HBT HBT Financial Inc

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 $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024. This compares to net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024, and net income of $19.7 million, or $0.62 diluted earnings per share, for the third quarter of 2023.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “In the third quarter, we continued our consistently solid financial performance with net income of $18.2 million, adjusted net income(1) of $19.2 million, adjusted ROAA(1) of 1.53% and adjusted ROATCE(1) of 17.20%. We have also seen tangible equity continue to build, with tangible book value per share increasing 23.3% over the last year. Our net interest margin (tax-equivalent basis)(1) increased 3 basis points to 4.03% while funding costs remained modest, increasing 5 basis points to 1.47%. Our asset quality remains strong with net charge-offs at 0.07% of average loans on an annualized basis during the quarter and nonperforming assets to total assets at 0.17%. We have not seen any significant signs of stress in our loan portfolio, but we continue to monitor the portfolio closely. Noninterest income remained consistent and noninterest expense of $31.3 million was up only 2.1% when compared to the third quarter of 2023, as we remain focused on operational efficiency while continuing to invest in our business. Lastly, all capital ratios had solid increases and can support future organic growth or acquisitions.”____________________________________(1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Adjusted Net Income

In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on 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 $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024. This compares to adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024, and adjusted net income of $20.3 million, or $0.63 adjusted diluted earnings per share, for the third quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2024 was $47.7 million, an increase of 1.5% from $47.0 million for the second quarter of 2024. The increase was primarily attributable to improved loan yields which were mostly offset by an increase in funding costs.

Relative to the third quarter of 2023, net interest income decreased 1.1% from $48.3 million. The decrease was primarily attributable to higher funding costs which were partially offset by higher asset yields and an increase in interest-earning assets.

Net interest margin for the third quarter of 2024 was 3.98%, compared to 3.95% for the second quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the third quarter of 2024 was 4.03%, compared to 4.00% for the second quarter of 2024. Higher yields on interest-earning assets, which increased by 7 basis points to 5.35%, were mostly offset by an increase in funding costs, with the cost of funds increasing by 5 basis points to 1.47%.

Relative to the third quarter of 2023, net interest margin decreased 9 basis points from 4.07% and net interest margin (tax-equivalent basis)(1) decreased 10 basis points from 4.13%. These decreases were primarily attributable to increases in funding costs outpacing increases in interest-earning asset yields.____________________________________(1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Noninterest Income

Noninterest income for the third quarter of 2024 was $8.7 million, a decrease from $9.6 million for the second quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results compared to a $0.1 million negative MSR fair value adjustment included in the second quarter 2024 results. Partially offsetting the MSR fair value adjustment was a $0.2 million increase in service charge income and a $0.2 million increase in other noninterest income, primarily attributable to swap fee income.

Relative to the third quarter of 2023, noninterest income decreased 8.3% from $9.5 million. The decrease was primarily attributable to the $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results, partially offset by the absence of $0.8 million in realized losses on the sale of securities included in the third quarter 2023 results.

Noninterest Expense

Noninterest expense for the third quarter of 2024 was $31.3 million, a 2.7% increase from $30.5 million for the second quarter of 2024. The increase was primarily attributable to a $0.5 million increase in occupancy expense, driven in part by a seasonal increase in planned building maintenance expenses, and a $0.4 million increase in marketing and customer relations expense.

Relative to the third quarter of 2023, noninterest expense increased 2.1% from $30.7 million. The increase was primarily attributable to a $0.7 million increase in salaries and a $0.4 million increase in employee benefits. Partially offsetting these increases was a $0.3 million decrease in marketing and customer relations expense.

On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the nine months ended September 30, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.

(dollars in thousands)			Nine Months Ended September 30, 2023
PROVISION FOR CREDIT LOSSES		$	5,924
NONINTEREST EXPENSE
Salaries			3,584
Furniture and equipment			39
Data processing			2,031
Marketing and customer relations			24
Loan collection and servicing			125
Legal fees and other noninterest expense			1,964
Total noninterest expense			7,767
Total acquisition-related expenses		$	13,691

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.37 billion at September 30, 2024, compared with $3.39 billion at June 30, 2024, and $3.34 billion at September 30, 2023. The $15.7 million decrease from June 30, 2024 was primarily attributable to several larger commercial real estate loan payoffs due to the sale of the property and a couple of larger one-to-four family residential loan payoffs. These decreases were partially offset by increased line usage and term originations in our agricultural and farmland portfolio.

Deposits

Total deposits were $4.28 billion at September 30, 2024, compared with $4.32 billion at June 30, 2024, and $4.20 billion at September 30, 2023. The $38.0 million decrease from June 30, 2024 was primarily attributable to lower balances maintained in retail accounts and a $18.3 million decrease in escrow balances related to seasonal tax payments, partially offset by increases in public funds and business accounts. Additionally, we continue to see a shift towards higher cost deposit products, with decreases in noninterest-bearing deposits, interest-bearing demand, and savings balances being partially offset by an increase in money market and time deposit balances.

Asset Quality

Nonperforming loans totaled $8.2 million, or 0.24% of total loans, at September 30, 2024, compared with $8.4 million, or 0.25% of total loans, at June 30, 2024, and $6.7 million, or 0.20% of total loans, at September 30, 2023. Additionally, of the $8.2 million of nonperforming loans held as of September 30, 2024, $2.0 million is either wholly or partially guaranteed by the U.S. government. The $0.2 million decrease in nonperforming loans from June 30, 2024 was primarily attributable to the payoff of $0.1 million in nonaccrual agricultural and farmland loans.

The Company recorded a provision for credit losses of $0.6 million for the third quarter of 2024. The provision for credit losses primarily reflects a $1.2 million increase in required reserves resulting from changes in economic forecasts; a $0.2 million increase in required reserves resulting from qualitative factor changes; a $0.6 million decrease in required reserves driven by decreased loan balances and changes within the loan portfolio; and a $0.2 million decrease in specific reserves.

The Company had net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2023. During the third quarter of 2024, net charge-offs were primarily recognized in the commercial and industrial category which had $0.7 million of net charge-offs.

The Company’s allowance for credit losses was 1.22% of total loans and 499% of nonperforming loans at September 30, 2024, compared with 1.21% of total loans and 484% of nonperforming loans at June 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $4.1 million as of September 30, 2024, compared with $4.3 million as of June 30, 2024.

Capital

As of September 30, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

		September 30, 2024			For CapitalAdequacy PurposesWith CapitalConservation Buffer
Total capital to risk-weighted assets		16.54	%		10.50	%
Tier 1 capital to risk-weighted assets		14.48			8.50
Common equity tier 1 capital ratio		13.15			7.00
Tier 1 leverage ratio		11.16			4.00

The ratio of tangible common equity to tangible assets(1) increased to 9.35% as of September 30, 2024, from 8.74% as of June 30, 2024, and tangible book value per share(1) increased by $0.91 to $14.55 as of September 30, 2024, when compared to June 30, 2024.

During the third quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2025. As of September 30, 2024, the Company had $10.6 million remaining under the stock repurchase program.____________________________________(1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

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 Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of September 30, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 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), ratio of tangible common equity to tangible assets, tangible book value per share, ROATCE, adjusted net income, adjusted earnings per share, adjusted ROAA, adjusted ROAE, and adjusted ROATCE. 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.

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, 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; (iii) 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; (iv) 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 or as a result of the upcoming 2024 presidential election; (v) changes in interest rates and prepayment rates of the Company’s assets; (vi) 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; (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) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT:Peter ChapmanHBTIR@hbtbank.com(309) 664-4556

HBT Financial, Inc.Unaudited Consolidated Financial Summary
		As of or for the Three Months Ended												Nine Months Ended September 30,
(dollars in thousands, except per share data)		September 30,2024				June 30,2024				September 30,2023					2024				2023
Interest and dividend income		$	64,117			$	62,824			$	59,041			$	188,902			$	167,588
Interest expense			16,384				15,796				10,762				47,453				23,600
Net interest income			47,733				47,028				48,279				141,449				143,988
Provision for credit losses			603				1,176				480				2,306				6,460
Net interest income after provision for credit losses			47,130				45,852				47,799				139,143				137,528
Noninterest income			8,705				9,610				9,490				23,941				26,841
Noninterest expense			31,322				30,509				30,671				93,099				100,577
Income before income tax expense			24,513				24,953				26,618				69,985				63,792
Income tax expense			6,333				6,883				6,903				18,477				16,396
Net income		$	18,180			$	18,070			$	19,715			$	51,508			$	47,396
Earnings per share - Diluted		$	0.57			$	0.57			$	0.62			$	1.62			$	1.49
Adjusted net income (1)		$	19,244			$	18,139			$	20,279			$	55,456			$	58,910
Adjusted earnings per share - Diluted (1)			0.61				0.57				0.63				1.75				1.86
Book value per share		$	17.04			$	16.14			$	14.36
Tangible book value per share (1)			14.55				13.64				11.80
Shares of common stock outstanding			31,559,366				31,559,366				31,774,140
Weighted average shares of common stock outstanding			31,559,366				31,579,457				31,829,250				31,600,442				31,598,650
SUMMARY RATIOS
Net interest margin *			3.98	%			3.95	%			4.07	%			3.96	%			4.14	%
Net interest margin (tax-equivalent basis) * (1)(2)			4.03				4.00				4.13				4.01				4.20
Efficiency ratio			54.24	%			52.61	%			51.85	%			55.00	%			57.73	%
Efficiency ratio (tax-equivalent basis) (1)(2)			53.71				52.10				51.25				54.45				57.04
Loan to deposit ratio			78.72	%			78.39	%			79.63	%
Return on average assets *			1.44	%			1.45	%			1.58	%			1.37	%			1.29	%
Return on average stockholders' equity *			13.81				14.48				17.02				13.58				14.22
Return on average tangible common equity * (1)			16.25				17.21				20.70				16.11				17.17
Adjusted return on average assets * (1)			1.53	%			1.45	%			1.62	%			1.48	%			1.61	%
Adjusted return on average stockholders' equity * (1)			14.62				14.54				17.51				14.62				17.68
Adjusted return on average tangible common equity * (1)			17.20				17.27				21.29				17.34				21.34
CAPITAL
Total capital to risk-weighted assets			16.54	%			16.01	%			15.09	%
Tier 1 capital to risk-weighted assets			14.48				13.98				13.18
Common equity tier 1 capital ratio			13.15				12.66				11.88
Tier 1 leverage ratio			11.16				10.83				10.34
Total stockholders' equity to total assets			10.77				10.18				9.14
Tangible common equity to tangible assets (1)			9.35				8.74				7.64
ASSET QUALITY
Net charge-offs (recoveries) to average loans *			0.07	%			0.08	%			(0.01)	%			0.04	%			(0.01)	%
Allowance for credit losses to loans, before allowance for credit losses			1.22				1.21				1.16
Nonperforming loans to loans, before allowance for credit losses			0.24				0.25				0.20
Nonperforming assets to total assets			0.17				0.17				0.16
*   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.Unaudited Consolidated Financial SummaryConsolidated Statements of Income
	Three Months Ended												Nine Months Ended September 30,
(dollars in thousands, except per share data)	September 30,2024				June 30,2024				September 30,2023					2024				2023
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	53,650			$	52,177			$	49, 640			$	157,753			$	138,948
Federally tax exempt		1,133				1,097				1,072				3,324				3,064
Debt Securities:
Taxable		6,453				6,315				6,402				18,972				19,460
Federally tax exempt		502				521				978				1,620				3,337
Interest-bearing deposits in bank		2,230				2,570				714				6,752				2,234
Other interest and dividend income		149				144				235				481				545
Total interest and dividend income		64,117				62,824				59,041				188,902				167,588
INTEREST EXPENSE
Deposits		14,649				14,133				7,211				42,375				13,908
Securities sold under agreements to repurchase		134				129				35				415				107
Borrowings		119				121				2,108				365				5,594
Subordinated notes		470				469				470				1,409				1,409
Junior subordinated debentures issued to capital trusts		1,012				944				938				2,889				2,582
Total interest expense		16,384				15,796				10,762				47,453				23,600
Net interest income		47,733				47,028				48,279				141,449				143,988
PROVISION FOR CREDIT LOSSES		603				1,176				480				2,306				6,460
Net interest income after provision for credit losses		47,130				45,852				47,799				139,143				137,528
NONINTEREST INCOME
Card income		2,753				2,885				2,763				8,254				8,326
Wealth management fees		2,670				2,623				2,381				7,840				6,998
Service charges on deposit accounts		2,081				1,902				2,040				5,852				5,830
Mortgage servicing		1,113				1,111				1,169				3,279				3,522
Mortgage servicing rights fair value adjustment		(1,488	)			(97	)			23				(1,505	)			(460	)
Gains on sale of mortgage loans		461				443				476				1,202				1,125
Realized gains (losses) on sales of securities		—				—				(813	)			(3,382	)			(1,820	)
Unrealized gains (losses) on equity securities		136				(96	)			(46	)			24				(61	)
Gains (losses) on foreclosed assets		(44	)			(28	)			550				15				443
Gains (losses) on other assets		(2	)			—				52				(637	)			161
Income on bank owned life insurance		170				166				153				500				415
Other noninterest income		855				701				742				2,499				2,362
Total noninterest income		8,705				9,610				9,490				23,941				26,841
NONINTEREST EXPENSE
Salaries		16,325				16,364				15,644				49,346				51,715
Employee benefits		2,997				2,860				2,616				8,662				7,658
Occupancy of bank premises		2,695				2,243				2,573				7,520				7,460
Furniture and equipment		446				548				667				1,544				2,135
Data processing		2,640				2,606				2,581				8,171				9,787
Marketing and customer relations		1,380				996				1,679				3,372				3,874
Amortization of intangible assets		710				710				720				2,130				1,950
FDIC insurance		572				565				512				1,697				1,705
Loan collection and servicing		476				475				345				1,403				971
Foreclosed assets		19				10				76				78				234
Other noninterest expense		3,062				3,132				3,258				9,176				13,088
Total noninterest expense		31,322				30,509				30,671				93,099				100,577
INCOME BEFORE INCOME TAX EXPENSE		24,513				24,953				26,618				69,985				63,792
INCOME TAX EXPENSE		6,333				6,883				6,903				18,477				16,396
NET INCOME	$	18,180			$	18,070			$	19,715			$	51,508			$	47,396
EARNINGS PER SHARE - BASIC	$	0.58			$	0.57			$	0.62			$	1.63			$	1.50
EARNINGS PER SHARE - DILUTED	$	0.57			$	0.57			$	0.62			$	1.62			$	1.49
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		31,559,366				31,579,457				31,829,250				31,600,442				31,598,650

HBT Financial, Inc.Unaudited Consolidated Financial SummaryConsolidated Balance Sheets
(dollars in thousands)	September 30,2024				June 30,2024				September 30,2023
ASSETS
Cash and due from banks	$	26,776			$	22,604			$	24,757
Interest-bearing deposits with banks		152,895				172,636				87,156
Cash and cash equivalents		179,671				195,240				111,913
Interest-bearing time deposits with banks		—				520				500
Debt securities available-for-sale, at fair value		710,303				669,055				753,163
Debt securities held-to-maturity		505,075				512,549				527,144
Equity securities with readily determinable fair value		3,364				3,228				3,106
Equity securities with no readily determinable fair value		2,638				2,613				2,300
Restricted stock, at cost		5,086				5,086				11,165
Loans held for sale		2,959				858				3,563
Loans, before allowance for credit losses		3,369,830				3,385,483				3,342,786
Allowance for credit losses		(40,966	)			(40,806	)			(38,863	)
Loans, net of allowance for credit losses		3,328,864				3,344,677				3,303,923
Bank owned life insurance		24,405				24,235				23,747
Bank premises and equipment, net		65,919				65,711				64,713
Bank premises held for sale		317				317				35
Foreclosed assets		376				320				1,519
Goodwill		59,820				59,820				59,820
Intangible assets, net		18,552				19,262				21,402
Mortgage servicing rights, at fair value		17,496				18,984				20,156
Investments in unconsolidated subsidiaries		1,614				1,614				1,614
Accrued interest receivable		24,160				22,425				23,447
Other assets		40,109				59,685				58,538
Total assets	$	4,990,728			$	5,006,199			$	4,991,768
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,008,359			$	1,045,697			$	1,086,877
Interest-bearing		3,272,341				3,272,996				3,111,191
Total deposits		4,280,700				4,318,693				4,198,068
Securities sold under agreements to repurchase		29,029				29,330				28,900
Federal Home Loan Bank advances		13,435				13,734				177,650
Subordinated notes		39,533				39,514				39,454
Junior subordinated debentures issued to capital trusts		52,834				52,819				52,774
Other liabilities		37,535				42,640				38,671
Total liabilities		4,453,066				4,496,730				4,535,517
Stockholders' Equity
Common stock		328				328				327
Surplus		296,810				296,430				295,483
Retained earnings		302,532				290,386				256,050
Accumulated other comprehensive income (loss)		(38,989	)			(54,656	)			(78,432	)
Treasury stock at cost		(23,019	)			(23,019	)			(17,177	)
Total stockholders’ equity		537,662				509,469				456,251
Total liabilities and stockholders’ equity	$	4,990,728			$	5,006,199			$	4,991,768
SHARES OF COMMON STOCK OUTSTANDING		31,559,366				31,559,366				31,774,140

HBT Financial, Inc.Unaudited Consolidated Financial Summary
(dollars in thousands)	September 30,2024			June 30,2024			September 30,2023
LOANS
Commercial and industrial	$	395,598		$	400,276		$	386,933
Commercial real estate - owner occupied		288,838			289,992			297,242
Commercial real estate - non-owner occupied		889,188			889,193			901,929
Construction and land development		359,151			365,371			371,158
Multi-family		432,712			429,951			388,742
One-to-four family residential		472,040			484,335			488,655
Agricultural and farmland		297,102			285,822			275,239
Municipal, consumer, and other		235,201			240,543			232,888
Total loans	$	3,369,830		$	3,385,483		$	3,342,786

(dollars in thousands)	September 30,2024			June 30,2024			September 30,2023
DEPOSITS
Noninterest-bearing deposits	$	1,008,359		$	1,045,697		$	1,086,877
Interest-bearing deposits:
Interest-bearing demand		1,076,445			1,094,797			1,134,721
Money market		795,150			769,386			673,780
Savings		566,783			582,752			623,083
Time		803,964			796,069			564,634
Brokered		29,999			29,992			114,973
Total interest-bearing deposits		3,272,341			3,272,996			3,111,191
Total deposits	$	4,280,700		$	4,318,693		$	4,198,068

HBT Financial, Inc.Unaudited Consolidated Financial Summary
	Three Months Ended
	September 30, 2024										June 30, 2024										September 30, 2023
(dollars in thousands)	Average Balance				Interest			Yield/Cost *			Average Balance				Interest			Yield/Cost *			Average Balance				Interest			Yield/Cost *
ASSETS
Loans	$	3,379,299			$	54,783		6.45	%		$	3,374,058			$	53,274		6.35	%		$	3,296,703			$	50,712		6.10	%
Debt Securities		1,191,642				6,955		2.32				1,187,795				6,836		2.31				1,317,603				7,380		2.22
Deposits with banks		185,870				2,230		4.77				211,117				2,570		4.90				77,595				714		3.65
Other		12,660				149		4.68				12,588				144		4.60				16,430				235		5.68
Total interest-earning assets		4,769,471			$	64,117		5.35	%			4,785,558			$	62,824		5.28	%			4,708,331			$	59,041		4.97	%
Allowance for credit losses		(40,780	)									(40,814	)									(38,317	)
Noninterest-earning assets		278,030										283,103										294,818
Total assets	$	5,006,721									$	5,027,847									$	4,964,832
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,085,609			$	1,408		0.52	%		$	1,123,592			$	1,429		0.51	%		$	1,160,654			$	761		0.26	%
Money market		800,651				4,726		2.35				788,744				4,670		2.38				682,772				2,026		1.18
Savings		573,077				396		0.27				592,312				393		0.27				639,384				249		0.15
Time		804,379				7,702		3.81				763,507				7,117		3.75				519,683				3,275		2.50
Brokered		29,996				417		5.54				38,213				524		5.51				66,776				900		5.34
Total interest-bearing deposits		3,293,712				14,649		1.77				3,306,368				14,133		1.72				3,069,269				7,211		0.93
Securities sold under agreements to repurchase		29,426				134		1.80				30,440				129		1.70				33,807				35		0.41
Borrowings		13,691				119		3.47				13,466				121		3.60				157,908				2,108		5.30
Subordinated notes		39,524				470		4.73				39,504				469		4.78				39,444				470		4.72
Junior subordinated debentures issued to capital trusts		52,827				1,012		7.63				52,812				944		7.18				52,767				938		7.05
Total interest-bearing liabilities		3,429,180			$	16,384		1.90	%			3,442,590			$	15,796		1.85	%			3,353,195			$	10,762		1.27	%
Noninterest-bearing deposits		1,013,893										1,043,614										1,105,472
Noninterest-bearing liabilities		39,903										39,806										46,564
Total liabilities		4,482,976										4,526,010										4,505,231
Stockholders' Equity		523,745										501,837										459,601
Total liabilities and stockholders’ equity	$	5,006,721									$	5,027,847									$	4,964,832
Net interest income/Net interest margin (1)					$	47,733		3.98	%						$	47,028		3.95	%						$	48,279		4.07	%
Tax-equivalent adjustment (2)						552		0.05								553		0.05								675		0.06
Net interest income (tax-equivalent basis)/Net interest margin (tax-equivalent basis) (2) (3)					$	48,285		4.03	%						$	47,581		4.00	%						$	48,954		4.13	%
Net interest rate spread (4)								3.45	%									3.43	%									3.70	%
Net interest-earning assets (5)	$	1,340,291									$	1,342,968									$	1,355,136
Ratio of interest-earning assets to interest-bearing liabilities		1.39										1.39										1.40
Cost of total deposits								1.35	%									1.31	%									0.69	%
Cost of funds								1.47										1.42										0.96
*   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.Unaudited Consolidated Financial Summary
	Nine Months Ended
	September 30, 2024										September 30, 2023
(dollars in thousands)	Average Balance				Interest			Yield/Cost *			Average Balance				Interest			Yield/Cost *
ASSETS
Loans	$	3,374,875			$	161,077		6.38	%		$	3,183,641			$	142,012		5.96	%
Debt Securities		1,197,772				20,592		2.30				1,366,298				22,797		2.23
Deposits with banks		188,087				6,752		4.80				84,720				2,234		3.53
Other		12,744				481		5.04				15,334				545		4.75
Total interest-earning assets		4,773,478			$	188,902		5.29	%			4,649,993			$	167,588		4.82	%
Allowance for credit losses		(40,611	)									(37,053	)
Noninterest-earning assets		279,789										289,843
Total assets	$	5,012,656									$	4,902,783
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,112,198			$	4,148		0.50	%		$	1,204,937			$	1,902		0.21	%
Money market		800,693				14,193		2.37				664,036				4,467		0.90
Savings		592,134				1,232		0.28				678,495				616		0.12
Time		744,349				20,744		3.72				441,760				6,011		1.82
Brokered		50,046				2,058		5.49				22,987				912		5.30
Total interest-bearing deposits		3,299,420				42,375		1.72				3,012,215				13,908		0.62
Securities sold under agreements to repurchase		30,769				415		1.80				35,844				107		0.40
Borrowings		13,387				365		3.64				148,443				5,594		5.04
Subordinated notes		39,504				1,409		4.76				39,424				1,409		4.78
Junior subordinated debentures issued to capital trusts		52,812				2,889		7.31				51,054				2,582		6.76
Total interest-bearing liabilities		3,435,892			$	47,453		1.84	%			3,286,980			$	23,600		0.96	%
Noninterest-bearing deposits		1,031,239										1,123,917
Noninterest-bearing liabilities		38,943										46,310
Total liabilities		4,506,074										4,457,207
Stockholders' Equity		506,582										445,576
Total liabilities and stockholders’ equity	$	5,012,656										4,902,783
Net interest income/Net interest margin (1)					$	141,449		3.96	%						$	143,988		4.14	%
Tax-equivalent adjustment (2)						1,680		0.05								2,092		0.06
Net interest income (tax-equivalent basis)/Net interest margin (tax-equivalent basis) (2) (3)					$	143,129		4.01	%						$	146,080		4.20	%
Net interest rate spread (4)								3.45	%									3.86	%
Net interest-earning assets (5)	$	1,337,586									$	1,363,013
Ratio of interest-earning assets to interest-bearing liabilities		1.39										1.41
Cost of total deposits								1.31	%									0.45	%
Cost of funds								1.42										0.72
*   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.Unaudited Consolidated Financial Summary
(dollars in thousands)	September 30,2024				June 30,2024				September 30,2023
NONPERFORMING ASSETS
Nonaccrual	$	8,200			$	8,425			$	6,678
Past due 90 days or more, still accruing		5				7				—
Total nonperforming loans		8,205				8,432				6,678
Foreclosed assets		376				320				1,519
Total nonperforming assets	$	8,581			$	8,752			$	8,197
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government	$	2,046			$	2,132			$	1,968
Allowance for credit losses	$	40,966			$	40,806			$	38,863
Loans, before allowance for credit losses		3,369,830				3,385,483				3,342,786
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses		1.22	%			1.21	%			1.16	%
Allowance for credit losses to nonaccrual loans		499.59				484.34				581.96
Allowance for credit losses to nonperforming loans		499.28				483.94				581.96
Nonaccrual loans to loans, before allowance for credit losses		0.24				0.25				0.20
Nonperforming loans to loans, before allowance for credit losses		0.24				0.25				0.20
Nonperforming assets to total assets		0.17				0.17				0.16
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets		0.25				0.26				0.25

HBT Financial, Inc.Unaudited Consolidated Financial Summary
	Three Months Ended												Nine Months Ended September 30,
(dollars in thousands)	September 30,2024				June 30,2024				September 30,2023					2024				2023
ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	40,806			$	40,815			$	37,814			$	40,048			$	25,333
Adoption of ASC 326		—				—				—				—				6,983
PCD allowance established in acquisition		—				—				—				—				1,247
Provision for credit losses		746				677				983				1,983				5,004
Charge-offs		(1,101	)			(870	)			(412	)			(2,198	)			(733	)
Recoveries		515				184				478				1,133				1,029
Ending balance	$	40,966			$	40,806			$	38,863			$	40,966			$	38,863
Net charge-offs (recoveries)	$	586			$	686			$	(66	)		$	1,065			$	(296	)
Average loans		3,379,299				3,374,058				3,296,703				3,374,875				3,183,641
Net charge-offs (recoveries) to average loans *		0.07	%			0.08	%			(0.01)	%			0.04	%			(0.01)	%
*   Annualized measure.

	Three Months Ended											Nine Months Ended September 30,
(dollars in thousands)	September 30,2024				June 30,2024			September 30,2023					2024			2023
PROVISION FOR CREDIT LOSSES
Loans (1)	$	746			$	677		$	983			$	1,983		$	5,004
Unfunded lending-related commitments (1)		(143	)			499			297				323			1,456
Debt securities		—				—			(800	)			—			—
Total provision for credit losses	$	603			$	1,176		$	480			$	2,306		$	6,460
(1)   Includes recognition of 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 in connection with the Town and Country merger during the first quarter of 2023.

Reconciliation of Non-GAAP Financial Measures –Adjusted Net Income and Adjusted Return on Average Assets
		Three Months Ended												Nine Months Ended September 30,
(dollars in thousands)		September 30, 2024				June 30, 2024				September 30, 2023					2024				2023
Net income		$	18,180			$	18,070			$	19,715			$	51,508			$	47,396
Adjustments:
Acquisition expenses (1)			—				—				—				—				(13,691	)
Gains (losses) on closed branch premises			—				—				—				(635	)			75
Realized gains (losses) on sales of securities			—				—				(813	)			(3,382	)			(1,820	)
Mortgage servicing rights fair value adjustment			(1,488	)			(97	)			23				(1,505	)			(460	)
Total adjustments			(1,488	)			(97	)			(790	)			(5,522	)			(15,896	)
Tax effect of adjustments (2)			424				28				226				1,574				4,382
Total adjustments after tax effect			(1,064	)			(69	)			(564	)			(3,948	)			(11,514	)
Adjusted net income		$	19,244			$	18,139			$	20,279			$	55,456			$	58,910
Average assets		$	5,006,721			$	5,027,847			$	4,964,832			$	5,012,656			$	4,902,783
Return on average assets *			1.44	%			1.45	%			1.58	%			1.37	%			1.29	%
Adjusted return on average assets *			1.53				1.45				1.62				1.48				1.61
*   Annualized measure.
(1)   Includes recognition of 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 in connection with the Town and Country merger during the first quarter of 2023.
(2)   Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –Adjusted Earnings Per Share — Basic and Diluted
		Three Months Ended										Nine Months Ended September 30,
(dollars in thousands, except per share amounts)		September 30, 2024			June 30, 2024			September 30, 2023					2024			2023
Numerator:
Net income		$	18,180		$	18,070		$	19,715			$	51,508		$	47,396
Earnings allocated to participating securities (1)			—			—			(10	)			—			(26	)
Numerator for earnings per share - basic and diluted		$	18,180		$	18,070		$	19,705			$	51,508		$	47,370
Adjusted net income		$	19,244		$	18,139		$	20,279			$	55,456		$	58,910
Earnings allocated to participating securities (1)			—			—			(10	)			—			(33	)
Numerator for adjusted earnings per share - basic and diluted		$	19,244		$	18,139		$	20,269			$	55,456		$	58,877
Denominator:
Weighted average common shares outstanding			31,559,366			31,579,457			31,829,250				31,600,442			31,598,650
Dilutive effect of outstanding restricted stock units			118,180			87,354			137,187				115,266			102,574
Weighted average common shares outstanding, including all dilutive potential shares			31,677,546			31,666,811			31,966,437				31,715,708			31,701,224
Earnings per share - Basic		$	0.58		$	0.57		$	0.62			$	1.63		$	1.50
Earnings per share - Diluted		$	0.57		$	0.57		$	0.62			$	1.62		$	1.49
Adjusted earnings per share - Basic		$	0.61		$	0.57		$	0.64			$	1.75		$	1.86
Adjusted earnings per share - Diluted		$	0.61		$	0.57		$	0.63			$	1.75		$	1.86
(1)    The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of 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.

Reconciliation of Non-GAAP Financial Measures –Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
		Three Months Ended												Nine Months Ended September 30,
(dollars in thousands)		September 30, 2024				June 30, 2024				September 30, 2023					2024				2023
Net interest income (tax-equivalent basis)
Net interest income		$	47,733			$	47,028			$	48,279			$	141,449			$	143,988
Tax-equivalent adjustment (1)			552				553				675				1,680				2,092
Net interest income (tax-equivalent basis) (1)		$	48,285			$	47,581			$	48,954			$	143,129			$	146,080
Net interest margin (tax-equivalent basis)
Net interest margin *			3.98	%			3.95	%			4.07	%			3.96	%			4.14	%
Tax-equivalent adjustment * (1)			0.05				0.05				0.06				0.05				0.06
Net interest margin (tax-equivalent basis) * (1)			4.03	%			4.00	%			4.13	%			4.01	%			4.20	%
Average interest-earning assets		$	4,769,471			$	4,785,558			$	4,708,331			$	4,773,478			$	4,649,993
*   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												Nine Months Ended September 30,
(dollars in thousands)		September 30, 2024				June 30, 2024				September 30, 2023					2024				2023
Efficiency ratio (tax-equivalent basis)
Total noninterest expense		$	31,322			$	30,509			$	30,671			$	93,099			$	100,577
Less: amortization of intangible assets			710				710				720				2,130				1,950
Noninterest expense excluding amortization of intangible assets		$	30,612			$	29,799			$	29,951			$	90,969			$	98,627
Net interest income		$	47,733			$	47,028			$	48,279			$	141,449			$	143,988
Total noninterest income			8,705				9,610				9,490				23,941				26,841
Operating revenue			56,438				56,638				57,769				165,390				170,829
Tax-equivalent adjustment (1)			552				553				675				1,680				2,092
Operating revenue (tax-equivalent basis) (1)		$	56,990			$	57,191			$	58,444			$	167,070			$	172,921
Efficiency ratio			54.24	%			52.61	%			51.85	%			55.00	%			57.73	%
Efficiency ratio (tax-equivalent basis) (1)			53.71				52.10				51.25				54.45				57.04
(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 –Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)		September 30, 2024				June 30, 2024				September 30, 2023
Tangible Common Equity
Total stockholders' equity		$	537,662			$	509,469			$	456,251
Less: Goodwill			59,820				59,820				59,820
Less: Intangible assets, net			18,552				19,262				21,402
Tangible common equity		$	459,290			$	430,387			$	375,029
Tangible Assets
Total assets		$	4,990,728			$	5,006,199			$	4,991,768
Less: Goodwill			59,820				59,820				59,820
Less: Intangible assets, net			18,552				19,262				21,402
Tangible assets		$	4,912,356			$	4,927,117			$	4,910,546
Total stockholders' equity to total assets			10.77	%			10.18	%			9.14	%
Tangible common equity to tangible assets			9.35				8.74				7.64
Shares of common stock outstanding			31,559,366				31,559,366				31,774,140
Book value per share		$	17.04			$	16.14			$	14.36
Tangible book value per share			14.55				13.64				11.80

Reconciliation of Non-GAAP Financial Measures – Return on Average Tangible Common Equity, Adjusted Return on Average Stockholders' Equity and Adjusted Return on Average Tangible Common Equity
		Three Months Ended												Nine Months Ended September 30,
(dollars in thousands)		September 30, 2024				June 30, 2024				September 30, 2023					2024				2023
Average Tangible Common Equity
Total stockholders' equity		$	523,745			$	501,837			$	459,601			$	506,582			$	445,576
Less: Goodwill			59,820				59,820				59,875				59,820				56,406
Less: Intangible assets, net			18,892				19,605				21,793				19,607				20,005
Average tangible common equity		$	445,033			$	422,412			$	377,933			$	427,155			$	369,165
Net income		$	18,180			$	18,070			$	19,715			$	51,508			$	47,396
Adjusted net income			19,244				18,139				20,279				55,456				58,910
Return on average stockholders' equity *			13.81	%			14.48	%			17.02	%			13.58	%			14.22	%
Return on average tangible common equity *			16.25				17.21				20.70				16.11				17.17
Adjusted return on average stockholders' equity *			14.62	%			14.54	%			17.51	%			14.62	%			17.68	%
Adjusted return on average tangible common equity *			17.20				17.27				21.29				17.34				21.34
*   Annualized measure.