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STOCK-BASED COMPENSATION PLANS
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLANS STOCK-BASED COMPENSATION PLANS
The Company has adopted the HBT Financial, Inc. Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The Omnibus Incentive Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards and (vii) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,820,000 shares.
The following is a summary of stock-based compensation expense (benefit):
Three Months Ended March 31,
(dollars in thousands)20252024
Restricted stock units$273 $273 
Performance restricted stock units146 236 
Total awards classified as equity419 509 
Stock appreciation rights(9)(129)
Total stock-based compensation expense$410 $380 
Restricted Stock Units
A restricted stock unit grants a participant the right to receive one share of the Company’s common stock, following the completion of the requisite service period. Restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and is recognized on a straight-line basis over the service period for the entire award. Dividend equivalents on restricted stock units, which are either accrued until vested, are classified as dividends charged to retained earnings.
During the three months ended March 31, 2025 and 2024, the total grant date fair value of the restricted stock units granted was $1.1 million and $1.0 million, respectively, based on the grant date closing prices. The total intrinsic value of restricted stock units that vested during the three months ended March 31, 2025 and 2024 was $1.4 million and $1.4 million, respectively.
The following is a summary of restricted stock unit activity:
Three Months Ended March 31,
20252024
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Beginning balance108,603$19.71 128,159$19.56 
Granted43,39725.00 51,24619.06 
Vested(56,922)19.59 (70,540)18.96 
Forfeited(131)19.06 —— 
Ending balance94,947$22.20 108,865$19.71 
As of March 31, 2025, unrecognized compensation cost related to the non-vested restricted stock units was $1.7 million. This cost is expected to be recognized over the weighted average remaining service period of 1.8 years.
Performance Restricted Stock Units
A performance restricted stock unit is similar to a restricted stock unit, except that the number of shares of the Company’s common stock awarded is based on a performance condition and the completion of the requisite service period. The number of shares of the Company’s common stock that may be earned ranges from 0% to 150% of the number of performance restricted stock units granted. Performance restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and an assessment of the probable outcome of the performance condition. Compensation cost is recognized on a straight-line basis over the service period of the entire award. Changes in the performance condition probability assessment result in cumulative catch-up adjustments to the compensation cost recognized. Dividend equivalents on performance restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.
During the three months ended March 31, 2025 and 2024, the total fair value of the performance restricted stock units granted was $0.4 million and $0.4 million, respectively, based on the grant date closing prices and an assessment of the probable outcome of the performance condition on the grant date. The total intrinsic value of performance restricted stock units that vested during the three months ended March 31, 2025 and 2024 was $1.1 million and $0.8 million, respectively.
The following is a summary of performance restricted stock unit activity:
Three Months Ended March 31,
20252024
Performance
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Performance
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Beginning balance70,333 $19.59 79,097 $18.25 
Granted16,662 25.00 19,933 19.06 
Adjustment for performance condition11,864 18.66 14,349 15.53 
Vested(42,783)18.66 (43,046)15.53 
Forfeited(2,451)16.27 — — 
Ending balance53,625 $22.07 70,333 $19.59 
As of March 31, 2025, unrecognized compensation cost related to non-vested performance restricted stock units was $0.6 million, based on the current assessment of the probable outcome of the performance conditions. This cost is expected to be recognized over the weighted average remaining service period of 1.3 years.
Stock Appreciation Rights
A stock appreciation right grants a participant the right to receive an amount of cash, the value of which equals the appreciation in the Company’s stock price between the grant date and the exercise date. Stock appreciation rights are classified as liabilities. The liability is based on an option-pricing model used to estimate the fair value of the stock appreciation rights. Compensation cost for non-vested stock appreciation rights is recognized on a straight line basis over the service period of the entire award.
The following is a summary of stock appreciation rights activity:
Three Months Ended March 31,
20252024
Stock
Appreciation
Rights		Weighted
Average
Grant Date
Assigned Value		Stock
Appreciation
Rights		Weighted
Average
Grant Date
Assigned Value
Beginning balance73,440$16.32 73,440$16.32 
Granted—— —— 
Exercised(6,120)16.32 —— 
Expired—— —— 
Forfeited—— —— 
Ending balance67,320$16.32 73,440$16.32 
As of March 31, 2025, all stock appreciation rights were exercisable and had a weighted average remaining term of 4.4 years. There was no unrecognized compensation cost for stock appreciation rights as of March 31, 2025.

As of March 31, 2025 and December 31, 2024, the liability recorded for outstanding stock appreciation rights was $0.5 million and $0.5 million, respectively. The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price.
March 31, 2025December 31, 2024
Risk-free interest rate3.95 %4.37 %
Expected volatility29.29 %30.95 %
Expected life (in years)4.44.7
Expected dividend yield3.75 %3.47 %