Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 28, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | 11,599,595 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001118004 | ||
Entity Public Float | $ 0 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | FORVIS, LLP |
Auditor Location | Jackson, Mississippi |
Auditor Firm ID | 686 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 107,402 | $ 55,603 |
Interest bearing deposits with banks | 30,493 | 608,562 |
Total cash and cash equivalents | 137,895 | 664,165 |
Securities available for sale | 623,920 | 576,614 |
Securities held to maturity - fair value: $62,068 - 2022; $72,084 - 2021 | 62,274 | 71,648 |
Loans held for sale | 5,373 | 10,621 |
Loans | 5,824,149 | 3,619,172 |
Less: Allowance for loan losses | 42,875 | 45,000 |
Net loans | 5,781,274 | 3,574,172 |
Premises and equipment, net | 124,707 | 101,965 |
Operating lease right-of-use asset | 35,747 | 34,561 |
Accrued interest receivable | 23,156 | 14,329 |
Goodwill | 62,772 | 2,616 |
Other assets | 177,703 | 145,587 |
Assets | 7,034,821 | 5,196,278 |
Liabilities: | ||
Deposits | 5,824,904 | 4,622,116 |
Advances from Federal Home Loan Bank and other borrowings | 318,084 | 20,501 |
Subordinated debentures | 133,478 | 111,509 |
Operating lease liabilities | 37,439 | 35,793 |
Accrued interest payable | 2,334 | 1,425 |
Other liabilities | 20,482 | 14,515 |
Total liabilities | 6,336,721 | 4,805,859 |
Commitments and Contingent Liabilities: | ||
Redeemable common stock owned by ESOP | 96,984 | 100,487 |
Equity [Abstract] | ||
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, no par value 250,000 and zero authorized, issued and outstanding at December 31, 2022 and December 31, 2021, respectively; aggregate liquidation preference of $250,000 | 250,000 | 0 |
Common Stock, par value $1.00 per share. 40,000,000 authorized; 11,599,595 and 10,115,945 issued and outstanding at December 31, 2022, and 2021, respectively | 11,599 | 10,116 |
Unearned Employee Stock Ownership Plan compensation | 0 | (1,401) |
Additional paid-in capital | 122,890 | 67,380 |
Retained earnings | 356,685 | 314,357 |
Accumulated other comprehensive loss | (43,074) | (33) |
Stockholders' Equity Before Redeemable Common Stock Owned By Employee Stock Ownership Plan | 698,100 | 390,419 |
Less: Redeemable common stock owned by ESOP | (96,984) | (100,487) |
Total shareholders' equity | 601,116 | 289,932 |
Liabilities and Equity | 7,034,821 | 5,196,278 |
Employee Stock Ownership Plan | ||
Commitments and Contingent Liabilities: | ||
Redeemable common stock owned by ESOP | $ 97,000 | $ 100,500 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities held to maturity, fair value | $ 62,068 | $ 72,084 |
Shares of preferred stock authorized (in shares) | 10,000,000 | |
Common stock, par value per share (USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares, issued (in shares) | 11,599,595 | 10,115,945 |
Common stock outstanding (in shares) | 11,599,595 | 10,115,945 |
Senior Non-Cumulative Perpetual Preferred Stock | ||
Preferred stock, aggregate liquidation preference | $ 250,000 | |
Shares of preferred stock issued (in shares) | 250,000 | 0 |
Shares of preferred stock outstanding (in shares) | 250,000 | 0 |
Shares of preferred stock authorized (in shares) | 250,000 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Interest and fees on loans | $ 233,048 | $ 170,412 | $ 159,678 |
Taxable securities | 10,336 | 8,122 | 6,967 |
Tax-exempt securities | 1,589 | 1,899 | 2,470 |
Interest bearing bank balances and other | 1,449 | 744 | 1,424 |
Total interest income | 246,422 | 181,177 | 170,539 |
Interest expense: | |||
Deposits | 14,951 | 7,420 | 14,155 |
Advances from Federal Home Loan Bank | 4,596 | 312 | 318 |
Other borrowings | 7,074 | 5,331 | 4,043 |
Total interest expense | 26,621 | 13,063 | 18,516 |
Net interest income | 219,801 | 168,114 | 152,023 |
Provision for loan losses | 1,365 | 9,068 | 17,090 |
Net interest income after provision for loan losses | 218,436 | 159,046 | 134,933 |
Other operating income: | |||
Service charges on deposit accounts | 29,952 | 26,508 | 23,062 |
Mortgage origination income | 6,510 | 8,544 | 8,745 |
Debit card interchange | 10,150 | 10,164 | 7,459 |
Securities gains, net | 0 | 14 | 58 |
Other income | 23,585 | 30,102 | 26,429 |
Total other operating income | 70,197 | 75,332 | 65,753 |
Other operating expenses: | |||
Salaries and employee benefits | 122,933 | 97,455 | 90,442 |
Net occupancy expenses | 18,213 | 14,500 | 13,319 |
Furniture, equipment and data processing expenses | 29,845 | 24,472 | 21,201 |
Other expenses | 40,253 | 28,081 | 27,331 |
Total other operating expenses | 211,244 | 164,508 | 152,293 |
Income before income taxes | 77,389 | 69,870 | 48,393 |
Income tax expense | 16,614 | 13,418 | 9,210 |
Net income | $ 60,775 | $ 56,452 | $ 39,183 |
Basic earning per common shares (in USD per share) | $ 5.43 | $ 5.68 | $ 4.19 |
Diluted earnings per common share (in USD per share) | $ 5.41 | $ 5.62 | $ 4.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 60,775 | $ 56,452 | $ 39,183 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on securities available for sale | (57,312) | (9,198) | 8,778 |
Tax effect | 14,271 | 2,290 | (2,185) |
Total other comprehensive income (loss), net of tax | (43,041) | (6,908) | 6,593 |
Comprehensive income | $ 17,734 | $ 49,544 | $ 45,776 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Unearned ESOP Compensation | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Less: Redeemable common stock owned by the ESOP |
Shares outstanding, beginning balance, (in shares) at Dec. 31, 2019 | 7,652,957 | |||||||
Shareholders' equity, beginning balance at Dec. 31, 2019 | $ 172,203 | $ 7,653 | $ (4,476) | $ 811 | $ 247,241 | $ 282 | $ (79,308) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 39,183 | 39,183 | ||||||
Acquisition (in shares) | 2,453,827 | |||||||
Acquisition | 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) | (10) | ||||||
Stock based compensation | 1,474 | 1,474 | ||||||
Net change fair value of ESOP shares | 5,030 | 5,030 | ||||||
Common stock released by ESOP | 1,826 | 1,826 | ||||||
Dividends declared | (13,220) | (13,220) | ||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2020 | 10,079,277 | |||||||
Shareholders' equity, ending balance at Dec. 31, 2020 | 280,972 | $ 10,079 | (2,650) | 67,742 | 273,204 | 6,875 | (74,278) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 56,452 | 56,452 | ||||||
Purchase of Company stock (in shares) | (45,863) | |||||||
Purchase of Company stock | (2,433) | $ (46) | (2,387) | |||||
Other comprehensive income, net | (6,908) | (6,908) | ||||||
Issuance of restricted stock (in shares) | 87,008 | |||||||
Issuance of restricted stock | 0 | $ 87 | (87) | |||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares) | (4,477) | |||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock | (229) | $ (4) | (225) | |||||
Stock based compensation | 2,337 | 2,337 | ||||||
Net change fair value of ESOP shares | (26,209) | (26,209) | ||||||
Common stock released by ESOP | 1,249 | 1,249 | ||||||
Dividends declared | (15,299) | (15,299) | ||||||
Preferred stock outstanding, ending balance (in shares) at Dec. 31, 2021 | 0 | |||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 10,115,945 | |||||||
Shareholders' equity, ending balance at Dec. 31, 2021 | 289,932 | $ 0 | $ 10,116 | (1,401) | 67,380 | 314,357 | (33) | (100,487) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 60,775 | 60,775 | ||||||
Acquisition (in shares) | 1,444,732 | |||||||
Acquisition | 56,489 | $ 1,445 | 55,044 | |||||
Purchase of Company stock (in shares) | (47,782) | |||||||
Purchase of Company stock | (3,103) | $ (48) | (3,055) | |||||
Other comprehensive income, net | (43,041) | |||||||
Issuance of restricted stock (in shares) | 96,938 | |||||||
Issuance of restricted stock | 0 | $ 97 | (97) | |||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares) | (10,438) | |||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock | (713) | $ (11) | (702) | |||||
Stock based compensation | 4,307 | 4,307 | ||||||
Net change fair value of ESOP shares | 3,503 | 3,503 | ||||||
Common stock released by ESOP | 1,401 | 1,401 | ||||||
Dividends declared | (18,447) | (18,447) | ||||||
Number of shares issued (in shares) | 250,000 | 200 | ||||||
Issuance of preferred stock | 250,000 | $ 250,000 | ||||||
Issuance of common stock | 13 | 13 | ||||||
Preferred stock outstanding, ending balance (in shares) at Dec. 31, 2022 | 250,000 | |||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2022 | 11,599,595 | |||||||
Shareholders' equity, ending balance at Dec. 31, 2022 | $ 601,116 | $ 250,000 | $ 11,599 | $ 0 | $ 122,890 | $ 356,685 | $ (43,074) | $ (96,984) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in USD per share) | $ 1.64 | $ 1.52 | $ 1.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 60,775 | $ 56,452 | $ 39,183 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Provision for loan losses | 1,365 | 9,068 | 17,090 |
Depreciation and amortization | 9,918 | 8,629 | 6,406 |
Net (gain) loss on sales of premises and equipment | 338 | 637 | (3,451) |
Net (gain) loss on sales of other real estate owned | 212 | (184) | (400) |
Write-downs of other real estate owned | 563 | 209 | 301 |
Deferred income tax (benefit) expense | 589 | 198 | (51) |
Federal Home Loan Bank stock dividends | (101) | (11) | (45) |
Common stock released by ESOP | 1,401 | 1,249 | 1,826 |
Stock based compensation expense | 4,307 | 2,337 | 1,474 |
Origination of loans held for sale | (290,201) | (367,035) | (380,588) |
Proceeds from loans held for sale | 301,649 | 385,098 | 368,499 |
Earnings on bank-owned life insurance | (2,563) | (6,601) | (2,386) |
Bargain purchase gain in merger | 0 | 0 | (1,078) |
Net change in: | |||
Accrued interest receivable and other assets | (1,750) | 8,964 | 657 |
Accrued interest payable and other liabilities | 3,307 | (4,898) | (6,001) |
Net cash from operating activities | 89,809 | 94,112 | 41,436 |
Cash flows from investing activities: | |||
Purchases of securities available for sale | (128,802) | (375,535) | (86,184) |
Maturities and calls of securities available for sale | 55,169 | 97,911 | 146,921 |
Purchases of securities held to maturity | 0 | (19,103) | (655) |
Maturities, prepayments and calls of securities held to maturity | 9,270 | 41,059 | 15,627 |
Net increase in loans | (1,209,346) | (245,116) | (426,109) |
Purchases of premises and equipment | (16,744) | (7,962) | (9,830) |
Proceeds from sales of premises and equipment | 294 | 81 | 205 |
Proceeds from sales of other real estate owned | 5,324 | 5,861 | 7,654 |
Investment in unconsolidated entities | (30) | (82) | (2,371) |
Distributions from unconsolidated entities | 2,490 | 0 | 0 |
Cash received in excess of cash paid for acquisition | 165,974 | 0 | 75,303 |
Purchase of bank-owned life insurance | 0 | (10,000) | 0 |
Proceeds from bank-owned life insurance | 0 | 7,482 | 0 |
Proceeds from redemptions of (purchases of) Federal Home Loan Bank stock | (15,063) | (163) | 2,562 |
Net cash used in investing activities | (1,131,464) | (505,567) | (276,877) |
Net increase (decrease) in: | |||
Noninterest-bearing deposits | (148,496) | 173,722 | 453,664 |
Money market, NOW and savings deposits | 289,699 | 364,581 | 138,742 |
Certificates of deposit | (151,126) | (68,997) | (56,012) |
Proceeds from FHLB advances | 3,535,000 | 0 | 0 |
Payments on FHLB advances | (3,237,417) | (145) | (14,943) |
Proceeds from issuance of subordinated debt | 0 | 0 | 60,000 |
Payment of subordinated debt issuance costs | 0 | 0 | (1,439) |
Proceeds from other borrowings | 20,000 | 0 | 0 |
Payment of debt issuance costs | (25) | 0 | 0 |
Payments on other borrowings | (20,000) | (13,125) | (3,500) |
Issuance of common stock | 13 | 0 | 0 |
Issuance of preferred stock | 250,000 | 0 | 0 |
Shares withheld to pay taxes on restricted stock vesting | (713) | (229) | (10) |
Purchase of Company stock | (3,103) | (2,433) | (3,268) |
Cash dividends paid on common stock | (18,447) | (15,299) | (13,220) |
Net cash from financing activities | 515,385 | 438,075 | 560,014 |
Net change in cash and cash equivalents | (526,270) | 26,620 | 324,573 |
Cash and cash equivalents at beginning of year | 664,165 | 637,545 | 312,972 |
Cash and cash equivalents at end of year | 137,895 | 664,165 | 637,545 |
Supplemental cash flow information: | |||
Interest paid | 25,712 | 14,347 | 16,890 |
Federal and state income tax payments | 14,875 | 11,075 | 9,825 |
Acquisition of real estate in non-cash foreclosures | 1,799 | 4,947 | 8,688 |
Fair value of assets acquired net of liabilities assumed | $ 59,572 | $ 0 | $ 72,251 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 $6.5 million at December 31, 2022. Net cash flows are reported for customer deposit transactions and short term borrowings. Cash flows from loans are classified at the time according to management’s intent to either sell or hold the loan for the foreseeable future. When management’s intent is to hold the loan for the foreseeable future, the cash flows of that loan are presented as investing cash flows. Comprehensive Income Comprehensive income includes net income reported in the consolidated statements of income and changes in unrealized gain or loss on securities available for sale reported as a component of shareholders' equity. Unrealized gain or loss on securities available for sale, net of deferred income taxes, is the only component of accumulated other comprehensive income (loss) for the Company. Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in income. Debt securities not classified as held to maturity or trading are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from income and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below amortized cost, when the Company does not intend to sell the debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, then the Company recognizes the credit component of an other-than-temporary impairment of a debt security in income and the remaining portion in other comprehensive income (loss). For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income (loss) for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value. These loans are generally sold with mortgage servicing rights released. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balance adjusted for net charge-offs, the allowance for loan losses, and any deferred fees and costs. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that a borrower's financial condition is such that collection of interest, but not necessarily principal, is doubtful. A loan is typically placed on non-accrual when the contractual payment of principal or interest becomes 90 days past due unless the loan is well-secured and in the process of collection. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. Current year interest previously recorded, but deemed not collectible, is reversed and charged against current year income. Prior year interest previously recorded, but deemed not collectible, is charged against the allowance. Payments subsequently received on non-accrual loans are applied to principal. Interest income is recognized to the extent that cash payments are received in excess of principal due. A loan may return to accrual status when principal and interest payments are no longer past due and collectability is reasonably assured. A loan is considered impaired, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310-10-35 guidance, when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan, including scheduled interest and principal payments. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Substandard loans $500,000 or greater and not previously coded impaired and all loans previously coded impaired, if the relationship is $500,000 or greater, are individually reviewed for impairment. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of future cash flows discounted at the loan’s original interest rate, or at the fair value of collateral if repayment is expected solely from the collateral. Groups of loans with similar risk characteristics, including individually evaluated loans not determined to be impaired, are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Included in certain impaired loan categories are loans considered troubled debt restructurings (“TDRs”). Restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the Company grants a concession it would not otherwise consider for borrowers of similar credit quality. Concessions may include interest rate reductions and/or payment modifications, payment extensions, forgiveness of principal or interest, and other actions intended to minimize potential losses. A loan continues to qualify as restructured until a consistent payment history and change in the borrower‘s financial condition has been evidenced. Assuming that the restructuring specifies an interest rate at the time of restructuring that is greater than or equal to the rate that the Company is willing to accept for a new extension of credit with comparable risk, then the loan no longer has to be considered a troubled debt restructuring if it is in compliance with modified terms in calendar years after the year of restructure. Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance consists of general and specific components. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is maintained at a level believed to be adequate by management to absorb estimated probable loan losses. Management’s periodic evaluation of the adequacy of the allowance for loan losses is based on estimated credit losses for specifically identified loans as well as estimated probable credit losses inherent in the remainder of the loan portfolio. Management considers a number of factors in estimating probable credit losses inherent in the loan portfolio, including: historical loan loss experience for various types of loans; composition of the loan portfolio; past due trends in the loan portfolio; current trends; current economic conditions; industry exposure and allowance allocation percentages for various grades of loans with such grades being assigned to loans based on loan reviews. Management’s evaluation of the allowance for loan losses is inherently subjective as it requires material estimates. The actual amounts of loan losses realized in the near term could differ from the amounts estimated in arriving at the allowance for loan losses reported in the financial statements. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right to pledge or exchange the transferred asserts, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally using the straight-line method and are charged to operating expenses over the estimated useful lives of the assets. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where the Company has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized costs of the leasehold improvements is extended when the Company is reasonably assured that it will renew the lease. Costs of major additions and improvements are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Other Real Estate Other real estate acquired through partial or total satisfaction of loans is initially carried at fair value less cost to sell at the date of acquisition (foreclosure), establishing a new cost basis. Any loss incurred at the date of acquisition is charged to the allowance for loan losses. Subsequent gains or losses on such assets and related operating income and expenses are reported in current operations when earned or incurred. Federal Home Loan Bank Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. The Company’s investment in member bank stock is carried at cost and included in other assets in the consolidated balance sheets. The carrying value of the Company’s FHLB stock was evaluated and determined not to be impaired for the years ended December 31, 2022 and 2021. Both cash and stock dividends are reported as income. Intangible Assets Goodwill, which represents the excess of cost over the fair value of net assets of an acquired business, is not amortized but tested for impairment on an annual basis or more often if events or circumstances indicate there may be impairment. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Other identifiable assets with finite lives include the following: (1) core deposits intangible assets, which are amounts recorded related to the value of acquired deposits, (2) amounts recorded related to the value of acquired customer relationships, and (3) amounts recorded related to non-competition agreements with certain individuals of acquired entities. Identifiable intangibles are initially recorded at fair value and are amortized over the periods benefited. These intangibles are evaluated for impairment whenever events or circumstances indicate that the carrying amount should be reevaluated. Impairment losses are recorded in other operating expense and reduce the carrying amount of the intangible. Bank-Owned Life Insurance The Company maintains bank-owned life insurance policies on certain current and former employees, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of other operating income in the Company’s consolidated statements of income. Loan Commitments and Related Financial Instruments In the normal course of business, the Company enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of customers. Such instruments are not reflected in the consolidated financial statements until they are funded. The face amount of these items represents the exposure to loss, before considering customer collateral or ability to repay. Revenue Recognition Accounting Standards Codification (“ASC”) Topic 606 implements a common revenue standard that clarifies the principles for recognizing revenue from contracts. The majority of the Company’s revenues come from interest income and other sources, including loans and securities that are outside the scope of Topic 606. The Company’s services that fall within the scope of Topic 606 are presented within other operating income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of Topic 606 include service charges on deposits, interchange income, wealth management fees and investment brokerage fees. The Company generally acts in a principal capacity, on its own behalf, in most of its contracts with customers. In such transactions, revenue is recognized and the related costs to provide services is recognized on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting other entities in transactions with customers. In such transactions, revenue and the related costs to provide services is recognized on a net basis in the financial statements. These transactions recognized on a net basis primarily relate to insurance and brokerage commissions and fees derived from customers' use of various interchange and ATM/debit card networks. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance, ASC Topic 740, “Income Taxes”. The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. A valuation allowance, if needed, reduces deferred assets to the amount expected to be realized. The Company did not have a valuation allowance recorded with respect to the realization of deferred income taxes at December 31, 2022 or 2021. 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, 2022 or 2021. 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, except per share data) 2022 2021 2020 Net income $ 60,775 $ 56,452 $ 39,183 Common stock 11,193,762 9,936,809 9,355,980 Dilutive effect of stock-based awards 43,404 71,951 33,500 Dilutive effect of unallocated stock 4,513 40,537 67,997 Total weighted average diluted shares 11,241,679 10,049,297 9,457,477 Basic earnings per common shares $ 5.43 $ 5.68 $ 4.19 Diluted earnings per common shares $ 5.41 $ 5.62 $ 4.14 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. Risks and Uncertainties The state of the overall economy, including the effect of the volatility and direction of market interest rates as a result of continuing worldwide macroeconomic uncertainty and/or the COVID-19 pandemic, could negatively impact our financial performance. Such a decline could impact the Company’s ability to make distributions to our shareholders or meet other financial obligations. 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. Effect of Recently Adopted Accounting Standards ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” In June 2016, the FASB issued ASU 2016-13 which requires earlier measurement of credit losses and enhances disclosures. The main objective of ASU 2016-13 is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Many of the 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 adopted ASU 2016-13 in the first quarter of 2023 and recognized a one-time, after-tax cumulative effect adjustment of $25.0 million to retained earnings in the first quarter of 2023, increasing the allowance for credit losses by approximately $33.2 million. Accounting Standards Update 2022-02 (“ASU 2022-02”), “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” In March 2022, the FASB issued ASU 2022-02 which eliminates the TDR recognition and measurement guidance and instead requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, these amendments require that an entity disclose current period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 326-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. ASU 2022-02 is effective for the Company for annual and interim periods beginning on January 1, 2023. The adoption of ASU 2022-02 in the first quarter of 2023 did not materially impact the Company’s consolidated financial statements. Effect of Recently Issued, But Not Yet Effective Accounting Standards Accounting Standards Update 2020-04 (“ASU 2020-04”), “Reference Rate Reform - Topic 848.” In March 2020, the FASB issued ASU 2020-04 which provides temporary optional expedients and exceptions to the Generally Accepted Accounting Principles (“GAAP”) guidance on contract modifications, hedge accounting, and other transactions affected that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The Company is still evaluating the impact of ASU 2020-04, but does not expect it to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2022-06 (“ASU 2022-06”), “Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848.” In December 2022, the FASB issued ASU 2022-06 which provides temporary relief during the transition period in complying with ASU 2020-04. The Board included a sunset provision within Topic 848 based on expectations of when LIBOR would cease being published. At the time that ASU 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022 - 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations State Capital Corp. On April 1, 2020, the Company completed its previously announced merger with State Capital Corp. (“SCC”), the holding company of State Bank & Trust Company (“State Bank”). Pursuant to the terms of the Agreement and Plan of Share Exchange and Merger, dated September 18, 2019, by and among the Company, BankPlus, SCC, and State Bank (the “SCC Merger Agreement”), following BancPlus’ acquisition of SCC by a statutory share exchange, SCC was merged with and into BancPlus, with BancPlus surviving the merger (the “SCC Merger”). Immediately thereafter, State Bank was merged with and into BankPlus, with BankPlus surviving the merger. As a result of the merger, the Company’s geographic footprint expanded in Mississippi, Louisiana and Alabama, providing access to new markets and deposits. Pursuant to the SCC Merger Agreement, holders of SCC common stock received 0.6950 shares of BancPlus common stock, par value $1.00 per share, for each share of SCC common stock, par value $1.25 per share, held immediately prior to the effective time of the SCC Merger, plus cash in lieu of fractional shares. BancPlus issued 2,453,827 shares of common stock to holders of SCC common stock, in addition to approximately $12,000 in lieu of fractional shares. During 2020, the Company incurred approximately $6.4 million of acquisition expenses in connection with the SCC Merger. These expenses are recorded in other expenses and furniture, equipment and data processing expenses in the Company’s Consolidated Statement of Income for the year ended December 31, 2020. The excess fair value of net assets acquired over cost paid is recorded as a gain on bargain purchase during 2020. The gain on bargain purchase was primarily the result of changes in the value of BancPlus common stock due to the timing of the closing of the SCC Merger relative to when the SCC Merger Agreement was signed and declines in the overall market as a result of the COVID-19 pandemic over that period. The measurement period adjustment during the third quarter of 2020 was the result of a reduction in the value of liabilities assumed in the SCC Merger during refinement of the preliminary valuations disclosed at the time of the SCC Merger. The gain on bargain purchase is recorded in other income in the Company’s Consolidated Statements of Income for the year ended December 31, 2020. The following table reflects the consideration paid and the fair value allocation of assets acquired and liabilities assumed as of the acquisition date: (Dollars in thousands) Purchase price allocation: Common stock issued $ 71,161 Cash paid for fractional shares 12 Total purchase price $ 71,173 Assets acquired: Cash and due from banks $ 75,315 Securities, FHLB stock and FNBB stock 97,910 Loans, net 880,390 Premises and equipment 29,968 Accrued interest receivable 3,664 Bank-owned life insurance 28,441 Core deposit intangible 6,045 Taxes receivable 7,787 Deferred tax asset, net 5,972 Other assets 3,330 Total assets acquired $ 1,138,822 Liabilities assumed: Deposits $ 1,024,381 Advances from FHLB and other borrowings 14,563 Subordinated debentures 11,121 Deferred compensation 10,310 Other liabilities 6,196 Total liabilities assumed $ 1,066,571 Net assets acquired 72,251 Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase $ (1,078) In connection with the SCC Merger, the Company recorded a $6.0 million core deposit intangible, which will be amortized over 10 years. The Company also acquired loans with a fair value of $880.4 million, net of an $19.1 million fair value discount, which included a credit mark discount of $11.6 million. Revenues and earnings of the acquired company since the SCC Merger date have not been disclosed as it is not practicable as SCC was merged into BancPlus and separate financial information for SCC is not available. The following table presents unaudited pro forma information as if the Merger with SCC had occurred on January 1, 2019. This pro forma information combines the historic consolidated results of operations of BancPlus and SCC after giving effect to certain adjustments, including purchase accounting fair value adjustments and amortization of intangibles, as well as the related income tax effects of those adjustments. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Merger occurred on January 1, 2019. Year Ended December 31, (In thousands, except per share data) 2020 Net interest income $ 168,499 Other operating income 67,405 Net income available to common shareholders 39,509 Earnings per common share: Basic $ 3.93 Diluted $ 3.90 First Trust Corporation Effective March 1, 2022, the Company completed its previously announced merger with First Trust Corporation (“FTC”), the holding company of First Bank and Trust (“FBT”). Pursuant to the terms of the Agreement and Plan of Share Exchange and Merger, dated September 28, 2021, as amended on February 9, 2022, by and among the Company, BankPlus, FTC, and FBT (the “FTC Merger Agreement”), following the Company’s acquisition of FTC by statutory share exchange, FTC was merged with and into BancPlus, with BancPlus surviving the merger (the “FTC Holding Company Merger”). Immediately thereafter FBT was merged with and into BankPlus, with BankPlus surviving the merger (together with the FTC Holding Company Merger, the “FTC Merger”). The FTC Merger expands the Company’s geographic footprint into Florida and adds additional locations in Louisiana and Mississippi, providing access to new markets and deposits. Pursuant to the FTC Merger Agreement, holders of FTC stock received, in the aggregate, 1,444,764 shares of BancPlus common stock, with cash paid in lieu of fractional shares, and $52.7 million in cash, plus up to $10.0 million, less certain fees, costs, and expenses, that was held in escrow pursuant to the terms of a previously disclosed Indemnity and Escrow Agreement that was entered into immediately prior to the completion of the FTC Merger pending a final determination from the Internal Revenue Service as to whether FTC’s subchapter S election would be reinstated retroactively to September 23, 2020. On June 27, 2022, the Company received notice from the IRS that FTC’s subchapter S election had been reinstated. On July 7, 2022, the escrow account balance of $10.0 million was paid to the former holders of FTC stock. The fair value of the common shares issued was determined based on a third-party appraisal at the date of the acquisition, as there is no active market for the Company’s stock. For the years ended December 31, 2022 and 2021, the Company incurred approximately $11.8 million and $1.1 million of acquisition expenses in connection with the FTC Merger, respectively. These expenses are recorded in salaries and employee benefits expenses, furniture equipment and data processing expenses, and other expenses in the Company’s Consolidated Statement of Income for the years ended December 31, 2022 and 2021. The following table reflects the consideration paid and the fair value allocation of assets acquired and liabilities assumed as of the acquisition date: (Dollars in thousands) Purchase price allocation: Common stock issued $ 56,489 Cash paid 63,239 Total purchase price $ 119,728 Assets acquired: Cash and due from banks $ 229,213 Securities 33,407 Loans held for sale 6,200 Loans, net 1,000,382 Premises and equipment 15,152 Accrued interest receivable 1,441 Core deposit intangible 7,825 Other assets 4,584 Total assets acquired $ 1,298,204 Liabilities assumed: Deposits $ 1,212,712 Subordinated debentures 21,733 Other liabilities 4,187 Total liabilities assumed $ 1,238,632 Net assets acquired 59,572 Goodwill $ 60,156 In connection with the FTC Merger, the Company recorded a $7.8 million core deposit intangible, which will be amortized over 10 years. The Company also acquired loans with a fair value of $1.000 billion. The fair value of acquired loans at the time of acquisition is recorded as a premium or discount to the unpaid balance of each acquired loan. The net premium or discount is accreted or amortized into interest income over the remaining life of the loan. The Company recorded a net discount of $6.6 million on the acquired FTC loans, which included a credit mark discount of $15.7 million. Purchase credit impaired loans were insignificant. In the third quarter of 2022, the Company increased the fair value of other real estate and deferred tax assets resulting in a corresponding decrease to goodwill of $1.1 million. Revenues and earnings of the acquired company since the FTC Merger date have not been disclosed as it is not practicable as FTC was merged into BancPlus and separate financial information for FTC is not available. The following table presents unaudited pro forma information as if the FTC Merger had occurred on January 1, 2020. This pro forma information combines the historic consolidated results of operations of BancPlus and FTC after giving effect to certain adjustments, including purchase accounting fair value adjustments and amortization of intangibles, as well as the related income tax effects of those adjustments. The pro forma information does not necessarily reflect the results of operations that would have occurred had the FTC Merger occurred on January 1, 2020. Year Ended December 31, (In thousands, except per share data) 2022 2021 2020 Net interest income $ 227,394 $ 213,673 $ 197,582 Other operating income 71,429 82,724 73,145 Net income available to common shareholders 63,404 72,225 54,956 Earnings per common share: Basic $ 5.55 $ 6.35 $ 5.09 Diluted 5.52 6.28 5.04 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
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 Cost Gross Unrealized Fair (Dollars in thousands) Gains Losses December 31, 2022 U.S. Treasuries $ 35,814 $ — $ 1,235 $ 34,579 U.S. Government agencies 414,251 246 35,761 378,736 Residential mortgage-backed securities 105,580 13 11,461 94,132 Commercial mortgage-backed securities 13,812 — 1,742 12,070 Asset backed securities 10,289 54 123 10,220 Corporate investments 51,000 — 4,967 46,033 State and political subdivisions 50,530 77 2,457 48,150 Total available for sale $ 681,276 $ 390 $ 57,746 $ 623,920 December 31, 2021 U.S. Government agencies $ 354,774 $ 256 $ 4,780 $ 350,250 Residential mortgage-backed securities 107,772 2,312 297 109,787 Commercial mortgage-backed securities 14,286 41 51 14,276 Asset backed securities 12,730 421 44 13,107 Corporate investments 43,500 1,138 128 44,510 State and political subdivisions 43,596 1,200 112 44,684 Total available for sale $ 576,658 $ 5,368 $ 5,412 $ 576,614 The following is a summary of the amortized cost and fair value of securities held to maturity. Amortized Cost Gross Unrealized Fair (Dollars in thousands) Gains Losses December 31, 2022 States and political subdivisions $ 62,274 $ — $ 206 $ 62,068 Total held to maturity $ 62,274 $ — $ 206 $ 62,068 December 31, 2021 States and political subdivisions $ 71,648 $ 436 $ — $ 72,084 Total held to maturity $ 71,648 $ 436 $ — $ 72,084 All mortgage-backed securities in the above tables were issued or guaranteed by U.S. government agencies or sponsored agencies. Provided below is a summary of investment securities which were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) December 31, 2022: Available for sale: U.S Treasuries $ 34,579 $ 1,235 $ — $ — $ 34,579 $ 1,235 U. S. Government agencies 78,676 4,830 285,994 30,931 364,670 35,761 Residential mortgage-backed securities 81,992 8,935 11,258 2,526 93,250 11,461 Commercial mortgage-backed securities 4,860 594 7,210 1,148 12,070 1,742 Asset backed securities 1,169 7 3,499 116 4,668 123 States and political subdivisions 36,958 4,042 7,076 925 44,034 4,967 Corporate investments 36,655 1,781 5,084 676 41,739 2,457 $ 274,889 $ 21,424 $ 320,121 $ 36,322 $ 595,010 $ 57,746 Held to maturity: States and political subdivisions $ 9,259 $ 206 $ — $ — $ 9,259 $ 206 $ 9,259 $ 206 $ — $ — $ 9,259 $ 206 December 31, 2021: Available for sale: U. S. Government agencies $ 314,614 $ 4,780 $ — $ — $ 314,614 $ 4,780 Residential mortgage-backed securities 15,216 297 — — 15,216 297 Commercial mortgage-backed securities 8,376 51 — — 8,376 51 Asset backed securities 2,272 8 2,192 36 4,464 44 States and political subdivisions 6,117 112 — — 6,117 112 Corporate investments 11,372 128 — — 11,372 128 $ 357,967 $ 5,376 $ 2,192 $ 36 $ 360,159 $ 5,412 The number of debt securities in an unrealized loss position increased from 82 at December 31, 2021 to 359 at December 31, 2022. 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, 2022. 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 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value December 31, 2022: One year or less $ 88,353 $ 85,744 $ 6,961 $ 6,939 After one through five years 326,881 301,015 47,221 47,070 After five through ten years 147,225 129,929 6,452 6,419 After ten years 118,817 107,232 1,640 1,640 $ 681,276 $ 623,920 $ 62,274 $ 62,068 December 31, 2021: One year or less $ 11,190 $ 11,212 $ 9,286 $ 9,299 After one through five years 239,290 236,674 44,803 44,989 After five through ten years 197,992 197,809 15,349 15,586 After ten years 128,186 130,919 2,210 2,210 $ 576,658 $ 576,614 $ 71,648 $ 72,084 The following is a summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes required or permitted by law. Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) December 31, 2022 $ 492,206 $ 451,638 $ 35,734 $ 35,562 December 31, 2021 $ 451,402 $ 450,480 $ 38,704 $ 39,102 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans | Loans The following is a summary of the Company’s loan portfolio by loan class. (Dollars in thousands) December 31, 2022 December 31, 2021 Secured by real estate: Residential properties $ 1,403,974 $ 774,699 Construction and land development 772,357 543,763 Farmland 283,832 211,503 Other commercial 2,467,216 1,396,085 Total real estate 4,927,379 2,926,050 Commercial and industrial loans 706,466 527,102 Agricultural production and other loans to farmers 80,770 86,520 Consumer and other loans 109,534 79,500 Total loans before allowance for loan losses $ 5,824,149 $ 3,619,172 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, Louisiana, and Florida. The risk characteristics of the Company’s material portfolio segments are as follows: Residential Real Estate Loans - The residential real estate loan portfolio consists of residential loans for single and multifamily properties. Residential loans are generally secured by owner occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can be impacted by economic conditions within their market area. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Commercial Real Estate Loans - Commercial real estate loans include construction and land development loans, loans secured by farmland and other commercial real estate loans. Construction and land development loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. Farmland loans are generally made for the purpose of acquiring land devoted to crop production or livestock, the propagation of timber or the operation of a similar type 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. (Dollars in thousands) December 31, 2022 December 31, 2021 Secured by real estate: Residential properties $ 2,726 $ 3,154 Construction and land development 24 51 Farmland 960 1,327 Other commercial 1,215 1,176 Total real estate 4,925 5,708 Commercial and industrial loans 192 20 Agricultural production and other loans to farmers 155 3 Consumer and other loans — 166 Total non-accrual loans $ 5,272 $ 5,897 An age analysis of past due loans (including both accruing and non-accruing loans) segregated by class of loans is as follows: (Dollars in thousands) Past Due 30-89 Days Past Due 90 Days or more Total Past Due Current Total Loans Past Due 90 days or more and Accruing December 31, 2022 Secured by real estate: Residential properties $ 5,869 $ 2,015 $ 7,884 $ 1,396,090 $ 1,403,974 $ 1,079 Construction and land development 526 1,578 2,104 770,253 772,357 1,578 Farmland 566 1,391 1,957 281,875 283,832 427 Other commercial 1,498 774 2,272 2,464,944 2,467,216 216 Total real estate 8,459 5,758 14,217 4,913,162 4,927,379 3,300 Commercial and industrial loans 902 677 1,579 704,887 706,466 545 Agricultural production and other loans to farmers 126 — 126 80,644 80,770 — Consumer loans 1,530 697 2,227 107,307 109,534 697 Total $ 11,017 $ 7,132 $ 18,149 $ 5,806,000 $ 5,824,149 $ 4,542 Past Due 30-89 Days Past Due 90 Days or more Total Past Due Current Total Loans Past Due 90 days or more and Accruing (Dollars in thousands) December 31, 2021 Secured by real estate: Residential properties $ 4,537 $ 2,032 $ 6,569 $ 768,130 $ 774,699 $ 865 Construction and land development 367 1,085 1,452 542,311 543,763 1,085 Farmland 600 425 1,025 210,478 211,503 30 Other commercial 1,589 1,118 2,707 1,393,378 1,396,085 212 Total real estate 7,093 4,660 11,753 2,914,297 2,926,050 2,192 Commercial and industrial loans 824 623 1,447 525,655 527,102 606 Agricultural production and other loans to farmers 311 32 343 86,177 86,520 32 Consumer loans 374 250 624 78,876 79,500 84 Total $ 8,602 $ 5,565 $ 14,167 $ 3,605,005 $ 3,619,172 $ 2,914 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, 2022 (Dollars in thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,947 $ 5,641 $ — Construction and land development 3,805 2,440 — Farmland 1,385 969 — Other commercial 5,320 4,190 — Total real estate 18,457 13,240 — Commercial and industrial 14,467 10,959 — Agricultural production and other loans to farmers 419 156 — Consumer and other loans 144 15 — Total 33,487 24,370 — Impaired loans with related allowance: Secured by real estate: Residential properties — — — Construction and land development — — — Farmland — — — Other commercial 1,755 1,755 54 Total real estate 1,755 1,755 54 Commercial and industrial — — — Total 1,755 1,755 54 Total impaired loans $ 35,242 $ 26,125 $ 54 December 31, 2021 (Dollars in thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,667 $ 5,034 $ — Construction and land development 3,615 1,649 — Farmland 3,413 2,859 — Other commercial 2,671 1,300 — Total real estate 17,366 10,842 — Commercial and industrial 17,528 17,300 — Agricultural production and other loans to farmers 105 15 — Consumer loans 249 166 — Total 35,248 28,323 — Impaired loans with related allowance: Secured by real estate: Residential properties 813 813 9 Other commercial 1,906 1,906 304 Total real estate 2,719 2,719 313 Commercial and industrial 4,542 4,542 1,701 Total 7,261 7,261 2,014 Total impaired loans $ 42,509 $ 35,584 $ 2,014 (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, 2022 and 2021 are presented below. Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Average Investment Interest Recognized Average Investment Interest Recognized Average Investment Interest Recognized Secured by real estate: Residential properties $ 5,335 $ 103 $ 6,309 $ 139 $ 6,014 $ 152 Construction and land development 1,131 188 2,123 115 4,384 127 Farmland 1,620 — 8,622 384 10,515 510 Other commercial 5,575 149 5,927 168 11,679 249 Total real estate 13,661 440 22,981 806 32,592 1,038 Commercial and industrial 13,936 673 20,473 1,089 2,136 81 Agricultural production and other loans to farmers 20 10 96 3 82 — Consumer loans 57 1 188 1 181 — Total $ 27,674 $ 1,124 $ 43,738 $ 1,899 $ 34,991 $ 1,119 There were zero modifications classified as TDRs for the years ended December 31, 2022 and 2021. The following table illustrates the impact of modifications classified as TDRs for the year ended December 31, 2020: (Dollars in thousands) Number of Loans Balance Prior to TDR Balance at Year End December 31, 2020 Secured by real estate: Residential properties 1 $ 200 $ 183 Construction and land development 1 95 — Total 2 $ 295 $ 183 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 zero and $139,000 at December 31, 2022 and 2021, respectively. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2022 | |
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: (Dollars in thousands) Risk Grades 1-6 Risk Grade 7 Risk Grade 8 Risk Grade 9 Total December 31, 2022 Secured by real estate: Residential properties $ 1,391,039 $ — $ 12,852 $ 83 $ 1,403,974 Construction and land development 768,699 303 3,355 — 772,357 Farmland 280,522 — 3,310 — 283,832 Other commercial 2,456,708 — 10,384 124 2,467,216 Total real estate 4,896,968 303 29,901 207 4,927,379 Commercial and industrial 693,963 — 12,503 — 706,466 Agricultural production and other loans to farmers 80,524 — 246 — 80,770 Consumer and other loans 108,279 — 1,255 — 109,534 Total $ 5,779,734 $ 303 $ 43,905 $ 207 $ 5,824,149 (Dollars in thousands) Risk Grades 1-6 Risk Grade 7 Risk Grade 8 Risk Grade 9 Total December 31, 2021 Secured by real estate: Residential properties $ 763,116 $ — $ 11,583 $ — $ 774,699 Construction and land development 537,573 4,097 2,093 — 543,763 Farmland 208,318 — 3,185 — 211,503 Other commercial 1,386,240 — 9,845 — 1,396,085 Total real estate 2,895,247 4,097 26,706 — 2,926,050 Commercial and industrial 503,603 — 23,496 3 527,102 Agricultural production and other loans to farmers 86,292 — 228 — 86,520 Consumer and other loans 79,176 — 306 18 79,500 Total $ 3,564,318 $ 4,097 $ 50,736 $ 21 $ 3,619,172 Transactions in the allowance for loan losses and balances in the loan portfolio by loan segment are as follows: (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2022 Allowance for loan losses: Balance, beginning of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Provision for loan losses (136) (845) 765 1,581 — 1,365 Recoveries on loans 160 1,093 531 2,592 — 4,376 Loans charged off (1,830) (680) (826) (4,530) — (7,866) Balance, end of year $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ — $ 42,875 Allowance Balances: Individually evaluated for impairment $ — $ 54 $ — $ — $ — $ 54 Collectively evaluated for impairment 4,750 26,647 9,958 1,466 — 42,821 Ending balance $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ — $ 42,875 Loan Balances: Individually evaluated for impairment $ 10,768 $ 3,714 $ 1,500 $ — $ — $ 15,982 Collectively evaluated for impairment 695,698 3,519,691 1,402,474 190,304 — 5,808,167 Ending balance $ 706,466 $ 3,523,405 $ 1,403,974 $ 190,304 $ — $ 5,824,149 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2021: Allowance for loan losses: Balance, beginning of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Provision for loan losses 98 5,535 1,442 1,993 — 9,068 Recoveries on loans 512 2,414 599 2,744 — 6,269 Loans charged off (391) (979) (453) (4,514) — (6,337) Balance, end of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Allowance Balances: Individually evaluated for impairment $ 1,701 $ 304 $ 9 $ — $ — $ 2,014 Collectively evaluated for impairment 4,855 26,829 9,479 1,823 — 42,986 Ending balance $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Loan Balances: Individually evaluated for impairment $ 21,822 $ 3,434 $ 1,640 $ 166 $ — $ 27,062 Collectively evaluated for impairment 505,280 2,147,917 773,059 165,854 — 3,592,110 Ending balance $ 527,102 $ 2,151,351 $ 774,699 $ 166,020 $ — $ 3,619,172 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2020: Allowance for loan losses: Balance, beginning of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 Provision for loan losses 3,951 11,380 2,369 648 (1,258) 17,090 Recoveries on loans 212 492 353 3,324 — 4,381 Loans charged off (599) (2,475) (390) (3,507) — (6,971) Balance, end of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment The following is a summary of premises and equipment. (Dollars in thousands) December 31, December 31, 2021 Land $ 34,356 $ 26,902 Bank premises 87,501 74,311 Leasehold improvements 17,859 15,325 Data processing equipment 36,580 34,286 Furniture and other equipment 47,803 42,685 224,099 193,509 Less accumulated depreciation and amortization (99,392) (91,544) $ 124,707 $ 101,965 Depreciation and amortization expense for premises and equipment totaled $8.5 million in 2022, $7.9 million in 2021, and $6.4 million in 2020. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The following is a summary of other assets. (Dollars in thousands) December 31, December 31, Amortized intangible assets $ 11,468 $ 5,100 Other real estate owned 4,231 5,815 Cash value of bank-owned life insurance 102,694 100,325 Federal Home Loan Bank stock 19,690 2,731 Deferred income tax 17,672 4,608 Investment in statutory trusts 1,704 1,704 Other 20,244 25,304 $ 177,703 $ 145,587 As a condition to borrowing funds from the FHLB, the Bank is required to purchase stock in the FHLB. No ready market exists for the stock, and it has no quoted fair value. The investment in FHLB stock can only be redeemed by the FHLB at face value. Intangible assets with a determinable useful life are amortized to other operating expense over their respective useful lives. Core deposit intangibles and acquired customer relationships are amortized over 15 years and non-competition intangibles are amortized over three years. The following is a summary of amortized intangible assets: (Dollars in thousands) Gross Accumulated Net December 31, 2022 Core deposit intangibles $ 14,726 $ 3,482 $ 11,244 Acquired customer relationships 1,415 1,191 224 Non-compete agreements 90 90 — $ 16,231 $ 4,763 $ 11,468 (Dollars in thousands) Gross Accumulated Net December 31, 2021 Core deposit intangibles $ 6,901 $ 2,060 $ 4,841 Acquired customer relationships 1,415 1,156 259 Non-compete agreements 90 90 — $ 8,406 $ 3,306 $ 5,100 Amortization expense of intangible assets having determinable useful lives amounted to $1.5 million, $723,000, and $559,000 for the years ended December 31, 2022, 2021, and 2020, respectively. The future amortization schedule for the Company’s intangible assets is as follows: (Dollars in thousands) 2022 $ 1,573 2023 1,534 2024 1,489 2025 1,437 2026 1,379 After 2026 4,056 $ 11,468 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company determines at inception if a contract is or contains a lease. Operating lease assets are included in operating lease right-of-use assets, and operating lease liabilities are included in operating lease liabilities in the Company's consolidated balance sheets. The Company has made an accounting policy election not to recognize short-term lease assets and liabilities (less than a 12-month term) or immaterial leases in its consolidated balance sheets. The Company recognizes the lease expense for these leases on a straight-line basis over the life of the lease. The Company has no finance leases. Right-of-use (“ROU”) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company’s leases do not include an implicit rate, so the Company uses an estimated incremental borrowing rate which is derived from information available at the lease commencement date when determining the present value of lease payments. The Company's lease agreements do not contain any residual value guarantees. Most of the Company's operating long-term leases are real estate leases. The Company leases real estate and equipment under non-cancelable operating leases that expire at various dates through 2121. These leases generally contain renewal options for periods ranging from one 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, 2022 2021 Lease weighted averages: Weighted average remaining lease term (years) - operating leases 10.42 11.28 Weighted average discount rate - operating leases 4.85 % 5.00 % Year Ended December 31, (Dollars in thousands) 2022 2021 Lease expense: Operating lease expense $ 6,371 $ 4,747 Variable lease expense 691 774 Short-term lease expense 163 181 Sublease income — — Total lease expense $ 7,225 $ 5,702 Maturities of operating lease liabilities were as follows: (Dollars in thousands) December 31, 2022 Year 1 $ 5,277 Year 2 5,354 Year 3 5,317 Year 4 4,980 Year 5 4,861 Thereafter 23,211 Total lease payments 49,000 Less: Imputed interest (11,561) Total lease obligation $ 37,439 Supplemental cash flow related to leases was: Year Ended December 31, (Dollars in thousands) 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flow from operating leases $ 5,283 $ 4,610 ROU assets obtained in exchange for lease obligations: Operating leases $ 5,866 $ 711 Reduction to ROU assets resulting from reductions to lease obligations: Operating leases $ 3,547 $ 2,927 There were no lease sale transactions in 2022 or 2021. During the year ended December 31, 2020, the Company recognized $3.8 million of gains from lease sales transactions. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2022 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned | Other Real Estate OwnedOther real estate owned activity was as follows: (Dollars in thousands) December 31, 2022 December 31, 2021 Beginning balance $ 5,815 $ 6,754 Additions 3,610 4,947 Proceeds from sales (4,419) (5,861) Write-downs (563) (209) Net gain (loss) on sales (212) 184 Balance at end of period $ 4,231 $ 5,815 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Deposits The following is a summary of the Company’s deposits. (Dollars in thousands) December 31, 2022 December 31, 2021 Noninterest-bearing $ 1,666,465 $ 1,404,590 Interest bearing: Money market, NOW and savings accounts 3,400,908 2,592,560 Certificates of deposit of $250,000 or more 186,948 181,751 Other certificates of deposit 570,583 443,215 Total interest bearing 4,158,439 3,217,526 Total deposits $ 5,824,904 $ 4,622,116 Scheduled maturities of certificates of deposits are as follows: (Dollars in thousands) December 31, 2022 2023 $ 484,806 2024 168,972 2025 65,356 2026 22,454 2027 15,439 After 2027 504 $ 757,531 |
Short-term Borrowings
Short-term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings | Short-term Borrowings The following is a summary of the Company’s short-term borrowings. Balances Outstanding Weighted Average Rate (Dollars in thousands) Maximum Month End Average Daily At During At December 31, 2022: Federal funds purchased $ 20,003 $ 1,136 $ — 4.39 % — % Securities sold under agreements to repurchase — — — — % — % $ 20,003 $ 1,136 $ — |
Advances from Federal Home Loan
Advances from Federal Home Loan Bank and Other Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Balance: Short-term advances $ 318,000 $ — Single payment advances — 20,000 Amortizing advances 84 501 $ 318,084 $ 20,501 Range of interest rates: Short-term advances 4.28% - 4.59% N/A Single payment advances N/A 1.42% - 1.53% Amortizing advances 2.49% - 2.94% 2.06% - 2.94% Range of maturities: Short-term advances 2023 N/A Single payment advances N/A 2027 Amortizing advances 2023 - 2028 2022 - 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 $1.88 billion as of December 31, 2022 and $1.48 billion as of December 31, 2021 available in additional short and long-term borrowing capacity from the FHLB of Dallas. At December 31, 2022 and 2021, the Company had the ability to draw additional borrowings of $573.6 million and $189.5 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 $673.9 million and $231.7 million as of December 31, 2022 and 2021, respectively, subject to the approval from the Board of Governors of the Federal Reserve System. Required principal payments on FHLB advances and other borrowings are as follows. (Dollars in thousands) December 31, 2022 December 31, 2021 2023 $ 318,025 $ 417 2024 13 25 2025 13 13 2026 14 13 2027 14 14 Thereafter 5 20,019 $ 318,084 $ 20,501 |
Subordinated Debentures and Tru
Subordinated Debentures and Trust Preferred Securities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Subordinated Debentures and Trust Preferred Securities | Subordinated Debentures and Trust Preferred Securities Subordinated Debentures On June 4, 2020, the Company entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $60.0 million in aggregate principal amount of its 6.000% Fixed-to-Floating Rate Subordinated Notes due June 15, 2030 (the “Notes”). The Company incurred issuance costs of $1.4 million in conjunction with the issuance of the Notes. These issuance costs are netted with the balance of the Notes on the Company’s consolidated balance sheet and will be amortized over the life of the Notes. At December 31, 2022 and December 31, 2021, the remaining unamortized balance of these issuance costs was $1.1 million and $1.2 million, respectively. The Notes will initially bear interest at a rate of 6.000% per annum from and including June 4, 2020, to but excluding June 15, 2025 or the early redemption date, with interest during this period payable semiannually in arrears. From and including June 15, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to Three-Month Term Secured Overnight Financing Rate plus 586 basis points, with interest during this period payable quarterly in arrears. The Company used the proceeds of the private placement for general corporate purposes, including improving the Company’s liquidity and capital position. The Notes are not redeemable by the Company, in whole or in part, prior to the fifth anniversary of the original date of issue, except that the Notes may be redeemed at any time in whole but not in part in the event of a Tier 2 Capital Event, a Tax Event, or an Investment Company Event, each as defined and described in the Notes. On or after the fifth anniversary of the original date of issue, the Notes shall be redeemable on any interest payment date at the option of the Company, in whole or in part in integral multiples of $1,000, at an amount equal to 100% of the outstanding principal amount redeemed plus accrued but unpaid interest thereon. Any partial redemption will be made on a pro rata basis as to the holders of the Notes. Any redemption of the Notes is subject to any applicable regulatory requirements and approvals. Effective March 1, 2022, in conjunction with the FTC Merger, the Company assumed FTC’s obligations under its Subordinated Note Purchase Agreement, dated as of December 23, 2020, and the several purchasers of the $21.0 million aggregate principal amount of 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 issued thereunder (the “Subordinated Notes”). The Subordinated Notes will mature on December 30, 2030 and bear interest at an initial fixed rate of 5.50% per annum, payable semi-annually in arrears. From and including December 30, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to a Three-Month Term Secured Overnight Financing Rate plus 527 basis points, payable quarterly in arrears. BancPlus will be entitled to redeem the Subordinated Notes, in whole or in part, on any interest payment date on or after December 30, 2025, and to redeem the Subordinated Notes in whole upon certain other events. The Subordinated Notes are not subject to redemption at the option of the holder. The Subordinated Notes are unsecured, subordinated obligations of BancPlus only and are not obligations of, and are not guaranteed by, any subsidiary of BancPlus. The Subordinated Notes rank junior in right to payment to BancPlus’ current and future senior indebtedness. The Subordinated Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes. The Subordinated Notes vary from the amount carried on the Consolidated Balance Sheets at December 31, 2022 due to the remaining purchase premium of $583,000, which was established upon closing of the FTC Merger and is being amortized over the remaining life of the debentures. Trust Preferred Securities The Company also owns the outstanding common stock of business trusts that have issued preferred capital securities to third parties. Under a grandfathering provision in the Basel III capital rules that applies to bank holding companies with less than $15 billion in total consolidated assets, these preferred capital securities have qualified as Tier 1 capital for the Company, subject to regulatory rules and limits. These trusts used the proceeds from the issuance of the common stock and the preferred capital securities to purchase subordinated debentures issued by the Company. These subordinated debentures are these trusts’ only assets, and quarterly interest payments on these subordinated debentures are the sole source of cash for these trusts to pay quarterly distributions on the common stock and preferred capital securities. The Company has fully and unconditionally guaranteed the trusts’ obligations with respect to the preferred capital securities. The Company has the right to defer the payment of interest on the subordinated debentures at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust preferred securities are also deferred. Interest on the subordinated debentures and distributions on the trust preferred securities are cumulative. The following is a summary of debentures payable to statutory trusts. (Dollars in thousands) Year of Maturity Interest Rate December 31, December 31, First Bancshares of Baton Rouge Statutory Trust I 2034 3 month LIBOR, plus 2.50% $ 4,124 $ 4,124 State Capital Statutory Trust IV 2035 3 month LIBOR, plus 1.99% 5,155 5,155 BancPlus Statutory Trust II 2036 3 month LIBOR, plus 1.50% 20,619 20,619 BancPlus Statutory Trust III 2037 3 month LIBOR, plus 1.35% 20,619 20,619 State Capital Master Trust 2037 3 month LIBOR, plus 1.46% 6,186 6,186 $ 56,703 $ 56,703 The subordinated debentures payable to statutory trusts vary from the amount carried on the consolidated balance sheet at due to the remaining purchase discount which was established upon the SCC Merger and is being amortized over the life of the debentures. At December 31, 2022 and December 31, 2021, the remaining unamortized purchase discount was $3.7 million and $4.0 million, respectively. Interest rates adjust quarterly for the subordinated debentures with rates that are indexed with LIBOR. On March 15, 2022 the Adjustable Interest Rate (LIBOR) Act was signed into law as part of the Consolidated Appropriations Act, 2022. The Adjustable Interest Rate (LIBOR) Act establishes a nationwide process for replacing LIBOR in financial contracts that mature after the cessation of the overnight, one-, three-, six- and 12-month U.S. dollar LIBOR tenors on June 30, 2023 and that do not provide for an effective means to replace LIBOR upon its cessation. For contracts in which a party has the discretion to identify a replacement rate, the Act also provides a safe harbor to parties if they choose the Secured Overnight Financing Rate (“SOFR”)-based benchmark replacement rate to be identified by the Board of Governors of the Federal Reserve System. In January 2023, the Company was notified that the interest rate on the subordinated debentures would be replaced with SOFR. The Company has the right to redeem the 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. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The Company’s Articles of Incorporation authorize 10,000,000 shares of preferred stock with no par value, which may be issued from time to time and in one or more classes or series upon authorization of the Board of Directors. On June 22, 2022, the Company entered into a Letter Agreement (including annexes thereto, collectively, the “Purchase Agreement”) with the U.S. Department of Treasury (the “Treasury”) under the Emergency Capital Investment Program (“ECIP”). Pursuant to the Purchase Agreement, the Company agreed to issue and sell 250,000 shares of the Company’s preferred stock designated as Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP (the “Preferred Stock”) for an aggregate purchase price of $250.0 million in cash. The Preferred Stock was issued in a private placement exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Preferred Stock bears no dividend for the first two years following the issuance of the Preferred Stock. Thereafter, the annual dividend rate will be adjusted, not lower than 0.5% and not higher than 2.0%, based on our extension of credit for qualified lending as defined in the terms of the ECIP Interim Final Rule, the Purchase Agreement and the Certificate of Designations (the “Certificate of Designations”) and the investment amount. After the tenth anniversary of the issuance of the Preferred Stock, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10 compared to the baseline qualified lending and the average investment amount. The dividends will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Preferred Stock may be redeemed at the option of the Company on or after September 15, 2027 (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations. The restrictions on redemption are set forth in the Certificate of Designations filed with the Mississippi Secretary of State for the purpose of amending its Articles of Incorporation to fix the designations, preferences, limitations and relative rights of the Preferred Stock as described in Item 5.03 of our Current Report on Form 8-K filed with the SEC on June 23, 2022. In the Purchase Agreement, the Company also agreed to, upon the future written request of the Treasury, comply with the terms of a Registration Rights Agreement included as an annex to the Purchase Agreement and incorporated by reference therein (the “Registration Rights Agreement”), providing for certain registration rights of the Treasury. As long as the Company is not eligible to file on Form S-3, upon written request of the Treasury, the Company would be required to prepare and file a shelf registration statement covering the potential resale of the Preferred Stock as promptly as practicable. Once the Company is eligible to file on Form S-3, the Company agreed to prepare and file such shelf registration statement within 30 days. The Registration Rights Agreement also includes customary “piggyback” registration rights, suspension rights, indemnification, contribution, and assignment provisions. |
Other Operating Income and Othe
Other Operating Income and Other Operating Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Operating Income and Other Operating Expenses | Other Operating Income and Other Operating Expenses Significant components of other operating income are summarized as follows. Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Income from fiduciary activities $ 7,607 $ 7,569 $ 6,280 ATM income 6,127 6,377 5,389 Brokerage and insurance fees and commissions 2,690 2,399 1,986 Other real estate income and gains 150 399 761 Life insurance income 2,563 6,601 2,386 Community Development Financial Institutions grants 443 2,241 823 Other 4,005 4,516 8,804 $ 23,585 $ 30,102 $ 26,429 Significant components of other operating expenses are summarized as follows. Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Advertising and marketing $ 6,171 $ 3,868 $ 3,968 Other real estate expenses and losses 1,262 842 889 FDIC and State insurance assessments 4,012 3,029 2,085 Professional fees 8,147 3,907 6,272 Security expense 785 857 831 Supplies 1,262 992 1,023 Other 18,614 14,586 12,263 $ 40,253 $ 28,081 $ 27,331 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
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 $3.8 million in 2022, $3.5 million in 2021, and $3.2 million in 2020. The ESOP owned 1,452,950 and 1,500,732 shares of the Company's common stock at December 31, 2022 and 2021, 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 were released to participants proportionately as the loans were 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 were treated as compensation expense. As of December 31, 2022, the ESOP had zero loans with the Company. The following table presents information related to the Company’s ESOP-owned shares. (Dollars in thousands) December 31, December 31, Allocated shares 1,452,950 1,472,334 Unearned shares — 28,398 Total ESOP shares 1,452,950 1,500,732 Fair value of unearned shares $ — $ 1,938 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, 2022 was $97.0 million, based on the Company’s previously disclosed appraised value of $66.75 per share of common stock. The fair value of shares held by the ESOP at December 31, 2021 was $100.5 million, based on the Company’s previously disclosed appraised value of $68.25 per share of common stock. 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Significant components of income tax expense (benefit) are as follows. Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Current: Federal $ 13,351 $ 11,249 $ 7,365 State 2,674 1,971 1,896 16,025 13,220 9,261 Deferred: Federal 442 131 45 State 147 67 (96) 589 198 (51) $ 16,614 $ 13,418 $ 9,210 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, (Dollars in thousands) 2022 2021 2020 Amount computed on earnings before income taxes $ 16,251 $ 14,656 $ 10,150 Tax effect of: Income from tax-exempt investments, net of disallowed interest deduction (328) (392) (486) Bargain purchase gain — — 1,422 State income taxes, net of Federal tax benefit 2,228 1,610 (226) Life insurance income (485) (1,341) (445) Qualified School Construction Bond credits (854) (854) (854) New markets tax credit (460) (460) — Low Income Housing Tax credits — (161) (221) Non-deductible expense 536 355 384 Sale of foreclosed right-of-use asset — — (809) Other, net (274) 5 295 $ 16,614 $ 13,418 $ 9,210 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 2019. (Dollars in thousands) December 31, December 31, Deferred tax assets: Allowance for loan losses $ 10,910 $ 11,410 Other real estate 1,130 1,182 Investment securities 252 183 Restricted stock 663 351 Unrealized loss on securities available for sale 14,282 11 Loan yield and credit mark on loans 2,125 1,120 Deposit yield mark 573 569 Accrued expenses 1,205 576 Other 149 78 Total deferred tax assets 31,289 15,480 Deferred tax liabilities: Depreciation of premises and equipment (6,493) (7,022) Federal Home Loan Bank stock dividends (144) (87) Deferred loan fees (1,434) — Partnership income (463) (678) Prepaid expenses (1,570) (1,014) Amortization of intangibles (2,714) (1,066) Subordinated debt yield mark (799) (1,005) Total deferred tax liabilities (13,617) (10,872) Net deferred tax assets $ 17,672 $ 4,608 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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 the Bank, three former Bank employees, one then-current BankPlus employee and other defendants, including defendants affiliated and unaffiliated with BankPlus (“Defendants”). The Complaint seeks to recover damages from the Defendants for the benefit of the receivership estate related to certain investors who were allegedly defrauded by Adams and Madison Timber, whose actions were allegedly attributable to the actions of the Defendants that allegedly enabled negligent, illegal or fraudulent activities engaged in by Adams and Madison Timber. A brief description of the cause of action on the cover sheet filed with the Complaint includes securities, civil conspiracy, aiding and abetting, negligence, and other possible causes of action. The amount of damages (including punitive damages) requested against the Defendants in the Complaint is unspecified. On January 4, 2021, the plaintiff, Mills, filed an Amended Complaint. Answers and/or Motions to Dismiss the Amended complaint were filed by the Defendants. On July 8, 2021, the Court denied the Motion to Dismiss filed by BankPlus. A related motion for reconsideration was filed by BankPlus on August 9, 2021. On September 30, 2021, an order was entered to consolidate for purposes of discovery this case (No. 3:19-cv-00196-CWR-FKB) with three other related cases filed by Mills, the Receiver. A Case Management Order (No.: 3:22-cv-36-CWRFKB) was entered on January 31, 2022 for the sole purpose of managing consolidated discovery in the four related cases. Phase one written discovery is still underway. Phases two and three discovery, allowing depositions, will begin at a future date pursuant to a subsequent court order. In addition to the above, the Company, including subsidiaries, is party to various legal proceedings arising in the ordinary course of business. The Company does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have an adverse effect on its consolidated financial position or liquidity. Credit Related Financial Instruments The Bank makes commitments to extend credit and issue standby and commercial letters of credit in the normal course of business in order to fulfill the financing needs of its customers. These instruments involve, to varying degree, elements of credit and interest rate risk. Commitments to extend credit are agreements to lend money to customers pursuant to certain specified conditions and generally have fixed expiration dates or other termination clauses. Because many of these commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. When making these commitments, the Bank applies the same credit policies and standards as it does in the normal lending process. Collateral is obtained based upon the assessed credit worthiness of the borrower. Standby and commercial letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. When issuing letters of credit, the Bank applies the same credit policies and standards as it does in the normal lending process. Collateral is obtained based upon the Bank's assessment of a customer's credit worthiness. The Bank's maximum credit exposure in the event of non-performance for loan commitments and standby and commercial letters of credit is represented by the contract amount of the instruments. The following is a summary of these instruments. (Dollars in thousands) December 31, December 31, Loan commitments to extend credit $ 1,436,030 $ 1,185,760 Standby letters of credit 15,237 15,128 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 $3.5 million and $25.3 million at December 31, 2022 and 2021, 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 $6.8 million and $35.5 million in locked forward sales agreements in place at December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, derivatives with a positive fair value of $28,000 and $129,000, respectively, were included in other assets and derivatives with a negative fair value of $10,000 and $85,000, respectively, were included in other liabilities. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Regulatory Matters The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by state and federal banking agencies. Failure to meet minimum capital requirements triggers certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. In 2019, the federal bank regulatory agencies finalized a rule that simplifies capital requirements for qualifying community banks by providing an option to use a simple leverage ratio to measure capital adequacy and to not calculate risk-based capital ratios. A qualifying community bank has less than $10 billion in total consolidated assets, limited amounts of off-balance-sheet exposures and trading assets and liabilities, and a leverage ratio greater than 9.0% percent. The community bank leverage ratio (“CBLR”) framework was effective on January 1, 2020, and the Company and the Bank elected to adopt the optional CBLR framework in the third quarter of 2022, as an alternative to the generally applicable capital rules. Prior to their election to use the CBLR framework, the Company and the Bank were subject to the generally applicable capital rules, which became effective for both the Company and the Bank on January 1, 2015, with full compliance with all of the requirements being phased in over a multi-year schedule and fully phased in by January 1, 2019. These generally applicable capital 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. An institution subject to the generally applicable capital rules must also maintain a capital conservation buffer of CET1 capital over risk-weighted assets that is more than 2.50% 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 subject to the generally applicable capital rules will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. Management believes as of December 31, 2022 and December 31, 2021, the Company and the Bank met the minimum leverage ratio or capital requirements to which they are and were subject. The Bank is also subject to capital requirements under the prompt corrective action regime. The prompt corrective action framework applies only to insured depository institutions, such as the Bank, and not to their holding companies, such as the Company. As of December 31, 2022, the Bank maintained a leverage ratio of more than 9% and, as an institution that has elected to adopt the CBLR framework, the Bank was therefore categorized as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since December 31, 2022 that management believes have changed the Bank’s category. Prior to the adoption of the CBLR framework, including at December 31, 2021, the Bank was required to 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 to be categorized as well capitalized. The amounts of the Bank’s capital relative to the standards for well capitalized status for the relevant periods are set forth in the following table. At December 31, 2021, 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. 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 CET1 capital. Tier 1 capital includes CET1 capital and additional Tier 1 capital. For the Company, additional Tier 1 capital at December 31, 2021 included $51.0 million of trust preferred securities issued by the trusts (net of investment in the trusts). The Bank did not have any additional Tier 1 capital beyond CET1 capital as of December 31, 2021. Total capital, which is used in the generally applicable capital rules but not CBLR, 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 at December 31, 2021 includes $58.8 million of subordinated debentures. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations. The following table presents actual and required capital ratios for the Company and the Bank under the CBLR, the generally applicable capital rules and prompt corrective action regulations, as applicable for the relevant periods. Actual Minimum Requirement to be Well Capitalized (Dollars in thousands) Capital Amount Ratio Capital Amount Ratio December 31, 2022: Company: Community Bank Leverage Ratio $ 721,001 10.54 % $ 615,566 9.00 % Bank: Community Bank Leverage Ratio 636,007 9.31 % 614,973 9.00 % Actual Minimum Requirement Required to be (Dollars in thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2021: Company: CET1 Capital to Risk-Weighted Assets $ 382,736 9.40 % $ 285,078 7.00 % N/A N/A Tier 1 Capital to Risk-Weighted Assets 433,754 10.65 % 346,166 8.50 % N/A N/A Total Capital to Risk-Weighted Assets 537,541 13.20 % 427,617 10.50 % N/A N/A Tier 1 Capital to Average Assets 433,754 8.46 % 205,072 4.00 % N/A N/A Bank: CET1 Capital to Risk-Weighted Assets $ 428,602 10.55 % $ 284,509 7.00 % $ 264,187 6.50 % Tier 1 Capital to Risk-Weighted Assets 428,602 10.55 % 345,475 8.50 % 325,153 8.00 % Total Capital to Risk-Weighted Assets 473,602 11.65 % 426,763 10.50 % 406,441 10.00 % Tier 1 Capital to Average Assets 428,602 8.37 % 204,714 4.00 % 255,893 5.00 % |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021. 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 (Dollars in thousands) Level 1 Level 2 Level 3 December 31, 2022 U.S. Treasuries $ 34,579 $ — $ 34,579 $ — U.S. Government agencies 378,736 — 378,736 — Residential mortgage-backed securities 94,132 — 94,132 — Commercial mortgage-backed securities 12,070 — 12,070 — Asset backed securities 10,220 — 10,220 — Corporate investments 46,033 — 46,033 — State and local political subdivisions 48,150 — 48,150 — Total securities available for sale $ 623,920 $ — $ 623,920 $ — December 31, 2021 U.S. Government agencies $ 350,250 $ — $ 350,250 $ — Residential mortgage-backed securities 109,787 — 109,787 — Commercial mortgage-backed securities 14,276 — 14,276 — Asset backed securities 13,107 — 13,107 — Corporate investments 44,510 — 44,510 — State and local political subdivisions 44,684 — 44,684 — Total securities available for sale $ 576,614 $ — $ 576,614 $ — 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 (Dollars in thousands) Level 1 Level 2 Level 3 Impaired loans, net of allowance for loan losses: December 31, 2022 $ 26,071 $ — $ — $ 26,071 December 31, 2021 $ 33,570 $ — $ — $ 33,570 Other real estate: December 31, 2022 $ 4,231 $ — $ — $ 4,231 December 31, 2021 $ 5,815 $ — $ — $ 5,815 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 (Dollars in thousands) Fair Value Valuation Methods Unobservable Inputs Range Weighted Average December 31, 2022 Impaired loans, net of specific allowance $ 26,071 Third-party appraisals Selling costs 5% - 10% 6% Other real estate $ 4,231 Third-party and in-house appraisals Selling costs 5% - 10% 6% December 31, 2021 Impaired loans, net of specific allowance $ 33,570 Third-party appraisals Selling costs 5% - 10% 6% Other real estate $ 5,815 Third-party and in-house appraisals Selling costs 5% - 10% 6% 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, 2022 December 31, 2021 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets: Level 1 inputs: Cash and cash equivalents $ 137,895 $ 137,895 $ 664,165 $ 664,165 Level 2 inputs: Securities held to maturity 62,274 62,068 71,648 72,084 Federal Home Loan Bank stock 19,690 19,690 2,731 2,731 Accrued interest receivable 23,156 23,156 14,329 14,329 Level 3 inputs: Loans held for sale 5,373 5,373 10,621 10,621 Loans, net 5,781,274 5,601,070 3,574,172 3,548,595 Financial liabilities: Level 2 inputs: Deposits 5,824,904 5,289,138 4,622,116 4,493,957 Advances from FHLB and other borrowings 318,084 318,079 20,501 21,024 Subordinated debentures 133,478 138,780 111,509 111,509 Accrued interest payable 2,334 2,334 1,425 1,425 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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. (Dollars in thousands) December 31, 2022 December 31, 2021 Beginning balance $ 16,651 $ 15,906 Advances 7,738 6,025 Payments (8,175) (5,280) Ending balance $ 16,214 $ 16,651 The Bank had commitments to extend credit to these related parties amounting to $2.4 million and $1.6 million at December 31, 2022 and 2021, 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, 2022, 2021, and 2020 the Company paid $2.0 million, $1.6 million, and $1.4 million, respectively, for these policies. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation Under the Company’s long-term incentive program, officers and directors are eligible to receive equity-based awards under the 2018 Long-Term Incentive Plan (“LTIP”). In connection with awards granted under the 2018 LTIP, a maximum of 750,000 shares of BancPlus common stock may be issued. As of December 31, 2022, 445,888 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, 2022, 2021, and 2020 restricted stock awards (“RSA”) were granted for 99,457, 90,927, and 39,155 shares of common stock, respectively. RSAs granted under the LTIP generally vest over one Stock based compensation that has been charged against income was $4.3 million, $2.3 million, and $1.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, there was $7.9 million of total unrecognized compensation cost related to nonvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 2.9 years. A summary of our equity-based award activity and related information for our RSAs is as follows: Number of Shares Weighted Average Grant Date Fair Value January 1, 2019 69,097 $ 53.67 Granted 39,155 45.36 Vested (17,143) 51.03 Forfeited — — December 31, 2020 91,109 50.60 Granted 90,927 52.49 Vested (33,545) 52.03 Forfeited (3,919) 46.87 December 31, 2021 144,572 51.56 Granted 99,457 68.10 Vested (57,226) 53.86 Forfeited (2,519) 60.81 December 31, 2022 184,284 $ 58.36 |
Summarized Financial Informatio
Summarized Financial Information of BancPlus Corporation | 12 Months Ended |
Dec. 31, 2022 | |
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 (Dollars in thousands) December 31, 2022 December 31, 2021 Assets Cash and cash equivalents $ 157,092 $ 52,960 Investment in banking subsidiary 664,368 436,285 Due from Oakhurst Development, Inc. 30,189 31,173 Equity in undistributed loss of Oakhurst Development, Inc. (22,609) (22,379) Investment in statutory trusts 1,703 1,703 Other assets 1,828 3,304 $ 832,571 $ 503,046 Liabilities and Shareholders' Equity Liabilities: Subordinated debentures payable to statutory trusts $ 133,478 $ 111,509 Accrued interest payable 312 194 Deferred income taxes 681 924 Total liabilities 134,471 112,627 Redeemable common stock owned by ESOP 96,984 100,487 Shareholders' equity, net of ESOP owned shares 601,116 289,932 $ 832,571 $ 503,046 Statements of Income Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Income: Dividends from banking subsidiary $ 25,200 $ 21,600 $ 22,050 Equity in undistributed income of banking subsidiary 45,933 38,466 20,181 Equity in undistributed income (loss) of Oakhurst Development, Inc. (230) 167 3,706 Other income 75 2,571 36 Total income 70,978 62,804 45,973 Expenses: Interest expense 4,848 4,101 2,741 Other expenses 8,120 3,889 5,583 Total expenses 12,968 7,990 8,324 Income before income taxes 58,010 54,814 37,649 Income tax benefit 2,765 1,638 1,534 Net income $ 60,775 $ 56,452 $ 39,183 Statements of Comprehensive Income Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Net income $ 60,775 $ 56,452 $ 39,183 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on securities available for sale (57,312) (9,198) 8,778 Tax effect 14,271 2,290 (2,185) Total other comprehensive income (loss), net of tax (43,041) (6,908) 6,593 Comprehensive income $ 17,734 $ 49,544 $ 45,776 Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Cash flows from operating activities: Net income $ 60,775 $ 56,452 $ 39,183 Adjustments to reconcile net income to net cash from operating activities: Common stock released by ESOP 1,401 1,249 1,826 Stock based compensation expense 4,307 2,337 1,474 Equity in undistributed income of banking subsidiary (45,933) (38,466) (20,181) Equity in undistributed (income) loss of Oakhurst Development, Inc. 230 (167) (3,706) Other, net (2,231) 506 (2,453) Net cash from operating activities 18,549 21,911 16,143 Cash flows from investing activities: Acquisition of State Capital Corp. — — (7,115) Acquisition of First Trust Corporation (62,955) — — Investment in banking subsidiary (80,000) — — Investment in Oakhurst Development, Inc. 788 315 201 Net cash from (used in) investing activities (142,167) 315 (6,914) Cash flows from financing activities: Proceeds from other borrowings 20,000 — — Payments on other borrowings (20,000) (13,125) (3,500) Issuance of common stock 13 — — Issuance of preferred stock 250,000 — — Proceeds from issuance of subordinated debt — — 60,000 Payment of subordinated debt issuance costs — — (1,439) Purchase of Company stock (3,103) (2,433) (3,268) Shares withheld to pay taxes on restricted stock vesting (713) (229) (10) Cash dividends paid on common stock (18,447) (15,299) (13,220) Net cash from (used in) financing activities 227,750 (31,086) 38,563 Net change in cash and cash equivalents 104,132 (8,860) 47,792 Cash and cash equivalents at beginning of year 52,960 61,820 14,028 Cash and cash equivalents at end of year $ 157,092 $ 52,960 $ 61,820 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 $6.5 million at December 31, 2022. Net cash flows are reported for customer deposit transactions and short term borrowings. Cash flows from loans are classified at the time according to management’s intent to either sell or hold the loan for the foreseeable future. When management’s intent is to hold the loan for the foreseeable future, the cash flows of that loan are presented as investing cash flows. |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income reported in the consolidated statements of income and changes in unrealized gain or loss on securities available for sale reported as a component of shareholders' equity. Unrealized gain or loss on securities available for sale, net of deferred income taxes, is the only component of accumulated other comprehensive income (loss) for the Company. |
Securities | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in income. Debt securities not classified as held to maturity or trading are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from income and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below amortized cost, when the Company does not intend to sell the debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, then the Company recognizes the credit component of an other-than-temporary impairment of a debt security in income and the remaining portion in other comprehensive income (loss). For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income (loss) for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value. These loans are generally sold with mortgage servicing rights released. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balance adjusted for net charge-offs, the allowance for loan losses, and any deferred fees and costs. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that a borrower's financial condition is such that collection of interest, but not necessarily principal, is doubtful. A loan is typically placed on non-accrual when the contractual payment of principal or interest becomes 90 days past due unless the loan is well-secured and in the process of collection. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. Current year interest previously recorded, but deemed not collectible, is reversed and charged against current year income. Prior year interest previously recorded, but deemed not collectible, is charged against the allowance. Payments subsequently received on non-accrual loans are applied to principal. Interest income is recognized to the extent that cash payments are received in excess of principal due. A loan may return to accrual status when principal and interest payments are no longer past due and collectability is reasonably assured. A loan is considered impaired, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310-10-35 guidance, when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan, including scheduled interest and principal payments. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Substandard loans $500,000 or greater and not previously coded impaired and all loans previously coded impaired, if the relationship is $500,000 or greater, are individually reviewed for impairment. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of future cash flows discounted at the loan’s original interest rate, or at the fair value of collateral if repayment is expected solely from the collateral. Groups of loans with similar risk characteristics, including individually evaluated loans not determined to be impaired, are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Included in certain impaired loan categories are loans considered troubled debt restructurings (“TDRs”). Restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the Company grants a concession it would not otherwise consider for borrowers of similar credit quality. Concessions may include interest rate reductions and/or |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance consists of general and specific components. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is maintained at a level believed to be adequate by management to absorb estimated probable loan losses. Management’s periodic evaluation of the adequacy of the allowance for loan losses is based on estimated credit losses for specifically identified loans as well as estimated probable credit losses inherent in the remainder of the loan portfolio. Management considers a number of factors in estimating probable credit losses inherent in the loan portfolio, including: historical loan loss experience for various types of loans; composition of the loan portfolio; past due trends in the loan portfolio; current trends; current economic conditions; industry exposure and allowance allocation percentages for various grades of loans with such grades being assigned to loans based on loan reviews. Management’s evaluation of the allowance for loan losses is inherently subjective as it requires material estimates. The actual amounts of loan losses realized in the near term could differ from the amounts estimated in arriving at the allowance for loan losses reported in the financial statements. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right to pledge or exchange the transferred asserts, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally using the straight-line method and are charged to operating expenses over the estimated useful lives of the assets. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where the Company has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized costs of the leasehold improvements is extended when the Company is reasonably assured that it will renew the lease. Costs of major additions and improvements are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. |
Other Real Estate | Other Real Estate Other real estate acquired through partial or total satisfaction of loans is initially carried at fair value less cost to sell at the date of acquisition (foreclosure), establishing a new cost basis. Any loss incurred at the date of acquisition is charged to the allowance for loan losses. Subsequent gains or losses on such assets and related operating income and expenses are reported in current operations when earned or incurred. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. The Company’s investment in member bank stock is carried at cost and included in other assets in the consolidated balance sheets. The carrying value of the Company’s FHLB stock was evaluated and determined not to be impaired for the years ended December 31, 2022 and 2021. Both cash and stock dividends are reported as income. |
Intangible Assets | Intangible Assets Goodwill, which represents the excess of cost over the fair value of net assets of an acquired business, is not amortized but tested for impairment on an annual basis or more often if events or circumstances indicate there may be impairment. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Other identifiable assets with finite lives include the following: (1) core deposits intangible assets, which are amounts recorded related to the value of acquired deposits, (2) amounts recorded related to the value of acquired customer relationships, and (3) amounts recorded related to non-competition agreements with certain individuals of acquired entities. Identifiable intangibles are initially recorded at fair value and are amortized over the periods benefited. These intangibles are evaluated for impairment whenever events or circumstances indicate that the carrying amount should be reevaluated. Impairment losses are recorded in other operating expense and reduce the carrying amount of the intangible. |
Bank Owned Life Insurance | Bank-Owned Life Insurance The Company maintains bank-owned life insurance policies on certain current and former employees, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of other operating income in the Company’s consolidated statements of income. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments In the normal course of business, the Company enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of customers. Such instruments are not reflected in the consolidated financial statements until they are funded. The face amount of these items represents the exposure to loss, before considering customer collateral or ability to repay. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification (“ASC”) Topic 606 implements a common revenue standard that clarifies the principles for recognizing revenue from contracts. The majority of the Company’s revenues come from interest income and other sources, including loans and securities that are outside the scope of Topic 606. The Company’s services that fall within the scope of Topic 606 are presented within other operating income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of Topic 606 include service charges on deposits, interchange income, wealth management fees and investment brokerage fees. The Company generally acts in a principal capacity, on its own behalf, in most of its contracts with customers. In such transactions, revenue is recognized and the related costs to provide services is recognized on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting other entities in transactions with customers. In such transactions, revenue and the related costs to provide services is recognized on a net basis in the financial statements. These transactions recognized on a net basis primarily relate to insurance and brokerage commissions and fees derived from customers' use of various interchange and ATM/debit card networks. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance, ASC Topic 740, “Income Taxes”. The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. A valuation allowance, if needed, reduces deferred assets to the amount expected to be realized. The Company did not have a valuation allowance recorded with respect to the realization of deferred income taxes at December 31, 2022 or 2021. |
Stock Based Compensation | Stock Based Compensation Compensation cost is recognized for restricted stock awards issued to employees based on the fair value of these awards at the date of the grant. Compensation cost is recognized over the required service period, generally defined as the vesting period. |
Earnings Per Share | Earnings Per ShareBasic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted number of common shares outstanding during the period and the number of common shares that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. |
Operating Segments | Operating Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. Risks and Uncertainties The state of the overall economy, including the effect of the volatility and direction of market interest rates as a result of continuing worldwide macroeconomic uncertainty and/or the COVID-19 pandemic, could negatively impact our financial performance. Such a decline could impact the Company’s ability to make distributions to our shareholders or meet other financial obligations. |
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 | Effect of Recently Adopted Accounting Standards ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” In June 2016, the FASB issued ASU 2016-13 which requires earlier measurement of credit losses and enhances disclosures. The main objective of ASU 2016-13 is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Many of the 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 adopted ASU 2016-13 in the first quarter of 2023 and recognized a one-time, after-tax cumulative effect adjustment of $25.0 million to retained earnings in the first quarter of 2023, increasing the allowance for credit losses by approximately $33.2 million. Accounting Standards Update 2022-02 (“ASU 2022-02”), “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” In March 2022, the FASB issued ASU 2022-02 which eliminates the TDR recognition and measurement guidance and instead requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, these amendments require that an entity disclose current period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 326-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. ASU 2022-02 is effective for the Company for annual and interim periods beginning on January 1, 2023. The adoption of ASU 2022-02 in the first quarter of 2023 did not materially impact the Company’s consolidated financial statements. Effect of Recently Issued, But Not Yet Effective Accounting Standards Accounting Standards Update 2020-04 (“ASU 2020-04”), “Reference Rate Reform - Topic 848.” In March 2020, the FASB issued ASU 2020-04 which provides temporary optional expedients and exceptions to the Generally Accepted Accounting Principles (“GAAP”) guidance on contract modifications, hedge accounting, and other transactions affected that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The Company is still evaluating the impact of ASU 2020-04, but does not expect it to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2022-06 (“ASU 2022-06”), “Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848.” In December 2022, the FASB issued ASU 2022-06 which provides temporary relief during the transition period in complying with ASU 2020-04. The Board included a sunset provision within Topic 848 based on expectations of when LIBOR would cease being published. At the time that ASU 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022 - 12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended (Dollars in thousands, except per share data) 2022 2021 2020 Net income $ 60,775 $ 56,452 $ 39,183 Common stock 11,193,762 9,936,809 9,355,980 Dilutive effect of stock-based awards 43,404 71,951 33,500 Dilutive effect of unallocated stock 4,513 40,537 67,997 Total weighted average diluted shares 11,241,679 10,049,297 9,457,477 Basic earnings per common shares $ 5.43 $ 5.68 $ 4.19 Diluted earnings per common shares $ 5.41 $ 5.62 $ 4.14 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Consideration paid and preliminary fair value allocation | The following table reflects the consideration paid and the fair value allocation of assets acquired and liabilities assumed as of the acquisition date: (Dollars in thousands) Purchase price allocation: Common stock issued $ 71,161 Cash paid for fractional shares 12 Total purchase price $ 71,173 Assets acquired: Cash and due from banks $ 75,315 Securities, FHLB stock and FNBB stock 97,910 Loans, net 880,390 Premises and equipment 29,968 Accrued interest receivable 3,664 Bank-owned life insurance 28,441 Core deposit intangible 6,045 Taxes receivable 7,787 Deferred tax asset, net 5,972 Other assets 3,330 Total assets acquired $ 1,138,822 Liabilities assumed: Deposits $ 1,024,381 Advances from FHLB and other borrowings 14,563 Subordinated debentures 11,121 Deferred compensation 10,310 Other liabilities 6,196 Total liabilities assumed $ 1,066,571 Net assets acquired 72,251 Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase $ (1,078) The following table reflects the consideration paid and the fair value allocation of assets acquired and liabilities assumed as of the acquisition date: (Dollars in thousands) Purchase price allocation: Common stock issued $ 56,489 Cash paid 63,239 Total purchase price $ 119,728 Assets acquired: Cash and due from banks $ 229,213 Securities 33,407 Loans held for sale 6,200 Loans, net 1,000,382 Premises and equipment 15,152 Accrued interest receivable 1,441 Core deposit intangible 7,825 Other assets 4,584 Total assets acquired $ 1,298,204 Liabilities assumed: Deposits $ 1,212,712 Subordinated debentures 21,733 Other liabilities 4,187 Total liabilities assumed $ 1,238,632 Net assets acquired 59,572 Goodwill $ 60,156 |
Unaudited pro forma information | The following table presents unaudited pro forma information as if the Merger with SCC had occurred on January 1, 2019. This pro forma information combines the historic consolidated results of operations of BancPlus and SCC after giving effect to certain adjustments, including purchase accounting fair value adjustments and amortization of intangibles, as well as the related income tax effects of those adjustments. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Merger occurred on January 1, 2019. Year Ended December 31, (In thousands, except per share data) 2020 Net interest income $ 168,499 Other operating income 67,405 Net income available to common shareholders 39,509 Earnings per common share: Basic $ 3.93 Diluted $ 3.90 Year Ended December 31, (In thousands, except per share data) 2022 2021 2020 Net interest income $ 227,394 $ 213,673 $ 197,582 Other operating income 71,429 82,724 73,145 Net income available to common shareholders 63,404 72,225 54,956 Earnings per common share: Basic $ 5.55 $ 6.35 $ 5.09 Diluted 5.52 6.28 5.04 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of the amortized cost and fair value of securities available for sale | The following is a summary of the amortized cost and fair value of securities available for sale. Amortized Cost Gross Unrealized Fair (Dollars in thousands) Gains Losses December 31, 2022 U.S. Treasuries $ 35,814 $ — $ 1,235 $ 34,579 U.S. Government agencies 414,251 246 35,761 378,736 Residential mortgage-backed securities 105,580 13 11,461 94,132 Commercial mortgage-backed securities 13,812 — 1,742 12,070 Asset backed securities 10,289 54 123 10,220 Corporate investments 51,000 — 4,967 46,033 State and political subdivisions 50,530 77 2,457 48,150 Total available for sale $ 681,276 $ 390 $ 57,746 $ 623,920 December 31, 2021 U.S. Government agencies $ 354,774 $ 256 $ 4,780 $ 350,250 Residential mortgage-backed securities 107,772 2,312 297 109,787 Commercial mortgage-backed securities 14,286 41 51 14,276 Asset backed securities 12,730 421 44 13,107 Corporate investments 43,500 1,138 128 44,510 State and political subdivisions 43,596 1,200 112 44,684 Total available for sale $ 576,658 $ 5,368 $ 5,412 $ 576,614 |
Summary of the amortized cost and fair value of securities held to maturity | The following is a summary of the amortized cost and fair value of securities held to maturity. Amortized Cost Gross Unrealized Fair (Dollars in thousands) Gains Losses December 31, 2022 States and political subdivisions $ 62,274 $ — $ 206 $ 62,068 Total held to maturity $ 62,274 $ — $ 206 $ 62,068 December 31, 2021 States and political subdivisions $ 71,648 $ 436 $ — $ 72,084 Total held to maturity $ 71,648 $ 436 $ — $ 72,084 |
Summary of investment securities that were in an unrealized loss position | Provided below is a summary of investment securities which were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) December 31, 2022: Available for sale: U.S Treasuries $ 34,579 $ 1,235 $ — $ — $ 34,579 $ 1,235 U. S. Government agencies 78,676 4,830 285,994 30,931 364,670 35,761 Residential mortgage-backed securities 81,992 8,935 11,258 2,526 93,250 11,461 Commercial mortgage-backed securities 4,860 594 7,210 1,148 12,070 1,742 Asset backed securities 1,169 7 3,499 116 4,668 123 States and political subdivisions 36,958 4,042 7,076 925 44,034 4,967 Corporate investments 36,655 1,781 5,084 676 41,739 2,457 $ 274,889 $ 21,424 $ 320,121 $ 36,322 $ 595,010 $ 57,746 Held to maturity: States and political subdivisions $ 9,259 $ 206 $ — $ — $ 9,259 $ 206 $ 9,259 $ 206 $ — $ — $ 9,259 $ 206 December 31, 2021: Available for sale: U. S. Government agencies $ 314,614 $ 4,780 $ — $ — $ 314,614 $ 4,780 Residential mortgage-backed securities 15,216 297 — — 15,216 297 Commercial mortgage-backed securities 8,376 51 — — 8,376 51 Asset backed securities 2,272 8 2,192 36 4,464 44 States and political subdivisions 6,117 112 — — 6,117 112 Corporate investments 11,372 128 — — 11,372 128 $ 357,967 $ 5,376 $ 2,192 $ 36 $ 360,159 $ 5,412 |
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 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value December 31, 2022: One year or less $ 88,353 $ 85,744 $ 6,961 $ 6,939 After one through five years 326,881 301,015 47,221 47,070 After five through ten years 147,225 129,929 6,452 6,419 After ten years 118,817 107,232 1,640 1,640 $ 681,276 $ 623,920 $ 62,274 $ 62,068 December 31, 2021: One year or less $ 11,190 $ 11,212 $ 9,286 $ 9,299 After one through five years 239,290 236,674 44,803 44,989 After five through ten years 197,992 197,809 15,349 15,586 After ten years 128,186 130,919 2,210 2,210 $ 576,658 $ 576,614 $ 71,648 $ 72,084 |
Summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes | The following is a summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes required or permitted by law. Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) December 31, 2022 $ 492,206 $ 451,638 $ 35,734 $ 35,562 December 31, 2021 $ 451,402 $ 450,480 $ 38,704 $ 39,102 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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. (Dollars in thousands) December 31, 2022 December 31, 2021 Secured by real estate: Residential properties $ 1,403,974 $ 774,699 Construction and land development 772,357 543,763 Farmland 283,832 211,503 Other commercial 2,467,216 1,396,085 Total real estate 4,927,379 2,926,050 Commercial and industrial loans 706,466 527,102 Agricultural production and other loans to farmers 80,770 86,520 Consumer and other loans 109,534 79,500 Total loans before allowance for loan losses $ 5,824,149 $ 3,619,172 |
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. (Dollars in thousands) December 31, 2022 December 31, 2021 Secured by real estate: Residential properties $ 2,726 $ 3,154 Construction and land development 24 51 Farmland 960 1,327 Other commercial 1,215 1,176 Total real estate 4,925 5,708 Commercial and industrial loans 192 20 Agricultural production and other loans to farmers 155 3 Consumer and other loans — 166 Total non-accrual loans $ 5,272 $ 5,897 |
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: (Dollars in thousands) Past Due 30-89 Days Past Due 90 Days or more Total Past Due Current Total Loans Past Due 90 days or more and Accruing December 31, 2022 Secured by real estate: Residential properties $ 5,869 $ 2,015 $ 7,884 $ 1,396,090 $ 1,403,974 $ 1,079 Construction and land development 526 1,578 2,104 770,253 772,357 1,578 Farmland 566 1,391 1,957 281,875 283,832 427 Other commercial 1,498 774 2,272 2,464,944 2,467,216 216 Total real estate 8,459 5,758 14,217 4,913,162 4,927,379 3,300 Commercial and industrial loans 902 677 1,579 704,887 706,466 545 Agricultural production and other loans to farmers 126 — 126 80,644 80,770 — Consumer loans 1,530 697 2,227 107,307 109,534 697 Total $ 11,017 $ 7,132 $ 18,149 $ 5,806,000 $ 5,824,149 $ 4,542 Past Due 30-89 Days Past Due 90 Days or more Total Past Due Current Total Loans Past Due 90 days or more and Accruing (Dollars in thousands) December 31, 2021 Secured by real estate: Residential properties $ 4,537 $ 2,032 $ 6,569 $ 768,130 $ 774,699 $ 865 Construction and land development 367 1,085 1,452 542,311 543,763 1,085 Farmland 600 425 1,025 210,478 211,503 30 Other commercial 1,589 1,118 2,707 1,393,378 1,396,085 212 Total real estate 7,093 4,660 11,753 2,914,297 2,926,050 2,192 Commercial and industrial loans 824 623 1,447 525,655 527,102 606 Agricultural production and other loans to farmers 311 32 343 86,177 86,520 32 Consumer loans 374 250 624 78,876 79,500 84 Total $ 8,602 $ 5,565 $ 14,167 $ 3,605,005 $ 3,619,172 $ 2,914 |
Summary of impaired loans | Impaired loans, segregated by class were as follows: December 31, 2022 (Dollars in thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,947 $ 5,641 $ — Construction and land development 3,805 2,440 — Farmland 1,385 969 — Other commercial 5,320 4,190 — Total real estate 18,457 13,240 — Commercial and industrial 14,467 10,959 — Agricultural production and other loans to farmers 419 156 — Consumer and other loans 144 15 — Total 33,487 24,370 — Impaired loans with related allowance: Secured by real estate: Residential properties — — — Construction and land development — — — Farmland — — — Other commercial 1,755 1,755 54 Total real estate 1,755 1,755 54 Commercial and industrial — — — Total 1,755 1,755 54 Total impaired loans $ 35,242 $ 26,125 $ 54 December 31, 2021 (Dollars in thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,667 $ 5,034 $ — Construction and land development 3,615 1,649 — Farmland 3,413 2,859 — Other commercial 2,671 1,300 — Total real estate 17,366 10,842 — Commercial and industrial 17,528 17,300 — Agricultural production and other loans to farmers 105 15 — Consumer loans 249 166 — Total 35,248 28,323 — Impaired loans with related allowance: Secured by real estate: Residential properties 813 813 9 Other commercial 1,906 1,906 304 Total real estate 2,719 2,719 313 Commercial and industrial 4,542 4,542 1,701 Total 7,261 7,261 2,014 Total impaired loans $ 42,509 $ 35,584 $ 2,014 (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, 2022 and 2021 are presented below. Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Average Investment Interest Recognized Average Investment Interest Recognized Average Investment Interest Recognized Secured by real estate: Residential properties $ 5,335 $ 103 $ 6,309 $ 139 $ 6,014 $ 152 Construction and land development 1,131 188 2,123 115 4,384 127 Farmland 1,620 — 8,622 384 10,515 510 Other commercial 5,575 149 5,927 168 11,679 249 Total real estate 13,661 440 22,981 806 32,592 1,038 Commercial and industrial 13,936 673 20,473 1,089 2,136 81 Agricultural production and other loans to farmers 20 10 96 3 82 — Consumer loans 57 1 188 1 181 — Total $ 27,674 $ 1,124 $ 43,738 $ 1,899 $ 34,991 $ 1,119 Transactions in the allowance for loan losses and balances in the loan portfolio by loan segment are as follows: (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2022 Allowance for loan losses: Balance, beginning of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Provision for loan losses (136) (845) 765 1,581 — 1,365 Recoveries on loans 160 1,093 531 2,592 — 4,376 Loans charged off (1,830) (680) (826) (4,530) — (7,866) Balance, end of year $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ — $ 42,875 Allowance Balances: Individually evaluated for impairment $ — $ 54 $ — $ — $ — $ 54 Collectively evaluated for impairment 4,750 26,647 9,958 1,466 — 42,821 Ending balance $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ — $ 42,875 Loan Balances: Individually evaluated for impairment $ 10,768 $ 3,714 $ 1,500 $ — $ — $ 15,982 Collectively evaluated for impairment 695,698 3,519,691 1,402,474 190,304 — 5,808,167 Ending balance $ 706,466 $ 3,523,405 $ 1,403,974 $ 190,304 $ — $ 5,824,149 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2021: Allowance for loan losses: Balance, beginning of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Provision for loan losses 98 5,535 1,442 1,993 — 9,068 Recoveries on loans 512 2,414 599 2,744 — 6,269 Loans charged off (391) (979) (453) (4,514) — (6,337) Balance, end of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Allowance Balances: Individually evaluated for impairment $ 1,701 $ 304 $ 9 $ — $ — $ 2,014 Collectively evaluated for impairment 4,855 26,829 9,479 1,823 — 42,986 Ending balance $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Loan Balances: Individually evaluated for impairment $ 21,822 $ 3,434 $ 1,640 $ 166 $ — $ 27,062 Collectively evaluated for impairment 505,280 2,147,917 773,059 165,854 — 3,592,110 Ending balance $ 527,102 $ 2,151,351 $ 774,699 $ 166,020 $ — $ 3,619,172 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2020: Allowance for loan losses: Balance, beginning of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 Provision for loan losses 3,951 11,380 2,369 648 (1,258) 17,090 Recoveries on loans 212 492 353 3,324 — 4,381 Loans charged off (599) (2,475) (390) (3,507) — (6,971) Balance, end of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 |
Summary of modifications classified as TDRs | The following table illustrates the impact of modifications classified as TDRs for the year ended December 31, 2020: (Dollars in thousands) Number of Loans Balance Prior to TDR Balance at Year End December 31, 2020 Secured by real estate: Residential properties 1 $ 200 $ 183 Construction and land development 1 95 — Total 2 $ 295 $ 183 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: (Dollars in thousands) Risk Grades 1-6 Risk Grade 7 Risk Grade 8 Risk Grade 9 Total December 31, 2022 Secured by real estate: Residential properties $ 1,391,039 $ — $ 12,852 $ 83 $ 1,403,974 Construction and land development 768,699 303 3,355 — 772,357 Farmland 280,522 — 3,310 — 283,832 Other commercial 2,456,708 — 10,384 124 2,467,216 Total real estate 4,896,968 303 29,901 207 4,927,379 Commercial and industrial 693,963 — 12,503 — 706,466 Agricultural production and other loans to farmers 80,524 — 246 — 80,770 Consumer and other loans 108,279 — 1,255 — 109,534 Total $ 5,779,734 $ 303 $ 43,905 $ 207 $ 5,824,149 (Dollars in thousands) Risk Grades 1-6 Risk Grade 7 Risk Grade 8 Risk Grade 9 Total December 31, 2021 Secured by real estate: Residential properties $ 763,116 $ — $ 11,583 $ — $ 774,699 Construction and land development 537,573 4,097 2,093 — 543,763 Farmland 208,318 — 3,185 — 211,503 Other commercial 1,386,240 — 9,845 — 1,396,085 Total real estate 2,895,247 4,097 26,706 — 2,926,050 Commercial and industrial 503,603 — 23,496 3 527,102 Agricultural production and other loans to farmers 86,292 — 228 — 86,520 Consumer and other loans 79,176 — 306 18 79,500 Total $ 3,564,318 $ 4,097 $ 50,736 $ 21 $ 3,619,172 |
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: (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2022 Allowance for loan losses: Balance, beginning of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Provision for loan losses (136) (845) 765 1,581 — 1,365 Recoveries on loans 160 1,093 531 2,592 — 4,376 Loans charged off (1,830) (680) (826) (4,530) — (7,866) Balance, end of year $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ — $ 42,875 Allowance Balances: Individually evaluated for impairment $ — $ 54 $ — $ — $ — $ 54 Collectively evaluated for impairment 4,750 26,647 9,958 1,466 — 42,821 Ending balance $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ — $ 42,875 Loan Balances: Individually evaluated for impairment $ 10,768 $ 3,714 $ 1,500 $ — $ — $ 15,982 Collectively evaluated for impairment 695,698 3,519,691 1,402,474 190,304 — 5,808,167 Ending balance $ 706,466 $ 3,523,405 $ 1,403,974 $ 190,304 $ — $ 5,824,149 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2021: Allowance for loan losses: Balance, beginning of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Provision for loan losses 98 5,535 1,442 1,993 — 9,068 Recoveries on loans 512 2,414 599 2,744 — 6,269 Loans charged off (391) (979) (453) (4,514) — (6,337) Balance, end of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Allowance Balances: Individually evaluated for impairment $ 1,701 $ 304 $ 9 $ — $ — $ 2,014 Collectively evaluated for impairment 4,855 26,829 9,479 1,823 — 42,986 Ending balance $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Loan Balances: Individually evaluated for impairment $ 21,822 $ 3,434 $ 1,640 $ 166 $ — $ 27,062 Collectively evaluated for impairment 505,280 2,147,917 773,059 165,854 — 3,592,110 Ending balance $ 527,102 $ 2,151,351 $ 774,699 $ 166,020 $ — $ 3,619,172 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2020: Allowance for loan losses: Balance, beginning of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 Provision for loan losses 3,951 11,380 2,369 648 (1,258) 17,090 Recoveries on loans 212 492 353 3,324 — 4,381 Loans charged off (599) (2,475) (390) (3,507) — (6,971) Balance, end of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 |
Summary of impaired loans | Impaired loans, segregated by class were as follows: December 31, 2022 (Dollars in thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,947 $ 5,641 $ — Construction and land development 3,805 2,440 — Farmland 1,385 969 — Other commercial 5,320 4,190 — Total real estate 18,457 13,240 — Commercial and industrial 14,467 10,959 — Agricultural production and other loans to farmers 419 156 — Consumer and other loans 144 15 — Total 33,487 24,370 — Impaired loans with related allowance: Secured by real estate: Residential properties — — — Construction and land development — — — Farmland — — — Other commercial 1,755 1,755 54 Total real estate 1,755 1,755 54 Commercial and industrial — — — Total 1,755 1,755 54 Total impaired loans $ 35,242 $ 26,125 $ 54 December 31, 2021 (Dollars in thousands) Principal Balance Recorded Balance (1) Related Allowance Impaired loans with no related allowance: Secured by real estate: Residential properties $ 7,667 $ 5,034 $ — Construction and land development 3,615 1,649 — Farmland 3,413 2,859 — Other commercial 2,671 1,300 — Total real estate 17,366 10,842 — Commercial and industrial 17,528 17,300 — Agricultural production and other loans to farmers 105 15 — Consumer loans 249 166 — Total 35,248 28,323 — Impaired loans with related allowance: Secured by real estate: Residential properties 813 813 9 Other commercial 1,906 1,906 304 Total real estate 2,719 2,719 313 Commercial and industrial 4,542 4,542 1,701 Total 7,261 7,261 2,014 Total impaired loans $ 42,509 $ 35,584 $ 2,014 (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, 2022 and 2021 are presented below. Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Average Investment Interest Recognized Average Investment Interest Recognized Average Investment Interest Recognized Secured by real estate: Residential properties $ 5,335 $ 103 $ 6,309 $ 139 $ 6,014 $ 152 Construction and land development 1,131 188 2,123 115 4,384 127 Farmland 1,620 — 8,622 384 10,515 510 Other commercial 5,575 149 5,927 168 11,679 249 Total real estate 13,661 440 22,981 806 32,592 1,038 Commercial and industrial 13,936 673 20,473 1,089 2,136 81 Agricultural production and other loans to farmers 20 10 96 3 82 — Consumer loans 57 1 188 1 181 — Total $ 27,674 $ 1,124 $ 43,738 $ 1,899 $ 34,991 $ 1,119 Transactions in the allowance for loan losses and balances in the loan portfolio by loan segment are as follows: (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2022 Allowance for loan losses: Balance, beginning of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Provision for loan losses (136) (845) 765 1,581 — 1,365 Recoveries on loans 160 1,093 531 2,592 — 4,376 Loans charged off (1,830) (680) (826) (4,530) — (7,866) Balance, end of year $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ — $ 42,875 Allowance Balances: Individually evaluated for impairment $ — $ 54 $ — $ — $ — $ 54 Collectively evaluated for impairment 4,750 26,647 9,958 1,466 — 42,821 Ending balance $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ — $ 42,875 Loan Balances: Individually evaluated for impairment $ 10,768 $ 3,714 $ 1,500 $ — $ — $ 15,982 Collectively evaluated for impairment 695,698 3,519,691 1,402,474 190,304 — 5,808,167 Ending balance $ 706,466 $ 3,523,405 $ 1,403,974 $ 190,304 $ — $ 5,824,149 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2021: Allowance for loan losses: Balance, beginning of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 Provision for loan losses 98 5,535 1,442 1,993 — 9,068 Recoveries on loans 512 2,414 599 2,744 — 6,269 Loans charged off (391) (979) (453) (4,514) — (6,337) Balance, end of year $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Allowance Balances: Individually evaluated for impairment $ 1,701 $ 304 $ 9 $ — $ — $ 2,014 Collectively evaluated for impairment 4,855 26,829 9,479 1,823 — 42,986 Ending balance $ 6,556 $ 27,133 $ 9,488 $ 1,823 $ — $ 45,000 Loan Balances: Individually evaluated for impairment $ 21,822 $ 3,434 $ 1,640 $ 166 $ — $ 27,062 Collectively evaluated for impairment 505,280 2,147,917 773,059 165,854 — 3,592,110 Ending balance $ 527,102 $ 2,151,351 $ 774,699 $ 166,020 $ — $ 3,619,172 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Unallocated Total December 31, 2020: Allowance for loan losses: Balance, beginning of year $ 2,773 $ 10,766 $ 5,568 $ 1,135 $ 1,258 $ 21,500 Provision for loan losses 3,951 11,380 2,369 648 (1,258) 17,090 Recoveries on loans 212 492 353 3,324 — 4,381 Loans charged off (599) (2,475) (390) (3,507) — (6,971) Balance, end of year $ 6,337 $ 20,163 $ 7,900 $ 1,600 $ — $ 36,000 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | The following is a summary of premises and equipment. (Dollars in thousands) December 31, December 31, 2021 Land $ 34,356 $ 26,902 Bank premises 87,501 74,311 Leasehold improvements 17,859 15,325 Data processing equipment 36,580 34,286 Furniture and other equipment 47,803 42,685 224,099 193,509 Less accumulated depreciation and amortization (99,392) (91,544) $ 124,707 $ 101,965 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of other assets | The following is a summary of other assets. (Dollars in thousands) December 31, December 31, Amortized intangible assets $ 11,468 $ 5,100 Other real estate owned 4,231 5,815 Cash value of bank-owned life insurance 102,694 100,325 Federal Home Loan Bank stock 19,690 2,731 Deferred income tax 17,672 4,608 Investment in statutory trusts 1,704 1,704 Other 20,244 25,304 $ 177,703 $ 145,587 |
Summary of amortized intangible assets | The following is a summary of amortized intangible assets: (Dollars in thousands) Gross Accumulated Net December 31, 2022 Core deposit intangibles $ 14,726 $ 3,482 $ 11,244 Acquired customer relationships 1,415 1,191 224 Non-compete agreements 90 90 — $ 16,231 $ 4,763 $ 11,468 (Dollars in thousands) Gross Accumulated Net December 31, 2021 Core deposit intangibles $ 6,901 $ 2,060 $ 4,841 Acquired customer relationships 1,415 1,156 259 Non-compete agreements 90 90 — $ 8,406 $ 3,306 $ 5,100 |
Future expected amortization of finite-lived intangible assets | The future amortization schedule for the Company’s intangible assets is as follows: (Dollars in thousands) 2022 $ 1,573 2023 1,534 2024 1,489 2025 1,437 2026 1,379 After 2026 4,056 $ 11,468 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease expense | Year Ended December 31, 2022 2021 Lease weighted averages: Weighted average remaining lease term (years) - operating leases 10.42 11.28 Weighted average discount rate - operating leases 4.85 % 5.00 % Year Ended December 31, (Dollars in thousands) 2022 2021 Lease expense: Operating lease expense $ 6,371 $ 4,747 Variable lease expense 691 774 Short-term lease expense 163 181 Sublease income — — Total lease expense $ 7,225 $ 5,702 Supplemental cash flow related to leases was: Year Ended December 31, (Dollars in thousands) 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flow from operating leases $ 5,283 $ 4,610 ROU assets obtained in exchange for lease obligations: Operating leases $ 5,866 $ 711 Reduction to ROU assets resulting from reductions to lease obligations: Operating leases $ 3,547 $ 2,927 |
Operating lease, maturity schedule | Maturities of operating lease liabilities were as follows: (Dollars in thousands) December 31, 2022 Year 1 $ 5,277 Year 2 5,354 Year 3 5,317 Year 4 4,980 Year 5 4,861 Thereafter 23,211 Total lease payments 49,000 Less: Imputed interest (11,561) Total lease obligation $ 37,439 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Real Estate [Abstract] | |
Other real estate owned activity | Other real estate owned activity was as follows: (Dollars in thousands) December 31, 2022 December 31, 2021 Beginning balance $ 5,815 $ 6,754 Additions 3,610 4,947 Proceeds from sales (4,419) (5,861) Write-downs (563) (209) Net gain (loss) on sales (212) 184 Balance at end of period $ 4,231 $ 5,815 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Summary of deposits | The following is a summary of the Company’s deposits. (Dollars in thousands) December 31, 2022 December 31, 2021 Noninterest-bearing $ 1,666,465 $ 1,404,590 Interest bearing: Money market, NOW and savings accounts 3,400,908 2,592,560 Certificates of deposit of $250,000 or more 186,948 181,751 Other certificates of deposit 570,583 443,215 Total interest bearing 4,158,439 3,217,526 Total deposits $ 5,824,904 $ 4,622,116 |
Schedule of maturities of certificates of deposit | Scheduled maturities of certificates of deposits are as follows: (Dollars in thousands) December 31, 2022 2023 $ 484,806 2024 168,972 2025 65,356 2026 22,454 2027 15,439 After 2027 504 $ 757,531 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | The following is a summary of the Company’s short-term borrowings. Balances Outstanding Weighted Average Rate (Dollars in thousands) Maximum Month End Average Daily At During At December 31, 2022: Federal funds purchased $ 20,003 $ 1,136 $ — 4.39 % — % Securities sold under agreements to repurchase — — — — % — % $ 20,003 $ 1,136 $ — |
Advances from Federal Home Lo_2
Advances from Federal Home Loan Bank and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Balance: Short-term advances $ 318,000 $ — Single payment advances — 20,000 Amortizing advances 84 501 $ 318,084 $ 20,501 Range of interest rates: Short-term advances 4.28% - 4.59% N/A Single payment advances N/A 1.42% - 1.53% Amortizing advances 2.49% - 2.94% 2.06% - 2.94% Range of maturities: Short-term advances 2023 N/A Single payment advances N/A 2027 Amortizing advances 2023 - 2028 2022 - 2028 Required principal payments on FHLB advances and other borrowings are as follows. (Dollars in thousands) December 31, 2022 December 31, 2021 2023 $ 318,025 $ 417 2024 13 25 2025 13 13 2026 14 13 2027 14 14 Thereafter 5 20,019 $ 318,084 $ 20,501 |
Subordinated Debentures and T_2
Subordinated Debentures and Trust Preferred Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of debentures payable to statutory trusts | The following is a summary of debentures payable to statutory trusts. (Dollars in thousands) Year of Maturity Interest Rate December 31, December 31, First Bancshares of Baton Rouge Statutory Trust I 2034 3 month LIBOR, plus 2.50% $ 4,124 $ 4,124 State Capital Statutory Trust IV 2035 3 month LIBOR, plus 1.99% 5,155 5,155 BancPlus Statutory Trust II 2036 3 month LIBOR, plus 1.50% 20,619 20,619 BancPlus Statutory Trust III 2037 3 month LIBOR, plus 1.35% 20,619 20,619 State Capital Master Trust 2037 3 month LIBOR, plus 1.46% 6,186 6,186 $ 56,703 $ 56,703 |
Other Operating Income and Ot_2
Other Operating Income and Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, (Dollars in thousands) 2022 2021 2020 Income from fiduciary activities $ 7,607 $ 7,569 $ 6,280 ATM income 6,127 6,377 5,389 Brokerage and insurance fees and commissions 2,690 2,399 1,986 Other real estate income and gains 150 399 761 Life insurance income 2,563 6,601 2,386 Community Development Financial Institutions grants 443 2,241 823 Other 4,005 4,516 8,804 $ 23,585 $ 30,102 $ 26,429 Significant components of other operating expenses are summarized as follows. Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Advertising and marketing $ 6,171 $ 3,868 $ 3,968 Other real estate expenses and losses 1,262 842 889 FDIC and State insurance assessments 4,012 3,029 2,085 Professional fees 8,147 3,907 6,272 Security expense 785 857 831 Supplies 1,262 992 1,023 Other 18,614 14,586 12,263 $ 40,253 $ 28,081 $ 27,331 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Postemployment Benefits [Abstract] | |
Schedule of ESOP-owned shares | The following table presents information related to the Company’s ESOP-owned shares. (Dollars in thousands) December 31, December 31, Allocated shares 1,452,950 1,472,334 Unearned shares — 28,398 Total ESOP shares 1,452,950 1,500,732 Fair value of unearned shares $ — $ 1,938 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, (Dollars in thousands) 2022 2021 2020 Current: Federal $ 13,351 $ 11,249 $ 7,365 State 2,674 1,971 1,896 16,025 13,220 9,261 Deferred: Federal 442 131 45 State 147 67 (96) 589 198 (51) $ 16,614 $ 13,418 $ 9,210 |
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, (Dollars in thousands) 2022 2021 2020 Amount computed on earnings before income taxes $ 16,251 $ 14,656 $ 10,150 Tax effect of: Income from tax-exempt investments, net of disallowed interest deduction (328) (392) (486) Bargain purchase gain — — 1,422 State income taxes, net of Federal tax benefit 2,228 1,610 (226) Life insurance income (485) (1,341) (445) Qualified School Construction Bond credits (854) (854) (854) New markets tax credit (460) (460) — Low Income Housing Tax credits — (161) (221) Non-deductible expense 536 355 384 Sale of foreclosed right-of-use asset — — (809) Other, net (274) 5 295 $ 16,614 $ 13,418 $ 9,210 |
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 2019. (Dollars in thousands) December 31, December 31, Deferred tax assets: Allowance for loan losses $ 10,910 $ 11,410 Other real estate 1,130 1,182 Investment securities 252 183 Restricted stock 663 351 Unrealized loss on securities available for sale 14,282 11 Loan yield and credit mark on loans 2,125 1,120 Deposit yield mark 573 569 Accrued expenses 1,205 576 Other 149 78 Total deferred tax assets 31,289 15,480 Deferred tax liabilities: Depreciation of premises and equipment (6,493) (7,022) Federal Home Loan Bank stock dividends (144) (87) Deferred loan fees (1,434) — Partnership income (463) (678) Prepaid expenses (1,570) (1,014) Amortization of intangibles (2,714) (1,066) Subordinated debt yield mark (799) (1,005) Total deferred tax liabilities (13,617) (10,872) Net deferred tax assets $ 17,672 $ 4,608 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks | The following is a summary of these instruments. (Dollars in thousands) December 31, December 31, Loan commitments to extend credit $ 1,436,030 $ 1,185,760 Standby letters of credit 15,237 15,128 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Schedule of actual and required capital ratios | The following table presents actual and required capital ratios for the Company and the Bank under the CBLR, the generally applicable capital rules and prompt corrective action regulations, as applicable for the relevant periods. Actual Minimum Requirement to be Well Capitalized (Dollars in thousands) Capital Amount Ratio Capital Amount Ratio December 31, 2022: Company: Community Bank Leverage Ratio $ 721,001 10.54 % $ 615,566 9.00 % Bank: Community Bank Leverage Ratio 636,007 9.31 % 614,973 9.00 % Actual Minimum Requirement Required to be (Dollars in thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2021: Company: CET1 Capital to Risk-Weighted Assets $ 382,736 9.40 % $ 285,078 7.00 % N/A N/A Tier 1 Capital to Risk-Weighted Assets 433,754 10.65 % 346,166 8.50 % N/A N/A Total Capital to Risk-Weighted Assets 537,541 13.20 % 427,617 10.50 % N/A N/A Tier 1 Capital to Average Assets 433,754 8.46 % 205,072 4.00 % N/A N/A Bank: CET1 Capital to Risk-Weighted Assets $ 428,602 10.55 % $ 284,509 7.00 % $ 264,187 6.50 % Tier 1 Capital to Risk-Weighted Assets 428,602 10.55 % 345,475 8.50 % 325,153 8.00 % Total Capital to Risk-Weighted Assets 473,602 11.65 % 426,763 10.50 % 406,441 10.00 % Tier 1 Capital to Average Assets 428,602 8.37 % 204,714 4.00 % 255,893 5.00 % |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 (Dollars in thousands) Level 1 Level 2 Level 3 December 31, 2022 U.S. Treasuries $ 34,579 $ — $ 34,579 $ — U.S. Government agencies 378,736 — 378,736 — Residential mortgage-backed securities 94,132 — 94,132 — Commercial mortgage-backed securities 12,070 — 12,070 — Asset backed securities 10,220 — 10,220 — Corporate investments 46,033 — 46,033 — State and local political subdivisions 48,150 — 48,150 — Total securities available for sale $ 623,920 $ — $ 623,920 $ — December 31, 2021 U.S. Government agencies $ 350,250 $ — $ 350,250 $ — Residential mortgage-backed securities 109,787 — 109,787 — Commercial mortgage-backed securities 14,276 — 14,276 — Asset backed securities 13,107 — 13,107 — Corporate investments 44,510 — 44,510 — State and local political subdivisions 44,684 — 44,684 — Total securities available for sale $ 576,614 $ — $ 576,614 $ — |
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 (Dollars in thousands) Level 1 Level 2 Level 3 Impaired loans, net of allowance for loan losses: December 31, 2022 $ 26,071 $ — $ — $ 26,071 December 31, 2021 $ 33,570 $ — $ — $ 33,570 Other real estate: December 31, 2022 $ 4,231 $ — $ — $ 4,231 December 31, 2021 $ 5,815 $ — $ — $ 5,815 |
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 (Dollars in thousands) Fair Value Valuation Methods Unobservable Inputs Range Weighted Average December 31, 2022 Impaired loans, net of specific allowance $ 26,071 Third-party appraisals Selling costs 5% - 10% 6% Other real estate $ 4,231 Third-party and in-house appraisals Selling costs 5% - 10% 6% December 31, 2021 Impaired loans, net of specific allowance $ 33,570 Third-party appraisals Selling costs 5% - 10% 6% Other real estate $ 5,815 Third-party and in-house appraisals Selling costs 5% - 10% 6% |
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, 2022 December 31, 2021 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets: Level 1 inputs: Cash and cash equivalents $ 137,895 $ 137,895 $ 664,165 $ 664,165 Level 2 inputs: Securities held to maturity 62,274 62,068 71,648 72,084 Federal Home Loan Bank stock 19,690 19,690 2,731 2,731 Accrued interest receivable 23,156 23,156 14,329 14,329 Level 3 inputs: Loans held for sale 5,373 5,373 10,621 10,621 Loans, net 5,781,274 5,601,070 3,574,172 3,548,595 Financial liabilities: Level 2 inputs: Deposits 5,824,904 5,289,138 4,622,116 4,493,957 Advances from FHLB and other borrowings 318,084 318,079 20,501 21,024 Subordinated debentures 133,478 138,780 111,509 111,509 Accrued interest payable 2,334 2,334 1,425 1,425 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following is a summary of loans made to such borrowers. (Dollars in thousands) December 31, 2022 December 31, 2021 Beginning balance $ 16,651 $ 15,906 Advances 7,738 6,025 Payments (8,175) (5,280) Ending balance $ 16,214 $ 16,651 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of restricted stock activity | A summary of our equity-based award activity and related information for our RSAs is as follows: Number of Shares Weighted Average Grant Date Fair Value January 1, 2019 69,097 $ 53.67 Granted 39,155 45.36 Vested (17,143) 51.03 Forfeited — — December 31, 2020 91,109 50.60 Granted 90,927 52.49 Vested (33,545) 52.03 Forfeited (3,919) 46.87 December 31, 2021 144,572 51.56 Granted 99,457 68.10 Vested (57,226) 53.86 Forfeited (2,519) 60.81 December 31, 2022 184,284 $ 58.36 |
Summarized Financial Informat_2
Summarized Financial Information of BancPlus Corporation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Balance Sheets (Dollars in thousands) December 31, 2022 December 31, 2021 Assets Cash and cash equivalents $ 157,092 $ 52,960 Investment in banking subsidiary 664,368 436,285 Due from Oakhurst Development, Inc. 30,189 31,173 Equity in undistributed loss of Oakhurst Development, Inc. (22,609) (22,379) Investment in statutory trusts 1,703 1,703 Other assets 1,828 3,304 $ 832,571 $ 503,046 Liabilities and Shareholders' Equity Liabilities: Subordinated debentures payable to statutory trusts $ 133,478 $ 111,509 Accrued interest payable 312 194 Deferred income taxes 681 924 Total liabilities 134,471 112,627 Redeemable common stock owned by ESOP 96,984 100,487 Shareholders' equity, net of ESOP owned shares 601,116 289,932 $ 832,571 $ 503,046 |
Condensed Income Statement | Statements of Income Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Income: Dividends from banking subsidiary $ 25,200 $ 21,600 $ 22,050 Equity in undistributed income of banking subsidiary 45,933 38,466 20,181 Equity in undistributed income (loss) of Oakhurst Development, Inc. (230) 167 3,706 Other income 75 2,571 36 Total income 70,978 62,804 45,973 Expenses: Interest expense 4,848 4,101 2,741 Other expenses 8,120 3,889 5,583 Total expenses 12,968 7,990 8,324 Income before income taxes 58,010 54,814 37,649 Income tax benefit 2,765 1,638 1,534 Net income $ 60,775 $ 56,452 $ 39,183 |
Condensed Statement of Comprehensive Income | tatements of Comprehensive Income Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Net income $ 60,775 $ 56,452 $ 39,183 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on securities available for sale (57,312) (9,198) 8,778 Tax effect 14,271 2,290 (2,185) Total other comprehensive income (loss), net of tax (43,041) (6,908) 6,593 Comprehensive income $ 17,734 $ 49,544 $ 45,776 |
Condensed Cash Flow Statement | Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2022 2021 2020 Cash flows from operating activities: Net income $ 60,775 $ 56,452 $ 39,183 Adjustments to reconcile net income to net cash from operating activities: Common stock released by ESOP 1,401 1,249 1,826 Stock based compensation expense 4,307 2,337 1,474 Equity in undistributed income of banking subsidiary (45,933) (38,466) (20,181) Equity in undistributed (income) loss of Oakhurst Development, Inc. 230 (167) (3,706) Other, net (2,231) 506 (2,453) Net cash from operating activities 18,549 21,911 16,143 Cash flows from investing activities: Acquisition of State Capital Corp. — — (7,115) Acquisition of First Trust Corporation (62,955) — — Investment in banking subsidiary (80,000) — — Investment in Oakhurst Development, Inc. 788 315 201 Net cash from (used in) investing activities (142,167) 315 (6,914) Cash flows from financing activities: Proceeds from other borrowings 20,000 — — Payments on other borrowings (20,000) (13,125) (3,500) Issuance of common stock 13 — — Issuance of preferred stock 250,000 — — Proceeds from issuance of subordinated debt — — 60,000 Payment of subordinated debt issuance costs — — (1,439) Purchase of Company stock (3,103) (2,433) (3,268) Shares withheld to pay taxes on restricted stock vesting (713) (229) (10) Cash dividends paid on common stock (18,447) (15,299) (13,220) Net cash from (used in) financing activities 227,750 (31,086) 38,563 Net change in cash and cash equivalents 104,132 (8,860) 47,792 Cash and cash equivalents at beginning of year 52,960 61,820 14,028 Cash and cash equivalents at end of year $ 157,092 $ 52,960 $ 61,820 |
Schedule of Significant Account
Schedule of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) segment trust | Jan. 01, 2023 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Ownership percentage in variable interest entities | 100% | ||||
Number of statutory trusts | trust | 5 | ||||
Deposits with correspondent banks that exceed federal deposit insurance coverage | $ 6,500,000 | ||||
Financing receivable individually evaluated for impairment (greater than) | 500,000 | ||||
Unrecognized tax positions | $ 0 | $ 0 | |||
Number of operating segments | segment | 1 | ||||
Number of reportable segments | segment | 1 | ||||
Cumulative effect adjustment | $ 601,116,000 | 289,932,000 | $ 280,972,000 | $ 172,203,000 | |
Adjustment for accounting standards change | 42,875,000 | 45,000,000 | 36,000,000 | 21,500,000 | |
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment | $ 356,685,000 | $ 314,357,000 | $ 273,204,000 | $ 247,241,000 | |
Cumulative Effect, Period of Adoption, Adjustment | Subsequent Event | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustment for accounting standards change | $ 33,200,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Subsequent Event | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment | $ 25,000,000 |
Schedule of Significant Accou_2
Schedule of Significant Accounting Policies - Schedule of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income | $ 60,775 | $ 56,452 | $ 39,183 |
Common stock | 11,193,762 | 9,936,809 | 9,355,980 |
Dilutive effect of stock-based awards | 43,404 | 71,951 | 33,500 |
Dilutive effect of unallocated stock | 4,513 | 40,537 | 67,997 |
Total weighted average diluted shares | 11,241,679 | 10,049,297 | 9,457,477 |
Basic earning per common shares (in USD per share) | $ 5.43 | $ 5.68 | $ 4.19 |
Diluted earnings per common share (in USD per share) | $ 5.41 | $ 5.62 | $ 4.14 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jul. 07, 2022 USD ($) | Mar. 01, 2022 USD ($) shares | Apr. 01, 2020 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||||
Conversion ratio | 0.6950 | ||||||
Common stock, par value per share (USD per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | |||
Number of shares issued (in shares) | shares | 2,453,827 | ||||||
Consideration paid in lieu of fractional shares | $ 12 | ||||||
Acquisition expenses | $ 6,400 | ||||||
SCC Merger | |||||||
Business Acquisition [Line Items] | |||||||
Acquired core deposit intangible | $ 6,000 | ||||||
Acquired core deposit intangible, amortization period | 10 years | ||||||
Loans acquired | $ 880,390 | ||||||
Discount on loans acquired | 19,100 | ||||||
Contractual cash flows not expected to be collected | $ 11,600 | ||||||
FTC Merger Agreement | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition expenses | $ 11,800 | $ 1,100 | |||||
Acquired core deposit intangible | $ 7,800 | ||||||
Acquired core deposit intangible, amortization period | 10 years | ||||||
Loans acquired | $ 1,000,382 | ||||||
Discount on loans acquired | 6,600 | ||||||
Contractual cash flows not expected to be collected | $ 15,700 | ||||||
Shares issued with cash paid in lieu of fractional shares (in shares) | shares | 1,444,764 | ||||||
Cash paid in lieu of fractional shares | $ 52,700 | ||||||
Escrow deposit | $ 10,000 | ||||||
Escrow deposit paid to former holders of FTC stock | $ 10,000 | ||||||
Decrease in goodwill | $ (1,100) | ||||||
SCC | |||||||
Business Acquisition [Line Items] | |||||||
Common stock, par value per share (USD per share) | $ / shares | $ 1.25 |
Business Combinations - Conside
Business Combinations - Consideration paid and preliminary fair value allocation (Details) - USD ($) $ in Thousands | Apr. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities assumed: | |||
Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase | $ 62,772 | $ 2,616 | |
SCC Merger | |||
Purchase price allocation: | |||
Common stock issued | $ 71,161 | ||
Cash paid for fractional shares | 12 | ||
Total purchase price | 71,173 | ||
Assets acquired: | |||
Cash and due from banks | 75,315 | ||
Securities, FHLB stock and FNBB stock | 97,910 | ||
Loans, net | 880,390 | ||
Premises and equipment | 29,968 | ||
Accrued interest receivable | 3,664 | ||
Bank-owned life insurance | 28,441 | ||
Core deposit intangible | 6,045 | ||
Taxes receivable | 7,787 | ||
Deferred tax asset, net | 5,972 | ||
Other assets | 3,330 | ||
Total assets acquired | 1,138,822 | ||
Liabilities assumed: | |||
Deposits | 1,024,381 | ||
Advances from FHLB and other borrowings | 14,563 | ||
Subordinated debentures | 11,121 | ||
Deferred compensation | 10,310 | ||
Other liabilities | 6,196 | ||
Total liabilities assumed | 1,066,571 | ||
Net assets acquired | 72,251 | ||
Excess of fair value of net assets acquired over consideration paid - Gain on bargain purchase | $ (1,078) |
Business Combinations - Unaudit
Business Combinations - Unaudited pro forma information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SCC Merger | |||
Business Acquisition [Line Items] | |||
Net interest income | $ 168,499 | ||
Other operating income | 67,405 | ||
Net income available to common shareholders | $ 39,509 | ||
Earnings per common share: | |||
Basic (in USD per share) | $ 3.93 | ||
Diluted (in USD per share) | $ 3.90 | ||
FTC Merger Agreement | |||
Business Acquisition [Line Items] | |||
Net interest income | $ 227,394 | $ 213,673 | $ 197,582 |
Other operating income | 71,429 | 82,724 | 73,145 |
Net income available to common shareholders | $ 63,404 | $ 72,225 | $ 54,956 |
Earnings per common share: | |||
Basic (in USD per share) | $ 5.55 | $ 6.35 | $ 5.09 |
Diluted (in USD per share) | $ 5.52 | $ 6.28 | $ 5.04 |
Business Combinations - First T
Business Combinations - First Trust Corporation Merger (Details) - USD ($) $ in Thousands | Mar. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities assumed: | |||
Goodwill | $ 62,772 | $ 2,616 | |
FTC Merger Agreement | |||
Purchase price allocation: | |||
Common stock issued | $ 56,489 | ||
Cash paid | 63,239 | ||
Total purchase price | 119,728 | ||
Assets acquired: | |||
Cash and due from banks | 229,213 | ||
Securities | 33,407 | ||
Loans held for sale | 6,200 | ||
Loans, net | 1,000,382 | ||
Premises and equipment | 15,152 | ||
Accrued interest receivable | 1,441 | ||
Core deposit intangible | 7,825 | ||
Other assets | 4,584 | ||
Total assets acquired | 1,298,204 | ||
Liabilities assumed: | |||
Deposits | 1,212,712 | ||
Subordinated debentures | 21,733 | ||
Other liabilities | 4,187 | ||
Total liabilities assumed | 1,238,632 | ||
Net assets acquired | 59,572 | ||
Goodwill | $ 60,156 |
Investment Securities - Summary
Investment Securities - Summary of amortized cost and fair value of the securities available for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 681,276 | $ 576,658 |
Gross unrealized gains | 390 | 5,368 |
Gross unrealized losses | 57,746 | 5,412 |
Fair Value | 623,920 | 576,614 |
U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 35,814 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 1,235 | |
Fair Value | 34,579 | |
U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 414,251 | 354,774 |
Gross unrealized gains | 246 | 256 |
Gross unrealized losses | 35,761 | 4,780 |
Fair Value | 378,736 | 350,250 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 105,580 | 107,772 |
Gross unrealized gains | 13 | 2,312 |
Gross unrealized losses | 11,461 | 297 |
Fair Value | 94,132 | 109,787 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,812 | 14,286 |
Gross unrealized gains | 0 | 41 |
Gross unrealized losses | 1,742 | 51 |
Fair Value | 12,070 | 14,276 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,289 | 12,730 |
Gross unrealized gains | 54 | 421 |
Gross unrealized losses | 123 | 44 |
Fair Value | 10,220 | 13,107 |
Corporate investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 51,000 | 43,500 |
Gross unrealized gains | 0 | 1,138 |
Gross unrealized losses | 4,967 | 128 |
Fair Value | 46,033 | 44,510 |
States and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 50,530 | 43,596 |
Gross unrealized gains | 77 | 1,200 |
Gross unrealized losses | 2,457 | 112 |
Fair Value | $ 48,150 | $ 44,684 |
Investment Securities - Summa_2
Investment Securities - Summary of amortized cost and fair value of securities held to maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 62,274 | $ 71,648 |
Gross unrealized gains | 0 | 436 |
Gross unrealized losses | 206 | 0 |
Fair Value | 62,068 | 72,084 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 62,274 | 71,648 |
Gross unrealized gains | 0 | 436 |
Gross unrealized losses | 206 | 0 |
Fair Value | $ 62,068 | $ 72,084 |
Investment Securities - Summa_3
Investment Securities - Summary of investment securities that were in an unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale: | ||
Fair value, less than 12 months | $ 274,889 | $ 357,967 |
Unrealized losses, less than 12 months | 21,424 | 5,376 |
Fair value, 12 months or more | 320,121 | 2,192 |
Unrealized losses, 12 months or more | 36,322 | 36 |
Fair value, total | 595,010 | 360,159 |
Unrealized losses, total | 57,746 | 5,412 |
Held to maturity: | ||
Fair value, less than 12 months | 9,259 | |
Unrealized losses, less than 12 months | 206 | |
Fair value, 12 months or more | 0 | |
Unrealized losses, 12 months or more | 0 | |
Fair value, total | 9,259 | |
Unrealized losses, total | 206 | |
U.S. Treasuries | ||
Available for sale: | ||
Fair value, less than 12 months | 34,579 | |
Unrealized losses, less than 12 months | 1,235 | |
Fair value, 12 months or more | 0 | |
Unrealized losses, 12 months or more | 0 | |
Fair value, total | 34,579 | |
Unrealized losses, total | 1,235 | |
U.S. Government agencies | ||
Available for sale: | ||
Fair value, less than 12 months | 78,676 | 314,614 |
Unrealized losses, less than 12 months | 4,830 | 4,780 |
Fair value, 12 months or more | 285,994 | 0 |
Unrealized losses, 12 months or more | 30,931 | 0 |
Fair value, total | 364,670 | 314,614 |
Unrealized losses, total | 35,761 | 4,780 |
Residential mortgage-backed securities | ||
Available for sale: | ||
Fair value, less than 12 months | 81,992 | 15,216 |
Unrealized losses, less than 12 months | 8,935 | 297 |
Fair value, 12 months or more | 11,258 | 0 |
Unrealized losses, 12 months or more | 2,526 | 0 |
Fair value, total | 93,250 | 15,216 |
Unrealized losses, total | 11,461 | 297 |
Commercial mortgage-backed securities | ||
Available for sale: | ||
Fair value, less than 12 months | 4,860 | 8,376 |
Unrealized losses, less than 12 months | 594 | 51 |
Fair value, 12 months or more | 7,210 | 0 |
Unrealized losses, 12 months or more | 1,148 | 0 |
Fair value, total | 12,070 | 8,376 |
Unrealized losses, total | 1,742 | 51 |
Asset backed securities | ||
Available for sale: | ||
Fair value, less than 12 months | 1,169 | 2,272 |
Unrealized losses, less than 12 months | 7 | 8 |
Fair value, 12 months or more | 3,499 | 2,192 |
Unrealized losses, 12 months or more | 116 | 36 |
Fair value, total | 4,668 | 4,464 |
Unrealized losses, total | 123 | 44 |
Corporate investments | ||
Available for sale: | ||
Fair value, less than 12 months | 36,958 | 6,117 |
Unrealized losses, less than 12 months | 4,042 | 112 |
Fair value, 12 months or more | 7,076 | 0 |
Unrealized losses, 12 months or more | 925 | 0 |
Fair value, total | 44,034 | 6,117 |
Unrealized losses, total | 4,967 | 112 |
States and political subdivisions | ||
Available for sale: | ||
Fair value, less than 12 months | 36,655 | 11,372 |
Unrealized losses, less than 12 months | 1,781 | 128 |
Fair value, 12 months or more | 5,084 | 0 |
Unrealized losses, 12 months or more | 676 | 0 |
Fair value, total | 41,739 | 11,372 |
Unrealized losses, total | 2,457 | $ 128 |
Held to maturity: | ||
Fair value, less than 12 months | 9,259 | |
Unrealized losses, less than 12 months | 206 | |
Fair value, 12 months or more | 0 | |
Unrealized losses, 12 months or more | 0 | |
Fair value, total | 9,259 | |
Unrealized losses, total | $ 206 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - debtPosition | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities in unrealized loss position | 359 | 82 |
Investment Securities - Summa_4
Investment Securities - Summary of amortized cost and fair value of debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized cost | ||
One year or less | $ 88,353 | $ 11,190 |
After one through five years | 326,881 | 239,290 |
After five through ten years | 147,225 | 197,992 |
After ten years | 118,817 | 128,186 |
Total | 681,276 | 576,658 |
Fair value | ||
One year or less | 85,744 | 11,212 |
After one through five years | 301,015 | 236,674 |
After five through ten years | 129,929 | 197,809 |
After ten years | 107,232 | 130,919 |
Total | 623,920 | 576,614 |
Amortized Cost | ||
One year or less | 6,961 | 9,286 |
After one through five years | 47,221 | 44,803 |
After five through ten years | 6,452 | 15,349 |
After ten years | 1,640 | 2,210 |
Total | 62,274 | 71,648 |
Fair Value | ||
One year or less | 6,939 | 9,299 |
After one through five years | 47,070 | 44,989 |
After five through ten years | 6,419 | 15,586 |
After ten years | 1,640 | 2,210 |
Total | $ 62,068 | $ 72,084 |
Investment Securities - Summa_5
Investment Securities - Summary of the amortized cost and fair value for investment securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale: | ||
Amortized Cost | $ 681,276 | $ 576,658 |
Fair Value | 623,920 | 576,614 |
Held to maturity: | ||
Amortized Cost | 62,274 | 71,648 |
Fair Value | 62,068 | 72,084 |
Asset Pledged as Collateral | ||
Available for sale: | ||
Amortized Cost | 492,206 | 451,402 |
Fair Value | 451,638 | 450,480 |
Held to maturity: | ||
Amortized Cost | 35,734 | 38,704 |
Fair Value | $ 35,562 | $ 39,102 |
Loans - Summary of the company'
Loans - Summary of the company's loan portfolio by loan class (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loan Balances: | ||
Loans before allowance for loan losses | $ 5,824,149 | $ 3,619,172 |
Total real estate | ||
Loan Balances: | ||
Loans before allowance for loan losses | 4,927,379 | 2,926,050 |
Total real estate | Residential properties | ||
Loan Balances: | ||
Loans before allowance for loan losses | 1,403,974 | 774,699 |
Total real estate | Construction and land development | ||
Loan Balances: | ||
Loans before allowance for loan losses | 772,357 | 543,763 |
Total real estate | Farmland | ||
Loan Balances: | ||
Loans before allowance for loan losses | 283,832 | 211,503 |
Total real estate | Other commercial | ||
Loan Balances: | ||
Loans before allowance for loan losses | 2,467,216 | 1,396,085 |
Commercial and industrial loans | ||
Loan Balances: | ||
Loans before allowance for loan losses | 706,466 | 527,102 |
Agricultural production and other loans to farmers | ||
Loan Balances: | ||
Loans before allowance for loan losses | 80,770 | 86,520 |
Consumer and other loans | ||
Loan Balances: | ||
Loans before allowance for loan losses | $ 109,534 | $ 79,500 |
Loans - Summary of non-accrual
Loans - Summary of non-accrual loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loan Balances: | ||
Total non-accrual loans | $ 5,272 | $ 5,897 |
Total real estate | ||
Loan Balances: | ||
Total non-accrual loans | 4,925 | 5,708 |
Total real estate | Residential properties | ||
Loan Balances: | ||
Total non-accrual loans | 2,726 | 3,154 |
Total real estate | Construction and land development | ||
Loan Balances: | ||
Total non-accrual loans | 24 | 51 |
Total real estate | Farmland | ||
Loan Balances: | ||
Total non-accrual loans | 960 | 1,327 |
Total real estate | Other commercial | ||
Loan Balances: | ||
Total non-accrual loans | 1,215 | 1,176 |
Commercial and industrial loans | ||
Loan Balances: | ||
Total non-accrual loans | 192 | 20 |
Agricultural production and other loans to farmers | ||
Loan Balances: | ||
Total non-accrual loans | 155 | 3 |
Consumer and other loans | ||
Loan Balances: | ||
Total non-accrual loans | $ 0 | $ 166 |
Loans - Summary of past due loa
Loans - Summary of past due loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loan Balances: | ||
Total loans before allowance for loan losses | $ 5,824,149 | $ 3,619,172 |
Past Due 90 days or more and Accruing | 4,542 | 2,914 |
Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 18,149 | 14,167 |
Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 11,017 | 8,602 |
Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 7,132 | 5,565 |
Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 5,806,000 | 3,605,005 |
Total real estate | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 4,927,379 | 2,926,050 |
Past Due 90 days or more and Accruing | 3,300 | 2,192 |
Total real estate | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 14,217 | 11,753 |
Total real estate | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 8,459 | 7,093 |
Total real estate | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 5,758 | 4,660 |
Total real estate | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 4,913,162 | 2,914,297 |
Total real estate | Residential properties | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,403,974 | 774,699 |
Past Due 90 days or more and Accruing | 1,079 | 865 |
Total real estate | Residential properties | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 7,884 | 6,569 |
Total real estate | Residential properties | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 5,869 | 4,537 |
Total real estate | Residential properties | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,015 | 2,032 |
Total real estate | Residential properties | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,396,090 | 768,130 |
Total real estate | Construction and land development | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 772,357 | 543,763 |
Past Due 90 days or more and Accruing | 1,578 | 1,085 |
Total real estate | Construction and land development | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,104 | 1,452 |
Total real estate | Construction and land development | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 526 | 367 |
Total real estate | Construction and land development | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,578 | 1,085 |
Total real estate | Construction and land development | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 770,253 | 542,311 |
Total real estate | Farmland | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 283,832 | 211,503 |
Past Due 90 days or more and Accruing | 427 | 30 |
Total real estate | Farmland | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,957 | 1,025 |
Total real estate | Farmland | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 566 | 600 |
Total real estate | Farmland | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,391 | 425 |
Total real estate | Farmland | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 281,875 | 210,478 |
Total real estate | Other commercial | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,467,216 | 1,396,085 |
Past Due 90 days or more and Accruing | 216 | 212 |
Total real estate | Other commercial | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,272 | 2,707 |
Total real estate | Other commercial | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,498 | 1,589 |
Total real estate | Other commercial | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 774 | 1,118 |
Total real estate | Other commercial | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,464,944 | 1,393,378 |
Commercial and industrial loans | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 706,466 | 527,102 |
Past Due 90 days or more and Accruing | 545 | 606 |
Commercial and industrial loans | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,579 | 1,447 |
Commercial and industrial loans | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 902 | 824 |
Commercial and industrial loans | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 677 | 623 |
Commercial and industrial loans | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 704,887 | 525,655 |
Agricultural production and other loans to farmers | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 80,770 | 86,520 |
Past Due 90 days or more and Accruing | 0 | 32 |
Agricultural production and other loans to farmers | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 126 | 343 |
Agricultural production and other loans to farmers | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 126 | 311 |
Agricultural production and other loans to farmers | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 0 | 32 |
Agricultural production and other loans to farmers | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 80,644 | 86,177 |
Consumer and other loans | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 109,534 | 79,500 |
Past Due 90 days or more and Accruing | 697 | 84 |
Consumer and other loans | Total Past Due | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 2,227 | 624 |
Consumer and other loans | Past Due 30-89 Days | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 1,530 | 374 |
Consumer and other loans | Past Due 90 Days or more | ||
Loan Balances: | ||
Total loans before allowance for loan losses | 697 | 250 |
Consumer and other loans | Current | ||
Loan Balances: | ||
Total loans before allowance for loan losses | $ 107,307 | $ 78,876 |
Loans - Summary of impaired loa
Loans - Summary of impaired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Impaired loans with no related allowance: | ||
Principal Balance | $ 33,487 | $ 35,248 |
Recorded Balance | 24,370 | 28,323 |
Impaired loans with related allowance: | ||
Principal Balance | 1,755 | 7,261 |
Recorded Balance | 1,755 | 7,261 |
Related Allowance | 54 | 2,014 |
Principal balance, total impaired loans | 35,242 | 42,509 |
Recorded balance, total impaired loans | 26,125 | 35,584 |
Total real estate | ||
Impaired loans with no related allowance: | ||
Principal Balance | 18,457 | 17,366 |
Recorded Balance | 13,240 | 10,842 |
Impaired loans with related allowance: | ||
Principal Balance | 1,755 | 2,719 |
Recorded Balance | 1,755 | 2,719 |
Related Allowance | 54 | 313 |
Total real estate | Residential properties | ||
Impaired loans with no related allowance: | ||
Principal Balance | 7,947 | 7,667 |
Recorded Balance | 5,641 | 5,034 |
Impaired loans with related allowance: | ||
Principal Balance | 0 | 813 |
Recorded Balance | 0 | 813 |
Related Allowance | 0 | 9 |
Total real estate | Construction and land development | ||
Impaired loans with no related allowance: | ||
Principal Balance | 3,805 | 3,615 |
Recorded Balance | 2,440 | 1,649 |
Impaired loans with related allowance: | ||
Principal Balance | 0 | |
Recorded Balance | 0 | |
Related Allowance | 0 | |
Total real estate | Farmland | ||
Impaired loans with no related allowance: | ||
Principal Balance | 1,385 | 3,413 |
Recorded Balance | 969 | 2,859 |
Impaired loans with related allowance: | ||
Principal Balance | 0 | |
Recorded Balance | 0 | |
Related Allowance | 0 | |
Total real estate | Other commercial | ||
Impaired loans with no related allowance: | ||
Principal Balance | 5,320 | 2,671 |
Recorded Balance | 4,190 | 1,300 |
Impaired loans with related allowance: | ||
Principal Balance | 1,755 | 1,906 |
Recorded Balance | 1,755 | 1,906 |
Related Allowance | 54 | 304 |
Commercial and industrial loans | ||
Impaired loans with no related allowance: | ||
Principal Balance | 14,467 | 17,528 |
Recorded Balance | 10,959 | 17,300 |
Impaired loans with related allowance: | ||
Principal Balance | 0 | 4,542 |
Recorded Balance | 0 | 4,542 |
Related Allowance | 0 | 1,701 |
Agricultural production and other loans to farmers | ||
Impaired loans with no related allowance: | ||
Principal Balance | 419 | 105 |
Recorded Balance | 156 | 15 |
Consumer and other loans | ||
Impaired loans with no related allowance: | ||
Principal Balance | 144 | 249 |
Recorded Balance | $ 15 | $ 166 |
Loans - Summary of average reco
Loans - Summary of average recorded investment and interest recognized for impaired loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loan Balances: | |||
Average Investment | $ 27,674 | $ 43,738 | $ 34,991 |
Interest Recognized | 1,124 | 1,899 | 1,119 |
Total real estate | |||
Loan Balances: | |||
Average Investment | 13,661 | 22,981 | 32,592 |
Interest Recognized | 440 | 806 | 1,038 |
Total real estate | Residential properties | |||
Loan Balances: | |||
Average Investment | 5,335 | 6,309 | 6,014 |
Interest Recognized | 103 | 139 | 152 |
Total real estate | Construction and land development | |||
Loan Balances: | |||
Average Investment | 1,131 | 2,123 | 4,384 |
Interest Recognized | 188 | 115 | 127 |
Total real estate | Farmland | |||
Loan Balances: | |||
Average Investment | 1,620 | 8,622 | 10,515 |
Interest Recognized | 0 | 384 | 510 |
Total real estate | Other commercial | |||
Loan Balances: | |||
Average Investment | 5,575 | 5,927 | 11,679 |
Interest Recognized | 149 | 168 | 249 |
Commercial and industrial loans | |||
Loan Balances: | |||
Average Investment | 13,936 | 20,473 | 2,136 |
Interest Recognized | 673 | 1,089 | 81 |
Agricultural production and other loans to farmers | |||
Loan Balances: | |||
Average Investment | 20 | 96 | 82 |
Interest Recognized | 10 | 3 | 0 |
Consumer and other loans | |||
Loan Balances: | |||
Average Investment | 57 | 188 | 181 |
Interest Recognized | $ 1 | $ 1 | $ 0 |
Loans - Summary of modification
Loans - Summary of modifications classified as TDRs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) debtPosition | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | debtPosition | 2 |
Balance Prior to TDR | $ 295 |
Balance at Year End | $ 183 |
Construction and land development | Construction and land development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | debtPosition | 1 |
Balance Prior to TDR | $ 95 |
Balance at Year End | $ 0 |
Total real estate | Residential properties | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | debtPosition | 1 |
Balance Prior to TDR | $ 200 |
Balance at Year End | $ 183 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loan Balances: | ||||
Allowance for loan losses attributable to restructured loans | $ 42,875 | $ 45,000 | $ 36,000 | $ 21,500 |
Restructured loan | ||||
Loan Balances: | ||||
Allowance for loan losses attributable to restructured loans | $ 0 | $ 139 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of the credit quality of the company's loan portfolio by loan class (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loan Balances: | ||
Loans before allowance for loan losses | $ 5,824,149 | $ 3,619,172 |
Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 5,779,734 | 3,564,318 |
Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 303 | 4,097 |
Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 43,905 | 50,736 |
Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 207 | 21 |
Total real estate | ||
Loan Balances: | ||
Loans before allowance for loan losses | 4,927,379 | 2,926,050 |
Total real estate | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 4,896,968 | 2,895,247 |
Total real estate | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 303 | 4,097 |
Total real estate | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 29,901 | 26,706 |
Total real estate | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 207 | 0 |
Total real estate | Residential properties | ||
Loan Balances: | ||
Loans before allowance for loan losses | 1,403,974 | 774,699 |
Total real estate | Residential properties | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 1,391,039 | 763,116 |
Total real estate | Residential properties | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Total real estate | Residential properties | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 12,852 | 11,583 |
Total real estate | Residential properties | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 83 | 0 |
Total real estate | Construction and land development | ||
Loan Balances: | ||
Loans before allowance for loan losses | 772,357 | 543,763 |
Total real estate | Construction and land development | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 768,699 | 537,573 |
Total real estate | Construction and land development | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 303 | 4,097 |
Total real estate | Construction and land development | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 3,355 | 2,093 |
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 | 283,832 | 211,503 |
Total real estate | Farmland | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 280,522 | 208,318 |
Total real estate | Farmland | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Total real estate | Farmland | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 3,310 | 3,185 |
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 | 2,467,216 | 1,396,085 |
Total real estate | Other commercial | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 2,456,708 | 1,386,240 |
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 | 10,384 | 9,845 |
Total real estate | Other commercial | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 124 | 0 |
Commercial and industrial loans | ||
Loan Balances: | ||
Loans before allowance for loan losses | 706,466 | 527,102 |
Commercial and industrial loans | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 693,963 | 503,603 |
Commercial and industrial loans | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Commercial and industrial loans | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 12,503 | 23,496 |
Commercial and industrial loans | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 3 |
Agricultural production and other loans to farmers | ||
Loan Balances: | ||
Loans before allowance for loan losses | 80,770 | 86,520 |
Agricultural production and other loans to farmers | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 80,524 | 86,292 |
Agricultural production and other loans to farmers | Risk Grade 7 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 0 | 0 |
Agricultural production and other loans to farmers | Risk Grade 8 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 246 | 228 |
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 | 109,534 | 79,500 |
Consumer and other loans | Risk Grades 1-6 | ||
Loan Balances: | ||
Loans before allowance for loan losses | 108,279 | 79,176 |
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 | 1,255 | 306 |
Consumer and other loans | Risk Grade 9 | ||
Loan Balances: | ||
Loans before allowance for loan losses | $ 0 | $ 18 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Schedule of allowance for loan losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of year | $ 45,000 | $ 36,000 | $ 21,500 |
Provision for loan losses | 1,365 | 9,068 | 17,090 |
Recoveries on loans | 4,376 | 6,269 | 4,381 |
Loans charged off | (7,866) | (6,337) | (6,971) |
Balance, end of year | 42,875 | 45,000 | 36,000 |
Allowance Balances: | |||
Individually evaluated for impairment | 54 | 2,014 | |
Collectively evaluated for impairment | 42,821 | 42,986 | |
Allowance for loan losses attributable to restructured loans | 42,875 | 45,000 | 36,000 |
Individually evaluated for impairment | 15,982 | 27,062 | |
Collectively evaluated for impairment | 5,808,167 | 3,592,110 | |
Total loans before allowance for loan losses | 5,824,149 | 3,619,172 | |
Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of year | 6,556 | 6,337 | 2,773 |
Provision for loan losses | (136) | 98 | 3,951 |
Recoveries on loans | 160 | 512 | 212 |
Loans charged off | (1,830) | (391) | (599) |
Balance, end of year | 4,750 | 6,556 | 6,337 |
Allowance Balances: | |||
Individually evaluated for impairment | 0 | 1,701 | |
Collectively evaluated for impairment | 4,750 | 4,855 | |
Allowance for loan losses attributable to restructured loans | 4,750 | 6,556 | 6,337 |
Individually evaluated for impairment | 10,768 | 21,822 | |
Collectively evaluated for impairment | 695,698 | 505,280 | |
Total loans before allowance for loan losses | 706,466 | 527,102 | |
Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of year | 27,133 | 20,163 | 10,766 |
Provision for loan losses | (845) | 5,535 | 11,380 |
Recoveries on loans | 1,093 | 2,414 | 492 |
Loans charged off | (680) | (979) | (2,475) |
Balance, end of year | 26,701 | 27,133 | 20,163 |
Allowance Balances: | |||
Individually evaluated for impairment | 54 | 304 | |
Collectively evaluated for impairment | 26,647 | 26,829 | |
Allowance for loan losses attributable to restructured loans | 26,701 | 27,133 | 20,163 |
Individually evaluated for impairment | 3,714 | 3,434 | |
Collectively evaluated for impairment | 3,519,691 | 2,147,917 | |
Total loans before allowance for loan losses | 3,523,405 | 2,151,351 | |
Residential | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of year | 9,488 | 7,900 | 5,568 |
Provision for loan losses | 765 | 1,442 | 2,369 |
Recoveries on loans | 531 | 599 | 353 |
Loans charged off | (826) | (453) | (390) |
Balance, end of year | 9,958 | 9,488 | 7,900 |
Allowance Balances: | |||
Individually evaluated for impairment | 0 | 9 | |
Collectively evaluated for impairment | 9,958 | 9,479 | |
Allowance for loan losses attributable to restructured loans | 9,958 | 9,488 | 7,900 |
Individually evaluated for impairment | 1,500 | 1,640 | |
Collectively evaluated for impairment | 1,402,474 | 773,059 | |
Total loans before allowance for loan losses | 1,403,974 | 774,699 | |
Consumer and other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of year | 1,823 | 1,600 | 1,135 |
Provision for loan losses | 1,581 | 1,993 | 648 |
Recoveries on loans | 2,592 | 2,744 | 3,324 |
Loans charged off | (4,530) | (4,514) | (3,507) |
Balance, end of year | 1,466 | 1,823 | 1,600 |
Allowance Balances: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,466 | 1,823 | |
Allowance for loan losses attributable to restructured loans | 1,466 | 1,823 | 1,600 |
Individually evaluated for impairment | 0 | 166 | |
Collectively evaluated for impairment | 190,304 | 165,854 | |
Total loans before allowance for loan losses | 190,304 | 166,020 | |
Unallocated | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of year | 0 | 0 | 1,258 |
Provision for loan losses | 0 | 0 | (1,258) |
Recoveries on loans | 0 | 0 | 0 |
Loans charged off | 0 | 0 | 0 |
Balance, end of year | 0 | 0 | 0 |
Allowance Balances: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Allowance for loan losses attributable to restructured loans | 0 | 0 | $ 0 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Total loans before allowance for loan losses | $ 0 | $ 0 |
Allowance for Loan Losses - S_3
Allowance for Loan Losses - Schedule of the impairment methodology (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loan Balances: | ||
Individually evaluated for impairment | $ 15,982 | $ 27,062 |
Collectively evaluated for impairment | 5,808,167 | 3,592,110 |
Total loans before allowance for loan losses | 5,824,149 | 3,619,172 |
Commercial and industrial loans | ||
Loan Balances: | ||
Individually evaluated for impairment | 10,768 | 21,822 |
Collectively evaluated for impairment | 695,698 | 505,280 |
Total loans before allowance for loan losses | 706,466 | 527,102 |
Commercial Real Estate | ||
Loan Balances: | ||
Individually evaluated for impairment | 3,714 | 3,434 |
Collectively evaluated for impairment | 3,519,691 | 2,147,917 |
Total loans before allowance for loan losses | 3,523,405 | 2,151,351 |
Residential | ||
Loan Balances: | ||
Individually evaluated for impairment | 1,500 | 1,640 |
Collectively evaluated for impairment | 1,402,474 | 773,059 |
Total loans before allowance for loan losses | 1,403,974 | 774,699 |
Consumer and other | ||
Loan Balances: | ||
Individually evaluated for impairment | 0 | 166 |
Collectively evaluated for impairment | 190,304 | 165,854 |
Total loans before allowance for loan losses | 190,304 | 166,020 |
Unallocated | ||
Loan Balances: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 0 | 0 |
Total loans before allowance for loan losses | $ 0 | $ 0 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | $ 224,099 | $ 193,509 | |
Less accumulated depreciation and amortization | (99,392) | (91,544) | |
Premises and equipment, net | 124,707 | 101,965 | |
Depreciation | 8,500 | 7,900 | $ 6,400 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | 34,356 | 26,902 | |
Bank premises | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | 87,501 | 74,311 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | 17,859 | 15,325 | |
Data processing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | 36,580 | 34,286 | |
Furniture and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and Equipment | $ 47,803 | $ 42,685 |
Other Assets - Summary of other
Other Assets - Summary of other assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Amortized intangible assets | $ 11,468 | $ 5,100 | |
Other real estate owned | 4,231 | 5,815 | $ 6,754 |
Cash value of bank-owned life insurance | 102,694 | 100,325 | |
Federal Home Loan Bank stock | 19,690 | 2,731 | |
Deferred income tax | 17,672 | 4,608 | |
Investment in statutory trusts | 1,704 | 1,704 | |
Other | 20,244 | 25,304 | |
Other assets | $ 177,703 | $ 145,587 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Amortization expense | $ 1,500 | $ 723 | $ 559 |
Non-compete agreements | |||
Business Acquisition [Line Items] | |||
Amortization period of intangible assets | 3 years | ||
Core deposit intangibles | |||
Business Acquisition [Line Items] | |||
Amortization period of intangible assets | 15 years | ||
Acquired customer relationships | |||
Business Acquisition [Line Items] | |||
Amortization period of intangible assets | 15 years |
Other Assets - Amortization of
Other Assets - Amortization of intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 16,231 | $ 8,406 |
Accumulated Amortization | 4,763 | 3,306 |
Net Intangible Assets | 11,468 | 5,100 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 14,726 | 6,901 |
Accumulated Amortization | 3,482 | 2,060 |
Net Intangible Assets | 11,244 | 4,841 |
Acquired customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 1,415 | 1,415 |
Accumulated Amortization | 1,191 | 1,156 |
Net Intangible Assets | 224 | 259 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 90 | 90 |
Accumulated Amortization | 90 | 90 |
Net Intangible Assets | $ 0 | $ 0 |
Other Assets - Future expected
Other Assets - Future expected amortization (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2022 | $ 1,573 |
2023 | 1,534 |
2024 | 1,489 |
2025 | 1,437 |
2026 | 1,379 |
After 2026 | 4,056 |
Future expected amortization of finite intangible assets | $ 11,468 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect adjustment | $ (280,972) | $ (601,116) | $ (289,932) | $ (172,203) |
Gains on lease sale transactions | 3,800 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease renewal periods | 1 year | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease renewal periods | 25 years | |||
Retained Earnings | ||||
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect adjustment | $ (273,204) | $ (356,685) | $ (314,357) | $ (247,241) |
Leases - Additional lease infor
Leases - Additional lease information (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted average remaining lease term (years) - operating leases | 10 years 5 months 1 day | 11 years 3 months 10 days |
Weighted average discount rate - operating leases | 4.85% | 5% |
Leases- Lease expense (Details)
Leases- Lease expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease expense | $ 6,371 | $ 4,747 |
Variable lease expense | 691 | 774 |
Short-term lease expense | 163 | 181 |
Sublease income | 0 | 0 |
Total lease expense | $ 7,225 | $ 5,702 |
Leases - Maturities of operatin
Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Year 1 | $ 5,277 | |
Year 2 | 5,354 | |
Year 3 | 5,317 | |
Year 4 | 4,980 | |
Year 5 | 4,861 | |
Thereafter | 23,211 | |
Total lease payments | 49,000 | |
Less: Imputed interest | (11,561) | |
Total lease obligation | $ 37,439 | $ 35,793 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of operating lease liabilities: | ||
Operating cash flow from operating leases | $ 5,283 | $ 4,610 |
ROU assets obtained in exchange for lease obligations: | ||
Operating leases | 5,866 | 711 |
Reduction to ROU assets resulting from reductions to lease obligations: | ||
Operating leases | $ 3,547 | $ 2,927 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Real Estate [Roll Forward] | |||
Beginning balance | $ 5,815 | $ 6,754 | |
Additions | 3,610 | 4,947 | |
Proceeds from sales | (4,419) | (5,861) | |
Write-downs | (563) | (209) | |
Net gain (loss) on sales | (212) | 184 | $ 400 |
Balance at end of period | $ 4,231 | $ 5,815 | $ 6,754 |
Deposits - Summary (Details)
Deposits - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest-bearing | $ 1,666,465 | $ 1,404,590 |
Interest bearing: | ||
Money market, NOW and savings accounts | 3,400,908 | 2,592,560 |
Certificates of deposit of $250,000 or more | 186,948 | 181,751 |
Other certificates of deposit | 570,583 | 443,215 |
Total interest bearing | 4,158,439 | 3,217,526 |
Total deposits | $ 5,824,904 | $ 4,622,116 |
Deposits - Certificate of depos
Deposits - Certificate of deposits maturity schedule (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Deposits [Abstract] | |
2023 | $ 484,806 |
2024 | 168,972 |
2025 | 65,356 |
2026 | 22,454 |
2027 | 15,439 |
After 2027 | 504 |
Total certificates of deposits | $ 757,531 |
Short-term Borrowings (Details)
Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balances Outstanding | ||
Maximum Month End | $ 20,003 | |
Average Daily | 1,136 | |
At Period End | 0 | |
Weighted Average Rate | ||
Federal Funds Purchased | $ 0 | |
Securities Sold under Agreements to Repurchase | 0 | |
Federal funds purchased | ||
Balances Outstanding | ||
Maximum Month End | 20,003 | |
Average Daily | 1,136 | |
At Period End | $ 0 | |
Weighted Average Rate | ||
During Period | 4.39% | |
At Period End | 0% | |
Unsecured federal funds line, available commitment | $ 243,000 | |
Securities sold under agreements to repurchase | ||
Balances Outstanding | ||
Maximum Month End | 0 | |
Average Daily | 0 | |
At Period End | $ 0 | |
Weighted Average Rate | ||
During Period | 0% | |
At Period End | 0% |
Advances from Federal Home Lo_3
Advances from Federal Home Loan Bank and Other Borrowings - Schedule of advances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from Federal Home Loan Banks | $ 318,084 | $ 20,501 |
Short Term Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from Federal Home Loan Banks | 318,000 | 0 |
Amortizing Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from Federal Home Loan Banks | $ 84 | $ 501 |
Minimum | Short Term Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Range of interest rates | 4.28% | |
Minimum | Amortizing Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Range of interest rates | 2.49% | 2.06% |
Maximum | Short Term Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Range of interest rates | 4.59% | |
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 | $ 0 | $ 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% | |
Federal Home Loan Bank, Advances, Callable Option | Maximum | Single Payment Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Range of interest rates | 1.53% |
Advances from Federal Home Lo_4
Advances from Federal Home Loan Bank and Other Borrowings - Narrative (Details) - USD ($) | 12 Months Ended | |||
Feb. 25, 2022 | Apr. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances [Line Items] | ||||
Number of shares issued (in shares) | 2,453,827 | |||
Secured Revolving Credit Facility | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Secured revolving line of credit facility | $ 20,000,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Line of Credit Facility, Commitment Fee Amount | $ 24,000 | |||
Line of Credit, Current | 0 | |||
Secured Revolving Credit Facility | Asset Pledged as Collateral | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Number of shares issued (in shares) | 9,000 | |||
Secured Revolving Credit Facility | Wall Street Journal Prime | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Floor of floating interest rate | 3.25% | |||
Federal Home Loan Bank of Dallas | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Additional short and long-term borrowing capacity | 1,880,000,000 | $ 1,480,000,000 | ||
Federal Reserve Bank, Saint Louis | ||||
Federal Home Loan Bank, Advances [Line Items] | ||||
Additional short and long-term borrowing capacity | 573,600,000 | 189,500,000 | ||
Loan collateral pledged | $ 673,900,000 | $ 231,700,000 |
Advances from Federal Home Lo_5
Advances from Federal Home Loan Bank and Other Borrowings - FHLB maturity schedule (Details) - FHLB Advances and Other Debt - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances [Line Items] | ||
2023 | $ 318,025 | |
2024 | 13 | $ 417 |
2025 | 13 | 25 |
2026 | 14 | 13 |
2027 | 14 | 13 |
Thereafter | 5 | |
FHLB and other debt | 318,084 | 20,501 |
Prior Year Fiscal Maturity Schedule [Abstract] | ||
2023 | 13 | 417 |
2024 | 13 | 25 |
2025 | 14 | 13 |
2026 | 14 | 13 |
2027 | 14 | |
Thereafter | 20,019 | |
FHLB and other debt | $ 318,084 | $ 20,501 |
Subordinated Debentures and T_3
Subordinated Debentures and Trust Preferred Securities - Narrative (Details) - USD ($) | Jun. 04, 2025 | Mar. 01, 2022 | Jun. 04, 2020 | Dec. 31, 2022 | Dec. 31, 2021 |
Subordinated Debt | The Notes | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issued and sold | $ 60,000,000 | ||||
Issuance costs | $ 1,400,000 | ||||
Unamortized debt issuance cost | $ 1,100,000 | $ 1,200,000 | |||
Period to defer payment of interest (not exceeding) | 5 years | ||||
Remaining purchase discount | 3,700,000 | $ 4,000,000 | |||
Subordinated Debt | The Notes | Forecast | |||||
Debt Instrument [Line Items] | |||||
Multiples allowed to be redeemed | $ 1,000 | ||||
Redemption price (as a percent) | 100% | ||||
Subordinated Debt | The Notes | From and including June 4, 2020, to but excluding June 15, 2025 or early redemption date | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 6% | ||||
Subordinated Debt | The Notes | From and including June 15, 2025, to but excluding the maturity date or early redemption date | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 5.86% | ||||
Junior Subordinated Debt | Five Point Five Zero Percent Fixed to Floating Rate Subordinated Notes Due 2030 | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 5.50% | ||||
Junior Subordinated Debt | Five Point Five Zero Percent Fixed to Floating Rate Subordinated Notes Due 2030 | SCC Merger | |||||
Debt Instrument [Line Items] | |||||
Subordinated note assumed in merger | $ 21,000,000 | ||||
Junior Subordinated Debt | Five Point Five Zero Percent Fixed to Floating Rate Subordinated Notes Due 2030 | FTC Merger Agreement | |||||
Debt Instrument [Line Items] | |||||
Remaining purchase premium | $ 583,000 | ||||
Junior Subordinated Debt | Five Point Five Zero Percent Fixed to Floating Rate Subordinated Notes Due 2030 | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 5.27% |
Subordinated Debentures and T_4
Subordinated Debentures and Trust Preferred Securities - Summary of debentures payable to statutory trusts (Details) - Subordinated Debt - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debentures payable | $ 56,703 | $ 56,703 |
First Bancshares of Baton Rouge Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 4,124 | $ 4,124 |
First Bancshares of Baton Rouge Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | 2.50% |
State Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 5,155 | $ 5,155 |
State Capital Statutory Trust IV | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.99% | 1.99% |
BancPlus Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 20,619 | $ 20,619 |
BancPlus Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | 1.50% |
BancPlus Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 20,619 | $ 20,619 |
BancPlus Statutory Trust III | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% | 1.35% |
State Capital Master Trust | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 6,186 | $ 6,186 |
State Capital Master Trust | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.46% | 1.46% |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 22, 2022 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0 | |
Dividends paid, initial two years | 0% | |
Period of no dividends paid (in years) | 2 years | |
Review lookback period after year 10, beginning of period | 2 years | |
Review lookback period after year 10, end of period | 10 years | |
Minimum | ||
Class of Stock [Line Items] | ||
Dividend rate after initial two years | 0.50% | |
Maximum | ||
Class of Stock [Line Items] | ||
Dividend rate after initial two years | 2% | |
Noncumulative Preferred Stock | Private Placement | ||
Class of Stock [Line Items] | ||
Shares issued in sale (in shares) | 250,000 | |
Aggregate purchase price of shares | $ 250 |
Other Operating Income and Ot_3
Other Operating Income and Other Operating Expenses - Components of other operating income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Other operating income | $ 23,585 | $ 30,102 | $ 26,429 |
Income from fiduciary activities | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 7,607 | 7,569 | 6,280 |
ATM income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 6,127 | 6,377 | 5,389 |
Brokerage and insurance fees and commissions | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 2,690 | 2,399 | 1,986 |
Other real estate income and gains | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 150 | 399 | 761 |
Life insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 2,563 | 6,601 | 2,386 |
Community Development Financial Institutions grants | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | 443 | 2,241 | 823 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Other operating income | $ 4,005 | $ 4,516 | $ 8,804 |
Other Operating Income and Ot_4
Other Operating Income and Other Operating Expenses - Components of other operating expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Advertising and marketing | $ 6,171 | $ 3,868 | $ 3,968 |
Other real estate expenses and losses | 1,262 | 842 | 889 |
FDIC and State insurance assessments | 4,012 | 3,029 | 2,085 |
Professional fees | 8,147 | 3,907 | 6,272 |
Security expense | 785 | 857 | 831 |
Supplies | 1,262 | 992 | 1,023 |
Other | 18,614 | 14,586 | 12,263 |
Other expenses | $ 40,253 | $ 28,081 | $ 27,331 |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) hour $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | Dec. 31, 2019 shares | Dec. 31, 2012 shares | Dec. 31, 2011 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Required age to participate in ESOP | 21 years | |||||
Required annual hours for participation in ESOP | hour | 1,000 | |||||
Employers matching contribution, annual vesting percentage (in percentage) | 3% | |||||
Employer matching contribution, percent of match (in percentage) | 50% | |||||
Employer matching contribution, percent of employees' gross pay (in percentage) | 2% | |||||
Employer contribution expense | $ 3,800 | $ 3,500 | $ 3,200 | |||
Total ESOP shares | shares | 1,452,950 | 1,500,732 | ||||
Stock repurchased during period (in shares) | shares | 27,594 | 77,000 | 176,786 | |||
Redeemable common stock owned by ESOP | $ 96,984 | $ 100,487 | ||||
Employee Stock Ownership Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Redeemable common stock owned by ESOP | $ 97,000 | $ 100,500 | ||||
Temporary equity (in USD per share) | $ / shares | $ 66.75 | $ 68.25 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of ESOP (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Postemployment Benefits [Abstract] | ||
Allocated shares (in shares) | 1,452,950 | 1,472,334 |
Unearned shares (in shares) | 0 | 28,398 |
Total ESOP (in shares) | 1,452,950 | 1,500,732 |
Fair value of unearned shares (in USD) | $ 0 | $ 1,938 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 13,351 | $ 11,249 | $ 7,365 |
State | 2,674 | 1,971 | 1,896 |
Current components of income tax expense (benefit) | 16,025 | 13,220 | 9,261 |
Deferred: | |||
Federal | 442 | 131 | 45 |
State | 147 | 67 | (96) |
Deferred components of income tax expense (benefit) | 589 | 198 | (51) |
Income tax expense | $ 16,614 | $ 13,418 | $ 9,210 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of actual and expected tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Amount computed on earnings before income taxes | $ 16,251 | $ 14,656 | $ 10,150 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income from tax-exempt investments, net of disallowed interest deduction | (328) | (392) | (486) |
Bargain purchase gain | 0 | 0 | 1,422 |
State income taxes, net of Federal tax benefit | 2,228 | 1,610 | (226) |
Life insurance income | (485) | (1,341) | (445) |
Qualified School Construction Bond credits | (854) | (854) | (854) |
New markets tax credit | (460) | (460) | 0 |
Low Income Housing Tax credits | 0 | (161) | (221) |
Non-deductible expense | 536 | 355 | 384 |
Sale of foreclosed right-of-use asset | 0 | 0 | (809) |
Other, net | (274) | 5 | 295 |
Income tax expense | $ 16,614 | $ 13,418 | $ 9,210 |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for loan losses | $ 10,910 | $ 11,410 |
Other real estate | 1,130 | 1,182 |
Investment securities | 252 | 183 |
Restricted stock | 663 | 351 |
Unrealized loss on securities available for sale | 14,282 | 11 |
Loan yield and credit mark on loans | 2,125 | 1,120 |
Deposit yield mark | 573 | 569 |
Accrued expenses | 1,205 | 576 |
Other | 149 | 78 |
Total deferred tax assets | 31,289 | 15,480 |
Deferred tax liabilities: | ||
Depreciation of premises and equipment | (6,493) | (7,022) |
Federal Home Loan Bank stock dividends | (144) | (87) |
Deferred loan fees | (1,434) | 0 |
Partnership income | (463) | (678) |
Prepaid expenses | (1,570) | (1,014) |
Amortization of intangibles | (2,714) | (1,066) |
Subordinated debt yield mark | (799) | (1,005) |
Total deferred tax liabilities | (13,617) | (10,872) |
Net deferred tax assets | 17,672 | 4,608 |
Deferred income tax | 17,672 | 4,608 |
Other Assets | ||
Deferred tax liabilities: | ||
Deferred income tax | $ 17,700 | $ 4,600 |
Commitments and Contingencies -
Commitments and Contingencies - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit | ||
Other Commitments [Line Items] | ||
Conditional commitments issued by the Bank | $ 1,436,030 | $ 1,185,760 |
Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Conditional commitments issued by the Bank | $ 15,237 | $ 15,128 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Forward Contracts | ||
Other Commitments [Line Items] | ||
Locked forward sales agreements | $ 6,800 | $ 35,500 |
Forward Contracts | ||
Other Commitments [Line Items] | ||
Derivatives with a positive fair value | 28 | 129 |
Derivatives with a negative fair value | 10 | 85 |
Loan Origination Commitments | ||
Other Commitments [Line Items] | ||
Conditional commitments issued by the Bank | $ 3,500 | $ 25,300 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 USD ($) | Jun. 30, 2020 USD ($) |
Regulatory Matters [Abstract] | |||
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0250 | 0.0250 | |
Tier one additional capital, trust preferred securities | $ 51 | ||
Tier 2 capital, subordinated debentures | $ 58.8 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of capital requirements (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Minimum Requirement to be Well Capitalized | ||
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0250 | 0.0250 |
Company: | ||
Actual | ||
CET1 Capital to Risk-Weighted Assets | $ 382,736 | |
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0940 | |
Tier 1 Capital to Risk-Weighted Assets | $ 433,754 | |
Tier 1 Capital to Risk-Weighted Assets, Ration (as a percentage) | 0.1065 | |
Total Capital to Risk-Weighted Assets | $ 537,541 | |
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.1320 | |
Tier 1 Capital to Average Assets | $ 721,001 | $ 433,754 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.1054 | 0.0846 |
Minimum Requirement to be Well Capitalized | ||
CET1 Capital to Risk-Weighted Assets | $ 285,078 | |
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0700 | |
Tier 1 Capital to Risk-Weighted Assets | $ 346,166 | |
Tier 1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0850 | |
Total Capital to Risk-Weighted Assets | $ 427,617 | |
Total Risk-Based Assets, Ratio (as a percentage) | 0.1050 | |
Tier 1 Capital to Average Assets | $ 615,566 | $ 205,072 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0900 | 0.0400 |
Bank: | ||
Actual | ||
CET1 Capital to Risk-Weighted Assets | $ 428,602 | |
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.1055 | |
Tier One Risk Based Capital, Required For Capital Adequacy, With Buffer To Risk Weighted Assets | 0.0850 | |
Tier One Risk Based Capital Required For Capital Adequacy With Buffer | $ 345,475 | |
Tier 1 Capital to Risk-Weighted Assets | $ 428,602 | |
Tier 1 Capital to Risk-Weighted Assets, Ration (as a percentage) | 0.1055 | |
Total Capital to Risk-Weighted Assets | $ 473,602 | |
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.1165 | |
Tier 1 Capital to Average Assets | $ 636,007 | $ 428,602 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0931 | 0.0837 |
Minimum Requirement to be Well Capitalized | ||
CET1 Capital to Risk-Weighted Assets | $ 284,509 | |
CETI Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0700 | |
Total Capital to Risk-Weighted Assets | $ 426,763 | |
Total Risk-Based Assets, Ratio (as a percentage) | 0.1050 | |
Tier 1 Capital to Average Assets | $ 614,973 | $ 204,714 |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0900 | 0.0400 |
Required to be Well Capitalized | ||
CET1 Capital to Risk-Weighted Assets | $ 264,187 | |
CET1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0650 | |
Tier 1 Capital to Risk-Weighted Assets | $ 325,153 | |
Tier 1 Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.0800 | |
Total Capital to Risk-Weighted Assets | $ 406,441 | |
Total Capital to Risk-Weighted Assets, Ratio (as a percentage) | 0.1000 | |
Tier 1 Capital to Average Assets | $ 255,893 | |
Tier 1 Capital to Average Assets, Ratio (as a percentage) | 0.0500 |
Fair Value - Schedule of assets
Fair Value - Schedule of assets and liabilities measured on recurring basis (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 623,920 | $ 576,614 |
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 | 623,920 | 576,614 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
U.S. Treasuries | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 34,579 | |
U.S. Treasuries | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | |
U.S. Treasuries | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 34,579 | |
U.S. Treasuries | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | |
U.S. Government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 378,736 | 350,250 |
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 | 378,736 | 350,250 |
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 | 94,132 | 109,787 |
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 | 94,132 | 109,787 |
Residential mortgage-backed securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
Commercial mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 12,070 | 14,276 |
Commercial mortgage-backed securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
Commercial mortgage-backed securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 12,070 | 14,276 |
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 | 10,220 | 13,107 |
Asset backed securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
Asset backed securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 10,220 | 13,107 |
Asset backed securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
Corporate investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 46,033 | 44,510 |
Corporate investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
Corporate investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 46,033 | 44,510 |
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 | 48,150 | 44,684 |
States and political subdivisions | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 0 | 0 |
States and political subdivisions | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 48,150 | 44,684 |
States and political subdivisions | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value - Schedule of asse_2
Fair Value - Schedule of assets measured at fair value on a non-recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance for loan losses: | $ 26,071 | $ 33,570 |
Other real estate: | 4,231 | 5,815 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance for loan losses: | 26,071 | 33,570 |
Other real estate: | 4,231 | 5,815 |
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: | 26,071 | 33,570 |
Other real estate: | $ 4,231 | $ 5,815 |
Fair Value - Qualitative inform
Fair Value - Qualitative information about Level 3 fair value measurement (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, net of specific allowance | $ 26,071 | $ 33,570 |
Other real estate | $ 4,231 | $ 5,815 |
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% | 5% |
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% | 10% |
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% | 6% |
Other real estate, observable inputs, selling cost range (as a percentage) | 0.06 | 0.06 |
Fair Value - Summary of estimat
Fair Value - Summary of estimated fair values of the Company’s financial instruments not previously disclosed (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Amortized Cost | $ 62,274 | $ 71,648 |
Federal Home Loan Bank stock | 19,690 | 2,731 |
Accrued interest receivable | 23,156 | 14,329 |
Carrying Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 137,895 | 664,165 |
Carrying Value | Level 2 | ||
Financial assets: | ||
Amortized Cost | 62,274 | 71,648 |
Federal Home Loan Bank stock | 19,690 | 2,731 |
Accrued interest receivable | 23,156 | 14,329 |
Financial liabilities: | ||
Deposits | 5,824,904 | 4,622,116 |
FHLB and other borrowings | 318,084 | 20,501 |
Subordinated debentures | 133,478 | 111,509 |
Accrued interest payable | 2,334 | 1,425 |
Carrying Value | Level 3 | ||
Financial assets: | ||
Loans held for sale | 5,373 | 10,621 |
Loans, net | 5,781,274 | 3,574,172 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 137,895 | 664,165 |
Fair Value | Level 2 | ||
Financial assets: | ||
Amortized Cost | 62,068 | 72,084 |
Federal Home Loan Bank stock | 19,690 | 2,731 |
Accrued interest receivable | 23,156 | 14,329 |
Financial liabilities: | ||
Deposits | 5,289,138 | 4,493,957 |
FHLB and other borrowings | 318,079 | 21,024 |
Subordinated debentures | 138,780 | 111,509 |
Accrued interest payable | 2,334 | 1,425 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans held for sale | 5,373 | 10,621 |
Loans, net | $ 5,601,070 | $ 3,548,595 |
Related Party Transactions - Su
Related Party Transactions - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Beginning balance | $ 16,214 | $ 16,651 | $ 15,906 |
Advances | 7,738 | 6,025 | |
Payments | (8,175) | (5,280) | |
Ending balance | $ 16,214 | $ 16,651 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Director | Insurance Services | |||
Related Party Transaction [Line Items] | |||
Insurance services | $ 2 | $ 1.6 | $ 1.4 |
Management | |||
Related Party Transaction [Line Items] | |||
Conditional commitments issued by the Bank | $ 2.4 | $ 1.6 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock granted for RSA's (in shares) | 99,457 | 90,927 | 39,155 |
Stock based compensation expense | $ 4,300 | $ 2,300 | $ 1,500 |
Unrecognized compensation cost related to nonvested RSAs | $ 7,900 | ||
Unrecognized compensation cost related to nonvested RSAs, period for recognition | 2 years 10 months 24 days | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 10 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) | 750,000 | ||
Shares available for grant (in shares) | 445,888 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of restricted stock activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | |||
Outstanding at the beginning of period (in shares) | 144,572 | 91,109 | 69,097 |
Granted (in shares) | 99,457 | 90,927 | 39,155 |
Vested (in shares) | (57,226) | (33,545) | (17,143) |
Forfeited (in shares) | (2,519) | (3,919) | 0 |
Outstanding at the end of period (in shares) | 184,284 | 144,572 | 91,109 |
Weighted Average Grant Date Fair Value | |||
Outstanding, weighted average grant date fair value, beginning balance (in USD per share) | $ 51.56 | $ 50.60 | $ 53.67 |
Granted (in USD per share) | 68.10 | 52.49 | 45.36 |
Vested (in USD per share) | 53.86 | 52.03 | 51.03 |
Forfeited (in USD per share) | 60.81 | 46.87 | 0 |
Outstanding, weighted average grant date fair value, ending balance (in USD per share) | $ 58.36 | $ 51.56 | $ 50.60 |
Summarized Financial Informat_3
Summarized Financial Information of BancPlus Corporation - Balance sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||||
Investment in statutory trusts | $ 1,704 | $ 1,704 | ||
Other assets | 177,703 | 145,587 | ||
Assets | 7,034,821 | 5,196,278 | ||
Liabilities and Equity [Abstract] | ||||
Subordinated debentures | 133,478 | 111,509 | ||
Accrued interest payable | 2,334 | 1,425 | ||
Other liabilities | 20,482 | 14,515 | ||
Total liabilities | 6,336,721 | 4,805,859 | ||
Redeemable common stock owned by ESOP | 0 | (1,401) | ||
Shareholders' equity, net of ESOP owned shares | 601,116 | 289,932 | $ 280,972 | $ 172,203 |
Liabilities and Equity | 7,034,821 | 5,196,278 | ||
Parent | ||||
Assets: | ||||
Cash | 157,092 | 52,960 | ||
Investment in banking subsidiary | 664,368 | 436,285 | ||
Due from Oakhurst Development, Inc. | 30,189 | 31,173 | ||
Equity in undistributed loss of Oakhurst Development, Inc. | (22,609) | (22,379) | ||
Investment in statutory trusts | 1,703 | 1,703 | ||
Other assets | 1,828 | 3,304 | ||
Assets | 832,571 | 503,046 | ||
Liabilities and Equity [Abstract] | ||||
Subordinated debentures | 133,478 | 111,509 | ||
Accrued interest payable | 312 | 194 | ||
Deferred income tax (benefit) expense | 681 | 924 | ||
Total liabilities | 134,471 | 112,627 | ||
Redeemable common stock owned by ESOP | 96,984 | 100,487 | ||
Shareholders' equity, net of ESOP owned shares | 601,116 | 289,932 | ||
Liabilities and Equity | $ 832,571 | $ 503,046 |
Summarized Financial Informat_4
Summarized Financial Information of BancPlus Corporation - Statement of income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses: | |||
Interest expense | $ 26,621 | $ 13,063 | $ 18,516 |
Income tax expense | (16,614) | (13,418) | (9,210) |
Net income | 60,775 | 56,452 | 39,183 |
Parent | |||
Income: | |||
Dividends from banking subsidiary | 25,200 | 21,600 | 22,050 |
Other income | 75 | 2,571 | 36 |
Total income | 70,978 | 62,804 | 45,973 |
Expenses: | |||
Interest expense | 4,848 | 4,101 | 2,741 |
Other expenses | 8,120 | 3,889 | 5,583 |
Total expenses | 12,968 | 7,990 | 8,324 |
Income before income taxes | 58,010 | 54,814 | 37,649 |
Income tax expense | 2,765 | 1,638 | 1,534 |
Net income | 60,775 | 56,452 | 39,183 |
Banking Subsidiary | Parent | |||
Income: | |||
Equity in undistributed earnings of subsidiary | 45,933 | 38,466 | 20,181 |
Oakhurst Development, Inc. | Parent | |||
Income: | |||
Equity in undistributed earnings of subsidiary | $ (230) | $ 167 | $ 3,706 |
Summarized Financial Informat_5
Summarized Financial Information of BancPlus Corporation - Statements of comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income | $ 60,775 | $ 56,452 | $ 39,183 |
Other comprehensive income (loss), net of tax: | |||
Tax effect | 14,271 | 2,290 | (2,185) |
Total other comprehensive income (loss), net of tax | (43,041) | (6,908) | 6,593 |
Comprehensive income | 17,734 | 49,544 | 45,776 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 60,775 | 56,452 | 39,183 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on securities available for sale | (57,312) | (9,198) | 8,778 |
Tax effect | 14,271 | 2,290 | (2,185) |
Total other comprehensive income (loss), net of tax | (43,041) | (6,908) | 6,593 |
Comprehensive income | $ 17,734 | $ 49,544 | $ 45,776 |
Summarized Financial Informat_6
Summarized Financial Information of BancPlus Corporation - Statements of cash flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net income | $ 60,775 | $ 56,452 | $ 39,183 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Common stock released by ESOP | 1,401 | 1,249 | 1,826 | |
Stock based compensation expense | 4,307 | 2,337 | 1,474 | |
Net cash from operating activities | 89,809 | 94,112 | 41,436 | |
Cash flows from investing activities: | ||||
Investment in banking subsidiary | (30) | (82) | (2,371) | |
Net cash used in investing activities | (1,131,464) | (505,567) | (276,877) | |
Cash flows from financing activities: | ||||
Proceeds from other borrowings | 20,000 | 0 | 0 | |
Payments on other borrowings | (20,000) | (13,125) | (3,500) | |
Issuance of common stock | 13 | 0 | 0 | |
Issuance of preferred stock | 250,000 | 0 | 0 | |
Proceeds from issuance of subordinated debt | 0 | 0 | 60,000 | |
Payment of debt issuance costs | (25) | 0 | 0 | |
Purchase of Company stock | (3,103) | (2,433) | (3,268) | |
Shares withheld to pay taxes on restricted stock vesting | (713) | (229) | (10) | |
Cash dividends paid on common stock | (18,447) | (15,299) | (13,220) | |
Net cash from financing activities | 515,385 | 438,075 | 560,014 | |
Net change in cash and cash equivalents | (526,270) | 26,620 | 324,573 | |
Cash and cash equivalents at beginning of year | 664,165 | 637,545 | 312,972 | |
Cash and cash equivalents at end of year | 137,895 | 664,165 | 637,545 | |
FTC Merger Agreement | ||||
Cash flows from investing activities: | ||||
Payments to acquire businesses | $ (63,239) | |||
Parent | ||||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net income | 60,775 | 56,452 | 39,183 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Common stock released by ESOP | 1,401 | 1,249 | 1,826 | |
Stock based compensation expense | 4,307 | 2,337 | 1,474 | |
Other, net | (2,231) | 506 | (2,453) | |
Net cash from operating activities | 18,549 | 21,911 | 16,143 | |
Cash flows from investing activities: | ||||
Investment in banking subsidiary | (80,000) | 0 | 0 | |
Investment in Oakhurst Development, Inc. | 788 | 315 | 201 | |
Net cash used in investing activities | (142,167) | 315 | (6,914) | |
Cash flows from financing activities: | ||||
Proceeds from other borrowings | 20,000 | 0 | 0 | |
Payments on other borrowings | (20,000) | (13,125) | (3,500) | |
Issuance of common stock | 13 | 0 | 0 | |
Issuance of preferred stock | 250,000 | 0 | 0 | |
Proceeds from issuance of subordinated debt | 0 | 0 | 60,000 | |
Payment of debt issuance costs | 0 | 0 | (1,439) | |
Purchase of Company stock | (3,103) | (2,433) | (3,268) | |
Shares withheld to pay taxes on restricted stock vesting | (713) | (229) | (10) | |
Cash dividends paid on common stock | (18,447) | (15,299) | (13,220) | |
Net cash from financing activities | 227,750 | (31,086) | 38,563 | |
Net change in cash and cash equivalents | 104,132 | (8,860) | 47,792 | |
Cash and cash equivalents at beginning of year | 52,960 | 61,820 | 14,028 | |
Cash and cash equivalents at end of year | 157,092 | 52,960 | 61,820 | |
Parent | SCC | ||||
Cash flows from investing activities: | ||||
Payments to acquire businesses | 0 | 0 | (7,115) | |
Parent | FTC Merger Agreement | ||||
Cash flows from investing activities: | ||||
Payments to acquire businesses | (62,955) | 0 | 0 | |
Oakhurst Development, Inc. | Parent | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||
Equity in undistributed income | 230 | (167) | (3,706) | |
Banking Subsidiary | Parent | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||
Equity in undistributed income | $ (45,933) | $ (38,466) | $ (20,181) |