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SUBORDINATED NOTES (Details) - Subordinated notes - USD ($) $ in Thousands	Sep. 03, 2020	Dec. 31, 2023	Dec. 31, 2022
SUBORDINATED NOTES
Subordinated notes, at face value	$ 40,000	$ 40,000	$ 40,000
Fixed interest rate	4.50%
Debt issuance costs	$ 800
Amortization period of debt issuance costs	10 years
Qualifies as Tier 2 capital		100.00%	100.00%
SOFR
SUBORDINATED NOTES
Spread on interest rate basis	4.37%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS - Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 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:
Stock-based compensation	1,953	1,949	764
Net gain on sales of foreclosed assets	(764)	(118)	(505)
Net cash provided by operating activities	65,829	72,586	43,023
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of securities	3,037	371,682	513,838
Proceeds from sale of foreclosed assets	4,093	475	5,805
Net cash paid for acquisition	(14,454)		(4,771)
Net cash provided by (used in) investing activities	132,663	(335,123)	(349,613)
CASH FLOWS FROM FINANCING ACTIVITIES
Taxes paid related to the vesting of restricted stock units	(181)	(57)	0
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 DECREASE IN CASH AND 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
Reportable Legal Entities \| Consolidated HBT Financial, Inc.
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:
Undistributed earnings of consolidated subsidiaries	(9,199)	(35,044)	(41,227)
Stock-based compensation	1,953	1,949	764
Amortization of discount and issuance costs on subordinated notes and debentures	139	145	144
Net gain on sales of foreclosed assets	(563)	0	(74)
Changes in other assets and liabilities, net	360	769	(2,231)
Net cash provided by operating activities	58,532	24,275	13,647
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of securities	0	0	48
Purchase of foreclosed assets from Heartland Bank	0	(2,325)	0
Proceeds from sale of foreclosed assets	2,888	0	74
Net cash paid for acquisition	(37,523)		(10,411)
Net cash provided by (used in) investing activities	(34,635)	(2,325)	(10,385)
CASH FLOWS FROM FINANCING ACTIVITIES
Taxes paid related to the vesting of restricted stock units	(181)	(57)	0
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	(30,961)	(23,424)	(21,659)
NET DECREASE IN CASH AND EQUIVALENTS	(7,064)	(1,474)	(18,397)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	24,278	25,752	44,149
CASH AND CASH EQUIVALENTS AT END OF YEAR	$ 17,214	$ 24,278	$ 25,752

SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair values of securities available-for-sale, with gross unrealized gains and losses

The amortized cost and fair values of debt securities, with gross unrealized gains and losses and allowance for credit losses, are as follows:


	December 31, 2023
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	159,715	$	—	$	(11,093)	$	—	$	148,622
U.S. government agency	55,359		—		(3,262)		—		52,097
Municipal	229,030		26		(23,499)		—		205,557
Mortgage-backed:
Agency residential	188,641		61		(14,718)		—		173,984
Agency commercial	141,214		3		(14,205)		—		127,012
Corporate	57,665		9		(5,485)		—		52,189
Total available-for-sale	$	831,624	$	99	$	(72,262)	$	—	$	759,461

	December 31, 2023
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	88,448	$	—	$	(8,292)	$	80,156	$	—
Municipal	38,442		394		(163)		38,673		—
Mortgage-backed:
Agency residential	95,828		—		(5,569)		90,259		—
Agency commercial	298,721		—		(41,313)		257,408		—
Total held-to-maturity	$	521,439	$	394	$	(55,337)	$	466,496	$	—


	December 31, 2022
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	169,860	$	—	$	(15,345)	$	154,515
U.S. government agency	59,291		—		(4,134)		55,157
Municipal	275,972		46		(32,189)		243,829
Mortgage-backed:
Agency residential	213,676		5		(18,240)		195,441
Agency commercial	150,060		—		(17,172)		132,888
Corporate	65,597		55		(3,958)		61,694
Total available-for-sale	$	934,456	$	106	$	(91,038)	$	843,524

	December 31, 2022
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Held-to-maturity:
U.S. government agency	$	88,424	$	—	$	(9,728)	$	78,696
Municipal	42,167		195		(314)		42,048
Mortgage-backed:
Agency residential	102,728		—		(6,470)		96,258
Agency commercial	308,281		—		(46,482)		261,799
Total held-to-maturity	$	541,600	$	195	$	(62,994)	$	478,801

The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of December 31, 2023, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:


	December 31, 2023
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	—	$	—	$	(11,093)	$	148,622	$	(11,093)	$	148,622
U.S. government agency	(2)		168		(3,260)		51,910		(3,262)		52,078
Municipal	(26)		4,749		(23,473)		194,287		(23,499)		199,036
Mortgage-backed:
Agency residential	(163)		9,354		(14,555)		156,785		(14,718)		166,139
Agency commercial	(26)		3,016		(14,179)		123,404		(14,205)		126,420
Corporate	(414)		4,361		(5,071)		45,826		(5,485)		50,187
Total available-for-sale	$	(631)	$	21,648	$	(71,631)	$	720,834	$	(72,262)	$	742,482

The following table presents gross unrealized losses and fair value of debt securities, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position, as of December 31, 2022:


	December 31, 2022
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	(8,401)	$	92,445	$	(6,944)	$	62,070	$	(15,345)	$	154,515
U.S. government agency	(2,980)		47,370		(1,154)		7,787		(4,134)		55,157
Municipal	(10,906)		149,261		(21,283)		87,794		(32,189)		237,055
Mortgage-backed:
Agency residential	(8,332)		127,288		(9,908)		65,692		(18,240)		192,980
Agency commercial	(4,764)		62,672		(12,408)		70,216		(17,172)		132,888
Corporate	(2,594)		52,190		(1,364)		5,600		(3,958)		57,790
Total available-for-sale	(37,977)		531,226		(53,061)		299,159		(91,038)		830,385
Held-to-maturity:
U.S. government agency	(1,754)		15,751		(7,974)		62,945		(9,728)		78,696
Municipal	(314)		23,433		—		—		(314)		23,433
Mortgage-backed:
Agency residential	(4,039)		78,452		(2,431)		17,806		(6,470)		96,258
Agency commercial	(16,716)		103,298		(29,766)		158,501		(46,482)		261,799
Total held-to-maturity	(22,823)		220,934		(40,171)		239,252		(62,994)		460,186
Total debt securities	$	(60,800)	$	752,160	$	(93,232)	$	538,411	$	(154,032)	$	1,290,571

Schedule of certain debt securities from the available-for-sale category to the held-to-maturity category

The following is a summary of the amortized cost and fair value of securities transferred to the held-to-maturity category:


	March 31, 2022
(dollars in thousands)	Amortized Cost		Fair Value

U.S. government agency	$	78,841	$	71,048
Mortgage-backed:
Agency residential	8,175		7,651
Agency commercial	27,834		25,432
Total	$	114,850	$	104,131

Schedule of amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of debt securities by contractual maturity, as of December 31, 2023, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available-for-Sale				Held-to-Maturity
(dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due in 1 year or less	$	46,534	$	45,564	$	2,138	$	2,141
Due after 1 year through 5 years	208,581		196,431		35,590		34,269
Due after 5 years through 10 years	199,695		174,573		83,488		77,094
Due after 10 years	46,959		41,897		5,674		5,325

Mortgage-backed:
Agency residential	188,641		173,984		95,828		90,259
Agency commercial	141,214		127,012		298,721		257,408
Total	$	831,624	$	759,461	$	521,439	$	466,496

Schedule of sales of debt securities

Sales of debt securities were as follows during the year ended December 31:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Proceeds from sales		$	185,280	$	—	$	—
Gross realized gains		—		—		—
Gross realized losses		(1,820)		—		—

Schedule of equity securities with initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses

The initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses are as follows:


	December 31, 2023
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,143	$	2,840
Cumulative net unrealized gains (losses)	217		(335)
Carrying value	$	3,360	$	2,505


	December 31, 2022
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,142	$	2,142
Cumulative net unrealized gains (losses)	(113)		(165)
Carrying value	$	3,029	$	1,977

Schedule of unrealized gains (losses) on equity securities

Unrealized gains (losses) on equity securities were as follows during the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Readily determinable fair value		$	330	$	(414)	$	107
No readily determinable fair value		(170)		—		—
Unrealized gains (losses) on equity securities		$	160	$	(414)	$	107

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

LOAN SERVICING - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 10,147
Ending balance	19,001	$ 10,147
Mortgage Loans
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Mortgage loans serviced for others	1,660,000	955,800
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	10,147	7,994	$ 5,934
Acquired	10,469	0	370
Capitalized servicing rights	726	530	1,200
Fair value adjustments attributable to payments and principal reductions	(2,110)	(1,343)	(1,788)
Fair value adjustments attributable to changes in valuation inputs and assumptions	(231)	2,966	2,278
Ending balance	$ 19,001	$ 10,147	$ 7,994

SECURITIES - Equity securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Readily Determinable Fair Value
Initial cost	$ 3,143	$ 3,142
Cumulative net unrealized gains (losses)	217	(113)
Carrying value	3,360	3,029
No Readily Determinable Fair Value
Initial cost	2,840	2,142
Cumulative net unrealized gains (losses)	(335)	(165)
Carrying value	$ 2,505	$ 1,977

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loans, including fees:
Taxable	$ 191,008	$ 120,343	$ 103,900
Federally tax exempt	4,189	3,135	2,384
Securities:
Taxable	25,962	23,368	16,948
Federally tax exempt	4,225	4,569	4,400
Interest-bearing deposits in bank	3,020	1,541	527
Other interest and dividend income	595	98	64
Total interest and dividend income	228,999	153,054	128,223
INTEREST EXPENSE
Deposits	25,135	2,511	2,472
Securities sold under agreements to repurchase	255	36	34
Borrowings	7,128	967	9
Subordinated notes	1,879	1,879	1,879
Junior subordinated debentures issued to capital trusts	3,530	1,787	1,426
Total interest expense	37,927	7,180	5,820
Net interest income	191,072	145,874	122,403
PROVISION FOR CREDIT LOSSES	7,573	(706)	(8,077)
Net interest income after provision for credit losses	183,499	146,580	130,480
NONINTEREST INCOME
Mortgage servicing	4,678	2,609	2,825
Mortgage servicing rights fair value adjustment	(1,615)	2,153	1,690
Gains on sale of mortgage loans	1,526	1,461	5,846
Realized gains (losses) on sales of securities	(1,820)	0	0
Unrealized gains (losses) on equity securities	160	(414)	107
Gains (losses) on foreclosed assets	501	(314)	310
Gains (losses) on other assets	166	136	(723)
Income on bank owned life insurance	573	164	41
Other noninterest income	3,105	2,366	3,034
Total noninterest income	36,046	34,717	37,328
NONINTEREST EXPENSE
Salaries	67,453	51,767	48,972
Employee benefits	10,037	8,325	6,513
Occupancy of bank premises	9,918	7,673	6,788
Furniture and equipment	2,790	2,476	2,676
Data processing	12,352	7,441	7,329
Marketing and customer relations	5,043	3,803	3,376
Amortization of intangible assets	2,670	873	1,054
FDIC insurance	2,280	1,164	1,043
Loan collection and servicing	1,402	1,049	1,317
Foreclosed assets	251	293	908
Other noninterest expense	16,768	20,243	11,270
Total noninterest expense	130,964	105,107	91,246
INCOME BEFORE INCOME TAX EXPENSE	88,581	76,190	76,562
INCOME TAX EXPENSE	22,739	19,734	20,291
NET INCOME	$ 65,842	$ 56,456	$ 56,271
Earnings per share, basic (in dollars per share)	$ 2.08	$ 1.95	$ 2.02
Earnings per share, diluted (in dollars per share)	$ 2.07	$ 1.95	$ 2.02
Weighted average shares of common stock outstanding (in shares)	31,626,308	28,853,697	27,795,806
Card income
NONINTEREST INCOME
Revenue	$ 11,043	$ 10,329	$ 9,734
Wealth management fees
NONINTEREST INCOME
Revenue	9,883	9,155	8,384
Service charges on deposit accounts
NONINTEREST INCOME
Revenue	$ 7,846	$ 7,072	$ 6,080

LOAN SERVICING

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

LOAN SERVICING

Mortgage loans serviced for others, which are not included in the accompanying consolidated balance sheets, amounted to $1.66 billion and $955.8 million as of December 31, 2023 and December 31, 2022, respectively. Activity in mortgage servicing rights is as follows:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Beginning balance		$	10,147	$	7,994	$	5,934
Acquired		10,469		—		370
Capitalized servicing rights		726		530		1,200
Fair value adjustments attributable to payments and principal reductions		(2,110)		(1,343)		(1,788)
Fair value adjustments attributable to changes in valuation inputs and assumptions		(231)		2,966		2,278
Ending balance		$	19,001	$	10,147	$	7,994

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Troubled Debt Restructurings, Pledged loans (Details) $ in Millions	Dec. 31, 2022 USD ($)
Loans and Leases Receivable Disclosure [Abstract]
Troubled debt restructurings	$ 3.0

FORECLOSED ASSETS - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
FORECLOSED ASSETS
Carrying value of foreclosed asset	$ 852	$ 3,030	$ 3,278	$ 4,168
One-to-four family residential real estate property
FORECLOSED ASSETS
Carrying value of foreclosed asset	$ 100	$ 20
Number of loans in the process of foreclosure \| loan	16	4
Loan amount in the process of foreclosure	$ 1,200	$ 200

DEPOSITS - Interest bearing Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DEPOSITS
Noninterest-bearing	$ 1,072,407	$ 994,954
Interest-bearing deposits:
Interest-bearing demand	1,145,092	1,139,150
Money market	803,381	555,425
Savings	608,424	634,527
Time	627,253	262,968
Brokered	144,880	0
Total interest-bearing deposits	3,329,030	2,592,070
Total deposits	$ 4,401,437	$ 3,587,024

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Loans As of December 31, 2023 and 2022, loans to directors, executive officers, principal shareholders and their affiliated entities (“related parties”) totaled $1.1 million and $2.2 million, respectively. These loans were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing for comparable loans with persons not related to us. Deposits Deposits of related parties totaled $4.0 million and $22.0 million as of December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 373,632	$ 411,881	$ 363,917
Transfer from available-for-sale to held-to-maturity		0	0
Other comprehensive income (loss) before reclassifications	17,110	(104,276)	(24,432)
Reclassifications	3,306	1,849	1,099
Other comprehensive income (loss), before tax	20,416	(102,427)	(23,333)
Income tax expense (benefit)	5,820	(29,197)	(6,651)
Other comprehensive income (loss), after tax	14,596	(73,230)	(16,682)
Ending balance	489,496	373,632	411,881
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(71,759)	1,471	18,153
Other comprehensive income (loss), after tax	14,596	(73,230)	(16,682)
Ending balance	(57,163)	(71,759)	1,471
Available-for-Sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(61,998)	5,736	19,578
Transfer from available-for-sale to held-to-maturity		7,664	3,887
Other comprehensive income (loss) before reclassifications	16,949	(105,459)	(24,798)
Reclassifications	1,820	0	0
Other comprehensive income (loss), before tax	18,769	(105,459)	(24,798)
Income tax expense (benefit)	5,350	(30,061)	(7,069)
Other comprehensive income (loss), after tax	13,419	(75,398)	(17,729)
Ending balance	(48,579)	(61,998)	5,736
Held-to-Maturity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(9,946)	(3,514)	(118)
Transfer from available-for-sale to held-to-maturity		(7,664)	(3,887)
Other comprehensive income (loss) before reclassifications	0	0	0
Reclassifications	1,954	1,723	687
Other comprehensive income (loss), before tax	1,954	1,723	687
Income tax expense (benefit)	557	491	196
Other comprehensive income (loss), after tax	1,397	1,232	491
Ending balance	(8,549)	(9,946)	(3,514)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	185	(751)	(1,307)
Transfer from available-for-sale to held-to-maturity		0	0
Other comprehensive income (loss) before reclassifications	161	1,183	366
Reclassifications	(468)	126	412
Other comprehensive income (loss), before tax	(307)	1,309	778
Income tax expense (benefit)	(87)	373	222
Other comprehensive income (loss), after tax	(220)	936	556
Ending balance	$ (35)	$ 185	$ (751)

INCOME TAXES - Components of net deferred tax asset (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Allowance for credit losses	$ 12,247	$ 7,151
Compensation related	3,230	2,623
Deferred loan fees	676	965
Nonaccrual interest	596	480
Foreclosed assets	18	142
Goodwill	74	153
Net operating loss carryforward	144	0
Net unrealized losses on debt securities	23,967	29,874
Deferred Tax Assets Other Purchase Accounting Adjustments	5,250	0
Other	575	5,237
Total deferred tax assets	46,777	46,625
Deferred tax liabilities
Fixed asset depreciation	3,044	3,940
Mortgage servicing rights	5,306	2,868
Other purchase accounting adjustments	0	610
Intangible assets	5,584	214
Prepaid assets	816	756
Other	566	2,756
Total deferred tax liabilities	15,316	11,144
Net deferred tax asset (liability)	$ 31,461	$ 35,481

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Feb. 01, 2023	Dec. 31, 2022	Oct. 01, 2021
Goodwill [Line Items]
Goodwill	$ 59,820		$ 29,322
Town and Country
Goodwill [Line Items]
Goodwill		$ 30,498
NXT Bancorporation, Inc
Goodwill [Line Items]
Goodwill				$ 5,702

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of ASC 326 on the allowance for credit losses (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTING POLICIES
Allowance for Credit Losses	$ 25,333	$ 40,048	$ 25,333	$ 23,936	$ 31,838
PCD allowance established in acquisition		1,247
Stockholders’ equity		489,496	373,632	411,881	363,917
Retained Earnings
ACCOUNTING POLICIES
Stockholders’ equity		269,051	232,004	194,132	154,614
Commercial and industrial
ACCOUNTING POLICIES
Allowance for Credit Losses	3,279	4,980	3,279	2,440	3,929
PCD allowance established in acquisition		69
Commercial real estate - owner occupied
ACCOUNTING POLICIES
Allowance for Credit Losses	1,193	2,272	1,193	1,840	3,141
PCD allowance established in acquisition		127
Commercial real estate - non-owner occupied
ACCOUNTING POLICIES
Allowance for Credit Losses	6,721	7,714	6,721	8,145	11,251
PCD allowance established in acquisition		239
Construction and land development
ACCOUNTING POLICIES
Allowance for Credit Losses	4,223	5,998	4,223	4,914	4,232
PCD allowance established in acquisition		240
Multi-family
ACCOUNTING POLICIES
Allowance for Credit Losses	1,472	3,837	1,472	1,263	1,957
PCD allowance established in acquisition		68
One-to-four family residential
ACCOUNTING POLICIES
Allowance for Credit Losses	1,759	5,204	1,759	1,311	1,801
PCD allowance established in acquisition		492
Agricultural and farmland
ACCOUNTING POLICIES
Allowance for Credit Losses	796	975	796	845	793
PCD allowance established in acquisition		5
Municipal, consumer, and other
ACCOUNTING POLICIES
Allowance for Credit Losses	5,890	9,068	5,890	$ 3,178	$ 4,734
PCD allowance established in acquisition		7
Allowance for credit losses on unfunded commitments
ACCOUNTING POLICIES
Allowance for Credit Losses	0	$ 3,800
Cumulative Effect, Period of Adoption, Adjustment
ACCOUNTING POLICIES
Allowance for Credit Losses	6,983		6,983
PCD allowance established in acquisition	200
Stockholders’ equity			(6,922)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
ACCOUNTING POLICIES
Stockholders’ equity			(6,922)
Cumulative Effect, Period of Adoption, Adjustment \| Commercial and industrial
ACCOUNTING POLICIES
Allowance for Credit Losses	(822)		(822)
Cumulative Effect, Period of Adoption, Adjustment \| Commercial real estate - owner occupied
ACCOUNTING POLICIES
Allowance for Credit Losses	587		587
Cumulative Effect, Period of Adoption, Adjustment \| Commercial real estate - non-owner occupied
ACCOUNTING POLICIES
Allowance for Credit Losses	501		501
Cumulative Effect, Period of Adoption, Adjustment \| Construction and land development
ACCOUNTING POLICIES
Allowance for Credit Losses	1,969		1,969
Cumulative Effect, Period of Adoption, Adjustment \| Multi-family
ACCOUNTING POLICIES
Allowance for Credit Losses	85		85
Cumulative Effect, Period of Adoption, Adjustment \| One-to-four family residential
ACCOUNTING POLICIES
Allowance for Credit Losses	797		797
Cumulative Effect, Period of Adoption, Adjustment \| Agricultural and farmland
ACCOUNTING POLICIES
Allowance for Credit Losses	1,567		1,567
Cumulative Effect, Period of Adoption, Adjustment \| Municipal, consumer, and other
ACCOUNTING POLICIES
Allowance for Credit Losses	2,299		$ 2,299
Cumulative Effect, Period of Adoption, Adjustment \| Allowance for credit losses on unfunded commitments
ACCOUNTING POLICIES
Allowance for Credit Losses	2,899
Cumulative Effect, Period of Adoption, Adjusted Balance
ACCOUNTING POLICIES
Allowance for Credit Losses	32,316
Cumulative Effect, Period of Adoption, Adjusted Balance \| Commercial and industrial
ACCOUNTING POLICIES
Allowance for Credit Losses	2,457
Cumulative Effect, Period of Adoption, Adjusted Balance \| Commercial real estate - owner occupied
ACCOUNTING POLICIES
Allowance for Credit Losses	1,780
Cumulative Effect, Period of Adoption, Adjusted Balance \| Commercial real estate - non-owner occupied
ACCOUNTING POLICIES
Allowance for Credit Losses	7,222
Cumulative Effect, Period of Adoption, Adjusted Balance \| Construction and land development
ACCOUNTING POLICIES
Allowance for Credit Losses	6,192
Cumulative Effect, Period of Adoption, Adjusted Balance \| Multi-family
ACCOUNTING POLICIES
Allowance for Credit Losses	1,557
Cumulative Effect, Period of Adoption, Adjusted Balance \| One-to-four family residential
ACCOUNTING POLICIES
Allowance for Credit Losses	2,556
Cumulative Effect, Period of Adoption, Adjusted Balance \| Agricultural and farmland
ACCOUNTING POLICIES
Allowance for Credit Losses	2,363
Cumulative Effect, Period of Adoption, Adjusted Balance \| Municipal, consumer, and other
ACCOUNTING POLICIES
Allowance for Credit Losses	8,189
Cumulative Effect, Period of Adoption, Adjusted Balance \| Allowance for credit losses on unfunded commitments
ACCOUNTING POLICIES
Allowance for Credit Losses	$ 2,899

DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Schedule of Company's interest-bearing deposits

The Company’s deposits are summarized below:


(dollars in thousands)	December 31, 2023		December 31, 2022

Noninterest-bearing deposits	$	1,072,407	$	994,954
Interest-bearing deposits:
Interest-bearing demand	1,145,092		1,139,150
Money market	803,381		555,425
Savings	608,424		634,527
Time	627,253		262,968
Brokered	144,880		—
Total interest-bearing deposits	3,329,030		2,592,070
Total deposits	$	4,401,437	$	3,587,024

Schedule of interest expense on deposits

The components of interest expense on deposits are as follows:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Interest-bearing demand		$	3,130	$	607	$	518
Money market		7,352		813		437
Savings		1,033		208		188
Time		10,784		883		1,329
Brokered		2,836		—		—
Total interest expense on deposits		$	25,135	$	2,511	$	2,472

Time Deposit Maturities

At December 31, 2023, the scheduled maturities of time and brokered time deposits are as follows (dollars in thousands):


Year ended December 31,
2024	$	676,895
2025	76,274
2026	10,593
2027	4,992
2028	3,255
Thereafter	124
Total	$	772,133

- Definition

Tabular disclosure of type of deposit liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (3)
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (4)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (5)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (c)
-Publisher SEC

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (d)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)
-Publisher SEC

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (1)
-Publisher SEC

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)
-Publisher SEC

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)
-Publisher SEC

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(ii)
-Publisher SEC

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iii)
-Publisher SEC

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iv)
-Publisher SEC

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of allocation of federal and state income taxes between current and deferred portions

Allocation of income tax expense between current and deferred portions is as follows:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021

Current
Federal	$	12,538	$	15,194	$	11,330
State	6,384		7,459		6,053
Total current	18,922		22,653		17,383
			.
Deferred
Federal	2,811		(2,045)		1,945
State	1,006		(874)		963
Total deferred	3,817		(2,919)		2,908
Income tax expense	$	22,739	$	19,734	$	20,291

Schedule of effective income tax rate reconciliation

Income tax expense differs from the statutory federal rate due to the following:


	Year Ended December 31,
	2023				2022				2021
(dollars in thousands)	Amount		Percentage		Amount		Percentage		Amount		Percentage

Federal income tax, at statutory rate	$	18,602	21.0	%	$	16,000	21.0	%	$	16,078	21.0	%
Increase (decrease) resulting from:
Federally tax exempt interest income	(1,767)		(2.0)		(1,618)		(2.1)		(1,426)		(1.9)
State taxes, net of federal benefit	5,838		6.6		5,285		6.9		5,430		7.1
Other	66		0.1		67		0.1		209		0.3
Income tax expense	$	22,739	25.7	%	$	19,734	25.9	%	$	20,291	26.5	%

Schedule of components of the net deferred tax asset (liability)

The components of the deferred tax assets and liabilities are as follows:


(dollars in thousands)	December 31, 2023		December 31, 2022

Deferred tax assets
Allowance for credit losses	$	12,247	$	7,151
Compensation related	3,230		2,623
Deferred loan fees	676		965
Nonaccrual interest	596		480
Foreclosed assets	18		142
Goodwill	74		153
Net operating loss carryforward	144		—
Net unrealized losses on debt securities	23,967		29,874
Other purchase accounting adjustments	5,250		—
Other	575		5,237
Total deferred tax assets	46,777		46,625

Deferred tax liabilities
Fixed asset depreciation	3,044		3,940
Mortgage servicing rights	5,306		2,868
Other purchase accounting adjustments	—		610
Intangible assets	5,584		214
Prepaid assets	816		756
Other	566		2,756
Total deferred tax liabilities	15,316		11,144
Net deferred tax asset	$	31,461	$	35,481

FORECLOSED ASSETS - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Acquired Through Foreclosure [Roll Forward]
Beginning balance	$ 3,030	$ 3,278	$ 4,168
Acquired	271	0	0
Transfers from loans	1,143	541	4,857
Proceeds from sales	(4,093)	(475)	(5,805)
Sales through loan origination	0	0	(252)
Net gain on sales	764	118	505
Direct write-downs	(263)	(432)	(195)
Ending balance	$ 852	$ 3,030	$ 3,278

JUNIOR SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS - Carrying Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SUBORDINATED NOTES
Junior subordinated debentures	$ 52,789	$ 37,780
Junior subordinated debentures
SUBORDINATED NOTES
Subordinated notes, at face value	53,714
Junior subordinated debentures	52,789	37,780
Junior subordinated debentures \| Heartland Bancorp, Inc. Capital Trust B
SUBORDINATED NOTES
Subordinated notes, at face value	10,310
Junior subordinated debentures	10,310	10,310
Junior subordinated debentures \| Heartland Bancorp, Inc. Capital Trust C
SUBORDINATED NOTES
Subordinated notes, at face value	10,310
Junior subordinated debentures	10,310	10,310
Junior subordinated debentures \| Heartland Bancorp, Inc. Capital Trust D
SUBORDINATED NOTES
Subordinated notes, at face value	5,155
Junior subordinated debentures	5,155	5,155
Junior subordinated debentures \| FFBI Capital Trust I
SUBORDINATED NOTES
Subordinated notes, at face value	7,217
Junior subordinated debentures	7,217	7,217
Junior subordinated debentures \| National Bancorp Statutory Trust I
SUBORDINATED NOTES
Subordinated notes, at face value	5,773
Junior subordinated debentures	4,853	4,788
Junior subordinated debentures \| Town and Country Statutory Trust II
SUBORDINATED NOTES
Subordinated notes, at face value	4,124
Junior subordinated debentures	4,401	0
Junior subordinated debentures \| Town and Country Statutory Trust III
SUBORDINATED NOTES
Subordinated notes, at face value	7,732
Junior subordinated debentures	7,578	0
Junior subordinated debentures \| West Plains Investors Statutory Trust I
SUBORDINATED NOTES
Subordinated notes, at face value	3,093
Junior subordinated debentures	$ 2,965	$ 0

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of commitments and conditional obligations

Such commitments and conditional obligations were as follows:


	Contractual Amount
(dollars in thousands)	December 31, 2023		December 31, 2022

Commitments to extend credit	$	869,013	$	756,885
Standby letters of credit	23,732		17,785

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule Of Goodwill And Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 1,070
Amortization	(2,670)	$ (873)	$ (1,054)
Ending balance	20,682	1,070
Core Deposit Intangible
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance	1,070	1,943	2,798
Additions	21,282	0	199
Amortization	(2,578)	(873)	(1,054)
Ending balance	19,774	1,070	1,943
Accumulated amortization	23,425	20,847	19,974
Customer Relationship Intangible
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance	0	0	0
Additions	1,000	0	0
Amortization	(92)	0	0
Ending balance	908	0	0
Accumulated amortization	$ 92	$ 0	$ 0

SECURITIES - Sale and Gain (loss) on securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net unrealized gains (losses) on equity securities:
Readily determinable fair value	$ 330	$ (414)	$ 107
No readily determinable fair value	(170)	0	0
Unrealized gains (losses) on equity securities	$ 160	$ (414)	$ 107

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related party transactions
Loans	$ 3,364,369	$ 2,594,920
Total deposits	4,401,437	3,587,024
Related Party
Related party transactions
Loans	1,100	2,200
Total deposits	$ 4,000	$ 22,000

BORROWINGS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
FHLB borrowings	$ 12,623	$ 160,000
Weighted average rate	0.55%	4.29%
Securities pledged, served as collateral	$ 1,200,000	$ 892,100
Loans pledged in association with Mortgage Partnership Finance Program	400	300
FRB Line of credit
Debt Instrument [Line Items]
Borrowings	0	0
Securities pledged, served as collateral	$ 9,800	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REGULATORY MATTERS - (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Total Capital (to Risk Weighted Assets)
For capital adequacy purposes, ratio (as a percent).	0.025	0.025
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)
Actual, amount	$ 586,604	$ 489,316
Actual, ratio (as a percent)	0.1492	0.1543
For capital adequacy purposes, amount	$ 314,496	$ 253,643
For capital adequacy purposes, ratio (as a percent).	0.0800	0.0800
To be well capitalized under prompt corrective action provisions, amount	$ 393,119	$ 317,054
To be well capitalized under prompt corrective action provisions, ratio (as a percent)	0.1000	0.1000
Total Capital (to Risk Weighted Assets)
Actual, amount	$ 550,808	$ 463,983
Actual, ratio (as a percent)	0.1401	0.1463
For capital adequacy purposes, amount	$ 235,872	$ 190,233
To be well capitalized under prompt corrective action provisions, amount	$ 314,496	$ 253,643
For capital adequacy purposes, ratio (as a percent)	0.0600	0.0600
To be well capitalized under prompt corrective action provisions, ratio (as a percent)	0.0800	0.0800
Common Equity Tier 1 Capital (to Risk Weighted Assets)
Actual, amount	$ 550,808	$ 463,983
Actual, ratio (as a percent)	14.01%	14.63%
For capital adequacy purposes, amount	$ 176,904	$ 142,674
For capital adequacy purposes, ratio (as a percent)	4.50%	4.50%
To be well capitalized under prompt corrective action provisions, amount	$ 255,528	$ 206,085
To be well capitalized under prompt corrective action provisions, ratio (as a percent)	6.50%	6.50%
Tier 1 Capital (to Average Assets)
Actual, amount	$ 550,808	$ 463,983
Actual, ratio (as a percent)	0.1096	0.1078
For capital adequacy purposes, amount	$ 201,063	$ 172,240
For capital adequacy purposes, ratio (as a percent)	0.0400	0.0400
To be well capitalized under prompt corrective action provisions, amount	$ 251,329	$ 215,300
To be well capitalized under prompt corrective action provisions, ratio (as a percent)	0.0500	0.0500
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)
Actual, amount	$ 603,234	$ 516,556
Actual, ratio (as a percent)	0.1533	0.1627
For capital adequacy purposes, amount	$ 314,814	$ 254,052
For capital adequacy purposes, ratio (as a percent).	0.0800	0.0800
Total Capital (to Risk Weighted Assets)
Actual, amount	$ 527,964	$ 451,828
Actual, ratio (as a percent)	0.1342	0.1423
For capital adequacy purposes, amount	$ 236,110	$ 190,539
For capital adequacy purposes, ratio (as a percent)	0.0600	0.0600
Common Equity Tier 1 Capital (to Risk Weighted Assets)
Actual, amount	$ 476,789	$ 415,213
Actual, ratio (as a percent)	12.12%	13.07%
For capital adequacy purposes, amount	$ 177,083	$ 142,904
For capital adequacy purposes, ratio (as a percent)	4.50%	4.50%
Tier 1 Capital (to Average Assets)
Actual, amount	$ 527,964	$ 451,828
Actual, ratio (as a percent)	0.1049	0.1048
For capital adequacy purposes, amount	$ 201,231	$ 172,427
For capital adequacy purposes, ratio (as a percent)	0.0400	0.0400

DEPOSITS - Interest bearing Deposits - Narrative (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Reciprocal transaction deposits, Interest bearing demand deposits	$ 51.3
Reciprocal transaction deposits, money market deposits	155.1	$ 1.7
Reciprocal transaction deposits, time deposits	30.5	1.6
Time deposits, at or above FDIC insurance limit	130.2	27.2
Time deposits in denominations of $100,000 or more	$ 342.8	$ 92.6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Impact of ASC 326 on the allowance for credit losses

The following table illustrates the impact of ASC 326 on the allowance for credit losses:


	January 1, 2023
(dollars in thousands)	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326

Assets:
Allowance for credit losses on loans
Commercial and industrial	$	3,279	$	(822)	$	2,457
Commercial real estate - owner occupied	1,193		587		1,780
Commercial real estate - non-owner occupied	6,721		501		7,222
Construction and land development	4,223		1,969		6,192
Multi-family	1,472		85		1,557
One-to-four family residential	1,759		797		2,556
Agricultural and farmland	796		1,567		2,363
Municipal, consumer, and other	5,890		2,299		8,189
Allowance for credit losses on loans	$	25,333	$	6,983	$	32,316

Liabilities:
Allowance for credit losses on unfunded commitments	$	—	$	2,899	$	2,899

ACQUISITIONS - Acquisition-related expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Furniture and equipment	$ 2,790	$ 2,476	$ 2,676
Marketing and customer relations	5,043	3,803	3,376
Total noninterest expense	130,964	105,107	$ 91,246
Town and Country
Business Acquisition [Line Items]
PROVISION FOR CREDIT LOSSES	5,924	0
Salaries	3,584	0
Furniture and equipment	39	0
Data processing	2,031	304
Marketing and customer relations	24	0
Loan collection and servicing	125	0
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
NXT Bancorporation, Inc
Business Acquisition [Line Items]
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 Town and Country acquisition-related expenses	$ 1,416

STOCK-BASED COMPENSATION PLANS - Summary of equity award activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation plans
Expirations (in shares)	0	0	(1,530)
Weighted Average Grant Date Assigned Value
Expired (in dollars per share)	$ 0	$ 0	$ 16.32
Restricted stock units
Stock-based compensation plans
Outstanding (in shares)	139,986	109,244	71,000
Granted (in shares)	41,847	66,995	59,994
Exercised (in shares)	(51,693)	(34,925)	(20,225)
Forfeited (in shares)	(1,981)	(1,328)	(1,525)
Outstanding (in shares)	128,159	139,986	109,244
Weighted Average Grant Date Assigned Value
Outstanding (in dollars per share)	$ 18.01	$ 17.27	$ 18.98
Granted (in dollars per share)	22.72	18.81	15.81
Exercised (in dollars per share)	17.91	17.26	18.86
Forfeited (in dollars per share)	19.55	18.35	18.11
Outstanding (in dollars per share)	$ 19.56	$ 18.01	$ 17.27
Performance restricted stock units
Stock-based compensation plans
Outstanding (in shares)	62,067	38,344	0
Granted (in shares)	17,030	23,723	38,344
Vested (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Outstanding (in shares)	79,097	62,067	38,344
Weighted Average Grant Date Assigned Value
Outstanding (in dollars per share)	$ 17.02	$ 15.72	$ 0
Granted (in dollars per share)	22.72	19.14	15.72
Vested (in dollars per share)	0	0	0
Forfeited (in dollars per share)	0	0	0
Outstanding (in dollars per share)	$ 18.25	$ 17.02	$ 15.72
Stock appreciation rights
Stock-based compensation plans
Outstanding (in shares)	73,440	97,920	105,570
Granted (in shares)	0	0	0
Exercised (in shares)	0	(24,480)	(6,120)
Forfeited (in shares)	0	0	0
Outstanding (in shares)	73,440	73,440	97,920
Weighted Average Grant Date Assigned Value
Outstanding (in dollars per share)	$ 16.32	$ 16.32	$ 16.32
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	16.32	16.32
Forfeited (in dollars per share)	0	0	0
Outstanding (in dollars per share)	$ 16.32	$ 16.32	$ 16.32
Weighted average remaining contractual term	5 years 8 months 12 days

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable inputs used in nonrecurring measurements (Details) - Fair Value, Nonrecurring - Level 3 - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Collateral-dependent loans \| Appraisal of collateral
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value	$ 32,685	$ 17,460
Alternative Investment, Measurement Input [Extensible Enumeration]	AppraisalAdjustmentsMember	AppraisalAdjustmentsMember
Bank premises held for sale \| Appraisal
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value		$ 235
Measurement input		7.00%
Alternative Investment, Measurement Input [Extensible Enumeration]		AppraisalAdjustmentsMember
Bank premises held for sale \| Appraisal \| Weighted Average
FAIR VALUE OF FINANCIAL INSTRUMENTS
Measurement input		(7.00%)
Foreclosed assets \| Appraisal
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value	$ 852	$ 3,030
Measurement input	7.00%	7.00%
Alternative Investment, Measurement Input [Extensible Enumeration]	AppraisalAdjustmentsMember	AppraisalAdjustmentsMember
Foreclosed assets \| Appraisal \| Weighted Average
FAIR VALUE OF FINANCIAL INSTRUMENTS
Measurement input	(7.00%)	(7.00%)

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STOCK-BASED COMPENSATION PLANS
Vesting percentage of unvested restricted stock units and performance restricted stock units, if retirement eligibility requirements are met	100.00%
Accelerated stock-based compensation expense		$ 600
Restricted stock units
STOCK-BASED COMPENSATION PLANS
Number of shares participant is entitled to receive (in shares)		1
Fair value of units granted		$ 1,000	$ 1,300	$ 900
Intrinsic value of restricted stock units		1,100	700	300
Unrecognized compensation cost related to non-vested stock-based compensation agreements		$ 900
Weighted average remaining service period		1 year 8 months 12 days
Performance restricted stock units
STOCK-BASED COMPENSATION PLANS
Unrecognized compensation cost related to non-vested stock-based compensation agreements		$ 300
Weighted average remaining service period		1 year 6 months
Performance restricted stock units \| Share-Based Payment Arrangement, Employee
STOCK-BASED COMPENSATION PLANS
Fair value of units granted		$ 400	500	$ 600
Performance restricted stock units \| Minimum
STOCK-BASED COMPENSATION PLANS
Percentage of the number of units granted that may be earned		0.00%
Performance restricted stock units \| Maximum
STOCK-BASED COMPENSATION PLANS
Percentage of the number of units granted that may be earned		150.00%
Stock appreciation rights
STOCK-BASED COMPENSATION PLANS
Unrecognized compensation cost related to non-vested stock-based compensation agreements		$ 0
Stock appreciation rights plan liability recorded for the outstanding units		600	500
Stock appreciation rights plan liability recorded for the previously exercised units		$ 200	$ 500
Omnibus Incentive Plan
STOCK-BASED COMPENSATION PLANS
Authorized number of shares (in shares)		1,820,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) subsidiary segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Number of subsidiaries \| subsidiary	8
Period of borrower payment performance	6 months
Foreclosed asset, selling costs, percentage of fair value	0.070
Finite-lived intangible asset, useful life (in years)	10 years
Defined contribution plan, employer matching contribution, percent of employees' gross pay	5.00%
Unrecognized tax benefits, period increase (decrease)	$ 0	$ 0
Deferred income tax expense (benefit)	$ 3,817,000	$ (2,919,000)	$ 2,908,000	$ 3,000,000
Deferred other tax expense (benefit)				$ 300,000
Number of segments \| segment	1

REGULATORY MATTERS (Tables)

12 Months Ended

Dec. 31, 2023

Banking and Thrift, Other Disclosure [Abstract]

Schedule of the Company's and the bank subsidiaries' actual and required capital amounts and ratios

The actual and required capital amounts and ratios of the Company (on a consolidated basis) and the Bank are as follows:


	December 31, 2023
	Actual				For Capital Adequacy Purposes				To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio

Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)	$	603,234	15.33	%	$	314,814	8.00	%	N/A		N/A
Tier 1 Capital (to Risk Weighted Assets)	527,964		13.42		236,110		6.00		N/A		N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)	476,789		12.12		177,083		4.50		N/A		N/A
Tier 1 Capital (to Average Assets)	527,964		10.49		201,231		4.00		N/A		N/A

Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)	$	586,604	14.92	%	$	314,496	8.00	%	$	393,119	10.00	%
Tier 1 Capital (to Risk Weighted Assets)	550,808		14.01		235,872		6.00		314,496		8.00
Common Equity Tier 1 Capital (to Risk Weighted Assets)	550,808		14.01		176,904		4.50		255,528		6.50
Tier 1 Capital (to Average Assets)	550,808		10.96		201,063		4.00		251,329		5.00


	December 31, 2022
	Actual				For Capital Adequacy Purposes				To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio

Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)	$	516,556	16.27	%	$	254,052	8.00	%	N/A		N/A
Tier 1 Capital (to Risk Weighted Assets)	451,828		14.23		190,539		6.00		N/A		N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)	415,213		13.07		142,904		4.50		N/A		N/A
Tier 1 Capital (to Average Assets)	451,828		10.48		172,427		4.00		N/A		N/A

Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)	$	489,316	15.43	%	$	253,643	8.00	%	$	317,054	10.00	%
Tier 1 Capital (to Risk Weighted Assets)	463,983		14.63		190,233		6.00		253,643		8.00
Common Equity Tier 1 Capital (to Risk Weighted Assets)	463,983		14.63		142,674		4.50		206,085		6.50
Tier 1 Capital (to Average Assets)	463,983		10.78		172,240		4.00		215,300		5.00

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Medical benefits expense amount	$ 6.2	$ 4.9	$ 4.2
Deferred Profit Sharing
EMPLOYEE BENEFIT PLANS
Contribution expense	$ 1.7	$ 1.3	$ 1.3
Employees contributions vesting period	6 years	6 years	6 years

BANK PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

BANK PREMISES AND EQUIPMENT

Bank premises and equipment are stated at cost less accumulated depreciation as follows:


(dollars in thousands)	December 31, 2023		December 31, 2022

Land, buildings, and improvements	$	93,955	$	77,869
Furniture, fixtures, and equipment	26,205		24,512
Total bank premises and equipment	120,160		102,381
Less accumulated depreciation	55,010		51,912
Total bank premises and equipment, net	$	65,150	$	50,469

Depreciation expense by category is as follows:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021

Buildings and improvements	$	1,879	$	1,623	$	1,694
Furniture, fixtures, and equipment	1,229		1,420		1,380
Total depreciation expense	$	3,108	$	3,043	$	3,074

During 2021, six branches were closed or consolidated as part of a branch rationalization plan. The related bank premises were transferred to held for sale at the lower of the carrying value or the fair value, less estimated costs to sell. There was no bank premises held for sale as of December 31, 2023 and $0.2 million of bank premises held for sale as of December 31, 2022.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table summarizes the changes in the Company's intangible assets:


	Year Ended December 31,
	2023				2022				2021
(dollars in thousands)	Core Deposit Intangible		Customer Relationship Intangible		Core Deposit Intangible		Customer Relationship Intangible		Core Deposit Intangible		Customer Relationship Intangible

Beginning balance	$	1,070	$	—	$	1,943	$	—	$	2,798	$	—
Additions	21,282		1,000		—		—		199		—
Amortization	(2,578)		(92)		(873)		—		(1,054)		—
Ending balance	$	19,774	$	908	$	1,070	$	—	$	1,943	$	—
Accumulated amortization	$	23,425	$	92	$	20,847	$	—	$	19,974	$	—

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization of intangible assets for the years subsequent to December 31, 2023 is expected to be as follows (dollars in thousands):


Year ended December 31,
2024	$	2,839
2025	2,726
2026	2,411
2027	2,338
2028	2,255
Thereafter	8,113
Total	$	20,682

JUNIOR SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS

12 Months Ended

Dec. 31, 2023

Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract]

JUNIOR SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS

Eight subsidiary business trusts of the Company have issued floating rate capital securities (“capital securities”) which are guaranteed by the Company. Three of these (Town and Country Statutory Trust II, Town and Country Statutory Trust III, and West Plains Investors Statutory Trust I) were acquired by the Company as part of its acquisition of Town and Country.

The Company owns all of the outstanding stock of the subsidiary business trusts. The trusts used the proceeds from the issuance of their capital securities to buy floating rate junior subordinated deferrable interest debentures (“junior subordinated debentures”) issued by the Company. These junior subordinated debentures are the only assets of the trusts and the interest payments from the junior subordinated debentures finance the distributions paid on the capital securities. The junior subordinated debentures are unsecured, rank junior and subordinate in the right of payment to all senior debt of the Company, and have an optional redemption in whole or in part on any interest payment date.

In accordance with GAAP, the trusts are not consolidated in the Company’s financial statements.

The face values and carrying values of the junior subordinated debentures are summarized as follows:


			Carrying Value
(dollars in thousands)	Face Value		December 31, 2023		December 31, 2022

Heartland Bancorp, Inc. Capital Trust B	$	10,310	$	10,310	$	10,310
Heartland Bancorp, Inc. Capital Trust C	10,310		10,310		10,310
Heartland Bancorp, Inc. Capital Trust D	5,155		5,155		5,155
FFBI Capital Trust I	7,217		7,217		7,217
National Bancorp Statutory Trust I	5,773		4,853		4,788
Town and Country Statutory Trust II	4,124		4,401		—
Town and Country Statutory Trust III	7,732		7,578		—
West Plains Investors Statutory Trust I	3,093		2,965		—
Total	$	53,714	$	52,789	$	37,780

The interest rates on the junior subordinated debentures are variable, reset quarterly, and are equal to the three-month LIBOR, as determined on the LIBOR Determination Date immediately preceding the Distribution Payment Date specific to each junior subordinated debenture, plus a fixed percentage. Beginning in July 2023, the three-month LIBOR index was replaced by the three-month term SOFR index plus a spread adjustment.

The interest rates and maturities of the junior subordinated debentures are summarized as follows:


			Interest Rate at
	Variable Interest Rate		December 31, 2023		December 31, 2022		Maturity Date
Heartland Bancorp, Inc. Capital Trust B	SOFR plus	3.01%	8.41	%	6.83	%	April 6, 2034
Heartland Bancorp, Inc. Capital Trust C	SOFR plus	1.79	7.18		6.30		June 15, 2037
Heartland Bancorp, Inc. Capital Trust D	SOFR plus	1.61	7.00		6.12		September 15, 2037
FFBI Capital Trust I	SOFR plus	3.06	8.46		6.88		April 6, 2034
National Bancorp Statutory Trust I	SOFR plus	3.16	8.55		7.67		December 15, 2037
Town and Country Statutory Trust II	SOFR plus	3.05	8.43		N/A		March 17, 2034
Town and Country Statutory Trust III	SOFR plus	1.94	7.33		N/A		March 22, 2037
West Plains Investors Statutory Trust I	SOFR plus	1.71	7.10		N/A		June 15, 2037

The distribution rate payable on the debentures is cumulative and payable quarterly in arrears. The Company has the right, subject to events of default, to defer payments of interest on the junior subordinated debentures at any time by extending the interest payment period for a period not exceeding 20 quarterly periods with respect to each deferral period, provided that no extension period may extend beyond the redemption or maturity date of the junior subordinated debentures. The capital securities are subject to mandatory redemption upon payment of the junior subordinated debentures and carry an interest rate identical to that of the related debenture. The junior subordinated debentures maturity dates may be shortened if certain conditions are met, or at any time within 90 days following the occurrence and continuation of certain changes in either tax treatment or the capital treatment of the junior subordinated debentures or the capital securities. If the junior subordinated debentures are redeemed before they mature, the redemption price will be the principal amount plus any accrued but unpaid interest. The Company has the right to terminate each Capital Trust and cause the junior subordinated debentures to be distributed to the holders of the capital securities in liquidation of such trusts.

Under current banking regulations, bank holding companies are allowed to include qualifying trust preferred securities in their Tier 1 Capital for regulatory capital purposes, subject to a 25% limitation to all core (Tier 1) capital elements, net of goodwill and other intangible assets less any associated deferred tax liability. As of December 31, 2023 and 2022, 100% of the trust preferred securities qualified as Tier 1 capital under the final rule adopted in March 2005.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.68	$ 0.64	$ 0.60

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of reconciliations of the numerators and denominators used to compute basic and diluted earnings

The following table sets forth the computation of basic and diluted earnings per share:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Numerator:
Net income		$	65,842	$	56,456	$	56,271
Earnings allocated to participating securities		(36)		(66)		(104)
Numerator for earnings per share - basic and diluted		$	65,806	$	56,390	$	56,167

Denominator:
Weighted average common shares outstanding		31,626,308		28,853,697		27,795,806
Dilutive effect of outstanding restricted stock units		111,839		65,619		15,487
Weighted average common shares outstanding, including all dilutive potential shares		31,738,147		28,919,316		27,811,293

Earnings per share - Basic		$	2.08	$	1.95	$	2.02
Earnings per share - Diluted		$	2.07	$	1.95	$	2.02

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS - Statements of income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other income	$ 3,105	$ 2,366	$ 3,034
Total noninterest income	36,046	34,717	37,328
Interest expense	37,927	7,180	5,820
INCOME BEFORE INCOME TAX EXPENSE	88,581	76,190	76,562
TAX BENEFIT	22,739	19,734	20,291
NET INCOME	65,842	56,456	56,271
Reportable Legal Entities \| Consolidated HBT Financial, Inc.
Dividends received from bank subsidiary	64,000	28,000	20,000
Undistributed earnings from bank subsidiary	9,199	35,044	41,227
Other income	870	51	454
Total noninterest income	74,069	63,095	61,681
Interest expense	5,409	3,666	3,305
Other expense	5,517	5,292	3,741
Total expenses	10,926	8,958	7,046
INCOME BEFORE INCOME TAX EXPENSE	63,143	54,137	54,635
TAX BENEFIT	(2,699)	(2,319)	(1,636)
NET INCOME	$ 65,842	$ 56,456	$ 56,271

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
NET INCOME	$ 65,842	$ 56,456	$ 56,271

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

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-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Categories of loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	$ 3,404,417		$ 2,620,253
Allowance for credit losses	(40,048)	$ (25,333)	(25,333)	$ (23,936)	$ (31,838)
Loans, net of allowance for credit losses	3,364,369		2,594,920
Commercial and industrial
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	427,800		266,757
Allowance for credit losses	(4,980)	(3,279)	(3,279)	(2,440)	(3,929)
Commercial real estate - owner occupied
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	295,842		218,503
Allowance for credit losses	(2,272)	(1,193)	(1,193)	(1,840)	(3,141)
Commercial real estate - non-owner occupied
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	880,681		713,202
Allowance for credit losses	(7,714)	(6,721)	(6,721)	(8,145)	(11,251)
Construction and land development
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	363,983		360,824
Allowance for credit losses	(5,998)	(4,223)	(4,223)	(4,914)	(4,232)
Multi-family
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	417,923		287,865
Allowance for credit losses	(3,837)	(1,472)	(1,472)	(1,263)	(1,957)
One-to-four family residential
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	491,508		338,253
Allowance for credit losses	(5,204)	(1,759)	(1,759)	(1,311)	(1,801)
Agricultural and farmland
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	287,294		237,746
Allowance for credit losses	(975)	(796)	(796)	(845)	(793)
Municipal, consumer, and other
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	239,386		197,103
Allowance for credit losses	$ (9,068)	$ (5,890)	$ (5,890)	$ (3,178)	$ (4,734)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 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	0	0
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)	0
Impairment losses on bank premises held for sale	0	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	0	(105)
Amortization of premium on interest-bearing time deposits with banks	0	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)	0	0
Proceeds from sales of securities available-for-sale	185,280	0	0
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)	0	0
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	0
Proceeds from sales of foreclosed assets	4,093	475	5,805
Net cash paid for acquisition	(14,454)		(4,771)
Net cash provided by (used in) investing activities	132,663	(335,123)	(349,613)
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)		(12,520)
Net increase (decrease) in Federal Home Loan Bank advances		160,000
Taxes paid related to the vesting of restricted stock units	(181)	(57)	0
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 through loan origination	0	0	252
Transfers of bank premises and equipment to bank premises held for sale	$ 35	$ 0	$ 1,345

DEPOSITS - Scheduled Maturities Of Time Deposits (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Deposits [Abstract]
2024	$ 676,895
2025	76,274
2026	10,593
2027	4,992
2028	3,255
Thereafter	124
Time deposits	$ 772,133

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

Town and Country Financial Corporation

On February 1, 2023, HBT Financial acquired 100% of the issued and outstanding common stock of Town and Country Financial Corporation (“Town and Country”), the holding company for Town and Country Bank, pursuant to an Agreement and Plan of Merger dated August 23, 2022. Under the Agreement and Plan of Merger, Town and Country merged with and into HBT Financial, with HBT Financial as the surviving entity, immediately followed by the merger of Town and Country Bank with and into Heartland Bank, with Heartland Bank as the surviving entity.

At the effective time of the merger, each share of Town and Country was converted into the right to receive, subject to the election and proration procedures as provided in the Merger Agreement, one of the following: (i) 1.9010 shares of HBT Financial’s common stock, or (ii) $35.66 in cash, or (iii) a combination of cash and HBT Financial common stock. Total consideration consisted of 3,378,600 shares of HBT Financial’s common stock and $38.0 million in cash. In lieu of fractional shares, holders of Town and Country common stock received cash. Based upon the closing price of HBT Financial common stock of $21.12 on February 1, 2023, the aggregate transaction value was approximately $109.4 million.

This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the date of acquisition. Fair values are subject to refinement for up to one year after the closing date of February 1, 2023. Measurement period adjustments of $0.1 million were recorded in the third quarter of 2023 as more information became available regarding Town and Country's tax assets and liabilities. Goodwill of $30.5 million was recorded in the acquisition, which reflects expected synergies from combining the operations of HBT Financial and Town and Country, and is nondeductible for tax purposes.

The acquisition of Town and Country further enhanced HBT Financial’s footprint in Central Illinois, and expanded our footprint into metro-east St. Louis. 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

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

Of the loans acquired, there were $89.8 million which exhibited more-than-insignificant credit deterioration on the acquisition date. 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

Additionally, subsequent to the Town and Country acquisition, HBT Financial recognized an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million through an increase to the provision for credit losses.

The following table provides the pro forma information for the results of operations for the years ended December 31, 2023 and 2022, as if the acquisition of Town and Country had occurred on January 1, 2022. The pro forma results combine the historical results of Town and Country into HBT Financial’s consolidated statements of income, including the impact of certain acquisition accounting adjustments, which include loan discount accretion, intangible assets amortization, deposit premium amortization, and borrowing premium amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2022. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. 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

NXT Bancorporation, Inc.

On October 1, 2021, HBT Financial acquired 100% of the issued and outstanding common stock of NXT Bancorporation, Inc. (“NXT”), the holding company for NXT Bank, pursuant to an Agreement and Plan of Merger dated June 7, 2021. Under the Agreement and Plan of Merger, NXT merged with and into HBT Financial, with HBT Financial as the surviving entity, on October 1, 2021. Additionally, NXT Bank was merged with and into Heartland Bank, with Heartland Bank as the surviving entity, in December 2021.

At the effective time of the merger, each share of NXT was converted into the right to receive 67.6783 shares of HBT Financial common stock, cash in lieu of fractional shares, and $400 in cash. There were 1,799,016 shares of HBT Financial common stock issued at the effective time of the acquisition with an aggregate market value of $29.3 million, based on the closing stock price of $16.27 on October 1, 2021. This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged was recorded at estimated fair values on the date of acquisition. Goodwill of $5.7 million was recorded in the acquisition, which reflects expected synergies from combining the operations of HBT Financial and NXT, and is nondeductible for tax purposes.

The acquisition of NXT provided an opportunity to utilize Heartland Bank’s excess liquidity at the time of acquisition to replace NXT Bank’s higher-cost funding. Additionally, Heartland Bank’s broader range of products and services, as well as a greater ability to meet larger borrowing needs, has provided an opportunity to expand NXT Bank’s customer relationships.

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

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

There were no loans acquired with deteriorated credit quality from NXT.

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash pledged	$ 0.6	$ 0.6

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

SUBORDINATED NOTES - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Sep. 03, 2020
SUBORDINATED NOTES
Subordinated notes, at carrying value	$ 39,474	$ 39,395
Subordinated notes
SUBORDINATED NOTES
Subordinated notes, at face value	40,000	40,000	$ 40,000
Unamortized issuance costs	(526)	(605)
Subordinated notes, at carrying value	$ 39,474	$ 39,395

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The Company has granted certain restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution from the Company’s outstanding restricted stock units and performance restricted stock units.

The following table sets forth the computation of basic and diluted earnings per share:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Numerator:
Net income		$	65,842	$	56,456	$	56,271
Earnings allocated to participating securities		(36)		(66)		(104)
Numerator for earnings per share - basic and diluted		$	65,806	$	56,390	$	56,167

Denominator:
Weighted average common shares outstanding		31,626,308		28,853,697		27,795,806
Dilutive effect of outstanding restricted stock units		111,839		65,619		15,487
Weighted average common shares outstanding, including all dilutive potential shares		31,738,147		28,919,316		27,811,293

Earnings per share - Basic		$	2.08	$	1.95	$	2.02
Earnings per share - Diluted		$	2.07	$	1.95	$	2.02

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

Following are the condensed parent company only financial statements of HBT Financial.


Condensed Parent Company Only Balance Sheets

(dollars in thousands)	December 31, 2023		December 31, 2022

ASSETS
Cash and cash equivalents	$	17,214	$	24,278
Investment in subsidiaries:
Bank	563,513		422,217
Non-bank	1,614		1,165
Other assets	2,347		5,338
Total assets	$	584,688	$	452,998

LIABILITIES
Subordinated notes	$	39,474	$	39,395
Junior subordinated debentures	52,789		37,780
Other liabilities	2,929		2,191
Total liabilities	95,192		79,366

STOCKHOLDERS' EQUITY	489,496		373,632
Total liabilities and stockholders' equity	$	584,688	$	452,998


Condensed Parent Company Only Statements of Income

	Year ended December 31,
(dollars in thousands)	2023		2022		2021

INCOME
Dividends received from bank subsidiary	$	64,000	$	28,000	$	20,000
Undistributed earnings from bank subsidiary	9,199		35,044		41,227
Other income	870		51		454
Total income	74,069		63,095		61,681

EXPENSES
Interest expense	5,409		3,666		3,305
Other expense	5,517		5,292		3,741
Total expenses	10,926		8,958		7,046
INCOME BEFORE INCOME TAX BENEFIT	63,143		54,137		54,635
TAX BENEFIT	(2,699)		(2,319)		(1,636)
NET INCOME	$	65,842	$	56,456	$	56,271


Consolidated Parent Company Only Statements of Cash Flow

	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:
Undistributed earnings of consolidated subsidiaries	(9,199)		(35,044)		(41,227)
Stock-based compensation	1,953		1,949		764
Amortization of discount and issuance costs on subordinated notes and debentures	139		145		144
Net gain on sale of foreclosed assets	(563)		—		(74)
Changes in other assets and liabilities, net	360		769		(2,231)
Net cash provided by operating activities	58,532		24,275		13,647


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of securities	—		—		(48)
Purchase of foreclosed assets from Heartland Bank	—		(2,325)		—
Proceeds from sale of foreclosed assets	2,888		—		74
Net cash paid for acquisition of NXT Bancorporation, Inc.	—		—		(10,411)
Net cash paid for acquisition of Town and Country	(37,523)		—		—
Net cash used in investing activities	(34,635)		(2,325)		(10,385)


CASH FLOWS FROM FINANCING ACTIVITIES


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 used in financing activities	(30,961)		(23,424)		(21,659)

NET DECREASE IN CASH AND EQUIVALENTS	(7,064)		(1,474)		(18,397)
CASH AND CASH EQUIVALENTS
Beginning of year	24,278		25,752		44,149
End of year	$	17,214	$	24,278	$	25,752

FAIR VALUE OF FINANCIAL INSTRUMENTS - Mortgage Servicing Rights (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value	$ 19,001	$ 10,147
Fair Value, Recurring
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value	19,001	10,147
Fair Value, Recurring \| Level 3
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value	$ 19,001	$ 10,147
Valuation Technique	Valuation Technique, Discounted Cash Flow [Member]	Valuation Technique, Discounted Cash Flow [Member]
Fair Value, Recurring \| Level 3 \| Measurement Input, Constant Prepayment Rate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value	$ 19,001	$ 10,147
Fair Value, Recurring \| Level 3 \| Measurement Input, Constant Prepayment Rate \| Minimum
FAIR VALUE OF FINANCIAL INSTRUMENTS
Measurement input	0.062	0.053
Fair Value, Recurring \| Level 3 \| Measurement Input, Constant Prepayment Rate \| Maximum
FAIR VALUE OF FINANCIAL INSTRUMENTS
Measurement input	0.494	0.597
Fair Value, Recurring \| Level 3 \| Measurement Input, Constant Prepayment Rate \| Weighted Average
FAIR VALUE OF FINANCIAL INSTRUMENTS
Measurement input	0.084	0.082
Fair Value, Recurring \| Level 3 \| Measurement Input, Discount Rate \| Minimum
FAIR VALUE OF FINANCIAL INSTRUMENTS
Measurement input	0.090	0.090
Fair Value, Recurring \| Level 3 \| Measurement Input, Discount Rate \| Maximum
FAIR VALUE OF FINANCIAL INSTRUMENTS
Measurement input	0.373	0.117
Fair Value, Recurring \| Level 3 \| Measurement Input, Discount Rate \| Weighted Average
FAIR VALUE OF FINANCIAL INSTRUMENTS
Measurement input	0.096	0.093

JUNIOR SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 trust period	Dec. 31, 2022
Debt Instrument [Line Items]
Number of subsidiary business trusts	8
Maximum deferred interest period quarters \| period	20
Period shorten the maturity date from the event	90 days
Trust preferred securities qualified as Tier 1 capital	100.00%	100.00%
Town and Country
Debt Instrument [Line Items]
Number of subsidiary business trusts acquired	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAXES - Federal income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal income tax expense:
Federal income tax, at statutory rate	$ 18,602	$ 16,000	$ 16,078
Federal income tax, at statutory rate (as a percent)	21.00%	21.00%	21.00%
Increase (decrease) resulting from:
Federally tax exempt interest income	$ (1,767)	$ (1,618)	$ (1,426)
Federally tax exempt interest income (as a percent)	(2.00%)	(2.10%)	(1.90%)
State taxes, net of federal benefit	$ 5,838	$ 5,285	$ 5,430
State taxes, net of federal benefit (as a percent)	6.60%	6.90%	7.10%
Other	$ 66	$ 67	$ 209
Other (as a percent)	0.10%	0.10%	0.30%
Income tax expense	$ 22,739	$ 19,734	$ 20,291
Total (as a percent)	25.70%	25.90%	26.50%

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Amortized cost of collateralized loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	$ 3,404,417		$ 2,620,253
Acquired with deteriorated credit quality	18,400
Allowance for Credit Losses	40,048	$ 25,333	25,333	$ 23,936	$ 31,838
Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	36,569
Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	76
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	259
Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	36,904
Allowance for Credit Losses	4,219
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	427,800		266,757
Allowance for Credit Losses	4,980	3,279	3,279	2,440	3,929
Commercial and industrial \| Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Commercial and industrial \| Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	37
Commercial and industrial \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	235
Commercial and industrial \| Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	272
Allowance for Credit Losses	20
Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	295,842		218,503
Allowance for Credit Losses	2,272	1,193	1,193	1,840	3,141
Commercial real estate - owner occupied \| Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	170
Commercial real estate - owner occupied \| Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Commercial real estate - owner occupied \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Commercial real estate - owner occupied \| Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	170
Allowance for Credit Losses	0
Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	880,681		713,202
Allowance for Credit Losses	7,714	6,721	6,721	8,145	11,251
Commercial real estate - non-owner occupied \| Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	15,287
Commercial real estate - non-owner occupied \| Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Commercial real estate - non-owner occupied \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Commercial real estate - non-owner occupied \| Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	15,287
Allowance for Credit Losses	1,021
Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	363,983		360,824
Allowance for Credit Losses	5,998	4,223	4,223	4,914	4,232
Construction and land development \| Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	216
Construction and land development \| Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Construction and land development \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Construction and land development \| Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	216
Allowance for Credit Losses	0
Multi-family
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	417,923		287,865
Allowance for Credit Losses	3,837	1,472	1,472	1,263	1,957
Multi-family \| Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	315
Multi-family \| Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Multi-family \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Multi-family \| Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	315
Allowance for Credit Losses	0
One-to-four family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	491,508		338,253
Allowance for Credit Losses	5,204	1,759	1,759	1,311	1,801
One-to-four family residential \| Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	5,459
One-to-four family residential \| Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
One-to-four family residential \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
One-to-four family residential \| Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	5,459
Allowance for Credit Losses	247
Agricultural and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	287,294		237,746
Allowance for Credit Losses	975	796	796	845	793
Agricultural and farmland \| Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	144
Agricultural and farmland \| Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Agricultural and farmland \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	0
Agricultural and farmland \| Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	144
Allowance for Credit Losses	0
Municipal, consumer, and other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	239,386		197,103
Allowance for Credit Losses	9,068	$ 5,890	$ 5,890	$ 3,178	$ 4,734
Municipal, consumer, and other \| Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	14,978
Municipal, consumer, and other \| Vehicles
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	39
Municipal, consumer, and other \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	24
Municipal, consumer, and other \| Collateral-dependent loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost	15,041
Allowance for Credit Losses	$ 2,931

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2,839
2025	2,726
2026	2,411
2027	2,338
2028	2,255
Thereafter	8,113
Intangible assets, net	$ 20,682	$ 1,070

FORECLOSED ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

Schedule of foreclosed assets activity

Foreclosed assets activity is as follows:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Beginning balance		$	3,030	$	3,278	$	4,168
Acquired		271		—		—
Transfers from loans		1,143		541		4,857

Proceeds from sales		(4,093)		(475)		(5,805)
Sales through loan origination		—		—		(252)
Net gain on sales		764		118		505
Direct write-downs		(263)		(432)		(195)
Ending balance		$	852	$	3,030	$	3,278

Schedule of gains (losses) on foreclosed assets

Gains (losses) on foreclosed assets includes the following:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Direct write-downs		$	(263)	$	(432)	$	(195)
Net gain on sales		764		118		505
Gains (losses) on foreclosed assets		$	501	$	(314)	$	310

STOCK-BASED COMPENSATION PLANS - Summary of stock-based compensation expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STOCK-BASED COMPENSATION PLANS
Total stock-based compensation expense	$ 2,048	$ 2,037	$ 990
Restricted stock units
STOCK-BASED COMPENSATION PLANS
Total stock-based compensation expense	1,204	1,334	579
Performance restricted stock units
STOCK-BASED COMPENSATION PLANS
Total stock-based compensation expense	749	615	185
Total awards classified as equity
STOCK-BASED COMPENSATION PLANS
Total stock-based compensation expense	1,953	1,949	764
Stock appreciation rights
STOCK-BASED COMPENSATION PLANS
Total stock-based compensation expense	$ 95	$ 88	$ 226

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The Company recorded goodwill of $30.5 million related to the acquisition of Town and Country during the year ended December 31, 2023. There were no additions to goodwill for the year ended December 31, 2022. For the year ended December 31, 2021, the Company recorded goodwill of $5.7 million related to the acquisition of NXT. The goodwill recorded in connection with the acquisitions of Town and Country and NXT were allocated to the Company's only reportable segment, Community Banking.

The following table summarizes the changes in the Company's intangible assets:


	Year Ended December 31,
	2023				2022				2021
(dollars in thousands)	Core Deposit Intangible		Customer Relationship Intangible		Core Deposit Intangible		Customer Relationship Intangible		Core Deposit Intangible		Customer Relationship Intangible

Beginning balance	$	1,070	$	—	$	1,943	$	—	$	2,798	$	—
Additions	21,282		1,000		—		—		199		—
Amortization	(2,578)		(92)		(873)		—		(1,054)		—
Ending balance	$	19,774	$	908	$	1,070	$	—	$	1,943	$	—
Accumulated amortization	$	23,425	$	92	$	20,847	$	—	$	19,974	$	—

Amortization of intangible assets for the years subsequent to December 31, 2023 is expected to be as follows (dollars in thousands):


Year ended December 31,
2024	$	2,839
2025	2,726
2026	2,411
2027	2,338
2028	2,255
Thereafter	8,113
Total	$	20,682

DERIVATIVE FINANCIAL INSTRUMENTS- Summary of the effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DERIVATIVE FINANCIAL INSTRUMENTS
Net gains (losses)			$ 0	$ 0	$ 0
Interest Rate Swap \| Not Designated as Hedging Instrument
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income	Other income	Other income	Other income
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income	Other income	Other income	Other income
Gross gains			$ 11,198	$ 16,002	13,773
Gross losses			$ (11,198)	$ (16,002)	$ (13,773)

BANK PREMISES AND EQUIPMENT - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total bank premises and equipment	$ 120,160	$ 102,381
Less accumulated depreciation	55,010	51,912
Bank premises and equipment, net	65,150	50,469
Total depreciation expense	3,108	3,043	$ 3,074
Land, buildings, and improvements
Property, Plant and Equipment [Line Items]
Total bank premises and equipment	93,955	77,869
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total bank premises and equipment	26,205	24,512
Total depreciation expense	1,229	1,420	1,380
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 1,879	$ 1,623	$ 1,694

BANK PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of bank premises and depreciation expense

Bank premises and equipment are stated at cost less accumulated depreciation as follows:


(dollars in thousands)	December 31, 2023		December 31, 2022

Land, buildings, and improvements	$	93,955	$	77,869
Furniture, fixtures, and equipment	26,205		24,512
Total bank premises and equipment	120,160		102,381
Less accumulated depreciation	55,010		51,912
Total bank premises and equipment, net	$	65,150	$	50,469

Depreciation expense by category is as follows:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021

Buildings and improvements	$	1,879	$	1,623	$	1,694
Furniture, fixtures, and equipment	1,229		1,420		1,380
Total depreciation expense	$	3,108	$	3,043	$	3,074

ACQUISITIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Feb. 01, 2023	Oct. 01, 2021	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill				$ 59,820	$ 29,322
Town and Country
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Stock consideration per share (shares per share)	1.9010
Cash consideration per share (in dollars per share)	$ 35.66
Stock consideration (number of shares)	3,378,600
Cash consideration	$ 37,996
Share price (in dollars per share)	$ 21.12
Total consideration	$ 109,352
Maximum period for refinement of fair values from closing date	1 year
Adjustment, income tax assets and liabilities			$ 100
Goodwill	$ 30,498
Total NXT acquisition-related expenses				13,691	$ 1,092
Market value of shares issued as part of consideration	$ 71,356
NXT Bancorporation, Inc
Business Acquisition [Line Items]
Percentage of voting interests acquired		100.00%
Stock consideration per share (shares per share)		67.6783
Cash consideration per share (in dollars per share)		$ 400
Stock consideration (number of shares)		1,799,016
Cash consideration		$ 10,633
Share price (in dollars per share)		$ 16.27
Total consideration		$ 39,903
Goodwill		5,702
Total NXT acquisition-related expenses				$ 1,416
Market value of shares issued as part of consideration		$ 29,270

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Activity in Allowance (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 25,333	$ 25,333	$ 23,936	$ 31,838
Provision for credit losses		6,665	(706)	(8,077)
PCD allowance established in acquisition		1,247
Charge-offs		(1,359)	(684)	(1,414)
Recoveries		1,179	2,787	1,589
Ending balance	25,333	40,048	25,333	23,936
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,983	6,983
PCD allowance established in acquisition	200
Ending balance	6,983		6,983
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,279	3,279	2,440	3,929
Provision for credit losses		2,823	88	(1,474)
PCD allowance established in acquisition		69
Charge-offs		(428)	(23)	(668)
Recoveries		59	774	653
Ending balance	3,279	4,980	3,279	2,440
Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(822)	(822)
Ending balance	(822)		(822)
Commercial real estate - owner occupied
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,193	1,193	1,840	3,141
Provision for credit losses		352	(1,653)	(1,280)
PCD allowance established in acquisition		127
Charge-offs		(5)	(25)	(30)
Recoveries		18	1,031	9
Ending balance	1,193	2,272	1,193	1,840
Commercial real estate - owner occupied \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	587	587
Ending balance	587		587
Commercial real estate - non-owner occupied
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,721	6,721	8,145	11,251
Provision for credit losses		187	(1,707)	(3,130)
PCD allowance established in acquisition		239
Charge-offs		(202)	0	0
Recoveries		268	283	24
Ending balance	6,721	7,714	6,721	8,145
Commercial real estate - non-owner occupied \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	501	501
Ending balance	501		501
Construction and land development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,223	4,223	4,914	4,232
Provision for credit losses		(487)	(692)	340
PCD allowance established in acquisition		240
Charge-offs		0	0	0
Recoveries		53	1	342
Ending balance	4,223	5,998	4,223	4,914
Construction and land development \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,969	1,969
Ending balance	1,969		1,969
Multi-family
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,472	1,472	1,263	1,957
Provision for credit losses		1,931	209	(694)
PCD allowance established in acquisition		68
Charge-offs		0	0	0
Recoveries		281	0	0
Ending balance	1,472	3,837	1,472	1,263
Multi-family \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	85	85
Ending balance	85		85
One-to-four family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,759	1,759	1,311	1,801
Provision for credit losses		2,004	146	(472)
PCD allowance established in acquisition		492
Charge-offs		(34)	(67)	(267)
Recoveries		186	369	249
Ending balance	1,759	5,204	1,759	1,311
One-to-four family residential \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	797	797
Ending balance	797		797
Agricultural and farmland
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	796	796	845	793
Provision for credit losses		(1,399)	(49)	52
PCD allowance established in acquisition		5
Charge-offs		0	0	0
Recoveries		6	0	0
Ending balance	796	975	796	845
Agricultural and farmland \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,567	1,567
Ending balance	1,567		1,567
Municipal, consumer, and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,890	5,890	3,178	4,734
Provision for credit losses		1,254	2,952	(1,419)
PCD allowance established in acquisition		7
Charge-offs		(690)	(569)	(449)
Recoveries		308	329	312
Ending balance	5,890	9,068	5,890	$ 3,178
Municipal, consumer, and other \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,299	$ 2,299
Ending balance	$ 2,299		$ 2,299

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Chicago, Illinois

DEPOSITS

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

DEPOSITS

The Company’s deposits are summarized below:


(dollars in thousands)	December 31, 2023		December 31, 2022

Noninterest-bearing deposits	$	1,072,407	$	994,954
Interest-bearing deposits:
Interest-bearing demand	1,145,092		1,139,150
Money market	803,381		555,425
Savings	608,424		634,527
Time	627,253		262,968
Brokered	144,880		—
Total interest-bearing deposits	3,329,030		2,592,070
Total deposits	$	4,401,437	$	3,587,024

Interest-bearing demand deposits included $51.3 million of reciprocal transaction deposits as of December 31, 2023. Money market deposits included $155.1 million and $1.7 million of reciprocal transaction deposits as of December 31, 2023 and 2022, respectively. Time deposits included $30.5 million and $1.6 million of reciprocal time deposits as of December 31, 2023, and 2022, respectively.

The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $130.2 million and $27.2 million as of December 31, 2023 and 2022, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $342.8 million and $92.6 million as of December 31, 2023 and 2022, respectively.

The components of interest expense on deposits are as follows:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Interest-bearing demand		$	3,130	$	607	$	518
Money market		7,352		813		437
Savings		1,033		208		188
Time		10,784		883		1,329
Brokered		2,836		—		—
Total interest expense on deposits		$	25,135	$	2,511	$	2,472

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying amount and estimated fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Financial assets:
Debt securities held-to-maturity	$ 466,496	$ 478,801	$ 104,131
Level 1 \| Carrying Amount
Financial assets:
Cash and cash equivalents	141,252	114,159
Level 1 \| Estimated Fair Value
Financial assets:
Cash and cash equivalents	141,252	114,159
Level 2 \| Carrying Amount
Financial assets:
Debt securities held-to-maturity	521,439	541,600
Accrued interest receivable	24,534	19,506
Financial liabilities:
Securities sold under agreements to repurchase	42,442	43,081
Accrued interest payable	6,969	1,363
Level 2 \| Estimated Fair Value
Financial assets:
Debt securities held-to-maturity	466,496	478,801
Accrued interest receivable	24,534	19,506
Financial liabilities:
Securities sold under agreements to repurchase	42,442	43,081
Accrued interest payable	6,969	1,363
Level 3 \| Carrying Amount
Financial assets:
Restricted stock	7,160	7,965
Loans, net	3,364,369	2,594,920
Investments in unconsolidated subsidiaries	1,614	1,165
Financial liabilities:
Time deposits	627,253	262,968
Brokered deposits	144,880	0
Level 3 \| Estimated Fair Value
Financial assets:
Restricted stock	7,160	7,965
Loans, net	3,349,540	2,566,930
Investments in unconsolidated subsidiaries	1,614	1,165
Financial liabilities:
Time deposits	619,682	253,619
Brokered deposits	144,944	0
Subordinated notes \| Level 3 \| Carrying Amount
Financial liabilities:
Subordinated notes	39,474	39,395
Subordinated notes \| Level 3 \| Estimated Fair Value
Financial liabilities:
Subordinated notes	36,993	37,205
Junior subordinated debentures \| Level 3 \| Carrying Amount
Financial liabilities:
Subordinated notes	52,789	37,780
Junior subordinated debentures \| Level 3 \| Estimated Fair Value
Financial liabilities:
Subordinated notes	$ 48,529	$ 37,030

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Accretable Yield For Loans PREADOPTION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in accretable yield for loans acquired with deteriorated credit quality
Beginning balance	$ 413	$ 1,397
Reclassification from non-accretable difference	548	508
Disposals	0	(1,089)
Accretion income	(231)	(403)
Ending balance	$ 730	$ 413

SECURITIES - Amortized cost and Fair values of securities with gross unrealized gains and losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Available-for-sale:
Amortized Cost	$ 831,624	$ 934,456
Gross Unrealized Gains	99	106
Gross Unrealized Losses	(72,262)	(91,038)
Allowance for Credit Losses	0
Fair Value	759,461	843,524
Held-to-maturity
Amortized Cost	521,439	541,600	$ 114,850
Gross Unrealized Gains	394	195
Gross Unrealized Losses	(55,337)	(62,994)
Fair Value	466,496	478,801	104,131
Allowance for Credit Losses	0
U.S. Treasury
Available-for-sale:
Amortized Cost	159,715	169,860
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(11,093)	(15,345)
Allowance for Credit Losses	0
Fair Value	148,622	154,515
U.S. government agency
Available-for-sale:
Amortized Cost	55,359	59,291
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3,262)	(4,134)
Allowance for Credit Losses	0
Fair Value	52,097	55,157
Held-to-maturity
Amortized Cost	88,448	88,424	78,841
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(8,292)	(9,728)
Fair Value	80,156	78,696	71,048
Allowance for Credit Losses	0
Municipal
Available-for-sale:
Amortized Cost	229,030	275,972
Gross Unrealized Gains	26	46
Gross Unrealized Losses	(23,499)	(32,189)
Allowance for Credit Losses	0
Fair Value	205,557	243,829
Held-to-maturity
Amortized Cost	38,442	42,167
Gross Unrealized Gains	394	195
Gross Unrealized Losses	(163)	(314)
Fair Value	38,673	42,048
Allowance for Credit Losses	0
Agency residential
Available-for-sale:
Amortized Cost	188,641	213,676
Gross Unrealized Gains	61	5
Gross Unrealized Losses	(14,718)	(18,240)
Allowance for Credit Losses	0
Fair Value	173,984	195,441
Held-to-maturity
Amortized Cost	95,828	102,728	8,175
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5,569)	(6,470)
Fair Value	90,259	96,258	7,651
Allowance for Credit Losses	0
Agency commercial
Available-for-sale:
Amortized Cost	141,214	150,060
Gross Unrealized Gains	3	0
Gross Unrealized Losses	(14,205)	(17,172)
Allowance for Credit Losses	0
Fair Value	127,012	132,888
Held-to-maturity
Amortized Cost	298,721	308,281	27,834
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(41,313)	(46,482)
Fair Value	257,408	261,799	$ 25,432
Allowance for Credit Losses	0
Corporate
Available-for-sale:
Amortized Cost	57,665	65,597
Gross Unrealized Gains	9	55
Gross Unrealized Losses	(5,485)	(3,958)
Allowance for Credit Losses	0
Fair Value	$ 52,189	$ 61,694

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Broker-Dealer [Abstract]
Securities sold under agreements to repurchase	$ 42,442	$ 43,081
Weighted average rate as of end of year	2.42%	0.28%
Fair value of securities underlying the agreements	$ 49,303	$ 50,771
Carrying value of securities underlying the agreements	$ 52,958	$ 55,850

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

BANK PREMISES AND EQUIPMENT - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Bank premises held for sale	$ 0	$ 235,000

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

Allocation of income tax expense between current and deferred portions is as follows:


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021

Current
Federal	$	12,538	$	15,194	$	11,330
State	6,384		7,459		6,053
Total current	18,922		22,653		17,383
			.
Deferred
Federal	2,811		(2,045)		1,945
State	1,006		(874)		963
Total deferred	3,817		(2,919)		2,908
Income tax expense	$	22,739	$	19,734	$	20,291

Income tax expense differs from the statutory federal rate due to the following:


	Year Ended December 31,
	2023				2022				2021
(dollars in thousands)	Amount		Percentage		Amount		Percentage		Amount		Percentage

Federal income tax, at statutory rate	$	18,602	21.0	%	$	16,000	21.0	%	$	16,078	21.0	%
Increase (decrease) resulting from:
Federally tax exempt interest income	(1,767)		(2.0)		(1,618)		(2.1)		(1,426)		(1.9)
State taxes, net of federal benefit	5,838		6.6		5,285		6.9		5,430		7.1
Other	66		0.1		67		0.1		209		0.3
Income tax expense	$	22,739	25.7	%	$	19,734	25.9	%	$	20,291	26.5	%

The components of the deferred tax assets and liabilities are as follows:


(dollars in thousands)	December 31, 2023		December 31, 2022

Deferred tax assets
Allowance for credit losses	$	12,247	$	7,151
Compensation related	3,230		2,623
Deferred loan fees	676		965
Nonaccrual interest	596		480
Foreclosed assets	18		142
Goodwill	74		153
Net operating loss carryforward	144		—
Net unrealized losses on debt securities	23,967		29,874
Other purchase accounting adjustments	5,250		—
Other	575		5,237
Total deferred tax assets	46,777		46,625

Deferred tax liabilities
Fixed asset depreciation	3,044		3,940
Mortgage servicing rights	5,306		2,868
Other purchase accounting adjustments	—		610
Intangible assets	5,584		214
Prepaid assets	816		756
Other	566		2,756
Total deferred tax liabilities	15,316		11,144
Net deferred tax asset	$	31,461	$	35,481

As of December 31, 2023, the Company had an Illinois net operating loss carryforward of $1.9 million which is available to offset future Illinois taxable income. The Illinois net operating loss carryforward is subject to a $100 thousand limitation through 2023 and will begin to expire in 2044. Management believes that it is more likely than not that the deferred tax assets included in the balance sheet will be realized, and that a valuation allowance was not required for deferred tax assets as of December 31, 2023 and 2022.

The Company files consolidated federal and state income tax returns. The Company is generally no longer subject to federal or state income tax examinations for years prior to 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 65,842	$ 56,456	$ 56,271
OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized gains (losses) on debt securities available-for-sale	16,949	(105,459)	(24,798)
Reclassification adjustment for losses on sale of debt securities available-for-sale realized in income	1,820	0	0
Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity	1,954	1,723	687
Unrealized gains on derivative instruments	161	1,183	366
Reclassification adjustment for net settlements on derivative instruments	(468)	126	412
Total other comprehensive income (loss), before tax	20,416	(102,427)	(23,333)
Income tax expense (benefit)	5,820	(29,197)	(6,651)
Total other comprehensive income (loss)	14,596	(73,230)	(16,682)
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 80,438	$ (16,774)	$ 39,589

SECURITIES - Amortized cost and Fair values of held-to-maturity securities transferred from available-for-sale securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Available-for-sale:
Amortized Cost	$ 521,439	$ 541,600	$ 114,850
Debt securities held-to-maturity	466,496	478,801	104,131
U.S. government agency
Available-for-sale:
Amortized Cost	88,448	88,424	78,841
Debt securities held-to-maturity	80,156	78,696	71,048
Agency residential
Available-for-sale:
Amortized Cost	95,828	102,728	8,175
Debt securities held-to-maturity	90,259	96,258	7,651
Agency commercial
Available-for-sale:
Amortized Cost	298,721	308,281	27,834
Debt securities held-to-maturity	$ 257,408	$ 261,799	$ 25,432

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity
Debt securities held-to-maturity	$ 466,496	$ 478,801
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	125,000,000	125,000,000
Common stock, issued (in shares)	32,730,698	29,308,491
Common stock, outstanding (in shares)	31,695,828	28,752,626
Treasury stock, (in shares)	1,034,870	555,865

EARNINGS PER SHARE - computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 65,842	$ 56,456	$ 56,271
Earnings allocated to participating securities	(36)	(66)	(104)
Numerator for earnings per share - basic	65,806	56,390	56,167
Numerator for earnings per share - diluted	$ 65,806	$ 56,390	$ 56,167
Denominator:
Weighted average shares of common stock outstanding (in shares)	31,626,308	28,853,697	27,795,806
Dilutive effect of outstanding restricted stock units (in shares)	111,839	65,619	15,487
Weighted average common shares outstanding, including all dilutive potential shares (in shares)	31,738,147	28,919,316	27,811,293
Earnings per share, basic (in dollars per share)	$ 2.08	$ 1.95	$ 2.02
Earnings per share, diluted (in dollars per share)	$ 2.07	$ 1.95	$ 2.02

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUBORDINATED NOTES

12 Months Ended

Dec. 31, 2023

Subordinated Borrowings [Abstract]

SUBORDINATED NOTES

On September 3, 2020, the Company issued $40.0 million of fixed-to-floating rate subordinated notes that mature on September 15, 2030. The subordinated notes, which are unsecured obligations of the Company, bear a fixed interest rate of 4.50% for the first five years after issuance and thereafter bear interest at a floating rate equal to three-month SOFR, as determined on the Floating Interest Determination Date, plus 4.37%. Interest is payable semi-annually during the five year fixed rate period and quarterly during the subsequent five year floating rate period. The subordinated notes have an optional redemption in whole or in part on any interest payment date on or after September 15, 2025. If the subordinated notes are redeemed before they mature, the redemption price will be the principal amount plus any accrued but unpaid interest. The transaction resulted in debt issuance costs of $0.8 million which will be amortized over 10 years. As of December 31, 2023 and 2022, 100% of the subordinated notes qualified as Tier 2 capital.

The face value and carrying value of the subordinated notes are summarized below:


(dollars in thousands)	December 31, 2023		December 31, 2022

Subordinated notes, at face value	$	40,000	$	40,000
Unamortized issuance costs	(526)		(605)
Subordinated notes, at carrying value	$	39,474	$	39,395

SECURITIES - Amortized cost and Fair values of securities with maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Amortized Cost
Due in 1 year or less	$ 46,534
Due after 1 year through 5 years	208,581
Due after 5 years through 10 years	199,695
Due after 10 years	46,959
Total	831,624
Fair Value
Due in 1 year or less	45,564
Due after 1 year through 5 years	196,431
Due after 5 years through 10 years	174,573
Due after 10 years	41,897
Fair Value	759,461	$ 843,524
Amortized Cost
Due in 1 year or less	2,138
Due after 1 year through 5 years	35,590
Due after 5 years through 10 years	83,488
Due after 10 years	5,674
Total	521,439
Fair Value
Due in 1 year or less	2,141
Due after 1 year through 5 years	34,269
Due after 5 years through 10 years	77,094
Due after 10 years	5,325
Fair Value	466,496	478,801	$ 104,131
Agency residential
Amortized Cost
Total	188,641
Fair Value
Fair Value	173,984	195,441
Amortized Cost
Total	95,828
Fair Value
Fair Value	90,259	96,258	7,651
Agency commercial
Amortized Cost
Total	141,214
Fair Value
Fair Value	127,012	132,888
Amortized Cost
Total	298,721
Fair Value
Fair Value	$ 257,408	$ 261,799	$ 25,432

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

HBT Financial, Inc. (“HBT Financial” or the “Company”) is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company (“Heartland Bank” or the “Bank”). The Bank provides a comprehensive suite of financial products and services to individuals, businesses, and municipal entities throughout Illinois and Eastern Iowa. Additionally, the Company is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory agencies.

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Significant accounting policies are summarized below.

The Company qualifies as an "emerging growth company" as defined by the Jumpstart Our Business Startups Act (“JOBS Act”). The JOBS Act permits emerging growth companies an extended transition period for complying with new or revised accounting standards affecting public companies. The Company may remain an emerging growth company until the earliest to occur of: (1) the end of the fiscal year following the fifth anniversary of the completion of our initial public offering, which is December 31, 2024, (2) the last day of the fiscal year in which the Company has $1.235 billion or more in annual revenues, (3) the date on which the Company is deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or (4) the date on which the Company has, during the previous three year period, issued, publicly or privately, more than $1.0 billion in non-convertible debt securities. The Company has elected to use the extended transition period until the Company is no longer an emerging growth company or until the Company chooses to affirmatively and irrevocably opt out of the extended transition period. As a result, the Company’s financial statements may not be comparable to companies that comply with new or revised accounting pronouncements applicable to public companies.

Basis of Consolidation

The consolidated financial statements of HBT Financial include the accounts of the Company and its wholly owned bank subsidiary, Heartland Bank. Heartland Bank maintains a limited liability company that holds specific assets for risk mitigation purposes and is consolidated into HBT Financial's consolidated financial statements.

The Company also has eight wholly owned subsidiaries, Heartland Bancorp, Inc. Capital Trust B; Heartland Bancorp, Inc. Capital Trust C; Heartland Bancorp, Inc. Capital Trust D; FFBI Capital Trust I; National Bancorp Statutory Trust I; Town and Country Statutory Trust II; Town and Country Statutory Trust III; and West Plains Investors Statutory Trust I, which, in accordance with GAAP, are not consolidated as more fully described in Note 13.

Significant intercompany transactions and accounts have been eliminated in consolidation.

Use of Estimates

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported results of operations for the periods then ended.

Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses and fair value of assets acquired and liabilities assumed in business combinations.

Business and Significant Concentrations of Credit Risk

The Company provides several types of loans to individuals, businesses, and municipal entities, primarily located in its customer service area. Real estate and commercial loans are principal areas of concentration. The

Company also strives to meet the borrowing needs of the consumers in its market areas. Extension of credit is generally limited to the primary trade areas of the Company. Primary deposit products of the Bank are noninterest-bearing and interest-bearing demand accounts, savings accounts, money market accounts, and term certificates of deposit.

Cash and Cash Equivalents

For purposes of reporting consolidated cash flows, cash and cash equivalents include cash on hand and amounts due from banks, all of which have an original maturity within 90 days or less. Cash flows from loans and deposits are reported net.

Interest-Bearing Time Deposits with Banks

Interest-bearing time deposits with banks are carried at cost.

Debt Securities

Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity and are carried at amortized cost. Debt securities not classified as held-to-maturity are classified as available-for-sale. Debt securities available-for-sale are carried at fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss). Realized gains and losses on debt securities available-for-sale are included in noninterest income when applicable and reported as a reclassification adjustment in other comprehensive income (loss). Gains and losses on sales are recorded on the trade date and determined using the specific identification method.

Interest income includes amortization of purchase premium or discount. Premiums and discounts on debt securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date.

Any transfers of debt securities into the held-to-maturity category from the available-for-sale category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income (loss) and in the carrying value of the held-to-maturity securities. Such amounts are amortized over the period to maturity.

Allowance for Credit Losses - Debt Securities Available-for-Sale

For debt securities available-for-sale in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security amortized cost basis is written down to fair value through earnings. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss).

Changes in the allowance for credit losses are recorded as provision for credit losses. Losses are charged against the allowance for credit losses when management believes the uncollectibility of a security is confirmed or when either the criteria regarding intent or requirement to sell is met.

Allowance for Credit Losses - Debt Securities Held-to-Maturity

For debt securities held-to-maturity, the Company measures expected credit losses on a collective basis by major security type. Held-to-maturity securities are evaluated using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of provision for credit losses. The Company's U.S. government agency and agency mortgage-backed securities are explicitly or implicitly guaranteed by the U.S. government, and as such are excluded from the credit loss evaluation as the expectation of non-payment is zero.

Equity Securities

Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in unrealized gains (losses) on equity securities on the statements of income.

The Company has elected to measure its equity securities with no readily determinable fair values at their cost minus impairment, if any, plus or minus charges resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

Restricted Stock

Restricted stock, which consists of Federal Home Loan Bank of Chicago (“FHLB”) stock, is carried at cost and evaluated for impairment.

Loans Held for Sale

Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. The Company obtains quotes or bids on these loans directly from purchasing financial institutions. Typically, these quotes include a premium on sale and thus quotes typically indicate fair value of the held for sale loans is greater than cost. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income.

Mortgage loans held for sale are generally sold with the mortgage servicing rights retained by the Company. The carrying value of mortgage loans sold is reduced by fair value allocated to the associated mortgage servicing rights. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold.

Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost net of the allowance for credit losses. Amortized cost is the unpaid principal balance outstanding, adjusted for charge-offs, net of purchase premiums and discounts, and deferred loan fees and costs.

Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.

The accrual of interest on loans is discontinued at the time the loan is 90 days past due, unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income if it was accrued during the current year and charged-off against the allowance for credit losses

if accrued in a prior year. Amortization of related deferred loan fees or costs and any purchase premium or discount is also suspended at this time. The interest on these loans is accounted for on the cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, future payments are reasonably assured, and the borrower must generally demonstrate at least 6 months of payment performance.

Purchased Credit Deteriorated Loans

Purchased credit deteriorated loans (“PCD loans”) are purchased loans, that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of a loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the unpaid principal balance of a loan is a non-credit discount or premium which is amortized into interest income over the life of the loan.

Non-Purchased Credit Deteriorated Loans

Non-purchased credit deteriorated loans (“non-PCD loans”) are purchased loans, that, as of the date of acquisition, have not experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. The loan’s purchase price becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the unpaid principal balance of the loan is a discount or premium, which is comprised of a credit and non-credit component, and is accreted or amortized into interest income over the life of the loan.

An allowance for credit losses is determined using the same methodology as other loans held for investment, but no "Day One" allowance for credit losses is established on the date of acquisition. Instead, a subsequent "Day Two" allowance for credit losses for non-PCD loans is recorded through the provision for credit losses, which reflects the estimated lifetime credit losses.

Allowance for Credit Losses - Loans

The allowance for credit losses for loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. The Company’s estimate of the allowance for credit losses for loans reflects losses expected over the remaining contractual life of the loans, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions.

Loans are charged off against the allowance for credit losses when management believes the uncollectibility of a loan balance is confirmed. Recoveries are recognized up to the aggregate amount of previously charged-off balances. The allowance for credit losses is established through provision for credit loss expense charged to income.

The allowance for credit losses is measured on a collective (pooled) basis when similar risk characteristics exist. The Company has identified the following portfolio segments:

Commercial and Industrial: Consists of loans typically granted for working capital, asset acquisition and other business purposes. These loans are underwritten primarily based on the borrower’s cash flow with most loans secondarily supported by collateral. Most commercial and industrial loans are secured by the assets being financed or other business assets, such as accounts receivable, inventory, and equipment, and are typically supported by personal guarantees of the owners. Cash flows and collateral values may fluctuate based on general economic conditions, specific industry conditions and specific borrower circumstances.

Commercial Real Estate - Owner Occupied: Consists of loans secured by commercial real estate that is both owned and occupied by the same or a related borrower. These loans are primarily underwritten based on the cash flow of the business occupying the property. As with commercial and industrial loans, cash flows and collateral values may fluctuate based on general economic conditions, specific industry conditions, and specific borrower circumstances.

Commercial Real Estate - Non-owner Occupied: Consists of loans secured by commercial real estate for which the primary source of repayment is the sale or rental cash flows from the underlying collateral. These loans are underwritten based primarily on the historic or projected cash flow from the underlying collateral. Adverse economic developments, or an overbuilt market, typically impact commercial real estate projects. Trends in rental and vacancy rates of commercial properties may impact the credit quality of these loans.

Construction and Land Development: Consists of loans for speculative and pre-sold construction projects for developers intending to either sell upon completion or hold for long-term investment, as well as construction of projects to be owner occupied. In addition, loans in this segment generally possess a higher inherent risk of loss than other portfolio segments due to risk of non-completion, changes in budgeted costs, and changes in market forces during the term of the construction period.

Multi-family: Consists of loans secured by five or more unit apartment buildings. Multi-family loans may be affected by demographic and population trends, unemployment or underemployment, and deteriorating market values of real estate.

One-to-four Family Residential: Consists of loans secured by one-to-four family residences, including both first and junior lien mortgage loans for owner occupied and non-owner occupied properties and home equity lines of credit. The degree of risk in residential mortgage lending depends on the local economy, including the local real estate market and unemployment rates.

Agricultural and Farmland: Consists of loans typically secured by farmland, agricultural operating assets, or a combination of both, and are generally underwritten to existing cash flows of operating agricultural businesses. Debt repayment is provided by business cash flows. The credit quality of these loans is significantly influenced by changes in prices of corn and soybeans and, to a lesser extent, weather, which has been partially mitigated by federal crop insurance programs.

Municipal, Consumer and Other: Loans to municipalities include obligations of municipal entities and loans sponsored by municipal entities for the benefit of a private entity where that private entity, rather than the municipal entity, is responsible for repayment of the obligation. Consumer loans include loans to individuals for consumer purposes and typically consist of small balance loans. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of the consumer loans. Loans to non-depository financial institutions, as well as leases, are also included.

The Company uses the discounted cash flow method to estimate expected credit losses for all loan segments, except for consumer loans. Under this method, cash flow projections at the instrument-level are adjusted for estimated prepayments, probability of default, loss given default, and time to recovery. These cash flow projections are discounted at the instrument-level effective yield to calculate the present value of expected cash flows. An allowance for credit losses is established for the difference between a pool's total amortized cost basis and present value of expected cash flows.

The Company uses the weighted average remaining maturity method to estimate expected credit losses for consumer loans. Under this method, an expected loss rate is applied to an estimate of future outstanding balance balances of the pool.

The Company uses regression analysis of historical internal and peer data to determine which variables are best suited to be economic variables utilized when modeling lifetime probability of default in the discounted cash flow models and loss rates in the weighted average remaining maturity model. The analysis also determines

how expected probability of default and loss rates will react to forecasted levels of the economic variables. In addition, qualitative adjustments are made for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools.

Management estimates the allowance for credit losses on loans using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. As historical credit loss experience provides the basis for the estimation of expected credit losses for pooled loans, adjustments may be necessary to capture differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions.

Loans that do not share risk characteristics are evaluated on an individual basis. Loan evaluated individually are not also included in the pooled evaluation. When management determines that foreclosure is probable, or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for anticipated selling costs as appropriate.

Although management believes the allowance for credit losses to be adequate, ultimate losses may vary from its estimates. At least quarterly, the Allowance for Credit Losses Committee reviews the adequacy of the allowance, including consideration of the relevant risks in the portfolio, current economic conditions and other factors. In addition, the Company’s regulators review the adequacy of the allowance for credit losses and may require additions to the allowance for credit losses based on their judgment about information available at the time of their examinations.

Unfunded Lending-related Commitments

In the ordinary course of business, the Company has entered into commitments to extend credit, such as lines of credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded.

Allowance for Credit Losses - Unfunded Lending-related Commitments

Loan Servicing

The Company periodically sells mortgage loans on the secondary market with servicing retained. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, and default rates and losses. Mortgage servicing rights are carried at fair value on the consolidated balance sheets and changes in fair value are recorded in mortgage servicing rights fair value adjustment on the consolidated statements of income.

Bank Owned Life Insurance

Bank owned life insurance represents life insurance policies on the lives of certain current and former employees and directors for which the Company is the sole owner and beneficiary. These policies are recorded as an asset in the consolidated balance sheets at their cash surrender value ("CSV") or the current amount that

could be realized if settled. The change in CSV and insurance proceeds received are included as a component of noninterest income in the consolidated statements of income.

Bank Premises and Equipment

Land is carried at cost. Bank premises and equipment are carried at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the individual assets using the straight-line method.

Bank Premises Held for Sale

Bank premises held for sale is carried at the lower of cost or fair value less estimated costs to sell. Bank premises classified as held for sale are not depreciated.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of carrying amount or fair value less estimated costs to sell.

Lease Obligations

The Company leases certain bank premises under non-cancelable operating leases in the normal course of business operations. These lease obligations result in the recognition of right-of-use assets and associated lease contract liabilities. The amount of right-of-use assets and associated lease contract liabilities recorded is based on the present value of future minimum lease payments. The discount rate used is equal to the rate implicit in the lease, when readily determinable, or the Company’s incremental borrowing rate at lease inception, on a collateralized basis over a similar term. Right-of-use assets are included in other assets and lease contract liabilities are included in other liabilities in the consolidated balance sheets and were insignificant as of December 31, 2023 and 2022.

Foreclosed Assets

When it appears likely that we will obtain title to real estate collateral, we develop an exit strategy by assessing overall market conditions, the current use and condition of the asset, and its highest and best use. If determined necessary to maximize value, we complete the necessary improvements or tenant stabilization tasks, with the applicable time value discount and improvement expenses incorporated into our estimates of the expected costs to sell. Substantially all foreclosed real estate is valued on an "as-is" basis.

Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less anticipated selling costs at the date of foreclosure, establishing a new cost basis. For foreclosed real estate, selling costs are generally estimated to be 7.0% of the fair value. This estimate includes sales commissions and closing costs.

Any write-down based on the fair value of the asset at the date of acquisition is charged to the allowance for credit losses. If the fair value of the asset less estimated cost to sell exceeds the recorded investment in the loan at the date of foreclosure, the increase in value is charged to current year operations unless there has been a prior charge-off, in which case a recovery to the allowance for credit losses is recorded. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Write-downs of foreclosed assets subsequent to foreclosure are charged to current year operations as are gains and losses from sale of foreclosed assets. Costs to maintain and hold foreclosed assets are expensed.

Goodwill and Other Intangible Assets

Goodwill represents the excess of the original cost over the fair value of assets acquired and liabilities assumed. Goodwill is not amortized but instead is subject to an annual impairment evaluation. The Company has selected December 31 as the date to perform the annual impairment test. At December 31, 2023 and 2022, the Company’s evaluations of goodwill indicated that goodwill was not impaired.

Other identifiable intangible assets consist of core deposit intangible and customer relationship intangible assets with definite useful lives which are being amortized over 10 years. The Company will periodically review the status of core deposit intangible and customer relationship intangible assets for any events or circumstances which may change the recoverability of the underlying basis.

Wealth Management Assets and Fees

Assets of the wealth management department of the Bank are not included in the consolidated balance sheets as such assets are not assets of the Company or the Bank. Fee income generated from wealth management services is recorded in the consolidated statements of income as a source of noninterest income.

Employee Benefit Plans

The Company sponsors a profit sharing plan under which the Company may contribute, at the discretion of the Board of Directors, a discretionary amount to all participating employees for the plan year. The Company may also make discretionary matching contributions in an amount up to 5% of compensation contributed by employees.

Stock Based Compensation

The Company recognizes compensation cost over the requisite service period, if any, which is generally defined as the vesting period. For awards classified as equity, compensation cost is based on the fair value of the awards on the grant date. For awards classified as liabilities, compensation cost also includes subsequent remeasurements of the fair value of the awards until the award is settled. The Company’s policy is to recognize forfeitures as they occur.

Transfers of Financial Assets and Participating Interests

Transfers of an entire financial asset or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

The transfer of a participating interest in an entire financial asset must also meet the definition of a participating interest. A participating interest in a financial asset has all of the following characteristics: (1) from the date of transfer, it must represent a proportionate (pro rata) ownership interest in the financial asset, (2) from the date of transfer, all cash flows received, except any cash flows allocated as any compensation for servicing or other services performed, must be divided proportionately among participating interest holders in the amount equal to their share ownership, (3) the rights of each participating interest holder must have the same priority, and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to do so.

Advertising Costs

Advertising costs are expensed as incurred.

Income Taxes

Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized.

With regard to uncertain tax matters, the Company recognizes in the consolidated financial statements the impact of a tax position taken, or expected to be taken, if it is more likely than not that the position will be sustained on audit based on the technical merit of the position. Management has analyzed the tax positions taken by the Company and concluded as of December 31, 2023 and 2022, there are no material uncertain tax positions taken or expected to be taken that require recognition of a liability or disclosure in the consolidated financial statements. When applicable, the Company recognizes interest accrued related to unrecognized tax benefits and penalties in operating expenses.

Derivative Financial Instruments

As part of the Company’s asset/liability management, the Company may use interest rate swaps to hedge various exposures or to modify interest rate characteristics of various balance sheet accounts. Derivatives that are used as part of the asset/liability management process are linked to specific assets or liabilities, or pools of assets or liabilities, and have high correlation between the contract and the underlying item being hedged, both at inception and throughout the hedge period.

All derivatives are recognized on the consolidated balance sheet at their fair value. On the date the derivative contract is entered into, the Company may designate the derivative as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability "cash flow" hedge. Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash-flow hedge are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings).

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedged transactions. This process includes linking all derivatives that are designated as cash flow hedges to specific assets and liabilities on the balance sheet or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively.

The Company discontinues hedge accounting prospectively when (a) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including forecasted transactions); (b) the derivative expires or is sold, terminated, or exercised; (c) the derivative is dedesignated as a hedge instrument, because it is unlikely that a forecasted transaction will occur; or (d) management determines that designation of the derivative as a hedge instrument is no longer appropriate.

When hedge accounting is discontinued because it is probable that a forecasted transaction will not occur, the derivative will continue to be carried on the consolidated balance sheet at its fair value, and gains and losses that were accumulated in other comprehensive income (loss) will be recognized immediately in earnings. In all other situations in which hedge accounting is discontinued, the derivative will be carried at its fair value on the balance sheet, with subsequent changes in its fair value recognized in current-period earnings.

Comprehensive Income (Loss)

Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on securities available-for-sale and interest rate swap agreements designated as cash flow hedges, are reported as a

separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss).

During 2019, in recording the impact of the conversion to a C Corporation, the Company recorded a deferred income tax expense of $3.0 million related to the unrealized gains (losses) on debt securities, and a deferred income tax benefit of $0.3 million related to derivatives, through the income statement in accordance with ASC 740, Income Taxes. This difference will remain in accumulated other comprehensive income (loss) until the underlying debt securities are sold or mature or the underlying cash flow hedging relationships terminate in accordance with the portfolio approach.

Fair Value of Financial Instruments

Fair value of financial instruments is estimated using relevant market information and other assumptions, as more fully disclosed in Note 21 - Fair Value of Financial Instruments. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

Revenue from Contracts with Customers

ASC 606, Revenue from Contracts with Customers, requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve this, the Company takes the following steps: identify the contract(s) with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations in the contract; and recognize revenue when (or as) the Company satisfies a performance obligation. The noninterest revenue streams that are considered to be in the scope of this guidance are discussed below.

Card income: Consists of debit and credit card interchange fees. For debit and credit card transactions, the Company considers the merchant as the customer for interchange revenue with the performance obligation being satisfied when the cardholder purchases goods or services from the merchant. Interchange revenue is recognized as the services are provided. Payment is typically received daily.

Wealth management fees: Consists of revenue from the management and advisement of client assets and trust administration. The Company’s performance obligation is generally satisfied over time, and the fees are recognized monthly. Payment is typically received quarterly or annually.

Service charges on deposit accounts: Consists of account analysis fees, monthly service fees, and other deposit account related fees. The Company’s performance obligation account analysis fees and monthly service fees are ongoing and either party may cancel at any time. These fees are generally recognized as the services are rendered on a monthly basis. Payment is typically received monthly. Other deposit account related fees are largely transaction based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for other deposit account related fees is primarily received immediately through a direct charge to customers’ accounts.

Segment Reporting

The Company’s operations consist of one reportable segment. The Company’s chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or stockholders’ equity.

Subsequent Events

In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the consolidated financial statements were issued.

Impact of Recently Adopted Accounting Standards

On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology, commonly referred to as the current expected credit losses (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and debt securities held-to-maturity. It also applies to off-balance sheet credit exposures not accounted for as insurance, such as loan commitments and letters of credit. In addition, ASC 326 made changes to the accounting for debt securities available-for-sale. One such change is to require credit losses be presented as an allowance rather than as a write-down on debt securities available-for-sale management does not intend to sell or believes that it is more likely than not they will be required to sell.

The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after December 31, 2022 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $6.9 million as of January 1, 2023 for the cumulative effect of adopting ASC 326. The following table illustrates the impact of ASC 326 on the allowance for credit losses:


	January 1, 2023
(dollars in thousands)	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326

Assets:
Allowance for credit losses on loans
Commercial and industrial	$	3,279	$	(822)	$	2,457
Commercial real estate - owner occupied	1,193		587		1,780
Commercial real estate - non-owner occupied	6,721		501		7,222
Construction and land development	4,223		1,969		6,192
Multi-family	1,472		85		1,557
One-to-four family residential	1,759		797		2,556
Agricultural and farmland	796		1,567		2,363
Municipal, consumer, and other	5,890		2,299		8,189
Allowance for credit losses on loans	$	25,333	$	6,983	$	32,316

Liabilities:
Allowance for credit losses on unfunded commitments	$	—	$	2,899	$	2,899

The Company also adopted ASC 326 using the prospective transition approach for purchase credit deteriorated (“PCD”) financial assets that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In accordance with ASC 326, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2023, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $0.2 million to the allowance for credit losses. The remaining noncredit discount will be accreted into interest income at the effective interest rate as of January 1, 2023.

On January 1, 2023, the Company also adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) by creditors in ASC 310-40. This ASU also enhances disclosure requirements for certain loan restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity will apply refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Additionally, the amendments in ASU 2022-02 require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases in the existing vintage disclosures. This standard did not have a material impact on the Company’s consolidated results of operations or financial position.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. In January 2021, the FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refined the scope for certain optional expedients and exceptions for contract modifications and hedge accounting to apply to derivative contracts and certain hedging relationships affected by the discounting transition. Entities may apply the provisions as of the beginning of the reporting period when the election is made and are available until December 31, 2024. Adoption of this standard did not have a material impact on the Company’s financial position or results of operations.

Recent Accounting Pronouncements

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. ASU 2022-01 replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. ASU 2022-01 also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a retrospective basis to each prior period presented after the date of adoption of the amendments in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in this update are effective for years beginning after December 15, 2023, including interim periods within those years. Early adoption is permitted. This standard is not expected to have a material impact on the Company’s consolidated results of operations or financial position.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and that contractual sale restrictions cannot be recognized and measured as a separate unit of account. The amendments in this update are effective for years beginning after December 15, 2023, including interim periods within those years. This standard is not expected to have a material impact on the Company’s consolidated results of operations or financial position.

In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). ASU 2023-02 permits an election to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits, regardless of the tax credit program from which the income tax credits are received, provided that certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense. The amendments in this update are effective for years beginning after December 15, 2023, including interim periods within those years. ASU 2023-02 must be applied on a retrospective or modified retrospective basis. Early adoption is permitted. This standard is not expected to have a material impact on the Company’s consolidated results of operations or financial position.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands disclosure requirements for significant segment expenses under Topic 280. The amendments require public entities to disclose significant expense categories for each reportable segment, other segment items, the title and position of the chief operating decision-maker, and interim disclosures of certain segment-related information previously required only on an annual basis. The amendments clarify that entities reporting single segments must disclose both the new and existing segment disclosures under Topic 280, and a public entity is permitted to disclose multiple measures of segment profit or loss if certain criteria are met. The amendments in this update are effective for years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 31, 2024. ASU 2023-07 must be applied on a retrospective basis. Early adoption is permitted. This standard is not expected to have a material impact on the Company’s consolidated results of operations or financial position.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands income tax disclosure requirements. The amendments require annual disclosure of certain information relating to the rate reconciliation, income taxes paid by jurisdiction, income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign, income tax expense (benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments also eliminate certain requirements relating to unrecognized tax benefits and certain deferred tax disclosure relating to subsidiaries and corporate joint ventures. The amendments in this update are effective for years beginning after December 15, 2024. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Early adoption is permitted. This standard is not expected to have a material impact on the Company’s consolidated results of operations or financial position.

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Past Due Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	$ 3,404,417	$ 2,620,253
Nonaccrual	7,820	2,155
Internal review threshold	750
Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	3,393,717	2,616,606
Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	2,843	1,346
Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	37	146
Commercial and industrial
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	427,800	266,757
Nonaccrual	272	219
Commercial and industrial \| Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	427,300	266,521
Commercial and industrial \| Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	228	17
Commercial and industrial \| Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	0	0
Commercial real estate - owner occupied
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	295,842	218,503
Nonaccrual	170	74
Commercial real estate - owner occupied \| Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	295,672	218,242
Commercial real estate - owner occupied \| Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	0	187
Commercial real estate - owner occupied \| Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	0	0
Commercial real estate - non-owner occupied
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	880,681	713,202
Nonaccrual	1,835	171
Commercial real estate - non-owner occupied \| Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	878,591	713,031
Commercial real estate - non-owner occupied \| Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	255	0
Commercial real estate - non-owner occupied \| Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	0	0
Construction and land development
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	363,983	360,824
Nonaccrual	216	0
Construction and land development \| Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	363,735	360,763
Construction and land development \| Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	32	61
Construction and land development \| Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	0	0
Multi-family
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	417,923	287,865
Nonaccrual	315	0
Multi-family \| Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	417,597	287,854
Multi-family \| Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	11	11
Multi-family \| Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	0	0
One-to-four family residential
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	491,508	338,253
Nonaccrual	4,804	1,638
One-to-four family residential \| Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	484,969	335,576
One-to-four family residential \| Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	1,735	894
One-to-four family residential \| Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	0	145
Agricultural and farmland
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	287,294	237,746
Nonaccrual	144	0
Agricultural and farmland \| Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	286,820	237,727
Agricultural and farmland \| Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	330	19
Agricultural and farmland \| Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	0	0
Municipal, consumer, and other
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	239,386	197,103
Nonaccrual	64	53
Municipal, consumer, and other \| Accruing Interest \| Current
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	239,033	196,892
Municipal, consumer, and other \| Accruing Interest \| 30 - 89 Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	252	157
Municipal, consumer, and other \| Accruing Interest \| 90+ Days Past Due
LOANS AND THE ALLOWANCE FOR LOAN LOSSES
Loans, before allowance for credit losses	$ 37	$ 1

ACQUISITIONS - Schedule of pro forma (Details) - Town and Country - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Total revenues (net interest income and noninterest income)	$ 230,171	$ 226,229
Net income	$ 66,056	$ 68,417
Earnings per share - basic (in dollars per share)	$ 2.07	$ 2.12
Earnings per share - diluted (in dollars per share)	$ 2.06	$ 2.12

INCOME TAXES - Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 12,538	$ 15,194	$ 11,330
State	6,384	7,459	6,053
Total current	18,922	22,653	17,383
Deferred
Federal	2,811	(2,045)	1,945
State	1,006	(874)	963
Total deferred	3,817	(2,919)	2,908
Income tax expense	$ 22,739	$ 19,734	$ 20,291

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

STOCK-BASED COMPENSATION PLANS - Summary of assumptions used (Details) - Stock appreciation rights	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
STOCK-BASED COMPENSATION PLANS
Risk-free interest rate	3.85%	3.95%
Expected volatility	37.37%	36.54%
Expected life (in years)	5 years 8 months 12 days	6 years 8 months 12 days
Expected dividend yield	3.22%	3.27%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2023

Broker-Dealer [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

All repurchase agreements are sweep instruments. The securities underlying the agreements as of December 31, 2023 and 2022 were under the Company’s control in safekeeping at third-party financial institutions, and included debt securities.

Information pertaining to securities sold under agreements to repurchase is as follows:


(dollars in thousands)	December 31, 2023			December 31, 2022

Balance at end of year	$	42,442		$	43,081
Weighted average rate as of end of year	2.42		%	0.28		%
Fair value of securities underlying the agreements	$	49,303		$	50,771
Carrying value of securities underlying the agreements	$	52,958		$	55,850

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

AOCI Attributable to Parent [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the activity and accumulated balances for components of other comprehensive income (loss):














































	Unrealized Gains (Losses) on Debt Securities				Derivatives		Total
(dollars in thousands)	Available-for-Sale		Held-to-Maturity

Balance, December 31, 2020	$	19,578	$	(118)	$	(1,307)	$	18,153
Transfer from available-for-sale to held-to-maturity	3,887		(3,887)		—		—
Other comprehensive income (loss) before reclassifications	(24,798)		—		366		(24,432)
Reclassifications	—		687		412		1,099
Other comprehensive income (loss), before tax	(24,798)		687		778		(23,333)
Income tax expense (benefit)	(7,069)		196		222		(6,651)
Other comprehensive income (loss), after tax	(17,729)		491		556		(16,682)
Balance, December 31, 2021	5,736		(3,514)		(751)		1,471
Transfer from available-for-sale to held-to-maturity	7,664		(7,664)		—		—
Other comprehensive income (loss) before reclassifications	(105,459)		—		1,183		(104,276)
Reclassifications	—		1,723		126		1,849
Other comprehensive income (loss), before tax	(105,459)		1,723		1,309		(102,427)
Income tax expense (benefit)	(30,061)		491		373		(29,197)
Other comprehensive income (loss), after tax	(75,398)		1,232		936		(73,230)
Balance, December 31, 2022	(61,998)		(9,946)		185		(71,759)

Other comprehensive income before reclassifications	16,949		—		161		17,110
Reclassifications	1,820		1,954		(468)		3,306
Other comprehensive income (loss), before tax	18,769		1,954		(307)		20,416
Income tax expense (benefit)	5,350		557		(87)		5,820
Other comprehensive income (loss), after tax	13,419		1,397		(220)		14,596
Balance, December 31, 2023	(48,579)		(8,549)		(35)		(57,163)

Reclassifications from accumulated other comprehensive income (loss) for unrealized gains (losses) on debt securities available-for-sale are included in either gains (losses) on sales of securities or provision for credit losses in the accompanying consolidated statements of income.

Reclassifications from accumulated other comprehensive income (loss) for unrealized gains on debt securities held-to-maturity are included in securities interest income in the accompanying consolidated statements of income.

Reclassifications from accumulated other comprehensive income (loss) for the fair value of derivative financial instruments represent net interest payments received or made on derivatives designated as cash flow hedges. See Note 14 for additional information.

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)

12 Months Ended

Dec. 31, 2023

Broker-Dealer [Abstract]

Schedule of Information pertaining to securities sold under agreements to repurchase

Information pertaining to securities sold under agreements to repurchase is as follows:


(dollars in thousands)	December 31, 2023			December 31, 2022

Balance at end of year	$	42,442		$	43,081
Weighted average rate as of end of year	2.42		%	0.28		%
Fair value of securities underlying the agreements	$	49,303		$	50,771
Carrying value of securities underlying the agreements	$	52,958		$	55,850

ACQUISITIONS - Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Feb. 01, 2023	Oct. 01, 2021	Dec. 31, 2023	Dec. 31, 2022
Consideration paid:
Goodwill			$ 59,820	$ 29,322
Town and Country
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
NXT Bancorporation, Inc
Assets acquired:
Cash and cash equivalents		$ 5,862
Interest-bearing time deposits with banks		739
Equity securities		43
Restricted stock		796
Loans		194,576
Bank owned life insurance		7,352
Bank premises and equipment		3,667
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
Debt securities		18,295
Fair Value		194,576
Gross contractual amounts receivable		196,104
Estimate of contractual cash flows not expected to be collected		$ 1,045

DERIVATIVE FINANCIAL INSTRUMENTS - Derivative instrument assets and liabilities (Details) - Designated as Hedging Instrument - Interest Rate Swap - Cash Flow Hedging - Other Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative asset notional amount	$ 17,000	$ 17,000
Fair value recorded in other assets	$ 322	$ 629

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

FORECLOSED ASSETS

12 Months Ended

Dec. 31, 2023

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

Foreclosed Assets

FORECLOSED ASSETS

Foreclosed assets activity is as follows:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Beginning balance		$	3,030	$	3,278	$	4,168
Acquired		271		—		—
Transfers from loans		1,143		541		4,857

Proceeds from sales		(4,093)		(475)		(5,805)
Sales through loan origination		—		—		(252)
Net gain on sales		764		118		505
Direct write-downs		(263)		(432)		(195)
Ending balance		$	852	$	3,030	$	3,278

Gains (losses) on foreclosed assets includes the following:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Direct write-downs		$	(263)	$	(432)	$	(195)
Net gain on sales		764		118		505
Gains (losses) on foreclosed assets		$	501	$	(314)	$	310

The carrying value of foreclosed one-to-four family residential real estate properties held was $0.1 million and $20 thousand as of December 31, 2023 and 2022, respectively. As of December 31, 2023, there were 16 one-to-four family residential real estate loans in the process of foreclosure totaling $1.2 million. As of December 31, 2022, there were 4 one-to-four family residential real estate loans in the process of foreclosure totaling $0.2 million.

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Recorded investments in loans and the allowance for loan losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loan balances:
Collectively evaluated for impairment	$ 3,367,513		$ 2,527,562
Individually evaluated for impairment	36,904		71,715
Total	3,404,417		2,620,253
Allowance for loan losses:
Collectively evaluated for impairment	35,829		18,984
Individually evaluated for impairment	4,219		6,320
Allowance for Credit Losses	40,048	$ 25,333	25,333	$ 23,936	$ 31,838
Acquired with deteriorated credit quality
Loan balances:
Total			20,976
Allowance for loan losses:
Allowance for Credit Losses			29
Commercial and industrial
Loan balances:
Collectively evaluated for impairment	427,528		261,833
Individually evaluated for impairment	272		4,818
Total	427,800		266,757
Allowance for loan losses:
Collectively evaluated for impairment	4,960		3,121
Individually evaluated for impairment	20		158
Allowance for Credit Losses	4,980	3,279	3,279	2,440	3,929
Commercial and industrial \| Acquired with deteriorated credit quality
Loan balances:
Total			106
Allowance for loan losses:
Allowance for Credit Losses			0
Commercial real estate - owner occupied
Loan balances:
Collectively evaluated for impairment	295,672		203,558
Individually evaluated for impairment	170		11,366
Total	295,842		218,503
Allowance for loan losses:
Collectively evaluated for impairment	2,272		1,008
Individually evaluated for impairment	0		168
Allowance for Credit Losses	2,272	1,193	1,193	1,840	3,141
Commercial real estate - owner occupied \| Acquired with deteriorated credit quality
Loan balances:
Total			3,579
Allowance for loan losses:
Allowance for Credit Losses			17
Commercial real estate - non-owner occupied
Loan balances:
Collectively evaluated for impairment	865,394		671,663
Individually evaluated for impairment	15,287		30,509
Total	880,681		713,202
Allowance for loan losses:
Collectively evaluated for impairment	6,693		4,332
Individually evaluated for impairment	1,021		2,388
Allowance for Credit Losses	7,714	6,721	6,721	8,145	11,251
Commercial real estate - non-owner occupied \| Acquired with deteriorated credit quality
Loan balances:
Total			11,030
Allowance for loan losses:
Allowance for Credit Losses			1
Construction and land development
Loan balances:
Collectively evaluated for impairment	363,767		359,892
Individually evaluated for impairment	216		82
Total	363,983		360,824
Allowance for loan losses:
Collectively evaluated for impairment	5,998		4,221
Individually evaluated for impairment	0		0
Allowance for Credit Losses	5,998	4,223	4,223	4,914	4,232
Construction and land development \| Acquired with deteriorated credit quality
Loan balances:
Total			850
Allowance for loan losses:
Allowance for Credit Losses			2
Multi-family
Loan balances:
Collectively evaluated for impairment	417,608		287,298
Individually evaluated for impairment	315		0
Total	417,923		287,865
Allowance for loan losses:
Collectively evaluated for impairment	3,837		1,470
Individually evaluated for impairment	0		0
Allowance for Credit Losses	3,837	1,472	1,472	1,263	1,957
Multi-family \| Acquired with deteriorated credit quality
Loan balances:
Total			567
Allowance for loan losses:
Allowance for Credit Losses			2
One-to-four family residential
Loan balances:
Collectively evaluated for impairment	486,049		325,621
Individually evaluated for impairment	5,459		8,399
Total	491,508		338,253
Allowance for loan losses:
Collectively evaluated for impairment	4,957		1,709
Individually evaluated for impairment	247		44
Allowance for Credit Losses	5,204	1,759	1,759	1,311	1,801
One-to-four family residential \| Acquired with deteriorated credit quality
Loan balances:
Total			4,233
Allowance for loan losses:
Allowance for Credit Losses			6
Agricultural and farmland
Loan balances:
Collectively evaluated for impairment	287,150		233,118
Individually evaluated for impairment	144		4,033
Total	287,294		237,746
Allowance for loan losses:
Collectively evaluated for impairment	975		796
Individually evaluated for impairment	0		0
Allowance for Credit Losses	975	796	796	845	793
Agricultural and farmland \| Acquired with deteriorated credit quality
Loan balances:
Total			595
Allowance for loan losses:
Allowance for Credit Losses			0
Municipal, consumer, and other
Loan balances:
Collectively evaluated for impairment	224,345		184,579
Individually evaluated for impairment	15,041		12,508
Total	239,386		197,103
Allowance for loan losses:
Collectively evaluated for impairment	6,137		2,327
Individually evaluated for impairment	2,931		3,562
Allowance for Credit Losses	$ 9,068	$ 5,890	5,890	$ 3,178	$ 4,734
Municipal, consumer, and other \| Acquired with deteriorated credit quality
Loan balances:
Total			16
Allowance for loan losses:
Allowance for Credit Losses			$ 1

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed parent company only balance sheets


Condensed Parent Company Only Balance Sheets

(dollars in thousands)	December 31, 2023		December 31, 2022

ASSETS
Cash and cash equivalents	$	17,214	$	24,278
Investment in subsidiaries:
Bank	563,513		422,217
Non-bank	1,614		1,165
Other assets	2,347		5,338
Total assets	$	584,688	$	452,998

LIABILITIES
Subordinated notes	$	39,474	$	39,395
Junior subordinated debentures	52,789		37,780
Other liabilities	2,929		2,191
Total liabilities	95,192		79,366

STOCKHOLDERS' EQUITY	489,496		373,632
Total liabilities and stockholders' equity	$	584,688	$	452,998

Schedule of condensed parent company only statements of income


Condensed Parent Company Only Statements of Income

	Year ended December 31,
(dollars in thousands)	2023		2022		2021

INCOME
Dividends received from bank subsidiary	$	64,000	$	28,000	$	20,000
Undistributed earnings from bank subsidiary	9,199		35,044		41,227
Other income	870		51		454
Total income	74,069		63,095		61,681

EXPENSES
Interest expense	5,409		3,666		3,305
Other expense	5,517		5,292		3,741
Total expenses	10,926		8,958		7,046
INCOME BEFORE INCOME TAX BENEFIT	63,143		54,137		54,635
TAX BENEFIT	(2,699)		(2,319)		(1,636)
NET INCOME	$	65,842	$	56,456	$	56,271

Schedule of condensed parent company only statements of cash flows


Consolidated Parent Company Only Statements of Cash Flow

	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:
Undistributed earnings of consolidated subsidiaries	(9,199)		(35,044)		(41,227)
Stock-based compensation	1,953		1,949		764
Amortization of discount and issuance costs on subordinated notes and debentures	139		145		144
Net gain on sale of foreclosed assets	(563)		—		(74)
Changes in other assets and liabilities, net	360		769		(2,231)
Net cash provided by operating activities	58,532		24,275		13,647


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of securities	—		—		(48)
Purchase of foreclosed assets from Heartland Bank	—		(2,325)		—
Proceeds from sale of foreclosed assets	2,888		—		74
Net cash paid for acquisition of NXT Bancorporation, Inc.	—		—		(10,411)
Net cash paid for acquisition of Town and Country	(37,523)		—		—
Net cash used in investing activities	(34,635)		(2,325)		(10,385)


CASH FLOWS FROM FINANCING ACTIVITIES


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 used in financing activities	(30,961)		(23,424)		(21,659)

NET DECREASE IN CASH AND EQUIVALENTS	(7,064)		(1,474)		(18,397)
CASH AND CASH EQUIVALENTS
Beginning of year	24,278		25,752		44,149
End of year	$	17,214	$	24,278	$	25,752

SECURITIES - Investments in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Unrealized Loss
Less than 12 Months	$ (631)	$ (37,977)
12 Months or More	(71,631)	(53,061)
Total	(72,262)	(91,038)
Fair Value
Less than 12 Months	21,648	531,226
12 Months or More	720,834	299,159
Total	742,482	830,385
Unrealized Loss
Less than 12 Months		(22,823)
12 Months or More		(40,171)
Total		(62,994)
Fair Value
Less than 12 Months		220,934
12 Months or More		239,252
Total		460,186
Unrealized Loss
Less than 12 Months		(60,800)
12 Months or More		(93,232)
Total		(154,032)
Fair Value
Less than 12 Months		752,160
12 Months or More		538,411
Total		1,290,571
U.S. Treasury
Unrealized Loss
Less than 12 Months	0	(8,401)
12 Months or More	(11,093)	(6,944)
Total	(11,093)	(15,345)
Fair Value
Less than 12 Months	0	92,445
12 Months or More	148,622	62,070
Total	148,622	154,515
U.S. government agency
Unrealized Loss
Less than 12 Months	(2)	(2,980)
12 Months or More	(3,260)	(1,154)
Total	(3,262)	(4,134)
Fair Value
Less than 12 Months	168	47,370
12 Months or More	51,910	7,787
Total	52,078	55,157
Unrealized Loss
Less than 12 Months		(1,754)
12 Months or More		(7,974)
Total		(9,728)
Fair Value
Less than 12 Months		15,751
12 Months or More		62,945
Total		78,696
Municipal
Unrealized Loss
Less than 12 Months	(26)	(10,906)
12 Months or More	(23,473)	(21,283)
Total	(23,499)	(32,189)
Fair Value
Less than 12 Months	4,749	149,261
12 Months or More	194,287	87,794
Total	199,036	237,055
Unrealized Loss
Less than 12 Months		(314)
12 Months or More		0
Total		(314)
Fair Value
Less than 12 Months		23,433
12 Months or More		0
Total		23,433
Agency residential
Unrealized Loss
Less than 12 Months	(163)	(8,332)
12 Months or More	(14,555)	(9,908)
Total	(14,718)	(18,240)
Fair Value
Less than 12 Months	9,354	127,288
12 Months or More	156,785	65,692
Total	166,139	192,980
Unrealized Loss
Less than 12 Months		(4,039)
12 Months or More		(2,431)
Total		(6,470)
Fair Value
Less than 12 Months		78,452
12 Months or More		17,806
Total		96,258
Agency commercial
Unrealized Loss
Less than 12 Months	(26)	(4,764)
12 Months or More	(14,179)	(12,408)
Total	(14,205)	(17,172)
Fair Value
Less than 12 Months	3,016	62,672
12 Months or More	123,404	70,216
Total	126,420	132,888
Unrealized Loss
Less than 12 Months		(16,716)
12 Months or More		(29,766)
Total		(46,482)
Fair Value
Less than 12 Months		103,298
12 Months or More		158,501
Total		261,799
Corporate
Unrealized Loss
Less than 12 Months	(414)	(2,594)
12 Months or More	(5,071)	(1,364)
Total	(5,485)	(3,958)
Fair Value
Less than 12 Months	4,361	52,190
12 Months or More	45,826	5,600
Total	$ 50,187	$ 57,790

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Individually evaluated for impairment by category of loans PREADOPTION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unpaid Principal Balance
With an allowance recorded:	$ 23,893
With no related allowance:	49,926
Total loans individually evaluated for impairment:	73,819
Recorded Investment
With an allowance recorded:	23,780
With no related allowance:	47,935
Total loans individually evaluated for impairment:	71,715
Related Allowance	6,320
Average Recorded Investment
With an allowance recorded:	18,760	$ 32,445
With no related allowance:	42,155	38,980
Total loans individually evaluated for impairment:	60,915	71,425
Interest Income Recognized
With an allowance recorded:	1,073	1,323
With no related allowance:	2,875	1,439
Total loans individually evaluated for impairment:	3,948	2,762
Commercial and industrial
Unpaid Principal Balance
With an allowance recorded:	268
With no related allowance:	4,564
Total loans individually evaluated for impairment:	4,832
Recorded Investment
With an allowance recorded:	254
With no related allowance:	4,564
Total loans individually evaluated for impairment:	4,818
Related Allowance	158
Average Recorded Investment
With an allowance recorded:	204	1,593
With no related allowance:	9,568	7,125
Total loans individually evaluated for impairment:	9,772	8,718
Interest Income Recognized
With an allowance recorded:	18	89
With no related allowance:	453	330
Total loans individually evaluated for impairment:	471	419
Commercial real estate - owner occupied
Unpaid Principal Balance
With an allowance recorded:	635
With no related allowance:	10,912
Total loans individually evaluated for impairment:	11,547
Recorded Investment
With an allowance recorded:	610
With no related allowance:	10,756
Total loans individually evaluated for impairment:	11,366
Related Allowance	168
Average Recorded Investment
With an allowance recorded:	970	3,052
With no related allowance:	8,619	7,771
Total loans individually evaluated for impairment:	9,589	10,823
Interest Income Recognized
With an allowance recorded:	63	177
With no related allowance:	525	344
Total loans individually evaluated for impairment:	588	521
Commercial real estate - non-owner occupied
Unpaid Principal Balance
With an allowance recorded:	14,269
With no related allowance:	16,327
Total loans individually evaluated for impairment:	30,596
Recorded Investment
With an allowance recorded:	14,261
With no related allowance:	16,248
Total loans individually evaluated for impairment:	30,509
Related Allowance	2,388
Average Recorded Investment
With an allowance recorded:	10,943	16,494
With no related allowance:	12,636	10,339
Total loans individually evaluated for impairment:	23,579	26,833
Interest Income Recognized
With an allowance recorded:	740	791
With no related allowance:	1,278	432
Total loans individually evaluated for impairment:	2,018	1,223
Construction and land development
Unpaid Principal Balance
With an allowance recorded:	0
With no related allowance:	92
Total loans individually evaluated for impairment:	92
Recorded Investment
With an allowance recorded:	0
With no related allowance:	82
Total loans individually evaluated for impairment:	82
Related Allowance	0
Average Recorded Investment
With an allowance recorded:	0	554
With no related allowance:	1,505	2,107
Total loans individually evaluated for impairment:	1,505	2,661
Interest Income Recognized
With an allowance recorded:	0	27
With no related allowance:	106	28
Total loans individually evaluated for impairment:	106	55
Multi-family
Unpaid Principal Balance
With an allowance recorded:	0
With no related allowance:	0
Total loans individually evaluated for impairment:	0
Recorded Investment
With an allowance recorded:	0
With no related allowance:	0
Total loans individually evaluated for impairment:	0
Related Allowance	0
Average Recorded Investment
With an allowance recorded:	0	0
With no related allowance:	0	434
Total loans individually evaluated for impairment:	0	434
Interest Income Recognized
With an allowance recorded:	0	0
With no related allowance:	0	10
Total loans individually evaluated for impairment:	0	10
One-to-four family residential
Unpaid Principal Balance
With an allowance recorded:	569
With no related allowance:	9,181
Total loans individually evaluated for impairment:	9,750
Recorded Investment
With an allowance recorded:	524
With no related allowance:	7,875
Total loans individually evaluated for impairment:	8,399
Related Allowance	44
Average Recorded Investment
With an allowance recorded:	384	1,988
With no related allowance:	6,238	6,248
Total loans individually evaluated for impairment:	6,622	8,236
Interest Income Recognized
With an allowance recorded:	16	77
With no related allowance:	352	192
Total loans individually evaluated for impairment:	368	269
Agricultural and farmland
Unpaid Principal Balance
With an allowance recorded:	0
With no related allowance:	4,440
Total loans individually evaluated for impairment:	4,440
Recorded Investment
With an allowance recorded:	0
With no related allowance:	4,033
Total loans individually evaluated for impairment:	4,033
Related Allowance	0
Average Recorded Investment
With an allowance recorded:	0	83
With no related allowance:	228	290
Total loans individually evaluated for impairment:	228	373
Interest Income Recognized
With an allowance recorded:	0	4
With no related allowance:	13	17
Total loans individually evaluated for impairment:	13	21
Municipal, consumer, and other
Unpaid Principal Balance
With an allowance recorded:	8,152
With no related allowance:	4,410
Total loans individually evaluated for impairment:	12,562
Recorded Investment
With an allowance recorded:	8,131
With no related allowance:	4,377
Total loans individually evaluated for impairment:	12,508
Related Allowance	3,562
Average Recorded Investment
With an allowance recorded:	6,259	8,681
With no related allowance:	3,361	4,666
Total loans individually evaluated for impairment:	9,620	13,347
Interest Income Recognized
With an allowance recorded:	236	158
With no related allowance:	148	86
Total loans individually evaluated for impairment:	$ 384	$ 244

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Consolidation

Significant intercompany transactions and accounts have been eliminated in consolidation.

Use of Estimates

Business and Significant Concentrations of Credit Risk

Cash and Cash Equivalents

Interest-Bearing Time Deposits with Banks

Interest-bearing time deposits with banks are carried at cost

Debt Securities

Allowance for Credit Losses - Debt Securities Available-for-Sale

Allowance for Credit Losses - Debt Securities Held-to-Maturity

Equity Securities

Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in unrealized gains (losses) on equity securities on the statements of income.

Restricted Stock

Restricted stock, which consists of Federal Home Loan Bank of Chicago (“FHLB”) stock, is carried at cost and evaluated for impairment.

Loan Held for Sale

Loans Held for Sale

Loans

Purchased Credit Deteriorated Loans

Non-Purchased Credit Deteriorated Loans

Allowance for Credit Losses - Loans

The allowance for credit losses is measured on a collective (pooled) basis when similar risk characteristics exist. The Company has identified the following portfolio segments:

Unfunded Lending-related Commitments and Allowance for Credit Losses - Unfunded Lending-related Commitments

Unfunded Lending-related Commitments

Allowance for Credit Losses - Unfunded Lending-related Commitments

Loan Servicing

Bank Owned Life Insurance

could be realized if settled. The change in CSV and insurance proceeds received are included as a component of noninterest income in the consolidated statements of income.

Bank Premises and Equipment

Bank Premises Held for Sale

Bank premises held for sale is carried at the lower of cost or fair value less estimated costs to sell. Bank premises classified as held for sale are not depreciated.

Lease Obligations

Impairment of Long-Lived Assets

Foreclosed Asset

Foreclosed Assets

Goodwill and Other Intangible Assets

Wealth Management Assets and Fees

Employee Benefit Plans and Stock Based Compensation

Employee Benefit Plans

Stock Based Compensation

Transfers of Financial Assets and Participating Interests

Advertising Costs

Advertising costs are expensed as incurred.

Income Taxes

Derivative Financial Instruments

Comprehensive Income (Loss)

separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss).

Fair Value Measurements

Fair Value of Financial Instruments

Revenue from Contracts with Customers

Segment Reporting

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or stockholders’ equity.

Subsequent Events

Impact of Recently Adopted Accounting Standards and Recent Accounting Pronouncements

Impact of Recently Adopted Accounting Standards


	January 1, 2023
(dollars in thousands)	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported under ASC 326

Assets:
Allowance for credit losses on loans
Commercial and industrial	$	3,279	$	(822)	$	2,457
Commercial real estate - owner occupied	1,193		587		1,780
Commercial real estate - non-owner occupied	6,721		501		7,222
Construction and land development	4,223		1,969		6,192
Multi-family	1,472		85		1,557
One-to-four family residential	1,759		797		2,556
Agricultural and farmland	796		1,567		2,363
Municipal, consumer, and other	5,890		2,299		8,189
Allowance for credit losses on loans	$	25,333	$	6,983	$	32,316

Liabilities:
Allowance for credit losses on unfunded commitments	$	—	$	2,899	$	2,899

Recent Accounting Pronouncements

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of assets measured at fair value on a recurring basis

The following tables summarize assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 by level within the fair value hierarchy:


	December 31, 2023
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Debt securities available-for-sale:
U.S. Treasury	$	148,622	$	—	$	—	$	148,622
U.S. government agency	—		52,097		—		52,097
Municipal	—		205,557		—		205,557
Mortgage-backed:
Agency residential	—		173,984		—		173,984
Agency commercial	—		127,012		—		127,012
Corporate	—		52,189		—		52,189
Equity securities with readily determinable fair values	3,360		—		—		3,360
Mortgage servicing rights	—		—		19,001		19,001
Derivative financial assets	—		6,549		—		6,549
Derivative financial liabilities	—		6,227		—		6,227


	December 31, 2022
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Debt securities available-for-sale:
U.S. Treasury	$	154,515	$	—	$	—	$	154,515
U.S. government agency	—		55,157		—		55,157
Municipal	—		243,829		—		243,829
Mortgage-backed:
Agency residential	—		195,441		—		195,441
Agency commercial	—		132,888		—		132,888
Corporate	—		61,694		—		61,694
Equity securities with readily determinable fair values	3,029		—		—		3,029
Mortgage servicing rights	—		—		10,147		10,147
Derivative financial assets	—		7,610		—		7,610
Derivative financial liabilities	—		6,981		—		6,981

Schedule of quantitative information about the unobservable inputs used in recurring Level 3 fair value measurements

The following tables present additional information about the unobservable inputs used in the fair value measurement of the mortgage servicing rights (dollars in thousands):

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range
(Weighted Average)

Mortgage servicing rights

19,001

Discounted cash flows

Constant pre-payment rates (CPR)

6.2% to 49.4% (8.4%)

Discount rate

9.0% to 37.3% (9.6%)

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range
(Weighted Average)

Mortgage servicing rights

10,147

Discounted cash flows

Constant pre-payment rates (CPR)

5.3% to 59.7% (8.2%)

Discount rate

9.0% to 11.7% (9.3%)

Summary of assets measured at fair value on a nonrecurring basis

The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022 by level within the fair value hierarchy:


	December 31, 2023
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Loans held for sale	$	—	$	2,318	$	—	$	2,318
Collateral-dependent loans	—		—		32,685		32,685

Foreclosed assets	—		—		852		852


	December 31, 2022
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Loans held for sale	$	—	$	615	$	—	$	615
Collateral-dependent loans	—		—		17,460		17,460
Bank premises held for sale	—		—		235		235
Foreclosed assets	—		—		3,030		3,030

Schedule of quantitative information about the unobservable inputs used in non-recurring Level 3 fair value measurements

The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements (dollars in thousands):

December 31, 2023

Fair
Value

Valuation
Technique

Unobservable Inputs

Range
(Weighted Average)

Collateral-dependent loans

32,685

Appraisal of collateral

Appraisal adjustments

Not meaningful

Foreclosed assets

852

Appraisal

Appraisal adjustments

7% (7%)

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range

(Weighted Average)

Collateral-dependent loans

17,460

Appraisal of collateral

Appraisal adjustments

Not meaningful

Bank premises held for sale

235

Appraisal

Appraisal adjustments

7% (7%)

Foreclosed assets

3,030

Appraisal

Appraisal adjustments

7% (7%)

Summary information on the carrying amounts and estimated fair values of the Company's financial instruments

The following table provides summary information on the carrying amounts and estimated fair values of the Company’s financial instruments:


(dollars in thousands)	Fair Value Hierarchy Level	December 31, 2023				December 31, 2022
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Financial assets:
Cash and cash equivalents	Level 1	$	141,252	$	141,252	$	114,159	$	114,159
Debt securities held-to-maturity	Level 2	521,439		466,496		541,600		478,801
Restricted stock	Level 3	7,160		7,160		7,965		7,965
Loans, net	Level 3	3,364,369		3,349,540		2,594,920		2,566,930
Investments in unconsolidated subsidiaries	Level 3	1,614		1,614		1,165		1,165
Accrued interest receivable	Level 2	24,534		24,534		19,506		19,506

Financial liabilities:
Time deposits	Level 3	627,253		619,682		262,968		253,619
Brokered deposits	Level 3	144,880		144,944		—		—
Securities sold under agreements to repurchase	Level 2	42,442		42,442		43,081		43,081
Subordinated notes	Level 3	39,474		36,993		39,395		37,205
Junior subordinated debentures	Level 3	52,789		48,529		37,780		37,030
Accrued interest payable	Level 2	6,969		6,969		1,363		1,363

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

Derivative financial instruments are negotiated contracts entered into by two issuing counterparties containing specific agreement terms, including the underlying instrument, amount, exercise price, and maturities. The derivatives accounting guidance requires that the Company recognize all derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. The Company may utilize interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position.

Interest Rate Swaps Designated as Cash Flow Hedges

The Company designated certain interest rate swap agreements as cash flow hedges on variable-rate borrowings. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on interest rate swaps designated as cash flow hedging instruments, net of tax, is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings.

The interest rate swap agreements designated as cash flow hedges are summarized as follows:


	December 31, 2023				December 31, 2022
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value

Fair value recorded in other assets	$	17,000	$	322	$	17,000	$	629

As of December 31, 2023, the interest rate swap agreements designated as cash flow hedges had contractual maturities between 2024 and 2025. As of December 31, 2023 and 2022, counterparties had cash pledged and held on deposit by the Company of $0.6 million and $0.6 million, respectively.

The effect of interest rate swap agreements designated as cash flow hedges on the consolidated statements of income are summarized as follows:


Location of gross gain (loss) reclassified from accumulated other comprehensive income (loss) to income		Amounts of gross gain (loss) reclassified from accumulated other comprehensive income (loss)
	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Designated as cash flow hedges:
Junior subordinated debentures interest expense		$	468	$	(126)	$	(412)

Interest Rate Swaps Not Designated as Hedging Instruments

The Company may offer interest rate swap agreements to its commercial borrowers in connection with their risk management needs. The Company manages the interest rate risk associated with these contracts by entering into an equal and offsetting derivative with a third-party financial institution. While these interest rate swap agreements generally work together as an economic interest rate hedge, the Company did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.

The interest rate swap agreements not designated as hedging instruments are summarized as follows:


	December 31, 2023				December 31, 2022
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value

Fair value recorded in other assets:
Interest rate swaps with a commercial borrower counterparty	$	—	$	—	$	—	$	—
Interest rate swaps with a financial institution counterparty	94,497		6,227		106,995		6,981
Total fair value recorded in other assets	$	94,497	$	6,227	$	106,995	$	6,981

Fair value recorded in other liabilities:
Interest rate swaps with a commercial borrower counterparty	$	94,497	$	(6,227)	$	106,995	$	(6,981)
Interest rate swaps with a financial institution counterparty	—		—		—		—
Total fair value recorded in other liabilities	$	94,497	$	(6,227)	$	106,995	$	(6,981)

As of December 31, 2023, the interest rate swap agreements not designated as hedging instruments had contractual maturities between 2027 and 2035.

The effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income on the consolidated statements of income are summarized as follows:


	Year Ended December 31, 2023
(dollars in thousands)		2023		2022		2021

Not designated as hedging instruments:
Gross gains		$	11,198	$	16,002	$	13,773
Gross losses		(11,198)		(16,002)		(13,773)
Net gains (losses)		$	—	$	—	$	—

FORECLOSED ASSETS - Gains (losses) on Foreclosed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]
Direct write-downs	$ (263)	$ (432)	$ (195)
Net gain on sales	764	118	505
Gains (losses) on foreclosed assets	$ 501	$ (314)	$ 310

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks	$ 26,256,000	$ 18,970,000
Interest-bearing deposits with banks	114,996,000	95,189,000
Cash and cash equivalents	141,252,000	114,159,000
Interest-bearing time deposits with banks	509,000	0
Debt securities available-for-sale, at fair value	759,461,000	843,524,000
Debt securities held-to-maturity (fair value of $466,496 at 2023 and $478,801 at 2022)	521,439,000	541,600,000
Equity securities with readily determinable fair value	3,360,000	3,029,000
Equity securities with no readily determinable fair value	2,505,000	1,977,000
Restricted stock, at cost	7,160,000	7,965,000
Loans held for sale	2,318,000	615,000
Loans, before allowance for credit losses	3,404,417,000	2,620,253,000
Allowance for credit losses	(40,048,000)	(25,333,000)
Loans, net of allowance for credit losses	3,364,369,000	2,594,920,000
Bank owned life insurance	23,905,000	7,557,000
Bank premises and equipment, net	65,150,000	50,469,000
Bank premises held for sale	0	235,000
Foreclosed assets	852,000	3,030,000
Goodwill	59,820,000	29,322,000
Intangible assets, net	20,682,000	1,070,000
Mortgage servicing rights, at fair value	19,001,000	10,147,000
Investments in unconsolidated subsidiaries	1,614,000	1,165,000
Accrued interest receivable	24,534,000	19,506,000
Other assets	55,239,000	56,444,000
Total assets	5,073,170,000	4,286,734,000
Deposits:
Noninterest-bearing	1,072,407,000	994,954,000
Interest-bearing	3,329,030,000	2,592,070,000
Total deposits	4,401,437,000	3,587,024,000
Securities sold under agreements to repurchase	42,442,000	43,081,000
Federal Home Loan Bank advances	12,623,000	160,000,000
Subordinated notes	39,474,000	39,395,000
Junior subordinated debentures issued to capital trusts	52,789,000	37,780,000
Other liabilities	34,909,000	45,822,000
Total liabilities	4,583,674,000	3,913,102,000
COMMITMENTS AND CONTINGENCIES (Note 22)
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 32,730,698 at 2023 and 29,308,491 at 2022; shares outstanding of 31,695,828 at 2023 and 28,752,626 at 2022	327,000	293,000
Surplus	295,877,000	222,783,000
Retained earnings	269,051,000	232,004,000
Accumulated other comprehensive income (loss)	(57,163,000)	(71,759,000)
Treasury stock at cost, 1,034,870 shares at 2023 and 555,865 at 2022	(18,596,000)	(9,689,000)
Total stockholders’ equity	489,496,000	373,632,000
Total liabilities and stockholders’ equity	$ 5,073,170,000	$ 4,286,734,000

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Standby letters of credit
COMMITMENTS AND CONTINGENCIES
Financial instruments off-balance sheet credit risks	$ 23,732	$ 17,785
Commitments to extend credit
COMMITMENTS AND CONTINGENCIES
Financial instruments off-balance sheet credit risks	$ 869,013	$ 756,885

DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions	12 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39085
Entity Registrant Name	HBT Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1117216
Entity Address, Address Line One	401 North Hershey Rd
Entity Address, City or Town	Bloomington
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61704
City Area Code	309
Local Phone Number	662-4444
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	HBT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 240.1
Entity Common Stock, Shares Outstanding		31,643,206
Documents Incorporated by Reference	Items 10, 11, 12, 13 and 14 of Part III incorporate information by reference from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders of HBT Financial, Inc. to be filed within 120 days of December 31, 2023.
Amendment Flag	false
Entity Central Index Key	0000775215
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023

ACQUISITIONS (Tables)

12 Months Ended

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

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Loans risk-rated by origination year (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Term Loans by Origination Year
2023	$ 710,341
2022	779,973
2021	649,375
2020	355,745
2019	198,968
Prior	252,747
Revolving Loans	438,298
Revolving Loans Converted to Term	18,970
Total	3,404,417	$ 2,620,253
Pass
Term Loans by Origination Year
2023	679,058
2022	750,068
2021	631,765
2020	340,462
2019	188,459
Prior	216,516
Revolving Loans	422,824
Revolving Loans Converted to Term	12,737
Total	3,241,889	2,479,488
Pass-Watch
Term Loans by Origination Year
2023	13,504
2022	27,776
2021	14,493
2020	11,308
2019	6,890
Prior	6,120
Revolving Loans	15,079
Revolving Loans Converted to Term	3,036
Total	98,206	66,934
Substandard
Term Loans by Origination Year
2023	17,779
2022	2,129
2021	3,117
2020	3,975
2019	3,619
Prior	30,111
Revolving Loans	395
Revolving Loans Converted to Term	3,197
Total	64,322	73,831
Commercial and industrial
Term Loans by Origination Year
2023	93,067
2022	59,777
2021	20,502
2020	27,020
2019	6,022
Prior	30,021
Revolving Loans	188,858
Revolving Loans Converted to Term	2,533
Total	427,800	266,757
Commercial and industrial \| Pass
Term Loans by Origination Year
2023	90,931
2022	58,364
2021	19,283
2020	26,816
2019	5,269
Prior	29,550
Revolving Loans	187,579
Revolving Loans Converted to Term	1,702
Total	419,494	255,309
Commercial and industrial \| Pass-Watch
Term Loans by Origination Year
2023	2,025
2022	1,340
2021	892
2020	144
2019	753
Prior	471
Revolving Loans	956
Revolving Loans Converted to Term	547
Total	7,128	6,630
Commercial and industrial \| Substandard
Term Loans by Origination Year
2023	111
2022	73
2021	327
2020	60
2019	0
Prior	0
Revolving Loans	323
Revolving Loans Converted to Term	284
Total	1,178	4,818
Commercial real estate - owner occupied
Term Loans by Origination Year
2023	34,311
2022	65,258
2021	62,136
2020	55,172
2019	34,206
Prior	31,210
Revolving Loans	13,549
Revolving Loans Converted to Term	0
Total	295,842	218,503
Commercial real estate - owner occupied \| Pass
Term Loans by Origination Year
2023	27,516
2022	64,229
2021	55,376
2020	53,634
2019	32,469
Prior	28,876
Revolving Loans	13,549
Revolving Loans Converted to Term	0
Total	275,649	198,546
Commercial real estate - owner occupied \| Pass-Watch
Term Loans by Origination Year
2023	4,061
2022	943
2021	5,210
2020	1,474
2019	1,573
Prior	811
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	14,072	10,105
Commercial real estate - owner occupied \| Substandard
Term Loans by Origination Year
2023	2,734
2022	86
2021	1,550
2020	64
2019	164
Prior	1,523
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	6,121	9,852
Commercial real estate - non-owner occupied
Term Loans by Origination Year
2023	135,722
2022	247,340
2021	245,252
2020	89,247
2019	88,734
Prior	48,572
Revolving Loans	23,859
Revolving Loans Converted to Term	1,955
Total	880,681	713,202
Commercial real estate - non-owner occupied \| Pass
Term Loans by Origination Year
2023	121,536
2022	240,323
2021	237,953
2020	88,894
2019	82,094
Prior	39,228
Revolving Loans	10,274
Revolving Loans Converted to Term	1,710
Total	822,012	652,691
Commercial real estate - non-owner occupied \| Pass-Watch
Term Loans by Origination Year
2023	810
2022	6,893
2021	7,013
2020	353
2019	4,230
Prior	154
Revolving Loans	13,585
Revolving Loans Converted to Term	245
Total	33,283	27,282
Commercial real estate - non-owner occupied \| Substandard
Term Loans by Origination Year
2023	13,376
2022	124
2021	286
2020	0
2019	2,410
Prior	9,190
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	25,386	33,229
Construction and land development
Term Loans by Origination Year
2023	153,652
2022	129,971
2021	56,954
2020	5,596
2019	2,662
Prior	872
Revolving Loans	12,213
Revolving Loans Converted to Term	2,063
Total	363,983	360,824
Construction and land development \| Pass
Term Loans by Origination Year
2023	153,499
2022	119,005
2021	56,954
2020	5,596
2019	2,662
Prior	796
Revolving Loans	12,050
Revolving Loans Converted to Term	525
Total	351,087	358,215
Construction and land development \| Pass-Watch
Term Loans by Origination Year
2023	153
2022	10,750
2021	0
2020	0
2019	0
Prior	0
Revolving Loans	163
Revolving Loans Converted to Term	1,538
Total	12,604	2,527
Construction and land development \| Substandard
Term Loans by Origination Year
2023	0
2022	216
2021	0
2020	0
2019	0
Prior	76
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	292	82
Multi-family
Term Loans by Origination Year
2023	87,009
2022	88,704
2021	115,718
2020	61,947
2019	34,104
Prior	24,038
Revolving Loans	5,904
Revolving Loans Converted to Term	499
Total	417,923	287,865
Multi-family \| Pass
Term Loans by Origination Year
2023	83,898
2022	81,507
2021	115,402
2020	53,126
2019	34,053
Prior	23,570
Revolving Loans	5,904
Revolving Loans Converted to Term	491
Total	397,951	283,682
Multi-family \| Pass-Watch
Term Loans by Origination Year
2023	3,111
2022	7,197
2021	0
2020	8,821
2019	51
Prior	468
Revolving Loans	0
Revolving Loans Converted to Term	8
Total	19,656	4,183
Multi-family \| Substandard
Term Loans by Origination Year
2023	0
2022	0
2021	316
2020	0
2019	0
Prior	0
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	316	0
One-to-four family residential
Term Loans by Origination Year
2023	109,226
2022	93,449
2021	83,852
2020	65,226
2019	23,235
Prior	50,211
Revolving Loans	57,515
Revolving Loans Converted to Term	8,794
Total	491,508	338,253
One-to-four family residential \| Pass
Term Loans by Origination Year
2023	105,337
2022	91,636
2021	82,289
2020	64,094
2019	21,986
Prior	44,241
Revolving Loans	57,248
Revolving Loans Converted to Term	5,524
Total	472,355	323,632
One-to-four family residential \| Pass-Watch
Term Loans by Origination Year
2023	2,382
2022	286
2021	940
2020	486
2019	212
Prior	1,804
Revolving Loans	203
Revolving Loans Converted to Term	358
Total	6,671	5,907
One-to-four family residential \| Substandard
Term Loans by Origination Year
2023	1,507
2022	1,527
2021	623
2020	646
2019	1,037
Prior	4,166
Revolving Loans	64
Revolving Loans Converted to Term	2,912
Total	12,482	8,714
Agricultural and farmland
Term Loans by Origination Year
2023	53,719
2022	37,961
2021	37,042
2020	37,189
2019	8,981
Prior	8,619
Revolving Loans	100,658
Revolving Loans Converted to Term	3,125
Total	287,294	237,746
Agricultural and farmland \| Pass
Term Loans by Origination Year
2023	52,766
2022	37,600
2021	36,604
2020	33,960
2019	8,910
Prior	7,756
Revolving Loans	100,486
Revolving Loans Converted to Term	2,785
Total	280,867	223,114
Agricultural and farmland \| Pass-Watch
Term Loans by Origination Year
2023	953
2022	361
2021	425
2020	30
2019	71
Prior	719
Revolving Loans	172
Revolving Loans Converted to Term	340
Total	3,071	10,004
Agricultural and farmland \| Substandard
Term Loans by Origination Year
2023	0
2022	0
2021	13
2020	3,199
2019	0
Prior	144
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	3,356	4,628
Municipal, consumer, and other
Term Loans by Origination Year
2023	43,635
2022	57,513
2021	27,919
2020	14,348
2019	1,024
Prior	59,204
Revolving Loans	35,742
Revolving Loans Converted to Term	1
Total	239,386	197,103
Municipal, consumer, and other \| Pass
Term Loans by Origination Year
2023	43,575
2022	57,404
2021	27,904
2020	14,342
2019	1,016
Prior	42,499
Revolving Loans	35,734
Revolving Loans Converted to Term	0
Total	222,474	184,299
Municipal, consumer, and other \| Pass-Watch
Term Loans by Origination Year
2023	9
2022	6
2021	13
2020	0
2019	0
Prior	1,693
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	1,721	296
Municipal, consumer, and other \| Substandard
Term Loans by Origination Year
2023	51
2022	103
2021	2
2020	6
2019	8
Prior	15,012
Revolving Loans	8
Revolving Loans Converted to Term	1
Total	$ 15,191	$ 12,508

JUNIOR SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS - Interest rate and maturities (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Heartland Bancorp, Inc. Capital Trust B
SUBORDINATED NOTES
Spread on interest rate basis	3.01%
Interest Rate	8.41%	6.83%
Heartland Bancorp, Inc. Capital Trust C
SUBORDINATED NOTES
Spread on interest rate basis	1.79%
Interest Rate	7.18%	6.30%
Heartland Bancorp, Inc. Capital Trust D
SUBORDINATED NOTES
Spread on interest rate basis	1.61%
Interest Rate	7.00%	6.12%
FFBI Capital Trust I
SUBORDINATED NOTES
Spread on interest rate basis	3.06%
Interest Rate	8.46%	6.88%
National Bancorp Statutory Trust I
SUBORDINATED NOTES
Spread on interest rate basis	3.16%
Interest Rate	8.55%	7.67%
Town and Country Statutory Trust II
SUBORDINATED NOTES
Spread on interest rate basis	3.05%
Interest Rate	8.43%
Town and Country Statutory Trust III
SUBORDINATED NOTES
Spread on interest rate basis	1.94%
Interest Rate	7.33%
West Plains Investors Statutory Trust I
SUBORDINATED NOTES
Spread on interest rate basis	1.71%
Interest Rate	7.10%

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

12 Months Ended

Dec. 31, 2023

Loans and Leases Receivable Disclosure [Abstract]

Major categories of loans are summarized as follows:


(dollars in thousands)	December 31, 2023		December 31, 2022

Commercial and industrial	$	427,800	$	266,757
Commercial real estate - owner occupied	295,842		218,503
Commercial real estate - non-owner occupied	880,681		713,202
Construction and land development	363,983		360,824
Multi-family	417,923		287,865
One-to-four family residential	491,508		338,253
Agricultural and farmland	287,294		237,746
Municipal, consumer, and other	239,386		197,103
Loans, before allowance for credit losses	3,404,417		2,620,253
Allowance for credit losses	(40,048)		(25,333)
Loans, net of allowance for credit losses	$	3,364,369	$	2,594,920

Allowance for Credit Losses

Management estimates the allowance for credit losses using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The discounted cash flow method is used to estimate expected credit losses for all loan categories, except for consumer loans where the weighted average remaining maturity method is utilized.

At December 31, 2023, the economic forecast used by management anticipates a mild recession in 2024, with the unemployment rate increasing modestly and GDP growth slowing and then shrinking over the next 4 quarters considered in the forecast period. After the forecast period, the Company reverts to long-term averages over a 4-quarter reversion period. Additionally, management has made qualitative adjustments to the loss estimates to reflect other factors that influence credit losses.

The following tables detail activity in the allowance for credit losses:










































(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Balance, December 31, 2020	$	3,929	$	3,141	$	11,251	$	4,232	$	1,957	$	1,801	$	793	$	4,734	$	31,838
Provision for loan losses	(1,474)		(1,280)		(3,130)		340		(694)		(472)		52		(1,419)		(8,077)
Charge-offs	(668)		(30)		—		—		—		(267)		—		(449)		(1,414)
Recoveries	653		9		24		342		—		249		—		312		1,589
Balance, December 31, 2021	$	2,440	$	1,840	$	8,145	$	4,914	$	1,263	$	1,311	$	845	$	3,178	$	23,936
Provision for loan losses	88		(1,653)		(1,707)		(692)		209		146		(49)		2,952		(706)
Charge-offs	(23)		(25)		—		—		—		(67)		—		(569)		(684)
Recoveries	774		1,031		283		1		—		369		—		329		2,787
Balance, December 31, 2022	$	3,279	$	1,193	$	6,721	$	4,223	$	1,472	$	1,759	$	796	$	5,890	$	25,333
Adoption of ASC 326	(822)		587		501		1,969		85		797		1,567		2,299		6,983
PCD allowance established in acquisition	69		127		239		240		68		492		5		7		1,247
Provision for loan losses	2,823		352		187		(487)		1,931		2,004		(1,399)		1,254		6,665
Charge-offs	(428)		(5)		(202)		—		—		(34)		—		(690)		(1,359)
Recoveries	59		18		268		53		281		186		6		308		1,179
Balance, December 31, 2023	$	4,980	$	2,272	$	7,714	$	5,998	$	3,837	$	5,204	$	975	$	9,068	$	40,048

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense

The following is a summary of stock-based compensation expense (benefit):


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Restricted stock units		$	1,204	$	1,334	$	579
Performance restricted stock units		749		615		185
Total awards classified as equity		1,953		1,949		764
Stock appreciation rights		95		88		226
Total stock-based compensation expense		$	2,048	$	2,037	$	990

Schedule of the summary of outstanding restricted stock units

The following is a summary of restricted stock unit activity:











	Year Ended December 31,
	2023			2022			2021
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	139,986	$	18.01	109,244	$	17.27	71,000	$	18.98
Granted	41,847	22.72		66,995	18.81		59,994	15.81
Vested	(51,693)	17.91		(34,925)	17.26		(20,225)	18.86
Forfeited	(1,981)	19.55		(1,328)	18.35		(1,525)	18.11
Ending balance	128,159	$	19.56	139,986	$	18.01	109,244	$	17.27

The following is a summary of performance restricted stock unit activity:











	Year Ended December 31,
	2023			2022			2021
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	62,067	$	17.02	38,344	$	15.72	—	$	—
Granted	17,030	22.72		23,723	19.14		38,344	15.72
Vested	—	—		—	—		—	—
Forfeited	—	—		—	—		—	—
Ending balance	79,097	$	18.25	62,067	$	17.02	38,344	$	15.72

Schedule of the status of stock appreciation rights and changes

The following is a summary of stock appreciation rights activity:












	Year Ended December 31,
	2023			2022			2021
	Stock Appreciation Rights	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights	Weighted Average Grant Date Assigned Value
Beginning balance	73,440	$	16.32	97,920	$	16.32	105,570	$	16.32
Granted	—	—		—	—		—	—
Exercised	—	—		(24,480)	16.32		(6,120)	16.32
Expired	—	—		—	—		(1,530)	16.32
Forfeited	—	—		—	—		—	—
Ending balance	73,440	$	16.32	73,440	$	16.32	97,920	$	16.32

As of December 31, 2023, all stock appreciation rights were exercisable and have a weighted average remaining term of 5.7 years. Additionally, a

Schedule of assumptions used in valuing stock appreciation rights

The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price and a selected peer group of industry-related companies.


	December 31, 2023		December 31, 2022
Risk-free interest rate	3.85	%	3.95	%
Expected volatility	37.37	%	36.54	%
Expected life (in years)	5.7		6.7
Expected dividend yield	3.22	%	3.27	%

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

The Company has adopted the HBT Financial, Inc. Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The Omnibus Incentive Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards and (vii) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,820,000 shares.

The following is a summary of stock-based compensation expense (benefit):


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Restricted stock units		$	1,204	$	1,334	$	579
Performance restricted stock units		749		615		185
Total awards classified as equity		1,953		1,949		764
Stock appreciation rights		95		88		226
Total stock-based compensation expense		$	2,048	$	2,037	$	990

In February 2022, all outstanding restricted stock unit and performance restricted stock unit agreements were modified to address treatment upon retirement. In the event of retirement, and if the retirement eligibility requirements are met, then 100% of unvested restricted stock units and performance restricted stock units will continue to vest in accordance with the originally established vesting schedule. The retirement modification resulted in the acceleration of $0.6 million of expense, although total compensation costs related to the modified agreements remained the same.

Restricted Stock Units

A restricted stock unit grants a participant the right to receive one share of the Company’s common stock, following the completion of the requisite service period. Restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and is recognized on a straight-line basis over the service period for the entire award. Dividend equivalents on restricted stock units, which are either accrued until vested or paid at the same time as dividends on common stock, are classified as dividends charged to retained earnings.

During the years ended December 31, 2023, 2022, and 2021, the total grant date fair value of the restricted stock units granted was $1.0 million, $1.3 million, and $0.9 million, respectively, based on the grant date closing prices. The total intrinsic value of restricted stock that vested during the years ended December 31, 2023, 2022, 2021 were $1.1 million, $0.7 million, and $0.3 million, respectively.

The following is a summary of restricted stock unit activity:











	Year Ended December 31,
	2023			2022			2021
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	139,986	$	18.01	109,244	$	17.27	71,000	$	18.98
Granted	41,847	22.72		66,995	18.81		59,994	15.81
Vested	(51,693)	17.91		(34,925)	17.26		(20,225)	18.86
Forfeited	(1,981)	19.55		(1,328)	18.35		(1,525)	18.11
Ending balance	128,159	$	19.56	139,986	$	18.01	109,244	$	17.27

As of December 31, 2023, unrecognized compensation cost related to the non-vested restricted stock units was $0.9 million. This cost is expected to be recognized over the weighted average remaining service period of 1.7 years.

Performance Restricted Stock Units

A performance restricted stock unit is similar to a restricted stock unit, except that the number of shares of the Company’s common stock awarded is based on a performance condition and the completion of the requisite service period. The number of shares of the Company’s common stock that may be earned ranges from 0% to 150% of the number of performance restricted stock units granted. Performance restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and an assessment of the probable outcome of the performance condition. Compensation cost is recognized on a straight-line basis over the service period of the entire award. Changes in the performance condition probability assessment result in cumulative catch-up adjustments to the compensation cost recognized. Dividend equivalents on performance restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.

During the years ended December 31, 2023, 2022, and 2021, the total fair value of the performance restricted stock units granted was $0.4 million, $0.5 million, and $0.6 million, respectively, based on the grant date closing prices and an assessment of the probable outcome of the performance condition on the grant date.

The following is a summary of performance restricted stock unit activity:











	Year Ended December 31,
	2023			2022			2021
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	62,067	$	17.02	38,344	$	15.72	—	$	—
Granted	17,030	22.72		23,723	19.14		38,344	15.72
Vested	—	—		—	—		—	—
Forfeited	—	—		—	—		—	—
Ending balance	79,097	$	18.25	62,067	$	17.02	38,344	$	15.72

As of December 31, 2023, unrecognized compensation cost related to non-vested performance restricted stock units was $0.3 million, based on the current assessment of the probable outcome of the performance conditions. This cost is expected to be recognized over the weighted average remaining service period of 1.5 years.

Stock Appreciation Rights

A stock appreciation right grants a participant the right to receive an amount of cash, the value of which equals the appreciation in the Company’s stock price between the grant date and the exercise date. Stock appreciation rights are classified as liabilities. The liability is based on an option-pricing model used to estimate the fair value of the stock appreciation rights. Compensation cost for non-vested stock appreciation rights is recognized on a straight line basis over the service period of the entire award.

The following is a summary of stock appreciation rights activity:












	Year Ended December 31,
	2023			2022			2021
	Stock Appreciation Rights	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights	Weighted Average Grant Date Assigned Value
Beginning balance	73,440	$	16.32	97,920	$	16.32	105,570	$	16.32
Granted	—	—		—	—		—	—
Exercised	—	—		(24,480)	16.32		(6,120)	16.32
Expired	—	—		—	—		(1,530)	16.32
Forfeited	—	—		—	—		—	—
Ending balance	73,440	$	16.32	73,440	$	16.32	97,920	$	16.32

As of December 31, 2023, all stock appreciation rights were exercisable and have a weighted average remaining term of 5.7 years. Additionally, as of December 31, 2023, there was no unrecognized compensation cost for stock appreciation rights.

As of December 31, 2023 and 2022, the liability recorded for outstanding stock appreciation rights was $0.6 million and $0.5 million, respectively. The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price and a selected peer group of industry-related companies.


	December 31, 2023		December 31, 2022
Risk-free interest rate	3.85	%	3.95	%
Expected volatility	37.37	%	36.54	%
Expected life (in years)	5.7		6.7
Expected dividend yield	3.22	%	3.27	%

As of December 31, 2023, the liability recorded for previously exercised stock appreciation rights was $0.2 million, which will be paid in 2024. As of December 31, 2022, the liability recorded for previously exercised stock appreciation rights was $0.5 million.

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Non-accrual loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	$ 538
Nonaccrual With No Allowance for Credit Losses	7,282
Total Nonaccrual	7,820	$ 2,155
Commercial and industrial
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	120
Nonaccrual With No Allowance for Credit Losses	152
Total Nonaccrual	272	219
Commercial real estate - owner occupied
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	0
Nonaccrual With No Allowance for Credit Losses	170
Total Nonaccrual	170	74
Commercial real estate - non-owner occupied
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	188
Nonaccrual With No Allowance for Credit Losses	1,647
Total Nonaccrual	1,835	171
Construction and land development
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	216
Nonaccrual With No Allowance for Credit Losses	0
Total Nonaccrual	216	0
Multi-family
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	0
Nonaccrual With No Allowance for Credit Losses	315
Total Nonaccrual	315	0
One-to-four family residential
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	14
Nonaccrual With No Allowance for Credit Losses	4,790
Total Nonaccrual	4,804	1,638
Agricultural and farmland
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	0
Nonaccrual With No Allowance for Credit Losses	144
Total Nonaccrual	144	0
Municipal, consumer, and other
Financing receivable, nonaccrual
Nonaccrual With Allowance for Credit Losses	0
Nonaccrual With No Allowance for Credit Losses	64
Total Nonaccrual	$ 64	$ 53

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Surplus	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020			27,457,306
Beginning balance at Dec. 31, 2020	$ 363,917		$ 275	$ 190,875	$ 154,614		$ 18,153	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,271				56,271
Other comprehensive income	(16,682)						(16,682)
Stock-based compensation	764			764
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings (in shares)			20,225
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	0			0
Issuance of common stock in town and country acquisition (in shares)			1,799,016
Issuance of common stock in Town and Country acquisition	29,270		$ 18	29,252
Repurchase of common stock (in shares)			(290,486)
Repurchase of common stock	(4,906)							(4,906)
Cash dividends and dividend equivalents	(16,753)				(16,753)
Ending balance (in shares) at Dec. 31, 2021			28,986,061
Ending balance at Dec. 31, 2021	411,881		$ 293	220,891	194,132		1,471	(4,906)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,456				56,456
Other comprehensive income	(73,230)						(73,230)
Stock-based compensation	1,949			1,949
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings (in shares)			31,944
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	(57)			(57)
Repurchase of common stock (in shares)			(265,379)
Repurchase of common stock	(4,783)							(4,783)
Cash dividends and dividend equivalents	$ (18,584)				(18,584)
Ending balance (in shares) at Dec. 31, 2022	28,752,626		28,752,626
Ending balance at Dec. 31, 2022	$ 373,632	$ (6,922)	$ 293	222,783	232,004	$ (6,922)	(71,759)	(9,689)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65,842				65,842
Other comprehensive income	14,596						14,596
Stock-based compensation	1,953			1,953
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings (in shares)			43,607
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings	(181)			(181)
Issuance of common stock in town and country acquisition (in shares)			3,378,600
Issuance of common stock in Town and Country acquisition	71,356		$ 34	71,322
Repurchase of common stock (in shares)			(479,005)
Repurchase of common stock	(8,907)							(8,907)
Cash dividends and dividend equivalents	$ (21,873)				(21,873)
Ending balance (in shares) at Dec. 31, 2023	31,695,828		31,695,828
Ending balance at Dec. 31, 2023	$ 489,496		$ 327	$ 295,877	$ 269,051		$ (57,163)	$ (18,596)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]

SECURITIES

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

SECURITIES

Debt Securities

The amortized cost and fair values of debt securities, with gross unrealized gains and losses and allowance for credit losses, are as follows:


	December 31, 2023
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	159,715	$	—	$	(11,093)	$	—	$	148,622
U.S. government agency	55,359		—		(3,262)		—		52,097
Municipal	229,030		26		(23,499)		—		205,557
Mortgage-backed:
Agency residential	188,641		61		(14,718)		—		173,984
Agency commercial	141,214		3		(14,205)		—		127,012
Corporate	57,665		9		(5,485)		—		52,189
Total available-for-sale	$	831,624	$	99	$	(72,262)	$	—	$	759,461

	December 31, 2023
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses

Held-to-maturity:
U.S. government agency	$	88,448	$	—	$	(8,292)	$	80,156	$	—
Municipal	38,442		394		(163)		38,673		—
Mortgage-backed:
Agency residential	95,828		—		(5,569)		90,259		—
Agency commercial	298,721		—		(41,313)		257,408		—
Total held-to-maturity	$	521,439	$	394	$	(55,337)	$	466,496	$	—


	December 31, 2022
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Available-for-sale:
U.S. Treasury	$	169,860	$	—	$	(15,345)	$	154,515
U.S. government agency	59,291		—		(4,134)		55,157
Municipal	275,972		46		(32,189)		243,829
Mortgage-backed:
Agency residential	213,676		5		(18,240)		195,441
Agency commercial	150,060		—		(17,172)		132,888
Corporate	65,597		55		(3,958)		61,694
Total available-for-sale	$	934,456	$	106	$	(91,038)	$	843,524

	December 31, 2022
(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Held-to-maturity:
U.S. government agency	$	88,424	$	—	$	(9,728)	$	78,696
Municipal	42,167		195		(314)		42,048
Mortgage-backed:
Agency residential	102,728		—		(6,470)		96,258
Agency commercial	308,281		—		(46,482)		261,799
Total held-to-maturity	$	541,600	$	195	$	(62,994)	$	478,801

On March 31, 2022, the Company transferred certain debt securities from the available-for-sale category to the held-to-maturity category in order to better reflect the revised intentions of the Company due to possible market value volatility, resulting from a potential rise in interest rates. The following is a summary of the amortized cost and fair value of securities transferred to the held-to-maturity category:


	March 31, 2022
(dollars in thousands)	Amortized Cost		Fair Value

U.S. government agency	$	78,841	$	71,048
Mortgage-backed:
Agency residential	8,175		7,651
Agency commercial	27,834		25,432
Total	$	114,850	$	104,131

The debt securities were transferred between categories at fair value, with the transfer date fair value becoming the new amortized cost for each security transferred. The unrealized gain (loss), net of tax, at the date of transfer remains a component of accumulated other comprehensive income (loss), but will be amortized over the remaining life of the debt securities as an adjustment of yield in a manner consistent with amortization of any premium or discount. As a result, the amortization of an unrealized gain (loss) reported in accumulated other comprehensive income (loss) will offset or mitigate the effect on interest income of the amortization of the premium or discount for that held-to-maturity debt security.

As of December 31, 2023 and 2022, the Bank had debt securities with a carrying value of $419.4 million and $332.6 million, respectively, which were pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes required or permitted by law.


	Available-for-Sale				Held-to-Maturity
(dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due in 1 year or less	$	46,534	$	45,564	$	2,138	$	2,141
Due after 1 year through 5 years	208,581		196,431		35,590		34,269
Due after 5 years through 10 years	199,695		174,573		83,488		77,094
Due after 10 years	46,959		41,897		5,674		5,325

Mortgage-backed:
Agency residential	188,641		173,984		95,828		90,259
Agency commercial	141,214		127,012		298,721		257,408
Total	$	831,624	$	759,461	$	521,439	$	466,496


	December 31, 2023
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	—	$	—	$	(11,093)	$	148,622	$	(11,093)	$	148,622
U.S. government agency	(2)		168		(3,260)		51,910		(3,262)		52,078
Municipal	(26)		4,749		(23,473)		194,287		(23,499)		199,036
Mortgage-backed:
Agency residential	(163)		9,354		(14,555)		156,785		(14,718)		166,139
Agency commercial	(26)		3,016		(14,179)		123,404		(14,205)		126,420
Corporate	(414)		4,361		(5,071)		45,826		(5,485)		50,187
Total available-for-sale	$	(631)	$	21,648	$	(71,631)	$	720,834	$	(72,262)	$	742,482


	December 31, 2022
	Investments in a Continuous Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(dollars in thousands)	Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value

Available-for-sale:
U.S. Treasury	$	(8,401)	$	92,445	$	(6,944)	$	62,070	$	(15,345)	$	154,515
U.S. government agency	(2,980)		47,370		(1,154)		7,787		(4,134)		55,157
Municipal	(10,906)		149,261		(21,283)		87,794		(32,189)		237,055
Mortgage-backed:
Agency residential	(8,332)		127,288		(9,908)		65,692		(18,240)		192,980
Agency commercial	(4,764)		62,672		(12,408)		70,216		(17,172)		132,888
Corporate	(2,594)		52,190		(1,364)		5,600		(3,958)		57,790
Total available-for-sale	(37,977)		531,226		(53,061)		299,159		(91,038)		830,385
Held-to-maturity:
U.S. government agency	(1,754)		15,751		(7,974)		62,945		(9,728)		78,696
Municipal	(314)		23,433		—		—		(314)		23,433
Mortgage-backed:
Agency residential	(4,039)		78,452		(2,431)		17,806		(6,470)		96,258
Agency commercial	(16,716)		103,298		(29,766)		158,501		(46,482)		261,799
Total held-to-maturity	(22,823)		220,934		(40,171)		239,252		(62,994)		460,186
Total debt securities	$	(60,800)	$	752,160	$	(93,232)	$	538,411	$	(154,032)	$	1,290,571

As of December 31, 2023, there were 665 debt securities in an unrealized loss position for a period of twelve months or more, and 116 debt securities in an unrealized loss position for a period of less than twelve months.

U.S. Treasury, U.S. government agency, and agency mortgage-backed securities are considered to have no risk of credit loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as prepayment and liquidity risks.

Municipal securities include approximately 79% general obligation bonds as of December 31, 2023, which have a very low historical default rate due to issuers generally having taxing authority to service the debt. The remainder of the municipal securities are also of high credit quality with ratings of A1/A+ or better. The Company evaluates credit risk through monitoring credit ratings and reviews of available financial data. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks. The estimated allowance for credit losses for the municipal debt securities held-to-maturity was deemed insignificant.

Corporate securities include investment grade corporate and bank subordinated debt securities. The Company evaluates credit risk through monitoring credit ratings, reviews of available issuer financial data, and sector trends. The changes in fair value in corporate securities was considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks.

As of December 31, 2023, the Company did not intend to sell the debt securities that are in an unrealized loss position, and it was more likely than not that the Company would recover the amortized cost prior to being required to sell the debt securities.

Accrued interest on debt securities totaled $6.0 million as of December 31, 2023 and is excluded from the estimate of credit losses.

Sales of debt securities were as follows during the year ended December 31:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Proceeds from sales		$	185,280	$	—	$	—
Gross realized gains		—		—		—
Gross realized losses		(1,820)		—		—

Subsequent to December 31, 2023, the Company recognized $3.4 million of net losses on the sale of $66.8 million of municipal securities with the proceeds used to reduce wholesale funding.

Equity Securities

Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in unrealized gains (losses) on equity securities on the consolidated statements of income. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for identical or similar securities of the same issuer.

The initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses are as follows:


	December 31, 2023
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,143	$	2,840
Cumulative net unrealized gains (losses)	217		(335)
Carrying value	$	3,360	$	2,505


	December 31, 2022
(dollars in thousands)	Readily Determinable Fair Value		No Readily Determinable Fair Value

Initial cost	$	3,142	$	2,142
Cumulative net unrealized gains (losses)	(113)		(165)
Carrying value	$	3,029	$	1,977

As of December 31, 2023, the cumulative net unrealized losses on equity securities with no readily determinable fair value reflect impairments of $0.2 million and downward adjustments based on observable price changes of an identical investment of $0.2 million. As of December 31, 2022, the cumulative net unrealized losses on equity securities with no readily determinable fair value reflect downward adjustments based on observable price changes of an identical investment. There have been no upward adjustments based on observable price changes to equity securities with no readily determinable fair value.

There were no sales of equity securities during the years ended December 31, 2023, 2022 and 2021. Unrealized gains (losses) on equity securities were as follows during the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Readily determinable fair value		$	330	$	(414)	$	107
No readily determinable fair value		(170)		—		—
Unrealized gains (losses) on equity securities		$	160	$	(414)	$	107

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Profit Sharing Plan During the years ended December 31, 2023, 2022, and 2021, the Company’s profit sharing plan contribution expense amounted to $1.7 million, $1.3 million, and $1.3 million, respectively. The Company’s contributions vest to employees ratably over a six-year period. Medical Insurance Benefits The Company is partially self-insured for medical claims filed by its employees. During the years ended December 31, 2023, 2022, and 2021, medical benefits expense amounted to $6.2 million, $4.9 million, and $4.2 million, respectively.

SECURITIES - Sale of debt securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales	$ 185,280	$ 0	$ 0
Gross realized gains	0	0	0
Gross realized losses	$ (1,820)	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring basis (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	$ 759,461,000	$ 843,524,000
Equity securities with readily determinable fair values	3,360,000	3,029,000
Mortgage servicing rights, at fair value	19,001,000	10,147,000
U.S. Treasury
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	148,622,000	154,515,000
U.S. government agency
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	52,097,000	55,157,000
Municipal
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	205,557,000	243,829,000
Agency residential
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	173,984,000	195,441,000
Agency commercial
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	127,012,000	132,888,000
Corporate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	52,189,000	61,694,000
Fair Value, Recurring
FAIR VALUE OF FINANCIAL INSTRUMENTS
Equity securities with readily determinable fair values	3,360,000	3,029,000
Mortgage servicing rights, at fair value	19,001,000	10,147,000
Derivative financial assets	6,549,000	7,610,000
Derivative financial liabilities	6,227,000	6,981,000
Fair Value, Recurring \| U.S. Treasury
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	148,622,000	154,515,000
Fair Value, Recurring \| U.S. government agency
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	52,097,000	55,157,000
Fair Value, Recurring \| Municipal
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	205,557,000	243,829,000
Fair Value, Recurring \| Agency residential
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	173,984,000	195,441,000
Fair Value, Recurring \| Agency commercial
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	127,012,000	132,888,000
Fair Value, Recurring \| Corporate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	52,189,000	61,694,000
Fair Value, Recurring \| Level 1
FAIR VALUE OF FINANCIAL INSTRUMENTS
Equity securities with readily determinable fair values	3,360,000	3,029,000
Mortgage servicing rights, at fair value	0	0
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Fair Value, Recurring \| Level 1 \| U.S. Treasury
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	148,622,000	154,515,000
Fair Value, Recurring \| Level 1 \| U.S. government agency
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 1 \| Municipal
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 1 \| Agency residential
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 1 \| Agency commercial
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 1 \| Corporate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS
Equity securities with readily determinable fair values	0	0
Mortgage servicing rights, at fair value	0	0
Derivative financial assets	6,549,000	7,610,000
Derivative financial liabilities	6,227,000	6,981,000
Fair Value, Recurring \| Level 2 \| U.S. Treasury
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 2 \| U.S. government agency
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	52,097,000	55,157,000
Fair Value, Recurring \| Level 2 \| Municipal
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	205,557,000	243,829,000
Fair Value, Recurring \| Level 2 \| Agency residential
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	173,984,000	195,441,000
Fair Value, Recurring \| Level 2 \| Agency commercial
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	127,012,000	132,888,000
Fair Value, Recurring \| Level 2 \| Corporate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	52,189,000	61,694,000
Fair Value, Recurring \| Level 3
FAIR VALUE OF FINANCIAL INSTRUMENTS
Equity securities with readily determinable fair values	0	0
Mortgage servicing rights, at fair value	19,001,000	10,147,000
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Fair Value, Recurring \| Level 3 \| U.S. Treasury
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 3 \| U.S. government agency
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 3 \| Municipal
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 3 \| Agency residential
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 3 \| Agency commercial
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	0	0
Fair Value, Recurring \| Level 3 \| Corporate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Debt securities available-for-sale:	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS - Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
Loans held for sale	$ 2,318	$ 615
Collateral-dependent loans	32,685	17,460
Bank premises held for sale		235
Foreclosed assets	852	3,030
Level 1
FAIR VALUE OF FINANCIAL INSTRUMENTS
Loans held for sale	0	0
Collateral-dependent loans	0	0
Bank premises held for sale		0
Foreclosed assets	0	0
Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS
Loans held for sale	2,318	615
Collateral-dependent loans	0	0
Bank premises held for sale		0
Foreclosed assets	0	0
Level 3
FAIR VALUE OF FINANCIAL INSTRUMENTS
Loans held for sale	0	0
Collateral-dependent loans	32,685	17,460
Bank premises held for sale		235
Foreclosed assets	$ 852	$ 3,030

ACQUISITIONS - PCD loans and subsequent changes (Details) - Town and Country - USD ($) $ in Thousands		12 Months Ended
	Feb. 01, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Unpaid principal balance	$ 89,822
Allowance for credit losses at acquisition	(1,247)
Non-credit discount	(2,218)
Purchase price	$ 86,357
Subsequent adjustment to allowance for credit losses on loans		$ 5,200
Subsequent adjustment to allowance for credit losses on unfunded commitments		$ 700

DERIVATIVE FINANCIAL INSTRUMENTS - Interest rate contracts not designated as hedging instruments (Details) - Not Designated as Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative asset notional amount	$ 94,497	$ 106,995
Derivative financial assets	6,227	6,981
Other Assets \| Commercial Borrower
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative asset notional amount	0	0
Derivative financial assets	0	0
Other Assets \| Financial Institutions Borrower
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative asset notional amount	94,497	106,995
Derivative financial assets	6,227	6,981
Other Liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative liability notional amount	94,497	106,995
Derivative financial liabilities fair value	(6,227)	(6,981)
Other Liabilities \| Commercial Borrower
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative liability notional amount	94,497	106,995
Derivative financial liabilities fair value	(6,227)	(6,981)
Other Liabilities \| Financial Institutions Borrower
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative liability notional amount	0	0
Derivative financial liabilities fair value	$ 0	$ 0

SUBORDINATED NOTES (Tables)

12 Months Ended

Dec. 31, 2023

Subordinated Borrowings [Abstract]

Schedule of carrying value of subordinated debentures

The face value and carrying value of the subordinated notes are summarized below:


(dollars in thousands)	December 31, 2023		December 31, 2022

Subordinated notes, at face value	$	40,000	$	40,000
Unamortized issuance costs	(526)		(605)
Subordinated notes, at carrying value	$	39,474	$	39,395

The face values and carrying values of the junior subordinated debentures are summarized as follows:


			Carrying Value
(dollars in thousands)	Face Value		December 31, 2023		December 31, 2022

Heartland Bancorp, Inc. Capital Trust B	$	10,310	$	10,310	$	10,310
Heartland Bancorp, Inc. Capital Trust C	10,310		10,310		10,310
Heartland Bancorp, Inc. Capital Trust D	5,155		5,155		5,155
FFBI Capital Trust I	7,217		7,217		7,217
National Bancorp Statutory Trust I	5,773		4,853		4,788
Town and Country Statutory Trust II	4,124		4,401		—
Town and Country Statutory Trust III	7,732		7,578		—
West Plains Investors Statutory Trust I	3,093		2,965		—
Total	$	53,714	$	52,789	$	37,780

REGULATORY MATTERS

12 Months Ended

Dec. 31, 2023

Banking and Thrift, Other Disclosure [Abstract]

REGULATORY MATTERS

The Company (on a consolidated basis) and the Bank are each subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by the regulators that, if undertaken, could have a direct material effect on the consolidated financial statements of the Company and the Bank. Additionally, the ability of the Company to pay dividends to its stockholders is dependent upon the ability of the Bank to pay dividends to the Company.

Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. As allowed under the regulations, the Company and the Bank elected to exclude accumulated other comprehensive income, including unrealized gains and losses on debt securities, in the computation of regulatory capital. Prompt corrective action provisions are not applicable to bank holding companies.

Additionally, the Company and the Bank must maintain a “capital conservation buffer” to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. As of December 31, 2023 and 2022, the capital conservation buffer was 2.5% of risk-weighted assets.

As of December 31, 2023, the Company and the Bank each met all capital adequacy requirements to which they were subject. The actual and required capital amounts and ratios of the Company (on a consolidated basis) and the Bank are as follows:


	December 31, 2023
	Actual				For Capital Adequacy Purposes				To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio

Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)	$	603,234	15.33	%	$	314,814	8.00	%	N/A		N/A
Tier 1 Capital (to Risk Weighted Assets)	527,964		13.42		236,110		6.00		N/A		N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)	476,789		12.12		177,083		4.50		N/A		N/A
Tier 1 Capital (to Average Assets)	527,964		10.49		201,231		4.00		N/A		N/A

Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)	$	586,604	14.92	%	$	314,496	8.00	%	$	393,119	10.00	%
Tier 1 Capital (to Risk Weighted Assets)	550,808		14.01		235,872		6.00		314,496		8.00
Common Equity Tier 1 Capital (to Risk Weighted Assets)	550,808		14.01		176,904		4.50		255,528		6.50
Tier 1 Capital (to Average Assets)	550,808		10.96		201,063		4.00		251,329		5.00


	December 31, 2022
	Actual				For Capital Adequacy Purposes				To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio

Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)	$	516,556	16.27	%	$	254,052	8.00	%	N/A		N/A
Tier 1 Capital (to Risk Weighted Assets)	451,828		14.23		190,539		6.00		N/A		N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)	415,213		13.07		142,904		4.50		N/A		N/A
Tier 1 Capital (to Average Assets)	451,828		10.48		172,427		4.00		N/A		N/A

Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)	$	489,316	15.43	%	$	253,643	8.00	%	$	317,054	10.00	%
Tier 1 Capital (to Risk Weighted Assets)	463,983		14.63		190,233		6.00		253,643		8.00
Common Equity Tier 1 Capital (to Risk Weighted Assets)	463,983		14.63		142,674		4.50		206,085		6.50
Tier 1 Capital (to Average Assets)	463,983		10.78		172,240		4.00		215,300		5.00

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

BORROWINGS	12 Months Ended
BORROWINGS	Dec. 31, 2023
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS FHLB advances totaled $12.6 million with a weighted average interest rate of 0.55% as of December 31, 2023 and totaled $160.0 million with a weighted average interest rate of 4.29% as of December 31, 2022. The FHLB advances outstanding as of December 31, 2023 mature between 2024 and 2029. Borrowings from the FHLB are secured by FHLB stock held by the Company and pledged security in the form of qualifying loans. The loans pledged as of December 31, 2023 and 2022 totaled $1.20 billion and $892.1 million, respectively. As of December 31, 2023 and 2022, loans pledged also served as collateral for credit exposure of $0.4 million and $0.3 million, respectively, associated with the Bank’s participation in the FHLB’s Mortgage Partnership Finance Program. The Bank also had available borrowings through the discount window of the Federal Reserve Bank of Chicago. Available borrowings are based on the collateral pledged. As of December 31, 2023, debt securities with a carrying value of $9.8 million were pledged, and there was no outstanding balance. As of December 31, 2022, there was no collateral pledged and no outstanding balance.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS - Interest rate contracts designated as cash flow hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow Hedging \| Interest Expense
DERIVATIVE FINANCIAL INSTRUMENTS
Amounts of gross gain (loss) reclassified from accumulated other comprehensive income (loss)	$ 468	$ (126)	$ (412)

JUNIOR SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS (Tables)

12 Months Ended

Dec. 31, 2023

Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract]

Schedule of carrying value of subordinated debentures

The face value and carrying value of the subordinated notes are summarized below:


(dollars in thousands)	December 31, 2023		December 31, 2022

Subordinated notes, at face value	$	40,000	$	40,000
Unamortized issuance costs	(526)		(605)
Subordinated notes, at carrying value	$	39,474	$	39,395

The face values and carrying values of the junior subordinated debentures are summarized as follows:


			Carrying Value
(dollars in thousands)	Face Value		December 31, 2023		December 31, 2022

Heartland Bancorp, Inc. Capital Trust B	$	10,310	$	10,310	$	10,310
Heartland Bancorp, Inc. Capital Trust C	10,310		10,310		10,310
Heartland Bancorp, Inc. Capital Trust D	5,155		5,155		5,155
FFBI Capital Trust I	7,217		7,217		7,217
National Bancorp Statutory Trust I	5,773		4,853		4,788
Town and Country Statutory Trust II	4,124		4,401		—
Town and Country Statutory Trust III	7,732		7,578		—
West Plains Investors Statutory Trust I	3,093		2,965		—
Total	$	53,714	$	52,789	$	37,780

Schedule of interest rates and maturities of the junior subordinated debentures

The interest rates and maturities of the junior subordinated debentures are summarized as follows:


			Interest Rate at
	Variable Interest Rate		December 31, 2023		December 31, 2022		Maturity Date
Heartland Bancorp, Inc. Capital Trust B	SOFR plus	3.01%	8.41	%	6.83	%	April 6, 2034
Heartland Bancorp, Inc. Capital Trust C	SOFR plus	1.79	7.18		6.30		June 15, 2037
Heartland Bancorp, Inc. Capital Trust D	SOFR plus	1.61	7.00		6.12		September 15, 2037
FFBI Capital Trust I	SOFR plus	3.06	8.46		6.88		April 6, 2034
National Bancorp Statutory Trust I	SOFR plus	3.16	8.55		7.67		December 15, 2037
Town and Country Statutory Trust II	SOFR plus	3.05	8.43		N/A		March 17, 2034
Town and Country Statutory Trust III	SOFR plus	1.94	7.33		N/A		March 22, 2037
West Plains Investors Statutory Trust I	SOFR plus	1.71	7.10		N/A		June 15, 2037

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2023

AOCI Attributable to Parent [Abstract]

Schedule of the activity and accumulated balances for components of other comprehensive income (loss)

The following table presents the activity and accumulated balances for components of other comprehensive income (loss):














































	Unrealized Gains (Losses) on Debt Securities				Derivatives		Total
(dollars in thousands)	Available-for-Sale		Held-to-Maturity

Balance, December 31, 2020	$	19,578	$	(118)	$	(1,307)	$	18,153
Transfer from available-for-sale to held-to-maturity	3,887		(3,887)		—		—
Other comprehensive income (loss) before reclassifications	(24,798)		—		366		(24,432)
Reclassifications	—		687		412		1,099
Other comprehensive income (loss), before tax	(24,798)		687		778		(23,333)
Income tax expense (benefit)	(7,069)		196		222		(6,651)
Other comprehensive income (loss), after tax	(17,729)		491		556		(16,682)
Balance, December 31, 2021	5,736		(3,514)		(751)		1,471
Transfer from available-for-sale to held-to-maturity	7,664		(7,664)		—		—
Other comprehensive income (loss) before reclassifications	(105,459)		—		1,183		(104,276)
Reclassifications	—		1,723		126		1,849
Other comprehensive income (loss), before tax	(105,459)		1,723		1,309		(102,427)
Income tax expense (benefit)	(30,061)		491		373		(29,197)
Other comprehensive income (loss), after tax	(75,398)		1,232		936		(73,230)
Balance, December 31, 2022	(61,998)		(9,946)		185		(71,759)

Other comprehensive income before reclassifications	16,949		—		161		17,110
Reclassifications	1,820		1,954		(468)		3,306
Other comprehensive income (loss), before tax	18,769		1,954		(307)		20,416
Income tax expense (benefit)	5,350		557		(87)		5,820
Other comprehensive income (loss), after tax	13,419		1,397		(220)		14,596
Balance, December 31, 2023	(48,579)		(8,549)		(35)		(57,163)

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.

Level 2 - Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Significant unobservable inputs that reflect a Company’s own assumptions about the assumptions that market participants would use in pricing as asset or liability.

The Company uses fair value to measure certain assets and liabilities on a recurring basis, such as investment securities, mortgage servicing rights, and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for loans held for sale, collateral-dependent loans, bank premises held for sale, and foreclosed assets.

Recurring Basis

The following is a description of the methods and significant assumptions used to measure the fair value of assets and liabilities on a recurring basis.

Investment Securities

When available, the Company uses quoted market prices to determine the fair value of securities; such items are classified in Level 1 of the fair value hierarchy. For the Company’s securities where quoted prices are not available for identical securities in an active market, the Company determines fair value utilizing vendors who apply matrix pricing for similar bonds where no price is observable or may compile prices from various sources. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace. Fair values from these models are verified, where possible, against quoted market prices for recent trading activity of assets with similar characteristics to the security being valued. Such methods are generally classified as Level 2; however, when prices from independent sources vary, cannot be obtained or cannot be corroborated, a security is generally classified as Level 3. The change in fair value of debt securities available-for-sale is recorded through an adjustment to the consolidated statement of comprehensive income (loss). The change in fair value of equity securities with readily determinable fair values is recorded through an adjustment to the consolidated statement of income.

Mortgage Servicing Rights

The Company has elected to record its mortgage servicing rights at fair value. Mortgage servicing rights do not trade in an active market with readily observable prices. Accordingly, the Company determines the fair value of mortgage servicing rights by estimating the fair value of the future cash flows associated with the mortgage loans being serviced as calculated by an independent third party. Key economic assumptions used in measuring the fair value of mortgage servicing rights include, but are not limited to, prepayment speeds and discount rates. Due to the nature of the valuation inputs, mortgage servicing rights are classified as Level 3. The change in fair value is recorded through an adjustment to the consolidated statement of income.

Derivative Financial Instruments

Interest rate swap agreements are carried at fair value as determined by dealer valuation models. Based on the inputs used, the derivative financial instruments subjected to recurring fair value adjustments are classified as Level 2. For derivative financial instruments designated as hedging instruments, the change in fair value is recorded through an adjustment to the consolidated statement of comprehensive income (loss). For derivative financial instruments not designated as hedging instruments, the change in fair value is recorded through an adjustment to the consolidated statement of income.

The following tables summarize assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 by level within the fair value hierarchy:


	December 31, 2023
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Debt securities available-for-sale:
U.S. Treasury	$	148,622	$	—	$	—	$	148,622
U.S. government agency	—		52,097		—		52,097
Municipal	—		205,557		—		205,557
Mortgage-backed:
Agency residential	—		173,984		—		173,984
Agency commercial	—		127,012		—		127,012
Corporate	—		52,189		—		52,189
Equity securities with readily determinable fair values	3,360		—		—		3,360
Mortgage servicing rights	—		—		19,001		19,001
Derivative financial assets	—		6,549		—		6,549
Derivative financial liabilities	—		6,227		—		6,227


	December 31, 2022
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Debt securities available-for-sale:
U.S. Treasury	$	154,515	$	—	$	—	$	154,515
U.S. government agency	—		55,157		—		55,157
Municipal	—		243,829		—		243,829
Mortgage-backed:
Agency residential	—		195,441		—		195,441
Agency commercial	—		132,888		—		132,888
Corporate	—		61,694		—		61,694
Equity securities with readily determinable fair values	3,029		—		—		3,029
Mortgage servicing rights	—		—		10,147		10,147
Derivative financial assets	—		7,610		—		7,610
Derivative financial liabilities	—		6,981		—		6,981

The following tables present additional information about the unobservable inputs used in the fair value measurement of the mortgage servicing rights (dollars in thousands):

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range
(Weighted Average)

Mortgage servicing rights

19,001

Discounted cash flows

Constant pre-payment rates (CPR)

6.2% to 49.4% (8.4%)

Discount rate

9.0% to 37.3% (9.6%)

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range
(Weighted Average)

Mortgage servicing rights

10,147

Discounted cash flows

Constant pre-payment rates (CPR)

5.3% to 59.7% (8.2%)

Discount rate

9.0% to 11.7% (9.3%)

Nonrecurring Basis

The following is a description of the methods and significant assumptions used to measure the fair value of assets and liabilities on a nonrecurring basis.

Loans Held for Sale

Mortgage loans originated and held for sale are carried at the lower of cost or estimated fair value. The Company obtains quotes or bids on these loans directly from purchasing financial institutions. Typically, these quotes include a premium on the sale and thus these quotes generally indicate fair value of the held for sale loans is greater than cost. Loans held for sale have been classified as Level 2.

Collateral-Dependent Loans

Periodically, a collateral-dependent loan is evaluated individually and is reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of collateral-dependent loans have been classified as Level 3.

Bank Premises Held for Sale

Bank premises held for sale are recorded at the lower of cost or fair value, less estimated selling costs, at the date classified as held for sale. Values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of collateral-dependent loans have been classified as Level 3.

Foreclosed Assets

Foreclosed assets are recorded at fair value based on property appraisals, less estimated selling costs, at the date of the transfer. Subsequent to the transfer, foreclosed assets are carried at the lower of cost or fair value, less estimated selling costs. Values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of collateral-dependent loans have been classified as Level 3.

The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022 by level within the fair value hierarchy:


	December 31, 2023
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Loans held for sale	$	—	$	2,318	$	—	$	2,318
Collateral-dependent loans	—		—		32,685		32,685

Foreclosed assets	—		—		852		852


	December 31, 2022
(dollars in thousands)	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Loans held for sale	$	—	$	615	$	—	$	615
Collateral-dependent loans	—		—		17,460		17,460
Bank premises held for sale	—		—		235		235
Foreclosed assets	—		—		3,030		3,030

The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements (dollars in thousands):

December 31, 2023

Fair
Value

Valuation
Technique

Unobservable Inputs

Range
(Weighted Average)

Collateral-dependent loans

32,685

Appraisal of collateral

Appraisal adjustments

Not meaningful

Foreclosed assets

852

Appraisal

Appraisal adjustments

7% (7%)

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range

(Weighted Average)

Collateral-dependent loans

17,460

Appraisal of collateral

Appraisal adjustments

Not meaningful

Bank premises held for sale

235

Appraisal

Appraisal adjustments

7% (7%)

Foreclosed assets

3,030

Appraisal

Appraisal adjustments

7% (7%)

Other Fair Value Methods

The following methods and assumptions were used by the Company in estimating fair value disclosures of its other financial instruments. There were no changes in the methods and significant assumptions used to estimate the fair value of these financial instruments.

Cash and Cash Equivalents

The carrying amounts of these financial instruments approximate their fair values.

Restricted Stock

The carrying amount of FHLB stock approximates fair value based on the redemption provisions of the FHLB.

Loans

The fair value estimation process for the loan portfolio uses an exit price concept and reflects discounts the Company believes are consistent with discounts in the marketplace. Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type such as commercial and industrial, agricultural and farmland, commercial real estate - owner occupied, commercial real estate - non-owner occupied, multi-family, construction and land development, one-to-four family residential, and municipal, consumer, and other. The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for similar maturities. The fair value analysis also includes other assumptions to estimate fair value, intended to approximate those a market participant would use in an orderly transaction, with adjustments for discount rates, interest rates, liquidity, and credit spreads, as appropriate.

Investments in Unconsolidated Subsidiaries

The fair values of the Company’s investments in unconsolidated subsidiaries are presumed to approximate carrying amounts.

Time and Brokered Time Deposits

Fair values of certificates of deposit with stated maturities have been estimated using the present value of estimated future cash flows discounted at rates currently offered for similar instruments. Time deposits also include public funds time deposits.

Securities Sold Under Agreements to Repurchase

The fair values of repurchase agreements with variable interest rates are presumed to approximate their recorded carrying amounts.

Subordinated Notes

The fair values of subordinated notes are estimated using discounted cash flow analyses based on rates observed on recent debt issuances by other financial institutions.

Junior Subordinated Debentures

The fair values of subordinated debentures are estimated using discounted cash flow analyses based on rates observed on recent debt issuances by other financial institutions.

Accrued Interest

The carrying amounts of accrued interest approximate fair value.

The following table provides summary information on the carrying amounts and estimated fair values of the Company’s financial instruments:


(dollars in thousands)	Fair Value Hierarchy Level	December 31, 2023				December 31, 2022
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Financial assets:
Cash and cash equivalents	Level 1	$	141,252	$	141,252	$	114,159	$	114,159
Debt securities held-to-maturity	Level 2	521,439		466,496		541,600		478,801
Restricted stock	Level 3	7,160		7,160		7,965		7,965
Loans, net	Level 3	3,364,369		3,349,540		2,594,920		2,566,930
Investments in unconsolidated subsidiaries	Level 3	1,614		1,614		1,165		1,165
Accrued interest receivable	Level 2	24,534		24,534		19,506		19,506

Financial liabilities:
Time deposits	Level 3	627,253		619,682		262,968		253,619
Brokered deposits	Level 3	144,880		144,944		—		—
Securities sold under agreements to repurchase	Level 2	42,442		42,442		43,081		43,081
Subordinated notes	Level 3	39,474		36,993		39,395		37,205
Junior subordinated debentures	Level 3	52,789		48,529		37,780		37,030
Accrued interest payable	Level 2	6,969		6,969		1,363		1,363

The Company estimated the fair value of lending related commitments as described in Note 22 to be immaterial based on limited interest rate exposure due to their variable nature, short-term commitment periods and termination clauses provided in the agreements.

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair values have been estimated using data which management considered the best available and estimation methodologies deemed suitable for the pertinent category of financial instrument.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LOAN SERVICING (Tables)

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

Schedule of activity in mortgage servicing rights

Activity in mortgage servicing rights is as follows:


	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Beginning balance		$	10,147	$	7,994	$	5,934
Acquired		10,469		—		370
Capitalized servicing rights		726		530		1,200
Fair value adjustments attributable to payments and principal reductions		(2,110)		(1,343)		(1,788)
Fair value adjustments attributable to changes in valuation inputs and assumptions		(231)		2,966		2,278
Ending balance		$	19,001	$	10,147	$	7,994

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Financial Instruments

The Bank is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets.

The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

Such commitments and conditional obligations were as follows:


	Contractual Amount
(dollars in thousands)	December 31, 2023		December 31, 2022

Commitments to extend credit	$	869,013	$	756,885
Standby letters of credit	23,732		17,785

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, by the Bank upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies, but may include real estate, accounts receivable, inventory, property, plant, and equipment, and income-producing properties.

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those standby letters of credit are primarily issued to support extensions of credit. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The Bank secures the standby letters of credit with the same collateral used to secure the related loan.

Allowance for Credit Losses on Unfunded Lending-related Commitments

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on unfunded commitments is included in other liabilities on the consolidated balance sheets and is adjusted through a charge to provision for credit loss expense on the consolidated statements of income. The allowance for credit losses on unfunded commitments estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance for credit losses on unfunded commitments was $3.8 million as of December 31, 2023.

Legal Contingencies

In the normal course of business, the Company, or its subsidiaries, are involved in various legal proceedings. In the opinion of management, any liability resulting from pending proceedings would not be expected to have a material adverse effect on the Company's consolidated financial statements.

PLB Investments LLC, John Kuehner, and A.S. Palmer Investments LLC v. Heartland Bank and Trust Company and PNC Bank N.A., In the United States District Court for the Northern District of Illinois, Case No. 1:20-cv-1023 (“Class Action”); and Melanie E. Damian, As Receiver of Today’s Growth Consultant, Inc. (dba The Income Store) v. Heartland Bank and Trust Company and PNC Bank N.A., In the United States District Court for the Northern District of Illinois, Case No. 1:20-cv-7819 (“Receiver’s Action”)

The Bank was a defendant in the purported Class Action lawsuit that was filed on February 12, 2020, in the U.S. District Court for the Northern District of Illinois. The plaintiffs in the Class Action alleged that the Bank negligently enabled and facilitated a fraudulent, Ponzi-like scheme perpetrated by Today’s Growth Consultant, Inc. (dba The Income Store) (“TGC”). Additionally, the Receiver for TGC filed the Receiver’s Action on December 30, 2020, in the U.S. District Court for the Northern District of Illinois, with similar allegations.

On February 20, 2023, the Bank reached an agreement in principle to settle both the Class Action and Receiver’s Action in which the Bank would make one-time cash payments totaling $13.0 million, without admitting fault, to release the Bank from further liability and claims in both the Class Action and Receiver’s Action.

On August 16, 2023, definitive settlement agreements reflecting the terms of the agreement in principle were approved by the Court, and the Bank made the one-time cash payments totaling $13.0 million during the third quarter of 2023. The settlements do not include any admission of liability or wrongdoing by the Bank, and the Bank expressly denies any liability or wrongdoing with respect to any matter alleged in the Class Action and Receiver’s Action. The Bank agreed in principle to the settlements to avoid the cost, risks and distraction of continued litigation. The Company believes the settlements are in the best interests of the Company and its shareholders.

Accordingly, the Bank had $13.0 million accrued related to these matters as of December 31, 2022. The Bank’s insurer reimbursed $7.4 million of the settlement payment which was recorded as an insurance recovery receivable as of December 31, 2022. The net settlement amount of $5.6 million was included in other noninterest expense in the consolidated statements of income during the fourth quarter of 2022.

DeBaere, et al v. Heartland Bank and Trust Company

The Bank was a defendant in a purported class action lawsuit filed in June 2020, in the Circuit Court of Cook County, Illinois. The plaintiff, a customer of the Bank, alleges that the Bank breached its contract with the plaintiff by (1) charging multiple insufficient funds fees or overdraft fees on a single customer-initiated transaction, and (2) charging overdraft fees for transactions that were authorized on a positive account balance, but when settled, settled into a negative balance.

Miller, et al v. State Bank of Lincoln and Heartland Bank and Trust Company

The Bank was a defendant in a purported class action lawsuit filed in May 2020, in the Circuit Court of Logan County, Illinois. The plaintiff, a customer of State Bank of Lincoln, which previously merged with the Bank, alleges that the Bank breached its contract with the plaintiff by charging multiple insufficient funds fees or overdraft fees on a single customer-initiated transaction.

On May 15, 2023, the Bank reached an agreement in principle to settle both the DeBaere, et al and Miller, et al cases in which the Bank would make one-time cash payments totaling $3.4 million, without admitting fault, to release the Bank from further liability and claims in both the cases.

Definitive settlement agreements reflecting the terms of the agreement in principle were approved by the Court on December 15, 2023 in the DeBaere, et al case and on February 16, 2024 in the Miller, et al case. The Bank made the one-time cash payments totaling $3.4 million during the fourth quarter of 2023. The settlements do not include any admission of liability or wrongdoing by the Bank, and the Bank expressly denies any liability or wrongdoing with respect to any matter alleged in the Class Action and Receiver’s Action. The Bank agreed in principle to the settlements to avoid the cost, risks and distraction of continued litigation. The Company believes the settlements are in the best interests of the Company and its shareholders.

Accordingly, the Bank had in the aggregate $2.6 million accrued as of December 31, 2022 related to these matters. An initial $2.6 million accrual was recognized in other noninterest expense during the fourth quarter of 2022, reflecting management’s best estimate at that time, and an additional $0.8 million accrual was recognized in other noninterest expense during the second quarter of 2023 following the agreement in principle to settle both the DeBaere, et al and Miller, et al cases.

John Pickett v. Town and Country Bank

The Bank is a defendant in a purported class action lawsuit filed in October 2023, in the Circuit Court of Sangamon County, Illinois. The plaintiff, a customer of Town and Country Bank, which previously merged with the Bank, alleges that the Bank breached its contract with the plaintiff by charging overdraft fees for transactions that were authorized on a positive account balance, but when settled, settled into a negative balance.

The Bank intends to vigorously defend the lawsuit. However, the Company believes an unfavorable outcome is probable at this time, as that term is used in assessing loss contingencies. Accordingly, consistent with the authoritative guidance in the evaluation of contingencies, an accrual has been recorded related to these matters of $0.2 million in the aggregate during the fourth quarter and year ended December 31, 2023. While the amount recorded reflects management’s best estimate as of December 31, 2023, the Company cannot yet offer an opinion on the estimated range of possible loss.

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 141,252	$ 114,159
Other assets	55,239	56,444
Total assets	5,073,170	4,286,734
LIABILITIES
Subordinated notes	39,474	39,395
Junior subordinated debentures	52,789	37,780
Other liabilities	34,909	45,822
Total liabilities	4,583,674	3,913,102
Stockholders’ equity	489,496	373,632	$ 411,881	$ 363,917
Total liabilities and stockholders’ equity	5,073,170	4,286,734
Reportable Legal Entities \| Consolidated HBT Financial, Inc.
ASSETS
Cash and cash equivalents	17,214	24,278
Bank	563,513	422,217
Non-bank	1,614	1,165
Other assets	2,347	5,338
Total assets	584,688	452,998
LIABILITIES
Subordinated notes	39,474	39,395
Junior subordinated debentures	52,789	37,780
Other liabilities	2,929	2,191
Total liabilities	95,192	79,366
Stockholders’ equity	489,496	373,632
Total liabilities and stockholders’ equity	$ 584,688	$ 452,998

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair values of Company's derivative instrument assets and liabilities related to interest rate swap contracts

The interest rate swap agreements designated as cash flow hedges are summarized as follows:


	December 31, 2023				December 31, 2022
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value

Fair value recorded in other assets	$	17,000	$	322	$	17,000	$	629

Schedule of the effect of interest rate contracts designated as cash flow hedges on the consolidated statements of income

The effect of interest rate swap agreements designated as cash flow hedges on the consolidated statements of income are summarized as follows:


Location of gross gain (loss) reclassified from accumulated other comprehensive income (loss) to income		Amounts of gross gain (loss) reclassified from accumulated other comprehensive income (loss)
	Year Ended December 31,
(dollars in thousands)		2023		2022		2021

Designated as cash flow hedges:
Junior subordinated debentures interest expense		$	468	$	(126)	$	(412)

Summary of interest rate swap agreements not designated as hedging instruments

The interest rate swap agreements not designated as hedging instruments are summarized as follows:


	December 31, 2023				December 31, 2022
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value

Fair value recorded in other assets:
Interest rate swaps with a commercial borrower counterparty	$	—	$	—	$	—	$	—
Interest rate swaps with a financial institution counterparty	94,497		6,227		106,995		6,981
Total fair value recorded in other assets	$	94,497	$	6,227	$	106,995	$	6,981

Fair value recorded in other liabilities:
Interest rate swaps with a commercial borrower counterparty	$	94,497	$	(6,227)	$	106,995	$	(6,981)
Interest rate swaps with a financial institution counterparty	—		—		—		—
Total fair value recorded in other liabilities	$	94,497	$	(6,227)	$	106,995	$	(6,981)

Summary of the effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income

The effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income on the consolidated statements of income are summarized as follows:


	Year Ended December 31, 2023
(dollars in thousands)		2023		2022		2021

Not designated as hedging instruments:
Gross gains		$	11,198	$	16,002	$	13,773
Gross losses		(11,198)		(16,002)		(13,773)
Net gains (losses)		$	—	$	—	$	—

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2023

Loans and Leases Receivable Disclosure [Abstract]

Summary of Loans

Major categories of loans are summarized as follows:


(dollars in thousands)	December 31, 2023		December 31, 2022

Commercial and industrial	$	427,800	$	266,757
Commercial real estate - owner occupied	295,842		218,503
Commercial real estate - non-owner occupied	880,681		713,202
Construction and land development	363,983		360,824
Multi-family	417,923		287,865
One-to-four family residential	491,508		338,253
Agricultural and farmland	287,294		237,746
Municipal, consumer, and other	239,386		197,103
Loans, before allowance for credit losses	3,404,417		2,620,253
Allowance for credit losses	(40,048)		(25,333)
Loans, net of allowance for credit losses	$	3,364,369	$	2,594,920

Schedule of activity in allowance for loan losses

The following tables detail activity in the allowance for credit losses:










































(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Balance, December 31, 2020	$	3,929	$	3,141	$	11,251	$	4,232	$	1,957	$	1,801	$	793	$	4,734	$	31,838
Provision for loan losses	(1,474)		(1,280)		(3,130)		340		(694)		(472)		52		(1,419)		(8,077)
Charge-offs	(668)		(30)		—		—		—		(267)		—		(449)		(1,414)
Recoveries	653		9		24		342		—		249		—		312		1,589
Balance, December 31, 2021	$	2,440	$	1,840	$	8,145	$	4,914	$	1,263	$	1,311	$	845	$	3,178	$	23,936
Provision for loan losses	88		(1,653)		(1,707)		(692)		209		146		(49)		2,952		(706)
Charge-offs	(23)		(25)		—		—		—		(67)		—		(569)		(684)
Recoveries	774		1,031		283		1		—		369		—		329		2,787
Balance, December 31, 2022	$	3,279	$	1,193	$	6,721	$	4,223	$	1,472	$	1,759	$	796	$	5,890	$	25,333
Adoption of ASC 326	(822)		587		501		1,969		85		797		1,567		2,299		6,983
PCD allowance established in acquisition	69		127		239		240		68		492		5		7		1,247
Provision for loan losses	2,823		352		187		(487)		1,931		2,004		(1,399)		1,254		6,665
Charge-offs	(428)		(5)		(202)		—		—		(34)		—		(690)		(1,359)
Recoveries	59		18		268		53		281		186		6		308		1,179
Balance, December 31, 2023	$	4,980	$	2,272	$	7,714	$	5,998	$	3,837	$	5,204	$	975	$	9,068	$	40,048

The following tables present loans and the related allowance for credit losses by category:


	December 31, 2023
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Loan balances:
Collectively evaluated for impairment	$	427,528	$	295,672	$	865,394	$	363,767	$	417,608	$	486,049	$	287,150	$	224,345	$	3,367,513
Individually evaluated for impairment	272		170		15,287		216		315		5,459		144		15,041		36,904
Total	$	427,800	$	295,842	$	880,681	$	363,983	$	417,923	$	491,508	$	287,294	$	239,386	$	3,404,417

Allowance for credit losses:
Collectively evaluated for impairment	$	4,960	$	2,272	$	6,693	$	5,998	$	3,837	$	4,957	$	975	$	6,137	$	35,829
Individually evaluated for impairment	20		—		1,021		—		—		247		—		2,931		4,219
Total	$	4,980	$	2,272	$	7,714	$	5,998	$	3,837	$	5,204	$	975	$	9,068	$	40,048

	December 31, 2022
(dollars in thousands)	Commercial and Industrial		Commercial Real Estate Owner Occupied		Commercial Real Estate Non-owner Occupied		Construction and Land Development		Multi-Family		One-to-four Family Residential		Agricultural and Farmland		Municipal, Consumer, and Other		Total

Loan balances:
Collectively evaluated for impairment	$	261,833	$	203,558	$	671,663	$	359,892	$	287,298	$	325,621	$	233,118	$	184,579	$	2,527,562
Individually evaluated for impairment	4,818		11,366		30,509		82		—		8,399		4,033		12,508		71,715
Acquired with deteriorated credit quality	106		3,579		11,030		850		567		4,233		595		16		20,976
Total	$	266,757	$	218,503	$	713,202	$	360,824	$	287,865	$	338,253	$	237,746	$	197,103	$	2,620,253

Allowance for loan losses:
Collectively evaluated for impairment	$	3,121	$	1,008	$	4,332	$	4,221	$	1,470	$	1,709	$	796	$	2,327	$	18,984
Individually evaluated for impairment	158		168		2,388		—		—		44		—		3,562		6,320
Acquired with deteriorated credit quality	—		17		1		2		2		6		—		1		29
Total	$	3,279	$	1,193	$	6,721	$	4,223	$	1,472	$	1,759	$	796	$	5,890	$	25,333

Schedule of gross charge-offs, further sorted by origination year

Gross charge-offs, further sorted by origination year, were as follows during the year ended December 31, 2023:
















	Gross Charge-Offs for the Year Ended December 31, 2023
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
(dollars in thousands)	2023		2022		2021		2020		2019		Prior

Commercial and industrial	$	—	$	—	$	—	$	—	$	—	$	—	$	428	$	—	$	428
Commercial real estate - owner occupied	—		5		—		—		—		—		—		—		5
Commercial real estate - non-owner occupied	—		—		—		—		31		—		171		—		202
Construction and land development	—		—		—		—		—		—		—		—		—
Multi-family	—		—		—		—		—		—		—		—		—
One-to-four family residential	—		—		—		—		1		33		—		—		34
Agricultural and farmland	—		—		—		—		—		—		—		—		—
Municipal, consumer, and other	309		100		13		17		10		32		209		—		690
Total	$	309	$	105	$	13	$	17	$	42	$	65	$	808	$	—	$	1,359

Schedule of amortized cost of collateral dependent loans

The following table presents collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans:


	December 31, 2023
	Amortized Cost								Allowance for Credit Losses
	Primary Collateral Type
(dollars in thousands)	Real Estate		Vehicles		Other		Total

Commercial and industrial	$	—	$	37	$	235	$	272	$	20
Commercial real estate - owner occupied	170		—		—		170		—
Commercial real estate - non-owner occupied	15,287		—		—		15,287		1,021
Construction and land development	216		—		—		216		—
Multi-family	315		—		—		315		—
One-to-four family residential	5,459		—		—		5,459		247
Agricultural and farmland	144		—		—		144		—
Municipal, consumer, and other	14,978		39		24		15,041		2,931
Total	$	36,569	$	76	$	259	$	36,904	$	4,219

Schedule of loans individually evaluated for impairment by category PREADOPTION

The following table presents loans individually evaluated for impairment by category of loans:


	December 31, 2022
(dollars in thousands)	Unpaid Principal Balance		Recorded Investment		Related Allowance

With an allowance recorded:
Commercial and industrial	$	268	$	254	$	158
Commercial real estate - owner occupied	635		610		168
Commercial real estate - non-owner occupied	14,269		14,261		2,388
Construction and land development	—		—		—
Multi-family	—		—		—
One-to-four family residential	569		524		44
Agricultural and farmland	—		—		—
Municipal, consumer, and other	8,152		8,131		3,562
Total	$	23,893	$	23,780	$	6,320

With no related allowance:
Commercial and industrial	$	4,564	$	4,564	$	—
Commercial real estate - owner occupied	10,912		10,756		—
Commercial real estate - non-owner occupied	16,327		16,248		—
Construction and land development	92		82		—
Multi-family	—		—		—
One-to-four family residential	9,181		7,875		—
Agricultural and farmland	4,440		4,033		—
Municipal, consumer, and other	4,410		4,377		—
Total	$	49,926	$	47,935	$	—

Total loans individually evaluated for impairment:
Commercial and industrial	$	4,832	$	4,818	$	158
Commercial real estate - owner occupied	11,547		11,366		168
Commercial real estate - non-owner occupied	30,596		30,509		2,388
Construction and land development	92		82		—
Multi-family	—		—		—
One-to-four family residential	9,750		8,399		44
Agricultural and farmland	4,440		4,033		—
Municipal, consumer, and other	12,562		12,508		3,562
Total	$	73,819	$	71,715	$	6,320

The following tables present the average recorded investment and interest income recognized for loans individually evaluated for impairment by category of loans:


	Year Ended December 31,
	2022				2021
(dollars in thousands)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized

With an allowance recorded:
Commercial and industrial	$	204	$	18	$	1,593	$	89
Commercial real estate - owner occupied	970		63		3,052		177
Commercial real estate - non-owner occupied	10,943		740		16,494		791
Construction and land development	—		—		554		27
Multi-family	—		—		—		—
One-to-four family residential	384		16		1,988		77
Agricultural and farmland	—		—		83		4
Municipal, consumer, and other	6,259		236		8,681		158
Total	$	18,760	$	1,073	$	32,445	$	1,323

With no related allowance:
Commercial and industrial	$	9,568	$	453	$	7,125	$	330
Commercial real estate - owner occupied	8,619		525		7,771		344
Commercial real estate - non-owner occupied	12,636		1,278		10,339		432
Construction and land development	1,505		106		2,107		28
Multi-family	—		—		434		10
One-to-four family residential	6,238		352		6,248		192
Agricultural and farmland	228		13		290		17
Municipal, consumer, and other	3,361		148		4,666		86
Total	$	42,155	$	2,875	$	38,980	$	1,439

Total loans individually evaluated for impairment:
Commercial and industrial	$	9,772	$	471	$	8,718	$	419
Commercial real estate - owner occupied	9,589		588		10,823		521
Commercial real estate - non-owner occupied	23,579		2,018		26,833		1,223
Construction and land development	1,505		106		2,661		55
Multi-family	—		—		434		10
One-to-four family residential	6,622		368		8,236		269
Agricultural and farmland	228		13		373		21
Municipal, consumer, and other	9,620		384		13,347		244
Total	$	60,915	$	3,948	$	71,425	$	2,762

Schedule of changes in the accretable yield for loans acquired with deteriorated credit quality

Changes in the accretable yield for loans acquired with deteriorated credit quality were as follows:


	Year Ended December 31,
(dollars in thousands)	2022		2021

Beginning balance	$	413	$	1,397
Reclassification from non-accretable difference	548		508
Disposals	—		(1,089)
Accretion income	(231)		(403)
Ending balance	$	730	$	413

Schedule of recorded investment on past due basis

The following tables present loans by category based on current payment and accrual status:


	December 31, 2023
	Accruing Interest
(dollars in thousands)	Current		30 - 89 Days Past Due		90+ Days Past Due		Nonaccrual		Total Loans

Commercial and industrial	$	427,300	$	228	$	—	$	272	$	427,800
Commercial real estate - owner occupied	295,672		—		—		170		295,842
Commercial real estate - non-owner occupied	878,591		255		—		1,835		880,681
Construction and land development	363,735		32		—		216		363,983
Multi-family	417,597		11		—		315		417,923
One-to-four family residential	484,969		1,735		—		4,804		491,508
Agricultural and farmland	286,820		330		—		144		287,294
Municipal, consumer, and other	239,033		252		37		64		239,386
Total	$	3,393,717	$	2,843	$	37	$	7,820	$	3,404,417


	December 31, 2022
	Accruing Interest
(dollars in thousands)	Current		30 - 89 Days Past Due		90+ Days Past Due		Nonaccrual		Total Loans

Commercial and industrial	$	266,521	$	17	$	—	$	219	$	266,757
Commercial real estate - owner occupied	218,242		187		—		74		218,503
Commercial real estate - non-owner occupied	713,031		—		—		171		713,202
Construction and land development	360,763		61		—		—		360,824
Multi-family	287,854		11		—		—		287,865
One-to-four family residential	335,576		894		145		1,638		338,253
Agricultural and farmland	237,727		19		—		—		237,746
Municipal, consumer, and other	196,892		157		1		53		197,103
Total	$	2,616,606	$	1,346	$	146	$	2,155	$	2,620,253

Schedule of non-accrual loans

The following table presents nonaccrual loans with and without a related allowance for credit losses:


	December 31, 2023
(dollars in thousands)	Nonaccrual With Allowance for Credit Losses		Nonaccrual With No Allowance for Credit Losses		Total Nonaccrual

Commercial and industrial	$	120	$	152	$	272
Commercial real estate - owner occupied	—		170		170
Commercial real estate - non-owner occupied	188		1,647		1,835
Construction and land development	216		—		216
Multi-family	—		315		315
One-to-four family residential	14		4,790		4,804
Agricultural and farmland	—		144		144
Municipal, consumer, and other	—		64		64
Total	$	538	$	7,282	$	7,820

Schedule of loans by category risk ratings

The following tables present loans by category based on their assigned risk ratings determined by management:


	December 31, 2023
(dollars in thousands)	Pass		Pass-Watch		Substandard		Doubtful		Total

Commercial and industrial	$	419,494	$	7,128	$	1,178	$	—	$	427,800
Commercial real estate - owner occupied	275,649		14,072		6,121		—		295,842
Commercial real estate - non-owner occupied	822,012		33,283		25,386		—		880,681
Construction and land development	351,087		12,604		292		—		363,983
Multi-family	397,951		19,656		316		—		417,923
One-to-four family residential	472,355		6,671		12,482		—		491,508
Agricultural and farmland	280,867		3,071		3,356		—		287,294
Municipal, consumer, and other	222,474		1,721		15,191		—		239,386
Total	$	3,241,889	$	98,206	$	64,322	$	—	$	3,404,417


	December 31, 2022
(dollars in thousands)	Pass		Pass-Watch		Substandard		Doubtful		Total

Commercial and industrial	$	255,309	$	6,630	$	4,818	$	—	$	266,757
Commercial real estate - owner occupied	198,546		10,105		9,852		—		218,503
Commercial real estate - non-owner occupied	652,691		27,282		33,229		—		713,202
Construction and land development	358,215		2,527		82		—		360,824
Multi-family	283,682		4,183		—		—		287,865
One-to-four family residential	323,632		5,907		8,714		—		338,253
Agricultural and farmland	223,114		10,004		4,628		—		237,746
Municipal, consumer, and other	184,299		296		12,508		—		197,103
Total	$	2,479,488	$	66,934	$	73,831	$	—	$	2,620,253

Schedule of risk ratings of loans, further sorted by origination year

Risk ratings of loans, further sorted by origination year, are as follows as of December 31, 2023:


(dollars in thousands)	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term		Total
	2023		2022		2021		2020		2019		Prior
Commercial and industrial
Pass	$	90,931	$	58,364	$	19,283	$	26,816	$	5,269	$	29,550	$	187,579	$	1,702	$	419,494
Pass-Watch	2,025		1,340		892		144		753		471		956		547		7,128
Substandard	111		73		327		60		—		—		323		284		1,178
Total	$	93,067	$	59,777	$	20,502	$	27,020	$	6,022	$	30,021	$	188,858	$	2,533	$	427,800

Commercial real estate - owner occupied
Pass	$	27,516	$	64,229	$	55,376	$	53,634	$	32,469	$	28,876	$	13,549	$	—	$	275,649
Pass-Watch	4,061		943		5,210		1,474		1,573		811		—		—		14,072
Substandard	2,734		86		1,550		64		164		1,523		—		—		6,121
Total	$	34,311	$	65,258	$	62,136	$	55,172	$	34,206	$	31,210	$	13,549	$	—	$	295,842

Commercial real estate - non-owner occupied
Pass	$	121,536	$	240,323	$	237,953	$	88,894	$	82,094	$	39,228	$	10,274	$	1,710	$	822,012
Pass-Watch	810		6,893		7,013		353		4,230		154		13,585		245		33,283
Substandard	13,376		124		286		—		2,410		9,190		—		—		25,386
Total	$	135,722	$	247,340	$	245,252	$	89,247	$	88,734	$	48,572	$	23,859	$	1,955	$	880,681

Construction and land development
Pass	$	153,499	$	119,005	$	56,954	$	5,596	$	2,662	$	796	$	12,050	$	525	$	351,087
Pass-Watch	153		10,750		—		—		—		—		163		1,538		12,604
Substandard	—		216		—		—		—		76		—		—		292
Total	$	153,652	$	129,971	$	56,954	$	5,596	$	2,662	$	872	$	12,213	$	2,063	$	363,983

Multi-family
Pass	$	83,898	$	81,507	$	115,402	$	53,126	$	34,053	$	23,570	$	5,904	$	491	$	397,951
Pass-Watch	3,111		7,197		—		8,821		51		468		—		8		19,656
Substandard	—		—		316		—		—		—		—		—		316
Total	$	87,009	$	88,704	$	115,718	$	61,947	$	34,104	$	24,038	$	5,904	$	499	$	417,923

One-to-four family residential
Pass	$	105,337	$	91,636	$	82,289	$	64,094	$	21,986	$	44,241	$	57,248	$	5,524	$	472,355
Pass-Watch	2,382		286		940		486		212		1,804		203		358		6,671
Substandard	1,507		1,527		623		646		1,037		4,166		64		2,912		12,482
Total	$	109,226	$	93,449	$	83,852	$	65,226	$	23,235	$	50,211	$	57,515	$	8,794	$	491,508

Agricultural and farmland
Pass	$	52,766	$	37,600	$	36,604	$	33,960	$	8,910	$	7,756	$	100,486	$	2,785	$	280,867
Pass-Watch	953		361		425		30		71		719		172		340		3,071
Substandard	—		—		13		3,199		—		144		—		—		3,356
Total	$	53,719	$	37,961	$	37,042	$	37,189	$	8,981	$	8,619	$	100,658	$	3,125	$	287,294

Municipal, Consumer, and other
Pass	$	43,575	$	57,404	$	27,904	$	14,342	$	1,016	$	42,499	$	35,734	$	—	$	222,474
Pass-Watch	9		6		13		—		—		1,693		—		—		1,721
Substandard	51		103		2		6		8		15,012		8		1		15,191
Total	$	43,635	$	57,513	$	27,919	$	14,348	$	1,024	$	59,204	$	35,742	$	1	$	239,386

Total by Risk Rating
Pass	$	679,058	$	750,068	$	631,765	$	340,462	$	188,459	$	216,516	$	422,824	$	12,737	$	3,241,889
Pass-Watch	13,504		27,776		14,493		11,308		6,890		6,120		15,079		3,036		98,206
Substandard	17,779		2,129		3,117		3,975		3,619		30,111		395		3,197		64,322
Total	$	710,341	$	779,973	$	649,375	$	355,745	$	198,968	$	252,747	$	438,298	$	18,970	$	3,404,417

DEPOSITS - Interest expense on Deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Interest-bearing demand	$ 3,130	$ 607	$ 518
Money market	7,352	813	437
Savings	1,033	208	188
Time	10,784	883	1,329
Brokered	2,836	0	0
Total interest expense on deposits	$ 25,135	$ 2,511	$ 2,472

SECURITIES - Narrative (Details) $ in Thousands	2 Months Ended	3 Months Ended		12 Months Ended
SECURITIES - Narrative (Details) $ in Thousands	Mar. 06, 2024 USD ($)	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SECURITIES
Number of securities in an unrealized loss position for a period of twelve months or more \| security		665		665
Number of securities in an unrealized loss position for a period of less than twelve months \| security		116		116
Allowance for credit losses		$ 0		$ 0
Debt securities, available-for-sale, accrued interest		6,000		6,000
Proceeds from sales of securities available-for-sale				185,280	$ 0	$ 0
Impairments of downward adjustments				200
Adjustment to carrying value of equity securities with no readily determinable fair value				200
Upward adjustment on equity securities with no readily determinable fair value		0	$ 0	0	0
Proceeds from sale of equity securities		0	0	$ 0	0
Subsequent Event
SECURITIES
Proceeds from sale of equity securities	$ 66,800
Equity Securities, FV-NI, Realized Loss	$ 3,400
Municipal
SECURITIES
Percentage of securities with general obligation issue				79.00%
Allowance for credit losses		0		$ 0
Corporate
SECURITIES
Allowance for credit losses		0		0
Assets Pledged
SECURITIES
Carrying value of securities pledged to secure public and trust deposits		$ 419,400	$ 332,600	$ 419,400	$ 332,600

LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES - Gross Chargeoffs by Origination Year (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Term Loans by Origination Year
Gross write-offs, 2023	$ 309
Gross write-offs, 2022	105
Gross write-offs 2021	13
Gross write-offs, 2020	17
Gross write-offs, 2019	42
Gross write-offs, prior	65
Revolving Loans	808
Revolving Loans Converted to Term	0
Total	1,359	$ 684	$ 1,414
Commercial and industrial
Term Loans by Origination Year
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	0
Gross write-offs, prior	0
Revolving Loans	428
Revolving Loans Converted to Term	0
Total	428	23	668
Commercial real estate - owner occupied
Term Loans by Origination Year
Gross write-offs, 2023	0
Gross write-offs, 2022	5
Gross write-offs 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	0
Gross write-offs, prior	0
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	5	25	30
Commercial real estate - non-owner occupied
Term Loans by Origination Year
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	31
Gross write-offs, prior	0
Revolving Loans	171
Revolving Loans Converted to Term	0
Total	202	0	0
Construction and land development
Term Loans by Origination Year
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	0
Gross write-offs, prior	0
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	0	0	0
Multi-family
Term Loans by Origination Year
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	0
Gross write-offs, prior	0
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	0	0	0
One-to-four family residential
Term Loans by Origination Year
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	1
Gross write-offs, prior	33
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	34	67	267
Agricultural and farmland
Term Loans by Origination Year
Gross write-offs, 2023	0
Gross write-offs, 2022	0
Gross write-offs 2021	0
Gross write-offs, 2020	0
Gross write-offs, 2019	0
Gross write-offs, prior	0
Revolving Loans	0
Revolving Loans Converted to Term	0
Total	0	0	0
Municipal, consumer, and other
Term Loans by Origination Year
Gross write-offs, 2023	309
Gross write-offs, 2022	100
Gross write-offs 2021	13
Gross write-offs, 2020	17
Gross write-offs, 2019	10
Gross write-offs, prior	32
Revolving Loans	209
Revolving Loans Converted to Term	0
Total	$ 690	$ 569	$ 449

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Net operating loss carryforward	$ 144	$ 0
Illinois Department Of Revenue
Income Tax Contingency [Line Items]
Net operating loss carryforward	$ 1,900

COMMITMENTS AND CONTINGENCIES - Legal Contingencies (Details) - USD ($) $ in Thousands				3 Months Ended
	Aug. 16, 2023	May 15, 2023	Feb. 20, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2021	Dec. 31, 2020
Litigation
Allowance for Credit Losses					$ 25,333	$ 40,048	$ 25,333	$ 23,936	$ 31,838
Allowance for credit losses on unfunded commitments
Litigation
Allowance for Credit Losses						3,800	$ 0
TGC Cases
Litigation
Settlement amount	$ 13,000		$ 13,000
Accrual recorded					13,000
Insurance recovery receivable					7,400
Net settlement amount included in other noninterest expense					5,600
DeBaere and Miller cases
Litigation
Settlement amount		$ 3,400
Accrual recorded					2,600
Accrual included in other noninterest expense				$ 800	$ 2,600
John Pickett Cases
Litigation
Accrual recorded						$ 200