Second Quarter Highlights Net interest income for the second quarter of 2024 was $47.0 million, a slight increase of 0.7% from $46.7 million for the first quarter of 2024. The slight increase was primarily attributable to improved asset yields and growth in interest-earning assets which were mostly offset by an increase in funding costs. Relative to the second quarter of 2023, net interest income decreased 3.8% from $48.9 million. The decrease was primarily attributable to higher funding costs which were pa ...

Company Overview - HBT Financial, Inc. is headquartered in Bloomington, Illinois, and serves as the holding company for Heartland Bank and Trust Company, with banking roots dating back to 1920 [2] - The company offers a comprehensive suite of financial products and services to consumers, businesses, and municipal entities across Illinois and eastern Iowa through 66 full-service branches [2] Financial Highlights - As of March 31, 2024, HBT Financial reported total assets of $5.0 billion, total loans of $3.3 billion, and total deposits of $4.4 billion [2] Upcoming Financial Results - HBT Financial will announce its second quarter 2024 financial results before the market opens on July 22, 2024, with a press release and investor presentation available on the company's investor relations website [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to Commission file number: 001-39085 HBT Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 37-1117216 (State or ot ...

For the quarter ended March 2024, HBT Financial (HBT) reported revenue of $52.31 million, down 3.6% over the same period last year. EPS came in at $0.57, compared to $0.64 in the year-ago quarter.The reported revenue represents a surprise of -7.07% over the Zacks Consensus Estimate of $56.29 million. With the consensus EPS estimate being $0.57, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare t ...

HBT Financial (HBT) came out with quarterly earnings of $0.57 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.64 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this bank holding company would post earnings of $0.60 per share when it actually produced earnings of $0.60, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates just once.HBT Financial, which belongs t ...

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 l ...

[First Quarter Highlights](index=1&type=section&id=First%20Quarter%20Highlights) HBT Financial reported a net income of $15.3 million ($0.48 per diluted share) for Q1 2024, a decrease from $18.4 million in Q4 2023 but a significant increase from $9.2 million in Q1 2023 Q1 2024 Key Financial Results | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Income | $15.3M | $18.4M | $9.2M | | Diluted EPS | $0.48 | $0.58 | $0.30 | | Adjusted Net Income | $18.1M | $19.3M | $19.9M | | Adjusted Diluted EPS | $0.57 | $0.60 | $0.64 | - The CEO highlighted a strong start to 2024, with an **adjusted ROAA of 1.45%** and an **adjusted ROATCE of 17.57%**[4](index=4&type=chunk) - Net interest margin (tax-equivalent basis) was stable at **3.99%** as the increase in funding costs slowed[4](index=4&type=chunk)[5](index=5&type=chunk) - Asset quality remained strong, with nonperforming assets to total assets at **0.20%**, and the company recorded a net recovery for the quarter[4](index=4&type=chunk)[5](index=5&type=chunk) - Tangible book value per share increased by **$0.29** during the quarter to **$13.19**, representing a **15.2% growth** since March 31, 2023[4](index=4&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) The company's financial performance in Q1 2024 was characterized by a slight decrease in net interest income due to higher funding costs, a significant drop in noninterest income driven by losses on securities sales, and a modest increase in noninterest expenses from seasonal salary adjustments [Net Interest Income and Net Interest Margin](index=2&type=section&id=Net%20Interest%20Income%20and%20Net%20Interest%20Margin) Net interest income for Q1 2024 was $46.7 million, a slight decrease of 0.8% from Q4 2023, primarily due to increased funding costs Net Interest Income and Margin Performance | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $46.7M | $47.1M | $46.8M | | Net Interest Margin | 3.94% | 3.93% | 4.20% | | Net Interest Margin (Tax-Equivalent) | 3.99% | 3.99% | 4.26% | - The slight QoQ decrease in net interest income was driven by higher funding costs, which were partially offset by increased asset yields from higher cash balances following the sale of **$66.8 million** of municipal securities with a book yield of **1.87%**[7](index=7&type=chunk) - The cost of funds increased to **1.37%** in Q1 2024, up from **1.26%** in Q4 2023[9](index=9&type=chunk) [Noninterest Income](index=2&type=section&id=Noninterest%20Income) Noninterest income fell sharply to $5.6 million in Q1 2024, a 38.9% decrease from Q4 2023 Noninterest Income Comparison | Period | Noninterest Income | | :--- | :--- | | Q1 2024 | $5.6M | | Q4 2023 | $9.2M | | Q1 2023 | $7.4M | - Key drivers for the QoQ decrease include **$3.4 million** in realized losses on securities sales and **$0.6 million** in impairment losses on bank premises[10](index=10&type=chunk) - A positive mortgage servicing rights fair value adjustment of **$0.1 million** in Q1 2024 partially offset losses, compared to a negative adjustment of **$1.2 million** in Q4 2023[10](index=10&type=chunk) [Noninterest Expense](index=3&type=section&id=Noninterest%20Expense) Noninterest expense increased by 2.9% to $31.3 million in Q1 2024 compared to Q4 2023, mainly due to seasonal increases in salaries and higher medical benefit costs Noninterest Expense Comparison | Period | Noninterest Expense | | :--- | :--- | | Q1 2024 | $31.3M | | Q4 2023 | $30.4M | | Q1 2023 | $35.9M | - The QoQ increase was driven by a **$0.9 million** rise in salaries (due to seasonal factors, merit increases, and payroll tax resets) and a **$0.4 million** increase in employee benefit expenses[12](index=12&type=chunk) - The YoY decrease was primarily due to the absence of **$7.1 million** in Town and Country acquisition-related expenses that were incurred in Q1 2023[13](index=13&type=chunk) [Balance Sheet Analysis](index=3&type=section&id=Balance%20Sheet%20Analysis) As of March 31, 2024, total loans decreased to $3.35 billion from the previous quarter, influenced by reduced line utilization and early payoffs of lower-rate loans [Loan Portfolio](index=3&type=section&id=Loan%20Portfolio) Total loans outstanding were $3.35 billion at the end of Q1 2024, down $58.5 million from Q4 2023 Total Loans Outstanding | Date | Total Loans (before allowance) | | :--- | :--- | | Mar 31, 2024 | $3.35B | | Dec 31, 2023 | $3.40B | | Mar 31, 2023 | $3.20B | - The quarterly decrease was driven by several factors, including a **$28.3 million** decrease in line utilization, **$14.4 million** in early payoffs of loans with fixed rates of **4.00%** or less, and an **$18.0 million** decrease in construction and land development loans[15](index=15&type=chunk) [Deposits](index=3&type=section&id=Deposits) Total deposits decreased by $40.9 million to $4.36 billion at the end of Q1 2024 compared to the prior quarter Total Deposits | Date | Total Deposits | | :--- | :--- | | Mar 31, 2024 | $4.36B | | Dec 31, 2023 | $4.40B | | Mar 31, 2023 | $4.31B | - The quarterly decrease was mainly due to an **$89.1 million** reduction in brokered deposits[16](index=16&type=chunk) - The decrease was partially offset by the addition of **$33.9 million** in lower-cost time deposits from a State of Illinois loan matching program[16](index=16&type=chunk) [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality remained strong in Q1 2024, despite a slight increase in nonperforming loans to 0.29% of total loans Asset Quality Metrics | Metric | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Nonperforming Loans to Total Loans | 0.29% | 0.23% | 0.20% | | Net Recoveries / (Charge-offs) | $0.2M | ($0.5M) | $0.1M | | Allowance for Credit Losses to Total Loans | 1.22% | 1.18% | 1.21% | - Nonperforming loans increased by **$1.8 million** from Q4 2023, primarily due to a few commercial credits moving to nonaccrual status[17](index=17&type=chunk) - Of the **$9.7 million** in nonperforming loans, **$2.7 million** is guaranteed by the U.S. government[17](index=17&type=chunk) - The company recorded a provision for credit losses of **$0.5 million** for Q1 2024[18](index=18&type=chunk) - The allowance for credit losses stood at **423%** of nonperforming loans at the end of the quarter[20](index=20&type=chunk) [Capital](index=4&type=section&id=Capital) The company strengthened its capital position in Q1 2024, with the tangible common equity to tangible assets ratio increasing to 8.40% from 8.19% in the prior quarter Capital Ratios and Book Value | Metric | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Tangible Common Equity to Tangible Assets | 8.40% | 8.19% | | Tangible Book Value Per Share | $13.19 | $12.90 | - The company repurchased **179,281 shares** of its common stock at a weighted average price of **$18.93** during Q1 2024[21](index=21&type=chunk) - As of March 31, 2024, **$11.6 million** remained available under the stock repurchase program, which is effective until January 1, 2025[21](index=21&type=chunk) [Unaudited Consolidated Financial Summary](index=6&type=section&id=Unaudited%20Consolidated%20Financial%20Summary) [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) For Q1 2024, HBT Financial reported total interest and dividend income of $62.0 million and interest expense of $15.3 million, resulting in net interest income of $46.7 million Q1 2024 Income Statement Highlights ($ millions) | Line Item | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $46.688M | $47.084M | $46.837M | | Provision for Credit Losses | $0.527M | $1.113M | $6.210M | | Noninterest Income | $5.626M | $9.205M | $7.437M | | Noninterest Expense | $31.268M | $30.387M | $35.933M | | Net Income | $15.258M | $18.446M | $9.208M | - A key component of noninterest income was a realized loss on the sale of securities of **$3.4 million** in Q1 2024, compared to no such loss in Q4 2023 and a **$1.0 million** loss in Q1 2023[32](index=32&type=chunk) [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, HBT Financial had total assets of $5.04 billion, a slight decrease from $5.07 billion at year-end 2023 Key Balance Sheet Items ($ millions) | Account | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Total Assets | $5,040.510M | $5,073.170M | $5,013.821M | | Loans, net | $3,305.147M | $3,364.369M | $3,156.764M | | Total Deposits | $4,360.574M | $4,401.437M | $4,310.521M | | Total Liabilities | $4,543.829M | $4,583.674M | $4,563.723M | | Total Stockholders' Equity | $496.681M | $489.496M | $450.098M | [Loan and Deposit Composition](index=10&type=section&id=Loan%20and%20Deposit%20Composition) At the end of Q1 2024, the loan portfolio was led by commercial real estate - non-owner occupied ($890.3M) and one-to-four family residential ($485.9M) Loan Composition as of March 31, 2024 ($ millions) | Loan Category | Amount | | :--- | :--- | | Commercial real estate - non-owner occupied | $890.251M | | One-to-four family residential | $485.948M | | Multi-family | $421.573M | | Commercial and industrial | $402.206M | Deposit Composition as of March 31, 2024 ($ millions) | Deposit Category | Amount | | :--- | :--- | | Interest-bearing demand | $1,139.172M | | Noninterest-bearing deposits | $1,047.074M | | Money market | $802.685M | | Time | $713.142M | | Brokered | $55.762M | [Analysis of Net Interest Income and Margin](index=11&type=section&id=Analysis%20of%20Net%20Interest%20Income%20and%20Margin) In Q1 2024, the average yield on interest-earning assets was 5.23%, up from 5.13% in Q4 2023, driven by higher yields on loans and deposits with banks Yield and Cost Analysis (Annualized) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Yield on Interest-Earning Assets | 5.23% | 5.13% | 4.64% | | Cost of Interest-Bearing Liabilities | 1.79% | 1.66% | 0.63% | | Cost of Total Deposits | 1.26% | 1.05% | 0.24% | | Net Interest Rate Spread | 3.44% | 3.47% | 4.01% | | Net Interest Margin (Tax-Equivalent) | 3.99% | 3.99% | 4.26% | [Asset Quality Details](index=12&type=section&id=Asset%20Quality%20Details) As of March 31, 2024, total nonperforming assets were $9.9 million, or 0.20% of total assets, consistent with the prior year but up slightly from 0.17% in Q4 2023 Nonperforming Assets ($ millions) | Category | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Total nonperforming loans | $9.657M | $7.857M | $6.518M | | Foreclosed assets | $0.277M | $0.852M | $3.356M | | Total nonperforming assets | $9.934M | $8.709M | $9.874M | Allowance for Credit Losses Roll-Forward ($ millions) | Description | Q1 2024 | | :--- | :--- | | Beginning balance | $40.048M | | Provision for credit losses | $0.560M | | Charge-offs | ($0.227M) | | Recoveries | $0.434M | | Ending balance | $40.815M | [Reconciliation of Non-GAAP Financial Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) [Adjusted Net Income and Adjusted ROAA](index=14&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20ROAA) HBT Financial's GAAP net income of $15.3 million for Q1 2024 was adjusted for items such as losses on closed branch premises, realized losses on securities sales, and mortgage servicing rights fair value adjustments Reconciliation of Net Income to Adjusted Net Income ($ millions) | Description | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net income (GAAP) | $15.258M | $18.446M | $9.208M | | Total adjustments after tax | $2.815M | $0.826M | $10.651M | | Adjusted net income (Non-GAAP) | $18.073M | $19.272M | $19.859M | Return on Average Assets (ROAA) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | ROAA (GAAP) | 1.23% | 1.46% | 0.78% | | Adjusted ROAA (Non-GAAP) | 1.45% | 1.53% | 1.69% | [Tangible Common Equity and Tangible Book Value Per Share](index=16&type=section&id=Tangible%20Common%20Equity%20and%20Tangible%20Book%20Value%20Per%20Share) After deducting goodwill ($59.8M) and intangible assets ($20.0M) from total stockholders' equity ($496.7M), the tangible common equity was $416.9 million as of March 31, 2024 Tangible Book Value Per Share Reconciliation | Metric | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Book value per share (GAAP) | $15.71 | $15.44 | $14.02 | | Tangible book value per share (Non-GAAP) | $13.19 | $12.90 | $11.45 | | Tangible common equity to tangible assets | 8.40% | 8.19% | 7.45% | [Return on Average Tangible Common Equity (ROATCE)](index=16&type=section&id=Return%20on%20Average%20Tangible%20Common%20Equity%20(ROATCE)) For Q1 2024, the company's return on average tangible common equity (ROATCE) was 14.83% on a GAAP basis ROAE and ROATCE Performance (Annualized) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | ROAE (GAAP) | 12.42% | 15.68% | 8.84% | | ROATCE (Non-GAAP) | 14.83% | 18.96% | 10.45% | | Adjusted ROAE (Non-GAAP) | 14.72% | 16.38% | 19.08% | | Adjusted ROATCE (Non-GAAP) | 17.57% | 19.81% | 22.55% |

HBT Financial (HBT) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a ch ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________to________ Commission file number: 001-39085 HBT Financial, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to Commission file number: 001-39085 HBT Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 37-1117216 (State o ...