EX-99.1 2 hbt-20230930ex991.htm EX-99.1
EXHIBIT 99.1
HBT FINANCIAL, INC. ANNOUNCES
THIRD QUARTER 2023 FINANCIAL RESULTS
Third Quarter Highlights
•Net income of $19.7 million, or $0.62 per diluted share; return on average assets (ROAA) of 1.58%; return on average stockholders' equity (ROAE) of 17.02%; and return on average tangible common equity (ROATCE)(1) of 20.70%
•Adjusted net income(1) of $20.3 million; or $0.63 per diluted share; adjusted ROAA(1) of 1.62%; adjusted ROAE(1) of 17.51%; and adjusted ROATCE(1) of 21.29%
•Asset quality remained strong with nonperforming assets to total assets of 0.16%
•Net interest margin of 4.07% and net interest margin (tax-equivalent basis)(1) of 4.13%
Bloomington, IL, October 23, 2023 – 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 $19.7 million, or $0.62 diluted earnings per share, for the third quarter of 2023. This compares to net income of $18.5 million, or $0.58 diluted earnings per share, for the second quarter of 2023, and net income of $15.6 million, or $0.54 diluted earnings per share, for the third quarter of 2022.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “This was another strong quarter of profitability with a ROAA of 1.58%, a ROATCE of 20.70%, and our highest quarterly diluted earnings per share since our IPO in October of 2019. Our balance sheet strength continues to show with our core deposit franchise allowing us to maintain a low cost of funds of 0.96% and credit quality remaining solid with nonperforming assets at only 0.16% of total assets. Our net interest margin remained very solid at 4.13% on a tax-equivalent basis(1) as loan growth and asset mix improvement continue to partially offset funding cost increases. We have continued to maintain our consistently conservative underwriting standards while also increasing loans by 3% during the quarter. In addition, our loan portfolio remains very well diversified with limited exposure to higher risk segments, such as office commercial real estate. Despite a decrease in accumulated other comprehensive income (loss) due to rising interest rates during the quarter, we were able to increase all capital measures and maintain a strong capital base providing us with flexibility for future capital deployment. We believe our consistent financial performance will enable us to continue enhancing the value of our franchise.”
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(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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Adjusted Net Income
In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on 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 $20.3 million, or $0.63 adjusted diluted earnings per share, for the third quarter of 2023. This compares to adjusted net income of $18.8 million, or $0.58 adjusted diluted earnings per share, for the second quarter of 2023, and adjusted net income of $15.9 million, or $0.55 adjusted diluted earnings per share, for the third quarter of 2022 (see "Reconciliation of Non-GAAP Financial Measures" tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2023 was $48.3 million, a slight decrease from $48.9 million for the second quarter of 2023. The decrease was primarily attributable to an increase in funding costs which were largely offset by higher yields on loans and a more favorable interest-earning asset mix.
Relative to the third quarter of 2022, net interest income increased 29.1% from $37.4 million. The increase was primarily attributable to the increase in average interest-earning assets following the Town and Country Financial Corporation (“Town and Country”) merger completed in the first quarter of 2023 and higher yields on interest-earning assets.
Net interest margin for the third quarter of 2023 was 4.07%, compared to 4.16% for the second quarter of 2023, and net interest margin (tax-equivalent basis)(1) for the third quarter of 2023 was 4.13% compared to 4.22% for the second quarter of 2023. The decrease was primarily attributable to higher funding costs with the cost of funds increasing to 0.96% for the third quarter of 2023, compared to 0.71% for the second quarter of 2023, partially offset by higher yields on loans and a more favorable interest-earning asset mix.
Relative to the third quarter of 2022, net interest margin increased from 3.65%. This increase was primarily attributable to higher yields on interest-earning assets.
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(1)See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Noninterest Income
Noninterest income for the third quarter of 2023 was $9.5 million, a decrease of 4.3% from $9.9 million for the second quarter of 2023. The decrease was primarily attributable to $0.8 million of losses realized on the sale of debt securities during the third quarter of 2023 which were not present in the second quarter of 2023 results. Partially offsetting these losses was a $0.6 million gain on sale of foreclosed assets compared to a $0.1 million loss included in the second quarter of 2023 results.
Relative to the third quarter of 2022, noninterest income increased 15.3% from $8.2 million. The increase was primarily attributable to the Town and Country merger completed in the first quarter of 2023 which contributed to a $0.5 million increase in mortgage servicing income, a $0.3 million increase in wealth management fees, and a $0.2 million increase in card income.
Noninterest Expense
Noninterest expense for the third quarter of 2023 was $30.7 million, a 9.7% decrease from $34.0 million for the second quarter of 2023. The decrease was primarily attributable to the realization of planned cost reductions following the Town and Country core system conversion completed in April 2023. Additionally, the absence of $0.8 million of legal fees and $0.8 million of accruals related to pending legal matters previously disclosed during the second quarter of 2023 further contributed to the decrease in noninterest expense during the third quarter of 2023.

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Relative to the third quarter of 2022, noninterest expense increased 27.8% from $24.0 million, primarily attributable to the addition of Town and Country’s operations.
Acquisition-related expenses recognized are summarized below. No acquisition-related expenses were recognized subsequent to the second quarter of 2023, and we do not expect material acquisition-related expenses related to Town and Country in subsequent quarters.

| Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands) | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
PROVISION FOR CREDIT LOSSES | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,924 |  |  | $ | — |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |
Salaries | — |  |  | 66 |  |  | — |  |  | 3,584 |  |  | — |
Furniture and equipment | — |  |  | 39 |  |  | — |  |  | 39 |  |  | — |
Data processing | — |  |  | 176 |  |  | — |  |  | 2,031 |  |  | — |
Marketing and customer relations | — |  |  | 10 |  |  | — |  |  | 24 |  |  | — |
Loan collection and servicing | — |  |  | 125 |  |  | — |  |  | 125 |  |  | — |
Legal fees and other noninterest expense | — |  |  | 211 |  |  | 462 |  |  | 1,964 |  |  | 462 |
Total noninterest expense | — |  |  | 627 |  |  | 462 |  |  | 7,767 |  |  | 462 |
Total acquisition-related expenses | $ | — |  |  | $ | 627 |  |  | $ | 462 |  |  | $ | 13,691 |  |  | $ | 462 |

Loan Portfolio
Total loans outstanding, before allowance for credit losses, were $3.34 billion at September 30, 2023, compared with $3.24 billion at June 30, 2023 and $2.58 billion at September 30, 2022. The $98.1 million increase from June 30, 2023 was primarily attributable to draws on existing construction projects and new fundings to primarily existing customers, in part driven by seasonally higher agricultural line of credit usage. Balance increases in the commercial real estate - non-owner occupied and multi-family categories were driven predominately by the completion of projects previously in the construction and land development category.
Deposits
Total deposits were $4.20 billion at September 30, 2023, compared with $4.16 billion at June 30, 2023 and $3.64 billion at September 30, 2022. The $33.5 million increase from June 30, 2023 was primarily attributable to a $64.0 million increase in brokered deposits, partially offset by decreases in balances held in mainly smaller balance accounts.
Asset Quality
Nonperforming loans totaled $6.7 million, or 0.20% of total loans, at September 30, 2023, compared with $7.5 million, or 0.23% of total loans, at June 30, 2023, and $3.2 million, or 0.12% of total loans, at September 30, 2022. Additionally, of the $6.7 million of nonperforming loans held as of September 30, 2023, $2.0 million is either wholly or partially guaranteed by the U.S. Government. The $0.9 million decrease in nonperforming loans from June 30, 2023 was primarily attributable to reductions as the result of foreclosures and charge-offs on several smaller credits.
The Company recorded a provision for credit losses of $0.5 million for the third quarter of 2023. The provision for credit losses primarily reflects a $0.9 million increase in required reserves driven by growth of the loan portfolio, a $0.8 million increase in required reserves resulting from changes in economic and qualitative factors, a $0.8 million decrease in reserves on debt securities available-for-sale, a $0.5 million decrease in specific reserve, and net recoveries of $0.1 million.
The Company had net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2023, compared to net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the second quarter of 2023, and net charge-offs of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2022.

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The Company’s allowance for credit losses was 1.16% of total loans and 582% of nonperforming loans at September 30, 2023, compared with 1.17% of total loans and 502% of nonperforming loans at June 30, 2023. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $4.4 million as of September 30, 2023.
Stock Repurchase Program
During the third quarter of 2023, the Company repurchased 91,728 shares of its common stock at a weighted average price of $18.48 under its stock repurchase program. The Company’s Board of Directors have authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program in effect until January 1, 2024. As of September 30, 2023, the Company had $7.6 million remaining under the current stock repurchase authorization.
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 provides a comprehensive suite of business, commercial, wealth management, and retail banking products and services to individuals, businesses and municipal entities throughout Illinois and Eastern Iowa through 67 full-service branches. As of September 30, 2023, HBT had total assets of $5.0 billion, total loans of $3.3 billion, and total deposits of $4.2 billion.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), 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.
Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in

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accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB or the PCAOB (including the Company’s adoption of the current expected credit losses (“CECL”) methodology); (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out and the recent and potential additional rate increases by the Federal Reserve); (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.
CONTACT:
Peter Chapman
HBTIR@hbtbank.com
(309) 664-4556

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HBT Financial, Inc.
Unaudited Consolidated Financial Summary

|  | As of or for the Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands, except per share data) |  | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
Interest and dividend income |  | $ | 59,041 |  |  | $ | 56,768 |  |  | $ | 39,014 |  |  | $ | 167,588 |  |  | $ | 108,106 |
Interest expense |  | 10,762 |  |  | 7,896 |  |  | 1,624 |  |  | 23,600 |  |  | 4,415 |
Net interest income |  | 48,279 |  |  | 48,872 |  |  | 37,390 |  |  | 143,988 |  |  | 103,691 |
Provision for credit losses |  | 480 |  |  | (230) |  |  | 386 |  |  | 6,460 |  |  | (53) |
Net interest income after provision for credit losses |  | 47,799 |  |  | 49,102 |  |  | 37,004 |  |  | 137,528 |  |  | 103,744 |
Noninterest income |  | 9,490 |  |  | 9,914 |  |  | 8,234 |  |  | 26,841 |  |  | 26,828 |
Noninterest expense |  | 30,671 |  |  | 33,973 |  |  | 23,998 |  |  | 100,577 |  |  | 71,997 |
Income before income tax expense |  | 26,618 |  |  | 25,043 |  |  | 21,240 |  |  | 63,792 |  |  | 58,575 |
Income tax expense |  | 6,903 |  |  | 6,570 |  |  | 5,613 |  |  | 16,396 |  |  | 15,259 |
Net income |  | $ | 19,715 |  |  | $ | 18,473 |  |  | $ | 15,627 |  |  | $ | 47,396 |  |  | $ | 43,316 |
Earnings per share - Diluted |  | $ | 0.62 |  |  | $ | 0.58 |  |  | $ | 0.54 |  |  | $ | 1.49 |  |  | $ | 1.49 |
Adjusted net income (1) |  | $ | 20,279 |  |  | $ | 18,772 |  |  | $ | 15,856 |  |  | $ | 58,910 |  |  | $ | 41,919 |
Adjusted earnings per share - Diluted (1) |  | 0.63 |  |  | 0.58 |  |  | 0.55 |  |  | 1.86 |  |  | 1.45 |
Book value per share |  | $ | 14.36 |  |  | $ | 14.15 |  |  | $ | 12.49 |  |  |  |  |
Tangible book value per share (1) |  | 11.80 |  |  | 11.58 |  |  | 11.43 |  |  |  |  |
Shares of common stock outstanding |  | 31,774,140 |  |  | 31,865,868 |  |  | 28,752,626 |  |  |  |  |
Weighted average shares of common stock outstanding |  | 31,829,250 |  |  | 31,980,133 |  |  | 28,787,662 |  |  | 31,598,650 |  |  | 28,887,757 |
SUMMARY RATIOS |  |  |  |  |  |  |  |  |  |
Net interest margin * |  | 4.07 | % |  | 4.16 | % |  | 3.65 | % |  | 4.14 | % |  | 3.36 | %
Net interest margin (tax-equivalent basis) * (1)(2) |  | 4.13 |  |  | 4.22 |  |  | 3.72 |  |  | 4.20 |  |  | 3.41 |
Efficiency ratio |  | 51.85 | % |  | 56.57 | % |  | 52.07 | % |  | 57.73 | % |  | 54.60 | %
Efficiency ratio (tax-equivalent basis) (1)(2) |  | 51.25 |  |  | 55.89 |  |  | 51.31 |  |  | 57.04 |  |  | 53.86 |
Loan to deposit ratio |  | 79.63 | % |  | 77.91 | % |  | 70.81 | % |  |  |  |
Return on average assets * |  | 1.58 | % |  | 1.49 | % |  | 1.47 | % |  | 1.29 | % |  | 1.35 | %
Return on average stockholders' equity * |  | 17.02 |  |  | 16.30 |  |  | 16.27 |  |  | 14.22 |  |  | 14.91 |
Return on average tangible common equity * (1) |  | 20.70 |  |  | 19.91 |  |  | 17.70 |  |  | 17.17 |  |  | 16.20 |
Adjusted return on average assets * (1) |  | 1.62 | % |  | 1.51 | % |  | 1.49 | % |  | 1.61 | % |  | 1.31 | %
Adjusted return on average stockholders' equity * (1) |  | 17.51 |  |  | 16.57 |  |  | 16.51 |  |  | 17.68 |  |  | 14.43 |
Adjusted return on average tangible common equity * (1) |  | 21.29 |  |  | 20.23 |  |  | 17.96 |  |  | 21.34 |  |  | 15.67 |
CAPITAL |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  | 15.09 | % |  | 15.03 | % |  | 16.34 | % |  |  |  |
Tier 1 capital to risk-weighted assets |  | 13.18 |  |  | 13.12 |  |  | 14.26 |  |  |  |  |
Common equity tier 1 capital ratio |  | 11.88 |  |  | 11.78 |  |  | 13.08 |  |  |  |  |
Tier 1 leverage ratio |  | 10.34 |  |  | 10.07 |  |  | 10.44 |  |  |  |  |
Total stockholders' equity to total assets |  | 9.14 |  |  | 9.06 |  |  | 8.52 |  |  |  |  |
Tangible common equity to tangible assets (1) |  | 7.64 |  |  | 7.54 |  |  | 7.85 |  |  |  |  |
ASSET QUALITY |  |  |  |  |  |  |  |  |  |
Net charge-offs (recoveries) to average loans |  | (0.01) | % |  | (0.01) | % |  | 0.01 | % |  | (0.01) | % |  | (0.06) | %
Allowance for credit losses to loans, before allowance for credit losses |  | 1.16 |  |  | 1.17 |  |  | 0.97 |  |  |  |  |
Nonperforming loans to loans, before allowance for credit losses |  | 0.20 |  |  | 0.23 |  |  | 0.12 |  |  |  |  |
Nonperforming assets to total assets |  | 0.16 |  |  | 0.21 |  |  | 0.14 |  |  |  |  |

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*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%.

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HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income

| Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands, except per share data) | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
INTEREST AND DIVIDEND INCOME |  |  |  |  |  |  |  |  |
Loans, including fees: |  |  |  |  |  |  |  |  |
Taxable | $ | 49,640 |  |  | $ | 47,149 |  |  | $ | 29,855 |  |  | $ | 138,948 |  |  | $ | 84,504 |
Federally tax exempt | 1,072 |  |  | 1,040 |  |  | 842 |  |  | 3,064 |  |  | 2,183 |
Securities: |  |  |  |  |  |  |  |  |
Taxable | 6,451 |  |  | 6,518 |  |  | 6,635 |  |  | 19,585 |  |  | 16,947 |
Federally tax exempt | 978 |  |  | 1,162 |  |  | 1,207 |  |  | 3,337 |  |  | 3,385 |
Interest-bearing deposits in bank | 714 |  |  | 781 |  |  | 458 |  |  | 2,234 |  |  | 1,037 |
Other interest and dividend income | 186 |  |  | 118 |  |  | 17 |  |  | 420 |  |  | 50 |
Total interest and dividend income | 59,041 |  |  | 56,768 |  |  | 39,014 |  |  | 167,588 |  |  | 108,106 |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |
Deposits | 7,211 |  |  | 4,323 |  |  | 587 |  |  | 13,908 |  |  | 1,662 |
Securities sold under agreements to repurchase | 35 |  |  | 34 |  |  | 9 |  |  | 107 |  |  | 26 |
Borrowings | 2,108 |  |  | 2,189 |  |  | 85 |  |  | 5,594 |  |  | 87 |
Subordinated notes | 470 |  |  | 469 |  |  | 470 |  |  | 1,409 |  |  | 1,409 |
Junior subordinated debentures issued to capital trusts | 938 |  |  | 881 |  |  | 473 |  |  | 2,582 |  |  | 1,231 |
Total interest expense | 10,762 |  |  | 7,896 |  |  | 1,624 |  |  | 23,600 |  |  | 4,415 |
Net interest income | 48,279 |  |  | 48,872 |  |  | 37,390 |  |  | 143,988 |  |  | 103,691 |
PROVISION FOR CREDIT LOSSES | 480 |  |  | (230) |  |  | 386 |  |  | 6,460 |  |  | (53) |
Net interest income after provision for credit losses | 47,799 |  |  | 49,102 |  |  | 37,004 |  |  | 137,528 |  |  | 103,744 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |
Card income | 2,763 |  |  | 2,905 |  |  | 2,569 |  |  | 8,326 |  |  | 7,687 |
Wealth management fees | 2,381 |  |  | 2,279 |  |  | 2,059 |  |  | 6,998 |  |  | 6,670 |
Service charges on deposit accounts | 2,040 |  |  | 1,919 |  |  | 1,927 |  |  | 5,830 |  |  | 5,371 |
Mortgage servicing | 1,169 |  |  | 1,254 |  |  | 697 |  |  | 3,522 |  |  | 2,016 |
Mortgage servicing rights fair value adjustment | 23 |  |  | 141 |  |  | 351 |  |  | (460) |  |  | 2,446 |
Gains on sale of mortgage loans | 476 |  |  | 373 |  |  | 354 |  |  | 1,125 |  |  | 1,267 |
Realized gains (losses) on sales of securities | (813) |  |  | — |  |  | — |  |  | (1,820) |  |  | — |
Unrealized gains (losses) on equity securities | (46) |  |  | 7 |  |  | (107) |  |  | (61) |  |  | (447) |
Gains (losses) on foreclosed assets | 550 |  |  | (97) |  |  | (225) |  |  | 443 |  |  | (192) |
Gains (losses) on other assets | 52 |  |  | 109 |  |  | (31) |  |  | 161 |  |  | 119 |
Income on bank owned life insurance | 153 |  |  | 147 |  |  | 41 |  |  | 415 |  |  | 122 |
Other noninterest income | 742 |  |  | 877 |  |  | 599 |  |  | 2,362 |  |  | 1,769 |
Total noninterest income | 9,490 |  |  | 9,914 |  |  | 8,234 |  |  | 26,841 |  |  | 26,828 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |
Salaries | 15,644 |  |  | 16,660 |  |  | 12,752 |  |  | 51,715 |  |  | 38,489 |
Employee benefits | 2,616 |  |  | 2,707 |  |  | 1,771 |  |  | 7,658 |  |  | 6,199 |
Occupancy of bank premises | 2,573 |  |  | 2,785 |  |  | 1,979 |  |  | 7,460 |  |  | 5,780 |
Furniture and equipment | 667 |  |  | 809 |  |  | 668 |  |  | 2,135 |  |  | 1,843 |
Data processing | 2,581 |  |  | 2,883 |  |  | 1,631 |  |  | 9,787 |  |  | 5,274 |
Marketing and customer relations | 1,679 |  |  | 1,359 |  |  | 880 |  |  | 3,874 |  |  | 2,936 |
Amortization of intangible assets | 720 |  |  | 720 |  |  | 243 |  |  | 1,950 |  |  | 733 |
FDIC insurance | 512 |  |  | 630 |  |  | 302 |  |  | 1,705 |  |  | 888 |
Loan collection and servicing | 345 |  |  | 348 |  |  | 336 |  |  | 971 |  |  | 771 |
Foreclosed assets | 76 |  |  | 97 |  |  | 97 |  |  | 234 |  |  | 260 |
Other noninterest expense | 3,258 |  |  | 4,975 |  |  | 3,339 |  |  | 13,088 |  |  | 8,824 |
Total noninterest expense | 30,671 |  |  | 33,973 |  |  | 23,998 |  |  | 100,577 |  |  | 71,997 |
INCOME BEFORE INCOME TAX EXPENSE | 26,618 |  |  | 25,043 |  |  | 21,240 |  |  | 63,792 |  |  | 58,575 |
INCOME TAX EXPENSE | 6,903 |  |  | 6,570 |  |  | 5,613 |  |  | 16,396 |  |  | 15,259 |
NET INCOME | $ | 19,715 |  |  | $ | 18,473 |  |  | $ | 15,627 |  |  | $ | 47,396 |  |  | $ | 43,316 |
EARNINGS PER SHARE - BASIC | $ | 0.62 |  |  | $ | 0.58 |  |  | $ | 0.54 |  |  | $ | 1.50 |  |  | $ | 1.50 |
EARNINGS PER SHARE - DILUTED | $ | 0.62 |  |  | $ | 0.58 |  |  | $ | 0.54 |  |  | $ | 1.49 |  |  | $ | 1.49 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING | 31,829,250 |  | 31,980,133 |  | 28,787,662 |  | 31,598,650 |  | 28,887,757

HBT Financial, Inc.
Page 8
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets

(dollars in thousands) | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022
ASSETS |  |  |  |  |
Cash and due from banks | $ | 24,757 |  |  | $ | 28,044 |  |  | $ | 22,169 |
Interest-bearing deposits with banks | 87,156 |  |  | 81,764 |  |  | 56,046 |
Cash and cash equivalents | 111,913 |  |  | 109,808 |  |  | 78,215 |
Interest-bearing time deposits with banks | 500 |  |  | — |  |  | — |
Debt securities available-for-sale, at fair value | 753,163 |  |  | 822,788 |  |  | 853,740 |
Debt securities held-to-maturity | 527,144 |  |  | 533,231 |  |  | 546,694 |
Equity securities with readily determinable fair value | 3,106 |  |  | 3,152 |  |  | 2,996 |
Equity securities with no readily determinable fair value | 2,300 |  |  | 2,275 |  |  | 1,977 |
Restricted stock, at cost | 11,165 |  |  | 11,345 |  |  | 4,050 |
Loans held for sale | 3,563 |  |  | 8,829 |  |  | 2,297 |
Loans, before allowance for credit losses | 3,342,786 |  |  | 3,244,655 |  |  | 2,579,928 |
Allowance for credit losses | (38,863) |  |  | (37,814) |  |  | (25,060) |
Loans, net of allowance for credit losses | 3,303,923 |  |  | 3,206,841 |  |  | 2,554,868 |
Bank owned life insurance | 23,747 |  |  | 23,594 |  |  | 7,515 |
Bank premises and equipment, net | 64,713 |  |  | 65,029 |  |  | 50,854 |
Bank premises held for sale | 35 |  |  | 35 |  |  | 281 |
Foreclosed assets | 1,519 |  |  | 3,080 |  |  | 2,637 |
Goodwill | 59,820 |  |  | 59,876 |  |  | 29,322 |
Intangible assets, net | 21,402 |  |  | 22,122 |  |  | 1,210 |
Mortgage servicing rights, at fair value | 20,156 |  |  | 20,133 |  |  | 10,440 |
Investments in unconsolidated subsidiaries | 1,614 |  |  | 1,614 |  |  | 1,165 |
Accrued interest receivable | 23,447 |  |  | 19,900 |  |  | 16,881 |
Other assets | 58,538 |  |  | 62,158 |  |  | 48,182 |
Total assets | $ | 4,991,768 |  |  | $ | 4,975,810 |  |  | $ | 4,213,324 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |
Liabilities |  |  |  |  |
Deposits: |  |  |  |  |
Noninterest-bearing | $ | 1,086,877 |  |  | $ | 1,125,823 |  |  | $ | 1,017,710 |
Interest-bearing | 3,111,191 |  |  | 3,038,700 |  |  | 2,625,733 |
Total deposits | 4,198,068 |  |  | 4,164,523 |  |  | 3,643,443 |
Securities sold under agreements to repurchase | 28,900 |  |  | 38,729 |  |  | 48,130 |
Federal Home Loan Bank advances | 177,650 |  |  | 177,572 |  |  | 60,000 |
Subordinated notes | 39,454 |  |  | 39,435 |  |  | 39,376 |
Junior subordinated debentures issued to capital trusts | 52,774 |  |  | 52,760 |  |  | 37,763 |
Other liabilities | 38,671 |  |  | 51,939 |  |  | 25,539 |
Total liabilities | 4,535,517 |  |  | 4,524,958 |  |  | 3,854,251 |
Stockholders' Equity |  |  |  |  |
Common stock | 327 |  |  | 327 |  |  | 293 |
Surplus | 295,483 |  |  | 294,875 |  |  | 222,436 |
Retained earnings | 256,050 |  |  | 241,777 |  |  | 223,495 |
Accumulated other comprehensive income (loss) | (78,432) |  |  | (70,662) |  |  | (77,462) |
Treasury stock at cost | (17,177) |  |  | (15,465) |  |  | (9,689) |
Total stockholders’ equity | 456,251 |  |  | 450,852 |  |  | 359,073 |
Total liabilities and stockholders’ equity | $ | 4,991,768 |  |  | $ | 4,975,810 |  |  | $ | 4,213,324 |
SHARES OF COMMON STOCK OUTSTANDING | 31,774,140 |  |  | 31,865,868 |  |  | 28,752,626 |

HBT Financial, Inc.
Page 9
HBT Financial, Inc.
Unaudited Consolidated Financial Summary

(dollars in thousands) | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022
LOANS |  |  |  |  |
Commercial and industrial | $ | 386,933 |  |  | $ | 385,768 |  |  | $ | 240,671 |
Commercial real estate - owner occupied | 297,242 |  |  | 303,522 |  |  | 226,524 |
Commercial real estate - non-owner occupied | 901,929 |  |  | 882,598 |  |  | 718,089 |
Construction and land development | 371,158 |  |  | 335,262 |  |  | 364,290 |
Multi-family | 388,742 |  |  | 375,536 |  |  | 260,630 |
One-to-four family residential | 488,655 |  |  | 482,442 |  |  | 328,667 |
Agricultural and farmland | 275,239 |  |  | 259,858 |  |  | 245,234 |
Municipal, consumer, and other | 232,888 |  |  | 219,669 |  |  | 195,823 |
Total loans | $ | 3,342,786 |  |  | $ | 3,244,655 |  |  | $ | 2,579,928 |

(dollars in thousands) | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022
DEPOSITS |  |  |  |  |
Noninterest-bearing deposits | $ | 1,086,877 |  |  | $ | 1,125,823 |  |  | $ | 1,017,710 |
Interest-bearing deposits: |  |  |  |  |
Interest-bearing demand | 1,134,721 |  |  | 1,181,187 |  |  | 1,131,284 |
Money market (1) | 673,780 |  |  | 730,652 |  |  | 584,202 |
Savings | 623,083 |  |  | 657,506 |  |  | 641,139 |
Time (1) | 679,607 |  |  | 469,355 |  |  | 269,108 |
Total interest-bearing deposits | 3,111,191 |  |  | 3,038,700 |  |  | 2,625,733 |
Total deposits | $ | 4,198,068 |  |  | $ | 4,164,523 |  |  | $ | 3,643,443 |

____________________________________
(1)Time deposits include $115.0 million of brokered deposits as of September 30, 2023 and money market deposits include $51.0 million of brokered deposits as of June 30, 2023. There were no brokered deposits as of September 30, 2022.

HBT Financial, Inc.
Page 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary

| Three Months Ended
| September 30, 2023 |  | June 30, 2023 |  | September 30, 2022
(dollars in thousands) | Average Balance |  | Interest |  | Yield/Cost * |  | Average Balance |  | Interest |  | Yield/Cost * |  | Average Balance |  | Interest |  | Yield/Cost *
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans | $ | 3,296,703 |  |  | $ | 50,712 |  |  | 6.10 | % |  | $ | 3,238,774 |  |  | $ | 48,189 |  |  | 5.97 | % |  | $ | 2,481,920 |  |  | $ | 30,697 |  |  | 4.91 | %
Securities | 1,324,686 |  |  | 7,429 |  |  | 2.22 |  |  | 1,384,180 |  |  | 7,680 |  |  | 2.23 |  |  | 1,470,092 |  |  | 7,842 |  |  | 2.12 |
Deposits with banks | 77,595 |  |  | 714 |  |  | 3.65 |  |  | 84,366 |  |  | 781 |  |  | 3.71 |  |  | 105,030 |  |  | 458 |  |  | 1.73 |
Other | 9,347 |  |  | 186 |  |  | 7.90 |  |  | 8,577 |  |  | 118 |  |  | 5.52 |  |  | 2,936 |  |  | 17 |  |  | 2.25 |
Total interest-earning assets | 4,708,331 |  |  | $ | 59,041 |  |  | 4.97 | % |  | 4,715,897 |  |  | $ | 56,768 |  |  | 4.83 | % |  | 4,059,978 |  |  | $ | 39,014 |  |  | 3.81 | %
Allowance for credit losses | (38,317) |  |  |  |  |  |  | (39,484) |  |  |  |  |  |  | (24,717) |  |  |  |  |
Noninterest-earning assets | 294,818 |  |  |  |  |  |  | 299,622 |  |  |  |  |  |  | 173,461 |  |  |  |  |
Total assets | $ | 4,964,832 |  |  |  |  |  |  | $ | 4,976,035 |  |  |  |  |  |  | $ | 4,208,722 |  |  |  |  |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand | $ | 1,160,654 |  |  | $ | 761 |  |  | 0.26 | % |  | $ | 1,224,285 |  |  | $ | 683 |  |  | 0.22 | % |  | $ | 1,137,072 |  |  | $ | 144 |  |  | 0.05 | %
Money market | 683,859 |  |  | 2,041 |  |  | 1.18 |  |  | 675,530 |  |  | 1,516 |  |  | 0.90 |  |  | 577,388 |  |  | 203 |  |  | 0.14 |
Savings | 639,384 |  |  | 249 |  |  | 0.15 |  |  | 687,014 |  |  | 189 |  |  | 0.11 |  |  | 649,752 |  |  | 53 |  |  | 0.03 |
Time | 585,372 |  |  | 4,160 |  |  | 2.82 |  |  | 447,146 |  |  | 1,935 |  |  | 1.74 |  |  | 271,870 |  |  | 187 |  |  | 0.27 |
Total interest-bearing deposits | 3,069,269 |  |  | 7,211 |  |  | 0.93 |  |  | 3,033,975 |  |  | 4,323 |  |  | 0.57 |  |  | 2,636,082 |  |  | 587 |  |  | 0.09 |
Securities sold under agreements to repurchase | 33,807 |  |  | 35 |  |  | 0.41 |  |  | 34,170 |  |  | 34 |  |  | 0.40 |  |  | 50,427 |  |  | 9 |  |  | 0.07 |
Borrowings | 157,908 |  |  | 2,108 |  |  | 5.30 |  |  | 173,040 |  |  | 2,189 |  |  | 5.07 |  |  | 11,967 |  |  | 85 |  |  | 2.80 |
Subordinated notes | 39,444 |  |  | 470 |  |  | 4.72 |  |  | 39,424 |  |  | 469 |  |  | 4.78 |  |  | 39,365 |  |  | 470 |  |  | 4.73 |
Junior subordinated debentures issued to capital trusts | 52,767 |  |  | 938 |  |  | 7.05 |  |  | 52,752 |  |  | 881 |  |  | 6.70 |  |  | 37,755 |  |  | 473 |  |  | 4.97 |
Total interest-bearing liabilities | 3,353,195 |  |  | $ | 10,762 |  |  | 1.27 | % |  | 3,333,361 |  |  | $ | 7,896 |  |  | 0.95 | % |  | 2,775,596 |  |  | $ | 1,624 |  |  | 0.23 | %
Noninterest-bearing deposits | 1,105,472 |  |  |  |  |  |  | 1,145,089 |  |  |  |  |  |  | 1,031,407 |  |  |  |  |
Noninterest-bearing liabilities | 46,564 |  |  |  |  |  |  | 43,080 |  |  |  |  |  |  | 20,736 |  |  |  |  |
Total liabilities | 4,505,231 |  |  |  |  |  |  | 4,521,530 |  |  |  |  |  |  | 3,827,739 |  |  |  |  |
Stockholders' Equity | 459,601 |  |  |  |  |  |  | 454,505 |  |  |  |  |  |  | 380,983 |  |  |  |  |
Total liabilities and stockholders’ equity | $ | 4,964,832 |  |  |  |  |  |  | $ | 4,976,035 |  |  |  |  |  |  | $ | 4,208,722 |  |  |  |  |
Net interest income/Net interest margin (1) |  |  | $ | 48,279 |  |  | 4.07 | % |  |  |  | $ | 48,872 |  |  | 4.16 | % |  |  |  | $ | 37,390 |  |  | 3.65 | %
Tax-equivalent adjustment (2) |  |  | 675 |  |  | 0.06 |  |  |  |  | 715 |  |  | 0.06 |  |  |  |  | 674 |  |  | 0.07 |
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3) |  |  | $ | 48,954 |  |  | 4.13 | % |  |  |  | $ | 49,587 |  |  | 4.22 | % |  |  |  | $ | 38,064 |  |  | 3.72 | %
Net interest rate spread (4) |  |  |  |  | 3.70 | % |  |  |  |  |  | 3.88 | % |  |  |  |  |  | 3.58 | %
Net interest-earning assets (5) | $ | 1,355,136 |  |  |  |  |  |  | $ | 1,382,536 |  |  |  |  |  |  | $ | 1,284,382 |  |  |  |  |
Ratio of interest-earning assets to interest-bearing liabilities | 1.40 |  |  |  |  |  | 1.41 |  |  |  |  |  | 1.46 |  |  |  |
Cost of total deposits |  |  |  |  | 0.69 | % |  |  |  |  |  | 0.41 | % |  |  |  |  |  | 0.06 | %
Cost of funds |  |  |  |  | 0.96 |  |  |  |  |  |  | 0.71 |  |  |  |  |  |  | 0.17 |

____________________________________
*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 11
HBT Financial, Inc.
Unaudited Consolidated Financial Summary

| Nine Months Ended
| September 30, 2023 |  | September 30, 2022
(dollars in thousands) | Average Balance |  | Interest |  | Yield/Cost * |  | Average Balance |  | Interest |  | Yield/Cost *
ASSETS |  |  |  |  |  |  |  |  |  |  |
Loans | $ | 3,183,641 |  |  | $ | 142,012 |  |  | 5.96 | % |  | $ | 2,485,501 |  |  | $ | 86,687 |  |  | 4.66 | %
Securities | 1,373,175 |  |  | 22,922 |  |  | 2.23 |  |  | 1,405,245 |  |  | 20,332 |  |  | 1.93 |
Deposits with banks | 84,720 |  |  | 2,234 |  |  | 3.53 |  |  | 237,646 |  |  | 1,037 |  |  | 0.58 |
Other | 8,457 |  |  | 420 |  |  | 6.64 |  |  | 2,829 |  |  | 50 |  |  | 2.36 |
Total interest-earning assets | 4,649,993 |  |  | $ | 167,588 |  |  | 4.82 | % |  | 4,131,221 |  |  | $ | 108,106 |  |  | 3.50 | %
Allowance for credit losses | (37,053) |  |  |  |  |  |  | (24,467) |  |  |  |  |
Noninterest-earning assets | 289,843 |  |  |  |  |  |  | 172,243 |  |  |  |  |
Total assets | $ | 4,902,783 |  |  |  |  |  |  | $ | 4,278,997 |  |  |  |  |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand | $ | 1,204,937 |  |  | $ | 1,902 |  |  | 0.21 | % |  | $ | 1,146,635 |  |  | $ | 430 |  |  | 0.05 | %
Money market | 664,846 |  |  | 4,492 |  |  | 0.90 |  |  | 585,815 |  |  | 434 |  |  | 0.10 |
Savings | 678,495 |  |  | 616 |  |  | 0.12 |  |  | 653,659 |  |  | 155 |  |  | 0.03 |
Time | 463,937 |  |  | 6,898 |  |  | 1.99 |  |  | 289,000 |  |  | 643 |  |  | 0.30 |
Total interest-bearing deposits | 3,012,215 |  |  | 13,908 |  |  | 0.62 |  |  | 2,675,109 |  |  | 1,662 |  |  | 0.08 |
Securities sold under agreements to repurchase | 35,844 |  |  | 107 |  |  | 0.40 |  |  | 51,503 |  |  | 26 |  |  | 0.07 |
Borrowings | 148,443 |  |  | 5,594 |  |  | 5.04 |  |  | 4,344 |  |  | 87 |  |  | 2.67 |
Subordinated notes | 39,424 |  |  | 1,409 |  |  | 4.78 |  |  | 39,345 |  |  | 1,409 |  |  | 4.79 |
Junior subordinated debentures issued to capital trusts | 51,054 |  |  | 2,582 |  |  | 6.76 |  |  | 37,738 |  |  | 1,231 |  |  | 4.36 |
Total interest-bearing liabilities | 3,286,980 |  |  | $ | 23,600 |  |  | 0.96 | % |  | 2,808,039 |  |  | $ | 4,415 |  |  | 0.21 | %
Noninterest-bearing deposits | 1,123,917 |  |  |  |  |  |  | 1,060,566 |  |  |  |  |
Noninterest-bearing liabilities | 46,310 |  |  |  |  |  |  | 21,883 |  |  |  |  |
Total liabilities | 4,457,207 |  |  |  |  |  |  | 3,890,488 |  |  |  |  |
Stockholders' Equity | 445,576 |  |  |  |  |  |  | 388,509 |  |  |  |  |
Total liabilities and stockholders’ equity | $ | 4,902,783 |  |  |  |  |  |  | 4,278,997 |  |  |  |  |
Net interest income/Net interest margin (1) |  |  | $ | 143,988 |  |  | 4.14 | % |  |  |  | $ | 103,691 |  |  | 3.36 | %
Tax-equivalent adjustment (2) |  |  | 2,092 |  |  | 0.06 |  |  |  |  | 1,801 |  |  | 0.05 |
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3) |  |  | $ | 146,080 |  |  | 4.20 | % |  |  |  | $ | 105,492 |  |  | 3.41 | %
Net interest rate spread (4) |  |  |  |  | 3.86 | % |  |  |  |  |  | 3.29 | %
Net interest-earning assets (5) | $ | 1,363,013 |  |  |  |  |  |  | $ | 1,323,182 |  |  |  |  |
Ratio of interest-earning assets to interest-bearing liabilities | 1.41 |  |  |  |  |  | 1.47 |  |  |  |
Cost of total deposits |  |  |  |  | 0.45 | % |  |  |  |  |  | 0.06 | %
Cost of funds |  |  |  |  | 0.72 |  |  |  |  |  |  | 0.15 |

____________________________________
*Annualized measure.
(1)Net interest margin represents net interest income divided by average total interest-earning assets.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3)See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc.
Page 12
HBT Financial, Inc.
Unaudited Consolidated Financial Summary

(dollars in thousands) | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022
NONPERFORMING ASSETS |  |  |  |  |
Nonaccrual | $ | 6,678 |  |  | $ | 7,534 |  |  | $ | 3,206 |
Past due 90 days or more, still accruing (1) | — |  |  | 1 |  |  | — |
Total nonperforming loans | 6,678 |  |  | 7,535 |  |  | 3,206 |
Foreclosed assets | 1,519 |  |  | 3,080 |  |  | 2,637 |
Total nonperforming assets | $ | 8,197 |  |  | $ | 10,615 |  |  | $ | 5,843 |
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government | $ | 1,968 |  |  | $ | 2,332 |  |  | $ | — |
Allowance for credit losses | $ | 38,863 |  |  | $ | 37,814 |  |  | $ | 25,060 |
Loans, before allowance for credit losses | 3,342,786 |  |  | 3,244,655 |  |  | 2,579,928 |
CREDIT QUALITY RATIOS |  |  |  |  |
Allowance for credit losses to loans, before allowance for credit losses | 1.16 | % |  | 1.17 | % |  | 0.97 | %
Allowance for credit losses to nonaccrual loans | 581.96 |  |  | 501.91 |  |  | 781.66 |
Allowance for credit losses to nonperforming loans | 581.96 |  |  | 501.84 |  |  | 781.66 |
Nonaccrual loans to loans, before allowance for credit losses | 0.20 |  |  | 0.23 |  |  | 0.12 |
Nonperforming loans to loans, before allowance for credit losses | 0.20 |  |  | 0.23 |  |  | 0.12 |
Nonperforming assets to total assets | 0.16 |  |  | 0.21 |  |  | 0.14 |
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets | 0.25 |  |  | 0.33 |  |  | 0.23 |

____________________________________
(1)Prior to 2023, excludes loans acquired with deteriorated credit quality that are past due 90 or more days and accruing. Such loans totaled $22 thousand as of September 30, 2022.

HBT Financial, Inc.
Page 13
HBT Financial, Inc.
Unaudited Consolidated Financial Summary

| Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands) | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
ALLOWANCE FOR CREDIT LOSSES |  |  |  |  |  |  |  |  |
Beginning balance | $ | 37,814 |  |  | $ | 38,776 |  |  | $ | 24,734 |  |  | $ | 25,333 |  |  | $ | 23,936 |
Adoption of ASC 326 | — |  |  | — |  |  | — |  |  | 6,983 |  |  | — |
PCD allowance established in acquisition | — |  |  | — |  |  | — |  |  | 1,247 |  |  | — |
Provision for credit losses | 983 |  |  | (1,080) |  |  | 386 |  |  | 5,004 |  |  | (53) |
Charge-offs | (412) |  |  | (179) |  |  | (222) |  |  | (733) |  |  | (515) |
Recoveries | 478 |  |  | 297 |  |  | 162 |  |  | 1,029 |  |  | 1,692 |
Ending balance | $ | 38,863 |  |  | $ | 37,814 |  |  | $ | 25,060 |  |  | $ | 38,863 |  |  | $ | 25,060 |
Net charge-offs (recoveries) | $ | (66) |  |  | $ | (118) |  |  | $ | 60 |  |  | $ | (296) |  |  | $ | (1,177) |
Average loans | 3,296,703 |  |  | 3,238,774 |  |  | 2,481,920 |  |  | 3,183,641 |  |  | 2,485,501 |
Net charge-offs (recoveries) to average loans * | (0.01) | % |  | (0.01) | % |  | 0.01 | % |  | (0.01) | % |  | (0.06) | %

____________________________________
*Annualized measure.

| Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands) | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
PROVISION FOR CREDIT LOSSES |  |  |  |  |  |  |  |  |
Loans (1) | $ | 983 |  |  | $ | (1,080) |  |  | $ | 386 |  |  | $ | 5,004 |  |  | $ | (53) |
Unfunded lending-related commitments (1) | 297 |  |  | 650 |  |  | — |  |  | 1,456 |  |  | — |
Debt securities | (800) |  |  | 200 |  |  | — |  |  | — |  |  | — |
Total provision for credit losses | $ | 480 |  |  | $ | (230) |  |  | $ | 386 |  |  | $ | 6,460 |  |  | $ | (53) |

____________________________________
(1)Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.

HBT Financial, Inc.
Page 14
Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets

|  | Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands) |  | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
Net income |  | $ | 19,715 |  |  | $ | 18,473 |  |  | $ | 15,627 |  |  | $ | 47,396 |  |  | $ | 43,316 |
Adjustments: |  |  |  |  |  |  |  |  |  |
Acquisition expenses (1) |  | — |  |  | (627) |  |  | (462) |  |  | (13,691) |  |  | (462) |
Gains (losses) on sales of closed branch premises |  | — |  |  | 75 |  |  | (38) |  |  | 75 |  |  | 141 |
Realized gains (losses) on sales of securities |  | (813) |  |  | — |  |  | — |  |  | (1,820) |  |  | — |
Mortgage servicing rights fair value adjustment |  | 23 |  |  | 141 |  |  | 351 |  |  | (460) |  |  | 2,446 |
Total adjustments |  | (790) |  |  | (411) |  |  | (149) |  |  | (15,896) |  |  | 2,125 |
Tax effect of adjustments |  | 226 |  |  | 112 |  |  | (80) |  |  | 4,382 |  |  | (728) |
Total adjustments after tax effect |  | (564) |  |  | (299) |  |  | (229) |  |  | (11,514) |  |  | 1,397 |
Adjusted net income |  | $ | 20,279 |  |  | $ | 18,772 |  |  | $ | 15,856 |  |  | $ | 58,910 |  |  | $ | 41,919 |
Average assets |  | $ | 4,964,832 |  |  | $ | 4,976,035 |  |  | $ | 4,208,722 |  |  | $ | 4,902,783 |  |  | $ | 4,278,997 |
Return on average assets * |  | 1.58 | % |  | 1.49 | % |  | 1.47 | % |  | 1.29 | % |  | 1.35 | %
Adjusted return on average assets * |  | 1.62 |  |  | 1.51 |  |  | 1.49 |  |  | 1.61 |  |  | 1.31 |

____________________________________
*Annualized measure.
(1)Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share

|  | Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands, except per share amounts) |  | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 19,715 |  |  | $ | 18,473 |  |  | $ | 15,627 |  |  | $ | 47,396 |  |  | $ | 43,316 |
Earnings allocated to participating securities (1) |  | (10) |  |  | (11) |  |  | (17) |  |  | (26) |  |  | (51) |
Numerator for earnings per share - basic and diluted |  | $ | 19,705 |  |  | $ | 18,462 |  |  | $ | 15,610 |  |  | $ | 47,370 |  |  | $ | 43,265 |
Adjusted net income |  | $ | 20,279 |  |  | $ | 18,772 |  |  | $ | 15,856 |  |  | $ | 58,910 |  |  | $ | 41,919 |
Earnings allocated to participating securities (1) |  | (10) |  |  | (10) |  |  | (17) |  |  | (33) |  |  | (49) |
Numerator for adjusted earnings per share - basic and diluted |  | $ | 20,269 |  |  | $ | 18,762 |  |  | $ | 15,839 |  |  | $ | 58,877 |  |  | $ | 41,870 |
Denominator: |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 31,829,250 |  | 31,980,133 |  | 28,787,662 |  | 31,598,650 |  | 28,887,757
Dilutive effect of outstanding restricted stock units |  | 137,187 |  | 99,850 |  | 72,643 |  | 102,574 |  | 56,761
Weighted average common shares outstanding, including all dilutive potential shares |  | 31,966,437 |  | 32,079,983 |  | 28,860,305 |  | 31,701,224 |  | 28,944,518
Earnings per share - Basic |  | $ | 0.62 |  |  | $ | 0.58 |  |  | $ | 0.54 |  |  | $ | 1.50 |  |  | $ | 1.50 |
Earnings per share - Diluted |  | $ | 0.62 |  |  | $ | 0.58 |  |  | $ | 0.54 |  |  | $ | 1.49 |  |  | $ | 1.49 |
Adjusted earnings per share - Basic |  | $ | 0.64 |  |  | $ | 0.59 |  |  | $ | 0.55 |  |  | $ | 1.86 |  |  | $ | 1.45 |
Adjusted earnings per share - Diluted |  | $ | 0.63 |  |  | $ | 0.58 |  |  | $ | 0.55 |  |  | $ | 1.86 |  |  | $ | 1.45 |

____________________________________
(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.

HBT Financial, Inc.
Page 15
Reconciliation of Non-GAAP Financial Measures –
Net Interest Income and Net Interest Margin (Tax-equivalent Basis)

|  | Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands) |  | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
Net interest income (tax-equivalent basis) |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 48,279 |  |  | $ | 48,872 |  |  | $ | 37,390 |  |  | $ | 143,988 |  |  | $ | 103,691 |
Tax-equivalent adjustment (1) |  | 675 |  |  | 715 |  |  | 674 |  |  | 2,092 |  |  | 1,801 |
Net interest income (tax-equivalent basis) (1) |  | $ | 48,954 |  |  | $ | 49,587 |  |  | $ | 38,064 |  |  | $ | 146,080 |  |  | $ | 105,492 |
Net interest margin (tax-equivalent basis) |  |  |  |  |  |  |  |  |  |
Net interest margin * |  | 4.07 | % |  | 4.16 | % |  | 3.65 | % |  | 4.14 | % |  | 3.36 | %
Tax-equivalent adjustment * (1) |  | 0.06 |  |  | 0.06 |  |  | 0.07 |  |  | 0.06 |  |  | 0.05 |
Net interest margin (tax-equivalent basis) * (1) |  | 4.13 | % |  | 4.22 | % |  | 3.72 | % |  | 4.20 | % |  | 3.41 | %
Average interest-earning assets |  | $ | 4,708,331 |  |  | $ | 4,715,897 |  |  | $ | 4,059,978 |  |  | $ | 4,649,993 |  |  | $ | 4,131,221 |

____________________________________
*Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis)

|  | Three Months Ended |  | Nine Months Ended September 30,
(dollars in thousands) |  | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
Efficiency ratio (tax-equivalent basis) |  |  |  |  |  |  |  |  |  |
Total noninterest expense |  | $ | 30,671 |  |  | $ | 33,973 |  |  | $ | 23,998 |  |  | $ | 100,577 |  |  | $ | 71,997 |
Less: amortization of intangible assets |  | 720 |  |  | 720 |  |  | 243 |  |  | 1,950 |  |  | 733 |
Adjusted noninterest expense |  | $ | 29,951 |  |  | $ | 33,253 |  |  | $ | 23,755 |  |  | $ | 98,627 |  |  | $ | 71,264 |
Net interest income |  | $ | 48,279 |  |  | $ | 48,872 |  |  | $ | 37,390 |  |  | $ | 143,988 |  |  | $ | 103,691 |
Total noninterest income |  | 9,490 |  |  | 9,914 |  |  | 8,234 |  |  | 26,841 |  |  | 26,828 |
Operating revenue |  | 57,769 |  |  | 58,786 |  |  | 45,624 |  |  | 170,829 |  |  | 130,519 |
Tax-equivalent adjustment (1) |  | 675 |  |  | 715 |  |  | 674 |  |  | 2,092 |  |  | 1,801 |
Operating revenue (tax-equivalent basis) (1) |  | $ | 58,444 |  |  | $ | 59,501 |  |  | $ | 46,298 |  |  | $ | 172,921 |  |  | $ | 132,320 |
Efficiency ratio |  | 51.85 | % |  | 56.57 | % |  | 52.07 | % |  | 57.73 | % |  | 54.60 | %
Efficiency ratio (tax-equivalent basis) (1) |  | 51.25 |  |  | 55.89 |  |  | 51.31 |  |  | 57.04 |  |  | 53.86 |

____________________________________
(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 16
Reconciliation of Non-GAAP Financial Measures –
Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share

(dollars in thousands, except per share data) |  | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022
Tangible Common Equity |  |  |  |  |  |
Total stockholders' equity |  | $ | 456,251 |  |  | $ | 450,852 |  |  | $ | 359,073 |
Less: Goodwill |  | 59,820 |  |  | 59,876 |  |  | 29,322 |
Less: Intangible assets, net |  | 21,402 |  |  | 22,122 |  |  | 1,210 |
Tangible common equity |  | $ | 375,029 |  |  | $ | 368,854 |  |  | $ | 328,541 |
Tangible Assets |  |  |  |  |  |
Total assets |  | $ | 4,991,768 |  |  | $ | 4,975,810 |  |  | $ | 4,213,324 |
Less: Goodwill |  | 59,820 |  |  | 59,876 |  |  | 29,322 |
Less: Intangible assets, net |  | 21,402 |  |  | 22,122 |  |  | 1,210 |
Tangible assets |  | $ | 4,910,546 |  |  | $ | 4,893,812 |  |  | $ | 4,182,792 |
Total stockholders' equity to total assets |  | 9.14 | % |  | 9.06 | % |  | 8.52 | %
Tangible common equity to tangible assets |  | 7.64 |  |  | 7.54 |  |  | 7.85 |
Shares of common stock outstanding |  | 31,774,140 |  |  | 31,865,868 |  |  | 28,752,626 |
Book value per share |  | $ | 14.36 |  |  | $ | 14.15 |  |  | $ | 12.49 |
Tangible book value per share |  | 11.80 |  |  | 11.58 |  |  | 11.43 |

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 |  | Nine Months Ended September 30,
(dollars in thousands) |  | September 30, 2023 |  | June 30, 2023 |  | September 30, 2022 |  | 2023 |  | 2022
Average Tangible Common Equity |  |  |  |  |  |  |  |  |  |
Total stockholders' equity |  | $ | 459,601 |  |  | $ | 454,505 |  |  | $ | 380,983 |  |  | $ | 445,576 |  |  | $ | 388,509 |
Less: Goodwill |  | 59,875 |  |  | 59,876 |  |  | 29,322 |  |  | 56,406 |  |  | 29,322 |
Less: Intangible assets, net |  | 21,793 |  |  | 22,520 |  |  | 1,356 |  |  | 20,005 |  |  | 1,597 |
Average tangible common equity |  | $ | 377,933 |  |  | $ | 372,109 |  |  | $ | 350,305 |  |  | $ | 369,165 |  |  | $ | 357,590 |
Net income |  | $ | 19,715 |  |  | $ | 18,473 |  |  | $ | 15,627 |  |  | $ | 47,396 |  |  | $ | 43,316 |
Adjusted net income |  | 20,279 |  |  | 18,772 |  |  | 15,856 |  |  | 58,910 |  |  | 41,919 |
Return on average stockholders' equity * |  | 17.02 | % |  | 16.30 | % |  | 16.27 | % |  | 14.22 | % |  | 14.91 | %
Return on average tangible common equity * |  | 20.70 |  |  | 19.91 |  |  | 17.70 |  |  | 17.17 |  |  | 16.20 |
Adjusted return on average stockholders' equity * |  | 17.51 | % |  | 16.57 | % |  | 16.51 | % |  | 17.68 | % |  | 14.43 | %
Adjusted return on average tangible common equity * |  | 21.29 |  |  | 20.23 |  |  | 17.96 |  |  | 21.34 |  |  | 15.67 |

____________________________________
*Annualized measure.