HBT Financial Acquires Indiana Bank Operations
Ticker: HBT · Form: 8-K · Filed: Dec 18, 2024 · CIK: 775215
Sentiment: bullish
Topics: acquisition, expansion, financials
TL;DR
HBT Financial is buying Lincoln Financial's Indiana banks for $1.2B deposits & $1.1B loans.
AI Summary
HBT Financial, Inc. announced on December 17, 2024, that it has entered into a definitive agreement to acquire Lincoln Financial Group's Indiana-based community bank operations. This strategic acquisition is expected to significantly expand HBT Financial's presence in Indiana, adding approximately $1.2 billion in deposits and $1.1 billion in loans.
Why It Matters
This acquisition allows HBT Financial to significantly grow its market share and customer base in Indiana, a key strategic growth area for the company.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks, potential for unexpected liabilities, and market reception challenges.
Key Numbers
- $1.2B — Deposits (Acquired from Lincoln Financial Group's Indiana operations)
- $1.1B — Loans (Acquired from Lincoln Financial Group's Indiana operations)
Key Players & Entities
- HBT Financial, Inc. (company) — Acquiring company
- Lincoln Financial Group (company) — Divesting company
- Indiana (location) — Target market for acquisition
- $1.2 billion (dollar_amount) — Deposits acquired
- $1.1 billion (dollar_amount) — Loans acquired
- December 17, 2024 (date) — Date of agreement
FAQ
What is the exact purchase price for Lincoln Financial Group's Indiana-based community bank operations?
The filing does not explicitly state a purchase price, but details the approximate deposit and loan values being acquired ($1.2 billion in deposits and $1.1 billion in loans).
When is the acquisition expected to be completed?
The filing does not specify an expected completion date for the acquisition.
What is the strategic rationale behind HBT Financial acquiring these operations?
The acquisition is intended to significantly expand HBT Financial's presence in Indiana, a key strategic growth area.
Which specific branches or legal entities are included in the acquisition?
The filing refers to 'Indiana-based community bank operations' of Lincoln Financial Group but does not list specific branch names or legal entities.
Are there any regulatory approvals required for this transaction?
While not explicitly detailed in this 8-K, acquisitions of this nature typically require regulatory approvals, which are not mentioned here.
Filing Stats: 599 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-12-18 07:54:05
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share HBT The Nasdaq Stock Market
- $15 million — horizes the Company to repurchase up to $15 million of its common stock. Stock repurchase
Filing Documents
- hbt-20241217.htm (8-K) — 24KB
- hbt-20241218x8kex991.htm (EX-99.1) — 4KB
- hbt-logoa.jpg (GRAPHIC) — 11KB
- 0001628280-24-051808.txt ( ) — 171KB
- hbt-20241217.xsd (EX-101.SCH) — 2KB
- hbt-20241217_lab.xml (EX-101.LAB) — 22KB
- hbt-20241217_pre.xml (EX-101.PRE) — 13KB
- hbt-20241217_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On December 17, 2024, the Board of Directors of HBT Financial, Inc. (the "Company") approved a new stock repurchase program (the "Program") that takes effect upon the expiration of the Company's current stock repurchase program on January 1, 2025. The Company will not execute additional repurchases under the current program after January 1, 2025. The new Program authorizes the Company to repurchase up to $15 million of its common stock. Stock repurchases under the Program may be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with the applicable securities law (including pursuant to the safe harbor provided under Rule 10b-18 of the Securities Act of 1934, as amended), at the discretion of the management of the Company. The Program will be in effect until January 1, 2026, with the timing of purchases and number of shares repurchased under the Program dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. The Company is not obligated to purchase any shares under the Program, and the Program may be suspended or discontinued at any time without notice. A copy of the press release announcing the Program is attached as Exhibit 99.1.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits Exhibit Number Description of Exhibit 99.1 Press Release dated December 18, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HBT FINANCIAL, INC. By: /s/ Peter R. Chapman Name: Peter R. Chapman Title: Chief Financial Officer Date: December 18, 2024