Filed by HBT Financial, Inc.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: NXT Bancorporation, Inc.

(File No. 001-39085)

Set forth below is a copy of HBT Financial, Inc.’s press release announcing its financial results for the second quarter ended and six months ended June 30, 2021

Graphic

HBT FINANCIAL, INC. ANNOUNCES

SECOND QUARTER 2021 FINANCIAL RESULTS

Second Quarter Highlights

Net income of $13.7 million, or $0.50 per diluted share; return on average assets (ROAA) of 1.40%; return on average stockholders' equity (ROAE) of 15.07%; and return on average tangible common equity (ROATCE)(1) of 16.22%
Adjusted net income(1) of $14.2 million; or $0.52 per diluted share, adjusted ROAA(1) of 1.45%; adjusted ROAE(1) of 15.56%; and adjusted ROATCE(1) of 16.76%

(1)

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

Bloomington, IL, July 26, 2021 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $13.7 million, or $0.50 diluted earnings per share, for the second quarter of 2021. This compares to net income of $15.2 million, or $0.55 diluted earnings per share, for the first quarter of 2021, and net income of $7.4 million, or $0.27 diluted earnings per share, for the second quarter of 2020.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “As economic activity increased in our markets, we saw strong performance among our customer base resulting in continued inflows of core deposits, growth in earning assets, increases in card income and wealth management revenue, and further improvement in asset quality. Combined with disciplined expense control, these positive trends resulted in continued solid results for the Company. As economic conditions further improve during the second half of the year, we are hopeful to see higher levels of loan demand that will allow us to deploy our significant excess liquidity. We are also focused on completing our acquisition of NXT Bancorporation, which we still expect to occur in the fourth quarter of 2021. We believe the addition of NXT and the presence it will provide in faster growing markets in Iowa will enhance the value of our franchise and improve our ability to generate higher levels of organic growth in the years ahead.”

Adjusted Net Income

In addition to reporting GAAP 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, acquisition expenses, branch closure expenses, 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 $14.2 million, or $0.52 adjusted diluted earnings per share, for the second quarter of 2021. This compares to adjusted net income of $14.0 million, or $0.51 adjusted diluted earnings per share, for the first quarter of 2021, and adjusted net income of $8.2 million, or $0.30 adjusted diluted earnings per share, for the second quarter of 2020 (see "Reconciliation of Non-GAAP Financial Measures" tables).


HBT Financial, Inc.

Page 2 of 17

Net Interest Income and Net Interest Margin

Net interest income for the second quarter of 2021 was $29.7 million, an increase of 2.0% from $29.1 million for the first quarter of 2021. The increase was primarily attributable to an increase in interest-earning assets.

Relative to the second quarter of 2020, net interest income increased $0.8 million, or 2.7%. The increase was primarily attributable to an increase in interest-earning assets.

Net interest margin for the second quarter of 2021 was 3.14%, compared to 3.25% for the first quarter of 2021. The decrease was primarily attributable to an unfavorable shift in the mix of earning assets, primarily due to increased deposit balances being held in cash and lower-yielding securities.

Relative to the second quarter of 2020, net interest margin decreased from 3.51%. The decrease was primarily due to a decline in the average yield on earning assets and increased deposit balances being held in cash and lower-yielding securities.

Noninterest Income

Noninterest income for the second quarter of 2021 was $8.8 million, a decrease of 18.8% from $10.8 million for the first quarter of 2021. Second quarter 2021 results included a negative $0.3 million mortgage servicing rights (“MSR”) fair value adjustment compared to a positive $1.7 million fair value adjustment in the first quarter of 2021. Additionally, gains on sale of mortgage loans decreased $0.5 million due to a lower level of mortgage refinancing activity.

Relative to the second quarter of 2020, noninterest income increased 8.9% from $8.1 million, primarily attributable to an increase in wealth management fees and card income. Wealth management fees increased $0.5 million as a result of higher values of assets under management during second quarter of 2021 relative to the second quarter of 2020. Card income increased $0.5 million as a result of increased card transaction volume driven by the full reopening of Illinois following COVID-19 prevention measures. Partially offsetting these increases was a $0.6 million decrease in gains on sale of mortgage of loans due to a lower level of mortgage refinancing activity.

Noninterest Expense

Noninterest expense for the second quarter of 2021 was $22.2 million, down slightly from $22.5 million for the first quarter of 2021. Decreases in occupancy of bank premises and salaries expenses were mostly offset by increases in marketing and other noninterest expenses.

Relative to the second quarter of 2020, noninterest expense decreased 5.7% from $23.5 million. The decline was primarily attributable to the second quarter of 2020 results including a $0.6 million charge for the supplemental executive retirement plan (SERP) which was terminated in June 2019 and paid out in June 2020.


HBT Financial, Inc.

Page 3 of 17

NXT Bancorporation, Inc. Pending Acquisition

On June 7, 2021, HBT and NXT Bancorporation, Inc. (NXT), the holding company for NXT Bank, jointly announced the signing of a definitive agreement pursuant to which HBT will acquire NXT and NXT Bank. The acquisition will expand HBT’s footprint into Iowa. Acquisition-related expenses were $157 thousand during the second quarter of 2021.

Branch Rationalization Plan

In April 2021, the Company made plans to close or consolidate six branches. One branch was consolidated during the second quarter of 2021, and the remaining five branches are expected to close during the third quarter of 2021. This branch rationalization plan is expected to result in approximately $0.8 million of total pre-tax nonrecurring costs, primarily related to asset impairment charges and severance payments. When fully realized, the Company estimates annual cost savings, net of associated revenue impacts, related to the branch rationalization plan to be approximately $1.1 million. Branch closure expenses were $104 thousand during the second quarter of 2021.

Loan Portfolio

Total loans outstanding, before allowance for loan losses, were $2.15 billion at June 30, 2021, compared with $2.27 billion at March 31, 2021 and $2.28 billion at June 30, 2020. The $118.6 million decrease in loans from March 31, 2021 was primarily attributable to a decrease in PPP loans, as PPP loan forgiveness exceeded originations on second draw PPP loans as well as lower non-PPP commercial and industrial, multi-family and commercial real estate - owner occupied loans.

Deposits

Total deposits were $3.42 billion at June 30, 2021, compared with $3.36 billion at March 31, 2021 and $3.02 billion at June 30, 2020. The $68.7 million increase in total deposits from March 31, 2021 was primarily due to a $61.1 million increase in public funds deposits as a result of real estate tax collections.

Asset Quality

Nonperforming loans totaled $7.4 million, or 0.34% of total loans, at June 30, 2021, compared with $9.1 million, or 0.40% of total loans, at March 31, 2021, and $14.0 million, or 0.61% of total loans, at June 30, 2020. The $1.7 million reduction in nonperforming loans from March 31, 2021 was primarily attributable to the transfer of one loan to foreclosed assets, partially offset by one relationship moving to nonaccrual status that totaled $2.9 million at June 30, 2021. The $6.5 million reduction in nonperforming loans from June 30, 2020 was primarily attributable to the return to accrual status of one agricultural credit that totaled $4.8 million at June 30, 2020.

The Company recorded a negative provision for loan losses of $2.2 million for the second quarter of 2021, compared to a negative provision for loan losses of $3.4 million for the first quarter of 2021. The negative provision was primarily due to a $1.3 million decrease in specific reserves on loans individually evaluated for impairment. Additionally, changes to qualitative factors resulted in a $0.5 million decrease in required reserve, primarily reflecting the shrinking impact of the COVID-19 pandemic on our borrowers.

Net charge-offs for the second quarter of 2021 were $90 thousand, or 0.02% of average loans on an annualized basis, compared to net recoveries of $0.3 million, or (0.06)% of average loans on an annualized basis, for the first quarter of 2021, and net recoveries of $63 thousand, or (0.01)% of average loans on an annualized basis, for the second quarter of 2020.

The Company’s allowance for loan losses was 1.23% of total loans and 357.91% of nonperforming loans at June 30, 2021, compared with 1.27% of total loans and 315.48% of nonperforming loans at March 31, 2021.


HBT Financial, Inc.

Page 4 of 17

Capital

At June 30, 2021, 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

June 30, 

Regulatory

2021

Requirements

Total capital to risk-weighted assets

18.55

%  

10.00

%

Tier 1 capital to risk-weighted assets

15.79

%  

8.00

%

Common equity tier 1 capital ratio

14.25

%  

6.50

%

Tier 1 leverage ratio

9.67

%  

5.00

%

Total stockholders' equity to total assets

9.44

%

N/A

Tangible common equity to tangible assets (1)

8.84

%  

N/A


(1)

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

Stock Repurchase Program

During the second quarter of 2021, the Company repurchased 27,016 shares of its common stock at a weighted average price of $17.22 under its stock repurchase program. Purchases were conducted in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company’s Board of Directors authorized the repurchase of up to $15 million of its common stock under its stock repurchase program in effect until December 31, 2021. As of June 30, 2021, the Company had $13.0 million remaining under the current stock repurchase authorization.

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 62 branches. As of June 30, 2021, HBT had total assets of $4.0 billion, total loans of $2.2 billion, and total deposits of $3.4 billion. HBT is a longstanding Central Illinois company, with banking roots that can be traced back to 1920.


HBT Financial, Inc.

Page 5 of 17

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.

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, future loan growth, and the potential acquisition of NXT and NXT Bank. 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 the potential acquisition of NXT, including the possibility that shareholders of NXT may not approve the merger agreement, that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the proposed transaction might be delayed or not occur at all; the ultimate timing, outcome and results of integrating the operations of NXT into those of HBT; the effects of the merger in HBT’s future financial condition, results of operations, strategy and plans; risks relating to other acquisitions; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission (“SEC”). 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.


HBT Financial, Inc.

Page 6 of 17

Important Information and Where to Find It

In connection with the proposed acquisition of NXT, HBT and NXT intend to file materials with the SEC, including a Registration Statement on Form S-4 of HBT that will include a joint proxy statement/prospectus of HBT and NXT. After the Registration Statement is declared effective by the SEC, HBT and NXT intend to mail a definitive proxy statement/prospectus to the shareholders of NXT. This press release is not a substitute for the joint proxy statement/prospectus or the Registration Statement or for any other document that HBT or NXT may file with the SEC and send to NXT’s shareholders in connection with the proposed transaction. NXT’S SHAREHOLDERS ARE URGED TO CAREFULLY AND THOROUGHLY READ THE JOINT PROXY STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT, AS MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY HBT WITH THE SEC, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT HBT, NXT, THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.

Investors will be able to obtain free copies of the Registration Statement and joint proxy statement/prospectus, as each may be amended from time to time, and other relevant documents filed by HBT with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by HBT will be available free of charge from HBT’s website at https://ir.hbtfinancial.com or by contacting HBT’s Investor Relations Department at HBTIR@hbtbank.com.

Participants in the Proxy Solicitation

HBT, NXT and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from NXT’s shareholders in connection with the proposed transaction. Information regarding the executive officers and directors of HBT is included in its definitive proxy statement for its 2021 annual meeting filed with the SEC on April 7, 2021. Information regarding the executive officers and directors of NXT and additional information regarding the persons who may be deemed participants and their direct and indirect interests, by security holdings or otherwise, will be set forth in the Registration Statement and joint proxy statement/prospectus and other materials when they are filed with the SEC in connection with the proposed transaction. Free copies of these documents may be obtained as described in the paragraphs above.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed acquisition of NXT or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

CONTACT:

Matthew Keating

HBTIR@hbtbank.com

(310) 622-8230


HBT Financial, Inc.

Page 7 of 17

HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Statements of Income

Three Months Ended

Six Months Ended

June 30, 

March 31, 

June 30, 

June 30, 

    

2021

    

2021

    

2020

    

2021

    

2020

INTEREST AND DIVIDEND INCOME

(dollars in thousands, except per share data)

Loans, including fees:

Taxable

$

25,278

$

25,134

$

25,337

$

50,412

$

52,278

Federally tax exempt

540

610

532

1,150

1,206

Securities:

Taxable

4,058

3,633

3,172

7,691

6,506

Federally tax exempt

1,144

1,136

1,227

2,280

2,255

Interest-bearing deposits in bank

115

80

79

195

808

Other interest and dividend income

12

13

14

25

28

Total interest and dividend income

31,147

30,606

30,361

61,753

63,081

INTEREST EXPENSE

Deposits

613

644

1,042

1,257

2,637

Securities sold under agreements to repurchase

8

7

11

15

31

Borrowings

1

1

1

1

Subordinated notes

469

470

939

Junior subordinated debentures issued to capital trusts

357

355

399

712

842

Total interest expense

1,447

1,477

1,453

2,924

3,511

Net interest income

29,700

29,129

28,908

58,829

59,570

PROVISION FOR LOAN LOSSES

(2,162)

(3,405)

3,573

(5,567)

7,928

Net interest income after provision for loan losses

31,862

32,534

25,335

64,396

51,642

NONINTEREST INCOME

Card income

2,449

2,258

1,998

4,707

3,790

Service charges on deposit accounts

1,390

1,297

1,133

2,687

2,967

Wealth management fees

2,005

1,972

1,507

3,977

3,321

Mortgage servicing

711

685

727

1,396

1,451

Mortgage servicing rights fair value adjustment

(310)

1,695

(508)

1,385

(2,679)

Gains on sale of mortgage loans

1,562

2,100

2,135

3,662

2,671

Gains (losses) on securities

6

40

57

46

5

Gains (losses) on foreclosed assets

216

(76)

58

140

93

Gains (losses) on other assets

(48)

1

(69)

(47)

(72)

Other noninterest income

793

836

1,022

1,629

1,765

Total noninterest income

8,774

10,808

8,060

19,582

13,312

NONINTEREST EXPENSE

Salaries

12,275

12,596

12,674

24,871

25,428

Employee benefits

1,455

1,722

2,455

3,177

4,889

Occupancy of bank premises

1,463

1,938

1,642

3,401

3,470

Furniture and equipment

603

623

609

1,226

1,212

Data processing

1,721

1,688

1,672

3,409

3,258

Marketing and customer relations

843

565

817

1,408

1,861

Amortization of intangible assets

258

289

305

547

622

FDIC insurance

244

240

218

484

254

Loan collection and servicing

333

365

494

698

842

Foreclosed assets

319

143

88

462

177

Other noninterest expense

2,640

2,375

2,525

5,015

4,793

Total noninterest expense

22,154

22,544

23,499

44,698

46,806

INCOME BEFORE INCOME TAX EXPENSE

18,482

20,798

9,896

39,280

18,148

INCOME TAX EXPENSE

4,765

5,553

2,477

10,318

4,508

NET INCOME

$

13,717

$

15,245

$

7,419

$

28,962

$

13,640

EARNINGS PER SHARE - BASIC

$

0.50

$

0.55

$

0.27

$

1.06

$

0.50

EARNINGS PER SHARE - DILUTED

$

0.50

$

0.55

$

0.27

$

1.05

$

0.50

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING

27,362,579

27,430,912

27,457,306

27,396,557

27,457,306


HBT Financial, Inc.

Page 8 of 17

HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Balance Sheets

    

June 30, 

March 31, 

   

June 30, 

    

2021

    

2021

    

2020

(dollars in thousands)

ASSETS

Cash and due from banks

$

47,861

$

22,976

$

21,789

Interest-bearing deposits with banks

497,742

406,760

292,576

Cash and cash equivalents

545,603

429,736

314,365

Debt securities available-for-sale, at fair value

836,267

856,835

701,353

Debt securities held-to-maturity

309,132

192,994

73,823

Equity securities with readily determinable fair value

3,338

3,332

3,263

Equity securities with no readily determinable fair value

1,552

1,552

1,552

Restricted stock, at cost

2,739

2,498

2,498

Loans held for sale

5,951

12,882

25,934

Loans, before allowance for loan losses

2,152,119

2,270,705

2,275,795

Allowance for loan losses

(26,507)

(28,759)

(29,723)

Loans, net of allowance for loan losses

2,125,612

2,241,946

2,246,072

Bank premises and equipment, net

51,900

52,548

53,883

Bank premises held for sale

121

121

121

Foreclosed assets

7,757

4,748

4,450

Goodwill

23,620

23,620

23,620

Core deposit intangible assets, net

2,251

2,509

3,408

Mortgage servicing rights, at fair value

7,319

7,629

5,839

Investments in unconsolidated subsidiaries

1,165

1,165

1,165

Accrued interest receivable

12,785

12,718

12,661

Other assets

16,565

18,781

27,405

Total assets

$

3,953,677

$

3,865,614

$

3,501,412

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Deposits:

Noninterest-bearing

$

1,011,481

$

968,991

$

856,030

Interest-bearing

2,413,153

2,386,975

2,159,083

Total deposits

3,424,634

3,355,966

3,015,113

Securities sold under agreements to repurchase

46,756

41,976

51,354

Subordinated notes

39,277

39,257

Junior subordinated debentures issued to capital trusts

37,681

37,665

37,616

Other liabilities

32,135

33,344

49,489

Total liabilities

3,580,483

3,508,208

3,153,572

Stockholders' Equity

Common stock

275

275

275

Surplus

191,185

191,004

190,687

Retained earnings

175,328

165,735

139,667

Accumulated other comprehensive income

8,386

1,906

17,211

Treasury stock at cost

(1,980)

(1,514)

Total stockholders’ equity

373,194

357,406

347,840

Total liabilities and stockholders’ equity

$

3,953,677

$

3,865,614

$

3,501,412

SHARE INFORMATION

Shares of common stock outstanding

27,355,053

27,382,069

27,457,306


HBT Financial, Inc.

Page 9 of 17

HBT Financial, Inc.

Consolidated Financial Summary

    

June 30, 

March 31, 

   

June 30, 

    

2021

    

2021

    

2020

(dollars in thousands)

LOANS

Commercial and industrial

$

321,352

$

412,812

$

408,230

Agricultural and farmland

231,527

228,032

239,101

Commercial real estate - owner occupied

212,597

224,599

228,506

Commercial real estate - non-owner occupied

531,803

516,963

535,339

Multi-family

212,079

236,381

186,440

Construction and land development

204,619

215,375

247,640

One-to-four family residential

302,888

300,768

308,133

Municipal, consumer, and other

135,254

135,775

122,406

Loans, before allowance for loan losses

$

2,152,119

$

2,270,705

$

2,275,795

PPP LOANS (included above)

Commercial and industrial

$

115,538

$

175,389

$

166,868

Agricultural and farmland

8,711

8,921

4,027

Municipal, consumer, and other

1,273

6,249

7,063

Total PPP Loans

$

125,522

$

190,559

$

177,958

June 30, 

March 31, 

   

June 30, 

    

2021

    

2021

    

2020

(dollars in thousands)

DEPOSITS

Noninterest-bearing

$

1,011,481

$

968,991

$

856,030

Interest-bearing demand

1,023,565

1,008,954

880,007

Money market

506,880

499,088

480,497

Savings

603,849

593,472

487,761

Time

278,859

285,461

310,818

Total deposits

$

3,424,634

$

3,355,966

$

3,015,113


HBT Financial, Inc.

Page 10 of 17

HBT Financial, Inc.

Consolidated Financial Summary

Three Months Ended

 

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

    

Average

    

    

    

Average

    

    

    

Average

    

    

 

Balance

Interest

 

Yield/Cost *

 

Balance

Interest

 

Yield/Cost *

 

Balance

Interest

 

Yield/Cost *

 

(dollars in thousands)

ASSETS

Loans

$

2,234,388

$

25,818

 

4.63

%  

$

2,284,159

$

25,744

 

4.57

%  

$

2,265,032

$

25,869

 

4.59

%

Securities

 

1,121,104

 

5,202

 

1.86

 

1,004,877

4,769

 

1.92

 

721,817

 

4,399

 

2.45

Deposits with banks

 

438,001

 

115

 

0.11

 

345,915

80

 

0.09

 

326,216

 

79

 

0.10

Other

 

2,726

 

12

 

1.83

 

2,498

13

 

2.04

 

2,496

 

14

 

2.21

Total interest-earning assets

 

3,796,219

$

31,147

 

3.29

%  

 

3,637,449

$

30,606

 

3.41

%  

 

3,315,561

$

30,361

 

3.68

%

Allowance for loan losses

 

(28,939)

 

(31,856)

 

(26,125)

Noninterest-earning assets

 

156,559

 

155,622

 

163,713

Total assets

$

3,923,839

$

3,761,215

$

3,453,149

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Interest-bearing deposits:

Interest-bearing demand

$

1,019,488

$

127

 

0.05

%  

$

997,720

$

117

 

0.05

%  

$

860,131

$

162

 

0.08

%

Money market

 

502,448

 

94

 

0.08

 

482,385

89

 

0.07

 

477,441

 

118

 

0.10

Savings

 

601,615

 

46

 

0.03

 

541,896

41

 

0.03

 

474,609

 

50

 

0.04

Time

 

290,865

 

346

 

0.48

 

294,172

397

 

0.55

 

317,965

 

712

 

0.90

Total interest-bearing deposits

 

2,414,416

 

613

 

0.10

 

2,316,173

 

644

 

0.11

 

2,130,146

 

1,042

 

0.20

Securities sold under agreements to repurchase

 

47,170

 

8

 

0.07

 

46,348

7

 

0.06

 

53,867

 

11

 

0.08

Borrowings

 

440

 

 

0.39

 

500

1

 

0.44

 

2,582

 

1

 

0.03

Subordinated notes

39,265

469

4.80

39,245

470

4.85

Junior subordinated debentures issued to capital trusts

 

37,671

 

357

 

3.80

 

37,655

355

 

3.83

 

37,605

 

399

 

4.26

Total interest-bearing liabilities

 

2,538,962

$

1,447

 

0.23

%  

 

2,439,921

$

1,477

 

0.25

%  

 

2,224,200

$

1,453

 

0.26

%

Noninterest-bearing deposits

 

992,699

 

  

 

920,514

 

  

 

  

 

824,232

 

  

 

  

Noninterest-bearing liabilities

 

26,988

 

  

 

37,223

 

  

 

  

 

58,177

 

  

 

  

Total liabilities

 

3,558,649

 

  

 

3,397,658

 

  

 

  

 

3,106,609

 

  

 

  

Stockholders' Equity

 

365,190

 

  

 

363,557

 

  

 

  

 

346,540

 

  

 

  

Total liabilities and stockholders’ equity

$

3,923,839

 

  

$

3,761,215

 

  

 

  

$

3,453,149

 

  

 

  

Net interest income/Net interest margin (3)

$

29,700

3.14

%  

$

29,129

 

3.25

%  

$

28,908

 

3.51

%  

Tax-equivalent adjustment (2)

 

503

0.05

 

503

 

0.05

 

483

 

0.06

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

$

30,203

3.19

%  

 

$

29,632

 

3.30

%  

 

$

29,391

 

3.57

%  

Net interest rate spread (4)

 

 

3.06

%  

 

  

 

  

 

3.16

%  

 

  

 

  

 

3.42

%  

Net interest-earning assets (5)

$

1,257,257

  

$

1,197,528

 

  

 

  

$

1,091,361

 

  

 

  

Ratio of interest-earning assets to interest-bearing liabilities

 

1.50

 

  

 

1.49

 

  

 

  

 

1.49

 

  

 

  

Cost of total deposits

 

 

0.07

%  

 

  

 

  

 

0.08

%  

 

  

 

  

 

0.14

%  


*       Annualized measure.

(1)See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state 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

Six Months Ended

 

June 30, 2021

 

June 30, 2020

    

Average

    

    

    

Average

    

    

 

Balance

Interest

 

Yield/Cost *

 

Balance

Interest

 

Yield/Cost *

 

(dollars in thousands)

ASSETS

Loans

$

2,259,136

$

51,562

 

4.60

%  

$

2,203,031

$

53,484

 

4.88

%

Securities

 

1,063,312

 

9,971

 

1.89

 

695,194

8,761

 

2.53

Deposits with banks

 

392,213

 

195

 

0.10

 

288,637

808

 

0.56

Other

 

2,612

 

25

 

1.93

 

2,461

28

 

2.29

Total interest-earning assets

 

3,717,273

$

61,753

 

3.35

%  

 

3,189,323

$

63,081

 

3.98

%

Allowance for loan losses

 

(30,390)

 

  

 

(24,300)

 

  

 

  

Noninterest-earning assets

 

156,093

 

  

 

155,923

 

  

 

  

Total assets

$

3,842,976

 

  

$

3,320,946

 

  

 

  

LIABILITIES AND STOCKHOLDERS' EQUITY

 

  

 

  

 

  

 

  

 

  

 

  

Liabilities

 

  

 

  

 

  

 

  

 

  

 

  

Interest-bearing deposits:

 

  

 

  

 

  

 

  

 

  

 

  

Interest-bearing demand

$

1,008,664

$

244

 

0.05

%  

$

835,999

$

413

 

0.10

%

Money market

 

492,472

183

 

0.07

 

470,782

512

 

0.22

Savings

 

571,921

87

 

0.03

 

454,442

120

 

0.05

Time

 

292,509