# EDGAR Filing Document

**Accession Number:** 0001118004
**File Stem:** 0000950170-25-088461
**Filing Date:** 2025-6
**Character Count:** 39617
**Document Hash:** a75dbdce5b8aa08aa89ff8acc97cfab0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-088461.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000950170-25-088461

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANCPLUS CORP
- **CENTRAL INDEX KEY:** 0001118004
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 640655312
- **STATE OF INCORPORATION:** MS
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-236022
- **FILM NUMBER:** 251061091

**BUSINESS ADDRESS:**
- **STREET 1:** 1068 HIGHLAND COLONY PARKWAY
- **STREET 2:** SUITE 200
- **CITY:** RIDGELAND
- **STATE:** MS
- **ZIP:** 39157
- **BUSINESS PHONE:** 601-898-8300

**MAIL ADDRESS:**
- **STREET 1:** 1068 HIGHLAND COLONY PARKWAY
- **STREET 2:** SUITE 200
- **CITY:** RIDGELAND
- **STATE:** MS
- **ZIP:** 39157

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

---

| | |
|:---|:---|
| **(Mark One)** | **(Mark One)** |
| **☒** | **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the fiscal year ended December 31, 2024** |
|  | **OR** |
| **☐** | **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the transition period from ____________ to __________** |

---

Commission file number 333-236022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Full title of the plan and the address of the plan, if different from that of the issuer named below:

**BANCPLUS CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN**

**WITH 401(k) PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**BANCPLUS CORPORATION**

1068 Highland Colony Parkway

Ridgeland, MS 39157

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**BancPlus Corporation**

**Employee Stock Ownership Plan**

**with 401(k) Provisions**

**December 31, 2024 and 2023**

**CONTENTS**

---

| | |
|:---|:---|
| [**<u>Reports of the Independent Registered Public Accounting Firm</u>**](#section3) | <u>3</u> |
| [**<u>Financial Statements</u>**](#section4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Net Assets Available for Benefits as of December 31, 202</u>](#section4)[<u>4</u>](#section4)[<u>and 20</u>](#section4)[<u>23</u>](#section4) | <u>5</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 20</u>](#section5)[<u>24</u>](#section5) | <u>6</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Financial Statements</u>](#section6) | <u>7</u> |
| [**<u>Supplemental Schedules</u>**](#section14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</u>](#section15) | <u>15</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Schedule H, Line 4j - Schedule of Reportable Transactions</u>](#section16) | <u>16</u> |
| [**<u>Signature</u>**](#section17) | <u>17</u> |
| [**<u>Exhibits</u>**](#section18) | <u>18</u> |

---

------

**Report of Independent Registered Public Accounting Firm**

Plan Administrator and Plan Participants

BancPlus Corporation Employee Stock Ownership Plan

&nbsp;&nbsp;&nbsp;&nbsp;With 401(k) Provisions

Ridgeland, Mississippi

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of BancPlus Corporation Employee Stock Ownership Plan With 401(k) Provisions ("Plan") as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

***Basis of Opinion***

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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***Report on Supplemental Information***

The supplemental information in the accompanying *Schedule H, Line 4i* – *Schedule of Assets (Held at End of Year)* as of December 31, 2024 and *Schedule H, Line 4j* – *Schedule of Reportable Transactions* for the year ended December 31, 2024 have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedules are the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the *Employee Retirement Income Security Act of 1974*. In our opinion, the *Schedule H, Line 4i* – *Schedule of Assets (Held at End of Year)* and *Schedule H, Line 4j* – *Schedule of Reportable Transactions* are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

**/s/ Forvis Mazars, LLP**

We have served as the Plan's auditor since 2008.

Jackson, Mississippi

June 20, 2025

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**BancPlus Corporation**

**Employee Stock Ownership Plan**

**with 401(k) Provisions**

**Statements of Net Assets Available for Benefits**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investments, at Fair Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market mutual fund | $6422614 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market account |  | 3152729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 59007276 | 49949614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common collective trusts | 3076089 | 4857856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BancPlus Corporation common stock | 95252916 | 84997575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 163758895 | 142957774 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Receivables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 790778 | 800050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant contributions receivable | 108250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 899028 | 800050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 164657923 | 143784824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets Available for Benefits | $164657923 | $143784824 |

---

The accompanying notes are an integral part to these financial statements.

------

**BancPlus Corporation**

**Employee Stock Ownership Plan**

**with 401(k) Provisions**

**Statement of Changes in Net Assets Available for Benefits**

---

| | |
|:---|:---|
|  | **Year Ended December 31, 2024** |
| **Additions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Contributions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer | $4397790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant salary deferrals | 5856291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant rollovers | 1198955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 11453036 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on BancPlus Corporation common stock | 2727001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | 590542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 56517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of BancPlus Corporation common stock | 10111173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of mutual funds | 8340552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 21825785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions | 33278821 |
| **Deductions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Benefits Paid Directly to Participants** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 11555998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock | 654605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans deemed distributed | 75972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits paid | 12286575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative expense** | 119147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 12405722 |
| **Net Increase in Net Assets** | 20873099 |
| **Net Assets Available for Benefits, Beginning of Year** | 143784824 |
| **Net Assets Available for Benefits, End of Year** | $164657923 |

---

The accompanying notes are an integral part to these financial statements.

------

**BancPlus Corporation**

**Employee Stock Ownership Plan**

**with 401(k) Provisions**

**Notes to the Financial Statements**

**December 31, 2024 and 2023**

**Note 1: Description of the Plan**

The following description of the BancPlus Corporation ("BancPlus" or the "Company") Employee Stock Ownership Plan with 401(k) Provisions (the "Plan") provides only general information. Participants should refer to the Plan Document and *Summary Plan Description* for a more complete description of the Plan's provisions, which are available from the Plan Administrator.

*General*

The Company established the Plan effective as of January 1, 1956. The Plan operates as a defined contribution plan, is designed to comply with Section 4975(e)(7) and the regulations thereunder of the Internal Revenue Code of 1986, as amended (the "Code") and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. At December 31, 2023, BankPlus (the "Bank"), a wholly-owned subsidiary of the Company, was the Trustee of the Plan. On January 1, 2024, the Company appointed GreatBanc Trust Company as Trustee of the Plan. The Plan's recordkeeping is performed by the Bank and by EPIC Retirement Plan Services. The Bank also performs custodial functions for the Plan along with Mid-Atlantic Company. The Company is the Plan Sponsor and Administrator.

*Participation*

The Plan is a defined contribution plan covering all full-time employees of the Bank who have completed 1,000 hours of service for the Plan year and are age 21 or older.

*Vesting*

Participants are fully vested in their salary reduction and rollover contributions and the Bank's matching and basic contributions. Participants vest in the Bank's optional contributions and earnings thereon at a rate of 20% for each year of service greater than two years and become fully vested upon completing six years of service. Participants terminating due to normal retirement, death, or disability will be 100% vested.

*Put Option*

Under federal income tax regulations, the employer stock that is held by the Plan and its participants and is not readily tradable on an established market or is subject to trading limitations includes a put right. This put option is a right to demand that the Company buy, within 30 days of the exercise of the put option, any shares of its stock distributed to participants for which there is no market. The put price is representative of the current appraised value of the stock.

*Payment of Benefits*

Participants are entitled to benefits upon termination of service due to death, disability or retirement. In addition, participants who are 100% vested and have completed six years of service in the Plan may request in-service distributions. A participant may elect to receive either a lump-sum amount equal to the value of the participant's vested interest in his or her account, or may elect to receive installment payments over a period of not more than the participant's assumed life expectancy (or assumed life expectancies for the participant and beneficiary). Net assets available for benefits include amounts allocated to the accounts of terminated participants. These accounts had a total balance of $30,762,093 and $26,249,479 and a vested balance of $30,636,462 and $26,157,987 at December 31, 2024 and 2023, respectively.

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Distributions relating to the Company's stock may be made in shares of the Company's common stock or in cash, at the discretion of the participants.

*Voting Rights*

Each participant in the Plan is entitled to direct the Trustee as to the manner in which voting rights on shares of the Company's common stock, which are allocated to the common stock account of such participant, are to be exercised with respect to any corporate matter which involves the voting of such shares, including the approval or disapproval of any corporate merger or consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or such similar transaction. The Trustee is permitted to vote any share for which instructions have not been given by a participant.

*Diversification*

Diversification is offered to participants close to retirement so that they may have the opportunity to move part of the value of their investment in Company common stock into other investments. Participants who are at least age 55 with at least 10 years of participation in the Plan may elect to diversify a portion of their account.

*Contributions*

The Bank makes (1) annual safe harbor matching contributions in the amount of 100% of the first 3% and 50% of the next 2% of the participant's compensation contributed, and may make (2) discretionary matching contributions equal to a percentage of the participant's contributions and/or (3) optional contributions to all eligible participants.

Participants may make (1) salary reduction contributions subject to Internal Revenue Service ("IRS") and plan limits and (2) rollover contributions. Effective January 1, 2025 the Plan was amended to include Roth options for salary reduction contributions and rollovers.

*Participant Accounts*

Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan offers the option to invest in the Company's common stock, various participant-directed investment allocation options and participant-directed investments in mutual funds.

Each participant's account is credited with the participant's contributions and with an allocation of (1) the Company's contribution, (2) plan earnings and (3) forfeitures of terminated participants' nonvested accounts. Allocations of basic and optional contributions and forfeitures are based on a participant's compensation. Company matching contributions are allocated based on a participant's salary reduction contributions.

Nonparticipant-directed investments are credited to individual participant accounts as of the last day of each plan year, with an allocation of shares of the Company's common stock released by the Trustee from the unallocated account and forfeitures of terminated participants' nonvested accounts. Only those participants who are eligible employees of the Company as of the last day of the plan year will receive an allocation. Allocations are based on a participant's eligible compensation relative to total eligible compensation.

*Forfeited Accounts*

In 2024, $48,876 was forfeited and reallocated to participants.

*Notes Receivable from Participants*

The Plan Document includes provisions authorizing loans from the Plan to active eligible participants. Participants may borrow from their accounts a minimum of $2,500 up to a maximum of $50,000, or 50% of their account balance, whichever is less. Loans are secured by the balance in the participant's account and bear interest at commercially

------

reasonable rates as determined by the Plan Administrator. The term shall not exceed five years, except for the purchase or construction of a principal residence, and loans shall be made from the vested portion of a participant's account.

*Plan Termination*

The Company reserves the right to terminate the Plan at any time, subject to plan provisions. Upon such termination of the Plan, the interest of each participant will be distributed to such participant or his or her beneficiary at the time prescribed by the plan terms and the Code. Upon termination of the Plan, the Administrative Committee, which is composed of individuals appointed by the board of directors, shall direct the Trustee to pay all liabilities and expenses and to sell shares of any financed stock held in the loan suspense account to the extent it determines such sale to be necessary in order to repay any outstanding loan.

**Note 2 - Summary of Significant Accounting Policies**

*Basis of Accounting*

The accompanying financial statements are prepared on the accrual basis of accounting, with the exception of the payment of benefits, which is recognized as a reduction in the net assets available for benefits of the Plan as distributions are made to participants.

*Use of Estimates*

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein at the date of the financial statements. Actual results could differ from those estimates.

*Investment Valuation and Income Recognition*

Investments are reported at fair value. Quoted market prices, if available, are used to value investments. The Plan's investment in company common stock is valued at estimated fair value, as determined by an annual independent appraisal, on December 31, 2024 and 2023. Mutual funds are valued at the net asset value of shares held by the Plan at year-end. The Plan's interests in common collective trusts are valued at net asset value as provided by the issuers. Other marketable investments are stated at fair value based on closing quoted market prices on the last business day of the plan year.

Dividend income is accrued on the ex-dividend date. Purchases and sales of securities are recorded on a trade-date basis. Realized gains and losses from security transactions are reported on the average cost method. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

*Dividends*

Dividends paid on shares of the Company's common stock are credited to participant accounts based on the number of shares allocated to each account as of the dividend record date.

*Notes Receivable from Participants*

Notes receivable from participants are reported at amortized principal balance plus accrued but unpaid interest. Delinquent notes receivable from participants are reclassified as distributions based upon the terms of the Plan Document.

*Payment of Benefits*

Benefit payments to participants are recorded upon distribution.

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*Administrative Expenses*

Certain administrative functions are performed by officers or employees of the Bank. No such officer or employee receives compensation from the Plan. Administrative expenses of the Plan may be paid by the Company or the Plan at the Company's discretion.

*Plan Tax Status*

The Internal Revenue Service has determined and informed the Company by a letter dated November 1, 2013, that the Plan and related trust are designed in accordance with applicable sections of the Code. Although the Plan has been amended since receiving the determination letter, the Plan Administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

**Note 3 - Investments**

The following is a summary of the Plan's investment in the Company's common stock at December 31, 2024 and 2023.

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Shares of Company common stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Number of shares | 1454243 | 1452950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost | $32236168 | $31133208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appraised value | $95252916 | $84997575 |

---

The following is a summary of participant-directed and nonparticipant-directed investments in company common stock at December 31, 2024 and 2023.

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| | | |
|:---|:---|:---|
|  | **Number of** | **Appraised** |
|  | **Shares** | **Value** |
| **December 31, 2024** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant-directed | 580554 | $38026286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonparticipant-directed | 873689 | 57226630 |
|  | 1454243 | $95252916 |
| **December 31, 2023** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant-directed | 603998 | $35333883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonparticipant-directed | 848952 | 49663692 |
|  | 1452950 | $84997575 |

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**Note 4 - Net Assets of Nonparticipant-directed Investments**

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Investments |  |  |
| &nbsp;&nbsp;Money market mutual fund | $5083789 | $— |
| &nbsp;&nbsp;Money market account |  | 3152729 |
| &nbsp;&nbsp;Company common stock | 57226630 | 49663692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 62310419 | 52816421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $62310419 | $52816421 |

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Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments follows.

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---

| | |
|:---|:---|
|  | **2024** |
| **Additions to Net Assets** |  |
| &nbsp;&nbsp;Employer contributions | $4397790 |
| **Investment Income** |  |
| &nbsp;&nbsp;Dividends on Company common stock | 1624999 |
| &nbsp;&nbsp;Interest income | 154820 |
| &nbsp;&nbsp;Change in fair value of Company common stock | 6126576 |
| &nbsp;&nbsp;Interest income on notes receivable from participants | 11419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 7917814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total additions | 12315604 |
| **Deductions from Net Assets** |  |
| &nbsp;&nbsp;Benefits paid to participants or their beneficiaries | 2728922 |
| &nbsp;&nbsp;Administrative fees | 5655 |
|  | 2734577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions less deductions | 9581027 |
| **Transfers to Participant-directed Investments** | (87029) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | $9493998 |

---

**Note 5 - Contributions**

The following is a summary of contributions to the Plan for the years ended December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **Nonparticipant** | **Participant** |  |
|  | **Directed** | **Directed** | **Total** |
| **December 31, 2024** |  |  |  |
| &nbsp;&nbsp;Employer contributions | $4397790 | $— | $4397790 |
| &nbsp;&nbsp;Participant salary deferrals |  | 5856291 | 5856291 |
| &nbsp;&nbsp;Participant rollovers |  | 1198955 | 1198955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total participant contributions |  | 7055246 | 7055246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total contributions | $4397790 | $7055246 | $11453036 |

---

**Note 6 - Parties-in-interest Transactions**

Parties-in-interest are defined under DOL regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer and certain others. Administrative expenses of the Plan have been paid by the Plan Sponsor. The following is a summary of parties-in-interest balances at December 31, 2024 and 2023.

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Company common stock | $95252916 | $84997575 |
| Notes receivable from participants | 790778 | 800505 |
| BankPlus Wealth Mgmt Aggressive | 11589791 | 9621372 |
| BankPlus Wealth Mgmt Cons Growth | 5931435 | 5332360 |
| BankPlus Wealth Mgmt Conservative | 693265 | 754876 |
| BankPlus Wealth Mgmt Growth | 13022512 | 11314735 |
| BankPlus Wealth Mgmt Mod Growth | 7096950 | 6523287 |
| BankPlus Money Market #049 |  | 3152729 |

---

The plan paid administrative fees to EPIC Retirement Plan Services of $119,147 during the year ended December 31, 2024. The Plan received dividends on BancPlus Corporation common stock of $2,727,001 during the year ended December 31, 2024. The Plan Sponsor paid commissions on behalf of the Plan to BankPlus Wealth Management of $103,399 during the year ended December 31, 2024.

**Note 7 - Fair Value of Plan Assets**

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Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:

**Level 1** Quoted prices in active markets for identical assets or liabilities that the Plan can access at 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 supported by little or no market activity and are significant to the fair value of the assets or liabilities

*Recurring Measurements*

The following table presents the fair value measurements of assets recognized in the accompanying statements of net assets available for benefits measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2024 and 2023.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements Using | Fair Value Measurements Using | Fair Value Measurements Using | Fair Value Measurements Using |
|  |  | Quoted Prices |  |  |
|  |  | in Active | Significant |  |
|  |  | Markets for | Other | Significant |
|  |  | Identical | Observable | Unobservable |
|  |  | Assets | Inputs | Inputs |
|  | Fair Value | (Level 1) | (Level 2) | (Level 3) |
| **December 31, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market mutual fund | $6422614 | $6422614 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 59007276 | 20673323 | 38333953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common collective trusts | 3076089 |  | 3076089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Company common stock | 95252916 |  |  | 95252916 |
| **December 31, 2023** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market account | $3152729 | $3152729 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 49949614 | 16402984 | 33546630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common collective trusts | 4857856 |  | 4857856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Company common stock | 84997575 |  |  | 84997575 |

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Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying statements of net assets available for benefits, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the years ended December 31, 2024 or 2023. The Plan had no assets measured at fair value on a nonrecurring basis. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

*Investments*

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 investments include money market accounts and mutual funds. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases

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where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and include Company common stock whose fair value is determined by an independent appraisal. The independent appraiser considers inputs such as general economic outlook, financial institution industry outlook, company history, company financial condition, the book value of company common stock, company earnings and dividend capacity, sales of company stock, and market prices of stock of other financial institutions whose stock is traded in a free and open market.

The independent appraisal uses the income approach and the market approach. The two approaches are then weighted to derive the fair market value. At December 31, 2024 and December 31, 2023, the income approach was determined using the capitalization of earnings method and a capitalization factor of 12.48 and 13.44, respectively. The capitalization factor is considered to be an unobservable input.

*Level 3 Reconciliation*

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying statements of net assets available for benefits using significant unobservable (Level 3) inputs.

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| | | |
|:---|:---|:---|
|  | **BancPlus Corporation Common Stock** | **BancPlus Corporation Common Stock** |
|  | **2024** | **2023** |
| Balance, January 1 | $84997575 | $96984413 |
| Purchases | 1364527 | 452597 |
| Distributions | (1220359) | (452597) |
| Unrealized gain (loss) | 10111173 | (11986838) |
| Balance, December 31 | $95252916 | $84997575 |

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Realized and unrealized gains and losses in Company common stock, which are included in net increase in net assets available for benefits for the year ended December 31, 2024, are reported in change in fair value of Company common stock in the statements of changes in net assets available for benefits.

**Note 8 - Risks and Uncertainties**

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term, and that such changes could materially affect the participants' account balances and the amounts reported in the statements of net assets available for benefits.

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**Supplemental Schedules**

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| | | | | |
|:---|:---|:---|:---|:---|
| **BancPlus Corporation<br>Employee Stock Ownership Plan<br>with 401(k) Provisions<br>EIN 64-0655312 PN 001<br>Schedule H, Line 4i – Schedule of Assets (Held at End of Year)<br>December 31, 2024** | **BancPlus Corporation<br>Employee Stock Ownership Plan<br>with 401(k) Provisions<br>EIN 64-0655312 PN 001<br>Schedule H, Line 4i – Schedule of Assets (Held at End of Year)<br>December 31, 2024** | **BancPlus Corporation<br>Employee Stock Ownership Plan<br>with 401(k) Provisions<br>EIN 64-0655312 PN 001<br>Schedule H, Line 4i – Schedule of Assets (Held at End of Year)<br>December 31, 2024** | **BancPlus Corporation<br>Employee Stock Ownership Plan<br>with 401(k) Provisions<br>EIN 64-0655312 PN 001<br>Schedule H, Line 4i – Schedule of Assets (Held at End of Year)<br>December 31, 2024** | **BancPlus Corporation<br>Employee Stock Ownership Plan<br>with 401(k) Provisions<br>EIN 64-0655312 PN 001<br>Schedule H, Line 4i – Schedule of Assets (Held at End of Year)<br>December 31, 2024** |
| (a) | (b) Identity of issuer, borrower, lessor, or similar party | (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value | (d) Cost | (e) Current Value |
|  | Money Market Mutual Fund |  |  |  |
|  | Goldman Sachs | Financial Square Government Fund | $6422614 | $6422614 |
|  | Mutual Funds |  |  |  |
|  | American Funds | American Fund TD 2025 | N/A | 41477 |
|  | American Funds | American Fund TD 2030 | N/A | 182277 |
|  | American Funds | American Fund TD 2035 | N/A | 219189 |
|  | American Funds | American Fund TD 2040 | N/A | 107615 |
|  | American Funds | American Fund TD 2045 | N/A | 162381 |
|  | American Funds | American Fund TD 2050 | N/A | 94072 |
|  | American Funds | American Fund TD 2055 | N/A | 104456 |
|  | American Funds | American Fund TD 2060 | N/A | 61932 |
|  | American Funds | American Fund TD 2065 | N/A | 17336 |
| \* | BankPlus Wealth Management | BankPlus Wealth Mgmt Aggressive | N/A | 11589791 |
| \* | BankPlus Wealth Management | BankPlus Wealth Mgmt Conservative | N/A | 693265 |
| \* | BankPlus Wealth Management | BankPlus Wealth Mgmt Cons Growth | N/A | 5931435 |
| \* | BankPlus Wealth Management | BankPlus Wealth Mgmt Growth | N/A | 13022512 |
| \* | BankPlus Wealth Management | BankPlus Wealth Mgmt Mod Growth | N/A | 7096950 |
|  | Fidelity | Fidelity 500 Index Fund | N/A | 7325113 |
|  | Goldman Sachs | Goldman Sachs GQG Partners Int'l | N/A | 1161359 |
|  | Invesco | Invesco Qqq Trust | N/A | 4306267 |
|  | Blackrock | Ishares MSCI EAFE Index Fund | N/A | 309935 |
|  | JP Morgan | JP Morgan Core Plus | N/A | 160207 |
|  | Loomis Sayles | Loomis Sayles Investment Grade Bond Fund | N/A | 77135 |
|  | Neuberger Berman | Neuberger Berman Large Cap Value | N/A | 916066 |
|  | Pimco | Pimco Income Fund | N/A | 487134 |
|  | Vanguard | Vanguard Inflation Protected Securities | N/A | 71034 |
|  | Vanguard | Vanguard Mid Cap ETF | N/A | 2217747 |
|  | Vanguard | Vanguard Emerging Markets ETF | N/A | 453327 |
|  | Vanguard | Vanguard Small Cap ETF | N/A | 1956390 |
|  | Vanguard | Vanguard Total Bond Market ETF | N/A | 225676 |
|  | William Blair | William Blair Small-Mid Cap | N/A | 15198 |
|  | Total Mutual Funds |  |  | 59007276 |
|  | Common Collective Trust |  |  |  |
|  | Reliance Trust | Reliance Metlife Stable Value | N/A | 3076089 |
| \* | BancPlus Corporation common stock | 1,454,243 shares | 32236168 | 95252916 |
| \* | Notes receivable from participants, payable semimonthly | 2025-2030 |  |  |
|  |  | 5.25%-10.50% | N/A | 790778 |
|  | \* - Denotes party-in-interest |  |  |  |
|  | N/A - Cost information not required for participant-directed investments |  |  |  |

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**BancPlus Corporation**

**Employee Stock Ownership Plan**

**with 401(k) Provisions**

**EIN 64-0655312 PN 001**

**Schedule H, Line 4j – Schedule of Reportable Transactions**

**Year Ended December 31, 2024**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Current** |  |
|  |  |  |  |  | **Expenses** |  | **Value of** |  |
|  |  |  |  |  | **Incurred** |  | **Asset on** |  |
|  |  | **Purchase** | **Selling** | **Lease** | **with** | **Cost of** | **Transaction** | **Net Gain or** |
| **Identity** | **Description** | **Price** | **Price** | **Rental** | **Transaction** | **Asset** | **Date** | **(Loss)** |
| Goldman Sachs | Financial Square Government Fund |  |  |  |  |  |  |  |
|  | Purchases\* | $12110330 | $— | $— | $— | $12110330 | $12110330 | $— |
|  | Sales\* |  | 5687716 |  |  | 5687716 | 5687716 |  |
|  | \* - Denotes series of transactions | \* - Denotes series of transactions |  |  |  |  |  |  |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned duly authorized.

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| | | |
|:---|:---|:---|
|  | **BANCPLUS CORPORATION** | **BANCPLUS CORPORATION** |
|  | **EMPLOYEE STOCK OWNERSHIP PLAN** | **EMPLOYEE STOCK OWNERSHIP PLAN** |
|  | **(WITH CODE SECTION 401(K) PROVISIONS)** | **(WITH CODE SECTION 401(K) PROVISIONS)** |
| Date: June 20, 2025 | Date: June 20, 2025 | /s/ Lisa McDaniel |
|  |  | Lisa McDaniel |
|  |  | Senior Vice President & Director of Human Resources |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 23.1 | [<u>Consent of the Independent Registered Public Accounting Firm - Forvis Mazars, LLP</u>](ck0001118004-ex23_1.htm) |

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## Exhibit 23.1

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-239035) of our report dated June 20, 2025, with respect to the statements of net assets available for benefits as of December 31, 2024 and 2023, the statement of changes in net assets available for benefits for the year ended December 31, 2024 and supplemental schedules of BancPlus Employee Stock Ownership Plan with 401(k) Provisions included in this Annual Report on Form 11-K for the year ended December 31, 2024.

/s/ Forvis Mazars, LLP

**Jackson, MS**

**June 20, 2025**

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