EX-99.1 2 hbt-20260331ex991.htm EX-99.1 Document

EXHIBIT 99.1
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HBT FINANCIAL, INC. ANNOUNCES
FIRST QUARTER 2026 FINANCIAL RESULTS
First Quarter Highlights
•Net income of $11.2 million, or $0.34 per diluted share; return on average assets (“ROAA”) of 0.80%; return on average stockholders' equity (“ROAE”) of 6.77%; and return on average tangible common equity (“ROATCE”)(1) of 7.87%
•Adjusted net income(1) of $22.6 million, or $0.68 per diluted share; adjusted ROAA(1) of 1.60%; adjusted ROAE(1) of 13.67%; and adjusted ROATCE(1) of 15.89%
•Completed merger with CNB Bank Shares, Inc. (“CNB”) on March 1, 2026 and core system conversion successfully completed in March 2026
•Asset quality remained strong with nonperforming assets to total assets of 0.21% and net charge-offs to average loans of 0.08%, on an annualized basis
•Net interest margin increased 8 basis points to 4.20% and net interest margin (tax-equivalent basis)(1) increased 9 basis points to 4.25%
Bloomington, IL, April 27, 2026 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company”, “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $11.2 million, or $0.34 diluted earnings per share, for the first quarter of 2026. This compares to net income of $18.9 million, or $0.60 diluted earnings per share, for the fourth quarter of 2025, and net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We are off to a great start in 2026 with the closing of our acquisition of CNB and its wholly-owned subsidiary, CNB Bank & Trust, N.A. (“CNB Bank”), on March 1. We also successfully completed our systems conversions in March and have been busy welcoming our new customers and colleagues. We are excited for the opportunities that lie ahead.
“Results for the first quarter were strong and consistent with adjusted net income(1) of $22.6 million, or $0.68 per diluted share. Adjusted ROAA(1) was 1.60% and adjusted ROATCE(1) was 15.89% as we continue to report strong returns. Our net interest margin on a tax equivalent basis(1) increased by 9 basis points to 4.25% when compared to the fourth quarter of 2025. The increase was primarily driven by continued higher asset repricing for maturing fixed rate loans and securities. Our tangible book value per share(1) decreased by 1.1% for the quarter to $17.01 due to the CNB acquisition, elevated share repurchase activity, and a decrease in accumulated other comprehensive income (“AOCI”) due to higher market interest rates; however, our tangible book value per share(1) has nonetheless increased by 10.2% since the first quarter of 2025.
“Our balance sheet remains strong with good liquidity, solid capital ratios, and no significant credit issues. That gives us confidence that we are prepared for a variety of different economic environments. Our capital levels and operational structure support continued organic growth and attractive acquisition opportunities should the right opportunity arise.”
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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

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Adjusted Net Income
In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, net earnings (losses) on closed or sold operations, losses on extinguishment of debt, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights (“MSR”) fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $22.6 million, or $0.68 adjusted diluted earnings per share, for the first quarter of 2026. This compares to adjusted net income of $20.1 million, or $0.64 adjusted diluted earnings per share, for the fourth quarter of 2025, and adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025. See “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Acquisition of CNB Bank Shares, Inc.
On March 1, 2026, HBT Financial completed its previously announced acquisition of CNB and CNB Bank. The combined company will have increased density in the central Illinois, the Chicago MSA, and the St. Louis MSA markets. After considering business combination accounting adjustments, CNB added total assets of $1.8 billion, total loans held for investment of $1.3 billion, and total deposits of $1.5 billion.
Cash consideration of $33.8 million and stock consideration of 5.5 million shares of HBT Financial common stock resulted in aggregate consideration of $182.1 million, based upon the closing price of HBT Financial common stock of $26.96 on February 27, 2026. Goodwill of $23.7 million was recorded in the acquisition.
Acquisition-related expenses consisted of the following during the first quarter of 2026 and fourth quarter of 2025:
Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025
Salaries$4,003$43
Occupancy of bank premises105—
Furniture and equipment63—
Data processing8,668370
Marketing and customer relations69—
Loan collection and servicing320—
Professional fees and other noninterest expense2,438586
Total acquisition-related expenses$15,666$999
Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2026 was $56.4 million, an increase of 11.6% from $50.5 million for the fourth quarter of 2025. The increase was primarily attributable to higher average interest-earning asset balances following the CNB merger. A $0.5 million increase in loan fees and a $0.1 million increase in nonaccrual interest recoveries further contributed to the overall increase. Additionally, acquired loan discount accretion was $1.0 million during the first quarter of 2026 and $0.9 million during the fourth quarter of 2025.
Relative to the first quarter of 2025, net interest income increased 15.8% from $48.7 million. The increase was primarily attributable to higher average interest-earning asset balances following the CNB merger, improved yields on debt securities, and lower funding costs. Partially offsetting these improvements were a decrease in loan yields and a $0.4 million decrease in nonaccrual interest recoveries. Additionally, acquired loan discount accretion was $1.1 million during the first quarter of 2025.
Net interest margin for the first quarter of 2026 was 4.20%, compared to 4.12% for the fourth quarter of 2025, while net interest margin (tax-equivalent basis)(1) for the first quarter of 2026 was 4.25%, compared to 4.16% for

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the fourth quarter of 2025. These increases were primarily attributable to higher asset yields and the sale of the vast majority of the CNB securities portfolio, with the proceeds used to pay off higher cost sources of funding. Improvements in loan yields, which increased 6 basis points to 6.28%, and debt securities yields, which increased 20 basis points to 3.01%, were partially offset by higher funding costs, which increased 2 basis points to 1.25%.
Relative to the first quarter of 2025, net interest margin increased 8 basis points from 4.12% and net interest margin (tax-equivalent basis)(1) increased 9 basis points from 4.16%. These increases were primarily attributable to improved yields on debt securities and lower funding costs, which were partially offset by a decrease in loan yields.
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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Noninterest Income
Noninterest income for the first quarter of 2026 was $10.9 million, an increase from $9.9 million for the fourth quarter of 2025. A $0.4 million increase in wealth management fees, primarily driven by an increase in assets under management following the CNB merger, and the absence of $0.2 million in gains (losses) on foreclosed assets contributed to this improvement. Partially offsetting these improvements was a $0.2 million impairment on closed branch premises recognized during the first quarter of 2026. Additionally, a $0.2 million positive MSR fair value adjustment included in the first quarter of 2026 results compared to a $0.3 million negative MSR fair value adjustment included in the fourth quarter of 2025 results.
Relative to the first quarter of 2025, noninterest income increased 17.6% from $9.3 million. The increase was primarily attributable to a $0.9 million increase in wealth management fees, primarily driven by higher values of assets under management and the additional assets under management following the CNB merger, as well as changes in the MSR fair value adjustment, with a $0.2 million positive MSR fair value adjustment included in the first quarter of 2026 results compared to a $0.3 million negative MSR fair value adjustment included in the first quarter of 2025 results.
Noninterest Expense
Noninterest expense for the first quarter of 2026 was $52.4 million, a 58.6% increase from the fourth quarter of 2025. The increase was primarily attributable to $15.7 million of nonrecurring acquisition-related expenses included in the first quarter 2026 results. Excluding acquisition-related expenses, the $4.7 million increase in noninterest expense was primarily attributable to higher base costs following the CNB merger, including a $3.2 million increase in employee salaries and benefits expense, which were also impacted by annual merit increases and higher medical benefits costs, and a $0.9 million increase in other noninterest expense.
Relative to the first quarter of 2025, noninterest expense increased 64.2% from $31.9 million. Excluding acquisition-related expenses, the $4.8 million increase in noninterest expense was primarily attributable to higher base costs following the CNB merger, including a $2.6 million increase in employee salaries and benefits expense, which was also a result of merit increases and higher medical benefits costs, a $1.1 million increase in other noninterest expense, and a $0.4 million increase in data processing expense.
Loan Portfolio
Total loans outstanding, before allowance for credit losses, were $4.69 billion at March 31, 2026, compared with $3.46 billion at December 31, 2025, and $3.46 billion at March 31, 2025. The $1.23 billion increase from December 31, 2025 included $1.30 billion of loans held for investment acquired in the CNB merger. Excluding this impact, the $65.6 million decrease from December 31, 2025 was primarily attributable to several larger pay offs due to refinancings across the multi-family, commercial real estate – non-owner occupied, and the municipal, consumer, and other segments, as well as an $8.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2025. These headwinds were partially offset by $26.3 million in seasonal draws on grain elevator lines, as well as new originations within the construction and land development and commercial and industrial segments.

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Deposits
Total deposits were $5.80 billion at March 31, 2026, compared with $4.36 billion at December 31, 2025, and $4.38 billion at March 31, 2025. The $1.44 billion increase from December 31, 2025 included $1.52 billion of deposits assumed in the CNB merger. Excluding the impact of the CNB merger, the $72.7 million decrease from December 31, 2025 was primarily attributable to an $88.9 million decrease in wealth management customer money market deposits, of which $85.0 million was moved off-balance sheet during the first quarter due to strong levels of on-balance sheet liquidity.
Asset Quality
Nonperforming assets totaled $14.4 million, or 0.21% of total assets, at March 31, 2026, compared with $8.7 million, or 0.17% of total assets, at December 31, 2025, and $5.6 million, or 0.11% of total assets, at March 31, 2025. The $5.7 million increase in nonperforming assets from December 31, 2025 was primarily attributable to the CNB merger, which added $6.1 million in nonperforming assets, primarily in the construction and land development segment. Additionally, of the $13.2 million of nonperforming loans held as of March 31, 2026, $2.3 million were either wholly or partially guaranteed by the U.S. government.
The Company recorded a negative provision for credit losses of $0.2 million for the first quarter of 2026. The negative provision for credit losses primarily reflects a $0.3 million decrease in specific reserves, partially offset by changes within the loan portfolio.
The Company had net charge-offs of $0.8 million, or 0.08% of average loans on an annualized basis, for the first quarter of 2026, compared to net charge-offs of $0.8 million, or 0.10% of average loans on an annualized basis, for the fourth quarter of 2025, and net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025.
The Company’s allowance for credit losses was 1.29% of total loans and 457% of nonperforming loans at March 31, 2026, compared with 1.21% of total loans and 552% of nonperforming loans at December 31, 2025. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $5.9 million as of March 31, 2026, compared with $4.1 million as of December 31, 2025.
Capital
As of March 31, 2026, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:
March 31, 2026
For Capital
Adequacy Purposes
With Capital
Conservation Buffer
Total capital to risk-weighted assets15.99 %10.50 %
Tier 1 capital to risk-weighted assets13.38 8.50 
Common equity tier 1 capital ratio12.42 7.00 
Tier 1 leverage ratio12.63 4.00 
The ratio of tangible common equity to tangible assets(1) decreased to 9.31% as of March 31, 2026, from 10.82% as of December 31, 2025, and tangible book value per share(1) decreased by $0.19 to $17.01 as of March 31, 2026, when compared to December 31, 2025.
During the first quarter of 2026, the Company repurchased 602,855 shares of its common stock at a weighted average price of $25.84 under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $30.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2027. As of March 31, 2026, the Company had $14.4 million remaining under the stock repurchase program.
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(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

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Subordinated Note Issuance
To further enhance the Company’s strong capital and liquidity positions, HBT Financial successfully completed a private placement of $85.0 million of 5.75% Fixed-to-Floating Rate Subordinated Notes due 2036 during the quarter. The subordinated notes qualify as Tier 2 regulatory capital.
About HBT Financial, Inc.
HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois, eastern Iowa, and suburban St. Louis through 83 full-service branches. As of March 31, 2026, HBT Financial had total assets of $6.8 billion, total loans of $4.7 billion, and total deposits of $5.8 billion.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.
Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology and the negative forms of such words. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (1) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures, global energy market conditions, the threat or implementation of tariffs, immigration enforcement and changes in foreign policy); (2) policy changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies, including executive orders; (3) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and the conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (4) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (6) changes in interest rates and prepayment rates of the Company’s assets; (7) increased

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competition in the financial services sector, including from non-bank competitors such as credit unions, private credit firms, fintech companies, and digital asset service providers, and the inability to attract new customers; (8) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (9) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated, including the acquisition of CNB; (10) the loss of key executives and employees, talent shortages and employee turnover; (11) changes in consumer spending; (12) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (13) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (14) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (15) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (16) the overall health of the local and national real estate market; (17) the ability to maintain an adequate level of allowance for credit losses on loans; (18) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (20) the level of nonperforming assets on our balance sheet; (21) interruptions involving our information technology and communications systems or those of our third-party servicers; (22) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (23) the effectiveness of the Company’s risk management framework; and (24) the ability of the Company to manage the risks associated with the foregoing as well as anticipated.
Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.
CONTACT:
Peter Chapman
HBTIR@hbtbank.com
(309) 664-4556

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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
As of or for the Three Months Ended
(dollars in thousands, except per share data)March 31,
2026		December 31,
2025		March 31,
2025
Interest and dividend income$71,839 $64,391 $63,138 
Interest expense15,452 13,848 14,430 
Net interest income56,387 50,543 48,708 
Provision for credit losses(156)1,463 576 
Net interest income after provision for credit losses56,543 49,080 48,132 
Noninterest income10,944 9,895 9,306 
Noninterest expense52,437 33,061 31,935 
Income before income tax expense15,050 25,914 25,503 
Income tax expense3,850 6,976 6,428 
Net income$11,200 $18,938 $19,075 
Earnings per share - diluted$0.34 $0.60 $0.60 
Adjusted net income (1)
$22,610 $20,139 $19,253 
Adjusted earnings per share - diluted (1)
0.68 0.64 0.61 
Book value per share$20.54 $19.58 $17.86 
Tangible book value per share (1)
17.01 17.20 15.43 
Shares of common stock outstanding36,381,078 31,431,924 31,631,431 
Weighted average shares of common stock outstanding, including all dilutive potential shares33,300,096 31,559,005 31,711,671 
SUMMARY RATIOS
Net interest margin *4.20 %4.12 %4.12 %
Net interest margin (tax-equivalent basis) * (1)(2)
4.25 4.16 4.16 
Efficiency ratio76.56 %53.64 %53.85 %
Efficiency ratio (tax-equivalent basis) (1)(2)
75.83 53.15 53.35 
Loan to deposit ratio80.76 %79.28 %78.95 %
Return on average assets *0.80 %1.47 %1.54 %
Return on average stockholders' equity *6.77 12.34 13.95 
Return on average tangible common equity * (1)
7.87 14.08 16.20 
Adjusted return on average assets * (1)
1.60 %1.57 %1.55 %
Adjusted return on average stockholders' equity * (1)
13.67 13.12 14.08 
Adjusted return on average tangible common equity * (1)
15.89 14.97 16.36 
CAPITAL
Total capital to risk-weighted assets15.99 %16.82 %16.85 %
Tier 1 capital to risk-weighted assets13.38 15.72 14.77 
Common equity tier 1 capital ratio12.42 14.42 13.48 
Tier 1 leverage ratio12.63 12.26 11.64 
Total stockholders' equity to total assets11.03 12.14 11.10 
Tangible common equity to tangible assets (1)
9.31 10.82 9.73 
ASSET QUALITY
Net charge-offs (recoveries) to average loans *0.08 %0.10 %0.05 %
Allowance for credit losses to loans, before allowance for credit losses1.29 1.21 1.22 
Nonperforming loans to loans, before allowance for credit losses0.28 0.22 0.15 
Nonperforming assets to total assets0.21 0.17 0.11 
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*Annualized measure.
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income
Three Months Ended
(dollars in thousands, except per share data)March 31,
2026		December 31,
2025		March 31,
2025
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable$58,881 $52,600 $53,369 
Federally tax exempt1,317 1,250 1,168 
Debt securities:
Taxable9,544 8,385 6,936 
Federally tax exempt658 454 469 
Interest-bearing deposits in bank1,276 1,543 1,065 
Other interest and dividend income163 159 131 
Total interest and dividend income71,839 64,391 63,138 
INTEREST EXPENSE
Deposits14,109 12,920 12,939 
Securities sold under agreements to repurchase16 — 22 
Borrowings209 33 109 
Subordinated notes278 — 470 
Junior subordinated debentures issued to capital trusts840 895 890 
Total interest expense15,452 13,848 14,430 
Net interest income56,387 50,543 48,708 
PROVISION FOR CREDIT LOSSES(156)1,463 576 
Net interest income after provision for credit losses56,543 49,080 48,132 
NONINTEREST INCOME
Card income2,751 2,708 2,548 
Wealth management fees3,764 3,358 2,841 
Service charges on deposit accounts2,160 2,088 1,944 
Mortgage servicing983 1,062 990 
Mortgage servicing rights fair value adjustment197 (310)(308)
Gains on sale of mortgage loans331 376 252 
Realized gains (losses) on sales of securities— (151)— 
Unrealized gains (losses) on equity securities(112)43 8 
Gains (losses) on foreclosed assets40 (171)13 
Gains (losses) on other assets(210)3 54 
Income on bank owned life insurance188 171 164 
Other noninterest income852 718 800 
Total noninterest income10,944 9,895 9,306 
NONINTEREST EXPENSE
Salaries23,061 16,486 17,053 
Employee benefits3,920 3,359 3,285 
Occupancy of bank premises3,124 2,791 2,625 
Furniture and equipment608 523 445 
Data processing11,794 3,571 2,717 
Marketing and customer relations1,144 984 1,144 
Amortization of intangible assets887 643 695 
FDIC insurance588 560 562 
Loan collection and servicing696 339 383 
Foreclosed assets60 35 5 
Other noninterest expense6,555 3,770 3,021 
Total noninterest expense52,437 33,061 31,935 
INCOME BEFORE INCOME TAX EXPENSE15,050 25,914 25,503 
INCOME TAX EXPENSE3,850 6,976 6,428 
NET INCOME$11,200 $18,938 $19,075 
EARNINGS PER SHARE - BASIC$0.34 $0.60 $0.60 
EARNINGS PER SHARE - DILUTED$0.34 $0.60 $0.60 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING33,180,00931,434,40931,584,989

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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
ASSETS
Cash and due from banks$37,371 $24,423 $25,005 
Interest-bearing deposits with banks250,282 97,846 186,586 
Cash and cash equivalents287,653 122,269 211,591 
Interest-bearing time deposits with banks245 — — 
Debt securities available-for-sale, at fair value1,025,992 813,101 706,135 
Debt securities held-to-maturity453,850 458,746 490,398 
Equity securities with readily determinable fair value3,355 3,322 3,323 
Equity securities with no readily determinable fair value6,395 2,612 2,629 
Restricted stock, at cost6,000 4,979 5,086 
Loans held for sale3,247 1,263 2,721 
Loans, before allowance for credit losses4,686,951 3,456,209 3,461,778 
Allowance for credit losses(60,474)(41,690)(42,111)
Loans, net of allowance for credit losses4,626,477 3,414,519 3,419,667 
Bank owned life insurance37,677 24,660 24,153 
Bank premises and equipment, net90,973 73,642 67,272 
Bank premises held for sale337 — 190 
Foreclosed assets1,149 1,126 460 
Goodwill83,504 59,820 59,820 
Intangible assets, net44,313 15,117 17,148 
Intangible assets held for sale649 — — 
Mortgage servicing rights, at fair value20,090 16,944 18,519 
Investments in unconsolidated subsidiaries1,614 1,614 1,614 
Accrued interest receivable35,313 23,779 22,735 
Other assets44,891 33,877 38,731 
Total assets$6,773,724 $5,071,390 $5,092,192 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing$1,342,192 $1,049,043 $1,065,874 
Interest-bearing4,461,256 3,310,220 3,318,716 
Total deposits5,803,448 4,359,263 4,384,590 
Securities sold under agreements to repurchase5,046 — 2,698 
Federal Home Loan Bank advances12,332 12,301 7,209 
Subordinated notes84,003 — 39,573 
Junior subordinated debentures issued to capital trusts52,924 52,909 52,864 
Other liabilities68,566 31,419 40,201 
Total liabilities6,026,319 4,455,892 4,527,135 
Stockholders' Equity
Common stock385 329 329 
Surplus446,555 298,548 297,024 
Retained earnings371,093 367,163 329,169 
Accumulated other comprehensive income (loss)(27,371)(23,018)(38,446)
Treasury stock at cost(43,257)(27,524)(23,019)
Total stockholders’ equity747,405 615,498 565,057 
Total liabilities and stockholders’ equity$6,773,724 $5,071,390 $5,092,192 
SHARES OF COMMON STOCK OUTSTANDING36,381,078 31,431,924 31,631,431 

HBT Financial, Inc.
Page 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
LOANS
Commercial and industrial$528,301 $399,760 $441,261 
Commercial real estate - owner occupied519,847 320,434 321,990 
Commercial real estate - non-owner occupied1,099,784 937,094 891,022 
Construction and land development425,335 280,254 376,046 
Multi-family638,653 544,941 424,096 
One-to-four family residential614,563 445,463 455,376 
Agricultural and farmland596,294 275,251 292,240 
Municipal, consumer, and other264,174 253,012 259,747 
Total loans$4,686,951 $3,456,209 $3,461,778 
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
DEPOSITS
Noninterest-bearing deposits$1,342,192 $1,049,043 $1,065,874 
Interest-bearing deposits:
Interest-bearing demand1,365,216 1,144,416 1,143,677 
Money market929,671 839,097 812,146 
Savings900,700 564,220 575,558 
Time1,265,669 762,487 787,335 
Total interest-bearing deposits4,461,256 3,310,220 3,318,716 
Total deposits$5,803,448 $4,359,263 $4,384,590 


HBT Financial, Inc.
Page 11
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,890,388 $60,198 6.28 %$3,432,308 $53,850 6.22 %$3,460,906 $54,537 6.39 %
Debt securities1,375,875 10,202 3.01 1,249,183 8,839 2.81 1,204,424 7,405 2.49 
Deposits with banks163,761 1,276 3.16 177,348 1,543 3.45 120,014 1,065 3.60 
Other14,389 163 4.60 12,481 159 5.05 12,677 131 4.19 
Total interest-earning assets5,444,413 $71,839 5.35 %4,871,320 $64,391 5.24 %4,798,021 $63,138 5.34 %
Allowance for credit losses(48,362)(41,994)(42,061)
Noninterest-earning assets317,393 269,949 276,853 
Total assets$5,713,444 $5,099,275 $5,032,813 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,223,982 $1,931 0.64 %$1,129,642 $1,800 0.63 %$1,120,608 $1,453 0.53 %
Money market906,663 4,448 1.99 866,762 4,614 2.11 807,728 4,397 2.21 
Savings671,852 704 0.43 561,755 397 0.28 569,494 370 0.26 
Time940,019 7,026 3.03 765,792 6,109 3.16 784,099 6,719 3.48 
Total interest-bearing deposits3,742,516 14,109 1.53 3,323,951 12,920 1.54 3,281,929 12,939 1.60 
Securities sold under agreements to repurchase2,902 16 2.21 — — — 8,754 22 1.02 
Borrowings28,886 209 2.94 7,819 33 1.68 12,890 109 3.41 
Subordinated notes19,781 278 5.70 — — — 39,563 470 4.82 
Junior subordinated debentures issued to capital trusts52,916 840 6.44 52,902 895 6.70 52,856 890 6.83 
Total interest-bearing liabilities3,847,001 $15,452 1.63 %3,384,672 $13,848 1.62 %3,395,992 $14,430 1.72 %
Noninterest-bearing deposits1,150,594 1,076,899 1,045,733 
Noninterest-bearing liabilities45,282 28,882 36,373 
Total liabilities5,042,877 4,490,453 4,478,098 
Stockholders' Equity670,567 608,822 554,715 
Total liabilities and stockholders’ equity$5,713,444 $5,099,275 $5,032,813 
Net interest income/Net interest margin (1)
$56,387 4.20 %$50,543 4.12 %$48,708 4.12 %
Tax-equivalent adjustment (2)
649 0.05 558 0.04 545 0.04 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$57,036 4.25 %$51,101 4.16 %$49,253 4.16 %
Net interest rate spread (4)
3.72 %3.62 %3.62 %
Net interest-earning assets (5)
$1,597,412 $1,486,648 $1,402,029 
Ratio of interest-earning assets to interest-bearing liabilities1.421.441.41
Cost of total deposits1.17 %1.16 %1.21 %
Cost of funds1.25 1.23 1.32 
____________________________________
*Annualized measure.
(1)Net interest margin represents net interest income divided by average total interest-earning assets.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc.
Page 12
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
NONPERFORMING ASSETS
Nonaccrual$13,229 $7,556 $5,102 
Past due 90 days or more, still accruing— — 4 
Total nonperforming loans13,229 7,556 5,106 
Foreclosed assets1,149 1,126 460 
Total nonperforming assets$14,378 $8,682 $5,566 
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$2,291 $2,170 $1,350 
Allowance for credit losses$60,474 $41,690 $42,111 
Loans, before allowance for credit losses4,686,951 3,456,209 3,461,778 
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses1.29 %1.21 %1.22 %
Allowance for credit losses to nonaccrual loans457.13 551.75 825.38 
Allowance for credit losses to nonperforming loans457.13 551.75 824.74 
Nonaccrual loans to loans, before allowance for credit losses0.28 0.22 0.15 
Nonperforming loans to loans, before allowance for credit losses0.28 0.22 0.15 
Nonperforming assets to total assets0.21 0.17 0.11 
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets0.31 0.25 0.16 
Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
ALLOWANCE FOR CREDIT LOSSES
Beginning balance$41,690 $41,900 $42,044 
Allowance established in acquisition19,957 — — 
Provision for credit losses(415)638 496 
Charge-offs(1,001)(1,221)(665)
Recoveries243 373 236 
Ending balance$60,474 $41,690 $42,111 
Net charge-offs$758 $848 $429 
Average loans3,890,388 3,432,308 3,460,906 
Net charge-offs to average loans *0.08 %0.10 %0.05 %
____________________________________
*Annualized measure.
Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
PROVISION FOR CREDIT LOSSES
Loans$(415)$638 $496 
Unfunded lending-related commitments259 825 80 
Total provision for credit losses$(156)$1,463 $576 

HBT Financial, Inc.
Page 13
Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets
Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
Net income$11,200 $18,938 $19,075 
Less: adjustments
Acquisition expenses(15,666)(999)— 
Net earnings (losses) on closed or sold operations4 — — 
Gains (losses) on closed branch premises(210)— 59 
Realized gains (losses) on sales of securities— (151)— 
Mortgage servicing rights fair value adjustment197 (310)(308)
Total adjustments(15,675)(1,460)(249)
Tax effect of adjustments (1)
4,265 259 71 
Total adjustments after tax effect(11,410)(1,201)(178)
Adjusted net income$22,610 $20,139 $19,253 
Average assets$5,713,444 $5,099,275 $5,032,813 
Return on average assets *0.80 %1.47 %1.54 %
Adjusted return on average assets *1.60 1.57 1.55 
____________________________________
*Annualized measure.
(1)Assumes a federal income tax rate of 21% and a state tax rate of 9.5%, and excludes non-deductible acquisition expenses.
Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share — Basic and Diluted
Three Months Ended
(dollars in thousands, except per share amounts)March 31,
2026		December 31,
2025		March 31,
2025
Numerator:
Net income$11,200 $18,938 $19,075 
Adjusted net income$22,610 $20,139 $19,253 
Denominator:
Weighted average common shares outstanding33,180,009 31,434,409 31,584,989 
Dilutive effect of outstanding restricted stock units120,087 124,596 126,682 
Weighted average common shares outstanding, including all dilutive potential shares33,300,096 31,559,005 31,711,671 
Earnings per share - basic$0.34 $0.60 $0.60 
Earnings per share - diluted$0.34 $0.60 $0.60 
Adjusted earnings per share - basic$0.68 $0.64 $0.61 
Adjusted earnings per share - diluted$0.68 $0.64 $0.61 

HBT Financial, Inc.
Page 14
Reconciliation of Non-GAAP Financial Measures –
Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)
Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
Net interest income$56,387 $50,543 $48,708 
Noninterest income10,944 9,895 9,306 
Noninterest expense(52,437)(33,061)(31,935)
Pre-provision net revenue14,894 27,377 26,079 
Less: adjustments
Acquisition expenses(15,666)(999)— 
Net earnings (losses) on closed or sold operations4 — — 
Gains (losses) on closed branch premises(210)— 59 
Realized gains (losses) on sales of securities— (151)— 
Mortgage servicing rights fair value adjustment197 (310)(308)
Total adjustments(15,675)(1,460)(249)
Adjusted pre-provision net revenue$30,569 $28,837 $26,328 
Pre-provision net revenue$14,894 $27,377 $26,079 
Less: net charge-offs758 848 429 
Pre-provision net revenue less net charge-offs$14,136 $26,529 $25,650 
Adjusted pre-provision net revenue$30,569 $28,837 $26,328 
Less: net charge-offs758 848 429 
Adjusted pre-provision net revenue less net charge-offs$29,811 $27,989 $25,899 
Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
Net interest income (tax-equivalent basis)
Net interest income$56,387 $50,543 $48,708 
Tax-equivalent adjustment (1)
649 558 545 
Net interest income (tax-equivalent basis) (1)
$57,036 $51,101 $49,253 
Net interest margin (tax-equivalent basis)
Net interest margin *4.20 %4.12 %4.12 %
Tax-equivalent adjustment * (1)
0.05 0.04 0.04 
Net interest margin (tax-equivalent basis) * (1)
4.25 %4.16 %4.16 %
Average interest-earning assets$5,444,413 $4,871,320 $4,798,021 
____________________________________
*Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.
Page 15
Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)
Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
Total noninterest expense$52,437 $33,061 $31,935 
Less: amortization of intangible assets887 643 695 
Noninterest expense excluding amortization of intangible assets51,550 32,418 31,240 
Less: adjustments to noninterest expense
Acquisition expenses15,666 999 — 
Expenses from closed or sold operations149 — — 
Total adjustments to noninterest expense15,815 999 — 
Adjusted noninterest expense$35,735 $31,419 $31,240 
Net interest income$56,387 $50,543 $48,708 
Total noninterest income10,944 9,895 9,306 
Operating revenue67,331 60,438 58,014 
Tax-equivalent adjustment (1)
649 558 545 
Operating revenue (tax-equivalent basis) (1)
67,980 60,996 58,559 
Less: adjustments to noninterest income
Revenue from closed or sold operations153 — — 
Gains (losses) on closed branch premises(210)— 59 
Realized gains (losses) on sales of securities— (151)— 
Mortgage servicing rights fair value adjustment197 (310)(308)
Total adjustments to noninterest income140 (461)(249)
Adjusted operating revenue (tax-equivalent basis) (1)
$67,840 $61,457 $58,808 
Efficiency ratio76.56 %53.64 %53.85 %
Efficiency ratio (tax-equivalent basis) (1)
75.83 53.15 53.35 
Adjusted efficiency ratio (tax-equivalent basis) (1)
52.68 51.12 53.12 
____________________________________
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.
Page 16
Reconciliation of Non-GAAP Financial Measures –
Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)March 31,
2026		December 31,
2025		March 31,
2025
Tangible Common Equity
Total stockholders' equity$747,405 $615,498 $565,057 
Less: Goodwill83,504 59,820 59,820 
Less: Intangible assets44,962 15,117 17,148 
Tangible common equity$618,939 $540,561 $488,089 
Tangible Assets
Total assets$6,773,724 $5,071,390 $5,092,192 
Less: Goodwill83,504 59,820 59,820 
Less: Intangible assets44,962 15,117 17,148 
Tangible assets$6,645,258 $4,996,453 $5,015,224 
Total stockholders' equity to total assets11.03 %12.14 %11.10 %
Tangible common equity to tangible assets9.31 10.82 9.73 
Shares of common stock outstanding36,381,078 31,431,924 31,631,431 
Book value per share$20.54 $19.58 $17.86 
Tangible book value per share17.01 17.20 15.43 
Reconciliation of Non-GAAP Financial Measures –
Return on Average Tangible Common Equity,
Adjusted Return on Average Stockholders' Equity and Adjusted Return on Average Tangible Common Equity
Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		March 31,
2025
Average Tangible Common Equity
Total stockholders' equity$670,567 $608,822 $554,715 
Less: Goodwill67,977 59,820 59,820 
Less: Intangible assets25,382 15,419 17,480 
Average tangible common equity$577,208 $533,583 $477,415 
Net income$11,200 $18,938 $19,075 
Adjusted net income22,610 20,139 19,253 
Return on average stockholders' equity *6.77 %12.34 %13.95 %
Return on average tangible common equity *7.87 14.08 16.20 
Adjusted return on average stockholders' equity *13.67 %13.12 %14.08 %
Adjusted return on average tangible common equity *15.89 14.97 16.36 
____________________________________
*Annualized measure.