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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2022

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

NOTE 25 – CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

Following are the condensed parent company only financial statements of HBT Financial.

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Condensed Parent Company Only Balance Sheets

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​	​	​	​	​	​	​
​		December 31, 2022			December 31, 2021
ASSETS	​	(dollars in thousands)
Cash and cash equivalents	​	$	24,278	​	$	25,752
Investment in subsidiaries:	​	​	​	​	​	​
Bank	​	​	422,217	​	​	461,339
Non-bank	​	​	1,165	​	​	1,165
Other assets	​	​	5,338	​	​	1,283
Total assets	​	$	452,998	​	$	489,539
​	​	​	​	​	​	​
LIABILITIES	​	​	​	​	​	​
Subordinated notes	​	$	39,395	​	$	39,316
Junior subordinated debentures	​	​	37,780	​	​	37,714
Other liabilities	​	​	2,191	​	​	628
Total liabilities	​	​	79,366	​	​	77,658
​	​	​	​	​	​	​
STOCKHOLDERS' EQUITY	​	​	373,632	​	​	411,881
Total liabilities and stockholders' equity	​	$	452,998	​	$	489,539

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Condensed Parent Company Only Statements of Income

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​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31
​		2022			2021		​	2020
INCOME	​	(dollars in thousands)
Dividends received from subsidiaries:	​	​	​	​	​	​	​	​	​
Bank	​	$	28,000	​	$	20,000	​	$	17,600
Non-bank	​	​	—	​	​	—	​	​	36
Undistributed earnings from subsidiaries:	​	​	​	​	​	​	​	​	​
Bank	​	​	35,044	​	​	41,227	​	​	22,462
Non-bank	​	​	—	​	​	—	​	​	(36)
Other income	​	​	51	​	​	454	​	​	215
Total income	​	​	63,095	​	​	61,681	​	​	40,277
​	​	​	​	​	​	​	​	​	​
EXPENSES	​	​	​	​	​	​	​	​	​
Interest expense	​	​	3,666	​	​	3,305	​	​	2,189
Other expense	​	​	5,292	​	​	3,741	​	​	2,519
Total expenses	​	​	8,958	​	​	7,046	​	​	4,708
INCOME BEFORE INCOME TAX BENEFIT	​	​	54,137	​	​	54,635	​	​	35,569
INCOME TAX BENEFIT	​	​	(2,319)	​	​	(1,636)	​	​	(1,276)
NET INCOME	​	$	56,456	​	$	56,271	​	$	36,845

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Condensed Parent Company Only Statements of Cash Flows

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​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31
​		2022			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES	​	(dollars in thousands)
Net income	​	$	56,456	​	$	56,271	​	$	36,845
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​	​	​
Undistributed earnings of consolidated subsidiaries	​	​	(35,044)	​	​	(41,227)	​	​	(22,426)
Stock-based compensation	​	​	1,949	​	​	764	​	​	351
Amortization of discount and issuance costs on subordinated notes and debentures	​	​	145	​	​	144	​	​	92
Net gain on sale of foreclosed assets	​	​	—	​	​	(74)	​	​	—
Changes in other assets and liabilities, net	​	​	769	​	​	(2,231)	​	​	1,633
Net cash provided by operating activities	​	​	24,275	​	​	13,647	​	​	16,495
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
CASH FLOWS FROM INVESTING ACTIVITIES	​	​	​	​	​	​	​	​	​
Capital contribution to bank subsidiary	​	​	—	​	​	—	​	​	—
Capital contribution to non-bank subsidiary	​	​	—	​	​	—	​	​	—
Purchase of securities	​	​	—	​	​	(48)	​	​	(17)
Purchase of foreclosed assets from Heartland Bank	​	​	(2,325)	​	​	—	​	​	—
Proceeds from sale of foreclosed assets	​	​	—	​	​	74	​	​	—
Net cash paid for acquisition of NXT Bancorporation, Inc.	​	​	—	​	​	(10,411)	​	​	—
Net cash used in investing activities	​	​	(2,325)	​	​	(10,385)	​	​	(17)
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
CASH FLOWS FROM FINANCING ACTIVITIES	​	​	​	​	​	​	​	​	​
Issuance of subordinated notes, net of issuance costs	​	​	—	​	​	—	​	​	39,211
Issuance of common stock	​	​	—	​	​	—	​	​	—
Taxes paid related to the vesting of restricted stock units	​	​	(57)	​	​	—	​	​	—
Repurchase of common stock	​	​	(4,783)	​	​	(4,906)	​	​	—
Cash dividends and dividend equivalents paid	​	​	(18,584)	​	​	(16,753)	​	​	(16,518)
Net cash (used in) provided by financing activities	​	​	(23,424)	​	​	(21,659)	​	​	22,693
​	​	​	​	​	​	​	​	​	​
NET CHANGE IN CASH AND EQUIVALENTS	​	​	(1,474)	​	​	(18,397)	​	​	39,171
CASH AND CASH EQUIVALENTS	​	​	​	​	​	​	​	​	​
Beginning of year	​	​	25,752	​	​	44,149	​	​	4,978
End of year	​	$	24,278	​	$	25,752	​	$	44,149

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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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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