SEC Filing | HBT Financial

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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): October 26, 2020

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)

N/A

(Former name or former address, if changed since last report)

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 October 26, 2020, HBT Financial, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended and nine months ended September 30, 2020 (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 set forth under Item 7.01 is also furnished pursuant to this Item 2.02

Item 7.01 Regulation FD Disclosure.

The Company has prepared a presentation of its results for the third quarter ended September 30, 2020 (the “Presentation”) to be used from time to time during meetings with members of the investment community. A copy of the Presentation is furnished as Exhibit 99.2 to this Report. The Presentation will also be made available on the Company’s investor relations website at ir.hbtfinancial.com under the Presentations section.

The information contained in Items 2.02 and 7.01, including Exhibits 99.1 and 99.2 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 October 26, 2020 for the Third Quarter Ended and Nine Months Ended September 30, 2020.

99.2	HBT Financial, Inc. Presentation of Results for the Third Quarter Ended September 30, 2020.

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: October 26, 2020

EXHIBIT 99.1

HBT FINANCIAL, INC. ANNOUNCES

THIRD QUARTER 2020 FINANCIAL RESULTS

Third Quarter Highlights

●

Net income of $10.6 million, or $0.38 per diluted share; return on average assets (ROAA) of 1.20%; return on average stockholders' equity (ROAE) of 11.83%; and return on average tangible common equity (ROATCE)⁽¹⁾ of 12.80%

●

Adjusted net income⁽¹⁾ of $10.8 million; or $0.39 per diluted share, adjusted ROAA⁽¹⁾ of 1.22%; adjusted ROAE⁽¹⁾ of 12.04%; and adjusted ROATCE⁽¹⁾ of 13.03%

(1)	See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.

Bloomington, IL, October 26, 2020 – 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 $10.6 million, or $0.38 diluted earnings per share, for the third quarter of 2020. This compares to net income of $7.4 million, or $0.27 diluted earnings per share, for the second quarter of 2020, and net income of $17.4 million, or $0.97 diluted earnings per share, for the third quarter of 2019.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “We delivered solid results in the third quarter despite the challenges presented by the low interest rate environment and economic uncertainty. Our banks have long prioritized safety and soundness, disciplined growth, and consistent through-the-cycle profitability, and I am pleased to see this focus maintained as we completed our first year as a public company earlier this month. While we remain conservative in building our loan loss reserves to address possible credit deterioration as the pandemic continues, we are encouraged by the stability we are seeing in asset quality, which reflects the strength of our borrowers and our conservative approach to credit. Our nonperforming loans are down from a year ago and our annualized net charge-offs through the first nine months of 2020 amounted to just 0.04% of average loans. In addition, our COVID-19 loan modifications declined by 82% to $36 million, or just 1.6% of our total loans, at the end of the third quarter. With ample liquidity and capital levels, strong asset quality, and a stable deposit base, we are well positioned to continue supporting our customers and communities through this crisis while generating solid results for our shareholders.”

C Corp Equivalent Net Income

Prior to October 11, 2019, the Company operated as an S Corporation for U.S. federal and state income tax purposes. Effective October 11, 2019, the Company voluntarily revoked its S Corporation status and became a taxable entity (C Corporation). As such, any periods prior to October 11, 2019 only reflect state replacement taxes. To facilitate comparison, the Company reports its C Corp equivalent financial results, which do not reflect the additional shares issued in the initial public offering (the “IPO”) for periods prior to the IPO.

The Company reported C Corp equivalent net income of $13.1 million, or $0.73 diluted earnings per share, for the third quarter of 2019.

HBT Financial, Inc.

Page 2 of 17

Adjusted Net Income

In addition to reporting C Corp equivalent results, the Company believes adjusted net income and adjusted earnings per share, which adjust for the additional C Corp equivalent tax expense for periods prior to October 11, 2019, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights (“MSR”) fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $10.8 million, or $0.39 adjusted diluted earnings per share, for the third quarter of 2020. This compares to adjusted net income of $8.2 million, or $0.30 adjusted diluted earnings per share, for the second quarter of 2020, and adjusted net income of $14.3 million, or $0.80 adjusted diluted earnings per share, for the third quarter of 2019 (see "Reconciliation of Non-GAAP Financial Measures" tables).

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2020 was $28.9 million, nearly unchanged from the second quarter of 2020 as growth in average interest-earning assets was largely offset by lower yields on loans and securities.

Relative to the third quarter of 2019, net interest income decreased $4.3 million, or 12.9%. The decline was primarily attributable to lower yields on average interest-earning assets.

Net interest margin for the third quarter of 2020 was 3.39% compared to 3.51% for the second quarter of 2020. The decrease was primarily attributable to the decline in the average yield on earning assets, partially due to the addition of lower yielding Paycheck Protection Program (PPP) loans. The contribution of acquired loan discount accretion to net interest margin remained low at 2 basis points during the third quarter of 2020 compared to less than 1 basis point during the second quarter of 2020.

Relative to the third quarter of 2019, net interest margin decreased from 4.27%. The decrease was due primarily to the decline in the average yield on earning assets. The contribution of acquired loan discount accretion to net interest margin was 4 basis points during the third quarter of 2019.

Noninterest Income

Noninterest income for the third quarter of 2020 was $10.1 million, an increase of 24.7% from $8.1 million for the second quarter of 2020. The increase was primarily attributable to a $1.0 million increase in gains on sale of mortgage loans attributable to a strong mortgage refinancing environment and a $0.4 million increase in service charges on deposit accounts. Third quarter 2020 results included a negative $0.3 million mortgage servicing rights (“MSR”) fair value adjustment compared to a negative $0.5 million fair value adjustment in the second quarter of 2020.

Relative to the third quarter of 2019, noninterest income increased 32.6% from $7.6 million. The increase was primarily attributable to higher gains on sale of mortgage loans and a less negative MSR fair value adjustment. Partially offsetting these increases was a $0.6 million decline in service charges on deposit accounts.

Noninterest Expense

Noninterest expense for the third quarter of 2020 was $22.5 million, a decrease of 4.3% from $23.5 million for the second quarter of 2020. The decrease was primarily attributable to lower employee benefits expense as second quarter of 2020 results included a $0.6 million charge related to the termination of the supplemental executive retirement plan (SERP) that was paid out in June 2020.

HBT Financial, Inc.

Page 3 of 17

Relative to the third quarter of 2019, noninterest expense increased 0.8% from $22.3 million. Lower employee benefits expense, due to the termination and liquidation of the SERP, was more than offset by increases in salaries, FDIC insurance, and other noninterest expenses. Higher salaries expense was driven by increases in mortgage lender commissions and overtime for mortgage support personnel, as a result of increased residential mortgage origination volume.

Loan Portfolio

Total loans outstanding, before allowance for loan losses, were $2.28 billion at September 30, 2020, compared with $2.28 billion at June 30, 2020 and $2.17 billion at September 30, 2019. The $3.8 million increase in loans from June 30, 2020 was primarily attributable to an $18.1 million increase in construction and land development loans and a $13.0 million increase in multi-family loans being largely offset by a $19.0 million reduction in commercial and industrial loans, a $3.5 million decline in agricultural and farmland loans and a $3.2 million reduction in commercial real estate - owner occupied loans. The $71.1 million decrease in total loans outstanding, net of PPP loans from September 30, 2019 was primarily due to a $65.7 million reduction in participation loan balances.

Deposits

Total deposits were $3.02 billion at September 30, 2020 and at June 30, 2020, compared with $2.70 billion at September 30, 2019. Increases in interest-bearing demand and savings balances were substantially offset by declines in noninterest-bearing, money market and time deposit balances in the third quarter.

Asset Quality

Nonperforming loans totaled $15.2 million, or 0.67% of total loans, at September 30, 2020, compared with $14.0 million, or 0.61% of total loans, at June 30, 2020, and $19.1 million, or 0.88% of total loans, at September 30, 2019. The increase in nonperforming loans from the end of the prior quarter was primarily attributable to the movement of one $4.1 million loan to nonaccrual partially offset by reductions from the pay-off or pay-down on three relationships combined with a charge-down of one relationship.

The Company recorded a provision for loan losses of $2.2 million for the third quarter of 2020, which was primarily due to adjustments to qualitative factors to reflect changes in the economic environment.

Net charge-offs for the third quarter of 2020 were $0.2 million, or 0.04% of average loans on an annualized basis compared to net recoveries of $63 thousand, or 0.01% of average loans on an annualized basis, for the second quarter of 2020, and net charge-offs of $0.5 million, or 0.08% of average loans on an annualized basis, for the third quarter of 2019.

The Company’s allowance for loan losses was 1.39% of total loans and 208.14% of nonperforming loans at September 30, 2020, compared with 1.31% of total loans and 213.04% of nonperforming loans at June 30, 2020.

HBT Financial, Inc.

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Capital

At September 30, 2020, the Company exceeded all regulatory capital requirements under Basel III and was considered to be “well-capitalized,” as summarized in the following table:


			Well Capitalized
	September 30,		Regulatory
	2020		Requirements
Total capital to risk-weighted assets	16.81	%	10.00	%
Tier 1 capital to risk-weighted assets	13.98	%	8.00	%
Common equity tier 1 capital ratio	12.52	%	6.50	%
Tier 1 leverage ratio	10.04	%	5.00	%
Total stockholders' equity to total assets	10.05	%	N/A
Tangible common equity to tangible assets ⁽¹⁾	9.36	%	N/A

(1)	See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.

Subordinated Note Issuance

To further enhance the Company’s strong capital and liquidity positions, HBT Financial successfully completed a private placement of $40.0 million 4.50% Fixed-to-Floating Rate Subordinated Notes due 2030 during the quarter. This issuance of subordinated notes, which qualify as Tier 2 regulatory capital, contributed to an increase in HBT Financial’s total risk based capital ratio, which was 16.81% at September 30, 2020, compared to 15.13% at June 30, 2020, while also significantly bolstering the cash reserves held at the holding company.

Annualization Factor

The method used to calculate annualization factors for interim period ratios has changed from financial information previously presented. The annualization factor is now calculated using the number of days in the year divided by the number of days in the interim period. Previously, annualization factors were calculated as 4 divided by the number of quarters in the interim period, or an annualization factor of 4 for a quarterly period. The change was applied retrospectively to all periods presented and did not have a material impact on the annualized interim ratios.

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 individuals, businesses and municipal entities throughout Central and Northeastern Illinois through 63 branches. As of September 30, 2020, HBT had total assets of $3.5 billion, total loans of $2.3 billion, and total deposits of $3.0 billion. HBT is a longstanding Central Illinois company, with banking roots that can be traced back 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 and any ratios derived therefrom, efficiency ratio (tax-equivalent basis), tangible common equity to tangible assets, tangible book value per share, adjusted net income, adjusted return on average assets, adjusted return on average stockholders' equity, and adjusted 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.

HBT Financial, Inc.

Page 5 of 17

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, future earnings levels, and future loan growth. These statements are subject to many risks and uncertainties, that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: the severity, magnitude and duration of the COVID-19 pandemic; the direct and indirect impacts of the COVID-19 pandemic and governmental responses to the pandemic on our operations and our customers’ businesses; the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect our capital levels and earnings, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses; our asset quality and any loan charge-offs; changes in interest rates and general economic, business and political conditions in the United States generally or in Illinois in particular, including 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 6 of 17

HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Statements of Income


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2020		2020		2019		2020		2019

INTEREST AND DIVIDEND INCOME	(dollars in thousands, except per share amounts)
Loans, including fees:
Taxable	$	25,118	$	25,337	$	29,308	$	77,396	$	89,257
Federally tax exempt		542		532		684		1,748		2,130
Securities:
Taxable		3,266		3,172		3,572		9,772		11,295
Federally tax exempt		1,233		1,227		1,395		3,488		4,459
Interest-bearing deposits in bank		65		79		662		873		1,948
Other interest and dividend income		14		14		15		42		46
Total interest and dividend income		30,238		30,361		35,636		93,319		109,135

INTEREST EXPENSE
Deposits		843		1,042		2,000		3,480		6,094
Securities sold under agreements to repurchase		9		11		17		40		48
Borrowings		1		1		—		2		7
Subordinated notes		147		—		—		147		—
Junior subordinated debentures issued to capital trusts		367		399		478		1,209		1,462
Total interest expense		1,367		1,453		2,495		4,878		7,611
Net interest income		28,871		28,908		33,141		88,441		101,524
PROVISION FOR LOAN LOSSES		2,174		3,573		684		10,102		3,266
Net interest income after provision for loan losses		26,697		25,335		32,457		78,339		98,258

NONINTEREST INCOME
Card income		2,146		1,998		1,985		5,936		5,813
Service charges on deposit accounts		1,493		1,133		2,111		4,460		5,805
Wealth management fees		1,646		1,507		1,676		4,967		4,916
Mortgage servicing		724		727		795		2,175		2,342
Mortgage servicing rights fair value adjustment		(268)		(508)		(860)		(2,947)		(2,982)
Gains on sale of mortgage loans		3,184		2,135		992		5,855		2,177
Gains (losses) on securities		(2)		57		(73)		3		42
Gains (losses) on foreclosed assets		27		58		(20)		120		132
Gains (losses) on other assets		1		(69)		(29)		(71)		1,244
Title insurance activity		—		—		—		—		167
Other noninterest income		1,101		1,022		1,005		2,866		2,759
Total noninterest income		10,052		8,060		7,582		23,364		22,415

NONINTEREST EXPENSE
Salaries		12,595		12,674		12,303		38,023		36,422
Employee benefits		1,666		2,455		2,253		6,555		8,220
Occupancy of bank premises		1,609		1,642		1,785		5,079		5,260
Furniture and equipment		679		609		545		1,891		2,050
Data processing		1,583		1,672		1,471		4,841		4,023
Marketing and customer relations		690		817		801		2,551		2,837
Amortization of intangible assets		305		305		335		927		1,087
FDIC insurance		222		218		8		476		435
Loan collection and servicing		450		494		547		1,292		1,901
Foreclosed assets		226		88		196		403		525
Other noninterest expense		2,460		2,525		2,059		7,253		6,316
Total noninterest expense		22,485		23,499		22,303		69,291		69,076
INCOME BEFORE INCOME TAX EXPENSE		14,264		9,896		17,736		32,412		51,597
INCOME TAX EXPENSE		3,701		2,477		299		8,209		819
NET INCOME	$	10,563	$	7,419	$	17,437	$	24,203	$	50,778

EARNINGS PER SHARE - BASIC	$	0.38	$	0.27	$	0.97	$	0.88	$	2.82
EARNINGS PER SHARE - DILUTED	$	0.38	$	0.27	$	0.97	$	0.88	$	2.82
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		27,457,306		27,457,306		18,027,512		27,457,306		18,027,512

PRO FORMA C CORP EQUIVALENT INFORMATION
Historical income before income tax expense					$	17,736			$	51,597
Pro forma C Corp equivalent income tax expense						4,614				13,313
Pro forma C Corp equivalent net income					$	13,122			$	38,284

PRO FORMA C CORP EQUIVALENT EARNINGS PER SHARE - BASIC					$	0.73			$	2.12
PRO FORMA C CORP EQUIVALENT EARNINGS PER SHARE - DILUTED					$	0.73			$	2.12

HBT Financial, Inc.

Page 7 of 17

HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Balance Sheets


	September 30,		June 30,		September 30,
	2020		2020		2019

	(dollars in thousands)
ASSETS
Cash and due from banks	$	22,347	$	21,789	$	19,969
Interest-bearing deposits with banks		214,377		292,576		134,972
Cash and cash equivalents		236,724		314,365		154,941

Interest-bearing time deposits with banks		—		—		248
Debt securities available-for-sale, at fair value		814,798		701,353		618,120
Debt securities held-to-maturity		74,510		73,823		99,861
Equity securities		4,814		4,815		4,436
Restricted stock, at cost		2,498		2,498		2,425
Loans held for sale		23,723		25,934		7,608

Loans, before allowance for loan losses		2,279,639		2,275,795		2,171,014
Allowance for loan losses		(31,654)		(29,723)		(22,761)
Loans, net of allowance for loan losses		2,247,985		2,246,072		2,148,253

Bank premises and equipment, net		53,271		53,883		54,105
Bank premises held for sale		121		121		121
Foreclosed assets		3,857		4,450		6,574
Goodwill		23,620		23,620		23,620
Core deposit intangible assets, net		3,103		3,408		4,366
Mortgage servicing rights, at fair value		5,571		5,839		7,936
Investments in unconsolidated subsidiaries		1,165		1,165		1,165
Accrued interest receivable		13,820		12,661		14,816
Other assets		25,643		27,405		18,018
Total assets	$	3,535,223	$	3,501,412	$	3,166,613

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	850,306	$	856,030	$	649,316
Interest-bearing		2,166,355		2,159,083		2,054,742
Total deposits		3,016,661		3,015,113		2,704,058

Securities sold under agreements to repurchase		45,438		51,354		32,267
Subordinated notes		39,218		—		—
Junior subordinated debentures issued to capital trusts		37,632		37,616		37,566
Other liabilities		40,980		49,489		43,786
Total liabilities		3,179,929		3,153,572		2,817,677

Stockholders' Equity
Common stock		275		275		181
Surplus		190,787		190,687		32,288
Retained earnings		146,101		139,667		311,055
Accumulated other comprehensive income		18,131		17,211		8,431
Less cost of treasury stock held		—		—		(3,019)
Total stockholders’ equity		355,294		347,840		348,936
Total liabilities and stockholders’ equity	$	3,535,223	$	3,501,412	$	3,166,613

SHARE INFORMATION
Ending number shares of common stock outstanding		27,457,306		27,457,306		18,027,512

HBT Financial, Inc.

Page 8 of 17

HBT Financial, Inc.

Consolidated Financial Summary


	September 30,		June 30,		September 30,
	2020		2020		2019

	(dollars in thousands)
LOANS
Commercial and industrial	$	389,231	$	408,230	$	340,650
Agricultural and farmland		235,597		239,101		205,041
Commercial real estate - owner occupied		225,345		228,506		239,805
Commercial real estate - non-owner occupied		532,454		535,339		552,262
Multi-family		199,441		186,440		191,646
Construction and land development		265,758		247,640		210,939
One-to-four family residential		308,365		308,133		321,947
Municipal, consumer, and other		123,448		122,406		108,724
Loans, before allowance for loan losses	$	2,279,639	$	2,275,795	$	2,171,014

PPP LOANS (included above)
Commercial and industrial	$	168,466	$	166,868	$	—
Agricultural and farmland		4,179		4,027		—
Municipal, consumer, and other		7,095		7,063		—
Total PPP Loans	$	179,740	$	177,958	$	—


	September 30,		June 30,		September 30,
	2020		2020		2019

	(dollars in thousands)
DEPOSITS
Noninterest-bearing	$	850,306	$	856,030	$	649,316
Interest-bearing demand		885,719		880,007		800,471
Money market		475,047		480,497		463,444
Savings		497,682		487,761		426,707
Time		307,907		310,818		364,120
Total deposits	$	3,016,661	$	3,015,113	$	2,704,058

HBT Financial, Inc.

Page 9 of 17

HBT Financial, Inc.

Consolidated Financial Summary


	Three Months Ended
	September 30, 2020						June 30, 2020						September 30, 2019
	Average						Average						Average
	Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *

	(dollars in thousands)
ASSETS
Loans	$	2,277,826	$	25,660	4.48	%	$	2,265,032	$	25,869	4.59	%	$	2,191,230	$	29,992	5.43	%
Securities		831,120		4,499	2.15			721,817		4,399	2.45			745,532		4,967	2.64
Deposits with banks		274,022		65	0.09			326,216		79	0.10			136,635		662	1.93
Other		2,498		14	2.29			2,496		14	2.21			2,425		15	2.35
Total interest-earning assets		3,385,466	$	30,238	3.55	%		3,315,561	$	30,361	3.68	%		3,075,822	$	35,636	4.60	%
Allowance for loan losses		(30,221)						(26,125)						(22,326)
Noninterest-earning assets		157,446						163,713						149,146
Total assets	$	3,512,691					$	3,453,149					$	3,202,642

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	888,941	$	123	0.05	%	$	860,131	$	162	0.08	%	$	812,526	$	347	0.17	%
Money market		479,314		96	0.08			477,441		118	0.10			468,139		497	0.42
Savings		493,278		37	0.03			474,609		50	0.04			428,447		70	0.06
Time		306,154		587	0.76			317,965		712	0.90			383,070		1,086	1.12
Total interest-bearing deposits		2,167,687		843	0.15			2,130,146		1,042	0.20			2,092,182		2,000	0.38
Securities sold under agreements to repurchase		51,686		9	0.06			53,867		11	0.08			35,757		17	0.18
Borrowings		1,196		1	0.47			2,582		1	0.03			33		—	2.40
Subordinated notes		11,976		147	4.87			—		—	—			—		—	—
Junior subordinated debentures issued to capital trusts		37,621		367	3.89			37,605		399	4.26			37,561		478	5.05
Total interest-bearing liabilities		2,270,166	$	1,367	0.24	%		2,224,200	$	1,453	0.26	%		2,165,533	$	2,495	0.46	%
Noninterest-bearing deposits		846,808						824,232						651,085
Noninterest-bearing liabilities		40,421						58,177						37,274
Total liabilities		3,157,395						3,106,609						2,853,892
Stockholders' Equity		355,296						346,540						348,750
Total liabilities and stockholders’ equity	$	3,512,691					$	3,453,149					$	3,202,642

Net interest income/Net interest margin ⁽³⁾			$	28,871	3.39	%			$	28,908	3.51	%			$	33,141	4.27	%
Tax-equivalent adjustment ⁽²⁾				495	0.06					483	0.06					559	0.08
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis)^{(1) (2)}			$	29,366	3.45	%			$	29,391	3.57	%			$	33,700	4.35	%
Net interest rate spread ⁽⁴⁾					3.31	%					3.42	%					4.14	%
Net interest-earning assets ⁽⁵⁾	$	1,115,300					$	1,091,361					$	910,289
Ratio of interest-earning assets to interest-bearing liabilities		1.49						1.49						1.42
Cost of total deposits					0.11	%					0.14	%					0.29	%

* Annualized measure.

(1)	See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.

(2)	On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.

(3)	Net interest margin represents net interest income divided by average total interest-earning assets.

(4)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(5)	Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc.

Page 10 of 17

HBT Financial, Inc.

Consolidated Financial Summary


	Nine Months Ended
	September 30, 2020						September 30, 2019
	Average						Average
	Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *

	(dollars in thousands)
ASSETS
Loans	$	2,228,145	$	79,144	4.74	%	$	2,184,263	$	91,387	5.59	%
Securities		740,834		13,260	2.39			779,375		15,754	2.70
Deposits with banks		283,730		873	0.41			131,209		1,948	1.99
Other		2,473		42	2.29			2,527		46	2.42
Total interest-earning assets		3,255,182	$	93,319	3.83	%		3,097,374	$	109,135	4.71	%
Allowance for loan losses		(26,288)						(21,346)
Noninterest-earning assets		156,121						147,972
Total assets	$	3,385,015					$	3,224,000

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	853,775	$	536	0.08	%	$	821,848	$	1,175	0.19	%
Money market		473,647		608	0.17			455,469		1,356	0.40
Savings		467,482		157	0.04			428,865		207	0.06
Time		321,905		2,179	0.90			408,972		3,356	1.10
Total interest-bearing deposits		2,116,809		3,480	0.22			2,115,154		6,094	0.39
Securities sold under agreements to repurchase		49,183		40	0.11			39,542		48	0.16
Borrowings		1,333		2	0.19			378		7	2.61
Subordinated notes		4,021		147	4.87			—		—	—
Junior subordinated debentures issued to capital trusts		37,605		1,209	4.30			37,544		1,462	5.21
Total interest-bearing liabilities		2,208,951	$	4,878	0.29	%		2,192,618	$	7,611	0.46	%
Noninterest-bearing deposits		780,826						654,818
Noninterest-bearing liabilities		47,426						31,720
Total liabilities		3,037,203						2,879,156
Stockholders' Equity		347,812						344,844
Total liabilities and stockholders’ equity	$	3,385,015						3,224,000

Net interest income/Net interest margin ⁽³⁾			$	88,441	3.63	%			$	101,524	4.38	%
Tax-equivalent adjustment ⁽²⁾				1,441	0.06					1,775	0.08
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(1) (2)}			$	89,882	3.69	%			$	103,299	4.46	%
Net interest rate spread ⁽⁴⁾					3.54	%					4.25	%
Net interest-earning assets ⁽⁵⁾	$	1,046,231					$	904,756
Ratio of interest-earning assets to interest-bearing liabilities		1.47						1.41
Cost of total deposits					0.16	%					0.29	%

* Annualized measure.

(1)	See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.

(2)	On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.

(3)	Net interest margin represents net interest income divided by average total interest-earning assets.

(4)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(5)	Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc.

Page 11 of 17

HBT Financial, Inc.

Consolidated Financial Summary


	September 30,			June 30,			September 30,
	2020			2020			2019

	(dollars in thousands)
NONPERFORMING ASSETS
Nonaccrual	$	15,191		$	13,945		$	18,977
Past due 90 days or more, still accruing ⁽¹⁾		17			7			95
Total nonperforming loans		15,208			13,952			19,072
Foreclosed assets		3,857			4,450			6,574
Total nonperforming assets	$	19,065		$	18,402		$	25,646

NONPERFORMING ASSETS (Originated)⁽²⁾
Nonaccrual	$	10,179		$	9,059		$	11,268
Past due 90 days or more, still accruing		17			7			95
Total nonperforming loans (originated)		10,196			9,066			11,363
Foreclosed assets		939			1,092			1,048
Total nonperforming (originated)	$	11,135		$	10,158		$	12,411

NONPERFORMING ASSETS (Acquired)⁽²⁾
Nonaccrual	$	5,012		$	4,886		$	7,709
Past due 90 days or more, still accruing ⁽¹⁾		—			—			—
Total nonperforming loans (acquired)		5,012			4,886			7,709
Foreclosed assets		2,918			3,358			5,526
Total nonperforming assets (acquired)	$	7,930		$	8,244		$	13,235

Allowance for loan losses	$	31,654		$	29,723		$	22,761

Loans, before allowance for loan losses	$	2,279,639		$	2,275,795		$	2,171,014
Loans, before allowance for loan losses (originated)⁽²⁾		2,148,074			2,132,189			1,987,265
Loans, before allowance for loan losses (acquired) ⁽²⁾		131,565			143,606			183,749

CREDIT QUALITY RATIOS
Allowance for loan losses to loans, before allowance for loan losses		1.39	%		1.31	%		1.05	%
Allowance for loan losses to nonperforming loans		208.14			213.04			119.34
Nonperforming loans to loans, before allowance for loan losses		0.67			0.61			0.88
Nonperforming assets to total assets		0.54			0.53			0.81
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets		0.83			0.81			1.18

CREDIT QUALITY RATIOS (Originated)⁽²⁾
Nonperforming loans to loans, before allowance for loan losses		0.47	%		0.43	%		0.57	%
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets		0.52			0.48			0.62

CREDIT QUALITY RATIOS (Acquired) ⁽²⁾
Nonperforming loans to loans, before allowance for loan losses		3.81	%		3.40	%		4.20	%
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets		5.90			5.61			6.99

(1)	Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $30 thousand, $0.1 million, and $0.7 million as of September 30, 2020, June 30, 2020, and September 30, 2019, respectively.

(2)

Originated loans and acquired loans along with the related credit quality ratios such as nonperforming loans to loans, before allowance for loan losses (originated and acquired) and nonperforming assets to loans, before allowance for loan losses and foreclosed assets (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 17

HBT Financial, Inc.

Consolidated Financial Summary


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2020			2020			2019			2020			2019

ALLOWANCE FOR LOAN LOSSES	(dollars in thousands)
Beginning balance	$	29,723		$	26,087		$	22,542		$	22,299		$	20,509
Provision		2,174			3,573			684			10,102			3,266
Charge-offs		(1,078)			(160)			(937)			(2,459)			(2,436)
Recoveries		835			223			472			1,712			1,422
Ending balance	$	31,654		$	29,723		$	22,761		$	31,654		$	22,761

Net charge-offs (recoveries)	$	243		$	(63)		$	465		$	747		$	1,014
Net charge-offs (recoveries) - (originated) ⁽¹⁾		(20)			3			224			155			182
Net charge-offs (recoveries) - (acquired)⁽¹⁾		263			(66)			241			592			832

Average loans, before allowance for loan losses	$	2,277,826		$	2,265,032		$	2,191,230		$	2,228,145		$	2,184,263
Average loans, before allowance for loan losses (originated) ⁽¹⁾		2,140,376			2,117,131			2,001,803			2,080,668			1,979,383
Average loans, before allowance for loan losses (acquired) ⁽¹⁾		137,450			147,901			189,427			147,477			204,880

Net charge-offs to average loans, before allowance for loan losses *		0.04	%		(0.01)	%		0.08	%		0.04	%		0.06	%
Net charge-offs to average loans, before allowance for loan losses (originated) * ⁽¹⁾		—			—			0.04			0.01			0.01
Net charge-offs to average loans, before allowance for loan losses (acquired) * ⁽¹⁾		0.76			(0.18)			0.50			0.54			0.54

* Annualized measure.

(1)

Originated loans and acquired loans along with the related credit quality ratios such as net charge-offs (originated and acquired), average loans, before allowance for loan losses (originated and acquired), and net charge-offs to average loans, before allowance for loan losses (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 13 of 17

HBT Financial, Inc.

Consolidated Financial Summary


	As of or for the Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2020			2020			2019			2020			2019

	(dollars in thousands, except per share amounts)
EARNINGS AND PER SHARE INFORMATION
Net income	$	10,563		$	7,419		$	17,437		$	24,203		$	50,778
Earnings per share - Basic		0.38			0.27			0.97			0.88			2.82
Earnings per share - Diluted		0.38			0.27			0.97			0.88			2.82

C Corp equivalent net income ⁽¹⁾		N/A			N/A		$	13,122			N/A		$	38,284
C Corp equivalent earnings per share - Basic ⁽¹⁾		N/A			N/A			0.73			N/A			2.12
C Corp equivalent earnings per share - Diluted ⁽¹⁾		N/A			N/A			0.73			N/A			2.12

Book value per share	$	12.94		$	12.67		$	19.36

Ending number shares of common stock outstanding		27,457,306			27,457,306			18,027,512
Weighted average shares of common stock outstanding		27,457,306			27,457,306			18,027,512			27,457,306			18,027,512

SUMMARY RATIOS
Net interest margin *		3.39	%		3.51	%		4.27	%		3.63	%		4.38	%
Efficiency ratio		56.98			62.74			53.94			61.15			54.86
Loan to deposit ratio		75.57			75.48			80.29

Return on average assets *		1.20	%		0.86	%		2.16	%		0.96	%		2.11	%
Return on average stockholders' equity *		11.83			8.61			19.84			9.30			19.69

C Corp equivalent return on average assets * ⁽¹⁾		N/A			N/A			1.63	%		N/A			1.59	%
C Corp equivalent return on average stockholders' equity * ⁽¹⁾		N/A			N/A			14.93			N/A			14.84

NON-GAAP FINANCIAL MEASURES
Adjusted net income ⁽²⁾	$	10,755		$	8,218		$	14,343		$	27,352		$	43,010
Adjusted earnings per share - Basic ⁽²⁾		0.39			0.30			0.80			0.99			2.39
Adjusted earnings per share - Diluted⁽²⁾		0.39			0.30			0.80			0.99			2.39

Tangible book value per share ⁽²⁾	$	11.97		$	11.68		$	17.80

Net interest margin (tax equivalent basis) * ⁽²⁾		3.45	%		3.57	%		4.35	%		3.69	%		4.46	%
Efficiency ratio (tax equivalent basis) ⁽²⁾		56.27			61.93			53.21			60.37			54.08

Adjusted return on average assets * ⁽²⁾		1.22	%		0.96	%		1.78	%		1.08	%		1.78	%
Adjusted return on average stockholders' equity * ⁽²⁾		12.04			9.54			16.32			10.50			16.68

Return on average tangible common equity *⁽²⁾		12.80	%		9.34	%		21.58	%		10.08	%		21.46	%
C Corp equivalent return on average tangible common equity *^{(1) (2)}		N/A			N/A			16.24			N/A			16.18
Adjusted return on average tangible common equity * ⁽²⁾		13.03			10.35			17.75			11.40			18.18

* Annualized measure.

(1)	Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent income tax expense for such period. No such adjustment is necessary for periods subsequent to 2019.

(2)	See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures.

N/A Not applicable.

HBT Financial, Inc.

Page 14 of 17

Reconciliation of Non-GAAP Financial Measures –

Adjusted Net Income and Adjusted Return on Average Assets


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2020			2020			2019			2020		2019

	(dollars in thousands)
Net income	$	10,563		$	7,419		$	17,437		$	24,203	$	50,778
C Corp equivalent adjustment ⁽²⁾		—			—			(4,315)			—		(12,494)
C Corp equivalent net income ⁽²⁾		10,563			7,419			13,122			24,203		38,284
Adjustments:
Net earnings (losses) from closed or sold operations, including gains on sale ⁽¹⁾		—			—			(3)			—		533
Charges related to termination of certain employee benefit plans		—			(609)			(845)			(1,457)		(4,161)
Mortgage servicing rights fair value adjustment		(268)			(508)			(860)			(2,947)		(2,982)
Total adjustments		(268)			(1,117)			(1,708)			(4,404)		(6,610)
Tax effect of adjustments		76			318			487			1,255		1,884
Less adjustments after tax effect		(192)			(799)			(1,221)			(3,149)		(4,726)
Adjusted net income	$	10,755		$	8,218		$	14,343		$	27,352	$	43,010

Average assets	$	3,512,691		$	3,453,149		$	3,202,642		$	3,385,015	$	3,224,000

Return on average assets *		1.20	%		0.86	%		2.16	%		0.96		2.11	%
C Corp equivalent return on average assets * ⁽²⁾		N/A			N/A			1.63			N/A		1.59
Adjusted return on average assets *		1.22			0.96			1.78			1.08		1.78

* Annualized measure.

(1)	Closed or sold operations include HB Credit Company, HBT Insurance, and First Community Title Services, Inc.

(2)	Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent income tax expense for such period. No such adjustment is necessary for periods subsequent to 2019.

N/A Not applicable.

HBT Financial, Inc.

Page 15 of 17

Reconciliation of Non-GAAP Financial Measures –

Adjusted Earnings Per Share


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2020		2020		2019		2020		2019

	(dollars in thousands, except per share amounts)
Numerator:
Net income	$	10,563	$	7,419	$	17,437	$	24,203	$	50,778
Earnings allocated to unvested restricted stock units ⁽¹⁾		(28)		(19)		—		(62)		—
Numerator for earnings per share - basic and diluted	$	10,535	$	7,400	$	17,437	$	24,141	$	50,778

C Corp equivalent net income ⁽³⁾		N/A		N/A	$	13,122		N/A	$	38,284
Earnings allocated to unvested restricted stock units ^{(1) (3)}		N/A		N/A		—		N/A		—
Numerator for C Corp equivalent earnings per share - basic and diluted ⁽³⁾		N/A		N/A	$	13,122		N/A	$	38,284

Adjusted net income	$	10,755	$	8,218	$	14,343	$	27,352	$	43,010
Earnings allocated to unvested restricted stock units ⁽¹⁾		(28)		(22)		—		(69)		—
Numerator for adjusted earnings per share - basic and diluted	$	10,727	$	8,196	$	14,343	$	27,283	$	43,010

Denominator:
Weighted average common shares outstanding		27,457,306		27,457,306		18,027,512		27,457,306		18,027,512
Dilutive effect of outstanding restricted stock units ⁽²⁾		—		—		—		—		—
Weighted average common shares outstanding, including all dilutive potential shares		27,457,306		27,457,306		18,027,512		27,457,306		18,027,512

Earnings per share - Basic	$	0.38	$	0.27	$	0.97	$	0.88	$	2.82
Earnings per share - Diluted	$	0.38	$	0.27	$	0.97	$	0.88	$	2.82

C Corp equivalent earnings per share - Basic ⁽³⁾		N/A		N/A	$	0.73		N/A	$	2.12
C Corp equivalent earnings per share - Diluted ⁽³⁾		N/A		N/A	$	0.73		N/A	$	2.12

Adjusted earnings per share - Basic	$	0.39	$	0.30	$	0.80	$	0.99	$	2.39
Adjusted earnings per share - Diluted	$	0.39	$	0.30	$	0.80	$	0.99	$	2.39

(1)

The Company has granted restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

(2)

Restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents during the three months ended September 30, 2020 and June 30, 2020 and during the nine months ended September 30, 2020. There were no restricted stock units outstanding during the three and nine months ended September 30, 2019.

(3)	Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent income tax expense for such period. No such adjustment is necessary for periods subsequent to 2019.

N/A Not applicable.

HBT Financial, Inc.

Page 16 of 17

Reconciliation of Non-GAAP Financial Measures –

Net Interest Margin (Tax Equivalent Basis)


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2020			2020			2019			2020			2019

	(dollars in thousands)
Net interest income (tax equivalent basis)
Net interest income	$	28,871		$	28,908		$	33,141		$	88,441		$	101,524
Tax-equivalent adjustment ⁽¹⁾		495			483			559			1,441			1,775
Net interest income (tax equivalent basis) ⁽¹⁾	$	29,366		$	29,391		$	33,700		$	89,882		$	103,299

Net interest margin (tax equivalent basis)
Net interest margin *		3.39	%		3.51	%		4.27	%		3.63	%		4.38	%
Tax-equivalent adjustment * ⁽¹⁾		0.06			0.06			0.08			0.06			0.08
Net interest margin (tax equivalent basis) * ⁽¹⁾		3.45	%		3.57	%		4.35	%		3.69	%		4.46	%

Average interest-earning assets	$	3,385,466		$	3,315,561		$	3,075,822		$	3,255,182		$	3,097,374

* Annualized measure.

(1)	On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –

Efficiency Ratio (Tax Equivalent Basis)


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2020			2020			2019			2020			2019

	(dollars in thousands)
Efficiency ratio (tax equivalent basis)
Total noninterest expense	$	22,485		$	23,499		$	22,303		$	69,291		$	69,076
Less: amortization of intangible assets		305			305			335			927			1,087
Adjusted noninterest expense	$	22,180		$	23,194		$	21,968		$	68,364		$	67,989

Net interest income	$	28,871		$	28,908		$	33,141		$	88,441		$	101,524
Total noninterest income		10,052			8,060			7,582			23,364			22,415
Operating revenue		38,923			36,968			40,723			111,805			123,939
Tax-equivalent adjustment ⁽¹⁾		495			483			559			1,441			1,775
Operating revenue (tax equivalent basis) ⁽¹⁾	$	39,418		$	37,451		$	41,282		$	113,246		$	125,714

Efficiency ratio		56.98	%		62.74	%		53.94	%		61.15	%		54.86	%
Efficiency ratio (tax equivalent basis) ⁽¹⁾		56.27			61.93			53.21			60.37			54.08

(1)	On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.

Page 17 of 17

Reconciliation of Non-GAAP Financial Measures –

Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share


	September 30,			June 30,			September 30,
	2020			2020			2019

	(dollars in thousands)
Tangible Common Equity
Total stockholders' equity	$	355,294		$	347,840		$	348,936
Less: Goodwill		23,620			23,620			23,620
Less: Core deposit intangible assets, net		3,103			3,408			4,366
Tangible common equity	$	328,571		$	320,812		$	320,950

Tangible assets
Total assets	$	3,535,223		$	3,501,412		$	3,166,613
Less: Goodwill		23,620			23,620			23,620
Less: Core deposit intangible assets, net		3,103			3,408			4,366
Tangible assets	$	3,508,500		$	3,474,384		$	3,138,627

Total stockholders' equity to total assets		10.05	%		9.93	%		11.02	%
Tangible common equity to tangible assets		9.36			9.23			10.23

Ending number shares of common stock outstanding		27,457,306			27,457,306			18,027,512

Book value per share	$	12.94		$	12.67		$	19.36
Tangible book value per share		11.97			11.68			17.80

Reconciliation of Non-GAAP Financial Measures –

Adjusted Return on Average Stockholders' Equity and Adjusted Return on Tangible Common Equity


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2020			2020			2019			2020			2019

	(dollars in thousands)
Average Tangible Common Equity
Total stockholders' equity	$	355,296		$	346,540		$	348,750		$	347,812		$	344,844
Less: Goodwill		23,620			23,620			23,620			23,620			23,620
Less: Core deposit intangible assets, net		3,284			3,589			4,561			3,589			4,924
Average tangible common equity	$	328,392		$	319,331		$	320,569		$	320,603		$	316,300

Net income	$	10,563		$	7,419		$	17,437		$	24,203		$	50,778
C Corp equivalent net income ⁽¹⁾		N/A			N/A			13,122			N/A			38,284
Adjusted net income		10,755			8,218			14,343			27,352			43,010

Return on average stockholders' equity *		11.83	%		8.61	%		19.84	%		9.30	%		19.69	%
C Corp equivalent return on average stockholders' equity * ⁽¹⁾		N/A			N/A			14.93			N/A			14.84
Adjusted return on average stockholders' equity *		12.04			9.54			16.32			10.50			16.68

Return on average tangible common equity *		12.80	%		9.34	%		21.58	%		10.08	%		21.46	%
C Corp equivalent return on average tangible common equity * ⁽¹⁾		N/A			N/A			16.24			N/A			16.18
Adjusted return on average tangible common equity *		13.03			10.35			17.75			11.40			18.18

* Annualized measure.

(1)	Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent income tax expense for such period. No such adjustment is necessary for periods subsequent to 2019.

N/A Not applicable.

Exhibit 99.2

STRICTLY PRIVATE AND CONFIDENTIAL Q3 2020 Results Presentation October 26, 2020 HBT Financial, Inc.

Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements. Forward-looking statements may include statements relating to our future plans, strategies and expectations, as well as the economic impact of COVID-19 and the related impacts on our future financial results and statements about our near-term outlook, including near-term loan growth, net interest margin, provision for loan losses, service charges on deposit accounts, mortgage banking profits, wealth management fees, expenses, asset quality, capital levels and continued earnings. Forward looking statements are generally identifiable by use of the words ‘‘believe,’’ “may,” “will,” “should,” “could,” “expect,” “estimate,” “intend,” “anticipate,” “project,” “plan” or similar expressions. Forward looking statements are frequently based on assumptions that may or may not materialize and are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from the results anticipated or projected and which could materially and adversely affect our operating results, financial condition or prospects include, but are not limited to: the severity, magnitude and duration of the COVID-19 pandemic; the direct and indirect impacts of the COVID-19 pandemic and governmental responses to the pandemic on our operations and our customers’ businesses; the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect our capital levels and earnings, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses; our asset quality and any loan charge-offs; the composition of our loan portfolio; time and effort necessary to resolve nonperforming assets; environmental liability associated with our lending activities; the effects of the current low interest rate environment or changes in interest rates on our net interest income, net interest margin, our investments, and our loan originations, and our modelling estimates relating to interest rate changes; our access to sources of liquidity and capital to address our liquidity needs; our inability to receive dividends from the chartered banks we own (the “Banks”), pay dividends to our common stockholders or satisfy obligations as they become due; the effects of problems encountered by other financial institutions; our ability to achieve organic loan and deposit growth and the composition of such growth; our ability to attract and retain skilled employees or changes in our management personnel; any failure or interruption of our information and communications systems; our ability to identify and address cybersecurity risks; the effects of the failure of any component of our business infrastructure provided by a third party; our ability to keep pace with technological changes; our ability to successfully develop and commercialize new or enhanced products and services; current and future business, economic and market conditions in the United States generally or in Illinois in particular; the geographic concentration of our operations in the State of Illinois; our ability to effectively compete with other financial services companies and the effects of competition in the financial services industry on our business; our ability to attract and retain customer deposits; our ability to maintain our Banks’ reputations; possible impairment of our goodwill and other intangible assets; the impact of, and changes in applicable laws, regulations and accounting standards and policies; our prior status as an “S Corporation” under the applicable provisions of the Internal Revenue Code of 1986, as amended; possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations; the effectiveness of our risk management and internal disclosure controls and procedures; market perceptions associated with certain aspects of our business; the one-time and incremental costs of operating as a standalone public company; our ability to meet our obligations as a public company, including our obligations under Section 404 of Sarbanes-Oxley; and damage to our reputation from any of the factors described above or elsewhere in this presentation. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statement in the future, or to reflect circumstances and events that occur after the date on which the forward-looking statement was made. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures. While HBT Financial, Inc. (“HBT” or the “Company”) believes these are useful measures for investors, they are not presented in accordance with GAAP. You should not consider non-GAAP measures in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Because not all companies use identical calculations, the presentation herein of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Tax equivalent adjustments assume a federal tax rate of 21% and state income tax rate of 9.50% during the three months ended March 31, 2020, June 30, 2020, and September 30, 2020, the nine months ended September 30, 2020 and years ended December 31, 2019 and 2018, and a federal tax rate of 35% and state income tax rate of 8.63% for the year ended December 31, 2017. For a reconciliation of the non-GAAP measures we use to the most comparable GAAP measures, see the Appendix to this presentation. 1

Q3 2020 highlights Continued disciplined growth ◼ Total assets increased $34 million, or 1%, from the second quarter driven by the issuance of subordinated notes with the proceeds primarily invested in securities ◼ Total deposits were substantially unchanged and the cost of total deposits declined 3 basis points to just 0.11% ◼ Loan-to-deposits ratio held steady at 75.6% compared to 75.5% at Q2 2020 Upheld Midwestern values ◼ Supported clients through waiving or refunding certain deposit fees, loan deferrals and PPP loans ◼ Placed the health of customers and employees first by implementing enhanced cleaning protocols and other safety measures at all locations Maintained strong profitability ◼ Net income of $10.6 million, or $0.38 per diluted share; return on average assets (ROAA) of 1.20%; and return on average tangible common equity (ROATCE)(1) of 12.80% ◼ Adjusted net income(1) of $10.8 million; or $0.39 per diluted share, adjusted ROAA(1) of 1.22%; and adjusted ROATCE(1) of 13.03% Prioritized safety and soundness ◼ Nonperforming loans totaled $15.2 million, or 0.67% of total loans, compared with $14.0 million, or 0.61% of total loans, at Q2 2020, and $19.1 million, or 0.88% of total loans, at Q3 2019 ◼ COVID-19 related loan modifications declined 82% to $36.4 million (1.6% of total loans), compared with $203.2 million (8.9% of total loans) at Q2 2020 ◼ Recorded net charges offs of just $243 thousand (0.04% of average loans) 1 See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most comparable GAAP financial measures. 2

C&I 17% CRE–Owner occupied 10% Agricultural & farm land 10% CRE–Non-owner occupied 23% C&D 12% Multi-family 9% 1-4 Family residential 14% Municipal, consumer & other 5% Company snapshot ✓ Company incorporated in 1982 from base of family-owned banks and completed its IPO in October 2019 ✓ Headquartered in Bloomington, IL, with operations in Central Illinois and the Chicago MSA ✓ Leading market position in majority of core mid-sized markets in Central Illinois ✓ Strong deposit franchise with 11bps cost of deposits, 99% core deposits2 ✓ Conservative credit culture, with 1bp NCOs on originated loans during the nine months ended September 30, 20203 ✓ High profitability sustained through cycles Overview As of or for the period ended 2017 2018 2019 Q3-20 YTD Total assets $3,313 $3,250 $3,245 $3,535 Total gross loans, HFI1 2,116 2,144 2,164 2,280 Total deposits 2,856 2,796 2,777 3,017 % Core deposits2 98.5% 98.7% 98.4% 99.2% Loans-to-deposits 74.1% 76.7% 77.9% 75.6% Adjusted ROAA4 1.20% 1.55% 1.78% 1.08% Adjusted ROATCE4 13.0% 16.7% 18.3% 11.4% Cost of deposits 0.17% 0.21% 0.29% 0.16% NIM5 4.01% 4.25% 4.38% 3.69% Yield on loans 5.09% 5.35% 5.51% 4.74% Efficiency ratio5 57.7% 54.3% 53.1% 60.4% NCOs / loans 0.15% 0.23% 0.07% 0.04% Originated NCOs / loans3 0.14% 0.17% 0.04% 0.01% NPLs / gross loans 1.04% 0.74% 0.88% 0.67% Originated NPLs / loans3 0.85% 0.54% 0.54% 0.47% NPAs / Loans + OREO 1.81% 1.18% 1.11% 0.83% Originated NPAs / Loans + OREO 1.17% 0.61% 0.59% 0.52% CET1 (%) 12.1% 12.7% 12.2% 12.5% Financial highlights ($mm) Balance sheet Key performance i ndicators Credit & capital Loan composition Note: Financial data as of and for the three months ended September 30, 2020 unless otherwise indicated; 1 Gross loans includes loans before allowance for loan losses; excludes loans held for sale; 2 Core deposits defined as all deposits excluding time deposits of $250,000 or more and brokered deposits; for reconciliation with GAAP metric, see “Non-GAAP reconciliations”; 3 Originated loans represent loans initially originated by the Company and acquired loans that were refinanced using the Company’s underwriting criteria; metrics derived from originated loan data are non-GAAP metrics; for a reconciliation with GAAP metrics, see “Non-GAAP reconciliations”; 4 Metric based on adjusted net income, which is a non-GAAP metric; for reconciliation with GAAP metric, see “Non-GAAP reconciliations”; net income presented on C-Corporation equivalent basis; 5 Tax-equivalent basis metric; for reconciliation with GAAP metric, see “Non-GAAP reconciliations” Commercial Regulatory CRE Deposit composition Noninterest- bearing demand 28% Interest- bearing demand 29% Money Market 16% Savings 16% Time 10% 3

Impact of COVID-19 in Illinois Source: The COVID Tracking Project (cumulative case data through October 18); CDC (data on COVID-19 cases in the last 7 days is through October 17) Cumulative COVID-19 Cases (Confirmed & Probable) in Illinois ◼ Like the rest of the U.S., COVID-19 remains a challenge for Illinois ➢ The number of new cases (confirmed & probable) increased to 4,245 on October 18th, which compares to the daily average of 1,968 new cases in September ➢ Illinois was the state with the 2nd highest number of cases in the last 7 days as of October 17th ➢ Citing a dramatic increase in the number of coronavirus cases since the start of October, Chicago Mayor Lori Lightfoot warned on October 19th that stricter guidelines may be reimposed on businesses ◼ Cook County accounted for 48% of Illinois’ cumulative confirmed COVID-19 cases as of October 18th, which is down from nearly 70% earlier this year and indicative of a widening case spread ◼ Illinois entered Phase 4 of its reopening plan on June 26th ➢ Restaurants and bars can open for indoor dining at fractional capacity and gatherings of up to 50 people ➢ Gyms, movie theaters, casinos, and video game establishments are also allowed to operate ➢ Certain counties have more restrictive mitigation guidelines in effect, such as a ban on indoor dining ◼ Illinois is only likely to transition to Phase 5 of its reopening plan, a full reopening, when a vaccine or highly effective COVID-19 treatment is available ➢ All sectors reopen in Phase 5 with businesses, schools, and recreation resuming normal operations and festivals and large events permitted to take place 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 3/31 4/30 5/31 6/30 7/31 8/31 9/30 10/18 States with the most COVID-19 Cases in the last 7 Days 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 TX IL FL CA WI NC TN 4

Paycheck Protection Program (PPP) Details PPP Loans by Portfolio as of September 30, 2020 Portfolio Balance ($000) Commercial and industrial $168,466 Agricultural and farmland 4,179 Municipal, consumer, and other 7,095 Total PPP Loans $179,740 ◼ PPP loan balances, net of deferred origination fees, totaled $180 million (8% of total loans) as of September 30, 2020 ➢ Deferred origination fees on PPP loans totaled $5.4 million as of September 30, 2020 ◼ Deferred origination fees amortized over life of loan; accelerated upon forgiveness or repayment ➢ Deferred origination fees on PPP loans of $0.9 million were recognized as loan interest income during the three months ended September 30, 2020 ◼ 68% of the total number of PPP loans with aggregate balances of $27.9 million have principal balances of $50,000 or less and are thus eligible for streamlined forgiveness ◼ Will begin taking forgiveness applications for PPP loans of $50,000 or less in October 5

COVID-19 Loan Modification Update Loan Modification Balances ($mm) ◼ Loans in modifications declined 82% from the second quarter to $36.4 million, or 1.6% of total loans, as of September 30, 2020 ➢ $16.1 million of the loans still in modification as of September 30, 2020 had returned to regular payments as of October 21, 2020 ➢ Of the loans still in modification as of September 30, 2020, 30% are rated substandard, 12% are rated pass-watch and 58% are rated pass ◼ The total number of loans with modifications declined from 395 as of June 30, 2020 to just 57 as of September 30, 2020 and 36 as of October 21, 2020 ◼ Substantially all loan modifications were for a three-month interest-only period or a one-month payment deferral, with some loans receiving more than one modification Loan Modification Balance % of Total Loans % of Total Loans Excluding PPP Loans Portfolio 6/30/20 9/30/20 % Change 6/30/20 9/30/20 6/30/20 9/30/20 Commercial Real Estate1 $119.6 $19.4 (84)% 5.2% 0.9% 5.7% 0.9% Commercial2 64.1 12.0 (81)% 2.8% 0.5% 3.1% 0.6% Agriculture and Farmland 4.2 3.2 (24)% 0.2% 0.1% 0.2% 0.1% 1-4 Family Residential 15.0 1.8 (88)% 0.7% 0.1% 0.7% 0.1% Municipal, Consumer, & Other 0.4 0.0 (92)% 0.0% 0.0% 0.0% 0.0% Total $203.2 $36.4 (82)% 8.9% 1.6% 9.7% 1.7% 1 Includes non-owner occupied CRE, construction and land development, and multi-family 2 Includes commercial and industrial and owner-occupied CRE 6

Loan Portfolio Overview: Commercial Real Estate ◼ $998 million portfolio as of September 30, 2020 ➢ $532 million in non-owner occupied CRE primarily supported by rental cash flow of the underlying properties ➢ $266 million in construction and land development loans primarily to developers to sell upon completion or for long-term investment ➢ $199 million in multi-family loans secured by 5+ unit apartment buildings ◼ Vast majority of loans originated to experienced real estate developers within our markets ◼ Guarantees required on majority of originated loans Multi-Family 31% Retail 13% Warehouse/ Manufacturing 13% Office 13% Senior Living Facilities 8% 1-4 Family Construction 6% Land and Lots 5% Medical 3% Hotels 2% Auto Repair & Dealers 2% Other* 4% Commercial Real Estate Loan Mix * Includes restaurant/bar exposure of $7.2 million or 0.7% of CRE loans 7 Portfolio1 Balance ($mm) Average Loan Size ($mm) Weighted Average LTV % Rated Substandard % Received a COVID-19 Modification % Still in a COVID-19 Modification Multi-family $199.4 $1.0 62.0% 0.4% 15.6% 0.5% Retail $128.3 $1.1 56.4% 5.4% 45.9% 7.0% Office $125.7 $1.0 56.8% 3.3% 7.1% 1.1% Warehouse/ Manufacturing $95.1 $0.9 53.9% 0.0% 13.8% 0.0% Senior Living $78.4 $3.4 53.0% 21.5% 0.0% 0.0% Hotels $22.7 $1.6 57.4% 29.5% 73.1% 26.8% Restaurants $7.2 $0.6 65.6% 6.6% 40.3% 8.8% 1 Excludes Construction Loans Details on Select CRE Portfolios

Loan Portfolio Overview: Commercial ◼ $389 million C&I loans outstanding as of September 30, 2020 ➢ For working capital, asset acquisition, and other business purposes ➢ Underwritten primarily based on borrower’s cash flow and majority further supported by collateral and personal guarantees; loans based primarily in-market ◼ $225 million owner-occupied CRE outstanding as of September 30, 2020 ➢ Primarily underwritten based on cash flow of business occupying properties and supported by personal guarantees; loans based primarily in-market Auto Repair & Dealers 15% Health Care and Social Assistance 13% Wholesale Trade 11% Construction 8% Real Estate and Rental and Leasing 8% Arts, Entertainment, and Recreation 7% Retail Trade- Other 6% Manufacturing 6% Professional, Scientific, and Technical Services 5% Restaurants and Bars 4% Finance and Insurance 2% Other 15% Commercial Loan Mix1 1 Commercial loan mix excludes $168 million in PPP loans 8 Portfolio1 Balance ($mm) Average Loan Size ($mm) % Rated Substandard % Received a COVID-19 Modification % Still in a COVID-19 Modification Auto Repair & Dealers $68.3 $0.5 0.7% 35.5% 0.0% Health Care & Social Assistance $59.4 $0.2 4.3% 13.6% 0.5% Retail Trade $28.0 $0.1 20.2% 28.3% 0.0% Arts, Entertainment & Recreation $32.3 $0.4 1.5% 16.5% 13.3% Restaurants $19.6 $0.1 16.1% 56.2% 8.2% Details on Select Commercial Portfolios

Loan Portfolio Overview: Agriculture and Farmland ◼ $236 million portfolio as of September 30, 2020 ◼ Federal crop insurance programs mitigate production risks ◼ No customer accounts for more than 4% of the agriculture portfolio ◼ Weighted average LTV on Farmland Loans is 52.7% ◼ 1.8% received a COVID-19 modification and 1.3% was still in modification as of September 30, 2020 ◼ 6.5% is rated substandard as of September 30, 2020 ◼ Over 70% of agricultural borrowers have been with the Company for at least 10 years, and nearly half for more than 20 years Agriculture and Farmland Loan Mix1 Farmland 59% Crops 33% Equipment finance 5% Livestock 3% 1 Agriculture and Farmland loan mix excludes $4 million in PPP loans 9

Loan Portfolio Overview: 1-4 Family Residential Mortgage ◼ $308 million in-house portfolio as of September 30, 2020 ◼ Weighted average LTV is 61.2% ◼ 6.4% received a COVID-19 modification and 0.6% was still in modification as of September 30, 2020 ◼ 4.2% is rated substandard 1st Mortgages Non-owner Occupied 48% 1st Mortgages Owner Occupied 27% HELOCs and 2nd Mortgages 25% 1-4 Family Residential Loan Mix ◼ $1.09 billion sold to the secondary market with servicing retained as of September 30, 2020 ◼ Loan modifications related to COVID-19 offered in the form of forbearance ➢ As of September 30, 2020, made 196 loan modifications for $22 million which represents 2% of the September 30, 2020 secondary market residential portfolio ◼ Q4 2020 residential mortgage origination volume is expected to remain healthy as the low interest rate environment supports refinance activity, but still moderate from Q3 2020’s level due to normal seasonality In-house 1-4 Family Residential Mortgage Portfolio Secondary Market 1-4 Family Residential Mortgage Portfolio Residential Mortgage Loan Origination Volume ($mm) $0 $20 $40 $60 $80 $100 $120 $140 3Q19 4Q19 1Q20 2Q20 3Q20 10

Loan Portfolio Overview: Municipal, Consumer and Other ◼ $123 million portfolio as of September 30, 2020 ➢ Loans to municipalities are primarily federally tax-exempt ➢ Consumer loans include loans to individuals for consumer purposes and typically consist of small balance loans ◼ Commercial Tax-Exempt - Senior Living ➢ $33.4 million portfolio with $5.6 million average loan size ➢ Weighted average LTV of 88.8% ➢ 39.4% is rated substandard ➢ No loans have received a COVID-19 modification ◼ Commercial Tax-Exempt – Medical ➢ $20.6 million portfolio with $2.1 million average loan size ➢ Weighted average LTV of 39.8% ➢ No loans are rated substandard ➢ No loans have received a COVID-19 modification Municipal, Consumer and Other Loan Mix1 Commercial Tax-Exempt (Senior Living) 29% Municipalities 20% Commercial Tax-Exempt (Medical) 18% Consumer 12% Other 21% 1 Municipal, Consumer and Other loan mix excludes $7 million in PPP loans 11

Loan Portfolio Overview: Asset Quality and Reserves ◼ At September 30, 2020, non-performing assets were $19.1 million, or 0.54% of total assets compared to $24.1 million, or 0.74% of total assets at December 31, 2019 ◼ Net charge-offs were $0.7 million, or 0.04% on an annualized basis for the nine months ended September 30, 2020 ◼ Substandard loans increased $9.6 million to $102.4 million and Pass-Watch loans increased $31.7 million to $181.8 million as of September 30, 2020 when compared to June 30, 2020 Non-performing assets/ Total assets % and Net charge-off % ◼ Allowance for loan losses totaled $31.7 million, or 1.39% of loans before allowance, at September 30, 2020 compared to $22.3 million, or 1.03% at December 31, 2019 ➢ Excluding $179.7 million in PPP loans, the ALLL ratio reached 1.51% at September 30, 2020 ◼ In addition to our allowance for loan losses, we had $2.5 million in credit-related discounts on acquired loans at September 30, 2020 compared to $3.0 million at June 30, 2020 Asset quality impact from COVID-19 is modest so far Augmenting allowance for loan losses Allowance for loan losses to total loans (%) 1.16 1.17 0.78 0.74 0.54 0.23 0.15 0.23 0.07 0.04 2016 2017 2018 2019 Q3-20 YTD NPAs/ Total Assets % NCO % 0.94 0.93 0.96 1.03 1.39 2016 2017 2018 2019 3Q20 12

Capital and Liquidity Overview CET 1 Risk-based Capital Ratio (%) Leverage Ratio (%) Tangible Common Equity to Tangible Assets (%)1 Liquidity Sources ($000) 12.21 12.09 12.71 12.15 12.52 2016 2017 2018 2019 3Q20 9.93 9.94 10.80 10.38 10.04 2016 2017 2018 2019 3Q20 8.94 8.94 9.67 9.49 9.36 2016 2017 2018 2019 3Q20 Liquidity Source As of 9/30/20 Balance of Cash and Cash Equivalents $236,724 Market Value of Unpledged Securities 540,786 Available FHLB Advance Capacity 337,043 Available Fed Fund Lines of Credit 90,000 Total Estimated Liquidity $1,204,553 1 For reconciliation with GAAP metric, see “Non-GAAP reconciliations” 13

U.S Gov’t Agency 3.51% Agency RMBS 2.35% Agency CMBS 2.68% U.S Gov’t Agency 1.80% Muncipal 2.19% Agency RMBS 1.50% Agency CMBS 2.20% Corporate 3.44% Securities Portfolio Overview ◼ Company owns debt securities with a total carrying value of $889mm, consisting primarily of the following types of fixed income instruments: ◼ Agency MBS: MBS pass-throughs, CMOs, and Agency CMBS ◼ Municipal Bonds: weighted average NRSRO credit rating of AA/Aa2 ◼ Corporate Bonds: AAA covered bonds, Supra Sovereign Debt, and Investment Grade Corporate and Bank Subordinated Debt ◼ Government Agency Debentures and SBA-backed Full Faith and Credit Debt ◼ Investment strategy focused on maximizing returns and reducing the Company’s asset sensitivity with high credit quality intermediate duration investments ◼ Company emphasizes predictable cash flows that limit faster prepayments when rates decline or extended durations when rates rise ◼ Current portfolio performance outperforms peers with higher average book yield, greater unrealized gains, and more stable cashflows in changing rate environments Financial data as of September 30, 2020 14 Available for Sale Held to Maturity Balance: $815mm Yield: 2.06% Balance: $75mm Yield: 2.92% Overview Key investment portfolio metrics ($000) AFS HTM Total Amortized Cost $791,533 $74,510 $866,043 Fair Value 814,798 78,891 893,689 Unrealized Gain/(Loss) 23,265 4,381 27,646 Book Yield 2.06% 2.92% 2.13% Effective Duration 3.37 3.63 3.39

Near-Term Outlook ◼ Loan pipelines remain healthy but near-term loan growth (excluding the impact of PPP loans) is expected to be relatively flat over the next quarter ◼ NIM pressure (excluding the impact of PPP loans and excess liquidity) is expected to persist for the next couple of quarters but moderate ◼ Mortgage banking profits are expected to remain strong in Q4 2020 based on current pipelines and the low interest rate environment supporting strong refinance activity, but still decline from levels in Q3 2020 due to normal seasonality ◼ Service charges on deposit accounts expected to continue to recover in line with customer activity ◼ Noninterest expenses are expected to remain close to Q3 2020 levels in Q4 2020 ◼ Conservative underwriting philosophy helps to mitigate near-term asset quality pressure and credit metrics remain solid ◼ Strong capital levels and continued earnings to allow the Company to continue supporting its clients and its current cash dividend ◼ The $40 million subordinated note issuance provides a buffer against higher than estimated credit losses and additional regulatory capital to support organic growth and/or potential acquisitions 15

Our history Fred Drake named President and CEO of Heartland Bank and Trust Company and led its entry into Bloomington-Normal 1992 1964 - 1982 George Drake purchases El Paso National Bank and assembles group of banks in rural communities in Central IL M.B. Drake starts bank in Central IL 1920 HBT Financial, Inc. incorporated as a multi- bank holding company owning three banks 1982 1997 All five banks owned by HBT Financial, Inc. were merged into Heartland Bank and Trust Company Wave of FDIC- assisted and strategic acquisitions, including expansion into the Chicago MSA 2010-2015 Acquisition of Lincoln S.B. Corp (State Bank of Lincoln) 20181 Company crosses $1bn in assets 2007 1999 - 2008 Entry into several new markets in Central IL through de novo branches and acquisitions 1 Although the Lincoln Acquisition is identified as an acquisition above, the transaction was accounted for as a change of reporting entity due to its common control with the Company 2019 Completed IPO in October 16

Our markets Company branches outside of Chicago MSA Company branches in Chicago MSA Lake Kane DeKalb Cook Will Kendall LaSalle Bureau Grundy Ford McLean De Witt Logan Tazewell Peoria Marshall Woodford Champaign Exposure to mid-sized and metropolitan markets Branch locations Chicago MSA 34% Mid-sized markets 66% Deposits Chicago MSA 51% Mid-sized markets 49% Loans Chicago MSA 33% Mid-sized markets 67% Branches $2.3bn $3.0bn 63 branches Note: Financial data as of September 30, 2020 17

Business strategy ◼ Drake family involved in Central IL banking since 1920 ◼ Management lives and works in our communities ◼ Community banking and relationship-based approach stems from adherence to our Midwestern values ◼ Committed to providing products and services to support the unique needs of our customer base ◼ Nearly all loans originated to borrowers domiciled within 60 miles of a branch ◼ Robust underwriting standards will continue to be a hallmark of the Company ◼ Maintained sound credit quality and minimal originated problem asset levels during the Great Recession ◼ Diversified loan portfolio primarily within footprint ◼ Underwriting continues to be a strength as evidenced by only 4bps NCOs on loans originated by the Company in 20191 ◼ Positioned to be the acquirer of choice for many potential partners in and adjacent to our existing markets ◼ Successful integration of 8 community bank acquisitions in the last 13 years ◼ Chicago MSA, in particular, has ~100 banking institutions with less than $1bn in assets ◼ 1.78 ROAA%2 and 4.38% NIM3 in 2019, well above peer medians ◼ Highly profitable through the Great Recession ◼ Highly defensible market position (Top 3 deposit market share rank in 6 of 7 largest core mid-sized markets in Central Illinois) that contributes to our strong core deposit base and funding advantage ◼ Continue to deploy our excess deposit funding (75% loan-to-deposit ratio) into attractive loan opportunities in larger, more diversified markets ◼ Efficient decision-making process provides a competitive advantage over the larger and more bureaucratic money center and super regional financial institutions that compete in our markets Preserve strong ties to our communities Deploy excess deposit funding into loan growth opportunities Maintain a prudent approach to credit underwriting Pursue strategic acquisitions and sustain strong profitability 1 Originated loans represent loans initially originated by the Company and acquired loans that were refinanced using the Company’s underwriting criteria; metrics derived from originated loan data are non-GAAP metrics; for a reconciliation with GAAP metrics, see "Non-GAAP reconciliations“; 2 Metrics based on adjusted net income, which is a non-GAAP metric; for reconciliation with GAAP metrics, see “Non-GAAP reconciliations”; net income presented on C-Corporation equivalent basis; 3 Metrics presented on tax equivalent basis; peer metrics shown FTE where available; for reconciliation with GAAP metric, see “Non-GAAP reconciliations” Small enough to know you, big enough to serve you 18

Our core operating principles Continue disciplined growth ◼ Grow conservatively in our core mid-sized markets and in the Chicago MSA via organic channels and through M&A ◼ Pursue strategically compelling and financially attractive growth opportunities that are consistent with our culture Uphold our Midwestern values ◼ Long-time family-owned bank that demonstrates our values through hard work, perseverance, and doing the right thing ◼ Committed to all stakeholders, including our customers, employees, communities, and shareholders Prioritize safety and soundness ◼ Preserve asset quality through prudent underwriting standards ◼ Robust compliance management framework emphasizing sound governance practices ◼ Protect stable core deposit base through excellent customer service Maintain strong profitability ◼ Consistently generate strong earnings throughout various economic cycles, supported by: ◼ Leading deposit share in our core markets ◼ Underwriting attractively priced loans ◼ Robust credit risk management framework ◼ Diversified sources of fee income 19

Experienced executive management team with deep community ties Fred L. Drake Chairman and CEO 37 years with Company 40 years in industry J. Lance Carter President and Chief Operating Officer 19 years with Company 26 years in industry Patrick F. Busch Chief Lending Officer, President of Heartland Bank 25 years with Company 42 years in industry Matthew J. Doherty Chief Financial Officer 10 years with Company 28 years in industry Lawrence J. Horvath Senior Regional Lender, Heartland Bank 10 years with Company 35 years in industry Mark W. Scheirer Chief Credit Officer 9 years with Company 28 years in industry Andrea E. Zurkamer Chief Risk Officer 7 years with Company 20 years in industry Diane H. Lanier Chief Retail Officer 23 years with Company 35 years in industry 20

Investment highlights 4 1 2 3 5 Track record of successfully integrating acquisitions Consistent performance through cycles Leading market position in core mid-sized markets, with growth opportunity in the Chicago MSA Stable, low-cost deposit base Prudent risk management 21

Company’s performance compares favorably to peers . . . Cost of deposits 0.29% 0.84% Yield on loans 5.51% 5.27% Net interest margin (tax equivalent basis)2 4.38% 3.80% 77.9% 92.4% Loans-to-deposits 53.1% 56.8% Efficiency ratio (tax equivalent basis)2 Source: S&P Global Market Intelligence Note: Financial data as of and for the twelve months ended December 31, 2019; Peer data as of and for the twelve months ended December 31, 2019 (as available as of May 15, 2020) 1 Represents approximately 30 high performing major exchange-traded banks headquartered in the Midwest with $1.5-10bn in assets, core return on average assets greater than 1.10% and non- performing assets-to-assets less than 2.00%; 2 Metrics presented on tax equivalent basis; peer metrics shown FTE where available; for reconciliation with GAAP metric, see “Non-GAAP reconciliations”; 3 Metrics based on adjusted net income, which is a non-GAAP metric; for reconciliation with GAAP metric, see “Non-GAAP reconciliations”; net income presented on C-Corporation equivalent basis Company High-performing peers1 1.78% 1.49% Adjusted ROAA3 18.3% 14.9% Adjusted ROATCE3 1 2019 Performance 22

. . . and has been sustained through cycles . . . Drivers of profitability Pre-tax return on average assets (%) 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 2006 2007 2008 2009 2010 2011¹ 2012¹ 2013¹ 2014 2015 2016 2017 2018 2019 Source: S&P Global Market Intelligence; For 2006 through June 30, 2012, the Company’s pre-tax ROAA does not include Lincoln S.B. Corp. and its subsidiaries; 1 HBT pre-tax ROAA adjusted to exclude the following significant non-recurring items in the following years: 2011: $25.4 million bargain purchase gains; 2012: $11.4 million bargain purchase gains, $9.7 million net realized gain on securities, and $6.7 million net positive adjustments on FDIC indemnification asset and true-up liability; 2013: $9.1 million net realized loss on securities and $6.9 million net loss related to the sale of branches; 2 Represents approximately 30 high performing major exchange-traded banks headquartered in the Midwest with $1.5-10bn in assets, core return on average assets greater than 1.10% and non-performing assets-to-assets less than 2.00% Strong, low-cost deposits supported by our leading market share in core mid-sized markets 1 Relationship-based business model that has allowed us to cultivate and underwrite attractively priced loans A robust credit risk management framework to prudently manage credit quality Diversified sources of fee income, including in wealth management 4 Company Adjusted1 Company High Performing Peer Median2 Consistent outperformance, even during periods of broad economic stress 1 2 3 23

. . . driving compelling tangible book value growth Tangible book value per share over time ($ per share)1 1 For reconciliation with GAAP metric, see “Non-GAAP reconciliations”; 2 In 2019, HBT Financial issued and sold 9,429,794 shares of common stock at a price of $16 per share. Total proceeds received by the Company, net of offering costs, were $138.5 million and were used to fund a $170 million special dividend to stockholders of record prior to the initial public offering. Amount reflects dilution per share attributable to newly issued shares in initial public offering (IPO) and special dividend payment. For reconciliation with GAAP metric, see “Non-GAAP reconciliations” 3 Excludes dividends paid to S Corp shareholders for estimated tax liability prior to conversion to C Corp status on October 11, 2019. Excludes $170 million special dividend funded primarily from IPO proceeds. For reconciliation with GAAP metric, see “Non-GAAP reconciliations” 1 $4.69 $5.38 $6.10 $6.91 $10.15 $12.56 $12.93 $14.72 $15.33 $16.25 $16.23 $17.27 $17.80 $10.54 $11.12 $11.97 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 2019 3Q20 IPO Diultion2 $(7.26) IPO Adjusted2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 2019 3Q20 $0.45 $0.20 $0.40 $0.60 $0.79 $1.53 $1.76 $2.03 $2.37 $3.21 $5.01 $5.88 $7.83 Cumulative effect of dividends paid ($ per share)3 24

Leading market position in core mid-sized markets . . . Top 3 deposit share rank in 6 of 7 largest core mid-sized markets in Central Illinois Company Market County % of Company deposits Deposits ($mm) Branches Market share Rank Population (000) Money Center share1 McLean $570 9 16.3% 2 171 10.5% DeKalb 353 7 13.5% 4 105 – Tazewell 239 7 7.8% 2 131 – Woodford 226 6 28.1% 2 38 – Cook 221 2 0.1% 57 5,121 38.4% Bureau 216 4 20.1% 1 32 – Logan 199 4 34.0% 1 28 – De Witt 170 3 39.0% 1 15 – Other Counties 821 21 Company market share by county 26% 6% 7% 7% 7% 8% 8% 12% 19% Note: Data as of June 30, 2020 Source: S&P Global Market Intelligence; Note: Analysis excludes deposits from non-retail branches; McLean County excludes State Farm Bank given its lack of retail banking locations 1 Money Center banks include Chase, Bank of America, Wells Fargo, and Citibank Shaded counties denote Company’s top mid-sized markets by deposit share 2 25

Loans within the Chicago MSA ($mm) CAGR of 7.3% .. . . with growth opportunity in the Chicago MSA ◼ Entered market in 2011 with acquisition of Western Springs National Bank ◼ Chicago MSA is home to >9.5mm residents, with an annual GDP >$675bn ◼ Second largest MSA in the country for middle market businesses1 ◼ In-market disruption from recent bank M&A in Chicago MSA has provided attractive source of local talent ◼ Scale and diversity of Chicago MSA provides continued growth opportunities, both in lending and deposits ◼ Match-funded loan growth as evidenced by 112% loan-to-deposit ratio within the Chicago MSA ◼ Loan growth in Chicago MSA spread across a variety of commercial asset classes, including multifamily, mixed use, industrial, retail, and office Overview Chicago MSA comprises a major component of our business . . . 34% of deposits 51% of loans 33% of branches .. . . and continues to grow Note: Financial data as of September 30, 2020 unless otherwise indicated 1 Middle market firms are defined as businesses with revenues between $10mm and $1bn 2 897 900 941 1,021 1,101 68 2016 2017 2018 2019 3Q20 Non-PPP Chicago MSA PPP Chicago MSA CAGR of 5.6% ex. PPP loans 26

18% 20% 10% 18% 2016 2Q19 2016 1Q19 0.17% 0.16% 0.16% 0.15% 0.17% 0.17% 0.18% 0.17% 0.17% 0.20% 0.23% 0.24% 0.29% 0.30% 0.29% 0.26% 0.24% 0.14% 0.11% 0.25% 0.24% 0.27% 0.27% 0.26% 0.30% 0.35% 0.36% 0.40% 0.51% 0.63% 0.70% 0.77% 0.87% 0.89% 0.83% 0.70% 0.43% Company cost of deposits* High performing peers cost of deposits Stable, low-cost deposit base . . . Cost of deposits remains considerably below peers Source: S&P Global Market Intelligence Note: Financial data as of and for the three months ended September 30, 2020 unless otherwise indicated; Peer data as of and for the three months ended June 30, 2020 (as available through October 18, 2020); 1 Represents 30 high performing major exchange-traded banks headquartered in the Midwest with $1.5-10bn in assets, core return on average assets greater than 1.10% and non-performing assets-to-assets less than 2.00% for the year ended December 31, 2019 * Annualized measure. The method used to calculate annualization factors for interim period ratios has changed from financial information previously presented. The annualization factor is now calculated using the number of days in the year divided by the number of days in the interim period. Previously, annualization factors were calculated as 4 divided by the number of quarters in the interim period, or an annualization factor of 4 for a quarterly period. The change was applied retrospectively to all periods presented and did not have a material impact on the annualized interim ratios. Historical time deposit composition (%) 1 Company High performing peers1 (8%) (2%) 2Q20 2Q20 3 27

3.72% 3.83% 3.71% 3.37% 2017 2018 2019 1Q20 2Q20 3.80% .. . . has supported NIM trends FTE NIM1* Source: S&P Global Market Intelligence; Note: Peer group NIMs shown on FTE basis when available; (data for peers as available through October 18, 2020); 1 Tax-equivalent basis metric; for reconciliation with GAAP metric, see “Non-GAAP reconciliations”; 2 Represents 30 high performing major exchange-traded banks headquartered in the Midwest with $1.5-10bn in assets, core return on average assets greater than 1.10% and non-performing assets-to-assets less than 2.00% for the year ended December 31, 2019; * Annualized measure. The method used to calculate annualization factors for interim period ratios has changed from financial information previously presented. The annualization factor is now calculated using the number of days in the year divided by the number of days in the interim period. Previously, annualization factors were calculated as 4 divided by the number of quarters in the interim period, or an annualization factor of 4 for a quarterly period. The change was applied retrospectively to all periods presented and did not have a material impact on the annualized interim ratios. GAAP NIM* Company High performing peers2 Accretion of acquired loan discounts contribution to Company GAAP NIM 3 5bps 7bps 13bps 16bps 1bp 3.83% 4.16% 4.31% 4.03% 3.51% 3.39% 4.01% 4.25% 4.38% 4.09% 3.57% 2017 2018 2019 1Q20 2Q20 3Q20 3.45% ◼ The reduction in the target federal funds rate in March 2020 and continued low interest rate environment has pressured the net interest margin ◼ 42% of the loan portfolio matures or reprices within the next 12 months ◼ Loan mix is 64% fixed rate and 36% variable rate; 55% of variable rate loans have floors and 81% of those loans have hit their floors 28 2bps

Track record of successfully integrating acquisitions BankPlus Morton, IL $231mm deposits 2007 2012 Bank of Illinois Normal, IL FDIC-assisted $176mm deposits Western Springs National Bank Western Springs, IL FDIC-assisted $184mm deposits 2011 Citizens First National Bank Princeton, IL FDIC-assisted $808mm deposits 2018 Farmer City State Bank Farmer City, IL $70mm deposits 2015 2010 Bank of Shorewood Shorewood, IL FDIC-assisted $105mm deposits National Bancorp, Inc. (American Midwest Bank) Schaumburg, IL $447mm deposits Lincoln S.B. Corp (State Bank of Lincoln)1 Lincoln, IL $357mm deposits 1 Although the Lincoln Acquisition is identified as an acquisition in the above table, the transaction was accounted for as a change of reporting entity due to its common control with Company 4 29

Prudent risk management Framework and key policies Balance sheet composition as of September 30, 2020 Originated and acquired loans1 ($mm) ◼ Risk management culture instilled by management ◼ Well-diversified loan portfolio across commercial, regulatory CRE, and residential ◼ Primarily originated across in-footprint borrowers with 94% of portfolio originated by HBT team (vs. acquired) ◼ Centralized credit underwriting group that evaluates all exposures over $500,000 to ensure uniform application of policies and procedures ◼ Conservative credit culture, strong underwriting criteria, and regular loan portfolio monitoring Loans Cash & securities Other assets Noninterest- bearing deposits Interest-bearing deposits Borrowings Other liabilities Equity 76% L/D ratio Historical net charge-offs (%) 1 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 or Lincoln Bank; originated loan CAGR excludes PPP loans 5 1,689 1,825 1,924 1,998 1,968 180 417 291 220 165 132 2016 2017 2018 2019 3Q20 Originated Originated - PPP Acquired 4.2% Originated Loan CAGR 0.23% 0.15% 0.23% 0.07% 0.04% 0.08% 0.14% 0.17% 0.04% 0.01% 2016 2017 2018 2019 Q3-YTD NCOs / Loans Originated NCOs / Originated Loans¹ 30

Appendix 31

Non-GAAP reconciliations Adjusted net income and adjusted ROAA ($000) 2017 2018 2019 3Q20 Q3-YTD Net income $56,103 $63,799 $66,865 $10,563 $24,203 C-Corp equivalent adjustment 2 (18,809) (15,502) (13,493) -- -- C-Corp equivalent net income 2 $37,294 $48,297 $53,372 $10,563 $24,203 Adjustments: Net earnings (losses) from closed or sold operations, including gains on sale 1 1,712 (822) 524 -- -- Charges related to termination of certain employee benefit plans -- -- (3,796) -- (1,457) Impairment losses related to closure of branches (1,936) -- -- -- -- Nonrecurring charge related to an employee benefits policy change (1,336) -- -- -- -- Expenses related to FDIC indemnification assets and liabilities (999) -- -- -- -- Realized gain (loss) on sales of securities (1,275) (2,541) -- -- -- Mortgage servicing rights fair value adjustment (315) 629 (2,400) (268) (2,947) Total adjustments (4,149) (2,734) (5,672) (268) (4,404) Tax effect of adjustments 1,685 779 1,617 76 1,255 Less adjustments after tax effect (2,464) (1,955) (4,055) (192) (3,149) Adjusted net income $39,758 $50,252 $57,427 $10,755 $27,352 Average assets $3,320,239 $3,247,598 $3,233,386 $3,512,691 $3,385,015 Return on average assets 1.69% 1.96% 2.07% 1.20%* 0.96%* C Corp equivalent return on average assets 1.12% 1.49% 1.65% N/A N/A Adjusted return on average assets 1.20% 1.55% 1.78% 1.22%* 1.08%* * Annualized measure; 1 Closed or sold operations include HB Credit Company, HBT Insurance, and First Community Title Services, Inc.; 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 year. No such adjustment is necessary for periods subsequent to 2019. 32

Non-GAAP reconciliations (cont’d) Average tangible common equity and adjusted ROATCE ($000) 2017 2018 2019 3Q20 Q3-YTD Total stockholders’ equity $338,317 $330,214 $341,544 $355,296 $347,812 Less: goodwill (23,620) (23,620) (23,620) (23,620) (23,620) Less: core deposit intangible assets (7,943) (6,256) (4,748) (3,284) (3,589) Average tangible common equity $306,754 $300,338 $313,176 $328,392 $320,603 Net income $56,103 $63,799 $66,865 $10,563 $24,203 C Corp equivalent net income 1 37,294 48,297 53,372 N/A N/A Adjusted net income 39,758 50,252 57,427 10,755 27,352 Return on average stockholders’ equity 16.58% 19.32% 19.58% 11.83%* 9.30%* C Corp equivalent return on average stockholders’ equity 1 11.02% 14.63% 15.63% N/A N/A Adjusted return on average stockholders’ equity 11.75% 15.22% 16.81% 12.04%* 10.50%* Return on average tangible common equity 18.29% 21.24% 21.35% 12.80%* 10.08%* C Corp equivalent return on average tangible common equity 1 12.16% 16.08% 17.04% N/A N/A Adjusted return on average tangible common equity 12.96% 16.73% 18.34% 13.03%* 11.40%* * Annualized measure; 1 Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income tax for such year. No such adjustment is necessary for periods subsequent to 2019. 33

Non-GAAP reconciliations (cont’d) ($000) 2017 2018 2019 1Q20 2Q20 3Q20 Q3-YTD Net interest income $120,998 $129,442 $133,800 $30,662 $28,908 $28,871 $88,441 Tax equivalent adjustment 5,527 2,661 2,309 463 483 495 1,441 Net interest income (tax-equivalent basis) $126,525 $132,103 $136,109 $31,125 $29,391 $29,366 $89,882 Average interest-earnings assets $3,157,195 $3,109,289 $3,105,863 $3,063,086 $3,315,561 $3,385,466 $3,255,182 Net interest income (tax-equivalent basis) Net interest margin (tax-equivalent basis) * Annualized measure. The method used to calculate annualization factors for interim period ratios has changed from financial information previously presented. The annualization factor is now calculated using the number of days in the year divided by the number of days in the interim period. Previously, annualization factors were calculated as 4 divided by the number of quarters in the interim period, or an annualization factor of 4 for a quarterly period. The change was applied retrospectively to all periods presented and did not have a material impact on the annualized interim ratios. (%) 2017 2018 2019 1Q20 2Q20 3Q20 Q3-YTD Net interest margin 3.83% 4.16% 4.31% 4.03%* 3.51%* 3.39%* 3.63%* Tax equivalent adjustment 0.18% 0.09% 0.07% 0.06%* 0.06%* 0.06%* 0.06%* Net interest margin (tax-equivalent basis) 4.01% 4.25% 4.38% 4.09%* 3.57%* 3.45%* 3.69%* 34

Non-GAAP reconciliations (cont’d) Efficiency ratio (tax-equivalent basis) ($000) 2017 2018 2019 3Q20 Q3-YTD Total noninterest expense $94,057 $90,317 $91,026 $22,485 $69,291 Less: amortization of intangible assets (1,916) (1,559) (1,423) (305) (927) Adjusted noninterest expense $92,141 $88,758 $89,603 $22,180 $68,364 Net interest income $120,998 $129,442 $133,800 $28,871 $88,441 Total noninterest income 33,171 31,240 32,751 10,052 23,364 Operating revenue 154,169 160,862 166,551 38,923 111,805 Tax-equivalent adjustment 5,527 2,661 2,309 495 1,441 Operating revenue (tax-equivalent basis) $159,696 $163,343 $168,860 $39,418 $113,246 Efficiency ratio 59.77% 55.24% 53.80% 56.98% 61.15% Efficiency ratio (tax-equivalent basis) 57.70% 54.34% 53.06% 56.27% 60.37%

Non-GAAP reconciliations (cont’d) ($000) 2016 2017 2018 2019 Q3-YTD Net charge-offs $4,974 $3,082 $4,953 $1,614 $747 Net charge-offs (originated) 1 1,245 2,500 3,137 732 155 Net charge-offs (acquired) 1 3,729 582 1,816 882 592 Average loans, before allowance for loan losses $2,132,405 $2,091,863 $2,131,512 $2,178,897 $2,228,145 Average loans, before allowance for loan losses (originated) 1 1,611,846 1,748,418 1,873,623 1,981,658 2,080,668 Average loans, before allowance for loan losses (acquired) 1 520,559 343,445 257,889 197,239 147,477 Net charge-offs percentage 0.23% 0.15% 0.23% 0.07% 0.04%* Net charge-offs percentage (originated) 1 0.08% 0.14% 0.17% 0.04% 0.01%* Net charge-offs percentage (acquired) 1 0.72% 0.17% 0.70% 0.45% 0.54%* Originated and acquired NCOs / loans * Annualized measure; 1 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. 36

Non-GAAP reconciliations (cont’d) ($000) 2017 2018 2019 3Q20 Non-performing loans 2 $22,102 $15,913 $19,049 $15,208 Foreclosed assets 16,545 9,559 5,099 3,857 Non-performing assets 2 $38,647 $25,472 $24,148 $19,065 Loans, before allowance for loan losses $2,115,946 $2,144,257 $2,163,826 $2,279,639 Nonperforming loans to loans, before allowance for loan losses 1.04% 0.74% 0.88% 0.67% Nonperforming assets to loans, before allowance for loan losses and foreclosed assets 1.81% 1.18% 1.11% 0.83% Credit quality ratios ($000) 2017 2018 2019 3Q20 Non-performing loans $15,533 $10,366 $10,841 $10,196 Foreclosed assets 5,950 1,395 1,022 939 Non-performing assets $21,483 $11,761 $11,863 $11,135 Loans, before allowance for loan losses $1,825,129 $1,923,859 $1,998,496 $2,148,074 Nonperforming loans to loans, before allowance for loan losses 0.85% 0.54% 0.54% 0.47% Nonperforming assets to loans, before allowance for loan losses and foreclosed assets 1.17% 0.61% 0.59% 0.52% Credit quality ratios (originated) 1 Credit quality ratios (acquired) 1 ($000) 2017 2018 2019 3Q20 Non-performing loans 2 $6,569 $5,547 $8,208 $5,012 Foreclosed assets 10,595 8,164 4,077 2,918 Non-performing assets 2 $17,164 $13,711 $12,285 $7,930 Loans, before allowance for loan losses $290,817 $220,398 $165,330 $131,565 Nonperforming loans to loans, before allowance for loan losses 2.26% 2.52% 4.96% 3.81% Nonperforming assets to loans, before allowance for loan losses and foreclosed assets 5.69% 6.00% 7.25% 5.90% 1 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; 2 Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $0.3 million as of December 31, 2017, $2.7 million as of December 31, 2018, $0.1 million as of December 31, 2019, and $30 thousand as of September 30, 2020. 37

Non-GAAP reconciliations (cont’d) Tangible book value per share and cumulative effect of dividends (2007 to 3Q19) ($mm) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 Tangible book value per share Total equity $109 $120 $130 $143 $197 $262 $257 $287 $311 $326 $324 $340 $349 Less goodwill (23) (23) (23) (23) (23) (23) (12) (12) (24) (24) (24) (24) (24) Less core deposit intangible (9) (9) (7) (7) (7) (15) (11) (9) (11) (9) (7) (5) (4) Tangible common equity $77 $88 $99 $113 $167 $224 $233 $265 $276 $294 $293 $311 $321 Shares outstanding (mm) 16.47 16.28 16.30 16.33 16.45 17.84 18.03 18.03 18.02 18.07 18.07 18.03 18.03 Book value per share $6.65 $7.36 $7.95 $8.73 $12.00 $14.68 $14.23 $15.92 $17.26 $18.05 $17.92 $18.88 $19.36 Tangible book value per share $4.69 $5.38 $6.10 $6.91 $10.15 $12.56 $12.93 $14.72 $15.33 $16.25 $16.23 $17.27 $17.80 TBVPS CAGR (%) 12.0% Cumulative effect of dividends per share Cumulative regular dividends $-- $3 $7 $10 $13 $17 $22 $26 $33 $38 $46 $54 $62 Cumulative special dividends -- -- -- -- -- 10 10 10 10 20 45 52 79 Cumulative effect of dividends $-- $3 $7 $10 $13 $27 $32 $36 $43 $58 $91 $106 $141 Shares outstanding (mm) 16.47 16.28 16.30 16.33 16.45 17.84 18.03 18.03 18.02 18.07 18.07 18.03 18.03 Cumulative effect of dividends per share $-- $0.20 $0.40 $0.60 $0.79 $1.53 $1.77 $2.02 $2.36 $3.21 $5.01 $5.88 $7.83 38

Non-GAAP reconciliations (cont’d) IPO adjusted tangible book value per share ($mm) IPO Adjusted 3Q19 2019 3Q20 Tangible book value per share Total equity $333 $355 Less goodwill (24) (24) Less core deposit intangible (4) (3) Tangible common equity $305 $329 Shares outstanding (mm) 27.46 27.46 Book value per share $12.12 $12.94 Tangible book value per share $10.54 $11.12 $11.97 TBVPS CAGR (%) 13.6% Tangible book value per share (IPO adjusted 3Q19 to 2Q20) ($000) 3Q19 Tangible common equity Total equity $348,936 Less goodwill (23,620) Less core deposit intangible (4,366) Tangible common equity 320,950 Net proceeds from initial public offering 138,493 Use of proceeds from initial public offering (special dividend) (169,999) IPO adjusted tangible common equity $289,444 Shares outstanding 18,027,512 New shares issued during initial public offering 9,429,794 Shares outstanding, following the initial public offering 27,457,306 Tangible book value per share $17.80 Dilution per share attributable to new investors and special dividend payment (7.26) IPO adjusted tangible book value per share $10.54 39

Non-GAAP reconciliations (cont’d) ($000) 2016 2017 2018 2019 3Q20 Tangible common equity Total equity $326,246 $323,916 $340,396 $332,918 $355,294 Less goodwill (23,620) (23,620) (23,620) (23,620) (23,620) Less core deposit intangible (8,928) (7,012) (5,453) (4,030) (3,103) Tangible common equity $293,698 $293,284 $311,323 $305,268 $328,571 Tangible assets Total assets $3,317,124 $3,312,875 $3,249,569 $3,245,103 $3,535,223 Less goodwill (23,620) (23,620) (23,620) (23,620) (23,620) Less core deposit intangible (8,928) (7,012) (5,453) (4,030) (3,103) Tangible assets $3,284,576 $3,282,243 $3,220,496 $3,217,453 $3,508,500 Total stockholders’ equity to total assets 9.84% 9.78% 10.48% 10.26% 10.05% Tangible common equity to tangible assets 8.94% 8.94% 9.67% 9.49% 9.36% Tangible common equity to tangible assets 40

Non-GAAP reconciliations (cont’d) ($000) 2017 2018 2019 3Q20 Total deposits $2,855,685 $2,795,970 $2,776,855 $3,016,661 Less time deposits of $250,000 or more (42,830) (36,875) (44,754) (24,734) Less brokered deposits -- -- -- -- Core deposits $2,812,855 $2,759,095 $2,732,101 $2,991,927 Core deposits to total deposits 98.50% 98.68% 98.39% 99.18% Core deposits 41

HBT Financial, Inc.