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): January 24, 2023

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 January 25, 2023, HBT Financial, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended and year ended December 31, 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 fourth quarter ended December 31, 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 8.01. Other Events.

On January 24, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.17 per share on the Company’s common stock (the “Dividend”). The Dividend is payable on February 14, 2023 to shareholders of record as of February 7, 2023. This represents an increase of $0.01 from the previous quarterly dividend of $0.16 per share.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number	Description of Exhibit

99.1	Earnings Release issued January 25, 2023 for the Fourth Quarter Ended and Year Ended December 31, 2022.

99.2	HBT Financial, Inc. Presentation of Results for the Fourth Quarter Ended December 31, 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/ Peter R. Chapman
		Name: Peter R. Chapman
		Title: Chief Financial Officer

Date: January 25, 2023

EXHIBIT 99.1

HBT FINANCIAL, INC. ANNOUNCES

FOURTH QUARTER 2022 FINANCIAL RESULTS

Quarterly Cash Dividend Increased to $0.17 per Share

Fourth Quarter Highlights

●

Net income of $17.2 million, or $0.59 per diluted share; return on average assets (ROAA) of 1.60%; return on average stockholders' equity (ROAE) of 18.50%; and return on average tangible common equity (ROATCE)⁽¹⁾ of 20.17%

●

Adjusted net income⁽¹⁾ of $17.9 million; or $0.62 per diluted share; adjusted ROAA⁽¹⁾ of 1.67%; adjusted ROAE⁽¹⁾ of 19.31%; and adjusted ROATCE⁽¹⁾ of 21.05%

●

Asset quality remained strong with nonperforming assets to total assets of 0.12%

●

Net interest margin expanded 45 basis points to 4.10%

(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, January 25, 2023 – 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 $17.2 million, or $0.59 diluted earnings per share, for the fourth quarter of 2022. This compares to net income of $15.6 million, or $0.54 diluted earnings per share, for the third quarter of 2022, and net income of $13.6 million, or $0.47 diluted earnings per share, for the fourth quarter of 2021.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “We had an excellent fourth quarter to complete 2022, thanks to growth in average earning assets, expanded net interest margin and solid non-interest income, resulting in increased book value and tangible book value per share. We expect to deliver good results again for our shareholders in 2023. We are excited to close the pending merger with Town and Country Financial Corporation (“Town and Country”) during the first quarter, which will add scale and efficiency, generate profitable growth and enhance the long-term value of our company. Town and Country has a long history in their markets and is a high performing bank – we look forward to teaming up to build future success.”

“While the economy faces a lot of uncertainty, we are confident in our ability to manage through challenging times. Our bank has a strong foundation, with a proven executive team, an established core deposit base and a conservative, well-diversified loan portfolio.”

HBT Financial, Inc.

Page 2 of 16

Adjusted Net Income

In addition to reporting GAAP results, the Company believes adjusted net income and adjusted earnings per share, which adjust for 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 $17.9 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2022. This compares to adjusted net income of $15.9 million, or $0.55 adjusted diluted earnings per share, for the third quarter of 2022, and adjusted net income of $14.2 million, or $0.49 adjusted diluted earnings per share, for the fourth quarter of 2021 (see "Reconciliation of Non-GAAP Financial Measures" tables).

Cash Dividend

Mr. Drake noted, “We are very pleased that our strong financial performance and capital ratios have enabled us to further increase our quarterly cash dividend while maintaining sufficient capital to support the continued growth of the Company.”

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2022 was $42.2 million, an increase of 12.8% from $37.4 million for the third quarter of 2022. The increase was primarily attributable to higher yields on interest-earning assets, with the yield on loans increasing 70 basis points to 5.61%, while the cost of funds only increased 11 basis points to 0.28%. Contributing to the increased loan interest income were higher nonaccrual interest recoveries which totaled $1.3 million during the fourth quarter of 2022 and $0.1 million during the third quarter of 2022.

Relative to the fourth quarter of 2021, net interest income increased 28.4% from $32.9 million. The increase was primarily attributable to higher yields on interest-earning assets, a more favorable asset mix, and nonaccrual interest recoveries. Partially offsetting these improvements was a decrease in PPP loan fees recognized as loan interest income which totaled $1.6 million during the fourth quarter of 2021. Additionally, nonaccrual interest recoveries totaled $0.5 million during the fourth quarter of 2021.

Net interest margin for the fourth quarter of 2022 was 4.10%, compared to 3.65% for the third quarter of 2022. The increase was primarily attributable to higher yields on interest-earning assets. The contribution of nonaccrual interest recoveries to net interest margin was 13 basis points during the fourth quarter of 2022 and 1 basis point during the third quarter of 2022. Additionally, acquired loan discount accretion contributed 2 basis points to net interest margin during the fourth quarter of 2022 and 2 basis points during the third quarter of 2022.

Relative to the fourth quarter of 2021, net interest margin increased from 3.17%. This increase was primarily attributable to higher yields on interest-earning assets and a more favorable mix of interest-earning assets. Nonaccrual interest recoveries contributed 5 basis points to net interest margin, and acquired loan discount accretion contributed 6 basis points to net interest margin, during the fourth quarter of 2021.

HBT Financial, Inc.

Page 3 of 16

Noninterest Income

Noninterest income for the fourth quarter of 2022 was $7.9 million, a decrease of 4.2% from $8.2 million for the third quarter of 2022. The decrease was primarily attributable to the fourth quarter 2022 results including a negative $0.3 million mortgage servicing rights (“MSR”) fair value adjustment, while the third quarter of 2022 included a positive $0.4 million MSR fair value adjustment. Partially offsetting this decline was a $0.4 million increase in wealth management fees, primarily due to increased farmland brokerage service fees.

Relative to the fourth quarter of 2021, noninterest income decreased 15.7% from $9.4 million. The decline was primarily due to a $0.7 million decrease in gains on sale of mortgage loans. Additionally, the fourth quarter of 2021 results included a positive $0.3 million MSR fair value adjustment.

Noninterest Expense

Noninterest expense for the fourth quarter of 2022 was $27.5 million, a 14.6% increase from $24.0 million for the third quarter of 2022. The increase was primarily due to a $2.6 million accrual related to pending legal matters, a $0.5 million increase in salaries expense, and a $0.4 million increase in benefits expense driven by higher medical benefit costs.

Relative to the fourth quarter of 2021, noninterest expense increased 12.8% from $24.4 million, also primarily attributable to the accrual for pending legal matters and increased salaries and benefits expenses.

Loan Portfolio

Total loans outstanding, before allowance for loan losses, were $2.62 billion at December 31, 2022, compared with $2.58 billion at September 30, 2022 and $2.50 billion at December 31, 2021. The $40.3 million increase in total loans from September 30, 2022 was primarily attributable to growth in the multi-family and commercial and industrial categories. The $26.1 million increase in commercial and industrial loans was driven primarily by higher balances on lines of credit across a variety of industries.

Deposits

Total deposits were $3.59 billion at December 31, 2022, compared with $3.64 billion at September 30, 2022 and $3.74 billion at December 31, 2021. The $56.4 million decrease from September 30, 2022 was primarily attributable to lower balances maintained in public funds and business accounts, while balances maintained in retail accounts remained nearly unchanged.

Asset Quality

Nonperforming loans totaled $2.2 million, or 0.08% of total loans, at December 31, 2022, compared with $3.2 million, or 0.12% of total loans, at September 30, 2022, and $2.8 million, or 0.11% of total loans, at December 31, 2021.

The Company recorded a negative provision for loan losses of $0.7 million for the fourth quarter of 2022, compared to a provision for loan losses of $0.4 million for the third quarter of 2022. The negative provision was primarily due to $0.9 million of net recoveries, partially offset by a $0.3 million increase in required reserves, resulting primarily from the increase in loans during the fourth quarter of 2022.

The Company had net recoveries of $0.9 million, or (0.14)% of average loans on an annualized basis, for the fourth quarter of 2022, compared to net charge-offs of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2022, and net charge-offs of $0.1 million, or 0.01% of average loans on an annualized basis, for the fourth quarter of 2021.

The Company’s allowance for loan losses was 0.97% of total loans and 1,175% of nonperforming loans at December 31, 2022, compared with 0.97% of total loans and 782% of nonperforming loans at September 30, 2022.

HBT Financial, Inc.

Page 4 of 16

On January 1, 2023, the Company adopted ASU 2016-13 (Topic 326), Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Loss (“CECL”) standard. Management is finalizing macroeconomic conditions and forecast assumptions to be used in our CECL model; however, we expect the initial allowance for credit losses and the reserve for unfunded commitments together to be approximately 25% to 50% above the existing allowance for loan loss levels. When finalized, this one-time increase will be recorded, net of tax, as an adjustment to beginning retained earnings. Ongoing impacts of the CECL methodology will be dependent upon changes in economic conditions and forecasts, the credit quality of our loan portfolio, originated and acquired loan portfolio composition, portfolio duration, and other factors.

Stock Repurchase Program

During the fourth quarter of 2022, the Company did not repurchase any shares of its common stock. The Company’s Board of Directors authorized a new stock repurchase program that took effect upon the expiration of the Company’s prior stock repurchase program on January 1, 2023. The new Program will be in effect until January 1, 2024 and authorizes the Company to repurchase up to $15 million of its common stock.

Pending Acquisition of Town and Country

On August 23, 2022, HBT and Town and Country, the holding company for Town and Country Bank, jointly announced the signing of a definitive agreement pursuant to which HBT will acquire Town and Country and Town and Country Bank. The acquisition will further enhance HBT’s footprint in Central Illinois as well as expand HBT’s footprint into metro-east St. Louis. Acquisition-related expenses were $0.6 million during the fourth quarter of 2022 and $0.5 million during the third quarter of 2022. The acquisition is expected to close on February 1, 2023.

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 58 full-service branches. As of December 31, 2022, HBT had total assets of $4.3 billion, total loans of $2.6 billion, and total deposits of $3.6 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 16

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; (xiii) the risk that a condition to closing of the pending Town and Country transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the pending transaction might be delayed or not occur at all; (xiv) potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; (xv) the diversion of management time on transaction-related issues; (xvi) the ultimate timing, outcome and results of integrating the operations of Town and Country into those of HBT; (xvii) the effects of the merger on HBT’s future financial condition, results of operations, strategy and plans; and (xviii) 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 (the “SEC”).

HBT Financial, Inc.

Page 6 of 16

Important Information and Where to Find It

In connection with the proposed transaction, HBT Financial and Town and Country filed a Registration Statement on Form S-4 of HBT Financial that includes a proxy statement of Town and Country and a prospectus of HBT Financial that has been distributed to the stockholders of Town and Country. This document is not a substitute for the proxy statement/prospectus or the Registration Statement or for any other document that HBT Financial or Town and Country may file with the SEC and/or send to Town and Country’s stockholders in connection with the proposed transaction. TOWN AND COUNTRY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT AND ALL OTHER RELEVANT DOCUMENTS FILED BY HBT FINANCIAL OR TOWN AND COUNTRY OR DISTRIBUTED TO TOWN AND COUNTRY STOCKHOLDERS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT HBT FINANCIAL, TOWN AND COUNTRY AND THE PROPOSED TRANSACTION.

Investors can obtain free copies of the Registration Statement and proxy statement/prospectus, as each may be amended from time to time, and other relevant documents filed by HBT Financial and Town and Country with the SEC through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by HBT Financial are available free of charge from HBT Financial’s website at https://ir.hbtfinancial.com or by contacting HBT Financial’s Investor Relations Department at HBTIR@hbtbank.com.

No Offer or Solicitation

This document does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities with respect to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

CONTACT:

Peter Chapman

HBTIR@hbtbank.com

(888) 897-2276

HBT Financial, Inc.

Page 7 of 16

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	As of or for the Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2022			2022			2021			2022			2021

	(dollars in thousands, except per share data)
Interest and dividend income	$	44,948		$	39,014		$	34,355		$	153,054		$	128,223
Interest expense		2,765			1,624			1,496			7,180			5,820
Net interest income		42,183			37,390			32,859			145,874			122,403
Provision for loan losses		(653)			386			(843)			(706)			(8,077)
Net interest income after provision for loan losses		42,836			37,004			33,702			146,580			130,480
Noninterest income		7,889			8,234			9,354			34,717			37,328
Noninterest expense		27,510			23,998			24,381			99,507			91,246
Income before income tax expense		23,215			21,240			18,675			81,790			76,562
Income tax expense		6,058			5,613			5,081			21,317			20,291
Net income	$	17,157		$	15,627		$	13,594		$	60,473		$	56,271

Earnings per share - Basic	$	0.60		$	0.54		$	0.47		$	2.09		$	2.02
Earnings per share - Diluted		0.59			0.54			0.47			2.09			2.02

Adjusted net income ⁽¹⁾	$	17,903		$	15,856		$	14,160		$	59,822		$	56,840
Adjusted earnings per share - Basic ⁽¹⁾		0.62			0.55			0.49			2.07			2.04
Adjusted earnings per share - Diluted ⁽¹⁾		0.62			0.55			0.49			2.07			2.04

Book value per share	$	13.13		$	12.49		$	14.21
Tangible book value per share ⁽¹⁾		12.08			11.43			13.13

Shares of common stock outstanding		28,752,626			28,752,626			28,986,061
Weighted average shares of common stock outstanding		28,752,626			28,787,662			29,036,164			28,853,697			27,795,806

SUMMARY RATIOS
Net interest margin *		4.10	%		3.65	%		3.17	%		3.54	%		3.18	%
Net interest margin (tax equivalent basis) * ⁽¹⁾⁽²⁾		4.17			3.72			3.22			3.60			3.23

Efficiency ratio		54.66	%		52.07	%		57.15	%		54.62	%		56.46	%
Efficiency ratio (tax equivalent basis) ⁽¹⁾⁽²⁾		53.91			51.31			56.47			53.87			55.76

Loan to deposit ratio		73.05	%		70.81	%		66.87	%

Return on average assets *		1.60	%		1.47	%		1.26	%		1.42	%		1.41	%
Return on average stockholders' equity *		18.50			16.27			13.15			15.78			14.81
Return on average tangible common equity * ⁽¹⁾		20.17			17.70			14.24			17.15			15.95

Adjusted return on average assets * ⁽¹⁾		1.67	%		1.49	%		1.32	%		1.40	%		1.43	%
Adjusted return on average stockholders' equity * ⁽¹⁾		19.31			16.51			13.70			15.61			14.95
Adjusted return on average tangible common equity * ⁽¹⁾		21.05			17.96			14.83			16.97			16.12

CAPITAL
Total capital to risk-weighted assets		16.45	%		16.34	%		16.88	%
Tier 1 capital to risk-weighted assets		14.41			14.26			14.66
Common equity tier 1 capital ratio		13.25			13.08			13.37
Tier 1 leverage ratio		10.58			10.44			9.84
Total stockholders' equity to total assets		8.83			8.52			9.55
Tangible common equity to tangible assets ⁽¹⁾		8.18			7.85			8.89

ASSET QUALITY
Net charge-offs (recoveries) to average loans, before allowance for loan losses		(0.14)	%		0.01	%		0.01	%		(0.08)	%		(0.01)	%
Allowance for loan losses to loans, before allowance for loan losses		0.97			0.97			0.96
Nonperforming loans to loans, before allowance for loan losses		0.08			0.12			0.11
Nonperforming assets to total assets		0.12			0.14			0.14

* 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 8 of 16

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Statements of Income


	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,
	2022		2022		2021		2022		2021

INTEREST AND DIVIDEND INCOME	(dollars in thousands, except per share data)
Loans, including fees:
Taxable	$	35,839	$	29,855	$	27,884	$	120,343	$	103,900
Federally tax exempt		952		842		662		3,135		2,384
Securities:
Taxable		6,421		6,635		4,625		23,368		16,948
Federally tax exempt		1,184		1,207		1,017		4,569		4,400
Interest-bearing deposits in bank		504		458		142		1,541		527
Other interest and dividend income		48		17		25		98		64
Total interest and dividend income		44,948		39,014		34,355		153,054		128,223

INTEREST EXPENSE
Deposits		849		587		651		2,511		2,472
Securities sold under agreements to repurchase		10		9		11		36		34
Borrowings		880		85		7		967		9
Subordinated notes		470		470		470		1,879		1,879
Junior subordinated debentures issued to capital trusts		556		473		357		1,787		1,426
Total interest expense		2,765		1,624		1,496		7,180		5,820
Net interest income		42,183		37,390		32,859		145,874		122,403
PROVISION FOR LOAN LOSSES		(653)		386		(843)		(706)		(8,077)
Net interest income after provision for loan losses		42,836		37,004		33,702		146,580		130,480

NONINTEREST INCOME
Card income		2,642		2,569		2,518		10,329		9,734
Wealth management fees		2,485		2,059		2,371		9,155		8,384
Service charges on deposit accounts		1,701		1,927		1,716		7,072		6,080
Mortgage servicing		593		697		730		2,609		2,825
Mortgage servicing rights fair value adjustment		(293)		351		265		2,153		1,690
Gains on sale of mortgage loans		194		354		927		1,461		5,846
Unrealized gains (losses) on equity securities		33		(107)		33		(414)		107
Gains (losses) on foreclosed assets		(122)		(225)		184		(314)		310
Gains (losses) on other assets		17		(31)		(4)		136		(723)
Income on bank owned life insurance		42		41		41		164		41
Other noninterest income		597		599		573		2,366		3,034
Total noninterest income		7,889		8,234		9,354		34,717		37,328

NONINTEREST EXPENSE
Salaries		13,278		12,752		12,486		51,767		48,972
Employee benefits		2,126		1,771		1,964		8,325		6,513
Occupancy of bank premises		1,893		1,979		1,777		7,673		6,788
Furniture and equipment		633		668		793		2,476		2,676
Data processing		2,167		1,631		2,153		7,441		7,329
Marketing and customer relations		867		880		1,085		3,803		3,376
Amortization of intangible assets		140		243		255		873		1,054
FDIC insurance		276		302		280		1,164		1,043
Loan collection and servicing		278		336		219		1,049		1,317
Foreclosed assets		33		97		204		293		908
Other noninterest expense		5,819		3,339		3,165		14,643		11,270
Total noninterest expense		27,510		23,998		24,381		99,507		91,246
INCOME BEFORE INCOME TAX EXPENSE		23,215		21,240		18,675		81,790		76,562
INCOME TAX EXPENSE		6,058		5,613		5,081		21,317		20,291
NET INCOME	$	17,157	$	15,627	$	13,594	$	60,473	$	56,271

EARNINGS PER SHARE - BASIC	$	0.60	$	0.54	$	0.47	$	2.09	$	2.02
EARNINGS PER SHARE - DILUTED	$	0.59	$	0.54	$	0.47	$	2.09	$	2.02
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		28,752,626		28,787,662		29,036,164		28,853,697		27,795,806

HBT Financial, Inc.

Page 9 of 16

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Balance Sheets


	December 31,		September 30,		December 31,
	2022		2022		2021

	(dollars in thousands)
ASSETS
Cash and due from banks	$	18,970	$	22,169	$	23,387
Interest-bearing deposits with banks		95,189		56,046		385,881
Cash and cash equivalents		114,159		78,215		409,268

Interest-bearing time deposits with banks		—		—		490
Debt securities available-for-sale, at fair value		843,524		853,740		942,168
Debt securities held-to-maturity		541,600		546,694		336,185
Equity securities with readily determinable fair value		3,029		2,996		3,443
Equity securities with no readily determinable fair value		1,977		1,977		1,927
Restricted stock, at cost		7,965		4,050		2,739
Loans held for sale		615		2,297		4,942

Loans, before allowance for loan losses		2,620,253		2,579,928		2,499,689
Allowance for loan losses		(25,333)		(25,060)		(23,936)
Loans, net of allowance for loan losses		2,594,920		2,554,868		2,475,753

Bank owned life insurance		7,557		7,515		7,393
Bank premises and equipment, net		50,469		50,854		52,483
Bank premises held for sale		235		281		1,452
Foreclosed assets		3,030		2,637		3,278
Goodwill		29,322		29,322		29,322
Core deposit intangible assets, net		1,070		1,210		1,943
Mortgage servicing rights, at fair value		10,147		10,440		7,994
Investments in unconsolidated subsidiaries		1,165		1,165		1,165
Accrued interest receivable		19,506		16,881		14,901
Other assets		47,461		48,182		17,408
Total assets	$	4,277,751	$	4,213,324	$	4,314,254

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	994,954	$	1,017,710	$	1,087,659
Interest-bearing		2,592,070		2,625,733		2,650,526
Total deposits		3,587,024		3,643,443		3,738,185

Securities sold under agreements to repurchase		43,081		48,130		61,256
Federal Home Loan Bank advances		160,000		60,000		—
Subordinated notes		39,395		39,376		39,316
Junior subordinated debentures issued to capital trusts		37,780		37,763		37,714
Other liabilities		32,822		25,539		25,902
Total liabilities		3,900,102		3,854,251		3,902,373

Stockholders' Equity
Common stock		293		293		293
Surplus		222,783		222,436		220,891
Retained earnings		236,021		223,495		194,132
Accumulated other comprehensive income (loss)		(71,759)		(77,462)		1,471
Treasury stock at cost		(9,689)		(9,689)		(4,906)
Total stockholders’ equity		377,649		359,073		411,881
Total liabilities and stockholders’ equity	$	4,277,751	$	4,213,324	$	4,314,254

SHARE INFORMATION
Shares of common stock outstanding		28,752,626		28,752,626		28,986,061

HBT Financial, Inc.

Page 10 of 16

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	December 31,		September 30,		December 31,
	2022		2022		2021

	(dollars in thousands)
LOANS
Commercial and industrial	$	266,757	$	240,671	$	286,946
Agricultural and farmland		237,746		245,234		247,796
Commercial real estate - owner occupied		218,503		226,524		234,544
Commercial real estate - non-owner occupied		713,202		718,089		684,023
Multi-family		287,865		260,630		263,911
Construction and land development		360,824		364,290		298,048
One-to-four family residential		338,253		328,667		327,837
Municipal, consumer, and other		197,103		195,823		156,584
Loans, before allowance for loan losses	$	2,620,253	$	2,579,928	$	2,499,689

PPP LOANS (included above)
Commercial and industrial	$	28	$	65	$	28,404
Agricultural and farmland		—		—		913
Municipal, consumer, and other		—		—		171
Total PPP Loans	$	28	$	65	$	29,488


	December 31,		September 30,		December 31,
	2022		2022		2021

	(dollars in thousands)
DEPOSITS
Noninterest-bearing	$	994,954	$	1,017,710	$	1,087,659
Interest-bearing demand		1,139,150		1,131,284		1,105,949
Money market		555,425		584,202		583,198
Savings		634,527		641,139		633,171
Time		262,968		269,108		328,208
Total deposits	$	3,587,024	$	3,643,443	$	3,738,185

HBT Financial, Inc.

Page 11 of 16

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	Three Months Ended
	December 31, 2022						September 30, 2022						December 31, 2021
	Average						Average						Average
	Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *

	(dollars in thousands)
ASSETS
Loans	$	2,600,746	$	36,791	5.61	%	$	2,481,920	$	30,697	4.91	%	$	2,432,025	$	28,546	4.66	%
Securities		1,396,401		7,605	2.16			1,470,092		7,842	2.12			1,285,672		5,642	1.74
Deposits with banks		76,507		504	2.61			105,030		458	1.73			392,729		142	0.14
Other		5,607		48	3.37			2,936		17	2.25			4,821		25	2.10
Total interest-earning assets		4,079,261	$	44,948	4.37	%		4,059,978	$	39,014	3.81	%		4,115,247	$	34,355	3.31	%
Allowance for loan losses		(25,404)						(24,717)						(24,826)
Noninterest-earning assets		188,844						173,461						176,242
Total assets	$	4,242,701					$	4,208,722					$	4,266,663

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,125,877	$	177	0.06	%	$	1,137,072	$	144	0.05	%	$	1,061,481	$	145	0.05	%
Money market		572,718		379	0.26			577,388		203	0.14			589,396		158	0.11
Savings		640,668		53	0.03			649,752		53	0.03			630,489		53	0.03
Time		266,117		240	0.36			271,870		187	0.27			322,800		295	0.36
Total interest-bearing deposits		2,605,380		849	0.13			2,636,082		587	0.09			2,604,166		651	0.10
Securities sold under agreements to repurchase		51,703		10	0.08			50,427		9	0.07			56,861		11	0.08
Borrowings		92,120		880	3.79			11,967		85	2.80			5,309		7	0.57
Subordinated notes		39,384		470	4.73			39,365		470	4.73			39,305		470	4.74
Junior subordinated debentures issued to capital trusts		37,770		556	5.84			37,755		473	4.97			37,704		357	3.76
Total interest-bearing liabilities		2,826,357	$	2,765	0.39	%		2,775,596	$	1,624	0.23	%		2,743,345	$	1,496	0.22	%
Noninterest-bearing deposits		1,023,355						1,031,407						1,087,468
Noninterest-bearing liabilities		25,078						20,736						25,660
Total liabilities		3,874,790						3,827,739						3,856,473
Stockholders' Equity		367,911						380,983						410,190
Total liabilities and stockholders’ equity	$	4,242,701					$	4,208,722					$	4,266,663

Net interest income/Net interest margin ⁽¹⁾			$	42,183	4.10	%			$	37,390	3.65	%			$	32,859	3.17	%
Tax-equivalent adjustment ⁽²⁾				698	0.07					674	0.07					514	0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis)^{(2) (3)}			$	42,881	4.17	%			$	38,064	3.72	%			$	33,373	3.22	%
Net interest rate spread ⁽⁴⁾					3.98	%					3.58	%					3.09	%
Net interest-earning assets ⁽⁵⁾	$	1,252,904					$	1,284,382					$	1,371,902
Ratio of interest-earning assets to interest-bearing liabilities		1.44						1.46						1.50
Cost of total deposits					0.09	%					0.06	%					0.07	%
Cost of funds					0.28						0.17						0.15

* 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 12 of 16

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	Year Ended
	December 31, 2022						December 31, 2021
	Average						Average
	Balance		Interest		Yield/Cost		Balance		Interest		Yield/Cost

	(dollars in thousands)
ASSETS
Loans	$	2,514,549	$	123,478	4.91	%	$	2,271,544	$	106,284	4.68	%
Securities		1,403,016		27,937	1.99			1,148,900		21,348	1.86
Deposits with banks		197,030		1,541	0.78			422,828		527	0.12
Other		3,529		98	2.77			3,201		64	2.01
Total interest-earning assets		4,118,124	$	153,054	3.72	%		3,846,473	$	128,223	3.33	%
Allowance for loan losses		(24,703)						(27,999)
Noninterest-earning assets		176,427						162,064
Total assets	$	4,269,848					$	3,980,538

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,141,402	$	607	0.05	%	$	1,024,888	$	518	0.05	%
Money market		582,514		813	0.14			521,366		437	0.08
Savings		650,385		208	0.03			595,887		188	0.03
Time		283,232		883	0.31			295,788		1,329	0.45
Total interest-bearing deposits		2,657,533		2,511	0.09			2,437,929		2,472	0.10
Securities sold under agreements to repurchase		51,554		36	0.07			50,104		34	0.07
Borrowings		26,468		967	3.65			1,653		9	0.54
Subordinated notes		39,355		1,879	4.77			39,275		1,879	4.78
Junior subordinated debentures issued to capital trusts		37,746		1,787	4.73			37,680		1,426	3.79
Total interest-bearing liabilities		2,812,656	$	7,180	0.26	%		2,566,641	$	5,820	0.23	%
Noninterest-bearing deposits		1,051,187						1,004,757
Noninterest-bearing liabilities		22,688						29,060
Total liabilities		3,886,531						3,600,458
Stockholders' Equity		383,317						380,080
Total liabilities and stockholders’ equity	$	4,269,848						3,980,538

Net interest income/Net interest margin ⁽¹⁾			$	145,874	3.54	%			$	122,403	3.18	%
Tax-equivalent adjustment ⁽²⁾				2,499	0.06					2,028	0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}			$	148,373	3.60	%			$	124,431	3.23	%
Net interest rate spread ⁽⁴⁾					3.46	%					3.10	%
Net interest-earning assets ⁽⁵⁾	$	1,305,468					$	1,279,832
Ratio of interest-earning assets to interest-bearing liabilities		1.46						1.50
Cost of total deposits					0.07	%					0.07	%
Cost of funds					0.19						0.16

(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 13 of 16

HBT Financial, Inc.

Unaudited Consolidated Financial Summary


	December 31,			September 30,			December 31,
	2022			2022			2021

	(dollars in thousands)
NONPERFORMING ASSETS
Nonaccrual	$	2,155		$	3,206		$	2,763
Past due 90 days or more, still accruing ⁽¹⁾		1			—			16
Total nonperforming loans		2,156			3,206			2,779
Foreclosed assets		3,030			2,637			3,278
Total nonperforming assets	$	5,186		$	5,843		$	6,057

Allowance for loan losses	$	25,333		$	25,060		$	23,936
Loans, before allowance for loan losses		2,620,253			2,579,928			2,499,689

CREDIT QUALITY RATIOS
Allowance for loan losses to loans, before allowance for loan losses		0.97	%		0.97	%		0.96	%
Allowance for loan losses to nonaccrual loans		1,175.55			781.66			866.30
Allowance for loan losses to nonperforming loans		1,175.00			781.66			861.32
Nonaccrual loans to loans, before allowance for loan losses		0.08			0.12			0.11
Nonperforming loans to loans, before allowance for loan losses		0.08			0.12			0.11
Nonperforming assets to total assets		0.12			0.14			0.14
Nonperforming assets to loans, before allowance for loan losses, and foreclosed assets		0.20			0.23			0.24

(1)	Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $145 thousand, $22 thousand, and $32 thousand as of December 31, 2022, September 30, 2022 and December 31, 2021, respectively.


	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2022			2022			2021			2022			2021

ALLOWANCE FOR LOAN LOSSES	(dollars in thousands)
Beginning balance	$	25,060		$	24,734		$	24,861		$	23,936		$	31,838
Provision		(653)			386			(843)			(706)			(8,077)
Charge-offs		(169)			(222)			(539)			(684)			(1,414)
Recoveries		1,095			162			457			2,787			1,589
Ending balance	$	25,333		$	25,060		$	23,936		$	25,333		$	23,936

Net charge-offs (recoveries)	$	(926)		$	60		$	82		$	(2,103)		$	(175)
Average loans, before allowance for loan losses		2,600,746			2,481,920			2,432,025			2,514,549			2,271,544

Net charge-offs (recoveries) to average loans, before allowance for loan losses *		(0.14)	%		0.01	%		0.01	%		(0.08)	%		(0.01)	%

* Annualized measure.

HBT Financial, Inc.

Page 14 of 16

Reconciliation of Non-GAAP Financial Measures –

Adjusted Net Income and Adjusted Return on Average Assets


	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2022			2022			2021			2022			2021

	(dollars in thousands)
Net income	$	17,157		$	15,627		$	13,594		$	60,473		$	56,271
Adjustments:
Acquisition expenses		(630)			(462)			(879)			(1,092)			(1,416)
Branch closure expenses		—			—			—			—			(748)
Gains (losses) on sales of closed branch premises		—			(38)			—			141			—
Mortgage servicing rights fair value adjustment		(293)			351			265			2,153			1,690
Total adjustments		(923)			(149)			(614)			1,202			(474)
Tax effect of adjustments		177			(80)			48			(551)			(95)
Less adjustments, after tax effect		(746)			(229)			(566)			651			(569)
Adjusted net income	$	17,903		$	15,856		$	14,160		$	59,822		$	56,840

Average assets	$	4,242,701		$	4,208,722		$	4,266,663		$	4,269,848		$	3,980,538

Return on average assets *		1.60	%		1.47	%		1.26	%		1.42	%		1.41	%
Adjusted return on average assets *		1.67			1.49			1.32			1.40			1.43

* Annualized measure.

Reconciliation of Non-GAAP Financial Measures –

Adjusted Earnings Per Share


	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,
	2022		2022		2021		2022		2021

	(dollars in thousands, except per share data)
Numerator:
Net income	$	17,157	$	15,627	$	13,594	$	60,473	$	56,271
Earnings allocated to participating securities ⁽¹⁾		(20)		(17)		(23)		(71)		(104)
Numerator for earnings per share - basic and diluted	$	17,137	$	15,610	$	13,571	$	60,402	$	56,167

Adjusted net income	$	17,903	$	15,856	$	14,160	$	59,822	$	56,840
Earnings allocated to participating securities ⁽¹⁾		(21)		(17)		(24)		(70)		(105)
Numerator for adjusted earnings per share - basic and diluted	$	17,882	$	15,839	$	14,136	$	59,752	$	56,735

Denominator:
Weighted average common shares outstanding		28,752,626		28,787,662		29,036,164		28,853,697		27,795,806
Dilutive effect of outstanding restricted stock units		91,905		72,643		27,577		65,619		15,487
Weighted average common shares outstanding, including all dilutive potential shares		28,844,531		28,860,305		29,063,741		28,919,316		27,811,293

Earnings per share - Basic	$	0.60	$	0.54	$	0.47	$	2.09	$	2.02
Earnings per share - Diluted	$	0.59	$	0.54	$	0.47	$	2.09	$	2.02

Adjusted earnings per share - Basic	$	0.62	$	0.55	$	0.49	$	2.07	$	2.04
Adjusted earnings per share - Diluted	$	0.62	$	0.55	$	0.49	$	2.07	$	2.04

(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 15 of 16

Reconciliation of Non-GAAP Financial Measures –

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


	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2022			2022			2021			2022			2021

	(dollars in thousands)
Net interest income (tax equivalent basis)
Net interest income	$	42,183		$	37,390		$	32,859		$	145,874		$	122,403
Tax-equivalent adjustment ⁽¹⁾		698			674			514			2,499			2,028
Net interest income (tax equivalent basis) ⁽¹⁾	$	42,881		$	38,064		$	33,373		$	148,373		$	124,431

Net interest margin (tax equivalent basis)
Net interest margin *		4.10	%		3.65	%		3.17	%		3.54	%		3.18	%
Tax-equivalent adjustment * ⁽¹⁾		0.07			0.07			0.05			0.06			0.05
Net interest margin (tax equivalent basis) * ⁽¹⁾		4.17	%		3.72	%		3.22	%		3.60	%		3.23	%

Average interest-earning assets	$	4,079,261		$	4,059,978		$	4,115,247		$	4,118,124		$	3,846,473

* 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									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2022			2022			2021			2022			2021

	(dollars in thousands)
Efficiency ratio (tax equivalent basis)
Total noninterest expense	$	27,510		$	23,998		$	24,381		$	99,507		$	91,246
Less: amortization of intangible assets		140			243			255			873			1,054
Adjusted noninterest expense	$	27,370		$	23,755		$	24,126		$	98,634		$	90,192

Net interest income	$	42,183		$	37,390		$	32,859		$	145,874		$	122,403
Total noninterest income		7,889			8,234			9,354			34,717			37,328
Operating revenue		50,072			45,624			42,213			180,591			159,731
Tax-equivalent adjustment ⁽¹⁾		698			674			514			2,499			2,028
Operating revenue (tax equivalent basis) ⁽¹⁾	$	50,770		$	46,298		$	42,727		$	183,090		$	161,759

Efficiency ratio		54.66	%		52.07	%		57.15	%		54.62	%		56.46	%
Efficiency ratio (tax equivalent basis) ⁽¹⁾		53.91			51.31			56.47			53.87			55.76

(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 16 of 16

Reconciliation of Non-GAAP Financial Measures –

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


	December 31,			September 30,			December 31,
	2022			2022			2021

	(dollars in thousands, except per share data)
Tangible common equity
Total stockholders' equity	$	377,649		$	359,073		$	411,881
Less: Goodwill		29,322			29,322			29,322
Less: Core deposit intangible assets, net		1,070			1,210			1,943
Tangible common equity	$	347,257		$	328,541		$	380,616

Tangible assets
Total assets	$	4,277,751		$	4,213,324		$	4,314,254
Less: Goodwill		29,322			29,322			29,322
Less: Core deposit intangible assets, net		1,070			1,210			1,943
Tangible assets	$	4,247,359		$	4,182,792		$	4,282,989

Total stockholders' equity to total assets		8.83	%		8.52	%		9.55	%
Tangible common equity to tangible assets		8.18			7.85			8.89

Shares of common stock outstanding		28,752,626			28,752,626			28,986,061

Book value per share	$	13.13		$	12.49		$	14.21
Tangible book value per share		12.08			11.43			13.13

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									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2022			2022			2021			2022			2021

	(dollars in thousands)
Average tangible common equity
Total stockholders' equity	$	367,911		$	380,983		$	410,190		$	383,317		$	380,080
Less: Goodwill		29,322			29,322			29,322			29,322			25,057
Less: Core deposit intangible assets, net		1,134			1,356			2,092			1,480			2,333
Average tangible common equity	$	337,455		$	350,305		$	378,776		$	352,515		$	352,690

Net income	$	17,157		$	15,627		$	13,594		$	60,473		$	56,271
Adjusted net income		17,903			15,856			14,160			59,822			56,840

Return on average stockholders' equity *		18.50	%		16.27	%		13.15	%		15.78	%		14.81	%
Return on average tangible common equity *		20.17			17.70			14.24			17.15			15.95

Adjusted return on average stockholders' equity *		19.31	%		16.51	%		13.70	%		15.61	%		14.95	%
Adjusted return on average tangible common equity *		21.05			17.96			14.83			16.97			16.12

* Annualized measure.

Exhibit 99.2

STRICTLY PRIVATE AND CONFIDENTIAL Q4 2022 Results Presentation January 25, 2023 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” or “HBT”) and its management may contain, "forward - looking statements" within the meanings of the Private Securities Litigation Reform Ac t 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 th e use of forward - looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue,“ or “should,” or similar terminolo gy. 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 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 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; (xiii) the risk that a condition to closing of the pending Town and Country Financial Corporation (“Town and Country”) transaction may not be satisfied, that either party may terminate the mer ger agreement or that the closing of the pending transaction might be delayed or not occur at all; (xiv) potential adverse reactions or changes to business or employee relationships, including th ose resulting from the announcement or completion of the transaction; (xv) the diversion of management time on transaction - related issues; (xvi) the ultimate timing, outcome and results of integrating th e operations of Town and Country into those of HBT; (xvii) the effects of the merger on HBT’s future financial condition, results of operations, strategy and plans; and (xviii) the ability of the Com pan y to manage the risks associated with the foregoing. Readers should note that the forward - looking statements included in this presentation are not a guarantee of future events, and that actual events m ay 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 m ate rially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Non - GAAP Financial Measures This presentation includes certain non - GAAP financial measures. While the Company believes these are useful measures for investo rs, 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 pre sentation. 1

Important Information and Where to Find It In connection with the proposed transaction, HBT and Town and Country filed a Registration Statement on Form S - 4 of HBT that inc ludes a proxy statement of Town and Country and a prospectus of HBT that has been distributed to the stockholders of Town and Country. This document is not a substitute for the proxy statem ent /prospectus or the Registration Statement or for any other document that HBT or Town and Country may file with the SEC and/or send to Town and Country’s stockholders in connection with the prop ose d transaction. TOWN AND COUNTRY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT AND ALL OTHER RELEVANT DOCUMENTS FILED BY HBT OR TOW N AND COUNTRY OR DISTRIBUTED TO TOWN AND COUNTRY STOCKHOLDERS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT HBT, TOWN AND COUNTRY AND TH E P ROPOSED TRANSACTION. Investors can obtain free copies of the Registration Statement and proxy statement/prospectus, as each may be amended from ti me to time, and other relevant documents filed by HBT and Town and Country with the SEC through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by HBT are available free of charge from HBT’s website at https://ir.hbtfinancial.com or by contacting HBT’s Investor Relations Department at HBTIR@hbtbank.com. No Offer or Solicitation T his document does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities with re spect to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. 2

Q4 2022 Highlights M&A continues to enhance value of HBT franchise ◼ Pending merger with Town and Country Financial Corporation (expected to close on February 1, 2023) ➢ Expands HBT’s Illinois footprint while adding exposure to St. Louis MSA ➢ Adds high performing, highly compatible commercial banking franchise with low - cost deposit base Continued growth in earnings and returns ◼ Net income of $17.2 million, or $0.59 per diluted share; return on average assets (ROAA) of 1.60% and return on average tangible common equity (ROATCE) 1 of 20.17%; all up from the prior quarter and prior year’s same quarter ◼ Adjusted net income 1 of $17.9 million, or $0.62 per diluted share; adjusted ROAA 1 of 1.67% and adjusted ROATCE 1 of 21.05% Increased Operational Performance and Asset Quality ◼ Solid quarter for loan growth resulting from strong contributions across most of our geographic markets ◼ Asset sensitive balance sheet resulted in 45 basis point increase in net interest margin with 12 basis points of this increase provided through nonaccrual interest recoveries ◼ Cost of funds increased 11 basis points, to 0.28%, and total cost of deposits increased 3 basis points, to 0.09%, while average yield on earning assets increased by 56 basis points, to 4.37% ◼ Nonperforming assets to total assets of 0.12% and net recoveries to average loans of (0.14)%; both improvements from the prior quarter and prior year’s same 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 3

Noninterest - bearing demand 28% Interest - bearing demand 32% Money Market 15% Savings 18% Time 7% Financial highlights ($mm) C&I 10% CRE – Owner occupied 8% Agricultural & farmland 9% CRE – Non - owner occupied 27% C&D 14% Multi - family 11% 1 - 4 Family residential 13% Municipal, consumer & other 8% 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 1 ✓ Strong deposit franchise with 9bps cost of deposits, 99% core deposits 2 ✓ Conservative credit culture, with net recoveries to average loans of 8bps for the year ended December 31, 2022 and 1bp for the year ended December 31, 2021 ✓ High profitability sustained through cycles Overview As of or for the year ended 2019 2020 2021 2022 Total assets $3,245 $3,667 $4,314 $4,278 Total loans 2,164 2,247 2,500 2,620 Total deposits 2,777 3,131 3,738 3,587 Core deposits (%) 2 98.4% 99.1% 98.3% 99.2% Loans - to - deposits 77.9% 71.8% 66.9% 73.0% CET1 (%) 12.2% 13.1% 13.4% 13.2% TCE / TA 2 9.5% 9.3% 8.9% 8.2% Adjusted ROAA 2 1.78% 1.15% 1.43% 1.40% Adjusted ROATCE 2 18.3% 12.3% 16.1% 17.0% NIM (FTE) 2 4.38% 3.60% 3.23% 3.60% Yield on loans 5.51% 4.69% 4.68% 4.91% Cost of deposits 0.29% 0.14% 0.07% 0.07% Cost of funds 0.35% 0.21% 0.16% 0.19% Efficiency ratio (FTE) 2 53.1% 58.9% 55.8% 53.9% NCOs / loans 0.07% 0.04% (0.01)% (0.08)% ALLL / loans 1.03% 1.42% 0.96% 0.97% NPLs / gross loans 0.88% 0.44% 0.11% 0.08% NPAs / loans + OREO 1.11% 0.63% 0.24% 0.20% = Balance sheet Key performance i ndicators Credit Loan composition Note: Financial data as of and for the three months ended December 31, 2022 unless otherwise indicated; 1 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; 2 Non - GAAP financial measure. See “Non - GAAP Reconciliations” in the Appendix for reconciliation of non - GAAP financial measures to their most closely comparable GAAP financial measures. Commercial Commercial Real Estate Deposit composition 4

Earnings Overview 5 ($mm) 4Q22 Interest and dividend income $44,948 Interest expense 2,765 Net interest income 42,183 Provision for loan losses (653) Net interest income after provision for loan losses 42,836 Noninterest income 7,889 Noninterest expense 27,510 Income before income tax expense 23,215 Income tax expense 6,058 Net income $17,157 ◼ Net interest income benefited from higher yields on interest earning assets while the cost of deposits only increased 3 basis points to 0.09% and the cost of funds only increased 11 basis points to 0.28% ◼ Loan interest income also benefited from higher nonaccrual interest recoveries which totaled $1.3 million during the fourth quarter of 2022 and $0.1 million during the third quarter of 2022 ◼ Net interest margin expanded 45 basis points to 4.10%, or an expansion of 33 basis points excluding nonaccrual interest recoveries ◼ Negative provision for loan losses primarily due to net recoveries of $0.9 million, partially offset by reserve build due to loan growth ◼ Noninterest income decreased slightly, primarily attributable to changes in the mortgage servicing rights fair value adjustment, partially offset by increased wealth management revenue ◼ Noninterest expense increased primarily due to a $2.6 million accrual related to pending legal matters and increased salaries and benefits expenses. Highlights Relative to Previous Quarter 4Q22 NIM Analysis* * Annualized measures; 1 Reflects contribution of loan interest income to net interest margin, excluding PPP loan fees and nonaccrual interest recover ie s 1

◼ Fourth quarter 2022 net interest margin increased 45 basis points from the prior quarter, primarily due to higher yields on earning assets and relatively stable deposit costs ◼ 41% of the loan portfolio matures or reprices within the next 12 months ◼ Loan mix is 64% fixed rate and 36% variable rate, and 79% of variable rate loans have floors Net Interest Margin Annual Quarterly 6 * 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. 2bps 6bps 1bp 3bps 1 bp 15 bps 7bps 6 bps 13bps 7bps 2bps 3bps 24bps 9 bps N/A N/A 2bps 4bps 2bps 0bps 3.17% 3.08% 3.34% 3.65% 4.10% 3.22% 3.13% 3.39% 3.72% 4.17% 4Q21 1Q22 2Q22 3Q22 4Q22 4.16% 4.31% 3.54% 3.18% 3.54% 4.25% 4.38% 3.60% 3.23% 3.60% 2018 2019 2020 2021 2022 FTE NIM* 1 GAAP NIM* Accretion of acquired loan discounts contribution to NIM* PPP loan fees contribution to NIM* FTE NIM 1 GAAP NIM Accretion of acquired loan discounts contribution to NIM PPP loan fees contribution to NIM 35.2% 5.9% 18.7% 22.9% 17.3% <3m 3m- 12m 12m- 3y 3y- 5y 5y+ Percentage of Loans Maturing or Repricing Fixed Variable

Loan Portfolio Overview: Commercial and Commercial Real Estate ◼ $1.36 billion portfolio as of December 31, 2022 ➢ $713 million in non - owner occupied CRE primarily supported by rental cash flow of the underlying properties ➢ $288 million in multi - family loans secured by 5+ unit apartment buildings ➢ $361 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 1 ◼ Guarantees required on majority of loans originated Multi - Family 31% Warehouse/ Manufacturing 13% Retail 11% Office 10% Senior Living Facilities 7% Hotels 6% Land and Lots 6% 1 - 4 Family Construction 4% Auto Repair & Dealers 3% Medical 2% Other 7% Commercial Real Estate Portfolio 7 Commercial Loan Portfolio ◼ $267 million C&I loans outstanding as of December 31, 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 1 ◼ $219 million owner - occupied CRE outstanding as of December 31, 2022 ➢ Primarily underwritten based on cash flow of the business occupying the property and supported by personal guarantees; loans based primarily in - market Auto Repair & Dealers 13% Health Care and Social Assistance 11% Construction 8% Real Estate and Rental and Leasing 8% Retail Trade - Other 7% Wholesale Trade 7% Manufacturing 7% Grain Elevators 6% Restaurants and Bars 6% Arts, Entertainment, and Recreation 4% Professional, Scientific, and Technical Services 3% Finance and Insurance 2% Other 18% 1 Market area defined as within 60 miles of a branch.

Loan Portfolio Overview: Selected Portfolios Agriculture and Farmland ◼ $238 million portfolio as of December 31, 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 4% of the agriculture portfolio ◼ Weighted average LTV on Farmland loans is 54.4% ◼ 1.9% is rated substandard as of December 31, 2022 ◼ Approximately 75% of agricultural borrowers have been with the Company for at least 10 years, and over half for more than 20 years 8 Municipal, Consumer and Other ◼ $197 million portfolio as of December 31, 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 ➢ Other loans primarily include loans to nondepository financial institutions ◼ Commercial Tax - Exempt - Senior Living ➢ $38.3 million portfolio with $7.7 million average loan size ➢ Weighted average LTV of 97.4% ➢ 32.1% is rated substandard ◼ Commercial Tax - Exempt – Medical ➢ $25.4 million portfolio with $2.3 million average loan size ➢ Weighted average LTV of 37.8% ➢ No loans are rated substandard Municipalities 21% Commercial Tax - Exempt (Senior Living) 19% Commercial Tax - Exempt (Medical) 13% Consumer 6% Other 41% Farmland 62% Crops 30% Equipment finance 6% Livestock 2%

Loan Portfolio Overview: Asset Quality and Reserves Non - performing Assets/Total Assets % and Net Charge - off % Allowance for Loan Losses to Total Loans % 9 ◼ Substandard loans increased $1.4 million to $73.8 million and Pass - Watch loans increased $9.1 million to $66.9 million as of December 31, 2022 when compared to September 30, 2022 ◼ In addition to our allowance for loan losses, we had $1.5 million in credit - related discounts on acquired loans at December 31, 2022 ◼ Adopted ASU 2016 - 13 (“CECL”) on January 1, 2023 ➢ The initial allowance for credit losses and reserve for unfunded commitments together are anticipated to be approximately 25% to 50% above the existing allowance for loan loss levels 0.78 0.74 0.39 0.14 0.12 0.23 0.07 0.04 (0.01) (0.08) 2018 2019 2020 2021 2022 NPAs/ Total Assets % NCO % 0.96 1.03 1.42 0.96 0.97 2018 2019 2020 2021 2022

U.S. Treasury 12% Book Yield: 1.38% U.S. Gov't Agency 10% Book Yield: 2.49% Municipal 22% Book Yield: 2.06% Agency RMBS 21% Book Yield: 2.71% Agency CMBS 31% Book Yield: 1.86% Corporate 4% Book Yield: 4.20% 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 December 31, 2022 10 Portfolio Composition Amortized Cost: $ 1,476 mm Book Yield: 2.20% Overview Key investment portfolio metrics ($000) AFS HTM Total Amortized Cost $934,456 $541,600 $1,476,056 Fair Value 843,524 478,801 1,322,325 Unrealized Gain/(Loss) (90,932) (62,799) (153,731) Book Yield 2.09% 2.37% 2.20% Effective Duration (Years) 3.62 5.40 4.27

Wealth Management Overview 11 Comprehensive Wealth Management Services ◼ Proprietary investment management solutions ◼ Financial planning ◼ Trust and estate administration 4.5 4.8 5.9 5.7 1.6 1.7 2.0 2.4 0.4 0.4 0.2 0.8 0.3 0.3 0.3 0.3 $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 2019 2020 2021 2022 Asset Management and Trust Services Agricultural Services - Farm Management Agricultural Services - Real Estate Brokerage Investment Brokerage $6.8 $7.2 $8.4 $9.2 Wealth Management Revenue Trends ($mm) Nearly $2.0 billion of assets under management or administration as of December 31, 2022 Agricultural Services ◼ Farm management services: Over 76,000 acres managed ◼ Real estate brokerage including auction services ◼ Farmland appraisals Total

Near - Term Outlook ◼ The below near - term outlook excludes the impact of the pending Town and Country acquisition ◼ Growth in net interest income and disciplined expense control positions the Company to achieve continued strong profitability ◼ Loan balances expected to be flat to showing modest growth in 1Q23 ➢ Loan demand remains strongest in CRE and construction although higher rates are impacting some projects’ viability which may reduce new loan production ➢ Seasonal increase in grain elevator line of credit utilization anticipated in 1Q23 ◼ Expect slowing but continued net interest income growth and NIM expansion ➢ Average loan yields are expected to benefit from variable rate loan repricing and new loan production ➢ Increasing deposit costs expected to reduce pace of NIM expansion ◼ Non - interest income should be relatively consistent with 4Q22 as unfavorable environment for wealth management and mortgage banking revenue continues ◼ Noninterest expense anticipated to increase modestly (excluding merger - related expense) in 1Q23 with annual merit increases occurring later in the quarter. ◼ Strong asset quality is expected to continue although provision expense could be more volatile under CECL which will apply in 1Q23 ◼ Stock repurchase program has been refreshed with $15 million in capacity and will be used opportunistically ◼ Town and Country’s financial results & credit quality through December 31, 2022 have been in - line with merger modeling. Integration planning is going well with the acquisition expected to close on February 1, 2023 and the core conversion expecte d to occur in April 2023 12

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 S.B. Corp transaction is identified as an acquisition above, the transaction was accounted for as a chan ge of reporting entity due to its common control with the Company 2019 Completion of IPO in October 13 2020 Merger of State Bank of Lincoln into Heartland Bank and Trust Company 20 21 Entry i nto Iowa with NXT Bank acquisition 2022 Announced acquisition of Town and Country Financial Corporation

◼ As of September 30, 2022, Town and Country had $896 million in assets, $654 million in loans, and $741 million in deposits ◼ Anticipated EPS accretion of 17% in first full year with cost savings (excluding transaction expenses and assuming transaction closes in first quarter of 2023) ◼ Short TBV dilution earnback period of 2 years (crossover method) ◼ Adds low - cost deposit base (cost of deposits of 15 bps during 3Q22 YTD) Town and Country Financial Corporation Merger Overview Key Highlights and Strategic Rationale ◼ Expands HBT’s Illinois footprint while adding exposure to higher growth St. Louis MSA with presence in St. Louis Metro East market ◼ Adds high performing, highly compatible commercial banking franchise with relationship - based approach, strong credit culture and attractive deposit base ◼ Provides opportunities to expand customer relationships with broader range of products and services and greater ability to meet larger borrowing needs ◼ Leverages HBT’s excess capital and integration expertise to enhance franchise value and improve ability to generate profitable growth in the future Expected Financial Impact Pro Forma Franchise Footprint 14 Full - Service Branches TWCF (10) HBT (58)

Our Markets Full - service branch locations Chicago MSA 34% Iowa 4% Mid - sized Illinois markets 62% Deposits Chicago MSA 49% Iowa 12% Mid - sized Illinois markets 39% Chicago MSA 31% Iowa 7% Mid - sized Illinois markets 62% $2.6bn $3.6bn 58 locations 15 Illinois branches outside of the Chicago MSA Illinois branches in the Chicago MSA Iowa branches Full - service Branches Loans Source: S&P Global Market Intelligence; Financial data as of December 31, 2022

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, (1)bp during 2021, and (8)bps during 2022 ◼ 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; 1.42% ROAA 2 and 3.60% NIM 3 during 2022 ◼ 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 (73% loan - to - deposit ratio as of 4Q22) 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 16

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 21 years with Company 29 years in industry Lawrence J. Horvath Chief Lending Officer 12 years with Company 37 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 17 Peter Chapman Chief Financial Officer Joined HBT in Oct. 2022 29 years in industry

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 • 21 years with Company • 29 years in industry Patrick F. Busch Director • Director since 1998 • Vice Chairman of Heartland Bank • 27 years with Company • 44 years in industry Eric E. Burwell Director • Director since 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 2020 • Former President and CEO of the Illinois Bankers Association • 36 years in industry Gerald E. Pfeiffer Director • Director since 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 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 18

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 19

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 2021 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 20

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 12.08 (7.26) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 2019 2020 2021 2022 .. . . 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 million special dividend to stockholders of record prior to the initial public offering. Amount reflects dilution per share attributable to newly issued shares in initial publi c o ffering and special dividend 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 $170 million special dividend funded primarily from IPO proceeds. For reconciliation with GAAP metric, see “Non - GAAP reconciliat ions” in Appendix. 1 IPO Dilution 2 IPO Adjusted 2 Cumulative effect of dividends paid ($ per share) 3 21 Changes in AOCI have reduced TBVPS by $2.54 in 2022 0.20 0.40 0.60 0.79 1.53 1.77 2.02 2.36 3.21 5.01 5.88 7.83 0.60 1.20 1.84 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 2019 2020 2021 2022

Leading deposit share in mid - sized markets provides funding for stronger loan demand in higher growth areas County 4Q22 Deposits ($mm) Full - Service Branches Market share 2 Rank 2 McLean $661 9 16.1% 2 DeKalb 411 6 13.8% 4 Tazewell 265 5 7.2% 2 Cook 260 2 0.1% 52 Bureau 248 3 20.6% 1 Woodford 243 5 26.0% 2 De Witt 197 3 40.9% 1 Logan 180 2 30.3% 1 Other Counties 1,122 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, 2022 Shaded counties denote Company ’s top mid - sized markets by deposit share 2 22 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 ◼ Central Illinois markets have been resilient during previous economic downturns Iowa ◼ Entered market in 2021 with acquisition of NXT Bancorporation, Inc. ◼ Continued 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

0.17 0.21 0.29 0.14 0.07 0.06 0.32 0.56 0.83 0.46 0.19 0.20 2017 2018 2019 2020 2021 3Q22 YTD* HBT High Performing Peers 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 23 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%

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 2011 Citizens First National Bank Princeton, IL FDIC - assisted $808mm deposits 2018 Farmer City State Bank Farmer City, IL $70mm deposits 2015 2010 Bank of Shorewood Shorewood, IL FDIC - assisted $105mm deposits 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 Acquisition is identified as an acquisition in the above table, the transaction was accounted for as a c ha nge of reporting entity due to its common control with Company; 2 Total deposits as of September 30, 2022 24 2021 NXT Bancorporation, Inc. (NXT Bank) Central City, IA $181mm deposits Announced Town and Country Financial Corporation (Town and Country Bank) Springfield, IL $741mm deposits² 2022 4

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 $750,000 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) (0.08) 2018 2019 2020 2021 2022 NCOs / Loans % 25

Appendix 26

Non - GAAP Reconciliations Adjusted net income and adjusted ROAA ($000) 2019 2020 2021 2022 Net income $66,865 $36,845 $56,271 $60,473 C - Cor p equivalent adjustment 1 (13,493) -- -- -- C - Corp equivalent net income 1 $53,372 $36,845 $56,271 $60,473 Adjustments: Acquisition expenses -- -- (1,416) (1,092) 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 -- -- -- 141 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 2,153 Total adjustments (5,672) (4,041) (474) 1,202 Tax effect of adjustments 1,617 1,152 (95) (551) Less adjustments after tax effect (4,055) (2,889) (569) 651 Adjusted net income $57,427 $39,734 $56,840 $59,822 Average assets $3,233,386 $3,447,500 $3,980,538 $4,269,848 Return on average assets 2.07% 1.07% 1.41% 1.42% 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% 1.40% 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. 27

Non - GAAP Reconciliations (cont’d) ROATCE, adjusted return on average stockholders’ equity, and adjusted ROATCE ($000) 2019 2020 2021 2022 Total stockholders’ equity $341,544 $350,703 $380,080 $383,317 Less: goodwill (23,620) (23,620) (25,057) (29,322) Less: core deposit intangible assets (4,748) (3,436) (2,333) (1,480) Average tangible common equity $313,176 $323,647 $352,690 $352,515 Net income $66,865 $36,845 $56,271 $60,473 C Corp equivalent net income 1 53,372 N/A N/A N/A Adjusted net income 57,427 39,734 56,840 59,822 Return on average stockholders’ equity 19.58% 10.51% 14.81% 15.78% Return on average tangible common equity 21.35% 11.38% 15.95% 17.15% 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% 15.61% Adjusted return on average tangible common equity 18.34% 12.28% 16.12% 16.97% * 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. 28

Non - GAAP Reconciliations (cont’d) ($000) 2018 2019 2020 2021 2022 Net interest income $129,442 $133,800 $117,605 $122,403 $145,874 Tax equivalent adjustment 2,661 2,309 1,943 2,028 2,499 Net interest income (tax - equivalent basis) $132,103 $136,109 $119,548 $124,431 $148,373 Average interest - earnings assets $3,109,289 $3,105,863 $3,318,764 $3,846,473 $4,118,124 Net interest income (tax - equivalent basis) Net interest margin (tax - equivalent basis) * Annualized measure. (%) 2018 2019 2020 2021 2022 Net interest margin 4.16% 4.31% 3.54% 3.18% 3.54% Tax equivalent adjustment 0.09% 0.07% 0.06% 0.05% 0.06% Net interest margin (tax - equivalent basis) 4.25% 4.38% 3.60% 3.23% 3.60% 29 Net interest income (tax - equivalent basis) Net interest margin (tax - equivalent basis) ($000) 4Q21 1Q22 2Q22 3Q22 4Q22 Net interest income $32,859 $31,928 $34,373 $37,390 $42,183 Tax equivalent adjustment 514 529 598 674 698 Net interest income (tax - equivalent basis) $33,373 $32,457 $34,971 $38,064 $42,881 Average interest - earnings assets $4,115,247 $4,201,793 $4,133,448 $4,059,978 $4,079,261 (%) 4Q21 1Q22 2Q22 3Q22 4Q22 Net interest margin 3.17%* 3.08%* 3.34%* 3.65%* 4.10%* Tax equivalent adjustment 0.05%* 0.05%* 0.05%* 0.07%* 0.07%* Net interest margin (tax - equivalent basis) 3.22%* 3.13%* 3.39%* 3.72%* 4.17%*

Non - GAAP Reconciliations (cont’d) Efficiency ratio (tax - equivalent basis) ($000) 2019 2020 2021 2022 Total noninterest expense $91,026 $91,956 $91,246 $99,507 Less: amortization of intangible assets (1,423) (1,232) (1,054) (873) Adjusted noninterest expense $89,603 $90,724 $90,192 $98,634 Net interest income $133,800 $117,605 $122,403 $145,874 Total noninterest income 32,751 34,456 37,328 34,717 Operating revenue 166,551 152,061 159,731 180,591 Tax - equivalent adjustment 2,309 1,943 2,028 2,499 Operating revenue (tax - equivalent basis) $168,860 $154,004 $161,759 $183,090 Efficiency ratio 53.80% 59.66% 56.46% 54.62% Efficiency ratio (tax - equivalent basis) 53.06% 58.91% 55.76% 53.87%

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 31

Non - GAAP Reconciliations (cont’d) IPO adjusted tangible book value per share ($mm) IPO Adjusted 3Q19 2019 2020 2021 2022 Tangible book value per share Total equity $333 $364 $412 $378 Less goodwill (24) (24) (29) (29) Less core deposit intangible (4) (3) (2) (1) Tangible common equity $305 $338 $381 $347 Shares outstanding (mm) 27.46 27.46 28.99 28.75 Book value per share $12.12 $13.25 $14.21 $13.13 Tangible book value per share $10.54 $11.12 $12.29 $13.13 $12.08 TBVPS CAGR (%) 4.3% Tangible book value per share (IPO adjusted 3Q19 to 3Q22) ($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 32

Non - GAAP Reconciliations (cont’d) ($000) 2019 2020 2021 2022 Tangible common equity Total equity $332,918 $363,917 $411,881 $377,649 Less goodwill (23,620) (23,620) (29,322) (29,322) Less core deposit intangible (4,030) (2,798) (1,943) (1,070) Tangible common equity $305,268 $337,499 $380,616 $347,257 Tangible assets Total assets $3,245,103 $3,666,567 $4,314,254 $4,277,751 Less goodwill (23,620) (23,620) (29,322) (29,322) Less core deposit intangible (4,030) (2,798) (1,943) (1,070) Tangible assets $3,217,453 $3,640,149 $4,282,989 $4,247,359 Total stockholders’ equity to total assets 10.26% 9.93% 9.55% 8.83% Tangible common equity to tangible assets 9.49% 9.27% 8.89% 8.18% Tangible common equity to tangible assets 33

Non - GAAP Reconciliations (cont’d) ($000) 2019 2020 2021 2022 Total deposits $2,776,855 $3,130,534 $3,738,185 $3,587,024 Less time deposits of $250,000 or more (44,754) (26,687) (59,512) (27,158) Less brokered deposits -- -- (4,238) -- Core deposits $2,732,101 $3,103,847 $3,674,435 $3,559,866 Core deposits to total deposits 98.39% 99.15% 98.29% 99.24% Core deposits 34

HBT Financial, Inc.