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ACQUISITIONS | 6 Months Ended
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Jun. 30, 2021
ACQUISITIONS |
ACQUISITIONS | NOTE 2 – ACQUISITIONS NXT Bancorporation, Inc. On June 7, 2021, the Company and NXT Bancorporation, Inc. (NXT), the holding company for NXT Bank, jointly announced the signing of a merger agreement pursuant to which the Company will acquire NXT and NXT Bank. The acquisition will expand the Company’s footprint into Iowa. Under the terms of the merger agreement, NXT’s shareholders will have the right to receive 67.6783 shares of HBT Financial, Inc.’s common stock and $400 in cash for each share of common stock of NXT. Based upon the closing price of HBT common stock of $17.86 on June 4, 2021, the implied per share purchase price is $1,608.73 with an aggregate transaction value of approximately $42.8 million. Upon closing of the transaction, shareholders of NXT are expected to hold approximately 6.2% of HBT’s outstanding common stock. The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions and approval of NXT’s shareholders, and regulatory approvals. During the three months ended June 30, 2021, the Company incurred $157,000 in pre-tax acquisition expenses related to the planned acquisition of NXT, comprised primarily of professional fees.

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