Quarterly Cash Dividend Increased to $0.25 per Share
Second Quarter Highlights
•Net income of $27.8 million, or $0.76 per diluted share; return on average assets (“ROAA”) of 1.66%; return on average stockholders' equity (“ROAE”) of 14.73%; and return on average tangible common equity (“ROATCE”)(1) of 17.69%
•Adjusted net income(1) of $28.5 million, or $0.78 per diluted share; adjusted ROAA(1) of 1.70%; adjusted ROAE(1) of 15.09%; and adjusted ROATCE(1) of 18.13%
•Asset quality remained strong with nonperforming assets to total assets of 0.15% and net recoveries to average loans of 0.01%, on an annualized basis
•Net interest margin increased 12 basis points to 4.32% and net interest margin (tax-equivalent basis)(1) increased 13 basis points to 4.38%
Bloomington, IL, July 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 $27.8 million, or $0.76 diluted earnings per share, for the second quarter of 2026. This compares to net income of $11.2 million, or $0.34 diluted earnings per share, for the first quarter of 2026, and net income of $19.2 million, or $0.61 diluted earnings per share, for the second quarter of 2025.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “Our first full quarter after the closing of our acquisition of CNB Bank Shares, Inc. (“CNB”) and its wholly owned subsidiary, CNB Bank & Trust, N.A. (“CNB Bank”) delivered strong results. For the second quarter, we reported adjusted net income(1) of $28.5 million, or $0.78 per diluted share, adjusted ROAA(1) of 1.70% and adjusted ROATCE(1) of 18.13%. Our net interest margin on a tax equivalent basis(1) increased 13 basis points to 4.38% compared to the first quarter of 2026. While some of that increase was driven by higher than expected loan accretion income, net interest margin also increased as maturing fixed rate loans repriced higher and securities cash flows were reinvested at higher rates, which offset an increase in cost of funds related to the deposit base acquired from CNB Bank. Noninterest income and noninterest expense were both in line with expectations as we are now realizing the full benefit of our acquisition and all material cost savings.
Our tangible book value per share(1) increased 3.5% for the quarter to $17.60 while our balance sheet remains strong with good liquidity, solid capital ratios, and no material credit issues. That gives us confidence that we are prepared for a variety of 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.
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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 $28.5 million, or $0.78 adjusted diluted earnings per share, for the second quarter of 2026. This compares to adjusted net income of $22.6 million, or $0.68 adjusted diluted earnings per share, for the first quarter of 2026, and adjusted net income of $19.8 million, or $0.63 adjusted diluted earnings per share, for the second 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.
Cash Dividend
On July 24, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share on the Company’s common stock (the “Dividend”). The Dividend is payable on August 18, 2026 to shareholders of record as of August 11, 2026. This represents an increase of $0.02 from the previous quarterly cash dividend of $0.23 per share.
Mr. Carter noted, “We are very pleased to announce that our strong financial performance and capital ratios have enabled us to further increase our quarterly cash dividend by $0.02 per share. This increased dividend reflects the increase in earnings from the successful acquisition and integration of CNB in the first quarter of 2026 while ensuring that capital levels remain strong and comfortably support our balance sheet and strategic objectives.”
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2026 was $69.1 million, an increase of 22.5% from $56.4 million for the first quarter of 2026. The increase was primarily attributable to higher average interest-earning asset balances following the CNB merger completed on March 1, 2026 and higher yields on interest-earning assets. Additionally, acquired loan discount accretion was $2.1 million during the second quarter of 2026 compared to $1.0 million during the first quarter of 2026. Partially offsetting these increases were higher funding costs and a $0.3 million decrease in loan fees.
Relative to the second quarter of 2025, net interest income increased 39.1% from $49.7 million. The increase was primarily attributable to higher average interest-earning asset balances following the CNB merger and improved yields on debt securities. Additionally, a $1.1 million increase in acquired loan discount accretion contributed to the improvement and was partially offset by a $0.2 million decrease in loan fees.
Net interest margin for the second quarter of 2026 was 4.32%, compared to 4.20% for the first quarter of 2026, while net interest margin (tax-equivalent basis)(1) for the second quarter of 2026 was 4.38%, compared to 4.25% for the first quarter of 2026. These increases were primarily attributable to improved yields on loans, which increased 10 basis points to 6.38%, including an 8 basis point increase in acquired loan discount accretion, and improved yields on debt securities. Additionally, a more favorable interest-earning asset mix further contributed to the overall improvement. These increases were partially offset by higher funding costs, which increased 7 basis points to 1.32%, driven primarily by the first full quarter of interest expense on the subordinated notes and the higher cost deposit base acquired from CNB Bank.
Relative to the second quarter of 2025, net interest margin increased 18 basis points from 4.14% and net interest margin (tax-equivalent basis)(1) increased 19 basis points from 4.19%. These increases were primarily attributable to improved yields on debt securities and a more favorable interest-earning asset mix, which were partially offset by higher funding costs.
____________________________________
(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.
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Noninterest Income
Noninterest income for the second quarter of 2026 was $11.8 million, an increase from $10.9 million for the first quarter of 2026. The increase was primarily attributable to a $0.7 million increase in card income, a $0.3 million increase in service charges on deposit accounts, and a $0.2 million increase in wealth management fees, all primarily driven by a larger customer base following the CNB merger. These increases were partially offset by changes in the MSR fair value adjustment, with a $0.8 million negative MSR fair value adjustment included in the second quarter of 2026 results compared to a $0.2 million positive MSR fair value adjustment included in the first quarter of 2026 results.
Relative to the second quarter of 2025, noninterest income increased 29.6% from $9.1 million. The increase was primarily attributable to a $1.1 million increase in wealth management fees, a $0.6 million increase in card income, and a $0.6 million increase in service charges on deposit accounts, all primarily driven by a larger customer base following the CNB merger.
Noninterest Expense
Noninterest expense for the second quarter of 2026 was $42.4 million, a 19.1% decrease from the first quarter of 2026. Acquisition-related noninterest expenses totaled $0.3 million during the second quarter of 2026, compared to $15.7 million during the first quarter of 2026. Excluding acquisition-related expenses, the $5.4 million increase in noninterest expense was primarily attributable to higher base costs following the CNB merger, which primarily drove a $3.2 million increase in salaries and employee benefits as well as increases in data processing, occupancy, and marketing expenses.
Relative to the second quarter of 2025, noninterest expense increased 33.0% from $31.9 million. Excluding acquisition-related expenses, the $10.3 million increase in noninterest expense was primarily attributable to higher base costs following the CNB merger, including a $6.2 million increase in salaries and employee benefits, which were also driven higher by annual merit increases and higher medical benefits costs, as well as increases in occupancy, data processing, and marketing expenses.
Acquisition-related expenses during the first and second quarter of 2026 and during the six months ended June 30, 2026 are summarized below. There were no acquisition-related expenses during the second quarter of 2025 or during the six months ended June 30, 2025. We do not expect material acquisition-related expenses related to the CNB merger in subsequent quarters.
Three Months Ended
Six Months Ended
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
NONINTEREST EXPENSE
Salaries
$
(44)
$
4,003
$
—
$
3,959
$
—
Occupancy of bank premises
13
105
—
118
—
Furniture and equipment
9
63
—
72
—
Data processing
91
8,668
—
8,759
—
Marketing and customer relations
5
69
—
74
—
Loan collection and servicing
28
320
—
348
—
Professional fees and other noninterest expense
155
2,438
—
2,593
—
Total acquisition-related expenses
$
257
$
15,666
$
—
$
15,923
$
—
HBT Financial, Inc.
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Loan Portfolio
Total loans outstanding, before allowance for credit losses, were $4.75 billion at June 30, 2026, compared with $4.69 billion at March 31, 2026, and $3.35 billion at June 30, 2025. The $65.5 million increase from March 31, 2026 was primarily due to increases in multi-family loans and loans to nondepository institutions, included within the municipal, consumer, and other category. These increases were offset by seasonal reductions on grain elevator lines of $27.3 million and several large payoffs due to refinancings across multiple categories, including one condominium loan for $26.1 million within the one-to-four family residential category. In addition, $50.6 million in completed construction projects were transferred from the construction and land development to other categories, primarily in the commercial real estate – non-owner occupied category.
Deposits
Total deposits were $5.76 billion at June 30, 2026, compared with $5.80 billion at March 31, 2026, and $4.31 billion at June 30, 2025. The $45.5 million decrease from March 31, 2026 was primarily attributable to higher outflows for tax payments by depositors and lower balances maintained in existing retail accounts, which were partially offset by higher public funds balances. Additionally, $48.6 million of wealth management customer reciprocal deposits were moved on-balance sheet during the second quarter of 2026.
Asset Quality
Nonperforming assets totaled $9.9 million, or 0.15% of total assets, at June 30, 2026, compared with $14.4 million, or 0.21% of total assets, at March 31, 2026, and $6.5 million, or 0.13% of total assets, at June 30, 2025. The $4.5 million decrease in nonperforming assets from March 31, 2026 was primarily attributable to paydowns and payoffs in the one-to-four family residential and construction and land development categories. Additionally, of the $9.1 million of nonperforming loans held as of June 30, 2026, $2.4 million were either wholly or partially guaranteed by the U.S. government.
The Company recorded a provision for credit losses of $0.7 million for the second quarter of 2026. The provision for credit losses primarily reflects a $3.9 million increase in required reserves resulting from changes in qualitative factors; a $1.3 million decrease in specific reserves; a $1.0 million decrease in required reserves driven by changes in the economic forecast; and a $1.0 million decrease in required reserves driven by changes within the portfolio.
The Company had net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the second quarter of 2026, compared to net charge-offs of $0.8 million, or 0.08% of average loans on an annualized basis, for the first quarter of 2026, and net charge-offs of $1.0 million, or 0.12% of average loans on an annualized basis, for the second quarter of 2025.
The Company’s allowance for credit losses was 1.27% of total loans and 666% of nonperforming loans at June 30, 2026, compared with 1.29% of total loans and 457% of nonperforming loans at March 31, 2026. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $6.6 million as of June 30, 2026, compared with $5.9 million as of March 31, 2026.
Capital
As of June 30, 2026, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:
June 30, 2026
For Capital
Adequacy Purposes
With Capital
Conservation Buffer
Total capital to risk-weighted assets
16.20
%
10.50
%
Tier 1 capital to risk-weighted assets
13.59
8.50
Common equity tier 1 capital ratio
12.64
7.00
Tier 1 leverage ratio
11.01
4.00
HBT Financial, Inc.
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The ratio of tangible common equity to tangible assets(1) increased to 9.69% as of June 30, 2026, from 9.31% as of March 31, 2026, and tangible book value per share(1) increased by $0.59 to $17.60 as of June 30, 2026, when compared to March 31, 2026.
During the second quarter of 2026, the Company repurchased 15,466 shares of its common stock at a weighted average price of $27.53 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 June 30, 2026, the Company had $14.0 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, eastern Iowa, and suburban St. Louis through 83 full-service branches. As of June 30, 2026, HBT Financial had total assets of $6.7 billion, total loans of $4.8 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, ongoing conflicts in the Middle East, and
HBT Financial, Inc.
Page 6
other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control), 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 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; (9) emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or customers; (10) 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; (11) the loss of key executives and employees, talent shortages and employee turnover; (12) changes in consumer spending; (13) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (14) 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; (15) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (16) 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; (17) the overall health of the local and national real estate market; (18) the ability to maintain an adequate level of allowance for credit losses on loans; (19) 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; (20) the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; (21) 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; (22) the level of nonperforming assets on our balance sheet; (23) interruptions involving our information technology and communications systems or those of our third-party servicers; (24) 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; (25) the effectiveness of the Company’s risk management framework; and (26) 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
Six Months Ended June 30,
(dollars in thousands, except per share data)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
Interest and dividend income
$
88,583
$
71,839
$
63,919
$
160,422
$
127,057
Interest expense
19,527
15,452
14,261
34,979
28,691
Net interest income
69,056
56,387
49,658
125,443
98,366
Provision for credit losses
676
(156)
526
520
1,102
Net interest income after provision for credit losses
68,380
56,543
49,132
124,923
97,264
Noninterest income
11,841
10,944
9,140
22,785
18,446
Noninterest expense
42,446
52,437
31,914
94,883
63,849
Income before income tax expense
37,775
15,050
26,358
52,825
51,861
Income tax expense
9,931
3,850
7,128
13,781
13,556
Net income
$
27,844
$
11,200
$
19,230
$
39,044
$
38,305
Earnings per share - diluted
$
0.76
$
0.34
$
0.61
$
1.12
$
1.21
Adjusted net income (1)
$
28,535
$
22,610
$
19,803
$
51,145
$
39,056
Adjusted earnings per share - diluted (1)
0.78
0.68
0.63
1.47
1.23
Book value per share
$
21.03
$
20.54
$
18.44
Tangible book value per share (1)
17.60
17.01
16.02
Shares of common stock outstanding
36,365,612
36,381,078
31,495,434
Weighted average shares of common stock outstanding, including all dilutive potential shares
36,466,688
33,300,096
31,588,541
34,892,139
31,649,766
SUMMARY RATIOS
Net interest margin *
4.32
%
4.20
%
4.14
%
4.27
%
4.13
%
Net interest margin (tax-equivalent basis) * (1)(2)
4.38
4.25
4.19
4.32
4.18
Efficiency ratio
50.67
%
76.56
%
53.10
%
62.43
%
53.47
%
Efficiency ratio (tax-equivalent basis) (1)(2)
50.14
75.83
52.61
61.81
52.97
Loan to deposit ratio
82.54
%
80.76
%
77.75
%
Return on average assets *
1.66
%
0.80
%
1.53
%
1.26
%
1.53
%
Return on average stockholders' equity *
14.73
6.77
13.47
11.02
13.70
Return on average tangible common equity * (1)
17.69
7.87
15.55
13.03
15.87
Adjusted return on average assets * (1)
1.70
%
1.60
%
1.58
%
1.66
%
1.56
%
Adjusted return on average stockholders' equity * (1)
15.09
13.67
13.87
14.43
13.97
Adjusted return on average tangible common equity * (1)
18.13
15.89
16.02
17.07
16.18
CAPITAL
Total capital to risk-weighted assets
16.20
%
15.99
%
17.74
%
Tier 1 capital to risk-weighted assets
13.59
13.38
15.60
Common equity tier 1 capital ratio
12.64
12.42
14.26
Tier 1 leverage ratio
11.01
12.63
11.86
Total stockholders' equity to total assets
11.37
11.03
11.58
Tangible common equity to tangible assets (1)
9.69
9.31
10.21
ASSET QUALITY
Net charge-offs (recoveries) to average loans *
(0.01)
%
0.08
%
0.12
%
0.03
%
0.09
%
Allowance for credit losses to loans, before allowance for credit losses
1.27
1.29
1.24
Nonperforming loans to loans, before allowance for credit losses
0.19
0.28
0.17
Nonperforming assets to total assets
0.15
0.21
0.13
____________________________________
*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 income tax rate of 9.5%.
HBT Financial, Inc.
Page 8
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income
Three Months Ended
Six Months Ended June 30,
(dollars in thousands, except per share data)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable
$
73,668
$
58,881
$
53,156
$
132,549
$
106,525
Federally tax exempt
1,539
1,317
1,215
2,856
2,383
Debt securities:
Taxable
11,167
9,544
7,434
20,711
14,370
Federally tax exempt
1,001
658
457
1,659
926
Interest-bearing deposits in bank
1,024
1,276
1,544
2,300
2,609
Other interest and dividend income
184
163
113
347
244
Total interest and dividend income
88,583
71,839
63,919
160,422
127,057
INTEREST EXPENSE
Deposits
17,253
14,109
12,835
31,362
25,774
Securities sold under agreements to repurchase
14
16
—
30
22
Borrowings
170
209
30
379
139
Subordinated notes
1,245
278
469
1,523
939
Junior subordinated debentures issued to capital trusts
845
840
927
1,685
1,817
Total interest expense
19,527
15,452
14,261
34,979
28,691
Net interest income
69,056
56,387
49,658
125,443
98,366
PROVISION FOR CREDIT LOSSES
676
(156)
526
520
1,102
Net interest income after provision for credit losses
68,380
56,543
49,132
124,923
97,264
NONINTEREST INCOME
Card income
3,428
2,751
2,797
6,179
5,345
Wealth management fees
3,917
3,764
2,826
7,681
5,667
Service charges on deposit accounts
2,489
2,160
1,915
4,649
3,859
Mortgage servicing
1,143
983
1,042
2,126
2,032
Mortgage servicing rights fair value adjustment
(751)
197
(751)
(554)
(1,059)
Gains on sale of mortgage loans
412
331
459
743
711
Unrealized gains (losses) on equity securities
191
(112)
23
79
31
Gains (losses) on foreclosed assets
(129)
40
14
(89)
27
Gains (losses) on other assets
(2)
(210)
(128)
(212)
(74)
Income on bank owned life insurance
206
188
167
394
331
Other noninterest income
937
852
776
1,789
1,576
Total noninterest income
11,841
10,944
9,140
22,785
18,446
NONINTEREST EXPENSE
Salaries
21,981
23,061
16,452
45,042
33,505
Employee benefits
4,185
3,920
3,580
8,105
6,865
Occupancy of bank premises
3,509
3,124
2,471
6,633
5,096
Furniture and equipment
931
608
575
1,539
1,020
Data processing
3,763
11,794
2,687
15,557
5,404
Marketing and customer relations
1,386
1,144
1,020
2,530
2,164
Amortization of intangible assets
1,455
887
694
2,342
1,389
FDIC insurance
677
588
551
1,265
1,113
Loan collection and servicing
555
696
360
1,251
743
Foreclosed assets
40
60
67
100
72
Other noninterest expense
3,964
6,555
3,457
10,519
6,478
Total noninterest expense
42,446
52,437
31,914
94,883
63,849
INCOME BEFORE INCOME TAX EXPENSE
37,775
15,050
26,358
52,825
51,861
INCOME TAX EXPENSE
9,931
3,850
7,128
13,781
13,556
NET INCOME
$
27,844
$
11,200
$
19,230
$
39,044
$
38,305
EARNINGS PER SHARE - BASIC
$
0.77
$
0.34
$
0.61
$
1.12
$
1.21
EARNINGS PER SHARE - DILUTED
$
0.76
$
0.34
$
0.61
$
1.12
$
1.21
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
36,373,749
33,180,009
31,510,759
34,785,701
31,547,669
HBT Financial, Inc.
Page 9
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
ASSETS
Cash and due from banks
$
28,634
$
37,371
$
25,563
Interest-bearing deposits with banks
103,616
250,282
170,179
Cash and cash equivalents
132,250
287,653
195,742
Interest-bearing time deposits with banks
245
245
—
Debt securities available-for-sale, at fair value
1,085,908
1,025,992
773,206
Debt securities held-to-maturity
443,042
453,850
481,942
Equity securities with readily determinable fair value
3,546
3,355
3,346
Equity securities with no readily determinable fair value
6,438
6,395
2,609
Restricted stock, at cost
6,000
6,000
4,979
Loans held for sale
3,857
3,247
2,316
Loans, before allowance for credit losses
4,752,418
4,686,951
3,348,211
Allowance for credit losses
(60,564)
(60,474)
(41,659)
Loans, net of allowance for credit losses
4,691,854
4,626,477
3,306,552
Bank owned life insurance
37,883
37,677
24,320
Bank premises and equipment, net
91,418
90,973
68,523
Bank premises held for sale
337
337
140
Foreclosed assets
766
1,149
890
Goodwill
81,949
83,504
59,820
Intangible assets, net
42,858
44,313
16,454
Intangible assets held for sale
—
649
—
Mortgage servicing rights, at fair value
19,339
20,090
17,768
Investments in unconsolidated subsidiaries
1,614
1,614
1,614
Accrued interest receivable
35,082
35,313
20,624
Other assets
43,260
44,891
37,553
Total assets
$
6,727,646
$
6,773,724
$
5,018,398
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing
$
1,313,650
$
1,342,192
$
1,034,387
Interest-bearing
4,444,336
4,461,256
3,272,144
Total deposits
5,757,986
5,803,448
4,306,531
Securities sold under agreements to repurchase
—
5,046
556
Federal Home Loan Bank advances
12,363
12,332
7,240
Subordinated notes
84,026
84,003
39,593
Junior subordinated debentures issued to capital trusts
52,939
52,924
52,879
Other liabilities
55,599
68,566
30,702
Total liabilities
5,962,913
6,026,319
4,437,501
Stockholders' Equity
Common stock
385
385
329
Surplus
447,030
446,555
297,479
Retained earnings
390,528
371,093
341,750
Accumulated other comprehensive income (loss)
(29,527)
(27,371)
(32,739)
Treasury stock at cost
(43,683)
(43,257)
(25,922)
Total stockholders’ equity
764,733
747,405
580,897
Total liabilities and stockholders’ equity
$
6,727,646
$
6,773,724
$
5,018,398
SHARES OF COMMON STOCK OUTSTANDING
36,365,612
36,381,078
31,495,434
HBT Financial, Inc.
Page 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
LOANS
Commercial and industrial
$
525,190
$
528,301
$
419,430
Commercial real estate - owner occupied
507,163
519,847
317,475
Commercial real estate - non-owner occupied
1,128,594
1,099,784
907,073
Construction and land development
429,793
425,335
310,252
Multi-family
666,586
638,653
453,812
One-to-four family residential
579,612
614,563
451,197
Agricultural and farmland
593,984
596,294
271,644
Municipal, consumer, and other
321,496
264,174
217,328
Total loans
$
4,752,418
$
4,686,951
$
3,348,211
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
DEPOSITS
Noninterest-bearing deposits
$
1,313,650
$
1,342,192
$
1,034,387
Interest-bearing deposits:
Interest-bearing demand
1,351,994
1,365,216
1,097,086
Money market
1,012,207
929,671
831,292
Savings
853,993
900,700
568,971
Time
1,226,142
1,265,669
774,795
Total interest-bearing deposits
4,444,336
4,461,256
3,272,144
Total deposits
$
5,757,986
$
5,803,448
$
4,306,531
HBT Financial, Inc.
Page 11
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
(dollars in thousands)
Average Balance
Interest
Yield/Cost *
Average Balance
Interest
Yield/Cost *
Average Balance
Interest
Yield/Cost *
ASSETS
Loans
$
4,731,275
$
75,207
6.38
%
$
3,890,388
$
60,198
6.28
%
$
3,417,582
$
54,371
6.38
%
Debt securities
1,517,731
12,168
3.22
1,375,875
10,202
3.01
1,217,386
7,891
2.60
Deposits with banks
138,675
1,024
2.96
163,761
1,276
3.16
160,726
1,544
3.85
Other
17,455
184
4.20
14,389
163
4.60
12,519
113
3.66
Total interest-earning assets
6,405,136
$
88,583
5.55
%
5,444,413
$
71,839
5.35
%
4,808,213
$
63,919
5.33
%
Allowance for credit losses
(60,590)
(48,362)
(42,118)
Noninterest-earning assets
389,370
317,393
270,580
Total assets
$
6,733,916
$
5,713,444
$
5,036,675
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand
$
1,359,038
$
2,238
0.66
%
$
1,223,982
$
1,931
0.64
%
$
1,125,787
$
1,569
0.56
%
Money market
943,871
4,572
1.94
906,663
4,448
1.99
813,531
4,463
2.20
Savings
864,584
1,209
0.56
671,852
704
0.43
569,193
374
0.26
Time
1,247,241
9,234
2.97
940,019
7,026
3.03
780,536
6,429
3.30
Total interest-bearing deposits
4,414,734
17,253
1.57
3,742,516
14,109
1.53
3,289,047
12,835
1.57
Securities sold under agreements to repurchase
2,492
14
2.34
2,902
16
2.21
1,420
—
0.05
Borrowings
24,721
170
2.76
28,886
209
2.94
7,225
30
1.70
Subordinated notes
84,013
1,245
5.94
19,781
278
5.70
39,582
469
4.76
Junior subordinated debentures issued to capital trusts
52,930
845
6.40
52,916
840
6.44
52,871
927
7.03
Total interest-bearing liabilities
4,578,890
$
19,527
1.71
%
3,847,001
$
15,452
1.63
%
3,390,145
$
14,261
1.69
%
Noninterest-bearing deposits
1,336,123
1,150,594
1,044,539
Noninterest-bearing liabilities
60,660
45,282
29,486
Total liabilities
5,975,673
5,042,877
4,464,170
Stockholders' Equity
758,243
670,567
572,505
Total liabilities and stockholders’ equity
$
6,733,916
$
5,713,444
$
5,036,675
Net interest income/Net interest margin (1)
$
69,056
4.32
%
$
56,387
4.20
%
$
49,658
4.14
%
Tax-equivalent adjustment (2)
851
0.06
649
0.05
548
0.05
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$
69,907
4.38
%
$
57,036
4.25
%
$
50,206
4.19
%
Net interest rate spread (4)
3.84
%
3.72
%
3.64
%
Net interest-earning assets (5)
$
1,826,246
$
1,597,412
$
1,418,068
Ratio of interest-earning assets to interest-bearing liabilities
1.40
1.42
1.42
Cost of total deposits
1.20
%
1.17
%
1.19
%
Cost of funds
1.32
1.25
1.29
____________________________________
*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
Six Months Ended
June 30, 2026
June 30, 2025
(dollars in thousands)
Average Balance
Interest
Yield/Cost *
Average Balance
Interest
Yield/Cost *
ASSETS
Loans
$
4,313,154
$
135,405
6.33
%
$
3,439,124
$
108,908
6.39
%
Debt securities
1,447,195
22,370
3.12
1,210,941
15,296
2.55
Deposits with banks
151,149
2,300
3.07
140,483
2,609
3.75
Other
15,931
347
4.38
12,597
244
3.93
Total interest-earning assets
5,927,429
$
160,422
5.46
%
4,803,145
$
127,057
5.33
%
Allowance for credit losses
(54,510)
(42,089)
Noninterest-earning assets
352,451
273,193
Total assets
$
6,225,370
$
5,034,249
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand
$
1,291,883
$
4,169
0.65
%
$
1,123,212
$
3,022
0.54
%
Money market
925,370
9,020
1.97
810,645
8,860
2.20
Savings
768,750
1,913
0.50
569,343
744
0.26
Time
1,094,479
16,260
3.00
782,307
13,148
3.39
Total interest-bearing deposits
4,080,482
31,362
1.55
3,285,507
25,774
1.58
Securities sold under agreements to repurchase
2,696
30
2.27
5,067
22
0.89
Borrowings
26,792
379
2.85
10,042
139
2.79
Subordinated notes
52,075
1,523
5.90
39,573
939
4.79
Junior subordinated debentures issued to capital trusts
52,923
1,685
6.42
52,864
1,817
6.93
Total interest-bearing liabilities
4,214,968
$
34,979
1.67
%
3,393,053
$
28,691
1.71
%
Noninterest-bearing deposits
1,243,871
1,045,133
Noninterest-bearing liabilities
51,884
32,404
Total liabilities
5,510,723
4,470,590
Stockholders' Equity
714,647
563,659
Total liabilities and stockholders’ equity
$
6,225,370
5,034,249
Net interest income/Net interest margin (1)
$
125,443
4.27
%
$
98,366
4.13
%
Tax-equivalent adjustment (2)
1,500
0.05
1,093
0.05
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$
126,943
4.32
%
$
99,459
4.18
%
Net interest rate spread (4)
3.79
%
3.62
%
Net interest-earning assets (5)
$
1,712,461
$
1,410,092
Ratio of interest-earning assets to interest-bearing liabilities
1.41
1.42
Cost of total deposits
1.19
%
1.20
%
Cost of funds
1.29
1.30
____________________________________
(1)Net interest margin represents net interest income divided by average total interest-earning assets.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3)See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
HBT Financial, Inc.
Page 13
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
NONPERFORMING ASSETS
Nonaccrual
$
9,083
$
13,229
$
5,615
Past due 90 days or more, still accruing
6
—
9
Total nonperforming loans
9,089
13,229
5,624
Foreclosed assets
766
1,149
890
Total nonperforming assets
$
9,855
$
14,378
$
6,514
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government
$
2,405
$
2,291
$
1,878
Allowance for credit losses
$
60,564
$
60,474
$
41,659
Loans, before allowance for credit losses
4,752,418
4,686,951
3,348,211
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses
1.27
%
1.29
%
1.24
%
Allowance for credit losses to nonaccrual loans
666.78
457.13
741.92
Allowance for credit losses to nonperforming loans
666.34
457.13
740.74
Nonaccrual loans to loans, before allowance for credit losses
0.19
0.28
0.17
Nonperforming loans to loans, before allowance for credit losses
0.19
0.28
0.17
Nonperforming assets to total assets
0.15
0.21
0.13
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets
0.21
0.31
0.19
Three Months Ended
Six Months Ended June 30,
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
ALLOWANCE FOR CREDIT LOSSES
Beginning balance
$
60,474
$
41,690
$
42,111
$
41,690
$
42,044
Allowance established in acquisition
—
19,957
—
19,957
—
Provision for credit losses
(10)
(415)
595
(425)
1,091
Charge-offs
(314)
(1,001)
(1,252)
(1,315)
(1,917)
Recoveries
414
243
205
657
441
Ending balance
$
60,564
$
60,474
$
41,659
$
60,564
$
41,659
Net charge-offs (recoveries)
$
(100)
$
758
$
1,047
$
658
$
1,476
Average loans
4,731,275
3,890,388
3,417,582
4,313,154
3,439,124
Net charge-offs (recoveries) to average loans *
(0.01)
%
0.08
%
0.12
%
0.03
%
0.09
%
____________________________________
*Annualized measure.
Three Months Ended
Six Months Ended June 30,
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
PROVISION FOR CREDIT LOSSES
Loans
$
(10)
$
(415)
$
595
$
(425)
$
1,091
Unfunded lending-related commitments
686
259
(69)
945
11
Total provision for credit losses
$
676
$
(156)
$
526
$
520
$
1,102
HBT Financial, Inc.
Page 14
Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets
Three Months Ended
Six Months Ended June 30,
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
Net income
$
27,844
$
11,200
$
19,230
$
39,044
$
38,305
Less: adjustments
Acquisition expenses
(257)
(15,666)
—
(15,923)
—
Net earnings (losses) on closed or sold operations
47
4
—
51
—
Gains (losses) on closed branch premises
—
(210)
(50)
(210)
9
Mortgage servicing rights fair value adjustment
(751)
197
(751)
(554)
(1,059)
Total adjustments
(961)
(15,675)
(801)
(16,636)
(1,050)
Tax effect of adjustments (1)
270
4,265
228
4,535
299
Total adjustments after tax effect
(691)
(11,410)
(573)
(12,101)
(751)
Adjusted net income
$
28,535
$
22,610
$
19,803
$
51,145
$
39,056
Average assets
$
6,733,916
$
5,713,444
$
5,036,675
$
6,225,370
$
5,034,249
Return on average assets *
1.66
%
0.80
%
1.53
%
1.26
%
1.53
%
Adjusted return on average assets *
1.70
1.60
1.58
1.66
1.56
____________________________________
*Annualized measure.
(1)Assumes a federal income tax rate of 21% and a state income 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
Six Months Ended June 30,
(dollars in thousands, except per share amounts)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
Numerator:
Net income
$
27,844
$
11,200
$
19,230
$
39,044
$
38,305
Adjusted net income
$
28,535
$
22,610
$
19,803
$
51,145
$
39,056
Denominator:
Weighted average common shares outstanding
36,373,749
33,180,009
31,510,759
34,785,701
31,547,669
Dilutive effect of outstanding restricted stock units
92,939
120,087
77,782
106,438
102,097
Weighted average common shares outstanding, including all dilutive potential shares
36,466,688
33,300,096
31,588,541
34,892,139
31,649,766
Earnings per share - basic
$
0.77
$
0.34
$
0.61
$
1.12
$
1.21
Earnings per share - diluted
$
0.76
$
0.34
$
0.61
$
1.12
$
1.21
Adjusted earnings per share - basic
$
0.78
$
0.68
$
0.63
$
1.47
$
1.24
Adjusted earnings per share - diluted
$
0.78
$
0.68
$
0.63
$
1.47
$
1.23
HBT Financial, Inc.
Page 15
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
Six Months Ended June 30,
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
Net interest income
$
69,056
$
56,387
$
49,658
$
125,443
$
98,366
Noninterest income
11,841
10,944
9,140
22,785
18,446
Noninterest expense
(42,446)
(52,437)
(31,914)
(94,883)
(63,849)
Pre-provision net revenue
38,451
14,894
26,884
53,345
52,963
Less: adjustments
Acquisition expenses
(257)
(15,666)
—
(15,923)
—
Net earnings (losses) on closed or sold operations
47
4
—
51
—
Gains (losses) on closed branch premises
—
(210)
(50)
(210)
9
Mortgage servicing rights fair value adjustment
(751)
197
(751)
(554)
(1,059)
Total adjustments
(961)
(15,675)
(801)
(16,636)
(1,050)
Adjusted pre-provision net revenue
$
39,412
$
30,569
$
27,685
$
69,981
$
54,013
Pre-provision net revenue
$
38,451
$
14,894
$
26,884
$
53,345
$
52,963
Less: net charge-offs (recoveries)
(100)
758
1,047
658
1,476
Pre-provision net revenue less net charge-offs
$
38,551
$
14,136
$
25,837
$
52,687
$
51,487
Adjusted pre-provision net revenue
$
39,412
$
30,569
$
27,685
$
69,981
$
54,013
Less: net charge-offs (recoveries)
(100)
758
1,047
658
1,476
Adjusted pre-provision net revenue less net charge-offs
$
39,512
$
29,811
$
26,638
$
69,323
$
52,537
Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
Three Months Ended
Six Months Ended June 30,
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
Net interest income (tax-equivalent basis)
Net interest income
$
69,056
$
56,387
$
49,658
$
125,443
$
98,366
Tax-equivalent adjustment (1)
851
649
548
1,500
1,093
Net interest income (tax-equivalent basis) (1)
$
69,907
$
57,036
$
50,206
$
126,943
$
99,459
Net interest margin (tax-equivalent basis)
Net interest margin *
4.32
%
4.20
%
4.14
%
4.27
%
4.13
%
Tax-equivalent adjustment * (1)
0.06
0.05
0.05
0.05
0.05
Net interest margin (tax-equivalent basis) * (1)
4.38
%
4.25
%
4.19
%
4.32
%
4.18
%
Average interest-earning assets
$
6,405,136
$
5,444,413
$
4,808,213
$
5,927,429
$
4,803,145
____________________________________
*Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
HBT Financial, Inc.
Page 16
Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)
Three Months Ended
Six Months Ended June 30,
(dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
2026
2025
Total noninterest expense
$
42,446
$
52,437
$
31,914
$
94,883
$
63,849
Less: amortization of intangible assets
1,455
887
694
2,342
1,389
Noninterest expense excluding amortization of intangible assets
