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): January 28, 2021

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 January 28, 2021, HBT Financial, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended and year ended December 31, 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 fourth quarter ended December 31, 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 January 28, 2021 for the Fourth Quarter Ended and Year Ended December 31, 2020.

99.2

HBT Financial, Inc. Presentation of Results for the Fourth Quarter Ended December 31, 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: January 28, 2021


EXHIBIT 99.1

Graphic

HBT FINANCIAL, INC. ANNOUNCES

FOURTH QUARTER 2020 FINANCIAL RESULTS

Fourth Quarter Highlights

Net income of $12.6 million, or $0.46 per diluted share; return on average assets (ROAA) of 1.38%; return on average stockholders' equity (ROAE) of 14.00%; and return on average tangible common equity (ROATCE)(1) of 15.12%
Adjusted net income(1) of $12.4 million; or $0.45 per diluted share, adjusted ROAA(1) of 1.36%; adjusted ROAE(1) of 13.71%; and adjusted ROATCE(1) of 14.81%

(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, January 28, 2021 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial”), the holding company for Heartland Bank and Trust Company, today reported net income of $12.6 million, or $0.46 diluted earnings per share, for the fourth quarter of 2020. This compares to net income of $10.6 million, or $0.38 diluted earnings per share, for the third quarter of 2020, and net income of $16.1 million, or $0.61 diluted earnings per share, for the fourth quarter of 2019.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “Despite the ongoing challenges presented by the pandemic that have impacted loan demand in our markets, we continued to produce a high level of profitability. Our consistent performance reflects the strong foundation we have built upon an attractive, stable deposit base, conservative underwriting, and diverse sources of non-interest income.

“With ample liquidity, capital and reserves, we are well positioned to continue supporting our customers and communities through this crisis while generating solid results for our shareholders. As economic conditions improve, we will be well positioned to continue growing our balance sheet through our ongoing expansion in our existing markets and potential acquisition opportunities, which we believe will help us to generate earnings growth and further enhance the value of our franchise in the years ahead,” said Mr. Drake.

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 $15.1 million, or $0.58 diluted earnings per share, for the fourth 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 $12.4 million, or $0.45 adjusted diluted earnings per share, for the fourth quarter of 2020. This compares to adjusted net income of $10.8 million, or $0.39 adjusted diluted earnings per share, for the third quarter of 2020, and adjusted net income of $14.4 million, or $0.55 adjusted diluted earnings per share, for the fourth quarter of 2019 (see "Reconciliation of Non-GAAP Financial Measures" tables).

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2020 was $29.2 million, an increase of 1.0% from $28.9 million for the third quarter of 2020 due primarily to growth in average interest-earning assets.

Relative to the fourth quarter of 2019, net interest income decreased $3.1 million, or 9.6%. The decline was primarily attributable to lower yields on average interest-earning assets.

Net interest margin for the fourth quarter of 2020 was 3.31%, compared to 3.39% for the third quarter of 2020. The decrease was primarily attributable to a full quarter’s impact of subordinated notes issued in September 2020. The contribution of acquired loan discount accretion to net interest margin remained low at 2 basis points during both the third and fourth quarter of 2020.

Relative to the fourth quarter of 2019, net interest margin decreased from 4.09%. 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 2 basis points during the fourth quarter of 2019.

Noninterest Income

Noninterest income for the fourth quarter of 2020 was $11.1 million, an increase of 10.3% from $10.1 million for the third quarter of 2020. The increase was partially attributable to a $0.6 million increase in wealth management fees. Fourth quarter 2020 results included a positive $0.4 million mortgage servicing rights (“MSR”) fair value adjustment compared to a negative $0.3 million fair value adjustment in the third quarter of 2020.

Relative to the fourth quarter of 2019, noninterest income increased 7.3% from $10.3 million. The increase was primarily attributable to higher gains on sale of mortgage loans and higher wealth management fees. Partially offsetting these increases were a $0.5 million decline in service charges on deposit accounts and a $0.4 million decline in other noninterest income.

Noninterest Expense

Noninterest expense for the fourth quarter of 2020 was $22.7 million, an increase of 0.8% from $22.5 million for the third quarter of 2020. The increase was primarily attributable to a $0.3 million increase in data processing costs, including $0.2 million of nonrecurring costs related to systems conversion for the consolidation of State Bank of Lincoln into Heartland Bank and Trust Company.

Relative to the third quarter of 2019, noninterest expense increased 3.3% from $22.0 million. Lower loan collection and servicing expense was more than offset by increases in FDIC insurance, data processing and other noninterest expenses. 


HBT Financial, Inc.

Page 3 of 17

Loan Portfolio

Total loans outstanding, before allowance for loan losses, were $2.25 billion at December 31, 2020, compared with $2.28 billion at September 30, 2020 and $2.16 billion at December 31, 2019. The $32.6 million decrease in loans from September 30, 2020 includes a $16.2 million decrease in PPP loans. The remaining decrease was not attributable to any specific factor. The $80.3 million decrease in total loans outstanding, net of PPP loans from December 31, 2019 was primarily due to a $43.2 million reduction in balances on existing lines of credit and a $19.0 million decrease in balances of participation loans purchased.

Deposits

Total deposits were $3.13 billion at December 31, 2020, compared with $3.02 billion at September 30, 2020 and $2.78 billion at December 31, 2019. Relative to the previous quarter, increases in interest-bearing demand, noninterest-bearing and savings balances were partially offset by declines in money market and time deposit balances in the fourth quarter of 2020.

Asset Quality

Nonperforming loans totaled $10.0 million, or 0.44% of total loans, at December 31, 2020, compared with $15.2 million, or 0.67% of total loans, at September 30, 2020, and $19.0 million, or 0.88% of total loans, at December 31, 2019. The decrease in nonperforming loans from September 30, 2020 was primarily attributable to the pay down and subsequent return to accrual status of one agriculture credit that totaled $4.2 million at September 30, 2020 and $3.8 million at December 31, 2020. The $9.0 million reduction in nonperforming loans from December 31, 2019 was primarily due to the referenced agriculture credit that totaled $5.0 million at December 31, 2019, as well as the payoff/pay down of 5 loan relationships that totaled approximately $4.2 million since December 31, 2019.

The Company recorded a provision for loan losses of $0.4 million for the fourth quarter of 2020, which was primarily due to a $3.2 million increase in specific reserves on loans individually evaluated for impairment, significantly offset by adjustments to qualitative factors to reflect changes in the economic environment and improved asset quality metrics.

Net charge-offs for the fourth quarter of 2020 were $0.2 million, or 0.04% of average loans on an annualized basis, compared to net charge-offs of $0.2 million, or 0.04% of average loans on an annualized basis, for the third quarter of 2020, and net charge-offs of $0.6 million, or 0.11% of average loans on an annualized basis, for the fourth quarter of 2019.

The Company’s allowance for loan losses was 1.42% of total loans and 319.66% of nonperforming loans at December 31, 2020, compared with 1.39% of total loans and 208.14% of nonperforming loans at September 30, 2020.


HBT Financial, Inc.

Page 4 of 17

Capital

At December 31, 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

December 31, 

Regulatory

2020

Requirements

Total capital to risk-weighted assets

17.45

%  

10.00

%

Tier 1 capital to risk-weighted assets

14.55

%  

8.00

%

Common equity tier 1 capital ratio

13.06

%  

6.50

%

Tier 1 leverage ratio

9.94

%  

5.00

%

Total stockholders' equity to total assets

9.93

%

N/A

Tangible common equity to tangible assets (1)

9.27

%  

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.

Stock Repurchase Program

On November 3, 2020, the Company announced that its Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $15 million of its common stock. The Company did not repurchase any shares of its common stock during the fourth quarter of 2020.

Annualization Factor

The method used to calculate annualization factors for interim period ratios changed in the third quarter of 2020 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. Prior to the third quarter of 2020, 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. The bank provides 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 December 31, 2020, HBT had total assets of $3.7 billion, total loans of $2.2 billion, and total deposits of $3.1 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

Year Ended

December 31, 

September 30, 

December 31, 

December 31, 

    

2020

    

2020

    

2019

    

2020

    

2019

INTEREST AND DIVIDEND INCOME

(dollars in thousands, except per share amounts)

Loans, including fees:

Taxable

$

25,497

$

25,118

$

28,039

$

102,893

$

117,296

Federally tax exempt

555

542

716

2,303

2,846

Securities:

Taxable

3,407

3,266

3,559

13,179

14,854

Federally tax exempt

1,208

1,233

1,269

4,696

5,728

Interest-bearing deposits in bank

65

65

1,003

938

2,951

Other interest and dividend income

14

14

14

56

60

Total interest and dividend income

30,746

30,238

34,600

124,065

143,735

INTEREST EXPENSE

Deposits

741

843

1,838

4,221

7,932

Securities sold under agreements to repurchase

8

9

24

48

72

Borrowings

1

2

2

9

Subordinated notes

469

147

616

Junior subordinated debentures issued to capital trusts

364

367

460

1,573

1,922

Total interest expense

1,582

1,367

2,324

6,460

9,935

Net interest income

29,164

28,871

32,276

117,605

133,800

PROVISION FOR LOAN LOSSES

430

2,174

138

10,532

3,404

Net interest income after provision for loan losses

28,734

26,697

32,138

107,073

130,396

NONINTEREST INCOME

Card income

2,151

2,146

1,952

8,087

7,765

Service charges on deposit accounts

1,527

1,493

2,065

5,987

7,870

Wealth management fees

2,270

1,646

1,911

7,237

6,827

Mortgage servicing

803

724

801

2,978

3,143

Mortgage servicing rights fair value adjustment

363

(268)

582

(2,584)

(2,400)

Gains on sale of mortgage loans

2,980

3,184

915

8,835

3,092

Gains (losses) on securities

30

(2)

(47)

33

(5)

Gains (losses) on foreclosed assets

22

27

808

142

940

Gains (losses) on other assets

1

(71)

1,244

Title insurance activity

167

Other noninterest income

946

1,101

1,349

3,812

4,108

Total noninterest income

11,092

10,052

10,336

34,456

32,751

NONINTEREST EXPENSE

Salaries

12,593

12,595

12,581

50,616

49,003

Employee benefits

1,490

1,666

1,663

8,045

9,883

Occupancy of bank premises

1,501

1,609

1,607

6,580

6,867

Furniture and equipment

556

679

763

2,447

2,813

Data processing

1,901

1,583

1,547

6,742

5,570

Marketing and customer relations

925

690

1,036

3,476

3,873

Amortization of intangible assets

305

305

336

1,232

1,423

FDIC insurance

231

222

(237)

707

198

Loan collection and servicing

463

450

732

1,755

2,633

Foreclosed assets

154

226

151

557

676

Other noninterest expense

2,546

2,460

1,771

9,799

8,087

Total noninterest expense

22,665

22,485

21,950

91,956

91,026

INCOME BEFORE INCOME TAX EXPENSE

17,161

14,264

20,524

49,573

72,121

INCOME TAX EXPENSE

4,519

3,701

4,437

12,728

5,256

NET INCOME

$

12,642

$

10,563

$

16,087

$

36,845

$

66,865

EARNINGS PER SHARE - BASIC

$

0.46

$

0.38

$

0.61

$

1.34

$

3.33

EARNINGS PER SHARE - DILUTED

$

0.46

$

0.38

$

0.61

$

1.34

$

3.33

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING

27,457,306

27,457,306

26,211,282

27,457,306

20,090,270

PRO FORMA C CORP EQUIVALENT INFORMATION

Historical income before income tax expense

$

20,524

$

72,121

Pro forma C Corp equivalent income tax expense

5,436

18,749

Pro forma C Corp equivalent net income

$

15,088

$

53,372

PRO FORMA C CORP EQUIVALENT EARNINGS PER SHARE - BASIC

$

0.58

$

2.66

PRO FORMA C CORP EQUIVALENT EARNINGS PER SHARE - DILUTED

$

0.58

$

2.66


HBT Financial, Inc.

Page 7 of 17

HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Balance Sheets

    

December 31, 

September 30, 

   

December 31, 

    

2020

    

2020

    

2019

(dollars in thousands)

ASSETS

Cash and due from banks

$

24,912

$

22,347

$

22,112

Interest-bearing deposits with banks

287,539

214,377

261,859

Cash and cash equivalents

312,451

236,724

283,971

Interest-bearing time deposits with banks

248

Debt securities available-for-sale, at fair value

922,869

814,798

592,404

Debt securities held-to-maturity

68,395

74,510

88,477

Equity securities

4,844

4,814

4,389

Restricted stock, at cost

2,498

2,498

2,425

Loans held for sale

14,713

23,723

4,531

Loans, before allowance for loan losses

2,247,006

2,279,639

2,163,826

Allowance for loan losses

(31,838)

(31,654)

(22,299)

Loans, net of allowance for loan losses

2,215,168

2,247,985

2,141,527

Bank premises and equipment, net

52,904

53,271

53,987

Bank premises held for sale

121

121

121

Foreclosed assets

4,168

3,857

5,099

Goodwill

23,620

23,620

23,620

Core deposit intangible assets, net

2,798

3,103

4,030

Mortgage servicing rights, at fair value

5,934

5,571

8,518

Investments in unconsolidated subsidiaries

1,165

1,165

1,165

Accrued interest receivable

14,255

13,820

13,951

Other assets

20,664

25,643

16,640

Total assets

$

3,666,567

$

3,535,223

$

3,245,103

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Deposits:

Noninterest-bearing

$

882,939

$

850,306

$

689,116

Interest-bearing

2,247,595

2,166,355

2,087,739

Total deposits

3,130,534

3,016,661

2,776,855

Securities sold under agreements to repurchase

45,736

45,438

44,433

Subordinated notes

39,238

39,218

Junior subordinated debentures issued to capital trusts

37,648

37,632

37,583

Other liabilities

49,494

40,980

53,314

Total liabilities

3,302,650

3,179,929

2,912,185

Stockholders' Equity

Common stock

275

275

275

Surplus

190,875

190,787

190,524

Retained earnings

154,614

146,101

134,287

Accumulated other comprehensive income

18,153

18,131

7,832

Total stockholders’ equity

363,917

355,294

332,918

Total liabilities and stockholders’ equity

$

3,666,567

$

3,535,223

$

3,245,103

SHARE INFORMATION

Ending number shares of common stock outstanding

27,457,306

27,457,306

27,457,306


HBT Financial, Inc.

Page 8 of 17

HBT Financial, Inc.

Consolidated Financial Summary

    

December 31, 

September 30, 

   

December 31, 

    

2020

    

2020

    

2019

(dollars in thousands)

LOANS

Commercial and industrial

$

393,312

$

389,231

$

307,175

Agricultural and farmland

222,723

235,597

207,776

Commercial real estate - owner occupied

222,360

225,345

231,162

Commercial real estate - non-owner occupied

520,395

532,454

579,757

Multi-family

236,391

199,441

179,073

Construction and land development

225,652

265,758

224,887

One-to-four family residential

306,775

308,365

313,580

Municipal, consumer, and other

119,398

123,448

120,416

Loans, before allowance for loan losses

$

2,247,006

$

2,279,639

$

2,163,826

PPP LOANS (included above)

Commercial and industrial

$

153,860

$

168,466

$

Agricultural and farmland

3,049

4,179

Municipal, consumer, and other

6,587

7,095

Total PPP Loans

$

163,496

$

179,740

$

December 31, 

September 30, 

   

December 31, 

    

2020

    

2020

    

2019

(dollars in thousands)

DEPOSITS

Noninterest-bearing

$

882,939

$

850,306

$

689,116

Interest-bearing demand

968,592

885,719

814,639

Money market

462,056

475,047

477,765

Savings

517,473

497,682

438,927

Time

299,474

307,907

356,408

Total deposits

$

3,130,534

$

3,016,661

$

2,776,855


HBT Financial, Inc.

Page 9 of 17

HBT Financial, Inc.

Consolidated Financial Summary

Three Months Ended

 

 

December 31, 2020

 

September 30, 2020

 

December 31, 2019

    

Average

    

    

    

Average

    

    

    

Average

    

    

 

Balance

Interest

 

Yield/Cost *

 

Balance

Interest

 

Yield/Cost *

 

Balance

Interest

 

Yield/Cost *

 

(dollars in thousands)

ASSETS

Loans

$

2,295,569

$

26,052

 

4.51

%  

$

2,277,826

$

25,660

 

4.48

%  

$

2,162,975

$

28,755

 

5.27

%

Securities

 

932,698

 

4,615

 

1.97

 

831,120

4,499

 

2.15

 

700,441

 

4,828

 

2.73

Deposits with banks

 

277,363

 

65

 

0.09

 

274,022

65

 

0.09

 

265,237

 

1,003

 

1.50

Other

 

2,498

 

14

 

2.26

 

2,498

14

 

2.29

 

2,425

 

14

 

2.37

Total interest-earning assets

 

3,508,128

$

30,746

 

3.49

%  

 

3,385,466

$

30,238

 

3.55

%  

 

3,131,078

$

34,600

 

4.38

%

Allowance for loan losses

 

(31,749)

 

(30,221)

 

(22,766)

Noninterest-earning assets

 

157,208

 

157,446

 

152,961

Total assets

$

3,633,587

$

3,512,691

$

3,261,273

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Interest-bearing deposits:

Interest-bearing demand

$

930,494

$

111

 

0.05

%  

$

888,941

$

123

 

0.05

%  

$

820,390

$

299

 

0.14

%

Money market

 

475,183

 

89

 

0.07

 

479,314

96

 

0.08

 

486,288

 

481

 

0.39

Savings

 

506,381

 

39

 

0.03

 

493,278

37

 

0.03

 

434,241

 

71

 

0.06

Time

 

303,617

 

502

 

0.66

 

306,154

587

 

0.76

 

359,731

 

987

 

1.09

Total interest-bearing deposits

 

2,215,675

 

741

 

0.13

 

2,167,687

 

843

 

0.15

 

2,100,650

 

1,838

 

0.35

Securities sold under agreements to repurchase

 

51,297

 

8

 

0.06

 

51,686

9

 

0.06

 

46,028

 

24

 

0.21

Borrowings

 

326

 

 

0.51

 

1,196

1

 

0.47

 

272

 

2

 

2.58

Subordinated notes

39,219

469

4.76

11,976

147

4.87

Junior subordinated debentures issued to capital trusts

 

37,638

 

364

 

3.84

 

37,621

367

 

3.89

 

37,577

 

460

 

4.86

Total interest-bearing liabilities

 

2,344,155

$

1,582

 

0.27

%  

 

2,270,166

$

1,367

 

0.24

%  

 

2,184,527

$

2,324

 

0.42

%

Noninterest-bearing deposits

 

888,390

 

  

 

846,808

 

  

 

  

 

699,373

 

  

 

  

Noninterest-bearing liabilities

 

41,730

 

  

 

40,421

 

  

 

  

 

45,589

 

  

 

  

Total liabilities

 

3,274,275

 

  

 

3,157,395

 

  

 

  

 

2,929,489

 

  

 

  

Stockholders' Equity

 

359,312

 

  

 

355,296

 

  

 

  

 

331,784

 

  

 

  

Total liabilities and stockholders’ equity

$

3,633,587

 

  

$

3,512,691

 

  

 

  

$

3,261,273

 

  

 

  

Net interest income/Net interest margin (3)

$

29,164

3.31

%  

$

28,871

 

3.39

%  

$

32,276

 

4.09

%  

Tax-equivalent adjustment (2)

 

502

0.05

 

495

 

0.06

 

534

 

0.07

Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (1) (2)

$

29,666

3.36

%  

 

$

29,366

 

3.45

%  

 

$

32,810

 

4.16

%  

Net interest rate spread (4)

 

 

3.22

%  

 

  

 

  

 

3.31

%  

 

  

 

  

 

3.96

%  

Net interest-earning assets (5)

$

1,163,973

  

$

1,115,300

 

  

 

  

$

946,551

 

  

 

  

Ratio of interest-earning assets to interest-bearing liabilities

 

1.50

 

  

 

1.49

 

  

 

  

 

1.43

 

  

 

  

Cost of total deposits

 

 

0.09

%  

 

  

 

  

 

0.11

%  

 

  

 

  

 

0.26

%  


*       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

Year Ended

 

December 31, 2020

 

December 31, 2019

    

Average

    

    

    

Average

    

    

 

Balance

Interest

 

Yield/Cost

 

Balance

Interest

 

Yield/Cost

 

(dollars in thousands)

ASSETS

Loans

$

2,245,093

$

105,196

 

4.69

%  

$

2,178,897

$

120,142

 

5.51

%

Securities

 

789,062

 

17,875

 

2.27

 

759,479

20,582

 

2.71

Deposits with banks

 

282,130

 

938

 

0.33

 

164,986

2,951

 

1.79

Other

 

2,479

 

56

 

2.28

 

2,501

60