HBT Financial(HBT) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $19.1 million, or $0.60 diluted earnings per share, compared to $20.3 million, or $0.64 per diluted share in Q4 2024, and $15.3 million, or $0.48 per diluted share in Q1 2024[3][6] - Adjusted net income for Q1 2025 was $19.3 million, or $0.61 adjusted diluted earnings per share, compared to $19.5 million, or $0.62 adjusted diluted earnings per share in Q4 2024, and $18.1 million, or $0.57 adjusted diluted earnings per share in Q1 2024[7] - Net income for the quarter was $19,075,000, up from $15,258,000 in the prior year, reflecting a year-over-year increase of 25.5%[31] - Earnings per share (diluted) for Q1 2025 was $0.60, compared to $0.48 for the same period in 2024, marking a 25% increase[31] - Adjusted earnings per share (EPS) for Q1 2025 was $0.61, up from $0.57 in Q1 2024, reflecting a 7% increase[51] Income and Revenue - Net interest income increased by 2.8% to $48.7 million in Q1 2025 from $47.4 million in Q4 2024, and by 4.3% from $46.7 million in Q1 2024[8][9] - For the three months ended March 31, 2025, net interest income was $48,708,000, an increase from $46,688,000 for the same period in 2024, representing a growth of 4.4%[31] - Total interest and dividend income for Q1 2025 was $63,138,000, an increase of 2.0% from $62,798,000 in Q4 2024 and up 1.9% from $61,961,000 in Q1 2024[34] - Net interest income for Q1 2025 reached $48,708,000, an increase from $46,688,000 in Q1 2024, representing a growth of 4.3%[52] Noninterest Income - Noninterest income decreased by 20.0% to $9.3 million in Q1 2025 from $11.6 million in Q4 2024, but increased by 65.4% from $5.6 million in Q1 2024[11][12] - Noninterest income for the quarter was $9,306,000, a decrease from $11,630,000 in the previous quarter, representing a decline of 20%[31] - Total noninterest income decreased to $9,306,000 in Q1 2025 from $11,630,000 in Q4 2024, a decline of 20.0%[34] Assets and Loans - Total loans outstanding were $3.46 billion at March 31, 2025, nearly unchanged from $3.47 billion at December 31, 2024, and up from $3.35 billion at March 31, 2024[16] - Total assets as of March 31, 2025, were $5,092,192,000, an increase from $5,032,902,000 at the end of Q4 2024, reflecting a growth of 1.2%[36] - Commercial and industrial loans increased to $441,261,000 in Q1 2025 from $428,389,000 in Q4 2024, a growth of 3.0%[38] Deposits - Total deposits increased to $4.38 billion at March 31, 2025, from $4.32 billion at December 31, 2024, and $4.36 billion at March 31, 2024[17] - Total deposits increased to $4,384,590,000 in Q1 2025 from $4,318,254,000 in Q4 2024, marking a growth of 1.5%[38] - Noninterest-bearing deposits rose to $1,065,874,000 in Q1 2025, compared to $1,046,405,000 in Q4 2024, an increase of 1.3%[38] Asset Quality - Nonperforming assets decreased to $5.6 million, or 0.11% of total assets, at March 31, 2025, down from $8.0 million, or 0.16% at December 31, 2024[18] - Nonperforming loans to loans ratio improved to 0.15%, down from 0.29% in the same quarter last year, indicating better asset quality[31] - Nonaccrual loans to loans ratio improved to 0.15% as of March 31, 2025, compared to 0.22% at December 31, 2024[45] Credit Losses - The provision for credit losses was $576,000, compared to $527,000 in the same period last year, indicating a 9.3% increase[31] - The allowance for credit losses was 1.22% of total loans at March 31, 2025, compared to 1.21% at December 31, 2024[21] - The allowance for credit losses increased to $42,111 thousand as of March 31, 2025, compared to $42,044 thousand at December 31, 2024, indicating a slight increase of 0.16%[45] Capital and Efficiency - The Company exceeded all regulatory capital requirements under Basel III, with total capital to risk-weighted assets at 16.85% as of March 31, 2025[22] - Total capital to risk-weighted assets was 16.85%, up from 15.79% a year ago, reflecting a stronger capital position[31] - The efficiency ratio was 53.85%, an increase from 58.41% in the same quarter last year, indicating improved operational efficiency[31] - The return on average assets for the three months ended March 31, 2025, was 1.54%, slightly down from 1.61% in the previous quarter[48] - Tangible common equity increased to $488,089,000 in Q1 2025 from $416,889,000 in Q1 2024, a growth of 17.1%[58] - Return on average tangible common equity for Q1 2025 was 16.20%, up from 14.83% in Q1 2024, indicating stronger profitability[59] Stock Repurchase - The Board of Directors authorized a stock repurchase program of up to $15.0 million, with $15.0 million remaining as of March 31, 2025[22]