EX-99.1 2 hbt-20220725xex99d1.htm EX-99.1

EXHIBIT 99.1

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HBT FINANCIAL, INC. ANNOUNCES

SECOND QUARTER 2022 FINANCIAL RESULTS

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Second Quarter Highlights

| ● | Net income of $14.1 million, or $0.49 per diluted share; return on average assets (ROAA) of 1.32%; return on average stockholders' equity (ROAE) of 14.92%; and return on average tangible common equity (ROATCE)(1) of 16.25%

| ● | Adjusted net income(1) of $13.8 million; or $0.48 per diluted share; adjusted ROAA(1) of 1.29%; adjusted ROAE(1) of 14.66%; and adjusted ROATCE(1) of 15.96%

(1) | See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

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Bloomington, IL, July 25, 2022 – 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 $14.1 million, or $0.49 diluted earnings per share, for the second quarter of 2022. This compares to net income of $13.6 million, or $0.47 diluted earnings per share, for the first quarter of 2022, and net income of $13.7 million, or $0.50 diluted earnings per share, for the second quarter of 2021.

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Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “During the second quarter, we had significant expansion in our net interest margin, disciplined expense control, and continued strong asset quality, which enabled us to generate a higher level of earnings and returns compared to the prior quarter. Given our asset sensitive balance sheet, we expect to continue benefiting from higher interest rates, which along with our expectation for a higher level of loan growth in the second half of the year, should result in further increases in net interest income. As we look ahead, our franchise is built upon the foundation of a very stable deposit base and conservatively underwritten, well diversified loan portfolio that we believe will help us to effectively manage through any potential economic downturn and continue delivering strong financial performance. Combined with our exceptionally strong balance sheet, we believe our consistent financial performance will enable us to continue enhancing the value of our franchise and returning capital to our shareholders through our quarterly dividend and share repurchase program.”

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Adjusted Net Income

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In addition to reporting GAAP results, the Company believes adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on sale of 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 $13.8 million, or $0.48 adjusted diluted earnings per share, for the second quarter of 2022. This compares to adjusted net income of $12.2 million, or $0.42 adjusted diluted earnings per share, for the first quarter of 2022, and adjusted net income of $14.2 million, or $0.52 adjusted diluted earnings per share, for the second quarter of 2021 (see "Reconciliation of Non-GAAP Financial Measures" tables).

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HBT Financial, Inc.

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Net Interest Income and Net Interest Margin

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Net interest income for the second quarter of 2022 was $34.4 million, an increase of 7.7% from $31.9 million for the first quarter of 2022. The increase was primarily attributable to higher yields on interest-earning assets. Paycheck Protection Program (“PPP”) loan fees recognized as loan interest income totaled $0.6 million during the second quarter of 2022 and $0.7 million during the first quarter of 2022. As of June 30, 2022, the remaining deferred PPP loan fees to be recognized as income totaled $0.1 million.

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Relative to the second quarter of 2021, net interest income increased 15.7% from $29.7 million. The increase was primarily attributable to higher average balances of interest-earning assets following the NXT Bancorporation, Inc. (“NXT”) acquisition in the fourth quarter of 2021. PPP loan fees recognized as loan interest income totaled $2.4 million during the second quarter of 2021.

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Net interest margin for the second quarter of 2022 was 3.34%, compared to 3.08% for the first quarter of 2022. The increase was primarily attributable to higher yields on interest-earning assets. The contribution of PPP loan fees to net interest margin was 6 basis points during the second quarter of 2022 and 7 basis points during the first quarter of 2022. Additionally, the contribution of acquired loan discount accretion to net interest margin increased to 3 basis points during the second quarter of 2022 from 1 basis point during the first quarter of 2022.

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Relative to the second quarter of 2021, net interest margin increased from 3.14%. This increase was primarily attributable to a more favorable mix of interest-earning assets. PPP loan fees recognized as loan interest income contributed 25 basis points to net interest margin and acquired loan discount accretion contributed 2 basis points to net interest margin during the second quarter of 2021.

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Noninterest Income

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Noninterest income for the second quarter of 2022 was $8.6 million, a decrease of 14.9% from $10.0 million for the first quarter of 2022. The decrease was primarily attributable to a positive $0.4 million mortgage servicing rights (“MSR”) fair value adjustment included in the second quarter of 2022 results, compared to a positive $1.7 million MSR fair value adjustment included in the first quarter of 2022 results. Additionally, card income increased by $0.3 million during the second quarter of 2022, primarily due to increased card transaction volume. The increase in card income was mostly offset by a $0.3 million decrease in gains on sale of mortgage loans primarily as a result of a lower level of mortgage refinancing activity.

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Relative to the second quarter of 2021, noninterest income decreased 2.5% from $8.8 million, primarily due to a $1.2 million decrease in gains on sale of mortgage loans resulting from a lower level of mortgage refinancing activity. This decrease was mostly offset by increases in service charges on deposit accounts, wealth management fees, and card income.

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Noninterest Expense

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Noninterest expense for the second quarter of 2022 was $23.8 million, a decrease of 1.3% from $24.2 million for the first quarter of 2022. The decrease was primarily attributable to a $0.5 million decrease in employee benefits expense as the first quarter of 2022 results included accelerated recognition of $0.6 million of stock compensation expense as a result of a modification to all existing restricted stock unit and performance restricted stock unit agreements to address treatment upon retirement. Total compensation costs related to the modified agreements remains the same.

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Relative to the second quarter of 2021, noninterest expense increased 7.6% from $22.2 million. The increase was primarily attributable to a higher base level of noninterest expense following the NXT acquisition, primarily related to personnel costs and branch operations expenses.

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HBT Financial, Inc.

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Loan Portfolio

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Total loans outstanding, before allowance for loan losses, were $2.45 billion at June 30, 2022, compared with $2.49 billion at March 31, 2022 and $2.15 billion at June 30, 2021. The $36.0 million decrease in total loans from March 31, 2022 was primarily attributable to a $41.2 million seasonal decrease in grain elevator operating lines within the commercial and industrial portfolio and a $13.7 million decrease from the ongoing forgiveness of PPP loans. These decreases were partially offset by a $26.0 million increase in multi-family loans.

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Deposits

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Total deposits were $3.70 billion at June 30, 2022, compared with $3.82 billion at March 31, 2022 and $3.42 billion at June 30, 2021. The $114.1 million decrease from March 31, 2022 was primarily attributable to lower balances maintained in retail and business accounts, partially offset by a seasonal increase in public fund accounts as a result of real estate tax collections.

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Asset Quality

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Nonperforming loans totaled $3.4 million, or 0.14% of total loans, at June 30, 2022, compared with $2.5 million, or 0.10% of total loans, at March 31, 2022, and $7.4 million, or 0.34% of total loans, at June 30, 2021.

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The Company recorded a provision for loan losses of $0.1 million for the second quarter of 2022, compared to a negative provision for loan losses of $0.6 million for the first quarter of 2022. The provision was primarily due to changes to qualitative factors reflecting a slight deterioration in the economic environment since the first quarter of 2022, resulting in a $0.4 million increase in required reserve; a decrease in specific reserves on loans individually evaluated for impairment, resulting in a $0.2 million decrease in required reserves; and $0.1 million of net recoveries during the quarter.

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The Company had net recoveries of $0.1 million, or (0.01)% of average loans on an annualized basis, for the second quarter of 2022, compared to net recoveries of $1.2 million, or (0.19)% of average loans on an annualized basis, for the first quarter of 2022, and net charge-offs of $90 thousand, or 0.02% of average loans on an annualized basis, for the second quarter of 2021.

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The Company’s allowance for loan losses was 1.01% of total loans and 721.11% of nonperforming loans at June 30, 2022, compared with 0.99% of total loans and 992.63% of nonperforming loans at March 31, 2022.

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Capital

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At June 30, 2022, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

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​ | ​ | ​ | ​ | ​
​ | ​ | Well Capitalized
​ | ​ | Regulatory
​ | June 30, 2022 | Requirements
Total capital to risk-weighted assets | 16.76 | % | 10.00 | %
Tier 1 capital to risk-weighted assets | 14.59 | % | 8.00 | %
Common equity tier 1 capital ratio | 13.36 | % | 6.50 | %
Tier 1 leverage ratio | 10.05 | % | 5.00 | %
Total stockholders' equity to total assets | 8.85 | % | N/A | ​
Tangible common equity to tangible assets (1) | 8.18 | % | N/A | ​

(1) | See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

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HBT Financial, Inc.

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Stock Repurchase Program

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During the second quarter of 2022, the Company repurchased 136,746 shares of its common stock at a weighted average price of $17.61 under its stock repurchase program. The Company’s Board of Directors authorized the repurchase of up to $15 million of its common stock under its stock repurchase program in effect until January 1, 2023. As of June 30, 2022, the Company had $11.6 million remaining under the current stock repurchase authorization.

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About HBT Financial, Inc.

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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 provides a comprehensive suite of business, commercial, wealth management, and retail banking products and services to individuals, businesses and municipal entities throughout Central and Northeastern Illinois and Eastern Iowa through 61 branches. As of June 30, 2022, HBT had total assets of $4.2 billion, total loans of $2.5 billion, and total deposits of $3.7 billion.

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Non-GAAP Financial Measures

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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), tangible common equity to tangible assets, tangible book value per share, return on average tangible common equity, adjusted net income, adjusted earnings per share, adjusted return on average assets, adjusted return on average stockholders' equity, and adjusted return on average tangible common equity. 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.

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HBT Financial, Inc.

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Forward-Looking Statements

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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.

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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 (including the COVID-19 pandemic in the United States), acts of war or other threats thereof, 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 FASB or the PCAOB; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out); (vi) increased competition in the financial services sector 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; and (xiii) the ability of the Company to manage the risks associated with the foregoing. 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.

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CONTACT:

Tony Rossi

HBTIR@hbtbank.com

(310) 622-8221

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HBT Financial, Inc.

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Statements of Income

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​ | June 30,
​ |  | 2022 |  | 2022 |  | 2021 |  | 2022 |  | 2021
INTEREST AND DIVIDEND INCOME | ​ | (dollars in thousands, except per share data)
Loans, including fees: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | $ | 27,843 | ​ | $ | 26,806 | ​ | $ | 25,278 | ​ | $ | 54,649 | ​ | $ | 50,412
Federally tax exempt | ​ | ​ | 679 | ​ | ​ | 662 | ​ | ​ | 540 | ​ | ​ | 1,341 | ​ | ​ | 1,150
Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | ​ | 5,663 | ​ | ​ | 4,649 | ​ | ​ | 4,058 | ​ | ​ | 10,312 | ​ | ​ | 7,691
Federally tax exempt | ​ | ​ | 1,138 | ​ | ​ | 1,040 | ​ | ​ | 1,144 | ​ | ​ | 2,178 | ​ | ​ | 2,280
Interest-bearing deposits in bank | ​ | ​ | 420 | ​ | ​ | 159 | ​ | ​ | 115 | ​ | ​ | 579 | ​ | ​ | 195
Other interest and dividend income | ​ | ​ | 14 | ​ | ​ | 19 | ​ | ​ | 12 | ​ | ​ | 33 | ​ | ​ | 25
Total interest and dividend income | ​ | ​ | 35,757 | ​ | ​ | 33,335 | ​ | ​ | 31,147 | ​ | ​ | 69,092 | ​ | ​ | 61,753
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
INTEREST EXPENSE | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | ​ | 506 | ​ | ​ | 569 | ​ | ​ | 613 | ​ | ​ | 1,075 | ​ | ​ | 1,257
Securities sold under agreements to repurchase | ​ | ​ | 8 | ​ | ​ | 9 | ​ | ​ | 8 | ​ | ​ | 17 | ​ | ​ | 15
Borrowings | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 1
Subordinated notes | ​ | ​ | 469 | ​ | ​ | 470 | ​ | ​ | 469 | ​ | ​ | 939 | ​ | ​ | 939
Junior subordinated debentures issued to capital trusts | ​ | ​ | 400 | ​ | ​ | 358 | ​ | ​ | 357 | ​ | ​ | 758 | ​ | ​ | 712
Total interest expense | ​ | ​ | 1,384 | ​ | ​ | 1,407 | ​ | ​ | 1,447 | ​ | ​ | 2,791 | ​ | ​ | 2,924
Net interest income | ​ | ​ | 34,373 | ​ | ​ | 31,928 | ​ | ​ | 29,700 | ​ | ​ | 66,301 | ​ | ​ | 58,829
PROVISION FOR LOAN LOSSES | ​ | ​ | 145 | ​ | ​ | (584) | ​ | ​ | (2,162) | ​ | ​ | (439) | ​ | ​ | (5,567)
Net interest income after provision for loan losses | ​ | ​ | 34,228 | ​ | ​ | 32,512 | ​ | ​ | 31,862 | ​ | ​ | 66,740 | ​ | ​ | 64,396
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NONINTEREST INCOME | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Card income | ​ | ​ | 2,714 | ​ | ​ | 2,404 | ​ | ​ | 2,449 | ​ | ​ | 5,118 | ​ | ​ | 4,707
Wealth management fees | ​ | ​ | 2,322 | ​ | ​ | 2,289 | ​ | ​ | 2,005 | ​ | ​ | 4,611 | ​ | ​ | 3,977
Service charges on deposit accounts | ​ | ​ | 1,792 | ​ | ​ | 1,652 | ​ | ​ | 1,390 | ​ | ​ | 3,444 | ​ | ​ | 2,687
Mortgage servicing | ​ | ​ | 661 | ​ | ​ | 658 | ​ | ​ | 711 | ​ | ​ | 1,319 | ​ | ​ | 1,396
Mortgage servicing rights fair value adjustment | ​ | ​ | 366 | ​ | ​ | 1,729 | ​ | ​ | (310) | ​ | ​ | 2,095 | ​ | ​ | 1,385
Gains on sale of mortgage loans | ​ | ​ | 326 | ​ | ​ | 587 | ​ | ​ | 1,562 | ​ | ​ | 913 | ​ | ​ | 3,662
Unrealized gains (losses) on equity securities | ​ | ​ | (153) | ​ | ​ | (187) | ​ | ​ | 6 | ​ | ​ | (340) | ​ | ​ | 46
Gains (losses) on foreclosed assets | ​ | ​ | (7) | ​ | ​ | 40 | ​ | ​ | 216 | ​ | ​ | 33 | ​ | ​ | 140
Gains (losses) on other assets | ​ | ​ | (43) | ​ | ​ | 193 | ​ | ​ | (48) | ​ | ​ | 150 | ​ | ​ | (47)
Income on bank owned life insurance | ​ | ​ | 41 | ​ | ​ | 40 | ​ | ​ | — | ​ | ​ | 81 | ​ | ​ | —
Other noninterest income | ​ | ​ | 532 | ​ | ​ | 638 | ​ | ​ | 793 | ​ | ​ | 1,170 | ​ | ​ | 1,629
Total noninterest income | ​ | ​ | 8,551 | ​ | ​ | 10,043 | ​ | ​ | 8,774 | ​ | ​ | 18,594 | ​ | ​ | 19,582
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NONINTEREST EXPENSE | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries | ​ | ​ | 12,936 | ​ | ​ | 12,801 | ​ | ​ | 12,173 | ​ | ​ | 25,737 | ​ | ​ | 24,651
Employee benefits | ​ | ​ | 1,984 | ​ | ​ | 2,444 | ​ | ​ | 1,409 | ​ | ​ | 4,428 | ​ | ​ | 3,094
Occupancy of bank premises | ​ | ​ | 1,741 | ​ | ​ | 2,060 | ​ | ​ | 1,463 | ​ | ​ | 3,801 | ​ | ​ | 3,401
Furniture and equipment | ​ | ​ | 623 | ​ | ​ | 552 | ​ | ​ | 603 | ​ | ​ | 1,175 | ​ | ​ | 1,226
Data processing | ​ | ​ | 1,990 | ​ | ​ | 1,653 | ​ | ​ | 1,721 | ​ | ​ | 3,643 | ​ | ​ | 3,409
Marketing and customer relations | ​ | ​ | 1,205 | ​ | ​ | 851 | ​ | ​ | 843 | ​ | ​ | 2,056 | ​ | ​ | 1,408
Amortization of intangible assets | ​ | ​ | 245 | ​ | ​ | 245 | ​ | ​ | 258 | ​ | ​ | 490 | ​ | ​ | 547
FDIC insurance | ​ | ​ | 298 | ​ | ​ | 288 | ​ | ​ | 244 | ​ | ​ | 586 | ​ | ​ | 484
Loan collection and servicing | ​ | ​ | 278 | ​ | ​ | 157 | ​ | ​ | 333 | ​ | ​ | 435 | ​ | ​ | 698
Foreclosed assets | ​ | ​ | 31 | ​ | ​ | 132 | ​ | ​ | 319 | ​ | ​ | 163 | ​ | ​ | 462
Other noninterest expense | ​ | ​ | 2,511 | ​ | ​ | 2,974 | ​ | ​ | 2,788 | ​ | ​ | 5,485 | ​ | ​ | 5,318
Total noninterest expense | ​ | ​ | 23,842 | ​ | ​ | 24,157 | ​ | ​ | 22,154 | ​ | ​ | 47,999 | ​ | ​ | 44,698
INCOME BEFORE INCOME TAX EXPENSE | ​ | ​ | 18,937 | ​ | ​ | 18,398 | ​ | ​ | 18,482 | ​ | ​ | 37,335 | ​ | ​ | 39,280
INCOME TAX EXPENSE | ​ | ​ | 4,852 | ​ | ​ | 4,794 | ​ | ​ | 4,765 | ​ | ​ | 9,646 | ​ | ​ | 10,318
NET INCOME | ​ | $ | 14,085 | ​ | $ | 13,604 | ​ | $ | 13,717 | ​ | $ | 27,689 | ​ | $ | 28,962
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EARNINGS PER SHARE - BASIC | ​ | $ | 0.49 | ​ | $ | 0.47 | ​ | $ | 0.50 | ​ | $ | 0.96 | ​ | $ | 1.06
EARNINGS PER SHARE - DILUTED | ​ | $ | 0.49 | ​ | $ | 0.47 | ​ | $ | 0.50 | ​ | $ | 0.95 | ​ | $ | 1.05
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING | ​ | ​ | 28,891,202 | ​ | ​ | 28,986,593 | ​ | ​ | 27,362,579 | ​ | ​ | 28,938,634 | ​ | ​ | 27,396,557

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HBT Financial, Inc.

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

Consolidated Balance Sheets

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​ | March 31, |  | June 30,
​ |  | 2022 |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 25,478 | ​ | $ | 30,761 | ​ | $ | 47,861
Interest-bearing deposits with banks | ​ | ​ | 134,553 | ​ | ​ | 328,218 | ​ | ​ | 497,742
Cash and cash equivalents | ​ | ​ | 160,031 | ​ | ​ | 358,979 | ​ | ​ | 545,603
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest-bearing time deposits with banks | ​ | ​ | — | ​ | ​ | 487 | ​ | ​ | —
Debt securities available-for-sale, at fair value | ​ | ​ | 924,706 | ​ | ​ | 933,922 | ​ | ​ | 836,267
Debt securities held-to-maturity | ​ | ​ | 548,236 | ​ | ​ | 438,054 | ​ | ​ | 309,132
Equity securities with readily determinable fair value | ​ | ​ | 3,103 | ​ | ​ | 3,256 | ​ | ​ | 3,338
Equity securities with no readily determinable fair value | ​ | ​ | 1,952 | ​ | ​ | 1,927 | ​ | ​ | 1,552
Restricted stock, at cost | ​ | ​ | 2,813 | ​ | ​ | 2,739 | ​ | ​ | 2,739
Loans held for sale | ​ | ​ | 5,312 | ​ | ​ | 1,777 | ​ | ​ | 5,951
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Loans, before allowance for loan losses | ​ | ​ | 2,451,826 | ​ | ​ | 2,487,785 | ​ | ​ | 2,152,119
Allowance for loan losses | ​ | ​ | (24,734) | ​ | ​ | (24,508) | ​ | ​ | (26,507)
Loans, net of allowance for loan losses | ​ | ​ | 2,427,092 | ​ | ​ | 2,463,277 | ​ | ​ | 2,125,612
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Bank owned life insurance | ​ | ​ | 7,474 | ​ | ​ | 7,433 | ​ | ​ | —
Bank premises and equipment, net | ​ | ​ | 51,433 | ​ | ​ | 52,005 | ​ | ​ | 51,900
Bank premises held for sale | ​ | ​ | 319 | ​ | ​ | 1,081 | ​ | ​ | 121
Foreclosed assets | ​ | ​ | 2,891 | ​ | ​ | 3,043 | ​ | ​ | 7,757
Goodwill | ​ | ​ | 29,322 | ​ | ​ | 29,322 | ​ | ​ | 23,620
Core deposit intangible assets, net | ​ | ​ | 1,453 | ​ | ​ | 1,698 | ​ | ​ | 2,251
Mortgage servicing rights, at fair value | ​ | ​ | 10,089 | ​ | ​ | 9,723 | ​ | ​ | 7,319
Investments in unconsolidated subsidiaries | ​ | ​ | 1,165 | ​ | ​ | 1,165 | ​ | ​ | 1,165
Accrued interest receivable | ​ | ​ | 14,263 | ​ | ​ | 13,527 | ​ | ​ | 12,785
Other assets | ​ | ​ | 32,324 | ​ | ​ | 25,550 | ​ | ​ | 16,565
Total assets | ​ | $ | 4,223,978 | ​ | $ | 4,348,965 | ​ | $ | 3,953,677
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest-bearing | ​ | $ | 1,028,790 | ​ | $ | 1,069,231 | ​ | $ | 1,011,481
Interest-bearing | ​ | ​ | 2,673,196 | ​ | ​ | 2,746,838 | ​ | ​ | 2,413,153
Total deposits | ​ | ​ | 3,701,986 | ​ | ​ | 3,816,069 | ​ | ​ | 3,424,634
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities sold under agreements to repurchase | ​ | ​ | 51,091 | ​ | ​ | 50,834 | ​ | ​ | 46,756
Subordinated notes | ​ | ​ | 39,356 | ​ | ​ | 39,336 | ​ | ​ | 39,277
Junior subordinated debentures issued to capital trusts | ​ | ​ | 37,747 | ​ | ​ | 37,731 | ​ | ​ | 37,681
Other liabilities | ​ | ​ | 19,989 | ​ | ​ | 21,840 | ​ | ​ | 32,135
Total liabilities | ​ | ​ | 3,850,169 | ​ | ​ | 3,965,810 | ​ | ​ | 3,580,483
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders' Equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common stock | ​ | ​ | 293 | ​ | ​ | 293 | ​ | ​ | 275
Surplus | ​ | ​ | 222,087 | ​ | ​ | 221,735 | ​ | ​ | 191,185
Retained earnings | ​ | ​ | 212,506 | ​ | ​ | 203,076 | ​ | ​ | 175,328
Accumulated other comprehensive income (loss) | ​ | ​ | (52,820) | ​ | ​ | (36,100) | ​ | ​ | 8,386
Treasury stock at cost | ​ | ​ | (8,257) | ​ | ​ | (5,849) | ​ | ​ | (1,980)
Total stockholders’ equity | ​ | ​ | 373,809 | ​ | ​ | 383,155 | ​ | ​ | 373,194
Total liabilities and stockholders’ equity | ​ | $ | 4,223,978 | ​ | $ | 4,348,965 | ​ | $ | 3,953,677
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SHARE INFORMATION | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shares of common stock outstanding | ​ | ​ | 28,831,197 | ​ | ​ | 28,967,943 | ​ | ​ | 27,355,053

​

​

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HBT Financial, Inc.

Page 8 of 15

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​ | March 31, |  | June 30,
​ |  | 2022 |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
LOANS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 249,839 | ​ | $ | 291,909 | ​ | $ | 321,352
Agricultural and farmland | ​ | ​ | 230,370 | ​ | ​ | 232,528 | ​ | ​ | 231,527
Commercial real estate - owner occupied | ​ | ​ | 228,997 | ​ | ​ | 237,000 | ​ | ​ | 212,597
Commercial real estate - non-owner occupied | ​ | ​ | 656,093 | ​ | ​ | 687,617 | ​ | ​ | 531,803
Multi-family | ​ | ​ | 269,452 | ​ | ​ | 243,447 | ​ | ​ | 212,079
Construction and land development | ​ | ​ | 332,041 | ​ | ​ | 320,030 | ​ | ​ | 204,619
One-to-four family residential | ​ | ​ | 325,047 | ​ | ​ | 327,791 | ​ | ​ | 302,888
Municipal, consumer, and other | ​ | ​ | 159,987 | ​ | ​ | 147,463 | ​ | ​ | 135,254
Loans, before allowance for loan losses | ​ | $ | 2,451,826 | ​ | $ | 2,487,785 | ​ | $ | 2,152,119
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
PPP LOANS (included above) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 2,823 | ​ | $ | 16,184 | ​ | $ | 115,538
Agricultural and farmland | ​ | ​ | 9 | ​ | ​ | 392 | ​ | ​ | 8,711
Municipal, consumer, and other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,273
Total PPP Loans | ​ | $ | 2,832 | ​ | $ | 16,576 | ​ | $ | 125,522

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | March 31, |  | June 30,
​ |  | 2022 |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
DEPOSITS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest-bearing | ​ | $ | 1,028,790 | ​ | $ | 1,069,231 | ​ | $ | 1,011,481
Interest-bearing demand | ​ | ​ | 1,162,292 | ​ | ​ | 1,167,058 | ​ | ​ | 1,023,565
Money market | ​ | ​ | 581,058 | ​ | ​ | 597,464 | ​ | ​ | 506,880
Savings | ​ | ​ | 654,953 | ​ | ​ | 687,147 | ​ | ​ | 603,849
Time | ​ | ​ | 274,893 | ​ | ​ | 295,169 | ​ | ​ | 278,859
Total deposits | ​ | $ | 3,701,986 | ​ | $ | 3,816,069 | ​ | $ | 3,424,634

​

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HBT Financial, Inc.

Page 9 of 15

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended |
​ |  | June 30, 2022 |  | March 31, 2022 |  | June 30, 2021 | ​
​ |  | Average |  | ​ | ​ |  | ​ |  | Average |  | ​ | ​ |  | ​ |  | Average |  | ​ | ​ |  | ​ | ​
​ |  | Balance | ​ | Interest |  | Yield/Cost * |  | Balance | ​ | Interest |  | Yield/Cost * |  | Balance | ​ | Interest |  | Yield/Cost * | ​
​ |  | (dollars in thousands) | ​
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans | ​ | $ | 2,467,851 | ​ | $ | 28,522 |  | 4.64 | % | $ | 2,507,006 | ​ | $ | 27,468 |  | 4.44 | % | $ | 2,234,388 | ​ | $ | 25,818 |  | 4.63 | %
Securities | ​ |  | 1,422,096 | ​ |  | 6,801 |  | 1.92 | ​ |  | 1,321,918 | ​ | ​ | 5,689 |  | 1.75 | ​ |  | 1,121,104 | ​ |  | 5,202 |  | 1.86 | ​
Deposits with banks | ​ |  | 240,692 | ​ |  | 420 |  | 0.70 | ​ |  | 370,130 | ​ | ​ | 159 |  | 0.17 | ​ |  | 438,001 | ​ |  | 115 |  | 0.11 | ​
Other | ​ |  | 2,809 | ​ |  | 14 |  | 2.07 | ​ |  | 2,739 | ​ | ​ | 19 |  | 2.80 | ​ |  | 2,726 | ​ |  | 12 |  | 1.83 | ​
Total interest-earning assets | ​ |  | 4,133,448 | ​ | $ | 35,757 |  | 3.47 | % |  | 4,201,793 | ​ | $ | 33,335 |  | 3.22 | % |  | 3,796,219 | ​ | $ | 31,147 |  | 3.29 | %
Allowance for loan losses | ​ |  | (24,579) | ​ | ​ | ​ | ​ | ​ | ​ |  | (24,099) | ​ | ​ | ​ | ​ | ​ | ​ |  | (28,939) | ​ | ​ | ​ | ​ | ​ | ​
Noninterest-earning assets | ​ |  | 177,433 | ​ | ​ | ​ | ​ | ​ | ​ |  | 165,752 | ​ | ​ | ​ | ​ | ​ | ​ |  | 156,559 | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 4,286,302 | ​ | ​ | ​ | ​ | ​ | ​ | $ | 4,343,446 | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,923,839 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest-bearing deposits: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest-bearing demand | ​ | $ | 1,159,077 | ​ | $ | 144 |  | 0.05 | % | $ | 1,143,829 | ​ | $ | 142 |  | 0.05 | % | $ | 1,019,488 | ​ | $ | 127 |  | 0.05 | %
Money market | ​ |  | 582,016 | ​ |  | 110 |  | 0.08 | ​ |  | 598,271 | ​ |  | 121 |  | 0.08 | ​ |  | 502,448 | ​ |  | 94 |  | 0.08 | ​
Savings | ​ |  | 661,661 | ​ |  | 52 |  | 0.03 | ​ |  | 649,563 | ​ |  | 50 |  | 0.03 | ​ |  | 601,615 | ​ |  | 46 |  | 0.03 | ​
Time | ​ |  | 284,880 | ​ |  | 200 |  | 0.28 | ​ |  | 310,675 | ​ |  | 256 |  | 0.33 | ​ |  | 290,865 | ​ |  | 346 |  | 0.48 | ​
Total interest-bearing deposits | ​ |  | 2,687,634 | ​ |  | 506 |  | 0.08 | ​ |  | 2,702,338 | ​ |  | 569 |  | 0.09 | ​ |  | 2,414,416 | ​ |  | 613 |  | 0.10 | ​
Securities sold under agreements to repurchase | ​ |  | 51,057 | ​ |  | 8 |  | 0.07 | ​ |  | 53,054 | ​ | ​ | 9 |  | 0.07 | ​ |  | 47,170 | ​ |  | 8 |  | 0.07 | ​
Borrowings | ​ |  | 440 | ​ |  | 1 |  | 1.34 | ​ |  | 500 | ​ | ​ | 1 |  | 0.71 | ​ |  | 440 | ​ |  | — |  | 0.39 | ​
Subordinated notes | ​ | ​ | 39,346 | ​ | ​ | 469 | ​ | 4.79 | ​ | ​ | 39,325 | ​ | ​ | 470 | ​ | 4.84 | ​ | ​ | 39,265 | ​ | ​ | 469 | ​ | 4.80 | ​
Junior subordinated debentures issued to capital trusts | ​ |  | 37,738 | ​ |  | 400 |  | 4.26 | ​ |  | 37,721 | ​ | ​ | 358 |  | 3.85 | ​ |  | 37,671 | ​ |  | 357 |  | 3.80 | ​
Total interest-bearing liabilities | ​ |  | 2,816,215 | ​ | $ | 1,384 |  | 0.20 | % |  | 2,832,938 | ​ | $ | 1,407 |  | 0.20 | % |  | 2,538,962 | ​ | $ | 1,447 |  | 0.23 | %
Noninterest-bearing deposits | ​ |  | 1,072,883 | ​ | ​ | ​ |  |  | ​ |  | 1,077,917 | ​ |  |  |  |  | ​ |  | 992,699 | ​ |  |  |  |  | ​
Noninterest-bearing liabilities | ​ |  | 18,673 | ​ | ​ | ​ |  |  | ​ |  | 26,302 | ​ |  |  |  |  | ​ |  | 26,988 | ​ |  |  |  |  | ​
Total liabilities | ​ |  | 3,907,771 | ​ | ​ | ​ |  |  | ​ |  | 3,937,157 | ​ |  |  |  |  | ​ |  | 3,558,649 | ​ |  |  |  |  | ​
Stockholders' Equity | ​ |  | 378,531 | ​ | ​ | ​ |  |  | ​ |  | 406,289 | ​ |  |  |  |  | ​ |  | 365,190 | ​ |  |  |  |  | ​
Total liabilities and stockholders’ equity | ​ | $ | 4,286,302 | ​ | ​ | ​ |  |  | ​ | $ | 4,343,446 | ​ |  |  |  |  | ​ | $ | 3,923,839 | ​ |  |  |  |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income/Net interest margin (1) | ​ | ​ | ​ | ​ | $ | 34,373 | ​ | 3.34 | % | ​ | ​ | ​ | $ | 31,928 |  | 3.08 | % | ​ | ​ | ​ | $ | 29,700 |  | 3.14 | %
Tax-equivalent adjustment (2) | ​ | ​ | ​ | ​ |  | 598 | ​ | 0.05 | ​ | ​ | ​ | ​ |  | 529 |  | 0.05 | ​ | ​ | ​ | ​ |  | 503 |  | 0.05 | ​
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3) | ​ | ​ | ​ | ​ | $ | 34,971 | ​ | 3.39 | % |  | ​ | ​ | $ | 32,457 |  | 3.13 | % |  | ​ | ​ | $ | 30,203 |  | 3.19 | %
Net interest rate spread (4) | ​ |  | ​ | ​ |  | ​ | ​ | 3.27 | % |  |  | ​ |  |  |  | 3.02 | % |  |  | ​ |  |  |  | 3.06 | %
Net interest-earning assets (5) | ​ | $ | 1,317,233 | ​ | ​ | ​ | ​ |  | ​ | $ | 1,368,855 | ​ |  |  |  |  | ​ | $ | 1,257,257 | ​ |  |  |  |  | ​
Ratio of interest-earning assets to interest-bearing liabilities | ​ |  | 1.47 | ​ |  | ​ | ​ |  | ​ |  | 1.48 | ​ |  |  |  |  | ​ |  | 1.50 | ​ |  |  |  |  | ​
Cost of total deposits | ​ |  | ​ | ​ |  | ​ | ​ | 0.05 | % |  |  | ​ |  |  |  | 0.06 | % |  |  | ​ |  |  |  | 0.07 | %

* 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.

​

​

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HBT Financial, Inc.

Page 10 of 15

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended | ​
​ |  | June 30, 2022 |  | June 30, 2021 | ​
​ |  | Average |  | ​ |  | ​ |  | Average |  | ​ |  | ​ | ​
​ |  | Balance | ​ | Interest |  | Yield/Cost * |  | Balance | ​ | Interest |  | Yield/Cost * | ​
​ |  | (dollars in thousands)
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans | ​ | $ | 2,487,320 | ​ | $ | 55,990 |  | 4.54 | % | $ | 2,259,136 | ​ | $ | 51,562 |  | 4.60 | %
Securities | ​ |  | 1,372,284 | ​ |  | 12,490 |  | 1.84 | ​ |  | 1,063,312 | ​ | ​ | 9,971 |  | 1.89 | ​
Deposits with banks | ​ |  | 305,053 | ​ |  | 579 |  | 0.38 | ​ |  | 392,213 | ​ | ​ | 195 |  | 0.10 | ​
Other | ​ |  | 2,775 | ​ |  | 33 |  | 2.43 | ​ |  | 2,612 | ​ | ​ | 25 |  | 1.93 | ​
Total interest-earning assets | ​ |  | 4,167,432 | ​ | $ | 69,092 |  | 3.34 | % |  | 3,717,273 | ​ | $ | 61,753 |  | 3.35 | %
Allowance for loan losses | ​ |  | (24,340) | ​ | ​ | ​ |  |  | ​ |  | (30,390) | ​ |  |  |  |  | ​
Noninterest-earning assets | ​ |  | 171,624 | ​ | ​ | ​ |  |  | ​ |  | 156,093 | ​ |  |  |  |  | ​
Total assets | ​ | $ | 4,314,716 | ​ | ​ | ​ |  |  | ​ | $ | 3,842,976 | ​ |  |  |  |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ |  |  | ​ |  |  |  |  | ​ |  |  | ​ |  |  |  |  | ​
Liabilities | ​ |  |  | ​ |  |  |  |  | ​ |  |  | ​ |  |  |  |  | ​
Interest-bearing deposits: | ​ |  |  | ​ |  |  |  |  | ​ |  |  | ​ |  |  |  |  | ​
Interest-bearing demand | ​ | $ | 1,151,495 | ​ | $ | 286 |  | 0.05 | % | $ | 1,008,664 | ​ | $ | 244 |  | 0.05 | %
Money market | ​ |  | 590,098 | ​ | ​ | 231 |  | 0.08 | ​ |  | 492,472 | ​ | ​ | 183 |  | 0.07 | ​
Savings | ​ |  | 655,645 | ​ | ​ | 102 |  | 0.03 | ​ |  | 571,921 | ​ | ​ | 87 |  | 0.03 | ​
Time | ​ |  | 297,706 | ​ | ​ | 456 |  | 0.31 | ​ |  | 292,509 | ​ | ​ | 743 |  | 0.51 | ​
Total interest-bearing deposits | ​ |  | 2,694,944 | ​ |  | 1,075 |  | 0.08 | ​ |  | 2,365,566 | ​ |  | 1,257 |  | 0.11 | ​
Securities sold under agreements to repurchase | ​ |  | 52,050 | ​ | ​ | 17 |  | 0.07 | ​ |  | 46,761 | ​ | ​ | 15 |  | 0.06 | ​
Borrowings | ​ |  | 470 | ​ | ​ | 2 |  | 1.01 | ​ |  | 470 | ​ | ​ | 1 |  | 0.42 | ​
Subordinated notes | ​ | ​ | 39,335 | ​ | ​ | 939 | ​ | 4.82 | ​ | ​ | 39,255 | ​ | ​ | 939 | ​ | 4.83 | ​
Junior subordinated debentures issued to capital trusts | ​ |  | 37,730 | ​ | ​ | 758 |  | 4.05 | ​ |  | 37,663 | ​ | ​ | 712 |  | 3.81 | ​
Total interest-bearing liabilities | ​ |  | 2,824,529 | ​ | $ | 2,791 |  | 0.20 | % |  | 2,489,715 | ​ | $ | 2,924 |  | 0.24 | %
Noninterest-bearing deposits | ​ |  | 1,075,387 | ​ |  | ​ |  |  | ​ |  | 956,806 | ​ |  |  |  |  | ​
Noninterest-bearing liabilities | ​ |  | 22,466 | ​ |  | ​ |  |  | ​ |  | 32,077 | ​ |  |  |  |  | ​
Total liabilities | ​ |  | 3,922,382 | ​ |  | ​ |  |  | ​ |  | 3,478,598 | ​ |  |  |  |  | ​
Stockholders' Equity | ​ |  | 392,334 | ​ |  | ​ |  |  | ​ |  | 364,378 | ​ |  |  |  |  | ​
Total liabilities and stockholders’ equity | ​ | $ | 4,314,716 | ​ | ​ | ​ |  |  | ​ |  | 3,842,976 | ​ |  |  |  |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income/Net interest margin (1) | ​ | ​ | ​ | ​ | $ | 66,301 | ​ | 3.21 | % |  | ​ | ​ | $ | 58,829 |  | 3.19 | %
Tax-equivalent adjustment (2) | ​ | ​ | ​ | ​ |  | 1,127 | ​ | 0.05 | ​ |  | ​ | ​ |  | 1,006 |  | 0.06 | ​
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3) | ​ | ​ | ​ | ​ | $ | 67,428 | ​ | 3.26 | % |  | ​ | ​ | $ | 59,835 |  | 3.25 | %
Net interest rate spread (4) | ​ |  | ​ | ​ |  | ​ | ​ | 3.14 | % |  |  | ​ |  |  |  | 3.11 | %
Net interest-earning assets (5) | ​ | $ | 1,342,903 | ​ | ​ | ​ | ​ |  | ​ | $ | 1,227,558 | ​ |  |  |  |  | ​
Ratio of interest-earning assets to interest-bearing liabilities | ​ |  | 1.48 | ​ |  | ​ | ​ |  | ​ |  | 1.49 | ​ |  |  |  |  | ​
Cost of total deposits | ​ |  | ​ | ​ |  | ​ | ​ | 0.06 | % |  |  | ​ |  |  |  | 0.08 | %

* 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.

​

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HBT Financial, Inc.

Page 11 of 15

​

​

HBT Financial, Inc.

Unaudited Consolidated Financial Summary

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​
​ |  | 2022 |  | 2022 |  | 2021 |
​ |  | (dollars in thousands) | ​
NONPERFORMING ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonaccrual | ​ | $ | 3,248 | ​ | $ | 2,461 |  | $ | 6,823 | ​
Past due 90 days or more, still accruing (1) | ​ |  | 182 | ​ |  | 8 |  | ​ | 583 | ​
Total nonperforming loans | ​ |  | 3,430 | ​ |  | 2,469 |  | ​ | 7,406 | ​
Foreclosed assets | ​ |  | 2,891 | ​ |  | 3,043 |  | ​ | 7,757 | ​
Total nonperforming assets | ​ | $ | 6,321 | ​ | $ | 5,512 | ​ | $ | 15,163 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for loan losses | ​ | $ | 24,734 | ​ | $ | 24,508 | ​ | $ | 26,507 | ​
Loans, before allowance for loan losses | ​ | ​ | 2,451,826 | ​ | ​ | 2,487,785 | ​ | ​ | 2,152,119 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CREDIT QUALITY RATIOS | ​ |  |  | ​ |  |  | ​ |  |  | ​
Allowance for loan losses to loans, before allowance for loan losses | ​ |  | 1.01 | % |  | 0.99 | % |  | 1.23 | %
Allowance for loan losses to nonaccrual loans | ​ | ​ | 761.51 | ​ | ​ | 995.86 | ​ | ​ | 388.49 | ​
Allowance for loan losses to nonperforming loans | ​ |  | 721.11 | ​ |  | 992.63 | ​ |  | 357.91 | ​
Nonaccrual loans to loans, before allowance for loan losses | ​ | ​ | 0.13 | ​ | ​ | 0.10 | ​ | ​ | 0.32 | ​
Nonperforming loans to loans, before allowance for loan losses | ​ |  | 0.14 | ​ |  | 0.10 | ​ |  | 0.34 | ​
Nonperforming assets to total assets | ​ |  | 0.15 | ​ |  | 0.13 | ​ |  | 0.38 | ​
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets | ​ |  | 0.26 | ​ |  | 0.22 | ​ |  | 0.70 | ​

(1) | Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $23 thousand, $25 thousand, and $27 thousand as of June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​ | June 30, | ​
​ |  | 2022 |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
ALLOWANCE FOR LOAN LOSSES | ​ | (dollars in thousands) | ​
Beginning balance | ​ | $ | 24,508 | ​ | $ | 23,936 | ​ | $ | 28,759 | ​ | $ | 23,936 | ​ | $ | 31,838 | ​
Provision | ​ | ​ | 145 | ​ | ​ | (584) | ​ | ​ | (2,162) | ​ | ​ | (439) | ​ | ​ | (5,567) | ​
Charge-offs | ​ | ​ | (159) | ​ | ​ | (134) | ​ | ​ | (402) | ​ | ​ | (293) | ​ | ​ | (597) | ​
Recoveries | ​ | ​ | 240 | ​ | ​ | 1,290 | ​ | ​ | 312 | ​ | ​ | 1,530 | ​ | ​ | 833 | ​
Ending balance | ​ | $ | 24,734 | ​ | $ | 24,508 | ​ | $ | 26,507 | ​ | $ | 24,734 | ​ | $ | 26,507 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net charge-offs (recoveries) | ​ | $ | (81) | ​ | $ | (1,156) | ​ | $ | 90 | ​ | $ | (1,237) | ​ | $ | (236) | ​
Average loans, before allowance for loan losses | ​ | ​ | 2,467,851 | ​ | ​ | 2,507,006 | ​ | ​ | 2,234,388 | ​ | ​ | 2,487,320 | ​ | ​ | 2,259,136 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net charge-offs (recoveries) to average loans, before allowance for loan losses * | ​ | ​ | (0.01) | % | ​ | (0.19) | % | ​ | 0.02 | % | ​ | (0.10) | % | ​ | (0.02) | %

* Annualized measure.

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HBT Financial, Inc.

Page 12 of 15

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HBT Financial, Inc.

Unaudited Consolidated Financial Summary

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of or for the Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​ | June 30, | ​
​ |  | 2022 |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
​ | ​ | (dollars in thousands, except per share data) | ​
EARNINGS AND PER SHARE INFORMATION | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 14,085 | ​ | $ | 13,604 | ​ | $ | 13,717 | ​ | $ | 27,689 | ​ | $ | 28,962 | ​
Earnings per share - Basic | ​ | ​ | 0.49 | ​ | ​ | 0.47 | ​ | ​ | 0.50 | ​ | ​ | 0.96 | ​ | ​ | 1.06 | ​
Earnings per share - Diluted | ​ | ​ | 0.49 | ​ | ​ | 0.47 | ​ | ​ | 0.50 | ​ | ​ | 0.95 | ​ | ​ | 1.05 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted net income (1) | ​ | $ | 13,836 | ​ | $ | 12,227 | ​ | $ | 14,168 | ​ | $ | 26,063 | ​ | $ | 28,201 | ​
Adjusted earnings per share - Basic (1) | ​ | ​ | 0.48 | ​ | ​ | 0.42 | ​ | ​ | 0.52 | ​ | ​ | 0.90 | ​ | ​ | 1.03 | ​
Adjusted earnings per share - Diluted (1) | ​ | ​ | 0.48 | ​ | ​ | 0.42 | ​ | ​ | 0.52 | ​ | ​ | 0.90 | ​ | ​ | 1.03 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Book value per share | ​ | $ | 12.97 | ​ | $ | 13.23 | ​ | $ | 13.64 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tangible book value per share (1) | ​ | ​ | 11.90 | ​ | ​ | 12.16 | ​ | ​ | 12.70 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shares of common stock outstanding | ​ | ​ | 28,831,197 | ​ | ​ | 28,967,943 | ​ | ​ | 27,355,053 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares of common stock outstanding | ​ | ​ | 28,891,202 | ​ | ​ | 28,986,593 | ​ | ​ | 27,362,579 | ​ | ​ | 28,938,634 | ​ | ​ | 27,396,557 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SUMMARY RATIOS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest margin * | ​ | ​ | 3.34 | % | ​ | 3.08 | % | ​ | 3.14 | % | ​ | 3.21 | % | ​ | 3.19 | %
Net interest margin (tax equivalent basis) * (1)(2) | ​ | ​ | 3.39 | ​ | ​ | 3.13 | ​ | ​ | 3.19 | ​ | ​ | 3.26 | ​ | ​ | 3.25 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Efficiency ratio | ​ | ​ | 54.97 | % | ​ | 56.97 | % | ​ | 56.91 | % | ​ | 55.96 | % | ​ | 56.31 | %
Efficiency ratio (tax equivalent basis) (1)(2) | ​ | ​ | 54.22 | ​ | ​ | 56.26 | ​ | ​ | 56.18 | ​ | ​ | 55.23 | ​ | ​ | 55.59 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan to deposit ratio | ​ | ​ | 66.23 | % | ​ | 65.19 | % | ​ | 62.84 | % | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Return on average assets * | ​ | ​ | 1.32 | % | ​ | 1.27 | % | ​ | 1.40 | % | ​ | 1.29 | % | ​ | 1.52 | %
Return on average stockholders' equity * | ​ | ​ | 14.92 | ​ | ​ | 13.58 | ​ | ​ | 15.07 | ​ | ​ | 14.23 | ​ | ​ | 16.03 | ​
Return on average tangible common equity * (1) | ​ | ​ | 16.25 | ​ | ​ | 14.71 | ​ | ​ | 16.22 | ​ | ​ | 15.45 | ​ | ​ | 17.27 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted return on average assets * (1) | ​ | ​ | 1.29 | % | ​ | 1.14 | % | ​ | 1.45 | % | ​ | 1.22 | % | ​ | 1.48 | %
Adjusted return on average stockholders' equity * (1) | ​ | ​ | 14.66 | ​ | ​ | 12.20 | ​ | ​ | 15.56 | ​ | ​ | 13.40 | ​ | ​ | 15.61 | ​
Adjusted return on average tangible common equity * (1) | ​ | ​ | 15.96 | ​ | ​ | 13.22 | ​ | ​ | 16.76 | ​ | ​ | 14.55 | ​ | ​ | 16.81 | ​

* 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 13 of 15

​

Reconciliation of Non-GAAP Financial Measures –

Adjusted Net Income and Adjusted Return on Average Assets

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​ | June 30, | ​
​ |  | 2022 |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
​ | ​ | (dollars in thousands) | ​
Net income | ​ | $ | 14,085 | ​ | $ | 13,604 | ​ | $ | 13,717 | ​ | $ | 27,689 | ​ | $ | 28,962 | ​
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisition expenses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (157) | ​ | ​ | — | ​ | ​ | (157) | ​
Branch closure expenses | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (104) | ​ | ​ | — | ​ | ​ | (104) | ​
Gains (losses) on sales of closed branch premises | ​ | ​ | (18) | ​ | ​ | 197 | ​ | ​ | — | ​ | ​ | 179 | ​ | ​ | — | ​
Mortgage servicing rights fair value adjustment | ​ | ​ | 366 | ​ | ​ | 1,729 | ​ | ​ | (310) | ​ | ​ | 2,095 | ​ | ​ | 1,385 | ​
Total adjustments | ​ | ​ | 348 | ​ | ​ | 1,926 | ​ | ​ | (571) | ​ | ​ | 2,274 | ​ | ​ | 1,124 | ​
Tax effect of adjustments | ​ | ​ | (99) | ​ | ​ | (549) | ​ | ​ | 120 | ​ | ​ | (648) | ​ | ​ | (363) | ​
Less adjustments, after tax effect | ​ | ​ | 249 | ​ | ​ | 1,377 | ​ | ​ | (451) | ​ | ​ | 1,626 | ​ | ​ | 761 | ​
Adjusted net income | ​ | $ | 13,836 | ​ | $ | 12,227 | ​ | $ | 14,168 | ​ | $ | 26,063 | ​ | $ | 28,201 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average assets | ​ | $ | 4,286,302 | ​ | $ | 4,343,446 | ​ | $ | 3,923,839 | ​ | $ | 4,314,716 | ​ | $ | 3,842,976 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Return on average assets * | ​ | ​ | 1.32 | % | ​ | 1.27 | % | ​ | 1.40 | % | ​ | 1.29 | % | ​ | 1.52 | %
Adjusted return on average assets * | ​ | ​ | 1.29 | ​ | ​ | 1.14 | ​ | ​ | 1.45 | ​ | ​ | 1.22 | ​ | ​ | 1.48 | ​

* Annualized measure.

​

Reconciliation of Non-GAAP Financial Measures –

Adjusted Earnings Per Share

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​ | June 30,
​ |  | 2022 |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | (dollars in thousands, except per share data)
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 14,085 | ​ | $ | 13,604 | ​ | $ | 13,717 | ​ | $ | 27,689 | ​ | $ | 28,962
Earnings allocated to participating securities (1) | ​ | ​ | (17) | ​ | ​ | (17) | ​ | ​ | (25) | ​ | ​ | (34) | ​ | ​ | (56)
Numerator for earnings per share - basic and diluted | ​ | $ | 14,068 | ​ | $ | 13,587 | ​ | $ | 13,692 | ​ | $ | 27,655 | ​ | $ | 28,906
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted net income | ​ | $ | 13,836 | ​ | $ | 12,227 | ​ | $ | 14,168 | ​ | $ | 26,063 | ​ | $ | 28,201
Earnings allocated to participating securities (1) | ​ | ​ | (17) | ​ | ​ | (15) | ​ | ​ | (26) | ​ | ​ | (32) | ​ | ​ | (54)
Numerator for adjusted earnings per share - basic and diluted | ​ | $ | 13,819 | ​ | $ | 12,212 | ​ | $ | 14,142 | ​ | $ | 26,031 | ​ | $ | 28,147
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding | ​ | ​ | 28,891,202 | ​ | ​ | 28,986,593 | ​ | ​ | 27,362,579 | ​ | ​ | 28,938,634 | ​ | ​ | 27,396,557
Dilutive effect of outstanding restricted stock units | ​ | ​ | 53,674 | ​ | ​ | 43,646 | ​ | ​ | 17,701 | ​ | ​ | 48,688 | ​ | ​ | 10,137
Weighted average common shares outstanding, including all dilutive potential shares | ​ | ​ | 28,944,876 | ​ | ​ | 29,030,239 | ​ | ​ | 27,380,280 | ​ | ​ | 28,987,322 | ​ | ​ | 27,406,694
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share - Basic | ​ | $ | 0.49 | ​ | $ | 0.47 | ​ | $ | 0.50 | ​ | $ | 0.96 | ​ | $ | 1.06
Earnings per share - Diluted | ​ | $ | 0.49 | ​ | $ | 0.47 | ​ | $ | 0.50 | ​ | $ | 0.95 | ​ | $ | 1.05
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted earnings per share - Basic | ​ | $ | 0.48 | ​ | $ | 0.42 | ​ | $ | 0.52 | ​ | $ | 0.90 | ​ | $ | 1.03
Adjusted earnings per share - Diluted | ​ | $ | 0.48 | ​ | $ | 0.42 | ​ | $ | 0.52 | ​ | $ | 0.90 | ​ | $ | 1.03

(1) | The Company has granted certain restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate 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.

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HBT Financial, Inc.

Page 14 of 15

​

Reconciliation of Non-GAAP Financial Measures –

Net Interest Income and Net Interest Margin (Tax Equivalent Basis)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​ | June 30, | ​
​ |  | 2022 |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
​ | ​ | (dollars in thousands) | ​
Net interest income (tax equivalent basis) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 34,373 | ​ | $ | 31,928 | ​ | $ | 29,700 | ​ | $ | 66,301 | ​ | $ | 58,829 | ​
Tax-equivalent adjustment (1) | ​ | ​ | 598 | ​ | ​ | 529 | ​ | ​ | 503 | ​ | ​ | 1,127 | ​ | ​ | 1,006 | ​
Net interest income (tax equivalent basis) (1) | ​ | $ | 34,971 | ​ | $ | 32,457 | ​ | $ | 30,203 | ​ | $ | 67,428 | ​ | $ | 59,835 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest margin (tax equivalent basis) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest margin * | ​ | ​ | 3.34 | % | ​ | 3.08 | % | ​ | 3.14 | % | ​ | 3.21 | % | ​ | 3.19 | %
Tax-equivalent adjustment * (1) | ​ | ​ | 0.05 | ​ | ​ | 0.05 | ​ | ​ | 0.05 | ​ | ​ | 0.05 | ​ | ​ | 0.06 | ​
Net interest margin (tax equivalent basis) * (1) | ​ | ​ | 3.39 | % | ​ | 3.13 | % | ​ | 3.19 | % | ​ | 3.26 | % | ​ | 3.25 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average interest-earning assets | ​ | $ | 4,133,448 | ​ | $ | 4,201,793 | ​ | $ | 3,796,219 | ​ | $ | 4,167,432 | ​ | $ | 3,717,273 | ​

* 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 | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​ | June 30, | ​
​ |  | 2022 |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
​ | ​ | (dollars in thousands) | ​
Efficiency ratio (tax equivalent basis) | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Total noninterest expense | ​ | $ | 23,842 | ​ | $ | 24,157 | ​ | $ | 22,154 | ​ | $ | 47,999 | ​ | $ | 44,698 | ​
Less: amortization of intangible assets | ​ | ​ | 245 | ​ | ​ | 245 | ​ | ​ | 258 | ​ | ​ | 490 | ​ | ​ | 547 | ​
Adjusted noninterest expense | ​ | $ | 23,597 | ​ | $ | 23,912 | ​ | $ | 21,896 | ​ | $ | 47,509 | ​ | $ | 44,151 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 34,373 | ​ | $ | 31,928 | ​ | $ | 29,700 | ​ | $ | 66,301 | ​ | $ | 58,829 | ​
Total noninterest income | ​ | ​ | 8,551 | ​ | ​ | 10,043 | ​ | ​ | 8,774 | ​ | ​ | 18,594 | ​ | ​ | 19,582 | ​
Operating revenue | ​ | ​ | 42,924 | ​ | ​ | 41,971 | ​ | ​ | 38,474 | ​ | ​ | 84,895 | ​ | ​ | 78,411 | ​
Tax-equivalent adjustment (1) | ​ | ​ | 598 | ​ | ​ | 529 | ​ | ​ | 503 | ​ | ​ | 1,127 | ​ | ​ | 1,006 | ​
Operating revenue (tax equivalent basis) (1) | ​ | $ | 43,522 | ​ | $ | 42,500 | ​ | $ | 38,977 | ​ | $ | 86,022 | ​ | $ | 79,417 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Efficiency ratio | ​ | ​ | 54.97 | % | ​ | 56.97 | % | ​ | 56.91 | % | ​ | 55.96 | % | ​ | 56.31 | %
Efficiency ratio (tax equivalent basis) (1) | ​ | ​ | 54.22 | ​ | ​ | 56.26 | ​ | ​ | 56.18 | ​ | ​ | 55.23 | ​ | ​ | 55.59 | ​

(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 of 15

​

Reconciliation of Non-GAAP Financial Measures –

Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​ | March 31, |  | June 30, | ​
​ |  | 2022 |  | 2022 |  | 2021 | ​
​ | ​ | (dollars in thousands, except per share data) | ​
Tangible common equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total stockholders' equity | ​ | $ | 373,809 | ​ | $ | 383,155 | ​ | $ | 373,194 | ​
Less: Goodwill | ​ | ​ | 29,322 | ​ | ​ | 29,322 | ​ | ​ | 23,620 | ​
Less: Core deposit intangible assets, net | ​ | ​ | 1,453 | ​ | ​ | 1,698 | ​ | ​ | 2,251 | ​
Tangible common equity | ​ | $ | 343,034 | ​ | $ | 352,135 | ​ | $ | 347,323 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tangible assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 4,223,978 | ​ | $ | 4,348,965 | ​ | $ | 3,953,677 | ​
Less: Goodwill | ​ | ​ | 29,322 | ​ | ​ | 29,322 | ​ | ​ | 23,620 | ​
Less: Core deposit intangible assets, net | ​ | ​ | 1,453 | ​ | ​ | 1,698 | ​ | ​ | 2,251 | ​
Tangible assets | ​ | $ | 4,193,203 | ​ | $ | 4,317,945 | ​ | $ | 3,927,806 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total stockholders' equity to total assets | ​ | ​ | 8.85 | % | ​ | 8.81 | % | ​ | 9.44 | %
Tangible common equity to tangible assets | ​ | ​ | 8.18 | ​ | ​ | 8.16 | ​ | ​ | 8.84 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shares of common stock outstanding | ​ | ​ | 28,831,197 | ​ | ​ | 28,967,943 | ​ | ​ | 27,355,053 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Book value per share | ​ | $ | 12.97 | ​ | $ | 13.23 | ​ | $ | 13.64 | ​
Tangible book value per share | ​ | ​ | 11.90 | ​ | ​ | 12.16 | ​ | ​ | 12.70 | ​

​

Reconciliation of Non-GAAP Financial Measures –

Return on Average Tangible Common Equity,

Adjusted Return on Average Stockholders' Equity and Adjusted Return on Tangible Common Equity

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | March 31, | ​ | June 30, | ​ | June 30, | ​
​ |  | 2022 |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
​ | ​ | (dollars in thousands) | ​
Average tangible common equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total stockholders' equity | ​ | $ | 378,531 | ​ | $ | 406,289 | ​ | $ | 365,190 | ​ | $ | 392,334 | ​ | $ | 364,378 | ​
Less: Goodwill | ​ | ​ | 29,322 | ​ | ​ | 29,322 | ​ | ​ | 23,620 | ​ | ​ | 29,322 | ​ | ​ | 23,620 | ​
Less: Core deposit intangible assets, net | ​ | ​ | 1,597 | ​ | ​ | 1,844 | ​ | ​ | 2,410 | ​ | ​ | 1,720 | ​ | ​ | 2,547 | ​
Average tangible common equity | ​ | $ | 347,612 | ​ | $ | 375,123 | ​ | $ | 339,160 | ​ | $ | 361,292 | ​ | $ | 338,211 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 14,085 | ​ | $ | 13,604 | ​ | $ | 13,717 | ​ | $ | 27,689 | ​ | $ | 28,962 | ​
Adjusted net income | ​ | ​ | 13,836 | ​ | ​ | 12,227 | ​ | ​ | 14,168 | ​ | ​ | 26,063 | ​ | ​ | 28,201 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Return on average stockholders' equity * | ​ | ​ | 14.92 | % | ​ | 13.58 | % | ​ | 15.07 | % | ​ | 14.23 | % | ​ | 16.03 | %
Return on average tangible common equity * | ​ | ​ | 16.25 | ​ | ​ | 14.71 | ​ | ​ | 16.22 | ​ | ​ | 15.45 | ​ | ​ | 17.27 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted return on average stockholders' equity * | ​ | ​ | 14.66 | % | ​ | 12.20 | % | ​ | 15.56 | % | ​ | 13.40 | % | ​ | 15.61 | %
Adjusted return on average tangible common equity * | ​ | ​ | 15.96 | ​ | ​ | 13.22 | ​ | ​ | 16.76 | ​ | ​ | 14.55 | ​ | ​ | 16.81 | ​

* Annualized measure.