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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS | CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS Following are the condensed parent company only financial statements of HBT Financial.
Condensed Parent Company Only Balance Sheets
(dollars in thousands) | December 31, 2023 |  | December 31, 2022
ASSETS |
Cash and cash equivalents | $ | 17,214 |  |  | $ | 24,278 |
Investment in subsidiaries: |  |  |
Bank | 563,513 |  |  | 422,217 |
Non-bank | 1,614 |  |  | 1,165 |
Other assets | 2,347 |  |  | 5,338 |
Total assets | $ | 584,688 |  |  | $ | 452,998 |
LIABILITIES |  |  |
Subordinated notes | $ | 39,474 |  |  | $ | 39,395 |
Junior subordinated debentures | 52,789 |  |  | 37,780 |
Other liabilities | 2,929 |  |  | 2,191 |
Total liabilities | 95,192 |  |  | 79,366 |
STOCKHOLDERS' EQUITY | 489,496 |  |  | 373,632 |
Total liabilities and stockholders' equity | $ | 584,688 |  |  | $ | 452,998 |
Condensed Parent Company Only Statements of Income
| Year ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
INCOME |
Dividends received from bank subsidiary | $ | 64,000 |  |  | $ | 28,000 |  |  | $ | 20,000 |
Undistributed earnings from bank subsidiary | 9,199 |  |  | 35,044 |  |  | 41,227 |
Other income | 870 |  |  | 51 |  |  | 454 |
Total income | 74,069 |  |  | 63,095 |  |  | 61,681 |
EXPENSES |  |  |  |  |
Interest expense | 5,409 |  |  | 3,666 |  |  | 3,305 |
Other expense | 5,517 |  |  | 5,292 |  |  | 3,741 |
Total expenses | 10,926 |  |  | 8,958 |  |  | 7,046 |
INCOME BEFORE INCOME TAX BENEFIT | 63,143 |  |  | 54,137 |  |  | 54,635 |
TAX BENEFIT | (2,699) |  |  | (2,319) |  |  | (1,636) |
NET INCOME | $ | 65,842 |  |  | $ | 56,456 |  |  | $ | 56,271 |
Consolidated Parent Company Only Statements of Cash Flow
| Year ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES |
Net income | $ | 65,842 |  |  | $ | 56,456 |  |  | $ | 56,271 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Undistributed earnings of consolidated subsidiaries | (9,199) |  |  | (35,044) |  |  | (41,227) |
Stock-based compensation | 1,953 |  |  | 1,949 |  |  | 764 |
Amortization of discount and issuance costs on subordinated notes and debentures | 139 |  |  | 145 |  |  | 144 |
Net gain on sale of foreclosed assets | (563) |  |  | — |  |  | (74) |
Changes in other assets and liabilities, net | 360 |  |  | 769 |  |  | (2,231) |
Net cash provided by operating activities | 58,532 |  |  | 24,275 |  |  | 13,647 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Purchase of securities | — |  |  | — |  |  | (48) |
Purchase of foreclosed assets from Heartland Bank | — |  |  | (2,325) |  |  | — |
Proceeds from sale of foreclosed assets | 2,888 |  |  | — |  |  | 74 |
Net cash paid for acquisition of NXT Bancorporation, Inc. | — |  |  | — |  |  | (10,411) |
Net cash paid for acquisition of Town and Country | (37,523) |  |  | — |  |  | — |
Net cash used in investing activities | (34,635) |  |  | (2,325) |  |  | (10,385) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Taxes paid related to the vesting of restricted stock units | (181) |  |  | (57) |  |  | — |
Repurchase of common stock | (8,907) |  |  | (4,783) |  |  | (4,906) |
Cash dividends and dividend equivalents paid | (21,873) |  |  | (18,584) |  |  | (16,753) |
Net cash used in financing activities | (30,961) |  |  | (23,424) |  |  | (21,659) |
NET DECREASE IN CASH AND EQUIVALENTS | (7,064) |  |  | (1,474) |  |  | (18,397) |
CASH AND CASH EQUIVALENTS |  |  |  |  |
Beginning of year | 24,278 |  |  | 25,752 |  |  | 44,149 |
End of year | $ | 17,214 |  |  | $ | 24,278 |  |  | $ | 25,752 |

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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