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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
o    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
(309) 662-4444
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHBT
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 x No o
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 x No o
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 fileroAccelerated filerx
Non-accelerated fileroSmaller reporting companyx
Emerging growth companyx
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of April 24, 2024, there were 31,591,466 shares outstanding of the registrant’s common stock, $0.01 par value.


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TABLE OF CONTENTS
HBT Financial, Inc.
Page


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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, 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, acts of war or other threats thereof (including the Israeli-Palestinian conflict and 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 or the Public Company Accounting Oversight Board;
changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the failures of other banks or as a result of the upcoming 2024 presidential election;
changes in interest rates and prepayment rates of the Company’s assets (including the effects of significant interest rate increases since 2020);
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 above current FDIC limits who 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 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;
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;
1

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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;
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, 2023, filed with the Securities and Exchange (“SEC”) Commission on March 6, 2024.
These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statement in the future, or to reflect circumstances and events that occur after the date on which the forward-looking statement was made.
2

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PART I. FINANCIAL INFORMATION
ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Unaudited)
(dollars in thousands, except per share data)March 31, 2024December 31, 2023
ASSETS
Cash and due from banks$19,989 $26,256 
Interest-bearing deposits with banks240,223 114,996 
Cash and cash equivalents260,212 141,252 
Interest-bearing time deposits with banks515 509 
Debt securities available-for-sale, at fair value669,020 759,461 
Debt securities held-to-maturity (fair value of $458,640 at 2024 and $466,496 at 2023)
517,472 521,439 
Equity securities with readily determinable fair value3,324 3,360 
Equity securities with no readily determinable fair value2,622 2,505 
Restricted stock, at cost5,155 7,160 
Loans held for sale3,479 2,318 
Loans, before allowance for credit losses3,345,962 3,404,417 
Allowance for credit losses(40,815)(40,048)
Loans, net of allowance for credit losses3,305,147 3,364,369 
Bank owned life insurance24,069 23,905 
Bank premises and equipment, net64,755 65,150 
Bank premises held for sale317  
Foreclosed assets277 852 
Goodwill59,820 59,820 
Intangible assets, net19,972 20,682 
Mortgage servicing rights, at fair value19,081 19,001 
Investments in unconsolidated subsidiaries1,614 1,614 
Accrued interest receivable23,117 24,534 
Other assets60,542 55,239 
Total assets$5,040,510 $5,073,170 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing$1,047,074 $1,072,407 
Interest-bearing3,313,500 3,329,030 
Total deposits4,360,574 4,401,437 
Securities sold under agreements to repurchase31,864 42,442 
Federal Home Loan Bank advances12,725 12,623 
Subordinated notes39,494 39,474 
Junior subordinated debentures issued to capital trusts52,804 52,789 
Other liabilities46,368 34,909 
Total liabilities4,543,829 4,583,674 
COMMITMENTS AND CONTINGENCIES (Note 14)
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding
  
Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 32,827,039 at 2024 and 32,730,698 at 2023; shares outstanding of 31,612,888 at 2024 and 31,695,828 at 2023
328 327 
Surplus296,054 295,877 
Retained earnings278,353 269,051 
Accumulated other comprehensive income (loss)(56,048)(57,163)
Treasury stock at cost, 1,214,151 shares at 2024 and 1,034,870 at 2023
(22,006)(18,596)
Total stockholders’ equity496,681 489,496 
Total liabilities and stockholders’ equity$5,040,510 $5,073,170 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
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HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended March 31,
(dollars in thousands, except per share data)20242023
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable$51,926 $42,159 
Federally tax exempt1,094 952 
Securities:
Taxable6,250 6,616 
Federally tax exempt597 1,197 
Interest-bearing deposits in bank1,952 739 
Other interest and dividend income142 116 
Total interest and dividend income61,961 51,779 
INTEREST EXPENSE
Deposits13,593 2,374 
Securities sold under agreements to repurchase152 38 
Borrowings125 1,297 
Subordinated notes470 470 
Junior subordinated debentures issued to capital trusts933 763 
Total interest expense15,273 4,942 
Net interest income46,688 46,837 
PROVISION FOR CREDIT LOSSES527 6,210 
Net interest income after provision for credit losses46,161 40,627 
NONINTEREST INCOME
Card income2,616 2,658 
Wealth management fees2,547 2,338 
Service charges on deposit accounts1,869 1,871 
Mortgage servicing1,055 1,099 
Mortgage servicing rights fair value adjustment80 (624)
Gains on sale of mortgage loans298 276 
Realized gains (losses) on sales of securities(3,382)(1,007)
Unrealized gains (losses) on equity securities(16)(22)
Gains (losses) on foreclosed assets87 (10)
Gains (losses) on other assets(635) 
Income on bank owned life insurance164 115 
Other noninterest income943 743 
Total noninterest income5,626 7,437 
NONINTEREST EXPENSE
Salaries16,657 19,411 
Employee benefits2,805 2,335 
Occupancy of bank premises2,582 2,102 
Furniture and equipment550 659 
Data processing2,925 4,323 
Marketing and customer relations996 836 
Amortization of intangible assets710 510 
FDIC insurance560 563 
Loan collection and servicing452 278 
Foreclosed assets49 61 
Other noninterest expense2,982 4,855 
Total noninterest expense31,268 35,933 
INCOME BEFORE INCOME TAX EXPENSE20,519 12,131 
INCOME TAX EXPENSE5,261 2,923 
NET INCOME$15,258 $9,208 
EARNINGS PER SHARE - BASIC$0.48 $0.30 
EARNINGS PER SHARE - DILUTED$0.48 $0.30 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING31,662,95430,977,204
See accompanying Notes to Consolidated Financial Statements (Unaudited)
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HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20242023
NET INCOME$15,258 $9,208 
OTHER COMPREHENSIVE INCOME
Unrealized gains (losses) on debt securities available-for-sale(2,255)11,443 
Reclassification adjustment for losses on sale of debt securities available-for-sale realized in income3,382 1,607 
Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity501 490 
Unrealized gains (losses) on derivative instruments64 (40)
Reclassification adjustment for net settlements on derivative instruments(132)(94)
Total other comprehensive income, before tax1,560 13,406 
Income tax expense445 3,822 
Total other comprehensive income1,115 9,584 
TOTAL COMPREHENSIVE INCOME$16,373 $18,792 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
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HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
Common StockAccumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
(dollars in thousands, except per share data)Shares
Outstanding
AmountSurplusRetained
Earnings
Treasury
Stock
Balance, December 31, 202331,695,828 $327 $295,877 $269,051 $(57,163)$(18,596)$489,496 
Cumulative effect of change in accounting principle (ASU 2023-02)— — — 116 — — 116 
Net income— — — 15,258 — — 15,258 
Other comprehensive income— — — — 1,115 — 1,115 
Stock-based compensation— — 509 — — — 509 
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings96,341 1 (332)— — — (331)
Repurchase of common stock(179,281)— — — — (3,410)(3,410)
Cash dividends and dividend equivalents ($0.19 per share)
— — — (6,072)— — (6,072)
Balance, March 31, 202431,612,888 $328 $296,054 $278,353 $(56,048)$(22,006)$496,681 
Balance, December 31, 202228,752,626 $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 withholdings43,607 — (181)— — — (181)
Issuance of common stock in Town and Country acquisition3,378,600 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, 202332,095,370 $327 $294,441 $228,782 $(62,175)$(11,277)$450,098 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
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HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$15,258 $9,208 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense729 793 
Provision for credit losses527 6,210 
Net amortization of debt securities1,036 1,518 
Deferred income tax expense (benefit)1,154 (1,079)
Stock-based compensation509 517 
Net accretion of discount and deferred loan fees on loans(1,854)(1,635)
Net realized loss on sales of securities3,382 1,007 
Net unrealized loss on equity securities16 22 
Net loss on disposals of bank premises and equipment55  
Impairment losses on bank premises held for sale580  
Net gain on sales of foreclosed assets(113)(20)
Write-down of foreclosed assets26 30 
Amortization of intangibles710 510 
Decrease (increase) in mortgage servicing rights(80)624 
Amortization of discount and issuance costs on subordinated notes and debentures35 37 
Amortization of discount on Federal Home Loan Bank advances102 69 
Amortization of premium on time deposits(30)(110)
Mortgage loans originated for sale(12,459)(15,734)
Proceeds from sale of mortgage loans11,596 13,107 
Net gain on sale of mortgage loans(298)(276)
Increase in cash surrender value of bank owned life insurance(164)(108)
Decrease in accrued interest receivable 1,417 2,318 
Decrease (increase) in other assets(5,574)7,846 
Increase (decrease) in other liabilities10,212 (3,364)
Net cash provided by operating activities26,772 21,490 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of interest-bearing time deposits with banks(6) 
Proceeds from sales of securities66,832 145,844 
Proceeds from paydowns, maturities, and calls of debt securities29,563 26,513 
Purchase of securities(4,874)(51)
Purchase of loans(4,448) 
Net decrease in loans64,761 61,964 
Purchase of restricted stock (3,545)
Proceeds from redemption of restricted stock2,005 9,341 
Purchases of bank premises and equipment(1,286)(622)
Proceeds from sales of bank premises and equipment 7 
Proceeds from sales of foreclosed assets865 40 
Net cash paid for acquisition of Town and Country (14,454)
Net cash provided by investing activities153,412 225,037 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
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HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20242023
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits(40,833)3,190 
Net decrease in repurchase agreements(10,578)(8,162)
Net decrease in Federal Home Loan Bank advances (171,325)
Taxes paid related to the vesting of restricted stock units(331)(181)
Repurchase of common stock(3,410)(1,588)
Cash dividends and dividend equivalents paid(6,072)(5,508)
Net cash used in financing activities(61,224)(183,574)
NET INCREASE IN CASH AND CASH EQUIVALENTS118,960 62,953 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR141,252 114,159 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$260,212 $177,112 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest$15,926 $4,903 
Net refunds received for income taxes$(749)$ 
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfers of loans to foreclosed assets$203 $105 
Transfers of bank premises and equipment to bank premises held for sale$317 $ 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1 – ACCOUNTING POLICIES
Basis of Presentation
HBT Financial, Inc. (“HBT Financial” or the “Company”) is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company (“Heartland Bank” or the “Bank”). The Bank provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa. Additionally, the Company is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory agencies.
The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) interim reporting requirements. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to rules and regulations of the SEC. These interim unaudited consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 6, 2024.
The unaudited consolidated financial statements include all normal, recurring adjustments necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.
The Company qualifies as an "emerging growth company" as defined by the Jumpstart Our Business Startups Act (“JOBS Act”). The JOBS Act permits emerging growth companies an extended transition period for complying with new or revised accounting standards affecting public companies. The Company may remain an emerging growth company until the earliest to occur of: (1) the end of the fiscal year following the fifth anniversary of the completion of our initial public offering, which is December 31, 2024, (2) the last day of the fiscal year in which the Company has $1.235 billion or more in annual revenues, (3) the date on which the Company is deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (4) the date on which the Company has, during the previous three year period, issued, publicly or privately, more than $1.0 billion in non-convertible debt securities. The Company has elected to use the extended transition period until the Company is no longer an emerging growth company or until the Company chooses to affirmatively and irrevocably opt out of the extended transition period. As a result, the Company’s financial statements may not be comparable to companies that comply with new or revised accounting pronouncements applicable to public companies.
Use of Estimates
The accompanying consolidated financial statements have been prepared in conformity with GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported results of operations for the periods then ended.
Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses.
Low Income Housing Tax Credits
The Company holds an ownership interest in a limited liability company, as a limited partner, that invests in affordable housing projects. This investment is designed to generate a return primarily through the realization of federal tax credits and deductions, which may be subject to recapture by taxing authorities if compliance requirements are not met. The Company accounts for its low income housing investments using the proportional amortization method.
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Company’s investment in the qualified affordable housing project meets the definition of a variable interest entity ("VIE") as the entity is structured such that the limited partner investors lack substantive voting rights. The managing member has both the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could be significant to the entity. Accordingly, the Company is not the primary beneficiary and is not required to consolidate this entity. The Company's maximum exposure to loss is limited to the carrying amount of the investment, which was $7.5 million as of March 31, 2024.
Segment Reporting
The Company’s operations consist of one reportable segment. The Company’s chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or stockholders’ equity.
Subsequent Events
In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Impact of Recently Adopted Accounting Standards
On January 1, 2024, the Company adopted ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323). ASU 2023-02 permits an election to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits, regardless of the tax credit program from which the income tax credits are received, provided that certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense. The Company adopted ASU 2023-02 using the modified retrospective method. The Company recorded a $0.1 million increase to retained earnings and decrease to deferred tax liability, as well as a $7.2 million increase to other assets and other liabilities, as a result of the adoption.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and that contractual sale restrictions cannot be recognized and measured as a separate unit of account. The amendments in this update are effective for years beginning after December 15, 2023, including interim periods within those years. This standard did not have an impact on the Company’s consolidated results of operations or financial position.

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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. ASU 2022-01 replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. ASU 2022-01 also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a retrospective basis to each prior period presented after the date of adoption of the amendments in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in this update are effective for years beginning after December 15, 2023, including interim periods within those years. Early adoption is permitted. This standard did not have an impact on the Company’s consolidated results of operations or financial position.
Recent Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands disclosure requirements for significant segment expenses under Topic 280. The amendments require public entities to disclose significant expense categories for each reportable segment, other segment items, the title and position of the chief operating decision-maker, and interim disclosures of certain segment-related information previously required only on an annual basis. The amendments clarify that entities reporting single segments must disclose both the new and existing segment disclosures under Topic 280, and a public entity is permitted to disclose multiple measures of segment profit or loss if certain criteria are met. The amendments in this update are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 31, 2024. ASU 2023-07 must be applied on a retrospective basis. Early adoption is permitted. This standard is not expected to have a material impact on the Company’s consolidated results of operations or financial position.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands income tax disclosure requirements. The amendments require annual disclosure of certain information relating to the rate reconciliation, income taxes paid by jurisdiction, income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign, income tax expense (benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments also eliminate certain requirements relating to unrecognized tax benefits and certain deferred tax disclosure relating to subsidiaries and corporate joint ventures. The amendments in this update are effective for years beginning after December 15, 2024. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Early adoption is permitted. This standard is not expected to have a material impact on the Company’s consolidated results of operations or financial position.
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 2 – ACQUISITIONS
Town and Country Financial Corporation
On February 1, 2023, HBT Financial acquired 100% of the issued and outstanding common stock of Town and Country Financial Corporation (“Town and Country”), the holding company for Town and Country Bank, pursuant to an Agreement and Plan of Merger dated August 23, 2022. Under the Agreement and Plan of Merger, Town and Country merged with and into HBT Financial, with HBT Financial as the surviving entity, immediately followed by the merger of Town and Country Bank with and into Heartland Bank, with Heartland Bank as the surviving entity.
At the effective time of the merger, each share of Town and Country was converted into the right to receive, subject to the election and proration procedures as provided in the Merger Agreement, one of the following: (i) 1.9010 shares of HBT Financial’s common stock, or (ii) $35.66 in cash, or (iii) a combination of cash and HBT Financial common stock. Total consideration consisted of 3,378,600 shares of HBT Financial’s common stock and $38.0 million in cash. In lieu of fractional shares, holders of Town and Country common stock received cash. Based upon the closing price of HBT Financial common stock of $21.12 on February 1, 2023, the aggregate transaction value was approximately $109.4 million.
This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the date of acquisition. Fair values are subject to refinement for up to one year after the closing date of February 1, 2023. Measurement period adjustments of $0.1 million were recorded in the third quarter of 2023 as more information became available regarding Town and Country's tax assets and liabilities. Goodwill of $30.5 million was recorded in the acquisition, which reflects expected synergies from combining the operations of HBT Financial and Town and Country, and is nondeductible for tax purposes.
The acquisition of Town and Country further enhanced HBT Financial’s footprint in central Illinois, and expanded our footprint into metro-east St. Louis. No expenses were incurred related to the acquisition of Town and Country for the three months ended March 31, 2024. During the three months ended March 31, 2023, HBT Financial incurred the following expenses related to the acquisition of Town and Country:
(dollars in thousands)Three Months Ended March 31, 2023
PROVISION FOR CREDIT LOSSES$5,924
NONINTEREST EXPENSE
Salaries3,518
Data processing1,855
Marketing and customer relations14
Legal fees and other noninterest expense1,753
Total noninterest expense7,140
Total Town and Country acquisition-related expenses$13,064
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The fair value of the assets acquired and liabilities assumed from Town and Country on the acquisition date of February 1, 2023 were as follows (dollars in thousands):
Fair Value
Assets acquired:
Cash and cash equivalents$23,542
Interest-bearing time deposits with banks249
Debt securities167,869
Equity securities301
Restricted stock2,822
Loans held for sale1,612
Loans, before allowance for credit losses635,376
Allowance for credit losses(1,247)
Loans, net of allowance for credit losses634,129
Bank owned life insurance15,782
Bank premises and equipment14,828
Foreclosed assets271
Intangible assets22,282
Mortgage servicing rights10,469
Investments in unconsolidated subsidiaries449
Accrued interest receivable3,113
Other assets8,940
Total assets acquired906,658
Liabilities assumed:
Deposits720,417
FHLB advances86,439
Junior subordinated debentures14,949
Other liabilities5,999
Total liabilities assumed827,804
Net assets acquired$78,854
Consideration paid:
Cash$37,996
Common stock71,356
Total consideration paid$109,352
Goodwill$30,498
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Of the loans acquired, there were $89.8 million which exhibited more-than-insignificant credit deterioration on the acquisition date. The following table provides a summary of these PCD loans at acquisition (dollars in thousands):
Unpaid principal balance$89,822
Allowance for credit losses at acquisition(1,247)
Non-credit discount(2,218)
Purchase price$86,357
Additionally, subsequent to the Town and Country acquisition, HBT Financial recognized an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million through an increase to the provision for credit losses.
The following table provides the pro forma information for the results of operations for the three months ended March 31, 2023 as if the acquisition of Town and Country had occurred on January 1, 2022. The pro forma results combine the historical results of Town and Country into HBT Financial’s consolidated statements of income, including the impact of certain acquisition accounting adjustments, which include loan discount accretion, intangible assets amortization, deposit premium amortization, and borrowing premium amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2022. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table.
Pro Forma
(dollars in thousands, except per share data)Three Months Ended March 31, 2023
Total revenues (net interest income and noninterest income)$57,770
Net income10,015
Earnings per share - basic0.31
Earnings per share - diluted0.31
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 3 – SECURITIES
Debt Securities
The amortized cost and fair values of debt securities, with gross unrealized gains and losses and allowance for credit losses, are as follows:
March 31, 2024
(dollars in thousands)Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Available-for-sale:
U.S. Treasury$149,697$$(11,511)$$138,186
U.S. government agency53,836(3,377)50,459
Municipal156,4031(21,756)134,648
Mortgage-backed:
Agency residential183,55351(15,058)168,546
Agency commercial138,8732(14,400)124,475
Corporate57,694(4,988)52,706
Total available-for-sale$740,056$54$(71,090)$$669,020
March 31, 2024
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-maturity:
U.S. government agency$88,454$$(8,977)$79,477$
Municipal38,459158(351)38,266
Mortgage-backed:
Agency residential93,737(6,497)87,240
Agency commercial296,822(43,165)253,657
Total held-to-maturity$517,472$158$(58,990)$458,640$
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
December 31, 2023
(dollars in thousands)Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Available-for-sale:
U.S. Treasury$159,715$$(11,093)$$148,622
U.S. government agency55,359(3,262)52,097
Municipal229,03026(23,499)205,557
Mortgage-backed:
Agency residential188,64161(14,718)173,984
Agency commercial141,2143(14,205)127,012
Corporate57,6659(5,485)52,189
Total available-for-sale$831,624$99$(72,262)$$759,461
December 31, 2023
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-maturity:
U.S. government agency$88,448$$(8,292)$80,156$
Municipal38,442394(163)38,673
Mortgage-backed:
Agency residential95,828(5,569)90,259
Agency commercial298,721(41,313)257,408
Total held-to-maturity$521,439$394$(55,337)$466,496$
As of March 31, 2024 and December 31, 2023, the Bank had debt securities with a carrying value of $388.8 million and $419.4 million, respectively, which were pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes required or permitted by law.
The amortized cost and fair value of debt securities by contractual maturity, as of March 31, 2024, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost
Fair Value
Amortized
Cost
Fair Value
Due in 1 year or less$46,701 $45,715 $2,791 $2,789 
Due after 1 year through 5 years193,559 179,686 44,748 42,300 
Due after 5 years through 10 years155,271 132,382 73,706 67,434 
Due after 10 years22,099 18,216 5,668 5,220 
Mortgage-backed:
Agency residential183,553 168,546 93,737 87,240 
Agency commercial138,873 124,475 296,822 253,657 
Total$740,056 $669,020 $517,472 $458,640 
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of March 31, 2024 and December 31, 2023, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:
March 31, 2024
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$ $ $(11,511)$138,186 $(11,511)$138,186 
U.S. government agency  (3,377)50,432 (3,377)50,432 
Municipal(10)2,648 (21,746)131,224 (21,756)133,872 
Mortgage-backed:
Agency residential(32)7,947 (15,026)155,172 (15,058)163,119 
Agency commercial(10)913 (14,390)123,480 (14,400)124,393 
Corporate(7)1,987 (4,981)50,706 (4,988)52,693 
Total available-for-sale$(59)$13,495 $(71,031)$649,200 $(71,090)$662,695 
December 31, 2023
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$ $ $(11,093)$148,622 $(11,093)$148,622 
U.S. government agency(2)168 (3,260)51,910 (3,262)52,078 
Municipal(26)4,749 (23,473)194,287 (23,499)199,036 
Mortgage-backed:
Agency residential(163)9,354 (14,555)156,785 (14,718)166,139 
Agency commercial(26)3,016 (14,179)123,404 (14,205)126,420 
Corporate(414)4,361 (5,071)45,826 (5,485)50,187 
Total available-for-sale$(631)$21,648 $(71,631)$720,834 $(72,262)$742,482 
As of March 31, 2024, there were 690 debt securities in an unrealized loss position for a period of twelve months or more, and 73 debt securities in an unrealized loss position for a period of less than twelve months.
U.S. Treasury, U.S. government agency, and agency mortgage-backed securities are considered to have no risk of credit loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as prepayment and liquidity risks.

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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Municipal securities include approximately 73% general obligation bonds as of March 31, 2024, which have a very low historical default rate due to issuers generally having taxing authority to service the debt. The remainder of the municipal securities are also of high credit quality with ratings of A1/A+ or better. The Company evaluates credit risk through monitoring credit ratings and reviews of available financial data. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks. The estimated allowance for credit losses for the municipal debt securities held-to-maturity was deemed insignificant.
Corporate securities include investment grade corporate and bank subordinated debt securities. The Company evaluates credit risk through monitoring credit ratings, reviews of available issuer financial data, and sector trends. During 2024, the changes in fair value in corporate securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks. During the three months ended March 31, 2023, a $0.6 million allowance for credit losses was established for one bank subordinated debt security, reflecting heightened potential credit risk following the failures of other banks in early 2023. This allowance for credit losses was later reversed during the third quarter of 2023 after a merger announcement by the issuer of the bank subordinated debt security.
As of March 31, 2024, the Company did not intend to sell the debt securities that are in an unrealized loss position, and it was more likely than not that the Company would recover the amortized cost prior to being required to sell the debt securities.
Accrued interest on debt securities is excluded from the estimate of credit losses and totaled $5.4 million and $6.0 million as of March 31, 2024 and December 31, 2023, respectively.
Sales of debt securities were as follows during the three months ended March 31:
Three Months Ended March 31,
(dollars in thousands)20242023
Proceeds from sales$66,812$145,844
Gross realized gains
Gross realized losses(3,382)(1,007)
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Equity Securities
Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in unrealized gains (losses) on equity securities on the consolidated statements of income. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for identical or similar securities of the same issuer.
The initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses are as follows:
March 31, 2024
(dollars in thousands)Readily
Determinable
Fair Value
No Readily
Determinable
Fair Value
Initial cost$3,124 $2,957 
Cumulative net unrealized gains (losses)200 (335)
Carrying value$3,324 $2,622 
December 31, 2023
(dollars in thousands)Readily
Determinable
Fair Value
No Readily
Determinable
Fair Value
Initial cost$3,143 $2,840 
Cumulative net unrealized gains (losses)217 (335)
Carrying value$3,360 $2,505 
As of March 31, 2024 and December 31, 2023, the cumulative net unrealized losses on equity securities with no readily determinable fair value reflect impairments of $0.2 million and downward adjustments based on observable price changes of an identical investment of $0.2 million. There have been no upward adjustments based on observable price changes to equity securities with no readily determinable fair value.
During the three months ended March 31, 2024, the Company sold equity securities with a readily determinable fair value totaling $20 thousand at their carrying value. There were no sales of equity securities during the three months ended March 31, 2023.
Unrealized gains (losses) on equity securities were as follows during the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
(dollars in thousands)20242023
Readily determinable fair value$(16)$116 
No readily determinable fair value(138)
Unrealized gains (losses) on equity securities$(16)$(22)
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HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4 – LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES
Major categories of loans are summarized as follows:
(dollars in thousands)March 31, 2024December 31, 2023
Commercial and industrial$402,206 $427,800 
Commercial real estate - owner occupied294,967 295,842 
Commercial real estate - non-owner occupied890,251 880,681 
Construction and land development345,991 363,983 
Multi-family421,573 417,923 
One-to-four family residential485,948 491,508 
Agricultural and farmland287,205 287,294 
Municipal, consumer, and other217,821 239,386 
Loans, before allowance for credit losses3,345,962 3,404,417 
Allowance for credit losses(40,815)(