SEC Filing | HBT Financial

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): 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)

(888) 897-2276

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	HBT	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On 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

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
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,151,495	$	286	0.05	%	$	1,008,664	$	244	0.05	%
Money market		590,098		231	0.08			492,472		183	0.07
Savings		655,645		102	0.03			571,921		87	0.03
Time		297,706		456	0.31			292,509		743	0.51
Total interest-bearing deposits		2,694,944		1,075	0.08			2,365,566		1,257	0.11
Securities sold under agreements to repurchase		52,050		17	0.07			46,761		15	0.06
Borrowings		470		2	1.01			470		1	0.42
Subordinated notes		39,335		939	4.82			39,255		939	4.83
Junior subordinated debentures issued to capital trusts		37,730		758	4.05			37,663		712	3.81
Total interest-bearing liabilities		2,824,529	$	2,791	0.20	%		2,489,715	$	2,924	0.24	%
Noninterest-bearing deposits		1,075,387						956,806
Noninterest-bearing liabilities		22,466						32,077
Total liabilities		3,922,382						3,478,598
Stockholders' Equity		392,334						364,378
Total liabilities and stockholders’ equity	$	4,314,716						3,842,976

Net interest income/Net interest margin ⁽¹⁾			$	66,301	3.21	%			$	58,829	3.19	%
Tax-equivalent adjustment ⁽²⁾				1,127	0.05					1,006	0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}			$	67,428	3.26	%			$	59,835	3.25	%
Net interest rate spread ⁽⁴⁾					3.14	%					3.11	%
Net interest-earning assets ⁽⁵⁾	$	1,342,903					$	1,227,558
Ratio of interest-earning assets to interest-bearing liabilities		1.48						1.49
Cost of total deposits					0.06	%					0.08	%

* Annualized measure.

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

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

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

(4)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(5)	Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc.

Page 11 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	June 30,			March 31,			June 30,
	2022			2022			2021

	(dollars in thousands)
NONPERFORMING ASSETS
Nonaccrual	$	3,248		$	2,461		$	6,823
Past due 90 days or more, still accruing ⁽¹⁾		182			8			583
Total nonperforming loans		3,430			2,469			7,406
Foreclosed assets		2,891			3,043			7,757
Total nonperforming assets	$	6,321		$	5,512		$	15,163

Allowance for loan losses	$	24,734		$	24,508		$	26,507
Loans, before allowance for loan losses		2,451,826			2,487,785			2,152,119

CREDIT QUALITY RATIOS
Allowance for loan losses to loans, before allowance for loan losses		1.01	%		0.99	%		1.23	%
Allowance for loan losses to nonaccrual loans		761.51			995.86			388.49
Allowance for loan losses to nonperforming loans		721.11			992.63			357.91
Nonaccrual loans to loans, before allowance for loan losses		0.13			0.10			0.32
Nonperforming loans to loans, before allowance for loan losses		0.14			0.10			0.34
Nonperforming assets to total assets		0.15			0.13			0.38
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets		0.26			0.22			0.70

(1)	Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $23 thousand, $25 thousand, and $27 thousand as of June 30, 2022, March 31, 2022 and June 30, 2021, respectively.


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021

ALLOWANCE FOR LOAN LOSSES	(dollars in thousands)
Beginning balance	$	24,508		$	23,936		$	28,759		$	23,936		$	31,838
Provision		145			(584)			(2,162)			(439)			(5,567)
Charge-offs		(159)			(134)			(402)			(293)			(597)
Recoveries		240			1,290			312			1,530			833
Ending balance	$	24,734		$	24,508		$	26,507		$	24,734		$	26,507

Net charge-offs (recoveries)	$	(81)		$	(1,156)		$	90		$	(1,237)		$	(236)
Average loans, before allowance for loan losses		2,467,851			2,507,006			2,234,388			2,487,320			2,259,136

Net charge-offs (recoveries) to average loans, before allowance for loan losses *		(0.01)	%		(0.19)	%		0.02	%		(0.10)	%		(0.02)	%

* Annualized measure.

HBT Financial, Inc.

Page 12 of 15

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	As of or for the Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021

	(dollars in thousands, except per share data)
EARNINGS AND PER SHARE INFORMATION
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

Adjusted net income ⁽¹⁾	$	13,836		$	12,227		$	14,168		$	26,063		$	28,201
Adjusted earnings per share - Basic ⁽¹⁾		0.48			0.42			0.52			0.90			1.03
Adjusted earnings per share - Diluted ⁽¹⁾		0.48			0.42			0.52			0.90			1.03

Book value per share	$	12.97		$	13.23		$	13.64
Tangible book value per share ⁽¹⁾		11.90			12.16			12.70

Shares of common stock outstanding		28,831,197			28,967,943			27,355,053
Weighted average shares of common stock outstanding		28,891,202			28,986,593			27,362,579			28,938,634			27,396,557

SUMMARY RATIOS
Net interest margin *		3.34	%		3.08	%		3.14	%		3.21	%		3.19	%
Net interest margin (tax equivalent basis) * ⁽¹⁾⁽²⁾		3.39			3.13			3.19			3.26			3.25

Efficiency ratio		54.97	%		56.97	%		56.91	%		55.96	%		56.31	%
Efficiency ratio (tax equivalent basis) ⁽¹⁾⁽²⁾		54.22			56.26			56.18			55.23			55.59

Loan to deposit ratio		66.23	%		65.19	%		62.84	%

Return on average assets *		1.32	%		1.27	%		1.40	%		1.29	%		1.52	%
Return on average stockholders' equity *		14.92			13.58			15.07			14.23			16.03
Return on average tangible common equity * ⁽¹⁾		16.25			14.71			16.22			15.45			17.27

Adjusted return on average assets * ⁽¹⁾		1.29	%		1.14	%		1.45	%		1.22	%		1.48	%
Adjusted return on average stockholders' equity * ⁽¹⁾		14.66			12.20			15.56			13.40			15.61
Adjusted return on average tangible common equity * ⁽¹⁾		15.96			13.22			16.76			14.55			16.81

* Annualized measure.

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

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

HBT Financial, Inc.

Page 13 of 15

Reconciliation of Non-GAAP Financial Measures –

Adjusted Net Income and Adjusted Return on Average Assets


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021

	(dollars in thousands)
Net income	$	14,085		$	13,604		$	13,717		$	27,689		$	28,962
Adjustments:
Acquisition expenses		—			—			(157)			—			(157)
Branch closure expenses		—			—			(104)			—			(104)
Gains (losses) on sales of closed branch premises		(18)			197			—			179			—
Mortgage servicing rights fair value adjustment		366			1,729			(310)			2,095			1,385
Total adjustments		348			1,926			(571)			2,274			1,124
Tax effect of adjustments		(99)			(549)			120			(648)			(363)
Less adjustments, after tax effect		249			1,377			(451)			1,626			761
Adjusted net income	$	13,836		$	12,227		$	14,168		$	26,063		$	28,201

Average assets	$	4,286,302		$	4,343,446		$	3,923,839		$	4,314,716		$	3,842,976

Return on average assets *		1.32	%		1.27	%		1.40	%		1.29	%		1.52	%
Adjusted return on average assets *		1.29			1.14			1.45			1.22			1.48

* Annualized measure.

Reconciliation of Non-GAAP Financial Measures –

Adjusted Earnings Per Share


	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2022		2022		2021		2022		2021

	(dollars in thousands, except per share data)
Numerator:
Net income	$	14,085	$	13,604	$	13,717	$	27,689	$	28,962
Earnings allocated to participating securities ⁽¹⁾		(17)		(17)		(25)		(34)		(56)
Numerator for earnings per share - basic and diluted	$	14,068	$	13,587	$	13,692	$	27,655	$	28,906

Adjusted net income	$	13,836	$	12,227	$	14,168	$	26,063	$	28,201
Earnings allocated to participating securities ⁽¹⁾		(17)		(15)		(26)		(32)		(54)
Numerator for adjusted earnings per share - basic and diluted	$	13,819	$	12,212	$	14,142	$	26,031	$	28,147

Denominator:
Weighted average common shares outstanding		28,891,202		28,986,593		27,362,579		28,938,634		27,396,557
Dilutive effect of outstanding restricted stock units		53,674		43,646		17,701		48,688		10,137
Weighted average common shares outstanding, including all dilutive potential shares		28,944,876		29,030,239		27,380,280		28,987,322		27,406,694

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

Adjusted earnings per share - Basic	$	0.48	$	0.42	$	0.52	$	0.90	$	1.03
Adjusted earnings per share - Diluted	$	0.48	$	0.42	$	0.52	$	0.90	$	1.03

(1)

The Company has granted certain restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

HBT Financial, Inc.

Page 14 of 15

Reconciliation of Non-GAAP Financial Measures –

Net Interest Income and Net Interest Margin (Tax Equivalent Basis)


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021

	(dollars in thousands)
Net interest income (tax equivalent basis)
Net interest income	$	34,373		$	31,928		$	29,700		$	66,301		$	58,829
Tax-equivalent adjustment ⁽¹⁾		598			529			503			1,127			1,006
Net interest income (tax equivalent basis) ⁽¹⁾	$	34,971		$	32,457		$	30,203		$	67,428		$	59,835

Net interest margin (tax equivalent basis)
Net interest margin *		3.34	%		3.08	%		3.14	%		3.21	%		3.19	%
Tax-equivalent adjustment * ⁽¹⁾		0.05			0.05			0.05			0.05			0.06
Net interest margin (tax equivalent basis) * ⁽¹⁾		3.39	%		3.13	%		3.19	%		3.26	%		3.25	%

Average interest-earning assets	$	4,133,448		$	4,201,793		$	3,796,219		$	4,167,432		$	3,717,273

* Annualized measure.

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

Reconciliation of Non-GAAP Financial Measures –

Efficiency Ratio (Tax Equivalent Basis)


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021

	(dollars in thousands)
Efficiency ratio (tax equivalent basis)
Total noninterest expense	$	23,842		$	24,157		$	22,154		$	47,999		$	44,698
Less: amortization of intangible assets		245			245			258			490			547
Adjusted noninterest expense	$	23,597		$	23,912		$	21,896		$	47,509		$	44,151

Net interest income	$	34,373		$	31,928		$	29,700		$	66,301		$	58,829
Total noninterest income		8,551			10,043			8,774			18,594			19,582
Operating revenue		42,924			41,971			38,474			84,895			78,411
Tax-equivalent adjustment ⁽¹⁾		598			529			503			1,127			1,006
Operating revenue (tax equivalent basis) ⁽¹⁾	$	43,522		$	42,500		$	38,977		$	86,022		$	79,417

Efficiency ratio		54.97	%		56.97	%		56.91	%		55.96	%		56.31	%
Efficiency ratio (tax equivalent basis) ⁽¹⁾		54.22			56.26			56.18			55.23			55.59

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

HBT Financial, Inc.

Page 15 of 15

Reconciliation of Non-GAAP Financial Measures –

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


	June 30,			March 31,			June 30,
	2022			2022			2021

	(dollars in thousands, except per share data)
Tangible common equity
Total stockholders' equity	$	373,809		$	383,155		$	373,194
Less: Goodwill		29,322			29,322			23,620
Less: Core deposit intangible assets, net		1,453			1,698			2,251
Tangible common equity	$	343,034		$	352,135		$	347,323

Tangible assets
Total assets	$	4,223,978		$	4,348,965		$	3,953,677
Less: Goodwill		29,322			29,322			23,620
Less: Core deposit intangible assets, net		1,453			1,698			2,251
Tangible assets	$	4,193,203		$	4,317,945		$	3,927,806

Total stockholders' equity to total assets		8.85	%		8.81	%		9.44	%
Tangible common equity to tangible assets		8.18			8.16			8.84

Shares of common stock outstanding		28,831,197			28,967,943			27,355,053

Book value per share	$	12.97		$	13.23		$	13.64
Tangible book value per share		11.90			12.16			12.70

Reconciliation of Non-GAAP Financial Measures –

Return on Average Tangible Common Equity,

Adjusted Return on Average Stockholders' Equity and Adjusted Return on Tangible Common Equity


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2022			2022			2021			2022			2021

	(dollars in thousands)
Average tangible common equity
Total stockholders' equity	$	378,531		$	406,289		$	365,190		$	392,334		$	364,378
Less: Goodwill		29,322			29,322			23,620			29,322			23,620
Less: Core deposit intangible assets, net		1,597			1,844			2,410			1,720			2,547
Average tangible common equity	$	347,612		$	375,123		$	339,160		$	361,292		$	338,211

Net income	$	14,085		$	13,604		$	13,717		$	27,689		$	28,962
Adjusted net income		13,836			12,227			14,168			26,063			28,201

Return on average stockholders' equity *		14.92	%		13.58	%		15.07	%		14.23	%		16.03	%
Return on average tangible common equity *		16.25			14.71			16.22			15.45			17.27

Adjusted return on average stockholders' equity *		14.66	%		12.20	%		15.56	%		13.40	%		15.61	%
Adjusted return on average tangible common equity *		15.96			13.22			16.76			14.55			16.81

* Annualized measure.

Exhibit 99.2

STRICTLY PRIVATE AND CONFIDENTIAL Q2 2022 Results Presentation July 25, 2022 HBT Financial, Inc.

Forward - Looking Statements Readers should note that in addition to the historical information contained herein, this presentation contains, and future o ral and written statements of HBT Financial, Inc. (the “Company”) and its management may contain, "forward - looking statements" within the meanings of the Private Securities Litigation Reform Act of 199 5, 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 presentation, and the Company does not undertake any obligation to update or revise any forward - looking statements to refle ct 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 thr eats 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 econo mic 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 , a s 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 bus iness; (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 inc lude 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 bli zzards; 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 presentation are not a g uarantee 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 busines s, 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. Non - GAAP Financial Measures This presentation includes certain non - GAAP financial measures. While the Company believes these are useful measures for investors, they are not presented in accordance with GAAP. You should not consider non - GAAP measures in isolation or as a substitute for the most directly comparable or other financial measures calc ulated in accordance with GAAP. Because not all companies use identical calculations, the presentation herein of non - GAAP financial measures may not be comparable to other similarly titled m easures of other companies. Tax equivalent adjustments assume a federal tax rate of 21% and state tax rate of 9.5%. For a reconciliation of the non - GAAP measures we use to the most closely comparable GAAP measures, see the Appendix to this presentation. 1

Q2 2022 Summary Small decrease in total loans while credit quality remains very strong ◼ Total loans, excluding PPP loans, decreased 0.9%, primarily resulting from seasonal decline in line utilization in the grain elevator portfolio partially offset by growth in multi - family loans ◼ New loan production similar to first quarter, but originated at higher average rates ◼ Slight increase in NPAs, while net recoveries help keep provision expense very low Higher earnings and increased returns ◼ Net income of $14.1 million, or $0.49 per diluted share; return on average assets (ROAA) of 1.32% 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% and adjusted ROATCE 1 of 15.96 % Increased profitability resulting from NIM expansion and expense management ◼ Asset sensitive balance sheet resulted in 26 basis point increase in net interest margin ◼ Total cost of deposits decreased to 5 basis points while average yield on earning assets increased by 25 basis points ◼ Non - interest expense declined 1.3% from prior quarter 1 See "Non - GAAP reconciliations" in the Appendix for reconciliation of non - GAAP financial measures to their most closely comparabl e GAAP financial measures; 2 Tax - equivalent basis metric; for reconciliation with GAAP metric, see “Non - GAAP reconciliations” in the Appendix 2

C&I 10% CRE – Owner occupied 9% Agricultural & farm land 9% CRE – Non - owner occupied 27% C&D 14% Multi - family 11% 1 - 4 Family residential 13% Municipal, consumer & other 7% Company snapshot ✓ Company incorporated in 1982 from base of family - owned banks and completed its IPO in October 2019 ✓ Headquartered in Bloomington, IL, with operations in Central Illinois, the Chicago MSA, and Eastern Iowa ✓ Leading market position in majority of our core mid - sized markets in Central Illinois 4 ✓ Strong deposit franchise with 5bps cost of deposits, 99% core deposits 2 ✓ Conservative credit culture, with net recoveries to average loans of 1bp during the year ended Dec. 31, 2021 and 10bps for 6 months ended June 30, 2022 ✓ High profitability sustained through cycles Overview As of or for the period ended 2019 2020 2021 1H22 Total assets $3,245 $3,667 $4,314 $4,224 Total loans, HFI 1 2,164 2,247 2,500 2,452 Total deposits 2,777 3,131 3,738 3,702 % Core deposits 2 98.4% 99.1% 98.3% 99.3% Loans - to - deposits 77.9% 71.8% 66.9% 66.2% Adjusted ROAA 3 1.78% 1.15% 1.43% 1.22%* Adjusted ROATCE 3 18.3% 12.3% 16.1% 14.6%* Cost of deposits 0.29% 0.14% 0.07% 0.06%* NIM 5 4.38% 3.60% 3.23% 3.26%* Yield on loans 5.51% 4.69% 4.68% 4.54%* Efficiency ratio 5 53.1% 58.9% 55.8% 55.2% NCOs / loans 0.07% 0.04% (0.01)% (0.10)%* NPLs / gross loans 0.88% 0.44% 0.11% 0.14% NPAs / Loans + OREO 1.11% 0.63% 0.24% 0.26% CET1 (%) 12.2% 13.1% 13.4% 13.4% TCE / TA 6 9.5% 9.3% 8.9% 8.2% Financial highlights ($mm) Balance sheet Key performance i ndicators Credit & capital Loan composition Note: Financial data as of and for the three months ended June 30, 2022 unless otherwise indicated; * Annualized measure; 1 Loans held for investment, before allowance for loan losses; excludes loans held for sale; 2 Core deposits defined as all deposits excluding time deposits of $250,000 or more and brokered deposits; for reconciliation w it h GAAP metric, see “Non - GAAP reconciliations” in the Appendix; 3 Metric based on adjusted net income, which is a non - GAAP metric; for reconciliation with GAAP metric, see “Non - GAAP reconciliat ions” in the Appendix; net income presented on C - Corporation equivalent basis for periods prior to 2020 4 Core mid - sized markets in Central Illinois defined as Illinois markets outside of the Chicago metropolitan statistical area; leading deposit share defined as top three deposit share rank; 5 Tax - equivalent basis metric; for reconciliation with GAAP metric, see “Non - GAAP reconciliations” in the Appendix; 6 Tangible common equity to tangible assets is a non - GAAP metric; for reconciliation with GAAP metric, see “Non - GAAP reconciliati ons” in the Appendix. Commercial Commercial Real Estate Deposit composition Noninterest - bearing demand 28% Interest - bearing demand 31% Money Market 16% Savings 18% Time 7% 3

Loan Portfolio Overview: Commercial and Commercial Real Estate ◼ $1.26 billion portfolio as of June 30, 2022 ➢ $656 million in non - owner occupied CRE primarily supported by rental cash flow of the underlying properties ➢ $269 million in multi - family loans secured by 5+ unit apartment buildings ➢ $332 million in construction and land development loans primarily to developers to sell upon completion or for long - term investment ◼ Vast majority of loans originated to experienced real estate developers within our markets 2 ◼ Guarantees required on majority of loans originated Multi - Family 33% Warehouse/ Manufacturing 13% Retail 13% Office 9% Senior Living Facilities 7% Hotels 6% Land and Lots 6% 1 - 4 Family Construction 4% Auto Repair & Dealers 3% Medical 2% Other 4% Commercial Real Estate Portfolio 4 Commercial Loan Portfolio 1 ◼ $250 million C&I loans outstanding as of June 30, 2022 ➢ For working capital, asset acquisition, and other business purposes ➢ Underwritten primarily based on borrower’s cash flow and majority further supported by collateral and personal guarantees; loans based primarily in - market 2 ◼ $229 million owner - occupied CRE outstanding as of June 30, 2022 ➢ Primarily underwritten based on cash flow of the business occupying the property and supported by personal guarantees; loans based primarily in - market 2 Auto Repair & Dealers 13% Health Care and Social Assistance 11% Grain Elevators 10% Construction 9% Retail Trade - Other 7% Real Estate and Rental and Leasing 7% Manufacturing 6% Wholesale Trade 6% Arts, Entertainment, and Recreation 5% Restaurants and Bars 5% Professional, Scientific, and Technical Services 4% Finance and Insurance 2% Other 15% 1 Commercial loan mix excludes $3 million of PPP loans; 2 Market area defined as within 60 miles of a branch.

Loan Portfolio Overview: Selected Portfolios Agriculture and Farmland ◼ $230 million portfolio as of June 30, 2022 ◼ Significant increase in corn and soybean prices since 2020 improved borrower profitability and should reduce portfolio credit risk ◼ Federal crop insurance programs mitigate production risks ◼ No customer accounts for more than 3% of the agriculture portfolio ◼ Weighted average LTV on Farmland loans is 55.9% ◼ 0.4% is rated substandard as of June 30, 2022 ◼ Over 70% of agricultural borrowers have been with the Company for at least 10 years, and over half for more than 20 years 5 Municipal, Consumer and Other ◼ $160 million portfolio as of June 30, 2022 ➢ Loans to municipalities are primarily federally tax - exempt ➢ Consumer loans include loans to individuals for consumer purposes and typically consist of small balance loans ◼ Commercial Tax - Exempt - Senior Living ➢ $38.7 million portfolio with $7.7 million average loan size ➢ Weighted average LTV of 102.0% ➢ 32.3% is rated substandard ◼ Commercial Tax - Exempt – Medical ➢ $24.6 million portfolio with $2.2 million average loan size ➢ Weighted average LTV of 39.1% ➢ No loans are rated substandard Municipalities 25% Commercial Tax - Exempt (Senior Living) 24% Commercial Tax - Exempt (Medical) 15% Consumer 8% Other 28% Farmland 64% Crops 30% Equipment finance 4% Livestock 2% 1 Agriculture and Farmland loan mix excludes $9 thousand of PPP loans

Loan Portfolio Overview: Asset Quality and Reserves Non - performing Assets/Total Assets % and Net Charge - off % Allowance for Loan Losses to Total Loans % 6 ◼ Substandard loans decreased $12.1 million to $80.8 million and Pass - Watch loans decreased $45.3 million to $63.6 million as of June 30, 2022 when compared to March 31, 2022 ◼ In addition to our allowance for loan losses, we had $1.9 million in credit - related discounts on acquired loans at June 30, 2022 0.78 0.74 0.39 0.14 0.15 0.23 0.07 0.04 (0.01) (0.10) 2018 2019 2020 2021 1H22 NPAs/ Total Assets % NCO % 0.96 1.03 1.42 0.96 1.01 2018 2019 2020 2021 1H22

U.S. Treasury 11% Yield:1.38% U.S. Gov't Agency 10% Yield: 2.39% Municipal 21% Yield: 2.08% Agency RMBS 22% Yield: 2.57% Agency CMBS 31% Yield: 1.91% Corporate 5% Yield: 3.70% Securities Portfolio Overview ◼ Company’s debt securities consist primarily of the following types of fixed income instruments: ◼ Agency guaranteed MBS: MBS pass - throughs, CMOs, and CMBS ◼ Municipal Bonds: weighted average NRSRO credit rating of AA/Aa2 ◼ Treasury, Government Agency Debentures, and SBA - backed Full Faith and Credit Debt ◼ Corporate Bonds: Investment Grade Corporate and Bank Subordinated Debt ◼ Investment strategy focused on maximizing returns and managing the Company’s asset sensitivity with high credit quality intermediate duration investments ◼ Company emphasizes predictable cash flows that limit faster prepayments when rates decline or extended durations when rates rise ◼ AOCI volatility managed through use of HTM designation for securities with higher effective duration Financial data as of June 30, 2022 7 Portfolio Composition Amortized Cost: $ 1,536 mm Yield: 2.17% Overview Key investment portfolio metrics ($000) AFS HTM Total Amortized Cost 987,752 548,236 1,535,988 Fair Value 924,706 510,152 1,434,858 Unrealized Gain/(Loss) (63,046) (38,084) (101,130) Book Yield 2.03% 2.42% 2.17% Effective Duration 3.78 5.71 4.46

◼ Second quarter 2022 net interest margin increased 26 basis points from the prior quarter primarily due to higher yields on ea rni ng assets ◼ 40% of the loan portfolio matures or reprices within the next 12 months ◼ Loan mix is 65% fixed rate and 35% variable rate; nearly all variable rate loans either have no floor or have an index plus s pre ad at or above the floor rate Net Interest Margin FTE NIM 1 GAAP NIM Annual Quarterly Accretion of acquired loan discounts contribution to GAAP NIM 8 PPP loan fees contribution to GAAP NIM * Annualized measure; 1 Tax - equivalent basis metric; see "Non - GAAP reconciliations" in the Appendix for reconciliation of non - GAAP financial measures to their most closely comparabl e GAAP financial measures. FTE NIM 1* GAAP NIM * Accretion of acquired loan discounts contribution to GAAP NIM PPP loan fees contribution to GAAP NIM 3bp 2bp 2bps 6bps 1bps 3.14% 3.18% 3.17% 3.08% 3.34% 3.19% 3.23% 3.22% 2Q21 3Q21 4Q21 1Q22 2Q22 3.13% 3.39% 6 bps 25bps 31 bps 15bps 7 bps 13bps 4.16% 4.31% 3.54% 3.18% 3.21%* 4.25% 4.38% 3.60% 3.23% 3.26%* 2018 2019 2020 2021 1H22 7bps 2bps 3bps 24bps 9 bps N/A N/A 2bps* 7bps*

Wealth Management Overview 9 Comprehensive Wealth Management Services ◼ Proprietary investment management solutions ◼ Financial planning ◼ Trust and estate administration $4.5 $4.8 $5.9 $2.9 $1.6 $1.7 $2.0 $1.1 $0.4 $0.4 $0.2 $0.5 $0.3 $0.3 $0.3 $0.1 $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 2019 2020 2021 1H 2022 Asset Management and Trust Services Agricultural Services - Farm Management Agricultural Services - Real Estate Brokerage Investment Brokerage $6.8 $7.2 $8.4 $4.6 Wealth Management Revenue Trends ($mm) Over $1.8 billion of assets under management or administration as of June 30, 2022 Agricultural Services ◼ Farm management services: Over 77,000 acres ◼ Real estate brokerage including auction services ◼ Farmland appraisals Total

Near - Term Outlook ◼ Growth in net interest income and disciplined expense control should lead to continued strong profitability and return of capital to shareholders through quarterly dividend and share repurchases ◼ Loan growth in mid - single digits on an annualized basis expected in 3Q22 ➢ Loan production pipelines at June 30, 2022 are in line with pipelines at March 31, 2022 ➢ Fewer prepayments and paydowns anticipated in 3Q22 relative to 2Q22 ➢ Smaller seasonal headwind from decrease in grain elevator line of credit utilization anticipated in 3Q22 ◼ Expect continued net interest income growth and NIM expansion ➢ Full quarter impact of variable rate loan repricing, favorable shift in earning asset mix, and improved pricing on new loan production ➢ Deposit costs expected to increase in 3Q22, but should be more than offset by continued increases in earning asset yields resulting from higher rates on loans and securities ◼ Non - interest income expected to trend lower in second half of 2022, as decline in AUM resulting from market performance has a greater impact on wealth management revenue, and mortgage banking revenue is impacted by higher interest rates and lower refinancing demand ◼ Noninterest expense expected to be relatively consistent throughout remainder of 2022 ◼ Financial strength of borrowers and conservatively underwritten portfolio expected to result in continued strong asset qualit y a lthough provision expense could increase to reflect negative economic forecasts ◼ Well - positioned to capitalize on additional accretive acquisition opportunities 10

Our history – Long track record of organic and acquisitive growth Fred Drake named President and CEO of Heartland Bank and Trust Company and leads its entry into Bloomingt on - Normal 1992 1964 - 1982 George Drake purchases El Paso National Bank and assembles group of banks in rural communities in Central IL M.B. Drake starts bank in Central IL 1920 HBT Financial, Inc. incorporates as a multi - bank holding company owning three banks 1982 1997 All five banks owned by HBT Financial, Inc. merge into Heartland Bank and Trust Company Wave of FDIC - assisted and strategic acquisitions, including expansion into the Chicago MSA 2010 - 2015 Acquisition of Lincoln S.B. Corp (State Bank of Lincoln) 2018 1 Company crosses $1bn in assets 2007 1999 - 2008 Entry into several new markets in Central IL through de novo branches and acquisitions 1 Although the Lincoln transaction is identified as an acquisition above, the transaction was accounted for as a change of repo rt ing entity due to its common control with the Company 2019 Completion of IPO in October 11 2020 Merger of State Bank of Lincoln into Heartland Bank and Trust Company 20 21 Entry i nto Iowa with NXT Bank acquisition

Our markets Branch locations Chicago MSA 34% Iowa 4% Mid - sized Illinois markets 62% Deposits Chicago MSA 49% Iowa 11% Mid - sized Illinois markets 40% Chicago MSA 29% Iowa 7% Mid - sized Illinois markets 64% $2.5bn $3.7bn 61 branches 12 Source: S&P Global Market Intelligence Note: Financial data as of June 30, 2022 Illinois branches outside of the Chicago MSA Illinois branches in the Chicago MSA Iowa branches Branches Loans

Business strategy ◼ Drake family involved in Central IL banking since 1920 ◼ Management lives and works in our communities ◼ Community banking and relationship - based approach stems from adherence to our Midwestern values ◼ Committed to providing products and services to support the unique needs of our customer base ◼ Nearly all loans originated to borrowers domiciled within 60 miles of a branch ◼ Robust underwriting standards will continue to be a hallmark of the Company ◼ Maintained sound credit quality and minimal originated problem asset levels during the Great Recession ◼ Diversified loan portfolio primarily within footprint ◼ Underwriting continues to be a strength as evidenced by only 4bps NCOs / loans during 2020 and (1)bp during 2021 ◼ Positioned to be the acquirer of choice for many potential partners in and adjacent to our existing markets ◼ Successful integration of 8 community bank acquisitions in the last 13 years ◼ Chicago MSA , in particular, has ~100 banking institutions with less than $1bn in assets ◼ 1.43% ROAA 2 and 3.23% NIM 3 during 2021 ◼ Highly profitable through the Great Recession ◼ Highly defensible market position (Top 2 deposit market share rank in 6 of 7 largest core mid - sized markets in Central Illinois 1 ) that contributes to our strong core deposit base and funding advantage ◼ Continue to deploy our excess deposit funding (66% loan - to - deposit ratio as of 2Q22) into attractive loan opportunities in larger, more diversified markets ◼ Efficient decision - making process provides a competitive advantage over the larger and more bureaucratic money center and super regional financial institutions that compete in our markets Preserve strong ties to our communities Deploy excess deposit funding into loan growth opportunities Maintain a prudent approach to credit underwriting Pursue strategic acquisitions and sustain strong profitability 1 Core mid - sized markets in Central Illinois defined as Illinois markets outside of the Chicago metropolitan statistical area; le ading deposit share defined as top three deposit share rank; 2 Metrics based on adjusted net income, which is a non - GAAP metric; for reconciliation with GAAP metrics, see “Non - GAAP reconciliations” in Appe ndix; 3 Metrics presented on tax equivalent basis; for reconciliation with GAAP metric, see “Non - GAAP reconciliations” in Appendix. Small enough to know you, big enough to serve you 13

Experienced executive management team with deep community ties Fred L. Drake Chairman and CEO 39 years with Company 42 years in industry J. Lance Carter President and Chief Operating Officer 20 years with Company 28 years in industry Patrick F. Busch Chief Lending Officer, President of Heartland Bank 27 years with Company 44 years in industry Matthew J. Doherty Chief Financial Officer 12 years with Company 30 years in industry Lawrence J. Horvath Senior Regional Lender, Heartland Bank 12 years with Company 36 years in industry Mark W. Scheirer Chief Credit Officer 11 years with Company 30 years in industry Andrea E. Zurkamer Chief Risk Officer 9 years with Company 22 years in industry Diane H. Lanier Chief Retail Officer 25 years with Company 37 years in industry 14

Talented Board of Directors with deep financial services industry experience Fred L. Drake Chairman • Director since 1984 • CEO of HBT Financial • 39 years with Company • 42 years in industry J. Lance Carter Director • Director since 2011 • President and COO of HBT Financial • 20 years with Company • 28 years in industry Patrick F. Busch Director • Director since 1998 • Chief Lending Officer of HBT Financial • 27 years with Company • 44 years in industry Eric E. Burwell Director • Director since June 2005 • Owner, Burwell Management Company • Invests in a variety of real estate, private equity, venture capital and liquid investments Linda J. Koch Director • Director since June 2020 • Former President and CEO of the Illinois Bankers Association • 36 years in industry Gerald E. Pfeiffer Director • Director since June 2019 • Former Partner at CliftonLarsonAllen LLP with 46 years of industry experience • Former CFO of Bridgeview Bancorp Allen C. Drake Director • Director since 1981 • Retired EVP with 27 years of experience at Company • Formerly responsible for Company’s lending, administration, technology, personnel, accounting, trust and strategic planning Dr. C. Alvin Bowman Director • Director since June 2019 • Former President of Illinois State University • 36 years in higher education Roger A. Baker Director • Director since 2022 • Former Chairman and President of NXT Bancorporation • Owner, Sinclair Elevator, Inc. • 15 years in industry 15

Investment highlights 4 1 2 3 5 Track record of successfully integrating acquisitions Consistent performance through cycles Leading deposit share in mid - sized markets provides funding for stronger loan demand in higher growth areas Stable, low - cost deposit base well - positioned for rising rates Prudent risk management 16

Consistent performance through cycles… Drivers of profitability Pre - tax return on average assets (%) 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 2006 2007 2008 2009 2010 2011¹ 2012¹ 2013¹ 2014 2015 2016 2017 2018 2019 2020 2021 Source: S&P Global Market Intelligence; For 2006 through June 30, 2012, the Company’s pre - tax ROAA does not include Lincoln S.B. Corp. and its subsidiaries; 1 Non - GAAP financial measure; HBT pre - tax ROAA adjusted to exclude the following significant non - recurring items in the following years: 2011: $25.4 million barga in purchase gains; 2012: $11.4 million bargain purchase gains, $9.7 million net realized gain on securities, and $6.7 million net positive adjustments on FDIC indemnification asset and true - up liability; 2013: $9.1 million net realized loss on securities and $6.9 million net loss related to the sale of branches; 2 Represents 23 high performing major exchange - traded banks headquartered in the Midwest with $2 - 10bn in assets and a 2020 core re turn on average assets above 1.0% Strong, low - cost deposits supported by our leading market share in core mid - sized markets 1 Relationship - based business model that has allowed us to cultivate and underwrite attractively priced loans A robust credit risk management framework to prudently manage credit quality Diversified sources of fee income, including in wealth management 4 Company Adjusted 1 Company High Performing Peer Median 2 Consistent outperformance, even during periods of broad economic stress 1 2 3 17

. . . drives compelling tangible book value growth Tangible book value per share over time ($ per share) 1 1 For reconciliation with GAAP metric, see “Non - GAAP reconciliations” in Appendix; 2 In 2019, HBT Financial issued and sold 9,429,794 shares of common stock at a price of $16 per share. Total proceeds received by the Company, net of offering costs, were $138.5 million and were used to substantially fund a $170 milli on special dividend to stockholders of record prior to the initial public offering. Amount reflects dilution per share attributable to newly issued shares in initial public offering and special divid end payment. For reconciliation with GAAP metric, see “Non - GAAP reconciliations ”; 3 Excludes dividends paid to S Corp shareholders for estimated tax liability prior to conversion to C Corp status on October 11 , 2019. Excludes $170 million special dividend funded primarily from IPO proceeds. For reconciliation with GAAP metric, see “Non - GAAP reconciliations” in Appendix 1 $4.69 $5.38 $6.10 $6.91 $10.15 $12.56 $12.93 $14.72 $15.33 $16.25 $16.23 $17.27 $17.80 $10.54 $11.12 $12.29 $13.13 $11.90 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 2019 2020 2021 2Q22 IPO Dilution 2 $(7.26) IPO Adjusted 2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 2019 2020 2021 2Q22 $1.20 $0.60 $0.20 $0.40 $0.60 $0.79 $1.53 $1.76 $2.03 $2.37 $3.21 $5.01 $5.88 $7.83 Cumulative effect of dividends paid ($ per share) 3 18 $1.52 Changes in AOCI have reduced TBVPS by $1.88 in 2022

Leading deposit share in mid - sized markets provides funding for stronger loan demand in higher growth areas County Deposits ($mm) Branches Market share 2 Rank 2 McLean $663 9 16.7% 2 DeKalb 428 6 13.8% 4 Cook 276 2 0.1% 53 Tazewell 264 5 7.6% 2 Bureau 260 4 21.0% 1 Woodford 248 6 26.6% 2 Logan 204 3 33.5% 1 De Witt 199 3 39.5% 2 Other Counties 1,160 23 Company market share by county 1 Core mid - sized markets in Central Illinois defined as Illinois markets outside of the Chicago metropolitan statistical area; le ading deposit share defined as top three deposit share rank; 2 Source: S&P Capital IQ, data as of June 30, 2021 Shaded counties denote Company ’s top mid - sized markets by deposit share 2 19 Chicago MSA ◼ Entered market in 2011 with acquisition of Western Springs National Bank ◼ In - market disruption from recent bank M&A in Chicago MSA has provided attractive source of local talent ◼ Scale and diversity of Chicago MSA provides continued growth opportunities, both in lending and deposits ◼ Loan growth in Chicago MSA spread across a variety of commercial asset classes, including multifamily, mixed use, industrial, retail, and office Central Illinois ◼ Deep - rooted market presence expanded through several acquisitions since 2007 ◼ Electric automaker Rivian’s manufacturing facility in Normal, Illinois has dramatically increased economic activity throughout the region Iowa ◼ Entered market in 2021 with acquisition of NXT Bancorporation ◼ Opportunity to accelerate loan growth in Iowa thanks to HBT’s larger lending limit and ability to add to talented banking team ◼ Top 2 deposit share rank in 6 of 7 largest core mid - sized markets in Central Illinois 1 Leading Deposit Market Position Loan Growth Opportunities

Stable, low - cost deposit base well - positioned for rising rates Cost of deposits (%) remains consistently below peers Source: S&P Global Market Intelligence Note: 1 Represents median of 23 high performing major exchange - traded banks headquartered in the Midwest with $2 - 10bn in assets and a 2 021 core return on average assets above 1.0%; * Annualized measure. 1 3 20 0.17 0.21 0.29 0.14 0.07 0.06 0.32 0.55 0.83 0.46 0.19 0.14 2017 2018 2019 2020 2021 1H22* HBT High Performing Peers With a lower deposit beta than peers during the last interest rate tightening cycle 0.00 0.50 1.00 1.50 2.00 2.50 0.0 0.2 0.4 0.6 0.8 1.0 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 HBT Cost of Deposits % (left axis) High Performing Peers Median Cost of Deposits % (left axis) Fed Funds Rate % (right axis) Deposit beta (4Q16 – 1Q19): HBT = 7.7%, High Performing Peers = 28.0%

Farmer City State Bank Farmer City, IL $70mm deposits Citizens First National Bank Princeton, IL FDIC - assisted $808mm deposits Track record of successfully integrating acquisitions BankPlus Morton, IL $231mm deposits 2007 2012 Bank of Illinois Normal, IL FDIC - assisted $176mm deposits Western Springs National Bank Western Springs, IL FDIC - assisted $184mm deposits Bank of Shorewood Shorewood, IL FDIC - assisted $105mm deposits 2011 2018 2015 2010 National Bancorp, Inc. (American Midwest Bank) Schaumburg, IL $447mm deposits Lincoln S.B. Corp (State Bank of Lincoln) 1 Lincoln, IL $357mm deposits 1 Although the Lincoln transaction is identified as an acquisition, the transaction was accounted for as a change of reporting en tity due to its common control with Company 4 21 2021 NXT Bancorporation, Inc. (NXT Bank) Central City, IA $181mm deposits

Prudent risk management ◼ Risk management culture instilled by management ◼ Well - diversified loan portfolio across commercial, regulatory CRE, and residential ◼ Primarily originated across in - footprint borrowers ◼ Centralized credit underwriting group that evaluates all exposures over $500,000 to ensure uniform application of policies and procedures ◼ Conservative credit culture, strong underwriting criteria, and regular loan portfolio monitoring ◼ Robust internal loan review process annually reviews more than 40% of loan commitments. Strategy and Risk Management ◼ Majority of directors are independent, with varied experiences and backgrounds ◼ Board of directors has an established Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and an Enterprise Risk Management (ERM) Committee ◼ ERM program embodies the “three lines of defense” model and promotes business line risk ownership. ◼ Independent and robust internal audit structure, reporting directly to our Audit Committee ◼ Strong compliance culture and compliance management system ◼ Code of Ethics and other governance documents are available at ir.hbtfinancial.com Data Security & Privacy ◼ Robust data security program, and under our privacy policy, we do not sell or share customer information with non - affiliated entities. ◼ Formal company - wide business continuity plan covering all departments, as well as a cybersecurity program that includes internal and outsourced, independent testing of our systems and employees Comprehensive Enterprise Risk Management Disciplined Credit Risk Management Historical net charge - offs (%) 5 0.23 0.07 0.04 (0.01) (0.10) 2018 2019 2020 2021 1H22 NCOs / Loans % 22

Appendix 23

Non - GAAP reconciliations Adjusted net income and adjusted ROAA ($000) 2019 2020 2021 1H22 Net income $66,865 $36,845 $56,271 $27,689 C - Cor p equivalent adjustment 1 (13,493) -- -- -- C - Corp equivalent net income 1 $53,372 $36,845 $56,271 $27,689 Adjustments: Acquisition expenses -- -- (1,416) -- Branch closure expenses -- -- (748) -- Charges related to termination of certain employee benefit plans (3,796) (1,457) -- -- Gains (losses) on sale of closed branch premises -- -- -- 179 Net earnings (losses) from closed or sold operations, including gains on sale 2 524 -- -- -- Mortgage servicing rights fair value adjustment (2,400) (2,584) 1,690 2,095 Total adjustments (5,672) (4,041) (474) 2,274 Tax effect of adjustments 1,617 1,152 (95) (648) Less adjustments after tax effect (4,055) (2,889) (569) 1,626 Adjusted net income $57,427 $39,734 $56,840 $26,063 Average assets $3,233,386 $3,447,500 $3,980,538 $4,314,716 Return on average assets 2.07% 1.07% 1.41% 1.29%* C Corp equivalent return on average assets 1.65% N/A N/A N/A Adjusted return on average assets 1.78% 1.15% 1.43% 1.22%* * Annualized measure; 1 Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income t ax for such year. No such adjustment is necessary for periods subsequent to 2019; 2 Closed or sold operations include HB Credit Company, HBT Insurance, and First Community Title Services, Inc. 24

Non - GAAP reconciliations (cont’d) Average tangible common equity and adjusted ROATCE ($000) 2019 2020 2021 1H22 Total stockholders’ equity $341,544 $350,703 $380,080 $392,334 Less: goodwill (23,620) (23,620) (25,057) (29,322) Less: core deposit intangible assets (4,748) (3,436) (2,333) (1,720) Average tangible common equity $313,176 $323,647 $352,690 $361,292 Net income $66,865 $36,845 $56,271 $27,689 C Corp equivalent net income 1 53,372 N/A N/A N/A Adjusted net income 57,427 39,734 56,840 26,063 Return on average stockholders’ equity 19.58% 10.51% 14.81% 14.23%* Return on average tangible common equity 21.35% 11.38% 15.95% 15.45%* C Corp equivalent return on average stockholders’ equity 1 15.63% N/A N/A N/A C Corp equivalent return on average tangible common equity 1 17.04% N/A N/A N/A Adjusted return on average stockholders’ equity 16.81% 11.33% 14.95% 13.40%* Adjusted return on average tangible common equity 18.34% 12.28% 16.12% 14.55%* * Annualized measure; 1 Reflects adjustment to our historical net income for each period to give effect to the C Corp equivalent provision for income ta x for such year. No such adjustment is necessary for periods subsequent to 2019. 25

Non - GAAP reconciliations (cont’d) ($000) 2018 2019 2020 2021 1H22 Net interest income $129,442 $133,800 $117,605 $122,403 $66,301 Tax equivalent adjustment 2,661 2,309 1,943 2,028 1,127 Net interest income (tax - equivalent basis) $132,103 $136,109 $119,548 $124,431 $67,428 Average interest - earnings assets $3,109,289 $3,105,863 $3,318,764 $3,846,473 $4,167,432 Net interest income (tax - equivalent basis) Net interest margin (tax - equivalent basis) * Annualized measure. (%) 2018 2019 2020 2021 1H22 Net interest margin 4.16% 4.31% 3.54% 3.18% 3.21%* Tax equivalent adjustment 0.09% 0.07% 0.06% 0.05% 0.05%* Net interest margin (tax - equivalent basis) 4.25% 4.38% 3.60% 3.23% 3.26%* 26 Net interest income (tax - equivalent basis) Net interest margin (tax - equivalent basis) ($000) 2Q21 3Q21 4Q21 1Q22 2Q22 Net interest income $29,700 $30,715 $32,859 $31,928 $34,373 Tax equivalent adjustment 503 508 514 529 598 Net interest income (tax - equivalent basis) $30,203 $31,223 $33,373 $32,457 $34,971 Average interest - earnings assets $3,796,219 $3,831,886 $4,115,247 $4,201,793 $4,133,448 (%) 2Q21 3Q21 4Q21 1Q22 2Q22 Net interest margin 3.14%* 3.18%* 3.17%* 3.08%* 3.34%* Tax equivalent adjustment 0.05%* 0.05%* 0.05%* 0.05%* 0.05%* Net interest margin (tax - equivalent basis) 3.19%* 3.23%* 3.22%* 3.13%* 3.39%*

Non - GAAP reconciliations (cont’d) Efficiency ratio (tax - equivalent basis) ($000) 2019 2020 2021 1H22 Total noninterest expense $91,026 $91,956 $91,246 $47,999 Less: amortization of intangible assets (1,423) (1,232) (1,054) (490) Adjusted noninterest expense $89,603 $90,724 $90,192 $47,509 Net interest income $133,800 $117,605 $122,403 $66,301 Total noninterest income 32,751 34,456 37,328 18,594 Operating revenue 166,551 152,061 159,731 84,895 Tax - equivalent adjustment 2,309 1,943 2,028 1,127 Operating revenue (tax - equivalent basis) $168,860 $154,004 $161,759 $86,022 Efficiency ratio 53.80% 59.66% 56.46% 55.96% Efficiency ratio (tax - equivalent basis) 53.06% 58.91% 55.76% 55.23%

Non - GAAP reconciliations (cont’d) Tangible book value per share and cumulative effect of dividends (2007 to 3Q19) ($mm) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 Tangible book value per share Total equity $109 $120 $130 $143 $197 $262 $257 $287 $311 $326 $324 $340 $349 Less goodwill (23) (23) (23) (23) (23) (23) (12) (12) (24) (24) (24) (24) (24) Less core deposit intangible (9) (9) (7) (7) (7) (15) (11) (9) (11) (9) (7) (5) (4) Tangible common equity $77 $88 $99 $113 $167 $224 $233 $265 $276 $294 $293 $311 $321 Shares outstanding (mm) 16.47 16.28 16.30 16.33 16.45 17.84 18.03 18.03 18.02 18.07 18.07 18.03 18.03 Book value per share $6.65 $7.36 $7.95 $8.73 $12.00 $14.68 $14.23 $15.92 $17.26 $18.05 $17.92 $18.88 $19.36 Tangible book value per share $4.69 $5.38 $6.10 $6.91 $10.15 $12.56 $12.93 $14.72 $15.33 $16.25 $16.23 $17.27 $17.80 TBVPS CAGR (%) 12.0% Cumulative effect of dividends per share Cumulative regular dividends $ -- $3 $7 $10 $13 $17 $22 $26 $33 $38 $46 $54 $62 Cumulative special dividends -- -- -- -- -- 10 10 10 10 20 45 52 79 Cumulative effect of dividends $ -- $3 $7 $10 $13 $27 $32 $36 $43 $58 $91 $106 $141 Shares outstanding (mm) 16.47 16.28 16.30 16.33 16.45 17.84 18.03 18.03 18.02 18.07 18.07 18.03 18.03 Cumulative effect of dividends per share $ -- $0.20 $0.40 $0.60 $0.79 $1.53 $1.77 $2.02 $2.36 $3.21 $5.01 $5.88 $7.83 28

Non - GAAP reconciliations (cont’d) IPO adjusted tangible book value per share ($mm) IPO Adjusted 3Q19 2019 2020 2021 2Q22 Tangible book value per share Total equity $333 $364 $412 $374 Less goodwill (24) (24) (29) (29) Less core deposit intangible (4) (3) (2) (1) Tangible common equity $305 $338 $381 $343 Shares outstanding (mm) 27.46 27.46 28.99 28.83 Book value per share $12.12 $13.25 $14.21 $12.97 Tangible book value per share $10.54 $11.12 $12.29 $13.13 $11.90 TBVPS CAGR (%) 4.5% Tangible book value per share (IPO adjusted 3Q19 to 2Q22) ($000) 3Q19 Tangible common equity Total equity $348,936 Less goodwill (23,620) Less core deposit intangible (4,366) Tangible common equity 320,950 Net proceeds from initial public offering 138,493 Use of proceeds from initial public offering (special dividend) (169,999) IPO adjusted tangible common equity $289,444 Shares outstanding 18,027,512 New shares issued during initial public offering 9,429,794 Shares outstanding, following the initial public offering 27,457,306 Tangible book value per share $17.80 Dilution per share attributable to new investors and special dividend payment (7.26) IPO adjusted tangible book value per share $10.54 29

Non - GAAP reconciliations (cont’d) ($000) 2019 2020 2021 2Q22 Tangible common equity Total equity $332,918 $363,917 $411,881 $373,809 Less goodwill (23,620) (23,620) (29,322) (29,322) Less core deposit intangible (4,030) (2,798) (1,943) (1,453) Tangible common equity $305,268 $337,499 $380,616 $343,034 Tangible assets Total assets $3,245,103 $3,666,567 $4,314,254 $4,223,978 Less goodwill (23,620) (23,620) (29,322) (29,322) Less core deposit intangible (4,030) (2,798) (1,943) (1,453) Tangible assets $3,217,453 $3,640,149 $4,282,989 $4,193,203 Total stockholders’ equity to total assets 10.26% 9.93% 9.55% 8.85% Tangible common equity to tangible assets 9.49% 9.27% 8.89% 8.18% Tangible common equity to tangible assets 30

Non - GAAP reconciliations (cont’d) ($000) 2019 2020 2021 2Q22 Total deposits $2,776,855 $3,130,534 $3,738,185 $3,701,986 Less time deposits of $250,000 or more (44,754) (26,687) (59,512) (25,369) Less brokered deposits -- -- (4,238) -- Core deposits $2,732,101 $3,103,847 $3,674,435 $3,676,617 Core deposits to total deposits 98.39% 99.15% 98.29% 99.31% Core deposits 31

HBT Financial, Inc.