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HBT Financial, Inc. Announces Fourth Quarter 2024 Financial Results
HBT FinancialHBT Financial(US:HBT) Globenewswireยท2025-01-22 12:05

Core Viewpoint - HBT Financial, Inc. reported strong financial performance for the fourth quarter of 2024, with net income increasing to $20.3 million, or $0.64 per diluted share, compared to previous quarters, and announced a quarterly cash dividend increase to $0.21 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 $0.62 per diluted share, for Q4 2024, up from $19.2 million, or $0.61 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 $47.7 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 $0.21 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 $3.37 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].