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ACQUISITIONS | 9 Months Ended
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Sep. 30, 2021
ACQUISITIONS |
ACQUISITIONS | NOTE 2 – ACQUISITIONS NXT Bancorporation, Inc. On June 7, 2021, HBT Financial and NXT Bancorporation, Inc. (NXT), the holding company for NXT Bank, entered into a merger agreement. Under the merger agreement, NXT merged with and into HBT Financial, with HBT Financial as the surviving entity, on October 1, 2021. Additionally, NXT Bank will be merged with and into Heartland Bank, with Heartland Bank as the surviving entity, on or about December 3, 2021. As of September 30, 2021, NXT had total assets of $232 million, total loans of $196 million, and total deposits of $181 million. NXT’s results of operations are not reflected in the Company’s consolidated financial statements as of and for the three and nine months ended September 30, 2021. Under the terms of the merger agreement, NXT’s shareholders 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 on the number of shares of NXT common stock outstanding prior to closing, NXT shareholders are entitled to receive cash consideration of approximately $10.6 million and stock consideration of approximately 1.8 million shares of HBT common stock. During the three and nine months ended September 30, 2021, the Company incurred $380,000 and $537,000, respectively, in pre-tax acquisition expenses related to the planned acquisition of NXT, comprised primarily of professional fees and data processing expense.

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