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

	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

Condensed Parent Company Only Statements of Income

	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

Condensed Parent Company Only Statements of Cash Flows

	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