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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)

(888897-2276

(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

Graphic

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.

Page 3 of 16

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