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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ 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 other juri ...

PART I. FINANCIAL INFORMATION This section presents HBT Financial, Inc.'s unaudited consolidated financial statements, management's analysis, market risk disclosures, and internal controls [Item 1. Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents HBT Financial, Inc.'s unaudited consolidated financial statements, including balance sheets, income, equity, cash flows, and notes on key accounting policies and acquisitions [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets increased to $5.01 billion from $4.29 billion at year-end 2022, primarily driven by the acquisition of Town and Country, with deposits also growing significantly Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2023 ($ thousands) | December 31, 2022 ($ thousands) | | :--- | :--- | :--- | | **Total Assets** | **$5,013,821** | **$4,286,734** | | Cash and cash equivalents | $177,112 | $114,159 | | Loans, net of allowance | $3,156,764 | $2,594,920 | | Goodwill | $59,876 | $29,322 | | **Total Liabilities** | **$4,563,723** | **$3,913,102** | | Total deposits | $4,310,521 | $3,587,024 | | Federal Home Loan Bank advances | $75,183 | $160,000 | | **Total Stockholders' Equity** | **$450,098** | **$373,632** | [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2023, net income decreased to $9.2 million from $13.6 million, primarily due to credit loss provisions and acquisition-related noninterest expenses, despite a 46.7% increase in net interest income Consolidated Income Statement Highlights (Unaudited) | Account | Three Months Ended Mar 31, 2023 ($ thousands) | Three Months Ended Mar 31, 2022 ($ thousands) | | :--- | :--- | :--- | | Net interest income | $46,837 | $31,928 | | Provision for credit losses | $6,210 | $(584) | | Total noninterest income | $7,437 | $10,043 | | Total noninterest expense | $35,933 | $24,157 | | **Net Income** | **$9,208** | **$13,604** | | **Earnings Per Share - Diluted** | **$0.30** | **$0.47** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail significant accounting policies, including CECL adoption, the Town and Country acquisition, loan portfolio composition, credit quality, regulatory capital, and legal contingencies - On January 1, 2023, the Company adopted the CECL methodology (ASU 2016-13), which replaced the incurred loss model with an expected loss model, resulting in a net decrease to retained earnings of **$6.9 million**[32](index=32&type=chunk)[33](index=33&type=chunk) - On February 1, 2023, HBT Financial acquired Town and Country Financial Corporation for approximately **$109.4 million** in cash and stock, adding **$906 million** in assets, **$635 million** in loans, **$720 million** in deposits, and **$30.6 million** of goodwill[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - The company reached an agreement in principle to settle two lawsuits related to Today's Growth Consultant, Inc. for a total of **$13.0 million**, with an expected insurance recovery of **$7.4 million**, resulting in a net expense of **$5.6 million** recorded in Q4 2022[160](index=160&type=chunk)[161](index=161&type=chunk)[165](index=165&type=chunk) - As of March 31, 2023, the Company and its bank subsidiary met all capital adequacy requirements and were considered "**well capitalized**" under regulatory frameworks[122](index=122&type=chunk)[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial performance, highlighting the Town and Country acquisition's impact, rising interest rates, and changes in financial condition, liquidity, and capital resources [Overview of Recent Financial Results](index=68&type=section&id=Overview%20of%20Recent%20Financial%20Results) Q1 2023 net income was $9.2 million ($0.30 diluted EPS), down from $13.6 million, primarily due to acquisition expenses, though adjusted net income was $19.9 million and net interest margin expanded to 4.20% Key Financial Metrics | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Income | $9.2M | $13.6M | | Adjusted Net Income (Non-GAAP) | $19.9M | $12.2M | | Diluted EPS | $0.30 | $0.47 | | Adjusted Diluted EPS (Non-GAAP) | $0.64 | $0.42 | | Net Interest Margin | 4.20% | 3.08% | | Return on Average Assets | 0.78% | 1.27% | [Results of Operations Analysis](index=69&type=section&id=Results%20of%20Operations%20Analysis) Net interest income grew by $14.9 million (46.7%) year-over-year, driven by higher asset yields and acquired earning assets, while noninterest income decreased and noninterest expense rose due to acquisition costs - Net interest income increased by **$14.9 million**, or **46.7%**, from Q1 2022, primarily due to higher yields on interest-earning assets and growth in average earning assets following the Town and Country merger[202](index=202&type=chunk) - Acquisition-related expenses in Q1 2023 totaled **$13.1 million**, which included a **$5.9 million** provision for credit losses on acquired loans and unfunded commitments, and **$7.1 million** in noninterest expenses[176](index=176&type=chunk)[190](index=190&type=chunk)[212](index=212&type=chunk) - Noninterest income decreased by **$2.6 million**, primarily due to a **$2.4 million** negative swing in the mortgage servicing rights fair value adjustment and a **$1.0 million** realized loss on the sale of securities acquired from Town and Country[208](index=208&type=chunk)[209](index=209&type=chunk) [Financial Condition Analysis](index=76&type=section&id=Financial%20Condition%20Analysis) Total assets grew by $727.1 million (17.0%) to $5.01 billion, primarily from the Town and Country acquisition, with loans and deposits also increasing, while nonperforming assets remained low - The Town and Country merger was the primary driver of balance sheet growth, adding **$905.6 million** in assets, **$635.4 million** in loans, and **$720.4 million** in deposits[217](index=217&type=chunk) - Excluding the acquisition, total loans decreased by **$60.1 million**, partly due to lower seasonal usage on grain elevator lines of credit and payoffs of certain exited loans[216](index=216&type=chunk) - Total nonperforming assets increased to **$9.9 million** (**0.20%** of total assets) from **$5.2 million** at year-end, with the acquisition contributing **$3.8 million** in nonaccrual loans[222](index=222&type=chunk)[223](index=223&type=chunk) [Liquidity and Capital Resources](index=85&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity from its deposit base, with uninsured deposits at $936.1 million, and capital ratios remain well above regulatory minimums, alongside share repurchases and dividends - The bank's uninsured deposits were estimated to be **$936.1 million** as of March 31, 2023[235](index=235&type=chunk) Regulatory Capital Ratios (Consolidated) | Ratio | March 31, 2023 | Minimum for Capital Adequacy (with buffer) | | :--- | :--- | :--- | | Common Equity Tier 1 Capital | 11.79% | 7.00% | | Tier 1 Capital | 13.16% | 8.50% | | Total Capital | 15.11% | 10.50% | | Tier 1 Leverage Ratio | 10.29% | 4.00% | - The company repurchased **79,463 shares** at an average price of **$19.92** during Q1 2023, with **$13.4 million** remaining under the current stock repurchase authorization[253](index=253&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=96&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with an asset/liability simulation projecting a 1.1% increase in NII and a 5.0% increase in EVE in a +100 basis point rate shock Interest Rate Sensitivity Analysis (March 31, 2023) | Change in Interest Rates (bps) | % Change in EVE | % Change in NII (Year 1) | | :--- | :--- | :--- | | +300 | 9.6% | 2.8% | | +200 | 7.8% | 2.0% | | +100 | 5.0% | 1.1% | | -100 | (8.8)% | (3.1)% | | -200 | (20.9)% | (7.7)% | [Item 4. Controls and Procedures](index=99&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2023, the company's disclosure controls and procedures were effective[285](index=285&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[286](index=286&type=chunk) PART II. OTHER INFORMATION This section provides information on legal proceedings, risk factors, equity security sales, and other required disclosures [Item 1. Legal Proceedings](index=100&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal actions incidental to its business, which management does not expect to have a material adverse effect on financial condition - The company is party to routine legal actions and does not expect them to have a material adverse effect on its financial condition[287](index=287&type=chunk) [Item 1A. Risk Factors](index=100&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors from the 2022 Form 10-K were reported - No material changes to risk factors from the 2022 Form 10-K were reported[288](index=288&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=100&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2023, the company repurchased 79,463 shares at an average price of $19.92, with $13.4 million remaining under the current authorization Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Dollar Value Remaining Under Program | | :--- | :--- | :--- | :--- | | March 2023 | 79,463 | $19.92 | $13,417,000 | [Other Information and Exhibits](index=100&type=section&id=Items%203,%204,%205,%20and%206) The company reported no defaults on senior securities, no mine safety disclosures, and no other material information, with Item 6 listing filed exhibits including CEO and CFO certifications - The company reported "None" for Defaults Upon Senior Securities (Item 3), Mine Safety Disclosures (Item 4), and Other Information (Item 5)[292](index=292&type=chunk)[293](index=293&type=chunk)[295](index=295&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ 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 other jurisdic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ 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 other ...

Table of Contents ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from to ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Washington, D.C. 20549 OR FORM 10-K | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, par value $0.01 per share | H ...