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(HBT) – HBT Financial IPO: What You Need To Know

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(HBT) - HBT Financial IPO: What You Need To Know

A growing bank in northeastern Illinois is looking for your deposit.

The IPO

HBT Financial Inc. (NASDAQ: HBT) will issue 8.3 million shares on the Nasdaq under ticker “HBT,” according to the firm’s S-1 filing. Priced between $17 and $19, the offering represents 31.5% of outstanding shares and is expected to bring in about $181.4 million.

The lead underwriters are JPMorgan and Keefe, Bruyette & Woods.

The company qualifies as an emerging growth company under the U.S. JOBS Act, which exempts management from certain SEC disclosure requirements.

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The Company

The Illinois bank operates 64 branches across 18 counties, including Cook County. Its market share peaks at 40.7% in DeKalb County and hovers between 14 and 38% in five other host counties.

HBT’s services include traditional banking, wealth management and residential mortgage banking. Last year, the latter two sources contributed noninterest income amounting to 16.2% of total revenues.

In the last 10 years, HBT has grown through seven acquisitions: four failed banks and three fully operating banks. It intends to pursue additional institutions within its target market.

The Finances

In 2018, the company recorded net interest income of $129.4 million with operating revenue of $161.1 million. The previous year saw $121.0 million in net interest income with revenue of 155.6 million.

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© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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