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 25, 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 October 25, 2021, HBT Financial, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended and nine months ended September 30, 2021 (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, 2021 (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 25, 2021 for the Third Quarter Ended and Nine Months Ended September 30, 2021.

99.2	HBT Financial, Inc. Presentation of Results for the Third Quarter Ended September 30, 2021.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 25, 2021

EXHIBIT 99.1

HBT FINANCIAL, INC. ANNOUNCES

THIRD QUARTER 2021 FINANCIAL RESULTS

Third Quarter Highlights

●

Net income of $13.7 million, or $0.50 per diluted share; return on average assets (ROAA) of 1.37%; return on average stockholders' equity (ROAE) of 14.29%; and return on average tangible common equity (ROATCE)⁽¹⁾ of 15.32%

●

Adjusted net income⁽¹⁾ of $14.5 million; or $0.53 per diluted share; adjusted ROAA⁽¹⁾ of 1.45%; adjusted ROAE⁽¹⁾ of 15.08%; and adjusted ROATCE⁽¹⁾ of 16.18%

(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, October 25, 2021 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company and NXT Bank, today reported net income of $13.7 million, or $0.50 diluted earnings per share, for the third quarter of 2021. This compares to net income of $13.7 million, or $0.50 diluted earnings per share, for the second quarter of 2021, and net income of $10.6 million, or $0.38 diluted earnings per share, for the third quarter of 2020.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “We continued to deliver strong financial results in the third quarter driven by a higher level of revenue, disciplined expense management, and healthy credit metrics. We are beginning to see stronger loan demand in our legacy markets. We also benefited from our acquisition of NXT Bancorporation by buying participations in some of NXT Bank’s third quarter loan production prior to the closing of the acquisition. As a result, our total loan balances increased 3% during the third quarter, excluding PPP loans. With ample liquidity and capital levels, strong asset quality, and a growing low-cost deposit base, we remain well positioned to support our customers and communities as economic conditions and loan demand may continue to strengthen.”

“The completion of our acquisition of NXT Bancorporation on October 1, 2021 is a significant milestone for the Company. In the near-term, we will have more opportunities to bring back loans they have previously participated out to other banks onto our balance sheet and redeploy more of our excess liquidity into higher-yielding earning assets. Over the longer-term, we believe the expansion of our franchise into Iowa and the addition of a talented group of bankers from NXT will positively impact the level of organic growth that we generate. We are also seeing better opportunities to attract high quality commercial lenders that we expect will further strengthen our business development capabilities, improving our ability to capitalize on disruption in the Chicago banking market created by merger activity,” said Mr. Drake.

HBT Financial, Inc.

Page 2 of 16

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 $14.5 million, or $0.53 adjusted diluted earnings per share, for the third quarter of 2021. This compares to adjusted net income of $14.2 million, or $0.52 adjusted diluted earnings per share, for the second quarter of 2021, and adjusted net income of $10.8 million, or $0.39 adjusted diluted earnings per share, for the third quarter of 2020 (see "Reconciliation of Non-GAAP Financial Measures" tables).

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2021 was $30.7 million, an increase of 3.4% from $29.7 million for the second quarter of 2021. The increase was primarily attributable to an increase in PPP loan fees recognized as loan interest income which totaled $3.0 million during the third quarter of 2021 and $2.4 million during the second quarter of 2021.

Relative to the third quarter of 2020, net interest income increased $1.8 million, or 6.4%. The increase was primarily attributable to an increase in PPP loan fees recognized as loan interest income which totaled $0.9 million during the third quarter of 2020.

Net interest margin for the third quarter of 2021 was 3.18%, compared to 3.14% for the second quarter of 2021. The increase was primarily attributable to the recognition of PPP loan fees. The contribution of PPP loan fees to net interest margin was 31 basis points during the third quarter of 2021 and 25 basis points during the second quarter of 2021.

Relative to the third quarter of 2020, net interest margin decreased from 3.39%. The decrease was primarily due to a decline in the average yield on earning assets and increased balances being held in cash and lower-yielding securities.

Noninterest Income

Noninterest income for the third quarter of 2021 was $8.4 million, a decrease of 4.4% from $8.8 million for the second quarter of 2021. The decrease was primarily attributable to impairment losses of $0.6 million related to the branches closed during the third quarter of 2021 pursuant to our branch rationalization plan. Additionally, gains on sale of mortgage loans decreased $0.3 million due to a lower level of mortgage refinancing activity. Partially offsetting these declines were a positive $40 thousand mortgage servicing rights (“MSR”) fair value adjustment during the third quarter of 2021, compared to a negative $0.3 million MSR fair value adjustment in the second quarter of 2021, and a $0.3 million increase in service charges on deposit accounts.

Relative to the third quarter of 2020, noninterest income decreased 16.5% from $10.0 million, primarily attributable to a $1.9 million decrease in gains on sale of mortgage loans due to a lower level of mortgage refinancing activity and the $0.6 million of impairment losses related to the branches closed pursuant to our branch rationalization plan. Partially offsetting this decline was an increase in wealth management fees and card income. Wealth management fees increased $0.4 million as a result of higher values of assets under management during the third quarter of 2021 relative to the third quarter of 2020. Card income increased $0.4 million as a result of increased card transaction volume driven by the full reopening of Illinois following COVID-19 prevention measures.

HBT Financial, Inc.

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Noninterest Expense

Noninterest expense for the third quarter of 2021 was $22.2 million, nearly unchanged from the second quarter of 2021. A decrease in salaries expense, due to a lower employee count, was mostly offset by increases in occupancy of bank premise and loan collection and servicing expenses.

Relative to the third quarter of 2020, noninterest expense decreased 1.4% from $22.5 million. The decline was primarily attributable to lower salaries and employee benefits expenses, as a result of lower employee count relative to the third quarter of 2020. Partially offsetting these improvements were higher marketing and data processing expenses.

NXT Bancorporation, Inc. Acquisition

On October 1, 2021, HBT completed its previously announced acquisition of NXT Bancorporation, Inc. (NXT), the holding company for NXT Bank. The acquisition expands HBT’s footprint into Iowa. Acquisition-related expenses were $0.4 million during the third quarter of 2021 and $0.2 million during the second quarter of 2021. As of September 30, 2021, NXT had $232 million in total assets, $196 million in total loans, and $181 million in total deposits. NXT’s results are not reflected in HBT’s results for the third quarter of 2021. The merger and system conversion of NXT Bank and Heartland Bank and Trust is currently scheduled for December 3, 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 were closed during the third quarter of 2021. Branch closure costs were $0.6 million, consisting almost entirely of impairment losses, during the third quarter of 2021, and $0.1 million, primarily salaries expense, during the second quarter of 2021. The Company estimates annual pre-tax cost savings, net of associated revenue impacts, related to the branch rationalization plan to be approximately $1.1 million.

Loan Portfolio

Total loans outstanding, before allowance for loan losses, were $2.15 billion at September 30, 2021, compared with $2.15 billion at June 30, 2021 and $2.28 billion at September 30, 2020. A $65.7 million decrease in PPP loans was mostly offset by increases in commercial real estate – non-owner occupied and construction & land development loans, with $39.0 million of the increase attributed to new loans funded in partnership with NXT Bank ahead of the acquisition.

Deposits

Total deposits were $3.42 billion at September 30, 2021, compared with $3.42 billion at June 30, 2021 and $3.02 billion at September 30, 2020. Total deposits remained almost unchanged from June 30, 2021 to September 30, 2021, following the end of certain federal economic stimulus programs, such as PPP loans and direct payments to individuals, which had driven deposit growth since the first quarter of 2020.

Asset Quality

Nonperforming loans totaled $5.5 million, or 0.26% of total loans, at September 30, 2021, compared with $7.4 million, or 0.34% of total loans, at June 30, 2021, and $15.2 million, or 0.67% of total loans, at September 30, 2020. The $1.9 million decrease in nonperforming loans from June 30, 2021 was primarily attributable to the payoff of one relationship and a pay down on another relationship which together totaled $1.6 million at June 30, 2021. The $9.7 million reduction in nonperforming loans from September 30, 2020 was primarily attributable to the return to accrual status of one agricultural credit and the transfer of one loan to foreclosed assets which together totaled $8.4 million at September 30, 2020.

HBT Financial, Inc.

Page 4 of 16

The Company recorded a negative provision for loan losses of $1.7 million for the third quarter of 2021, compared to a negative provision for loan losses of $2.2 million for the second quarter of 2021. The negative provision was primarily due to a $0.9 million decrease in specific reserves on loans individually evaluated for impairment. Additionally, improvements in qualitative factors resulted in a $0.7 million decrease in required reserve, primarily reflecting the shrinking impact of the COVID-19 pandemic on our borrowers.

Net recoveries for the third quarter of 2021 were $21 thousand, or less than 1 basis point of average loans on an annualized basis, compared to net charge-offs of $90 thousand, or 0.02% of average loans on an annualized basis, for the second quarter of 2021, and net charge-offs of $0.2 million, or 0.04% of average loans on an annualized basis, for the third quarter of 2020.

The Company’s allowance for loan losses was 1.16% of total loans and 449.73% of nonperforming loans at September 30, 2021, compared with 1.23% of total loans and 357.91% of nonperforming loans at June 30, 2021.

Capital

At September 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
	September 30,		Regulatory
	2021		Requirements
Total capital to risk-weighted assets	18.15	%	10.00	%
Tier 1 capital to risk-weighted assets	15.56	%	8.00	%
Common equity tier 1 capital ratio	14.08	%	6.50	%
Tier 1 leverage ratio	9.83	%	5.00	%
Total stockholders' equity to total assets	9.59	%	N/A
Tangible common equity to tangible assets ⁽¹⁾	9.00	%	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 third quarter of 2021, the Company repurchased 20,625 shares of its common stock at a weighted average price of $16.66 under its stock repurchase program. Purchases were conducted in accordance with Rule 10b-18 and in compliance with Regulation M 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 September 30, 2021, the Company had $12.7 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 and NXT Bank. HBT 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 and Eastern Iowa through 61 branches. As of September 30, 2021, HBT had total assets of $3.9 billion, total loans of $2.1 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 16

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 expected benefits, synergies, results and growth resulting from the acquisition of NXT and NXT Bank, and the Company’s plans, objectives, future performance, goals, future earnings levels and future loan growth, including as a result of expected improvement in economic conditions with respect to COVID-19. 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 timing, outcome and results of integrating the operations of NXT into those of HBT; the possibility that expected benefits, synergies and results from the acquisition are delayed or not achieved; the effects of the merger on HBT’s future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to customer or employee relationships resulting from the completion of the transaction; the diversion of management time on integration-related issues; 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 continued disruption or worsening of global, national, state and local economies associated with the COVID-19 pandemic, including in connection with inflationary pressures and supply chain constraints, 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 and Iowa in particular, including in the financial markets; changes in business plans as circumstances warrant; 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. 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 16

HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Statements of Income


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2021		2021		2020		2021		2020

INTEREST AND DIVIDEND INCOME	(dollars in thousands, except per share data)
Loans, including fees:
Taxable	$	25,604	$	25,278	$	25,118	$	76,016	$	77,396
Federally tax exempt		572		540		542		1,722		1,748
Securities:
Taxable		4,632		4,058		3,266		12,323		9,772
Federally tax exempt		1,103		1,144		1,233		3,383		3,488
Interest-bearing deposits in bank		190		115		65		385		873
Other interest and dividend income		14		12		14		39		42
Total interest and dividend income		32,115		31,147		30,238		93,868		93,319

INTEREST EXPENSE
Deposits		564		613		843		1,821		3,480
Securities sold under agreements to repurchase		8		8		9		23		40
Borrowings		1		—		1		2		2
Subordinated notes		470		469		147		1,409		147
Junior subordinated debentures issued to capital trusts		357		357		367		1,069		1,209
Total interest expense		1,400		1,447		1,367		4,324		4,878
Net interest income		30,715		29,700		28,871		89,544		88,441
PROVISION FOR LOAN LOSSES		(1,667)		(2,162)		2,174		(7,234)		10,102
Net interest income after provision for loan losses		32,382		31,862		26,697		96,778		78,339

NONINTEREST INCOME
Card income		2,509		2,449		2,146		7,216		5,936
Service charges on deposit accounts		1,677		1,390		1,493		4,364		4,460
Wealth management fees		2,036		2,005		1,646		6,013		4,967
Mortgage servicing		699		711		724		2,095		2,175
Mortgage servicing rights fair value adjustment		40		(310)		(268)		1,425		(2,947)
Gains on sale of mortgage loans		1,257		1,562		3,184		4,919		5,855
Gains (losses) on securities		28		6		(2)		74		3
Gains (losses) on foreclosed assets		(14)		216		27		126		120
Gains (losses) on other assets		(672)		(48)		1		(719)		(71)
Other noninterest income		832		793		1,101		2,461		2,866
Total noninterest income		8,392		8,774		10,052		27,974		23,364

NONINTEREST EXPENSE
Salaries		11,988		12,275		12,595		36,859		38,023
Employee benefits		1,500		1,455		1,666		4,677		6,555
Occupancy of bank premises		1,610		1,463		1,609		5,011		5,079
Furniture and equipment		657		603		679		1,883		1,891
Data processing		1,767		1,721		1,583		5,176		4,841
Marketing and customer relations		883		843		690		2,291		2,551
Amortization of intangible assets		252		258		305		799		927
FDIC insurance		279		244		222		763		476
Loan collection and servicing		400		333		450		1,098		1,292
Foreclosed assets		242		319		226		704		403
Other noninterest expense		2,589		2,640		2,460		7,604		7,253
Total noninterest expense		22,167		22,154		22,485		66,865		69,291
INCOME BEFORE INCOME TAX EXPENSE		18,607		18,482		14,264		57,887		32,412
INCOME TAX EXPENSE		4,892		4,765		3,701		15,210		8,209
NET INCOME	$	13,715	$	13,717	$	10,563	$	42,677	$	24,203

EARNINGS PER SHARE - BASIC	$	0.50	$	0.50	$	0.38	$	1.56	$	0.88
EARNINGS PER SHARE - DILUTED	$	0.50	$	0.50	$	0.38	$	1.56	$	0.88
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		27,340,926		27,362,579		27,457,306		27,377,809		27,457,306

HBT Financial, Inc.

Page 7 of 16

HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Balance Sheets


	September 30,		June 30,		September 30,
	2021		2021		2020

	(dollars in thousands)
ASSETS
Cash and due from banks	$	36,508	$	47,861	$	22,347
Interest-bearing deposits with banks		435,421		497,742		214,377
Cash and cash equivalents		471,929		545,603		236,724

Debt securities available-for-sale, at fair value		896,218		836,267		814,798
Debt securities held-to-maturity		318,730		309,132		74,510
Equity securities with readily determinable fair value		3,366		3,338		3,262
Equity securities with no readily determinable fair value		1,867		1,552		1,552
Restricted stock, at cost		2,739		2,739		2,498
Loans held for sale		8,582		5,951		23,723

Loans, before allowance for loan losses		2,147,812		2,152,119		2,279,639
Allowance for loan losses		(24,861)		(26,507)		(31,654)
Loans, net of allowance for loan losses		2,122,951		2,125,612		2,247,985

Bank premises and equipment, net		49,337		51,900		53,271
Bank premises held for sale		1,462		121		121
Foreclosed assets		7,315		7,757		3,857
Goodwill		23,620		23,620		23,620
Core deposit intangible assets, net		1,999		2,251		3,103
Mortgage servicing rights, at fair value		7,359		7,319		5,571
Investments in unconsolidated subsidiaries		1,165		1,165		1,165
Accrued interest receivable		13,376		12,785		13,820
Other assets		16,211		16,565		25,643
Total assets	$	3,948,226	$	3,953,677	$	3,535,223

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,003,723	$	1,011,481	$	850,306
Interest-bearing		2,415,833		2,413,153		2,166,355
Total deposits		3,419,556		3,424,634		3,016,661

Securities sold under agreements to repurchase		47,957		46,756		45,438
Subordinated notes		39,297		39,277		39,218
Junior subordinated debentures issued to capital trusts		37,698		37,681		37,632
Other liabilities		24,897		32,135		40,980
Total liabilities		3,569,405		3,580,483		3,179,929

Stockholders' Equity
Common stock		275		275		275
Surplus		191,413		191,185		190,787
Retained earnings		184,919		175,328		146,101
Accumulated other comprehensive income		4,537		8,386		18,131
Treasury stock at cost		(2,323)		(1,980)		—
Total stockholders’ equity		378,821		373,194		355,294
Total liabilities and stockholders’ equity	$	3,948,226	$	3,953,677	$	3,535,223

SHARE INFORMATION
Shares of common stock outstanding		27,334,428		27,355,053		27,457,306

HBT Financial, Inc.

Page 8 of 16

HBT Financial, Inc.

Consolidated Financial Summary


	September 30,		June 30,		September 30,
	2021		2021		2020

	(dollars in thousands)
LOANS
Commercial and industrial	$	261,763	$	321,352	$	389,231
Agricultural and farmland		229,718		231,527		235,597
Commercial real estate - owner occupied		203,096		212,597		225,345
Commercial real estate - non-owner occupied		579,860		531,803		532,454
Multi-family		215,245		212,079		199,441
Construction and land development		232,291		204,619		265,758
One-to-four family residential		294,612		302,888		308,365
Municipal, consumer, and other		131,227		135,254		123,448
Loans, before allowance for loan losses	$	2,147,812	$	2,152,119	$	2,279,639

PPP LOANS (included above)
Commercial and industrial	$	55,374	$	115,538	$	168,466
Agricultural and farmland		3,462		8,711		4,179
Municipal, consumer, and other		985		1,273		7,095
Total PPP Loans	$	59,821	$	125,522	$	179,740


	September 30,		June 30,		September 30,
	2021		2021		2020

	(dollars in thousands)
DEPOSITS
Noninterest-bearing	$	1,003,723	$	1,011,481	$	850,306
Interest-bearing demand		1,013,678		1,023,565		885,719
Money market		519,343		506,880		475,047
Savings		611,050		603,849		497,682
Time		271,762		278,859		307,907
Total deposits	$	3,419,556	$	3,424,634	$	3,016,661

HBT Financial, Inc.

Page 9 of 16

HBT Financial, Inc.

Consolidated Financial Summary


	Three Months Ended
	September 30, 2021						June 30, 2021						September 30, 2020
	Average						Average						Average
	Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *

	(dollars in thousands)
ASSETS
Loans	$	2,135,476	$	26,176	4.86	%	$	2,234,388	$	25,818	4.63	%	$	2,277,826	$	25,660	4.48	%
Securities		1,180,513		5,735	1.93			1,121,104		5,202	1.86			831,120		4,499	2.15
Deposits with banks		513,158		190	0.15			438,001		115	0.11			274,022		65	0.09
Other		2,739		14	2.00			2,726		12	1.83			2,498		14	2.29
Total interest-earning assets		3,831,886	$	32,115	3.33	%		3,796,219	$	31,147	3.29	%		3,385,466	$	30,238	3.55	%
Allowance for loan losses		(26,470)						(28,939)						(30,221)
Noninterest-earning assets		159,635						156,559						157,446
Total assets	$	3,965,051					$	3,923,839					$	3,512,691

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,020,216	$	129	0.05	%	$	1,019,488	$	127	0.05	%	$	888,941	$	123	0.05	%
Money market		510,183		96	0.07			502,448		94	0.08			479,314		96	0.08
Savings		608,436		48	0.03			601,615		46	0.03			493,278		37	0.03
Time		275,224		291	0.42			290,865		346	0.48			306,154		587	0.76
Total interest-bearing deposits		2,414,059		564	0.09			2,414,416		613	0.10			2,167,687		843	0.15
Securities sold under agreements to repurchase		49,923		8	0.06			47,170		8	0.07			51,686		9	0.06
Borrowings		326		1	0.46			440		—	0.39			1,196		1	0.47
Subordinated notes		39,285		470	4.74			39,265		469	4.80			11,976		147	4.87
Junior subordinated debentures issued to capital trusts		37,688		357	3.76			37,671		357	3.80			37,621		367	3.89
Total interest-bearing liabilities		2,541,281	$	1,400	0.22	%		2,538,962	$	1,447	0.23	%		2,270,166	$	1,367	0.24	%
Noninterest-bearing deposits		1,016,384						992,699						846,808
Noninterest-bearing liabilities		26,523						26,988						40,421
Total liabilities		3,584,188						3,558,649						3,157,395
Stockholders' Equity		380,863						365,190						355,296
Total liabilities and stockholders’ equity	$	3,965,051					$	3,923,839					$	3,512,691

Net interest income/Net interest margin ⁽¹⁾			$	30,715	3.18	%			$	29,700	3.14	%			$	28,871	3.39	%
Tax-equivalent adjustment ⁽²⁾				508	0.05					503	0.05					495	0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis)^{(2) (3)}			$	31,223	3.23	%			$	30,203	3.19	%			$	29,366	3.45	%
Net interest rate spread ⁽⁴⁾					3.11	%					3.06	%					3.31	%
Net interest-earning assets ⁽⁵⁾	$	1,290,605					$	1,257,257					$	1,115,300
Ratio of interest-earning assets to interest-bearing liabilities		1.51						1.50						1.49
Cost of total deposits					0.07	%					0.07	%					0.11	%

* Annualized measure.

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

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

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

(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 16

HBT Financial, Inc.

Consolidated Financial Summary


	Nine Months Ended
	September 30, 2021						September 30, 2020
	Average						Average
	Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *

	(dollars in thousands)
ASSETS
Loans	$	2,217,463	$	77,738	4.69	%	$	2,228,145	$	79,144	4.74	%
Securities		1,102,808		15,706	1.90			740,834		13,260	2.39
Deposits with banks		432,971		385	0.12			283,730		873	0.41
Other		2,655		39	1.95			2,473		42	2.29
Total interest-earning assets		3,755,897	$	93,868	3.34	%		3,255,182	$	93,319	3.83	%
Allowance for loan losses		(29,069)						(26,288)
Noninterest-earning assets		157,287						156,121
Total assets	$	3,884,115					$	3,385,015

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,012,557	$	373	0.05	%	$	853,775	$	536	0.08	%
Money market		498,441		279	0.07			473,647		608	0.17
Savings		584,226		135	0.03			467,482		157	0.04
Time		286,685		1,034	0.48			321,905		2,179	0.90
Total interest-bearing deposits		2,381,909		1,821	0.10			2,116,809		3,480	0.22
Securities sold under agreements to repurchase		47,827		23	0.06			49,183		40	0.11
Borrowings		421		2	0.43			1,333		2	0.19
Subordinated notes		39,265		1,409	4.80			4,021		147	4.87
Junior subordinated debentures issued to capital trusts		37,671		1,069	3.79			37,605		1,209	4.30
Total interest-bearing liabilities		2,507,093	$	4,324	0.23	%		2,208,951	$	4,878	0.29	%
Noninterest-bearing deposits		976,884						780,826
Noninterest-bearing liabilities		30,205						47,426
Total liabilities		3,514,182						3,037,203
Stockholders' Equity		369,933						347,812
Total liabilities and stockholders’ equity	$	3,884,115						3,385,015

Net interest income/Net interest margin ⁽¹⁾			$	89,544	3.19	%			$	88,441	3.63	%
Tax-equivalent adjustment ⁽²⁾				1,514	0.05					1,441	0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}			$	91,058	3.24	%			$	89,882	3.69	%
Net interest rate spread ⁽⁴⁾					3.11	%					3.54	%
Net interest-earning assets ⁽⁵⁾	$	1,248,804					$	1,046,231
Ratio of interest-earning assets to interest-bearing liabilities		1.50						1.47
Cost of total deposits					0.07	%					0.16	%

* Annualized measure.

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

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

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

(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 16

HBT Financial, Inc.

Consolidated Financial Summary


	September 30,			June 30,			September 30,
	2021			2021			2020

	(dollars in thousands)
NONPERFORMING ASSETS
Nonaccrual	$	5,489		$	6,823		$	15,191
Past due 90 days or more, still accruing ⁽¹⁾		39			583			17
Total nonperforming loans		5,528			7,406			15,208
Foreclosed assets		7,315			7,757			3,857
Total nonperforming assets	$	12,843		$	15,163		$	19,065

NONPERFORMING ASSETS (Originated)⁽²⁾
Nonaccrual	$	4,051		$	4,319		$	10,179
Past due 90 days or more, still accruing		39			583			17
Total nonperforming loans (originated)		4,090			4,902			10,196
Foreclosed assets		511			856			939
Total nonperforming assets (originated)	$	4,601		$	5,758		$	11,135

NONPERFORMING ASSETS (Acquired)⁽²⁾
Nonaccrual	$	1,438		$	2,504		$	5,012
Past due 90 days or more, still accruing ⁽¹⁾		—			—			—
Total nonperforming loans (acquired)		1,438			2,504			5,012
Foreclosed assets		6,804			6,901			2,918
Total nonperforming assets (acquired)	$	8,242		$	9,405		$	7,930

Allowance for loan losses	$	24,861		$	26,507		$	31,654

Loans, before allowance for loan losses	$	2,147,812		$	2,152,119		$	2,279,639
Loans, before allowance for loan losses (originated)⁽²⁾		2,057,276			2,054,291			2,148,074
Loans, before allowance for loan losses (acquired) ⁽²⁾		90,536			97,828			131,565

CREDIT QUALITY RATIOS
Allowance for loan losses to loans, before allowance for loan losses		1.16	%		1.23	%		1.39	%
Allowance for loan losses to nonperforming loans		449.73			357.91			208.14
Nonperforming loans to loans, before allowance for loan losses		0.26			0.34			0.67
Nonperforming assets to total assets		0.33			0.38			0.54
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets		0.60			0.70			0.83

CREDIT QUALITY RATIOS (Originated)⁽²⁾
Nonperforming loans to loans, before allowance for loan losses		0.20	%		0.24	%		0.47	%
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets		0.22			0.28			0.52

CREDIT QUALITY RATIOS (Acquired) ⁽²⁾
Nonperforming loans to loans, before allowance for loan losses		1.59	%		2.56	%		3.81	%
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets		8.47			8.98			5.90

(1)	Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $27 thousand, $27 thousand, and $30 thousand as of September 30, 2021, June 30, 2021, and September 30, 2020, 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 the Company. We believe these non-GAAP financial measures provide investors with information regarding the credit quality of loans underwritten using the Company’s policies and procedures.

HBT Financial, Inc.

Page 12 of 16

HBT Financial, Inc.

Consolidated Financial Summary


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2021			2021			2020			2021			2020

ALLOWANCE FOR LOAN LOSSES	(dollars in thousands)
Beginning balance	$	26,507		$	28,759		$	29,723		$	31,838		$	22,299
Provision		(1,667)			(2,162)			2,174			(7,234)			10,102
Charge-offs		(278)			(402)			(1,078)			(875)			(2,459)
Recoveries		299			312			835			1,132			1,712
Ending balance	$	24,861		$	26,507		$	31,654		$	24,861		$	31,654

Net charge-offs (recoveries)	$	(21)		$	90		$	243		$	(257)		$	747
Net charge-offs (recoveries) - (originated) ⁽¹⁾		(116)			(214)			(20)			(650)			155
Net charge-offs (recoveries) - (acquired)⁽¹⁾		95			304			263			393			592

Average loans, before allowance for loan losses	$	2,135,476		$	2,234,388		$	2,277,826		$	2,217,463		$	2,228,145
Average loans, before allowance for loan losses (originated) ⁽¹⁾		2,041,049			2,127,221			2,140,376			2,110,837			2,080,668
Average loans, before allowance for loan losses (acquired) ⁽¹⁾		94,427			107,167			137,450			106,626			147,477

Net charge-offs (recoveries) to average loans, before allowance for loan losses *		—	%		0.02	%		0.04	%		(0.02)	%		0.04	%
Net charge-offs (recoveries) to average loans, before allowance for loan losses (originated) * ⁽¹⁾		(0.02)			(0.04)			—			(0.04)			0.01
Net charge-offs (recoveries) to average loans, before allowance for loan losses (acquired) * ⁽¹⁾		0.40			1.14			0.76			0.49			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 the Company. 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 16

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,
	2021			2021			2020			2021			2020

	(dollars in thousands, except per share data)
EARNINGS AND PER SHARE INFORMATION
Net income	$	13,715		$	13,717		$	10,563		$	42,677		$	24,203
Earnings per share - Basic		0.50			0.50			0.38			1.56			0.88
Earnings per share - Diluted		0.50			0.50			0.38			1.56			0.88

Book value per share	$	13.86		$	13.64		$	12.94

Shares of common stock outstanding		27,334,428			27,355,053			27,457,306
Weighted average shares of common stock outstanding		27,340,926			27,362,579			27,457,306			27,377,809			27,457,306

SUMMARY RATIOS
Net interest margin *		3.18	%		3.14	%		3.39	%		3.19	%		3.63	%
Efficiency ratio		56.04			56.91			56.98			56.22			61.15
Loan to deposit ratio		62.81			62.84			75.57

Return on average assets *		1.37	%		1.40	%		1.20	%		1.47	%		0.96	%
Return on average stockholders' equity *		14.29			15.07			11.83			15.42			9.30

NON-GAAP FINANCIAL MEASURES ⁽¹⁾
Adjusted net income	$	14,479		$	14,168		$	10,755		$	42,680		$	27,352
Adjusted earnings per share - Basic		0.53			0.52			0.39			1.56			0.99
Adjusted earnings per share - Diluted		0.53			0.52			0.39			1.56			0.99

Tangible book value per share	$	12.92		$	12.70		$	11.97

Net interest margin (tax equivalent basis) * ⁽²⁾		3.23	%		3.19	%		3.45	%		3.24	%		3.69	%
Efficiency ratio (tax equivalent basis) ⁽²⁾		55.32			56.18			56.27			55.50			60.37

Return on average tangible common equity *		15.32	%		16.22	%		12.80	%		16.59	%		10.08	%

Adjusted return on average assets *		1.45	%		1.45	%		1.22	%		1.47	%		1.08	%
Adjusted return on average stockholders' equity *		15.08			15.56			12.04			15.43			10.50
Adjusted return on average tangible common equity *		16.18			16.76			13.03			16.59			11.40

* 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 tax rate of 9.5%.

HBT Financial, Inc.

Page 14 of 16

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,
	2021			2021			2020			2021			2020

	(dollars in thousands)
Net income	$	13,715		$	13,717		$	10,563		$	42,677		$	24,203
Adjustments:
Acquisition expenses		(380)			(157)			—			(537)			—
Branch closure expenses		(644)			(104)			—			(748)			—
Charges related to termination of certain employee benefit plans		—			—			—			—			(1,457)
Mortgage servicing rights fair value adjustment		40			(310)			(268)			1,425			(2,947)
Total adjustments		(984)			(571)			(268)			140			(4,404)
Tax effect of adjustments		220			120			76			(143)			1,255
Less adjustments, after tax effect		(764)			(451)			(192)			(3)			(3,149)
Adjusted net income	$	14,479		$	14,168		$	10,755		$	42,680		$	27,352

Average assets	$	3,965,051		$	3,923,839		$	3,512,691		$	3,884,115		$	3,385,015

Return on average assets *		1.37	%		1.40	%		1.20	%		1.47	%		0.96	%
Adjusted return on average assets *		1.45			1.45			1.22			1.47			1.08

* Annualized measure.

Reconciliation of Non-GAAP Financial Measures –

Adjusted Earnings Per Share


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2021		2021		2020		2021		2020

	(dollars in thousands, except per share data)
Numerator:
Net income	$	13,715	$	13,717	$	10,563	$	42,677	$	24,203
Earnings allocated to participating securities ⁽¹⁾		(25)		(25)		(28)		(81)		(62)
Numerator for earnings per share - basic and diluted	$	13,690	$	13,692	$	10,535	$	42,596	$	24,141

Adjusted net income	$	14,479	$	14,168	$	10,755	$	42,680	$	27,352
Earnings allocated to participating securities ⁽¹⁾		(27)		(26)		(28)		(81)		(69)
Numerator for adjusted earnings per share - basic and diluted	$	14,452	$	14,142	$	10,727	$	42,599	$	27,283

Denominator:
Weighted average common shares outstanding		27,340,926		27,362,579		27,457,306		27,377,809		27,457,306
Dilutive effect of outstanding restricted stock units		13,921		17,701		—		11,412		—
Weighted average common shares outstanding, including all dilutive potential shares		27,354,847		27,380,280		27,457,306		27,389,221		27,457,306

Earnings per share - Basic	$	0.50	$	0.50	$	0.38	$	1.56	$	0.88
Earnings per share - Diluted	$	0.50	$	0.50	$	0.38	$	1.56	$	0.88

Adjusted earnings per share - Basic	$	0.53	$	0.52	$	0.39	$	1.56	$	0.99
Adjusted earnings per share - Diluted	$	0.53	$	0.52	$	0.39	$	1.56	$	0.99

(1)

The Company has granted certain 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.

HBT Financial, Inc.

Page 15 of 16

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,
	2021			2021			2020			2021			2020

	(dollars in thousands)
Net interest income (tax equivalent basis)
Net interest income	$	30,715		$	29,700		$	28,871		$	89,544		$	88,441
Tax-equivalent adjustment ⁽¹⁾		508			503			495			1,514			1,441
Net interest income (tax equivalent basis) ⁽¹⁾	$	31,223		$	30,203		$	29,366		$	91,058		$	89,882

Net interest margin (tax equivalent basis)
Net interest margin *		3.18	%		3.14	%		3.39	%		3.19	%		3.63	%
Tax-equivalent adjustment * ⁽¹⁾		0.05			0.05			0.06			0.05			0.06
Net interest margin (tax equivalent basis) * ⁽¹⁾		3.23	%		3.19	%		3.45	%		3.24	%		3.69	%

Average interest-earning assets	$	3,831,886		$	3,796,219		$	3,385,466		$	3,755,897		$	3,255,182

* 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,
	2021			2021			2020			2021			2020

	(dollars in thousands)
Efficiency ratio (tax equivalent basis)
Total noninterest expense	$	22,167		$	22,154		$	22,485		$	66,865		$	69,291
Less: amortization of intangible assets		252			258			305			799			927
Adjusted noninterest expense	$	21,915		$	21,896		$	22,180		$	66,066		$	68,364

Net interest income	$	30,715		$	29,700		$	28,871		$	89,544		$	88,441
Total noninterest income		8,392			8,774			10,052			27,974			23,364
Operating revenue		39,107			38,474			38,923			117,518			111,805
Tax-equivalent adjustment ⁽¹⁾		508			503			495			1,514			1,441
Operating revenue (tax equivalent basis) ⁽¹⁾	$	39,615		$	38,977		$	39,418		$	119,032		$	113,246

Efficiency ratio		56.04	%		56.91	%		56.98	%		56.22	%		61.15	%
Efficiency ratio (tax equivalent basis) ⁽¹⁾		55.32			56.18			56.27			55.50			60.37

(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 16 of 16

Reconciliation of Non-GAAP Financial Measures –

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


	September 30,			June 30,			September 30,
	2021			2021			2020

	(dollars in thousands, except per share data)
Tangible common equity
Total stockholders' equity	$	378,821		$	373,194		$	355,294
Less: Goodwill		23,620			23,620			23,620
Less: Core deposit intangible assets, net		1,999			2,251			3,103
Tangible common equity	$	353,202		$	347,323		$	328,571

Tangible assets
Total assets	$	3,948,226		$	3,953,677		$	3,535,223
Less: Goodwill		23,620			23,620			23,620
Less: Core deposit intangible assets, net		1,999			2,251			3,103
Tangible assets	$	3,922,607		$	3,927,806		$	3,508,500

Total stockholders' equity to total assets		9.59	%		9.44	%		10.05	%
Tangible common equity to tangible assets		9.00			8.84			9.36

Shares of common stock outstanding		27,334,428			27,355,053			27,457,306

Book value per share	$	13.86		$	13.64		$	12.94
Tangible book value per share		12.92			12.70			11.97

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,
	2021			2021			2020			2021			2020

	(dollars in thousands)
Average tangible common equity
Total stockholders' equity	$	380,863		$	365,190		$	355,296		$	369,933		$	347,812
Less: Goodwill		23,620			23,620			23,620			23,620			23,620
Less: Core deposit intangible assets, net		2,152			2,410			3,284			2,414			3,589
Average tangible common equity	$	355,091		$	339,160		$	328,392		$	343,899		$	320,603

Net income	$	13,715		$	13,717		$	10,563		$	42,677		$	24,203
Adjusted net income		14,479			14,168			10,755			42,680			27,352

Return on average stockholders' equity *		14.29	%		15.07	%		11.83	%		15.42	%		9.30	%
Return on average tangible common equity *		15.32			16.22			12.80			16.59			10.08

Adjusted return on average stockholders' equity *		15.08	%		15.56	%		12.04	%		15.43	%		10.50	%
Adjusted return on average tangible common equity *		16.18			16.76			13.03			16.59			11.40

* Annualized measure.

Exhibit 99.2

STRICTLY PRIVATE AND CONFIDENTIAL Q3 2021 Results Presentation October 25, 2021 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, including as a result of expected improvement in economic conditions with respect to COVID-19; and about the expected benefits, synergies, results and growth resulting from the acquisition of NXT and NXT Bank. 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 continued disruption or worsening of global, national, state and local economies associated with the COVID-19 pandemic, including in connection with inflationary pressures and supply chain constraints, 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 bank we own (the “Bank”), 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; the timing, outcome and results of integrating the operations of NXT into those of HBT; the possibility that expected benefits, synergies and results from the acquisition are delayed or not achieved; the effects of the merger in HBT’s future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to customer or employee relationships resulting from the completion of the transaction; the diversion of management time on integration-related issues; 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 and Iowa in particular; the geographic concentration of our operations in the State of Illinois and the State of Iowa; 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 the Bank’s reputation; 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 September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, the nine months ended September 30, 2021, and the years ended December 31, 2020, 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 closely comparable GAAP measures, see the Appendix to this presentation. 1

Q3 2021 highlights Continued disciplined growth ◼ Total assets decreased $5 million, or 0.1%, from Q2 2021 ◼ Total loans excluding PPP loans increased 3% from Q2 2021 aided by purchases of participations of new loans originated by NXT Bank ahead of the acquisition’s Oct. 1 close ◼ Total deposits decreased $5 million, or 0.1%, from Q2 2021 ◼ Loans-to-deposits ratio of 62.8% was stable with Q2 2021 Upheld Midwestern values ◼ Continued to place the health of customers and employees first by maintaining enhanced cleaning protocols and other safety measures at all locations ◼ Continued processing PPP loan forgiveness for clients Maintained strong profitability ◼ Net income of $13.7 million, or $0.50 per diluted share; return on average assets (ROAA) of 1.37%; and return on average tangible common equity (ROATCE)(1) of 15.32% ◼ Adjusted net income(1) of $14.5 million; or $0.53 per diluted share, adjusted ROAA(1) of 1.45%; and adjusted ROATCE(1) of 16.18% Prioritized safety and soundness ◼ Nonperforming loans totaled $5.5 million, or 0.26% of total loans, compared with $7.4 million, or 0.34% of total loans, at Q2 2021, and $15.2 million, or 0.67% of total loans, at Q3 2020 ◼ Recorded net recoveries of $21 thousand 1 See "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. 2

C&I 12% CRE–Owner occupied 9% Agricultural & farm land 11% CRE–Non-owner occupied 27% C&D 11% Multi-family 10% 1-4 Family residential 14% Municipal, consumer & other 6% 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, the Chicago MSA, and Eastern Iowa ✓ Leading market position in majority of core mid-sized markets in Central Illinois ✓ Strong deposit franchise with 7bps cost of deposits, 99% core deposits2 ✓ Conservative credit culture, with 4bps NCOs / loans during the year ended December 31, 2020 and (2)bps NCOs during the nine months ended September 30, 2021 ✓ High profitability sustained through cycles Overview As of or for the period ended 2018 2019 2020 Q3-21 YTD Total assets $3,250 $3,245 $3,667 $3,948 Total gross loans, HFI1 2,144 2,164 2,247 2,148 Total deposits 2,796 2,777 3,131 3,420 % Core deposits2 98.7% 98.4% 99.1% 99.3% Loans-to-deposits 76.7% 77.9% 71.8% 62.8% Adjusted ROAA4 1.55% 1.78% 1.15% 1.47% Adjusted ROATCE4 16.7% 18.3% 12.3% 16.59% Cost of deposits 0.21% 0.29% 0.14% 0.07% NIM5 4.25% 4.38% 3.60% 3.24% Yield on loans 5.35% 5.51% 4.69% 4.69% Efficiency ratio5 54.3% 53.1% 58.9% 55.5% NCOs / loans 0.23% 0.07% 0.04% (0.02%) Originated NCOs / loans3 0.17% 0.04% 0.02% (0.04%) NPLs / gross loans 0.74% 0.88% 0.44% 0.26% Originated NPLs / loans3 0.54% 0.54% 0.14% 0.20% NPAs / Loans + OREO 1.18% 1.11% 0.63% 0.60% Originated NPAs / Loans + OREO 0.61% 0.59% 0.17% 0.22% CET1 (%) 12.7% 12.2% 13.1% 14.1% Financial highlights ($mm) Balance sheet Key performance i ndicators Credit & capital Loan composition Note: Financial data as of and for the three months ended September 30, 2021 unless otherwise indicated; 1 Gross loans includes loans held for investment, 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” in the Appendix; 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” in the Appendix; 4 Metric based on adjusted net income, which is a non-GAAP metric; for reconciliation with GAAP metric, see “Non-GAAP reconciliations” in the Appendix; net income presented on C-Corporation equivalent basis for periods prior to 2020; 5 Tax-equivalent basis metric; for reconciliation with GAAP metric, see “Non-GAAP reconciliations” in the Appendix Commercial Commercial Real Estate Deposit composition Noninterest- bearing demand 29% Interest- bearing demand 30% Money Market 15% Savings 18% Time 8% 3

Paycheck Protection Program (PPP) Details PPP Loans by Portfolio as of June 30, 2021 Portfolio Balance ($000) Commercial and industrial $115,538 Agricultural and farmland $8,711 Municipal, consumer, and other $1,273 Total PPP Loans $125,522 ◼ PPP loan balances, net of deferred origination fees, totaled $60 million (2.8% of total loans) as of September 30, 2021 ➢ Deferred origination fees on PPP loans totaled $3.1 million as of September 30, 2021, almost entirely related to round 2 PPP loans ◼ Out of our total PPP loans originated in round 1, we have received full or partial forgiveness on loans totaling $184.5 million (over 99% of the balances) as of September 30, 2021, including $31.6 million in Q3 2021 ◼ Out of our total PPP loans originated in round 2, we have received full or partial forgiveness on loans totaling $42.7 million (41% of the balances) as of September 30, 2021, including $37.1 million in Q3 2021 ◼ Deferred origination fees amortized over life of loan; accelerated upon forgiveness or repayment ➢ Deferred origination fees on PPP loans of $3.0 million were recognized as loan interest income during the three months ended September 30, 2021, which included $2.7 million due to loan forgiveness and payoffs, compared to $2.4 million during the three months ended June 30, 2021, which included $1.7 million due to loan forgiveness and payoffs 4 PPP Loans by Portfolio as of September 30, 2021 Portfolio Balance ($000) Commercial and industrial $55,374 Agricultural and farmland $3,462 Municipal, consumer, and other $985 Total PPP Loans $59,821

Loan Portfolio Overview: Commercial Real Estate ◼ $1,027 million portfolio as of September 30, 2021 ➢ $580 million in non-owner occupied CRE primarily supported by rental cash flow of the underlying properties ➢ $215 million in multi-family loans secured by 5+ unit apartment buildings ➢ $232 million in construction and land development loans primarily to developers to sell upon completion or for long-term investment ◼ Vast majority of loans originated to experienced real estate developers within our markets ◼ Guarantees required on majority of originated loans Multi-Family 31% Retail 14% Warehouse/ Manufacturing 13% Office 11% Senior Living Facilities 9% Land and Lots 5% Hotels 4% 1-4 Family Construction 4% Medical 3% Auto Repair & Dealers 3% Other* 3% Commercial Real Estate Loan Mix * Includes restaurant/bar exposure of $5.1 million or 0.5% of CRE loans 5 Portfolio1 Balance ($mm) Average Loan Size ($mm) Weighted Average LTV % Rated Substandard Multi-family $215.2 $1.1 62.9% 0.0% Retail $134.7 $1.1 57.5% 0.3% Warehouse/ Manufacturing $117.6 $1.2 56.0% 0.0% Office $106.0 $0.9 57.6% 0.0% Senior Living $88.3 $5.2 58.0% 31.4% Hotels $34.6 $2.3 62.5% 12.1% Restaurants $4.5 $0.5 55.4% 0.0% 1 Excludes Construction Loans Details on Select CRE Portfolios

Loan Portfolio Overview: Commercial ◼ $262 million C&I loans outstanding as of September 30, 2021 ➢ 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 ◼ $203 million owner-occupied CRE outstanding as of September 30, 2021 ➢ 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% Construction 10% Real Estate and Rental and Leasing 7% Arts, Entertainment, and Recreation 6% Manufacturing 6% Grain Elevators 6% Wholesale Trade 6% Retail Trade- Other 5% Professional, Scientific, and Technical Services 5% Restaurants and Bars 4% Finance and Insurance 2% Other 15% Commercial Loan Mix1 1 Commercial loan mix excludes $55 million in PPP loans 6 Portfolio1 Balance ($mm) Average Loan Size ($mm) % Rated Substandard Auto Repair & Dealers $60.0 $0.8 0.1% Health Care & Social Assistance $54.6 $0.4 5.6% Arts, Entertainment & Recreation $25.4 $0.7 1.6% Grain Elevators $24.7 $1.0 25.5% Wholesale Trade $24.3 $0.4 0.5% Retail Trade $21.9 $0.2 14.7% Restaurants $16.7 $0.2 14.7% Details on Select Commercial Portfolios

Loan Portfolio Overview: Agriculture and Farmland ◼ $230 million portfolio as of September 30, 2021 ◼ Significant increase in corn and soybean prices compared to 2020 will improve borrower profitability and should reduce portfolio credit risk ◼ 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 58.0% ◼ 0.5% is rated substandard as of September 30, 2021 ◼ Over 70% of agricultural borrowers have been with the Company for at least 10 years, and over half for more than 20 years Agriculture and Farmland Loan Mix1 Farmland 60% Crops 33% Equipment finance 4% Livestock 3% 1 Agriculture and Farmland loan mix excludes $3 million in PPP loans 7

Loan Portfolio Overview: 1-4 Family Residential Mortgage ◼ $295 million in-house portfolio as of September 30, 2021 ◼ 2.8% is rated substandard 1st Mortgages Non-owner Occupied 51% 1st Mortgages Owner Occupied 28% HELOCs and 2nd Mortgages 21% 1-4 Family Residential Loan Mix ◼ $1.03 billion sold to the secondary market with servicing retained as of September 30, 2021 ◼ Q3 2021 residential mortgage origination volume of $37.3 million declined from $42.9 million during Q2 2021 due to less refinance activity In-house 1-4 Family Residential Mortgage Portfolio Secondary Market 1-4 Family Residential Mortgage Portfolio Residential Mortgage Loan Origination Volume ($mm) $0 $20 $40 $60 $80 $100 $120 $140 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 8

Loan Portfolio Overview: Municipal, Consumer and Other ◼ $131 million portfolio as of September 30, 2021 ➢ 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 ➢ $32.8 million portfolio with $8.2 million average loan size ➢ Weighted average LTV of 90.7% ➢ 39.0% is rated substandard ◼ Commercial Tax-Exempt – Medical ➢ $19.0 million portfolio with $1.7 million average loan size ➢ Weighted average LTV of 41.0% ➢ No loans are rated substandard Municipal, Consumer and Other Loan Mix1 Municipalities 31% Commercial Tax-Exempt (Senior Living) 25% Commercial Tax-Exempt (Medical) 15% Consumer 9% Other 20% 1 Municipal, Consumer and Other loan mix excludes $1 million in PPP loans 9

Loan Portfolio Overview: Asset Quality and Reserves ◼ At September 30, 2021, non-performing assets were $12.8 million, or 0.33% of total assets compared to $15.2 million, or 0.38% of total assets at June 30, 2021 ◼ Net recoveries were $21 thousand, or 0.00%, for the quarter ended September 30, 2021 ◼ Substandard loans increased $6.5 million to $75.7 million and Pass- Watch loans decreased $32.1 million to $149.3 million as of September 30, 2021 when compared to June 30, 2021 Non-performing assets/ Total assets % and Net charge-off % ◼ Allowance for loan losses totaled $24.9 million, or 1.16% of loans before allowance, at September 30, 2021 compared to $26.5 million, or 1.23%, at June 30, 2021 ➢ Excluding $59.8 million of PPP loans, the ALLL ratio was 1.19% at September 30, 2021 ◼ In addition to our allowance for loan losses, we had $0.9 million in credit-related discounts on acquired loans at September 30, 2021 Asset quality impact from COVID-19 is modest so far Allowing for the release of the allowance for loan losses Allowance for loan losses to total loans (%) 1.17 0.78 0.74 0.39 0.33 0.15 0.23 0.07 0.04 (0.02) 2017 2018 2019 2020 Q3-21 YTD NPAs/ Total Assets % NCO % 0.93 0.96 1.03 1.42 1.16 2017 2018 2019 2020 Q3-21 YTD 10

Revolving Line Utilization Remains Below Historical Levels ◼ Revolving line utilization rate ticked up to 41% at September 30, 2021 compared to 39% at June 30, 2021 ◼ Revolving line utilization at September 30, 2021 was 9 percentage points below the recent peak of 50% at March 31, 2019 Revolving line balances and line utilization rates ($mm) 11 0% 10% 20% 30% 40% 50% 60% $0 $50 $100 $150 $200 $250 $300 $350 $400 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Balance Line utilization rate %

U.S. Treasury 5% Yield:1.33% U.S. Gov't Agency 12% Yield: 1.64% Municipal 26% Yield: 2.03% Agency RMBS 16% Yield: 1.64% Agency CMBS 36% Yield: 1.81% Corporate 5% Yield: 3.57% Securities Portfolio Overview ◼ Company’s debt securities consist 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 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 Financial data as of September 30, 2021 12 Portfolio Composition Amortized Cost: $1,206mm Yield: 1.89% Overview Key investment portfolio metrics ($000) AFS HTM Total Amortized Cost $887,562 $318,730 $1,206,292 Fair Value 896,218 321,156 1,217,374 Unrealized Gain/(Loss) 8,656 2,426 11,082 Book Yield 1.89% 1.90% 1.89% Effective Duration 4.32 6.31 4.84

◼ The low interest rate environment has pressured the net interest margin ◼ 41% of the loan portfolio matures or reprices within the next 12 months ◼ Loan mix is 65% fixed rate and 35% variable rate; 73% of variable rate loans have floors and 89% of those loans have hit their floors Net Interest Margin FTE NIM1* GAAP NIM* Annual Quarterly Accretion of acquired loan discounts contribution to GAAP NIM 16bps 3.83% 4.16% 4.31% 3.54% 4.01% 4.25% 4.38% 3.60% 2017 2018 2019 2020 13 13bps 7bps 2bps 2bps 1bp 2bps 2bps 2bps PPP loan fees contribution to GAAP NIM 9bps N/A N/A N/A 3.39% 3.31% 3.25% 3.14% 3.18% 3.45% 3.36% 3.30% 3.19% 3.23% 3Q20 4Q20 1Q21 2Q21 3Q21 10bps 14bps 25bps 25bps 31bps 1 Tax-equivalent basis metric; see "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Wealth Management Overview 14 Comprehensive Wealth Management Services ◼ Proprietary investment management solutions ◼ Financial planning ◼ Trust and estate administration $4.4 $4.5 $4.8 $4.3 $1.6 $1.6 $1.7 $1.3 $0.4 $0.4 $0.4 $0.2 $0.4 $0.3 $0.3 $0.2 $0.6 $0 $1 $2 $3 $4 $5 $6 $7 $8 2018 2019 2020 Q3-21 YTD Asset Management and Trust Services Agricultural Services - Farm Management Agricultural Services - Real Estate Brokerage Investment Brokerage Insurance Brokerage $7.4 $6.8 $7.2 $6.0 Wealth Management Revenue Trends ($mm) 1 Operations of insurance brokerage division was sold during first quarter of 2019 Over $1.8 billion of assets under management or administration as of September 30, 2021 1 Agricultural Services ◼ Farm management services: Over 80,000 acres ◼ Real estate brokerage including auction services ◼ Farmland appraisals Total

Capital and Liquidity Overview CET 1 Risk-based Capital Ratio (%) Leverage Ratio (%) Tangible Common Equity to Tangible Assets (%)1 Liquidity Sources ($000) 12.09 12.71 12.15 13.06 14.08 2017 2018 2019 2020 Q3 2021 9.94 10.80 10.38 9.94 9.83 2017 2018 2019 2020 Q3 2021 8.94 9.67 9.49 9.27 9.00 2017 2018 2019 2020 Q3 2021 Liquidity Source As of 9/30/21 Balance of Cash and Cash Equivalents $471,929 Market Value of Unpledged Securities 857,859 Available FHLB Advance Capacity 320,096 Available Fed Fund Lines of Credit 80,000 Total Estimated Liquidity $1,729,884 1 See "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. 15

Near-Term Outlook ◼ Loan balances (excluding the impact of PPP loans and acquired loans) expected to grow in the mid-single digits on an annualized basis as demand improves along with a more sustained economic recovery ➢ Disruption in the Chicago banking market following recently announced acquisitions is creating opportunities to hire quality commercial lenders ◼ Focused on supporting net interest income ➢ Deferred origination fees on PPP loans are expected to continue to decline ➢ NIM pressure (excluding the impact of PPP loans) is expected to continue to moderate provided deposit growth continues to slow and core loan growth improves ◼ Card income expected to grow but at a slightly slower rate ◼ Service charges on deposit accounts expected to remain relatively stable with a slight upward bias ◼ Wealth management fees expected to grow modestly ◼ Mortgage banking profits expected to decline in Q4 2021 relative to Q3 2021 due to seasonality and less refinancing activity ◼ Adjusted expenses to trend slightly higher reflecting NXT’s quarterly expense level of $0.9 million ◼ NXT Bank and Heartland Bank merger and system conversion is scheduled for December 3 ◼ Continued strong credit metrics and improving economic conditions expected to allow for very modest provision level ◼ Balanced approach to capital deployment with flexibility to support faster organic growth, current cash dividend and share repurchases ◼ Well-positioned to capitalize on additional accretive acquisition opportunities 16

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 17 2020 Merged State Bank of Lincoln into Heartland Bank and Trust Company 2021 Entry into Iowa with NXT Bank acquisition

◼ As of September 30, 2021, NXT had approximately $232 million in assets, $196 million in loans, and $181 million in deposits ◼ Provides opportunity to utilize existing HBT excess liquidity to replace higher cost acquired deposits and to repurchase loan participations sold ◼ Increases loan-to-deposit ratio ◼ Effectively leverages capital in an accretive transaction for shareholders ◼ Closed on October 1, 2021 with the merger and system conversion of NXT Bank and Heartland Bank scheduled for December 3, 2021 NXT Bancorporation Acquisition Overview Key Highlights and Strategic Rationale ◼ Expands HBT footprint into higher growth Eastern Iowa markets with similar demographics to communities where HBT has had its greatest success ◼ Adds talented team of community bankers with relationship-based approach and strong credit culture ◼ Provides opportunities to expand customer relationships with broader range of products and services and greater ability to meet larger borrowing needs ◼ NXT President and CEO to remain with Heartland Bank as Iowa Market President Expected Financial Impact NXT Bank Footprint 18

Our markets Branch locations Chicago MSA 35% Mid-sized Illinois markets 65% Deposits Chicago MSA 53% Mid-sized Illinois markets 47% Loans Chicago MSA 32% Mid-sized Illinois markets 68% Branches $2.1bn $3.4bn 57 branches Note: Financial data as of September 30, 2021 19 Source: S&P Global Market Intelligence Illinois branches outside of the Chicago MSA Illinois branches in the Chicago MSA Iowa branches acquired in the NXT Bancorporation, Inc. acquisition closed on October 1, 2021 Exposure to mid-sized and metropolitan markets in Illinois

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 / loans in 2020 and (2)bps NCOs / loans through the nine months ended September 30, 2021 ◼ Positioned to be the acquirer of choice for many potential partners in and adjacent to our existing markets ◼ Successful integration of 9 community bank acquisitions in the last 13 years ◼ Chicago MSA, in particular, has ~100 banking institutions with less than $1bn in assets ◼ 1.47% ROAA1 and 3.24% NIM2 in nine months ended September 30, 2021 ◼ 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 (63% 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 Metrics based on adjusted net income, which is a non-GAAP metric; for reconciliation with GAAP metrics, see “Non-GAAP reconciliations” in Appendix; 2 Metrics presented on tax equivalent basis; peer metrics shown FTE where available; for reconciliation with GAAP metric, see “Non-GAAP reconciliations” in Appendix. Small enough to know you, big enough to serve you 20

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/controlled 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 21

Experienced executive management team with deep community ties Fred L. Drake Chairman and CEO 38 years with Company 41 years in industry J. Lance Carter President and Chief Operating Officer 20 years with Company 27 years in industry Patrick F. Busch Chief Lending Officer, President of Heartland Bank 26 years with Company 43 years in industry Matthew J. Doherty Chief Financial Officer 11 years with Company 29 years in industry Lawrence J. Horvath Senior Regional Lender, Heartland Bank 11 years with Company 36 years in industry Mark W. Scheirer Chief Credit Officer 10 years with Company 29 years in industry Andrea E. Zurkamer Chief Risk Officer 8 years with Company 21 years in industry Diane H. Lanier Chief Retail Officer 24 years with Company 36 years in industry 22

Talented Board of Directors with deep financial services industry experience Fred L. Drake Chairman • Director since 1984 • CEO of HBT Financial • 38 years with Company • 41 years in industry J. Lance Carter Director • Director since 2011 • President and COO of HBT Financial • 20 years with Company • 27 years in industry Patrick F. Busch Director • Director since 1998 • Chief Lending Officer of HBT Financial • 26 years with Company • 43 years in industry Eric E. Burwell Director • Director since June 2005 • Owner, Burwell Management Company • Invests in a variety of real estate, private equity, venture capital and liquid investments Linda J. Koch Director • Director since June 2020 • Former President and CEO of the Illinois Bankers Association Gerald E. Pfeiffer Director • Director since June 2019 • Former Partner at CliftonLarsonAllen LLP with 46 years of industry experience • Former CFO of Bridgeview Bancorp Allen C. Drake Director • Director since 1981 • Retired EVP with 27 years of experience at Company • Formerly responsible for Company’s lending, administration, technology, personnel, accounting, trust and strategic planning Dr. C. Alvin Bowman Director • Director since June 2019 • Former President of Illinois State University • 36 years in higher education Dale S. Strassheim Director • Director since 1993 • Former President and CEO of BroMenn Healthcare • Former President and CEO of The Baby Fold, a child welfare non-profit organization 23

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 24

Consistent performance 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% 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; 2Represents 23 high performing major exchange-traded banks headquartered in the Midwest with $2-10bn in assets and a 2020 core return on average assets above 1.0% 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 25

. . . drives 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” in Appendix; 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 substantially 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” in Appendix 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 $12.29 $12.92 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 2019 2020 3Q21 IPO Diultion2 $(7.26) IPO Adjusted2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 2019 2020 3Q21 $1.05 $0.60 $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 26

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 $635 9 16.7% 2 171 10.0% DeKalb 403 7 13.8% 4 105 – Cook 271 2 0.1% 53 5,121 36.5% Tazewell 262 7 7.6% 2 131 – Woodford 252 6 26.6% 2 38 – Bureau 246 4 21.0% 1 32 – Logan 220 3 33.5% 1 28 – De Witt 184 3 39.5% 2 15 – Other Counties 952 21 Company market share by county 28% 5% 6% 7% 7% 8% 8% 12% 19% Note: Data as of June 30, 2021 Source: S&P Capital IQ 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 27

Loans within the Chicago MSA ($mm) CAGR of 5.1% .. . . 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 94% 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 . . . 35% of deposits 53% of loans 32% of branches .. . . and continues to grow Note: Financial data as of September 30, 2021 unless otherwise indicated 1 Middle market firms are defined as businesses with revenues between $10mm and $1bn 2 897 900 941 1,021 1,068 1,108 65 27 2016 2017 2018 2019 2020 3Q21 Non-PPP Chicago MSA PPP Chicago MSA CAGR of 4.5% ex. PPP loans 28

18% 19% 8% 12% 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%0.09% 0.08% 0.07% 0.07% 0.27% 0.28% 0.26% 0.27% 0.26% 0.30% 0.36% 0.36% 0.40% 0.51% 0.61% 0.70% 0.76%0.85% 0.89% 0.81% 0.70% 0.48% 0.35% 0.32% 0.24% 0.20% 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 June 30, 2021 unless otherwise indicated; Peer data as of and for the three months ended June 30, 2021 (as available as of October 14, 2021); 1 Represents median of 23 high performing major exchange-traded banks headquartered in the Midwest with $2-10bn in assets and a 2020 core return on average assets above 1.0%; * Annualized measure. Historical time deposit composition (%) 1 Company High performing peers1 (10%) (7%) 2Q21 2Q21 3 29

Farmer City State Bank Farmer City, IL $70mm deposits Citizens First National Bank Princeton, IL FDIC-assisted $808mm deposits 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 Bank of Shorewood Shorewood, IL FDIC-assisted $105mm deposits 2011 2018 2015 2010 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 30 2021 NXT Bancorporation, Inc. (NXT Bank) Central City, IA $181mm deposits

Prudent risk management Framework and key policies Balance sheet composition as of September 30, 2021 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 96% 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 63% 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 the Company; originated loan CAGR excludes PPP loans 5 1,825 1,924 1,998 1,963 1,997 163 60 291 220 165 121 91 2017 2018 2019 2020 Q3 2021 Originated Originated - PPP Acquired 2.4% Originated Loan CAGR 0.15 0.23 0.07 0.04 (0.02) 0.14 0.17 0.04 0.02 (0.04) 2017 2018 2019 2020 Q3-21 YTD NCOs / Loans % Originated NCOs / Originated Loans %¹ 31

Appendix 32

Non-GAAP reconciliations Adjusted net income and adjusted ROAA ($000) 2018 2019 2020 3Q21 Q3-21 YTD Net income $63,799 $66,865 $36,845 $13,715 $42,677 C-Corp equivalent adjustment 2 (15,502) (13,493) -- -- -- C-Corp equivalent net income 2 $48,297 $53,372 $36,845 $13,715 $42,677 Adjustments: Acquisition expenses -- -- -- (380) (537) Branch closure expenses -- -- -- (644) (748) Net earnings (losses) from closed or sold operations, including gains on sale 1 (822) 524 -- -- -- Charges related to termination of certain employee benefit plans -- (3,796) (1,457) -- -- Realized gain (loss) on sales of securities (2,541) -- -- -- -- Mortgage servicing rights fair value adjustment 629 (2,400) (2,584) 40 1,425 Total adjustments (2,734) (5,672) (4,041) (984) 140 Tax effect of adjustments 779 1,617 1,152 220 (143) Less adjustments after tax effect (1,955) (4,055) (2,889) (764) (3) Adjusted net income $50,252 $57,427 $39,734 $14,479 $42,680 Average assets $3,247,598 $3,233,386 $3,447,500 $3,965,051 $3,884,115 Return on average assets 1.96% 2.07% 1.07% 1.37%* 1.47%* C Corp equivalent return on average assets 1.49% 1.65% N/A N/A N/A Adjusted return on average assets 1.55% 1.78% 1.15% 1.45%* 1.47%* * 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. 33

Non-GAAP reconciliations (cont’d) Average tangible common equity and adjusted ROATCE ($000) 2018 2019 2020 3Q21 Q3-21 YTD Total stockholders’ equity $330,214 $341,544 $350,703 $380,863 $369,933 Less: goodwill (23,620) (23,620) (23,620) (23,620) (23,620) Less: core deposit intangible assets (6,256) (4,748) (3,436) (2,152) (2,414) Average tangible common equity $300,338 $313,176 $323,647 $355,091 $343,899 Net income $63,799 $66,865 $36,845 $13,715 $42,677 C Corp equivalent net income 1 48,297 53,372 N/A N/A N/A Adjusted net income 50,252 57,427 39,734 14,479 $42,680 Return on average stockholders’ equity 19.32% 19.58% 10.51% 14.29%* 15.42%* Return on average tangible common equity 21.24% 21.35% 11.38% 15.32%* 16.59%* C Corp equivalent return on average stockholders’ equity 1 14.63% 15.63% N/A N/A N/A C Corp equivalent return on average tangible common equity 1 16.08% 17.04% N/A N/A N/A Adjusted return on average stockholders’ equity 15.22% 16.81% 11.33% 15.08%* 15.43%* Adjusted return on average tangible common equity 16.73% 18.34% 12.28% 16.18%* 16.59%* * 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. 34

Non-GAAP reconciliations (cont’d) ($000) 2017 2018 2019 2020 3Q20 4Q20 1Q21 2Q21 3Q21 Q3-21 YTD Net interest income $120,998 $129,442 $133,800 $117,605 $28,871 $29,164 $29,129 $29,700 $30,715 $89,544 Tax equivalent adjustment 5,527 2,661 2,309 1,943 495 502 503 503 508 1,514 Net interest income (tax-equivalent basis) $126,525 $132,103 $136,109 $119,548 $29,366 $29,666 $29,632 $30,203 $31,223 $91,058 Average interest- earnings assets $3,157,195 $3,109,289 $3,105,863 $3,318,764 $3,385,466 $3,508,128 $3,637,449 $3,796,219 $3,831,886 $3,755,897 Net interest income (tax-equivalent basis) Net interest margin (tax-equivalent basis) * Annualized measure. (%) 2017 2018 2019 2020 3Q20 4Q20 1Q21 2Q21 3Q21 Q3-21 YTD Net interest margin 3.83% 4.16% 4.31% 3.54% 3.39%* 3.31%* 3.25%* 3.14%* 3.18%* 3.19% Tax equivalent adjustment 0.18% 0.09% 0.07% 0.06% 0.06%* 0.05%* 0.05%* 0.05%* 0.05%* 0.05%* Net interest margin (tax-equivalent basis) 4.01% 4.25% 4.38% 3.60% 3.45%* 3.36%* 3.30%* 3.19%* 3.23%* 3.24%* 35

Non-GAAP reconciliations (cont’d) Efficiency ratio (tax-equivalent basis) ($000) 2018 2019 2020 3Q21 Q3-21 YTD Total noninterest expense $90,317 $91,026 $91,956 $22,167 $66,685 Less: amortization of intangible assets (1,559) (1,423) (1,232) (252) (799) Adjusted noninterest expense $88,758 $89,603 $90,724 $21,915 $66,066 Net interest income $129,442 $133,800 $117,605 $30,715 $89.544 Total noninterest income 31,240 32,751 34,456 8,392 27,974 Operating revenue 160,862 166,551 152,061 39,107 117,518 Tax-equivalent adjustment 2,661 2,309 1,943 508 1,514 Operating revenue (tax-equivalent basis) $163,343 $168,860 $154,004 $39,615 $119,032 Efficiency ratio 55.24% 53.80% 59.66% 56.04% 56.22% Efficiency ratio (tax-equivalent basis) 54.34% 53.06% 58.91% 55.32% 55.50%

Non-GAAP reconciliations (cont’d) ($000) 2017 2018 2019 2020 3Q21 Q3-21 YTD Net charge-offs (recoveries) $3,082 $4,953 $1,614 $993 ($21) ($257) Net charge-offs (recoveries) -(originated) 1 2,500 3,137 732 345 (116) (650) Net charge-offs (recoveries) -(acquired) 1 582 1,816 882 648 95 393 Average loans, before allowance for loan losses $2,091,863 $2,131,512 $2,178,897 $2,245,093 $2,135,476 $2.217,463 Average loans, before allowance for loan losses (originated) 1 1,748,418 1,873,623 1,981,658 2,102,904 $2,041,049 $2,110,837 Average loans, before allowance for loan losses (acquired) 1 343,445 257,889 197,239 142,189 94,427 106,626 Net charge-offs (recoveries) percentage 0.15% 0.23% 0.07% 0.04% 0.00%* (0.02)%* Net charge-offs (recoveries) percentage (originated) 1 0.14% 0.17% 0.04% 0.02% (0.02)%* (0.04)%* Net charge-offs (recoveries) percentage (acquired) 1 0.17% 0.70% 0.45% 0.46% 0.40%* 0.49%* 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 the Company. 37

Non-GAAP reconciliations (cont’d) ($000) 2017 2018 2019 2020 3Q21 Non-performing loans 2 $22,102 $15,913 $19,049 $9,960 $5,528 Foreclosed assets 16,545 9,559 5,099 4,168 7,315 Non-performing assets 2 $38,647 $25,472 $24,148 $14,128 $12,843 Loans, before allowance for loan losses $2,115,946 $2,144,257 $2,163,826 $2,247,006 $2,147,812 Nonperforming loans to loans, before allowance for loan losses 1.04% 0.74% 0.88% 0.44% 0.26% Nonperforming assets to loans, before allowance for loan losses and foreclosed assets 1.81% 1.18% 1.11% 0.63% 0.60% Credit quality ratios ($000) 2017 2018 2019 2020 3Q21 Non-performing loans $15,533 $10,366 $10,841 $2,929 $4,090 Foreclosed assets 5,950 1,395 1,022 674 511 Non-performing assets $21,483 $11,761 $11,863 $3,603 $4,601 Loans, before allowance for loan losses $1,825,129 $1,923,859 $1,998,496 $2,126,323 $2,057,276 Nonperforming loans to loans, before allowance for loan losses 0.85% 0.54% 0.54% 0.14% 0.20% Nonperforming assets to loans, before allowance for loan losses and foreclosed assets 1.17% 0.61% 0.59% 0.17% 0.22% Credit quality ratios (originated) 1 Credit quality ratios (acquired) 1 ($000) 2017 2018 2019 2020 3Q21 Non-performing loans 2 $6,569 $5,547 $8,208 $7,031 $1,438 Foreclosed assets 10,595 8,164 4,077 3,494 6,804 Non-performing assets 2 $17,164 $13,711 $12,285 $10,525 $8,242 Loans, before allowance for loan losses $290,817 $220,398 $165,330 $120,683 $90,536 Nonperforming loans to loans, before allowance for loan losses 2.26% 2.52% 4.96% 5.83% 1.59% Nonperforming assets to loans, before allowance for loan losses and foreclosed assets 5.69% 6.00% 7.25% 8.48% 8.47% 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 the Company; 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, $0.6 million as of December 31, 2020, and $27 thousand as of September 30, 2021 38

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 39

Non-GAAP reconciliations (cont’d) IPO adjusted tangible book value per share ($mm) IPO Adjusted 3Q19 2019 2020 3Q21 Tangible book value per share Total equity $333 $364 $379 Less goodwill (24) (24) (24) Less core deposit intangible (4) (3) (2) Tangible common equity $305 $338 $353 Shares outstanding (mm) 27.46 27.46 27.33 Book value per share $12.12 $13.25 $13.86 Tangible book value per share $10.54 $11.12 $12.29 $12.92 TBVPS CAGR (%) 10.7% Tangible book value per share (IPO adjusted 3Q19 to 1Q21) ($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 40

Non-GAAP reconciliations (cont’d) ($000) 2017 2018 2019 2020 3Q21 Tangible common equity Total equity $323,916 $340,396 $332,918 $363,917 $378,821 Less goodwill (23,620) (23,620) (23,620) (23,620) (23,620) Less core deposit intangible (7,012) (5,453) (4,030) (2,798) (1,999) Tangible common equity $293,284 $311,323 $305,268 $337,499 $353,202 Tangible assets Total assets $3,312,875 $3,249,569 $3,245,103 $3,666,567 $3,948,226 Less goodwill (23,620) (23,620) (23,620) (23,620) (23,620) Less core deposit intangible (7,012) (5,453) (4,030) (2,798) (1,999) Tangible assets $3,282,243 $3,220,496 $3,217,453 $3,640,149 $3,922,607 Total stockholders’ equity to total assets 9.78% 10.48% 10.26% 9.93% 9.59% Tangible common equity to tangible assets 8.94% 9.67% 9.49% 9.27% 9.00% Tangible common equity to tangible assets 41

Non-GAAP reconciliations (cont’d) ($000) 2018 2019 2020 3Q21 Total deposits $2,795,970 $2,776,855 $3,130,534 $3,419,556 Less time deposits of $250,000 or more (36,875) (44,754) (26,687) (24,319) Less brokered deposits -- -- -- -- Core deposits $2,759,095 $2,732,101 $3,103,847 $3,395,237 Core deposits to total deposits 98.68% 98.39% 99.15% 99.29% Core deposits 42

HBT Financial, Inc.