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HBT Financial, Inc. Announces Fourth Quarter 2024 Financial Results

1. Net income of $20.3 million for Q4 2024, up from Q4 2023. 2. Adjusted net income increased to $19.5 million, suggesting stable operational success. 3. Nonperforming assets ratio remains low at 0.16%, indicating strong asset quality. 4. Quarterly cash dividend raised 10.5% to $0.21 per share, reflecting financial strength. 5. Total deposits grew to $4.32 billion, a positive sign for future growth.

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Why Bullish?

HBT's earnings growth and dividend increase are likely to enhance investor sentiment, akin to other financial stocks experiencing similar earnings boosts.

How important is it?

The financial performance and dividend increase are critical indicators for HBT's stability, which can influence stock valuations significantly.

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Positive news expected to impact stock price quickly due to market reactions and upcoming dividend payments.

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HBT
Fourth Quarter Highlights Net income of $20.3 million, or $0.64 per diluted share; return on average assets (“ROAA”) of 1.61%; return on average stockholders' equity (“ROAE”) of 14.89%; and return on average tangible common equity (“ROATCE”)(1) of 17.40%Adjusted net income(1) of $19.5 million; or $0.62 per diluted share; adjusted ROAA(1) of 1.56%; adjusted ROAE(1) of 14.36%; and adjusted ROATCE(1) of 16.77%Asset quality remained strong with nonperforming assets to total assets of 0.16% and net charge-offs to average loans of 0.08%, on an annualized basisNet interest margin and net interest margin (tax-equivalent basis)(1) nearly unchanged at 3.96% and 4.01%, respectively BLOOMINGTON, Ill., Jan. 22, 2025 (GLOBE NEWSWIRE) -- 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 $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024. This compares to net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024, and net income of $18.4 million, or $0.58 diluted earnings per share, for the fourth quarter of 2023. J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We ended 2024 with another quarter of strong earnings. Adjusted net income(1) of $19.5 million, or $0.62 per diluted share, increased from $19.2 million, or $0.61 per diluted share, in the third quarter of 2024. Underpinning this strong financial performance was our resilient net interest margin (tax equivalent basis)(1) of 4.01% for the fourth quarter of 2024, down only 2 basis points from the third quarter of 2024 despite the Federal Reserve cutting the federal funds target range by 100 basis points since September 18, 2024. Our strong earnings generated good returns with adjusted ROAA(1) of 1.56% and adjusted ROATCE(1) of 16.77% for the fourth quarter of 2024 and 1.50% and 17.19%, respectively, for the full year of 2024. Tangible book value per share(1) continued to increase during the quarter and has increased 14.7% during 2024. In addition to our strong earnings and profitability, our balance sheet remains strong with all capital ratios increasing during the fourth quarter of 2024. Finally, asset quality remains exceptional with nonperforming assets to total assets of 0.16% at December 31, 2024 and net charge-offs to average loans on an annualized basis of only 0.08% during the fourth quarter of 2024 and 0.05% for the full year of 2024. Looking ahead to 2025, we feel confident that our balance sheet is well positioned to absorb the market’s interest rate outlook, our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise, and our asset quality remains strong with no significant signs of stress in any specific sector.”____________________________________(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. 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, realized gains (losses) on sales of securities, mortgage servicing rights 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 $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024. This compares to adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024, and adjusted net income of $19.3 million, or $0.60 adjusted diluted earnings per share, for the fourth 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). Cash Dividend On January 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.21 per share on the Company’s common stock (the “Dividend”). The Dividend is payable on February 11, 2025 to shareholders of record as of February 4, 2025. This represents an increase of $0.02 from the previous quarterly dividend of $0.19 per share. Mr. Carter noted, “We are very pleased to announce that our strong financial performance and capital ratios have enabled us to further increase our quarterly cash dividend by $0.02 per share, or 10.5%, while maintaining more than sufficient capital to support the continued growth of the Company.” Net Interest Income and Net Interest Margin Net interest income for the fourth quarter of 2024 was $47.4 million, a decrease of 0.7% from $47.7 million for the third quarter of 2024. The decrease was primarily attributable to lower yields on loans and deposits with banks, driven by the recent cuts to short-term interest rates by the Federal Reserve, which were mostly offset by lower funding costs and higher yields on debt securities. Relative to the fourth quarter of 2023, net interest income increased 0.7% from $47.1 million. The increase was primarily attributable to improved interest-earning asset yields which were mostly offset by an increase in funding costs. Net interest margin for the fourth quarter of 2024 was 3.96%, compared to 3.98% for the third quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the fourth quarter of 2024 was 4.01%, compared to 4.03% for the third quarter of 2024. Lower loan yields, which decreased 13 basis points to 6.32%, were largely offset by a decrease in funding costs, with the cost of funds decreasing 8 basis points to 1.39%, and an increase in debt securities yields, which increased 9 basis points to 2.41%. Relative to the fourth quarter of 2023, net interest margin increased 3 basis points from 3.93% and net interest margin (tax-equivalent basis)(1) increased 2 basis points from 3.99%. These increases were primarily attributable to increases in interest-earning asset yields outpacing increases in funding costs.____________________________________(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 fourth quarter of 2024 was $11.6 million, an increase from $8.7 million for the third quarter of 2024. The increase was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results compared to a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results. Additionally, a $0.5 million increase in wealth management fees was primarily driven by an increase in farm real estate brokerage fees, and a $0.2 million increase in income on bank owned life insurance was primarily attributable to a $0.2 million gain on life insurance proceeds. Partially offsetting these increases was a $0.3 million loss on the sale of $2.4 million of debt securities during the fourth quarter of 2024. Relative to the fourth quarter of 2023, noninterest income increased 26.3% from $9.2 million. The increase was primarily attributable to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results compared to a $1.2 million negative MSR fair value adjustment included in the fourth quarter 2023 results. Noninterest Expense Noninterest expense for the fourth quarter of 2024 was $30.9 million, a 1.3% decrease from $31.3 million for the third quarter of 2024. The decrease was primarily attributable to a $0.5 million decrease in salaries, primarily driven by lower vacation accruals, and a $0.3 million decrease in employee benefits, primarily driven by lower medical benefits expense. Partially offsetting these decreases was a $0.4 million increase in data processing expense. Relative to the fourth quarter of 2023, noninterest expense increased 1.7% from $30.4 million. The increase was primarily attributable to a $0.4 million increase in data processing expense and a $0.3 million increase in occupancy expense, driven in part by planned building maintenance projects. These increases were partially offset by a $0.2 million decrease in marketing and customer relations expense. On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the year ended December 31, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023. (dollars in thousands) Year Ended December 31, 2023   PROVISION FOR CREDIT LOSSES $5,924NONINTEREST EXPENSE  Salaries  3,584Furniture and equipment  39Data processing  2,031Marketing and customer relations  24Loan collection and servicing  125Legal fees and other noninterest expense  1,964Total noninterest expense          7,767Total acquisition-related expenses $        13,691     Loan Portfolio Total loans outstanding, before allowance for credit losses, were $3.47 billion at December 31, 2024, compared with $3.37 billion at September 30, 2024, and $3.40 billion at December 31, 2023. The $96.3 million increase from September 30, 2024 was primarily attributable to new originations to recurring customers and higher usage on existing lines of credit in our commercial and industrial portfolio. Higher line usage in our commercial and industrial portfolio was driven in part by a $11.3 million seasonal increase in grain elevator line balances as well as $12.0 million drawn on two customers’ lines which were funded shortly before and paid off shortly after year-end. Deposits Total deposits were $4.32 billion at December 31, 2024, compared with $4.28 billion at September 30, 2024, and $4.40 billion at December 31, 2023. The $37.6 million increase from September 30, 2024 was primarily attributable to higher balances maintained in retail accounts and a $17.2 million increase in wealth management customer reciprocal deposits included in money market accounts. Partially offsetting these increases was a decrease in public funds and a $30.0 million decrease in brokered deposits due to planned repayment at scheduled maturity. Asset Quality Nonperforming loans totaled $7.7 million, or 0.22% of total loans, at December 31, 2024, compared with $8.2 million, or 0.24% of total loans, at September 30, 2024, and $7.9 million, or 0.23% of total loans, at December 31, 2023. Additionally, of the $7.7 million of nonperforming loans held as of December 31, 2024, $1.6 million is either wholly or partially guaranteed by the U.S. government. The $0.5 million decrease in nonperforming loans from September 30, 2024 was primarily attributable to a decrease in one-to-four family residential nonaccrual balances. The Company recorded a provision for credit losses of $0.7 million for the fourth quarter of 2024. The provision for credit losses primarily reflects a $1.5 million increase in required reserves driven by increased loan balances and changes within the portfolio; a $0.6 million decrease in required reserves resulting from changes in economic forecasts; and a $0.2 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 fourth quarter of 2024, compared to net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, and net charge-offs of $0.5 million, or 0.06% of average loans on an annualized basis, for the fourth quarter of 2023. The Company’s allowance for credit losses was 1.21% of total loans and 549% of nonperforming loans at December 31, 2024, compared with 1.22% of total loans and 499% of nonperforming loans at September 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.1 million as of December 31, 2024, compared with $4.1 million as of September 30, 2024. Capital As of December 31, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:   December 31, 2024 For CapitalAdequacy PurposesWith CapitalConservation Buffer     Total capital to risk-weighted assets 16.51% 10.50%Tier 1 capital to risk-weighted assets 14.50  8.50 Common equity tier 1 capital ratio 13.21  7.00 Tier 1 leverage ratio 11.51  4.00         The ratio of tangible common equity to tangible assets(1) increased to 9.42% as of December 31, 2024, from 9.35% as of September 30, 2024, and tangible book value per share(1) increased by $0.25 to $14.80 as of December 31, 2024, when compared to September 30, 2024. During the fourth quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors authorized a new stock repurchase program that took effect upon the expiration of the Company’s prior stock repurchase program on January 1, 2025. The new stock repurchase program will be in effect until January 1, 2026 and authorizes the Company to repurchase up to $15 million of its common stock.____________________________________(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. 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 December 31, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.5 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 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. 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 and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) 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 ongoing 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; (iv) new and revised 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; (v) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) changes in interest rates and prepayment rates of the Company’s assets; (vii) 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; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) 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; (x) the loss of key executives, talent shortages or employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) 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; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) 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; (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) 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; (ix) 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; (xx) the level of nonperforming assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) 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; (xxiii) the effectiveness of the Company’s risk management framework, and (xxiv) 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 ChapmanHBTIR@hbtbank.com (309) 664-4556 HBT Financial, Inc.Unaudited Consolidated Financial Summary   As of or for the Three Months Ended Year Ended December 31,(dollars in thousands, except per share data) December 31,2024 September 30,2024 December 31,2023  2024   2023 Interest and dividend income $62,798  $64,117  $61,411  $251,700  $228,999 Interest expense  15,397   16,384   14,327   62,850   37,927 Net interest income  47,401   47,733   47,084   188,850   191,072 Provision for credit losses  725   603   1,113   3,031   7,573 Net interest income after provision for credit losses  46,676   47,130   45,971   185,819   183,499 Noninterest income  11,630   8,705   9,205   35,571   36,046 Noninterest expense  30,908   31,322   30,387   124,007   130,964 Income before income tax expense  27,398   24,513   24,789   97,383   88,581 Income tax expense  7,126   6,333   6,343   25,603   22,739 Net income $20,272  $18,180  $18,446  $71,780  $65,842            Earnings per share - Diluted $0.64  $0.57  $0.58  $2.26  $2.07            Adjusted net income (1) $19,546  $19,244  $19,272  $75,002  $78,182 Adjusted earnings per share - Diluted (1)  0.62   0.61   0.60   2.37   2.46            Book value per share $17.26  $17.04  $15.44     Tangible book value per share (1)  14.80   14.55   12.90                Shares of common stock outstanding  31,559,366   31,559,366   31,695,828     Weighted average shares of common stock outstanding  31,559,366   31,559,366   31,708,381   31,590,117   31,626,308            SUMMARY RATIOS          Net interest margin *  3.96%  3.98%  3.93%  3.96%  4.09%Net interest margin (tax-equivalent basis) * (1)(2)  4.01   4.03   3.99   4.01   4.15            Efficiency ratio  51.16%  54.24%  52.70%  53.99%  56.49%Efficiency ratio (tax-equivalent basis) (1)(2)  50.68   53.71   52.09   53.46   55.81            Loan to deposit ratio  80.27%  78.72%  77.35%               Return on average assets *  1.61%  1.44%  1.46%  1.43%  1.34%Return on average stockholders' equity *  14.89   13.81   15.68   13.93   14.60 Return on average tangible common equity * (1)  17.40   16.25   18.96   16.45   17.63            Adjusted return on average assets * (1)  1.56%  1.53%  1.53%  1.50%  1.59%Adjusted return on average stockholders' equity * (1)  14.36   14.62   16.38   14.55   17.34 Adjusted return on average tangible common equity * (1)  16.77   17.20   19.81   17.19   20.94            CAPITAL          Total capital to risk-weighted assets  16.51%  16.54%  15.33%    Tier 1 capital to risk-weighted assets  14.50   14.48   13.42     Common equity tier 1 capital ratio  13.21   13.15   12.12     Tier 1 leverage ratio  11.51   11.16   10.49     Total stockholders' equity to total assets  10.82   10.77   9.65     Tangible common equity to tangible assets (1)  9.42   9.35   8.19                ASSET QUALITY          Net charge-offs (recoveries) to average loans *  0.08%  0.07%  0.06%  0.05%  0.01%Allowance for credit losses to loans, before allowance for credit losses  1.21   1.22   1.18     Nonperforming loans to loans, before allowance for credit losses  0.22   0.24   0.23     Nonperforming assets to total assets  0.16   0.17   0.17      ____________________________________ * 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.Unaudited Consolidated Financial SummaryConsolidated Statements of Income  Three Months Ended Year Ended December 31,(dollars in thousands, except per share data)December 31,2024 September 30,2024 December 31,2023  2024   2023 INTEREST AND DIVIDEND INCOME         Loans, including fees:         Taxable$52,587  $53,650  $52,060  $210,340  $191,008 Federally tax exempt 1,199   1,133   1,125   4,523   4,189 Debt securities:         Taxable 6,829   6,453   6,286   25,801   25,746 Federally tax exempt 482   502   888   2,102   4,225 Interest-bearing deposits in bank 1,520   2,230   786   8,272   3,020 Other interest and dividend income 181   149   266   662   811 Total interest and dividend income 62,798   64,117   61,411   251,700   228,999 INTEREST EXPENSE         Deposits 13,672   14,649   11,227   56,047   25,135 Securities sold under agreements to repurchase 179   134   148   594   255 Borrowings 115   119   1,534   480   7,128 Subordinated notes 470   470   470   1,879   1,879 Junior subordinated debentures issued to capital trusts 961   1,012   948   3,850   3,530 Total interest expense 15,397   16,384   14,327   62,850   37,927 Net interest income 47,401   47,733   47,084   188,850   191,072 PROVISION FOR CREDIT LOSSES 725   603   1,113   3,031   7,573 Net interest income after provision for credit losses 46,676   47,130   45,971   185,819   183,499 NONINTEREST INCOME         Card income 2,797   2,753   2,717   11,051   11,043 Wealth management fees 3,138   2,670   2,885   10,978   9,883 Service charges on deposit accounts 2,080   2,081   2,016   7,932   7,846 Mortgage servicing 1,158   1,113   1,156   4,437   4,678 Mortgage servicing rights fair value adjustment 1,331   (1,488)  (1,155)  (174)  (1,615)Gains on sale of mortgage loans 409   461   401   1,611   1,526 Realized gains (losses) on sales of securities (315)  —   —   (3,697)  (1,820)Unrealized gains (losses) on equity securities (83)  136   221   (59)  160 Gains (losses) on foreclosed assets 7   (44)  58   22   501 Gains (losses) on other assets 2   (2)  5   (635)  166 Income on bank owned life insurance 415   170   158   915   573 Other noninterest income 691   855   743   3,190   3,105 Total noninterest income 11,630   8,705   9,205   35,571   36,046 NONINTEREST EXPENSE         Salaries 15,784   16,325   15,738   65,130   67,453 Employee benefits 2,649   2,997   2,379   11,311   10,037 Occupancy of bank premises 2,773   2,695   2,458   10,293   9,918 Furniture and equipment 460   446   655   2,004   2,790 Data processing 2,998   2,640   2,565   11,169   12,352 Marketing and customer relations 948   1,380   1,169   4,320   5,043 Amortization of intangible assets 709   710   720   2,839   2,670 FDIC insurance 557   572   575   2,254   2,280 Loan collection and servicing 653   476   431   2,056   1,402 Foreclosed assets 31   19   17   109   251 Other noninterest expense 3,346   3,062   3,680   12,522   16,768 Total noninterest expense 30,908   31,322   30,387   124,007   130,964 INCOME BEFORE INCOME TAX EXPENSE 27,398   24,513   24,789   97,383   88,581 INCOME TAX EXPENSE 7,126   6,333   6,343   25,603   22,739 NET INCOME$20,272  $18,180  $18,446  $71,780  $65,842           EARNINGS PER SHARE - BASIC$0.64  $0.58  $0.58  $2.27  $2.08 EARNINGS PER SHARE - DILUTED$0.64  $0.57  $0.58  $2.26  $2.07 WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING 31,559,366   31,559,366   31,708,381   31,590,117   31,626,308                      HBT Financial, Inc.Unaudited Consolidated Financial SummaryConsolidated Balance Sheets (dollars in thousands)December 31,2024 September 30,2024 December 31,2023ASSETS     Cash and due from banks$29,552  $26,776  $26,256 Interest-bearing deposits with banks 108,140   152,895   114,996 Cash and cash equivalents 137,692   179,671   141,252       Interest-bearing time deposits with banks —   —   509 Debt securities available-for-sale, at fair value 698,049   710,303   759,461 Debt securities held-to-maturity 499,858   505,075   521,439 Equity securities with readily determinable fair value 3,315   3,364   3,360 Equity securities with no readily determinable fair value 2,629   2,638   2,505 Restricted stock, at cost 5,086   5,086   7,160 Loans held for sale 1,586   2,959   2,318       Loans, before allowance for credit losses 3,466,146   3,369,830   3,404,417 Allowance for credit losses (42,044)  (40,966)  (40,048)Loans, net of allowance for credit losses 3,424,102   3,328,864   3,364,369       Bank owned life insurance 23,989   24,405   23,905 Bank premises and equipment, net 66,758   65,919   65,150 Bank premises held for sale 317   317   — Foreclosed assets 367   376   852 Goodwill 59,820   59,820   59,820 Intangible assets, net 17,843   18,552   20,682 Mortgage servicing rights, at fair value 18,827   17,496   19,001 Investments in unconsolidated subsidiaries 1,614   1,614   1,614 Accrued interest receivable 24,770   24,160   24,534 Other assets 46,280   40,109   55,239 Total assets$5,032,902  $4,990,728  $5,073,170       LIABILITIES AND STOCKHOLDERS' EQUITY     Liabilities     Deposits:     Noninterest-bearing$1,046,405  $1,008,359  $1,072,407 Interest-bearing 3,271,849   3,272,341   3,329,030 Total deposits 4,318,254   4,280,700   4,401,437       Securities sold under agreements to repurchase 28,969   29,029   42,442 Federal Home Loan Bank advances 13,231   13,435   12,623 Subordinated notes 39,553   39,533   39,474 Junior subordinated debentures issued to capital trusts 52,849   52,834   52,789 Other liabilities 35,441   37,535   34,909 Total liabilities 4,488,297   4,453,066   4,583,674       Stockholders' Equity     Common stock 328   328   327 Surplus 297,297   296,810   295,877 Retained earnings 316,764   302,532   269,051 Accumulated other comprehensive income (loss) (46,765)  (38,989)  (57,163)Treasury stock at cost (23,019)  (23,019)  (18,596)Total stockholders’ equity 544,605   537,662   489,496 Total liabilities and stockholders’ equity$5,032,902  $4,990,728  $5,073,170 SHARES OF COMMON STOCK OUTSTANDING 31,559,366   31,559,366   31,695,828              HBT Financial, Inc.Unaudited Consolidated Financial Summary (dollars in thousands)December 31,2024 September 30,2024 December 31,2023      LOANS     Commercial and industrial$428,389 $395,598 $427,800Commercial real estate - owner occupied 322,316  288,838  295,842Commercial real estate - non-owner occupied 899,565  889,188  880,681Construction and land development 374,657  359,151  363,983Multi-family 431,524  432,712  417,923One-to-four family residential 463,968  472,040  491,508Agricultural and farmland 293,375  297,102  287,294Municipal, consumer, and other 252,352  235,201  239,386Total loans$3,466,146 $3,369,830 $3,404,417          (dollars in thousands)December 31,2024 September 30,2024 December 31,2023      DEPOSITS     Noninterest-bearing deposits$1,046,405 $1,008,359 $1,072,407Interest-bearing deposits:     Interest-bearing demand 1,099,061  1,076,445  1,145,092Money market 820,825  795,150  803,381Savings 566,533  566,783  608,424Time 785,430  803,964  627,253Brokered —  29,999  144,880Total interest-bearing deposits 3,271,849  3,272,341  3,329,030Total deposits$4,318,254 $4,280,700 $4,401,437          HBT Financial, Inc.Unaudited Consolidated Financial Summary  Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023(dollars in thousands)Average Balance Interest Yield/Cost * Average Balance Interest Yield/Cost * Average Balance Interest Yield/Cost *                  ASSETS                 Loans$3,387,541  $53,786 6.32% $3,379,299  $54,783 6.45% $3,374,451  $53,185 6.25%Debt securities 1,208,404   7,311 2.41   1,191,642   6,955 2.32   1,275,531   7,174 2.23 Deposits with banks 149,691   1,520 4.04   185,870   2,230 4.77   84,021   786 3.71 Other 12,698   181 5.68   12,660   149 4.68   14,747   266 7.16 Total interest-earning assets 4,758,334  $62,798 5.25%  4,769,471  $64,117 5.35%  4,748,750  $61,411 5.13%Allowance for credit losses (40,942)      (40,780)      (38,844)    Noninterest-earning assets 277,074       278,030       292,543     Total assets$4,994,466      $5,006,721      $5,002,449                       LIABILITIES AND STOCKHOLDERS' EQUITY                 Liabilities                 Interest-bearing deposits:                 Interest-bearing demand$1,088,082  $1,351 0.49% $1,085,609  $1,408 0.52% $1,140,438  $1,228 0.43%Money market 787,768   4,444 2.24   800,651   4,726 2.35   684,197   2,885 1.67 Savings 562,833   389 0.27   573,077   396 0.27   610,767   417 0.27 Time 796,494   7,439 3.72   804,379   7,702 3.81   599,293   4,773 3.16 Brokered 3,261   49 5.96   29,996   417 5.54   140,963   1,924 5.42 Total interest-bearing deposits 3,238,438   13,672 1.68   3,293,712   14,649 1.77   3,175,658   11,227 1.40 Securities sold under agreements to repurchase 31,624   179 2.26   29,426   134 1.80   34,282   148 1.71 Borrowings 13,370   115 3.42   13,691   119 3.47   114,220   1,534 5.33 Subordinated notes 39,543   470 4.73   39,524   470 4.73   39,464   470 4.72 Junior subordinated debentures issued to capital trusts 52,841   961 7.23   52,827   1,012 7.63   52,782   948 7.13 Total interest-bearing liabilities 3,375,816  $15,397 1.81%  3,429,180  $16,384 1.90%  3,416,406  $14,327 1.66%Noninterest-bearing deposits 1,041,471       1,013,893       1,081,795     Noninterest-bearing liabilities 35,644       39,903       37,440     Total liabilities 4,452,931       4,482,976       4,535,641     Stockholders' Equity 541,535       523,745       466,808     Total liabilities and stockholders’ equity$4,994,466      $5,006,721      $5,002,449                       Net interest income/Net interest margin (1)  $47,401 3.96%   $47,733 3.98%   $47,084 3.93%Tax-equivalent adjustment (2)   562 0.05     552 0.05     666 0.06 Net interest income (tax-equivalent basis)/Net interest margin (tax-equivalent basis) (2) (3)  $47,963 4.01%   $48,285 4.03%   $47,750 3.99%Net interest rate spread (4)    3.44%     3.45%     3.47%Net interest-earning assets (5)$1,382,518      $1,340,291      $1,332,344     Ratio of interest-earning assets to interest-bearing liabilities 1.41       1.39       1.39     Cost of total deposits    1.27%     1.35%     1.05%Cost of funds    1.39      1.47      1.26  ____________________________________ * 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.Unaudited Consolidated Financial Summary  Year Ended December 31, 2024 December 31, 2023(dollars in thousands)Average Balance Interest Yield/Cost Average Balance Interest Yield/Cost            ASSETS           Loans$3,378,059  $214,863 6.36% $3,231,736  $195,197 6.04%Debt securities 1,200,444   27,903 2.32   1,343,419   29,971 2.23 Deposits with banks 178,436   8,272 4.64   84,544   3,020 3.57 Other 12,732   662 5.20   15,326   811 5.29 Total interest-earning assets 4,769,671  $251,700 5.28%  4,675,025  $228,999 4.90%Allowance for credit losses (40,694)      (37,504)    Noninterest-earning assets 279,106       290,383     Total assets$5,008,083      $4,927,904                 LIABILITIES AND STOCKHOLDERS' EQUITY           Liabilities           Interest-bearing deposits:           Interest-bearing demand$1,106,136  $5,499 0.50% $1,188,680  $3,130 0.26%Money market 797,444   18,637 2.34   669,118   7,352 1.10 Savings 584,769   1,621 0.28   661,424   1,033 0.16 Time 757,456   28,183 3.72   481,466   10,784 2.24 Brokered 38,286   2,107 5.50   52,724   2,836 5.38 Total interest-bearing deposits 3,284,091   56,047 1.71   3,053,412   25,135 0.82 Securities sold under agreements to repurchase 30,984   594 1.92   35,450   255 0.72 Borrowings 13,383   480 3.59   139,817   7,128 5.10 Subordinated notes 39,514   1,879 4.75   39,434   1,879 4.76 Junior subordinated debentures issued to capital trusts 52,819   3,850 7.29   51,489   3,530 6.86 Total interest-bearing liabilities 3,420,791  $62,850 1.84%  3,319,602  $37,927 1.14%Noninterest-bearing deposits 1,033,811       1,113,300     Noninterest-bearing liabilities 38,113       44,074     Total liabilities 4,492,715       4,476,976     Stockholders' Equity 515,368       450,928     Total liabilities and stockholders’ equity$5,008,083       4,927,904                 Net interest income/Net interest margin (1)  $188,850 3.96%   $191,072 4.09%Tax-equivalent adjustment (2)   2,242 0.05     2,758 0.06 Net interest income (tax-equivalent basis)/Net interest margin (tax-equivalent basis) (2) (3)  $191,092 4.01%   $193,830 4.15%Net interest rate spread (4)    3.44%     3.76%Net interest-earning assets (5)$1,348,880      $1,355,423     Ratio of interest-earning assets to interest-bearing liabilities 1.39       1.41     Cost of total deposits    1.30%     0.60%Cost of funds    1.41      0.86  ____________________________________(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.Unaudited Consolidated Financial Summary (dollars in thousands)December 31,2024 September 30,2024 December 31,2023      NONPERFORMING ASSETS     Nonaccrual$7,652  $8,200  $7,820 Past due 90 days or more, still accruing 4   5   37 Total nonperforming loans 7,656   8,205   7,857 Foreclosed assets 367   376   852 Total nonperforming assets$8,023  $8,581  $8,709       Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$1,573  $2,046  $2,641       Allowance for credit losses$42,044  $40,966  $40,048 Loans, before allowance for credit losses 3,466,146   3,369,830   3,404,417       CREDIT QUALITY RATIOS     Allowance for credit losses to loans, before allowance for credit losses 1.21%  1.22%  1.18%Allowance for credit losses to nonaccrual loans 549.45   499.59   512.12 Allowance for credit losses to nonperforming loans 549.16   499.28   509.71 Nonaccrual loans to loans, before allowance for credit losses 0.22   0.24   0.23 Nonperforming loans to loans, before allowance for credit losses 0.22   0.24   0.23 Nonperforming assets to total assets 0.16   0.17   0.17 Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets 0.23   0.25   0.26               Three Months Ended Year Ended December 31,(dollars in thousands)December 31,2024 September 30,2024 December 31,2023  2024   2023           ALLOWANCE FOR CREDIT LOSSES         Beginning balance$40,966  $40,806  $38,863  $40,048  $25,333 Adoption of ASC 326 —   —   —   —   6,983 PCD allowance established in acquisition —   —   —   —   1,247 Provision for credit losses 1,771   746   1,661   3,754   6,665 Charge-offs (1,086)  (1,101)  (626)  (3,284)  (1,359)Recoveries 393   515   150   1,526   1,179 Ending balance$42,044  $40,966  $40,048  $42,044  $40,048           Net charge-offs$693  $586  $476  $1,758  $180 Average loans 3,387,541   3,379,299   3,374,451   3,378,059   3,231,736           Net charge-offs to average loans * 0.08%  0.07%  0.06%  0.05%  0.01% ____________________________________ * Annualized measure.  Three Months Ended Year Ended December 31,(dollars in thousands)December 31,2024 September 30,2024 December 31,2023  2024   2023          PROVISION FOR CREDIT LOSSES         Loans (1)$1,771  $746  $1,661  $3,754  $6,665Unfunded lending-related commitments (1) (1,046)  (143)  (548)  (723)  908Total provision for credit losses$725  $603  $1,113  $3,031  $7,573 ____________________________________(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.  Reconciliation of Non-GAAP Financial Measures –Adjusted Net Income and Adjusted Return on Average Assets   Three Months Ended Year Ended December 31,(dollars in thousands) December 31,2024 September 30,2024 December 31,2023  2024   2023            Net income $20,272  $18,180  $18,446  $71,780  $65,842 Less: adjustments          Acquisition expenses (1)  —   —   —   —   (13,691)Gains (losses) on closed branch premises  —   —   —   (635)  75 Realized gains (losses) on sales of securities  (315)  —   —   (3,697)  (1,820)Mortgage servicing rights fair value adjustment  1,331   (1,488)  (1,155)  (174)  (1,615)Total adjustments  1,016   (1,488)  (1,155)  (4,506)  (17,051)Tax effect of adjustments (2)  (290)  424   329   1,284   4,711 Total adjustments after tax effect  726   (1,064)  (826)  (3,222)  (12,340)Adjusted net income $19,546  $19,244  $19,272  $75,002  $78,182            Average assets $4,994,466  $5,006,721  $5,002,449  $5,008,083  $4,927,904            Return on average assets *  1.61%  1.44%  1.46%  1.43%  1.34%Adjusted return on average assets *  1.56   1.53   1.53   1.50   1.59  ____________________________________ * 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 Ended Year Ended December 31,(dollars in thousands, except per share amounts) December 31,2024 September 30,2024 December 31,2023  2024  2023            Numerator:          Net income $20,272 $18,180 $18,446  $71,780 $65,842 Earnings allocated to participating securities (1)  —  —  (10)  —  (36)Numerator for earnings per share - basic and diluted $20,272 $18,180 $18,436  $71,780 $65,806            Adjusted net income $19,546 $19,244 $19,272  $75,002 $78,182 Earnings allocated to participating securities (1)  —  —  (9)  —  (42)Numerator for adjusted earnings per share - basic and diluted $19,546 $19,244 $19,263  $75,002 $78,140            Denominator:          Weighted average common shares outstanding  31,559,366  31,559,366  31,708,381   31,590,117  31,626,308 Dilutive effect of outstanding restricted stock units  143,498  118,180  139,332   122,363  111,839 Weighted average common shares outstanding, including all dilutive potential shares  31,702,864  31,677,546  31,847,713   31,712,480  31,738,147            Earnings per share - Basic $0.64 $0.58 $0.58  $2.27 $2.08 Earnings per share - Diluted $0.64 $0.57 $0.58  $2.26 $2.07            Adjusted earnings per share - Basic $0.62 $0.61 $0.61  $2.37 $2.47 Adjusted earnings per share - Diluted $0.62 $0.61 $0.60  $2.37 $2.46  ____________________________________(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.  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 December 31, Year Ended December 31,(dollars in thousands) December 31,2024 September 30,2024 December 31,2023  2024   2023            Net interest income $47,401  $47,733  $47,084  $188,850  $191,072 Noninterest income  11,630   8,705   9,205   35,571   36,046 Noninterest expense  (30,908)  (31,322)  (30,387)  (124,007)  (130,964)Pre-provision net revenue  28,123   25,116   25,902   100,414   96,154 Less: adjustments          Acquisition expenses  —   —   —   —   (7,767)Gains (losses) on closed branch premises  —   —   —   (635)  75 Realized gains (losses) on sales of securities  (315)  —   —   (3,697)  (1,820)Mortgage servicing rights fair value adjustment  1,331   (1,488)  (1,155)  (174)  (1,615)Total adjustments  1,016   (1,488)  (1,155)  (4,506)  (11,127)Adjusted pre-provision net revenue $27,107  $26,604  $27,057  $104,920  $107,281            Pre-provision net revenue $28,123  $25,116  $25,902  $100,414  $96,154 Less: net charge-offs  693   586   476   1,758   180 Pre-provision net revenue less net charge-offs $27,430  $24,530  $25,426  $98,656  $95,974            Adjusted pre-provision net revenue $27,107  $26,604  $27,057  $104,920  $107,281 Less: net charge-offs  693   586   476   1,758   180 Adjusted pre-provision net revenue less net charge-offs $26,414  $26,018  $26,581  $103,162  $107,101                       Reconciliation of Non-GAAP Financial Measures – Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)   Three Months Ended Year Ended December 31,(dollars in thousands) December 31,2024 September 30,2024 December 31,2023  2024   2023            Net interest income (tax-equivalent basis)          Net interest income $47,401  $47,733  $47,084  $188,850  $191,072 Tax-equivalent adjustment (1)  562   552   666   2,242   2,758 Net interest income (tax-equivalent basis) (1) $47,963  $48,285  $47,750  $191,092  $193,830            Net interest margin (tax-equivalent basis)          Net interest margin *  3.96%  3.98%  3.93%  3.96%  4.09%Tax-equivalent adjustment * (1)  0.05   0.05   0.06   0.05   0.06 Net interest margin (tax-equivalent basis) * (1)  4.01%  4.03%  3.99%  4.01%  4.15%           Average interest-earning assets $4,758,334  $4,769,471  $4,748,750  $4,769,671  $4,675,025  ____________________________________ * 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) and Adjusted Efficiency Ratio (Tax-equivalent Basis)   Three Months Ended Year Ended December 31,(dollars in thousands) December 31,2024 September 30,2024 December 31,2023  2024   2023            Total noninterest expense $30,908  $31,322  $30,387  $124,007  $130,964 Less: amortization of intangible assets  709   710   720   2,839   2,670 Noninterest expense excluding amortization of intangible assets  30,199   30,612   29,667   121,168   128,294 Less: adjustments to noninterest expense          Acquisition expenses  —   —   —   —   7,767 Total adjustments to noninterest expense  —   —   —   —   7,767 Adjusted noninterest expense $30,199  $30,612  $29,667  $121,168  $120,527            Net interest income $47,401  $47,733  $47,084  $188,850  $191,072 Total noninterest income  11,630   8,705   9,205   35,571   36,046 Operating revenue  59,031   56,438   56,289   224,421   227,118 Tax-equivalent adjustment (1)  562   552   666   2,242   2,758 Operating revenue (tax-equivalent basis) (1)  59,593   56,990   56,955   226,663   229,876 Less: adjustments to noninterest income          Gains (losses) on closed branch premises  —   —   —   (635)  75 Realized gains (losses) on sales of securities  (315)  —   —   (3,697)  (1,820)Mortgage servicing rights fair value adjustment  1,331   (1,488)  (1,155)  (174)  (1,615)Total adjustments to noninterest income  1,016   (1,488)  (1,155)  (4,506)  (3,360)Adjusted operating revenue (tax-equivalent basis) (1) $58,577  $58,478  $58,110  $231,169  $233,236            Efficiency ratio  51.16%  54.24%  52.70%  53.99%  56.49%Efficiency ratio (tax-equivalent basis) (1)  50.68   53.71   52.09   53.46   55.81 Adjusted efficiency ratio (tax-equivalent basis) (1)  51.55   52.35   51.05   52.42   51.68  ____________________________________(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 – Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share (dollars in thousands, except per share data) December 31,2024 September 30,2024 December 31,2023       Tangible Common Equity      Total stockholders' equity $544,605  $537,662  $489,496 Less: Goodwill  59,820   59,820   59,820 Less: Intangible assets, net  17,843   18,552   20,682 Tangible common equity $466,942  $459,290  $408,994        Tangible Assets      Total assets $5,032,902  $4,990,728  $5,073,170 Less: Goodwill  59,820   59,820   59,820 Less: Intangible assets, net  17,843   18,552   20,682 Tangible assets $4,955,239  $4,912,356  $4,992,668        Total stockholders' equity to total assets  10.82%  10.77%  9.65%Tangible common equity to tangible assets  9.42   9.35   8.19        Shares of common stock outstanding  31,559,366   31,559,366   31,695,828        Book value per share $17.26  $17.04  $15.44 Tangible book value per share  14.80   14.55   12.90               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 Year Ended December 31,(dollars in thousands) December 31,2024 September 30,2024 December 31,2023  2024   2023            Average Tangible Common Equity          Total stockholders' equity $541,535  $523,745  $466,808  $515,368  $450,928 Less: Goodwill  59,820   59,820   59,820   59,820   57,266 Less: Intangible assets, net  18,170   18,892   21,060   19,247   20,272 Average tangible common equity $463,545  $445,033  $385,928  $436,301  $373,390            Net income $20,272  $18,180  $18,446  $71,780  $65,842 Adjusted net income  19,546   19,244   19,272   75,002   78,182            Return on average stockholders' equity *  14.89%  13.81%  15.68%  13.93%  14.60%Return on average tangible common equity *  17.40   16.25   18.96   16.45   17.63            Adjusted return on average stockholders' equity *  14.36%  14.62%  16.38%  14.55%  17.34%Adjusted return on average tangible common equity *  16.77   17.20   19.81   17.19   20.94  ____________________________________ * Annualized measure.

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