HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT
Financial”), the holding company for Heartland Bank and Trust
Company, today reported net income of $15.2 million, or
$0.55 diluted earnings per share, for the first quarter of
2021. This compares to net income of $12.6 million, or $0.46
diluted earnings per share, for the fourth quarter of 2020, and net
income of $6.2 million, or $0.23 diluted earnings per share,
for the first quarter of 2020.
Fred L. Drake, Chairman and Chief Executive Officer of HBT
Financial, said, “We delivered strong results for the first quarter
of 2021, as our continued healthy asset quality, consistent sources
of non-interest income, and disciplined expense control combined to
produce a high level of profitability. We remain focused on
operating a highly efficient institution. We are executing on
expense management initiatives to ensure that we continue to
deliver strong performance in a challenging environment for revenue
growth. With the vaccine rollout in Illinois progressing and
expectations for economic activity to increase across the remainder
of the year, we are optimistic that we will have more opportunities
to deploy our excess liquidity as loan demand in our markets
improves.”
Adjusted Net Income
In addition to reporting GAAP results, the Company believes
adjusted net income and adjusted earnings per share, which adjust
for the additional C Corp equivalent tax expense for periods prior
to October 11, 2019, 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 (“MSR”) fair value adjustments, provide
investors with additional insight into its operational performance.
The Company reported adjusted net income of $14.0 million, or
$0.51 adjusted diluted earnings per share, for the first
quarter of 2021. This compares to adjusted net income of $12.4
million, or $0.45 adjusted diluted earnings per share, for the
fourth quarter of 2020, and adjusted net income of $8.4 million, or
$0.30 adjusted diluted earnings per share, for the first quarter of
2020 (see "Reconciliation of Non-GAAP Financial Measures"
tables).
Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2021 was
$29.1 million, nearly unchanged from $29.2 million for the
fourth quarter of 2020. The slight decrease was primarily
attributable to lower yields on earning assets which was almost
entirely offset by an increase in average balances.
Relative to the first quarter of 2020, net interest income
decreased $1.5 million, or 5.0%. The decline was primarily
attributable to lower yields on average interest-earning
assets.
Net interest margin for the first quarter of 2021 was 3.25%,
compared to 3.31% for the fourth quarter of 2020. The decrease was
primarily attributable to increases in the average balances of
lower yielding securities and deposits with banks, as a result of
funds received from the forgiveness of Paycheck Protection Program
(PPP) loans and federal economic stimulus received by retail
customers. The contribution of acquired loan discount accretion to
net interest margin remained low at 1 basis point during the first
quarter of 2021 and 2 basis points during the fourth quarter
of 2020.
Relative to the first quarter of 2020, net interest margin
decreased from 4.03%. The decrease was due primarily to the decline
in the average yield on earning assets. The contribution of
acquired loan discount accretion to net interest margin was
5 basis points during the first quarter of 2020.
Noninterest Income
Noninterest income for the first quarter of 2021 was
$10.8 million, a decrease of 2.6% from $11.1 million for
the fourth quarter of 2020. The decrease was primarily attributable
to a $0.9 million decrease in gains on sale of mortgage loans
as a result of less refinancing activity and normal seasonality.
Additionally, wealth management fees decreased $0.3 million,
following strong results during the fourth quarter of 2020, and
service charges on deposit accounts decreased $0.2 million as
a result of lower overdraft incidences. Mostly offsetting these
decreases was a positive $1.7 million mortgage servicing
rights (“MSR”) fair value adjustment included in the first quarter
2021 results, compared to a positive $0.4 million MSR fair
value adjustment included in the fourth quarter 2020 results.
Relative to the first quarter of 2020, noninterest income
increased 105.8% from $5.3 million, primarily due to the first
quarter of 2020 results including a negative $2.2 million MSR
fair value adjustment. The $1.7 million increase in
noninterest income, net of MSR fair value adjustments, from the
first quarter of 2020 was primarily due to a $1.6 million
increase in gains on sale of mortgage loans as a result of the
strong mortgage refinance environment that started in the second
quarter of 2020.
Noninterest Expense
Noninterest expense for the first quarter of 2021 was $22.5
million, nearly unchanged from $22.7 million for the fourth quarter
of 2020. Decreases in marketing and data processing expenses were
mostly offset by increases in occupancy and employee benefits
expenses. Additionally, nonrecurring costs related to systems
conversion for the consolidation of State Bank of Lincoln into
Heartland Bank and Trust Company were $0.3 million during the
first quarter of 2021 and $0.3 million during the fourth
quarter of 2020, consisting of primarily data processing
expenses.
Relative to the first quarter of 2020, noninterest expense
decreased 3.3% from $23.3 million. The decline was primarily
attributable to the first quarter of 2020 results including a
$0.8 million charge for the supplemental executive retirement
plan (SERP) which was terminated in June 2019 and paid out in June
2020.
Branch Rationalization Plan
In April 2021, the Company made plans to close or
consolidate six branches during the third quarter of 2021. This
branch rationalization plan is expected to result in approximately
$0.8 million of pre-tax nonrecurring costs, primarily related to
asset impairment charges and severance payments. When fully
realized, the Company estimates annual cost savings, net of
associated revenue impacts, related to the branch rationalization
plan to be approximately $1.1 million.
Mr. Drake commented, “We conducted a comprehensive analysis to
determine the appropriate size of our branch network given the
increased usage of our online and mobile banking services. The
branch rationalization plan will better position our bank for the
evolving way that customers access banking services and will drive
improved operating efficiencies. We plan to continue investing in
technology to offer our customers a superior experience through our
digital banking platform, while maintaining an appropriately sized
branch network that will ensure that we continue to offer
convenient in-person banking services and have a strong presence in
our communities.”
Loan Portfolio
Total loans outstanding, before allowance for loan losses, were
$2.27 billion at March 31, 2021, compared with
$2.25 billion at December 31, 2020 and $2.13 billion
at March 31, 2020. The $23.7 million increase in loans
from December 31, 2020 was primarily attributable to an
increase in PPP loans, as originations of second draw PPP loans
exceeded the payoffs and paydowns from PPP loan forgiveness. The
$52.8 million decrease in total loans outstanding, net of PPP
loans, from March 31, 2020 was primarily due to a
$40.8 million reduction in balances on existing lines of
credit.
Deposits
Total deposits were $3.36 billion at March 31, 2021,
compared with $3.13 billion at December 31, 2020 and
$2.73 billion at March 31, 2020. The $225.4 million
increase in total deposits from December 31, 2020 was
primarily due to second draw PPP loan proceeds received by
commercial customers and federal economic stimulus payments
received by retail customers.
Asset Quality
Nonperforming loans totaled $9.1 million, or 0.40% of total
loans, at March 31, 2021, compared with $10.0 million, or
0.44% of total loans, at December 31, 2020, and
$15.4 million, or 0.72% of total loans, at March 31,
2020. The decrease in nonperforming loans from December 31,
2020 was primarily attributable to the pay down, pay off, or return
to accrual status of several smaller loans. The $6.3 million
reduction in nonperforming loans from March 31, 2020 was
primarily attributable to the return to accrual status of one
agriculture credit that totaled $4.8 million
at March 31, 2020.
The Company recorded a negative provision for loan losses of
$3.4 million for the first quarter of 2021, compared to a provision
for loan losses of $0.4 million for the fourth quarter of 2020. The
negative provision was primarily due to changes to qualitative
factors reflecting an improved economic environment and improved
asset quality metrics, resulting in a $1.8 million decrease in
required reserve; a decrease in specific reserves on loans
individually evaluated for impairment, resulting in a $1.3 million
decrease in required reserves; and a $0.3 million net recovery
during the quarter.
Net recoveries for the first quarter of 2021 were $0.3 million,
or (0.06)% of average loans on an annualized basis, compared to net
charge-offs of $0.2 million, or 0.04% of average loans on an
annualized basis, for the fourth quarter of 2020, and net
charge-offs of $0.6 million, or 0.11% of average loans on an
annualized basis, for the first quarter of 2020.
The Company’s allowance for loan losses was 1.27% of total loans
and 315.48% of nonperforming loans at March 31, 2021, compared
with 1.42% of total loans and 319.66% of nonperforming loans at
December 31, 2020.
Capital
At March 31, 2021, the Company exceeded all regulatory
capital requirements under Basel III and was considered to be
“well-capitalized,” as summarized in the following table:
|
|
Well Capitalized |
|
March 31, |
Regulatory |
|
2021 |
Requirements |
Total capital to risk-weighted assets |
17.37 |
% |
10.00 |
% |
Tier 1 capital to risk-weighted assets |
14.65 |
% |
8.00 |
% |
Common equity tier 1 capital ratio |
13.19 |
% |
6.50 |
% |
Tier 1 leverage ratio |
9.85 |
% |
5.00 |
% |
Total stockholders' equity to total assets |
9.25 |
% |
N/A |
|
Tangible common equity to tangible assets (1) |
8.63 |
% |
N/A |
|
(1) |
See
"Reconciliation of Non-GAAP Financial Measures" below for
reconciliation of non-GAAP financial measures to their most
comparable GAAP financial measures. |
Stock Repurchase Program
During the first quarter of 2021, the Company repurchased 95,462
shares of its common stock at a weighted average price of $15.86
under its stock repurchase program. The Company’s Board of
Directors authorized the repurchase of up to $15 million of
its common stock under its stock repurchase program in effect until
December 31, 2021. As of March 31, 2021, the Company had
$13.5 million remaining under the current stock repurchase
authorization.
Annualization Factor
The method used to calculate annualization factors for interim
period ratios changed in the third quarter of 2020 from financial
information previously presented. The annualization factor is now
calculated using the number of days in the year divided by the
number of days in the interim period. Prior to the third quarter of
2020, annualization factors were calculated as 4 divided by the
number of quarters in the interim period, or an annualization
factor of 4 for a quarterly period. The change was applied
retrospectively to all periods presented and did not have a
material impact on the annualized interim ratios.
About HBT Financial, Inc.
HBT Financial, Inc. is headquartered in Bloomington, Illinois
and is the holding company for Heartland Bank and Trust Company.
The bank provides a comprehensive suite of business, commercial,
wealth management, and retail banking products and services to
individuals, businesses and municipal entities throughout Central
and Northeastern Illinois through 63 branches. As of March 31,
2021, HBT had total assets of $3.9 billion, total loans of
$2.3 billion, and total deposits of $3.4 billion. HBT is
a longstanding Central Illinois company, with banking roots that
can be traced back to 1920.
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 and any ratios derived
therefrom, efficiency ratio (tax-equivalent basis), tangible common
equity to tangible assets, tangible book value per share, adjusted
net income, 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 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, future earnings levels, and future loan growth.
These statements are subject to many risks and uncertainties, that
could cause actual results to differ materially from those
anticipated in the forward-looking statements. Factors that could
cause actual results to differ materially from these
forward-looking statements include, but are not limited to: the
severity, magnitude and duration of the COVID-19 pandemic; the
direct and indirect impacts of the COVID-19 pandemic and
governmental responses to the pandemic on our operations and our
customers’ businesses; the disruption of global, national, state
and local economies associated with the COVID-19 pandemic, which
could affect our capital levels and earnings, impair the ability of
our borrowers to repay outstanding loans, impair collateral values
and further increase our allowance for credit losses; our asset
quality and any loan charge-offs; changes in interest rates and
general economic, business and political conditions in the United
States generally or in Illinois in particular, including 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 |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2021 |
|
|
2020 |
|
2020 |
|
INTEREST AND DIVIDEND
INCOME |
|
(dollars in thousands, except per share data) |
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
25,134 |
|
|
$ |
25,497 |
|
|
$ |
26,941 |
|
Federally tax exempt |
|
|
610 |
|
|
|
555 |
|
|
|
674 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
3,633 |
|
|
|
3,407 |
|
|
|
3,334 |
|
Federally tax exempt |
|
|
1,136 |
|
|
|
1,208 |
|
|
|
1,028 |
|
Interest-bearing deposits in bank |
|
|
80 |
|
|
|
65 |
|
|
|
729 |
|
Other interest and dividend income |
|
|
13 |
|
|
|
14 |
|
|
|
14 |
|
Total interest and dividend income |
|
|
30,606 |
|
|
|
30,746 |
|
|
|
32,720 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
644 |
|
|
|
741 |
|
|
|
1,595 |
|
Securities sold under agreements to repurchase |
|
|
7 |
|
|
|
8 |
|
|
|
20 |
|
Borrowings |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
Subordinated notes |
|
|
470 |
|
|
|
469 |
|
|
|
— |
|
Junior subordinated debentures issued to capital trusts |
|
|
355 |
|
|
|
364 |
|
|
|
443 |
|
Total interest expense |
|
|
1,477 |
|
|
|
1,582 |
|
|
|
2,058 |
|
Net interest income |
|
|
29,129 |
|
|
|
29,164 |
|
|
|
30,662 |
|
PROVISION FOR LOAN
LOSSES |
|
|
(3,405 |
) |
|
|
430 |
|
|
|
4,355 |
|
Net interest income after provision for loan
losses |
|
|
32,534 |
|
|
|
28,734 |
|
|
|
26,307 |
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
2,258 |
|
|
|
2,151 |
|
|
|
1,792 |
|
Service charges on deposit accounts |
|
|
1,297 |
|
|
|
1,527 |
|
|
|
1,834 |
|
Wealth management fees |
|
|
1,972 |
|
|
|
2,270 |
|
|
|
1,814 |
|
Mortgage servicing |
|
|
685 |
|
|
|
803 |
|
|
|
724 |
|
Mortgage servicing rights fair value adjustment |
|
|
1,695 |
|
|
|
363 |
|
|
|
(2,171 |
) |
Gains on sale of mortgage loans |
|
|
2,100 |
|
|
|
2,980 |
|
|
|
536 |
|
Gains (losses) on securities |
|
|
40 |
|
|
|
30 |
|
|
|
(52 |
) |
Gains (losses) on foreclosed assets |
|
|
(76 |
) |
|
|
22 |
|
|
|
35 |
|
Gains (losses) on other assets |
|
|
1 |
|
|
|
— |
|
|
|
(3 |
) |
Other noninterest income |
|
|
836 |
|
|
|
946 |
|
|
|
743 |
|
Total noninterest income |
|
|
10,808 |
|
|
|
11,092 |
|
|
|
5,252 |
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
12,596 |
|
|
|
12,593 |
|
|
|
12,754 |
|
Employee benefits |
|
|
1,722 |
|
|
|
1,490 |
|
|
|
2,434 |
|
Occupancy of bank premises |
|
|
1,938 |
|
|
|
1,501 |
|
|
|
1,828 |
|
Furniture and equipment |
|
|
623 |
|
|
|
556 |
|
|
|
603 |
|
Data processing |
|
|
1,688 |
|
|
|
1,901 |
|
|
|
1,586 |
|
Marketing and customer relations |
|
|
565 |
|
|
|
925 |
|
|
|
1,044 |
|
Amortization of intangible assets |
|
|
289 |
|
|
|
305 |
|
|
|
317 |
|
FDIC insurance |
|
|
240 |
|
|
|
231 |
|
|
|
36 |
|
Loan collection and servicing |
|
|
365 |
|
|
|
463 |
|
|
|
348 |
|
Foreclosed assets |
|
|
143 |
|
|
|
154 |
|
|
|
89 |
|
Other noninterest expense |
|
|
2,375 |
|
|
|
2,546 |
|
|
|
2,268 |
|
Total noninterest expense |
|
|
22,544 |
|
|
|
22,665 |
|
|
|
23,307 |
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
|
20,798 |
|
|
|
17,161 |
|
|
|
8,252 |
|
INCOME TAX
EXPENSE |
|
|
5,553 |
|
|
|
4,519 |
|
|
|
2,031 |
|
NET
INCOME |
|
$ |
15,245 |
|
|
$ |
12,642 |
|
|
$ |
6,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE -
BASIC |
|
$ |
0.55 |
|
|
$ |
0.46 |
|
|
$ |
0.23 |
|
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.55 |
|
|
$ |
0.46 |
|
|
$ |
0.23 |
|
WEIGHTED AVERAGE
SHARES OF COMMON STOCK OUTSTANDING |
|
|
27,430,912 |
|
|
|
27,457,306 |
|
|
|
27,457,306 |
|
HBT Financial,
Inc.Consolidated Financial
SummaryConsolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
22,976 |
|
|
$ |
24,912 |
|
|
$ |
34,782 |
|
Interest-bearing deposits with banks |
|
|
406,760 |
|
|
|
287,539 |
|
|
|
230,654 |
|
Cash and cash equivalents |
|
|
429,736 |
|
|
|
312,451 |
|
|
|
265,436 |
|
|
|
|
|
|
|
|
|
|
|
Debt securities available-for-sale, at fair value |
|
|
856,835 |
|
|
|
922,869 |
|
|
|
615,565 |
|
Debt securities held-to-maturity |
|
|
192,994 |
|
|
|
68,395 |
|
|
|
79,741 |
|
Equity securities with readily determinable fair value |
|
|
3,332 |
|
|
|
3,292 |
|
|
|
3,207 |
|
Equity securities with no readily determinable fair value |
|
|
1,552 |
|
|
|
1,552 |
|
|
|
1,552 |
|
Restricted stock, at cost |
|
|
2,498 |
|
|
|
2,498 |
|
|
|
2,425 |
|
Loans held for sale |
|
|
12,882 |
|
|
|
14,713 |
|
|
|
4,805 |
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for loan losses |
|
|
2,270,705 |
|
|
|
2,247,006 |
|
|
|
2,132,952 |
|
Allowance for loan losses |
|
|
(28,759 |
) |
|
|
(31,838 |
) |
|
|
(26,087 |
) |
Loans, net of allowance for loan losses |
|
|
2,241,946 |
|
|
|
2,215,168 |
|
|
|
2,106,865 |
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
|
52,548 |
|
|
|
52,904 |
|
|
|
54,135 |
|
Bank premises held for sale |
|
|
121 |
|
|
|
121 |
|
|
|
121 |
|
Foreclosed assets |
|
|
4,748 |
|
|
|
4,168 |
|
|
|
4,469 |
|
Goodwill |
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
Core deposit intangible assets, net |
|
|
2,509 |
|
|
|
2,798 |
|
|
|
3,713 |
|
Mortgage servicing rights, at fair value |
|
|
7,629 |
|
|
|
5,934 |
|
|
|
6,347 |
|
Investments in unconsolidated subsidiaries |
|
|
1,165 |
|
|
|
1,165 |
|
|
|
1,165 |
|
Accrued interest receivable |
|
|
12,718 |
|
|
|
14,255 |
|
|
|
12,096 |
|
Other assets |
|
|
18,781 |
|
|
|
20,664 |
|
|
|
27,847 |
|
Total assets |
|
$ |
3,865,614 |
|
|
$ |
3,666,567 |
|
|
$ |
3,213,109 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
968,991 |
|
|
$ |
882,939 |
|
|
$ |
676,341 |
|
Interest-bearing |
|
|
2,386,975 |
|
|
|
2,247,595 |
|
|
|
2,053,962 |
|
Total deposits |
|
|
3,355,966 |
|
|
|
3,130,534 |
|
|
|
2,730,303 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
41,976 |
|
|
|
45,736 |
|
|
|
40,811 |
|
Subordinated notes |
|
|
39,257 |
|
|
|
39,238 |
|
|
|
— |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,665 |
|
|
|
37,648 |
|
|
|
37,599 |
|
Other liabilities |
|
|
33,344 |
|
|
|
49,494 |
|
|
|
64,583 |
|
Total liabilities |
|
|
3,508,208 |
|
|
|
3,302,650 |
|
|
|
2,873,296 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
275 |
|
|
|
275 |
|
|
|
275 |
|
Surplus |
|
|
191,004 |
|
|
|
190,875 |
|
|
|
190,591 |
|
Retained earnings |
|
|
165,735 |
|
|
|
154,614 |
|
|
|
136,378 |
|
Accumulated other comprehensive income |
|
|
1,906 |
|
|
|
18,153 |
|
|
|
12,569 |
|
Treasury stock at cost |
|
|
(1,514 |
) |
|
|
— |
|
|
|
— |
|
Total stockholders’ equity |
|
|
357,406 |
|
|
|
363,917 |
|
|
|
339,813 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,865,614 |
|
|
$ |
3,666,567 |
|
|
$ |
3,213,109 |
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
|
27,382,069 |
|
|
|
27,457,306 |
|
|
|
27,457,306 |
|
HBT Financial,
Inc.Consolidated Financial Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2021 |
|
2020 |
|
2020 |
|
|
(dollars in thousands) |
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
412,812 |
|
|
$ |
393,312 |
|
|
$ |
299,266 |
|
Agricultural and farmland |
|
|
228,032 |
|
|
|
222,723 |
|
|
|
228,701 |
|
Commercial real estate - owner occupied |
|
|
224,599 |
|
|
|
222,360 |
|
|
|
229,608 |
|
Commercial real estate - non-owner occupied |
|
|
516,963 |
|
|
|
520,395 |
|
|
|
540,515 |
|
Multi-family |
|
|
236,381 |
|
|
|
236,391 |
|
|
|
177,172 |
|
Construction and land development |
|
|
215,375 |
|
|
|
225,652 |
|
|
|
232,311 |
|
One-to-four family residential |
|
|
300,768 |
|
|
|
306,775 |
|
|
|
313,925 |
|
Municipal, consumer, and other |
|
|
135,775 |
|
|
|
119,398 |
|
|
|
111,454 |
|
Loans, before allowance for loan losses |
|
$ |
2,270,705 |
|
|
$ |
2,247,006 |
|
|
$ |
2,132,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP LOANS (included
above) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
175,389 |
|
|
$ |
153,860 |
|
|
$ |
— |
|
Agricultural and farmland |
|
|
8,921 |
|
|
|
3,049 |
|
|
|
— |
|
Municipal, consumer, and other |
|
|
6,249 |
|
|
|
6,587 |
|
|
|
— |
|
Total PPP Loans |
|
$ |
190,559 |
|
|
$ |
163,496 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2021 |
|
2020 |
|
2020 |
|
|
(dollars in thousands) |
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
968,991 |
|
|
$ |
882,939 |
|
|
$ |
676,341 |
|
Interest-bearing demand |
|
|
1,008,954 |
|
|
|
968,592 |
|
|
|
810,074 |
|
Money market |
|
|
499,088 |
|
|
|
462,056 |
|
|
|
472,532 |
|
Savings |
|
|
593,472 |
|
|
|
517,473 |
|
|
|
444,137 |
|
Time |
|
|
285,461 |
|
|
|
299,474 |
|
|
|
327,219 |
|
Total deposits |
|
$ |
3,355,966 |
|
|
$ |
3,130,534 |
|
|
$ |
2,730,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial,
Inc.Consolidated Financial Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Balance |
|
Interest |
|
Yield/Cost * |
|
Balance |
|
Interest |
|
Yield/Cost * |
|
Balance |
|
Interest |
|
Yield/Cost * |
|
|
|
(dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,284,159 |
|
|
$ |
25,744 |
|
4.57 |
% |
$ |
2,295,569 |
|
|
$ |
26,052 |
|
4.51 |
% |
$ |
2,141,031 |
|
|
$ |
27,615 |
|
5.19 |
% |
Securities |
|
|
1,004,877 |
|
|
|
4,769 |
|
1.92 |
|
|
932,698 |
|
|
|
4,615 |
|
1.97 |
|
|
668,572 |
|
|
|
4,362 |
|
2.62 |
|
Deposits with banks |
|
|
345,915 |
|
|
|
80 |
|
0.09 |
|
|
277,363 |
|
|
|
65 |
|
0.09 |
|
|
251,058 |
|
|
|
729 |
|
1.17 |
|
Other |
|
|
2,498 |
|
|
|
13 |
|
2.04 |
|
|
2,498 |
|
|
|
14 |
|
2.26 |
|
|
2,425 |
|
|
|
14 |
|
2.38 |
|
Total interest-earning assets |
|
|
3,637,449 |
|
|
$ |
30,606 |
|
3.41 |
% |
|
3,508,128 |
|
|
$ |
30,746 |
|
3.49 |
% |
|
3,063,086 |
|
|
$ |
32,720 |
|
4.30 |
% |
Allowance for loan losses |
|
|
(31,856 |
) |
|
|
|
|
|
|
|
(31,749 |
) |
|
|
|
|
|
|
|
(22,474 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
155,622 |
|
|
|
|
|
|
|
|
157,208 |
|
|
|
|
|
|
|
|
148,131 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,761,215 |
|
|
|
|
|
|
|
$ |
3,633,587 |
|
|
|
|
|
|
|
$ |
3,188,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
997,720 |
|
|
$ |
117 |
|
0.05 |
% |
$ |
930,494 |
|
|
$ |
111 |
|
0.05 |
% |
$ |
811,866 |
|
|
$ |
251 |
|
0.12 |
% |
Money market |
|
|
482,385 |
|
|
|
89 |
|
0.07 |
|
|
475,183 |
|
|
|
89 |
|
0.07 |
|
|
464,124 |
|
|
|
394 |
|
0.34 |
|
Savings |
|
|
541,896 |
|
|
|
41 |
|
0.03 |
|
|
506,381 |
|
|
|
39 |
|
0.03 |
|
|
434,276 |
|
|
|
70 |
|
0.06 |
|
Time |
|
|
294,172 |
|
|
|
397 |
|
0.55 |
|
|
303,617 |
|
|
|
502 |
|
0.66 |
|
|
341,770 |
|
|
|
880 |
|
1.04 |
|
Total interest-bearing deposits |
|
|
2,316,173 |
|
|
|
644 |
|
0.11 |
|
|
2,215,675 |
|
|
|
741 |
|
0.13 |
|
|
2,052,036 |
|
|
|
1,595 |
|
0.31 |
|
Securities sold under agreements to repurchase |
|
|
46,348 |
|
|
|
7 |
|
0.06 |
|
|
51,297 |
|
|
|
8 |
|
0.06 |
|
|
41,968 |
|
|
|
20 |
|
0.19 |
|
Borrowings |
|
|
500 |
|
|
|
1 |
|
0.44 |
|
|
326 |
|
|
|
— |
|
0.51 |
|
|
221 |
|
|
|
— |
|
0.52 |
|
Subordinated notes |
|
|
39,245 |
|
|
|
470 |
|
4.85 |
|
|
39,219 |
|
|
|
469 |
|
4.76 |
|
|
— |
|
|
|
— |
|
— |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,655 |
|
|
|
355 |
|
3.83 |
|
|
37,638 |
|
|
|
364 |
|
3.84 |
|
|
37,589 |
|
|
|
443 |
|
4.74 |
|
Total interest-bearing liabilities |
|
|
2,439,921 |
|
|
$ |
1,477 |
|
0.25 |
% |
|
2,344,155 |
|
|
$ |
1,582 |
|
0.27 |
% |
|
2,131,814 |
|
|
$ |
2,058 |
|
0.39 |
% |
Noninterest-bearing deposits |
|
|
920,514 |
|
|
|
|
|
|
|
|
888,390 |
|
|
|
|
|
|
|
|
670,714 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
37,223 |
|
|
|
|
|
|
|
|
41,730 |
|
|
|
|
|
|
|
|
44,696 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,397,658 |
|
|
|
|
|
|
|
|
3,274,275 |
|
|
|
|
|
|
|
|
2,847,224 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
363,557 |
|
|
|
|
|
|
|
|
359,312 |
|
|
|
|
|
|
|
|
341,519 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,761,215 |
|
|
|
|
|
|
|
$ |
3,633,587 |
|
|
|
|
|
|
|
$ |
3,188,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (3) |
|
|
|
|
$ |
29,129 |
|
3.25 |
% |
|
|
|
$ |
29,164 |
|
3.31 |
% |
|
|
|
$ |
30,662 |
|
4.03 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
503 |
|
0.05 |
|
|
|
|
|
502 |
|
0.05 |
|
|
|
|
|
463 |
|
0.06 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(1) (2) |
|
|
|
|
$ |
29,632 |
|
3.30 |
% |
|
|
|
$ |
29,666 |
|
3.36 |
% |
|
|
|
$ |
31,125 |
|
4.09 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
3.22 |
% |
|
|
|
|
|
|
3.91 |
% |
Net interest-earning assets
(5) |
|
$ |
1,197,528 |
|
|
|
|
|
|
|
$ |
1,163,973 |
|
|
|
|
|
|
|
$ |
931,272 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.49 |
|
|
|
|
|
|
|
|
1.50 |
|
|
|
|
|
|
|
|
1.44 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.08 |
% |
|
|
|
|
|
|
0.09 |
% |
|
|
|
|
|
|
0.24 |
% |
* Annualized
measure.
(1) |
See
"Reconciliation of Non-GAAP Financial Measures" below for
reconciliation of non-GAAP financial measures to their most
comparable GAAP financial measures. |
(2) |
On a tax-equivalent basis assuming a federal income tax rate of
21% and a state income tax rate of 9.5%. |
(3) |
Net interest margin represents net interest income divided by
average total interest-earning assets. |
(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.Consolidated Financial Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
2020 |
|
2020 |
|
|
|
(dollars in thousands) |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
9,106 |
|
$ |
9,939 |
|
$ |
15,372 |
|
Past due 90 days or more,
still accruing (1) |
|
|
10 |
|
|
21 |
|
|
— |
|
Total nonperforming
loans |
|
|
9,116 |
|
|
9,960 |
|
|
15,372 |
|
Foreclosed assets |
|
|
4,748 |
|
|
4,168 |
|
|
4,469 |
|
Total nonperforming
assets |
|
$ |
13,864 |
|
$ |
14,128 |
|
$ |
19,841 |
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS
(Originated) (2) |
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
2,101 |
|
$ |
2,908 |
|
$ |
10,041 |
|
Past due 90 days or more,
still accruing |
|
|
10 |
|
|
21 |
|
|
— |
|
Total nonperforming
loans (originated) |
|
|
2,111 |
|
|
2,929 |
|
|
10,041 |
|
Foreclosed assets |
|
|
737 |
|
|
674 |
|
|
965 |
|
Total nonperforming
assets (originated) |
|
$ |
2,848 |
|
$ |
3,603 |
|
$ |
11,006 |
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS
(Acquired) (2) |
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
7,005 |
|
$ |
7,031 |
|
$ |
5,331 |
|
Past due 90 days or more,
still accruing (1) |
|
|
— |
|
|
— |
|
|
— |
|
Total nonperforming
loans (acquired) |
|
|
7,005 |
|
|
7,031 |
|
|
5,331 |
|
Foreclosed assets |
|
|
4,011 |
|
|
3,494 |
|
|
3,504 |
|
Total nonperforming
assets (acquired) |
|
$ |
11,016 |
|
$ |
10,525 |
|
$ |
8,835 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
28,759 |
|
$ |
31,838 |
|
$ |
26,087 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for
loan losses |
|
$ |
2,270,705 |
|
$ |
2,247,006 |
|
$ |
2,132,952 |
|
Loans, before allowance for
loan losses (originated) (2) |
|
|
2,156,095 |
|
|
2,126,323 |
|
|
1,982,067 |
|
Loans, before allowance for
loan losses (acquired) (2) |
|
|
114,610 |
|
|
120,683 |
|
|
150,885 |
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
loans, before allowance for loan losses |
|
|
1.27 |
% |
|
1.42 |
% |
|
1.22 |
% |
Allowance for loan losses to
nonperforming loans |
|
|
315.48 |
|
|
319.66 |
|
|
169.70 |
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
0.40 |
|
|
0.44 |
|
|
0.72 |
|
Nonperforming assets to total
assets |
|
|
0.36 |
|
|
0.39 |
|
|
0.62 |
|
Nonperforming assets to loans,
before allowance for loan losses and foreclosed assets |
|
|
0.61 |
|
|
0.63 |
|
|
0.93 |
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS
(Originated) (2) |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
0.10 |
% |
|
0.14 |
% |
|
0.51 |
% |
Nonperforming assets to loans,
before allowance for loan losses and foreclosed assets |
|
|
0.13 |
|
|
0.17 |
|
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS
(Acquired) (2) |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
6.11 |
% |
|
5.83 |
% |
|
3.53 |
% |
Nonperforming assets to loans,
before allowance for loan losses and foreclosed assets |
|
|
9.29 |
|
|
8.48 |
|
|
5.72 |
|
(1) |
Excludes loans
acquired with deteriorated credit quality that are past due 90 or
more days, still accruing totaling $29 thousand, $0.6 million,
and $0.3 million as of March 31, 2021, December 31,
2020, and March 31, 2020, respectively. |
(2) |
Originated
loans and acquired loans along with the related credit quality
ratios such as nonperforming loans to loans, before allowance for
loan losses (originated and acquired) and nonperforming assets to
loans, before allowance for loan losses and foreclosed assets
(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
the Company. 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 |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
ALLOWANCE FOR LOAN
LOSSES |
|
(dollars in thousands) |
|
Beginning balance |
|
$ |
31,838 |
|
|
$ |
31,654 |
|
|
$ |
22,299 |
|
|
Provision |
|
|
(3,405 |
) |
|
|
430 |
|
|
|
4,355 |
|
|
Charge-offs |
|
|
(195 |
) |
|
|
(509 |
) |
|
|
(1,221 |
) |
|
Recoveries |
|
|
521 |
|
|
|
263 |
|
|
|
654 |
|
|
Ending
balance |
|
$ |
28,759 |
|
|
$ |
31,838 |
|
|
$ |
26,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) |
|
$ |
(326 |
) |
|
$ |
246 |
|
|
$ |
567 |
|
|
Net charge-offs (recoveries) -
(originated) (1) |
|
|
(320 |
) |
|
|
190 |
|
|
|
172 |
|
|
Net charge-offs (recoveries) -
(acquired) (1) |
|
|
(6 |
) |
|
|
56 |
|
|
|
395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans, before
allowance for loan losses |
|
$ |
2,284,159 |
|
|
$ |
2,295,569 |
|
|
$ |
2,141,031 |
|
|
Average loans, before
allowance for loan losses (originated) (1) |
|
|
2,166,079 |
|
|
|
2,169,256 |
|
|
|
1,984,066 |
|
|
Average loans, before
allowance for loan losses (acquired) (1) |
|
|
118,080 |
|
|
|
126,313 |
|
|
|
156,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans, before allowance for loan losses * |
|
|
(0.06 |
) |
% |
|
0.04 |
|
% |
|
0.11 |
|
% |
Net charge-offs (recoveries)
to average loans, before allowance for loan losses (originated) *
(1) |
|
|
(0.06 |
) |
|
|
0.03 |
|
|
|
0.03 |
|
|
Net charge-offs (recoveries)
to average loans, before allowance for loan losses (acquired) *
(1) |
|
|
(0.02 |
) |
|
|
0.18 |
|
|
|
1.01 |
|
|
* Annualized
measure.
(1) |
Originated
loans and acquired loans along with the related credit quality
ratios such as net charge-offs (originated and acquired), average
loans, before allowance for loan losses (originated and acquired),
and net charge-offs to average loans, before allowance for loan
losses (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
the Company. 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
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
2020 |
|
2020 |
|
|
|
(dollars in thousands, except per share data) |
|
EARNINGS AND PER SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,245 |
|
$ |
12,642 |
|
$ |
6,221 |
|
Earnings per share -
Basic |
|
|
0.55 |
|
|
0.46 |
|
|
0.23 |
|
Earnings per share -
Diluted |
|
|
0.55 |
|
|
0.46 |
|
|
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
13.05 |
|
$ |
13.25 |
|
$ |
12.38 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
27,382,069 |
|
|
27,457,306 |
|
|
27,457,306 |
|
Weighted average shares of
common stock outstanding |
|
|
27,430,912 |
|
|
27,457,306 |
|
|
27,457,306 |
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
3.25 |
% |
|
3.31 |
% |
|
4.03 |
% |
Efficiency ratio |
|
|
55.73 |
|
|
55.54 |
|
|
64.01 |
|
Loan to deposit ratio |
|
|
67.66 |
|
|
71.78 |
|
|
78.12 |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.64 |
% |
|
1.38 |
% |
|
0.78 |
% |
Return on average
stockholders' equity * |
|
|
17.01 |
|
|
14.00 |
|
|
7.33 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES
(1) |
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
14,033 |
|
$ |
12,382 |
|
$ |
8,379 |
|
Adjusted earnings per share -
Basic |
|
|
0.51 |
|
|
0.45 |
|
|
0.30 |
|
Adjusted earnings per share -
Diluted |
|
|
0.51 |
|
|
0.45 |
|
|
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share |
|
$ |
12.10 |
|
$ |
12.29 |
|
$ |
11.38 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax
equivalent basis) * (2) |
|
|
3.30 |
% |
|
3.36 |
% |
|
4.09 |
% |
Efficiency ratio (tax
equivalent basis) (2) |
|
|
55.03 |
|
|
54.86 |
|
|
63.20 |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible
common equity * |
|
|
18.33 |
% |
|
15.12 |
% |
|
7.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
assets * |
|
|
1.51 |
% |
|
1.36 |
% |
|
1.06 |
% |
Adjusted return on average
stockholders' equity * |
|
|
15.65 |
|
|
13.71 |
|
|
9.87 |
|
Adjusted return on average
tangible common equity * |
|
|
16.88 |
|
|
14.81 |
|
|
10.73 |
|
* Annualized
measure.
(1) |
See
"Reconciliation of Non-GAAP Financial Measures" below for
reconciliation of non-GAAP financial measures to their most
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%. |
Reconciliation of Non-GAAP Financial
Measures –Adjusted Net Income and Adjusted Return
on Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
|
|
(dollars in thousands) |
|
Net income |
|
$ |
15,245 |
|
|
$ |
12,642 |
|
|
$ |
6,221 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Charges related to termination of certain employee benefit
plans |
|
|
— |
|
|
|
— |
|
|
|
(848 |
) |
|
Mortgage servicing rights fair value adjustment |
|
|
1,695 |
|
|
|
363 |
|
|
|
(2,171 |
) |
|
Total adjustments |
|
|
1,695 |
|
|
|
363 |
|
|
|
(3,019 |
) |
|
Tax effect of adjustments |
|
|
(483 |
) |
|
|
(103 |
) |
|
|
861 |
|
|
Less adjustments, after tax
effect |
|
|
1,212 |
|
|
|
260 |
|
|
|
(2,158 |
) |
|
Adjusted net income |
|
$ |
14,033 |
|
|
$ |
12,382 |
|
|
$ |
8,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
3,761,215 |
|
|
$ |
3,633,587 |
|
|
$ |
3,188,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.64 |
|
% |
|
1.38 |
|
% |
|
0.78 |
|
% |
Adjusted return on average
assets * |
|
|
1.51 |
|
|
|
1.36 |
|
|
|
1.06 |
|
|
* Annualized
measure.
Reconciliation of Non-GAAP Financial
Measures – Adjusted Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
|
(dollars in thousands, except per share data) |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,245 |
|
|
$ |
12,642 |
|
|
$ |
6,221 |
|
Earnings allocated to participating securities (1) |
|
|
(31 |
) |
|
|
(31 |
) |
|
|
(15 |
) |
Numerator for earnings per share - basic and diluted |
|
$ |
15,214 |
|
|
$ |
12,611 |
|
|
$ |
6,206 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
14,033 |
|
|
$ |
12,382 |
|
|
$ |
8,379 |
|
Earnings allocated to participating securities (1) |
|
|
(28 |
) |
|
|
(32 |
) |
|
|
(19 |
) |
Numerator for adjusted earnings per share - basic and diluted |
|
$ |
14,005 |
|
|
$ |
12,350 |
|
|
$ |
8,360 |
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
27,430,912 |
|
|
|
27,457,306 |
|
|
|
27,457,306 |
|
Dilutive effect of outstanding restricted stock units |
|
|
2,489 |
|
|
|
— |
|
|
|
— |
|
Weighted average common shares outstanding, including all dilutive
potential shares |
|
|
27,433,401 |
|
|
|
27,457,306 |
|
|
|
27,457,306 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic |
|
$ |
0.55 |
|
|
$ |
0.46 |
|
|
$ |
0.23 |
|
Earnings per share -
Diluted |
|
$ |
0.55 |
|
|
$ |
0.46 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Basic |
|
$ |
0.51 |
|
|
$ |
0.45 |
|
|
$ |
0.30 |
|
Adjusted earnings per
share - Diluted |
|
$ |
0.51 |
|
|
$ |
0.45 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
N/A Not applicable.
Reconciliation of Non-GAAP Financial
Measures – Net Interest Margin (Tax Equivalent
Basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
2020 |
|
2020 |
|
|
|
(dollars in thousands) |
|
Net interest income
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
29,129 |
|
$ |
29,164 |
|
$ |
30,662 |
|
Tax-equivalent adjustment (1) |
|
|
503 |
|
|
502 |
|
|
463 |
|
Net interest income (tax equivalent basis) (1) |
|
$ |
29,632 |
|
$ |
29,666 |
|
$ |
31,125 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
3.25 |
% |
|
3.31 |
% |
|
4.03 |
% |
Tax-equivalent adjustment * (1) |
|
|
0.05 |
|
|
0.05 |
|
|
0.06 |
|
Net interest margin (tax equivalent basis) * (1) |
|
|
3.30 |
% |
|
3.36 |
% |
|
4.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
3,637,449 |
|
$ |
3,508,128 |
|
$ |
3,063,086 |
|
* 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 |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
2020 |
|
2020 |
|
|
|
(dollars in thousands) |
|
Efficiency ratio (tax
equivalent basis) |
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
22,544 |
|
$ |
22,665 |
|
$ |
23,307 |
|
Less: amortization of intangible assets |
|
|
289 |
|
|
305 |
|
|
317 |
|
Adjusted noninterest expense |
|
$ |
22,255 |
|
$ |
22,360 |
|
$ |
22,990 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
29,129 |
|
$ |
29,164 |
|
$ |
30,662 |
|
Total noninterest income |
|
|
10,808 |
|
|
11,092 |
|
|
5,252 |
|
Operating revenue |
|
|
39,937 |
|
|
40,256 |
|
|
35,914 |
|
Tax-equivalent adjustment (1) |
|
|
503 |
|
|
502 |
|
|
463 |
|
Operating revenue (tax equivalent basis)
(1) |
|
$ |
40,440 |
|
$ |
40,758 |
|
$ |
36,377 |
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
55.73 |
% |
|
55.54 |
% |
|
64.01 |
% |
Efficiency ratio (tax
equivalent basis) (1) |
|
|
55.03 |
|
|
54.86 |
|
|
63.20 |
|
(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 – Tangible Common Equity to Tangible
Assets and Tangible Book Value Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
2020 |
|
2020 |
|
|
|
(dollars in thousands, except per share data) |
|
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
357,406 |
|
$ |
363,917 |
|
$ |
339,813 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
2,509 |
|
|
2,798 |
|
|
3,713 |
|
Tangible common equity |
|
$ |
331,277 |
|
$ |
337,499 |
|
$ |
312,480 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,865,614 |
|
$ |
3,666,567 |
|
$ |
3,213,109 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
2,509 |
|
|
2,798 |
|
|
3,713 |
|
Tangible assets |
|
$ |
3,839,485 |
|
$ |
3,640,149 |
|
$ |
3,185,776 |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets |
|
|
9.25 |
% |
|
9.93 |
% |
|
10.58 |
% |
Tangible common equity to
tangible assets |
|
|
8.63 |
|
|
9.27 |
|
|
9.81 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
27,382,069 |
|
|
27,457,306 |
|
|
27,457,306 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
13.05 |
|
$ |
13.25 |
|
$ |
12.38 |
|
Tangible book value per
share |
|
|
12.10 |
|
|
12.29 |
|
|
11.38 |
|
Reconciliation of Non-GAAP Financial
Measures – Adjusted Return on Average
Stockholders' Equity and Adjusted Return on Tangible Common
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2021 |
|
2020 |
|
2020 |
|
|
|
(dollars in thousands) |
|
Average tangible
common equity |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
363,557 |
|
$ |
359,312 |
|
$ |
341,519 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
2,686 |
|
|
2,979 |
|
|
3,898 |
|
Average tangible common equity |
|
$ |
337,251 |
|
$ |
332,713 |
|
$ |
314,001 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,245 |
|
$ |
12,642 |
|
$ |
6,221 |
|
Adjusted net income |
|
|
14,033 |
|
|
12,382 |
|
|
8,379 |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity * |
|
|
17.01 |
% |
|
14.00 |
% |
|
7.33 |
% |
Return on average tangible
common equity * |
|
|
18.33 |
|
|
15.12 |
|
|
7.97 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
stockholders' equity * |
|
|
15.65 |
% |
|
13.71 |
% |
|
9.87 |
% |
Adjusted return on average
tangible common equity * |
|
|
16.88 |
|
|
14.81 |
|
|
10.73 |
|
* Annualized
measure.
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