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Subsequent Events
9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events
Subsequent events have been evaluated for potential recognition and disclosure through the date the Company’s financial statements were filed with the SEC. On October 28, 2025, the Company declared a quarterly dividend to common shareholders of $0.47 per share, to be paid on November 20, 2025 to shareholders of record as of November 10, 2025.
On October 7, 2025, the Company redeemed in full the trust securities of HF Financial Capital Trust III (“Trust XI”) at a redemption price of 100% of the principal amount of the issued and outstanding debt securities plus accrued and unpaid interest through October 6, 2025. The redemption included all of the outstanding debt securities ($5.2 million aggregate principal amount) which obligated the issuer trust to concurrently redeem all of the outstanding trust securities ($5.0 million aggregate principal amount of capital securities and $0.2 million aggregate principal amount of common securities).
On October 8, 2025, the Company redeemed in full the trust securities of HF Trust IV (“Trust XII”) at a redemption price of 100% of the principal amount of the issued and outstanding debt securities plus accrued and unpaid interest
through October 7, 2025. The redemption included all of the outstanding debt securities ($7.2 million aggregate principal amount) which obligated the issuer trust to concurrently redeem all of the outstanding trust securities ($7.0 million aggregate principal amount of capital securities and $0.2 million aggregate principal amount of common securities).
On October 10, 2025, the Bank closed the previously disclosed transaction with Enterprise Bank & Trust (“Enterprise Bank”), a wholly-owned subsidiary of Enterprise Financial Services Corp, pursuant to which Enterprise Bank acquired twelve branches from the Bank, including approximately $645 million in deposits and certain commercially-oriented loans with outstanding balances of $305 million, and the owned real estate and fixed and other assets associated with the branches. The branches sold in the transaction included all of the Bank’s Kansas and Arizona locations, with ten branches in Arizona and two branches in Kansas. The Company anticipates recognizing an approximately $60 million pre-tax gain related to this transaction.
On October 16, 2025, the Bank entered into a Purchase and Assumption Agreement with Security First Bank (“Security First”) pursuant to which Security First will acquire from the Bank the eleven Nebraska branches previously identified. The Purchase and Assumption Agreement provides for the transfer by the Bank to Security First of the facilities and other associated assets of the branches, approximately $280 million in deposits, and loans with outstanding balances of roughly $70 million. Consummation of the transaction is subject to regulatory approvals and other customary conditions to closing. It is currently anticipated that the closing of the transaction will take place in early 2026.
On October 30, 2025, the Company announced the expected closure of four additional branches located in Nebraska in the first quarter of 2026.
As of October 31, 2025, the Company purchased 1.1 million shares of common stock during October 2025, for a total repurchase, under the stock repurchase program since the program was adopted on August 28, 2025 of approximately 1.9 million shares for a total approximate cost of $60.2 million.
No other undisclosed events requiring recognition or disclosure were identified.