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HBT trying its hand at Nasdaq listing
Posted on Monday, 16 September 2019 10:22
HBT Financial is one of five US banks that Zephyr, the M&A database published by Bureau van Dijk, shows have announced an initial public offering in 2019 to date.
The Illinois-based lender has filed a registration statement with a USD 100.00 million placeholder with the US Securities and Exchange Commission to list on Nasdaq.
Keefe Bruyette & Woods and JPMorgan are underwriters for the fundraiser aimed at bankrolling growth, including organic and strategic initiatives that may include opportunistic acquisitions.
Formerly known as Heartland Bancorp, HBT had total assets of USD 3.20 billion, loans held for investment of USD 2.20 billion and deposits of USD 2.80 billion, as of 30th June 2019.
It acquired National Bancorp, the parent of American Midwest Bank, in October 2015 and Lincoln SB Corp, the parent company of Lincoln Bank, in December 2018.
Through these two subsidiaries, HBT operates 61 full- and three limited-service branches providing business, commercial and retail products and services across 18 counties in central and northeastern Illinois.
According to the prospectus, in recent years the lender has increased its presence in the Chicago metropolitan statistical area, which contributes 33.0 per cent of total deposits and 45.0 per cent of gross loans.
It also has a significant market presence in the Central Illinois MSAs of Bloomington and Peoria.
HBT had net profit of USD 33.34 million in the first six months of 30th June 2019 (H1 2018: USD 34.29 million) and USD 63.80 million in FY 2018 (FY 2017: USD 56.10 million).
The company had a book value of USD 18.85 and a tangible book value of USD 17.28, as at 30th June 2019 and 31st December 2018, respectively.
It had a tier 1 leverage capital of 10.6 per cent, total capital of 14.4 per cent and a common equity Tier 1 of 12.1 per cent, as at the end of June.
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