UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8 - K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 6, 2019
HBT FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
001‑39085 |
37‑1117216 |
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(State or other jurisdiction |
(Commission File Number) |
(IRS Employer |
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401 North Hershey Road |
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61704 |
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(Address of principal executive |
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(Zip Code) |
(888) 897‑2276
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Common Stock, par value $0.01 per share |
HBT |
The Nasdaq Stock Market LLC |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter). |
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Emerging growth company ☒ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ |
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Item 2.02 Results of Operations and Financial Condition.
On November 6, 2019, HBT Financial, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2019 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8‑K (this “Report”).
The information contained in this Report, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
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Exhibit Number |
Description of Exhibit |
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99.1 |
Earnings Release issued November 6, 2019 for the Third Quarter Ended September 30, 2019. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HBT FINANCIAL, INC. |
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By: |
/s/ Matthew J. Doherty |
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Name: Matthew J. Doherty |
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Title: Chief Financial Officer |
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Date: November 6, 2019 |
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EXHIBIT 99.1
HBT FINANCIAL, INC. ANNOUNCES
THIRD QUARTER 2019 FINANCIAL RESULTS
Third Quarter Highlights
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· |
Net income of $17.4 million; Return on average assets (ROAA) of 2.18%; return on average stockholders' equity (ROAE) of 20.00%; and return on average tangible common equity (ROATCE)(1) of 21.76% |
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· |
C Corp equivalent net income of $13.1 million; C Corp equivalent ROAA of 1.64%; C Corp equivalent ROAE of 15.05%; and C Corp equivalent ROATCE(1) of 16.37% |
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· |
Adjusted C Corp equivalent net income(1) of $14.3 million; adjusted C Corp equivalent ROAA(1) of 1.79%; adjusted C Corp equivalent ROAE(1) of 16.45%; and adjusted C Corp equivalent ROATCE(1) of 17.90% |
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· |
Initial public offering priced on October 10, 2019 |
(1) See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below for a discussion of non-GAAP financial measures and reconciliations to GAAP financial measures.
Bloomington, IL, November 6, 2019 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial”), the holding company for Heartland Bank and Trust Company and State Bank of Lincoln, today reported net income of $17.4 million, or $0.97 diluted earnings per share, for the third quarter of 2019. This compares to net income of $14.6 million, or $0.81 diluted earnings per share, for the second quarter of 2019, and net income of $17.6 million, or $0.98 diluted earnings per share, for the third quarter of 2018.
Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “Our third quarter results reflect continued execution on our strategy of prudent growth, disciplined expense management, and strong asset quality. This formula continues to produce a superior level of profitability. We are very pleased to have completed our initial public offering. Becoming a public company is an important next chapter in our history, but our focus remains squarely on understanding our clients’ needs and delivering the products and services that help them achieve their financial goals. By remaining consistent with our core values, we believe that we will continue to enhance the value of our franchise over the long term.”
C Corp Equivalent Net Income and Adjusted C Corp Equivalent Net Income
The Company has historically operated as an S Corporation for U.S. federal and state income tax purposes. Following the completion of the initial public offering, the Company will be treated as a C Corporation (“C Corp”) for federal and state income tax purposes. For comparison, the Company reports its C Corp equivalent financial results, which does not reflect the additional shares issued in the initial public offering (the “IPO”) for periods prior to the IPO.
For the third quarter of 2019, the Company reported C Corp equivalent net income of $13.1 million, or $0.73 diluted earnings per share. This compares to C Corp equivalent net income of $11.1 million, or $0.62 diluted earnings per share, for the second quarter of 2019, and C Corp equivalent net income of $13.2 million, or $0.73 diluted earnings per share, for the third quarter of 2018.
In addition to reporting C Corp equivalent results, the Company believes adjusted C Corp equivalent results, which adjust for mortgage servicing right fair value adjustments, gains (losses) on sales of securities, and certain non-
HBT Financial, Inc.
Page 2 of 16
recurring items, provide investors with additional insight into its operational performance. The Company reported adjusted C Corp equivalent net income of $14.3 million, or $0.80 diluted earnings per share, for the third quarter of 2019. This compares to adjusted C Corp equivalent net income of $14.3 million, or $0.79 diluted earnings per share, for the second quarter of 2019, and adjusted C Corp equivalent net income of $13.1 million, or $0.73 diluted earnings per share, for the third quarter of 2018 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).
Net Interest Income
Net interest income for the third quarter of 2019 was $33.1 million, a decrease of 2.3% from $33.9 million for the second quarter of 2019. The decrease was primarily attributable to a decline in net interest margin.
Relative to the third quarter of 2018, net interest income increased $0.5 million, or 1.7%. The increase was primarily attributable to a higher net interest margin.
Net Interest Margin
Net interest margin for the third quarter of 2019 was 4.31%, compared to 4.36% for the second quarter of 2019. The decrease was primarily attributable to a decline in average loan yields.
Relative to the third quarter of 2018, net interest margin increased from 4.22%. The increase was primarily attributable to higher loan and securities yields.
The Federal Open Market Committee lowered Federal Funds Target rates for the first time in 11 years on July 31, 2019 and then again in September 2019 and October 2019, for a combined decrease of 75 basis points which we expect to continue to put downward pressure on our net interest margin.
Noninterest Income
Noninterest income for the third quarter of 2019 was $7.6 million, an increase of 3.2% from $7.3 million for the second quarter of 2019. The growth was primarily attributable to increases in service charges on deposit accounts, wealth management fees, and gain on sale of mortgage loans. Partially offsetting these increases were lower gains on foreclosed and other assets and modest securities losses.
In the third quarter of 2019, the Company recorded a fair value adjustment to mortgage servicing rights that negatively impacted noninterest income by $860,000, compared to a fair value adjustment that negatively impacted noninterest income by $1.1 million in the second quarter of 2019.
Relative to the third quarter of 2018, noninterest income decreased 9.8% from $8.4 million. The decline was attributable to a larger negative fair value adjustment to mortgage servicing rights in the third quarter of 2019, the loss of revenue from title insurance activities, and unfavorable market value adjustments on equity securities between the two quarters.
Noninterest Expense
Noninterest expense for the third quarter of 2019 was $22.3 million, compared with $24.6 million for the second quarter of 2019. The decrease was primarily attributable to lower employee benefits expense, as second quarter of 2019 results included a $3.3 million charge associated with the termination of the supplemental executive retirement plan (SERP) compared to the third quarter of 2019 which included a charge of $0.8 million associated with the termination of the SERP.
Relative to the third quarter of 2018, noninterest expense increased 1.7% from $21.9 million. The increase was primarily due to a $0.8 million charge during the third quarter of 2019 associated with the termination of the SERP which was not present during the third quarter of 2018.
HBT Financial, Inc.
Page 3 of 16
Loan Portfolio
Total gross loans outstanding were $2.17 billion at September 30, 2019, compared with $2.20 billion at June 30, 2019 and $2.14 billion at September 30, 2018. The $32.1 million decline in loans from June 30, 2019 was primarily due to the following items:
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· |
A $26.0 million decrease in construction and land development balances resulting from the payoff of a number of large construction loans following the completion and sale of the projects by borrowers. Total outstanding commitments for construction and land development loans were approximately the same at both period ends. |
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· |
A $11.7 million decrease in balances on lines of credit to grain elevator customers, which is a typical seasonal decline in the third quarter. |
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$8.3 million in payoffs and paydowns of non-performing loans during the quarter. |
Deposits
Total deposits were $2.70 billion at September 30, 2019, compared with $2.77 billion at June 30, 2019, and $2.74 billion at September 30, 2018. The $69.7 million decrease in total deposits from June 30, 2019 was primarily due to the following items:
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A $30.3 million decrease in time deposits, as the Company continues to deemphasize higher cost deposit categories. |
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A planned decrease of $22.6 million in one higher priced interest-bearing demand account. |
Asset Quality
Nonperforming loans totaled $19.1 million, or 0.88% of total loans, at September 30, 2019, compared with $25.1 million, or 1.14% of total loans, at June 30, 2019, and $21.4 million, or 1.00% of total loans, at September 30, 2018.
Net charge-offs for the third quarter of 2019 were $0.5 million, or 0.08% of average loans on an annualized basis.
The Company recorded a provision for loan losses of $0.7 million for the third quarter of 2019, which was primarily driven by the level of net charge-offs in the quarter. The Company’s allowance for loan losses was 1.05% of total loans and 119.34% of nonperforming loans at September 30, 2019, compared with 1.02% of total loans and 89.98% of nonperforming loans at June 30, 2019.
Capital
At September 30, 2019, the Company exceeded all regulatory capital requirements under Basel III and was considered to be ‘‘well-capitalized’’, as summarized in the following table:
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September 30, |
Well Capitalized |
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2019 |
Regulatory Requirements |
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Total capital to risk-weighted assets |
14.88 |
% |
10.00% |
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Tier 1 capital to risk-weighted assets |
13.97 |
% |
8.00% |
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Tier 1 leverage ratio |
11.02 |
% |
5.00% |
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Common equity Tier 1 capital |
12.51 |
% |
6.50% |
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Total stockholders' equity to total assets |
11.02 |
% |
NA |
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Tangible common equity to tangible assets (1) |
10.23 |
% |
NA |
(1) see "Reconciliation of Non-GAAP Financial Measures" tables
Completion of Initial Public Offering
On October 10, 2019, the Company priced its initial public offering (the “IPO”), and issued 8,300,000 shares of its common stock at a price to the public of $16.00 per share on October 16, 2019. On October 29, 2019, the underwriters purchased an additional 1,129,794 shares pursuant to the exercise of their option to purchase additional shares from HBT Financial at the initial public offering price, less underwriting discounts and commissions. In total, HBT sold 9,429,794 shares of common stock in the initial public offering, raising total net proceeds, after deducting estimated underwriting discounts and commissions and offering expenses payable by the Company, of approximately $138 million.
HBT Financial, Inc.
Page 4 of 16
On October 22, 2019, the Company paid a $170 million distribution to its pre-IPO stockholders, using the net proceeds of the initial public offering and the proceeds of dividends from Heartland Bank and Trust Company and State Bank of Lincoln.
About HBT Financial, Inc.
HBT Financial, Inc. is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company and State Bank of Lincoln. The banks provide a comprehensive suite of business, commercial, wealth management and retail banking products and services to businesses, families and local governments throughout Central and Northeastern Illinois through 64 branches. As of September 30, 2019, HBT had total assets of $3.2 billion, total loans of $2.2 billion, and total deposits of $2.7 billion. HBT is a longstanding Central Illinois company, with banking roots that can be traced back nearly 100 years.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), originated loans and acquired loans, efficiency ratio (tax-equivalent basis), tangible common equity to tangible assets, adjusted C Corp equivalent net income, adjusted C Corp equivalent return on average assets, adjusted C Corp equivalent return on average stockholders' equity, and adjusted C Corp equivalent return on average tangible common equity. 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 includes "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, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. 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. 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" or "continue," 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.
CONTACT:
Matthew Keating
HBTIR@hbtbank.com
(310) 622-8230
HBT Financial, Inc.
Page 5 of 16
HBT Financial, Inc.
Consolidated Financial Summary
Consolidated Statements of Income
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Three Months Ended |
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September 30, 2019 |
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June 30, 2019 |
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March 31, 2019 |
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December 31, 2018 |
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September 30, 2018 |
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INTEREST AND DIVIDEND INCOME |
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(dollars in thousands, except per share amounts) |
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Loans, including fees: |
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Taxable |
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$ |
29,308 |
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$ |
29,886 |
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$ |
30,063 |
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$ |
28,625 |
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$ |
28,226 |
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Federally tax exempt |
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684 |
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736 |
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710 |
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704 |
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|
749 |
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Securities: |
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Taxable |
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3,572 |
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3,801 |
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3,922 |
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3,655 |
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3,619 |
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Federally tax exempt |
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1,395 |
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1,512 |
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1,552 |
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1,670 |
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1,758 |
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Interest-bearing deposits in bank |
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662 |
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|
599 |
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|
687 |
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580 |
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362 |
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Other interest and dividend income |
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15 |
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16 |
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15 |
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14 |
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18 |
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Total interest and dividend income |
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35,636 |
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36,550 |
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36,949 |
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35,248 |
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34,732 |
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INTEREST EXPENSE |
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Deposits |
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2,000 |
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2,111 |
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1,983 |
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1,672 |
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1,619 |
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Securities sold under agreements to repurchase |
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17 |
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|
17 |
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14 |
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16 |
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|
13 |
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Borrowings |
|
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— |
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4 |
|
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3 |
|
|
8 |
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29 |
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Subordinated debentures |
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|
478 |
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|
487 |
|
|
497 |
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|
476 |
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|
470 |
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Total interest expense |
|
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2,495 |
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2,619 |
|
|
2,497 |
|
|
2,172 |
|
|
2,131 |
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Net interest income |
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33,141 |
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33,931 |
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34,452 |
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|
33,076 |
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|
32,601 |
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PROVISION FOR LOAN LOSSES |
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|
684 |
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1,806 |
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|
776 |
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3,906 |
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|
1,238 |
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Net interest income after provision for loan losses |
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32,457 |
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32,125 |
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33,676 |
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29,170 |
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31,363 |
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NONINTEREST INCOME |
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Card income |
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1,985 |
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1,996 |
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1,832 |
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1,954 |
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|
1,848 |
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Service charges on deposit accounts |
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2,111 |
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|
1,931 |
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|
1,763 |
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|
2,078 |
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|
2,157 |
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Wealth management fees |
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1,676 |
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1,493 |
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|
2,047 |
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|
2,087 |
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|
1,695 |
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Mortgage servicing |
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|
795 |
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|
818 |
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|
729 |
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|
861 |
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|
755 |
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Mortgage servicing rights fair value adjustment |
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(860) |
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(1,120) |
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(1,002) |
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|
355 |
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(93) |
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Gains on sale of mortgage loans |
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|
992 |
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|
660 |
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|
525 |
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|
666 |
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|
855 |
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Gains (losses) on securities |
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(73) |
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|
36 |
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|
79 |
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(2,813) |
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|
180 |
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Gains (losses) on foreclosed assets |
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(20) |
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|
169 |
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(17) |
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(479) |
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(251) |
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Gains (losses) on sales of other assets |
|
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(29) |
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|
368 |
|
|
605 |
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|
580 |
|
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(13) |
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Title insurance activity |
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|
— |
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|
38 |
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|
129 |
|
|
276 |
|
|
335 |
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Other noninterest income |
|
|
1,005 |
|
|
957 |
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|
797 |
|
|
864 |
|
|
939 |
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Total noninterest income |
|
|
7,582 |
|
|
7,346 |
|
|
7,487 |
|
|
6,429 |
|
|
8,407 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Salaries |
|
|
12,335 |
|
|
11,597 |
|
|
12,407 |
|
|
13,091 |
|
|
12,264 |
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Employee benefits |
|
|
2,224 |
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4,731 |
|
|
1,359 |
|
|
1,522 |
|
|
1,492 |
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Occupancy of bank premises |
|
|
1,785 |
|
|
1,638 |
|
|
1,837 |
|
|
1,776 |
|
|
1,822 |
|
Furniture and equipment |
|
|
545 |
|
|
716 |
|
|
789 |
|
|
693 |
|
|
695 |
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Data processing |
|
|
1,471 |
|
|
1,390 |
|
|
1,162 |
|
|
1,299 |
|
|
1,265 |
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Marketing and customer relations |
|
|
801 |
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|
1,103 |
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|
933 |
|
|
1,125 |
|
|
974 |
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Amortization of intangible assets |
|
|
335 |
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|
376 |
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|
376 |
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|
390 |
|
|
389 |
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FDIC insurance |
|
|
8 |
|
|
208 |
|
|
219 |
|
|
214 |
|
|
241 |
|
Loan collection and servicing |
|
|
547 |
|
|
612 |
|
|
742 |
|
|
720 |
|
|
625 |
|
Foreclosed assets |
|
|
196 |
|
|
165 |
|
|
164 |
|
|
100 |
|
|
247 |
|
Other noninterest expense |
|
|
2,056 |
|
|
2,025 |
|
|
2,224 |
|
|
2,510 |
|
|
1,923 |
|
Total noninterest expense |
|
|
22,303 |
|
|
24,561 |
|
|
22,212 |
|
|
23,440 |
|
|
21,937 |
|
INCOME BEFORE INCOME TAX EXPENSE |
|
|
17,736 |
|
|
14,910 |
|
|
18,951 |
|
|
12,159 |
|
|
17,833 |
|
INCOME TAX EXPENSE |
|
|
299 |
|
|
305 |
|
|
215 |
|
|
239 |
|
|
241 |
|
NET INCOME |
|
$ |
17,437 |
|
$ |
14,605 |
|
$ |
18,736 |
|
$ |
11,920 |
|
$ |
17,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - BASIC |
|
$ |
0.97 |
|
$ |
0.81 |
|
$ |
1.04 |
|
$ |
0.66 |
|
$ |
0.98 |
|
EARNINGS PER SHARE - DILUTED |
|
$ |
0.97 |
|
$ |
0.81 |
|
$ |
1.04 |
|
$ |
0.66 |
|
$ |
0.98 |
|
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C CORP EQUIVALENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical income before income tax expense |
|
$ |
17,736 |
|
$ |
14,910 |
|
$ |
18,951 |
|
$ |
12,159 |
|
$ |
17,833 |
|
C Corp equivalent income tax expense |
|
|
4,614 |
|
|
3,784 |
|
|
4,915 |
|
|
2,965 |
|
|
4,605 |
|
C Corp equivalent net income |
|
$ |
13,122 |
|
$ |
11,126 |
|
$ |
14,036 |
|
$ |
9,194 |
|
$ |
13,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C CORP EQUIVALENT EARNINGS PER SHARE - BASIC |
|
$ |
0.73 |
|
$ |
0.62 |
|
$ |
0.78 |
|
$ |
0.51 |
|
$ |
0.73 |
|
C CORP EQUIVALENT EARNINGS PER SHARE - DILUTED |
|
$ |
0.73 |
|
$ |
0.62 |
|
$ |
0.78 |
|
$ |
0.51 |
|
$ |
0.73 |
HBT Financial, Inc.
Page 6 of 16
HBT Financial, Inc.
Consolidated Financial Summary
Consolidated Balance Sheets
|
|
|
As of |
|||||||||||||
|
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|||||
|
|
|
(dollars in thousands, except share data) |
|||||||||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and due from banks |
|
$ |
19,969 |
|
$ |
17,151 |
|
$ |
17,984 |
|
$ |
21,343 |
|
$ |
19,567 |
|
Interest-bearing deposits with banks |
|
|
134,972 |
|
|
124,575 |
|
|
142,518 |
|
|
165,536 |
|
|
73,543 |
|
Cash and cash equivalents |
|
|
154,941 |
|
|
141,726 |
|
|
160,502 |
|
|
186,879 |
|
|
93,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits with banks |
|
|
248 |
|
|
248 |
|
|
248 |
|
|
248 |
|
|
248 |
|
Securities available-for-sale, at fair value |
|
|
618,120 |
|
|
651,967 |
|
|
681,233 |
|
|
679,526 |
|
|
704,346 |
|
Securities held-to-maturity |
|
|
99,861 |
|
|
108,829 |
|
|
116,745 |
|
|
121,715 |
|
|
124,786 |
|
Equity securities |
|
|
4,436 |
|
|
4,030 |
|
|
3,994 |
|
|
3,261 |
|
|
3,271 |
|
Restricted stock, at cost |
|
|
2,425 |
|
|
2,425 |
|
|
2,719 |
|
|
2,719 |
|
|
2,719 |
|
Loans held for sale |
|
|
7,608 |
|
|
5,303 |
|
|
2,496 |
|
|
2,800 |
|
|
4,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
|
|
2,171,014 |
|
|
2,203,096 |
|
|
2,183,322 |
|
|
2,144,257 |
|
|
2,139,139 |
|
Allowance for loan losses |
|
|
(22,761) |
|
|
(22,542) |
|
|
(21,013) |
|
|
(20,509) |
|
|
(21,171) |
|
Loans, net of allowance for loan losses |
|
|
2,148,253 |
|
|
2,180,554 |
|
|
2,162,309 |
|
|
2,123,748 |
|
|
2,117,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
|
54,105 |
|
|
53,993 |
|
|
54,185 |
|
|
54,736 |
|
|
54,283 |
|
Bank premises held for sale |
|
|
121 |
|
|
149 |
|
|
208 |
|
|
749 |
|
|
804 |
|
Foreclosed assets |
|
|
6,574 |
|
|
9,707 |
|
|
10,151 |
|
|
9,559 |
|
|
10,176 |
|
Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Core deposit intangible assets, net |
|
|
4,366 |
|
|
4,701 |
|
|
5,077 |
|
|
5,453 |
|
|
5,843 |
|
Mortgage servicing rights, at fair value |
|
|
7,936 |
|
|
8,796 |
|
|
9,916 |
|
|
10,918 |
|
|
10,563 |
|
Investments in unconsolidated subsidiaries |
|
|
1,165 |
|
|
1,165 |
|
|
1,165 |
|
|
1,165 |
|
|
1,165 |
|
Accrued interest receivable |
|
|
14,816 |
|
|
14,609 |
|
|
15,256 |
|
|
15,300 |
|
|
16,176 |
|
Other assets |
|
|
18,018 |
|
|
12,338 |
|
|
7,843 |
|
|
7,173 |
|
|
7,027 |
|
Total assets |
|
$ |
3,166,613 |
|
$ |
3,224,160 |
|
$ |
3,257,667 |
|
$ |
3,249,569 |
|
$ |
3,180,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
649,316 |
|
$ |
662,405 |
|
$ |
661,527 |
|
$ |
664,876 |
|
$ |
625,332 |
|
Interest-bearing |
|
|
2,054,742 |
|
|
2,111,363 |
|
|
2,159,916 |
|
|
2,131,094 |
|
|
2,114,322 |
|
Total deposits |
|
|
2,704,058 |
|
|
2,773,768 |
|
|
2,821,443 |
|
|
2,795,970 |
|
|
2,739,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
32,267 |
|
|
35,646 |
|
|
40,528 |
|
|
46,195 |
|
|
45,900 |
|
Subordinated debentures |
|
|
37,566 |
|
|
37,550 |
|
|
37,533 |
|
|
37,517 |
|
|
37,501 |
|
Other liabilities |
|
|
43,786 |
|
|
37,326 |
|
|
29,570 |
|
|
29,491 |
|
|
27,701 |
|
Total liabilities |
|
|
2,817,677 |
|
|
2,884,290 |
|
|
2,929,074 |
|
|
2,909,173 |
|
|
2,850,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voting |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
3 |
|
Series A nonvoting |
|
|
178 |
|
|
178 |
|
|
178 |
|
|
178 |
|
|
178 |
|
Surplus |
|
|
32,288 |
|
|
32,288 |
|
|
32,288 |
|
|
32,288 |
|
|
32,288 |
|
Retained earnings |
|
|
311,055 |
|
|
302,984 |
|
|
298,131 |
|
|
315,234 |
|
|
314,166 |
|
Accumulated other comprehensive income (loss) |
|
|
8,431 |
|
|
7,436 |
|
|
1,012 |
|
|
(4,288) |
|
|
(13,759) |
|
Less cost of treasury stock held: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voting |
|
|
(1,667) |
|
|
(1,667) |
|
|
(1,667) |
|
|
(1,667) |
|
|
(1,667) |
|
Series A nonvoting |
|
|
(1,352) |
|
|
(1,352) |
|
|
(1,352) |
|
|
(1,352) |
|
|
(1,352) |
|
Total stockholders’ equity |
|
|
348,936 |
|
|
339,870 |
|
|
328,593 |
|
|
340,396 |
|
|
329,857 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,166,613 |
|
$ |
3,224,160 |
|
$ |
3,257,667 |
|
$ |
3,249,569 |
|
$ |
3,180,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending number shares of common stock outstanding |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
HBT Financial, Inc.
Page 7 of 16
HBT Financial, Inc.
Consolidated Financial Summary
|
|
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|||||
|
|
|
(Dollars in thousands) |
|||||||||||||
|
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
340,650 |
|
$ |
352,326 |
|
$ |
363,918 |
|
$ |
360,501 |
|
$ |
353,105 |
|
Agricultural and farmland |
|
|
205,041 |
|
|
208,923 |
|
|
207,817 |
|
|
209,875 |
|
|
206,117 |
|
Commercial real estate - owner occupied |
|
|
239,805 |
|
|
244,954 |
|
|
250,274 |
|
|
255,074 |
|
|
265,409 |
|
Commercial real estate - non-owner occupied |
|
|
552,262 |
|
|
543,444 |
|
|
556,386 |
|
|
533,910 |
|
|
518,919 |
|
Multi-family |
|
|
191,646 |
|
|
191,734 |
|
|
146,374 |
|
|
135,925 |
|
|
122,558 |
|
Construction and land development |
|
|
210,939 |
|
|
236,902 |
|
|
223,489 |
|
|
237,275 |
|
|
242,666 |
|
One-to-four family residential |
|
|
321,947 |
|
|
323,135 |
|
|
321,224 |
|
|
313,108 |
|
|
322,459 |
|
Municipal, consumer, and other |
|
|
108,724 |
|
|
101,678 |
|
|
113,840 |
|
|
98,589 |
|
|
107,906 |
|
Total loans, before allowance for loan losses |
|
$ |
2,171,014 |
|
$ |
2,203,096 |
|
$ |
2,183,322 |
|
$ |
2,144,257 |
|
$ |
2,139,139 |
|
|
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|||||
|
|
|
(Dollars in thousands) |
|||||||||||||
|
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
649,316 |
|
$ |
662,405 |
|
$ |
661,527 |
|
$ |
664,876 |
|
$ |
625,332 |
|
Interest-bearing demand |
|
|
800,471 |
|
|
815,770 |
|
|
819,313 |
|
|
856,919 |
|
|
820,488 |
|
Money market |
|
|
463,444 |
|
|
472,738 |
|
|
453,117 |
|
|
427,730 |
|
|
425,909 |
|
Savings |
|
|
426,707 |
|
|
428,439 |
|
|
435,353 |
|
|
421,698 |
|
|
424,927 |
|
Time |
|
|
364,120 |
|
|
394,416 |
|
|
452,133 |
|
|
424,747 |
|
|
442,998 |
|
Total deposits |
|
$ |
2,704,058 |
|
$ |
2,773,768 |
|
$ |
2,821,443 |
|
$ |
2,795,970 |
|
$ |
2,739,654 |
HBT Financial, Inc.
Page 8 of 16
HBT Financial, Inc.
Consolidated Financial Summary
|
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
||||||||||||||||||
|
|
|
Average |
|
Interest |
|
(2) |
|
Average |
|
Interest |
|
(2) |
|
Average |
|
Interest |
|
(2) |
||||||
|
ASSETS |
|
(dollars in thousand) |
||||||||||||||||||||||
|
Gross loans |
|
$ |
2,191,230 |
|
$ |
29,992 |
|
5.47% |
|
$ |
2,196,934 |
|
$ |
30,622 |
|
5.58% |
|
$ |
2,143,577 |
|
$ |
28,975 |
|
5.41% |
|
Securities |
|
|
745,532 |
|
|
4,967 |
|
2.67% |
|
|
786,759 |
|
|
5,313 |
|
2.70% |
|
|
851,324 |
|
|
5,377 |
|
2.53% |
|
Deposits with banks |
|
|
136,635 |
|
|
662 |
|
1.94% |
|
|
125,263 |
|
|
599 |
|
1.91% |
|
|
91,474 |
|
|
362 |
|
1.58% |
|
Other |
|
|
2,425 |
|
|
15 |
|
2.37% |
|
|
2,439 |
|
|
16 |
|
2.64% |
|
|
2,719 |
|
|
18 |
|
2.56% |
|
Total interest-earning assets |
|
|
3,075,822 |
|
$ |
35,636 |
|
4.63% |
|
|
3,111,395 |
|
$ |
36,550 |
|
4.70% |
|
|
3,089,094 |
|
$ |
34,732 |
|
4.50% |
|
Allowance for loan losses |
|
|
(22,326) |
|
|
|
|
|
|
|
(21,250) |
|
|
|
|
|
|
|
(20,263) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
149,146 |
|
|
|
|
|
|
|
146,208 |
|
|
|
|
|
|
|
151,753 |
|
|
|
|
|
|
Total assets |
|
$ |
3,202,642 |
|
|
|
|
|
|
$ |
3,236,353 |
|
|
|
|
|
|
$ |
3,220,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
812,526 |
|
$ |
347 |
|
0.17% |
|
$ |
826,715 |
|
$ |
411 |
|
0.20% |
|
$ |
820,619 |
|
$ |
377 |
|
0.18% |
|
Money market |
|
|
468,139 |
|
|
497 |
|
0.42% |
|
|
455,454 |
|
|
489 |
|
0.43% |
|
|
438,784 |
|
|
165 |
|
0.15% |
|
Savings |
|
|
428,447 |
|
|
70 |
|
0.07% |
|
|
433,125 |
|
|
69 |
|
0.06% |
|
|
428,725 |
|
|
70 |
|
0.07% |
|
Time |
|
|
383,070 |
|
|
1,086 |
|
1.13% |
|
|
411,514 |
|
|
1,142 |
|
1.11% |
|
|
453,543 |
|
|
1,007 |
|
0.89% |
|
Total interest-bearing deposits |
|
|
2,092,182 |
|
|
2,000 |
|
0.38% |
|
|
2,126,808 |
|
|
2,111 |
|
0.40% |
|
|
2,141,671 |
|
|
1,619 |
|
0.30% |
|
Securities sold under agreements to repurchase |
|
|
35,757 |
|
|
17 |
|
0.19% |
|
|
40,851 |
|
|
17 |
|
0.17% |
|
|
42,034 |
|
|
13 |
|
0.12% |
|
Borrowings |
|
|
33 |
|
|
— |
|
2.42% |
|
|
549 |
|
|
4 |
|
2.62% |
|
|
5,880 |
|
|
29 |
|
1.97% |
|
Subordinated debentures |
|
|
37,561 |
|
|
478 |
|
5.09% |
|
|
37,544 |
|
|
487 |
|
5.19% |
|
|
37,495 |
|
|
470 |
|
5.01% |
|
Total interest-bearing liabilities |
|
|
2,165,533 |
|
$ |
2,495 |
|
0.46% |
|
|
2,205,752 |
|
$ |
2,619 |
|
0.47% |
|
|
2,227,080 |
|
$ |
2,131 |
|
0.38% |
|
Noninterest-bearing deposits |
|
|
651,085 |
|
|
|
|
|
|
|
662,731 |
|
|
|
|
|
|
|
634,960 |
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
37,274 |
|
|
|
|
|
|
|
29,257 |
|
|
|
|
|
|
|
26,393 |
|
|
|
|
|
|
Total liabilities |
|
|
2,853,892 |
|
|
|
|
|
|
|
2,897,740 |
|
|
|
|
|
|
|
2,888,433 |
|
|
|
|
|
|
Stockholders' Equity |
|
|
348,750 |
|
|
|
|
|
|
|
338,613 |
|
|
|
|
|
|
|
332,151 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,202,642 |
|
|
|
|
|
|
$ |
3,236,353 |
|
|
|
|
|
|
$ |
3,220,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net interest margin (4) |
|
|
|
|
$ |
33,141 |
|
4.31% |
|
|
|
|
$ |
33,931 |
|
4.36% |
|
|
|
|
$ |
32,601 |
|
4.22% |
|
Tax-equivalent adjustment (3) |
|
|
|
|
|
559 |
|
0.07% |
|
|
|
|
|
606 |
|
0.08% |
|
|
|
|
|
677 |
|
0.09% |
|
Net interest income (tax-equivalent basis)/Net interest margin (tax-equivalent basis) (1) (3) |
|
|
|
|
$ |
33,700 |
|
4.38% |
|
|
|
|
$ |
34,537 |
|
4.44% |
|
|
|
|
$ |
33,278 |
|
4.31% |
|
Net interest rate spread (5) |
|
|
|
|
|
|
|
4.17% |
|
|
|
|
|
|
|
4.23% |
|
|
|
|
|
|
|
4.12% |
|
Net interest-earning assets (6) |
|
$ |
910,289 |
|
|
|
|
|
|
$ |
905,643 |
|
|
|
|
|
|
$ |
862,014 |
|
|
|
|
|
|
Ratio of interest-earning assets to interest-bearing liabilities |
|
|
1.42 |
|
|
|
|
|
|
|
1.41 |
|
|
|
|
|
|
|
1.39 |
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
|
|
|
0.29% |
|
|
|
|
|
|
|
0.30% |
|
|
|
|
|
|
|
0.23% |
|
(1) |
See "Reconciliation of Non-GAAP Financial Information" below for reconciliation of non-GAAP measure to their most comparable GAAP measures. |
|
(2) |
Annualized measure. |
|
(3) |
On a C Corp tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%. |
|
(4) |
Net interest margin represents net interest income divided by average total interest-earning assets. |
|
(5) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities |
|
(6) |
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
HBT Financial, Inc.
Page 9 of 16
HBT Financial, Inc.
Consolidated Financial Summary
|
|
|
Nine Months Ended |
||||||||||||||
|
|
|
September 30, 2019 |
|
September 30, 2018 |
||||||||||||
|
|
|
Average |
|
Interest |
|
(2) |
|
Average |
|
Interest |
|
(2) |
||||
|
ASSETS |
|
(dollars in thousand) |
||||||||||||||
|
Gross loans |
|
$ |
2,184,263 |
|
$ |
91,387 |
|
5.58% |
|
$ |
2,129,043 |
|
$ |
84,705 |
|
5.30% |
|
Securities |
|
|
779,375 |
|
|
15,754 |
|
2.70% |
|
|
877,086 |
|
|
16,288 |
|
2.48% |
|
Deposits with banks |
|
|
131,209 |
|
|
1,948 |
|
1.98% |
|
|
107,997 |
|
|
1,137 |
|
1.40% |
|
Other |
|
|
2,527 |
|
|
46 |
|
2.41% |
|
|
2,789 |
|
|
54 |
|
2.56% |
|
Total interest-earning assets |
|
|
3,097,374 |
|
$ |
109,135 |
|
4.70% |
|
|
3,116,915 |
|
$ |
102,184 |
|
4.37% |
|
Allowance for loan losses |
|
|
(21,346) |
|
|
|
|
|
|
|
(19,771) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
147,972 |
|
|
|
|
|
|
|
160,676 |
|
|
|
|
|
|
Total assets |
|
$ |
3,224,000 |
|
|
|
|
|
|
$ |
3,257,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
821,848 |
|
$ |
1,175 |
|
0.19% |
|
$ |
826,311 |
|
$ |
964 |
|
0.16% |
|
Money market |
|
|
455,469 |
|
|
1,356 |
|
0.40% |
|
|
448,266 |
|
|
491 |
|
0.15% |
|
Savings |
|
|
428,865 |
|
|
207 |
|
0.06% |
|
|
436,913 |
|
|
213 |
|
0.07% |
|
Time |
|
|
408,972 |
|
|
3,356 |
|
1.09% |
|
|
445,826 |
|
|
2,547 |
|
0.76% |
|
Total interest-bearing deposits |
|
|
2,115,154 |
|
|
6,094 |
|
0.38% |
|
|
2,157,316 |
|
|
4,215 |
|
0.26% |
|
Securities sold under agreements to repurchase |
|
|
39,542 |
|
|
48 |
|
0.16% |
|
|
37,631 |
|
|
32 |
|
0.11% |
|
Borrowings |
|
|
378 |
|
|
7 |
|
2.60% |
|
|
19,535 |
|
|
252 |
|
1.72% |
|
Subordinated debentures |
|
|
37,544 |
|
|
1,462 |
|
5.19% |
|
|
37,479 |
|
|
1,319 |
|
4.69% |
|
Total interest-bearing liabilities |
|
|
2,192,618 |
|
$ |
7,611 |
|
0.46% |
|
|
2,251,961 |
|
$ |
5,818 |
|
0.34% |
|
Noninterest-bearing deposits |
|
|
654,818 |
|
|
|
|
|
|
|
652,149 |
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
31,720 |
|
|
|
|
|
|
|
25,712 |
|
|
|
|
|
|
Total liabilities |
|
|
2,879,156 |
|
|
|
|
|
|
|
2,929,822 |
|
|
|
|
|
|
Stockholders' Equity |
|
|
344,844 |
|
|
|
|
|
|
|
327,998 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,224,000 |
|
|
|
|
|
|
$ |
3,257,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net interest margin (4) |
|
|
|
|
$ |
101,524 |
|
4.37% |
|
|
|
|
$ |
96,366 |
|
4.12% |
|
Tax-equivalent adjustment (3) |
|
|
|
|
|
1,775 |
|
0.08% |
|
|
|
|
|
2,020 |
|
0.09% |
|
Net interest income (tax-equivalent basis)/Net interest margin (tax-equivalent basis) (1) (3) |
|
|
|
|
$ |
103,299 |
|
4.45% |
|
|
|
|
$ |
98,386 |
|
4.21% |
|
Net interest rate spread (5) |
|
|
|
|
|
|
|
4.24% |
|
|
|
|
|
|
|
4.03% |
|
Net interest-earning assets (6) |
|
$ |
904,756 |
|
|
|
|
|
|
$ |
864,954 |
|
|
|
|
|
|
Ratio of interest-earning assets to interest-bearing liabilities |
|
|
1.41 |
|
|
|
|
|
|
|
1.38 |
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
|
|
|
0.29% |
|
|
|
|
|
|
|
0.20% |
|
(1) |
See "Reconciliation of Non-GAAP Financial Information" below for reconciliation of non-GAAP measure to their most comparable GAAP measures. |
|
(2) |
Annualized measure. |
|
(3) |
On a C Corp tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%. |
|
(4) |
Net interest margin represents net interest income divided by average total interest-earning assets. |
|
(5) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities |
|
(6) |
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
HBT Financial, Inc.
Page 10 of 16
HBT Financial, Inc.
Consolidated Financial Summary
|
|
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|||||
|
|
|
(Dollars in thousands) |
|||||||||||||
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
18,977 |
|
$ |
25,051 |
|
|
13,877 |
|
|
15,876 |
|
|
20,783 |
|
Past due 90 days or more, still accruing (1) |
|
|
95 |
|
|
2 |
|
|
53 |
|
|
37 |
|
|
629 |
|
Total nonperforming loans |
|
|
19,072 |
|
|
25,053 |
|
|
13,930 |
|
|
15,913 |
|
|
21,412 |
|
Foreclosed assets |
|
|
6,574 |
|
|
9,707 |
|
|
10,151 |
|
|
9,559 |
|
|
10,176 |
|
Total nonperforming assets |
|
$ |
25,646 |
|
$ |
34,760 |
|
$ |
24,081 |
|
$ |
25,472 |
|
$ |
31,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS (Originated) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
11,268 |
|
$ |
15,985 |
|
|
8,619 |
|
|
10,329 |
|
|
13,683 |
|
Past due 90 days or more, still accruing |
|
|
95 |
|
|
2 |
|
|
53 |
|
|
37 |
|
|
629 |
|
Total nonperforming loans |
|
|
11,363 |
|
|
15,987 |
|
|
8,672 |
|
|
10,366 |
|
|
14,312 |
|
Foreclosed assets |
|
|
1,048 |
|
|
1,510 |
|
|
1,439 |
|
|
1,395 |
|
|
1,975 |
|
Total nonperforming (originated) |
|
$ |
12,411 |
|
$ |
17,497 |
|
$ |
10,111 |
|
$ |
11,761 |
|
$ |
16,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS (Acquired) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
7,709 |
|
$ |
9,066 |
|
$ |
5,258 |
|
$ |
5,547 |
|
$ |
7,100 |
|
Past due 90 days or more, still accruing (1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total nonperforming loans |
|
|
7,709 |
|
|
9,066 |
|
|
5,258 |
|
|
5,547 |
|
|
7,100 |
|
Foreclosed assets |
|
|
5,526 |
|
|
8,197 |
|
|
8,712 |
|
|
8,164 |
|
|
8,201 |
|
Total nonperforming assets (acquired) |
|
$ |
13,235 |
|
$ |
17,263 |
|
$ |
13,970 |
|
$ |
13,711 |
|
$ |
15,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
22,761 |
|
$ |
22,542 |
|
$ |
21,013 |
|
$ |
20,509 |
|
$ |
21,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
|
$ |
2,171,014 |
|
$ |
2,203,096 |
|
$ |
2,183,322 |
|
$ |
2,144,257 |
|
$ |
2,139,139 |
|
Gross loans (originated) (2) |
|
|
1,987,265 |
|
|
2,005,250 |
|
|
1,974,840 |
|
|
1,923,859 |
|
|
1,904,600 |
|
Gross loans (acquired) (2) |
|
|
183,749 |
|
|
197,846 |
|
|
208,482 |
|
|
220,398 |
|
|
234,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to gross loans |
|
|
1.05% |
|
|
1.02% |
|
|
0.96% |
|
|
0.96% |
|
|
0.99% |
|
Allowance for loan losses to nonperforming loans |
|
|
119.34% |
|
|
89.98% |
|
|
150.85% |
|
|
128.88% |
|
|
98.88% |
|
Nonperforming loans to gross loans |
|
|
0.88% |
|
|
1.14% |
|
|
0.64% |
|
|
0.74% |
|
|
1.00% |
|
Nonperforming assets to gross assets |
|
|
0.81% |
|
|
1.08% |
|
|
0.74% |
|
|
0.78% |
|
|
0.99% |
|
Nonperforming assets to gross loans and foreclosed assets |
|
|
1.18% |
|
|
1.57% |
|
|
1.10% |
|
|
1.18% |
|
|
1.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS (Originated) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to gross loans |
|
|
0.57% |
|
|
0.80% |
|
|
0.44% |
|
|
0.54% |
|
|
0.75% |
|
Nonperforming assets to gross loans and foreclosed assets |
|
|
0.62% |
|
|
0.87% |
|
|
0.51% |
|
|
0.61% |
|
|
0.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS (Acquired) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to gross loans |
|
|
4.20% |
|
|
4.58% |
|
|
2.52% |
|
|
2.52% |
|
|
3.03% |
|
Nonperforming assets to gross loans and foreclosed assets |
|
|
6.99% |
|
|
8.38% |
|
|
6.43% |
|
|
6.00% |
|
|
6.30% |
|
(1) |
Excludes loans acquired with deteriorated credit quality that are past due 90 or more days totaling $0.7 million, $0.5 million, $2.5 million, $2.7 million, and $2.9 million as of September 30, 2019, June 30, 2019, March 30, 2019, December 31, 2018, September 30, 2018, respectively. |
|
(2) |
Originated loans and acquired loans along with the related credit quality ratios such as net charge-offs to average loans (originated and acquired), nonperforming loans to total loans (originated and acquired), and nonperforming assets to total loans and other real estate owned (originated and acquired) are non-GAAP financial measures. Originated loans represent loans initially originated by the Company and acquired loans that were refinanced using the Company’s underwriting criteria. Acquired loans represent loans originated under the underwriting criteria used by a bank that was acquired by Heartland Bank and Trust Company or State Bank of Lincoln. We believe these non-GAAP financial measures provide investors with information regarding the credit quality of loans underwritten using the Company’s policies and procedures. |
HBT Financial, Inc.
Page 11 of 16
HBT Financial, Inc.
Consolidated Financial Summary
|
|
|
Three Months Ended |
|
Nine Months Ended September 30, |
|||||||||||||||||
|
|
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|
2019 |
|
2018 |
|||||||
|
ALLOWANCE FOR LOAN LOSSES |
|
(dollars in thousands) |
|||||||||||||||||||
|
Beginning balance |
|
$ |
22,542 |
|
$ |
21,013 |
|
$ |
20,509 |
|
$ |
21,171 |
|
$ |
20,345 |
|
$ |
20,509 |
|
$ |
19,765 |
|
Provision |
|
|
684 |
|
|
1,806 |
|
|
776 |
|
|
3,906 |
|
|
1,238 |
|
|
3,266 |
|
|
1,791 |
|
Charge-offs |
|
|
(937) |
|
|
(966) |
|
|
(533) |
|
|
(4,953) |
|
|
(662) |
|
|
(2,436) |
|
|
(1,532) |
|
Recoveries |
|
|
472 |
|
|
689 |
|
|
261 |
|
|
385 |
|
|
250 |
|
|
1,422 |
|
|
1,147 |
|
Ending balance |
|
$ |
22,761 |
|
$ |
22,542 |
|
$ |
21,013 |
|
$ |
20,509 |
|
$ |
21,171 |
|
$ |
22,761 |
|
$ |
21,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
|
$ |
465 |
|
$ |
277 |
|
$ |
272 |
|
$ |
4,568 |
|
$ |
412 |
|
$ |
1,014 |
|
$ |
385 |
|
Net charge-offs (recoveries) - (originated) (1) |
|
|
224 |
|
|
(238) |
|
|
196 |
|
|
2,778 |
|
|
239 |
|
|
182 |
|
|
359 |
|
Net charge-offs (recoveries) - (acquired) (1) |
|
|
241 |
|
|
515 |
|
|
76 |
|
|
1,790 |
|
|
173 |
|
|
832 |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average gross loans |
|
|
0.08% |
|
|
0.05% |
|
|
0.05% |
|
|
0.85% |
|
|
0.08% |
|
|
0.06% |
|
|
0.02% |
|
Net charge-offs to average gross loans (originated) (1) |
|
|
0.04% |
|
|
-0.05% |
|
|
0.04% |
|
|
0.58% |
|
|
0.05% |
|
|
0.01% |
|
|
0.03% |
|
Net charge-offs to average gross loans (acquired) (1) |
|
|
0.51% |
|
|
1.00% |
|
|
0.14% |
|
|
3.10% |
|
|
0.28% |
|
|
0.54% |
|
|
0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross loans |
|
$ |
2,191,230 |
|
$ |
2,196,934 |
|
$ |
2,164,330 |
|
$ |
2,138,839 |
|
$ |
2,143,577 |
|
$ |
2,184,263 |
|
$ |
2,129,043 |
|
Average gross loans (originated) (1) |
|
|
2,001,803 |
|
|
1,990,015 |
|
|
1,946,035 |
|
|
1,907,503 |
|
|
1,895,859 |
|
|
1,979,383 |
|
|
1,862,206 |
|
Average gross loans (acquired) (1) |
|
|
189,427 |
|
|
206,919 |
|
|
218,295 |
|
|
231,336 |
|
|
247,718 |
|
|
204,880 |
|
|
266,837 |
|
(1) |
Originated loans and acquired loans along with the related credit quality ratios such as net charge-offs to average loans (originated and acquired), nonperforming loans to total loans (originated and acquired), and nonperforming assets to total loans and other real estate owned (originated and acquired) are non-GAAP financial measures. Originated loans represent loans initially originated by the Company and acquired loans that were refinanced using the Company’s underwriting criteria. Acquired loans represent loans originated under the underwriting criteria used by a bank that was acquired by Heartland Bank and Trust Company or State Bank of Lincoln. We believe these non-GAAP financial measures provide investors with information regarding the credit quality of loans underwritten using the Company’s policies and procedures. |
HBT Financial, Inc.
Page 12 of 16
HBT Financial, Inc.
Consolidated Financial Summary
|
|
|
Three Months Ended |
|||||||||||||
|
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|||||
|
|
|
(dollars in thousands, except share and per share data) |
|||||||||||||
|
EARNINGS AND PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,437 |
|
$ |
14,605 |
|
$ |
18,736 |
|
$ |
11,920 |
|
$ |
17,592 |
|
Earnings per share - Basic and diluted |
|
|
0.97 |
|
|
0.81 |
|
|
1.04 |
|
|
0.66 |
|
|
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C Corp equivalent net income (3) |
|
$ |
13,122 |
|
$ |
11,126 |
|
$ |
14,036 |
|
$ |
9,194 |
|
$ |
13,228 |
|
C Corp equivalent earnings per share - Basic and diluted (3) |
|
|
0.73 |
|
|
0.62 |
|
|
0.78 |
|
|
0.51 |
|
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending number shares of common stock outstanding |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (2) |
|
|
2.18% |
|
|
1.81% |
|
|
2.32% |
|
|
1.48% |
|
|
2.18% |
|
Return on average stockholders' equity (2) |
|
|
20.00% |
|
|
17.25% |
|
|
21.59% |
|
|
14.14% |
|
|
21.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
4.31% |
|
|
4.36% |
|
|
4.44% |
|
|
4.29% |
|
|
4.22% |
|
Efficiency ratio |
|
|
53.94% |
|
|
58.59% |
|
|
52.07% |
|
|
58.35% |
|
|
52.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C Corp equivalent return on average assets (2) (3) |
|
|
1.64% |
|
|
1.38% |
|
|
1.74% |
|
|
1.14% |
|
|
1.64% |
|
C Corp equivalent return on average stockholders' equity (2) (3) |
|
|
15.05% |
|
|
13.14% |
|
|
16.17% |
|
|
10.91% |
|
|
15.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted C Corp equivalent net income (1) |
|
$ |
14,343 |
|
$ |
14,308 |
|
$ |
14,359 |
|
$ |
10,874 |
|
$ |
13,132 |
|
Adjusted C Corp equivalent earnings per share - Basic and diluted (1) (4) |
|
|
0.80 |
|
|
0.79 |
|
|
0.80 |
|
|
0.60 |
|
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent basis) (1) (2) |
|
|
4.38% |
|
|
4.44% |
|
|
4.52% |
|
|
4.37% |
|
|
4.31% |
|
Efficiency ratio (tax equivalent basis) (1) |
|
|
53.21% |
|
|
57.74% |
|
|
51.32% |
|
|
57.42% |
|
|
51.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted C Corp equivalent return on average assets (1) (2) |
|
|
1.79% |
|
|
1.77% |
|
|
1.78% |
|
|
1.35% |
|
|
1.63% |
|
Adjusted C Corp equivalent return on average stockholders' equity (1) (2) |
|
|
16.45% |
|
|
16.90% |
|
|
16.54% |
|
|
12.90% |
|
|
15.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity (1) (2) |
|
|
21.76% |
|
|
18.84% |
|
|
23.55% |
|
|
15.49% |
|
|
23.27% |
|
C Corp equivalent return on average tangible common equity (1) (2) (3) |
|
|
16.37% |
|
|
14.35% |
|
|
17.64% |
|
|
11.95% |
|
|
17.49% |
|
Adjusted C Corp equivalent return on average tangible common equity (1) (2) |
|
|
17.90% |
|
|
18.46% |
|
|
18.05% |
|
|
14.13% |
|
|
17.37% |
|
(1) |
See "Reconciliation of Non-GAAP Financial Information" below for reconciliation of non-GAAP measure to their most comparable GAAP measures. |
|
(2) |
Annualized measure. |
|
(3) |
Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income tax for such period. |
HBT Financial, Inc.
Page 13 of 16
Reconciliation of Non-GAAP Financial Measures –
Adjusted C Corp Equivalent Net Income and Adjusted C Corp Equivalent Return on Average Assets
|
|
|
Three Months Ended |
|||||||||||||
|
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|||||
|
|
|
(dollars in thousands, except share and per share data) |
|||||||||||||
|
Net income |
|
$ |
17,437 |
|
$ |
14,605 |
|
$ |
18,736 |
|
$ |
11,920 |
|
$ |
17,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C Corp equivalent net income (3) |
|
$ |
13,122 |
|
$ |
11,126 |
|
$ |
14,036 |
|
$ |
9,194 |
|
$ |
13,228 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (losses) from closed or sold operations, including gains on sale (1) |
|
|
(3) |
|
|
(14) |
|
|
550 |
|
|
98 |
|
|
(35) |
|
Charges related to termination of certain employee benefit plans |
|
|
(845) |
|
|
(3,316) |
|
|
— |
|
|
— |
|
|
— |
|
Realized gains (losses) on sales of securities |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,803) |
|
|
262 |
|
Mortgage servicing rights fair value adjustment |
|
|
(860) |
|
|
(1,120) |
|
|
(1,002) |
|
|
355 |
|
|
(93) |
|
Total adjustments |
|
|
(1,708) |
|
|
(4,450) |
|
|
(452) |
|
|
(2,350) |
|
|
134 |
|
C Corp equivalent tax effect of adjustments |
|
|
487 |
|
|
1,268 |
|
|
129 |
|
|
670 |
|
|
(38) |
|
Less adjustments after C Corp equivalent tax effect |
|
|
(1,221) |
|
|
(3,182) |
|
|
(323) |
|
|
(1,680) |
|
|
96 |
|
Adjusted C Corp equivalent net income |
|
$ |
14,343 |
|
$ |
14,308 |
|
$ |
14,359 |
|
$ |
10,874 |
|
$ |
13,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
3,202,642 |
|
$ |
3,236,353 |
|
$ |
3,233,293 |
|
$ |
3,217,545 |
|
$ |
3,220,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (2) |
|
|
2.18% |
|
|
1.81% |
|
|
2.32% |
|
|
1.48% |
|
|
2.18% |
|
C Corp equivalent return on average assets (2) (3) |
|
|
1.64% |
|
|
1.38% |
|
|
1.74% |
|
|
1.14% |
|
|
1.64% |
|
Adjusted C Corp equivalent return on average assets (2) |
|
|
1.79% |
|
|
1.77% |
|
|
1.78% |
|
|
1.35% |
|
|
1.63% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
18,027,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Basic and Diluted |
|
$ |
0.97 |
|
$ |
0.81 |
|
$ |
1.04 |
|
$ |
0.66 |
|
$ |
0.98 |
|
C Corp equivalent Earnings per share - Basic and Diluted (3) |
|
|
0.73 |
|
|
0.62 |
|
|
0.78 |
|
|
0.51 |
|
|
0.73 |
|
Adjusted C Corp equivalent earnings per share - Basic and diluted |
|
|
0.80 |
|
|
0.79 |
|
|
0.80 |
|
|
0.60 |
|
|
0.73 |
|
(1) |
Closed or sold operations include HB Credit Company, HBT Insurance, and First Community Title Services, Inc. |
|
(2) |
Annualized measure. |
|
(3) |
Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income tax for such period. |
HBT Financial, Inc.
Page 14 of 16
Reconciliation of Non-GAAP Financial Measures - Net Interest Margin (Tax Equivalent Basis)
|
|
|
Three Months Ended |
|||||||||||||
|
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|||||
|
Net interest income (tax equivalent basis) |
|
(dollars in thousands) |
|||||||||||||
|
Net interest income |
|
$ |
33,141 |
|
$ |
33,931 |
|
$ |
34,452 |
|
$ |
33,076 |
|
$ |
32,601 |
|
Tax-equivalent adjustment (1) |
|
|
559 |
|
|
606 |
|
|
610 |
|
|
641 |
|
|
677 |
|
Net interest income (tax equivalent basis) (1) |
|
$ |
33,700 |
|
$ |
34,537 |
|
$ |
35,062 |
|
$ |
33,717 |
|
$ |
33,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
4.31% |
|
|
4.36% |
|
|
4.44% |
|
|
4.29% |
|
|
4.22% |
|
Tax-equivalent adjustment (1) (2) |
|
|
0.07% |
|
|
0.08% |
|
|
0.08% |
|
|
0.08% |
|
|
0.09% |
|
Net interest margin (tax equivalent basis) (1) (2) |
|
|
4.38% |
|
|
4.44% |
|
|
4.52% |
|
|
4.37% |
|
|
4.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets |
|
$ |
3,075,822 |
|
$ |
3,111,395 |
|
$ |
3,105,216 |
|
$ |
3,086,641 |
|
$ |
3,089,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
||||
|
|
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|||
|
Net interest income (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
101,524 |
|
$ |
96,366 |
|
|
|
|
|
|
|
|
|
|
Tax-equivalent adjustment (1) |
|
|
1,775 |
|
|
2,020 |
|
|
|
|
|
|
|
|
|
|
Net interest income (tax equivalent basis) (1) |
|
$ |
103,299 |
|
$ |
98,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
4.37% |
|
|
4.12% |
|
|
|
|
|
|
|
|
|
|
Tax-equivalent adjustment (1) (2) |
|
|
0.08% |
|
|
0.09% |
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent basis) (1) (2) |
|
|
4.45% |
|
|
4.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets |
|
$ |
3,097,374 |
|
$ |
3,116,915 |
|
|
|
|
|
|
|
|
|
|
(1) |
On a C Corp tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%. |
|
(2) |
Annualized measure. |
HBT Financial, Inc.
Page 15 of 16
Reconciliation of Non-GAAP Financial Measures - Efficiency Ratio (Tax Equivalent Basis)
|
|
|
Three Months Ended |
|||||||||||||
|
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|||||
|
Efficiency ratio (tax equivalent basis) |
|
(dollars in thousands) |
|||||||||||||
|
Total noninterest expense |
|
$ |
22,303 |
|
$ |
24,561 |
|
$ |
22,212 |
|
$ |
23,440 |
|
$ |
21,937 |
|
Less: amortization of intangible assets |
|
|
335 |
|
|
376 |
|
|
376 |
|
|
390 |
|
|
389 |
|
Adjusted noninterest expense |
|
$ |
21,968 |
|
$ |
24,185 |
|
$ |
21,836 |
|
$ |
23,050 |
|
$ |
21,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
33,141 |
|
$ |
33,931 |
|
$ |
34,452 |
|
$ |
33,076 |
|
$ |
32,601 |
|
Total noninterest income |
|
|
7,582 |
|
|
7,346 |
|
|
7,487 |
|
|
6,429 |
|
|
8,407 |
|
Operating revenue |
|
|
40,723 |
|
|
41,277 |
|
|
41,939 |
|
|
39,505 |
|
|
41,008 |
|
Tax-equivalent adjustment (1) |
|
|
559 |
|
|
606 |
|
|
610 |
|
|
641 |
|
|
677 |
|
Operating revenue (tax-equivalent basis) (1) |
|
$ |
41,282 |
|
$ |
41,883 |
|
$ |
42,549 |
|
$ |
40,146 |
|
$ |
41,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
53.94% |
|
|
58.59% |
|
|
52.07% |
|
|
58.35% |
|
|
52.55% |
|
Efficiency ratio (tax equivalent basis) (1) |
|
|
53.21% |
|
|
57.74% |
|
|
51.32% |
|
|
57.42% |
|
|
51.69% |
|
(1) |
On a C Corp 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 - Tangible Common Equity to Tangible Assets , Adjusted C Corp Equivalent Return on Average Stockholders' Equity and Adjusted C Corp Equivalent Return on Tangible Common Equity
|
|
|
As of |
|||||||||||||
|
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|||||
|
Tangible Common Equity |
|
(dollars in thousands, except share and per share data) |
|||||||||||||
|
Total stockholders' equity |
|
$ |
348,936 |
|
$ |
339,870 |
|
$ |
328,593 |
|
$ |
340,396 |
|
$ |
329,857 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
4,366 |
|
|
4,701 |
|
|
5,077 |
|
|
5,453 |
|
|
5,843 |
|
Tangible common equity |
|
$ |
320,950 |
|
$ |
311,549 |
|
$ |
299,896 |
|
$ |
311,323 |
|
$ |
300,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,166,613 |
|
$ |
3,224,160 |
|
$ |
3,257,667 |
|
$ |
3,249,569 |
|
$ |
3,180,613 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
4,366 |
|
|
4,701 |
|
|
5,077 |
|
|
5,453 |
|
|
5,843 |
|
Tangible assets |
|
$ |
3,138,627 |
|
$ |
3,195,839 |
|
$ |
3,228,970 |
|
$ |
3,220,496 |
|
$ |
3,151,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to total assets |
|
|
11.02% |
|
|
10.54% |
|
|
10.09% |
|
|
10.48% |
|
|
10.37% |
|
Tangible common equity to tangible assets |
|
|
10.23% |
|
|
9.75% |
|
|
9.29% |
|
|
9.67% |
|
|
9.53% |
HBT Financial, Inc.
Page 16 of 16
|
|
|
Three Months Ended |
|||||||||||||
|
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|||||
|
Average Tangible Common Equity |
|
(dollars in thousands) |
|||||||||||||
|
Total stockholders' equity |
|
$ |
348,750 |
|
$ |
338,613 |
|
$ |
347,157 |
|
$ |
337,114 |
|
$ |
332,151 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
4,561 |
|
|
4,919 |
|
|
5,301 |
|
|
5,663 |
|
|
6,070 |
|
Average tangible common equity |
|
$ |
320,569 |
|
$ |
310,074 |
|
$ |
318,236 |
|
$ |
307,831 |
|
$ |
302,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,437 |
|
$ |
14,605 |
|
$ |
18,736 |
|
$ |
11,920 |
|
$ |
17,592 |
|
C Corp equivalent net income (2) |
|
|
13,122 |
|
|
11,126 |
|
|
14,036 |
|
|
9,194 |
|
|
13,228 |
|
Adjusted C Corp equivalent net income |
|
|
14,343 |
|
|
14,308 |
|
|
14,359 |
|
|
10,874 |
|
|
13,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders' equity (1) |
|
|
20.00% |
|
|
17.25% |
|
|
21.59% |
|
|
14.14% |
|
|
21.19% |
|
C Corp equivalent return on average stockholders' equity (1) (2) |
|
|
15.05% |
|
|
13.14% |
|
|
16.17% |
|
|
10.91% |
|
|
15.93% |
|
Adjusted C Corp equivalent return on average stockholders' equity (1) |
|
|
16.45% |
|
|
16.90% |
|
|
16.54% |
|
|
12.90% |
|
|
15.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity (1) |
|
|
21.76% |
|
|
18.84% |
|
|
23.55% |
|
|
15.49% |
|
|
23.27% |
|
C Corp equivalent return on average tangible common equity (1) (2) |
|
|
16.37% |
|
|
14.35% |
|
|
17.64% |
|
|
11.95% |
|
|
17.49% |
|
Adjusted C Corp equivalent return on average tangible common equity (1) |
|
|
17.90% |
|
|
18.46% |
|
|
18.05% |
|
|
14.13% |
|
|
17.37% |
|
(1) |
Annualized measure. |
|
(2) |
Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income tax for such period. |