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HBT Financial, Inc. Announces Fourth Quarter 2024 Financial Results

Provided By GlobeNewswire

Last update: Jan 22, 2025

Fourth Quarter Highlights

  • Net income of $20.3 million, or $0.64 per diluted share; return on average assets (“ROAA”) of 1.61%; return on average stockholders' equity (“ROAE”) of 14.89%; and return on average tangible common equity (“ROATCE”)(1) of 17.40%
  • Adjusted net income(1) of $19.5 million; or $0.62 per diluted share; adjusted ROAA(1) of 1.56%; adjusted ROAE(1) of 14.36%; and adjusted ROATCE(1) of 16.77%
  • Asset quality remained strong with nonperforming assets to total assets of 0.16% and net charge-offs to average loans of 0.08%, on an annualized basis
  • Net interest margin and net interest margin (tax-equivalent basis)(1) nearly unchanged at 3.96% and 4.01%, respectively

BLOOMINGTON, Ill., Jan. 22, 2025 (GLOBE NEWSWIRE) -- 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 $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024. This compares to net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024, and net income of $18.4 million, or $0.58 diluted earnings per share, for the fourth quarter of 2023.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We ended 2024 with another quarter of strong earnings. Adjusted net income(1) of $19.5 million, or $0.62 per diluted share, increased from $19.2 million, or $0.61 per diluted share, in the third quarter of 2024. Underpinning this strong financial performance was our resilient net interest margin (tax equivalent basis)(1) of 4.01% for the fourth quarter of 2024, down only 2 basis points from the third quarter of 2024 despite the Federal Reserve cutting the federal funds target range by 100 basis points since September 18, 2024. Our strong earnings generated good returns with adjusted ROAA(1) of 1.56% and adjusted ROATCE(1) of 16.77% for the fourth quarter of 2024 and 1.50% and 17.19%, respectively, for the full year of 2024. Tangible book value per share(1) continued to increase during the quarter and has increased 14.7% during 2024. In addition to our strong earnings and profitability, our balance sheet remains strong with all capital ratios increasing during the fourth quarter of 2024. Finally, asset quality remains exceptional with nonperforming assets to total assets of 0.16% at December 31, 2024 and net charge-offs to average loans on an annualized basis of only 0.08% during the fourth quarter of 2024 and 0.05% for the full year of 2024.

Looking ahead to 2025, we feel confident that our balance sheet is well positioned to absorb the market’s interest rate outlook, our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise, and our asset quality remains strong with no significant signs of stress in any specific sector.”
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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.

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, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024. This compares to adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024, and adjusted net income of $19.3 million, or $0.60 adjusted diluted earnings per share, for the fourth 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).

Cash Dividend

On January 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.21 per share on the Company’s common stock (the “Dividend”). The Dividend is payable on February 11, 2025 to shareholders of record as of February 4, 2025. This represents an increase of $0.02 from the previous quarterly dividend of $0.19 per share.

Mr. Carter noted, “We are very pleased to announce that our strong financial performance and capital ratios have enabled us to further increase our quarterly cash dividend by $0.02 per share, or 10.5%, while maintaining more than sufficient capital to support the continued growth of the Company.”

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2024 was $47.4 million, a decrease of 0.7% from $47.7 million for the third quarter of 2024. The decrease was primarily attributable to lower yields on loans and deposits with banks, driven by the recent cuts to short-term interest rates by the Federal Reserve, which were mostly offset by lower funding costs and higher yields on debt securities.

Relative to the fourth quarter of 2023, net interest income increased 0.7% from $47.1 million. The increase was primarily attributable to improved interest-earning asset yields which were mostly offset by an increase in funding costs.

Net interest margin for the fourth quarter of 2024 was 3.96%, compared to 3.98% for the third quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the fourth quarter of 2024 was 4.01%, compared to 4.03% for the third quarter of 2024. Lower loan yields, which decreased 13 basis points to 6.32%, were largely offset by a decrease in funding costs, with the cost of funds decreasing 8 basis points to 1.39%, and an increase in debt securities yields, which increased 9 basis points to 2.41%.

Relative to the fourth quarter of 2023, net interest margin increased 3 basis points from 3.93% and net interest margin (tax-equivalent basis)(1) increased 2 basis points from 3.99%. These increases were primarily attributable to increases in interest-earning asset yields outpacing increases in funding costs.
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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 fourth quarter of 2024 was $11.6 million, an increase from $8.7 million for the third quarter of 2024. The increase was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results compared to a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results. Additionally, a $0.5 million increase in wealth management fees was primarily driven by an increase in farm real estate brokerage fees, and a $0.2 million increase in income on bank owned life insurance was primarily attributable to a $0.2 million gain on life insurance proceeds. Partially offsetting these increases was a $0.3 million loss on the sale of $2.4 million of debt securities during the fourth quarter of 2024.

Relative to the fourth quarter of 2023, noninterest income increased 26.3% from $9.2 million. The increase was primarily attributable to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results compared to a $1.2 million negative MSR fair value adjustment included in the fourth quarter 2023 results.

Noninterest Expense

Noninterest expense for the fourth quarter of 2024 was $30.9 million, a 1.3% decrease from $31.3 million for the third quarter of 2024. The decrease was primarily attributable to a $0.5 million decrease in salaries, primarily driven by lower vacation accruals, and a $0.3 million decrease in employee benefits, primarily driven by lower medical benefits expense. Partially offsetting these decreases was a $0.4 million increase in data processing expense.

Relative to the fourth quarter of 2023, noninterest expense increased 1.7% from $30.4 million. The increase was primarily attributable to a $0.4 million increase in data processing expense and a $0.3 million increase in occupancy expense, driven in part by planned building maintenance projects. These increases were partially offset by a $0.2 million decrease in marketing and customer relations expense.

On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the year ended December 31, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.

(dollars in thousands)   Year Ended December 31, 2023
     
PROVISION FOR CREDIT LOSSES   $ 5,924
NONINTEREST EXPENSE    
Salaries     3,584
Furniture and equipment     39
Data processing     2,031
Marketing and customer relations     24
Loan collection and servicing     125
Legal fees and other noninterest expense     1,964
Total noninterest expense             7,767
Total acquisition-related expenses   $         13,691
       

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.47 billion at December 31, 2024, compared with $3.37 billion at September 30, 2024, and $3.40 billion at December 31, 2023. The $96.3 million increase from September 30, 2024 was primarily attributable to new originations to recurring customers and higher usage on existing lines of credit in our commercial and industrial portfolio. Higher line usage in our commercial and industrial portfolio was driven in part by a $11.3 million seasonal increase in grain elevator line balances as well as $12.0 million drawn on two customers’ lines which were funded shortly before and paid off shortly after year-end.

Deposits

Total deposits were $4.32 billion at December 31, 2024, compared with $4.28 billion at September 30, 2024, and $4.40 billion at December 31, 2023. The $37.6 million increase from September 30, 2024 was primarily attributable to higher balances maintained in retail accounts and a $17.2 million increase in wealth management customer reciprocal deposits included in money market accounts. Partially offsetting these increases was a decrease in public funds and a $30.0 million decrease in brokered deposits due to planned repayment at scheduled maturity.

Asset Quality

Nonperforming loans totaled $7.7 million, or 0.22% of total loans, at December 31, 2024, compared with $8.2 million, or 0.24% of total loans, at September 30, 2024, and $7.9 million, or 0.23% of total loans, at December 31, 2023. Additionally, of the $7.7 million of nonperforming loans held as of December 31, 2024, $1.6 million is either wholly or partially guaranteed by the U.S. government. The $0.5 million decrease in nonperforming loans from September 30, 2024 was primarily attributable to a decrease in one-to-four family residential nonaccrual balances.

The Company recorded a provision for credit losses of $0.7 million for the fourth quarter of 2024. The provision for credit losses primarily reflects a $1.5 million increase in required reserves driven by increased loan balances and changes within the portfolio; a $0.6 million decrease in required reserves resulting from changes in economic forecasts; and a $0.2 million decrease in specific reserves.

The Company had net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2024, compared to net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, and net charge-offs of $0.5 million, or 0.06% of average loans on an annualized basis, for the fourth quarter of 2023.

The Company’s allowance for credit losses was 1.21% of total loans and 549% of nonperforming loans at December 31, 2024, compared with 1.22% of total loans and 499% of nonperforming loans at September 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.1 million as of December 31, 2024, compared with $4.1 million as of September 30, 2024.

Capital

As of December 31, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

    December 31, 2024   For Capital
Adequacy Purposes
With Capital
Conservation Buffer
         
Total capital to risk-weighted assets   16.51 %   10.50 %
Tier 1 capital to risk-weighted assets   14.50     8.50  
Common equity tier 1 capital ratio   13.21     7.00  
Tier 1 leverage ratio   11.51     4.00  
             

The ratio of tangible common equity to tangible assets(1) increased to 9.42% as of December 31, 2024, from 9.35% as of September 30, 2024, and tangible book value per share(1) increased by $0.25 to $14.80 as of December 31, 2024, when compared to September 30, 2024.

During the fourth quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors authorized a new stock repurchase program that took effect upon the expiration of the Company’s prior stock repurchase program on January 1, 2025. The new stock repurchase program will be in effect until January 1, 2026 and authorizes the Company to repurchase up to $15 million of its common stock.
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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 December 31, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.5 billion, and total deposits of $4.3 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 adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, 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.

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 and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse 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; (iv) new and revised 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; (v) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) changes in interest rates and prepayment rates of the Company’s assets; (vii) 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; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) 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; (x) the loss of key executives, talent shortages or employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (ix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of nonperforming assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) the effectiveness of the Company’s risk management framework, and (xxiv) 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.
Unaudited Consolidated Financial Summary

    As of or for the Three Months Ended   Year Ended December 31,
(dollars in thousands, except per share data)   December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023  
Interest and dividend income   $ 62,798     $ 64,117     $ 61,411     $ 251,700     $ 228,999  
Interest expense     15,397       16,384       14,327       62,850       37,927  
Net interest income     47,401       47,733       47,084       188,850       191,072  
Provision for credit losses     725       603       1,113       3,031       7,573  
Net interest income after provision for credit losses     46,676       47,130       45,971       185,819       183,499  
Noninterest income     11,630       8,705       9,205       35,571       36,046  
Noninterest expense     30,908       31,322       30,387       124,007       130,964  
Income before income tax expense     27,398       24,513       24,789       97,383       88,581  
Income tax expense     7,126       6,333       6,343       25,603       22,739  
Net income   $ 20,272     $ 18,180     $ 18,446     $ 71,780     $ 65,842  
                     
Earnings per share - Diluted   $ 0.64     $ 0.57     $ 0.58     $ 2.26     $ 2.07  
                     
Adjusted net income (1)   $ 19,546     $ 19,244     $ 19,272     $ 75,002     $ 78,182  
Adjusted earnings per share - Diluted (1)     0.62       0.61       0.60       2.37       2.46  
                     
Book value per share   $ 17.26     $ 17.04     $ 15.44          
Tangible book value per share (1)     14.80       14.55       12.90          
                     
Shares of common stock outstanding     31,559,366       31,559,366       31,695,828          
Weighted average shares of common stock outstanding     31,559,366       31,559,366       31,708,381       31,590,117       31,626,308  
                     
SUMMARY RATIOS                    
Net interest margin *     3.96 %     3.98 %     3.93 %     3.96 %     4.09 %
Net interest margin (tax-equivalent basis) * (1)(2)     4.01       4.03       3.99       4.01       4.15  
                     
Efficiency ratio     51.16 %     54.24 %     52.70 %     53.99 %     56.49 %
Efficiency ratio (tax-equivalent basis) (1)(2)     50.68       53.71       52.09       53.46       55.81  
                     
Loan to deposit ratio     80.27 %     78.72 %     77.35 %        
                     
Return on average assets *     1.61 %     1.44 %     1.46 %     1.43 %     1.34 %
Return on average stockholders' equity *     14.89       13.81       15.68       13.93       14.60  
Return on average tangible common equity * (1)     17.40       16.25       18.96       16.45       17.63  
                     
Adjusted return on average assets * (1)     1.56 %     1.53 %     1.53 %     1.50 %     1.59 %
Adjusted return on average stockholders' equity * (1)     14.36       14.62       16.38       14.55       17.34  
Adjusted return on average tangible common equity * (1)     16.77       17.20       19.81       17.19       20.94  
                     
CAPITAL                    
Total capital to risk-weighted assets     16.51 %     16.54 %     15.33 %        
Tier 1 capital to risk-weighted assets     14.50       14.48       13.42          
Common equity tier 1 capital ratio     13.21       13.15       12.12          
Tier 1 leverage ratio     11.51       11.16       10.49          
Total stockholders' equity to total assets     10.82       10.77       9.65          
Tangible common equity to tangible assets (1)     9.42       9.35       8.19          
                     
ASSET QUALITY                    
Net charge-offs (recoveries) to average loans *     0.08 %     0.07 %     0.06 %     0.05 %     0.01 %
Allowance for credit losses to loans, before allowance for credit losses     1.21       1.22       1.18          
Nonperforming loans to loans, before allowance for credit losses     0.22       0.24       0.23          
Nonperforming assets to total assets     0.16       0.17       0.17          

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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%.  

HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income

  Three Months Ended   Year Ended December 31,
(dollars in thousands, except per share data) December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023  
INTEREST AND DIVIDEND INCOME                  
Loans, including fees:                  
Taxable $ 52,587     $ 53,650     $ 52,060     $ 210,340     $ 191,008  
Federally tax exempt   1,199       1,133       1,125       4,523       4,189  
Debt securities:                  
Taxable   6,829       6,453       6,286       25,801       25,746  
Federally tax exempt   482       502       888       2,102       4,225  
Interest-bearing deposits in bank   1,520       2,230       786       8,272       3,020  
Other interest and dividend income   181       149       266       662       811  
Total interest and dividend income   62,798       64,117       61,411       251,700       228,999  
INTEREST EXPENSE                  
Deposits   13,672       14,649       11,227       56,047       25,135  
Securities sold under agreements to repurchase   179       134       148       594       255  
Borrowings   115       119       1,534       480       7,128  
Subordinated notes   470       470       470       1,879       1,879  
Junior subordinated debentures issued to capital trusts   961       1,012       948       3,850       3,530  
Total interest expense   15,397       16,384       14,327       62,850       37,927  
Net interest income   47,401       47,733       47,084       188,850       191,072  
PROVISION FOR CREDIT LOSSES   725       603       1,113       3,031       7,573  
Net interest income after provision for credit losses   46,676       47,130       45,971       185,819       183,499  
NONINTEREST INCOME                  
Card income   2,797       2,753       2,717       11,051       11,043  
Wealth management fees   3,138       2,670       2,885       10,978       9,883  
Service charges on deposit accounts   2,080       2,081       2,016       7,932       7,846  
Mortgage servicing   1,158       1,113       1,156       4,437       4,678  
Mortgage servicing rights fair value adjustment   1,331       (1,488 )     (1,155 )     (174 )     (1,615 )
Gains on sale of mortgage loans   409       461       401       1,611       1,526  
Realized gains (losses) on sales of securities   (315 )                 (3,697 )     (1,820 )
Unrealized gains (losses) on equity securities   (83 )     136       221       (59 )     160  
Gains (losses) on foreclosed assets   7       (44 )     58       22       501  
Gains (losses) on other assets   2       (2 )     5       (635 )     166  
Income on bank owned life insurance   415       170       158       915       573  
Other noninterest income   691       855       743       3,190       3,105  
Total noninterest income   11,630       8,705       9,205       35,571       36,046  
NONINTEREST EXPENSE                  
Salaries   15,784       16,325       15,738       65,130       67,453  
Employee benefits   2,649       2,997       2,379       11,311       10,037  
Occupancy of bank premises   2,773       2,695       2,458       10,293       9,918  
Furniture and equipment   460       446       655       2,004       2,790  
Data processing   2,998       2,640       2,565       11,169       12,352  
Marketing and customer relations   948       1,380       1,169       4,320       5,043  
Amortization of intangible assets   709       710       720       2,839       2,670  
FDIC insurance   557       572       575       2,254       2,280  
Loan collection and servicing   653       476       431       2,056       1,402  
Foreclosed assets   31       19       17       109       251  
Other noninterest expense   3,346       3,062       3,680       12,522       16,768  
Total noninterest expense   30,908       31,322       30,387       124,007       130,964  
INCOME BEFORE INCOME TAX EXPENSE   27,398       24,513       24,789       97,383       88,581  
INCOME TAX EXPENSE   7,126       6,333       6,343       25,603       22,739  
NET INCOME $ 20,272     $ 18,180     $ 18,446     $ 71,780     $ 65,842  
                   
EARNINGS PER SHARE - BASIC $ 0.64     $ 0.58     $ 0.58     $ 2.27     $ 2.08  
EARNINGS PER SHARE - DILUTED $ 0.64     $ 0.57     $ 0.58     $ 2.26     $ 2.07  
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING   31,559,366       31,559,366       31,708,381       31,590,117       31,626,308  
                                       

HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets

(dollars in thousands) December 31,
2024
  September 30,
2024
  December 31,
2023
ASSETS          
Cash and due from banks $ 29,552     $ 26,776     $ 26,256  
Interest-bearing deposits with banks   108,140       152,895       114,996  
Cash and cash equivalents   137,692       179,671       141,252  
           
Interest-bearing time deposits with banks               509  
Debt securities available-for-sale, at fair value   698,049       710,303       759,461  
Debt securities held-to-maturity   499,858       505,075       521,439  
Equity securities with readily determinable fair value   3,315       3,364       3,360  
Equity securities with no readily determinable fair value   2,629       2,638       2,505  
Restricted stock, at cost   5,086       5,086       7,160  
Loans held for sale   1,586       2,959       2,318  
           
Loans, before allowance for credit losses   3,466,146       3,369,830       3,404,417  
Allowance for credit losses   (42,044 )     (40,966 )     (40,048 )
Loans, net of allowance for credit losses   3,424,102       3,328,864       3,364,369  
           
Bank owned life insurance   23,989       24,405       23,905  
Bank premises and equipment, net   66,758       65,919       65,150  
Bank premises held for sale   317       317        
Foreclosed assets   367       376       852  
Goodwill   59,820       59,820       59,820  
Intangible assets, net   17,843       18,552       20,682  
Mortgage servicing rights, at fair value   18,827       17,496       19,001  
Investments in unconsolidated subsidiaries   1,614       1,614       1,614  
Accrued interest receivable   24,770       24,160       24,534  
Other assets   46,280       40,109       55,239  
Total assets $ 5,032,902     $ 4,990,728     $ 5,073,170  
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Liabilities          
Deposits:          
Noninterest-bearing $ 1,046,405     $ 1,008,359     $ 1,072,407  
Interest-bearing   3,271,849       3,272,341       3,329,030  
Total deposits   4,318,254       4,280,700       4,401,437  
           
Securities sold under agreements to repurchase   28,969       29,029       42,442  
Federal Home Loan Bank advances   13,231       13,435       12,623  
Subordinated notes   39,553       39,533       39,474  
Junior subordinated debentures issued to capital trusts   52,849       52,834       52,789  
Other liabilities   35,441       37,535       34,909  
Total liabilities   4,488,297       4,453,066       4,583,674  
           
Stockholders' Equity          
Common stock   328       328       327  
Surplus   297,297       296,810       295,877  
Retained earnings   316,764       302,532       269,051  
Accumulated other comprehensive income (loss)   (46,765 )     (38,989 )     (57,163 )
Treasury stock at cost   (23,019 )     (23,019 )     (18,596 )
Total stockholders’ equity   544,605       537,662       489,496  
Total liabilities and stockholders’ equity $ 5,032,902     $ 4,990,728     $ 5,073,170  
SHARES OF COMMON STOCK OUTSTANDING   31,559,366       31,559,366       31,695,828  
                       

HBT Financial, Inc.
Unaudited Consolidated Financial Summary

(dollars in thousands) December 31,
2024
  September 30,
2024
  December 31,
2023
           
LOANS          
Commercial and industrial $ 428,389   $ 395,598   $ 427,800
Commercial real estate - owner occupied   322,316     288,838     295,842
Commercial real estate - non-owner occupied   899,565     889,188     880,681
Construction and land development   374,657     359,151     363,983
Multi-family   431,524     432,712     417,923
One-to-four family residential   463,968     472,040     491,508
Agricultural and farmland   293,375     297,102     287,294
Municipal, consumer, and other   252,352     235,201     239,386
Total loans $ 3,466,146   $ 3,369,830   $ 3,404,417
                 


(dollars in thousands) December 31,
2024
  September 30,
2024
  December 31,
2023
           
DEPOSITS          
Noninterest-bearing deposits $ 1,046,405   $ 1,008,359   $ 1,072,407
Interest-bearing deposits:          
Interest-bearing demand   1,099,061     1,076,445     1,145,092
Money market   820,825     795,150     803,381
Savings   566,533     566,783     608,424
Time   785,430     803,964     627,253
Brokered       29,999     144,880
Total interest-bearing deposits   3,271,849     3,272,341     3,329,030
Total deposits $ 4,318,254   $ 4,280,700   $ 4,401,437
                 

HBT Financial, Inc.
Unaudited Consolidated Financial Summary

  Three Months Ended
  December 31, 2024   September 30, 2024   December 31, 2023
(dollars in thousands) Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *
                                   
ASSETS                                  
Loans $ 3,387,541     $ 53,786   6.32 %   $ 3,379,299     $ 54,783   6.45 %   $ 3,374,451     $ 53,185   6.25 %
Debt securities   1,208,404       7,311   2.41       1,191,642       6,955   2.32       1,275,531       7,174   2.23  
Deposits with banks   149,691       1,520   4.04       185,870       2,230   4.77       84,021       786   3.71  
Other   12,698       181   5.68       12,660       149   4.68       14,747       266   7.16  
Total interest-earning assets   4,758,334     $ 62,798   5.25 %     4,769,471     $ 64,117   5.35 %     4,748,750     $ 61,411   5.13 %
Allowance for credit losses   (40,942 )             (40,780 )             (38,844 )        
Noninterest-earning assets   277,074               278,030               292,543          
Total assets $ 4,994,466             $ 5,006,721             $ 5,002,449          
                                   
LIABILITIES AND STOCKHOLDERS' EQUITY                                  
Liabilities                                  
Interest-bearing deposits:                                  
Interest-bearing demand $ 1,088,082     $ 1,351   0.49 %   $ 1,085,609     $ 1,408   0.52 %   $ 1,140,438     $ 1,228   0.43 %
Money market   787,768       4,444   2.24       800,651       4,726   2.35       684,197       2,885   1.67  
Savings   562,833       389   0.27       573,077       396   0.27       610,767       417   0.27  
Time   796,494       7,439   3.72       804,379       7,702   3.81       599,293       4,773   3.16  
Brokered   3,261       49   5.96       29,996       417   5.54       140,963       1,924   5.42  
Total interest-bearing deposits   3,238,438       13,672   1.68       3,293,712       14,649   1.77       3,175,658       11,227   1.40  
Securities sold under agreements to repurchase   31,624       179   2.26       29,426       134   1.80       34,282       148   1.71  
Borrowings   13,370       115   3.42       13,691       119   3.47       114,220       1,534   5.33  
Subordinated notes   39,543       470   4.73       39,524       470   4.73       39,464       470   4.72  
Junior subordinated debentures issued to capital trusts   52,841       961   7.23       52,827       1,012   7.63       52,782       948   7.13  
Total interest-bearing liabilities   3,375,816     $ 15,397   1.81 %     3,429,180     $ 16,384   1.90 %     3,416,406     $ 14,327   1.66 %
Noninterest-bearing deposits   1,041,471               1,013,893               1,081,795          
Noninterest-bearing liabilities   35,644               39,903               37,440          
Total liabilities   4,452,931               4,482,976               4,535,641          
Stockholders' Equity   541,535               523,745               466,808          
Total liabilities and stockholders’ equity $ 4,994,466             $ 5,006,721             $ 5,002,449          
                                   
Net interest income/Net interest margin (1)     $ 47,401   3.96 %       $ 47,733   3.98 %       $ 47,084   3.93 %
Tax-equivalent adjustment (2)       562   0.05           552   0.05           666   0.06  
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
    $ 47,963   4.01 %       $ 48,285   4.03 %       $ 47,750   3.99 %
Net interest rate spread (4)         3.44 %           3.45 %           3.47 %
Net interest-earning assets (5) $ 1,382,518             $ 1,340,291             $ 1,332,344          
Ratio of interest-earning assets to interest-bearing liabilities   1.41               1.39               1.39          
Cost of total deposits         1.27 %           1.35 %           1.05 %
Cost of funds         1.39             1.47             1.26  

____________________________________

* 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.
Unaudited Consolidated Financial Summary

  Year Ended
  December 31, 2024   December 31, 2023
(dollars in thousands) Average Balance   Interest   Yield/Cost   Average Balance   Interest   Yield/Cost
                       
ASSETS                      
Loans $ 3,378,059     $ 214,863   6.36 %   $ 3,231,736     $ 195,197   6.04 %
Debt securities   1,200,444       27,903   2.32       1,343,419       29,971   2.23  
Deposits with banks   178,436       8,272   4.64       84,544       3,020   3.57  
Other   12,732       662   5.20       15,326       811   5.29  
Total interest-earning assets   4,769,671     $ 251,700   5.28 %     4,675,025     $ 228,999   4.90 %
Allowance for credit losses   (40,694 )             (37,504 )        
Noninterest-earning assets   279,106               290,383          
Total assets $ 5,008,083             $ 4,927,904          
                       
LIABILITIES AND STOCKHOLDERS' EQUITY                      
Liabilities                      
Interest-bearing deposits:                      
Interest-bearing demand $ 1,106,136     $ 5,499   0.50 %   $ 1,188,680     $ 3,130   0.26 %
Money market   797,444       18,637   2.34       669,118       7,352   1.10  
Savings   584,769       1,621   0.28       661,424       1,033   0.16  
Time   757,456       28,183   3.72       481,466       10,784   2.24  
Brokered   38,286       2,107   5.50       52,724       2,836   5.38  
Total interest-bearing deposits   3,284,091       56,047   1.71       3,053,412       25,135   0.82  
Securities sold under agreements to repurchase   30,984       594   1.92       35,450       255   0.72  
Borrowings   13,383       480   3.59       139,817       7,128   5.10  
Subordinated notes   39,514       1,879   4.75       39,434       1,879   4.76  
Junior subordinated debentures issued to capital trusts   52,819       3,850   7.29       51,489       3,530   6.86  
Total interest-bearing liabilities   3,420,791     $ 62,850   1.84 %     3,319,602     $ 37,927   1.14 %
Noninterest-bearing deposits   1,033,811               1,113,300          
Noninterest-bearing liabilities   38,113               44,074          
Total liabilities   4,492,715               4,476,976          
Stockholders' Equity   515,368               450,928          
Total liabilities and stockholders’ equity $ 5,008,083               4,927,904          
                       
Net interest income/Net interest margin (1)     $ 188,850   3.96 %       $ 191,072   4.09 %
Tax-equivalent adjustment (2)       2,242   0.05           2,758   0.06  
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
    $ 191,092   4.01 %       $ 193,830   4.15 %
Net interest rate spread (4)         3.44 %           3.76 %
Net interest-earning assets (5) $ 1,348,880             $ 1,355,423          
Ratio of interest-earning assets to interest-bearing liabilities   1.39               1.41          
Cost of total deposits         1.30 %           0.60 %
Cost of funds         1.41             0.86  

____________________________________
(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.
Unaudited Consolidated Financial Summary

(dollars in thousands) December 31,
2024
  September 30,
2024
  December 31,
2023
           
NONPERFORMING ASSETS          
Nonaccrual $ 7,652     $ 8,200     $ 7,820  
Past due 90 days or more, still accruing   4       5       37  
Total nonperforming loans   7,656       8,205       7,857  
Foreclosed assets   367       376       852  
Total nonperforming assets $ 8,023     $ 8,581     $ 8,709  
           
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government $ 1,573     $ 2,046     $ 2,641  
           
Allowance for credit losses $ 42,044     $ 40,966     $ 40,048  
Loans, before allowance for credit losses   3,466,146       3,369,830       3,404,417  
           
CREDIT QUALITY RATIOS          
Allowance for credit losses to loans, before allowance for credit losses   1.21 %     1.22 %     1.18 %
Allowance for credit losses to nonaccrual loans   549.45       499.59       512.12  
Allowance for credit losses to nonperforming loans   549.16       499.28       509.71  
Nonaccrual loans to loans, before allowance for credit losses   0.22       0.24       0.23  
Nonperforming loans to loans, before allowance for credit losses   0.22       0.24       0.23  
Nonperforming assets to total assets   0.16       0.17       0.17  
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets   0.23       0.25       0.26  
                       


  Three Months Ended   Year Ended December 31,
(dollars in thousands) December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023  
                   
ALLOWANCE FOR CREDIT LOSSES                  
Beginning balance $ 40,966     $ 40,806     $ 38,863     $ 40,048     $ 25,333  
Adoption of ASC 326                           6,983  
PCD allowance established in acquisition                           1,247  
Provision for credit losses   1,771       746       1,661       3,754       6,665  
Charge-offs   (1,086 )     (1,101 )     (626 )     (3,284 )     (1,359 )
Recoveries   393       515       150       1,526       1,179  
Ending balance $ 42,044     $ 40,966     $ 40,048     $ 42,044     $ 40,048  
                   
Net charge-offs $ 693     $ 586     $ 476     $ 1,758     $ 180  
Average loans   3,387,541       3,379,299       3,374,451       3,378,059       3,231,736  
                   
Net charge-offs to average loans *   0.08 %     0.07 %     0.06 %     0.05 %     0.01 %

____________________________________

* Annualized measure.

  Three Months Ended   Year Ended December 31,
(dollars in thousands) December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023
                   
PROVISION FOR CREDIT LOSSES                  
Loans (1) $ 1,771     $ 746     $ 1,661     $ 3,754     $ 6,665
Unfunded lending-related commitments (1)   (1,046 )     (143 )     (548 )     (723 )     908
Total provision for credit losses $ 725     $ 603     $ 1,113     $ 3,031     $ 7,573

____________________________________
(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 Net Income and Adjusted Return on Average Assets

    Three Months Ended   Year Ended December 31,
(dollars in thousands)   December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023  
                     
Net income   $ 20,272     $ 18,180     $ 18,446     $ 71,780     $ 65,842  
Less: adjustments                    
Acquisition expenses (1)                             (13,691 )
Gains (losses) on closed branch premises                       (635 )     75  
Realized gains (losses) on sales of securities     (315 )                 (3,697 )     (1,820 )
Mortgage servicing rights fair value adjustment     1,331       (1,488 )     (1,155 )     (174 )     (1,615 )
Total adjustments     1,016       (1,488 )     (1,155 )     (4,506 )     (17,051 )
Tax effect of adjustments (2)     (290 )     424       329       1,284       4,711  
Total adjustments after tax effect     726       (1,064 )     (826 )     (3,222 )     (12,340 )
Adjusted net income   $ 19,546     $ 19,244     $ 19,272     $ 75,002     $ 78,182  
                     
Average assets   $ 4,994,466     $ 5,006,721     $ 5,002,449     $ 5,008,083     $ 4,927,904  
                     
Return on average assets *     1.61 %     1.44 %     1.46 %     1.43 %     1.34 %
Adjusted return on average assets *     1.56       1.53       1.53       1.50       1.59  

____________________________________

* 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.
(2) Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.  

Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share — Basic and Diluted

    Three Months Ended   Year Ended December 31,
(dollars in thousands, except per share amounts)   December 31,
2024
  September 30,
2024
  December 31,
2023
    2024     2023  
                     
Numerator:                    
Net income   $ 20,272   $ 18,180   $ 18,446     $ 71,780   $ 65,842  
Earnings allocated to participating securities (1)             (10 )         (36 )
Numerator for earnings per share - basic and diluted   $ 20,272   $ 18,180   $ 18,436     $ 71,780   $ 65,806  
                     
Adjusted net income   $ 19,546   $ 19,244   $ 19,272     $ 75,002   $ 78,182  
Earnings allocated to participating securities (1)             (9 )         (42 )
Numerator for adjusted earnings per share - basic and diluted   $ 19,546   $ 19,244   $ 19,263     $ 75,002   $ 78,140  
                     
Denominator:                    
Weighted average common shares outstanding     31,559,366     31,559,366     31,708,381       31,590,117     31,626,308  
Dilutive effect of outstanding restricted stock units     143,498     118,180     139,332       122,363     111,839  
Weighted average common shares outstanding, including all dilutive potential shares     31,702,864     31,677,546     31,847,713       31,712,480     31,738,147  
                     
Earnings per share - Basic   $ 0.64   $ 0.58   $ 0.58     $ 2.27   $ 2.08  
Earnings per share - Diluted   $ 0.64   $ 0.57   $ 0.58     $ 2.26   $ 2.07  
                     
Adjusted earnings per share - Basic   $ 0.62   $ 0.61   $ 0.61     $ 2.37   $ 2.47  
Adjusted earnings per share - Diluted   $ 0.62   $ 0.61   $ 0.60     $ 2.37   $ 2.46  

____________________________________
(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.
 

Reconciliation of Non-GAAP Financial Measures –
Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)

    Three Months Ended December 31,   Year Ended December 31,
(dollars in thousands)   December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023  
                     
Net interest income   $ 47,401     $ 47,733     $ 47,084     $ 188,850     $ 191,072  
Noninterest income     11,630       8,705       9,205       35,571       36,046  
Noninterest expense     (30,908 )     (31,322 )     (30,387 )     (124,007 )     (130,964 )
Pre-provision net revenue     28,123       25,116       25,902       100,414       96,154  
Less: adjustments                    
Acquisition expenses                             (7,767 )
Gains (losses) on closed branch premises                       (635 )     75  
Realized gains (losses) on sales of securities     (315 )                 (3,697 )     (1,820 )
Mortgage servicing rights fair value adjustment     1,331       (1,488 )     (1,155 )     (174 )     (1,615 )
Total adjustments     1,016       (1,488 )     (1,155 )     (4,506 )     (11,127 )
Adjusted pre-provision net revenue   $ 27,107     $ 26,604     $ 27,057     $ 104,920     $ 107,281  
                     
Pre-provision net revenue   $ 28,123     $ 25,116     $ 25,902     $ 100,414     $ 96,154  
Less: net charge-offs     693       586       476       1,758       180  
Pre-provision net revenue less net charge-offs   $ 27,430     $ 24,530     $ 25,426     $ 98,656     $ 95,974  
                     
Adjusted pre-provision net revenue   $ 27,107     $ 26,604     $ 27,057     $ 104,920     $ 107,281  
Less: net charge-offs     693       586       476       1,758       180  
Adjusted pre-provision net revenue less net charge-offs   $ 26,414     $ 26,018     $ 26,581     $ 103,162     $ 107,101  
                                         

Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)

    Three Months Ended   Year Ended December 31,
(dollars in thousands)   December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023  
                     
Net interest income (tax-equivalent basis)                    
Net interest income   $ 47,401     $ 47,733     $ 47,084     $ 188,850     $ 191,072  
Tax-equivalent adjustment (1)     562       552       666       2,242       2,758  
Net interest income (tax-equivalent basis) (1)   $ 47,963     $ 48,285     $ 47,750     $ 191,092     $ 193,830  
                     
Net interest margin (tax-equivalent basis)                    
Net interest margin *     3.96 %     3.98 %     3.93 %     3.96 %     4.09 %
Tax-equivalent adjustment * (1)     0.05       0.05       0.06       0.05       0.06  
Net interest margin (tax-equivalent basis) * (1)     4.01 %     4.03 %     3.99 %     4.01 %     4.15 %
                     
Average interest-earning assets   $ 4,758,334     $ 4,769,471     $ 4,748,750     $ 4,769,671     $ 4,675,025  

____________________________________

* 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) and Adjusted Efficiency Ratio (Tax-equivalent Basis)

    Three Months Ended   Year Ended December 31,
(dollars in thousands)   December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023  
                     
Total noninterest expense   $ 30,908     $ 31,322     $ 30,387     $ 124,007     $ 130,964  
Less: amortization of intangible assets     709       710       720       2,839       2,670  
Noninterest expense excluding amortization of intangible assets     30,199       30,612       29,667       121,168       128,294  
Less: adjustments to noninterest expense                    
Acquisition expenses                             7,767  
Total adjustments to noninterest expense                             7,767  
Adjusted noninterest expense   $ 30,199     $ 30,612     $ 29,667     $ 121,168     $ 120,527  
                     
Net interest income   $ 47,401     $ 47,733     $ 47,084     $ 188,850     $ 191,072  
Total noninterest income     11,630       8,705       9,205       35,571       36,046  
Operating revenue     59,031       56,438       56,289       224,421       227,118  
Tax-equivalent adjustment (1)     562       552       666       2,242       2,758  
Operating revenue (tax-equivalent basis) (1)     59,593       56,990       56,955       226,663       229,876  
Less: adjustments to noninterest income                    
Gains (losses) on closed branch premises                       (635 )     75  
Realized gains (losses) on sales of securities     (315 )                 (3,697 )     (1,820 )
Mortgage servicing rights fair value adjustment     1,331       (1,488 )     (1,155 )     (174 )     (1,615 )
Total adjustments to noninterest income     1,016       (1,488 )     (1,155 )     (4,506 )     (3,360 )
Adjusted operating revenue (tax-equivalent basis) (1)   $ 58,577     $ 58,478     $ 58,110     $ 231,169     $ 233,236  
                     
Efficiency ratio     51.16 %     54.24 %     52.70 %     53.99 %     56.49 %
Efficiency ratio (tax-equivalent basis) (1)     50.68       53.71       52.09       53.46       55.81  
Adjusted efficiency ratio (tax-equivalent basis) (1)     51.55       52.35       51.05       52.42       51.68  

____________________________________
(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 –
Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share

(dollars in thousands, except per share data)   December 31,
2024
  September 30,
2024
  December 31,
2023
             
Tangible Common Equity            
Total stockholders' equity   $ 544,605     $ 537,662     $ 489,496  
Less: Goodwill     59,820       59,820       59,820  
Less: Intangible assets, net     17,843       18,552       20,682  
Tangible common equity   $ 466,942     $ 459,290     $ 408,994  
             
Tangible Assets            
Total assets   $ 5,032,902     $ 4,990,728     $ 5,073,170  
Less: Goodwill     59,820       59,820       59,820  
Less: Intangible assets, net     17,843       18,552       20,682  
Tangible assets   $ 4,955,239     $ 4,912,356     $ 4,992,668  
             
Total stockholders' equity to total assets     10.82 %     10.77 %     9.65 %
Tangible common equity to tangible assets     9.42       9.35       8.19  
             
Shares of common stock outstanding     31,559,366       31,559,366       31,695,828  
             
Book value per share   $ 17.26     $ 17.04     $ 15.44  
Tangible book value per share     14.80       14.55       12.90  
                         

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   Year Ended December 31,
(dollars in thousands)   December 31,
2024
  September 30,
2024
  December 31,
2023
    2024       2023  
                     
Average Tangible Common Equity                    
Total stockholders' equity   $ 541,535     $ 523,745     $ 466,808     $ 515,368     $ 450,928  
Less: Goodwill     59,820       59,820       59,820       59,820       57,266  
Less: Intangible assets, net     18,170       18,892       21,060       19,247       20,272  
Average tangible common equity   $ 463,545     $ 445,033     $ 385,928     $ 436,301     $ 373,390  
                     
Net income   $ 20,272     $ 18,180     $ 18,446     $ 71,780     $ 65,842  
Adjusted net income     19,546       19,244       19,272       75,002       78,182  
                     
Return on average stockholders' equity *     14.89 %     13.81 %     15.68 %     13.93 %     14.60 %
Return on average tangible common equity *     17.40       16.25       18.96       16.45       17.63  
                     
Adjusted return on average stockholders' equity *     14.36 %     14.62 %     16.38 %     14.55 %     17.34 %
Adjusted return on average tangible common equity *     16.77       17.20       19.81       17.19       20.94  

____________________________________

* Annualized measure.


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HBT FINANCIAL INC/DE

NASDAQ:HBT (2/21/2025, 8:25:11 PM)

After market: 24.98 0 (0%)

24.98

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