EX-99.1 2 hbt-20240630ex991.htm EX-99.1 Document

EXHIBIT 99.1
hbt-logo.jpg
HBT FINANCIAL, INC. ANNOUNCES
SECOND QUARTER 2024 FINANCIAL RESULTS
Second Quarter Highlights
•Net income of $18.1 million, or $0.57 per diluted share; return on average assets (“ROAA”) of 1.45%; return on average stockholders' equity (“ROAE”) of 14.48%; and return on average tangible common equity (“ROATCE”)(1) of 17.21%
•Adjusted net income(1) of $18.1 million; or $0.57 per diluted share; adjusted ROAA(1) of 1.45%; adjusted ROAE(1) of 14.54%; and adjusted ROATCE(1) of 17.27%
•Asset quality remained strong with nonperforming assets to total assets of 0.17%, close to a historic low
•Net interest margin and net interest margin (tax-equivalent basis)(1) increased slightly to 3.95% and 4.00%, respectively
Bloomington, IL, July 22, 2024 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024. This compares to net income of $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024, and net income of $18.5 million, or $0.58 diluted earnings per share, for the second quarter of 2023.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “On behalf of HBT Financial, I would like to first express my condolences to the George Drake family. George passed away on May 13th at the age of 97. He started his banking career just after World War II at the State Bank of Cornland, which had been founded by his father M.B. Drake, and he spent over 70 years in banking before retiring from our Board of Directors in 2019. He formed Heartland Bancorp, Inc. (now HBT Financial) in 1982 as one of the first multi-bank holding companies in Illinois. I had the pleasure of knowing George for 22 years and his kindness and wisdom impacted me. His leadership and vision established the foundation for our success today.
As for the second quarter, we delivered another set of very strong performance metrics with net income of $18.1 million, a ROAA of 1.45% and ROATCE(1) of 17.21%. In addition, our tangible book value per share of $13.64 has grown 17.8% over the past year. During the quarter, we saw solid loan growth of $39.5 million, or 4.7% on an annualized basis, as well as stability in our core deposit base. We have seen the continued repricing of our loan portfolio and tight management of deposit costs positively impact our net interest margin (tax-equivalent basis)(1) which expanded 1 basis point to 4.00% for the quarter.
While we continue to invest in our business, our costs were well controlled during the quarter as demonstrated by our efficiency ratio (tax-equivalent basis)(1) of 52.1%. Our loan portfolio is performing well with no apparent signs of concentrated stress in sub portfolios, such as office and retail commercial real estate, while nonperforming assets represented only 0.17% of total assets and net charge-offs were only 0.08% of average loans on an annualized basis for the quarter.”
____________________________________
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

HBT Financial, Inc.
Page 2
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, gains (losses) on closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024. This compares to adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the first quarter of 2024, and adjusted net income of $18.8 million, or $0.58 adjusted diluted earnings per share, for the second quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2024 was $47.0 million, a slight increase of 0.7% from $46.7 million for the first quarter of 2024. The slight increase was primarily attributable to improved asset yields and growth in interest-earning assets which were mostly offset by an increase in funding costs.
Relative to the second quarter of 2023, net interest income decreased 3.8% from $48.9 million. The decrease was primarily attributable to higher funding costs which were partially offset by higher asset yields and an increase in interest-earning assets.
Net interest margin for the second quarter of 2024 was 3.95%, compared to 3.94% for the first quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the second quarter of 2024 was 4.00%, compared to 3.99% for the first quarter of 2024. Higher yields on interest-earning assets, which increased by 5 basis points to 5.28%, were mostly offset by an increase in funding costs, with the cost of funds increasing by 5 basis points to 1.42%.
Relative to the second quarter of 2023, net interest margin decreased 21 basis points from 4.16% and net interest margin (tax-equivalent basis)(1) decreased 22 basis points from 4.22%. These decreases were primarily attributable to increases in funding costs outpacing increases in interest-earning asset yields.
____________________________________
(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 second quarter of 2024 was $9.6 million, an increase from $5.6 million for the first quarter of 2024. The increase was primarily attributable to the absence of $3.4 million of losses on sales of securities and $0.6 million of impairment losses related to the closure of two branches recognized during the first quarter of 2024. Additionally, seasonal changes in card income, which increased by $0.3 million, were mostly offset by a $0.2 million decrease in other noninterest income.
Relative to the second quarter of 2023, noninterest income decreased 3.1% from $9.9 million. The decrease was primarily attributable to a $0.2 million change in the mortgage servicing rights fair value adjustment and a $0.2 million decrease in other noninterest income. Partially offsetting these decreases was a $0.3 million increase in wealth management fees, driven by higher values of assets under management during the second quarter of 2024 relative to the second quarter of 2023.

HBT Financial, Inc.
Page 3
Noninterest Expense
Noninterest expense for the second quarter of 2024 was $30.5 million, a 2.4% decrease from $31.3 million for the first quarter of 2024. The decrease was primarily attributable to a $0.3 million decrease in salaries expense, which included higher vacation accruals and payroll taxes in the first quarter of 2024, a $0.3 million decrease in occupancy expense, and a $0.3 million decrease in data processing expense.
Relative to the second quarter of 2023, noninterest expense decreased 10.2% from $34.0 million. The decrease was primarily attributable to the absence of $0.8 million of legal fees and $0.8 million of accruals related to legal matters previously disclosed as well as the absence of $0.6 million of Town and Country Financial Corporation (“Town and Country”) acquisition-related expenses incurred during the second quarter of 2023. Additionally, the realization of planned cost reductions following the Town and Country core system conversion completed in April 2023 further contributed to the decrease in noninterest expense.
Acquisition-related expenses recognized during the three and six months ended June 30, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.
(dollars in thousands)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
PROVISION FOR CREDIT LOSSES$—$5,924 
NONINTEREST EXPENSE
Salaries663,584 
Furniture and equipment3939 
Data processing1762,031 
Marketing and customer relations1024 
Loan collection and servicing125125 
Legal fees and other noninterest expense2111,964 
Total noninterest expense6277,767
Total acquisition-related expenses$627$13,691
Income Taxes
During the second quarter of 2024, we recognized an additional $0.5 million of tax expense for a deferred tax asset write-down, primarily as a result of an Illinois tax change. This increased our effective tax rate to 27.6% during the second quarter of 2024 from 25.6% during the first quarter of 2024. We expect this write-down to be earned back over several years through reduced state tax expense.
Loan Portfolio
Total loans outstanding, before allowance for credit losses, were $3.39 billion at June 30, 2024, compared with $3.35 billion at March 31, 2024, and $3.24 billion at June 30, 2023. The $39.5 million increase from March 31, 2024 was primarily attributable to draws on existing construction projects and new construction loans to existing customers. In addition, growth in our municipal, consumer and other portfolio was primarily due to draws on an existing loan to a recurring borrower. The $8.4 million increase in multi-family loans was driven predominately by the completion of projects previously in the construction and land development category.
Deposits
Total deposits were $4.32 billion at June 30, 2024, compared with $4.36 billion at March 31, 2024, and $4.16 billion at June 30, 2023. The $41.9 million decrease from March 31, 2024 was primarily attributable to a $25.8 million decrease in brokered deposits and a $16.1 million decrease in higher cost reciprocal wealth management customer deposits included with money market deposits. Partially offsetting these decreases was a $31.1 million increase in time deposits from a State of Illinois loan matching program, a lower cost source of funding, which totaled $65.0 million as of June 30, 2024.

HBT Financial, Inc.
Page 4
Asset Quality
Nonperforming loans totaled $8.4 million, or 0.25% of total loans, at June 30, 2024, compared with $9.7 million, or 0.29% of total loans, at March 31, 2024, and $7.5 million, or 0.23% of total loans, at June 30, 2023. Additionally, of the $8.4 million of nonperforming loans held as of June 30, 2024, $2.1 million is either wholly or partially guaranteed by the U.S. government. The $1.2 million decrease in nonperforming loans from March 31, 2024 was primarily attributable to a $0.4 million reduction in nonaccrual one-to-four family residential loans as well as charge-offs.
The Company recorded a provision for credit losses of $1.2 million for the second quarter of 2024. The provision for credit losses primarily reflects a $0.9 million increase in required reserves resulting from changes in economic forecasts and a $0.9 million increase in required reserves driven by increased loan balances and changes within the loan portfolio which were mostly offset by a $0.7 million decrease in specific reserves.
The Company had net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, compared to net recoveries of $0.2 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2024, and net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the second quarter of 2023. During the second quarter of 2024, net charge-offs were primarily recognized in the commercial and industrial category, which had $0.5 million of net charge-offs, and the multi-family category, which had $0.2 million of net charge-offs.
The Company’s allowance for credit losses was 1.21% of total loans and 484% of nonperforming loans at June 30, 2024, compared with 1.22% of total loans and 423% of nonperforming loans at March 31, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $4.3 million as of June 30, 2024, compared with $3.8 million as of March 31, 2024.
Capital
As of June 30, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:
June 30, 2024
For Capital
Adequacy Purposes
With Capital
Conversation Buffer
Total capital to risk-weighted assets16.01 %10.50 %
Tier 1 capital to risk-weighted assets13.98 8.50 
Common equity tier 1 capital ratio12.66 7.00 
Tier 1 leverage ratio10.83 4.00 
The ratio of tangible common equity to tangible assets(1) increased to 8.74% as of June 30, 2024, from 8.40% as of March 31, 2024, and tangible book value per share(1) increased by $0.45 to $13.64 as of June 30, 2024, when compared to March 31, 2024.
During the second quarter of 2024, the Company repurchased 53,522 shares of its common stock at a weighted average price of $18.74 under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2025. As of June 30, 2024, the Company had $10.6 million remaining under the stock repurchase program.
____________________________________
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

HBT Financial, Inc.
Page 5
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 and eastern Iowa through 66 full-service branches. As of June 30, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 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 net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), ratio of tangible common equity to tangible assets, tangible book value per share, ROATCE, adjusted net income, adjusted earnings per share, adjusted ROAA, adjusted ROAE, 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. 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: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external 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; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks or as a result of the upcoming 2024 presidential election; (v) changes in interest rates and prepayment rates of the Company’s assets (including the effects of sustained, elevated interest rates); (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) 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; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw

HBT Financial, Inc.
Page 6
deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) 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

HBT Financial, Inc.
Page 7
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
As of or for the Three Months EndedSix Months Ended June 30,
(dollars in thousands, except per share data)June 30,
2024		March 31,
2024		June 30,
2023		20242023
Interest and dividend income$62,824 $61,961 $56,768 $124,785 $108,547 
Interest expense15,796 15,273 7,896 31,069 12,838 
Net interest income47,028 46,688 48,872 93,716 95,709 
Provision for credit losses1,176 527 (230)1,703 5,980 
Net interest income after provision for credit losses45,852 46,161 49,102 92,013 89,729 
Noninterest income9,610 5,626 9,914 15,236 17,351 
Noninterest expense30,509 31,268 33,973 61,777 69,906 
Income before income tax expense24,953 20,519 25,043 45,472 37,174 
Income tax expense6,883 5,261 6,570 12,144 9,493 
Net income$18,070 $15,258 $18,473 $33,328 $27,681 
Earnings per share - Diluted$0.57 $0.48 $0.58 $1.05 $0.88 
Adjusted net income (1)
$18,139 $18,073 $18,772 $36,212 $38,631 
Adjusted earnings per share - Diluted (1)
0.57 0.57 0.58 1.14 1.22 
Book value per share$16.14 $15.71 $14.15 
Tangible book value per share (1)
13.64 13.19 11.58 
Shares of common stock outstanding31,559,366 31,612,888 31,865,868 
Weighted average shares of common stock outstanding31,579,457 31,662,954 31,980,133 31,621,205 31,481,439 
SUMMARY RATIOS
Net interest margin *3.95 %3.94 %4.16 %3.95 %4.18 %
Net interest margin (tax-equivalent basis) * (1)(2)
4.00 3.99 4.22 3.99 4.24 
Efficiency ratio52.61 %58.41 %56.57 %55.40 %60.74 %
Efficiency ratio (tax-equivalent basis) (1)(2)
52.10 57.78 55.89 54.83 59.99 
Loan to deposit ratio78.39 %76.73 %77.91 %
Return on average assets *1.45 %1.23 %1.49 %1.34 %1.15 %
Return on average stockholders' equity *14.48 12.42 16.30 13.46 12.73 
Return on average tangible common equity * (1)
17.21 14.83 19.91 16.03 15.31 
Adjusted return on average assets * (1)
1.45 %1.45 %1.51 %1.45 %1.60 %
Adjusted return on average stockholders' equity * (1)
14.54 14.72 16.57 14.63 17.77 
Adjusted return on average tangible common equity * (1)
17.27 17.57 20.23 17.42 21.36 
CAPITAL
Total capital to risk-weighted assets16.01 %15.79 %15.03 %
Tier 1 capital to risk-weighted assets13.98 13.77 13.12 
Common equity tier 1 capital ratio12.66 12.44 11.78 
Tier 1 leverage ratio10.83 10.65 10.07 
Total stockholders' equity to total assets10.18 9.85 9.06 
Tangible common equity to tangible assets (1)
8.74 8.40 7.54 
ASSET QUALITY
Net charge-offs (recoveries) to average loans0.08 %(0.02)%(0.01)%0.03 %(0.01)%
Allowance for credit losses to loans, before allowance for credit losses1.21 1.22 1.17 
Nonperforming loans to loans, before allowance for credit losses0.25 0.29 0.23 
Nonperforming assets to total assets0.17 0.20 0.21 
____________________________________
*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%.

HBT Financial, Inc.
Page 8
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income
Three Months EndedSix Months Ended June 30,
(dollars in thousands, except per share data)June 30,
2024		March 31,
2024		June 30,
2023		20242023
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable$52,177 $51,926 $47,149 $104,103 $89,308 
Federally tax exempt1,097 1,094 1,040 2,191 1,992 
Securities:
Taxable6,386 6,250 6,518 12,636 13,134 
Federally tax exempt521 597 1,162 1,118 2,359 
Interest-bearing deposits in bank2,570 1,952 781 4,522 1,520 
Other interest and dividend income73 142 118 215 234 
Total interest and dividend income62,824 61,961 56,768 124,785 108,547 
INTEREST EXPENSE
Deposits14,133 13,593 4,323 27,726 6,697 
Securities sold under agreements to repurchase129 152 34 281 72 
Borrowings121 125 2,189 246 3,486 
Subordinated notes469 470 469 939 939 
Junior subordinated debentures issued to capital trusts944 933 881 1,877 1,644 
Total interest expense15,796 15,273 7,896 31,069 12,838 
Net interest income47,028 46,688 48,872 93,716 95,709 
PROVISION FOR CREDIT LOSSES1,176 527 (230)1,703 5,980 
Net interest income after provision for credit losses45,852 46,161 49,102 92,013 89,729 
NONINTEREST INCOME
Card income2,885 2,616 2,905 5,501 5,563 
Wealth management fees2,623 2,547 2,279 5,170 4,617 
Service charges on deposit accounts1,902 1,869 1,919 3,771 3,790 
Mortgage servicing1,111 1,055 1,254 2,166 2,353 
Mortgage servicing rights fair value adjustment(97)80 141 (17)(483)
Gains on sale of mortgage loans443 298 373 741 649 
Realized gains (losses) on sales of securities— (3,382)— (3,382)(1,007)
Unrealized gains (losses) on equity securities(96)(16)7 (112)(15)
Gains (losses) on foreclosed assets(28)87 (97)59 (107)
Gains (losses) on other assets— (635)109 (635)109 
Income on bank owned life insurance166 164 147 330 262 
Other noninterest income701 943 877 1,644 1,620 
Total noninterest income9,610 5,626 9,914 15,236 17,351 
NONINTEREST EXPENSE
Salaries16,364 16,657 16,660 33,021 36,071 
Employee benefits2,860 2,805 2,707 5,665 5,042 
Occupancy of bank premises2,243 2,582 2,785 4,825 4,887 
Furniture and equipment548 550 809 1,098 1,468 
Data processing2,606 2,925 2,883 5,531 7,206 
Marketing and customer relations996 996 1,359 1,992 2,195 
Amortization of intangible assets710 710 720 1,420 1,230 
FDIC insurance565 560 630 1,125 1,193 
Loan collection and servicing475 452 348 927 626 
Foreclosed assets10 49 97 59 158 
Other noninterest expense3,132 2,982 4,975 6,114 9,830 
Total noninterest expense30,509 31,268 33,973 61,777 69,906 
INCOME BEFORE INCOME TAX EXPENSE24,953 20,519 25,043 45,472 37,174 
INCOME TAX EXPENSE6,883 5,261 6,570 12,144 9,493 
NET INCOME$18,070 $15,258 $18,473 $33,328 $27,681 
EARNINGS PER SHARE - BASIC$0.57 $0.48 $0.58 $1.05 $0.88 
EARNINGS PER SHARE - DILUTED$0.57 $0.48 $0.58 $1.05 $0.88 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING31,579,45731,662,95431,980,13331,621,20531,481,439

HBT Financial, Inc.
Page 9
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023
ASSETS
Cash and due from banks$22,604 $19,989 $28,044 
Interest-bearing deposits with banks172,636 240,223 81,764 
Cash and cash equivalents195,240 260,212 109,808 
Interest-bearing time deposits with banks520 515 — 
Debt securities available-for-sale, at fair value669,055 669,020 822,788 
Debt securities held-to-maturity512,549 517,472 533,231 
Equity securities with readily determinable fair value3,228 3,324 3,152 
Equity securities with no readily determinable fair value2,613 2,622 2,275 
Restricted stock, at cost5,086 5,155 11,345 
Loans held for sale858 3,479 8,829 
Loans, before allowance for credit losses3,385,483 3,345,962 3,244,655 
Allowance for credit losses(40,806)(40,815)(37,814)
Loans, net of allowance for credit losses3,344,677 3,305,147 3,206,841 
Bank owned life insurance24,235 24,069 23,594 
Bank premises and equipment, net65,711 64,755 65,029 
Bank premises held for sale317 317 35 
Foreclosed assets320 277 3,080 
Goodwill59,820 59,820 59,876 
Intangible assets, net19,262 19,972 22,122 
Mortgage servicing rights, at fair value18,984 19,081 20,133 
Investments in unconsolidated subsidiaries1,614 1,614 1,614 
Accrued interest receivable22,425 23,117 19,900 
Other assets59,685 60,542 62,158 
Total assets$5,006,199 $5,040,510 $4,975,810 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing$1,045,697 $1,047,074 $1,125,823 
Interest-bearing3,272,996 3,313,500 3,038,700 
Total deposits4,318,693 4,360,574 4,164,523 
Securities sold under agreements to repurchase29,330 31,864 38,729 
Federal Home Loan Bank advances13,734 12,725 177,572 
Subordinated notes39,514 39,494 39,435 
Junior subordinated debentures issued to capital trusts52,819 52,804 52,760 
Other liabilities42,640 46,368 51,939 
Total liabilities4,496,730 4,543,829 4,524,958 
Stockholders' Equity
Common stock328 328 327 
Surplus296,430 296,054 294,875 
Retained earnings290,386 278,353 241,777 
Accumulated other comprehensive income (loss)(54,656)(56,048)(70,662)
Treasury stock at cost(23,019)(22,006)(15,465)
Total stockholders’ equity509,469 496,681 450,852 
Total liabilities and stockholders’ equity$5,006,199 $5,040,510 $4,975,810 
SHARES OF COMMON STOCK OUTSTANDING31,559,366 31,612,888 31,865,868 

HBT Financial, Inc.
Page 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023
LOANS
Commercial and industrial$400,276 $402,206 $385,768 
Commercial real estate - owner occupied289,992 294,967 303,522 
Commercial real estate - non-owner occupied889,193 890,251 882,598 
Construction and land development365,371 345,991 335,262 
Multi-family429,951 421,573 375,536 
One-to-four family residential484,335 485,948 482,442 
Agricultural and farmland285,822 287,205 259,858 
Municipal, consumer, and other240,543 217,821 219,669 
Total loans$3,385,483 $3,345,962 $3,244,655 
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023
DEPOSITS
Noninterest-bearing deposits$1,045,697 $1,047,074 $1,125,823 
Interest-bearing deposits:
Interest-bearing demand1,094,797 1,139,172 1,181,187 
Money market769,386 802,685 680,642 
Savings582,752 602,739 657,506 
Time796,069 713,142 468,355 
Brokered29,992 55,762 51,010 
Total interest-bearing deposits3,272,996 3,313,500 3,038,700 
Total deposits$4,318,693 $4,360,574 $4,164,523 


HBT Financial, Inc.
Page 11
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Three Months Ended
June 30, 2024March 31, 2024June 30, 2023
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,374,058 $53,274 6.35 %$3,371,219 $53,020 6.33 %$3,238,774 $48,189 5.97 %
Securities1,195,287 6,907 2.32 1,221,447 6,847 2.25 1,384,180 7,680 2.23 
Deposits with banks211,117 2,570 4.90 167,297 1,952 4.69 84,366 781 3.71 
Other5,096 73 5.80 5,486 142 10.40 8,577 118 5.52 
Total interest-earning assets4,785,558 $62,824 5.28 %4,765,449 $61,961 5.23 %4,715,897 $56,768 4.83 %
Allowance for credit losses(40,814)(40,238)(39,484)
Noninterest-earning assets283,103 278,253 299,622 
Total assets$5,027,847 $5,003,464 $4,976,035 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,123,592 $1,429 0.51 %$1,127,684 $1,311 0.47 %$1,224,285 $683 0.22 %
Money market788,744 4,670 2.38 812,684 4,797 2.37 674,200 1,506 0.90 
Savings592,312 393 0.27 611,224 443 0.29 687,014 189 0.11 
Time763,507 7,117 3.75 664,498 5,925 3.59 447,025 1,933 1.73 
Brokered38,213 524 5.51 82,150 1,117 5.47 1,451 12 3.44 
Total interest-bearing deposits3,306,368 14,133 1.72 3,298,240 13,593 1.66 3,033,975 4,323 0.57 
Securities sold under agreements to repurchase30,440 129 1.70 32,456 152 1.89 34,170 34 0.40 
Borrowings13,466 121 3.60 13,003 125 3.87 173,040 2,189 5.07 
Subordinated notes39,504 469 4.78 39,484 470 4.78 39,424 469 4.78 
Junior subordinated debentures issued to capital trusts52,812 944 7.18 52,796 933 7.11 52,752 881 6.70 
Total interest-bearing liabilities3,442,590 $15,796 1.85 %3,435,979 $15,273 1.79 %3,333,361 $7,896 0.95 %
Noninterest-bearing deposits1,043,614 1,036,402 1,145,089 
Noninterest-bearing liabilities39,806 37,107 43,080 
Total liabilities4,526,010 4,509,488 4,521,530 
Stockholders' Equity501,837 493,976 454,505 
Total liabilities and stockholders’ equity$5,027,847 $5,003,464 $4,976,035 
Net interest income/Net interest margin (1)
$47,028 3.95 %$46,688 3.94 %$48,872 4.16 %
Tax-equivalent adjustment (2)
553 0.05 575 0.05 715 0.06 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$47,581 4.00 %$47,263 3.99 %$49,587 4.22 %
Net interest rate spread (4)
3.43 %3.44 %3.88 %
Net interest-earning assets (5)
$1,342,968 $1,329,470 $1,382,536 
Ratio of interest-earning assets to interest-bearing liabilities1.391.391.41
Cost of total deposits1.31 %1.26 %0.41 %
Cost of funds1.42 1.37 0.71 
____________________________________
*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
Six Months Ended
June 30, 2024June 30, 2023
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,372,640 $106,294 6.34 %$3,126,173 $91,300 5.89 %
Securities1,208,367 13,754 2.29 1,397,821 15,493 2.24 
Deposits with banks189,207 4,522 4.81 88,343 1,520 3.47 
Other5,291 215 8.18 8,004 234 5.89 
Total interest-earning assets4,775,505 $124,785 5.25 %4,620,341 $108,547 4.74 %
Allowance for credit losses(40,526)(36,410)
Noninterest-earning assets280,676 287,314 
Total assets$5,015,655 $4,871,245 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,125,638 $2,740 0.49 %$1,227,447 $1,141 0.19 %
Money market800,714 9,467 2.38 654,514 2,441 0.75 
Savings601,768 836 0.28 698,375 367 0.11 
Time714,003 13,042 3.67 402,151 2,736 1.37 
Brokered60,181 1,641 5.48 729 12 3.44 
Total interest-bearing deposits3,302,304 27,726 1.69 2,983,216 6,697 0.45 
Securities sold under agreements to repurchase31,448 281 1.80 36,879 72 0.39 
Borrowings13,235 246 3.73 143,632 3,486 4.89 
Subordinated notes39,494 939 4.78 39,414 939 4.81 
Junior subordinated debentures issued to capital trusts52,804 1,877 7.15 50,183 1,644 6.61 
Total interest-bearing liabilities3,439,285 $31,069 1.82 %3,253,324 $12,838 0.80 %
Noninterest-bearing deposits1,040,007 1,133,292 
Noninterest-bearing liabilities38,457 46,181 
Total liabilities4,517,749 4,432,797 
Stockholders' Equity497,906 438,448 
Total liabilities and stockholders’ equity$5,015,655 4,871,245 
Net interest income/Net interest margin (1)
$93,716 3.95 %$95,709 4.18 %
Tax-equivalent adjustment (2)
1,128 0.04 1,417 0.06 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$94,844 3.99 %$97,126 4.24 %
Net interest rate spread (4)
3.43 %3.94 %
Net interest-earning assets (5)
$1,336,220 $1,367,017 
Ratio of interest-earning assets to interest-bearing liabilities1.391.42
Cost of total deposits1.28 %0.33 %
Cost of funds1.39 0.59 
____________________________________
*    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 13
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023
NONPERFORMING ASSETS
Nonaccrual$8,425 $9,657 $7,534 
Past due 90 days or more, still accruing7 — 1 
Total nonperforming loans8,432 9,657 7,535 
Foreclosed assets320 277 3,080 
Total nonperforming assets$8,752 $9,934 $10,615 
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$2,132 $2,676 $2,332 
Allowance for credit losses$40,806 $40,815 $37,814 
Loans, before allowance for credit losses3,385,483 3,345,962 3,244,655 
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses1.21 %1.22 %1.17 %
Allowance for credit losses to nonaccrual loans484.34 422.65 501.91 
Allowance for credit losses to nonperforming loans483.94 422.65 501.84 
Nonaccrual loans to loans, before allowance for credit losses0.25 0.29 0.23 
Nonperforming loans to loans, before allowance for credit losses0.25 0.29 0.23 
Nonperforming assets to total assets0.17 0.20 0.21 
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets0.26 0.30 0.33 


HBT Financial, Inc.
Page 14
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023		20242023
ALLOWANCE FOR CREDIT LOSSES
Beginning balance$40,815 $40,048 $38,776 $40,048 $25,333 
Adoption of ASC 326— — — — 6,983 
PCD allowance established in acquisition— — — — 1,247 
Provision for credit losses677 560 (1,080)1,237 4,021 
Charge-offs(870)(227)(179)(1,097)(321)
Recoveries184 434 297 618 551 
Ending balance$40,806 $40,815 $37,814 $40,806 $37,814 
Net charge-offs (recoveries)$686 $(207)$(118)$479 $(230)
Average loans3,374,058 3,371,219 3,238,774 3,372,640 3,126,173 
Net charge-offs (recoveries) to average loans *0.08 %(0.02)%(0.01)%0.03 %(0.01)%
____________________________________
*Annualized measure.
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023		20242023
PROVISION FOR CREDIT LOSSES
Loans (1)
$677 $560 $(1,080)$1,237 $4,021 
Unfunded lending-related commitments (1)
499 (33)650 466 1,159 
Debt securities— — 200 — 800 
Total provision for credit losses$1,176 $527 $(230)$1,703 $5,980 
____________________________________
(1)Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.

HBT Financial, Inc.
Page 15
Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023		20242023
Net income$18,070 $15,258 $18,473 $33,328 $27,681 
Adjustments:
Acquisition expenses (1)
— — (627)— (13,691)
Gains (losses) on closed branch premises— (635)75 (635)75 
Realized gains (losses) on sales of securities— (3,382)— (3,382)(1,007)
Mortgage servicing rights fair value adjustment(97)80 141 (17)(483)
Total adjustments(97)(3,937)(411)(4,034)(15,106)
Tax effect of adjustments (2)
28 1,122 112 1,150 4,156 
Total adjustments after tax effect(69)(2,815)(299)(2,884)(10,950)
Adjusted net income$18,139 $18,073 $18,772 $36,212 $38,631 
Average assets$5,027,847 $5,003,464 $4,976,035 $5,015,655 $4,871,245 
Return on average assets *1.45 %1.23 %1.49 %1.34 %1.15 %
Adjusted return on average assets *1.45 1.45 1.51 1.45 1.60 
____________________________________
*Annualized measure.
(1)Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
(2)Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share — Basic and Diluted
Three Months EndedSix Months Ended June 30,
(dollars in thousands, except per share amounts)June 30,
2024		March 31,
2024		June 30,
2023		20242023
Numerator:
Net income$18,070 $15,258 $18,473 $33,328 $27,681 
Earnings allocated to participating securities (1)
— — (11)— (16)
Numerator for earnings per share - basic and diluted$18,070 $15,258 $18,462 $33,328 $27,665 
Adjusted net income$18,139 $18,073 $18,772 $36,212 $38,631 
Earnings allocated to participating securities (1)
— — (10)— (23)
Numerator for adjusted earnings per share - basic and diluted$18,139 $18,073 $18,762 $36,212 $38,608 
Denominator:
Weighted average common shares outstanding31,579,45731,662,95431,980,13331,621,20531,481,439
Dilutive effect of outstanding restricted stock units87,354140,23399,850113,79484,981
Weighted average common shares outstanding, including all dilutive potential shares31,666,81131,803,18732,079,98331,734,99931,566,420
Earnings per share - Basic$0.57 $0.48 $0.58 $1.05 $0.88 
Earnings per share - Diluted$0.57 $0.48 $0.58 $1.05 $0.88 
Adjusted earnings per share - Basic$0.57 $0.57 $0.59 $1.15 $1.23 
Adjusted earnings per share - Diluted$0.57 $0.57 $0.58 $1.14 $1.22 
____________________________________
(1)The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

HBT Financial, Inc.
Page 16
Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023		20242023
Net interest income (tax-equivalent basis)
Net interest income$47,028 $46,688 $48,872 $93,716 $95,709 
Tax-equivalent adjustment (1)
553 575 715 1,128 1,417 
Net interest income (tax-equivalent basis) (1)
$47,581 $47,263 $49,587 $94,844 $97,126 
Net interest margin (tax-equivalent basis)
Net interest margin *3.95 %3.94 %4.16 %3.95 %4.18 %
Tax-equivalent adjustment * (1)
0.05 0.05 0.06 0.04 0.06 
Net interest margin (tax-equivalent basis) * (1)
4.00 %3.99 %4.22 %3.99 %4.24 %
Average interest-earning assets$4,785,558 $4,765,449 $4,715,897 $4,775,505 $4,620,341 
____________________________________
*Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis)
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023		20242023
Efficiency ratio (tax-equivalent basis)
Total noninterest expense$30,509 $31,268 $33,973 $61,777 $69,906 
Less: amortization of intangible assets710 710 720 1,420 1,230 
Noninterest expense excluding amortization of intangible assets$29,799 $30,558 $33,253 $60,357 $68,676 
Net interest income$47,028 $46,688 $48,872 $93,716 $95,709 
Total noninterest income9,610 5,626 9,914 15,236 17,351 
Operating revenue56,638 52,314 58,786 108,952 113,060 
Tax-equivalent adjustment (1)
553 575 715 1,128 1,417 
Operating revenue (tax-equivalent basis) (1)
$57,191 $52,889 $59,501 $110,080 $114,477 
Efficiency ratio52.61 %58.41 %56.57 %55.40 %60.74 %
Efficiency ratio (tax-equivalent basis) (1)
52.10 57.78 55.89 54.83 59.99 
____________________________________
(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 17
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)June 30,
2024		March 31,
2024		June 30,
2023
Tangible Common Equity
Total stockholders' equity$509,469 $496,681 $450,852 
Less: Goodwill59,820 59,820 59,876 
Less: Intangible assets, net19,262 19,972 22,122 
Tangible common equity$430,387 $416,889 $368,854 
Tangible Assets
Total assets$5,006,199 $5,040,510 $4,975,810 
Less: Goodwill59,820 59,820 59,876 
Less: Intangible assets, net19,262 19,972 22,122 
Tangible assets$4,927,117 $4,960,718 $4,893,812 
Total stockholders' equity to total assets10.18 %9.85 %9.06 %
Tangible common equity to tangible assets8.74 8.40 7.54 
Shares of common stock outstanding31,559,366 31,612,888 31,865,868 
Book value per share$16.14 $15.71 $14.15 
Tangible book value per share13.64 13.19 11.58 
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 EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2024		March 31,
2024		June 30,
2023		20242023
Average Tangible Common Equity
Total stockholders' equity$501,837 $493,976 $454,505 $497,906 $438,448 
Less: Goodwill59,820 59,820 59,876 59,820 54,643 
Less: Intangible assets, net19,605 20,334 22,520 19,970 19,097 
Average tangible common equity$422,412 $413,822 $372,109 $418,116 $364,708 
Net income$18,070 $15,258 $18,473 $33,328 $27,681 
Adjusted net income18,139 18,073 18,772 36,212 38,631 
Return on average stockholders' equity *14.48 %12.42 %16.30 %13.46 %12.73 %
Return on average tangible common equity *17.21 14.83 19.91 16.03 15.31 
Adjusted return on average stockholders' equity *14.54 %14.72 %16.57 %14.63 %17.77 %
Adjusted return on average tangible common equity *17.27 17.57 20.23 17.42 21.36 
____________________________________
*Annualized measure.