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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2023

OR

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

For the transition period from              to

Commission file number: 001-39085

HBT Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware

37-1117216

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

401 North Hershey Rd

Bloomington, Illinois 61704

(888) 897-2276

(Address of principal executive offices,
including zip code)

(Registrant’s telephone number,
including area code)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

HBT

The Nasdaq Stock Market LLC

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

As of April 25, 2023, there were 32,040,881 shares outstanding of the registrant’s common stock, $0.01 par value.

 

Table of Contents

TABLE OF CONTENTS
HBT Financial, Inc.

    

Page

PART I. FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

Consolidated Balance Sheets

3

Consolidated Statements of Income

4

Consolidated Statements of Comprehensive Income (Loss)

5

Consolidated Statement of Changes in Stockholders’ Equity

6

Consolidated Statements of Cash Flows

7

Notes to Consolidated Financial Statements

9

Item 2.

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

57

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

84

Item 4.

Controls and Procedures

86

PART II. OTHER INFORMATION

87

Item 1.

Legal Proceedings

87

Item 1A.

Risk Factors

87

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

87

Item 3.

Defaults Upon Senior Securities

87

Item 4.

Mine Safety Disclosures

87

Item 5.

Other Information

88

Item 6.

Exhibits

88

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints);
the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof (including the Russian invasion of Ukraine), 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;
changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board (the “FASB”) or the Public Company Accounting Oversight Board (including the Company’s adoption of CECL methodology);
changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks;
changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out);
increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers;
 changes in technology and the ability to develop and maintain secure and reliable electronic systems;
 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;
the loss of key executives or employees;
changes in consumer spending;
unexpected outcomes of existing or new litigation involving the Company;
the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards;
fluctuations in the value of securities held in our securities portfolio;
concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients;
the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure;
the level of non-performing assets on our balance sheets;
 interruptions involving our information technology and communications systems or third-party servicers;
breaches or failures of our information security controls or cybersecurity-related incidents;
our asset quality and any loan charge-offs;
the composition of our loan portfolio;
the effects of changes in interest rates on our net interest income, net interest margin, our investments, our loan originations, and our modeling estimates relating to interest rate changes;
our access to sources of liquidity and capital to address our liquidity needs;
our inability to receive dividends from the Bank, pay dividends to our common stockholders or satisfy obligations as they become due;
the effects of problems encountered by other financial institutions;
our ability to achieve organic loan and deposit growth and the composition of such growth;
our ability to successfully develop and commercialize new or enhanced products and services;
current and future business, economic and market conditions in the United States (“U.S.”) generally or in the States of Illinois and Iowa in particular;
the geographic concentration of our operations in the States of Illinois and Iowa;

1

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our ability to attract and retain customer deposits;
our ability to maintain the Bank’s reputation;
possible impairment of our goodwill and other intangible assets;
our prior status as an S corporation;
possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations;
the effectiveness of our risk management and internal disclosure controls and procedures;
market perceptions associated with certain aspects of our business;
our ability to meet our obligations as a public company, including our obligations under Section 404 of the Sarbanes-Oxley Act of 2002;
damage to our reputation from any of the factors described above;
our success at managing the risks involved in the foregoing items; and
the factors discussed in “Risk Factors”, "Management's Discussion and Analysis of Financial Condition and Results of Operations" or elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange (“SEC”) Commission on March 8, 2023.

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

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Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.         CONSOLIDATED FINANCIAL STATEMENTS

HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

    

(Unaudited)

   

March 31, 

December 31, 

2023

2022

ASSETS

Cash and due from banks

$

35,244

$

18,970

Interest-bearing deposits with banks

141,868

95,189

Cash and cash equivalents

177,112

114,159

Interest-bearing time deposits with banks

249

Debt securities available-for-sale, at fair value (allowance for credit losses of $600 at 2023)

854,622

843,524

Debt securities held-to-maturity (fair value of $481,925 at 2023 and $478,801 at 2022)

536,429

541,600

Equity securities with readily determinable fair value

3,145

3,029

Equity securities with no readily determinable fair value

1,980

1,977

Restricted stock, at cost

4,991

7,965

Loans held for sale

5,130

615

Loans, before allowance for credit losses

3,195,540

2,620,253

Allowance for credit losses

(38,776)

(25,333)

Loans, net of allowance for credit losses

3,156,764

2,594,920

Bank owned life insurance

23,447

7,557

Bank premises and equipment, net

65,119

50,469

Bank premises held for sale

235

235

Foreclosed assets

3,356

3,030

Goodwill

59,876

29,322

Intangible assets, net

22,842

1,070

Mortgage servicing rights, at fair value

19,992

10,147

Investments in unconsolidated subsidiaries

1,614

1,165

Accrued interest receivable

20,301

19,506

Other assets

56,617

56,444

Total assets

$

5,013,821

$

4,286,734

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Deposits:

Noninterest-bearing

$

1,218,888

$

994,954

Interest-bearing

3,091,633

2,592,070

Total deposits

4,310,521

3,587,024

Securities sold under agreements to repurchase

34,919

43,081

Federal Home Loan Bank advances

75,183

160,000

Subordinated notes

39,415

39,395

Junior subordinated debentures issued to capital trusts

52,746

37,780

Other liabilities

50,939

45,822

Total liabilities

4,563,723

3,913,102

COMMITMENTS AND CONTINGENCIES (Note 15)

Stockholders' Equity

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

Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 32,730,698 at 2023 and 29,308,491 at 2022; shares outstanding of 32,095,370 at 2023 and 28,752,626 at 2022

327

293

Surplus

294,441

222,783

Retained earnings

228,782

232,004

Accumulated other comprehensive income (loss)

(62,175)

(71,759)

Treasury stock at cost, 635,328 shares at 2023 and 555,865 at 2022

(11,277)

(9,689)

Total stockholders’ equity

450,098

373,632

Total liabilities and stockholders’ equity

$

5,013,821

$

4,286,734

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended March 31, 

2023

    

2022

INTEREST AND DIVIDEND INCOME

(dollars in thousands, except per share data)

Loans, including fees:

Taxable

$

42,159

$

26,806

Federally tax exempt

952

662

Securities:

Taxable

6,616

4,649

Federally tax exempt

1,197

1,040

Interest-bearing deposits in bank

739

159

Other interest and dividend income

116

19

Total interest and dividend income

51,779

33,335

INTEREST EXPENSE

Deposits

2,374

569

Securities sold under agreements to repurchase

38

9

Borrowings

1,297

1

Subordinated notes

470

470

Junior subordinated debentures issued to capital trusts

763

358

Total interest expense

4,942

1,407

Net interest income

46,837

31,928

PROVISION FOR CREDIT LOSSES

6,210

(584)

Net interest income after provision for credit losses

40,627

32,512

NONINTEREST INCOME

Card income

2,658

2,404

Wealth management fees

2,338

2,289

Service charges on deposit accounts

1,871

1,652

Mortgage servicing

1,099

658

Mortgage servicing rights fair value adjustment

(624)

1,729

Gains on sale of mortgage loans

276

587

Realized gains (losses) on sales of securities

(1,007)

Unrealized gains (losses) on equity securities

(22)

(187)

Gains (losses) on foreclosed assets

(10)

40

Gains (losses) on other assets

193

Income on bank owned life insurance

115

40

Other noninterest income

743

638

Total noninterest income

7,437

10,043

NONINTEREST EXPENSE

Salaries

19,411

12,801

Employee benefits

2,335

2,444

Occupancy of bank premises

2,102

2,060

Furniture and equipment

659

552

Data processing

4,323

1,653

Marketing and customer relations

836

851

Amortization of intangible assets

510

245

FDIC insurance

563

288

Loan collection and servicing

278

157

Foreclosed assets

61

132

Other noninterest expense

4,855

2,974

Total noninterest expense

35,933

24,157

INCOME BEFORE INCOME TAX EXPENSE

12,131

18,398

INCOME TAX EXPENSE

2,923

4,794

NET INCOME

$

9,208

$

13,604

EARNINGS PER SHARE - BASIC

$

0.30

$

0.47

EARNINGS PER SHARE - DILUTED

$

0.30

$

0.47

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING

30,977,204

28,986,593

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended March 31, 

2023

    

2022

(dollars in thousands)

NET INCOME

$

9,208

$

13,604

OTHER COMPREHENSIVE INCOME (LOSS)

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

11,443

(53,422)

Reclassification adjustment for losses on securities available-for-sale realized in income

1,607

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

490

181

Unrealized (losses) gains on derivative instruments

(40)

594

Reclassification adjustment for net settlements on derivative instruments

(94)

96

Total other comprehensive income (loss), before tax

13,406

(52,551)

Income tax expense (benefit)

3,822

(14,980)

Total other comprehensive income (loss)

9,584

(37,571)

TOTAL COMPREHENSIVE INCOME (LOSS)

$

18,792

$

(23,967)

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

Accumulated

Common Stock

Other

Total

Shares

Retained

Comprehensive

Treasury

Stockholders’

    

Outstanding

    

Amount

    

Surplus

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

(dollars in thousands, except per share data)

Balance, December 31, 2022

28,752,626

$

293

$

222,783

$

232,004

$

(71,759)

$

(9,689)

$

373,632

Cumulative effect of change in accounting principle (ASU 2016-13)

(6,922)

(6,922)

Net income

9,208

9,208

Other comprehensive income

9,584

9,584

Stock-based compensation

517

517

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

43,607

(181)

(181)

Issuance of common stock in Town and Country acquisition

3,378,600

34

71,322

71,356

Repurchase of common stock

(79,463)

(1,588)

(1,588)

Cash dividends and dividend equivalents ($0.17 per share)

(5,508)

(5,508)

Balance, March 31, 2023

32,095,370

$

327

$

294,441

$

228,782

$

(62,175)

$

(11,277)

$

450,098

Balance, December 31, 2021

28,986,061

$

293

$

220,891

$

194,132

$

1,471

$

(4,906)

$

411,881

Net income

13,604

13,604

Other comprehensive loss

(37,571)

(37,571)

Stock-based compensation

901

901

Issuance of common stock upon vesting of restricted stock units

31,944

(57)

(57)

Repurchase of common stock

(50,062)

(943)

(943)

Cash dividends and dividend equivalents ($0.16 per share)

(4,660)

(4,660)

Balance, March 31, 2022

28,967,943

$

293

$

221,735

$

203,076

$

(36,100)

$

(5,849)

$

383,155

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended March 31, 

    

2023

    

2022

(dollars in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

9,208

$

13,604

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

Depreciation expense

793

763

Provision for credit losses

6,210

(584)

Net amortization of debt securities

1,518

1,763

Deferred income tax (benefit) expense

(1,079)

566

Stock-based compensation

517

901

Net accretion of discount and deferred loan fees on loans

(1,635)

(1,608)

Net realized loss on sales of securities

1,007

Net unrealized loss on equity securities

22

187

Net loss on disposals of bank premises and equipment

4

Net gain on sales of bank premises held for sale

(197)

Net gain on sales of foreclosed assets

(20)

(105)

Write-down of foreclosed assets

30

65

Amortization of intangibles

510

245

Decrease (increase) in mortgage servicing rights

624

(1,729)

Amortization of discount and issuance costs on subordinated notes and debentures

37

37

Amortization of premium on Federal Home Loan Bank borrowings

69

Amortization of premium on interest-bearing time deposits with banks

3

Amortization of premium on time deposits

(110)

(75)

Mortgage loans originated for sale

(15,734)

(20,440)

Proceeds from sale of mortgage loans

13,107

24,192

Net gain on sale of mortgage loans

(276)

(587)

Increase in cash surrender value of bank owned life insurance

(108)

(40)

Decrease in accrued interest receivable

2,318

1,374

Decrease in other assets

7,846

1,521

(Decrease) increase in other liabilities

(3,364)

1,379

Net cash provided by operating activities

21,490

21,239

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sales of securities available-for-sale

145,844

Proceeds from paydowns, maturities, and calls of debt securities

26,513

41,117

Purchase of securities

(51)

(189,744)

Net decrease in loans

61,964

14,649

Purchase of restricted stock

(3,545)

Proceeds from redemption of restricted stock

9,341

Purchases of bank premises and equipment

(622)

(289)

Proceeds from sales of bank premises and equipment

7

Proceeds from sales of bank premises held for sale

568

Proceeds from sales of foreclosed assets

40

294

Net cash paid for acquisition of Town and Country

(14,454)

Net cash provided by (used in) investing activities

225,037

(133,405)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase in deposits

3,190

77,959

Net decrease in repurchase agreements

(8,162)

(10,422)

Net decrease in Federal Home Loan Bank advances

(171,325)

Taxes paid related to the vesting of restricted stock units

(181)

(57)

Repurchase of common stock

(1,588)

(943)

Cash dividends and dividend equivalents paid

(5,508)

(4,660)

Net cash (used in) provided by financing activities

(183,574)

61,877

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

62,953

(50,289)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

114,159

409,268

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

177,112

$

358,979

See accompanying Notes to Consolidated Financial Statements (Unaudited)

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Table of Contents

HBT FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(Unaudited)

Three Months Ended March 31, 

    

2023

    

2022

(dollars in thousands)

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid for interest

$

4,903

$