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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to

Commission file number: 001-39085

HBT Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware

37-1117216

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

401 North Hershey Rd

Bloomington, Illinois 61704

(888) 897-2276

(Address of principal executive offices,
including zip code)

(Registrant’s telephone number,
including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of April 27, 2022, there were 28,920,011 shares outstanding of the registrant’s common stock, $0.01 par value.

 

Table of Contents

TABLE OF CONTENTS
HBT Financial, Inc.

    

Page

PART I. FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

Consolidated Balance Sheets

3

Consolidated Statements of Income

4

Consolidated Statements of Comprehensive Income (Loss)

5

Consolidated Statement of Changes in Stockholders’ Equity

6

Consolidated Statements of Cash Flows

7

Notes to Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

47

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

76

Item 4.

Controls and Procedures

77

PART II. OTHER INFORMATION

78

Item 1.

Legal Proceedings

78

Item 1A.

Risk Factors

78

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

Item 3.

Defaults Upon Senior Securities

78

Item 4.

Mine Safety Disclosures

78

Item 5.

Other Information

79

Item 6.

Exhibits

79

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this quarterly report are forward-looking statements. Forward-looking statements may include statements relating to our plans, strategies and expectations, the economic impact of the COVID-19 pandemic and our future financial results, near-term loan growth, net interest margin, mortgage banking profits, wealth management fees, expenses, asset quality, capital levels, continued earnings, and liquidity. 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 strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints);
the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof, or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events;
our asset quality and any loan charge-offs;
the composition of our loan portfolio;
time and effort necessary to resolve nonperforming assets and the loans modified or deferred as a result of the impact of the COVID-19 pandemic;
the length and severity of the COVID-19 pandemic, and the effects of the COVID-19 pandemic, including the impact of the pandemic on our operations and the operations of our customers and the communities that we serve;
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, our loan originations, and our modeling estimates relating to interest rate changes;
changes in and uncertainty related to benchmark interest rates used to price our loans, including the elimination of LIBOR;
our access to sources of liquidity and capital to address our liquidity needs;
our inability to receive dividends from 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;
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 (“U.S.”) generally or in Illinois and Iowa in particular;
the geographic concentration of our operations in the States of Illinois and 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;
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;

1

Table of Contents

market perceptions associated with certain aspects of our business;
our ability to meet our obligations as a public company, including our obligations under Section 404 of the Sarbanes-Oxley Act of 2002;
damage to our reputation from any of the factors described above;
our success at managing the risks involved in the foregoing items; and
the factors discussed in “Risk Factors”, "Management's Discussion and Analysis of Financial Condition and Results of Operations" or elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange (“SEC”) Commission on March 11, 2022.

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.

2

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.         CONSOLIDATED FINANCIAL STATEMENTS

HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

    

(Unaudited)

   

March 31, 

December 31, 

2022

2021

ASSETS

Cash and due from banks

$

30,761

$

23,387

Interest-bearing deposits with banks

328,218

385,881

Cash and cash equivalents

358,979

409,268

Interest-bearing time deposits with banks

487

490

Debt securities available-for-sale, at fair value

933,922

942,168

Debt securities held-to-maturity (fair value of $416,603 in 2022 and $336,027 in 2021)

438,054

336,185

Equity securities with readily determinable fair value

3,256

3,443

Equity securities with no readily determinable fair value

1,927

1,927

Restricted stock, at cost

2,739

2,739

Loans held for sale

1,777

4,942

Loans, before allowance for loan losses

2,487,785

2,499,689

Allowance for loan losses

(24,508)

(23,936)

Loans, net of allowance for loan losses

2,463,277

2,475,753

Bank owned life insurance

7,433

7,393

Bank premises and equipment, net

52,005

52,483

Bank premises held for sale

1,081

1,452

Foreclosed assets

3,043

3,278

Goodwill

29,322

29,322

Core deposit intangible assets, net

1,698

1,943

Mortgage servicing rights, at fair value

9,723

7,994

Investments in unconsolidated subsidiaries

1,165

1,165

Accrued interest receivable

13,527

14,901

Other assets

25,550

17,408

Total assets

$

4,348,965

$

4,314,254

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Deposits:

Noninterest-bearing

$

1,069,231

$

1,087,659

Interest-bearing

2,746,838

2,650,526

Total deposits

3,816,069

3,738,185

Securities sold under agreements to repurchase

50,834

61,256

Subordinated notes

39,336

39,316

Junior subordinated debentures issued to capital trusts

37,731

37,714

Other liabilities

21,840

25,902

Total liabilities

3,965,810

3,902,373

COMMITMENTS AND CONTINGENCIES (Note 14)

Stockholders' Equity

Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding

Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 29,308,491 at 2022 and 29,276,547 at 2021; shares outstanding of 28,967,943 at 2022 and 28,986,061 at 2021

293

293

Surplus

221,735

220,891

Retained earnings

203,076

194,132

Accumulated other comprehensive income (loss)

(36,100)

1,471

Treasury stock at cost, 340,548 shares at 2022 and 290,486 at 2021

(5,849)

(4,906)

Total stockholders’ equity

383,155

411,881

Total liabilities and stockholders’ equity

$

4,348,965

$

4,314,254

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended March 31, 

    

2022

    

2021

INTEREST AND DIVIDEND INCOME

(dollars in thousands, except per share data)

Loans, including fees:

Taxable

$

26,806

$

25,134

Federally tax exempt

662

610

Securities:

Taxable

4,649

3,633

Federally tax exempt

1,040

1,136

Interest-bearing deposits in bank

159

80

Other interest and dividend income

19

13

Total interest and dividend income

33,335

30,606

INTEREST EXPENSE

Deposits

569

644

Securities sold under agreements to repurchase

9

7

Borrowings

1

1

Subordinated notes

470

470

Junior subordinated debentures issued to capital trusts

358

355

Total interest expense

1,407

1,477

Net interest income

31,928

29,129

PROVISION FOR LOAN LOSSES

(584)

(3,405)

Net interest income after provision for loan losses

32,512

32,534

NONINTEREST INCOME

Card income

2,404

2,258

Wealth management fees

2,289

1,972

Service charges on deposit accounts

1,652

1,297

Mortgage servicing

658

685

Mortgage servicing rights fair value adjustment

1,729

1,695

Gains on sale of mortgage loans

587

2,100

Gains (losses) on securities

(187)

40

Gains (losses) on foreclosed assets

40

(76)

Gains (losses) on other assets

193

1

Income on bank owned life insurance

40

Other noninterest income

638

836

Total noninterest income

10,043

10,808

NONINTEREST EXPENSE

Salaries

12,992

12,596

Employee benefits

2,499

1,722

Occupancy of bank premises

2,060

1,938

Furniture and equipment

552

623

Data processing

1,653

1,688

Marketing and customer relations

851

565

Amortization of intangible assets

245

289

FDIC insurance

288

240

Loan collection and servicing

157

365

Foreclosed assets

132

143

Other noninterest expense

2,728

2,375

Total noninterest expense

24,157

22,544

INCOME BEFORE INCOME TAX EXPENSE

18,398

20,798

INCOME TAX EXPENSE

4,794

5,553

NET INCOME

$

13,604

$

15,245

EARNINGS PER SHARE - BASIC

$

0.47

$

0.55

EARNINGS PER SHARE - DILUTED

$

0.47

$

0.55

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING

28,986,593

27,430,912

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended March 31, 

2022

    

2021

(dollars in thousands)

NET INCOME

$

13,604

$

15,245

OTHER COMPREHENSIVE LOSS

Unrealized losses on debt securities available-for-sale

(53,422)

(23,074)

Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity

181

32

Unrealized gains on derivative instruments

594

219

Reclassification adjustment for net settlements on derivative instruments

96

99

Total other comprehensive loss, before tax

(52,551)

(22,724)

Income tax benefit

(14,980)

(6,477)

Total other comprehensive loss

(37,571)

(16,247)

TOTAL COMPREHENSIVE LOSS

$

(23,967)

$

(1,002)

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

Accumulated

Common Stock

Other

Total

Shares

Retained

Comprehensive

Treasury

Stockholders’

    

Outstanding

    

Amount

    

Surplus

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

(dollars in thousands, except per share data)

Balance, December 31, 2021

28,986,061

$

293

$

220,891

$

194,132

$

1,471

$

(4,906)

$

411,881

Net income

13,604

13,604

Other comprehensive loss

(37,571)

(37,571)

Stock-based compensation

901

901

Issuance of common stock upon vesting of restricted stock units, net of tax withholdings

31,944

(57)

(57)

Repurchase of common stock

(50,062)

(943)

(943)

Cash dividends and dividend equivalents ($0.16 per share)

(4,660)

(4,660)

Balance, March 31, 2022

28,967,943

$

293

$

221,735

$

203,076

$

(36,100)

$

(5,849)

$

383,155

Balance, December 31, 2020

27,457,306

$

275

$

190,875

$

154,614

$

18,153

$

$

363,917

Net income

15,245

15,245

Other comprehensive loss

(16,247)

(16,247)

Stock-based compensation

129

129

Issuance of common stock upon vesting of restricted stock units

20,225

Repurchase of common stock

(95,462)

(1,514)

(1,514)

Cash dividends and dividend equivalents ($0.15 per share)

(4,124)

(4,124)

Balance, March 31, 2021

27,382,069

$

275

$

191,004

$

165,735

$

1,906

$

(1,514)

$

357,406

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended March 31, 

    

2022

    

2021

(dollars in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

13,604

$

15,245

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense

763

774

Provision for loan losses

(584)

(3,405)

Net amortization of debt securities

1,763

1,732

Deferred income tax expense

566

685

Stock-based compensation

901

129

Net accretion of discount and deferred loan fees on loans

(1,608)

(2,562)

Net unrealized loss (gain) on equity securities

187

(40)

Net loss on disposals of bank premises and equipment

4

Net gain on sales of bank premises held for sale

(197)

Net (gain) loss on sales of foreclosed assets

(105)

3

Write-down of foreclosed assets

65

73

Amortization of intangibles

245

289

Increase in mortgage servicing rights

(1,729)

(1,695)

Amortization of discount and issuance costs on subordinated notes and debentures

37

36

Mortgage loans originated for sale

(20,440)

(71,835)

Proceeds from sale of mortgage loans

24,192

75,766

Net gain on sale of mortgage loans

(587)

(2,100)

Increase in cash surrender value of bank owned life insurance

(40)

Decrease in accrued interest receivable

1,374

1,537

Decrease in other assets

1,521

875

Decrease (increase) in other liabilities

1,379

(9,032)

Net cash provided by operating activities

21,311

6,475

CASH FLOWS FROM INVESTING ACTIVITIES

Net change in interest-bearing time deposits with banks

3

Proceeds from paydowns, maturities, and calls of debt securities

41,117

59,641

Purchase of securities

(189,744)

(142,980)

Net decrease (increase) in loans

14,649

(21,482)

Purchases of bank premises and equipment

(289)

(418)

Proceeds from sales of bank premises held for sale

568

Proceeds from sales of foreclosed assets

294

15

Net cash used in investing activities

(133,402)

(105,224)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase in deposits

77,884

225,432

Net decrease in repurchase agreements

(10,422)

(3,760)

Taxes paid related to the vesting of restricted stock units

(57)

Repurchase of common stock

(943)

(1,514)

Cash dividends and dividend equivalents paid

(4,660)

(4,124)

Net cash provided by financing activities

61,802

216,034

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(50,289)

117,285

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

409,268

312,451

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

358,979

$

429,736

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(Unaudited)

Three Months Ended March 31, 

    

2022

    

2021

(dollars in thousands)

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid for interest

$

1,890

$

2,077

Cash paid for income taxes

$

$

SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES

Transfers of loans to foreclosed assets

$

19

$

671

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – ACCOUNTING POLICIES

Basis of Presentation

HBT Financial, Inc. (“HBT Financial” or the “Company”) is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company (“Heartland Bank” or the “Bank”). The Bank provides a comprehensive suite of business, commercial, wealth management and retail banking products and services to individuals, businesses, and municipal entities throughout Central and Northeastern Illinois and Eastern Iowa. Additionally, the Company is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory agencies.

The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) interim reporting requirements. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to rules and regulations of the SEC. These interim unaudited consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 11, 2022.

The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.

The Company qualifies as an "emerging growth company" as defined by the Jumpstart Our Business Startups Act (“JOBS Act”). The JOBS Act permits emerging growth companies an extended transition period for complying with new or revised accounting standards affecting public companies. The Company may remain an emerging growth company until the earliest to occur of: (1) the end of the fiscal year following the fifth anniversary of the completion of our initial public offering, which is December 31, 2024, (2) the last day of the fiscal year in which the Company has $1.07 billion or more in annual revenues, (3) the date on which the Company is deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or (4) the date on which the Company has, during the previous three year period, issued, publicly or privately, more than $1.0 billion in non-convertible debt securities. The Company has elected to use the extended transition period until the Company is no longer an emerging growth company or until the Company chooses to affirmatively and irrevocably opt out of the extended transition period. As a result, the Company’s financial statements may not be comparable to companies that comply with new or revised accounting pronouncements applicable to public companies.

Use of Estimates

The accompanying consolidated financial statements have been prepared in conformity with GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported results of operations for the periods then ended.

Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for loan losses and fair value of assets acquired and liabilities assumed in business combinations.

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Segment Reporting

The Company’s operations consist of one reportable segment. The Company’s chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or stockholders’ equity.

Subsequent Events

In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities available-for-sale and purchased financial assets with credit deterioration. ASU 2016-13 is effective for years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for years beginning after December 31, 2018, including interim periods within those years.

The Company has formed an implementation team to assess the impact that ASU 2016-13 will have on the Company’s consolidated financial statements. For the majority of loans evaluated on a pooled basis, the Company anticipates using a discounted cash flow method which considers instrument level cash flows adjusted for, among other factors, prepayment speeds, probability of default, and loss given default. The Company also anticipates using regression analysis of historical internal and peer data to determine which variables are best suited to be economic variables utilized when modeling lifetime probability of default and loss given default.

The ultimate impact to the Company’s financial condition and results of operations of ASU 2016-13, at both adoption and each subsequent reporting period, is highly dependent on credit quality, macroeconomic forecasts and conditions, the composition of our loan and  securities portfolios, along with other management judgments.

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU  2017-04 simplifies measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under ASU  2017-04, a company should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The impairment charge is limited to the amount of goodwill allocated to that reporting unit. The amendments in this update are effective for annual or any interim goodwill impairment tests in years beginning after December 15, 2022, including interim periods within those years. Early adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. This standard is not expected to have a material impact on the Company’s consolidated results of operations or financial position.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. In January 2021, the FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope which refined the scope for certain optional expedients and exceptions for contract modifications and hedge accounting to apply to derivative contracts and certain hedging relationships affected by the discounting transition. Entities may apply the provisions as of the beginning of the reporting period when the election is made and are available until December 31, 2022. The Company is currently evaluating the effect that this standard will have on the consolidated results of operations and financial position.

NOTE 2 – ACQUISITIONS

NXT Bancorporation, Inc.

On October 1, 2021, HBT Financial acquired 100% of the issued and outstanding common stock of NXT Bancorporation, Inc. (“NXT”), the holding company for NXT Bank, pursuant to an Agreement and Plan of Merger dated June 7, 2021. Under the Agreement and Plan of Merger, NXT merged with and into HBT Financial, with HBT Financial as the surviving entity, on October 1, 2021. Additionally, NXT Bank was merged with and into Heartland Bank, with Heartland Bank as the surviving entity, in December 2021.

At the effective time of the merger, each share of NXT was converted into the right to receive 67.6783 shares of HBT Financial common stock, cash in lieu of fractional shares, and $400 in cash. There were 1,799,016 shares of HBT Financial common stock issued at the effective time of the acquisition with an aggregate market value of $29.3 million, based on the closing stock price of $16.27 on October 1, 2021. This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the date of acquisition. Goodwill of $5.7 million was recorded in the acquisition, which reflects expected synergies from combining the operations of HBT Financial and NXT, and is nondeductible for tax purposes.

The acquisition of NXT provides an opportunity to utilize Heartland Bank’s existing excess liquidity to replace NXT Bank’s higher-cost funding. Additionally, Heartland Bank’s broader range of products and services, as well as a greater ability to meet larger borrowing needs, provides an opportunity to expand NXT Bank customer relationships.

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The fair value of the assets acquired and liabilities assumed from NXT on the acquisition date were as follows (dollars in thousands):

    

Fair Value

Assets acquired:

Cash and cash equivalents

$

5,862

Interest-bearing time deposits with banks

739

Debt securities

18,295

Equity securities with readily determinable fair value

43

Restricted stock

796

Loans

194,576

Bank owned life insurance

7,352

Bank premises and equipment

3,667

Core deposit intangible assets

199

Mortgage servicing rights

370

Accrued interest receivable

886

Other assets

1,340

Total assets acquired

234,125

Liabilities assumed:

Deposits

181,586

Securities sold under agreements to repurchase

4,080

FHLB advances

12,625

Other liabilities

1,633

Total liabilities assumed

199,924

Net assets acquired

$

34,201

Consideration paid:

Cash

$

10,633

Common stock

29,270

Total consideration paid

$

39,903

Goodwill

$

5,702

The following table presents the acquired non-impaired loans as of the acquisition date (dollars in thousands):

Fair Value

$

194,576

Gross contractual amounts receivable

196,104

Estimate of contractual cash flows not expected to be collected

1,045

There were no loans acquired with deteriorated credit quality from NXT.

12

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HBT FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table provides the pro forma information for the results of operations for the three months ended March 31, 2021, as if the acquisition had occurred on January 1, 2020. The pro forma results combine the historical results of NXT into HBT Financial’s consolidated statements of income, including the impact of certain acquisition accounting adjustments, which include loan discount accretion, intangible assets amortization, deposit premium amortization, and borrowing premium amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2020. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for loan losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table.

Pro Forma

Three Months Ended

(dollars in thousands, except per share data)

March 31, 2021

Total revenues (net interest income and noninterest income)

$

42,543

Net income

15,970

Earnings per share - basic

0.55

Earnings per share - diluted

0.55

NOTE 3 – SECURITIES

The carrying balances of the securities were as follows:

March 31, 

December 31, 

2022

    

2021

(dollars in thousands)

Debt securities available-for-sale

$

933,922

$

942,168

Debt securities held-to-maturity

438,054

336,185

Equity securities with readily determinable fair value

3,256

3,443

Equity securities with no readily determinable fair value

1,927

1,927

Total securities

$

1,377,159

$

1,283,723

There were no sales of securities during the three months ended March 31, 2022 and 2021. Gains (losses) on securities were as follows during the three months ended March 31:

Three Months Ended March 31, 

    

2022

    

2021