Workflow
HBT Financial, Inc. Announces Fourth Quarter 2024 Financial Results
HBTHBT Financial(HBT) GlobeNewswire·2025-01-22 12:05

Core Viewpoint - HBT Financial, Inc. reported strong financial performance for the fourth quarter of 2024, with net income increasing to 20.3million,or20.3 million, or 0.64 per diluted share, compared to previous quarters, and announced a quarterly cash dividend increase to 0.21pershare,reflectinga10.50.21 per share, reflecting a 10.5% rise from the prior dividend [2][6][7]. Financial Performance - The company achieved adjusted net income of 19.5 million, or 0.62perdilutedshare,forQ42024,upfrom0.62 per diluted share, for Q4 2024, up from 19.2 million, or 0.61perdilutedshare,inQ32024[3][5].−NetinterestincomeforQ42024was0.61 per diluted share, in Q3 2024 [3][5]. - Net interest income for Q4 2024 was 47.4 million, a slight decrease of 0.7% from 47.7millioninQ32024,primarilyduetoloweryieldsonloansanddeposits[7][9].−Thenetinterestmargin(tax−equivalentbasis)was4.0147.7 million in Q3 2024, primarily due to lower yields on loans and deposits [7][9]. - The net interest margin (tax-equivalent basis) was 4.01% for Q4 2024, down only 2 basis points from Q3 2024, indicating resilience despite Federal Reserve interest rate cuts [3][10]. Asset Quality - Nonperforming assets to total assets stood at 0.16% as of December 31, 2024, with net charge-offs to average loans at only 0.08% for Q4 2024, reflecting strong asset quality [3][20][22]. - The company recorded a provision for credit losses of 0.7 million for Q4 2024, influenced by increased loan balances and changes in the portfolio [21]. Capital and Dividends - HBT Financial's capital ratios exceeded all regulatory requirements under Basel III, with total capital to risk-weighted assets at 16.51% as of December 31, 2024 [24]. - The Board of Directors declared a quarterly cash dividend of 0.21pershare,payableonFebruary11,2025,toshareholdersofrecordasofFebruary4,2025[6][7].LoanandDepositGrowth−Totalloansoutstandingreached0.21 per share, payable on February 11, 2025, to shareholders of record as of February 4, 2025 [6][7]. Loan and Deposit Growth - Total loans outstanding reached 3.47 billion at December 31, 2024, an increase from 3.37billionatSeptember30,2024,drivenbyneworiginationsandhigherusageofexistinglinesofcredit[18].−Totaldepositswere3.37 billion at September 30, 2024, driven by new originations and higher usage of existing lines of credit [18]. - Total deposits were 4.32 billion at December 31, 2024, reflecting a $37.6 million increase from September 30, 2024, primarily due to higher retail account balances [19].