hbt_Current_Folio_8K

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)

Delaware

001‑39085

37‑1117216

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification Number)

 

 

 

401 North Hershey Road
Bloomington, Illinois

 

61704

(Address of principal executive
offices)

 

(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):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)

Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

HBT

The Nasdaq Stock Market LLC

 

 

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).

 

Emerging growth company ☒

 

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. ◻

 

 

 

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.

Exhibit Number

Description of Exhibit

 

 

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.

 

HBT FINANCIAL, INC.

 

 

 

 

 

 

 

By:

/s/ Matthew J. Doherty

 

 

Name: Matthew J. Doherty

 

 

Title: Chief Financial Officer

 

 

 

Date: November 6, 2019

 

 

 

hbt_Ex99_1

EXHIBIT 99.1

 

Picture 1

 

HBT FINANCIAL, INC. ANNOUNCES

THIRD QUARTER 2019 FINANCIAL RESULTS

 

Third Quarter Highlights

·

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%

·

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%

·

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%

·

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:

 

·

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.

·

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.

·

$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:

 

·

A $30.3 million decrease in time deposits,  as the Company continues to deemphasize higher cost deposit categories.

·

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:

 

 

 

 

 

 

September 30, 

Well Capitalized

 

2019

Regulatory Requirements

Total capital to risk-weighted assets

14.88

%  

10.00%

Tier 1 capital to risk-weighted assets

13.97

%  

8.00%

Tier 1 leverage ratio

11.02

%  

5.00%

Common equity Tier 1 capital

12.51

%  

6.50%

Total stockholders' equity to total assets

11.02

%

NA

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

    

September 30, 2019

    

June 30, 2019

    

March 31, 2019

    

December 31, 2018

    

September 30, 2018

INTEREST AND DIVIDEND INCOME

 

(dollars in thousands, except per share amounts)

Loans, including fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

29,308

 

$

29,886

 

$

30,063

 

$

28,625

 

$

28,226

Federally tax exempt

 

 

684

 

 

736

 

 

710

 

 

704

 

 

749

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

3,572

 

 

3,801

 

 

3,922

 

 

3,655

 

 

3,619

Federally tax exempt

 

 

1,395

 

 

1,512

 

 

1,552

 

 

1,670

 

 

1,758

Interest-bearing deposits in bank

 

 

662

 

 

599

 

 

687

 

 

580

 

 

362

Other interest and dividend income

 

 

15

 

 

16

 

 

15

 

 

14

 

 

18

Total interest and dividend income

 

 

35,636

 

 

36,550

 

 

36,949

 

 

35,248

 

 

34,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,000

 

 

2,111

 

 

1,983

 

 

1,672

 

 

1,619

Securities sold under agreements to repurchase

 

 

17

 

 

17

 

 

14

 

 

16

 

 

13

Borrowings

 

 

 —

 

 

 4

 

 

 3

 

 

 8

 

 

29

Subordinated debentures

 

 

478

 

 

487

 

 

497

 

 

476

 

 

470

Total interest expense

 

 

2,495

 

 

2,619

 

 

2,497

 

 

2,172

 

 

2,131

Net interest income

 

 

33,141

 

 

33,931

 

 

34,452

 

 

33,076

 

 

32,601

PROVISION FOR LOAN LOSSES

 

 

684

 

 

1,806

 

 

776

 

 

3,906

 

 

1,238

Net interest income after provision for loan losses

 

 

32,457

 

 

32,125

 

 

33,676

 

 

29,170

 

 

31,363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Card income

 

 

1,985

 

 

1,996

 

 

1,832

 

 

1,954

 

 

1,848

Service charges on deposit accounts

 

 

2,111

 

 

1,931

 

 

1,763

 

 

2,078

 

 

2,157

Wealth management fees

 

 

1,676

 

 

1,493

 

 

2,047

 

 

2,087

 

 

1,695

Mortgage servicing

 

 

795

 

 

818

 

 

729

 

 

861

 

 

755

Mortgage servicing rights fair value adjustment

 

 

(860)

 

 

(1,120)

 

 

(1,002)

 

 

355

 

 

(93)

Gains on sale of mortgage loans

 

 

992

 

 

660

 

 

525

 

 

666

 

 

855

Gains (losses) on securities

 

 

(73)

 

 

36

 

 

79

 

 

(2,813)

 

 

180

Gains (losses) on foreclosed assets

 

 

(20)

 

 

169

 

 

(17)

 

 

(479)

 

 

(251)

Gains (losses) on sales of other assets

 

 

(29)

 

 

368

 

 

605

 

 

580

 

 

(13)

Title insurance activity

 

 

 —

 

 

38

 

 

129

 

 

276

 

 

335

Other noninterest income

 

 

1,005

 

 

957

 

 

797

 

 

864

 

 

939

Total noninterest income

 

 

7,582

 

 

7,346

 

 

7,487

 

 

6,429

 

 

8,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries

 

 

12,335

 

 

11,597

 

 

12,407

 

 

13,091

 

 

12,264

Employee benefits

 

 

2,224

 

 

4,731

 

 

1,359

 

 

1,522

 

 

1,492

Occupancy of bank premises

 

 

1,785

 

 

1,638

 

 

1,837

 

 

1,776

 

 

1,822

Furniture and equipment

 

 

545

 

 

716

 

 

789

 

 

693

 

 

695

Data processing

 

 

1,471

 

 

1,390

 

 

1,162

 

 

1,299

 

 

1,265

Marketing and customer relations

 

 

801

 

 

1,103

 

 

933

 

 

1,125

 

 

974

Amortization of intangible assets

 

 

335

 

 

376

 

 

376

 

 

390

 

 

389

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
Balance

    

Interest

    

(2)
Yield/Cost

    

Average
Balance

    

Interest

    

(2)
Yield/Cost

    

Average
Balance

    

Interest

    

(2)
Yield/Cost

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