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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2022

OR

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

For the transition period from              to

Commission file number: 001-39085

HBT Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware

37-1117216

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

401 North Hershey Rd

Bloomington, Illinois 61704

(888) 897-2276

(Address of principal executive offices,
including zip code)

(Registrant’s telephone number,
including area code)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

HBT

The Nasdaq Stock Market LLC

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

As of July 27, 2022, there were 28,806,827 shares outstanding of the registrant’s common stock, $0.01 par value.

 

Table of Contents

TABLE OF CONTENTS
HBT Financial, Inc.

    

Page

PART I. FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

Consolidated Balance Sheets

3

Consolidated Statements of Income

4

Consolidated Statements of Comprehensive Income (Loss)

5

Consolidated Statement of Changes in Stockholders’ Equity

6

Consolidated Statements of Cash Flows

8

Notes to Consolidated Financial Statements

10

Item 2.

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

51

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

84

Item 4.

Controls and Procedures

85

PART II. OTHER INFORMATION

86

Item 1.

Legal Proceedings

86

Item 1A.

Risk Factors

86

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 3.

Defaults Upon Senior Securities

86

Item 4.

Mine Safety Disclosures

86

Item 5.

Other Information

87

Item 6.

Exhibits

87

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this quarterly report are forward-looking statements. Forward-looking statements may include statements relating to our plans, strategies and expectations, the economic impact of the COVID-19 pandemic and our future financial results, near-term loan growth, net interest margin, mortgage banking profits, wealth management fees, expenses, asset quality, capital levels, continued earnings, and liquidity. Forward-looking statements are generally identifiable by use of the words "believe," "may," "will," "should," "could," "expect," "estimate," "intend," "anticipate," "project," "plan" or similar expressions. Forward-looking statements are frequently based on assumptions that may or may not materialize and are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from the results anticipated or projected and which could materially and adversely affect our operating results, financial condition or prospects include, but are not limited to:

the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints);
the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof, or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events;
our asset quality and any loan charge-offs;
the composition of our loan portfolio;
time and effort necessary to resolve nonperforming assets and the loans modified or deferred as a result of the impact of the COVID-19 pandemic;
the length and severity of the COVID-19 pandemic, and the effects of the COVID-19 pandemic, including the impact of the pandemic on our operations and the operations of our customers and the communities that we serve;
environmental liability associated with our lending activities;
the effects of the current low interest rate environment or changes in interest rates on our net interest income, net interest margin, our investments, our loan originations, and our modeling estimates relating to interest rate changes;
changes in and uncertainty related to benchmark interest rates used to price our loans, including the elimination of the London Interbank Offered Rate (“LIBOR”);
our access to sources of liquidity and capital to address our liquidity needs;
our inability to receive dividends from the Bank, pay dividends to our common stockholders or satisfy obligations as they become due;
the effects of problems encountered by other financial institutions;
our ability to achieve organic loan and deposit growth and the composition of such growth;
our ability to attract and retain skilled employees or changes in our management personnel;
any failure or interruption of our information and communications systems;
our ability to identify and address cybersecurity risks;
the effects of the failure of any component of our business infrastructure provided by a third party;
our ability to keep pace with technological changes;
our ability to successfully develop and commercialize new or enhanced products and services;
current and future business, economic and market conditions in the United States (“U.S.”) generally or in the States of Illinois and Iowa in particular;
the geographic concentration of our operations in the States of Illinois and Iowa;
our ability to effectively compete with other financial services companies and the effects of competition in the financial services industry on our business;
our ability to attract and retain customer deposits;
our ability to maintain the Bank’s reputation;
possible impairment of our goodwill and other intangible assets;
the impact of, and changes in applicable laws, regulations and accounting standards and policies;
our prior status as an S corporation;
possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations;
the effectiveness of our risk management and internal disclosure controls and procedures;

1

Table of Contents

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

These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statement in the future, or to reflect circumstances and events that occur after the date on which the forward-looking statement was made.

2

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.         CONSOLIDATED FINANCIAL STATEMENTS

HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

    

(Unaudited)

   

June 30, 

December 31, 

2022

2021

ASSETS

Cash and due from banks

$

25,478

$

23,387

Interest-bearing deposits with banks

134,553

385,881

Cash and cash equivalents

160,031

409,268

Interest-bearing time deposits with banks

490

Debt securities available-for-sale, at fair value

924,706

942,168

Debt securities held-to-maturity (fair value of $510,152 in 2022 and $336,027 in 2021)

548,236

336,185

Equity securities with readily determinable fair value

3,103

3,443

Equity securities with no readily determinable fair value

1,952

1,927

Restricted stock, at cost

2,813

2,739

Loans held for sale

5,312

4,942

Loans, before allowance for loan losses

2,451,826

2,499,689

Allowance for loan losses

(24,734)

(23,936)

Loans, net of allowance for loan losses

2,427,092

2,475,753

Bank owned life insurance

7,474

7,393

Bank premises and equipment, net

51,433

52,483

Bank premises held for sale

319

1,452

Foreclosed assets

2,891

3,278

Goodwill

29,322

29,322

Core deposit intangible assets, net

1,453

1,943

Mortgage servicing rights, at fair value

10,089

7,994

Investments in unconsolidated subsidiaries

1,165

1,165

Accrued interest receivable

14,263

14,901

Other assets

32,324

17,408

Total assets

$

4,223,978

$

4,314,254

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Deposits:

Noninterest-bearing

$

1,028,790

$

1,087,659

Interest-bearing

2,673,196

2,650,526

Total deposits

3,701,986

3,738,185

Securities sold under agreements to repurchase

51,091

61,256

Subordinated notes

39,356

39,316

Junior subordinated debentures issued to capital trusts

37,747

37,714

Other liabilities

19,989

25,902

Total liabilities

3,850,169

3,902,373

COMMITMENTS AND CONTINGENCIES (Note 14)

Stockholders' Equity

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

Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 29,308,491 at 2022 and 29,276,547 at 2021; shares outstanding of 28,831,197 at 2022 and 28,986,061 at 2021

293

293

Surplus

222,087

220,891

Retained earnings

212,506

194,132

Accumulated other comprehensive income (loss)

(52,820)

1,471

Treasury stock at cost, 477,294 shares at 2022 and 290,486 at 2021

(8,257)

(4,906)

Total stockholders’ equity

373,809

411,881

Total liabilities and stockholders’ equity

$

4,223,978

$

4,314,254

See accompanying Notes to Consolidated Financial Statements (Unaudited)

3

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

2022

    

2021

    

2022

    

2021

INTEREST AND DIVIDEND INCOME

(dollars in thousands, except per share data)

Loans, including fees:

Taxable

$

27,843

$

25,278

$

54,649

$

50,412

Federally tax exempt

679

540

1,341

1,150

Securities:

Taxable

5,663

4,058

10,312

7,691

Federally tax exempt

1,138

1,144

2,178

2,280

Interest-bearing deposits in bank

420

115

579

195

Other interest and dividend income

14

12

33

25

Total interest and dividend income

35,757

31,147

69,092

61,753

INTEREST EXPENSE

Deposits

506

613

1,075

1,257

Securities sold under agreements to repurchase

8

8

17

15

Borrowings

1

2

1

Subordinated notes

469

469

939

939

Junior subordinated debentures issued to capital trusts

400

357

758

712

Total interest expense

1,384

1,447

2,791

2,924

Net interest income

34,373

29,700

66,301

58,829

PROVISION FOR LOAN LOSSES

145

(2,162)

(439)

(5,567)

Net interest income after provision for loan losses

34,228

31,862

66,740

64,396

NONINTEREST INCOME

Card income

2,714

2,449

5,118

4,707

Wealth management fees

2,322

2,005

4,611

3,977

Service charges on deposit accounts

1,792

1,390

3,444

2,687

Mortgage servicing

661

711

1,319

1,396

Mortgage servicing rights fair value adjustment

366

(310)

2,095

1,385

Gains on sale of mortgage loans

326

1,562

913

3,662

Unrealized gains (losses) on equity securities

(153)

6

(340)

46

Gains (losses) on foreclosed assets

(7)

216

33

140

Gains (losses) on other assets

(43)

(48)

150

(47)

Income on bank owned life insurance

41

81

Other noninterest income

532

793

1,170

1,629

Total noninterest income

8,551

8,774

18,594

19,582

NONINTEREST EXPENSE

Salaries

12,936

12,173

25,737

24,651

Employee benefits

1,984

1,409

4,428

3,094

Occupancy of bank premises

1,741

1,463

3,801

3,401

Furniture and equipment

623

603

1,175

1,226

Data processing

1,990

1,721

3,643

3,409

Marketing and customer relations

1,205

843

2,056

1,408

Amortization of intangible assets

245

258

490

547

FDIC insurance

298

244

586

484

Loan collection and servicing

278

333

435

698

Foreclosed assets

31

319

163

462

Other noninterest expense

2,511

2,788

5,485

5,318

Total noninterest expense

23,842

22,154

47,999

44,698

INCOME BEFORE INCOME TAX EXPENSE

18,937

18,482

37,335

39,280

INCOME TAX EXPENSE

4,852

4,765

9,646

10,318

NET INCOME

$

14,085

$

13,717

$

27,689

$

28,962

EARNINGS PER SHARE - BASIC

$

0.49

$

0.50

$

0.96

$

1.06

EARNINGS PER SHARE - DILUTED

$

0.49

$

0.50

$

0.95

$

1.05

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING

28,891,202

27,362,579

28,938,634

27,396,557

See accompanying Notes to Consolidated Financial Statements (Unaudited)

4

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

2022

    

2021

    

2022

    

2021

(dollars in thousands)

NET INCOME

$

14,085

$

13,717

$

27,689

$

28,962

OTHER COMPREHENSIVE (LOSS) INCOME

Unrealized (losses) gains on debt securities available-for-sale

(24,151)

8,800

(77,573)

(14,274)

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

549

199

730

231

Unrealized gains (losses) on derivative instruments

149

(38)

743

181

Reclassification adjustment for net settlements on derivative instruments

67

102

163

201

Total other comprehensive (loss) income, before tax

(23,386)

9,063

(75,937)

(13,661)

Income tax (benefit) expense

(6,666)

2,583

(21,646)

(3,894)

Total other comprehensive (loss) income

(16,720)

6,480

(54,291)

(9,767)

TOTAL COMPREHENSIVE (LOSS) INCOME

$

(2,635)

$

20,197

$

(26,602)

$

19,195

See accompanying Notes to Consolidated Financial Statements (Unaudited)

5

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

Accumulated

Common Stock

Other

Total

Shares

Retained

Comprehensive

Treasury

Stockholders’

    

Outstanding

    

Amount

    

Surplus

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

(dollars in thousands, except per share data)

Balance, March 31, 2022

28,967,943

$

293

$

221,735

$

203,076

$

(36,100)

$

(5,849)

$

383,155

Net income

14,085

14,085

Other comprehensive loss

(16,720)

(16,720)

Stock-based compensation

352

352

Repurchase of common stock

(136,746)

(2,408)

(2,408)

Cash dividends and dividend equivalents ($0.16 per share)

(4,655)

(4,655)

Balance, June 30, 2022

28,831,197

$

293

$

222,087

$

212,506

$

(52,820)

$

(8,257)

$

373,809

Balance, March 31, 2021

27,382,069

$

275

$

191,004

$

165,735

$

1,906

$

(1,514)

$

357,406

Net income

13,717

13,717

Other comprehensive income

6,480

6,480

Stock-based compensation

181

181

Repurchase of common stock

(27,016)

(466)

(466)

Cash dividends and dividend equivalents ($0.15 per share)

(4,124)

(4,124)

Balance, June 30, 2021

27,355,053

$

275

$

191,185

$

175,328

$

8,386

$

(1,980)

$

373,194

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HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (CONTINUED)

(Unaudited)

Accumulated

Common Stock

Other

Total

Shares

Retained

Comprehensive

Treasury

Stockholders’

    

Outstanding

    

Amount

    

Surplus

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

(dollars in thousands, except per share data)

Balance, December 31, 2021

28,986,061

$

293

$

220,891

$

194,132

$

1,471

$

(4,906)

$

411,881

Net income

27,689

27,689

Other comprehensive loss

(54,291)

(54,291)

Stock-based compensation

1,253

1,253

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

31,944

(57)

(57)

Repurchase of common stock

(186,808)

&