•Net income of $11.2 million, or $0.34 per diluted share; return on average assets (“ROAA”) of 0.80%; return on average stockholders' equity (“ROAE”) of 6.77%; and return on average tangible common equity (“ROATCE”)(1) of 7.87%
•Adjusted net income(1) of $22.6 million, or $0.68 per diluted share; adjusted ROAA(1) of 1.60%; adjusted ROAE(1) of 13.67%; and adjusted ROATCE(1) of 15.89%
•Completed merger with CNB Bank Shares, Inc. (“CNB”) on March 1, 2026 and core system conversion successfully completed in March 2026
•Asset quality remained strong with nonperforming assets to total assets of 0.21% and net charge-offs to average loans of 0.08%, on an annualized basis
•Net interest margin increased 8 basis points to 4.20% and net interest margin (tax-equivalent basis)(1) increased 9 basis points to 4.25%
Bloomington, IL, April 27, 2026 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company”, “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $11.2 million, or $0.34 diluted earnings per share, for the first quarter of 2026. This compares to net income of $18.9 million, or $0.60 diluted earnings per share, for the fourth quarter of 2025, and net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We are off to a great start in 2026 with the closing of our acquisition of CNB and its wholly-owned subsidiary, CNB Bank & Trust, N.A. (“CNB Bank”), on March 1. We also successfully completed our systems conversions in March and have been busy welcoming our new customers and colleagues. We are excited for the opportunities that lie ahead.
“Results for the first quarter were strong and consistent with adjusted net income(1) of $22.6 million, or $0.68 per diluted share. Adjusted ROAA(1) was 1.60% and adjusted ROATCE(1) was 15.89% as we continue to report strong returns. Our net interest margin on a tax equivalent basis(1) increased by 9 basis points to 4.25% when compared to the fourth quarter of 2025. The increase was primarily driven by continued higher asset repricing for maturing fixed rate loans and securities. Our tangible book value per share(1) decreased by 1.1% for the quarter to $17.01 due to the CNB acquisition, elevated share repurchase activity, and a decrease in accumulated other comprehensive income (“AOCI”) due to higher market interest rates; however, our tangible book value per share(1) has nonetheless increased by 10.2% since the first quarter of 2025.
“Our balance sheet remains strong with good liquidity, solid capital ratios, and no significant credit issues. That gives us confidence that we are prepared for a variety of different economic environments. Our capital levels and operational structure support continued organic growth and attractive acquisition opportunities should the right opportunity arise.”
____________________________________
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
HBT Financial, Inc.
Page 2
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, net earnings (losses) on closed or sold operations, losses on extinguishment of debt, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights (“MSR”) fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $22.6 million, or $0.68 adjusted diluted earnings per share, for the first quarter of 2026. This compares to adjusted net income of $20.1 million, or $0.64 adjusted diluted earnings per share, for the fourth quarter of 2025, and adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025. See “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Acquisition of CNB Bank Shares, Inc.
On March 1, 2026, HBT Financial completed its previously announced acquisition of CNB and CNB Bank. The combined company will have increased density in the central Illinois, the Chicago MSA, and the St. Louis MSA markets. After considering business combination accounting adjustments, CNB added total assets of $1.8 billion, total loans held for investment of $1.3 billion, and total deposits of $1.5 billion.
Cash consideration of $33.8 million and stock consideration of 5.5 million shares of HBT Financial common stock resulted in aggregate consideration of $182.1 million, based upon the closing price of HBT Financial common stock of $26.96 on February 27, 2026. Goodwill of $23.7 million was recorded in the acquisition.
Acquisition-related expenses consisted of the following during the first quarter of 2026 and fourth quarter of 2025:
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
Salaries
$
4,003
$
43
Occupancy of bank premises
105
—
Furniture and equipment
63
—
Data processing
8,668
370
Marketing and customer relations
69
—
Loan collection and servicing
320
—
Professional fees and other noninterest expense
2,438
586
Total acquisition-related expenses
$
15,666
$
999
Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2026 was $56.4 million, an increase of 11.6% from $50.5 million for the fourth quarter of 2025. The increase was primarily attributable to higher average interest-earning asset balances following the CNB merger. A $0.5 million increase in loan fees and a $0.1 million increase in nonaccrual interest recoveries further contributed to the overall increase. Additionally, acquired loan discount accretion was $1.0 million during the first quarter of 2026 and $0.9 million during the fourth quarter of 2025.
Relative to the first quarter of 2025, net interest income increased 15.8% from $48.7 million. The increase was primarily attributable to higher average interest-earning asset balances following the CNB merger, improved yields on debt securities, and lower funding costs. Partially offsetting these improvements were a decrease in loan yields and a $0.4 million decrease in nonaccrual interest recoveries. Additionally, acquired loan discount accretion was $1.1 million during the first quarter of 2025.
Net interest margin for the first quarter of 2026 was 4.20%, compared to 4.12% for the fourth quarter of 2025, while net interest margin (tax-equivalent basis)(1) for the first quarter of 2026 was 4.25%, compared to 4.16% for
HBT Financial, Inc.
Page 3
the fourth quarter of 2025. These increases were primarily attributable to higher asset yields and the sale of the vast majority of the CNB securities portfolio, with the proceeds used to pay off higher cost sources of funding. Improvements in loan yields, which increased 6 basis points to 6.28%, and debt securities yields, which increased 20 basis points to 3.01%, were partially offset by higher funding costs, which increased 2 basis points to 1.25%.
Relative to the first quarter of 2025, net interest margin increased 8 basis points from 4.12% and net interest margin (tax-equivalent basis)(1) increased 9 basis points from 4.16%. These increases were primarily attributable to improved yields on debt securities and lower funding costs, which were partially offset by a decrease in loan 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 first quarter of 2026 was $10.9 million, an increase from $9.9 million for the fourth quarter of 2025. A $0.4 million increase in wealth management fees, primarily driven by an increase in assets under management following the CNB merger, and the absence of $0.2 million in gains (losses) on foreclosed assets contributed to this improvement. Partially offsetting these improvements was a $0.2 million impairment on closed branch premises recognized during the first quarter of 2026. Additionally, a $0.2 million positive MSR fair value adjustment included in the first quarter of 2026 results compared to a $0.3 million negative MSR fair value adjustment included in the fourth quarter of 2025 results.
Relative to the first quarter of 2025, noninterest income increased 17.6% from $9.3 million. The increase was primarily attributable to a $0.9 million increase in wealth management fees, primarily driven by higher values of assets under management and the additional assets under management following the CNB merger, as well as changes in the MSR fair value adjustment, with a $0.2 million positive MSR fair value adjustment included in the first quarter of 2026 results compared to a $0.3 million negative MSR fair value adjustment included in the first quarter of 2025 results.
Noninterest Expense
Noninterest expense for the first quarter of 2026 was $52.4 million, a 58.6% increase from the fourth quarter of 2025. The increase was primarily attributable to $15.7 million of nonrecurring acquisition-related expenses included in the first quarter 2026 results. Excluding acquisition-related expenses, the $4.7 million increase in noninterest expense was primarily attributable to higher base costs following the CNB merger, including a $3.2 million increase in employee salaries and benefits expense, which were also impacted by annual merit increases and higher medical benefits costs, and a $0.9 million increase in other noninterest expense.
Relative to the first quarter of 2025, noninterest expense increased 64.2% from $31.9 million. Excluding acquisition-related expenses, the $4.8 million increase in noninterest expense was primarily attributable to higher base costs following the CNB merger, including a $2.6 million increase in employee salaries and benefits expense, which was also a result of merit increases and higher medical benefits costs, a $1.1 million increase in other noninterest expense, and a $0.4 million increase in data processing expense.
Loan Portfolio
Total loans outstanding, before allowance for credit losses, were $4.69 billion at March 31, 2026, compared with $3.46 billion at December 31, 2025, and $3.46 billion at March 31, 2025. The $1.23 billion increase from December 31, 2025 included $1.30 billion of loans held for investment acquired in the CNB merger. Excluding this impact, the $65.6 million decrease from December 31, 2025 was primarily attributable to several larger pay offs due to refinancings across the multi-family, commercial real estate – non-owner occupied, and the municipal, consumer, and other segments, as well as an $8.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2025. These headwinds were partially offset by $26.3 million in seasonal draws on grain elevator lines, as well as new originations within the construction and land development and commercial and industrial segments.
HBT Financial, Inc.
Page 4
Deposits
Total deposits were $5.80 billion at March 31, 2026, compared with $4.36 billion at December 31, 2025, and $4.38 billion at March 31, 2025. The $1.44 billion increase from December 31, 2025 included $1.52 billion of deposits assumed in the CNB merger. Excluding the impact of the CNB merger, the $72.7 million decrease from December 31, 2025 was primarily attributable to an $88.9 million decrease in wealth management customer money market deposits, of which $85.0 million was moved off-balance sheet during the first quarter due to strong levels of on-balance sheet liquidity.
Asset Quality
Nonperforming assets totaled $14.4 million, or 0.21% of total assets, at March 31, 2026, compared with $8.7 million, or 0.17% of total assets, at December 31, 2025, and $5.6 million, or 0.11% of total assets, at March 31, 2025. The $5.7 million increase in nonperforming assets from December 31, 2025 was primarily attributable to the CNB merger, which added $6.1 million in nonperforming assets, primarily in the construction and land development segment. Additionally, of the $13.2 million of nonperforming loans held as of March 31, 2026, $2.3 million were either wholly or partially guaranteed by the U.S. government.
The Company recorded a negative provision for credit losses of $0.2 million for the first quarter of 2026. The negative provision for credit losses primarily reflects a $0.3 million decrease in specific reserves, partially offset by changes within the loan portfolio.
The Company had net charge-offs of $0.8 million, or 0.08% of average loans on an annualized basis, for the first quarter of 2026, compared to net charge-offs of $0.8 million, or 0.10% of average loans on an annualized basis, for the fourth quarter of 2025, and net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025.
The Company’s allowance for credit losses was 1.29% of total loans and 457% of nonperforming loans at March 31, 2026, compared with 1.21% of total loans and 552% of nonperforming loans at December 31, 2025. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $5.9 million as of March 31, 2026, compared with $4.1 million as of December 31, 2025.
Capital
As of March 31, 2026, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:
March 31, 2026
For Capital
Adequacy Purposes
With Capital
Conservation Buffer
Total capital to risk-weighted assets
15.99
%
10.50
%
Tier 1 capital to risk-weighted assets
13.38
8.50
Common equity tier 1 capital ratio
12.42
7.00
Tier 1 leverage ratio
12.63
4.00
The ratio of tangible common equity to tangible assets(1) decreased to 9.31% as of March 31, 2026, from 10.82% as of December 31, 2025, and tangible book value per share(1) decreased by $0.19 to $17.01 as of March 31, 2026, when compared to December 31, 2025.
During the first quarter of 2026, the Company repurchased 602,855 shares of its common stock at a weighted average price of $25.84 under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $30.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2027. As of March 31, 2026, the Company had $14.4 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.
HBT Financial, Inc.
Page 5
Subordinated Note Issuance
To further enhance the Company’s strong capital and liquidity positions, HBT Financial successfully completed a private placement of $85.0 million of 5.75% Fixed-to-Floating Rate Subordinated Notes due 2036 during the quarter. The subordinated notes qualify as Tier 2 regulatory capital.
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, eastern Iowa, and suburban St. Louis through 83 full-service branches. As of March 31, 2026, HBT Financial had total assets of $6.8 billion, total loans of $4.7 billion, and total deposits of $5.8 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 adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, 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 and the negative forms of such words. 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: (1) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures, global energy market conditions, the threat or implementation of tariffs, immigration enforcement and changes in foreign policy); (2) policy changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies, including executive orders; (3) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and the conflicts in the Middle East), or other adverse 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; (4) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (6) changes in interest rates and prepayment rates of the Company’s assets; (7) increased
HBT Financial, Inc.
Page 6
competition in the financial services sector, including from non-bank competitors such as credit unions, private credit firms, fintech companies, and digital asset service providers, and the inability to attract new customers; (8) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (9) 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, including the acquisition of CNB; (10) the loss of key executives and employees, talent shortages and employee turnover; (11) changes in consumer spending; (12) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (13) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (14) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (15) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (16) the overall health of the local and national real estate market; (17) the ability to maintain an adequate level of allowance for credit losses on loans; (18) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (20) the level of nonperforming assets on our balance sheet; (21) interruptions involving our information technology and communications systems or those of our third-party servicers; (22) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (23) the effectiveness of the Company’s risk management framework; and (24) 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 Chapman
HBTIR@hbtbank.com
(309) 664-4556
HBT Financial, Inc.
Page 7
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
As of or for the Three Months Ended
(dollars in thousands, except per share data)
March 31, 2026
December 31, 2025
March 31, 2025
Interest and dividend income
$
71,839
$
64,391
$
63,138
Interest expense
15,452
13,848
14,430
Net interest income
56,387
50,543
48,708
Provision for credit losses
(156)
1,463
576
Net interest income after provision for credit losses
56,543
49,080
48,132
Noninterest income
10,944
9,895
9,306
Noninterest expense
52,437
33,061
31,935
Income before income tax expense
15,050
25,914
25,503
Income tax expense
3,850
6,976
6,428
Net income
$
11,200
$
18,938
$
19,075
Earnings per share - diluted
$
0.34
$
0.60
$
0.60
Adjusted net income (1)
$
22,610
$
20,139
$
19,253
Adjusted earnings per share - diluted (1)
0.68
0.64
0.61
Book value per share
$
20.54
$
19.58
$
17.86
Tangible book value per share (1)
17.01
17.20
15.43
Shares of common stock outstanding
36,381,078
31,431,924
31,631,431
Weighted average shares of common stock outstanding, including all dilutive potential shares
33,300,096
31,559,005
31,711,671
SUMMARY RATIOS
Net interest margin *
4.20
%
4.12
%
4.12
%
Net interest margin (tax-equivalent basis) * (1)(2)
4.25
4.16
4.16
Efficiency ratio
76.56
%
53.64
%
53.85
%
Efficiency ratio (tax-equivalent basis) (1)(2)
75.83
53.15
53.35
Loan to deposit ratio
80.76
%
79.28
%
78.95
%
Return on average assets *
0.80
%
1.47
%
1.54
%
Return on average stockholders' equity *
6.77
12.34
13.95
Return on average tangible common equity * (1)
7.87
14.08
16.20
Adjusted return on average assets * (1)
1.60
%
1.57
%
1.55
%
Adjusted return on average stockholders' equity * (1)
13.67
13.12
14.08
Adjusted return on average tangible common equity * (1)
15.89
14.97
16.36
CAPITAL
Total capital to risk-weighted assets
15.99
%
16.82
%
16.85
%
Tier 1 capital to risk-weighted assets
13.38
15.72
14.77
Common equity tier 1 capital ratio
12.42
14.42
13.48
Tier 1 leverage ratio
12.63
12.26
11.64
Total stockholders' equity to total assets
11.03
12.14
11.10
Tangible common equity to tangible assets (1)
9.31
10.82
9.73
ASSET QUALITY
Net charge-offs (recoveries) to average loans *
0.08
%
0.10
%
0.05
%
Allowance for credit losses to loans, before allowance for credit losses
1.29
1.21
1.22
Nonperforming loans to loans, before allowance for credit losses
0.28
0.22
0.15
Nonperforming assets to total assets
0.21
0.17
0.11
____________________________________
*Annualized measure.
(1)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
HBT Financial, Inc.
Page 8
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income
Three Months Ended
(dollars in thousands, except per share data)
March 31, 2026
December 31, 2025
March 31, 2025
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable
$
58,881
$
52,600
$
53,369
Federally tax exempt
1,317
1,250
1,168
Debt securities:
Taxable
9,544
8,385
6,936
Federally tax exempt
658
454
469
Interest-bearing deposits in bank
1,276
1,543
1,065
Other interest and dividend income
163
159
131
Total interest and dividend income
71,839
64,391
63,138
INTEREST EXPENSE
Deposits
14,109
12,920
12,939
Securities sold under agreements to repurchase
16
—
22
Borrowings
209
33
109
Subordinated notes
278
—
470
Junior subordinated debentures issued to capital trusts
840
895
890
Total interest expense
15,452
13,848
14,430
Net interest income
56,387
50,543
48,708
PROVISION FOR CREDIT LOSSES
(156)
1,463
576
Net interest income after provision for credit losses
56,543
49,080
48,132
NONINTEREST INCOME
Card income
2,751
2,708
2,548
Wealth management fees
3,764
3,358
2,841
Service charges on deposit accounts
2,160
2,088
1,944
Mortgage servicing
983
1,062
990
Mortgage servicing rights fair value adjustment
197
(310)
(308)
Gains on sale of mortgage loans
331
376
252
Realized gains (losses) on sales of securities
—
(151)
—
Unrealized gains (losses) on equity securities
(112)
43
8
Gains (losses) on foreclosed assets
40
(171)
13
Gains (losses) on other assets
(210)
3
54
Income on bank owned life insurance
188
171
164
Other noninterest income
852
718
800
Total noninterest income
10,944
9,895
9,306
NONINTEREST EXPENSE
Salaries
23,061
16,486
17,053
Employee benefits
3,920
3,359
3,285
Occupancy of bank premises
3,124
2,791
2,625
Furniture and equipment
608
523
445
Data processing
11,794
3,571
2,717
Marketing and customer relations
1,144
984
1,144
Amortization of intangible assets
887
643
695
FDIC insurance
588
560
562
Loan collection and servicing
696
339
383
Foreclosed assets
60
35
5
Other noninterest expense
6,555
3,770
3,021
Total noninterest expense
52,437
33,061
31,935
INCOME BEFORE INCOME TAX EXPENSE
15,050
25,914
25,503
INCOME TAX EXPENSE
3,850
6,976
6,428
NET INCOME
$
11,200
$
18,938
$
19,075
EARNINGS PER SHARE - BASIC
$
0.34
$
0.60
$
0.60
EARNINGS PER SHARE - DILUTED
$
0.34
$
0.60
$
0.60
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
33,180,009
31,434,409
31,584,989
HBT Financial, Inc.
Page 9
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
ASSETS
Cash and due from banks
$
37,371
$
24,423
$
25,005
Interest-bearing deposits with banks
250,282
97,846
186,586
Cash and cash equivalents
287,653
122,269
211,591
Interest-bearing time deposits with banks
245
—
—
Debt securities available-for-sale, at fair value
1,025,992
813,101
706,135
Debt securities held-to-maturity
453,850
458,746
490,398
Equity securities with readily determinable fair value
3,355
3,322
3,323
Equity securities with no readily determinable fair value
6,395
2,612
2,629
Restricted stock, at cost
6,000
4,979
5,086
Loans held for sale
3,247
1,263
2,721
Loans, before allowance for credit losses
4,686,951
3,456,209
3,461,778
Allowance for credit losses
(60,474)
(41,690)
(42,111)
Loans, net of allowance for credit losses
4,626,477
3,414,519
3,419,667
Bank owned life insurance
37,677
24,660
24,153
Bank premises and equipment, net
90,973
73,642
67,272
Bank premises held for sale
337
—
190
Foreclosed assets
1,149
1,126
460
Goodwill
83,504
59,820
59,820
Intangible assets, net
44,313
15,117
17,148
Intangible assets held for sale
649
—
—
Mortgage servicing rights, at fair value
20,090
16,944
18,519
Investments in unconsolidated subsidiaries
1,614
1,614
1,614
Accrued interest receivable
35,313
23,779
22,735
Other assets
44,891
33,877
38,731
Total assets
$
6,773,724
$
5,071,390
$
5,092,192
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing
$
1,342,192
$
1,049,043
$
1,065,874
Interest-bearing
4,461,256
3,310,220
3,318,716
Total deposits
5,803,448
4,359,263
4,384,590
Securities sold under agreements to repurchase
5,046
—
2,698
Federal Home Loan Bank advances
12,332
12,301
7,209
Subordinated notes
84,003
—
39,573
Junior subordinated debentures issued to capital trusts
52,924
52,909
52,864
Other liabilities
68,566
31,419
40,201
Total liabilities
6,026,319
4,455,892
4,527,135
Stockholders' Equity
Common stock
385
329
329
Surplus
446,555
298,548
297,024
Retained earnings
371,093
367,163
329,169
Accumulated other comprehensive income (loss)
(27,371)
(23,018)
(38,446)
Treasury stock at cost
(43,257)
(27,524)
(23,019)
Total stockholders’ equity
747,405
615,498
565,057
Total liabilities and stockholders’ equity
$
6,773,724
$
5,071,390
$
5,092,192
SHARES OF COMMON STOCK OUTSTANDING
36,381,078
31,431,924
31,631,431
HBT Financial, Inc.
Page 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
LOANS
Commercial and industrial
$
528,301
$
399,760
$
441,261
Commercial real estate - owner occupied
519,847
320,434
321,990
Commercial real estate - non-owner occupied
1,099,784
937,094
891,022
Construction and land development
425,335
280,254
376,046
Multi-family
638,653
544,941
424,096
One-to-four family residential
614,563
445,463
455,376
Agricultural and farmland
596,294
275,251
292,240
Municipal, consumer, and other
264,174
253,012
259,747
Total loans
$
4,686,951
$
3,456,209
$
3,461,778
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
DEPOSITS
Noninterest-bearing deposits
$
1,342,192
$
1,049,043
$
1,065,874
Interest-bearing deposits:
Interest-bearing demand
1,365,216
1,144,416
1,143,677
Money market
929,671
839,097
812,146
Savings
900,700
564,220
575,558
Time
1,265,669
762,487
787,335
Total interest-bearing deposits
4,461,256
3,310,220
3,318,716
Total deposits
$
5,803,448
$
4,359,263
$
4,384,590
HBT Financial, Inc.
Page 11
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
(dollars in thousands)
Average Balance
Interest
Yield/Cost *
Average Balance
Interest
Yield/Cost *
Average Balance
Interest
Yield/Cost *
ASSETS
Loans
$
3,890,388
$
60,198
6.28
%
$
3,432,308
$
53,850
6.22
%
$
3,460,906
$
54,537
6.39
%
Debt securities
1,375,875
10,202
3.01
1,249,183
8,839
2.81
1,204,424
7,405
2.49
Deposits with banks
163,761
1,276
3.16
177,348
1,543
3.45
120,014
1,065
3.60
Other
14,389
163
4.60
12,481
159
5.05
12,677
131
4.19
Total interest-earning assets
5,444,413
$
71,839
5.35
%
4,871,320
$
64,391
5.24
%
4,798,021
$
63,138
5.34
%
Allowance for credit losses
(48,362)
(41,994)
(42,061)
Noninterest-earning assets
317,393
269,949
276,853
Total assets
$
5,713,444
$
5,099,275
$
5,032,813
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand
$
1,223,982
$
1,931
0.64
%
$
1,129,642
$
1,800
0.63
%
$
1,120,608
$
1,453
0.53
%
Money market
906,663
4,448
1.99
866,762
4,614
2.11
807,728
4,397
2.21
Savings
671,852
704
0.43
561,755
397
0.28
569,494
370
0.26
Time
940,019
7,026
3.03
765,792
6,109
3.16
784,099
6,719
3.48
Total interest-bearing deposits
3,742,516
14,109
1.53
3,323,951
12,920
1.54
3,281,929
12,939
1.60
Securities sold under agreements to repurchase
2,902
16
2.21
—
—
—
8,754
22
1.02
Borrowings
28,886
209
2.94
7,819
33
1.68
12,890
109
3.41
Subordinated notes
19,781
278
5.70
—
—
—
39,563
470
4.82
Junior subordinated debentures issued to capital trusts
52,916
840
6.44
52,902
895
6.70
52,856
890
6.83
Total interest-bearing liabilities
3,847,001
$
15,452
1.63
%
3,384,672
$
13,848
1.62
%
3,395,992
$
14,430
1.72
%
Noninterest-bearing deposits
1,150,594
1,076,899
1,045,733
Noninterest-bearing liabilities
45,282
28,882
36,373
Total liabilities
5,042,877
4,490,453
4,478,098
Stockholders' Equity
670,567
608,822
554,715
Total liabilities and stockholders’ equity
$
5,713,444
$
5,099,275
$
5,032,813
Net interest income/Net interest margin (1)
$
56,387
4.20
%
$
50,543
4.12
%
$
48,708
4.12
%
Tax-equivalent adjustment (2)
649
0.05
558
0.04
545
0.04
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$
57,036
4.25
%
$
51,101
4.16
%
$
49,253
4.16
%
Net interest rate spread (4)
3.72
%
3.62
%
3.62
%
Net interest-earning assets (5)
$
1,597,412
$
1,486,648
$
1,402,029
Ratio of interest-earning assets to interest-bearing liabilities
1.42
1.44
1.41
Cost of total deposits
1.17
%
1.16
%
1.21
%
Cost of funds
1.25
1.23
1.32
____________________________________
*Annualized measure.
(1)Net interest margin represents net interest income divided by average total interest-earning assets.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3)See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
HBT Financial, Inc.
Page 12
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
NONPERFORMING ASSETS
Nonaccrual
$
13,229
$
7,556
$
5,102
Past due 90 days or more, still accruing
—
—
4
Total nonperforming loans
13,229
7,556
5,106
Foreclosed assets
1,149
1,126
460
Total nonperforming assets
$
14,378
$
8,682
$
5,566
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government
$
2,291
$
2,170
$
1,350
Allowance for credit losses
$
60,474
$
41,690
$
42,111
Loans, before allowance for credit losses
4,686,951
3,456,209
3,461,778
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses
1.29
%
1.21
%
1.22
%
Allowance for credit losses to nonaccrual loans
457.13
551.75
825.38
Allowance for credit losses to nonperforming loans
457.13
551.75
824.74
Nonaccrual loans to loans, before allowance for credit losses
0.28
0.22
0.15
Nonperforming loans to loans, before allowance for credit losses
0.28
0.22
0.15
Nonperforming assets to total assets
0.21
0.17
0.11
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets
0.31
0.25
0.16
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
ALLOWANCE FOR CREDIT LOSSES
Beginning balance
$
41,690
$
41,900
$
42,044
Allowance established in acquisition
19,957
—
—
Provision for credit losses
(415)
638
496
Charge-offs
(1,001)
(1,221)
(665)
Recoveries
243
373
236
Ending balance
$
60,474
$
41,690
$
42,111
Net charge-offs
$
758
$
848
$
429
Average loans
3,890,388
3,432,308
3,460,906
Net charge-offs to average loans *
0.08
%
0.10
%
0.05
%
____________________________________
*Annualized measure.
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
PROVISION FOR CREDIT LOSSES
Loans
$
(415)
$
638
$
496
Unfunded lending-related commitments
259
825
80
Total provision for credit losses
$
(156)
$
1,463
$
576
HBT Financial, Inc.
Page 13
Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net income
$
11,200
$
18,938
$
19,075
Less: adjustments
Acquisition expenses
(15,666)
(999)
—
Net earnings (losses) on closed or sold operations
4
—
—
Gains (losses) on closed branch premises
(210)
—
59
Realized gains (losses) on sales of securities
—
(151)
—
Mortgage servicing rights fair value adjustment
197
(310)
(308)
Total adjustments
(15,675)
(1,460)
(249)
Tax effect of adjustments (1)
4,265
259
71
Total adjustments after tax effect
(11,410)
(1,201)
(178)
Adjusted net income
$
22,610
$
20,139
$
19,253
Average assets
$
5,713,444
$
5,099,275
$
5,032,813
Return on average assets *
0.80
%
1.47
%
1.54
%
Adjusted return on average assets *
1.60
1.57
1.55
____________________________________
*Annualized measure.
(1)Assumes a federal income tax rate of 21% and a state tax rate of 9.5%, and excludes non-deductible acquisition expenses.
Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share — Basic and Diluted
Three Months Ended
(dollars in thousands, except per share amounts)
March 31, 2026
December 31, 2025
March 31, 2025
Numerator:
Net income
$
11,200
$
18,938
$
19,075
Adjusted net income
$
22,610
$
20,139
$
19,253
Denominator:
Weighted average common shares outstanding
33,180,009
31,434,409
31,584,989
Dilutive effect of outstanding restricted stock units
120,087
124,596
126,682
Weighted average common shares outstanding, including all dilutive potential shares
33,300,096
31,559,005
31,711,671
Earnings per share - basic
$
0.34
$
0.60
$
0.60
Earnings per share - diluted
$
0.34
$
0.60
$
0.60
Adjusted earnings per share - basic
$
0.68
$
0.64
$
0.61
Adjusted earnings per share - diluted
$
0.68
$
0.64
$
0.61
HBT Financial, Inc.
Page 14
Reconciliation of Non-GAAP Financial Measures –
Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net interest income
$
56,387
$
50,543
$
48,708
Noninterest income
10,944
9,895
9,306
Noninterest expense
(52,437)
(33,061)
(31,935)
Pre-provision net revenue
14,894
27,377
26,079
Less: adjustments
Acquisition expenses
(15,666)
(999)
—
Net earnings (losses) on closed or sold operations
4
—
—
Gains (losses) on closed branch premises
(210)
—
59
Realized gains (losses) on sales of securities
—
(151)
—
Mortgage servicing rights fair value adjustment
197
(310)
(308)
Total adjustments
(15,675)
(1,460)
(249)
Adjusted pre-provision net revenue
$
30,569
$
28,837
$
26,328
Pre-provision net revenue
$
14,894
$
27,377
$
26,079
Less: net charge-offs
758
848
429
Pre-provision net revenue less net charge-offs
$
14,136
$
26,529
$
25,650
Adjusted pre-provision net revenue
$
30,569
$
28,837
$
26,328
Less: net charge-offs
758
848
429
Adjusted pre-provision net revenue less net charge-offs
$
29,811
$
27,989
$
25,899
Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net interest income (tax-equivalent basis)
Net interest income
$
56,387
$
50,543
$
48,708
Tax-equivalent adjustment (1)
649
558
545
Net interest income (tax-equivalent basis) (1)
$
57,036
$
51,101
$
49,253
Net interest margin (tax-equivalent basis)
Net interest margin *
4.20
%
4.12
%
4.12
%
Tax-equivalent adjustment * (1)
0.05
0.04
0.04
Net interest margin (tax-equivalent basis) * (1)
4.25
%
4.16
%
4.16
%
Average interest-earning assets
$
5,444,413
$
4,871,320
$
4,798,021
____________________________________
*Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
HBT Financial, Inc.
Page 15
Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Total noninterest expense
$
52,437
$
33,061
$
31,935
Less: amortization of intangible assets
887
643
695
Noninterest expense excluding amortization of intangible assets
