HBT Financial Inc
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
HBT$37.53+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 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: | |||
| Depreciation expense | 3,108 | 3,043 | 3,074 |
| Provision for credit losses | 7,573 | (706) | (8,077) |
| Net amortization of debt securities | 5,730 | 6,959 | 7,066 |
| Deferred income tax expense (benefit) | 3,817 | (2,919) | 2,908 |
| Stock-based compensation | 1,953 | 1,949 | 764 |
| Net accretion of discount and deferred loan fees on loans | (7,228) | (5,337) | (12,448) |
| Net realized loss on sales of securities | 1,820 | — | — |
| Net unrealized loss (gain) on equity securities | (160) | 414 | (107) |
| Net loss (gain) on disposals of bank premises and equipment | (84) | (9) | 33 |
| Net gain on sales of bank premises held for sale | (81) | (187) | — |
| Impairment losses on bank premises held for sale | — | 60 | 661 |
| Net gain on sales of foreclosed assets | (764) | (118) | (505) |
| Write-down of foreclosed assets | 263 | 432 | 195 |
| Amortization of intangibles | 2,670 | 873 | 1,054 |
| Decrease (increase) in mortgage servicing rights | 1,615 | (2,153) | (1,690) |
| Amortization of discount and issuance costs on subordinated notes and debentures | 139 | 145 | 144 |
| Amortization of discount on Federal Home Loan Bank advances | 379 | — | (105) |
| Amortization of premium on interest-bearing time deposits with banks | — | 5 | 4 |
| Amortization of premium on time deposits | (400) | (188) | (81) |
| Mortgage loans originated for sale | (69,663) | (56,240) | (179,921) |
| Proceeds from sale of mortgage loans | 71,098 | 62,028 | 195,538 |
| Net gain on sale of mortgage loans | (1,526) | (1,461) | (5,846) |
| Increase in cash surrender value of bank owned life insurance | (566) | (164) | (41) |
| Decrease (increase) in accrued interest receivable | (1,915) | (4,605) | 240 |
| Decrease (increase) in other assets | 2,174 | (8,007) | 1,676 |
| Increase (decrease) in other liabilities | (19,965) | 22,316 | (17,784) |
| Net cash provided by operating activities | 65,829 | 72,586 | 43,023 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Proceeds from maturities of interest-bearing time deposits with banks | 249 | 485 | 245 |
| Purchase of interest-bearing time deposits with banks | (509) | — | — |
| Proceeds from sales of securities available-for-sale | 185,280 | — | — |
| Proceeds from paydowns, maturities, and calls of debt securities | 102,625 | 154,166 | 213,491 |
| Purchase of securities | (3,037) | (371,682) | (513,838) |
| Purchase of loans | (61,009) | — | — |
| Net increase in loans | (81,641) | (113,665) | (50,089) |
| Purchase of restricted stock | (23,832) | (6,151) | (241) |
| Proceeds from redemption of restricted stock | 27,459 | 925 | 796 |
| Purchases of bank premises and equipment | (3,134) | (1,047) | (1,028) |
| Proceeds from sales of bank premises and equipment | 222 | 27 | 17 |
| Proceeds from sales of bank premises held for sale | 351 | 1,344 | — |
| Proceeds from sales of foreclosed assets | 4,093 | 475 | 5,805 |
| Net cash paid for acquisition of Town and Country | (14,454) | — | — |
| Net cash paid for acquisition of NXT Bancorporation, Inc. | — | — | (4,771) |
| Net cash provided by (used in) investing activities | 132,663 | (335,123) | (349,613) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in thousands) | 2023 | 2022 | 2021 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net increase (decrease) in deposits | 94,396 | (150,973) | 426,146 |
| Net increase (decrease) in repurchase agreements | (639) | (18,175) | 11,440 |
| Net increase (decrease) in Federal Home Loan Bank advances | (234,195) | 160,000 | (12,520) |
| 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 provided by (used in) financing activities | (171,399) | (32,572) | 403,407 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 27,093 | (295,109) | 96,817 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 114,159 | 409,268 | 312,451 |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | $141,252 | $114,159 | $409,268 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
| Cash paid for interest | $32,853 | $6,860 | $5,928 |
| Cash paid for income taxes | $20,512 | $20,035 | $20,861 |
| SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES | |||
| Transfers of loans to foreclosed assets | $1,143 | $541 | $4,857 |
| Sales of foreclosed assets through loan origination | $— | $— | $252 |
| Transfers of bank premises and equipment to bank premises held for sale | $35 | $— | $1,345 |
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