10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	March 31, 2026
	OR


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

Commission file number 333-236022

BANCPLUS CORPORATION

(Exact name of registrant as specified in its charter)



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

1068 Highland Colony Parkway

Ridgeland, Mississippi 39157

(601) 898-8300

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

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


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

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

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

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


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

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

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

Shares of the registrant’s Common Stock, par value $1.00 per share, issued and outstanding as of April 30, 2026: 11,732,898

BANCPLUS CORPORATION

FORM 10-Q

For the Quarter Ended March 31, 2026

INDEX


	Page Number

PART I – FINANCIAL INFORMATION	2

Item 1. Financial Statements (Unaudited):	2

Consolidated Balance Sheets at March 31, 2026 (unaudited) and December 31, 2025	2
Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited)	3
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)	4
Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)	5
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	6

Condensed Notes to the Consolidated Financial Statements (unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

Cautionary Statement Regarding Forward-Looking Statements	28

Item 3. Quantitative and Qualitative Disclosures about Market Risk	48

Item 4. Controls and Procedures	49

PART II – OTHER INFORMATION	50

Item 1. Legal Proceedings	50

Item 1A. Risk Factors	50

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	50

Item 3. Defaults Upon Senior Securities	50

Item 4. Mine Safety Disclosures	50

Item 5. Other Information	50

Item 6. Exhibits	51

SIGNATURE PAGE	52

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BancPlus Corporation and Subsidiaries

Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Data)


	March 31, 2026			December 31, 2025
	(unaudited)
Assets:
Cash and due from banks	$	80,239		$	82,358
Interest-bearing deposits with banks		363,031			265,891
Total cash and cash equivalents		443,270			348,249
Securities available for sale, net of allowance for credit losses of zero at March 31, 2026 and December 31, 2025		1,131,849			1,034,788
Securities held to maturity - fair value $21,478 - 2026; $23,217 - 2025		22,577			23,257
Loans held for sale		12,874			10,449

Loans		6,304,125			6,291,533
Less: Allowance for credit losses		71,422			71,066
Net loans		6,232,703			6,220,467

Premises and equipment, net		145,971			143,768
Operating lease right-of-use assets		29,829			30,558
Accrued interest receivable		36,466			36,287
Goodwill		62,772			62,772
Other assets		165,206			167,853
Total assets	$	8,283,517		$	8,078,448

Liabilities:
Deposits	$	7,214,250		$	6,990,219
Advances from Federal Home Loan Bank and other borrowings		67,497			98,499
Subordinated debentures		53,744			53,689
Operating lease liabilities		32,017			32,523
Accrued interest payable		15,996			14,233
Other liabilities		32,703			37,267
Total liabilities		7,416,207			7,226,430

Redeemable common stock owned by the ESOP		105,317			105,317
Shareholders' equity:
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, no par value 250,000 authorized, issued and outstanding at March 31, 2026 and December 31, 2025; aggregate liquidation preference of $250,000		250,000			250,000
Common Stock, par value $1.00 per share 100,000,000 authorized; 11,679,489 and 11,678,902 issued and outstanding at March 31, 2026 and December 31, 2025, respectively		11,679			11,679
Additional paid-in capital		127,955			126,581
Retained earnings		485,641			465,604
Accumulated other comprehensive loss, net		(7,965	)		(1,846	)
		867,310			852,018
Less: Redeemable common stock owned by the ESOP		(105,317	)		(105,317	)
Total shareholders' equity		761,993			746,701
Total liabilities and shareholders' equity	$	8,283,517		$	8,078,448

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

BancPlus Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

(In Thousands, Except Per Share Data)


	Three Months Ended March 31,
	2026		2025
Interest income:
Interest and fees on loans	$	95,817	$	92,567
Taxable securities		10,866		7,877
Tax-exempt securities		305		314
Interest-bearing bank balances and other		3,112		3,828
Total interest income		110,100		104,586

Interest expense:
Deposits		36,607		38,270
Advances from Federal Home Loan Bank		589		2,003
Other borrowings		1,435		2,112
Total interest expense		38,631		42,385

Net interest income		71,469		62,201
Provision for credit losses		1,197		484
Net interest income after provision for credit losses		70,272		61,717

Noninterest income:
Service charges on deposit accounts		6,242		5,854
Mortgage origination income		1,294		404
Debit card interchange		2,242		2,325
Other income		11,665		13,846
Total noninterest income		21,443		22,429

Noninterest expense:
Salaries and employee benefits expenses		33,355		31,730
Net occupancy expenses		4,875		4,716
Furniture, equipment and data processing expenses		7,794		7,514
Other expenses		11,115		10,705
Total noninterest expense		57,139		54,665

Income before income taxes		34,576		29,481
Income tax expense		7,567		6,262
Net income	$	27,009	$	23,219
Preferred stock dividends		781		1,250
Net income available to common shareholders	$	26,228	$	21,969

Earnings per common share - basic	$	2.29	$	1.91
Earnings per common share - diluted	$	2.27	$	1.90

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

BancPlus Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

(In Thousands)


	Three Months Ended March 31,
	2026			2025

Net income	$	27,009		$	23,219
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available for sale		(8,000	)		10,391
Reclassification adjustment for net derivative gains included in net income		(111	)		—
Tax effect		1,992			(2,588	)
Total other comprehensive income (loss), net of tax		(6,119	)		7,803
Comprehensive income	$	20,890		$	31,022

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

BancPlus Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

(In Thousands, Except Share and Per Share Data)


																	Less:
														Accumulated			Redeemable
									Additional					Other			Common Stock			Total
	Preferred Stock				Common Stock				Paid-In		Retained			Comprehensive			Owned by the			Shareholders'
	Shares		Amount		Shares		Amount		Capital		Earnings			Income (Loss)			ESOP			Equity

January 1, 2025		250,000	$	250,000		11,694,256	$	11,694	$	127,215	$	411,186		$	(25,676	)	$	(95,253	)	$	679,166

Net income		—		—		—		—		—		23,219			—			—			23,219
Other comprehensive income, net		—		—		—		—		—		—			7,803			—			7,803
Stock based compensation		—		—		—		—		1,349		—			—			—			1,349
Preferred stock dividends		—		—		—		—		—		(1,250	)		—			—			(1,250	)
Common stock dividends ($0.50 per share)		—		—		—		—		—		(5,847	)		—			—			(5,847	)
March 31, 2025		250,000	$	250,000		11,694,256	$	11,694	$	128,564	$	427,308		$	(17,873	)	$	(95,253	)	$	704,440

January 1, 2026		250,000	$	250,000		11,678,902	$	11,679	$	126,581	$	465,604		$	(1,846	)	$	(105,317	)	$	746,701
Net income		—		—		—		—		—		27,009			—			—			27,009
Other comprehensive loss, net		—		—		—		—		—		—			(6,119	)		—			(6,119	)
Issuance of restricted stock, net of forfeitures		—		—		187		—		—		—			—			—			—
Issuance of Company Stock		—		—		400		—		28		—			—			—			28
Stock based compensation		—		—		—		—		1,346		—			—			—			1,346
Preferred stock dividends		—		—		—		—		—		(781	)		—			—			(781	)
Common stock dividends ($0.53 per share)		—		—		—		—		—		(6,191	)		—			—			(6,191	)
March 31, 2026		250,000	$	250,000		11,679,489	$	11,679	$	127,955	$	485,641		$	(7,965	)	$	(105,317	)	$	761,993

BancPlus Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

(In Thousands)


	Three Months Ended March 31,
	2026			2025
Cash flows from operating activities:
Net income per condensed consolidated statements of income	$	27,009		$	23,219
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses		1,197			484
Depreciation and amortization		2,390			2,457
Net accretion of securities		(1,005	)		(1,345	)
Net (gain) loss on sales of premises and equipment		(195	)		35
Gain on sale assets held for sale		(131	)		—
Net loss (gain) on sales of other real estate owned		29			(3	)
Gain on loans held for sale		(1,294	)		(404	)
Write-downs of other real estate owned		70			1,030
Deferred income tax expense (benefit)		(519	)		138
Federal Home Loan Bank stock dividends		(99	)		(222	)
Stock based compensation expense		1,346			1,349
Origination of loans held for sale		(50,730	)		(46,273	)
Proceeds from loans held for sale		45,562			43,192
Earnings on bank-owned life insurance		(1,279	)		(986	)
Amortization of equity method investments		2,309			816
Repayment of operating lease liabilities		(1,023	)		—
Gain on sale of branches		(3,582	)		(5,418	)
Net change in:
Accrued interest receivable and other assets		1,764			(2,075	)
Accrued interest payable and other liabilities		(2,734	)		(3,577	)
Net cash provided by operating activities		19,085			12,417

Cash flows from investing activities:
Purchases of securities available for sale		(128,132	)		(204,249	)
Maturities and calls of securities available for sale		24,086			263,978
Maturities, prepayments and calls of securities held to maturity		670			—
Net (increase) decrease in loans		(21,026	)		37,631
Purchases of premises and equipment		(5,067	)		(5,229	)
Proceeds from sales of premises and equipment		103			—
Proceeds from sales of other real estate owned		1,314			323
Proceeds from sales of assets held for sale		600			—
Investment in unconsolidated entities		(1,112	)		(201	)
Proceeds from bank-owned life insurance		—			333
Redemptions of Federal Home Loan Bank stock		2,028			—
Cash paid in sale of branches		(31,049	)		(88,567	)
Net cash (used in) provided by investing activities		(157,585	)		4,019

BancPlus Corporation and Subsidiaries

Consolidated Statements of Cash Flows (continued)

(Unaudited)

(In Thousands)


	Three Months Ended March 31,
	2026			2025
Cash flows from financing activities:
Net increase (decrease) in:
Noninterest-bearing deposits	$	48,567		$	105,631
Money market, negotiable order of withdrawal, and savings deposits		264,325			136,744
Certificates of deposit		(41,423	)		(63,225	)
Proceeds from Federal Home Loan Bank advances		—			984
Payments on Federal Home Loan Bank advances		(30,004	)		(988	)
Payments on other borrowings		(1,000	)		—
Issuance of common stock		28			—
Cash dividends paid on common stock		(6,191	)		(5,847	)
Cash dividends paid on preferred stock		(781	)		(1,250	)
Net cash provided by financing activities		233,521			172,049

Net change in cash and cash equivalents		95,021			188,485

Cash and cash equivalents at beginning of period		348,249			409,639

Cash and cash equivalents at end of period	$	443,270		$	598,124

Supplemental cash flow information:
Interest paid	$	36,868		$	44,130
Federal and state income tax payments		2,500			—
Acquisition of real estate in non-cash foreclosures		322			2,211
Transfers from loans held for sale to loans		3,922			—
Assets transferred to buyer in branch sale		12,782			2,135
Lease liabilities arising from obtaining right-of-use assets		784			1,559

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

BancPlus Corporation and Subsidiaries

Condensed Notes to Consolidated Financial Statements

(Unaudited)

Note 1: Basis of Presentation

BancPlus Corporation (the “Company”) is a bank holding company headquartered in Ridgeland, Mississippi operating in one reportable segment. BankPlus (the “Bank”), the principal operating subsidiary and sole banking subsidiary of the Company, is a commercial bank primarily engaged in the business of commercial and consumer banking. In addition to general and consumer banking, other products and services offered through the Bank’s subsidiaries include certain insurance and annuity services, asset and investment management and financial planning services. Oakhurst Development, Inc. (“Oakhurst”) is a real estate subsidiary originally formed by the Company to liquidate a real estate development that was acquired by the Bank through foreclosure in 2002. Oakhurst became active again in March 2009 and holds loans.

The unaudited interim consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest, and reflect all adjustments (consisting of normal recurring adjustments) that are necessary in the opinion of the Company’s management to fairly present the financial position, results of operations and cash flows of the Company. They have been derived from the audited consolidated financial statements for the fiscal year ended December 31, 2025; however, certain notes and information have been omitted from the interim periods. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies followed by the Company conform, in all material respects, to the accounting principles generally accepted in the United States (“GAAP”) and to general practices within the financial services industry. The results of operations for the interim periods are not necessarily indicative of the results to be expected for future interim periods or for the entire year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The allowance/provision for credit losses, the fair value of financial instruments and the status of contingencies are particularly subject to change. Material estimates that are subject to significant change in the near term are the allowance for credit losses, provision for credit losses, valuation of other real estate owned and fair values of financial instruments. Actual results could differ from these estimates.

Unless otherwise indicated, references to “BancPlus” refer to BancPlus Corporation and its subsidiaries, on a consolidated basis, and references to “BankPlus” refer to BankPlus, our wholly-owned subsidiary, as applicable.

Branch Sale

On March 20, 2026, the Company completed the previously disclosed sale of its branch located in McComb, Mississippi, including all of its assets and liabilities. The Company completed the sale which included cash paid of $31.1 million, the transfer of $47.4 million of deposits at an 8% deposit premium, and loans of $11.6 million. As a result of the transaction, the Company recognized a net gain of $3.6 million.

Effect of Recently Issued, But Not Yet Adopted Accounting Standards

Accounting Standards Update 2024-03 (“ASU 2024-03”), “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” In November 2024, the FASB issued ASU 2024-03 which requires entities to disclose details about specific expenses, such as inventory purchases, employee compensation, depreciation, amortization and depletion, included within commonly presented income statement expense captions. The disaggregated expense captions must be disclosed in a tabular format in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning on January 1, 2027 and interim periods beginning on January 1, 2028. The adoption of ASU 2024-03 is not expected to materially impact the Company’s consolidated financial statements.

Accounting Standards Update 2025-08 (“ASU 2025-08”), “Financial Instruments - Credit Losses (Topic 326): Purchased Loans.” In November 2025, the FASB issued ASU 2025-08 which expands the scope of the “gross‑up” method, formerly applicable only to purchased credit‑deteriorated ("PCD") assets, to include acquired non‑PCD loans that meet certain criteria, now referred to as “purchased seasoned loans” ("PSLs"). Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan’s amortized cost basis, thereby eliminating the day-one credit‑loss expense previously required for non‑PCD assets. PSLs are defined as non‑PCD loans acquired either through a business combination or purchased more than 90 days after origination when the acquirer was not involved in origination. ASU 2025-08 is effective, on a prospective basis for

loans acquired on or after the adoption date, for interim and annual reporting periods beginning on January 1, 2027, though early adoption is permitted. The adoption of ASU 2025-08 is not expected to materially impact the Company’s consolidated financial statements.

Accounting Standards Update 2025-10 ("ASU 2025-10"), "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities." In December 2025, the FASB issued ASU 2025-10, which establishes comprehensive U.S. GAAP guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities. Under ASU 2025-10, a government grant is recognized only when it is probable the business will meet the grant's conditions and will receive the grant, and when it meets the recognition criteria for either an asset-related or income-related grant. The update permits either a cost-accumulation or deferred-income approach for asset-related grants, while income-related grants must be recognized systematically over the related expense periods. Entities must also present grant-related income appropriately and disclose the nature of the grants, the accounting policies applied, and significant terms and conditions. ASU 2025-10 is effective on December 15, 2028 for all public entities, with early adoption permitted. The adoption of ASU 2025-10 is not expected to materially impact the Company's consolidated financial statements.

Note 2: Earnings Per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted number of common shares outstanding during the period and the number of common shares that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period.


	Three Months Ended March 31,
(In thousands except per share data)	2026		2025
Net income available to common shareholders	$	26,228	$	21,969

Weighted average common shares outstanding		11,478		11,477
Diluted effect of stock-based awards		94		82
Diluted common shares		11,572		11,559

Basic earnings per common share	$	2.29	$	1.91
Diluted earnings per common share	$	2.27	$	1.90

Note 3: Investment Securities

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




	Amortized		Gross Unrealized				Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2026
U.S. Treasuries	$	166,588	$	1,003	$	670	$	166,921
U.S. Government agency obligations		453,573		2,713		3,636		452,650
Residential mortgage-backed securities		143,923		101		7,849		136,175
Commercial mortgage-backed securities		266,269		978		1,586		265,661
Corporate investments		51,976		439		1,323		51,092
State and political subdivisions		60,126		294		1,070		59,350
Total available for sale	$	1,142,455	$	5,528	$	16,134	$	1,131,849

December 31, 2025
U.S. Treasuries	$	176,313	$	1,890	$	20	$	178,183
U.S. Government agency obligations		409,211		5,216		2,720		411,707
Residential mortgage-backed securities		131,440		529		7,102		124,867
Commercial mortgage-backed securities		213,209		1,674		570		214,313
Corporate investments		50,475		395		1,485		49,385
State and political subdivisions		56,746		474		887		56,333
Total available for sale	$	1,037,394	$	10,178	$	12,784	$	1,034,788

Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For the three months ended March 31, 2026 and 2025, the Company realized losses on the sale of securities of zero. At March 31, 2026 and December 31, 2025, the Company had an allowance for credit losses on available for sale securities of zero.

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


	Amortized		Gross Unrealized				Fair
(In thousands)	Cost		Gains		Losses		Value
March 31, 2026:
States and political subdivisions	$	22,577	$	2	$	1,101	$	21,478
Total held to maturity	$	22,577	$	2	$	1,101	$	21,478
December 31, 2025:
States and political subdivisions	$	23,257	$	5	$	45	$	23,217
Total held to maturity	$	23,257	$	5	$	45	$	23,217

Provided below is a summary of investment securities without an allowance for credit losses that were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position.


	Less Than 12 Months				12 Months or More				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2026:
Available for sale:
U.S. Treasuries	$	81,697	$	670	$	—	$	—	$	81,697	$	670
U. S. Government agency obligations		110,301		844		41,478		2,792		151,779		3,636
Residential mortgage-backed securities		74,469		911		47,181		6,938		121,650		7,849
Commercial mortgage-backed securities		124,539		1,320		2,820		266		127,359		1,586
Corporate investments		7,973		27		24,225		1,296		32,198		1,323
States and political subdivisions		13,644		158		21,590		912		35,234		1,070
	$	412,623	$	3,930	$	137,294	$	12,204	$	549,917	$	16,134
Held to maturity:
States and political subdivisions	$	17,293	$	1,060	$	3,130	$	41	$	20,423	$	1,101
	$	17,293	$	1,060	$	3,130	$	41	$	20,423	$	1,101

December 31, 2025:
Available for sale:
U.S Treasuries	$	7,550	$	8	$	4,810	$	12	$	12,360	$	20
U. S. Government agency obligations		9,553		37		50,710		2,683		60,263		2,720
Residential mortgage-backed securities		23,659		269		51,188		6,833		74,847		7,102
Commercial mortgage-backed securities		54,855		306		2,827		264		57,682		570
States and political subdivisions		8,316		53		25,214		834		33,530		887
Corporate investments		3,515		6		26,541		1,479		30,056		1,485
	$	107,448	$	679	$	161,290	$	12,105	$	268,738	$	12,784
Held to maturity:
States and political subdivisions	$	—	$	—	$	3,804	$	45	$	3,804	$	45
	$	—	$	—	$	3,804	$	45	$	3,804	$	45

The number of debt securities in an unrealized loss position increased from 228 at December 31, 2025 to 339 at March 31, 2026. 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. The unrealized losses on debt securities have not been recognized into income because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay certain obligations with, or without, call or prepayment penalties.


	Available for Sale				Held to Maturity
(In thousands)	Amortized		Fair		Amortized		Fair
March 31, 2026:	Cost		Value		Cost		Value
One year or less	$	75,761	$	75,886	$	9,292	$	9,022
After one through five years		624,316		623,259		10,395		9,890
After five through ten years		291,283		289,316		2,545		2,274
After ten years		151,095		143,388		345		292
	$	1,142,455	$	1,131,849	$	22,577	$	21,478

The following is a summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes required or permitted by law.


	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
March 31, 2026	$	135,470	$	135,644	$	—	$	—
December 31, 2025	$	273,012	$	273,591	$	—	$	—

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings. The Company monitors the credit rating on a quarterly basis. The following table summarizes the amortized cost basis of held-to-maturity debt securities at March 31, 2026 by credit rating:


(In thousands)	March 31, 2026
State and political subdivisions held-to-maturity:
S&P: AA+, AA, AA- / Moody's: Aa1, Aa2, Aa3	$	3,528
S&P: A+, A, A- / Moody's: A1, A2, A3		—
S&P: BBB+, BBB, BBB- / Moody's: Baa, Ba, B		499
Not rated		18,550
	$	22,577

Note 4: Loans

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


(In thousands)	March 31, 2026		December 31, 2025
Secured by real estate:
Residential properties	$	1,746,754	$	1,748,571
Construction and land development		461,366		452,044
Farmland		332,937		339,528
Other commercial		2,776,274		2,805,604
Total real estate		5,317,331		5,345,747
Commercial and industrial loans		776,829		721,855
Agricultural production and other loans to farmers		99,362		112,345
Consumer and other loans		110,603		111,586
Total loans before allowance for credit losses	$	6,304,125	$	6,291,533

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

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

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

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

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

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

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

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

Commercial and Industrial Loans – The commercial and industrial loan portfolio consists of loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases 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.

Agricultural production and other loans to farmers - The agricultural production and other loans to farmers portfolio consists of loans for the purpose of financing agricultural production, the growing and storing of crops, the marketing, and the carrying of agricultural products. This portfolio also includes loans for the purposes of breeding, raising, fattening, or marketing livestock, fish production, and forest and timber production as well as any other loans made to farmers not secured by real estate. Sources of repayment for these loans generally include income generated from the operations of the business.

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

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

are considered past due. When a loan is placed on non-accrual status, any interest that is accrued, but not collected, is reversed against interest income.

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

The following table presents the amortized cost basis of nonaccrual loans, segregated by class as of March 31, 2026 and December 31, 2025. At March 31, 2026 and December 31, 2025, the Company had no nonaccrual loans without a related allowance for credit loss.


(In thousands)	Total Nonaccrual		Past Due 90 days or more and Accruing
March 31, 2026
Secured by real estate:
Residential properties	$	13,672	$	703
Construction and land development		2,040		1,211
Farmland		1,166		161
Other commercial		6,940		3,274
Total real estate		23,818		5,349
Commercial and industrial loans		2,163		300
Agricultural production and other loans to farmers		900		353
Consumer and other loans		160		—
Total	$	27,041	$	6,002

December 31, 2025
Secured by real estate:
Residential properties	$	10,667	$	2,797
Construction and land development		2,025		—
Farmland		1,389		—
Other commercial		6,818		859
Total real estate		20,899		3,656
Commercial and industrial loans		1,547		203
Agricultural production and other loans to farmers		861		6
Consumer and other loans		168		9
Total	$	23,475	$	3,874

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the three months ended March 31, 2026, there were no significant changes to the collateral which secures the collateral-dependent loans, whether due to general deterioration or other reason. The following table presents the amortized cost basis of collateral-dependent loans by class and collateral type as of March 31, 2026 and December 31, 2025.


(In thousands)	Real Estate		Accounts Receivable & Inventory		Equipment		Other
March 31, 2026
Secured by real estate:
Residential properties	$	4,158	$	—	$	—	$	—
Construction and land development		5,437		—		—		—
Other commercial		35,571		—		—		173
Total real estate		45,166		—		—		173
Commercial and industrial loans		2,766		1,584		1,993		69
Total	$	47,932	$	1,584	$	1,993	$	242


(In thousands)	Real Estate		Accounts Receivable & Inventory		Equipment		Other
December 31, 2025
Secured by real estate:
Residential properties	$	4,212	$	—	$	—	$	—
Construction and land development		5,717		—		—		—
Other commercial		35,793		—		—		175
Total real estate		45,722		—		—		175
Commercial and industrial loans		2,786		8,327		2,037		70
Total	$	48,508	$	8,327	$	2,037	$	245

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


(In thousands)	Past Due 30-89 Days		Past Due 90 Days or More		Total Past Due		Current		Total Loans
March 31, 2026
Secured by real estate:
Residential properties	$	14,584	$	9,258	$	23,842	$	1,722,912	$	1,746,754
Construction and land development		2,688		3,213		5,901		455,465		461,366
Farmland		903		1,282		2,185		330,752		332,937
Other commercial		12,995		5,356		18,351		2,757,923		2,776,274
Total real estate		31,170		19,109		50,279		5,267,052		5,317,331
Commercial and industrial loans		6,046		1,938		7,984		768,845		776,829
Agricultural production and other loans to farmers		271		485		756		98,606		99,362
Consumer and other loans		397		69		466		110,137		110,603
Total	$	37,884	$	21,601	$	59,485	$	6,244,640	$	6,304,125


(In thousands)	Past Due 30-89 Days		Past Due 90 Days or More		Total Past Due		Current		Total Loans
December 31, 2025
Secured by real estate:
Residential properties	$	14,737	$	9,155	$	23,892	$	1,724,679	$	1,748,571
Construction and land development		2,139		1,718		3,857		448,187		452,044
Farmland		360		1,072		1,432		338,096		339,528
Other commercial		4,909		5,511		10,420		2,795,184		2,805,604
Total real estate		22,145		17,456		39,601		5,306,146		5,345,747
Commercial and industrial loans		1,616		1,287		2,903		718,952		721,855
Agricultural production and other loans to farmers		102		867		969		111,376		112,345
Consumer and other loans		408		117		525		111,061		111,586
Total	$	24,271	$	19,727	$	43,998	$	6,247,535	$	6,291,533

Modifications to Borrowers Experiencing Financial Difficulty – From time to time, the Company may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, interest rate reduction, term extension, other-than-insignificant payment delay or a combination thereof, among other things.

The following table presents the amortized cost basis of loans that were both made to borrowers experiencing financial difficulty and modified during the three months ended March 31, 2026 and March 31, 2025, by class and type of modification.


	Three Months Ended March 31, 2026
(Dollars in thousands)	Payment Delay		Term Extension		% of Total Loans
Other commercial	$	2,647	$	—		0.04	%
Commercial and industrial		—		2,835		0.04	%
Total	$	2,647	$	2,835		0.09	%


	Three Months Ended March 31, 2025
(Dollars in thousands)	Payment Delay		% of Total Loans
Other commercial	$	23,201		0.38	%
Total	$	23,201		0.38	%

The following table describes the financial effects of the modification made to the borrower experiencing financial difficulty during the three months ended March 31, 2026 and March 31, 2025.


		Three Months Ended March 31, 2026
		Payment Delay
Other commercial		Delayed the payment a weighted average of 28 months


		Term Extension
Commercial and industrial		Added a weighted average of 3 months to the life of the modified loan


		Three Months Ended March 31, 2025
		Payment Delay
Other commercial		Delayed the payment a weighted average of 12 months
Commercial and industrial		N/A

The following table presents the performance of loans that have been modified during the last twelve months ended March 31, 2026.


	Twelve Months Ended March 31, 2026
(In thousands)	Current		30-89 Days Past Due		90 Days or More Past Due
Secured by real estate:
Residential properties	$	—	$	—	$	1,014
Construction and land development		—		1,502		—
Other commercial		4,987		—		367
Total real estate		4,987		1,502		1,381
Commercial and industrial loans		83		2,766		—
Total loans before allowance for loan losses	$	5,070	$	4,268	$	1,381

Note 5: Allowance for Credit Losses

As management evaluates the allowance for credit losses, it is categorized based on specific allocations and general allocations for each major loan category for loans not individually evaluated or deemed collateral-dependent or classified, segmented by loan class based on historical loss experience and other risk factors. In assessing general economic conditions, management monitors several factors, including regional and national economic conditions, real estate market conditions and recently enacted regulations with potential economic effects.

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

•

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

•

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

•

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

•

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

•

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

•

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

Pass loans for the Company include loans in Risk Grades 1 - 6. Special mention loans for the Company include loans in Risk Grade 7. Classified loans for the Company include loans in Risk Grades 8, 9 and 10. Loans may be classified but not considered individually evaluated if the loan falls below the established minimum dollar threshold for individual evaluation.

The following table reflects loans by credit quality indicator and origination year at March 31, 2026. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at March 31, 2026.


	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	106,470	$	290,373	$	152,572	$	169,850	$	310,376	$	330,147	$	352,184	$	1,711,972
Special mention		—		884		1,871		—		—		—		596		3,351
Classified		—		1,160		1,956		4,221		9,109		8,924		6,061		31,431
Total residential real estate	$	106,470	$	292,417	$	156,399	$	174,071	$	319,485	$	339,071	$	358,841	$	1,746,754
Current period gross write offs	$	—	$	—	$	—	$	54	$	26	$	15	$	47	$	142

Construction & land development:
Pass	$	7,926	$	45,791	$	20,000	$	9,664	$	17,961	$	4,592	$	342,838	$	448,772
Special mention		—		—		—		—		1,436		—		635		2,071
Classified		1,492		24		—		1,458		43		867		6,639		10,523
Total construction & land development	$	9,418	$	45,815	$	20,000	$	11,122	$	19,440	$	5,459	$	350,112	$	461,366
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Farmland:
Pass	$	9,025	$	74,094	$	31,784	$	25,293	$	52,384	$	41,394	$	93,956	$	327,930
Special mention		—		—		—		—		—				—		—
Classified		—		565		22		1,246		823		1,752		599		5,007
Total farmland	$	9,025	$	74,659	$	31,806	$	26,539	$	53,207	$	43,146	$	94,555	$	332,937
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other commercial real estate:
Pass	$	161,244	$	429,897	$	163,511	$	113,854	$	385,758	$	592,768	$	880,829	$	2,727,861
Special mention		463		—		103		—		—		312		—		878
Classified		314		1,191		5,520		5,017		1,679		6,679		27,135		47,535
Total other commercial real estate	$	162,021	$	431,088	$	169,134	$	118,871	$	387,437	$	599,759	$	907,964	$	2,776,274
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	26	$	26

Commercial & industrial loans:
Pass	$	38,884	$	193,940	$	55,158	$	35,475	$	49,600	$	56,098	$	334,246	$	763,401
Special mention		—		—		—		451		—		—		—		451
Classified		125		1,506		1,267		3,735		2,586		1,023		2,735		12,977
Total commercial & industrial loans	$	39,009	$	195,446	$	56,425	$	39,661	$	52,186	$	57,121	$	336,981	$	776,829
Current period gross write offs	$	—	$	59	$	1	$	—	$	10	$	15	$	14	$	99

Agricultural production & other loans to farmers:
Pass	$	5,028	$	17,210	$	7,790	$	3,288	$	1,388	$	1,285	$	60,504	$	96,493
Special mention		—		—		—		—		—		—		—		—
Classified		—		191		173		1,040		48		268		1,149		2,869
Total agricultural production & other loans to farmers	$	5,028	$	17,401	$	7,963	$	4,328	$	1,436	$	1,553	$	61,653	$	99,362
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer & other loans:
Pass	$	9,904	$	29,724	$	13,270	$	4,119	$	2,215	$	5,097	$	46,063	$	110,392
Special mention		—		—		—		—		—		—		—		—
Classified		—		34		83		38		1		5		50		211
Total consumer & other loans	$	9,904	$	29,758	$	13,353	$	4,157	$	2,216	$	5,102	$	46,113	$	110,603
Current period gross write offs	$	498	$	121	$	28	$	28	$	3	$	12	$	19	$	709

The following table reflects loans by credit quality indicator and origination year at December 31, 2025. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at December 31, 2025.


	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	299,560	$	171,724	$	179,864	$	323,489	$	228,676	$	128,506	$	382,519	$	1,714,338
Special mention		601		1,878		—		—		—		—		969		3,448
Classified		1,198		1,520		4,158		8,515		2,998		6,004		6,392		30,785
Total residential real estate	$	301,359	$	175,122	$	184,022	$	332,004	$	231,674	$	134,510	$	389,880	$	1,748,571
Current period gross write offs	$	—	$	—	$	—	$	79	$	102	$	214	$	301	$	696

Construction & land development:
Pass	$	49,182	$	21,706	$	11,454	$	19,041	$	3,442	$	2,616	$	333,987	$	441,428
Special mention		—		—		—		1,443		—		—		—		1,443
Classified		—		6		240		81		4		2,171		6,671		9,173
Total construction & land development	$	49,182	$	21,712	$	11,694	$	20,565	$	3,446	$	4,787	$	340,658	$	452,044
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	59	$	1,306	$	1,365

Farmland:
Pass	$	76,991	$	34,117	$	27,120	$	55,283	$	20,828	$	25,344	$	95,572	$	335,255
Special mention		—		—		—		—		—		—		—		—
Classified		565		22		1,250		834		649		953		—		4,273
Total farmland	$	77,556	$	34,139	$	28,370	$	56,117	$	21,477	$	26,297	$	95,572	$	339,528
Current period gross write offs	$	—	$	—	$	273	$	—	$	80	$	—	$	—	$	353

Other commercial real estate:
Pass	$	454,629	$	164,721	$	118,079	$	394,901	$	341,572	$	307,898	$	975,421	$	2,757,221
Special mention		—		104		—		—		—		315		466		885
Classified		1,216		5,324		5,128		2,200		1,797		4,625		27,208		47,498
Total other commercial real estate	$	455,845	$	170,149	$	123,207	$	397,101	$	343,369	$	312,838	$	1,003,095	$	2,805,604
Current period gross write offs	$	—	$	—	$	—	$	12	$	—	$	271	$	—	$	283

Commercial & industrial loans:
Pass	$	203,730	$	59,255	$	41,633	$	53,389	$	10,397	$	14,114	$	319,794	$	702,312
Special mention		—		—		697		35		—		—		520		1,252
Classified		1,157		1,067		10,566		2,306		990		114		2,091		18,291
Total commercial & industrial loans	$	204,887	$	60,322	$	52,896	$	55,730	$	11,387	$	14,228	$	322,405	$	721,855
Current period gross write offs	$	5	$	62	$	192	$	52	$	64	$	1,655	$	286	$	2,316

Agricultural production & other loans to farmers:
Pass	$	17,954	$	9,911	$	5,656	$	1,672	$	1,377	$	128	$	74,637	$	111,335
Special mention		—		—		—		—		—		—		—		—
Classified		—		67		269		28		—		—		646		1,010
Total agricultural production & other loans to farmers	$	17,954	$	9,978	$	5,925	$	1,700	$	1,377	$	128	$	75,283	$	112,345
Current period gross write offs	$	—	$	18	$	19	$	—	$	109	$	—	$	434	$	580

Consumer & other loans:
Pass	$	36,237	$	16,343	$	5,330	$	2,563	$	1,064	$	4,355	$	45,373	$	111,265
Special mention		—		—		—		—		—		—		—		—
Classified		88		83		53		2		—		11		84		321
Total consumer & other loans	$	36,325	$	16,426	$	5,383	$	2,565	$	1,064	$	4,366	$	45,457	$	111,586
Current period gross write offs	$	2,022	$	219	$	177	$	92	$	23	$	24	$	137	$	2,694

Allowance for Credit Losses on Loans Held for Investment (“LHFI”)

The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The lifetime estimate also considers economic conditions. Although management strives to maintain an allowance it deems adequate, future economic changes, deterioration of borrowers' creditworthiness, and the impact of examinations by regulatory agencies all could cause changes to BancPlus' allowance for credit losses.

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


(In thousands)	Commercial and Industrial			Commercial Real Estate			Residential			Consumer and other			Total
For the Three Months Ended March 31, 2026
Allowance for loan credit losses:
Beginning balance	$	10,065		$	32,445		$	25,991		$	2,565		$	71,066
Provision for (recovery of) loan credit losses		(111	)		(71	)		511			416			745
Recoveries on loans		68			42			186			291			587
Loans charged off		(99	)		(26	)		(142	)		(709	)		(976	)
Ending balance	$	9,923		$	32,390		$	26,546		$	2,563		$	71,422

Period End Allowance Balance Allocated To:
Individually evaluated loans	$	82		$	510		$	659		$	—		$	1,251
Collectively evaluated loans		9,841			31,880			25,887			2,563			70,171
Ending balance	$	9,923		$	32,390		$	26,546		$	2,563		$	71,422


(In thousands)	Commercial and Industrial			Commercial Real Estate			Residential			Consumer and other			Total
For the Three Months Ended March 31, 2025
Allowance for loan credit losses:
Beginning balance	$	9,431		$	35,038		$	25,845		$	1,599		$	71,913
Provision for (recovery of) loan credit losses		239			(690	)		825			338			712
Recoveries on loans		57			52			28			478			615
Loans charged off		(508	)		(248	)		(161	)		(728	)		(1,645	)
Ending balance	$	9,219		$	34,152		$	26,537		$	1,687		$	71,595

Period End Allowance Balance Allocated To:
Individually evaluated loans	$	922		$	—		$	—		$	—		$	922
Collectively evaluated loans		8,297			34,152			26,537			1,687			70,673
Ending balance	$	9,219		$	34,152		$	26,537		$	1,687		$	71,595

Accrued interest receivable on loans, reported as a component of accrued interest receivable on the balance sheet, totaled approximately $28.1 million and $26.5 million at March 31, 2026 and March 31, 2025, respectively, and is excluded from the estimate of credit losses.

Allowance for Credit Losses on Unfunded Loan Commitments

The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in Other liabilities in the Company’s Consolidated Balance Sheets. The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.


	Three Months Ended March 31,
(In thousands)	2026		2025
Beginning balance	$	6,421	$	5,631
(Recovery of) provision for credit losses on unfunded loan commitments		452		(228	)
Ending Balance	$	6,873	$	5,403

Note 6: Regulatory Matters

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

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

A final rule adopted by the federal banking agencies in February 2019 provides banking organizations with the option to phase in, over a three-year period, the adverse day-one regulatory capital effects of the adoption of CECL. The Company adopted CECL in the first quarter of 2023 and has elected to utilize the three-year transition period.

The Bank is also subject to capital requirements under the prompt corrective action regime. The prompt corrective action framework applies only to insured depository institutions, such as the Bank, and not to their holding companies, such as the Company. As of March 31, 2026 and December 31, 2025, the Bank maintained a leverage ratio of more than 9.0% 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.

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


	Actual					Minimum Requirement to be Well Capitalized
(Dollars in thousands)	Capital Amount		Ratio			Capital Amount		Ratio
March 31, 2026
Company:
Community Bank Leverage Ratio	$	859,629		10.59	%	$	730,693		9.00	%
Bank:
Community Bank Leverage Ratio	$	873,989		10.77	%	$	730,378		9.00	%


	Actual					Minimum Requirement to be Well Capitalized
(Dollars in thousands)	Capital Amount		Ratio			Capital Amount		Ratio
December 31, 2025
Company:
Community Bank Leverage Ratio	$	844,129		10.67	%	$	711,795		9.00	%
Bank:
Community Bank Leverage Ratio	$	862,204		10.91	%	$	711,404		9.00	%

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

Note 7: Fair Value

Financial Instruments Measured at Fair Value

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

Level 1

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

Level 2

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

Level 3

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

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

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

Securities – The Company utilizes an independent pricing service to advise it on the value of the securities portfolio. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of several, observable inputs such as benchmark yields, reported trades, benchmark securities, bids, offers and reference data market research publications and are classified within Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. For Level 3 securities, in addition to the inputs noted above, inputs used by the pricing service to determine fair value may also include estimated duration, municipal bond interest rate curve, and tax effected yield. There were no Level 3 securities as of March 31, 2026 or December 31, 2025. The Company’s treasury department and Asset Liability Management Committee review the aggregate fair values of the securities portfolio.

Loans Held for Sale – Fair values for loans held for sale are derived from current market pricing for similar loans, adjusted for the probability that a loan commitment will result in an originated loan.

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

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

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

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


	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
March 31, 2026
U.S. Treasuries	$	166,921	$	—	$	166,921	$	—
U.S. Government agency obligations		452,650		—		452,650		—
Residential mortgage-backed securities		136,175		—		136,175		—
Commercial mortgage-backed securities		265,661		—		265,661		—
Corporate investments		51,092		—		51,092		—
State and political subdivisions		59,350		—		59,350		—
Total securities available for sale	$	1,131,849	$	—	$	1,131,849	$	—
Loans held for sale		12,874		—		12,874		—
Total recurring fair value measurements	$	1,144,723	$	—	$	1,144,723	$	—
December 31, 2025
U.S. Treasuries	$	178,183	$	—	$	178,183	$	—
U.S. Government agency obligations		411,707		—		411,707		—
Residential mortgage-backed securities		124,867		—		124,867		—
Commercial mortgage-backed securities		214,313		—		214,313		—
Corporate investments		49,385		—		49,385		—
State and political subdivisions		56,333		—		56,333		—
Total securities available for sale	$	1,034,788	$	—	$	1,034,788	$	—
Loans held for sale		10,449		—		10,449		—
Total recurring fair value measurements	$	1,045,237	$	—	$	1,045,237	$	—

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		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
Collateral-dependent loans, net of specific allowance for credit losses:
March 31, 2026	$	9,535	$	—	$	—	$	9,535
December 31, 2025	$	28,760	$	—	$	—	$	28,760
Other real estate owned:
March 31, 2026	$	4,152	$	—	$	—	$	4,152
December 31, 2025	$	5,243	$	—	$	—	$	5,243

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

          
         Qualitative Information about Level 3 Fair Value Measurements

         (In thousands)

         Carrying Value

         Valuation Methods

         Unobservable Inputs

         Range

         Weighted Average

         March 31, 2026

Collateral-dependent loans, net of specific allowance for credit losses

9,535

Third-party appraisals

Selling costs

5% - 10%

6 %

Other real estate owned

4,152

Third-party appraisals and internal evaluations

Selling costs

5% - 10%

6 %


December 31, 2025
Collateral-dependent loans, net of specific allowance for credit losses	$	28,760	Third-party appraisals	Selling costs	5% - 10%	6 %
Other real estate owned	$	5,243	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6 %

Fair Value of Financial Instruments

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

The following table presents estimated fair values of the Company’s financial instruments that are not recorded at fair value:


	March 31, 2026				December 31, 2025
	Carrying		Fair		Carrying		Fair
(In thousands)	Value		Value		Value		Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents	$	443,270	$	443,270	$	348,249	$	348,249
Level 2 inputs:
Securities held to maturity		22,577		21,478		23,257		23,217
FHLB stock		5,359		5,359		7,288		7,288
Accrued interest receivable		36,466		36,466		36,287		36,287
Level 3 inputs:
Loans, net		6,232,703		6,211,083		6,220,467		6,162,269

Financial liabilities:
Level 2 inputs:
Deposits		7,214,250		7,208,012		6,990,219		6,985,407
FHLB and other borrowings		67,497		67,977		98,499		99,385
Subordinated debentures		53,744		49,597		53,689		49,390
Accrued interest payable		15,996		15,996		14,233		14,233

Note 8: Trust Preferred Securities

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

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

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


(In thousands)	Year of Maturity	Interest Rate	March 31, 2026		December 31, 2025
First Bancshares of Baton Rouge Statutory Trust I	2034	Variable1	$	4,124	$	4,124
State Capital Statutory Trust IV	2035	Variable2		5,155		5,155
BancPlus Statutory Trust II	2036	Variable3		20,619		20,619
BancPlus Statutory Trust III	2037	Variable4		20,619		20,619
State Capital Master Trust	2037	Variable5		6,186		6,186
			$	56,703	$	56,703

(1) Reprices quarterly based on three-month CME Term SOFR plus 2.50%, plus 0.26161% SOFR spread adjustment
(2) Reprices quarterly based on three-month CME Term SOFR plus 1.99%, plus 0.26161% SOFR spread adjustment
(3) Reprices quarterly based on three-month CME Term SOFR plus 1.50%, plus 0.26161% SOFR spread adjustment
(4) Reprices quarterly based on three-month CME Term SOFR plus 1.35%, plus 0.26161% SOFR spread adjustment
(5) Reprices quarterly based on three-month CME Term SOFR plus 1.46%, plus 0.26161% SOFR spread adjustment

The subordinated debentures payable to statutory trusts vary from the amount carried on the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025, due to the remaining purchase discount of $3.0 million at each period end, which was established upon the merger (the “SCC Merger”) with State Capital Corp. (“SCC”), in which BancPlus acquired SCC, the holding company of State Bank & Trust Company (“State Bank”) by a statutory share exchange and SCC was merged with and into BancPlus and State Bank was merged with and into BankPlus, with BancPlus and BankPlus surviving the mergers, which closed on April 1, 2020, and is being amortized over the remaining life of the debentures.

Interest rates adjust quarterly for the subordinated debentures with rates indexed with SOFR.

Note 9: Employee Benefits

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

The ESOP owned 1,385,754 shares of the Company's common stock at March 31, 2026 and December 31, 2025. The ESOP can enter into loans, collateralized by ESOP shares, with the Company in connection with the repurchase of shares of Company stock sold by participants in accordance with diversification provisions of the ESOP. These unallocated shares would be released to participants proportionately as the loans are repaid. Dividends on allocated shares are recorded as dividends and charged to retained earnings. Dividends on unallocated shares, if any, that are used to repay the loan would be treated as compensation expense. As of March 31, 2026 and December 31, 2025, the ESOP had zero outstanding loans with the Company.

Distributions of the ESOP may be either in cash or Company common stock. The allocated shares are subject to a put option, whereby the Company will provide a market for a specified period of time for shares distributed to participants. The put price is the appraised value of the stock. The fair value of allocated shares of common stock held by the ESOP are deducted from permanent shareholders’ equity in the Consolidated Balance Sheets and reflected in a line item below liabilities and above shareholders’ equity. This presentation is necessary in order to recognize the put option within the ESOP-owned shares, consistent with U.S. Securities and Exchange Commission guidelines, that is present as long as the Company is not publicly traded. The Company uses a valuation by an external third party to determine the maximum possible cash obligation related to these securities. Increases or decreases in the value of the cash obligation are included in a separate line item, if applicable, in the Consolidated Statements of Changes in Shareholders’ Equity. The fair value of allocated shares held by the ESOP at March 31, 2026 and December 31, 2025 was $105.3 million, based on the Company’s previously disclosed appraised value of $76.00 per share of common stock. As previously disclosed, these appraised values were determined solely for purposes of the ESOP’s administration and are therefore subject to certain limitations, qualifications and assumptions and may not reflect the fair value of the Company’s common stock and should not be relied on for any reason. Neither the Company nor the ESOP has any obligation to seek an adjusted valuation, to use these

appraised values for any other purpose or, if the Company or the ESOP obtains a new appraised value, to disclose such new appraised value.

Note 10: Equity

Preferred Stock

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

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

The Preferred Stock bore no dividend for the first two years following the issuance of the Preferred Stock. Thereafter, the annual dividend rate will be adjusted, not lower than 0.5% and not higher than 2.0%, based on our extensions of credit for qualified lending as defined in the terms of the ECIP Interim Final Rule, the Purchase Agreement and the Certificate of Designations (the “Certificate of Designations”) and the investment amount. After the tenth anniversary of the issuance of the Preferred Stock, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10 compared to the baseline qualified lending and the average investment amount. The dividends will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Company had accrued preferred dividends payable of $139,000 at March 31, 2026 and December 31, 2025. This payable is recorded in other liabilities in the Company’s Consolidated Balance Sheets at March 31, 2026 and December 31, 2025.

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.

On January 10, 2025, the Company entered into a Preferred Stock ECIP Securities Purchase Option Agreement (“POA”) with the Treasury pursuant to which the Company has the right but not the obligation to repurchase the Preferred Stock at a substantial discount to par value based on a pricing formula established by the Treasury. This repurchase option is not currently exercisable for BancPlus until June 22, 2032, and the repurchase option expires on June 22, 2037. The repurchase price is set in the POA as the present value of the future cash flows of the Preferred Stock, defined in the POA as the annual dividend rate divided by the cost of equity as specified in the POA at the closing date (approximately the date the option is exercised). Treasury has set the cost of equity for the ECIP repurchase option based on the risk-free rate, defined as the higher of the prevailing Kroll-recommended US normalized risk-free rate or the spot yield on 20-year U.S. treasury bonds, plus an equity risk premium (currently 5%) times a market beta of 0.5.

The POA grants BancPlus a unilateral option to repurchase the Preferred Stock from Treasury over a 15-year period. However, during the first 10 years of this period, exercise of the option is subject to BancPlus satisfying at least one of three “Threshold Conditions” that demonstrate fulfillment of community development and impact lending objectives defined under the ECIP framework. These include the “Deep Impact Lending,” “Qualified Lending,” and “Rate Reduction” thresholds. The Company does not currently meet any of the Threshold Conditions necessary to exercise the purchase option, and there can be no assurance whether and when the Threshold Conditions will be met. Additionally, the Company must comply with the ECIP agreements and rules, continue to qualify as a CDFI, and be “well-capitalized” under federal Prompt Corrective Action guidelines. The purchase option granted under the POA is a freestanding financial instrument under GAAP. The Company analyzed the fair value of the repurchase option in accordance with ASC Topic 820 "Fair Value Measurements" and determined that the purchase option value is immaterial as of January 10, 2025 and March 31, 2026.

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.

Note 11: Stock Based Compensation

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

Stock based compensation that has been charged against income was $1.3 million for the three months ended March 31, 2026 and $1.3 million for the same period of 2025. As of March 31, 2026, there was $7.5 million of total unrecognized compensation cost related to unvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 2.5 years.

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


	Three Months Ended
	March 31, 2026					March 31, 2025
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Beginning of period		201,410		$	63.13		217,516	$	61.46
Granted		568			70.50		—		—
Vested		(458	)		65.50		—		—
Forfeited		(381	)		64.12		—		—
End of period		201,139		$	63.14		217,516	$	61.46

Note 12: Contingencies

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

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

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

The following discussion and analysis of BancPlus’ financial condition and results of operations should be read in conjunction with the unaudited interim consolidated financial statements and related notes contained in Item 1 of this Quarterly Report on Form 10-Q.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

•

our ability to adequately measure and limit our credit risk;

•

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

•

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

•

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

•

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

•

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

•

failure of our risk management framework, disclosure controls and procedures, and internal controls over financial reporting;

•

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

•

difficult business, market or political conditions and unfavorable economic trends in the United States generally, and particularly in the markets in which we operate and in which our loans are concentrated, including inflation, declines in housing markets, an increase in unemployment levels and slowdowns in economic growth;

•

the impact of any future U.S. federal government shutdown and uncertainty regarding the U.S. federal government’s debt limit and credit rating;

•

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

•

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

•

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

•

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

•

our ability to raise capital due to the lack of an organized public trading market for BancPlus common stock;

•

operational risks associated with our business;

•

volatility and direction of market interest rates;

•

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

•

the obligations associated with being a public reporting company;

•

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

•

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

•

other factors that are discussed in the sections entitled “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 and the sections entitled "Item 1A. Risk Factors" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

New factors emerge from time to time, and it is not possible for us to predict which will arise. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether written or oral, and whether as a result of new information, future developments or otherwise, except as specifically required by law.

Overview

BancPlus is a bank holding company headquartered in Ridgeland, Mississippi. Our wholly-owned bank subsidiary, BankPlus, offers a full suite of products and services to a broad spectrum of customers, including individuals, businesses and public entities. As of March 31, 2026, we operated 73 branch offices across Mississippi, Alabama, Louisiana, and Florida. Our franchise is built on a community banking approach focused on personalized, relationship-driven service combined with local market management and expertise. We have one reportable segment.

BancPlus’ business strategy is to provide exceptional community banking services and financial solutions within its markets, which enables us to fulfill our core purpose of enriching lives and building stronger communities. We believe our team of local, experienced and relationship-focused bankers, along with strong brand recognition in our communities, differentiate us from our competitors. As a result, we have a granular, stable deposit mix and a diversified loan portfolio. As of March 31, 2026, we had $7.21 billion of total deposits, and our deposit base consisted of 89.8% core deposits, defined as total deposits less brokered deposits and time deposits greater than $250,000, with a total deposit cost of 2.10% for the year to date period. Our loan portfolio was comprised of 70.5% commercial loans and 29.5% consumer loans for the same period. BancPlus currently holds meaningful market share in a number of attractive markets in Mississippi, including the number three position based on deposits in the Jackson, Mississippi metropolitan statistical area as of June 30, 2025, and we believe we are well-positioned for future growth.

March 31, 2026 Highlights

•

Net income for the three months ended March 31, 2026 was $27.0 million, compared with $23.2 million for the same period of 2025

•

Diluted earnings per share for the three months ended March 31, 2026 were $2.27, compared with $1.90 for the same period of 2025

•

Net interest income was $71.5 million for the three months ended March 31, 2026, compared with $62.2 million for the same period of 2025

•

Total loans held for investment were $6.30 billion at March 31, 2026, compared with $6.29 billion at December 31, 2025

Recent Legislative and Regulatory Developments

On April 23, 2026, the federal banking agencies adopted a final rule to revise the CBLR framework, including by lowering the minimum CBLR requirement from 9.0% to 8.0% for purposes of determining whether a qualifying banking organization is deemed to satisfy generally applicable capital requirements and is considered “well capitalized.” The final rule is effective July 1, 2026.

On March 19, 2026, the federal banking agencies issued several other proposals to revise the U.S. regulatory capital framework. The proposals would, among other things, eliminate the requirement for all banking organizations to deduct mortgage servicing assets from common equity Tier 1 capital, and, for banking organizations subject to risk-based capital requirements, subject such assets to a uniform risk-weighting treatment instead. The proposals would also modify aspects of the standardized approach to risk based capital, including by making the risk weights for certain residential mortgage exposures more risk sensitive and decreasing

the risk weights of corporate exposures, which could affect certain aspects of the Company’s regulatory capital calculations if the Company ceases to meet the criteria required to be a qualifying banking organization under the CBLR framework.

Results of Operations

The following discussion of BancPlus’ results of operations compares the three months ended March 31, 2026 to the three months ended March 31, 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026 or for any other period.

Net Income

Net income for the three months ended March 31, 2026 and 2025 was $27.0 million and $23.2 million, respectively. BancPlus’ annualized return on average assets for the three months ended March 31, 2026 and 2025 was 1.34% and 1.20%, respectively. BancPlus’ annualized return on average equity for the three months ended March 31, 2026 and 2025 was 12.66% and 11.95%, respectively.

The increase in net income and return on average assets and equity for the three months ended March 31, 2026 compared to the same period of 2025 was primarily the result of increased net interest income in the current period.

Net Interest Income

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

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

For the three months ended March 31, 2026, interest income was $110.1 million, an increase of $5.5 million, or 5.3%, compared to interest income of $104.6 million for the three months ended March 31, 2025. The increase in interest income for the three months ended March 31, 2026 compared to the same period of 2025 was primarily the result of an increase in the volume of loans and the rate on taxable securities year-over-year.

For the three months ended March 31, 2026, interest expense was $38.6 million, a decrease of $3.8 million, or 8.9%, compared to interest expense of $42.4 million for the three months ended March 31, 2025. The decrease in interest expense for the three months ended March 31, 2026 compared to the same period of 2025 was primarily the result of lower deposit costs and a decrease in Federal Home Loan Bank (“FHLB”) and subordinated debentures balances compared to the same period of 2025.

For the three months ended March 31, 2026, net interest income was $71.5 million, an increase of $9.3 million, or 14.9%, compared to net interest income of $62.2 million for the three months ended March 31, 2025.

Net interest margin for the three months ended March 31, 2026 increased 35 basis points to 3.75% from 3.40% for the same period of 2025, primarily as a result of higher interest rates and average balances on loans and investment securities as well as lower deposit costs and reductions in FHLB and subordinated debentures balances.

Our year-to-date average interest-earning assets at March 31, 2026 increased $0.32 billion, or 4.26%, to $7.74 billion from $7.42 billion at March 31, 2025. BancPlus’ average interest-bearing liabilities at March 31, 2026 increased $0.24 billion, or 4.29%, to $5.95 billion from $5.71 billion at March 31, 2025. These increases in BancPlus’ average interest-earning assets and interest-bearing liabilities were primarily due to increases in average balances of loans and investment securities and deposit growth. The ratio of BancPlus’ average interest-earning assets to average interest-bearing liabilities was 130.0% at March 31, 2026 and 130.1% at March 31, 2025.

BancPlus’ average interest-earning assets produced a tax-equivalent yield of 5.77% for the three months ended March 31, 2026, compared to 5.71% for the three months ended March 31, 2025, respectively. The average rate paid on interest-bearing liabilities

was 2.63% for the three months ended March 31, 2026, compared to 3.01% for the three months ended March 31, 2025, respectively. The year-over-year changes in yields reflect a favorable shift in the interest rate environment as compared to the same period of 2025 as well as a reduction in outstanding FHLB and subordinated debentures balances.

Average Balances and Yields

The following tables show, for the three months ended March 31, 2026 and 2025, the average balances of each principal category of BancPlus’ assets, liabilities and shareholders’ equity, and an analysis of net interest income. The average balances are principally daily averages and, for loans, include both performing and nonperforming balances. These tables are presented on a tax-equivalent basis, if applicable.


	Three Months Ended March 31,
	2026							2025
(Dollars in thousands)	Average Balance		Interest & Fees		Yield / Rate (1)			Average Balance		Interest & Fees		Yield / Rate (1)
ASSETS:
Interest earning assets:
Cash investments:
Interest-bearing cash deposits	$	328,688	$	3,008		3.71	%	$	302,363	$	3,602		4.83	%
		328,688		3,008		3.71	%		302,363		3,602		4.83	%
Investment securities:
Taxable investment securities		1,053,265		10,866		4.18	%		942,830		7,877		3.39	%
Tax-exempt investment securities		45,214		305		2.74	%		47,739		314		2.67	%
Total securities		1,098,479		11,171		4.12	%		990,569		8,191		3.35	%
Loans (2)		6,302,982		95,817		6.17	%		6,114,177		92,567		6.14	%
FHLB stock		8,682		104		4.86	%		15,667		226		5.85	%
Total interest earning assets		7,738,831		110,100		5.77	%		7,422,776		104,586		5.71	%
Noninterest earning assets		447,457							454,543
Total assets	$	8,186,288						$	7,877,319

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,606,498	$	7,446		1.88	%	$	1,366,334	$	5,875		1.74	%
Savings and money market deposits		2,416,521		14,109		2.37	%		2,197,345		14,223		2.63	%
Time deposits		1,780,565		15,052		3.43	%		1,823,658		18,172		4.04	%
Federal funds purchased		—		—		—	%		6		—		—	%
FHLB advances		55,697		589		4.29	%		185,049		2,003		4.39	%
Other borrowings		38,290		595		6.30	%		—		—		—	%
Subordinated debentures		53,698		840		6.34	%		133,878		2,112		6.40	%
Total interest-bearing liabilities		5,951,269		38,631		2.63	%		5,706,270		42,385		3.01	%
Noninterest-bearing liabilities:
Noninterest-bearing transaction deposits		1,282,102							1,298,674
Other noninterest-bearing liabilities		87,447							84,204
Total noninterest-bearing liabilities		1,369,549							1,382,878
Shareholders’ equity (3)		865,470							788,171
Total liabilities and shareholders’ equity		8,186,288							7,877,319
Net interest income/net interest margin (42)				71,469		3.75	%				62,201		3.40	%
Net interest spread (5)						3.14	%						2.70	%
Taxable equivalent adjustment:
Tax-exempt investment securities (6)				99							102
Net interest income/net interest margin (4)			$	71,568		3.75	%			$	62,303		3.40	%

(1)

Yields and rates are annualized.

(2)

Average loan balances include nonaccrual loans.

(3)

Includes BancPlus' Employee Stock Ownership Plan ("ESOP") owned shares.

(4)

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

(5)

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

(6)

Tax-exempt investment securities is a non-GAAP financial measure. Interest income and average rates for tax exempt securities are presented on a tax-equivalent basis, assuming a combined federal and state income tax rate of 25% for 2026 and 2025.

Rate/Volume Analysis

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. It distinguishes between the changes related to the outstanding balances and those due to changes in interest rates. The change in interest attributable to rate has been determined by applying the change in rate between periods to average balances outstanding in the earlier period. The change in interest due to volume has been determined by applying the rate from the later period to the change in average balances outstanding between periods. For purposes of this table, changes attributable to both rate and volume that cannot be segregated, including the difference in day count, have been allocated to rate.


	Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025
	Change Due To:						Interest
(Dollars in thousands)	Volume			Rate			Variance
Interest earning assets:
Cash investments	$	314		$	(908	)	$	(594	)
Investment securities:
Taxable investment securities		923			2,066			2,989
Tax-exempt investment securities		(17	)		8			(9	)
Total securities		906			2,074			2,980
Loans, net		2,858			392			3,250
FHLB stock		(101	)		(21	)		(122	)
Total interest earning assets	$	3,977		$	1,537		$	5,514

Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,033		$	538			1,571
Savings and money market deposits		1,418			(1,532	)		(114	)
Time deposits		(429	)		(2,691	)		(3,120	)
FHLB advances		(1,400	)		(14	)		(1,414	)
Other borrowings		—			595			595
Subordinated debentures		(1,265	)		(7	)		(1,272	)
Total interest-bearing liabilities	$	(643	)	$	(3,111	)	$	(3,754	)
Net interest income	$	4,620		$	4,648		$	9,268

Provision for Credit Losses

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

For the three months ended March 31, 2026, the provision for credit losses was $1.2 million compared to $484,000 for the same period of 2025, an increase of $713,000, or 147.3%. The increase was primarily attributable to an increase in the amount of off-balance sheet credit exposures in the current year.

The following table presents the components of the provision for credit losses for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025			$ Change		% Change
Loans	$	745	$	712		$	33		4.6	%
Off-balance sheet credit exposures		452		(228	)		680		(298.2	)%
	$	1,197	$	484		$	713		147.3	%

Noninterest Income

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

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

Service charges on deposit accounts include fees and miscellaneous charges on deposit products offered by BancPlus. Mortgage origination income represents the gains recorded on the sale of mortgages originated by BancPlus. Debit card interchange fees represents income from the use of check cards by our customers. Income from fiduciary activities includes retirement and management fee income from our wealth management group. ATM income is comprised of fees from our ATM network. Brokerage and insurance fees and commissions includes stock and mutual fund brokerage fees earned by our wealth management group. Life insurance income includes earnings and benefits paid on bank-owned life insurance policies. Other income includes various types of income including gains on sale of other real estate, personalized check sales, and wire transfer fees.

Noninterest income decreased $986,000, or 4.4%, to $21.4 million for the three months ended March 31, 2026 compared to $22.4 million for the same period of 2025, primarily due to a decrease in other income and CDFI grants partially offset by increases in mortgage origination income, income from fiduciary activities, and service charges on deposit accounts.

The following table presents the major components of noninterest income for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025		$ Change			% Change
Noninterest income:
Service charges on deposit accounts	$	6,242	$	5,854	$	388			6.6	%
Mortgage origination income		1,294		404		890			220.3	%
Debit card interchange fees		2,242		2,325		(83	)		(3.6	)%
Income from fiduciary activities		3,162		2,693		469			17.4	%
ATM income		1,260		1,218		42			3.4	%
Brokerage and insurance fees and commissions		786		745		41			5.5	%
Life insurance income		1,279		986		293			29.7	%
CDFI grants		—		629		(629	)		(100.0	)%
Other income		5,178		7,575		(2,397	)		(31.6	)%
Total	$	21,443	$	22,429	$	(986	)		(4.4	)%

Service charges on deposit accounts increased $388,000, or 6.6%, to $6.2 million for the three months ended March 31, 2026 compared to $5.9 million for the same period of 2025 primarily due to an increase in deposit balances in the current year period.

Income from fiduciary activities increased $469,000, or 17.4%, to $3.2 million for the three months ended March 31, 2026 compared to $2.7 million for the same period of 2025 primarily due to increases in assets under management in 2026 compared to the same period of 2025.

Mortgage origination income increased $890,000, or 220.3%, to $1.3 million during the three months ended March 31, 2026 compared to $404,000 for the same period of 2025 primarily due to increased volumes and profitability on mortgages sold in the current year period.

There were zero CDFI grants during the three months ended March 31, 2026 compared to a $629,000 grant awarded in the same period of 2025.

Other income decreased $2.4 million, or 31.6%, to $5.2 million for the three months ended March 31, 2026 compared to $7.6 million for the same period of 2025 primarily due to a decrease in gains on sale of branches in the current year period.

Noninterest Expense

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

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

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

For the three months ended March 31, 2026, noninterest expense totaled $57.1 million, an increase of $2.5 million, or 4.5%, from $54.7 million for the three months ended March 31, 2025, primarily due to an increase in salaries and employee benefits expense, other expenses, and marketing and promotional expenses, partially offset by a decrease in other real estate expenses and losses.

The following table presents the major components of noninterest expense for the three months ended March 31, 2026 compared to the three months ended March 31, 2025:


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025		$ Change			% Change
Noninterest expense:
Salaries and employee benefits expenses	$	33,355	$	31,730	$	1,625			5.1	%
Net occupancy expenses		4,875		4,716		159			3.4	%
Furniture, equipment and data processing expenses		7,794		7,514		280			3.7	%
Marketing and promotional expenses		1,937		1,512		425			28.1	%
Other real estate expenses and losses		224		1,184		(960	)		(81.1	)%
Professional fees		919		1,214		(295	)		(24.3	)%
Other expenses		8,035		6,795		1,240			18.2	%
Total	$	57,139	$	54,665	$	2,474			4.5	%

Salaries and employee benefits expenses was the largest component of noninterest expense, representing 58.4% and 58.0% of total noninterest expense for the three months ended March 31, 2026 and 2025, respectively. Salaries and employee benefits expense increased $1.6 million, or 5.1%, to $33.4 million during the three months ended March 31, 2026, compared to $31.7 million for the same period of 2025 primarily due to increases in medical costs and incentive compensation, as well as normal annual salary increases for employees.

Marketing and promotional expenses increased $425,000, or 28.1%, to $1.9 million during the three months ended March 31, 2026 compared to $1.5 million for the same period of 2025 due to an increase in spending on ad campaigns.

Other real estate expenses and losses decreased $960,000, or 81.1%, to $224,000 during the three months ended March 31, 2026 compared to $1.2 million for the same period of 2025 due to write downs of closed branches in the prior year.

Other expenses increased $1.2 million, or 18.2%, to $8.0 million during the three months ended March 31, 2026 compared to $6.8 million for the same period of 2025 due to increased amortization on investments.

Income Tax Expense

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

BancPlus recorded income tax expense of $7.6 million for the three months ended March 31, 2026, compared to $6.3 million for the same period of 2025, an increase of $1.3 million, or 16.3%. BancPlus’ effective tax rate for the three months ended March 31, 2026 was 21.9%, compared to 21.2% for the same period of 2025.

For the three month period, the increase in income tax expense was the result of larger income before taxes in the current year to date period. The increase in effective tax rate was the result of smaller tax credits in the current year.

Financial Condition

The following discussion compares BancPlus’ financial condition as of March 31, 2026 to December 31, 2025.

Assets

Total assets increased $0.20 billion, or 2.5%, to $8.28 billion at March 31, 2026, compared to total assets of $8.08 billion at December 31, 2025, primarily as a result of an increase in interest-bearing deposits with banks and securities available for sale. Total cash and cash equivalents increased $95.1 million, or 27.3%, to $443.3 million at March 31, 2026, compared to $348.2 million at December 31, 2025. Total loans held for investment increased $12.6 million, or 0.2%, to $6.30 billion at March 31, 2026, compared to $6.29 billion at December 31, 2025. Investment securities increased $96.4 million, or 6.5%, to $1.2 billion at March 31, 2026, compared to $1.1 billion at December 31, 2025 primarily as a result of an increase in deposits.

Investment Securities Portfolio

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

As of March 31, 2026, 2.0% of BancPlus’ investment securities portfolio was classified as held to maturity and 98.0% was classified as available for sale. As of December 31, 2025, 2.2% of BancPlus’ investment securities portfolio was classified as held to maturity and 97.8% was classified as available for sale.

At March 31, 2026, U.S. Government agency obligations represented 39.2%, mortgage-backed securities represented 34.8%, U.S. Treasuries represented 14.5%, municipal securities represented 7.1%, and corporate investments represented 4.4% of BancPlus’ investment securities portfolio. At December 31, 2025, U.S. Government agency obligations represented 38.9%, mortgage-backed securities represented 32.1%, U.S. Treasuries represented 16.8%, municipal securities represented 7.5%, and corporate investments represented 4.7% of BancPlus’ investment securities portfolio. Other than the U.S. government and its agencies, BancPlus’ securities portfolio did not contain securities of any single issuer, including any securities issued by a state or political subdivision, that were payable from and secured by the same source of revenue or taxing authority where the aggregate carrying value of such securities exceeded 10% of shareholders’ equity.

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


	March 31, 2026					December 31, 2025
(Dollars in thousands)	Carrying Value		% of Total			Carrying Value		% of Total
Held to Maturity:
(At amortized cost)
Issued by states and political subdivisions	$	22,577		1.96	%	$	23,257		2.20	%
Total held-to-maturity		22,577		1.96	%		23,257		2.20	%
Available for Sale:
(At fair value)
U.S. Treasuries		166,921		14.46	%		178,183		16.84	%
U.S. Government agency obligations		452,650		39.21	%		411,707		38.91	%
Issued by states and political subdivisions		59,350		5.14	%		56,333		5.32	%
Mortgage-backed securities:
Residential		136,175		11.80	%		124,867		11.80	%
Commercial		265,661		23.01	%		214,313		20.26	%
Corporate investments		51,092		4.43	%		49,385		4.67	%
Total available for sale		1,131,849		98.04	%		1,034,788		97.80	%
Total investment securities	$	1,154,426		100.00	%	$	1,058,045		100.00	%

The following tables present the carrying value of BancPlus’ investment securities portfolio by their stated maturities and the weighted average yields for each maturity range as of the dates presented. Weighted-average yields have been computed on a fully tax equivalent basis using federal and state tax rates of 21% and 5%, respectively.


	Maturity as of March 31, 2026
	Due in One Year or Less		More Than One Year to Five Years		More Than Five Years to Ten Years		Due After Ten Years
(Dollars in thousands)	Amount	Weighted Average Yield	Amount	Weighted Average Yield	Amount	Weighted Average Yield	Amount	Weighted Average Yield
Held to maturity:
Issued by states and political subdivisions	$9,292	2.08 %	$10,395	2.61 %	$2,545	3.26 %	$345	4.01 %
Total held to maturity	9,292	2.08 %	10,395	2.61 %	2,545	3.26 %	345	4.01 %

Available for sale:
U.S. Treasuries	4,999	4.01 %	134,584	4.09 %	27,338	3.88 %	—	— %
U.S. Government agency obligations	59,947	4.54 %	322,936	3.90 %	69,767	4.16 %	—	— %
Issued by states and political subdivisions	10,374	3.15 %	19,364	3.25 %	18,505	4.26 %	11,107	5.12 %
Mortgage-backed securities:
Residential	69	4.10 %	—	— %	34,531	4.03 %	101,575	3.36 %
Commercial	—	— %	143,124	4.27 %	91,831	4.58 %	30,706	5.03 %
Corporate investments	497	2.75 %	3,251	7.08 %	47,344	5.43 %	—	— %
Total available for sale	75,886	4.30 %	623,259	4.02 %	289,316	4.47 %	143,388	3.85 %

Total investment securities	$85,178	4.06 %	$633,654	4.00 %	$291,861	4.46 %	$143,733	3.85 %


	Maturity as of December 31, 2025
	Due in One Year or Less		More Than One Year to Five Years		More Than Five Years to Ten Years		Due After Ten Years
(Dollars in thousands)	Amount	Weighted Average Yield	Amount	Weighted Average Yield	Amount	Weighted Average Yield	Amount	Weighted Average Yield
Held to maturity:
Issued by states and political subdivisions	$6,104	3.83 %	$14,263	2.17 %	$2,545	3.93 %	$345	4.73 %
Total held to maturity	6,104	3.83 %	14,263	2.17 %	2,545	3.93 %	345	4.73 %
Available for sale:
U.S. Treasuries	15,002	4.17 %	120,399	4.13 %	42,782	3.84 %	—	— %
U.S. Government agency obligations	51,866	4.63 %	314,987	3.92 %	44,852	3.92 %	—	— %
Issued by states and political subdivisions	9,921	3.39 %	17,928	3.27 %	21,501	4.10 %	6,982	4.88 %
Mortgage-backed securities:
Residential	—	— %	—	— %	25,761	4.18 %	99,107	3.51 %
Commercial	—	— %	124,561	4.34 %	71,265	4.55 %	18,488	5.01 %
Corporate investments	492	2.75 %	6,229	7.46 %	42,665	5.34 %	—	— %
Total available for sale	77,281	4.37 %	584,104	4.07 %	248,826	4.37 %	124,577	3.81 %

Total investment securities	$83,385	4.33 %	$598,367	4.03 %	$251,371	4.37 %	$124,922	3.81 %

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

Loan Portfolio

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


	As of March 31, 2026						As of December 31, 2025
(Dollars in thousands)	Amount			Percent			Amount			Percent
Secured by real estate:
Residential properties	$	1,746,754			27.71	%	$	1,748,571			27.79	%
Construction and land development		461,366			7.32	%		452,044			7.18	%
Farmland		332,937			5.28	%		339,528			5.40	%
Other commercial		2,776,274			44.04	%		2,805,604			44.60	%
Total real estate		5,317,331			84.35	%		5,345,747			84.97	%
Commercial and industrial		776,829			12.32	%		721,855			11.47	%
Agricultural production and other loans to farmers		99,362			1.58	%		112,345			1.79	%
Consumer and other		110,603			1.75	%		111,586			1.77	%
Total loans, gross		6,304,125			100.00	%		6,291,533			100.00	%
Allowance for credit losses		(71,422	)					(71,066	)
Total loans, net	$	6,232,703					$	6,220,467

Our loan portfolio was comprised of 70.5% commercial loans and 29.5% consumer loans as of March 31, 2026, compared to 70.4% commercial loans and 29.6% consumer loans as of December 31, 2025. Commercial loans consist of our construction and land development, farmland, other commercial, commercial and industrial, agricultural production and other loans to farmers categories and our consumer loans consist of our residential property and consumer and other categories.

As a general practice, BancPlus originates substantially all of its loans, but BancPlus occasionally participates in syndications and other loan participations. At March 31, 2026, BancPlus’ loan portfolio included $262.3 million of loan participations purchased, or 4.2% of total loans, which included $67.4 million of shared national credits. At December 31, 2025, BancPlus’ loan portfolio included $253.4 million of loan participations purchased, or 4.0% of total loans, which included $61.1 million of shared national credits.

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


	As of March 31, 2026
(Dollars in thousands)	Due in One Year or Less		More Than One Year to Five		More Than Five Years to Fifteen		After Fifteen Years		Total
Secured by real estate:
Residential properties	$	212,757	$	764,033	$	417,934	$	352,030	$	1,746,754
Construction and land development		255,160		185,674		15,973		4,559		461,366
Farmland		43,018		172,515		102,248		15,156		332,937
Other commercial		681,012		1,598,990		393,925		102,347		2,776,274
Total real estate		1,191,947		2,721,212		930,080		474,092		5,317,331
Commercial and industrial		254,158		457,836		64,834		1		776,829
Agricultural production and other loans to farmers		51,858		46,303		1,201		—		99,362
Consumer and other loans		29,144		73,521		4,082		3,856		110,603
Total loans	$	1,527,107	$	3,298,872	$	1,000,197	$	477,949	$	6,304,125


	As of December 31, 2025
(Dollars in thousands)	Due in One Year or Less		More Than One Year to Five		More Than Five Years to Fifteen		After Fifteen Years		Total
Secured by real estate:
Residential properties	$	218,398	$	771,566	$	392,102	$	366,505	$	1,748,571
Construction and land development		251,389		184,530		10,796		5,329		452,044
Farmland		45,878		175,563		106,438		11,649		339,528
Other commercial		662,331		1,618,741		409,676		114,856		2,805,604
Total real estate		1,177,996		2,750,400		919,012		498,339		5,345,747
Commercial and industrial		220,955		433,361		67,538		1		721,855
Agricultural production and other loans to farmers		64,223		47,594		528		—		112,345
Consumer and other loans		31,161		72,582		3,902		3,941		111,586
Total loans	$	1,494,335	$	3,303,937	$	990,980	$	502,281	$	6,291,533


	As of March 31, 2026
(Dollars in thousands)	Fixed Interest Rates		Floating or Adjustable Rates		Total
Secured by real estate:
Residential properties	$	1,300,686	$	446,068	$	1,746,754
Construction and land development		197,513		263,853		461,366
Farmland		187,850		145,087		332,937
Other commercial		1,746,956		1,029,318		2,776,274
Total real estate		3,433,005		1,884,326		5,317,331
Commercial and industrial		374,630		402,199		776,829
Agricultural production and other loans to farmers		42,154		57,208		99,362
Consumer and other loans		61,565		49,038		110,603
Total loans	$	3,911,354	$	2,392,771	$	6,304,125


	As of December 31, 2025
(Dollars in thousands)	Fixed Interest Rates		Floating or Adjustable Rates		Total
Secured by real estate:
Residential properties	$	1,295,784	$	452,787	$	1,748,571
Construction and land development		193,558		258,486		452,044
Farmland		192,109		147,419		339,528
Other commercial		1,812,815		992,789		2,805,604
Total real estate		3,494,266		1,851,481		5,345,747
Commercial and industrial		340,278		381,577		721,855
Agricultural production and other loans to farmers		47,480		64,865		112,345
Consumer and other loans		63,110		48,476		111,586
Total loans	$	3,945,134	$	2,346,399	$	6,291,533

Additionally, BancPlus enters into various other transactions to meet the financing needs of its customers including commitments to extend credit and letters of credit. Commitments to extend credit beyond current funding are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Such commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. At March 31, 2026, BancPlus had total off-balance sheet commitments of $1.20 billion. At March 31, 2026, BancPlus had an allowance for credit loss on off-balance sheet commitments of $6.9 million.

Asset Quality

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

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


	As of March 31, 2026
(Dollars in thousands)	Risk Grades 1-6		Special Mention		Substandard		Doubtful		Total
Secured by real estate:
Residential properties	$	1,711,972	$	3,351	$	31,431	$	—	$	1,746,754
Construction and land development		448,772		2,071		10,257		266		461,366
Farmland		327,930		—		5,007		—		332,937
Other commercial		2,727,861		878		47,535		—		2,776,274
Total real estate		5,216,535		6,300		94,230		266		5,317,331
Commercial and industrial		763,401		451		12,849		128		776,829
Agricultural production and other loans to farmers		96,493		—		2,830		39		99,362
Consumer and other		110,392		—		211		—		110,603
Total	$	6,186,821	$	6,751	$	110,120	$	433	$	6,304,125


	As of December 31, 2025
(Dollars in thousands)	Risk Grades 1-6		Special Mention		Substandard		Doubtful		Total
Secured by real estate:
Residential properties	$	1,714,338	$	3,448	$	30,785	$	—	$	1,748,571
Construction and land development		441,428		1,443		8,907		266		452,044
Farmland		335,255		—		4,273		—		339,528
Other commercial		2,757,221		885		47,498		—		2,805,604
Total real estate		5,248,242		5,776		91,463		266		5,345,747
Commercial and industrial		702,312		1,252		18,280		11		721,855
Agricultural production and other loans to farmers		111,335		—		961		49		112,345
Consumer and other		111,265		—		321		—		111,586
Total	$	6,173,154	$	7,028	$	111,025	$	326	$	6,291,533

Nonperforming Assets

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

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


(Dollars in thousands)	March 31, 2026			December 31, 2025
Nonaccrual loans:
Real estate loans:
Residential properties	$	13,672		$	10,667
Construction and land development		2,040			2,025
Farmland		1,166			1,389
Other commercial		6,940			6,818
Total real estate		23,818			20,899
Commercial and industrial		2,163			1,547
Agricultural production and other loans to farmers		900			861
Consumer and other		160			168
Total nonaccrual loans		27,041			23,475

90+ days past due and accruing:
Real estate loans:
Residential properties		703			2,797
Construction and land development		1,211			—
Farmland		161			—
Other commercial		3,274			859
Total real estate		5,349			3,656
Commercial and industrial		300			203
Agricultural production and other loans to farmers		353			6
Consumer and other		—			9
Total 90+ days past due and accruing		6,002			3,874
Total nonperforming loans		33,043			27,349
Plus: foreclosed assets		4,152			5,243
Total nonperforming assets	$	37,195		$	32,592

Nonaccrual loans to total loans		0.43	%		0.37	%
Nonperforming loans to total loans		0.52	%		0.43	%
Nonperforming assets to total assets		0.45	%		0.40	%
Allowance for credit losses to nonaccrual loans		264.12	%		302.73	%

Total nonperforming assets increased by $4.6 million, or 14.1%, from $32.6 million at December 31, 2025 to $37.2 million at March 31, 2026, primarily as a result of an increase in nonaccrual loans. The ratio for nonaccrual loans to total loans increased for the three months ended March 31, 2026 primarily as a result of an increase in real estate loans and commercial and industrial loans on nonaccrual. The ratio for allowance for credit losses to nonaccrual loans decreased as a result of the increase in nonaccrual loans in the current year.

The balance of nonperforming assets can fluctuate due to changes in economic conditions. BancPlus has established a policy to discontinue accruing interest on a loan (that is, place the loan on nonaccrual status) after it has become 90 days delinquent as to payment of principal or interest, unless the loan is considered to be well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest that is accrued but not collected is reversed against interest income. Generally, payments received on nonaccrual loans are applied directly to principal.

Allowance for Credit Losses

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

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

These estimates are reviewed at least quarterly, and, as adjustments become necessary, they are recognized in the periods in which they become known. During the first quarter of 2026, the U.S. economy continued to experience volatility and there remains uncertainty surrounding future economic conditions as a result of tariffs, supply chain disruptions, labor shortages, and the conflicts in Ukraine and the Middle East. Although management strives to maintain an allowance it deems adequate, future economic changes, deterioration of borrowers’ creditworthiness, and the impact of examinations by regulatory agencies all could cause changes to BancPlus’ allowance for credit losses.

The allowance for credit losses increased $356,000, or 0.5%, to $71.4 million at March 31, 2026 compared to $71.1 million at December 31, 2025. As a percentage of loans, the allowance for credit losses was 1.13% at both March 31, 2026 and December 31, 2025. The change was primarily a result of an increase in loan balances in the current year. Net charge-offs totaled $0.4 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively.

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


(Dollars in thousands)	March 31, 2026			March 31, 2025
Balance, beginning of period	$	71,066		$	71,913
Charge-offs:
Residential properties		142			160
Other commercial		26			248
Total real estate		168			408
Commercial and industrial		99			508
Agricultural production and other loans to farmers		—			16
Consumer and other		709			712
Total charge-offs		976			1,644
Recoveries:
Residential properties		186			28
Construction and land development		11			17
Farmland		6			5
Other commercial		25			30
Total real estate		228			80
Commercial and industrial		68			57
Agricultural production and other loans to farmers		20			14
Consumer and other		271			463
Total recoveries		587			614
Net charge-offs		389			1,030
Provision for credit losses		745			712
Balance, end of period	$	71,422		$	71,595

Total loans, end of period (including loans held for sale)	$	6,316,999		$	6,106,666
Average loans		6,302,982			6,114,177
Net charge-offs (annualized) to average loans		0.02	%		0.07	%
Allowance for credit losses to total loans		1.13	%		1.17	%

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


	March 31, 2026								March 31, 2025
(Dollars in thousands)	Net Charge- offs			Average Loans		Net Charge-offs to Average Loans (Annualized)			Net Charge- offs			Average Loans		Net Charge-offs to Average Loans (Annualized)
Residential properties	$	(44	)	$	1,753,218		(0.01	)%	$	132		$	1,650,932		0.03	%
Construction and land development		(11	)		463,415		(0.01	)%		(17	)		523,384		(0.01	)%
Farmland		(6	)		335,667		(0.01	)%		(5	)		309,638		(0.01	)%
Other commercial		1			2,773,877		0.00	%		218			2,824,385		0.03	%
Commercial and industrial		31			759,399		0.02	%		451			598,510		0.30	%
Agricultural production and other loans to farmers		(20	)		98,212		(0.08	)%		2			88,480		0.01	%
Consumer and other		438			110,302		1.59	%		249			111,652		0.89	%
Loans held for sale		—			8,892		—	%		—			7,196		—	%
Total	$	389		$	6,302,982		0.02	%	$	1,030		$	6,114,177		0.07	%

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


	March 31, 2026					December 31, 2025
(Dollars in thousands)	Amount		Percent			Amount		Percent
Residential properties	$	26,546		37.2	%	$	25,991		36.6	%
Construction and land development		7,457		10.4	%		7,420		10.4	%
Farmland		7,770		10.9	%		7,914		11.1	%
Other commercial		17,163		24.0	%		17,111		24.1	%
Total real estate		58,936		82.5	%		58,436		82.2	%
Commercial and industrial		9,923		13.9	%		10,065		14.2	%
Agricultural production and other loans to farmers		1,666		2.3	%		1,652		2.3	%
Consumer and other		897		1.3	%		913		1.3	%
Total allowance for loan losses	$	71,422		100.0	%	$	71,066		100.0	%

Goodwill and Other Intangible Assets

Goodwill was $62.8 million as of both March 31, 2026 and December 31, 2025. Goodwill represents the excess of the consideration paid over the fair value of the net assets acquired by the Company in prior acquisitions. Goodwill is not amortized but is subject to, at a minimum, an annual test for impairment. Other intangible assets consisted of acquired customer relationships from a 2014 acquisition and core deposit intangibles from the merger (the “SCC Merger”) with State Capital Corp. and the merger (the “FTC Merger”) with First Trust Corporation. Total other intangible assets at March 31, 2026 and December 31, 2025 were $6.5 million and $6.9 million, respectively. Other intangible assets are amortized over their estimated useful life.

Deposits

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


	March 31, 2026								December 31, 2025
(Dollars in thousands)	Average Balance		Average Rate			Percent			Average Balance		Average Rate			Percent
Non-interest bearing	$	1,282,102		0.00	%		18.09	%	$	1,320,556		0.00	%		19.56	%
Interest bearing:
Transaction accounts		1,606,498		1.88	%		22.67	%		1,384,288		1.79	%		20.50	%
Money market and other savings accounts		2,416,521		2.37	%		34.10	%		2,283,396		2.54	%		33.82	%
Certificates of deposit		1,535,431		3.32	%		21.67	%		1,498,968		3.66	%		22.20	%
Brokered time deposits		245,134		4.11	%		3.46	%		264,582		4.42	%		3.92	%
Total deposits	$	7,085,686		2.10	%		100.00	%	$	6,751,790		2.21	%		100.00	%

BancPlus relies on increasing its deposit base to fund loans and other asset growth. BancPlus competes for local deposits by offering a variety of products at competitive rates. The increase in total average deposits of $333.9 million, or 4.9%, to $7.09 billion at March 31, 2026 from $6.75 billion as of December 31, 2025 primarily resulted from increases in interest bearing transaction deposits and savings deposits. At March 31, 2026 and December 31, 2025, BancPlus held deposits in excess of FDIC insurance limits estimated at $1.39 billion and $1.49 billion, respectively.

The following table shows the maturity of certificates of deposit, including brokered time deposits, at March 31, 2026:


(Dollars in thousands)	$250,000 or Greater		Less than $250,000		Total		Uninsured Portion
3 months or less	$	166,891	$	403,238	$	570,129	$	81,990
Over 3 months through 6 months		281,395		397,442		678,837		143,395
Over 6 months through 12 months		148,411		225,069		373,480		73,411
Over 12 months		24,410		74,936		99,346		12,811
Total certificates of deposit	$	621,107	$	1,100,685	$	1,721,792	$	311,607

Borrowed Funds

Short-term Borrowings. In addition to deposits, BancPlus uses short-term borrowings, which consist of federal funds purchased and securities sold under agreements to repurchase, to meet the daily liquidity needs of its customers and fund its loan growth. Federal funds purchased represent primarily overnight borrowings through relationships with correspondent banks. Securities sold under agreements to repurchase are considered overnight borrowings and are secured by U.S. Government agency securities. At March 31, 2026 and December 31, 2025, BancPlus had no short-term borrowings. The following is a summary of our short-term borrowings during the periods presented.


	Balances Outstanding						Weighted Average Rate
	Maximum
(Dollars in thousands)	Month		Average		At Period		During			At Period
March 31, 2026	End		Daily		End		Period			End
Federal funds purchased	$	—		—	$	—		—			—	%
	$	—	$	—	$	—

December 31, 2025
Federal funds purchased	$	—	$	3	$	—		5.05	%		—	%
	$	—	$	3	$	—

Advances from FHLB and Other Borrowings. BankPlus is a member of the FHLB, and as a result, is eligible for advances from the FHLB pursuant to the terms of various borrowing agreements, which assist BancPlus in the funding of its loan and investment portfolios. BancPlus’ FHLB advances are collateralized by a blanket lien on first mortgage and other qualifying loans. At March 31, 2026 and December 31, 2025, BancPlus had $30.0 million and $60.0 million in FHLB borrowings, respectively, at a weighted average interest rate of 4.17% and 4.21%.

The Company also has available funding from the Federal Reserve Bank’s discount window which it utilizes from time to time for short-term funding. At March 31, 2026 and December 31, 2025, the Company had zero borrowings outstanding with the Federal Reserve Bank.

On June 13, 2025, the Company entered into a Loan Agreement (the "Initial Loan Agreement") with First Horizon Bank ("First Horizon"). Under the terms of the Initial Loan Agreement, First Horizon agreed to provide the Company with a $30.0 million term loan (the "Initial Term Loan"), which was drawn down in full. On December 29, 2025, the Company entered into an Amended and Restated Loan Agreement (the "Amended Loan Agreement") with First Horizon. Under the terms of the Amended Loan Agreement, First Horizon agreed to provide the Company with an additional $10.0 million term loan (the "Subsequent Term Loan", collectively with the Initial Term Loan, the “Term Loans”), which was also drawn down in full. At March 31, 2026 and December 31, 2025, the balance on the Term Loans was $37.5 million and $38.5 million, respectively.

The Term Loans are collateralized by all of the outstanding shares of common stock of BankPlus pursuant to the terms of a Pledge Agreement dated June 13, 2025, as amended on December 29, 2025, between the Company and First Horizon (the “Pledge Agreement”).

The Term Loans bear interest at the prime rate of interest as reported in The Wall Street Journal published daily minus a margin of 0.55%, subject to a minimum rate of 4.00%. Principal and interest payments are due quarterly on each of March 15, June 15, September 15, and December 15 in the amount of $750,000 for the Initial Term Loan and $250,000 for the Subsequent Term Loan. The Term Loans may be prepaid in full or in part at any time with no prepayment penalty. In conjunction with the Initial Term Loan, the Company incurred debt issuance costs of $38,000. These issuance costs are netted with the balance of the Initial Term Loan on the Company's consolidated balance sheet and are amortized over the life of the Initial Term Loan. The Initial Term Loan matures on June 15, 2030. The Subsequent Term Loan matures on December 29, 2030. At March 31, 2026, the remaining unamortized balance of these issuance costs was $32,000.

The Amended Loan Agreement contains customary representations and warranties, and customary affirmative covenants, related to, among other things, the maintenance of certain financial standards, the payment of dividends from the Bank to the Company and the provision of financial and other information to First Horizon. The Company and/or the Bank, as provided for in the Amended Loan Agreement, must maintain, among other financial standards, (i) a "Well Capitalized" rating as required by any applicable regulatory authority, (ii) a Tier 1 Leverage Ratio of not less than 8.00%, (iii) a return on average assets of at least 0.75% and (iv) a loan to value ratio of not more than 40%. The Amended Loan Agreement also contains customary negative covenants, related to, among other things, restrictions on indebtedness, liens, changes in management, mergers, dispositions, dividends and other distributions.

The Amended Loan Agreement provides for events of default customary for loans of this type, including but not limited to non-payment, breaches or defaults in the performance of covenants, insolvency, bankruptcy and a change in control of the Bank or the Company, as well as the initiation of certain actions by regulators of the Bank or the Company or the failure by the Bank or the Company to comply with the terms of any memorandum of understanding or letter agreement with any bank regulatory agency. During the existence of an event of default, all outstanding amounts of the Term Loans will bear interest at a rate per annum equal to the lesser of (i) the rate otherwise applicable thereto plus 4.00% and (ii) the maximum rate that may be charged under the Amended Loan Agreement, and First Horizon may take various actions, including declaring all outstanding amounts of the Amended Term Loan immediately due and payable and exercising all rights with respect to the collateral.

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


(Dollars in thousands)	March 31, 2026
2026	$	33,010
2027		4,014
2028		4,005
2029		4,000
Thereafter		22,500
Total FHLB advances and other borrowings	$	67,529

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

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


(In thousands)	Year of Maturity	Interest Rate	March 31, 2026		December 31, 2025
First Bancshares of Baton Rouge Statutory Trust I	2034	Variable1	$	4,124	$	4,124
State Capital Statutory Trust IV	2035	Variable2		5,155		5,155
BancPlus Statutory Trust II	2036	Variable3		20,619		20,619
BancPlus Statutory Trust III	2037	Variable4		20,619		20,619
State Capital Master Trust	2037	Variable5		6,186		6,186
			$	56,703	$	56,703

(1) Reprices quarterly based on three-month CME Term SOFR plus 2.50%, plus 0.26161% SOFR spread adjustment
(2) Reprices quarterly based on three-month CME Term SOFR plus 1.99%, plus 0.26161% SOFR spread adjustment
(3) Reprices quarterly based on three-month CME Term SOFR plus 1.50%, plus 0.26161% SOFR spread adjustment
(4) Reprices quarterly based on three-month CME Term SOFR plus 1.35%, plus 0.26161% SOFR spread adjustment
(5) Reprices quarterly based on three-month CME Term SOFR plus 1.46%, plus 0.26161% SOFR spread adjustment

The subordinated debentures payable to statutory trusts vary from the amount carried on the consolidated balance sheet at March 31, 2026 and December 31, 2025 due to the remaining purchase discount of $3.0 million at each period end, which was established upon the SCC Merger and is being amortized over the remaining life of the debentures.

Interest rates adjust quarterly for the subordinated debentures with rates indexed with SOFR.

The Company has the right to redeem the subordinated debentures prior to maturity. Upon redemption of the subordinated debentures payable to a statutory trust, the trust will also liquidate its common stock and preferred capital securities. BancPlus believes that it will be able to meet its principal and interest payment obligations as they come due through maintenance of adequate cash levels or subsequent borrowings. BancPlus expects to maintain adequate cash levels through profitability, loan and securities repayment and maturity activity and continued deposit gathering activities. BancPlus has in place various borrowing mechanisms for both short-term and long-term liquidity needs.

Shareholders’ Equity

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

Shareholders’ equity (before adjustment for redeemable common stock owned by the ESOP) increased $15.3 million, or 1.8%, to $867.3 million at March 31, 2026 from $852.0 million at December 31, 2025, primarily due to net income of $27.0 million and stock based compensation expense of $1.3 million, partially offset by common stock dividends paid of $6.2 million, other comprehensive loss of $6.1 million, and preferred stock dividends paid of $781,000.

Liquidity and Capital Resources

Bank Liquidity Management

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

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

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


(Dollars in thousands) Primary Liquidity – On-Balance Sheet	March 31, 2026			December 31, 2025
Cash and cash equivalents	$	443,270		$	348,249
Total securities		1,154,426			1,058,045
Less: pledged securities		(135,644	)		(273,591	)
Total primary liquidity	$	1,462,052		$	1,132,703
Ratio of primary liquidity to total deposits		20.3	%		16.2	%


Secondary Liquidity – Off-Balance Sheet Borrowing Capacity	March 31, 2026			December 31, 2025
Net secured borrowing capacity with the FHLB	$	2,060,713		$	2,043,201
Net secured borrowing capacity with the Federal Reserve Bank		1,293,880			1,288,575
Unsecured borrowing capacity with correspondent lenders		198,000			198,000
Total secondary liquidity	$	3,552,593		$	3,529,776
Ratio of primary and secondary liquidity to total deposits		69.5	%		66.7	%

During the three months ended March 31, 2026, BancPlus’ primary liquidity increased by $329.5 million to $1.46 billion, compared to $1.13 billion at December 31, 2025, primarily due to increases in total securities and cash and cash equivalents as well as a decrease in pledged securities. Secondary liquidity increased by $22.8 million to $3.55 billion as of March 31, 2026 from $3.53

billion as of December 31, 2025. This increase was primarily due to an increase in BancPlus’ Federal Reserve and FHLB borrowing capacities.

In addition to its primary liquidity, BancPlus generates liquidity from cash flows from its loan and securities portfolios and from its large base of core customer deposits, defined as total deposits less brokered deposits and time deposits greater than $250,000. Core deposits totaled $6.48 billion and $6.12 billion and represented 89.8% and 87.5% of total deposits as of March 31, 2026 and December 31, 2025, respectively. These core deposits are normally less volatile, often with customer relationships tied to other products, which promote long-standing relationships and stable funding sources.

Holding Company Liquidity Management

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

Due to state banking laws, BankPlus may not pay dividends without the prior approval of the MDBCF. BankPlus received permission from the MDBCF to pay dividends of $12.2 million and $7.2 million to BancPlus for the year-to-date periods ended March 31, 2026 and March 31, 2025, respectively. These dividends were used by the holding company to pay dividends to the BancPlus shareholders, principal and interest payments on debt and general operating expenses.

Capital Management and Regulatory Capital Requirements

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

Qualifying community banks have the option to use a simple leverage ratio, known as the CBLR, 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%. Under an April 2026 final rule, the minimum CBLR requirement will decrease from 9.0% to 8.0% as of July 1, 2026. The Company and the Bank elected to adopt the optional CBLR framework in the third quarter of 2022, as an alternative to the generally applicable capital rules.

Further, under prompt corrective action regulations, an insured depository institution is classified in one of several tiers based on its level of capital and other factors, and may be subject to an escalating series of remedial measures if it is less than “well capitalized.” An institution is deemed “well capitalized” if it satisfies certain capital ratios and is not subject to any written agreement, order, capital directive, or prompt corrective action directive to meet and maintain a specific capital level for any capital measure. As of March 31, 2026 and December 31, 2025, the Bank maintained a leverage ratio of more than 9.0% and, as an institution that has elected to adopt the CBLR framework, the Bank was therefore well capitalized under the regulatory framework for prompt corrective action.

As of March 31, 2026 and December 31, 2025, BancPlus and BankPlus met the minimum CBLR requirement applicable as of those dates and therefore satisfied the capital adequacy requirements to which they are subject. As a bank holding company, BancPlus is not subject to the prompt corrective action regime that applies to insured depository institutions, including BankPlus.

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


	Actual					Minimum Requirement to be Well Capitalized
(Dollars in thousands)	Capital Amount		Ratio			Capital Amount		Ratio
March 31, 2026
Company:
Community Bank Leverage Ratio	$	859,629		10.59	%	$	730,693		9.00	%
Bank:
Community Bank Leverage Ratio	$	873,989		10.77	%	$	730,378		9.00	%


	Actual					Minimum Requirement to be Well Capitalized
(Dollars in thousands)	Capital Amount		Ratio			Capital Amount		Ratio
December 31, 2025
Company:
Community Bank Leverage Ratio	$	844,129		10.67	%	$	711,795		9.00	%
Bank:
Community Bank Leverage Ratio	$	862,204		10.91	%	$	711,404		9.00	%

Contractual Obligations

Contractual obligations as of March 31, 2026 totaled $1.88 billion and were primarily comprised of deposits with maturities of $1.72 billion, FHLB advances and other borrowings of $67.5 million, subordinated debentures of $53.7 million and operating lease obligations of $41.9 million. Contractual obligations due within twelve months were $1.66 billion and were primarily related to time deposits with maturity dates, short-term FHLB advances and other borrowings. Contractual obligations due in more than 12 months were $225.6 million and were comprised of time deposits with maturity dates, long-term FHLB advances and other borrowings and subordinated debentures with maturities ranging from 2030 through 2037. BancPlus expects to have adequate liquidity to meet these short and long-term obligations through profitability, repayments from loans and investment securities, deposit gathering activity and access to borrowing sources.

Recent Accounting Pronouncements

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

Critical Accounting Policies and Estimates

There have been no material changes to the critical accounting policies and estimates previously disclosed under Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, previously filed with the SEC.

Item 3. Qualitative and Quantitative Disclosures about Market Risk

Interest Rate Risk

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

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

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

Net Interest Income Simulation and Economic Value Analysis

On a quarterly basis, BancPlus uses a model to simulate and measure potential changes in its net interest income and economic value of equity (“EVE”) given instantaneous parallel shifts in interest rates. BancPlus’ net interest income at risk simulation measures shorter term risk over 12 and 24 month time frames. EVE measures the period end market value of assets minus the market value of liabilities and the change in this value given the changes in interest rates. EVE is a point-in-time measurement that helps quantify longer term interest rate risk in the current balance sheet. The model has inherent limitations since the results are

based on a given set of rate changes and assumptions as of a certain point in time. For purpose of the simulation, BancPlus assumes no balance sheet growth. Therefore, the model’s results reflect an interest rate shock to a static balance sheet.

Potential changes over a 12-month horizon to BancPlus’ net interest income and EVE in hypothetical rising and declining interest rate scenarios calculated as of March 31, 2026 and December 31, 2025 are presented in the table below. The projections for March 31, 2026 and December 31, 2025 assume immediate, parallel shifts down from the yield curves of 100, 200, and 300 basis points and immediate, parallel shifts up of 100, 200, and 300 basis points.


	March 31, 2026								December 31, 2025
(Dollars in thousands)	Change in Net Interest Income				Change in Economic Value of Equity				Change in Net Interest Income						Change in Economic Value of Equity
Parallel Rate Shift (basis points)	$			%	$			%	$			%			$			%
300		(6,495	)	(2.2)%		(177,339	)	(12.2)%		(11,718	)		(4.0	)%		(185,406	)		(14.0	)%
200		(8,155	)	(2.8)%		(123,325	)	(8.5)%		(9,820	)		(3.4	)%		(124,803	)		(9.3	)%
100		(7,672	)	(2.6)%		(70,945	)	(4.9)%		(7,820	)		(2.7	)%		(69,177	)		(5.2	)%
Unchanged		—		— %		—		— %		—			—	%		—			—	%
-100		2,335		0.8 %		29,654		2.0 %		2,000			0.7	%		20,376			1.5	%
-200		10,479		3.6 %		55,119		3.8 %		9,385			3.2	%		57,760			4.4	%
-300		19,482		6.6 %		55,372		3.8 %		17,982			6.3	%		63,024			4.7	%

The table above indicates that in the event of an immediate and sustained 300 basis point increase in interest rates, BancPlus would have experienced a 2.2% decrease in net interest income in year one and an 12.2% decrease in EVE as of March 31, 2026. At December 31, 2025, in the event of an immediate and sustained 300 basis point increase in interest, BancPlus would have experienced a 4.0% decrease in net interest income and a 14.0% decrease in EVE. In the event of an immediate 100 basis point decrease in interest rates, BancPlus would have experienced an increase of 0.8% in net interest income and a 2.0% increase in EVE as of March 31, 2026, and a 0.7% increase in net interest income and a 1.5% increase in EVE as of December 31, 2025.

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

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

Impact of Inflation and Changing Prices

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

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Control over Financial Reporting

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

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

For information about our legal proceedings refer to Footnote 12 to our Condensed Notes to Consolidated Financial Statements for the quarter ended March 31, 2026 contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, previously filed with the SEC, except as noted below.

The Company may not qualify to repurchase its Series ECIP Preferred Stock on favorable terms.

On June 22, 2022, the Company sold shares of its Series ECIP Preferred Stock to the U.S. Treasury for the purchase price of $250.0 million under the Emergency Capital Investment Program, or “ECIP.” Under the ECIP program, the Treasury invested in depository institutions that are Community Development Financial Institutions or minority depository institutions (“MDIs”) to encourage lending to small businesses, minority-owned businesses and consumers in low-income and underserved communities.

Under terms of an ECIP Securities Purchase Option Agreement (“POA”) between the Company and Treasury, if the Company meets certain conditions, the Company or the Company’s qualifying designee may repurchase the Series ECIP Preferred Stock, potentially at a substantial discount (the “Repurchase Option”). To be eligible to exercise the Repurchase Option, the Company must, among other things, meet certain thresholds for “deep impact lending” or “qualified lending” (as defined in the ECIP’s guidelines), comply with the ECIP agreements and rules, continue to qualify as a CDFI, and be “well-capitalized” under federal Prompt Corrective Action guidelines. The earliest possible date by which the Company could exercise the Repurchase Option (assuming it meets all required conditions) is June 22, 2032. There can be no assurance that the Company will ever satisfy the lending and other requirements necessary to exercise the Repurchase Option.

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

In connection with the appointments of David Barksdale and Scott M. Polakoff to the BancPlus board of directors, in January 2026, we sold 200 shares of our common stock to Mr. Barksdale and 200 shares of our common stock to Mr. Polakoff at a price of $70.50 per share.

Each of the issuances listed above was exempt from registration under the Securities Act pursuant to Section 4(a)(2) thereof and/or Rule 506 of Regulation D promulgated thereunder.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Securities Trading Plans of Directors and Executive Officers

During the three months ended March 31, 2026, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).

Item 6. Exhibits


2.1*	Agreement and Plan of Share Exchange and Merger, dated September 28, 2021, as amended February 9, 2022, by and among BancPlus Corporation, BankPlus, First Trust Corporation and First Bank and Trust (incorporated by reference to Annex A of the Company’s Registration Statement on Form S-4 (File No. 333-261311), as amended, filed on February 11, 2022)
3.1	Articles of Incorporation of BancPlus Corporation (incorporated by reference to Exhibit 3.1 of the Quarterly Report on Form 10-Q of the Registrant, filed on May 12, 2023)
3.2	Articles of Amendment to the Articles of Incorporation of BancPlus Corporation (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K of the Registrant, filed on May 1, 2026)
3.3	Amended and Restated By-laws of BancPlus Corporation (incorporated by reference to Exhibit 3.2 of the Current Report on Form 8-K of the Registrant filed on May 1, 2026)
4.1	Specimen Certificate for BancPlus Corporation Common Stock (incorporated by reference to Exhibit 4.1 of the Registration Statement on Form S-4 as amended (File No. 333-236022), of the Registrant, filed on January 31, 2020)
4.2	Registration Rights Agreement, dated February 28, 2022, by and among BancPlus Corporation and Joseph C. Canizaro, and Joseph C. Canizaro, as trustee of The Corte Trust (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K of the Registrant filed on March 1, 2022)
4.3	Certificate of Designations of Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K of the Registrant filed on June 23, 2022)
4.4	Form of Certificate for Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP (incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K of the Registrant filed on June 23, 2022)
31.1+	Certification by Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
31.2+	Certification by Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
32.1++	Certification by Principal Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2++	Certification by Principal Financial Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101+	Inline XBRL Interactive Data
104+	Cover Page Interactive Data File (embedded within the Inline XBRL document in Exhibit 101)

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

+ Filed herewith.

++ Furnished herewith.

SIGNATURES

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

BancPlus Corporation


Date:	May 8, 2026	By:	/s/ Kirk A. Graves
			Kirk A. Graves
			President, Chief Executive Officer, Chairman of the Board, and Director
			(Principal Executive Officer)


Date:	May 8, 2026	By:	/s/ Karlen Turbeville
			Karlen Turbeville
			Senior Executive Vice President and Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)