HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT
Financial”), the holding company for Heartland Bank and Trust
Company and State Bank of Lincoln, today reported net income of
$17.4 million, or $0.97 diluted earnings per share, for the third
quarter of 2019. This compares to net income of $14.6
million, or $0.81 diluted earnings per share, for the second
quarter of 2019, and net income of $17.6 million, or $0.98 diluted
earnings per share, for the third quarter of 2018.
Fred L. Drake, Chairman and Chief Executive Officer of HBT
Financial, said, “Our third quarter results reflect continued
execution on our strategy of prudent growth, disciplined expense
management, and strong asset quality. This formula continues
to produce a superior level of profitability. We are very
pleased to have completed our initial public offering.
Becoming a public company is an important next chapter in our
history, but our focus remains squarely on understanding our
clients’ needs and delivering the products and services that help
them achieve their financial goals. By remaining consistent
with our core values, we believe that we will continue to enhance
the value of our franchise over the long term.”
C Corp Equivalent Net Income and Adjusted C Corp
Equivalent Net Income
The Company has historically operated as an S Corporation for
U.S. federal and state income tax purposes. Following the
completion of the initial public offering, the Company will be
treated as a C Corporation (“C Corp”) for federal and state income
tax purposes. For comparison, the Company reports its C Corp
equivalent financial results, which does not reflect the additional
shares issued in the initial public offering (the “IPO”) for
periods prior to the IPO.
For the third quarter of 2019, the Company reported C Corp
equivalent net income of $13.1 million, or $0.73 diluted earnings
per share. This compares to C Corp equivalent net income of
$11.1 million, or $0.62 diluted earnings per share, for the second
quarter of 2019, and C Corp equivalent net income of $13.2 million,
or $0.73 diluted earnings per share, for the third quarter of
2018.
In addition to reporting C Corp equivalent results, the Company
believes adjusted C Corp equivalent results, which adjust for
mortgage servicing right fair value adjustments, gains (losses) on
sales of securities, and certain non-recurring items, provide
investors with additional insight into its operational performance.
The Company reported adjusted C Corp equivalent net income of $14.3
million, or $0.80 diluted earnings per share, for the third quarter
of 2019. This compares to adjusted C Corp equivalent net
income of $14.3 million, or $0.79 diluted earnings per share, for
the second quarter of 2019, and adjusted C Corp equivalent net
income of $13.1 million, or $0.73 diluted earnings per share, for
the third quarter of 2018 (see "Reconciliation of GAAP to Non-GAAP
Financial Measures" tables).
Net Interest Income
Net interest income for the third quarter of 2019 was $33.1
million, a decrease of 2.3% from $33.9 million for the second
quarter of 2019. The decrease was primarily attributable to a
decline in net interest margin.
Relative to the third quarter of 2018, net interest income
increased $0.5 million, or 1.7%. The increase was primarily
attributable to a higher net interest margin.
Net Interest Margin
Net interest margin for the third quarter of 2019 was 4.31%,
compared to 4.36% for the second quarter of 2019. The
decrease was primarily attributable to a decline in average loan
yields.
Relative to the third quarter of 2018, net interest margin
increased from 4.22%. The increase was primarily attributable to
higher loan and securities yields.
The Federal Open Market Committee lowered Federal Funds Target
rates for the first time in 11 years on July 31, 2019 and then
again in September 2019 and October 2019, for a combined decrease
of 75 basis points which we expect to continue to put downward
pressure on our net interest margin.
Noninterest Income
Noninterest income for the third quarter of 2019 was $7.6
million, an increase of 3.2% from $7.3 million for the second
quarter of 2019. The growth was primarily attributable to
increases in service charges on deposit accounts, wealth management
fees, and gain on sale of mortgage loans. Partially offsetting
these increases were lower gains on foreclosed and other assets and
modest securities losses.
In the third quarter of 2019, the Company recorded a fair value
adjustment to mortgage servicing rights that negatively impacted
noninterest income by $860,000, compared to a fair value adjustment
that negatively impacted noninterest income by $1.1 million in the
second quarter of 2019.
Relative to the third quarter of 2018, noninterest income
decreased 9.8% from $8.4 million. The decline was
attributable to a larger negative fair value adjustment to mortgage
servicing rights in the third quarter of 2019, the loss of revenue
from title insurance activities, and unfavorable market value
adjustments on equity securities between the two quarters.
Noninterest Expense
Noninterest expense for the third quarter of 2019 was $22.3
million, compared with $24.6 million for the second quarter of
2019. The decrease was primarily attributable to lower
employee benefits expense, as second quarter of 2019 results
included a $3.3 million charge associated with the termination of
the supplemental executive retirement plan (SERP) compared to the
third quarter of 2019 which included a charge of $0.8 million
associated with the termination of the SERP.
Relative to the third quarter of 2018, noninterest expense
increased 1.7% from $21.9 million. The increase was primarily due
to a $0.8 million charge during the third quarter of 2019
associated with the termination of the SERP which was not present
during the third quarter of 2018.
Loan Portfolio
Total gross loans outstanding were $2.17 billion at September
30, 2019, compared with $2.20 billion at June 30, 2019 and $2.14
billion at September 30, 2018. The $32.1 million decline in
loans from June 30, 2019 was primarily due to the following
items:
- A $26.0 million decrease in construction and land development
balances resulting from the payoff of a number of large
construction loans following the completion and sale of the
projects by borrowers. Total outstanding commitments for
construction and land development loans were approximately the same
at both period ends.
- A $11.7 million decrease in balances on lines of credit to
grain elevator customers, which is a typical seasonal decline in
the third quarter.
- $8.3 million in payoffs and paydowns of non-performing loans
during the quarter.
Deposits
Total deposits were $2.70 billion at September 30, 2019,
compared with $2.77 billion at June 30, 2019, and $2.74 billion at
September 30, 2018. The $69.7 million decrease in total
deposits from June 30, 2019 was primarily due to the following
items:
- A $30.3 million decrease in time deposits, as the Company
continues to deemphasize higher cost deposit categories.
- A planned decrease of $22.6 million in one higher priced
interest-bearing demand account.
Asset Quality
Nonperforming loans totaled $19.1 million, or 0.88% of total
loans, at September 30, 2019, compared with $25.1 million, or 1.14%
of total loans, at June 30, 2019, and $21.4 million, or 1.00% of
total loans, at September 30, 2018.
Net charge-offs for the third quarter of 2019 were $0.5 million,
or 0.08% of average loans on an annualized basis.
The Company recorded a provision for loan losses of $0.7 million
for the third quarter of 2019, which was primarily driven by the
level of net charge-offs in the quarter. The Company’s
allowance for loan losses was 1.05% of total loans and 119.34% of
nonperforming loans at September 30, 2019, compared with 1.02% of
total loans and 89.98% of nonperforming loans at June 30, 2019.
Capital
At September 30, 2019, the Company exceeded all regulatory
capital requirements under Basel III and was considered to be
‘‘well-capitalized’’, as summarized in the following table:
|
|
|
|
|
September 30, |
Well Capitalized |
|
2019 |
Regulatory Requirements |
Total capital to risk-weighted assets |
14.88 |
% |
10.00% |
Tier 1 capital to risk-weighted assets |
13.97 |
% |
8.00% |
Tier 1 leverage ratio |
11.02 |
% |
5.00% |
Common equity Tier 1 capital |
12.51 |
% |
6.50% |
Total stockholders' equity to total assets |
11.02 |
% |
NA |
Tangible common equity to tangible assets (1) |
10.23 |
% |
NA |
(1) see "Reconciliation of
Non-GAAP Financial Measures" tables
Completion of Initial Public
Offering
On October 10, 2019, the Company priced its initial public
offering (the “IPO”), and issued 8,300,000 shares of its common
stock at a price to the public of $16.00 per share on October 16,
2019. On October 29, 2019, the underwriters purchased an
additional 1,129,794 shares pursuant to the exercise of their
option to purchase additional shares from HBT Financial at the
initial public offering price, less underwriting discounts and
commissions. In total, HBT sold 9,429,794 shares of common stock in
the initial public offering, raising total net proceeds, after
deducting estimated underwriting discounts and commissions and
offering expenses payable by the Company, of approximately $138
million.
On October 22, 2019, the Company paid a $170 million
distribution to its pre-IPO stockholders, using the net proceeds of
the initial public offering and the proceeds of dividends from
Heartland Bank and Trust Company and State Bank of Lincoln.
About HBT Financial, Inc.
HBT Financial, Inc. is headquartered in Bloomington, Illinois
and is the holding company for Heartland Bank and Trust Company and
State Bank of Lincoln. The banks provide a comprehensive suite of
business, commercial, wealth management and retail banking
products and services to businesses, families and local governments
throughout Central and Northeastern Illinois through 64 branches.
As of September 30, 2019, HBT had total assets of $3.2 billion,
total loans of $2.2 billion, and total deposits of $2.7 billion.
HBT is a longstanding Central Illinois company, with banking roots
that can be traced back nearly 100 years.
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), originated loans and acquired loans,
efficiency ratio (tax-equivalent basis), tangible common equity to
tangible assets, adjusted C Corp equivalent net income, adjusted C
Corp equivalent return on average assets, adjusted C Corp
equivalent return on average stockholders' equity, and adjusted C
Corp equivalent 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 includes
"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, including but not
limited to statements about the Company’s plans, objectives, future
performance, goals and future earnings levels. These
statements are subject to many risks and uncertainties, including
changes in interest rates and other general economic, business and
political conditions, including changes in the financial markets;
changes in business plans as circumstances warrant; risks relating
to acquisitions; and other risks detailed from time to time in
filings made by the Company with the Securities and Exchange
Commission. 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.
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" or "continue," 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.
CONTACT:Matthew
KeatingHBTIR@hbtbank.com(310) 622-8230
HBT Financial,
Inc.Consolidated Financial
SummaryConsolidated Statements of
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
INTEREST AND
DIVIDEND INCOME |
|
(dollars in thousands, except per share
amounts) |
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
29,308 |
|
|
$ |
29,886 |
|
|
$ |
30,063 |
|
|
$ |
28,625 |
|
|
$ |
28,226 |
|
Federally tax exempt |
|
|
684 |
|
|
|
736 |
|
|
|
710 |
|
|
|
704 |
|
|
|
749 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
3,572 |
|
|
|
3,801 |
|
|
|
3,922 |
|
|
|
3,655 |
|
|
|
3,619 |
|
Federally tax exempt |
|
|
1,395 |
|
|
|
1,512 |
|
|
|
1,552 |
|
|
|
1,670 |
|
|
|
1,758 |
|
Interest-bearing deposits in bank |
|
|
662 |
|
|
|
599 |
|
|
|
687 |
|
|
|
580 |
|
|
|
362 |
|
Other interest and dividend income |
|
|
15 |
|
|
|
16 |
|
|
|
15 |
|
|
|
14 |
|
|
|
18 |
|
Total interest and dividend
income |
|
|
35,636 |
|
|
|
36,550 |
|
|
|
36,949 |
|
|
|
35,248 |
|
|
|
34,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,000 |
|
|
|
2,111 |
|
|
|
1,983 |
|
|
|
1,672 |
|
|
|
1,619 |
|
Securities sold under agreements to repurchase |
|
|
17 |
|
|
|
17 |
|
|
|
14 |
|
|
|
16 |
|
|
|
13 |
|
Borrowings |
|
|
— |
|
|
|
4 |
|
|
|
3 |
|
|
|
8 |
|
|
|
29 |
|
Subordinated debentures |
|
|
478 |
|
|
|
487 |
|
|
|
497 |
|
|
|
476 |
|
|
|
470 |
|
Total interest expense |
|
|
2,495 |
|
|
|
2,619 |
|
|
|
2,497 |
|
|
|
2,172 |
|
|
|
2,131 |
|
Net interest income |
|
|
33,141 |
|
|
|
33,931 |
|
|
|
34,452 |
|
|
|
33,076 |
|
|
|
32,601 |
|
PROVISION FOR
LOAN LOSSES |
|
|
684 |
|
|
|
1,806 |
|
|
|
776 |
|
|
|
3,906 |
|
|
|
1,238 |
|
Net interest income after provision for loan
losses |
|
|
32,457 |
|
|
|
32,125 |
|
|
|
33,676 |
|
|
|
29,170 |
|
|
|
31,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
1,985 |
|
|
|
1,996 |
|
|
|
1,832 |
|
|
|
1,954 |
|
|
|
1,848 |
|
Service charges on deposit accounts |
|
|
2,111 |
|
|
|
1,931 |
|
|
|
1,763 |
|
|
|
2,078 |
|
|
|
2,157 |
|
Wealth management fees |
|
|
1,676 |
|
|
|
1,493 |
|
|
|
2,047 |
|
|
|
2,087 |
|
|
|
1,695 |
|
Mortgage servicing |
|
|
795 |
|
|
|
818 |
|
|
|
729 |
|
|
|
861 |
|
|
|
755 |
|
Mortgage servicing rights fair value adjustment |
|
|
(860 |
) |
|
|
(1,120 |
) |
|
|
(1,002 |
) |
|
|
355 |
|
|
|
(93 |
) |
Gains on sale of mortgage loans |
|
|
992 |
|
|
|
660 |
|
|
|
525 |
|
|
|
666 |
|
|
|
855 |
|
Gains (losses) on securities |
|
|
(73 |
) |
|
|
36 |
|
|
|
79 |
|
|
|
(2,813 |
) |
|
|
180 |
|
Gains (losses) on foreclosed assets |
|
|
(20 |
) |
|
|
169 |
|
|
|
(17 |
) |
|
|
(479 |
) |
|
|
(251 |
) |
Gains (losses) on sales of other assets |
|
|
(29 |
) |
|
|
368 |
|
|
|
605 |
|
|
|
580 |
|
|
|
(13 |
) |
Title insurance activity |
|
|
— |
|
|
|
38 |
|
|
|
129 |
|
|
|
276 |
|
|
|
335 |
|
Other noninterest income |
|
|
1,005 |
|
|
|
957 |
|
|
|
797 |
|
|
|
864 |
|
|
|
939 |
|
Total noninterest income |
|
|
7,582 |
|
|
|
7,346 |
|
|
|
7,487 |
|
|
|
6,429 |
|
|
|
8,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
12,335 |
|
|
|
11,597 |
|
|
|
12,407 |
|
|
|
13,091 |
|
|
|
12,264 |
|
Employee benefits |
|
|
2,224 |
|
|
|
4,731 |
|
|
|
1,359 |
|
|
|
1,522 |
|
|
|
1,492 |
|
Occupancy of bank premises |
|
|
1,785 |
|
|
|
1,638 |
|
|
|
1,837 |
|
|
|
1,776 |
|
|
|
1,822 |
|
Furniture and equipment |
|
|
545 |
|
|
|
716 |
|
|
|
789 |
|
|
|
693 |
|
|
|
695 |
|
Data processing |
|
|
1,471 |
|
|
|
1,390 |
|
|
|
1,162 |
|
|
|
1,299 |
|
|
|
1,265 |
|
Marketing and customer relations |
|
|
801 |
|
|
|
1,103 |
|
|
|
933 |
|
|
|
1,125 |
|
|
|
974 |
|
Amortization of intangible assets |
|
|
335 |
|
|
|
376 |
|
|
|
376 |
|
|
|
390 |
|
|
|
389 |
|
FDIC insurance |
|
|
8 |
|
|
|
208 |
|
|
|
219 |
|
|
|
214 |
|
|
|
241 |
|
Loan collection and servicing |
|
|
547 |
|
|
|
612 |
|
|
|
742 |
|
|
|
720 |
|
|
|
625 |
|
Foreclosed assets |
|
|
196 |
|
|
|
165 |
|
|
|
164 |
|
|
|
100 |
|
|
|
247 |
|
Other noninterest expense |
|
|
2,056 |
|
|
|
2,025 |
|
|
|
2,224 |
|
|
|
2,510 |
|
|
|
1,923 |
|
Total noninterest expense |
|
|
22,303 |
|
|
|
24,561 |
|
|
|
22,212 |
|
|
|
23,440 |
|
|
|
21,937 |
|
INCOME BEFORE
INCOME TAX EXPENSE |
|
|
17,736 |
|
|
|
14,910 |
|
|
|
18,951 |
|
|
|
12,159 |
|
|
|
17,833 |
|
INCOME TAX
EXPENSE |
|
|
299 |
|
|
|
305 |
|
|
|
215 |
|
|
|
239 |
|
|
|
241 |
|
NET
INCOME |
|
$ |
17,437 |
|
|
$ |
14,605 |
|
|
$ |
18,736 |
|
|
$ |
11,920 |
|
|
$ |
17,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE - BASIC |
|
$ |
0.97 |
|
|
$ |
0.81 |
|
|
$ |
1.04 |
|
|
$ |
0.66 |
|
|
$ |
0.98 |
|
EARNINGS PER
SHARE - DILUTED |
|
$ |
0.97 |
|
|
$ |
0.81 |
|
|
$ |
1.04 |
|
|
$ |
0.66 |
|
|
$ |
0.98 |
|
WEIGHTED
AVERAGE SHARES OF COMMON STOCK OUTSTANDING |
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C CORP EQUIVALENT
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical income before income tax expense |
|
$ |
17,736 |
|
|
$ |
14,910 |
|
|
$ |
18,951 |
|
|
$ |
12,159 |
|
|
$ |
17,833 |
|
C Corp equivalent income tax expense |
|
|
4,614 |
|
|
|
3,784 |
|
|
|
4,915 |
|
|
|
2,965 |
|
|
|
4,605 |
|
C Corp equivalent net income |
|
$ |
13,122 |
|
|
$ |
11,126 |
|
|
$ |
14,036 |
|
|
$ |
9,194 |
|
|
$ |
13,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C CORP
EQUIVALENT EARNINGS PER SHARE - BASIC |
|
$ |
0.73 |
|
|
$ |
0.62 |
|
|
$ |
0.78 |
|
|
$ |
0.51 |
|
|
$ |
0.73 |
|
C CORP
EQUIVALENT EARNINGS PER SHARE - DILUTED |
|
$ |
0.73 |
|
|
$ |
0.62 |
|
|
$ |
0.78 |
|
|
$ |
0.51 |
|
|
$ |
0.73 |
|
HBT Financial,
Inc.Consolidated Financial
SummaryConsolidated Balance
Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
|
(dollars in thousands, except share
data) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
19,969 |
|
|
$ |
17,151 |
|
|
$ |
17,984 |
|
|
$ |
21,343 |
|
|
$ |
19,567 |
|
Interest-bearing deposits with banks |
|
|
134,972 |
|
|
|
124,575 |
|
|
|
142,518 |
|
|
|
165,536 |
|
|
|
73,543 |
|
Cash and cash equivalents |
|
|
154,941 |
|
|
|
141,726 |
|
|
|
160,502 |
|
|
|
186,879 |
|
|
|
93,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits with banks |
|
|
248 |
|
|
|
248 |
|
|
|
248 |
|
|
|
248 |
|
|
|
248 |
|
Securities available-for-sale, at fair value |
|
|
618,120 |
|
|
|
651,967 |
|
|
|
681,233 |
|
|
|
679,526 |
|
|
|
704,346 |
|
Securities held-to-maturity |
|
|
99,861 |
|
|
|
108,829 |
|
|
|
116,745 |
|
|
|
121,715 |
|
|
|
124,786 |
|
Equity securities |
|
|
4,436 |
|
|
|
4,030 |
|
|
|
3,994 |
|
|
|
3,261 |
|
|
|
3,271 |
|
Restricted stock, at cost |
|
|
2,425 |
|
|
|
2,425 |
|
|
|
2,719 |
|
|
|
2,719 |
|
|
|
2,719 |
|
Loans held for sale |
|
|
7,608 |
|
|
|
5,303 |
|
|
|
2,496 |
|
|
|
2,800 |
|
|
|
4,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
|
|
2,171,014 |
|
|
|
2,203,096 |
|
|
|
2,183,322 |
|
|
|
2,144,257 |
|
|
|
2,139,139 |
|
Allowance for loan losses |
|
|
(22,761 |
) |
|
|
(22,542 |
) |
|
|
(21,013 |
) |
|
|
(20,509 |
) |
|
|
(21,171 |
) |
Loans, net of allowance for loan losses |
|
|
2,148,253 |
|
|
|
2,180,554 |
|
|
|
2,162,309 |
|
|
|
2,123,748 |
|
|
|
2,117,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
|
54,105 |
|
|
|
53,993 |
|
|
|
54,185 |
|
|
|
54,736 |
|
|
|
54,283 |
|
Bank premises held for sale |
|
|
121 |
|
|
|
149 |
|
|
|
208 |
|
|
|
749 |
|
|
|
804 |
|
Foreclosed assets |
|
|
6,574 |
|
|
|
9,707 |
|
|
|
10,151 |
|
|
|
9,559 |
|
|
|
10,176 |
|
Goodwill |
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
Core deposit intangible assets, net |
|
|
4,366 |
|
|
|
4,701 |
|
|
|
5,077 |
|
|
|
5,453 |
|
|
|
5,843 |
|
Mortgage servicing rights, at fair value |
|
|
7,936 |
|
|
|
8,796 |
|
|
|
9,916 |
|
|
|
10,918 |
|
|
|
10,563 |
|
Investments in unconsolidated subsidiaries |
|
|
1,165 |
|
|
|
1,165 |
|
|
|
1,165 |
|
|
|
1,165 |
|
|
|
1,165 |
|
Accrued interest receivable |
|
|
14,816 |
|
|
|
14,609 |
|
|
|
15,256 |
|
|
|
15,300 |
|
|
|
16,176 |
|
Other assets |
|
|
18,018 |
|
|
|
12,338 |
|
|
|
7,843 |
|
|
|
7,173 |
|
|
|
7,027 |
|
Total assets |
|
$ |
3,166,613 |
|
|
$ |
3,224,160 |
|
|
$ |
3,257,667 |
|
|
$ |
3,249,569 |
|
|
$ |
3,180,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
649,316 |
|
|
$ |
662,405 |
|
|
$ |
661,527 |
|
|
$ |
664,876 |
|
|
$ |
625,332 |
|
Interest-bearing |
|
|
2,054,742 |
|
|
|
2,111,363 |
|
|
|
2,159,916 |
|
|
|
2,131,094 |
|
|
|
2,114,322 |
|
Total deposits |
|
|
2,704,058 |
|
|
|
2,773,768 |
|
|
|
2,821,443 |
|
|
|
2,795,970 |
|
|
|
2,739,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
32,267 |
|
|
|
35,646 |
|
|
|
40,528 |
|
|
|
46,195 |
|
|
|
45,900 |
|
Subordinated debentures |
|
|
37,566 |
|
|
|
37,550 |
|
|
|
37,533 |
|
|
|
37,517 |
|
|
|
37,501 |
|
Other liabilities |
|
|
43,786 |
|
|
|
37,326 |
|
|
|
29,570 |
|
|
|
29,491 |
|
|
|
27,701 |
|
Total liabilities |
|
|
2,817,677 |
|
|
|
2,884,290 |
|
|
|
2,929,074 |
|
|
|
2,909,173 |
|
|
|
2,850,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voting |
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Series A nonvoting |
|
|
178 |
|
|
|
178 |
|
|
|
178 |
|
|
|
178 |
|
|
|
178 |
|
Surplus |
|
|
32,288 |
|
|
|
32,288 |
|
|
|
32,288 |
|
|
|
32,288 |
|
|
|
32,288 |
|
Retained earnings |
|
|
311,055 |
|
|
|
302,984 |
|
|
|
298,131 |
|
|
|
315,234 |
|
|
|
314,166 |
|
Accumulated other comprehensive income (loss) |
|
|
8,431 |
|
|
|
7,436 |
|
|
|
1,012 |
|
|
|
(4,288 |
) |
|
|
(13,759 |
) |
Less cost of treasury stock held: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voting |
|
|
(1,667 |
) |
|
|
(1,667 |
) |
|
|
(1,667 |
) |
|
|
(1,667 |
) |
|
|
(1,667 |
) |
Series A nonvoting |
|
|
(1,352 |
) |
|
|
(1,352 |
) |
|
|
(1,352 |
) |
|
|
(1,352 |
) |
|
|
(1,352 |
) |
Total stockholders’ equity |
|
|
348,936 |
|
|
|
339,870 |
|
|
|
328,593 |
|
|
|
340,396 |
|
|
|
329,857 |
|
Total liabilities and stockholders’
equity |
|
$ |
3,166,613 |
|
|
$ |
3,224,160 |
|
|
$ |
3,257,667 |
|
|
$ |
3,249,569 |
|
|
$ |
3,180,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending number shares of common
stock outstanding |
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
HBT Financial,
Inc.Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|
|
(Dollars in thousands) |
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
340,650 |
|
$ |
352,326 |
|
$ |
363,918 |
|
$ |
360,501 |
|
$ |
353,105 |
Agricultural and farmland |
|
|
205,041 |
|
|
208,923 |
|
|
207,817 |
|
|
209,875 |
|
|
206,117 |
Commercial real estate - owner
occupied |
|
|
239,805 |
|
|
244,954 |
|
|
250,274 |
|
|
255,074 |
|
|
265,409 |
Commercial real estate -
non-owner occupied |
|
|
552,262 |
|
|
543,444 |
|
|
556,386 |
|
|
533,910 |
|
|
518,919 |
Multi-family |
|
|
191,646 |
|
|
191,734 |
|
|
146,374 |
|
|
135,925 |
|
|
122,558 |
Construction and land
development |
|
|
210,939 |
|
|
236,902 |
|
|
223,489 |
|
|
237,275 |
|
|
242,666 |
One-to-four family
residential |
|
|
321,947 |
|
|
323,135 |
|
|
321,224 |
|
|
313,108 |
|
|
322,459 |
Municipal, consumer, and
other |
|
|
108,724 |
|
|
101,678 |
|
|
113,840 |
|
|
98,589 |
|
|
107,906 |
Total loans, before allowance for loan
losses |
|
$ |
2,171,014 |
|
$ |
2,203,096 |
|
$ |
2,183,322 |
|
$ |
2,144,257 |
|
$ |
2,139,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|
|
(Dollars in thousands) |
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
649,316 |
|
$ |
662,405 |
|
$ |
661,527 |
|
$ |
664,876 |
|
$ |
625,332 |
Interest-bearing demand |
|
|
800,471 |
|
|
815,770 |
|
|
819,313 |
|
|
856,919 |
|
|
820,488 |
Money market |
|
|
463,444 |
|
|
472,738 |
|
|
453,117 |
|
|
427,730 |
|
|
425,909 |
Savings |
|
|
426,707 |
|
|
428,439 |
|
|
435,353 |
|
|
421,698 |
|
|
424,927 |
Time |
|
|
364,120 |
|
|
394,416 |
|
|
452,133 |
|
|
424,747 |
|
|
442,998 |
Total deposits |
|
$ |
2,704,058 |
|
$ |
2,773,768 |
|
$ |
2,821,443 |
|
$ |
2,795,970 |
|
$ |
2,739,654 |
HBT Financial,
Inc.Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
|
|
Average
Balance |
|
Interest |
|
(2)
Yield/Cost |
|
Average
Balance |
|
Interest |
|
(2)
Yield/Cost |
|
Average
Balance |
|
Interest |
|
(2)
Yield/Cost |
ASSETS |
|
(dollars in thousand) |
Gross loans |
|
$ |
2,191,230 |
|
|
$ |
29,992 |
|
5.47 |
% |
|
$ |
2,196,934 |
|
|
$ |
30,622 |
|
5.58 |
% |
|
$ |
2,143,577 |
|
|
$ |
28,975 |
|
5.41 |
% |
Securities |
|
|
745,532 |
|
|
|
4,967 |
|
2.67 |
% |
|
|
786,759 |
|
|
|
5,313 |
|
2.70 |
% |
|
|
851,324 |
|
|
|
5,377 |
|
2.53 |
% |
Deposits with banks |
|
|
136,635 |
|
|
|
662 |
|
1.94 |
% |
|
|
125,263 |
|
|
|
599 |
|
1.91 |
% |
|
|
91,474 |
|
|
|
362 |
|
1.58 |
% |
Other |
|
|
2,425 |
|
|
|
15 |
|
2.37 |
% |
|
|
2,439 |
|
|
|
16 |
|
2.64 |
% |
|
|
2,719 |
|
|
|
18 |
|
2.56 |
% |
Total interest-earning assets |
|
|
3,075,822 |
|
|
$ |
35,636 |
|
4.63 |
% |
|
|
3,111,395 |
|
|
$ |
36,550 |
|
4.70 |
% |
|
|
3,089,094 |
|
|
$ |
34,732 |
|
4.50 |
% |
Allowance for loan losses |
|
|
(22,326 |
) |
|
|
|
|
|
|
|
(21,250 |
) |
|
|
|
|
|
|
|
(20,263 |
) |
|
|
|
|
|
Noninterest-earning assets |
|
|
149,146 |
|
|
|
|
|
|
|
|
146,208 |
|
|
|
|
|
|
|
|
151,753 |
|
|
|
|
|
|
Total assets |
|
$ |
3,202,642 |
|
|
|
|
|
|
|
$ |
3,236,353 |
|
|
|
|
|
|
|
$ |
3,220,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
812,526 |
|
|
$ |
347 |
|
0.17 |
% |
|
$ |
826,715 |
|
|
$ |
411 |
|
0.20 |
% |
|
$ |
820,619 |
|
|
$ |
377 |
|
0.18 |
% |
Money market |
|
|
468,139 |
|
|
|
497 |
|
0.42 |
% |
|
|
455,454 |
|
|
|
489 |
|
0.43 |
% |
|
|
438,784 |
|
|
|
165 |
|
0.15 |
% |
Savings |
|
|
428,447 |
|
|
|
70 |
|
0.07 |
% |
|
|
433,125 |
|
|
|
69 |
|
0.06 |
% |
|
|
428,725 |
|
|
|
70 |
|
0.07 |
% |
Time |
|
|
383,070 |
|
|
|
1,086 |
|
1.13 |
% |
|
|
411,514 |
|
|
|
1,142 |
|
1.11 |
% |
|
|
453,543 |
|
|
|
1,007 |
|
0.89 |
% |
Total interest-bearing deposits |
|
|
2,092,182 |
|
|
|
2,000 |
|
0.38 |
% |
|
|
2,126,808 |
|
|
|
2,111 |
|
0.40 |
% |
|
|
2,141,671 |
|
|
|
1,619 |
|
0.30 |
% |
Securities sold under agreements to repurchase |
|
|
35,757 |
|
|
|
17 |
|
0.19 |
% |
|
|
40,851 |
|
|
|
17 |
|
0.17 |
% |
|
|
42,034 |
|
|
|
13 |
|
0.12 |
% |
Borrowings |
|
|
33 |
|
|
|
— |
|
2.42 |
% |
|
|
549 |
|
|
|
4 |
|
2.62 |
% |
|
|
5,880 |
|
|
|
29 |
|
1.97 |
% |
Subordinated debentures |
|
|
37,561 |
|
|
|
478 |
|
5.09 |
% |
|
|
37,544 |
|
|
|
487 |
|
5.19 |
% |
|
|
37,495 |
|
|
|
470 |
|
5.01 |
% |
Total interest-bearing liabilities |
|
|
2,165,533 |
|
|
$ |
2,495 |
|
0.46 |
% |
|
|
2,205,752 |
|
|
$ |
2,619 |
|
0.47 |
% |
|
|
2,227,080 |
|
|
$ |
2,131 |
|
0.38 |
% |
Noninterest-bearing deposits |
|
|
651,085 |
|
|
|
|
|
|
|
|
662,731 |
|
|
|
|
|
|
|
|
634,960 |
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
37,274 |
|
|
|
|
|
|
|
|
29,257 |
|
|
|
|
|
|
|
|
26,393 |
|
|
|
|
|
|
Total liabilities |
|
|
2,853,892 |
|
|
|
|
|
|
|
|
2,897,740 |
|
|
|
|
|
|
|
|
2,888,433 |
|
|
|
|
|
|
Stockholders'
Equity |
|
|
348,750 |
|
|
|
|
|
|
|
|
338,613 |
|
|
|
|
|
|
|
|
332,151 |
|
|
|
|
|
|
Total liabilities and stockholders’
equity |
|
$ |
3,202,642 |
|
|
|
|
|
|
|
$ |
3,236,353 |
|
|
|
|
|
|
|
$ |
3,220,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (4) |
|
|
|
|
$ |
33,141 |
|
4.31 |
% |
|
|
|
|
$ |
33,931 |
|
4.36 |
% |
|
|
|
|
$ |
32,601 |
|
4.22 |
% |
Tax-equivalent adjustment
(3) |
|
|
|
|
|
559 |
|
0.07 |
% |
|
|
|
|
|
606 |
|
0.08 |
% |
|
|
|
|
|
677 |
|
0.09 |
% |
Net interest income
(tax-equivalent basis)/Net interest margin (tax-equivalent basis)
(1) (3) |
|
|
|
|
$ |
33,700 |
|
4.38 |
% |
|
|
|
|
$ |
34,537 |
|
4.44 |
% |
|
|
|
|
$ |
33,278 |
|
4.31 |
% |
Net interest rate spread
(5) |
|
|
|
|
|
|
|
4.17 |
% |
|
|
|
|
|
|
|
4.23 |
% |
|
|
|
|
|
|
|
4.12 |
% |
Net interest-earning assets
(6) |
|
$ |
910,289 |
|
|
|
|
|
|
|
$ |
905,643 |
|
|
|
|
|
|
|
$ |
862,014 |
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.42 |
|
|
|
|
|
|
|
|
1.41 |
|
|
|
|
|
|
|
|
1.39 |
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
|
|
|
0.29 |
% |
|
|
|
|
|
|
|
0.30 |
% |
|
|
|
|
|
|
|
0.23 |
% |
(1) See "Reconciliation of
Non-GAAP Financial Information" below for reconciliation of
non-GAAP measure to their most comparable GAAP measures.(2)
Annualized measure.(3) On a C Corp tax-equivalent basis assuming a
federal income tax rate of 21% and a state income tax rate of
9.5%.(4) Net interest margin represents net interest income divided
by average total interest-earning assets.(5) Net interest rate
spread represents the difference between the yield on average
interest-earning assets and the cost of average interest-bearing
liabilities(6) Net interest-earning assets represents total
interest-earning assets less total interest-bearing
liabilities.
HBT Financial,
Inc.Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, 2019 |
|
September 30, 2018 |
|
|
Average
Balance |
|
Interest |
|
(2)
Yield/Cost |
|
Average
Balance |
|
Interest |
|
(2)
Yield/Cost |
ASSETS |
|
(dollars in thousand) |
Gross loans |
|
$ |
2,184,263 |
|
|
$ |
91,387 |
|
5.58 |
% |
|
$ |
2,129,043 |
|
|
$ |
84,705 |
|
5.30 |
% |
Securities |
|
|
779,375 |
|
|
|
15,754 |
|
2.70 |
% |
|
|
877,086 |
|
|
|
16,288 |
|
2.48 |
% |
Deposits with banks |
|
|
131,209 |
|
|
|
1,948 |
|
1.98 |
% |
|
|
107,997 |
|
|
|
1,137 |
|
1.40 |
% |
Other |
|
|
2,527 |
|
|
|
46 |
|
2.41 |
% |
|
|
2,789 |
|
|
|
54 |
|
2.56 |
% |
Total interest-earning assets |
|
|
3,097,374 |
|
|
$ |
109,135 |
|
4.70 |
% |
|
|
3,116,915 |
|
|
$ |
102,184 |
|
4.37 |
% |
Allowance for loan losses |
|
|
(21,346 |
) |
|
|
|
|
|
|
|
(19,771 |
) |
|
|
|
|
|
Noninterest-earning assets |
|
|
147,972 |
|
|
|
|
|
|
|
|
160,676 |
|
|
|
|
|
|
Total assets |
|
$ |
3,224,000 |
|
|
|
|
|
|
|
$ |
3,257,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
821,848 |
|
|
$ |
1,175 |
|
0.19 |
% |
|
$ |
826,311 |
|
|
$ |
964 |
|
0.16 |
% |
Money market |
|
|
455,469 |
|
|
|
1,356 |
|
0.40 |
% |
|
|
448,266 |
|
|
|
491 |
|
0.15 |
% |
Savings |
|
|
428,865 |
|
|
|
207 |
|
0.06 |
% |
|
|
436,913 |
|
|
|
213 |
|
0.07 |
% |
Time |
|
|
408,972 |
|
|
|
3,356 |
|
1.09 |
% |
|
|
445,826 |
|
|
|
2,547 |
|
0.76 |
% |
Total interest-bearing deposits |
|
|
2,115,154 |
|
|
|
6,094 |
|
0.38 |
% |
|
|
2,157,316 |
|
|
|
4,215 |
|
0.26 |
% |
Securities sold under agreements to repurchase |
|
|
39,542 |
|
|
|
48 |
|
0.16 |
% |
|
|
37,631 |
|
|
|
32 |
|
0.11 |
% |
Borrowings |
|
|
378 |
|
|
|
7 |
|
2.60 |
% |
|
|
19,535 |
|
|
|
252 |
|
1.72 |
% |
Subordinated debentures |
|
|
37,544 |
|
|
|
1,462 |
|
5.19 |
% |
|
|
37,479 |
|
|
|
1,319 |
|
4.69 |
% |
Total interest-bearing liabilities |
|
|
2,192,618 |
|
|
$ |
7,611 |
|
0.46 |
% |
|
|
2,251,961 |
|
|
$ |
5,818 |
|
0.34 |
% |
Noninterest-bearing deposits |
|
|
654,818 |
|
|
|
|
|
|
|
|
652,149 |
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
31,720 |
|
|
|
|
|
|
|
|
25,712 |
|
|
|
|
|
|
Total liabilities |
|
|
2,879,156 |
|
|
|
|
|
|
|
|
2,929,822 |
|
|
|
|
|
|
Stockholders'
Equity |
|
|
344,844 |
|
|
|
|
|
|
|
|
327,998 |
|
|
|
|
|
|
Total liabilities and stockholders’
equity |
|
$ |
3,224,000 |
|
|
|
|
|
|
|
$ |
3,257,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (4) |
|
|
|
|
$ |
101,524 |
|
4.37 |
% |
|
|
|
|
$ |
96,366 |
|
4.12 |
% |
Tax-equivalent adjustment
(3) |
|
|
|
|
|
1,775 |
|
0.08 |
% |
|
|
|
|
|
2,020 |
|
0.09 |
% |
Net interest income
(tax-equivalent basis)/Net interest margin (tax-equivalent basis)
(1) (3) |
|
|
|
|
$ |
103,299 |
|
4.45 |
% |
|
|
|
|
$ |
98,386 |
|
4.21 |
% |
Net interest rate spread
(5) |
|
|
|
|
|
|
|
4.24 |
% |
|
|
|
|
|
|
|
4.03 |
% |
Net interest-earning assets
(6) |
|
$ |
904,756 |
|
|
|
|
|
|
|
$ |
864,954 |
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.41 |
|
|
|
|
|
|
|
|
1.38 |
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
|
|
|
0.29 |
% |
|
|
|
|
|
|
|
0.20 |
% |
(1) See
"Reconciliation of Non-GAAP Financial Information" below for
reconciliation of non-GAAP measure to their most comparable GAAP
measures.(2) Annualized measure.(3) On a C Corp tax-equivalent
basis assuming a federal income tax rate of 21% and a state income
tax rate of 9.5%.(4) Net interest margin represents net interest
income divided by average total interest-earning assets.(5) Net
interest rate spread represents the difference between the yield on
average interest-earning assets and the cost of average
interest-bearing liabilities(6) Net interest-earning assets
represents total interest-earning assets less total
interest-bearing liabilities.
HBT Financial,
Inc.Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|
|
(Dollars in thousands) |
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
18,977 |
|
|
$ |
25,051 |
|
|
|
13,877 |
|
|
|
15,876 |
|
|
|
20,783 |
|
Past due 90 days or more,
still accruing (1) |
|
|
95 |
|
|
|
2 |
|
|
|
53 |
|
|
|
37 |
|
|
|
629 |
|
Total
nonperforming loans |
|
|
19,072 |
|
|
|
25,053 |
|
|
|
13,930 |
|
|
|
15,913 |
|
|
|
21,412 |
|
Foreclosed assets |
|
|
6,574 |
|
|
|
9,707 |
|
|
|
10,151 |
|
|
|
9,559 |
|
|
|
10,176 |
|
Total
nonperforming assets |
|
$ |
25,646 |
|
|
$ |
34,760 |
|
|
$ |
24,081 |
|
|
$ |
25,472 |
|
|
$ |
31,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSETS (Originated) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
11,268 |
|
|
$ |
15,985 |
|
|
|
8,619 |
|
|
|
10,329 |
|
|
|
13,683 |
|
Past due 90 days or more,
still accruing |
|
|
95 |
|
|
|
2 |
|
|
|
53 |
|
|
|
37 |
|
|
|
629 |
|
Total
nonperforming loans |
|
|
11,363 |
|
|
|
15,987 |
|
|
|
8,672 |
|
|
|
10,366 |
|
|
|
14,312 |
|
Foreclosed assets |
|
|
1,048 |
|
|
|
1,510 |
|
|
|
1,439 |
|
|
|
1,395 |
|
|
|
1,975 |
|
Total
nonperforming (originated) |
|
$ |
12,411 |
|
|
$ |
17,497 |
|
|
$ |
10,111 |
|
|
$ |
11,761 |
|
|
$ |
16,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSETS (Acquired) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
7,709 |
|
|
$ |
9,066 |
|
|
$ |
5,258 |
|
|
$ |
5,547 |
|
|
$ |
7,100 |
|
Past due 90 days or more,
still accruing (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total
nonperforming loans |
|
|
7,709 |
|
|
|
9,066 |
|
|
|
5,258 |
|
|
|
5,547 |
|
|
|
7,100 |
|
Foreclosed assets |
|
|
5,526 |
|
|
|
8,197 |
|
|
|
8,712 |
|
|
|
8,164 |
|
|
|
8,201 |
|
Total
nonperforming assets (acquired) |
|
$ |
13,235 |
|
|
$ |
17,263 |
|
|
$ |
13,970 |
|
|
$ |
13,711 |
|
|
$ |
15,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
22,761 |
|
|
$ |
22,542 |
|
|
$ |
21,013 |
|
|
$ |
20,509 |
|
|
$ |
21,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
|
$ |
2,171,014 |
|
|
$ |
2,203,096 |
|
|
$ |
2,183,322 |
|
|
$ |
2,144,257 |
|
|
$ |
2,139,139 |
|
Gross loans (originated)
(2) |
|
|
1,987,265 |
|
|
|
2,005,250 |
|
|
|
1,974,840 |
|
|
|
1,923,859 |
|
|
|
1,904,600 |
|
Gross loans (acquired)
(2) |
|
|
183,749 |
|
|
|
197,846 |
|
|
|
208,482 |
|
|
|
220,398 |
|
|
|
234,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
gross loans |
|
|
1.05 |
% |
|
|
1.02 |
% |
|
|
0.96 |
% |
|
|
0.96 |
% |
|
|
0.99 |
% |
Allowance for loan losses to
nonperforming loans |
|
|
119.34 |
% |
|
|
89.98 |
% |
|
|
150.85 |
% |
|
|
128.88 |
% |
|
|
98.88 |
% |
Nonperforming loans to gross
loans |
|
|
0.88 |
% |
|
|
1.14 |
% |
|
|
0.64 |
% |
|
|
0.74 |
% |
|
|
1.00 |
% |
Nonperforming assets to gross
assets |
|
|
0.81 |
% |
|
|
1.08 |
% |
|
|
0.74 |
% |
|
|
0.78 |
% |
|
|
0.99 |
% |
Nonperforming assets to gross
loans and foreclosed assets |
|
|
1.18 |
% |
|
|
1.57 |
% |
|
|
1.10 |
% |
|
|
1.18 |
% |
|
|
1.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS (Originated) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to gross
loans |
|
|
0.57 |
% |
|
|
0.80 |
% |
|
|
0.44 |
% |
|
|
0.54 |
% |
|
|
0.75 |
% |
Nonperforming assets to gross
loans and foreclosed assets |
|
|
0.62 |
% |
|
|
0.87 |
% |
|
|
0.51 |
% |
|
|
0.61 |
% |
|
|
0.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS (Acquired) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to gross
loans |
|
|
4.20 |
% |
|
|
4.58 |
% |
|
|
2.52 |
% |
|
|
2.52 |
% |
|
|
3.03 |
% |
Nonperforming assets to gross
loans and foreclosed assets |
|
|
6.99 |
% |
|
|
8.38 |
% |
|
|
6.43 |
% |
|
|
6.00 |
% |
|
|
6.30 |
% |
(1) Excludes loans
acquired with deteriorated credit quality that are past due 90 or
more days totaling $0.7 million, $0.5 million, $2.5 million, $2.7
million, and $2.9 million as of September 30, 2019, June 30, 2019,
March 30, 2019, December 31, 2018, September 30, 2018,
respectively.(2) Originated loans and acquired loans along with the
related credit quality ratios such as net charge-offs to average
loans (originated and acquired), nonperforming loans to total loans
(originated and acquired), and nonperforming assets to total loans
and other real estate owned (originated and acquired) are non-GAAP
financial measures. Originated loans represent loans initially
originated by the Company and acquired loans that were refinanced
using the Company’s underwriting criteria. Acquired loans represent
loans originated under the underwriting criteria used by a bank
that was acquired by Heartland Bank and Trust Company or State Bank
of Lincoln. We believe these non-GAAP financial measures provide
investors with information regarding the credit quality of loans
underwritten using the Company’s policies and procedures.
HBT Financial,
Inc.Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended
September 30, |
|
|
9/30/2019 |
|
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|
2019 |
|
|
2018 |
|
ALLOWANCE FOR
LOAN LOSSES |
|
(dollars in thousands) |
Beginning balance |
|
$ |
22,542 |
|
|
$ |
21,013 |
|
|
$ |
20,509 |
|
|
$ |
21,171 |
|
|
$ |
20,345 |
|
|
$ |
20,509 |
|
|
$ |
19,765 |
|
Provision |
|
|
684 |
|
|
|
1,806 |
|
|
|
776 |
|
|
|
3,906 |
|
|
|
1,238 |
|
|
|
3,266 |
|
|
|
1,791 |
|
Charge-offs |
|
|
(937 |
) |
|
|
(966 |
) |
|
|
(533 |
) |
|
|
(4,953 |
) |
|
|
(662 |
) |
|
|
(2,436 |
) |
|
|
(1,532 |
) |
Recoveries |
|
|
472 |
|
|
|
689 |
|
|
|
261 |
|
|
|
385 |
|
|
|
250 |
|
|
|
1,422 |
|
|
|
1,147 |
|
Ending
balance |
|
$ |
22,761 |
|
|
$ |
22,542 |
|
|
$ |
21,013 |
|
|
$ |
20,509 |
|
|
$ |
21,171 |
|
|
$ |
22,761 |
|
|
$ |
21,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
|
$ |
465 |
|
|
$ |
277 |
|
|
$ |
272 |
|
|
$ |
4,568 |
|
|
$ |
412 |
|
|
$ |
1,014 |
|
|
$ |
385 |
|
Net charge-offs (recoveries) -
(originated) (1) |
|
|
224 |
|
|
|
(238 |
) |
|
|
196 |
|
|
|
2,778 |
|
|
|
239 |
|
|
|
182 |
|
|
|
359 |
|
Net charge-offs (recoveries) -
(acquired) (1) |
|
|
241 |
|
|
|
515 |
|
|
|
76 |
|
|
|
1,790 |
|
|
|
173 |
|
|
|
832 |
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average gross
loans |
|
|
0.08 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.85 |
% |
|
|
0.08 |
% |
|
|
0.06 |
% |
|
|
0.02 |
% |
Net charge-offs to average gross
loans (originated) (1) |
|
|
0.04 |
% |
|
|
-0.05 |
% |
|
|
0.04 |
% |
|
|
0.58 |
% |
|
|
0.05 |
% |
|
|
0.01 |
% |
|
|
0.03 |
% |
Net charge-offs to average gross
loans (acquired) (1) |
|
|
0.51 |
% |
|
|
1.00 |
% |
|
|
0.14 |
% |
|
|
3.10 |
% |
|
|
0.28 |
% |
|
|
0.54 |
% |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross loans |
|
$ |
2,191,230 |
|
|
$ |
2,196,934 |
|
|
$ |
2,164,330 |
|
|
$ |
2,138,839 |
|
|
$ |
2,143,577 |
|
|
$ |
2,184,263 |
|
|
$ |
2,129,043 |
|
Average gross loans (originated)
(1) |
|
|
2,001,803 |
|
|
|
1,990,015 |
|
|
|
1,946,035 |
|
|
|
1,907,503 |
|
|
|
1,895,859 |
|
|
|
1,979,383 |
|
|
|
1,862,206 |
|
Average gross loans (acquired)
(1) |
|
|
189,427 |
|
|
|
206,919 |
|
|
|
218,295 |
|
|
|
231,336 |
|
|
|
247,718 |
|
|
|
204,880 |
|
|
|
266,837 |
|
(1) Originated
loans and acquired loans along with the related credit quality
ratios such as net charge-offs to average loans (originated and
acquired), nonperforming loans to total loans (originated and
acquired), and nonperforming assets to total loans and other real
estate owned (originated and acquired) are non-GAAP financial
measures. Originated loans represent loans initially originated by
the Company and acquired loans that were refinanced using the
Company’s underwriting criteria. Acquired loans represent loans
originated under the underwriting criteria used by a bank that was
acquired by Heartland Bank and Trust Company or State Bank of
Lincoln. We believe these non-GAAP financial measures provide
investors with information regarding the credit quality of loans
underwritten using the Company’s policies and procedures.
HBT Financial,
Inc.Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
|
(dollars in thousands, except share and per share
data) |
EARNINGS AND PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,437 |
|
|
$ |
14,605 |
|
|
$ |
18,736 |
|
|
$ |
11,920 |
|
|
$ |
17,592 |
|
Earnings per share - Basic and
diluted |
|
|
0.97 |
|
|
|
0.81 |
|
|
|
1.04 |
|
|
|
0.66 |
|
|
|
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C Corp equivalent net income
(3) |
|
$ |
13,122 |
|
|
$ |
11,126 |
|
|
$ |
14,036 |
|
|
$ |
9,194 |
|
|
$ |
13,228 |
|
C Corp equivalent earnings per
share - Basic and diluted (3) |
|
|
0.73 |
|
|
|
0.62 |
|
|
|
0.78 |
|
|
|
0.51 |
|
|
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending number shares of common
stock outstanding |
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(2) |
|
|
2.18 |
% |
|
|
1.81 |
% |
|
|
2.32 |
% |
|
|
1.48 |
% |
|
|
2.18 |
% |
Return on average
stockholders' equity (2) |
|
|
20.00 |
% |
|
|
17.25 |
% |
|
|
21.59 |
% |
|
|
14.14 |
% |
|
|
21.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
4.31 |
% |
|
|
4.36 |
% |
|
|
4.44 |
% |
|
|
4.29 |
% |
|
|
4.22 |
% |
Efficiency ratio |
|
|
53.94 |
% |
|
|
58.59 |
% |
|
|
52.07 |
% |
|
|
58.35 |
% |
|
|
52.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C Corp equivalent return on
average assets (2) (3) |
|
|
1.64 |
% |
|
|
1.38 |
% |
|
|
1.74 |
% |
|
|
1.14 |
% |
|
|
1.64 |
% |
C Corp equivalent return on
average stockholders' equity (2) (3) |
|
|
15.05 |
% |
|
|
13.14 |
% |
|
|
16.17 |
% |
|
|
10.91 |
% |
|
|
15.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted C Corp equivalent net
income (1) |
|
$ |
14,343 |
|
|
$ |
14,308 |
|
|
$ |
14,359 |
|
|
$ |
10,874 |
|
|
$ |
13,132 |
|
Adjusted C Corp equivalent
earnings per share - Basic and diluted (1) (4) |
|
|
0.80 |
|
|
|
0.79 |
|
|
|
0.80 |
|
|
|
0.60 |
|
|
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax
equivalent basis) (1) (2) |
|
|
4.38 |
% |
|
|
4.44 |
% |
|
|
4.52 |
% |
|
|
4.37 |
% |
|
|
4.31 |
% |
Efficiency ratio (tax
equivalent basis) (1) |
|
|
53.21 |
% |
|
|
57.74 |
% |
|
|
51.32 |
% |
|
|
57.42 |
% |
|
|
51.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted C Corp equivalent
return on average assets (1) (2) |
|
|
1.79 |
% |
|
|
1.77 |
% |
|
|
1.78 |
% |
|
|
1.35 |
% |
|
|
1.63 |
% |
Adjusted C Corp equivalent
return on average stockholders' equity (1) (2) |
|
|
16.45 |
% |
|
|
16.90 |
% |
|
|
16.54 |
% |
|
|
12.90 |
% |
|
|
15.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible
common equity (1) (2) |
|
|
21.76 |
% |
|
|
18.84 |
% |
|
|
23.55 |
% |
|
|
15.49 |
% |
|
|
23.27 |
% |
C Corp equivalent return on
average tangible common equity (1) (2) (3) |
|
|
16.37 |
% |
|
|
14.35 |
% |
|
|
17.64 |
% |
|
|
11.95 |
% |
|
|
17.49 |
% |
Adjusted C Corp equivalent
return on average tangible common equity (1) (2) |
|
|
17.90 |
% |
|
|
18.46 |
% |
|
|
18.05 |
% |
|
|
14.13 |
% |
|
|
17.37 |
% |
(1) See
"Reconciliation of Non-GAAP Financial Information" below for
reconciliation of non-GAAP measure to their most comparable GAAP
measures.(2) Annualized measure.(3) Reflects adjustment to our
historical net income for each period to give effect to the C Corp
equivalent provision for income tax for such period.
Reconciliation of Non-GAAP Financial Measures
–Adjusted C Corp Equivalent Net Income and
Adjusted C Corp Equivalent Return on Average Assets |
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
|
(dollars in thousands, except share and per share
data) |
Net income |
|
$ |
17,437 |
|
|
$ |
14,605 |
|
|
$ |
18,736 |
|
|
$ |
11,920 |
|
|
$ |
17,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C Corp equivalent net income
(3) |
|
$ |
13,122 |
|
|
$ |
11,126 |
|
|
$ |
14,036 |
|
|
$ |
9,194 |
|
|
$ |
13,228 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (losses) from closed or sold operations, including
gains on sale (1) |
|
|
(3 |
) |
|
|
(14 |
) |
|
|
550 |
|
|
|
98 |
|
|
|
(35 |
) |
Charges related to termination of certain employee benefit
plans |
|
|
(845 |
) |
|
|
(3,316 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Realized gains (losses) on sales of securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,803 |
) |
|
|
262 |
|
Mortgage servicing rights fair value adjustment |
|
|
(860 |
) |
|
|
(1,120 |
) |
|
|
(1,002 |
) |
|
|
355 |
|
|
|
(93 |
) |
Total adjustments |
|
|
(1,708 |
) |
|
|
(4,450 |
) |
|
|
(452 |
) |
|
|
(2,350 |
) |
|
|
134 |
|
C Corp equivalent tax effect
of adjustments |
|
|
487 |
|
|
|
1,268 |
|
|
|
129 |
|
|
|
670 |
|
|
|
(38 |
) |
Less adjustments after C Corp
equivalent tax effect |
|
|
(1,221 |
) |
|
|
(3,182 |
) |
|
|
(323 |
) |
|
|
(1,680 |
) |
|
|
96 |
|
Adjusted C Corp equivalent net
income |
|
$ |
14,343 |
|
|
$ |
14,308 |
|
|
$ |
14,359 |
|
|
$ |
10,874 |
|
|
$ |
13,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
3,202,642 |
|
|
$ |
3,236,353 |
|
|
$ |
3,233,293 |
|
|
$ |
3,217,545 |
|
|
$ |
3,220,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(2) |
|
|
2.18 |
% |
|
|
1.81 |
% |
|
|
2.32 |
% |
|
|
1.48 |
% |
|
|
2.18 |
% |
C Corp equivalent return on
average assets (2) (3) |
|
|
1.64 |
% |
|
|
1.38 |
% |
|
|
1.74 |
% |
|
|
1.14 |
% |
|
|
1.64 |
% |
Adjusted C Corp equivalent
return on average assets (2) |
|
|
1.79 |
% |
|
|
1.77 |
% |
|
|
1.78 |
% |
|
|
1.35 |
% |
|
|
1.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
18,027,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Basic and
Diluted |
|
$ |
0.97 |
|
|
$ |
0.81 |
|
|
$ |
1.04 |
|
|
$ |
0.66 |
|
|
$ |
0.98 |
|
C Corp equivalent Earnings per
share - Basic and Diluted (3) |
|
|
0.73 |
|
|
|
0.62 |
|
|
|
0.78 |
|
|
|
0.51 |
|
|
|
0.73 |
|
Adjusted C Corp equivalent
earnings per share - Basic and diluted |
|
|
0.80 |
|
|
|
0.79 |
|
|
|
0.80 |
|
|
|
0.60 |
|
|
|
0.73 |
|
(1) Closed or sold
operations include HB Credit Company, HBT Insurance, and First
Community Title Services, Inc.(2) Annualized measure.(3) Reflects
adjustment to our historical net income for each period to give
effect to the C Corp equivalent provision for income tax for such
period.
Reconciliation of Non-GAAP Financial Measures - Net
Interest Margin (Tax Equivalent Basis) |
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
Net interest
income (tax equivalent basis) |
|
(dollars in thousands) |
Net interest income |
|
$ |
33,141 |
|
|
$ |
33,931 |
|
|
$ |
34,452 |
|
|
$ |
33,076 |
|
|
$ |
32,601 |
|
Tax-equivalent adjustment (1) |
|
|
559 |
|
|
|
606 |
|
|
|
610 |
|
|
|
641 |
|
|
|
677 |
|
Net interest income (tax equivalent basis) (1) |
|
$ |
33,700 |
|
|
$ |
34,537 |
|
|
$ |
35,062 |
|
|
$ |
33,717 |
|
|
$ |
33,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
4.31 |
% |
|
|
4.36 |
% |
|
|
4.44 |
% |
|
|
4.29 |
% |
|
|
4.22 |
% |
Tax-equivalent adjustment (1) (2) |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.09 |
% |
Net interest margin (tax equivalent basis) (1) (2) |
|
|
4.38 |
% |
|
|
4.44 |
% |
|
|
4.52 |
% |
|
|
4.37 |
% |
|
|
4.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets |
|
$ |
3,075,822 |
|
|
$ |
3,111,395 |
|
|
$ |
3,105,216 |
|
|
$ |
3,086,641 |
|
|
$ |
3,089,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
Net interest
income (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
101,524 |
|
|
$ |
96,366 |
|
|
|
|
|
|
|
|
|
|
Tax-equivalent adjustment (1) |
|
|
1,775 |
|
|
|
2,020 |
|
|
|
|
|
|
|
|
|
|
Net interest income (tax equivalent basis) (1) |
|
$ |
103,299 |
|
|
$ |
98,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
4.37 |
% |
|
|
4.12 |
% |
|
|
|
|
|
|
|
|
|
Tax-equivalent adjustment (1) (2) |
|
|
0.08 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent basis) (1) (2) |
|
|
4.45 |
% |
|
|
4.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets |
|
$ |
3,097,374 |
|
|
$ |
3,116,915 |
|
|
|
|
|
|
|
|
|
|
(1) On a C Corp
tax-equivalent basis assuming a federal income tax rate of 21% and
a state tax rate of 9.5%.(2) Annualized measure.
Reconciliation of Non-GAAP Financial Measures - Efficiency
Ratio (Tax Equivalent Basis) |
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
Efficiency
ratio (tax equivalent basis) |
|
(dollars in thousands) |
Total noninterest expense |
|
$ |
22,303 |
|
|
$ |
24,561 |
|
|
$ |
22,212 |
|
|
$ |
23,440 |
|
|
$ |
21,937 |
|
Less: amortization of intangible assets |
|
|
335 |
|
|
|
376 |
|
|
|
376 |
|
|
|
390 |
|
|
|
389 |
|
Adjusted noninterest expense |
|
$ |
21,968 |
|
|
$ |
24,185 |
|
|
$ |
21,836 |
|
|
$ |
23,050 |
|
|
$ |
21,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
33,141 |
|
|
$ |
33,931 |
|
|
$ |
34,452 |
|
|
$ |
33,076 |
|
|
$ |
32,601 |
|
Total noninterest income |
|
|
7,582 |
|
|
|
7,346 |
|
|
|
7,487 |
|
|
|
6,429 |
|
|
|
8,407 |
|
Operating revenue |
|
|
40,723 |
|
|
|
41,277 |
|
|
|
41,939 |
|
|
|
39,505 |
|
|
|
41,008 |
|
Tax-equivalent adjustment (1) |
|
|
559 |
|
|
|
606 |
|
|
|
610 |
|
|
|
641 |
|
|
|
677 |
|
Operating revenue (tax-equivalent basis)
(1) |
|
$ |
41,282 |
|
|
$ |
41,883 |
|
|
$ |
42,549 |
|
|
$ |
40,146 |
|
|
$ |
41,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
53.94 |
% |
|
|
58.59 |
% |
|
|
52.07 |
% |
|
|
58.35 |
% |
|
|
52.55 |
% |
Efficiency ratio (tax
equivalent basis) (1) |
|
|
53.21 |
% |
|
|
57.74 |
% |
|
|
51.32 |
% |
|
|
57.42 |
% |
|
|
51.69 |
% |
(1) On a C Corp
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 - Tangible
Common Equity to Tangible Assets , Adjusted C Corp
Equivalent Return on Average Stockholders' Equity and Adjusted C
Corp Equivalent Return on Tangible Common Equity |
|
|
As of |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
Tangible
Common Equity |
|
(dollars in thousands, except share and per share
data) |
Total stockholders' equity |
|
$ |
348,936 |
|
|
$ |
339,870 |
|
|
$ |
328,593 |
|
|
$ |
340,396 |
|
|
$ |
329,857 |
|
Less: Goodwill |
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
4,366 |
|
|
|
4,701 |
|
|
|
5,077 |
|
|
|
5,453 |
|
|
|
5,843 |
|
Tangible common equity |
|
$ |
320,950 |
|
|
$ |
311,549 |
|
|
$ |
299,896 |
|
|
$ |
311,323 |
|
|
$ |
300,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,166,613 |
|
|
$ |
3,224,160 |
|
|
$ |
3,257,667 |
|
|
$ |
3,249,569 |
|
|
$ |
3,180,613 |
|
Less: Goodwill |
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
4,366 |
|
|
|
4,701 |
|
|
|
5,077 |
|
|
|
5,453 |
|
|
|
5,843 |
|
Tangible assets |
|
$ |
3,138,627 |
|
|
$ |
3,195,839 |
|
|
$ |
3,228,970 |
|
|
$ |
3,220,496 |
|
|
$ |
3,151,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets |
|
|
11.02 |
% |
|
|
10.54 |
% |
|
|
10.09 |
% |
|
|
10.48 |
% |
|
|
10.37 |
% |
Tangible common equity to
tangible assets |
|
|
10.23 |
% |
|
|
9.75 |
% |
|
|
9.29 |
% |
|
|
9.67 |
% |
|
|
9.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
Average
Tangible Common Equity |
|
(dollars in thousands) |
Total stockholders' equity |
|
$ |
348,750 |
|
|
$ |
338,613 |
|
|
$ |
347,157 |
|
|
$ |
337,114 |
|
|
$ |
332,151 |
|
Less: Goodwill |
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
4,561 |
|
|
|
4,919 |
|
|
|
5,301 |
|
|
|
5,663 |
|
|
|
6,070 |
|
Average tangible common
equity |
|
$ |
320,569 |
|
|
$ |
310,074 |
|
|
$ |
318,236 |
|
|
$ |
307,831 |
|
|
$ |
302,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,437 |
|
|
$ |
14,605 |
|
|
$ |
18,736 |
|
|
$ |
11,920 |
|
|
$ |
17,592 |
|
C Corp equivalent net income
(2) |
|
|
13,122 |
|
|
|
11,126 |
|
|
|
14,036 |
|
|
|
9,194 |
|
|
|
13,228 |
|
Adjusted C Corp equivalent net
income |
|
|
14,343 |
|
|
|
14,308 |
|
|
|
14,359 |
|
|
|
10,874 |
|
|
|
13,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity (1) |
|
|
20.00 |
% |
|
|
17.25 |
% |
|
|
21.59 |
% |
|
|
14.14 |
% |
|
|
21.19 |
% |
C Corp equivalent return on
average stockholders' equity (1) (2) |
|
|
15.05 |
% |
|
|
13.14 |
% |
|
|
16.17 |
% |
|
|
10.91 |
% |
|
|
15.93 |
% |
Adjusted C Corp equivalent
return on average stockholders' equity (1) |
|
|
16.45 |
% |
|
|
16.90 |
% |
|
|
16.54 |
% |
|
|
12.90 |
% |
|
|
15.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible
common equity (1) |
|
|
21.76 |
% |
|
|
18.84 |
% |
|
|
23.55 |
% |
|
|
15.49 |
% |
|
|
23.27 |
% |
C Corp equivalent return on
average tangible common equity (1) (2) |
|
|
16.37 |
% |
|
|
14.35 |
% |
|
|
17.64 |
% |
|
|
11.95 |
% |
|
|
17.49 |
% |
Adjusted C Corp equivalent
return on average tangible common equity (1) |
|
|
17.90 |
% |
|
|
18.46 |
% |
|
|
18.05 |
% |
|
|
14.13 |
% |
|
|
17.37 |
% |
(1) Annualized
measure.(2) Reflects adjustment to our historical net income for
each period to give effect to the C Corp equivalent provision for
income tax for such period.
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