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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): July 25, 2022

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 July 25, 2022, HBT Financial, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2022 (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 contained in Item 2.02, including Exhibit 99.1 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 document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or into any filing or other document pursuant to the Exchange Act, except to the extent required by applicable law or regulation.

Item 7.01 Regulation FD Disclosure.

The Company has prepared a presentation of its results for the second quarter ended June 30, 2022 (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 Item 7.01, including Exhibit 99.2 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of 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 document pursuant to the Securities Act, or into any filing or other document pursuant to the Exchange Act, except to the extent required by applicable law or regulation.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number

Description of Exhibit

99.1

Earnings Release issued July 25, 2022 for the Second Quarter Ended June 30, 2022.

99.2

HBT Financial, Inc. Presentation of Results for the Second Quarter Ended June 30, 2022.

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: July 25, 2022

EXHIBIT 99.1

Graphic

HBT FINANCIAL, INC. ANNOUNCES

SECOND QUARTER 2022 FINANCIAL RESULTS

Second Quarter Highlights

Net income of $14.1 million, or $0.49 per diluted share; return on average assets (ROAA) of 1.32%; return on average stockholders' equity (ROAE) of 14.92%; and return on average tangible common equity (ROATCE)(1) of 16.25%
Adjusted net income(1) of $13.8 million; or $0.48 per diluted share; adjusted ROAA(1) of 1.29%; adjusted ROAE(1) of 14.66%; and adjusted ROATCE(1) of 15.96%

(1)

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

Bloomington, IL, July 25, 2022 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $14.1 million, or $0.49 diluted earnings per share, for the second quarter of 2022. This compares to net income of $13.6 million, or $0.47 diluted earnings per share, for the first quarter of 2022, and net income of $13.7 million, or $0.50 diluted earnings per share, for the second quarter of 2021.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “During the second quarter, we had significant expansion in our net interest margin, disciplined expense control, and continued strong asset quality, which enabled us to generate a higher level of earnings and returns compared to the prior quarter. Given our asset sensitive balance sheet, we expect to continue benefiting from higher interest rates, which along with our expectation for a higher level of loan growth in the second half of the year, should result in further increases in net interest income. As we look ahead, our franchise is built upon the foundation of a very stable deposit base and conservatively underwritten, well diversified loan portfolio that we believe will help us to effectively manage through any potential economic downturn and continue delivering strong financial performance. Combined with our exceptionally strong balance sheet, we believe our consistent financial performance will enable us to continue enhancing the value of our franchise and returning capital to our shareholders through our quarterly dividend and share repurchase program.”

Adjusted Net Income

In addition to reporting GAAP results, the Company believes adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on sale of closed branch premises, 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 fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $13.8 million, or $0.48 adjusted diluted earnings per share, for the second quarter of 2022. This compares to adjusted net income of $12.2 million, or $0.42 adjusted diluted earnings per share, for the first quarter of 2022, and adjusted net income of $14.2 million, or $0.52 adjusted diluted earnings per share, for the second quarter of 2021 (see "Reconciliation of Non-GAAP Financial Measures" tables).


HBT Financial, Inc.

Page 2 of 15

Net Interest Income and Net Interest Margin

Net interest income for the second quarter of 2022 was $34.4 million, an increase of 7.7% from $31.9 million for the first quarter of 2022. The increase was primarily attributable to higher yields on interest-earning assets. Paycheck Protection Program (“PPP”) loan fees recognized as loan interest income totaled $0.6 million during the second quarter of 2022 and $0.7 million during the first quarter of 2022. As of June 30, 2022, the remaining deferred PPP loan fees to be recognized as income totaled $0.1 million.

Relative to the second quarter of 2021, net interest income increased 15.7% from $29.7 million. The increase was primarily attributable to higher average balances of interest-earning assets following the NXT Bancorporation, Inc. (“NXT”) acquisition in the fourth quarter of 2021. PPP loan fees recognized as loan interest income totaled $2.4 million during the second quarter of 2021.

Net interest margin for the second quarter of 2022 was 3.34%, compared to 3.08% for the first quarter of 2022. The increase was primarily attributable to higher yields on interest-earning assets. The contribution of PPP loan fees to net interest margin was 6 basis points during the second quarter of 2022 and 7 basis points during the first quarter of 2022. Additionally, the contribution of acquired loan discount accretion to net interest margin increased to 3 basis points during the second quarter of 2022 from 1 basis point during the first quarter of 2022.

Relative to the second quarter of 2021, net interest margin increased from 3.14%. This increase was primarily attributable to a more favorable mix of interest-earning assets. PPP loan fees recognized as loan interest income contributed 25 basis points to net interest margin and acquired loan discount accretion contributed 2 basis points to net interest margin during the second quarter of 2021.

Noninterest Income

Noninterest income for the second quarter of 2022 was $8.6 million, a decrease of 14.9% from $10.0 million for the first quarter of 2022. The decrease was primarily attributable to a positive $0.4 million mortgage servicing rights (“MSR”) fair value adjustment included in the second quarter of 2022 results, compared to a positive $1.7 million MSR fair value adjustment included in the first quarter of 2022 results. Additionally, card income increased by $0.3 million during the second quarter of 2022, primarily due to increased card transaction volume. The increase in card income was mostly offset by a $0.3 million decrease in gains on sale of mortgage loans primarily as a result of a lower level of mortgage refinancing activity.

Relative to the second quarter of 2021, noninterest income decreased 2.5% from $8.8 million, primarily due to a $1.2 million decrease in gains on sale of mortgage loans resulting from a lower level of mortgage refinancing activity. This decrease was mostly offset by increases in service charges on deposit accounts, wealth management fees, and card income.

Noninterest Expense

Noninterest expense for the second quarter of 2022 was $23.8 million, a decrease of 1.3% from $24.2 million for the first quarter of 2022. The decrease was primarily attributable to a $0.5 million decrease in employee benefits expense as the first quarter of 2022 results included accelerated recognition of $0.6 million of stock compensation expense as a result of a modification to all existing restricted stock unit and performance restricted stock unit agreements to address treatment upon retirement. Total compensation costs related to the modified agreements remains the same.

Relative to the second quarter of 2021, noninterest expense increased 7.6% from $22.2 million. The increase was primarily attributable to a higher base level of noninterest expense following the NXT acquisition, primarily related to personnel costs and branch operations expenses.


HBT Financial, Inc.

Page 3 of 15

Loan Portfolio

Total loans outstanding, before allowance for loan losses, were $2.45 billion at June 30, 2022, compared with $2.49 billion at March 31, 2022 and $2.15 billion at June 30, 2021. The $36.0 million decrease in total loans from March 31, 2022 was primarily attributable to a $41.2 million seasonal decrease in grain elevator operating lines within the commercial and industrial portfolio and a $13.7 million decrease from the ongoing forgiveness of PPP loans. These decreases were partially offset by a $26.0 million increase in multi-family loans.

Deposits

Total deposits were $3.70 billion at June 30, 2022, compared with $3.82 billion at March 31, 2022 and $3.42 billion at June 30, 2021. The $114.1 million decrease from March 31, 2022 was primarily attributable to lower balances maintained in retail and business accounts, partially offset by a seasonal increase in public fund accounts as a result of real estate tax collections.

Asset Quality

Nonperforming loans totaled $3.4 million, or 0.14% of total loans, at June 30, 2022, compared with $2.5 million, or 0.10% of total loans, at March 31, 2022, and $7.4 million, or 0.34% of total loans, at June 30, 2021.

The Company recorded a provision for loan losses of $0.1 million for the second quarter of 2022, compared to a negative provision for loan losses of $0.6 million for the first quarter of 2022. The provision was primarily due to changes to qualitative factors reflecting a slight deterioration in the economic environment since the first quarter of 2022, resulting in a $0.4 million increase in required reserve; a decrease in specific reserves on loans individually evaluated for impairment, resulting in a $0.2 million decrease in required reserves; and $0.1 million of net recoveries during the quarter.

The Company had net recoveries of $0.1 million, or (0.01)% of average loans on an annualized basis, for the second quarter of 2022, compared to net recoveries of $1.2 million, or (0.19)% of average loans on an annualized basis, for the first quarter of 2022, and net charge-offs of $90 thousand, or 0.02% of average loans on an annualized basis, for the second quarter of 2021.

The Company’s allowance for loan losses was 1.01% of total loans and 721.11% of nonperforming loans at June 30, 2022, compared with 0.99% of total loans and 992.63% of nonperforming loans at March 31, 2022.

Capital

At June 30, 2022, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

Well Capitalized

Regulatory

June 30, 2022

Requirements

Total capital to risk-weighted assets

16.76

%  

10.00

%

Tier 1 capital to risk-weighted assets

14.59

%  

8.00

%

Common equity tier 1 capital ratio

13.36

%  

6.50

%

Tier 1 leverage ratio

10.05

%  

5.00

%

Total stockholders' equity to total assets

8.85

%

N/A

Tangible common equity to tangible assets (1)

8.18

%  

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.


HBT Financial, Inc.

Page 4 of 15

Stock Repurchase Program

During the second quarter of 2022, the Company repurchased 136,746 shares of its common stock at a weighted average price of $17.61 under its stock repurchase program. 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 January 1, 2023. As of June 30, 2022, the Company had $11.6 million remaining under the current stock repurchase authorization.

About HBT Financial, Inc.

HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. 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 June 30, 2022, HBT had total assets of $4.2 billion, total loans of $2.5 billion, and total deposits of $3.7 billion.

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), efficiency ratio (tax-equivalent basis), tangible common equity to tangible assets, tangible book value per share, return on average tangible common equity, adjusted net income, adjusted earnings per share, adjusted return on average assets, adjusted return on average stockholders' equity, and adjusted return on average tangible common equity. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the "Reconciliation of Non-GAAP Financial Measures" tables.


HBT Financial, Inc.

Page 5 of 15

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, "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. 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," "continue," or “should,” 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.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) 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; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB or the PCAOB; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; and (xiii) the ability of the Company to manage the risks associated with the foregoing. 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. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT:

Tony Rossi

HBTIR@hbtbank.com

(310) 622-8221


HBT Financial, Inc.

Page 6 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Statements of Income

Three Months Ended

Six Months Ended

June 30, 

March 31, 

June 30, 

June 30, 

    

2022

    

2022

    

2021

    

2022

    

2021

INTEREST AND DIVIDEND INCOME

(dollars in thousands, except per share data)

Loans, including fees:

Taxable

$

27,843

$

26,806

$

25,278

$

54,649

$

50,412

Federally tax exempt

679

662

540

1,341

1,150

Securities:

Taxable

5,663

4,649

4,058

10,312

7,691

Federally tax exempt

1,138

1,040

1,144

2,178

2,280

Interest-bearing deposits in bank

420

159

115

579

195

Other interest and dividend income

14

19

12

33

25

Total interest and dividend income

35,757

33,335

31,147

69,092

61,753

INTEREST EXPENSE

Deposits

506

569

613

1,075

1,257

Securities sold under agreements to repurchase

8

9

8

17

15

Borrowings

1

1

2

1

Subordinated notes

469

470

469

939

939

Junior subordinated debentures issued to capital trusts

400

358

357

758

712

Total interest expense

1,384

1,407

1,447

2,791

2,924

Net interest income

34,373

31,928

29,700

66,301

58,829

PROVISION FOR LOAN LOSSES

145

(584)

(2,162)

(439)

(5,567)

Net interest income after provision for loan losses

34,228

32,512

31,862

66,740

64,396

NONINTEREST INCOME

Card income

2,714

2,404

2,449

5,118

4,707

Wealth management fees

2,322

2,289

2,005

4,611

3,977

Service charges on deposit accounts

1,792

1,652

1,390

3,444

2,687

Mortgage servicing

661

658

711

1,319

1,396

Mortgage servicing rights fair value adjustment

366

1,729

(310)

2,095

1,385

Gains on sale of mortgage loans

326

587

1,562

913

3,662

Unrealized gains (losses) on equity securities

(153)

(187)

6

(340)

46

Gains (losses) on foreclosed assets

(7)

40

216

33

140

Gains (losses) on other assets

(43)

193

(48)

150

(47)

Income on bank owned life insurance

41

40

81

Other noninterest income

532

638

793

1,170

1,629

Total noninterest income

8,551

10,043

8,774

18,594

19,582

NONINTEREST EXPENSE

Salaries

12,936

12,801

12,173

25,737

24,651

Employee benefits

1,984

2,444

1,409

4,428

3,094

Occupancy of bank premises

1,741

2,060

1,463

3,801

3,401

Furniture and equipment

623

552

603

1,175

1,226

Data processing

1,990

1,653

1,721

3,643

3,409

Marketing and customer relations

1,205

851

843

2,056

1,408

Amortization of intangible assets

245

245

258

490

547

FDIC insurance

298

288

244

586

484

Loan collection and servicing

278

157

333

435

698

Foreclosed assets

31

132

319

163

462

Other noninterest expense

2,511

2,974

2,788

5,485

5,318

Total noninterest expense

23,842

24,157

22,154

47,999

44,698

INCOME BEFORE INCOME TAX EXPENSE

18,937

18,398

18,482

37,335

39,280

INCOME TAX EXPENSE

4,852

4,794

4,765

9,646

10,318

NET INCOME

$

14,085

$

13,604

$

13,717

$

27,689

$

28,962

EARNINGS PER SHARE - BASIC

$

0.49

$

0.47

$

0.50

$

0.96

$

1.06

EARNINGS PER SHARE - DILUTED

$

0.49

$

0.47

$

0.50

$

0.95

$

1.05

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING

28,891,202

28,986,593

27,362,579

28,938,634

27,396,557


HBT Financial, Inc.

Page 7 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Balance Sheets

    

June 30, 

March 31, 

   

June 30, 

    

2022

    

2022

    

2021

(dollars in thousands)

ASSETS

Cash and due from banks

$

25,478

$

30,761

$

47,861

Interest-bearing deposits with banks

134,553

328,218

497,742

Cash and cash equivalents

160,031

358,979

545,603

Interest-bearing time deposits with banks

487

Debt securities available-for-sale, at fair value

924,706

933,922

836,267

Debt securities held-to-maturity

548,236

438,054

309,132

Equity securities with readily determinable fair value

3,103

3,256

3,338

Equity securities with no readily determinable fair value

1,952

1,927

1,552

Restricted stock, at cost

2,813

2,739

2,739

Loans held for sale

5,312

1,777

5,951

Loans, before allowance for loan losses

2,451,826

2,487,785

2,152,119

Allowance for loan losses

(24,734)

(24,508)

(26,507)

Loans, net of allowance for loan losses

2,427,092

2,463,277

2,125,612

Bank owned life insurance

7,474

7,433

Bank premises and equipment, net

51,433

52,005

51,900

Bank premises held for sale

319

1,081

121

Foreclosed assets

2,891

3,043

7,757

Goodwill

29,322

29,322

23,620

Core deposit intangible assets, net

1,453

1,698

2,251

Mortgage servicing rights, at fair value

10,089

9,723

7,319

Investments in unconsolidated subsidiaries

1,165

1,165

1,165

Accrued interest receivable

14,263

13,527

12,785

Other assets

32,324

25,550

16,565

Total assets

$

4,223,978

$

4,348,965

$

3,953,677

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Deposits:

Noninterest-bearing

$

1,028,790

$

1,069,231

$

1,011,481

Interest-bearing

2,673,196

2,746,838

2,413,153

Total deposits

3,701,986

3,816,069

3,424,634

Securities sold under agreements to repurchase

51,091

50,834

46,756

Subordinated notes

39,356

39,336

39,277

Junior subordinated debentures issued to capital trusts

37,747

37,731

37,681

Other liabilities

19,989

21,840

32,135

Total liabilities

3,850,169

3,965,810

3,580,483

Stockholders' Equity

Common stock

293

293

275

Surplus

222,087

221,735

191,185

Retained earnings

212,506

203,076

175,328

Accumulated other comprehensive income (loss)

(52,820)

(36,100)

8,386

Treasury stock at cost

(8,257)

(5,849)

(1,980)

Total stockholders’ equity

373,809

383,155

373,194

Total liabilities and stockholders’ equity

$

4,223,978

$

4,348,965

$

3,953,677

SHARE INFORMATION

Shares of common stock outstanding

28,831,197

28,967,943

27,355,053


HBT Financial, Inc.

Page 8 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

    

June 30, 

March 31, 

   

June 30, 

    

2022

    

2022

    

2021

(dollars in thousands)

LOANS

Commercial and industrial

$

249,839

$

291,909

$

321,352

Agricultural and farmland

230,370

232,528

231,527

Commercial real estate - owner occupied

228,997

237,000

212,597

Commercial real estate - non-owner occupied

656,093

687,617

531,803

Multi-family

269,452

243,447

212,079

Construction and land development

332,041

320,030

204,619

One-to-four family residential

325,047

327,791

302,888

Municipal, consumer, and other

159,987

147,463

135,254

Loans, before allowance for loan losses

$

2,451,826

$

2,487,785

$

2,152,119

PPP LOANS (included above)

Commercial and industrial

$

2,823

$

16,184

$

115,538

Agricultural and farmland

9

392

8,711

Municipal, consumer, and other

1,273

Total PPP Loans

$

2,832

$

16,576

$

125,522

June 30, 

March 31, 

   

June 30, 

    

2022

    

2022

    

2021

(dollars in thousands)

DEPOSITS

Noninterest-bearing

$

1,028,790

$

1,069,231

$

1,011,481

Interest-bearing demand

1,162,292

1,167,058

1,023,565

Money market

581,058

597,464

506,880

Savings

654,953

687,147

603,849

Time

274,893

295,169

278,859

Total deposits

$

3,701,986

$

3,816,069

$

3,424,634


HBT Financial, Inc.

Page 9 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Three Months Ended

 

 

June 30, 2022

 

March 31, 2022

 

June 30, 2021

    

Average

    

    

    

Average

    

    

    

Average

    

    

 

Balance

Interest

 

Yield/Cost *

 

Balance

Interest

 

Yield/Cost *

 

Balance

Interest

 

Yield/Cost *

 

(dollars in thousands)

ASSETS

Loans

$

2,467,851

$

28,522

 

4.64

%  

$

2,507,006

$

27,468

 

4.44

%  

$

2,234,388

$

25,818

 

4.63

%

Securities

 

1,422,096

 

6,801

 

1.92

 

1,321,918

5,689

 

1.75

 

1,121,104

 

5,202

 

1.86

Deposits with banks

 

240,692

 

420

 

0.70

 

370,130

159

 

0.17

 

438,001

 

115

 

0.11

Other

 

2,809

 

14

 

2.07

 

2,739

19

 

2.80

 

2,726

 

12

 

1.83

Total interest-earning assets

 

4,133,448

$

35,757

 

3.47

%  

 

4,201,793

$

33,335

 

3.22

%  

 

3,796,219

$

31,147

 

3.29

%

Allowance for loan losses

 

(24,579)

 

(24,099)

 

(28,939)

Noninterest-earning assets

 

177,433

 

165,752

 

156,559

Total assets

$

4,286,302

$

4,343,446

$

3,923,839

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Interest-bearing deposits:

Interest-bearing demand

$

1,159,077

$

144

 

0.05

%  

$

1,143,829

$

142

 

0.05

%  

$

1,019,488

$

127

 

0.05

%

Money market

 

582,016

 

110

 

0.08

 

598,271

 

121

 

0.08

 

502,448

 

94

 

0.08

Savings

 

661,661

 

52

 

0.03

 

649,563

 

50

 

0.03

 

601,615

 

46

 

0.03

Time

 

284,880

 

200

 

0.28

 

310,675

 

256

 

0.33

 

290,865

 

346

 

0.48

Total interest-bearing deposits

 

2,687,634

 

506

 

0.08

 

2,702,338

 

569

 

0.09

 

2,414,416

 

613

 

0.10

Securities sold under agreements to repurchase

 

51,057

 

8

 

0.07

 

53,054

9

 

0.07

 

47,170

 

8

 

0.07

Borrowings

 

440

 

1

 

1.34

 

500

1

 

0.71

 

440

 

 

0.39

Subordinated notes

39,346

469

4.79

39,325

470

4.84

39,265

469

4.80

Junior subordinated debentures issued to capital trusts

 

37,738

 

400

 

4.26

 

37,721

358

 

3.85

 

37,671

 

357

 

3.80

Total interest-bearing liabilities

 

2,816,215

$

1,384

 

0.20

%  

 

2,832,938

$

1,407

 

0.20

%  

 

2,538,962

$

1,447

 

0.23

%

Noninterest-bearing deposits

 

1,072,883

 

  

 

1,077,917

 

  

 

  

 

992,699

 

  

 

  

Noninterest-bearing liabilities

 

18,673

 

  

 

26,302

 

  

 

  

 

26,988

 

  

 

  

Total liabilities

 

3,907,771

 

  

 

3,937,157

 

  

 

  

 

3,558,649

 

  

 

  

Stockholders' Equity

 

378,531

 

  

 

406,289

 

  

 

  

 

365,190

 

  

 

  

Total liabilities and stockholders’ equity

$

4,286,302

 

  

$

4,343,446

 

  

 

  

$

3,923,839

 

  

 

  

Net interest income/Net interest margin (1)

$

34,373

3.34

%  

$

31,928

 

3.08

%  

$

29,700

 

3.14

%  

Tax-equivalent adjustment (2)

 

598

0.05

 

529

 

0.05

 

503

 

0.05

Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)

$

34,971

3.39

%  

 

$

32,457

 

3.13

%  

 

$

30,203

 

3.19

%  

Net interest rate spread (4)

 

 

3.27

%  

 

  

 

  

 

3.02

%  

 

  

 

  

 

3.06

%  

Net interest-earning assets (5)

$

1,317,233

  

$

1,368,855

 

  

 

  

$

1,257,257

 

  

 

  

Ratio of interest-earning assets to interest-bearing liabilities

 

1.47

 

  

 

1.48

 

  

 

  

 

1.50

 

  

 

  

Cost of total deposits

 

 

0.05

%  

 

  

 

  

 

0.06

%  

 

  

 

  

 

0.07

%  


*       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 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Six Months Ended

 

June 30, 2022

 

June 30, 2021

    

Average

    

    

    

Average

    

    

 

Balance

Interest

 

Yield/Cost *

 

Balance

Interest

 

Yield/Cost *

 

(dollars in thousands)

ASSETS

Loans

$

2,487,320

$

55,990

 

4.54

%  

$

2,259,136

$

51,562

 

4.60

%

Securities

 

1,372,284

 

12,490

 

1.84

 

1,063,312

9,971

 

1.89

Deposits with banks

 

305,053

 

579

 

0.38

 

392,213

195

 

0.10

Other

 

2,775

 

33

 

2.43

 

2,612

25

 

1.93

Total interest-earning assets

 

4,167,432

$

69,092

 

3.34

%  

 

3,717,273

$

61,753

 

3.35

%

Allowance for loan losses

 

(24,340)

 

  

 

(30,390)

 

  

 

  

Noninterest-earning assets

 

171,624

 

  

 

156,093

 

  

 

  

Total assets

$

4,314,716

 

  

$

3,842,976

 

  

 

  

LIABILITIES AND STOCKHOLDERS' EQUITY