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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2020
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS |
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS | NOTE 25 – CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS Following are the condensed financial statements of HBT Financial, Inc. (Parent only). Condensed Parent Company Only Balance Sheets
|  | December 31
|  | 2020 |  | 2019
ASSETS |  | (dollars in thousands)
Cash and cash equivalents |  | $ | 44,149 |  | $ | 4,978
Investment in subsidiaries: |  |  |  |  |  |
Bank |  |  | 397,201 |  |  | 363,860
Non-bank |  |  | 1,165 |  |  | 1,201
Other assets |  |  | 1,140 |  |  | 1,081
Total assets |  | $ | 443,655 |  | $ | 371,120
LIABILITIES |  |  |  |  |  |
Subordinated notes |  | $ | 39,238 |  | $ | —
Junior subordinated debentures |  |  | 37,648 |  |  | 37,583
Other liabilities |  |  | 2,852 |  |  | 619
Total liabilities |  |  | 79,738 |  |  | 38,202
STOCKHOLDERS' EQUITY |  |  | 363,917 |  |  | 332,918
Total liabilities and stockholders' equity |  | $ | 443,655 |  | $ | 371,120
Condensed Parent Company Only Statements of Income
|  | Years ended December 31
|  | 2020 |  | 2019 |  | 2018
INCOME |  | (dollars in thousands)
Dividends received from subsidiaries: |  |  |  |  |  |  |  |  |
Bank |  | $ | 17,600 |  | $ | 109,969 |  | $ | 44,446
Non-bank |  |  | 36 |  |  | 385 |  |  | 941
Undistributed earnings from subsidiaries: |  |  |  |  |  |  |  |  |
Bank |  |  | 22,462 |  |  | (41,202) |  |  | 23,239
Non-bank |  |  | (36) |  |  | (151) |  |  | (1,984)
Other income |  |  | 215 |  |  | 52 |  |  | 1
Total income |  |  | 40,277 |  |  | 69,053 |  |  | 66,643
EXPENSES |  |  |  |  |  |  |  |  |
Interest expense |  |  | 2,189 |  |  | 1,922 |  |  | 1,795
Other expense |  |  | 2,519 |  |  | 1,025 |  |  | 1,085
Total expenses |  |  | 4,708 |  |  | 2,947 |  |  | 2,880
INCOME BEFORE INCOME TAX BENEFIT |  |  | 35,569 |  |  | 66,106 |  |  | 63,763
INCOME TAX BENEFIT |  |  | (1,276) |  |  | (759) |  |  | (36)
NET INCOME |  | $ | 36,845 |  | $ | 66,865 |  | $ | 63,799
Condensed Parent Company Only Statements of Cash Flows
|  | Year ended December 31
|  | 2020 |  | 2019 |  | 2018
CASH FLOWS FROM OPERATING ACTIVITIES |  | (dollars in thousands)
Net income |  | $ | 36,845 |  | $ | 66,865 |  | $ | 63,799
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Undistributed earnings of consolidated subsidiaries |  |  | (22,426) |  |  | 41,353 |  |  | (21,255)
Stock-based compensation |  |  | 351 |  |  | — |  |  | —
Amortization of discount and issuance costs on subordinated notes and debentures |  |  | 92 |  |  | 66 |  |  | 66
Changes in other assets and liabilities, net |  |  | 1,633 |  |  | (1,912) |  |  | 700
Net cash provided by operating activities |  |  | 16,495 |  |  | 106,372 |  |  | 43,310
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital contribution to bank subsidiary |  |  | — |  |  | (17,000) |  |  | —
Capital contribution to non-bank subsidiary |  |  | — |  |  | (100) |  |  | —
Purchase of securities |  |  | (17) |  |  | — |  |  | —
Net cash used in investing activities |  |  | (17) |  |  | (17,100) |  |  | —
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of subordinated notes, net of issuance costs |  |  | 39,211 |  |  | — |  |  | —
Issuance of common stock |  |  | — |  |  | 138,493 |  |  | —
Repurchase of common stock |  |  | — |  |  | — |  |  | (907)
Cash dividends and dividend equivalents paid |  |  | (16,518) |  |  | (224,956) |  |  | (42,621)
Net cash provided by (used in) financing activities |  |  | 22,693 |  |  | (86,463) |  |  | (43,528)
NET CHANGE IN CASH AND EQUIVALENTS |  |  | 39,171 |  |  | 2,809 |  |  | (218)
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Beginning of year |  |  | 4,978 |  |  | 2,169 |  |  | 2,387
End of year |  | $ | 44,149 |  | $ | 4,978 |  | $ | 2,169

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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