HBT Financial, Inc. Announces Second Quarter 2025 Financial Results

Second Quarter Highlights Net income of $19.2 million, or $0.61 per diluted share; return on average assets (“ROAA”) of 1.53%; return on average stockholders' equity (“ROAE”) of 13.47%; and return on average tangible common equity (“ROATCE”)(1) of 15.55%Adjusted net income(1) of $19.8 million; or $0.63 per diluted share; adjusted ROAA(1) of 1.58%; adjusted ROAE(1) of 13.87%; and adjusted ROATCE(1) of 16.02%Asset quality remained strong with nonperforming assets to total assets of 0.13% and net charge-offs to average loans of 0.12%, on an annualized basisNet interest margin increased 2 basis points to 4.14% and net interest margin (tax-equivalent basis)(1) increased 3 basis points to 4.19% BLOOMINGTON, Ill., July 21, 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 $19.2 million, or $0.61 diluted earnings per share, for the second quarter of 2025. This compares to net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025, and net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024. J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “During the second quarter of 2025, our team continued to deliver consistently strong earnings with adjusted net income(1) of $19.8 million, or $0.63 per diluted share. This was driven by an increase in adjusted pre-provision net revenue(1) of 5.2%, compared to the first quarter of 2025. Adjusted ROAA(1) was 1.58% and adjusted ROATCE(1) was 16.02% for the second quarter while our net interest margin on a tax equivalent basis(1) increased 3 basis points to 4.19%. Our strong profitability coupled with an improvement in our accumulated other comprehensive income due to lower interest rates resulted in a $0.59 increase in our tangible book value per share(1) to $16.02, an increase of 3.8% for the quarter and 17.4% over the last 12 months. Our balance sheet remains strong as all capital ratios increased during the quarter and asset quality remained stable with nonperforming assets to total assets of only 0.13%. We saw a decrease in loans during the quarter as seasonal paydowns on grain elevator lines of credit caused a decrease in commercial and industrial loans and a higher amount of property sales caused higher payoffs in several other portfolios. We expect to see loan growth return in the third quarter of 2025 due to higher loan pipelines at the end of the second quarter than at the end of the first quarter and fewer payoffs projected. Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic and interest rate environments. Our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise.”____________________________________(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, 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 $19.8 million, or $0.63 adjusted diluted earnings per share, for the second quarter of 2025. This compares to adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025, and adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024 (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 2025 was $49.7 million, an increase of 2.0% from $48.7 million for the first quarter of 2025. The increase was primarily attributable to improved yields on debt securities and lower funding costs which were partially offset by a decrease in average loan balances. Relative to the second quarter of 2024, net interest income increased 5.6% from $47.0 million. The increase was primarily attributable to lower funding costs, improved yields on debt securities, and higher average loan balances. Additionally, a $0.5 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income. Net interest margin for the second quarter of 2025 was 4.14%, compared to 4.12% for the first quarter of 2025, and net interest margin (tax-equivalent basis)(1) for the second quarter of 2025 was 4.19%, compared to 4.16% for the first quarter of 2025. The increase was primarily attributable to improved yields on debt securities, which increased 11 basis points to 2.60%, and lower funding costs, which decreased 3 basis points to 1.29%. Relative to the second quarter of 2024, net interest margin increased 19 basis points from 3.95% and net interest margin (tax-equivalent basis)(1) increased 19 basis points from 4.00%. The increase was primarily attributable to lower funding costs, higher yields on interest-earning assets, and an increase in nonaccrual interest recoveries and loan fees. The increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 4 basis points of the increase in net interest margin.____________________________________(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 2025 was $9.1 million, a 1.8% decrease from $9.3 million for the first quarter of 2025. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $0.8 million negative MSR fair value adjustment included in the second quarter 2025 results compared to a $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results. Partially offsetting this decrease were seasonal increases in card income of $0.2 million and gains on sale of mortgage loans of $0.2 million. Relative to the second quarter of 2024, noninterest income decreased 4.9% from $9.6 million. The decrease was primarily attributable to changes in the MSR fair value adjustment, with a $0.8 million negative MSR fair value adjustment included in the second quarter 2025 results compared to a $0.1 million negative MSR fair value adjustment included in the second quarter 2024 results. Partially offsetting the decrease was a $0.2 million increase in wealth management fees. Noninterest Expense Noninterest expense for the second quarter of 2025 was $31.9 million, nearly unchanged from the first quarter of 2025. A $0.6 million decrease in salaries expense, which was impacted by seasonal variations in vacation accruals, was largely offset by a $0.4 million increase in other noninterest expense and a $0.3 million increase in employee benefits expense, primarily driven by higher medical benefit costs. Relative to the second quarter of 2024, noninterest expense increased 4.6% from $30.5 million. The increase was primarily attributable to a $0.7 million increase in employee benefits expense, primarily driven by higher medical benefit costs, a $0.3 million increase in other noninterest expense, and a $0.2 million increase in bank occupancy expense, primarily due to planned building maintenance and upgrades. Income Taxes During the second quarter of 2025 our effective tax rate increased to 27.0% when compared to 25.2% during the first quarter of 2025. This increase was primarily related to $0.3 million of additional tax expense related to the nonrecurring reversal of a stranded tax effect included in accumulated other comprehensive income, in connection with the maturity of a derivative designated as a cash flow hedge during the second quarter of 2025. Additionally, the first quarter of 2025 included a $0.2 million tax benefit from stock-based compensation that vested during the quarter. Loan Portfolio Total loans outstanding, before allowance for credit losses, were $3.35 billion at June 30, 2025, compared with $3.46 billion at March 31, 2025, and $3.39 billion at June 30, 2024. The $113.6 million decrease from March 31, 2025 was primarily attributable to $72.0 million of paydowns from property sales, a seasonal reduction of $25.1 million in grain elevator lines of credit included in the commercial and industrial segment, and additional payoffs across other segments. These reductions were partially offset by draws on existing loans in the construction and development segment and new originations to existing customers. Additionally, increases in the multi-family and commercial real estate – non-owner occupied segments were primarily due to completed projects being moved out of the construction and land development category. Deposits Total deposits were $4.31 billion at June 30, 2025, compared with $4.38 billion at March 31, 2025, and $4.32 billion at June 30, 2024. The $78.1 million decrease from March 31, 2025 was primarily attributable to higher outflows for tax payments by depositors and lower balances maintained in existing retail accounts which were partially offset by higher public funds balances. Asset Quality Nonperforming assets totaled $6.5 million, or 0.13% of total assets, at June 30, 2025, compared with $5.6 million, or 0.11% of total assets, at March 31, 2025, and $8.8 million, or 0.17% of total assets, at June 30, 2024. Additionally, of the $5.6 million of nonperforming loans held as of June 30, 2025, $1.9 million were either wholly or partially guaranteed by the U.S. government. The $0.9 million increase in nonperforming assets from March 31, 2025 was primarily attributable to higher nonperforming loan balances in the commercial and industrial and the construction and land development segments. The Company recorded a provision for credit losses of $0.5 million for the second quarter of 2025. The provision for credit losses primarily reflects a $1.0 million increase in required reserves driven by changes in the economic forecast; a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $1.2 million decrease in required reserves driven by changes within the portfolio; and a $0.1 million decrease in specific reserves.The Company had net charge-offs of $1.0 million, or 0.12% of average loans on an annualized basis, for the second quarter of 2025, compared to net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025, and net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024. Charge-offs during second quarter of 2025 were primarily recognized in the commercial and industrial and one-to-four family residential segments. The Company’s allowance for credit losses was 1.24% of total loans and 741% of nonperforming loans at June 30, 2025, compared with 1.22% of total loans and 825% of nonperforming loans at March 31, 2025. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.1 million as of June 30, 2025, compared with $3.2 million as of March 31, 2025. Capital As of June 30, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table: June 30, 2025 For CapitalAdequacy PurposesWith CapitalConservation Buffer Total capital to risk-weighted assets 17.74% 10.50%Tier 1 capital to risk-weighted assets 15.60 8.50 Common equity tier 1 capital ratio 14.26 7.00 Tier 1 leverage ratio 11.86 4.00 The ratio of tangible common equity to tangible assets(1) increased to 10.21% as of June 30, 2025, from 9.73% as of March 31, 2025, and tangible book value per share(1) increased by $0.59 to $16.02 as of June 30, 2025, when compared to March 31, 2025. During the second quarter of 2025, the Company repurchased 135,997 shares of its common stock at a weighted average price of $21.30 under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of June 30, 2025, the Company had $12.1 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. 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, 2025, HBT Financial had total assets of $5.0 billion, total loans of $3.3 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 threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy 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 banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to bank failures; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) 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; (ix) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (x) 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; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) 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; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) 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; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) 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; (xx) 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; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) 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; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) 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 Six Months Ended June 30,(dollars in thousands, except per share data) June 30,2025 March 31,2025 June 30,2024 2025 2024 Interest and dividend income $63,919 $63,138 $62,824 $127,057 $124,785 Interest expense 14,261 14,430 15,796 28,691 31,069 Net interest income 49,658 48,708 47,028 98,366 93,716 Provision for credit losses 526 576 1,176 1,102 1,703 Net interest income after provision for credit losses 49,132 48,132 45,852 97,264 92,013 Noninterest income 9,140 9,306 9,610 18,446 15,236 Noninterest expense 31,914 31,935 30,509 63,849 61,777 Income before income tax expense 26,358 25,503 24,953 51,861 45,472 Income tax expense 7,128 6,428 6,883 13,556 12,144 Net income $19,230 $19,075 $18,070 $38,305 $33,328 Earnings per share - diluted $0.61 $0.60 $0.57 $1.21 $1.05 Adjusted net income (1) $19,803 $19,253 $18,139 $39,056 $36,212 Adjusted earnings per share - diluted (1) 0.63 0.61 0.57 1.23 1.14 Book value per share $18.44 $17.86 $16.14 Tangible book value per share (1) 16.02 15.43 13.64 Shares of common stock outstanding 31,495,434 31,631,431 31,559,366 Weighted average shares of common stock outstanding, including all dilutive potential shares 31,588,541 31,711,671 31,666,811 31,649,766 31,734,999 SUMMARY RATIOS Net interest margin * 4.14% 4.12% 3.95% 4.13% 3.95%Net interest margin (tax-equivalent basis) * (1)(2) 4.19 4.16 4.00 4.18 3.99 Efficiency ratio 53.10% 53.85% 52.61% 53.47% 55.40%Efficiency ratio (tax-equivalent basis) (1)(2) 52.61 53.35 52.10 52.97 54.83 Loan to deposit ratio 77.75% 78.95% 78.39% Return on average assets * 1.53% 1.54% 1.45% 1.53% 1.34%Return on average stockholders' equity * 13.47 13.95 14.48 13.70 13.46 Return on average tangible common equity * (1) 15.55 16.20 17.21 15.87 16.03 Adjusted return on average assets * (1) 1.58% 1.55% 1.45% 1.56% 1.45%Adjusted return on average stockholders' equity * (1) 13.87 14.08 14.54 13.97 14.63 Adjusted return on average tangible common equity * (1) 16.02 16.36 17.27 16.18 17.42 CAPITAL Total capital to risk-weighted assets 17.74% 16.85% 16.01% Tier 1 capital to risk-weighted assets 15.60 14.77 13.98 Common equity tier 1 capital ratio 14.26 13.48 12.66 Tier 1 leverage ratio 11.86 11.64 10.83 Total stockholders' equity to total assets 11.58 11.10 10.18 Tangible common equity to tangible assets (1) 10.21 9.73 8.74 ASSET QUALITY Net charge-offs (recoveries) to average loans * 0.12% 0.05% 0.08% 0.09% 0.03%Allowance for credit losses to loans, before allowance for credit losses 1.24 1.22 1.21 Nonperforming loans to loans, before allowance for credit losses 0.17 0.15 0.25 Nonperforming assets to total assets 0.13 0.11 0.17 ____________________________________ (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 Six Months Ended June 30,(dollars in thousands, except per share data)June 30,2025 March 31,2025 June 30,2024 2025 2024 INTEREST AND DIVIDEND INCOME Loans, including fees: Taxable$53,156 $53,369 $52,177 $106,525 $104,103 Federally tax exempt 1,215 1,168 1,097 2,383 2,191 Debt securities: Taxable 7,434 6,936 6,315 14,370 12,519 Federally tax exempt 457 469 521 926 1,118 Interest-bearing deposits in bank 1,544 1,065 2,570 2,609 4,522 Other interest and dividend income 113 131 144 244 332 Total interest and dividend income 63,919 63,138 62,824 127,057 124,785 INTEREST EXPENSE Deposits 12,835 12,939 14,133 25,774 27,726 Securities sold under agreements to repurchase — 22 129 22 281 Borrowings 30 109 121 139 246 Subordinated notes 469 470 469 939 939 Junior subordinated debentures issued to capital trusts 927 890 944 1,817 1,877 Total interest expense 14,261 14,430 15,796 28,691 31,069 Net interest income 49,658 48,708 47,028 98,366 93,716 PROVISION FOR CREDIT LOSSES 526 576 1,176 1,102 1,703 Net interest income after provision for credit losses 49,132 48,132 45,852 97,264 92,013 NONINTEREST INCOME Card income 2,797 2,548 2,885 5,345 5,501 Wealth management fees 2,826 2,841 2,623 5,667 5,170 Service charges on deposit accounts 1,915 1,944 1,902 3,859 3,771 Mortgage servicing 1,042 990 1,111 2,032 2,166 Mortgage servicing rights fair value adjustment (751) (308) (97) (1,059) (17)Gains on sale of mortgage loans 459 252 443 711 741 Realized gains (losses) on sales of securities — — — — (3,382)Unrealized gains (losses) on equity securities 23 8 (96) 31 (112)Gains (losses) on foreclosed assets 14 13 (28) 27 59 Gains (losses) on other assets (128) 54 — (74) (635)Income on bank owned life insurance 167 164 166 331 330 Other noninterest income 776 800 701 1,576 1,644 Total noninterest income 9,140 9,306 9,610 18,446 15,236 NONINTEREST EXPENSE Salaries 16,452 17,053 16,364 33,505 33,021 Employee benefits 3,580 3,285 2,860 6,865 5,665 Occupancy of bank premises 2,471 2,625 2,243 5,096 4,825 Furniture and equipment 575 445 548 1,020 1,098 Data processing 2,687 2,717 2,606 5,404 5,531 Marketing and customer relations 1,020 1,144 996 2,164 1,992 Amortization of intangible assets 694 695 710 1,389 1,420 FDIC insurance 551 562 565 1,113 1,125 Loan collection and servicing 360 383 475 743 927 Foreclosed assets 67 5 10 72 59 Other noninterest expense 3,457 3,021 3,132 6,478 6,114 Total noninterest expense 31,914 31,935 30,509 63,849 61,777 INCOME BEFORE INCOME TAX EXPENSE 26,358 25,503 24,953 51,861 45,472 INCOME TAX EXPENSE 7,128 6,428 6,883 13,556 12,144 NET INCOME$19,230 $19,075 $18,070 $38,305 $33,328 EARNINGS PER SHARE - BASIC$0.61 $0.60 $0.57 $1.21 $1.05 EARNINGS PER SHARE - DILUTED$0.61 $0.60 $0.57 $1.21 $1.05 WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING 31,510,759 31,584,989 31,579,457 31,547,669 31,621,205 HBT Financial, Inc.Unaudited Consolidated Financial SummaryConsolidated Balance Sheets (dollars in thousands)June 30,2025 March 31,2025 June 30,2024ASSETS Cash and due from banks$25,563 $25,005 $22,604 Interest-bearing deposits with banks 170,179 186,586 172,636 Cash and cash equivalents 195,742 211,591 195,240 Interest-bearing time deposits with banks — — 520 Debt securities available-for-sale, at fair value 773,206 706,135 669,055 Debt securities held-to-maturity 481,942 490,398 512,549 Equity securities with readily determinable fair value 3,346 3,323 3,228 Equity securities with no readily determinable fair value 2,609 2,629 2,613 Restricted stock, at cost 4,979 5,086 5,086 Loans held for sale 2,316 2,721 858 Loans, before allowance for credit losses 3,348,211 3,461,778 3,385,483 Allowance for credit losses (41,659) (42,111) (40,806)Loans, net of allowance for credit losses 3,306,552 3,419,667 3,344,677 Bank owned life insurance 24,320 24,153 24,235 Bank premises and equipment, net 68,523 67,272 65,711 Bank premises held for sale 140 190 317 Foreclosed assets 890 460 320 Goodwill 59,820 59,820 59,820 Intangible assets, net 16,454 17,148 19,262 Mortgage servicing rights, at fair value 17,768 18,519 18,984 Investments in unconsolidated subsidiaries 1,614 1,614 1,614 Accrued interest receivable 20,624 22,735 22,425 Other assets 37,553 38,731 59,685 Total assets$5,018,398 $5,092,192 $5,006,199 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Noninterest-bearing$1,034,387 $1,065,874 $1,045,697 Interest-bearing 3,272,144 3,318,716 3,272,996 Total deposits 4,306,531 4,384,590 4,318,693 Securities sold under agreements to repurchase 556 2,698 29,330 Federal Home Loan Bank advances 7,240 7,209 13,734 Subordinated notes 39,593 39,573 39,514 Junior subordinated debentures issued to capital trusts 52,879 52,864 52,819 Other liabilities 30,702 40,201 42,640 Total liabilities 4,437,501 4,527,135 4,496,730 Stockholders' Equity Common stock 329 329 328 Surplus 297,479 297,024 296,430 Retained earnings 341,750 329,169 290,386 Accumulated other comprehensive income (loss) (32,739) (38,446) (54,656)Treasury stock at cost (25,922) (23,019) (23,019)Total stockholders’ equity 580,897 565,057 509,469 Total liabilities and stockholders’ equity$5,018,398 $5,092,192 $5,006,199 SHARES OF COMMON STOCK OUTSTANDING 31,495,434 31,631,431 31,559,366 HBT Financial, Inc.Unaudited Consolidated Financial Summary (dollars in thousands)June 30,2025 March 31,2025 June 30,2024 LOANS Commercial and industrial$419,430 $441,261 $400,276Commercial real estate - owner occupied 317,475 321,990 289,992Commercial real estate - non-owner occupied 907,073 891,022 889,193Construction and land development 310,252 376,046 365,371Multi-family 453,812 424,096 429,951One-to-four family residential 451,197 455,376 484,335Agricultural and farmland 271,644 292,240 285,822Municipal, consumer, and other 217,328 259,747 240,543Total loans$3,348,211 $3,461,778 $3,385,483 (dollars in thousands)June 30,2025 March 31,2025 June 30,2024 DEPOSITS Noninterest-bearing deposits$1,034,387 $1,065,874 $1,045,697Interest-bearing deposits: Interest-bearing demand 1,097,086 1,143,677 1,094,797Money market 831,292 812,146 769,386Savings 568,971 575,558 582,752Time 774,795 787,335 796,069Brokered — — 29,992Total interest-bearing deposits 3,272,144 3,318,716 3,272,996Total deposits$4,306,531 $4,384,590 $4,318,693 HBT Financial, Inc.Unaudited Consolidated Financial Summary Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024(dollars in thousands)Average Balance Interest Yield/Cost * Average Balance Interest Yield/Cost * Average Balance Interest Yield/Cost * ASSETS Loans$3,417,582 $54,371 6.38% $3,460,906 $54,537 6.39% $3,374,058 $53,274 6.35%Debt securities 1,217,386 7,891 2.60 1,204,424 7,405 2.49 1,187,795 6,836 2.31 Deposits with banks 160,726 1,544 3.85 120,014 1,065 3.60 211,117 2,570 4.90 Other 12,519 113 3.66 12,677 131 4.19 12,588 144 4.60 Total interest-earning assets 4,808,213 $63,919 5.33% 4,798,021 $63,138 5.34% 4,785,558 $62,824 5.28%Allowance for credit losses (42,118) (42,061) (40,814) Noninterest-earning assets 270,580 276,853 283,103 Total assets$5,036,675 $5,032,813 $5,027,847 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Interest-bearing deposits: Interest-bearing demand$1,125,787 $1,569 0.56% $1,120,608 $1,453 0.53% $1,123,592 $1,429 0.51%Money market 813,531 4,463 2.20 807,728 4,397 2.21 788,744 4,670 2.38 Savings 569,193 374 0.26 569,494 370 0.26 592,312 393 0.27 Time 780,536 6,429 3.30 784,099 6,719 3.48 763,507 7,117 3.75 Brokered — — — — — — 38,213 524 5.51 Total interest-bearing deposits 3,289,047 12,835 1.57 3,281,929 12,939 1.60 3,306,368 14,133 1.72 Securities sold under agreements to repurchase 1,420 — 0.05 8,754 22 1.02 30,440 129 1.70 Borrowings 7,225 30 1.70 12,890 109 3.41 13,466 121 3.60 Subordinated notes 39,582 469 4.76 39,563 470 4.82 39,504 469 4.78 Junior subordinated debentures issued to capital trusts 52,871 927 7.03 52,856 890 6.83 52,812 944 7.18 Total interest-bearing liabilities 3,390,145 $14,261 1.69% 3,395,992 $14,430 1.72% 3,442,590 $15,796 1.85%Noninterest-bearing deposits 1,044,539 1,045,733 1,043,614 Noninterest-bearing liabilities 29,486 36,373 39,806 Total liabilities 4,464,170 4,478,098 4,526,010 Stockholders' Equity 572,505 554,715 501,837 Total liabilities and stockholders’ equity$5,036,675 $5,032,813 $5,027,847 Net interest income/Net interest margin (1) $49,658 4.14% $48,708 4.12% $47,028 3.95%Tax-equivalent adjustment (2) 548 0.05 545 0.04 553 0.05 Net interest income (tax-equivalent basis)/Net interest margin (tax-equivalent basis) (2) (3) $50,206 4.19% $49,253 4.16% $47,581 4.00%Net interest rate spread (4) 3.64% 3.62% 3.43%Net interest-earning assets (5)$1,418,068 $1,402,029 $1,342,968 Ratio of interest-earning assets to interest-bearing liabilities 1.42 1.41 1.39 Cost of total deposits 1.19% 1.21% 1.31%Cost of funds 1.29 1.32 1.42 ____________________________________ * 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 Six Months Ended June 30, 2025 June 30, 2024(dollars in thousands)Average Balance Interest Yield/Cost * Average Balance Interest Yield/Cost * ASSETS Loans$3,439,124 $108,908 6.39% $3,372,640 $106,294 6.34%Debt securities 1,210,941 15,296 2.55 1,200,871 13,637 2.28 Deposits with banks 140,483 2,609 3.75 189,207 4,522 4.81 Other 12,597 244 3.93 12,787 332 5.22 Total interest-earning assets 4,803,145 $127,057 5.33% 4,775,505 $124,785 5.25%Allowance for credit losses (42,089) (40,526) Noninterest-earning assets 273,193 280,676 Total assets$5,034,249 $5,015,655 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Interest-bearing deposits: Interest-bearing demand$1,123,212 $3,022 0.54% $1,125,638 $2,740 0.49%Money market 810,645 8,860 2.20 800,714 9,467 2.38 Savings 569,343 744 0.26 601,768 836 0.28 Time 782,307 13,148 3.39 714,003 13,042 3.67 Brokered — — — 60,181 1,641 5.48 Total interest-bearing deposits 3,285,507 25,774 1.58 3,302,304 27,726 1.69 Securities sold under agreements to repurchase 5,067 22 0.89 31,448 281 1.80 Borrowings 10,042 139 2.79 13,235 246 3.73 Subordinated notes 39,573 939 4.79 39,494 939 4.78 Junior subordinated debentures issued to capital trusts 52,864 1,817 6.93 52,804 1,877 7.15 Total interest-bearing liabilities 3,393,053 $28,691 1.71% 3,439,285 $31,069 1.82%Noninterest-bearing deposits 1,045,133 1,040,007 Noninterest-bearing liabilities 32,404 38,457 Total liabilities 4,470,590 4,517,749 Stockholders' Equity 563,659 497,906 Total liabilities and stockholders’ equity$5,034,249 5,015,655 Net interest income/Net interest margin (1) $98,366 4.13% $93,716 3.95%Tax-equivalent adjustment (2) 1,093 0.05 1,128 0.04 Net interest income (tax-equivalent basis)/Net interest margin (tax-equivalent basis) (2) (3) $99,459 4.18% $94,844 3.99%Net interest rate spread (4) 3.62% 3.43%Net interest-earning assets (5)$1,410,092 $1,336,220 Ratio of interest-earning assets to interest-bearing liabilities 1.42 1.39 Cost of total deposits 1.20% 1.28%Cost of funds 1.30 1.39 ____________________________________(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)June 30,2025 March 31,2025 June 30,2024 NONPERFORMING ASSETS Nonaccrual$5,615 $5,102 $8,425 Past due 90 days or more, still accruing 9 4 7 Total nonperforming loans 5,624 5,106 8,432 Foreclosed assets 890 460 320 Total nonperforming assets$6,514 $5,566 $8,752 Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$1,878 $1,350 $2,132 Allowance for credit losses$41,659 $42,111 $40,806 Loans, before allowance for credit losses 3,348,211 3,461,778 3,385,483 CREDIT QUALITY RATIOS Allowance for credit losses to loans, before allowance for credit losses 1.24% 1.22% 1.21%Allowance for credit losses to nonaccrual loans 741.92 825.38 484.34 Allowance for credit losses to nonperforming loans 740.74 824.74 483.94 Nonaccrual loans to loans, before allowance for credit losses 0.17 0.15 0.25 Nonperforming loans to loans, before allowance for credit losses 0.17 0.15 0.25 Nonperforming assets to total assets 0.13 0.11 0.17 Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets 0.19 0.16 0.26 Three Months Ended Six Months Ended June 30,(dollars in thousands)June 30,2025 March 31,2025 June 30,2024 2025 2024 ALLOWANCE FOR CREDIT LOSSES Beginning balance$42,111 $42,044 $40,815 $42,044 $40,048 Provision for credit losses 595 496 677 1,091 1,237 Charge-offs (1,252) (665) (870) (1,917) (1,097)Recoveries 205 236 184 441 618 Ending balance$41,659 $42,111 $40,806 $41,659 $40,806 Net charge-offs$1,047 $429 $686 $1,476 $479 Average loans 3,417,582 3,460,906 3,374,058 3,439,124 3,372,640 Net charge-offs to average loans * 0.12% 0.05% 0.08% 0.09% 0.03% ____________________________________ * Annualized measure. Three Months Ended Six Months Ended June 30,(dollars in thousands)June 30,2025 March 31,2025 June 30,2024 2025 2024 PROVISION FOR CREDIT LOSSES Loans$595 $496 $677 $1,091 $1,237Unfunded lending-related commitments (69) 80 499 11 466Total provision for credit losses$526 $576 $1,176 $1,102 $1,703 Reconciliation of Non-GAAP Financial Measures –Adjusted Net Income and Adjusted Return on Average Assets Three Months Ended Six Months Ended June 30,(dollars in thousands) June 30,2025 March 31,2025 June 30,2024 2025 2024 Net income $19,230 $19,075 $18,070 $38,305 $33,328 Less: adjustments Gains (losses) on closed branch premises (50) 59 — 9 (635)Realized gains (losses) on sales of securities — — — — (3,382)Mortgage servicing rights fair value adjustment (751) (308) (97) (1,059) (17)Total adjustments (801) (249) (97) (1,050) (4,034)Tax effect of adjustments (1) 228 71 28 299 1,150 Total adjustments after tax effect (573) (178) (69) (751) (2,884)Adjusted net income $19,803 $19,253 $18,139 $39,056 $36,212 Average assets $5,036,675 $5,032,813 $5,027,847 $5,034,249 $5,015,655 Return on average assets * 1.53% 1.54% 1.45% 1.53% 1.34%Adjusted return on average assets * 1.58 1.55 1.45 1.56 1.45 ____________________________________ * Annualized measure. (1) 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 Six Months Ended June 30,(dollars in thousands, except per share amounts) June 30,2025 March 31,2025 June 30,2024 2025 2024 Numerator: Net income $19,230 $19,075 $18,070 $38,305 $33,328 Adjusted net income $19,803 $19,253 $18,139 $39,056 $36,212 Denominator: Weighted average common shares outstanding 31,510,759 31,584,989 31,579,457 31,547,669 31,621,205Dilutive effect of outstanding restricted stock units 77,782 126,682 87,354 102,097 113,794Weighted average common shares outstanding, including all dilutive potential shares 31,588,541 31,711,671 31,666,811 31,649,766 31,734,999 Earnings per share - basic $0.61 $0.60 $0.57 $1.21 $1.05Earnings per share - diluted $0.61 $0.60 $0.57 $1.21 $1.05 Adjusted earnings per share - basic $0.63 $0.61 $0.57 $1.24 $1.15Adjusted earnings per share - diluted $0.63 $0.61 $0.57 $1.23 $1.14 Reconciliation of Non-GAAP Financial Measures – Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries), Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries) Three Months Ended Six Months Ended June 30,(dollars in thousands) June 30,2025 March 31,2025 June 30,2024 2025 2024 Net interest income $49,658 $48,708 $47,028 $98,366 $93,716 Noninterest income 9,140 9,306 9,610 18,446 15,236 Noninterest expense (31,914) (31,935) (30,509) (63,849) (61,777)Pre-provision net revenue 26,884 26,079 26,129 52,963 47,175 Less: adjustments Gains (losses) on closed branch premises (50) 59 — 9 (635)Realized gains (losses) on sales of securities — — — — (3,382)Mortgage servicing rights fair value adjustment (751) (308) (97) (1,059) (17)Total adjustments (801) (249) (97) (1,050) (4,034)Adjusted pre-provision net revenue $27,685 $26,328 $26,226 $54,013 $51,209 Pre-provision net revenue $26,884 $26,079 $26,129 $52,963 $47,175 Less: net charge-offs 1,047 429 686 1,476 479 Pre-provision net revenue less net charge-offs $25,837 $25,650 $25,443 $51,487 $46,696 Adjusted pre-provision net revenue $27,685 $26,328 $26,226 $54,013 $51,209 Less: net charge-offs 1,047 429 686 1,476 479 Adjusted pre-provision net revenue less net charge-offs $26,638 $25,899 $25,540 $52,537 $50,730 Reconciliation of Non-GAAP Financial Measures – Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis) Three Months Ended Six Months Ended June 30,(dollars in thousands) June 30,2025 March 31,2025 June 30,2024 2025 2024 Net interest income (tax-equivalent basis) Net interest income $49,658 $48,708 $47,028 $98,366 $93,716 Tax-equivalent adjustment (1) 548 545 553 1,093 1,128 Net interest income (tax-equivalent basis) (1) $50,206 $49,253 $47,581 $99,459 $94,844 Net interest margin (tax-equivalent basis) Net interest margin * 4.14% 4.12% 3.95% 4.13% 3.95%Tax-equivalent adjustment * (1) 0.05 0.04 0.05 0.05 0.04 Net interest margin (tax-equivalent basis) * (1) 4.19% 4.16% 4.00% 4.18% 3.99% Average interest-earning assets $4,808,213 $4,798,021 $4,785,558 $4,803,145 $4,775,505 ____________________________________ * 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 Six Months Ended June 30,(dollars in thousands) June 30,2025 March 31,2025 June 30,2024 2025 2024 Total noninterest expense $31,914 $31,935 $30,509 $63,849 $61,777 Less: amortization of intangible assets 694 695 710 1,389 1,420 Noninterest expense excluding amortization of intangible assets $31,220 $31,240 $29,799 $62,460 $60,357 Net interest income $49,658 $48,708 $47,028 $98,366 $93,716 Total noninterest income 9,140 9,306 9,610 18,446 15,236 Operating revenue 58,798 58,014 56,638 116,812 108,952 Tax-equivalent adjustment (1) 548 545 553 1,093 1,128 Operating revenue (tax-equivalent basis) (1) 59,346 58,559 57,191 117,905 110,080 Less: adjustments to noninterest income Gains (losses) on closed branch premises (50) 59 — 9 (635)Realized gains (losses) on sales of securities — — — — (3,382)Mortgage servicing rights fair value adjustment (751) (308) (97) (1,059) (17)Total adjustments to noninterest income (801) (249) (97) (1,050) (4,034)Adjusted operating revenue (tax-equivalent basis) (1) $60,147 $58,808 $57,288 $118,955 $114,114 Efficiency ratio 53.10% 53.85% 52.61% 53.47% 55.40%Efficiency ratio (tax-equivalent basis) (1) 52.61 53.35 52.10 52.97 54.83 Adjusted efficiency ratio (tax-equivalent basis) (1) 51.91 53.12 52.02 52.51 52.89 ____________________________________(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) June 30,2025 March 31,2025 June 30,2024 Tangible Common Equity Total stockholders' equity $580,897 $565,057 $509,469 Less: Goodwill 59,820 59,820 59,820 Less: Intangible assets, net 16,454 17,148 19,262 Tangible common equity $504,623 $488,089 $430,387 Tangible Assets Total assets $5,018,398 $5,092,192 $5,006,199 Less: Goodwill 59,820 59,820 59,820 Less: Intangible assets, net 16,454 17,148 19,262 Tangible assets $4,942,124 $5,015,224 $4,927,117 Total stockholders' equity to total assets 11.58% 11.10% 10.18%Tangible common equity to tangible assets 10.21 9.73 8.74 Shares of common stock outstanding 31,495,434 31,631,431 31,559,366 Book value per share $18.44 $17.86 $16.14 Tangible book value per share 16.02 15.43 13.64 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 Six Months Ended June 30,(dollars in thousands) June 30,2025 March 31,2025 June 30,2024 2025 2024 Average Tangible Common Equity Total stockholders' equity $572,505 $554,715 $501,837 $563,659 $497,906 Less: Goodwill 59,820 59,820 59,820 59,820 59,820 Less: Intangible assets, net 16,782 17,480 19,605 17,130 19,970 Average tangible common equity $495,903 $477,415 $422,412 $486,709 $418,116 Net income $19,230 $19,075 $18,070 $38,305 $33,328 Adjusted net income 19,803 19,253 18,139 39,056 36,212 Return on average stockholders' equity * 13.47% 13.95% 14.48% 13.70% 13.46%Return on average tangible common equity * 15.55 16.20 17.21 15.87 16.03 Adjusted return on average stockholders' equity * 13.87% 14.08% 14.54% 13.97% 14.63%Adjusted return on average tangible common equity * 16.02 16.36 17.27 16.18 17.42 ____________________________________ * Annualized measure.

HBT Financial, Inc. Announces Second Quarter 2025 Financial Results

FAQ

Why Bullish?

How important is it?

Why Short Term?

Related Companies

Related News