EX-99.1 2 hbt-20240331ex991.htm EX-99.1 Document

EXHIBIT 99.1
hbt-logo.jpg
HBT FINANCIAL, INC. ANNOUNCES
FIRST QUARTER 2024 FINANCIAL RESULTS

First Quarter Highlights
•Net income of $15.3 million, or $0.48 per diluted share; return on average assets (“ROAA”) of 1.23%; return on average stockholders' equity (“ROAE”) of 12.42%; and return on average tangible common equity (“ROATCE”)(1) of 14.83%
•Adjusted net income(1) of $18.1 million; or $0.57 per diluted share; adjusted ROAA(1) of 1.45%; adjusted ROAE(1) of 14.72%; and adjusted ROATCE(1) of 17.57%
•Asset quality remained strong with nonperforming assets to total assets of 0.20%, close to a historic low
•Net interest margin and net interest margin (tax-equivalent basis)(1) remained stable at 3.94% and 3.99%, respectively

Bloomington, IL, April 22, 2024 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024. This compares to net income of $18.4 million, or $0.58 diluted earnings per share, for the fourth quarter of 2023, and net income of $9.2 million, or $0.30 diluted earnings per share, for the first quarter of 2023.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “This has been an excellent start to 2024 as we continue to show the strength of our franchise. Our profitability remained very strong with an adjusted ROAA(1) of 1.45% and an adjusted ROATCE(1) of 17.57%. Our net interest margin (tax-equivalent basis)(1) was stable at 3.99%, as the increase in funding costs has slowed. Deposits, excluding brokered deposits, increased slightly during the quarter while loans had a small decline. The decrease in loans included the payoff of several loans that had interest rates lower than the current yield on cash, so it did not have a material impact on profitability. Credit quality has remained strong, as evidenced by a net recovery for the quarter and nonperforming loans to total assets still being near a historic low. Despite an increase in interest rates having a negative impact on accumulated other comprehensive income (loss) during the quarter, we saw increases to all capital ratios and an increase to tangible book value per share(1) by $0.29. Tangible book value per share(1) has now grown by $1.74, or 15.2%, since March 31, 2023.”
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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.


HBT Financial, Inc.
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Adjusted Net Income
In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the first quarter of 2024. This compares to adjusted net income of $19.3 million, or $0.60 adjusted diluted earnings per share, for the fourth quarter of 2023, and adjusted net income of $19.9 million, or $0.64 adjusted diluted earnings per share, for the first quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).
Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2024 was $46.7 million, a decrease of 0.8% from $47.1 million for the fourth quarter of 2023. The slight decrease was primarily attributable to an increase in funding costs, which were partially offset by an increase in asset yields. The increase in asset yields was primarily driven by higher cash balances following the sale of $66.8 million of municipal securities as well as higher loan yields. The book yield of the securities sold was 1.87% and the average life was 6.7 years.
Relative to the first quarter of 2023, net interest income decreased 0.3% from $46.8 million. The slight decrease was primarily attributable to an increase in funding costs, which were mostly offset by higher interest-earning asset balances following the Town and Country Financial Corporation (“Town and Country”) merger, which closed on February 1, 2023, and higher yields on interest-earning assets.
Net interest margin for the first quarter of 2024 was 3.94%, compared to 3.93% for the fourth quarter of 2023, and net interest margin (tax-equivalent basis)(1) for the first quarter of 2024 was 3.99%, unchanged from the fourth quarter of 2023. Higher yields on interest-earning assets were offset by higher funding costs with the cost of funds increasing to 1.37% for the first quarter of 2024, compared to 1.26% for the fourth quarter of 2023.
Relative to the first quarter of 2023, net interest margin decreased from 4.20% and net interest margin (tax-equivalent basis)(1) decreased from 4.26%. These decreases were primarily attributable to increases in funding costs outpacing increases in interest-earning asset yields.
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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Noninterest Income
Noninterest income for the first quarter of 2024 was $5.6 million, a decrease of 38.9% from $9.2 million for the fourth quarter of 2023. The decrease was primarily attributable to $3.4 million in realized losses on the sale of securities during the first quarter of 2024 and $0.6 million of impairment losses on bank premises related to the closure of two branch premises now held for sale. Partially offsetting these losses were changes in the mortgage servicing rights fair value adjustment, with a $0.1 million positive fair value adjustment during the first quarter of 2024 compared to a $1.2 million negative fair value adjustment during the fourth quarter of 2023.
Relative to the first quarter of 2023, noninterest income decreased 24.4% from $7.4 million. The decrease was primarily attributable to the $3.4 million in realized losses on the sales of securities in the first quarter of 2024 compared to $1.0 million in realized losses on the sale of securities in the first quarter of 2023.


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Noninterest Expense
Noninterest expense for the first quarter of 2024 was $31.3 million, a 2.9% increase from $30.4 million for the fourth quarter of 2023. The increase was primarily attributable to a $0.9 million increase in salaries, which was impacted by seasonal variations in vacation accruals, annual merit increases that were effective at the beginning of March, and the refresh of annual payroll tax limitations. Additionally, the $0.4 million increase in employee benefit expenses was primarily attributable to higher medical benefit costs.
Relative to the first quarter of 2023, noninterest expense decreased 13.0% from $35.9 million, primarily attributable to the absence of $7.1 million of Town and Country acquisition-related expenses, partially offset by an increase in salaries and benefits expenses.
Acquisition-related expenses recognized during the first quarter of 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.
(dollars in thousands)Three Months Ended March 31, 2023
PROVISION FOR CREDIT LOSSES$5,924
NONINTEREST EXPENSE
Salaries3,518
Data processing1,855
Marketing and customer relations14
Legal fees and other noninterest expense1,753
Total noninterest expense7,140
Total acquisition-related expenses$13,064
Loan Portfolio
Total loans outstanding, before allowance for credit losses, were $3.35 billion at March 31, 2024, compared with $3.40 billion at December 31, 2023 and $3.20 billion at March 31, 2023. The $58.5 million decrease from December 31, 2023 reflected a decrease in line utilization on existing lines of credit by $28.3 million, including $13.2 million drawn by two customers’ lines that paid off shortly after December 31, 2023 and were noted in the previous quarter’s earnings release. Additionally, across the portfolio, early payoffs of loans maturing or repricing beyond 2024 with fixed rates of 4.00% or less totaled $14.4 million. Construction and land development loans decreased by $18.0 million with several completed projects shifting to other loan categories. Although grain elevator loans increased $5.7 million during the first quarter of 2024, seasonal line utilization was significantly lower relative to historical levels.
Deposits
Total deposits were $4.36 billion at March 31, 2024, compared with $4.40 billion at December 31, 2023 and $4.31 billion at March 31, 2023. The $40.9 million decrease from December 31, 2023 was primarily attributable to a $89.1 million decrease in brokered deposits, which was partially offset by the addition of $33.9 million of time deposits from a State of Illinois loan matching program that are a lower cost source of funding.
Asset Quality
Nonperforming loans totaled $9.7 million, or 0.29% of total loans, at March 31, 2024, compared with $7.9 million, or 0.23% of total loans, at December 31, 2023, and $6.5 million, or 0.20% of total loans, at March 31, 2023. Additionally, of the $9.7 million of nonperforming loans held as of March 31, 2024, $2.7 million is either wholly or partially guaranteed by the U.S. government. The $1.8 million increase in nonperforming loans from December 31, 2023 was primarily attributable to the movement of a few commercial and industrial and commercial real estate - owner occupied credits to nonaccrual status.


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The Company recorded a provision for credit losses of $0.5 million for the first quarter of 2024. The provision for credit losses primarily reflects a $3.7 million increase in required reserves resulting from changes in qualitative factors, a $2.1 million decrease in required reserves resulting from changes in economic forecasts, a $1.0 million decrease in required reserves driven by a reduction in loan portfolio balances, and a $0.1 million decrease in specific reserve.
The Company had net recoveries of $0.2 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2024, compared to net charge-offs of $0.5 million, or 0.06% of average loans on an annualized basis, for the fourth quarter of 2023, and net recoveries of $0.1 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2023.
The Company’s allowance for credit losses was 1.22% of total loans and 423% of nonperforming loans at March 31, 2024, compared with 1.18% of total loans and 510% of nonperforming loans at December 31, 2023. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.8 million as of March 31, 2024, compared with $3.8 million as of December 31, 2023.
Capital
The ratio of tangible common equity to tangible assets(1) increased to 8.40% as of March 31, 2024, from 8.19% as of December 31, 2023, and tangible book value per share(1) increased by $0.29 to $13.19 as of March 31, 2024, when compared to December 31, 2023.
During the first quarter of 2024, the Company repurchased 179,281 shares of its common stock at a weighted average price of $18.93 under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2025. As of March 31, 2024, the Company had $11.6 million remaining under the stock repurchase program.
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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
About HBT Financial, Inc.
HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of March 31, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.3 billion, and total deposits of $4.4 billion.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), ratio of tangible common equity to tangible assets, tangible book value per share, ROATCE, adjusted net income, adjusted earnings per share, adjusted ROAA, adjusted ROAE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.


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Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks or as a result of the upcoming 2024 presidential election; (v) changes in interest rates and prepayment rates of the Company’s assets (including the effects of significant rate increases by the Federal Reserve since 2020); (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.
CONTACT:
Peter Chapman
HBTIR@hbtbank.com
(309) 664-4556

HBT Financial, Inc.
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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
As of or for the Three Months Ended
(dollars in thousands, except per share data)March 31,
2024		December 31,
2023		March 31,
2023
Interest and dividend income$61,961 $61,411 $51,779 
Interest expense15,273 14,327 4,942 
Net interest income46,688 47,084 46,837 
Provision for credit losses527 1,113 6,210 
Net interest income after provision for credit losses46,161 45,971 40,627 
Noninterest income5,626 9,205 7,437 
Noninterest expense31,268 30,387 35,933 
Income before income tax expense20,519 24,789 12,131 
Income tax expense5,261 6,343 2,923 
Net income$15,258 $18,446 $9,208 
Earnings per share - Diluted$0.48 $0.58 $0.30 
Adjusted net income (1)
$18,073 $19,272 $19,859 
Adjusted earnings per share - Diluted (1)
0.57 0.60 0.64 
Book value per share$15.71 $15.44 $14.02 
Tangible book value per share (1)
13.19 12.90 11.45 
Shares of common stock outstanding31,612,888 31,695,828 32,095,370 
Weighted average shares of common stock outstanding31,662,954 31,708,381 30,977,204 
SUMMARY RATIOS
Net interest margin *3.94 %3.93 %4.20 %
Net interest margin (tax-equivalent basis) * (1)(2)
3.99 3.99 4.26 
Efficiency ratio58.41 %52.70 %65.27 %
Efficiency ratio (tax-equivalent basis) (1)(2)
57.78 52.09 64.43 
Loan to deposit ratio76.73 %77.35 %74.13 %
Return on average assets *1.23 %1.46 %0.78 %
Return on average stockholders' equity *12.42 15.68 8.84 
Return on average tangible common equity * (1)
14.83 18.96 10.45 
Adjusted return on average assets * (1)
1.45 %1.53 %1.69 %
Adjusted return on average stockholders' equity * (1)
14.72 16.38 19.08 
Adjusted return on average tangible common equity * (1)
17.57 19.81 22.55 
CAPITAL
Total capital to risk-weighted assets15.79 %15.33 %15.11 %
Tier 1 capital to risk-weighted assets13.77 13.42 13.16 
Common equity tier 1 capital ratio12.44 12.12 11.79 
Tier 1 leverage ratio10.65 10.49 10.29 
Total stockholders' equity to total assets9.85 9.65 8.98 
Tangible common equity to tangible assets (1)
8.40 8.19 7.45 
ASSET QUALITY
Net charge-offs (recoveries) to average loans(0.02)%0.06 %(0.02)%
Allowance for credit losses to loans, before allowance for credit losses1.22 1.18 1.21 
Nonperforming loans to loans, before allowance for credit losses0.29 0.23 0.20 
Nonperforming assets to total assets0.20 0.17 0.20 
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*Annualized measure.
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income
Three Months Ended
(dollars in thousands, except per share data)March 31,
2024		December 31,
2023		March 31,
2023
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable$51,926 $52,060 $42,159 
Federally tax exempt1,094 1,125 952 
Securities:
Taxable6,250 6,377 6,616 
Federally tax exempt597 888 1,197 
Interest-bearing deposits in bank1,952 786 739 
Other interest and dividend income142 175 116 
Total interest and dividend income61,961 61,411 51,779 
INTEREST EXPENSE
Deposits13,593 11,227 2,374 
Securities sold under agreements to repurchase152 148 38 
Borrowings125 1,534 1,297 
Subordinated notes470 470 470 
Junior subordinated debentures issued to capital trusts933 948 763 
Total interest expense15,273 14,327 4,942 
Net interest income46,688 47,084 46,837 
PROVISION FOR CREDIT LOSSES527 1,113 6,210 
Net interest income after provision for credit losses46,161 45,971 40,627 
NONINTEREST INCOME
Card income2,616 2,717 2,658 
Wealth management fees2,547 2,885 2,338 
Service charges on deposit accounts1,869 2,016 1,871 
Mortgage servicing1,055 1,156 1,099 
Mortgage servicing rights fair value adjustment80 (1,155)(624)
Gains on sale of mortgage loans298 401 276 
Realized gains (losses) on sales of securities(3,382)— (1,007)
Unrealized gains (losses) on equity securities(16)221 (22)
Gains (losses) on foreclosed assets87 58 (10)
Gains (losses) on other assets(635)5 — 
Income on bank owned life insurance164 158 115 
Other noninterest income943 743 743 
Total noninterest income5,626 9,205 7,437 
NONINTEREST EXPENSE
Salaries16,657 15,738 19,411 
Employee benefits2,805 2,379 2,335 
Occupancy of bank premises2,582 2,458 2,102 
Furniture and equipment550 655 659 
Data processing2,925 2,565 4,323 
Marketing and customer relations996 1,169 836 
Amortization of intangible assets710 720 510 
FDIC insurance560 575 563 
Loan collection and servicing452 431 278 
Foreclosed assets49 17 61 
Other noninterest expense2,982 3,680 4,855 
Total noninterest expense31,268 30,387 35,933 
INCOME BEFORE INCOME TAX EXPENSE20,519 24,789 12,131 
INCOME TAX EXPENSE5,261 6,343 2,923 
NET INCOME$15,258 $18,446 $9,208 
EARNINGS PER SHARE - BASIC$0.48 $0.58 $0.30 
EARNINGS PER SHARE - DILUTED$0.48 $0.58 $0.30 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING31,662,95431,708,38130,977,204

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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
ASSETS
Cash and due from banks$19,989 $26,256 $35,244 
Interest-bearing deposits with banks240,223 114,996 141,868 
Cash and cash equivalents260,212 141,252 177,112 
Interest-bearing time deposits with banks515 509 249 
Debt securities available-for-sale, at fair value669,020 759,461 854,622 
Debt securities held-to-maturity517,472 521,439 536,429 
Equity securities with readily determinable fair value3,324 3,360 3,145 
Equity securities with no readily determinable fair value2,622 2,505 1,980 
Restricted stock, at cost5,155 7,160 4,991 
Loans held for sale3,479 2,318 5,130 
Loans, before allowance for credit losses3,345,962 3,404,417 3,195,540 
Allowance for credit losses(40,815)(40,048)(38,776)
Loans, net of allowance for credit losses3,305,147 3,364,369 3,156,764 
Bank owned life insurance24,069 23,905 23,447 
Bank premises and equipment, net64,755 65,150 65,119 
Bank premises held for sale317 — 235 
Foreclosed assets277 852 3,356 
Goodwill59,820 59,820 59,876 
Intangible assets, net19,972 20,682 22,842 
Mortgage servicing rights, at fair value19,081 19,001 19,992 
Investments in unconsolidated subsidiaries1,614 1,614 1,614 
Accrued interest receivable23,117 24,534 20,301 
Other assets60,542 55,239 56,617 
Total assets$5,040,510 $5,073,170 $5,013,821 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing$1,047,074 $1,072,407 $1,218,888 
Interest-bearing3,313,500 3,329,030 3,091,633 
Total deposits4,360,574 4,401,437 4,310,521 
Securities sold under agreements to repurchase31,864 42,442 34,919 
Federal Home Loan Bank advances12,725 12,623 75,183 
Subordinated notes39,494 39,474 39,415 
Junior subordinated debentures issued to capital trusts52,804 52,789 52,746 
Other liabilities46,368 34,909 50,939 
Total liabilities4,543,829 4,583,674 4,563,723 
Stockholders' Equity
Common stock328 327 327 
Surplus296,054 295,877 294,441 
Retained earnings278,353 269,051 228,782 
Accumulated other comprehensive income (loss)(56,048)(57,163)(62,175)
Treasury stock at cost(22,006)(18,596)(11,277)
Total stockholders’ equity496,681 489,496 450,098 
Total liabilities and stockholders’ equity$5,040,510 $5,073,170 $5,013,821 
SHARES OF COMMON STOCK OUTSTANDING31,612,888 31,695,828 32,095,370 

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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
LOANS
Commercial and industrial$402,206 $427,800 $333,013 
Commercial real estate - owner occupied294,967 295,842 317,103 
Commercial real estate - non-owner occupied890,251 880,681 854,024 
Construction and land development345,991 363,983 389,142 
Multi-family421,573 417,923 362,672 
One-to-four family residential485,948 491,508 482,732 
Agricultural and farmland287,205 287,294 243,357 
Municipal, consumer, and other217,821 239,386 213,497 
Total loans$3,345,962 $3,404,417 $3,195,540 
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
DEPOSITS
Noninterest-bearing deposits$1,047,074 $1,072,407 $1,218,888 
Interest-bearing deposits:
Interest-bearing demand1,139,172 1,145,092 1,270,454 
Money market802,685 803,381 662,088 
Savings602,739 608,424 738,719 
Time713,142 627,253 420,372 
Brokered55,762 144,880 — 
Total interest-bearing deposits3,313,500 3,329,030 3,091,633 
Total deposits$4,360,574 $4,401,437 $4,310,521 


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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Three Months Ended
March 31, 2024December 31, 2023March 31, 2023
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,371,219 $53,020 6.33 %$3,374,451 $53,185 6.25 %$3,012,320 $43,111 5.80 %
Securities1,221,447 6,847 2.25 1,282,773 7,265 2.25 1,411,613 7,813 2.24 
Deposits with banks167,297 1,952 4.69 84,021 786 3.71 92,363 739 3.24 
Other5,486 142 10.40 7,505 175 9.23 7,425 116 6.33 
Total interest-earning assets4,765,449 $61,961 5.23 %4,748,750 $61,411 5.13 %4,523,721 $51,779 4.64 %
Allowance for credit losses(40,238)(38,844)(33,301)
Noninterest-earning assets278,253 292,543 274,870 
Total assets$5,003,464 $5,002,449 $4,765,290 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,127,684 $1,311 0.47 %$1,140,438 $1,228 0.43 %$1,230,644 $458 0.15 %
Money market812,684 4,797 2.37 684,197 2,885 1.67 634,608 935 0.60 
Savings611,224 443 0.29 610,767 417 0.27 709,862 178 0.10 
Time664,498 5,925 3.59 599,293 4,773 3.16 356,779 803 0.91 
Brokered82,150 1,117 5.47 140,963 1,924 5.42 — — — 
Total interest-bearing deposits3,298,240 13,593 1.66 3,175,658 11,227 1.40 2,931,893 2,374 0.33 
Securities sold under agreements to repurchase32,456 152 1.89 34,282 148 1.71 39,619 38 0.38 
Borrowings13,003 125 3.87 114,220 1,534 5.33 113,896 1,297 4.62 
Subordinated notes39,484 470 4.78 39,464 470 4.72 39,403 470 4.83 
Junior subordinated debentures issued to capital trusts52,796 933 7.11 52,782 948 7.13 47,586 763 6.50 
Total interest-bearing liabilities3,435,979 $15,273 1.79 %3,416,406 $14,327 1.66 %3,172,397 $4,942 0.63 %
Noninterest-bearing deposits1,036,402 1,081,795 1,121,365 
Noninterest-bearing liabilities37,107 37,440 49,316 
Total liabilities4,509,488 4,535,641 4,343,078 
Stockholders' Equity493,976 466,808 422,212 
Total liabilities and stockholders’ equity$5,003,464 $5,002,449 $4,765,290 
Net interest income/Net interest margin (1)
$46,688 3.94 %$47,084 3.93 %$46,837 4.20 %
Tax-equivalent adjustment (2)
575 0.05 666 0.06 702 0.06 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$47,263 3.99 %$47,750 3.99 %$47,539 4.26 %
Net interest rate spread (4)
3.44 %3.47 %4.01 %
Net interest-earning assets (5)
$1,329,470 $1,332,344 $1,351,324 
Ratio of interest-earning assets to interest-bearing liabilities1.391.391.43
Cost of total deposits1.26 %1.05 %0.24 %
Cost of funds1.37 1.26 0.47 
_______________________________________________________________________________________________________________
*Annualized measure.
(1)Net interest margin represents net interest income divided by average total interest-earning assets.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc.
Page 11
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
NONPERFORMING ASSETS
Nonaccrual$9,657 $7,820 $6,508 
Past due 90 days or more, still accruing— 37 10 
Total nonperforming loans9,657 7,857 6,518 
Foreclosed assets277 852 3,356 
Total nonperforming assets$9,934 $8,709 $9,874 
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$2,676 $2,641 $1,997 
Allowance for credit losses$40,815 $40,048 $38,776 
Loans, before allowance for credit losses3,345,962 3,404,417 3,195,540 
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses1.22 %1.18 %1.21 %
Allowance for credit losses to nonaccrual loans422.65 512.12 595.82 
Allowance for credit losses to nonperforming loans422.65 509.71 594.91 
Nonaccrual loans to loans, before allowance for credit losses0.29 0.23 0.20 
Nonperforming loans to loans, before allowance for credit losses0.29 0.23 0.20 
Nonperforming assets to total assets0.20 0.17 0.20 
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets0.30 0.26 0.31 


HBT Financial, Inc.
Page 12
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Three Months Ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
ALLOWANCE FOR CREDIT LOSSES
Beginning balance$40,048 $38,863 $25,333 
Adoption of ASC 326— — 6,983 
PCD allowance established in acquisition— — 1,247 
Provision for credit losses560 1,661 5,101 
Charge-offs(227)(626)(142)
Recoveries434 150 254 
Ending balance$40,815 $40,048 $38,776 
Net charge-offs (recoveries)$(207)$476 $(112)
Average loans3,371,219 3,374,451 3,012,320 
Net charge-offs (recoveries) to average loans *(0.02)%0.06 %(0.02)%
_______________________________________________________________________________________________________________
*Annualized measure.
Three Months Ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
PROVISION FOR CREDIT LOSSES
Loans (1)
$560 $1,661 $5,101 
Unfunded lending-related commitments (1)
(33)(548)509 
Debt securities— — 600 
Total provision for credit losses$527 $1,113 $6,210 
_______________________________________________________________________________________________________________
(1)Includes recognition of 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 in connection with the Town and Country merger during the first quarter of 2023.

HBT Financial, Inc.
Page 13
Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets
Three Months Ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Net income$15,258 $18,446 $9,208 
Adjustments:
Acquisition expenses (1)
— — (13,064)
Gains (losses) on closed branch premises(635)— — 
Realized gains (losses) on sales of securities(3,382)— (1,007)
Mortgage servicing rights fair value adjustment80 (1,155)(624)
Total adjustments(3,937)(1,155)(14,695)
Tax effect of adjustments1,122 329 4,044 
Total adjustments after tax effect(2,815)(826)(10,651)
Adjusted net income$18,073 $19,272 $19,859 
Average assets$5,003,464 $5,002,449 $4,765,290 
Return on average assets *1.23 %1.46 %0.78 %
Adjusted return on average assets *1.45 1.53 1.69 
_______________________________________________________________________________________________________________
*Annualized measure.
(1)Includes recognition of 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 in connection with the Town and Country merger during the first quarter of 2023.
Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share — Basic and Diluted
Three Months Ended
(dollars in thousands, except per share amounts)March 31,
2024		December 31,
2023		March 31,
2023
Numerator:
Net income$15,258 $18,446 $9,208 
Earnings allocated to participating securities (1)
— (10)(5)
Numerator for earnings per share - basic and diluted$15,258 $18,436 $9,203 
Adjusted net income$18,073 $19,272 $19,859 
Earnings allocated to participating securities (1)
— (9)(13)
Numerator for adjusted earnings per share - basic and diluted$18,073 $19,263 $19,846 
Denominator:
Weighted average common shares outstanding31,662,95431,708,38130,977,204
Dilutive effect of outstanding restricted stock units140,233139,33269,947
Weighted average common shares outstanding, including all dilutive potential shares31,803,18731,847,71331,047,151
Earnings per share - Basic$0.48 $0.58 $0.30 
Earnings per share - Diluted$0.48 $0.58 $0.30 
Adjusted earnings per share - Basic$0.57 $0.61 $0.64 
Adjusted earnings per share - Diluted$0.57 $0.60 $0.64 
_______________________________________________________________________________________________________________
(1)The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of 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.

HBT Financial, Inc.
Page 14
Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
Three Months Ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Net interest income (tax-equivalent basis)
Net interest income$46,688 $47,084 $46,837 
Tax-equivalent adjustment (1)
575 666 702 
Net interest income (tax-equivalent basis) (1)
$47,263 $47,750 $47,539 
Net interest margin (tax-equivalent basis)
Net interest margin *3.94 %3.93 %4.20 %
Tax-equivalent adjustment * (1)
0.05 0.06 0.06 
Net interest margin (tax-equivalent basis) * (1)
3.99 %3.99 %4.26 %
Average interest-earning assets$4,765,449 $4,748,750 $4,523,721 
_______________________________________________________________________________________________________________
*Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis)
Three Months Ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Efficiency ratio (tax-equivalent basis)
Total noninterest expense$31,268 $30,387 $35,933 
Less: amortization of intangible assets710 720 510 
Noninterest expense excluding amortization of intangible assets$30,558 $29,667 $35,423 
Net interest income$46,688 $47,084 $46,837 
Total noninterest income5,626 9,205 7,437 
Operating revenue52,314 56,289 54,274 
Tax-equivalent adjustment (1)
575 666 702 
Operating revenue (tax-equivalent basis) (1)
$52,889 $56,955 $54,976 
Efficiency ratio58.41 %52.70 %65.27 %
Efficiency ratio (tax-equivalent basis) (1)
57.78 52.09 64.43 
_______________________________________________________________________________________________________________
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.
Page 15
Reconciliation of Non-GAAP Financial Measures –
Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)March 31,
2024		December 31,
2023		March 31,
2023
Tangible Common Equity
Total stockholders' equity$496,681 $489,496 $450,098 
Less: Goodwill59,820 59,820 59,876 
Less: Intangible assets, net19,972 20,682 22,842 
Tangible common equity$416,889 $408,994 $367,380 
Tangible Assets
Total assets$5,040,510 $5,073,170 $5,013,821 
Less: Goodwill59,820 59,820 59,876 
Less: Intangible assets, net19,972 20,682 22,842 
Tangible assets$4,960,718 $4,992,668 $4,931,103 
Total stockholders' equity to total assets9.85 %9.65 %8.98 %
Tangible common equity to tangible assets8.40 8.19 7.45 
Shares of common stock outstanding31,612,888 31,695,828 32,095,370 
Book value per share$15.71 $15.44 $14.02 
Tangible book value per share13.19 12.90 11.45 
Reconciliation of Non-GAAP Financial Measures –
Return on Average Tangible Common Equity,
Adjusted Return on Average Stockholders' Equity and Adjusted Return on Average Tangible Common Equity
Three Months Ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Average Tangible Common Equity
Total stockholders' equity$493,976 $466,808 $422,212 
Less: Goodwill59,820 59,820 49,352 
Less: Intangible assets, net20,334 21,060 15,635 
Average tangible common equity$413,822 $385,928 $357,225 
Net income$15,258 $18,446 $9,208 
Adjusted net income18,073 19,272 19,859 
Return on average stockholders' equity *12.42 %15.68 %8.84 %
Return on average tangible common equity *14.83 18.96 10.45 
Adjusted return on average stockholders' equity *14.72 %16.38 %19.08 %
Adjusted return on average tangible common equity *17.57 19.81 22.55 
_______________________________________________________________________________________________________________
*Annualized measure.