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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of expenses incurred related to the acquisition | During the years ended December 31, 2023 and 2022, HBT Financial incurred the following expenses related to the acquisition of Town and Country:
|  |  | Year Ended
(dollars in thousands) |  |  |  |  | December 31, 2023 |  | December 31, 2022
PROVISION FOR CREDIT LOSSES |  |  |  |  | $ | 5,924 |  | $ | —
NONINTEREST EXPENSE |  |  |  |  |  |  |
Salaries |  |  |  |  | 3,584 |  | —
Furniture and equipment |  |  |  |  | 39 |  | —
Data processing |  |  |  |  | 2,031 |  | 304
Marketing and customer relations |  |  |  |  | 24 |  | —
Loan collection and servicing |  |  |  |  | 125 |  | —
Legal fees and other noninterest expense |  |  |  |  | 1,964 |  | 788
Total noninterest expense |  |  |  |  | 7,767 |  | 1,092
Total Town and Country acquisition-related expenses |  |  |  |  | $ | 13,691 |  | $ | 1,092
Schedule of recognized identified assets acquired and liabilities assumed | The fair value of the assets acquired and liabilities assumed from Town and Country on the acquisition date of February 1, 2023 were as follows (dollars in thousands):
| Fair Value
Assets acquired: |
Cash and cash equivalents | $ | 23,542
Interest-bearing time deposits with banks | 249
Debt securities | 167,869
Equity securities | 301
Restricted stock | 2,822
Loans held for sale | 1,612
Loans, before allowance for credit losses | 635,376
Allowance for credit losses | (1,247) |
Loans, net of allowance for credit losses | 634,129
Bank owned life insurance | 15,782
Bank premises and equipment | 14,828
Foreclosed assets | 271
Intangible assets | 22,282
Mortgage servicing rights | 10,469
Investments in unconsolidated subsidiaries | 449
Accrued interest receivable | 3,113
Other assets | 8,940
Total assets acquired | 906,658
Liabilities assumed: |
Deposits | 720,417
FHLB advances | 86,439
Junior subordinated debentures | 14,949
Other liabilities | 5,999
Total liabilities assumed | 827,804
Net assets acquired | $ | 78,854
Consideration paid: |
Cash | $ | 37,996
Common stock | 71,356
Total consideration paid | $ | 109,352
Goodwill | $ | 30,498
The fair value of the assets acquired and liabilities assumed from NXT on the acquisition date were as follows (dollars in thousands):
| Fair Value
Assets acquired: |
Cash and cash equivalents | $ | 5,862 |
Interest-bearing time deposits with banks | 739 |
Debt securities | 18,295 |
Equity securities with readily determinable fair value | 43 |
Restricted stock | 796 |
Loans | 194,576 |
Bank owned life insurance | 7,352 |
Bank premises and equipment | 3,667 |
Core deposit intangible assets | 199 |
Mortgage servicing rights | 370 |
Accrued interest receivable | 886 |
Other assets | 1,340 |
Total assets acquired | 234,125 |
Liabilities assumed: |
Deposits | 181,586 |
Securities sold under agreements to repurchase | 4,080 |
FHLB advances | 12,625 |
Other liabilities | 1,633 |
Total liabilities assumed | 199,924 |
Net assets acquired | $ | 34,201 |
Consideration paid: |
Cash | $ | 10,633 |
Common stock | 29,270 |
Total consideration paid | $ | 39,903 |
Goodwill | $ | 5,702 |
The following table presents the acquired non-impaired loans as of the acquisition date (dollars in thousands):
Fair Value | $ | 194,576 |
Gross contractual amounts receivable | 196,104 |
Estimate of contractual cash flows not expected to be collected | 1,045 |
Business Combination, Acquisition Related Expenses | During the year ended December 31, 2021, HBT Financial incurred the following expenses related to the acquisition of NXT (dollars in thousands):
Salaries |  | $ | 65
Furniture and equipment |  | 18
Data processing |  | 355
Marketing and customer relations |  | 12
Loan collection and servicing |  | 11
Legal fees and other noninterest expense |  | 955
Total NXT acquisition-related expenses |  | $ | 1,416
Schedule of the components of the purchase price of financing receivables purchased with credit deterioration | The following table provides a summary of these PCD loans at acquisition (dollars in thousands):
Unpaid principal balance | $ | 89,822
Allowance for credit losses at acquisition | (1,247) |
Non-credit discount | (2,218) |
Purchase price | $ | 86,357
Business acquisition, pro forma information | The acquisition-related expenses that have been recognized are included in net income in the following table.
|  |  | Pro Forma
|  |  | Year Ended December 31,
(dollars in thousands, except per share data) |  |  |  |  | 2023 |  | 2022
Total revenues (net interest income and noninterest income) |  |  |  |  | $ | 230,171 |  | $ | 226,229
Net income |  |  |  |  | 66,056 |  | 68,417
Earnings per share - basic |  |  |  |  | 2.07 |  | 2.12
Earnings per share - diluted |  |  |  |  | 2.06 |  | 2.12

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