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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2021

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

NOTE 26 – CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

Following are the condensed financial statements of HBT Financial, Inc. (Parent only).

​

Condensed Parent Company Only Balance Sheets

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​	​	​	​	​	​	​
​		December 31, 2021			December 31, 2020
ASSETS	​	(dollars in thousands)
Cash and cash equivalents	​	$	25,752	​	$	44,149
Investment in subsidiaries:	​	​	​	​	​	​
Bank	​	​	461,339	​	​	397,201
Non-bank	​	​	1,165	​	​	1,165
Other assets	​	​	1,283	​	​	1,140
Total assets	​	$	489,539	​	$	443,655
​	​	​	​	​	​	​
LIABILITIES	​	​	​	​	​	​
Subordinated notes	​	$	39,316	​	$	39,238
Junior subordinated debentures	​	​	37,714	​	​	37,648
Other liabilities	​	​	628	​	​	2,852
Total liabilities	​	​	77,658	​	​	79,738
​	​	​	​	​	​	​
STOCKHOLDERS' EQUITY	​	​	411,881	​	​	363,917
Total liabilities and stockholders' equity	​	$	489,539	​	$	443,655

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Condensed Parent Company Only Statements of Income

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​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31
​		2021			2020		​	2019
INCOME	​	(dollars in thousands)
Dividends received from subsidiaries:	​	​	​	​	​	​	​	​	​
Bank	​	$	20,000	​	$	17,600	​	$	109,969
Non-bank	​	​	—	​	​	36	​	​	385
Undistributed earnings from subsidiaries:	​	​	​	​	​	​	​	​	​
Bank	​	​	41,227	​	​	22,462	​	​	(41,202)
Non-bank	​	​	—	​	​	(36)	​	​	(151)
Other income	​	​	454	​	​	215	​	​	52
Total income	​	​	61,681	​	​	40,277	​	​	69,053
​	​	​	​	​	​	​	​	​	​
EXPENSES	​	​	​	​	​	​	​	​	​
Interest expense	​	​	3,305	​	​	2,189	​	​	1,922
Other expense	​	​	3,741	​	​	2,519	​	​	1,025
Total expenses	​	​	7,046	​	​	4,708	​	​	2,947
INCOME BEFORE INCOME TAX BENEFIT	​	​	54,635	​	​	35,569	​	​	66,106
INCOME TAX BENEFIT	​	​	(1,636)	​	​	(1,276)	​	​	(759)
NET INCOME	​	$	56,271	​	$	36,845	​	$	66,865

​

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Condensed Parent Company Only Statements of Cash Flows

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​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31
​		2021			2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES	​	(dollars in thousands)
Net income	​	$	56,271	​	$	36,845	​	$	66,865
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​	​	​
Undistributed earnings of consolidated subsidiaries	​	​	(41,227)	​	​	(22,426)	​	​	41,353
Stock-based compensation	​	​	764	​	​	351	​	​	—
Amortization of discount and issuance costs on subordinated notes and debentures	​	​	144	​	​	92	​	​	66
Net gain on sale of foreclosed assets	​	​	(74)	​	​	—	​	​	—
Changes in other assets and liabilities, net	​	​	(2,231)	​	​	1,633	​	​	(1,912)
Net cash provided by operating activities	​	​	13,647	​	​	16,495	​	​	106,372
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
CASH FLOWS FROM INVESTING ACTIVITIES	​	​	​	​	​	​	​	​	​
Capital contribution to bank subsidiary	​	​	—	​	​	—	​	​	(17,000)
Capital contribution to non-bank subsidiary	​	​	—	​	​	—	​	​	(100)
Purchase of securities	​	​	(48)	​	​	(17)	​	​	—
Proceeds from sale of foreclosed assets	​	​	74	​	​	—	​	​	—
Net cash paid for acquisition of NXT Bancorporation, Inc.	​	​	(10,411)	​	​	—	​	​	—
Net cash used in investing activities	​	​	(10,385)	​	​	(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	​	​	(4,906)	​	​	—	​	​	—
Cash dividends and dividend equivalents paid	​	​	(16,753)	​	​	(16,518)	​	​	(224,956)
Net cash (used in) provided by financing activities	​	​	(21,659)	​	​	22,693	​	​	(86,463)
​	​	​	​	​	​	​	​	​	​
NET CHANGE IN CASH AND EQUIVALENTS	​	​	(18,397)	​	​	39,171	​	​	2,809
CASH AND CASH EQUIVALENTS	​	​	​	​	​	​	​	​	​
Beginning of year	​	​	44,149	​	​	4,978	​	​	2,169
End of year	​	$	25,752	​	$	44,149	​	$	4,978

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- References

No definition available.

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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=123454820&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

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