4
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following is a summary of loans made to such borrowers.

(In thousands)December 31, 2020December 31, 2019
Beginning balance$17,804 $16,886 
Advances5,578 6,145 
Payments(7,476)(5,227)
Ending balance$15,906 $17,804 
v3.20.4
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
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 SharesWeighted Average Grant Date Fair Value
January 1, 2018— $— 
Granted12,693 53.00 
Vested— — 
Forfeited— — 
December 31, 201812,693 53.00 
Granted61,880 53.75 
Vested(5,476)53.00 
Forfeited— — 
December 31, 201969,097 53.67 
Granted39,155 45.36 
Vested(17,143)51.03 
Forfeited— — 
December 31, 202091,109 $50.60 
v3.20.4
Summarized Financial Information of BancPlus Corporation (Tables)
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
Balance Sheets
(In thousands)December 31, 2020December 31, 2019
Assets
Cash$61,820 $14,028 
Investment in banking subsidiary402,545 287,777 
Due from Oakhurst Development, Inc.31,698 31,898 
Equity in undistributed loss of Oakhurst Development, Inc.(22,547)(26,253)
Investment in statutory trusts1,704 1,238 
Other assets5,805 919 
$481,025 $309,607 
Liabilities and Shareholders' Equity
Liabilities:
Subordinated debentures payable to statutory trusts$111,124 $41,238 
Accrued interest payable227 88 
Deferred income taxes1,299 — 
Note payable13,125 16,625 
Other liabilities— 145 
Total liabilities125,775 58,096 
Redeemable common stock owned by ESOP74,278 79,308 
Shareholders' equity, net of ESOP owned shares280,972 172,203 
$481,025 $309,607 
Condensed Income Statement
Statements of Income
Year Ended December 31,
(In thousands)202020192018
Income:
Dividends from banking subsidiary$22,050 $18,000 $16,200 
Equity in undistributed income of banking subsidiary20,181 22,078 4,188 
Equity in undistributed loss of Oakhurst Development, Inc.3,706 (265)(5,852)
Other income36 48 44 
Total income45,973 39,861 14,580 
Expenses:
Interest expense2,741 719 850 
Other expenses5,583 3,461 2,021 
Total expenses8,324 4,180 2,871 
Income before income taxes37,649 35,681 11,709 
Income tax benefit1,534 719 704 
Net Income$39,183 $36,400 $12,413 
Condensed Statement of Comprehensive Income Statements of Comprehensive Income
Year Ended December 31,
(In thousands)2020 20192018
Net income$39,183 $36,400 $12,413 
Other comprehensive income, net of tax:
Change in unrealized gains on securities available for sale8,778 1,003 171 
Reclassification adjustment - legislative rate change— — (99)
Tax effect(2,185)(250)(43)
Total other comprehensive income, net of tax6,593 753 29 
Comprehensive income$45,776 $37,153 $12,442 
Condensed Cash Flow Statement
Statements of Cash Flows
Year Ended December 31,
(In thousands)2020 20192018
Cash flows from operating activities:
Net income$39,183 $36,400 $12,413 
Adjustments to reconcile net income to net cash from operating activities:
Common stock released by ESOP1,826 985 986 
Stock based compensation expense1,474 105 193 
Equity in undistributed income of banking subsidiary(20,181)(22,078)(4,188)
Equity in undistributed loss of Oakhurst Development, Inc.(3,706)265 5,852 
Other, net(2,453)108 (797)
Net cash from operating activities16,143 15,785 14,459 
Cash flows from investing activities:
Acquisition of State Capital Corp.(7,115)— — 
Investment in Oakhurst Development, Inc.201 2,312 3,017 
Net cash from (used in) investing activities(6,914)2,312 3,017 
Cash flows from financing activities:
Payments on other borrowings(3,500)(3,500)(3,500)
Common stock acquired by ESOP— (2,499)— 
Proceeds from issuance of subordinated debt60,000 — — 
Payment of subordinated debt issuance costs(1,439)— — 
Purchase of Company stock(3,268)— — 
Shares withheld to pay taxes on restricted stock vesting(10)(46)— 
Cash dividends paid on common stock(13,220)(9,642)(9,020)
Net cash from (used in) financing activities38,563 (15,687)(12,520)
Net change in cash and cash equivalents47,792 2,410 4,956 
Cash at beginning of year14,028 11,618 6,662 
Cash at end of year$61,820 $14,028 $11,618 
v3.20.4
Schedule of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
trust
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Ownership percentage in variable interest entities 100.00%
Deposits with correspondent banks that exceed federal deposit insurance coverage 65.5 million
Financing receivable individually evaluated for impairment (greater than) | $ $ 500
Number of Statutory Trusts | trust 5
v3.20.4
Schedule of Significant Accounting Policies - Schedule of earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Net income $ 39,183 $ 36,400 $ 12,413
Common stock 9,355,980 7,534,302 7,497,081
Effect of dilutive securities 101,497 81,656 92,166
Total weighted average diluted shares 9,457,477 7,615,958 7,589,247
Basic earning per common shares (in USD per share) $ 4.19 $ 4.83 $ 1.66
Diluted earnings per common share (in USD per share) $ 4.14 $ 4.78 $ 1.64
v3.20.4
Business Combination - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 01, 2020
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
Dec. 31, 2019
$ / shares
Business Acquisition [Line Items]      
Conversion ratio 0.6950    
Common stock, par value per share (USD per share) | $ / shares $ 1.00 $ 1.00 $ 1.00
Number of shares issued | shares 2,453,827    
Consideration paid in lieu of fractional shares $ 12    
Acquisition expenses   $ 6,400  
Merger Agreement      
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    
SCC      
Business Acquisition [Line Items]      
Common stock, par value per share (USD per share) | $ / shares $ 1.25    
v3.20.4
Business Combination - Consideration paid and preliminary fair value allocation (Details) - USD ($)
$ in Thousands
Apr. 01, 2020
Dec. 31, 2020
Dec. 31, 2019
Liabilities assumed:      
Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase   $ 2,616 $ 2,616
Merger Agreement      
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)    
v3.20.4
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 $ 3.93 $ 5.24
Diluted $ 3.90 $ 5.20
v3.20.4
Investment Securities - Summary of amortized cost and fair value of the securities available for sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 302,219 $ 200,697
Gross unrealized gains 9,320 887
Gross unrealized losses 166 511
Fair Value 311,373 201,073
U.S. Government agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 12,092 17,999
Gross unrealized gains 342 104
Gross unrealized losses 0 1
Fair Value 12,434 18,102
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 181,569 175,696
Gross unrealized gains 5,644 693
Gross unrealized losses 1 510
Fair Value 187,212 175,879
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 16,793 3,002
Gross unrealized gains 538 8
Gross unrealized losses 0 0
Fair Value 17,331 3,010
Asset backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 13,990  
Gross unrealized gains 543  
Gross unrealized losses 86  
Fair Value 14,447  
Corporate investments    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 32,750 4,000
Gross unrealized gains 420 82
Gross unrealized losses 22 0
Fair Value 33,148 $ 4,082
States and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 45,025  
Gross unrealized gains 1,833  
Gross unrealized losses 57  
Fair Value $ 46,801  
v3.20.4
Investment Securities - Summary of amortized cost and fair value of securities held to maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 93,766 $ 177,854
Gross unrealized gains 670 1,383
Gross unrealized losses 0 12
Fair Value 94,436 179,225
U.S. Government agencies    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost   5,000
Gross unrealized gains   3
Gross unrealized losses   0
Fair Value   5,003
Residential mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost   1,071
Gross unrealized gains   41
Gross unrealized losses   0
Fair Value   1,112
States and political subdivisions    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 93,766 171,783
Gross unrealized gains 670 1,339
Gross unrealized losses 0 12
Fair Value $ 94,436 $ 173,110
v3.20.4
Investment Securities - Summary of investment securities that were in an unrealized loss position (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Available for sale:    
Fair value, less than 12 months $ 19,525 $ 92,323
Unrealized losses, less than 12 months 166 466
Fair value, 12 months or more 0 7,239
Unrealized losses, 12 months or more 0 45
Fair value, total 19,525 99,562
Unrealized losses, total 166 511
Held to maturity:    
Fair value, less than 12 months   2,656
Unrealized losses, less than 12 months   8
Fair value, 12 months or more   2,766
Unrealized losses, 12 months or more   4
Fair value, total   5,422
Unrealized losses, total   12
Residential mortgage-backed securities    
Available for sale:    
Fair value, less than 12 months 4,471 92,323
Unrealized losses, less than 12 months 1 466
Fair value, 12 months or more 0 2,240
Unrealized losses, 12 months or more 0 44
Fair value, total 4,471 94,563
Unrealized losses, total 1 510
Commercial mortgage-backed securities    
Available for sale:    
Fair value, less than 12 months 305  
Unrealized losses, less than 12 months 0  
Fair value, 12 months or more 0  
Unrealized losses, 12 months or more 0  
Fair value, total 305  
Unrealized losses, total 0  
Asset backed securities    
Available for sale:    
Fair value, less than 12 months 2,492  
Unrealized losses, less than 12 months 86  
Fair value, 12 months or more 0  
Unrealized losses, 12 months or more 0  
Fair value, total 2,492  
Unrealized losses, total 86  
Corporate investments    
Available for sale:    
Fair value, less than 12 months 3,028  
Unrealized losses, less than 12 months 57  
Fair value, 12 months or more 0  
Unrealized losses, 12 months or more 0  
Fair value, total 3,028  
Unrealized losses, total 57  
States and political subdivisions    
Available for sale:    
Fair value, less than 12 months 9,229  
Unrealized losses, less than 12 months 22  
Fair value, 12 months or more 0  
Unrealized losses, 12 months or more 0  
Fair value, total 9,229  
Unrealized losses, total $ 22  
Held to maturity:    
Fair value, less than 12 months   2,656
Unrealized losses, less than 12 months   8
Fair value, 12 months or more   2,766
Unrealized losses, 12 months or more   4
Fair value, total   5,422
Unrealized losses, total   12
U.S. Government agencies    
Available for sale:    
Fair value, less than 12 months   0
Unrealized losses, less than 12 months   0
Fair value, 12 months or more   4,999
Unrealized losses, 12 months or more   1
Fair value, total   4,999
Unrealized losses, total   $ 1
v3.20.4
Investment Securities - Narrative (Details) - numberOfDebtPosition
Dec. 31, 2020
Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]    
Number of debt securities in unrealized loss position 13 36
v3.20.4
Investment Securities - Summary of amortized cost and fair value of debt securities by contractual maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Amortized cost    
One year or less $ 4,087 $ 10,000
After one through five years 21,150 12,312
After five through ten years 74,219 5,833
After ten years 202,763 172,552
Allocated and single maturity date, total 302,219 200,697
Fair value    
One year or less 4,108 9,999
After one through five years 21,692 12,499
After five through ten years 76,192 5,787
After ten years 209,381 172,788
Allocated and single maturity date, total 311,373 201,073
Amortized Cost    
One year or less 15,891 23,318
After one through five years 50,738 68,804
After five through ten years 24,247 67,411
After ten years 2,890 18,321
Allocated and single maturity date, total 93,766 177,854
Fair Value    
One year or less 15,926 23,375
After one through five years 50,926 69,035
After five through ten years 24,694 68,091
After ten years 2,890 18,724
Allocated and single maturity date, total $ 94,436 $ 179,225
v3.20.4
Investment Securities - Summary of the amortized cost and fair value for investment securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Available for sale:    
Amortized Cost $ 302,219 $ 200,697
Fair Value 311,373 201,073
Held to maturity:    
Amortized Cost 93,766 177,854
Fair Value 94,436 179,225
Pledged To Secure Public Deposits And For Other Purposes Required Or Permitted By Law    
Available for sale:    
Amortized Cost 251,913 124,854
Fair Value 260,351 125,103
Held to maturity:    
Amortized Cost 57,110 123,978
Fair Value $ 57,770 $ 125,241
v3.20.4
Loans - Summary of the company's loan portfolio by loan class (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Loan Balances:    
Loans before allowance for loan losses $ 3,378,732 $ 2,078,997
Total real estate    
Loan Balances:    
Loans before allowance for loan losses 2,583,573 1,613,480
Total real estate | Residential properties    
Loan Balances:    
Loans before allowance for loan losses 738,340 555,413
Total real estate | Construction and land development    
Loan Balances:    
Loans before allowance for loan losses 403,496 230,931
Total real estate | Farmland    
Loan Balances:    
Loans before allowance for loan losses 217,104 162,991
Total real estate | Other commercial    
Loan Balances:    
Loans before allowance for loan losses 1,224,633 664,145
Commercial and industrial loans    
Loan Balances:    
Loans before allowance for loan losses 635,714 333,834
Agricultural production and other loans to farmers    
Loan Balances:    
Loans before allowance for loan losses 85,469 70,145
Consumer and other loans    
Loan Balances:    
Loans before allowance for loan losses $ 73,976 $ 61,538
v3.20.4
Loans - Summary of non-accrual loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Loan Balances:    
Total non-accrual loans $ 14,111 $ 12,159
Total real estate    
Loan Balances:    
Total non-accrual loans 13,837 11,843
Total real estate | Residential properties    
Loan Balances:    
Total non-accrual loans 3,869 2,419
Total real estate | Construction and land development    
Loan Balances:    
Total non-accrual loans 1,863 390
Total real estate | Farmland    
Loan Balances:    
Total non-accrual loans 158 0
Total real estate | Other commercial    
Loan Balances:    
Total non-accrual loans 7,947 9,034
Commercial and industrial loans    
Loan Balances:    
Total non-accrual loans 12 67
Agricultural production and other loans to farmers    
Loan Balances:    
Total non-accrual loans 85 62
Consumer and other loans    
Loan Balances:    
Total non-accrual loans $ 177 $ 187
v3.20.4
Loans - Summary of past due loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Loan Balances:    
Total Past Due $ 23,229 $ 13,809
Current 3,355,503 2,065,188
Total Loans 3,378,732 2,078,997
Past Due 90 days or more and Accruing 6,303 2,618
Past Due 30-89 Days    
Loan Balances:    
Total Past Due 13,836 10,000
Past Due 90 Days or more    
Loan Balances:    
Total Past Due 9,393 3,809
Total real estate    
Loan Balances:    
Total Past Due 19,843 11,913
Current 2,563,730 1,601,567
Total Loans 2,583,573 1,613,480
Past Due 90 days or more and Accruing 6,052 2,312
Total real estate | Past Due 30-89 Days    
Loan Balances:    
Total Past Due 10,878 8,430
Total real estate | Past Due 90 Days or more    
Loan Balances:    
Total Past Due 8,965 3,483
Total real estate | Residential properties    
Loan Balances:    
Total Past Due 7,852 8,872
Current 730,488 546,541
Total Loans 738,340 555,413
Past Due 90 days or more and Accruing 1,174 1,745
Total real estate | Residential properties | Past Due 30-89 Days    
Loan Balances:    
Total Past Due 5,836 6,262
Total real estate | Residential properties | Past Due 90 Days or more    
Loan Balances:    
Total Past Due 2,016 2,610
Total real estate | Construction and land development    
Loan Balances:    
Total Past Due 3,799 688
Current 399,697 230,243
Total Loans 403,496 230,931
Past Due 90 days or more and Accruing 1,843 0
Total real estate | Construction and land development | Past Due 30-89 Days    
Loan Balances:    
Total Past Due 713 688
Total real estate | Construction and land development | Past Due 90 Days or more    
Loan Balances:    
Total Past Due 3,086 0
Total real estate | Farmland    
Loan Balances:    
Total Past Due 1,152 402
Current 215,952 162,589
Total Loans 217,104 162,991
Past Due 90 days or more and Accruing 618 149
Total real estate | Farmland | Past Due 30-89 Days    
Loan Balances:    
Total Past Due 373 253
Total real estate | Farmland | Past Due 90 Days or more    
Loan Balances:    
Total Past Due 779 149
Total real estate | Other commercial    
Loan Balances:    
Total Past Due 7,040 1,951
Current 1,217,593 662,194
Total Loans 1,224,633 664,145
Past Due 90 days or more and Accruing 2,417 418
Total real estate | Other commercial | Past Due 30-89 Days    
Loan Balances:    
Total Past Due 3,956 1,227
Total real estate | Other commercial | Past Due 90 Days or more    
Loan Balances:    
Total Past Due 3,084 724
Commercial and industrial loans    
Loan Balances:    
Total Past Due 2,330 630
Current 633,384 333,204
Total Loans 635,714 333,834
Past Due 90 days or more and Accruing 135 235
Commercial and industrial loans | Past Due 30-89 Days    
Loan Balances:    
Total Past Due 2,195 375
Commercial and industrial loans | Past Due 90 Days or more    
Loan Balances:    
Total Past Due 135 255
Agricultural production and other loans to farmers    
Loan Balances:    
Total Past Due 334 420
Current 85,135 69,725
Total Loans 85,469 70,145
Past Due 90 days or more and Accruing 15 20
Agricultural production and other loans to farmers | Past Due 30-89 Days    
Loan Balances:    
Total Past Due 319 400
Agricultural production and other loans to farmers | Past Due 90 Days or more    
Loan Balances:    
Total Past Due 15 20
Consumer and other loans    
Loan Balances:    
Total Past Due 722 846
Current 73,254 60,692
Total Loans 73,976 61,538
Past Due 90 days or more and Accruing 101 51
Consumer and other loans | Past Due 30-89 Days    
Loan Balances:    
Total Past Due 444 795
Consumer and other loans | Past Due 90 Days or more    
Loan Balances:    
Total Past Due $ 278 $ 51
v3.20.4
Loans - Summary of impaired loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance $ 44,225 $ 24,264
Impaired Financing Receivable, with No Related Allowance, Recorded Investment 35,226 19,451
Impaired loans with related allowance:    
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance 11,575 11,668
Impaired Financing Receivable, with Related Allowance, Recorded Investment 11,542 11,630
Impaired Financing Receivable, Related Allowance 4,195 3,370
Principal Balance, Total Impaired Loans 55,800 35,932
Recorded Balance, Total Impaired Loans 46,768 31,081
Total real estate    
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance 33,467 23,594
Impaired Financing Receivable, with No Related Allowance, Recorded Investment 24,990 19,135
Impaired loans with related allowance:    
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance 7,145 11,241
Impaired Financing Receivable, with Related Allowance, Recorded Investment 7,112 11,203
Impaired Financing Receivable, Related Allowance 2,037 3,336
Total real estate | Residential properties    
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance 8,474 4,789
Impaired Financing Receivable, with No Related Allowance, Recorded Investment 5,795 3,789
Impaired loans with related allowance:    
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance 1,073 1,127
Impaired Financing Receivable, with Related Allowance, Recorded Investment 1,073 1,127
Impaired Financing Receivable, Related Allowance 9 11
Total real estate | Construction and land development    
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance 5,530 3,919
Impaired Financing Receivable, with No Related Allowance, Recorded Investment 3,462 2,009
Impaired loans with related allowance:    
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance 0  
Impaired Financing Receivable, with Related Allowance, Recorded Investment 0  
Impaired Financing Receivable, Related Allowance 0  
Total real estate | Farmland    
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance 11,024 10,993
Impaired Financing Receivable, with No Related Allowance, Recorded Investment 10,584 10,937
Impaired loans with related allowance:    
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance 0  
Impaired Financing Receivable, with Related Allowance, Recorded Investment 0  
Impaired Financing Receivable, Related Allowance 0  
Total real estate | Other commercial    
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance 8,439 3,893
Impaired Financing Receivable, with No Related Allowance, Recorded Investment 5,149 2,400
Impaired loans with related allowance:    
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance 6,072 10,114
Impaired Financing Receivable, with Related Allowance, Recorded Investment 6,039 10,076
Impaired Financing Receivable, Related Allowance 2,028 3,325
Commercial and industrial loans    
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance 10,386 384
Impaired Financing Receivable, with No Related Allowance, Recorded Investment 9,962 67
Impaired loans with related allowance:    
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance 4,430 427
Impaired Financing Receivable, with Related Allowance, Recorded Investment 4,430 427
Impaired Financing Receivable, Related Allowance 2,158 34
Agricultural production and other loans to farmers    
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance 156 75
Impaired Financing Receivable, with No Related Allowance, Recorded Investment 97 62
Consumer and other loans    
Impaired loans with no related allowance:    
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance 216 211
Impaired Financing Receivable, with No Related Allowance, Recorded Investment $ 177 $ 187
v3.20.4
Loans - Summary of average recorded investment and interest recognized for impaired loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Loan Balances:      
Average Investment $ 34,991 $ 22,952 $ 22,909
Interest Recognized 1,119 476 751
Total real estate      
Loan Balances:      
Average Investment 32,592 22,161 21,805
Interest Recognized 1,038 446 723
Total real estate | Residential properties      
Loan Balances:      
Average Investment 6,014 5,013 4,503
Interest Recognized 152 151 200
Total real estate | Construction and land development      
Loan Balances:      
Average Investment 4,384 2,135 8,838
Interest Recognized 127 175 234
Total real estate | Farmland      
Loan Balances:      
Average Investment 10,515 2,831 533
Interest Recognized 510 12 0
Total real estate | Other commercial      
Loan Balances:      
Average Investment 11,679 12,182 7,931
Interest Recognized 249 108 289
Commercial and industrial loans      
Loan Balances:      
Average Investment 2,136 624 1,087
Interest Recognized 81 30 28
Agricultural production and other loans to farmers      
Loan Balances:      
Average Investment 82 74 17
Interest Recognized 0 0
Consumer and other loans      
Loan Balances:      
Average Investment 181 93 0
Interest Recognized $ 0 $ 0
v3.20.4
Loans - Summary of modifications classified as TDRs (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
numberOfDebtPosition
Dec. 31, 2019
USD ($)
numberOfDebtPosition
Dec. 31, 2018
USD ($)
numberOfDebtPosition
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | numberOfDebtPosition 2 3 1
Balance Prior to TDR $ 295 $ 7,681 $ 308
Balance at Year End $ 183 $ 7,641 $ 125
Construction and land development | Construction and land development      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | numberOfDebtPosition 1    
Balance Prior to TDR $ 95    
Balance at Year End $ 0    
Other commercial      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | numberOfDebtPosition   2 1
Balance Prior to TDR   $ 7,493 $ 308
Balance at Year End   $ 7,454 $ 125
Consumer and other loans      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | numberOfDebtPosition   1  
Balance Prior to TDR   $ 188  
Balance at Year End   $ 187  
Total real estate      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | numberOfDebtPosition   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 | numberOfDebtPosition 1    
Balance Prior to TDR $ 200    
Balance at Year End $ 183    
v3.20.4
Loans - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Loan Balances:        
Allowance for loan losses attributable to restructured loans $ 36,000 $ 21,500 $ 24,500 $ 19,000
Restructured loan        
Loan Balances:        
Allowance for loan losses attributable to restructured loans $ 2,000 $ 3,300    
v3.20.4
Allowance for Loan Losses - Schedule of the credit quality of the company's loan portfolio by loan class (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Loan Balances:    
Loans before allowance for loan losses $ 3,378,732 $ 2,078,997
Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 3,314,790 2,030,878
Risk Grade 7    
Loan Balances:    
Loans before allowance for loan losses 142 565
Risk Grade 8    
Loan Balances:    
Loans before allowance for loan losses 63,522 47,473
Risk Grade 9    
Loan Balances:    
Loans before allowance for loan losses 278 81
Total real estate    
Loan Balances:    
Loans before allowance for loan losses 2,583,573 1,613,480
Total real estate | Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 2,536,947 1,568,111
Total real estate | Risk Grade 7    
Loan Balances:    
Loans before allowance for loan losses 0 565
Total real estate | Risk Grade 8    
Loan Balances:    
Loans before allowance for loan losses 46,399 44,804
Total real estate | Risk Grade 9    
Loan Balances:    
Loans before allowance for loan losses 227 0
Total real estate | Residential properties    
Loan Balances:    
Loans before allowance for loan losses 738,340 555,413
Total real estate | Residential properties | Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 721,024 540,933
Total real estate | Residential properties | Risk Grade 7    
Loan Balances:    
Loans before allowance for loan losses 0 177
Total real estate | Residential properties | Risk Grade 8    
Loan Balances:    
Loans before allowance for loan losses 17,316 14,303
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 403,496 230,931
Total real estate | Construction and land development | Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 401,347 229,933
Total real estate | Construction and land development | Risk Grade 7    
Loan Balances:    
Loans before allowance for loan losses 0 388
Total real estate | Construction and land development | Risk Grade 8    
Loan Balances:    
Loans before allowance for loan losses 2,149 610
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 217,104 162,991
Total real estate | Farmland | Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 205,211 151,354
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 11,893 11,637
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 1,224,633 664,145
Total real estate | Other commercial | Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 1,209,365 645,891
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 15,041 18,254
Total real estate | Other commercial | Risk Grade 9    
Loan Balances:    
Loans before allowance for loan losses 227 0
Commercial and industrial loans    
Loan Balances:    
Loans before allowance for loan losses 635,714 333,834
Commercial and industrial loans | Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 619,086 331,693
Commercial and industrial loans | Risk Grade 7    
Loan Balances:    
Loans before allowance for loan losses 51 0
Commercial and industrial loans | Risk Grade 8    
Loan Balances:    
Loans before allowance for loan losses 16,526 2,060
Commercial and industrial loans | Risk Grade 9    
Loan Balances:    
Loans before allowance for loan losses 51 81
Agricultural production and other loans to farmers    
Loan Balances:    
Loans before allowance for loan losses 85,469 70,145
Agricultural production and other loans to farmers | Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 85,197 69,854
Agricultural production and other loans to farmers | Risk Grade 7    
Loan Balances:    
Loans before allowance for loan losses 91 0
Agricultural production and other loans to farmers | Risk Grade 8    
Loan Balances:    
Loans before allowance for loan losses 181 291
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 73,976 61,538
Consumer and other loans | Risk Grades 1-6    
Loan Balances:    
Loans before allowance for loan losses 73,560 61,220
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 416 318
Consumer and other loans | Risk Grade 9    
Loan Balances:    
Loans before allowance for loan losses $ 0 $ 0
v3.20.4
Allowance for Loan Losses - Schedule of Allowance for loan losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of year   $ 21,500 $ 24,500 $ 19,000
Provision for loan losses $ 17,090 17,090 586 15,227
Recoveries on loans 4,381   4,826 3,861
Loans charged off (6,971)   (8,412) (13,588)
Balance, end of year 36,000 36,000 21,500 24,500
Allowance Balances:        
Individually evaluated for impairment 4,195 4,195 3,370  
Collectively evaluated for impairment 31,805 31,805 18,130  
Commercial and industrial loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of year   2,773 3,203 2,856
Provision for loan losses 3,951   (386) 1,577
Recoveries on loans 212   428 264
Loans charged off (599)   (472) (1,494)
Balance, end of year 6,337 6,337 2,773 3,203
Allowance Balances:        
Individually evaluated for impairment 2,158 2,158 34  
Collectively evaluated for impairment 4,179 4,179 2,739  
Commercial Real Estate        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of year   10,766 12,920 7,700
Provision for loan losses 11,380   (1,758) 9,866
Recoveries on loans 492   633 511
Loans charged off (2,475)   (1,029) (5,157)
Balance, end of year 20,163 20,163 10,766 12,920
Allowance Balances:        
Individually evaluated for impairment 2,028 2,028 3,325  
Collectively evaluated for impairment 18,135 18,135 7,441  
Residential        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of year   5,568 5,358 6,000
Provision for loan losses 2,369   1,064 411
Recoveries on loans 353   529 268
Loans charged off (390)   (1,383) (1,321)
Balance, end of year 7,900 7,900 5,568 5,358
Allowance Balances:        
Individually evaluated for impairment 9 9 11  
Collectively evaluated for impairment 7,891 7,891 5,557  
Unallocated        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of year   1,258 1,885 1,662
Provision for loan losses (1,258)   (627) 223
Recoveries on loans 0   0 0
Loans charged off 0   0 0
Balance, end of year 0 0 1,258 $ 1,885
Allowance Balances:        
Individually evaluated for impairment 0 0 0  
Collectively evaluated for impairment $ 0 $ 0 $ 1,258  
v3.20.4
Allowance for Loan Losses - Schedule of the impairment methodology (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Loan Balances:          
Individually evaluated for impairment $ 46,768 $ 46,768 $ 31,081    
Collectively evaluated for impairment 3,331,964 3,331,964 2,047,916    
Ending balance 3,378,732 3,378,732 2,078,997    
Allowance for loan losses attributable to restructured loans 36,000 36,000 21,500 $ 24,500 $ 19,000
Provision for loan losses 17,090 17,090 586 15,227  
Recoveries on loans 4,381   4,826 3,861  
Financing Receivable, Allowance for Credit Loss, Writeoff (6,971)   (8,412) (13,588)  
Individually evaluated for impairment 4,195 4,195 3,370    
Collectively evaluated for impairment 31,805 31,805 18,130    
Commercial and industrial loans          
Loan Balances:          
Individually evaluated for impairment 14,392 14,392 494    
Collectively evaluated for impairment 621,322 621,322 333,340    
Ending balance 635,714 635,714 333,834    
Allowance for loan losses attributable to restructured loans 6,337 6,337 2,773 3,203 2,856
Provision for loan losses 3,951   (386) 1,577  
Recoveries on loans 212   428 264  
Financing Receivable, Allowance for Credit Loss, Writeoff (599)   (472) (1,494)  
Individually evaluated for impairment 2,158 2,158 34    
Collectively evaluated for impairment 4,179 4,179 2,739    
Commercial Real Estate          
Loan Balances:          
Individually evaluated for impairment 25,234 25,234 25,422    
Collectively evaluated for impairment 1,819,999 1,819,999 1,032,645    
Ending balance 1,845,233 1,845,233 1,058,067    
Allowance for loan losses attributable to restructured loans 20,163 20,163 10,766 12,920 7,700
Provision for loan losses 11,380   (1,758) 9,866  
Recoveries on loans 492   633 511  
Financing Receivable, Allowance for Credit Loss, Writeoff (2,475)   (1,029) (5,157)  
Individually evaluated for impairment 2,028 2,028 3,325    
Collectively evaluated for impairment 18,135 18,135 7,441    
Residential          
Loan Balances:          
Individually evaluated for impairment 6,868 6,868 4,916    
Collectively evaluated for impairment 731,472 731,472 550,497    
Ending balance 738,340 738,340 555,413    
Allowance for loan losses attributable to restructured loans 7,900 7,900 5,568 5,358 6,000
Provision for loan losses 2,369   1,064 411  
Recoveries on loans 353   529 268  
Financing Receivable, Allowance for Credit Loss, Writeoff (390)   (1,383) (1,321)  
Individually evaluated for impairment 9 9 11    
Collectively evaluated for impairment 7,891 7,891 5,557    
Consumer and other          
Loan Balances:          
Individually evaluated for impairment 274 274 249    
Collectively evaluated for impairment 159,171 159,171 131,434    
Ending balance 159,445 159,445 131,683    
Allowance for loan losses attributable to restructured loans 1,600 1,600 1,135 1,134 782
Provision for loan losses 648   2,293 3,150  
Recoveries on loans 3,324   3,236 2,818  
Financing Receivable, Allowance for Credit Loss, Writeoff (3,507)   (5,528) (5,616)  
Individually evaluated for impairment 0 0 0    
Collectively evaluated for impairment 1,600 1,600 1,135    
Unallocated          
Loan Balances:          
Individually evaluated for impairment 0 0 0    
Collectively evaluated for impairment 0 0 0    
Ending balance 0 0 0    
Allowance for loan losses attributable to restructured loans 0 0 1,258 1,885 $ 1,662
Provision for loan losses (1,258)   (627) 223  
Recoveries on loans 0   0 0  
Financing Receivable, Allowance for Credit Loss, Writeoff 0   0 $ 0  
Individually evaluated for impairment 0 0 0    
Collectively evaluated for impairment 0 0 1,258    
Consumer and other loans          
Loan Balances:          
Ending balance $ 73,976 $ 73,976 $ 61,538    
v3.20.4
Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Property, Plant and Equipment [Line Items]      
Premises and Equipment $ 191,967 $ 162,601  
Less accumulated depreciation and amortization (89,000) (87,529)  
Premises and equipment 102,967 75,072  
Depreciation 6,400 5,100 $ 4,900
Land      
Property, Plant and Equipment [Line Items]      
Premises and Equipment 27,023 20,208  
Bank premises      
Property, Plant and Equipment [Line Items]      
Premises and Equipment 72,561 54,895  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Premises and Equipment 13,572 13,092  
Data processing equipment      
Property, Plant and Equipment [Line Items]      
Premises and Equipment 34,708 33,915  
Furniture and other equipment      
Property, Plant and Equipment [Line Items]      
Premises and Equipment $ 44,103 $ 40,491  
v3.20.4
Other Assets - Summary of other assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]      
Amortized intangible assets $ 5,823 $ 366  
Other real estate owned 6,754 4,851 $ 11,916
Cash value of life insurance 91,284 61,220  
Federal Home Loan Bank stock 2,557 2,585  
Deferred Income Tax Assets, Net 2,516 409  
Investment in statutory trusts 1,703 1,238  
Other 26,603 14,516  
Other assets $ 137,240 $ 85,185  
v3.20.4
Other Assets - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]      
Amortization expense $ 559 $ 93 $ 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    
v3.20.4
Other Assets - Amortization of intangible assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible Assets $ 8,406 $ 2,360
Accumulated Amortization 2,583 1,994
Net Intangible Assets 5,823 366
Core deposit intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible Assets 6,901 855
Accumulated Amortization 1,375 855
Net Intangible Assets 5,526 0
Acquired customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible Assets 1,415 1,415
Accumulated Amortization 1,118 1,049
Net Intangible Assets 297 366
Non-compete agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible Assets 90 90
Accumulated Amortization 90 90
Net Intangible Assets $ 0 $ 0
v3.20.4
Other Assets - Future expected amortization (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
2021 $ 723
2022 709
2023 692
2024 673
2025 650
After 2025 2,376
Future expected amortization of finite intangible assets $ 5,823
v3.20.4
Leases - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
lease
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Lessee, Lease, Description [Line Items]        
Total shareholders' equity $ (280,972) $ (172,203) $ (159,555) $ (152,115)
Gains on lease sale transactions $ 3,800      
Number of operating leases not yet commenced | lease 3      
Future payments obligation on operating leases not yet commenced $ 3,300      
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]        
Total shareholders' equity $ (273,204) $ (247,241) (225,723) $ (222,231)
Cumulative Effect, Period of Adoption, Adjustment        
Lessee, Lease, Description [Line Items]        
Total shareholders' equity     5,240  
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings        
Lessee, Lease, Description [Line Items]        
Total shareholders' equity     $ 5,240  
v3.20.4
Leases - Additional lease information (Details)
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Weighted average remaining lease term (years) - operating leases 11 years 11 months 26 days 16 years 3 months 7 days
Weighted average discount rate - operating leases 5.00% 5.00%
v3.20.4
Leases- Lease expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Operating lease expense $ 5,112 $ 5,122
Variable lease expense 508 419
Short-term lease expense 165 65
Sublease income (8) (35)
Total lease expense $ 5,777 $ 5,571
v3.20.4
Leases - Maturities of operating lease liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Year 1 $ 4,626  
Year 2 4,464  
Year 3 4,362  
Year 4 4,218  
Year 5 4,295  
Thereafter 29,777  
Total lease payments 51,742  
Less: Imputed interest (14,615)  
Total lease obligation $ 37,127 $ 43,578
v3.20.4
Leases - Supplemental cash flow information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash paid for amounts included in the measurement of operating lease liabilities:    
Operating cash flow from operating leases $ 4,683 $ 4,950
ROU assets obtained in exchange for lease obligations:    
Operating leases 214 43,070
Reduction to ROU assets resulting from reductions to lease obligations:    
Operating leases $ 3,028 $ 3,876
v3.20.4
Other Real Estate Owned (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Other Real Estate [Roll Forward]      
Beginning balance $ 4,851 $ 11,916  
Additions 9,491 3,366  
Proceeds from sales (7,687) (10,667)  
Write-downs (301) (75)  
Net gain (loss) on sales 400 311 $ (2,091)
Balance at end of period $ 6,754 $ 4,851 $ 11,916
v3.20.4
Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deposits [Abstract]    
Noninterest-bearing $ 1,230,868 $ 637,377
Interest bearing:    
Money market, NOW and savings accounts 2,227,979 1,569,970
Certificates of deposit of $250,000 or more 192,188 110,291
Other certificates of deposit 501,775 274,427
Total interest bearing 2,921,942 1,954,688
Total deposits $ 4,152,810 $ 2,592,065
v3.20.4
Deposits - Certificate of Deposits Maturity Schedule (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Deposits [Abstract]  
2021 $ 493,332
2022 106,874
2023 50,012
2024 29,505
2025 14,220
After 2025 20
Total certificates of deposits $ 693,963
v3.20.4
Short-term Borrowings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Balances Outstanding    
Maximum Month End $ 0 $ 0
Average Daily 150 0
At Period End 0 0
Federal funds purchased    
Balances Outstanding    
Maximum Month End 0 0
Average Daily 150 0
At Period End $ 0 $ 0
Weighted Average Rate    
During Period 1.07% 0.00%
At Period End 0.00% 0.00%
Unsecured federal funds line, available commitment $ 228,000  
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%
v3.20.4
Financial Services, Federal Home Loan Banks (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Federal Home Loan Bank, Advances [Line Items]    
Advances from Federal Home Loan Banks $ 20,646 $ 21,027
Amortizing Advances    
Federal Home Loan Bank, Advances [Line Items]    
Advances from Federal Home Loan Banks $ 646 $ 1,027
Minimum | Amortizing Advances    
Federal Home Loan Bank, Advances [Line Items]    
Range of interest rates 2.06% 1.10%
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%
v3.20.4
Financial Services, Federal Home Loan Banks - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2020
Dec. 31, 2019
Five Year Term Loan      
Federal Home Loan Bank, Advances [Line Items]      
Term of loan agreement 5 years    
Face amount of debt issued and sold $ 35,000,000.0    
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 $ 16,600,000
Federal Home Loan Bank of Dallas      
Federal Home Loan Bank, Advances [Line Items]      
Additional short and long-term borrowing capacity   1,410,000,000 711,600,000
Federal Reserve Bank, Saint Louis      
Federal Home Loan Bank, Advances [Line Items]      
Additional short and long-term borrowing capacity   211,400,000 206,800,000
Loan collateral pledged   $ 253,700,000 $ 248,800,000
v3.20.4
Financial Services, Federal Home Loan Banks - FHLB Maturity Schedule (Details) - FHLB Advances and Other Debt - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Federal Home Loan Bank, Advances [Line Items]    
2021 $ 13,171  
2022 395 $ 3,647
2023 110 13,307
2024 0 433
2025 0 157
Thereafter 20,095  
FHLB and other debt 33,771 37,652
Prior Year Fiscal Maturity Schedule [Abstract]    
2021 395 3,647
2022 110 13,307
2023 0 433
2024 0 157
2025   0
Thereafter   20,108
FHLB and other debt $ 33,771 $ 37,652
v3.20.4
Subordinated Debentures and Trust Preferred Securities - Narrative (Details) - Subordinated Debt - The Notes - USD ($)
Jun. 04, 2025
Jun. 04, 2020
Dec. 31, 2020
Debt Instrument [Line Items]      
Face amount of debt issued and sold   $ 60,000,000.0  
Issuance costs   $ 1,400,000  
Period to defer payment of interest (not exceeding)   5 years  
Remaining purchase discount     $ 4,200,000
Forecast      
Debt Instrument [Line Items]      
Multiples allowed to be redeemed $ 1,000    
Redemption price (as a percent) 100.00%    
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%  
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%  
v3.20.4
Subordinated Debentures and Trust Preferred Securities - Summary of debentures payable to statutory trusts (Details) - Subordinated Debt - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Debentures payable $ 56,703 $ 41,238
First Bancshares of Baton Rouge Statutory Trust I    
Debt Instrument [Line Items]    
Debentures payable $ 4,124 $ 0
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 $ 0
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 $ 0
State Capital Master Trust | LIBOR    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.46% 1.46%
v3.20.4
Stockholders' Equity (Details) - $ / shares
Dec. 31, 2020
Apr. 01, 2020
Dec. 31, 2019
Mar. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]        
Common stock, par value per share (USD per share) $ 1.00 $ 1.00 $ 1.00  
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)       $ 1.00
Class B Common Stock        
Debt and Equity Securities, FV-NI [Line Items]        
Common stock, par value per share (USD per share)       $ 1.00
v3.20.4
Other Operating Income and Other Operating Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Disaggregation of Revenue [Line Items]      
Other operating income $ 26,429 $ 18,806 $ 19,056
Income from fiduciary activities      
Disaggregation of Revenue [Line Items]      
Other operating income 4,500 4,709 4,883
ATM income      
Disaggregation of Revenue [Line Items]      
Other operating income 5,389 4,548 4,396
Brokerage and insurance fees and commissions      
Disaggregation of Revenue [Line Items]      
Other operating income 3,766 3,516 3,862
Other real estate income and gains      
Disaggregation of Revenue [Line Items]      
Other operating income 761 1,028 370
Life insurance income      
Disaggregation of Revenue [Line Items]      
Other operating income 2,386 1,628 1,648
Community Development Financial Institutions grants      
Disaggregation of Revenue [Line Items]      
Other operating income 823 960 1,317
Other      
Disaggregation of Revenue [Line Items]      
Other operating income $ 8,804 $ 2,417 $ 2,580
v3.20.4
Other Operating Income and Other Operating Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Other Income and Expenses [Abstract]      
Advertising and marketing $ 3,968 $ 3,536 $ 3,617
FDIC and State insurance assessments 2,085 851 1,147
Professional fees 6,272 3,200 2,140
Acquisition expense 0 0 0
Security expense 831 1,045 1,110
Supplies 1,023 805 888
Other 12,263 11,187 9,458
Other expenses 27,331 21,874 41,733
Other real estate expenses and losses $ 889 $ 1,250 $ 23,373
v3.20.4
Employee Benefits - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
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 $ 3,200 $ 2,600 $ 2,500    
Total ESOP shares 1,499,459 1,434,625      
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 52,204        
Employee Stock Ownership Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Redeemable common stock owned by the ESOP $ 74,278 $ 79,308      
Temporary equity (in USD per share) $ 51.25 $ 58.50      
v3.20.4
Employee Benefits - Schedule of ESOP (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Postemployment Benefits [Abstract]    
Allocated shares (in shares) 1,449,335 1,355,699
Unearned shares (in shares) 50,124 78,926
Total ESOP (in shares) 1,499,459 1,434,625
Fair value of unearned shares (in USD) $ 2,569 $ 4,617
v3.20.4
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current:      
Federal $ 7,365 $ 3,095 $ 5,050
State 1,896 768 1,196
Current components of income tax expense (benefit) 9,261 3,863 6,246
Deferred:      
Federal 45 4,152 (4,773)
State (96) 978 (1,284)
Deferred components of income tax expense (benefit) (51) 5,130 (6,057)
Income tax expense $ 9,210 $ 8,993 $ 189
v3.20.4
Income Taxes - Reconciliation of Actual and Expected Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Amount computed on earnings before income taxes $ 10,150 $ 9,532 $ 2,562
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income from tax-exempt investments, net of disallowed interest deduction (486) (701) (789)
Bargain purchase gain (226) 0 (70)
State income taxes, net of Federal tax benefit 1,422 1,380 0
Life insurance income (445) (341) (345)
Qualified School Construction Bond credits (854) (854) (854)
Low Income Housing Tax credits (221) (221) (221)
Non-deductible expense 384 337 73
Sale of foreclosed right-of-use asset (809) 0 0
Other, net 295 (139) (167)
Income tax expense $ 9,210 $ 8,993 $ 189
v3.20.4
Income Taxes - Schedule of Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Allowance for loan losses $ 9,157 $ 5,481
Other real estate 1,243 1,488
Investment securities 409 0
Amortization of intangibles 0 187
Restricted stock 202 131
Loan yield and credit mark on loans 2,691 0
Deposit yield mark 1,211 0
Accrued expenses 715 443
Other 35 0
Total deferred tax assets 15,663 7,730
Deferred tax liabilities:    
Depreciation of premises and equipment (7,067) (5,918)
Federal Home Loan Bank stock dividends (85) (85)
Investment securities 0 (56)
Partnership income (371) (70)
Prepaid expenses (1,059) (1,079)
Amortization of intangibles (1,219) 0
Subordinated debt yield mark (1,067) 0
Unrealized gain on securities available for sale (2,279) (94)
Other 0 (19)
Total deferred tax liabilities (13,147) (7,321)
Net deferred tax assets 2,516 409
Deferred Income Tax Assets, Net 2,516 409
Other Assets    
Deferred tax liabilities:    
Deferred Income Tax Assets, Net $ 2,500 $ 409
v3.20.4
Commitment and Contingencies (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Commitments to Extend Credit    
Other Commitments [Line Items]    
Conditional commitments issued by the Bank $ 974,069 $ 476,936
Standby Letters of Credit    
Other Commitments [Line Items]    
Conditional commitments issued by the Bank $ 7,139 $ 4,853
v3.20.4
Commitment and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Forward Contracts    
Other Commitments [Line Items]    
Locked forward sales agreements $ 122,500 $ 39,100
Forward Contracts    
Other Commitments [Line Items]    
Derivatives with a positive fair value 191 40
Derivatives with a negative fair value 371 73
Loan Origination Commitments    
Other Commitments [Line Items]    
Conditional commitments issued by the Bank $ 81,500 $ 17,500
v3.20.4
Regulatory Matters - Narrative (Details)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Regulatory Matters [Abstract]    
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.0250 0.0250
Tier One Additional Capital, Trust Preferred Securities $ 50,800,000 $ 40,000,000.0
Banking Regulation, Tier One Additional Capital, Trust Preferred Securities 0 $ 0
Tier 2 capital, subordinated debentures $ 58,600,000  
v3.20.4
Regulatory Matters - Summary of Capital Requirements (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
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 $ 339,936 $ 248,247
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.0994 0.1086
Tier 1 Capital to Risk-Weighted Assets $ 390,713 $ 288,247
Tier 1 Capital to Risk-Weighted Assets, Ration (as a percentage) 0.1142 0.1261
Total Capital to Risk-Weighted Assets $ 485,357 $ 309,747
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.1419 0.1355
Tier 1 Capital to Average Assets $ 390,713 $ 288,247
Tier 1 Capital to Average Assets, Ratio (as a percentage) 0.0855 0.0974
For Capital Adequacy Purposes (incl. Capital Conservation Buffer)    
CET1 Capital to Risk-Weighted Assets $ 239,437 $ 160,002
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.0700 0.0700
Tier 1 Capital to Risk-Weighted Assets $ 290,745 $ 194,288
Tier 1 Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.0850 0.0850
Total Capital to Risk-Weighted Assets $ 359,155 $ 240,003
Total Risk-Based Assets, Ratio (as a percentage) 0.1050 0.1050
Tier 1 Capital to Average Assets $ 182,853 $ 118,373
Tier 1 Capital to Average Assets, Ratio (as a percentage) 0.0400 0.0400
Bank:    
Actual    
CET1 Capital to Risk-Weighted Assets $ 387,231 $ 284,513
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.1136 0.1249
Tier 1 Capital to Risk-Weighted Assets $ 387,231 $ 284,513
Tier 1 Capital to Risk-Weighted Assets, Ration (as a percentage) 0.1136 0.1249
Total Capital to Risk-Weighted Assets $ 423,231 $ 306,013
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.1242 0.1343
Tier 1 Capital to Average Assets $ 387,231 $ 284,513
Tier 1 Capital to Average Assets, Ratio (as a percentage) 0.0849 0.0963
For Capital Adequacy Purposes (incl. Capital Conservation Buffer)    
CET1 Capital to Risk-Weighted Assets $ 238,629 $ 159,469
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.0700 0.0700
Tier 1 Capital to Risk-Weighted Assets $ 289,763 $ 193,641
Tier 1 Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.0850 0.0850
Total Capital to Risk-Weighted Assets $ 357,943 $ 239,203
Total Risk-Based Assets, Ratio (as a percentage) 0.1050 0.1050
Tier 1 Capital to Average Assets $ 182,531 $ 118,134
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 $ 221,584 $ 148,078
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.0650 0.0650
Tier 1 Capital to Risk-Weighted Assets $ 272,719 $ 182,250
Tier 1 Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.0800 0.0800
Total Capital to Risk-Weighted Assets $ 340,898 $ 227,813
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) 0.1000 0.1000
Tier 1 Capital to Average Assets $ 228,164 $ 147,668
Tier 1 Capital to Average Assets, Ratio (as a percentage) 0.0500 0.0500
v3.20.4
Fair Value - Schedule of Assets and Liabilities Measured on Recurring Basis (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available for sale $ 311,373 $ 201,073
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 311,373 201,073
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 12,434 18,102
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 12,434 18,102
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 187,212 175,879
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 187,212 175,879
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 17,331 3,010
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 17,331 3,010
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 14,447  
Asset backed securities | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available for sale 0  
Asset backed securities | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available for sale 14,447  
Asset backed securities | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available for sale 0  
Corporate investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available for sale 33,148 4,082
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 33,148 4,082
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 46,801  
States and political subdivisions | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available for sale 0  
States and political subdivisions | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available for sale 46,801  
States and political subdivisions | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available for sale $ 0  
v3.20.4
Fair Value - Schedule of assets measured at fair value on a non-recurring basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired loans, net of allowance for loan losses: $ 42,573 $ 27,711
Other real estate: 6,754 4,851
Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired loans, net of allowance for loan losses: 42,573 27,711
Other real estate: 6,754 4,851
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: 42,573 27,711
Other real estate: $ 6,754 $ 4,851
v3.20.4
Fair Value - Qualitative Information about Level 3 Fair Value Measurement (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Impaired loans, net of specific allowance $ 42,573 $ 27,711
Other real estate $ 6,754 $ 4,851
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
v3.20.4
Fair Value - Summary of estimated fair values of the Company’s financial instruments not previously disclosed (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Financial assets:    
Amortized Cost $ 93,766 $ 177,854
Federal Home Loan Bank stock 2,557 2,585
Accrued interest receivable 18,061 11,509
Carrying Value    
Financial liabilities:    
Deposits 4,152,810 2,592,065
FHLB and other borrowings 33,771 37,652
Subordinated debentures 111,124 41,238
Accrued interest payable 2,709 1,083
Carrying Value | Level 1    
Financial assets:    
Cash and cash equivalents 637,545 312,972
Carrying Value | Level 2    
Financial assets:    
Amortized Cost 93,766 177,854
Federal Home Loan Bank stock 2,557 2,585
Accrued interest receivable 18,061 11,509
Carrying Value | Level 3    
Financial assets:    
Loans held for sale 28,684 16,092
Loans, net 3,342,732 2,057,497
Fair Value    
Financial liabilities:    
Deposits 4,153,402 2,593,910
FHLB and other borrowings 34,941 37,298
Subordinated debentures 111,124 41,238
Accrued interest payable 2,709 1,083
Fair Value | Level 1    
Financial assets:    
Cash and cash equivalents 637,545 312,972
Fair Value | Level 2    
Financial assets:    
Amortized Cost 94,436 179,225
Federal Home Loan Bank stock 2,557 2,585
Accrued interest receivable 18,061 11,509
Fair Value | Level 3    
Financial assets:    
Loans held for sale 28,684 16,092
Loans, net $ 3,348,872 $ 2,050,169
v3.20.4
Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Loans and Leases Receivable, Related Parties [Roll Forward]      
Beginning balance $ 15,906 $ 17,804 $ 16,886
Advances 5,578 6,145  
Payments (7,476) (5,227)  
Ending balance $ 15,906 $ 17,804  
v3.20.4
Related Party Transactions - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Director | Insurance Services      
Related Party Transaction [Line Items]      
Insurance services $ 1.4 $ 1.2 $ 1.2
Management      
Related Party Transaction [Line Items]      
Conditional commitments issued by the Bank $ 2.4 $ 1.3  
v3.20.4
Stock Based Compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares of common stock granted for RSA's (in shares) 39,155 61,880 12,693
Stock based compensation expense $ 1,500 $ 738 $ 193
Unrecognized compensation cost related to nonvested RSAs $ 3,370    
Unrecognized compensation cost related to nonvested RSAs, period for recognition 3 years 1 month 6 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) 136,272    
v3.20.4
Stock Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Number of Shares      
Outstanding at the beginning of period (in shares) 69,097 12,693  
Granted (in shares) 39,155 61,880 12,693
Vested (in shares) (17,143) (5,476) 0
Forfeited (in shares) 0 0 0
Outstanding at the end of period (in shares) 91,109 69,097 12,693
Weighted Average Grant Date Fair Value      
Outstanding, weighted average grant date fair value, beginning balance (in USD per share) $ 53.67 $ 53.00  
Granted (in USD per share) 45.36 53.75 $ 53.00
Vested (in USD per share) 51.03 53.00 0
Forfeited (in USD per share) 0 0 0
Outstanding, weighted average grant date fair value, ending balance (in USD per share) $ 50.60 $ 53.67 $ 53.00
v3.20.4
COVID-19 (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
Unusual or Infrequent Item, or Both [Line Items]    
Loans before allowance for loan losses $ 3,378,732 $ 2,078,997
COVID-19 pandemic | Paycheck Protection Program    
Unusual or Infrequent Item, or Both [Line Items]    
Number of loans approved for forgiveness and paid | loan 724  
Amount of loans approved for forgiveness and paid $ 92,800  
Number of loans | loan 3,529  
Loans before allowance for loan losses $ 205,300  
Additional fee income expected 11,700  
COVID-19 pandemic | CARES Act    
Unusual or Infrequent Item, or Both [Line Items]    
Loans before allowance for loan losses $ 860,000  
Number of loans granted deferment, temporary modifications | loan 2,437  
Percentage of loans granted temporary modification (as a percentage) 25.00%  
Percentage of loans currently in temporary modification (as a percentage) 1.50%  
Number of loans currently in temporary modification | loan 29  
Financing Receivable, Before Allowance for Credit Loss, Loans In Temporary Modification $ 51,000  
v3.20.4
Summarized Financial Information of BancPlus Corporation - Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Assets:        
Investment in statutory trusts $ 1,703 $ 1,238    
Other assets 137,240 85,185    
Assets 4,710,920 2,979,064    
Liabilities and Equity [Abstract]        
Subordinated debentures 111,124 41,238    
Accrued interest payable 2,709 1,083    
Other liabilities 18,129 11,937    
Total liabilities 4,355,670 2,727,553    
Unearned Employee Stock Ownership Plan compensation (2,650) (4,476)    
Cumulative effect adjustment 280,972 172,203 $ 159,555 $ 152,115
Liabilities and Equity 4,710,920 2,979,064    
Parent        
Assets:        
Cash 61,820 14,028    
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures 402,545 287,777    
Notes Receivable, Related Parties 31,698 31,898    
Retained Earnings, Undistributed Earnings from Equity Method Investees (22,547) (26,253)    
Investment in statutory trusts 1,704 1,238    
Other assets 5,805 919    
Assets 481,025 309,607    
Liabilities and Equity [Abstract]        
Subordinated debentures 111,124 41,238    
Accrued interest payable 227 88    
Deferred income tax (benefit) expense 1,299 0    
Notes Payable 13,125 16,625    
Other liabilities 0 145    
Total liabilities 125,775 58,096    
Unearned Employee Stock Ownership Plan compensation 74,278 79,308    
Cumulative effect adjustment 280,972 172,203    
Liabilities and Equity $ 481,025 $ 309,607    
v3.20.4
Summarized Financial Information of BancPlus Corporation - Statement of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Expenses:      
Interest expense $ 18,516 $ 21,098 $ 12,542
Income tax expense (9,210) (8,993) (189)
Net income 39,183 36,400 12,413
Parent      
Income:      
Dividends from banking subsidiary 22,050 18,000 16,200
Equity in undistributed earnings of subsidiary 20,181 22,078 4,188
Other income 36 48 44
Total income 45,973 39,861 14,580
Expenses:      
Interest expense 2,741 719 850
Other expenses 5,583 3,461 2,021
Total expenses 8,324 4,180 2,871
Income before income taxes 37,649 35,681 11,709
Income tax expense 1,534 719 704
Net income 39,183 36,400 12,413
Oakhurst Development, Inc. | Parent      
Income:      
Equity in undistributed earnings of subsidiary $ 3,706 $ (265) $ (5,852)
v3.20.4
Summarized Financial Information of BancPlus Corporation - Statements of Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]      
Net income $ 39,183 $ 36,400 $ 12,413
Other comprehensive income, net of tax:      
Reclassification adjustment - legislative rate change 0 0 (99)
Tax effect (2,185) (250) (43)
Total other comprehensive income, net of tax 6,593 753 29
Comprehensive income 45,776 37,153 12,442
Parent      
Condensed Financial Statements, Captions [Line Items]      
Net income 39,183 36,400 12,413
Other comprehensive income, net of tax:      
Change in unrealized gains on securities available for sale 8,778 1,003 171
Tax effect (2,185) (250) (43)
Total other comprehensive income, net of tax 6,593 753 29
Comprehensive income $ 45,776 $ 37,153 $ 12,442
v3.20.4
Summarized Financial Information of BancPlus Corporation - Cash Flow Statement (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net Cash Provided by (Used in) Operating Activities [Abstract]      
Net income $ 39,183 $ 36,400 $ 12,413
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Common stock released by ESOP 1,826 985 986
Stock based compensation expense 1,474 738 193
Net cash from operating activities 41,436 48,873 52,650
Cash flows from investing activities:      
Net cash used in investing activities (276,877) (3,784) (35,474)
Cash flows from financing activities:      
Payments on other borrowings (3,500) (3,500) (3,500)
Proceeds from issuance of subordinated debt 60,000 0 0
Payment of subordinated debt issuance costs (1,439) 0 0
Purchase of Company stock (3,268) 0 0
Shares withheld to pay taxes on restricted stock vesting (10) (46) 0
Cash dividends paid on common stock (13,220) (9,642) (9,020)
Net cash from financing activities 560,014 122,686 45,902
Cash and cash equivalents at beginning of year 312,972 145,197 82,119
Cash and cash equivalents at end of year 637,545 312,972 145,197
Parent      
Net Cash Provided by (Used in) Operating Activities [Abstract]      
Net income 39,183 36,400 12,413
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Common stock released by ESOP 1,826 985 986
Stock based compensation expense 1,474 105 193
Income (Loss) from Subsidiaries, before Tax (20,181) (22,078) (4,188)
Other Operating Activities, Cash Flow Statement (2,453) 108 (797)
Net cash from operating activities 16,143 15,785 14,459
Cash flows from investing activities:      
Acquisition of State Capital Corp. (7,115) 0 0
Investment in Oakhurst Development, Inc. 201 2,312 3,017
Net cash used in investing activities (6,914) 2,312 3,017
Cash flows from financing activities:      
Payments on other borrowings (3,500) (3,500) (3,500)
Purchase of Company stock 0 (2,499) 0
Proceeds from issuance of subordinated debt 60,000 0 0
Payment of subordinated debt issuance costs (1,439) 0 0
Purchase of Company stock (3,268) 0 0
Shares withheld to pay taxes on restricted stock vesting (10) (46) 0
Cash dividends paid on common stock (13,220) (9,642) (9,020)
Net cash from financing activities 38,563 (15,687) (12,520)
Net change in cash and cash equivalents 47,792 2,410 4,956
Cash and cash equivalents at beginning of year 14,028 11,618 6,662
Cash and cash equivalents at end of year 61,820 14,028 11,618
Oakhurst Development, Inc. | Parent      
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Income (Loss) from Subsidiaries, before Tax $ (3,706) $ 265 $ 5,852