HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial”
or “HBT”), the holding company for Heartland Bank and Trust Company
and NXT Bank, today reported net income of $13.7 million, or
$0.50 diluted earnings per share, for the third quarter of
2021. This compares to net income of $13.7 million, or $0.50
diluted earnings per share, for the second quarter of 2021, and net
income of $10.6 million, or $0.38 diluted earnings per share,
for the third quarter of 2020.
Fred L. Drake, Chairman and Chief Executive Officer of HBT
Financial, said, “We continued to deliver strong financial results
in the third quarter driven by a higher level of revenue,
disciplined expense management, and healthy credit metrics. We are
beginning to see stronger loan demand in our legacy markets. We
also benefited from our acquisition of NXT Bancorporation by buying
participations in some of NXT Bank’s third quarter loan production
prior to the closing of the acquisition. As a result, our total
loan balances increased 3% during the third quarter, excluding PPP
loans. With ample liquidity and capital levels, strong asset
quality, and a growing low-cost deposit base, we remain well
positioned to support our customers and communities as economic
conditions and loan demand may continue to strengthen.”
“The completion of our acquisition of NXT Bancorporation on
October 1, 2021 is a significant milestone for the Company. In the
near-term, we will have more opportunities to bring back loans they
have previously participated out to other banks onto our balance
sheet and redeploy more of our excess liquidity into
higher-yielding earning assets. Over the longer-term, we believe
the expansion of our franchise into Iowa and the addition of a
talented group of bankers from NXT will positively impact the level
of organic growth that we generate. We are also seeing better
opportunities to attract high quality commercial lenders that we
expect will further strengthen our business development
capabilities, improving our ability to capitalize on disruption in
the Chicago banking market created by merger activity,” said Mr.
Drake.
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, acquisition expenses, branch closure
expenses, 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 $14.5 million, or
$0.53 adjusted diluted earnings per share, for the third
quarter of 2021. This compares to adjusted net income of $14.2
million, or $0.52 adjusted diluted earnings per share, for the
second quarter of 2021, and adjusted net income of $10.8 million,
or $0.39 adjusted diluted earnings per share, for the third quarter
of 2020 (see "Reconciliation of Non-GAAP Financial Measures"
tables).
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2021 was
$30.7 million, an increase of 3.4% from $29.7 million for the
second quarter of 2021. The increase was primarily attributable to
an increase in PPP loan fees recognized as loan interest income
which totaled $3.0 million during the third quarter of 2021
and $2.4 million during the second quarter of 2021.
Relative to the third quarter of 2020, net interest income
increased $1.8 million, or 6.4%. The increase was primarily
attributable to an increase in PPP loan fees recognized as loan
interest income which totaled $0.9 million during the third
quarter of 2020.
Net interest margin for the third quarter of 2021 was 3.18%,
compared to 3.14% for the second quarter of 2021. The increase was
primarily attributable to the recognition of PPP loan fees. The
contribution of PPP loan fees to net interest margin was 31 basis
points during the third quarter of 2021 and 25 basis points during
the second quarter of 2021.
Relative to the third quarter of 2020, net interest margin
decreased from 3.39%. The decrease was primarily due to a decline
in the average yield on earning assets and increased balances being
held in cash and lower-yielding securities.
Noninterest Income
Noninterest income for the third quarter of 2021 was
$8.4 million, a decrease of 4.4% from $8.8 million for
the second quarter of 2021. The decrease was primarily attributable
to impairment losses of $0.6 million related to the branches
closed during the third quarter of 2021 pursuant to our branch
rationalization plan. Additionally, gains on sale of mortgage loans
decreased $0.3 million due to a lower level of mortgage
refinancing activity. Partially offsetting these declines were a
positive $40 thousand mortgage servicing rights (“MSR”) fair value
adjustment during the third quarter of 2021, compared to a negative
$0.3 million MSR fair value adjustment in the second quarter
of 2021, and a $0.3 million increase in service charges on
deposit accounts.
Relative to the third quarter of 2020, noninterest income
decreased 16.5% from $10.0 million, primarily attributable to
a $1.9 million decrease in gains on sale of mortgage loans due
to a lower level of mortgage refinancing activity and the
$0.6 million of impairment losses related to the branches
closed pursuant to our branch rationalization plan. Partially
offsetting this decline was an increase in wealth management fees
and card income. Wealth management fees increased $0.4 million
as a result of higher values of assets under management during the
third quarter of 2021 relative to the third quarter of 2020. Card
income increased $0.4 million as a result of increased card
transaction volume driven by the full reopening of Illinois
following COVID-19 prevention measures.
Noninterest Expense
Noninterest expense for the third quarter of 2021 was $22.2
million, nearly unchanged from the second quarter of 2021. A
decrease in salaries expense, due to a lower employee count, was
mostly offset by increases in occupancy of bank premise and loan
collection and servicing expenses.
Relative to the third quarter of 2020, noninterest expense
decreased 1.4% from $22.5 million. The decline was primarily
attributable to lower salaries and employee benefits expenses, as a
result of lower employee count relative to the third quarter of
2020. Partially offsetting these improvements were higher marketing
and data processing expenses.
NXT Bancorporation, Inc. Acquisition
On October 1, 2021, HBT completed its previously announced
acquisition of NXT Bancorporation, Inc. (NXT), the holding company
for NXT Bank. The acquisition expands HBT’s footprint into Iowa.
Acquisition-related expenses were $0.4 million during the
third quarter of 2021 and $0.2 million during the second
quarter of 2021. As of September 30, 2021, NXT had
$232 million in total assets, $196 million in total
loans, and $181 million in total deposits. NXT’s results are
not reflected in HBT’s results for the third quarter of 2021. The
merger and system conversion of NXT Bank and Heartland Bank and
Trust is currently scheduled for December 3, 2021.
Branch Rationalization Plan
In April 2021, the Company made plans to close or consolidate
six branches. One branch was consolidated during the second quarter
of 2021, and the remaining five branches were closed during the
third quarter of 2021. Branch closure costs were $0.6 million,
consisting almost entirely of impairment losses, during the third
quarter of 2021, and $0.1 million, primarily salaries expense,
during the second quarter of 2021. The Company estimates annual
pre-tax cost savings, net of associated revenue impacts, related to
the branch rationalization plan to be approximately $1.1
million.
Loan Portfolio
Total loans outstanding, before allowance for loan losses, were
$2.15 billion at September 30, 2021, compared with
$2.15 billion at June 30, 2021 and $2.28 billion at
September 30, 2020. A $65.7 million decrease in PPP loans
was mostly offset by increases in commercial real estate –
non-owner occupied and construction & land development loans,
with $39.0 million of the increase attributed to new loans funded
in partnership with NXT Bank ahead of the acquisition.
Deposits
Total deposits were $3.42 billion at September 30,
2021, compared with $3.42 billion at June 30, 2021 and
$3.02 billion at September 30, 2020. Total deposits
remained almost unchanged from June 30, 2021 to
September 30, 2021, following the end of certain federal
economic stimulus programs, such as PPP loans and direct payments
to individuals, which had driven deposit growth since the first
quarter of 2020.
Asset Quality
Nonperforming loans totaled $5.5 million, or 0.26% of total
loans, at September 30, 2021, compared with $7.4 million,
or 0.34% of total loans, at June 30, 2021, and
$15.2 million, or 0.67% of total loans, at September 30,
2020. The $1.9 million decrease in nonperforming loans from
June 30, 2021 was primarily attributable to the payoff of one
relationship and a pay down on another relationship which together
totaled $1.6 million at June 30, 2021. The
$9.7 million reduction in nonperforming loans from
September 30, 2020 was primarily attributable to the return to
accrual status of one agricultural credit and the transfer of one
loan to foreclosed assets which together totaled $8.4 million
at September 30, 2020.
The Company recorded a negative provision for loan losses of
$1.7 million for the third quarter of 2021, compared to a negative
provision for loan losses of $2.2 million for the second quarter of
2021. The negative provision was primarily due to a
$0.9 million decrease in specific reserves on loans
individually evaluated for impairment. Additionally, improvements
in qualitative factors resulted in a $0.7 million decrease in
required reserve, primarily reflecting the shrinking impact of the
COVID-19 pandemic on our borrowers.
Net recoveries for the third quarter of 2021 were $21 thousand,
or less than 1 basis point of average loans on an annualized basis,
compared to net charge-offs of $90 thousand, or 0.02% of average
loans on an annualized basis, for the second quarter of 2021, and
net charge-offs of $0.2 million, or 0.04% of average loans on an
annualized basis, for the third quarter of 2020.
The Company’s allowance for loan losses was 1.16% of total loans
and 449.73% of nonperforming loans at September 30, 2021,
compared with 1.23% of total loans and 357.91% of nonperforming
loans at June 30, 2021.
Capital
At September 30, 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 |
|
September 30, |
Regulatory |
|
2021 |
Requirements |
Total capital to risk-weighted assets |
18.15 |
% |
10.00 |
% |
Tier 1 capital to risk-weighted assets |
15.56 |
% |
8.00 |
% |
Common equity tier 1 capital ratio |
14.08 |
% |
6.50 |
% |
Tier 1 leverage ratio |
9.83 |
% |
5.00 |
% |
Total stockholders' equity to total assets |
9.59 |
% |
N/A |
|
Tangible common equity to tangible assets (1) |
9.00 |
% |
N/A |
|
(1) |
|
See
"Reconciliation of Non-GAAP Financial Measures" below for
reconciliation of non-GAAP financial measures to their most |
|
|
closely comparable GAAP financial measures. |
Stock Repurchase Program
During the third quarter of 2021, the Company repurchased 20,625
shares of its common stock at a weighted average price of $16.66
under its stock repurchase program. Purchases were conducted in
accordance with Rule 10b-18 and in compliance with Regulation M
under the Securities Exchange Act of 1934, as amended. 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
September 30, 2021, the Company had $12.7 million
remaining under the current stock repurchase authorization.
About HBT Financial, Inc.
HBT Financial, Inc. is headquartered in Bloomington, Illinois
and is the holding company for Heartland Bank and Trust Company and
NXT Bank. HBT provides a comprehensive suite of business,
commercial, wealth management, and retail banking products and
services to individuals, businesses and municipal entities
throughout Central and Northeastern Illinois and Eastern Iowa
through 61 branches. As of September 30, 2021, HBT had total
assets of $3.9 billion, total loans of $2.1 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 expected benefits,
synergies, results and growth resulting from the acquisition of NXT
and NXT Bank, and the Company’s plans, objectives, future
performance, goals, future earnings levels and future loan growth,
including as a result of expected improvement in economic
conditions with respect to COVID-19. 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 timing, outcome and results of integrating the
operations of NXT into those of HBT; the possibility that expected
benefits, synergies and results from the acquisition are delayed or
not achieved; the effects of the merger on HBT’s future financial
condition, results of operations, strategy and plans; potential
adverse reactions or changes to customer or employee relationships
resulting from the completion of the transaction; the diversion of
management time on integration-related issues; 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 continued disruption or worsening of global,
national, state and local economies associated with the COVID-19
pandemic, including in connection with inflationary pressures and
supply chain constraints, 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
and Iowa in particular, including in the financial markets; changes
in business plans as circumstances warrant; risks relating to other
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 Summary |
Consolidated Statements of Income |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
INTEREST AND DIVIDEND
INCOME |
|
(dollars in thousands, except per share data) |
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
25,604 |
|
|
$ |
25,278 |
|
|
$ |
25,118 |
|
|
$ |
76,016 |
|
|
$ |
77,396 |
|
Federally tax exempt |
|
|
572 |
|
|
|
540 |
|
|
|
542 |
|
|
|
1,722 |
|
|
|
1,748 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
4,632 |
|
|
|
4,058 |
|
|
|
3,266 |
|
|
|
12,323 |
|
|
|
9,772 |
|
Federally tax exempt |
|
|
1,103 |
|
|
|
1,144 |
|
|
|
1,233 |
|
|
|
3,383 |
|
|
|
3,488 |
|
Interest-bearing deposits in bank |
|
|
190 |
|
|
|
115 |
|
|
|
65 |
|
|
|
385 |
|
|
|
873 |
|
Other interest and dividend income |
|
|
14 |
|
|
|
12 |
|
|
|
14 |
|
|
|
39 |
|
|
|
42 |
|
Total interest and dividend income |
|
|
32,115 |
|
|
|
31,147 |
|
|
|
30,238 |
|
|
|
93,868 |
|
|
|
93,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
564 |
|
|
|
613 |
|
|
|
843 |
|
|
|
1,821 |
|
|
|
3,480 |
|
Securities sold under agreements to repurchase |
|
|
8 |
|
|
|
8 |
|
|
|
9 |
|
|
|
23 |
|
|
|
40 |
|
Borrowings |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
Subordinated notes |
|
|
470 |
|
|
|
469 |
|
|
|
147 |
|
|
|
1,409 |
|
|
|
147 |
|
Junior subordinated debentures issued to capital trusts |
|
|
357 |
|
|
|
357 |
|
|
|
367 |
|
|
|
1,069 |
|
|
|
1,209 |
|
Total interest expense |
|
|
1,400 |
|
|
|
1,447 |
|
|
|
1,367 |
|
|
|
4,324 |
|
|
|
4,878 |
|
Net interest income |
|
|
30,715 |
|
|
|
29,700 |
|
|
|
28,871 |
|
|
|
89,544 |
|
|
|
88,441 |
|
PROVISION FOR LOAN
LOSSES |
|
|
(1,667 |
) |
|
|
(2,162 |
) |
|
|
2,174 |
|
|
|
(7,234 |
) |
|
|
10,102 |
|
Net interest income after provision for loan
losses |
|
|
32,382 |
|
|
|
31,862 |
|
|
|
26,697 |
|
|
|
96,778 |
|
|
|
78,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
2,509 |
|
|
|
2,449 |
|
|
|
2,146 |
|
|
|
7,216 |
|
|
|
5,936 |
|
Service charges on deposit accounts |
|
|
1,677 |
|
|
|
1,390 |
|
|
|
1,493 |
|
|
|
4,364 |
|
|
|
4,460 |
|
Wealth management fees |
|
|
2,036 |
|
|
|
2,005 |
|
|
|
1,646 |
|
|
|
6,013 |
|
|
|
4,967 |
|
Mortgage servicing |
|
|
699 |
|
|
|
711 |
|
|
|
724 |
|
|
|
2,095 |
|
|
|
2,175 |
|
Mortgage servicing rights fair value adjustment |
|
|
40 |
|
|
|
(310 |
) |
|
|
(268 |
) |
|
|
1,425 |
|
|
|
(2,947 |
) |
Gains on sale of mortgage loans |
|
|
1,257 |
|
|
|
1,562 |
|
|
|
3,184 |
|
|
|
4,919 |
|
|
|
5,855 |
|
Gains (losses) on securities |
|
|
28 |
|
|
|
6 |
|
|
|
(2 |
) |
|
|
74 |
|
|
|
3 |
|
Gains (losses) on foreclosed assets |
|
|
(14 |
) |
|
|
216 |
|
|
|
27 |
|
|
|
126 |
|
|
|
120 |
|
Gains (losses) on other assets |
|
|
(672 |
) |
|
|
(48 |
) |
|
|
1 |
|
|
|
(719 |
) |
|
|
(71 |
) |
Other noninterest income |
|
|
832 |
|
|
|
793 |
|
|
|
1,101 |
|
|
|
2,461 |
|
|
|
2,866 |
|
Total noninterest income |
|
|
8,392 |
|
|
|
8,774 |
|
|
|
10,052 |
|
|
|
27,974 |
|
|
|
23,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
11,988 |
|
|
|
12,275 |
|
|
|
12,595 |
|
|
|
36,859 |
|
|
|
38,023 |
|
Employee benefits |
|
|
1,500 |
|
|
|
1,455 |
|
|
|
1,666 |
|
|
|
4,677 |
|
|
|
6,555 |
|
Occupancy of bank premises |
|
|
1,610 |
|
|
|
1,463 |
|
|
|
1,609 |
|
|
|
5,011 |
|
|
|
5,079 |
|
Furniture and equipment |
|
|
657 |
|
|
|
603 |
|
|
|
679 |
|
|
|
1,883 |
|
|
|
1,891 |
|
Data processing |
|
|
1,767 |
|
|
|
1,721 |
|
|
|
1,583 |
|
|
|
5,176 |
|
|
|
4,841 |
|
Marketing and customer relations |
|
|
883 |
|
|
|
843 |
|
|
|
690 |
|
|
|
2,291 |
|
|
|
2,551 |
|
Amortization of intangible assets |
|
|
252 |
|
|
|
258 |
|
|
|
305 |
|
|
|
799 |
|
|
|
927 |
|
FDIC insurance |
|
|
279 |
|
|
|
244 |
|
|
|
222 |
|
|
|
763 |
|
|
|
476 |
|
Loan collection and servicing |
|
|
400 |
|
|
|
333 |
|
|
|
450 |
|
|
|
1,098 |
|
|
|
1,292 |
|
Foreclosed assets |
|
|
242 |
|
|
|
319 |
|
|
|
226 |
|
|
|
704 |
|
|
|
403 |
|
Other noninterest expense |
|
|
2,589 |
|
|
|
2,640 |
|
|
|
2,460 |
|
|
|
7,604 |
|
|
|
7,253 |
|
Total noninterest expense |
|
|
22,167 |
|
|
|
22,154 |
|
|
|
22,485 |
|
|
|
66,865 |
|
|
|
69,291 |
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
|
18,607 |
|
|
|
18,482 |
|
|
|
14,264 |
|
|
|
57,887 |
|
|
|
32,412 |
|
INCOME TAX
EXPENSE |
|
|
4,892 |
|
|
|
4,765 |
|
|
|
3,701 |
|
|
|
15,210 |
|
|
|
8,209 |
|
NET
INCOME |
|
$ |
13,715 |
|
|
$ |
13,717 |
|
|
$ |
10,563 |
|
|
$ |
42,677 |
|
|
$ |
24,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE -
BASIC |
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.38 |
|
|
$ |
1.56 |
|
|
$ |
0.88 |
|
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.38 |
|
|
$ |
1.56 |
|
|
$ |
0.88 |
|
WEIGHTED AVERAGE
SHARES OF COMMON STOCK OUTSTANDING |
|
|
27,340,926 |
|
|
|
27,362,579 |
|
|
|
27,457,306 |
|
|
|
27,377,809 |
|
|
|
27,457,306 |
|
HBT Financial, Inc. |
Consolidated Financial Summary |
Consolidated Balance Sheets |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2021 |
|
2021 |
|
2020 |
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
36,508 |
|
|
$ |
47,861 |
|
|
$ |
22,347 |
|
Interest-bearing deposits with banks |
|
|
435,421 |
|
|
|
497,742 |
|
|
|
214,377 |
|
Cash and cash equivalents |
|
|
471,929 |
|
|
|
545,603 |
|
|
|
236,724 |
|
|
|
|
|
|
|
|
|
|
|
Debt securities available-for-sale, at fair value |
|
|
896,218 |
|
|
|
836,267 |
|
|
|
814,798 |
|
Debt securities held-to-maturity |
|
|
318,730 |
|
|
|
309,132 |
|
|
|
74,510 |
|
Equity securities with readily determinable fair value |
|
|
3,366 |
|
|
|
3,338 |
|
|
|
3,262 |
|
Equity securities with no readily determinable fair value |
|
|
1,867 |
|
|
|
1,552 |
|
|
|
1,552 |
|
Restricted stock, at cost |
|
|
2,739 |
|
|
|
2,739 |
|
|
|
2,498 |
|
Loans held for sale |
|
|
8,582 |
|
|
|
5,951 |
|
|
|
23,723 |
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for loan losses |
|
|
2,147,812 |
|
|
|
2,152,119 |
|
|
|
2,279,639 |
|
Allowance for loan losses |
|
|
(24,861 |
) |
|
|
(26,507 |
) |
|
|
(31,654 |
) |
Loans, net of allowance for loan losses |
|
|
2,122,951 |
|
|
|
2,125,612 |
|
|
|
2,247,985 |
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
|
49,337 |
|
|
|
51,900 |
|
|
|
53,271 |
|
Bank premises held for sale |
|
|
1,462 |
|
|
|
121 |
|
|
|
121 |
|
Foreclosed assets |
|
|
7,315 |
|
|
|
7,757 |
|
|
|
3,857 |
|
Goodwill |
|
|
23,620 |
|
|
|
23,620 |
|
|
|
23,620 |
|
Core deposit intangible assets, net |
|
|
1,999 |
|
|
|
2,251 |
|
|
|
3,103 |
|
Mortgage servicing rights, at fair value |
|
|
7,359 |
|
|
|
7,319 |
|
|
|
5,571 |
|
Investments in unconsolidated subsidiaries |
|
|
1,165 |
|
|
|
1,165 |
|
|
|
1,165 |
|
Accrued interest receivable |
|
|
13,376 |
|
|
|
12,785 |
|
|
|
13,820 |
|
Other assets |
|
|
16,211 |
|
|
|
16,565 |
|
|
|
25,643 |
|
Total assets |
|
$ |
3,948,226 |
|
|
$ |
3,953,677 |
|
|
$ |
3,535,223 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,003,723 |
|
|
$ |
1,011,481 |
|
|
$ |
850,306 |
|
Interest-bearing |
|
|
2,415,833 |
|
|
|
2,413,153 |
|
|
|
2,166,355 |
|
Total deposits |
|
|
3,419,556 |
|
|
|
3,424,634 |
|
|
|
3,016,661 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
47,957 |
|
|
|
46,756 |
|
|
|
45,438 |
|
Subordinated notes |
|
|
39,297 |
|
|
|
39,277 |
|
|
|
39,218 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,698 |
|
|
|
37,681 |
|
|
|
37,632 |
|
Other liabilities |
|
|
24,897 |
|
|
|
32,135 |
|
|
|
40,980 |
|
Total liabilities |
|
|
3,569,405 |
|
|
|
3,580,483 |
|
|
|
3,179,929 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
275 |
|
|
|
275 |
|
|
|
275 |
|
Surplus |
|
|
191,413 |
|
|
|
191,185 |
|
|
|
190,787 |
|
Retained earnings |
|
|
184,919 |
|
|
|
175,328 |
|
|
|
146,101 |
|
Accumulated other comprehensive income |
|
|
4,537 |
|
|
|
8,386 |
|
|
|
18,131 |
|
Treasury stock at cost |
|
|
(2,323 |
) |
|
|
(1,980 |
) |
|
|
— |
|
Total stockholders’ equity |
|
|
378,821 |
|
|
|
373,194 |
|
|
|
355,294 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,948,226 |
|
|
$ |
3,953,677 |
|
|
$ |
3,535,223 |
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
|
27,334,428 |
|
|
|
27,355,053 |
|
|
|
27,457,306 |
|
HBT Financial, Inc. |
Consolidated Financial Summary |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2021 |
|
2021 |
|
2020 |
|
|
(dollars in thousands) |
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
261,763 |
|
|
$ |
321,352 |
|
|
$ |
389,231 |
|
Agricultural and farmland |
|
|
229,718 |
|
|
|
231,527 |
|
|
|
235,597 |
|
Commercial real estate - owner occupied |
|
|
203,096 |
|
|
|
212,597 |
|
|
|
225,345 |
|
Commercial real estate - non-owner occupied |
|
|
579,860 |
|
|
|
531,803 |
|
|
|
532,454 |
|
Multi-family |
|
|
215,245 |
|
|
|
212,079 |
|
|
|
199,441 |
|
Construction and land development |
|
|
232,291 |
|
|
|
204,619 |
|
|
|
265,758 |
|
One-to-four family residential |
|
|
294,612 |
|
|
|
302,888 |
|
|
|
308,365 |
|
Municipal, consumer, and other |
|
|
131,227 |
|
|
|
135,254 |
|
|
|
123,448 |
|
Loans, before allowance for loan losses |
|
$ |
2,147,812 |
|
|
$ |
2,152,119 |
|
|
$ |
2,279,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP LOANS (included
above) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
55,374 |
|
|
$ |
115,538 |
|
|
$ |
168,466 |
|
Agricultural and farmland |
|
|
3,462 |
|
|
|
8,711 |
|
|
|
4,179 |
|
Municipal, consumer, and other |
|
|
985 |
|
|
|
1,273 |
|
|
|
7,095 |
|
Total PPP Loans |
|
$ |
59,821 |
|
|
$ |
125,522 |
|
|
$ |
179,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2021 |
|
2021 |
|
2020 |
|
|
(dollars in thousands) |
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,003,723 |
|
|
$ |
1,011,481 |
|
|
$ |
850,306 |
|
Interest-bearing demand |
|
|
1,013,678 |
|
|
|
1,023,565 |
|
|
|
885,719 |
|
Money market |
|
|
519,343 |
|
|
|
506,880 |
|
|
|
475,047 |
|
Savings |
|
|
611,050 |
|
|
|
603,849 |
|
|
|
497,682 |
|
Time |
|
|
271,762 |
|
|
|
278,859 |
|
|
|
307,907 |
|
Total deposits |
|
$ |
3,419,556 |
|
|
$ |
3,424,634 |
|
|
$ |
3,016,661 |
|
HBT Financial, Inc. |
Consolidated Financial Summary |
|
|
|
Three Months Ended |
|
|
|
September 30, 2021 |
|
June 30, 2021 |
|
September 30, 2020 |
|
|
|
Average |
|
|
|
|
Yield/Cost * |
|
Average |
|
|
|
|
Yield/Cost * |
|
Average |
|
|
|
|
Yield/Cost * |
|
|
|
Balance |
|
Interest |
|
|
Balance |
|
Interest |
|
|
Balance |
|
Interest |
|
|
|
|
(dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,135,476 |
|
|
$ |
26,176 |
|
4.86 |
% |
$ |
2,234,388 |
|
|
$ |
25,818 |
|
4.63 |
% |
$ |
2,277,826 |
|
|
$ |
25,660 |
|
4.48 |
% |
Securities |
|
|
1,180,513 |
|
|
|
5,735 |
|
1.93 |
|
|
1,121,104 |
|
|
|
5,202 |
|
1.86 |
|
|
831,120 |
|
|
|
4,499 |
|
2.15 |
|
Deposits with banks |
|
|
513,158 |
|
|
|
190 |
|
0.15 |
|
|
438,001 |
|
|
|
115 |
|
0.11 |
|
|
274,022 |
|
|
|
65 |
|
0.09 |
|
Other |
|
|
2,739 |
|
|
|
14 |
|
2.00 |
|
|
2,726 |
|
|
|
12 |
|
1.83 |
|
|
2,498 |
|
|
|
14 |
|
2.29 |
|
Total interest-earning assets |
|
|
3,831,886 |
|
|
$ |
32,115 |
|
3.33 |
% |
|
3,796,219 |
|
|
$ |
31,147 |
|
3.29 |
% |
|
3,385,466 |
|
|
$ |
30,238 |
|
3.55 |
% |
Allowance for loan losses |
|
|
(26,470 |
) |
|
|
|
|
|
|
|
(28,939 |
) |
|
|
|
|
|
|
|
(30,221 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
159,635 |
|
|
|
|
|
|
|
|
156,559 |
|
|
|
|
|
|
|
|
157,446 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,965,051 |
|
|
|
|
|
|
|
$ |
3,923,839 |
|
|
|
|
|
|
|
$ |
3,512,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,020,216 |
|
|
$ |
129 |
|
0.05 |
% |
$ |
1,019,488 |
|
|
$ |
127 |
|
0.05 |
% |
$ |
888,941 |
|
|
$ |
123 |
|
0.05 |
% |
Money market |
|
|
510,183 |
|
|
|
96 |
|
0.07 |
|
|
502,448 |
|
|
|
94 |
|
0.08 |
|
|
479,314 |
|
|
|
96 |
|
0.08 |
|
Savings |
|
|
608,436 |
|
|
|
48 |
|
0.03 |
|
|
601,615 |
|
|
|
46 |
|
0.03 |
|
|
493,278 |
|
|
|
37 |
|
0.03 |
|
Time |
|
|
275,224 |
|
|
|
291 |
|
0.42 |
|
|
290,865 |
|
|
|
346 |
|
0.48 |
|
|
306,154 |
|
|
|
587 |
|
0.76 |
|
Total interest-bearing deposits |
|
|
2,414,059 |
|
|
|
564 |
|
0.09 |
|
|
2,414,416 |
|
|
|
613 |
|
0.10 |
|
|
2,167,687 |
|
|
|
843 |
|
0.15 |
|
Securities sold under agreements to repurchase |
|
|
49,923 |
|
|
|
8 |
|
0.06 |
|
|
47,170 |
|
|
|
8 |
|
0.07 |
|
|
51,686 |
|
|
|
9 |
|
0.06 |
|
Borrowings |
|
|
326 |
|
|
|
1 |
|
0.46 |
|
|
440 |
|
|
|
— |
|
0.39 |
|
|
1,196 |
|
|
|
1 |
|
0.47 |
|
Subordinated notes |
|
|
39,285 |
|
|
|
470 |
|
4.74 |
|
|
39,265 |
|
|
|
469 |
|
4.80 |
|
|
11,976 |
|
|
|
147 |
|
4.87 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,688 |
|
|
|
357 |
|
3.76 |
|
|
37,671 |
|
|
|
357 |
|
3.80 |
|
|
37,621 |
|
|
|
367 |
|
3.89 |
|
Total interest-bearing liabilities |
|
|
2,541,281 |
|
|
$ |
1,400 |
|
0.22 |
% |
|
2,538,962 |
|
|
$ |
1,447 |
|
0.23 |
% |
|
2,270,166 |
|
|
$ |
1,367 |
|
0.24 |
% |
Noninterest-bearing deposits |
|
|
1,016,384 |
|
|
|
|
|
|
|
|
992,699 |
|
|
|
|
|
|
|
|
846,808 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
26,523 |
|
|
|
|
|
|
|
|
26,988 |
|
|
|
|
|
|
|
|
40,421 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,584,188 |
|
|
|
|
|
|
|
|
3,558,649 |
|
|
|
|
|
|
|
|
3,157,395 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
380,863 |
|
|
|
|
|
|
|
|
365,190 |
|
|
|
|
|
|
|
|
355,296 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,965,051 |
|
|
|
|
|
|
|
$ |
3,923,839 |
|
|
|
|
|
|
|
$ |
3,512,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
30,715 |
|
3.18 |
% |
|
|
|
$ |
29,700 |
|
3.14 |
% |
|
|
|
$ |
28,871 |
|
3.39 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
508 |
|
0.05 |
|
|
|
|
|
503 |
|
0.05 |
|
|
|
|
|
495 |
|
0.06 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
31,223 |
|
3.23 |
% |
|
|
|
$ |
30,203 |
|
3.19 |
% |
|
|
|
$ |
29,366 |
|
3.45 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.11 |
% |
|
|
|
|
|
|
3.06 |
% |
|
|
|
|
|
|
3.31 |
% |
Net interest-earning assets
(5) |
|
$ |
1,290,605 |
|
|
|
|
|
|
|
$ |
1,257,257 |
|
|
|
|
|
|
|
$ |
1,115,300 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.51 |
|
|
|
|
|
|
|
|
1.50 |
|
|
|
|
|
|
|
|
1.49 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.07 |
% |
|
|
|
|
|
|
0.07 |
% |
|
|
|
|
|
|
0.11 |
% |
* |
|
Annualized
measure. |
(1) |
|
Net interest margin represents net interest income divided by
average total interest-earning assets. |
(2) |
|
On a tax-equivalent basis assuming a federal income tax rate of
21% and a state income tax rate of 9.5%. |
(3) |
|
See "Reconciliation of Non-GAAP Financial Measures" below for
reconciliation of non-GAAP financial measures to their most |
|
|
closely comparable GAAP financial measures. |
(4) |
|
Net interest rate spread represents the difference between the
yield on average interest-earning assets and the cost of
average |
|
|
interest-bearing liabilities. |
(5) |
|
Net interest-earning assets represents total interest-earning
assets less total interest-bearing liabilities. |
HBT Financial, Inc. |
Consolidated Financial Summary |
|
|
|
Nine Months Ended |
|
|
|
September 30, 2021 |
|
September 30, 2020 |
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
|
|
Balance |
|
Interest |
|
Yield/Cost * |
|
Balance |
|
Interest |
|
Yield/Cost * |
|
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,217,463 |
|
|
$ |
77,738 |
|
4.69 |
% |
$ |
2,228,145 |
|
|
$ |
79,144 |
|
4.74 |
% |
Securities |
|
|
1,102,808 |
|
|
|
15,706 |
|
1.90 |
|
|
740,834 |
|
|
|
13,260 |
|
2.39 |
|
Deposits with banks |
|
|
432,971 |
|
|
|
385 |
|
0.12 |
|
|
283,730 |
|
|
|
873 |
|
0.41 |
|
Other |
|
|
2,655 |
|
|
|
39 |
|
1.95 |
|
|
2,473 |
|
|
|
42 |
|
2.29 |
|
Total interest-earning assets |
|
|
3,755,897 |
|
|
$ |
93,868 |
|
3.34 |
% |
|
3,255,182 |
|
|
$ |
93,319 |
|
3.83 |
% |
Allowance for loan losses |
|
|
(29,069 |
) |
|
|
|
|
|
|
|
(26,288 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
157,287 |
|
|
|
|
|
|
|
|
156,121 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,884,115 |
|
|
|
|
|
|
|
$ |
3,385,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,012,557 |
|
|
$ |
373 |
|
0.05 |
% |
$ |
853,775 |
|
|
$ |
536 |
|
0.08 |
% |
Money market |
|
|
498,441 |
|
|
|
279 |
|
0.07 |
|
|
473,647 |
|
|
|
608 |
|
0.17 |
|
Savings |
|
|
584,226 |
|
|
|
135 |
|
0.03 |
|
|
467,482 |
|
|
|
157 |
|
0.04 |
|
Time |
|
|
286,685 |
|
|
|
1,034 |
|
0.48 |
|
|
321,905 |
|
|
|
2,179 |
|
0.90 |
|
Total interest-bearing deposits |
|
|
2,381,909 |
|
|
|
1,821 |
|
0.10 |
|
|
2,116,809 |
|
|
|
3,480 |
|
0.22 |
|
Securities sold under agreements to repurchase |
|
|
47,827 |
|
|
|
23 |
|
0.06 |
|
|
49,183 |
|
|
|
40 |
|
0.11 |
|
Borrowings |
|
|
421 |
|
|
|
2 |
|
0.43 |
|
|
1,333 |
|
|
|
2 |
|
0.19 |
|
Subordinated notes |
|
|
39,265 |
|
|
|
1,409 |
|
4.80 |
|
|
4,021 |
|
|
|
147 |
|
4.87 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,671 |
|
|
|
1,069 |
|
3.79 |
|
|
37,605 |
|
|
|
1,209 |
|
4.30 |
|
Total interest-bearing liabilities |
|
|
2,507,093 |
|
|
$ |
4,324 |
|
0.23 |
% |
|
2,208,951 |
|
|
$ |
4,878 |
|
0.29 |
% |
Noninterest-bearing deposits |
|
|
976,884 |
|
|
|
|
|
|
|
|
780,826 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
30,205 |
|
|
|
|
|
|
|
|
47,426 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,514,182 |
|
|
|
|
|
|
|
|
3,037,203 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
369,933 |
|
|
|
|
|
|
|
|
347,812 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,884,115 |
|
|
|
|
|
|
|
|
3,385,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
89,544 |
|
3.19 |
% |
|
|
|
$ |
88,441 |
|
3.63 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
1,514 |
|
0.05 |
|
|
|
|
|
1,441 |
|
0.06 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
91,058 |
|
3.24 |
% |
|
|
|
$ |
89,882 |
|
3.69 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.11 |
% |
|
|
|
|
|
|
3.54 |
% |
Net interest-earning assets
(5) |
|
$ |
1,248,804 |
|
|
|
|
|
|
|
$ |
1,046,231 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.50 |
|
|
|
|
|
|
|
|
1.47 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.07 |
% |
|
|
|
|
|
|
0.16 |
% |
* |
|
Annualized
measure. |
(1) |
|
Net interest margin represents net interest income divided by
average total interest-earning assets. |
(2) |
|
On a tax-equivalent basis assuming a federal income tax rate of
21% and a state income tax rate of 9.5%. |
(3) |
|
See "Reconciliation of Non-GAAP Financial Measures" below for
reconciliation of non-GAAP financial measures to their most |
|
|
closely comparable GAAP financial measures. |
(4) |
|
Net interest rate spread represents the difference between the
yield on average interest-earning assets and the cost of
average |
|
|
interest-bearing liabilities. |
(5) |
|
Net interest-earning assets represents total interest-earning
assets less total interest-bearing liabilities. |
HBT Financial, Inc. |
Consolidated Financial Summary |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
|
2021 |
|
2021 |
|
2020 |
|
|
|
(dollars in thousands) |
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
5,489 |
|
|
$ |
6,823 |
|
|
$ |
15,191 |
|
Past due 90 days or more,
still accruing (1) |
|
|
39 |
|
|
|
583 |
|
|
|
17 |
|
Total nonperforming
loans |
|
|
5,528 |
|
|
|
7,406 |
|
|
|
15,208 |
|
Foreclosed assets |
|
|
7,315 |
|
|
|
7,757 |
|
|
|
3,857 |
|
Total nonperforming
assets |
|
$ |
12,843 |
|
|
$ |
15,163 |
|
|
$ |
19,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS
(Originated) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
4,051 |
|
|
$ |
4,319 |
|
|
$ |
10,179 |
|
Past due 90 days or more,
still accruing |
|
|
39 |
|
|
|
583 |
|
|
|
17 |
|
Total nonperforming
loans (originated) |
|
|
4,090 |
|
|
|
4,902 |
|
|
|
10,196 |
|
Foreclosed assets |
|
|
511 |
|
|
|
856 |
|
|
|
939 |
|
Total nonperforming
assets (originated) |
|
$ |
4,601 |
|
|
$ |
5,758 |
|
|
$ |
11,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS
(Acquired) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
1,438 |
|
|
$ |
2,504 |
|
|
$ |
5,012 |
|
Past due 90 days or more,
still accruing (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming
loans (acquired) |
|
|
1,438 |
|
|
|
2,504 |
|
|
|
5,012 |
|
Foreclosed assets |
|
|
6,804 |
|
|
|
6,901 |
|
|
|
2,918 |
|
Total nonperforming
assets (acquired) |
|
$ |
8,242 |
|
|
$ |
9,405 |
|
|
$ |
7,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
24,861 |
|
|
$ |
26,507 |
|
|
$ |
31,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for
loan losses |
|
$ |
2,147,812 |
|
|
$ |
2,152,119 |
|
|
$ |
2,279,639 |
|
Loans, before allowance for
loan losses (originated) (2) |
|
|
2,057,276 |
|
|
|
2,054,291 |
|
|
|
2,148,074 |
|
Loans, before allowance for
loan losses (acquired) (2) |
|
|
90,536 |
|
|
|
97,828 |
|
|
|
131,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
loans, before allowance for loan losses |
|
|
1.16 |
% |
|
|
1.23 |
% |
|
|
1.39 |
% |
Allowance for loan losses to
nonperforming loans |
|
|
449.73 |
|
|
|
357.91 |
|
|
|
208.14 |
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
0.26 |
|
|
|
0.34 |
|
|
|
0.67 |
|
Nonperforming assets to total
assets |
|
|
0.33 |
|
|
|
0.38 |
|
|
|
0.54 |
|
Nonperforming assets to loans,
before allowance for loan losses and foreclosed assets |
|
|
0.60 |
|
|
|
0.70 |
|
|
|
0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS
(Originated) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
0.20 |
% |
|
|
0.24 |
% |
|
|
0.47 |
% |
Nonperforming assets to loans,
before allowance for loan losses and foreclosed assets |
|
|
0.22 |
|
|
|
0.28 |
|
|
|
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS
(Acquired) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
1.59 |
% |
|
|
2.56 |
% |
|
|
3.81 |
% |
Nonperforming assets to loans,
before allowance for loan losses and foreclosed assets |
|
|
8.47 |
|
|
|
8.98 |
|
|
|
5.90 |
|
(1) |
|
Excludes loans
acquired with deteriorated credit quality that are past due 90 or
more days, still accruing totaling $27 thousand, |
|
|
$27 thousand, and $30 thousand as of September 30,
2021, June 30, 2021, and September 30, 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 |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
ALLOWANCE FOR LOAN
LOSSES |
|
(dollars in thousands) |
|
Beginning balance |
|
$ |
26,507 |
|
|
$ |
28,759 |
|
|
$ |
29,723 |
|
|
$ |
31,838 |
|
|
$ |
22,299 |
|
|
Provision |
|
|
(1,667 |
) |
|
|
(2,162 |
) |
|
|
2,174 |
|
|
|
(7,234 |
) |
|
|
10,102 |
|
|
Charge-offs |
|
|
(278 |
) |
|
|
(402 |
) |
|
|
(1,078 |
) |
|
|
(875 |
) |
|
|
(2,459 |
) |
|
Recoveries |
|
|
299 |
|
|
|
312 |
|
|
|
835 |
|
|
|
1,132 |
|
|
|
1,712 |
|
|
Ending
balance |
|
$ |
24,861 |
|
|
$ |
26,507 |
|
|
$ |
31,654 |
|
|
$ |
24,861 |
|
|
$ |
31,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) |
|
$ |
(21 |
) |
|
$ |
90 |
|
|
$ |
243 |
|
|
$ |
(257 |
) |
|
$ |
747 |
|
|
Net charge-offs (recoveries) -
(originated) (1) |
|
|
(116 |
) |
|
|
(214 |
) |
|
|
(20 |
) |
|
|
(650 |
) |
|
|
155 |
|
|
Net charge-offs (recoveries) -
(acquired) (1) |
|
|
95 |
|
|
|
304 |
|
|
|
263 |
|
|
|
393 |
|
|
|
592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans, before
allowance for loan losses |
|
$ |
2,135,476 |
|
|
$ |
2,234,388 |
|
|
$ |
2,277,826 |
|
|
$ |
2,217,463 |
|
|
$ |
2,228,145 |
|
|
Average loans, before
allowance for loan losses (originated) (1) |
|
|
2,041,049 |
|
|
|
2,127,221 |
|
|
|
2,140,376 |
|
|
|
2,110,837 |
|
|
|
2,080,668 |
|
|
Average loans, before
allowance for loan losses (acquired) (1) |
|
|
94,427 |
|
|
|
107,167 |
|
|
|
137,450 |
|
|
|
106,626 |
|
|
|
147,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans, before allowance for loan losses * |
|
|
— |
|
% |
|
0.02 |
|
% |
|
0.04 |
|
% |
|
(0.02 |
) |
% |
|
0.04 |
|
% |
Net charge-offs (recoveries)
to average loans, before allowance for loan losses (originated) *
(1) |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
— |
|
|
|
(0.04 |
) |
|
|
0.01 |
|
|
Net charge-offs (recoveries)
to average loans, before allowance for loan losses (acquired) *
(1) |
|
|
0.40 |
|
|
|
1.14 |
|
|
|
0.76 |
|
|
|
0.49 |
|
|
|
0.54 |
|
|
* |
|
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 |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(dollars in thousands, except per share data) |
|
EARNINGS AND PER SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,715 |
|
$ |
13,717 |
|
$ |
10,563 |
|
$ |
42,677 |
|
$ |
24,203 |
|
Earnings per share -
Basic |
|
|
0.50 |
|
|
0.50 |
|
|
0.38 |
|
|
1.56 |
|
|
0.88 |
|
Earnings per share -
Diluted |
|
|
0.50 |
|
|
0.50 |
|
|
0.38 |
|
|
1.56 |
|
|
0.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
13.86 |
|
$ |
13.64 |
|
$ |
12.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
27,334,428 |
|
|
27,355,053 |
|
|
27,457,306 |
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
27,340,926 |
|
|
27,362,579 |
|
|
27,457,306 |
|
|
27,377,809 |
|
|
27,457,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
3.18 |
% |
|
3.14 |
% |
|
3.39 |
% |
|
3.19 |
% |
|
3.63 |
% |
Efficiency ratio |
|
|
56.04 |
|
|
56.91 |
|
|
56.98 |
|
|
56.22 |
|
|
61.15 |
|
Loan to deposit ratio |
|
|
62.81 |
|
|
62.84 |
|
|
75.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.37 |
% |
|
1.40 |
% |
|
1.20 |
% |
|
1.47 |
% |
|
0.96 |
% |
Return on average
stockholders' equity * |
|
|
14.29 |
|
|
15.07 |
|
|
11.83 |
|
|
15.42 |
|
|
9.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
14,479 |
|
$ |
14,168 |
|
$ |
10,755 |
|
$ |
42,680 |
|
$ |
27,352 |
|
Adjusted earnings per share -
Basic |
|
|
0.53 |
|
|
0.52 |
|
|
0.39 |
|
|
1.56 |
|
|
0.99 |
|
Adjusted earnings per share -
Diluted |
|
|
0.53 |
|
|
0.52 |
|
|
0.39 |
|
|
1.56 |
|
|
0.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share |
|
$ |
12.92 |
|
$ |
12.70 |
|
$ |
11.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax
equivalent basis) * (2) |
|
|
3.23 |
% |
|
3.19 |
% |
|
3.45 |
% |
|
3.24 |
% |
|
3.69 |
% |
Efficiency ratio (tax
equivalent basis) (2) |
|
|
55.32 |
|
|
56.18 |
|
|
56.27 |
|
|
55.50 |
|
|
60.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible
common equity * |
|
|
15.32 |
% |
|
16.22 |
% |
|
12.80 |
% |
|
16.59 |
% |
|
10.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
assets * |
|
|
1.45 |
% |
|
1.45 |
% |
|
1.22 |
% |
|
1.47 |
% |
|
1.08 |
% |
Adjusted return on average
stockholders' equity * |
|
|
15.08 |
|
|
15.56 |
|
|
12.04 |
|
|
15.43 |
|
|
10.50 |
|
Adjusted return on average
tangible common equity * |
|
|
16.18 |
|
|
16.76 |
|
|
13.03 |
|
|
16.59 |
|
|
11.40 |
|
* |
|
Annualized
measure. |
(1) |
|
See "Reconciliation of Non-GAAP Financial Measures" below for
reconciliation of non-GAAP financial measures to their
most |
|
|
closely comparable GAAP financial measures. |
(2) |
|
On a tax-equivalent basis assuming a federal income tax rate of
21% and a state tax rate of 9.5%. |
Reconciliation of Non-GAAP Financial Measures
– |
Adjusted Net Income and Adjusted Return on Average
Assets |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(dollars in thousands) |
|
Net income |
|
$ |
13,715 |
|
|
$ |
13,717 |
|
|
$ |
10,563 |
|
|
$ |
42,677 |
|
|
$ |
24,203 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses |
|
|
(380 |
) |
|
|
(157 |
) |
|
|
— |
|
|
|
(537 |
) |
|
|
— |
|
|
Branch closure expenses |
|
|
(644 |
) |
|
|
(104 |
) |
|
|
— |
|
|
|
(748 |
) |
|
|
— |
|
|
Charges related to termination of certain employee benefit
plans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,457 |
) |
|
Mortgage servicing rights fair value adjustment |
|
|
40 |
|
|
|
(310 |
) |
|
|
(268 |
) |
|
|
1,425 |
|
|
|
(2,947 |
) |
|
Total adjustments |
|
|
(984 |
) |
|
|
(571 |
) |
|
|
(268 |
) |
|
|
140 |
|
|
|
(4,404 |
) |
|
Tax effect of adjustments |
|
|
220 |
|
|
|
120 |
|
|
|
76 |
|
|
|
(143 |
) |
|
|
1,255 |
|
|
Less adjustments, after tax
effect |
|
|
(764 |
) |
|
|
(451 |
) |
|
|
(192 |
) |
|
|
(3 |
) |
|
|
(3,149 |
) |
|
Adjusted net income |
|
$ |
14,479 |
|
|
$ |
14,168 |
|
|
$ |
10,755 |
|
|
$ |
42,680 |
|
|
$ |
27,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
3,965,051 |
|
|
$ |
3,923,839 |
|
|
$ |
3,512,691 |
|
|
$ |
3,884,115 |
|
|
$ |
3,385,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.37 |
|
% |
|
1.40 |
|
% |
|
1.20 |
|
% |
|
1.47 |
|
% |
|
0.96 |
|
% |
Adjusted return on average
assets * |
|
|
1.45 |
|
|
|
1.45 |
|
|
|
1.22 |
|
|
|
1.47 |
|
|
|
1.08 |
|
|
Reconciliation of Non-GAAP Financial Measures
– |
Adjusted Earnings Per Share |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(dollars in thousands, except per share data) |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,715 |
|
|
$ |
13,717 |
|
|
$ |
10,563 |
|
|
$ |
42,677 |
|
|
$ |
24,203 |
|
Earnings allocated to participating securities (1) |
|
|
(25 |
) |
|
|
(25 |
) |
|
|
(28 |
) |
|
|
(81 |
) |
|
|
(62 |
) |
Numerator for earnings per share - basic and diluted |
|
$ |
13,690 |
|
|
$ |
13,692 |
|
|
$ |
10,535 |
|
|
$ |
42,596 |
|
|
$ |
24,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
14,479 |
|
|
$ |
14,168 |
|
|
$ |
10,755 |
|
|
$ |
42,680 |
|
|
$ |
27,352 |
|
Earnings allocated to participating securities (1) |
|
|
(27 |
) |
|
|
(26 |
) |
|
|
(28 |
) |
|
|
(81 |
) |
|
|
(69 |
) |
Numerator for adjusted earnings per share - basic and diluted |
|
$ |
14,452 |
|
|
$ |
14,142 |
|
|
$ |
10,727 |
|
|
$ |
42,599 |
|
|
$ |
27,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
27,340,926 |
|
|
|
27,362,579 |
|
|
|
27,457,306 |
|
|
|
27,377,809 |
|
|
|
27,457,306 |
|
Dilutive effect of outstanding restricted stock units |
|
|
13,921 |
|
|
|
17,701 |
|
|
|
— |
|
|
|
11,412 |
|
|
|
— |
|
Weighted average common shares outstanding, including all dilutive
potential shares |
|
|
27,354,847 |
|
|
|
27,380,280 |
|
|
|
27,457,306 |
|
|
|
27,389,221 |
|
|
|
27,457,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic |
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.38 |
|
|
$ |
1.56 |
|
|
$ |
0.88 |
|
Earnings per share -
Diluted |
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.38 |
|
|
$ |
1.56 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Basic |
|
$ |
0.53 |
|
|
$ |
0.52 |
|
|
$ |
0.39 |
|
|
$ |
1.56 |
|
|
$ |
0.99 |
|
Adjusted earnings per
share - Diluted |
|
$ |
0.53 |
|
|
$ |
0.52 |
|
|
$ |
0.39 |
|
|
$ |
1.56 |
|
|
$ |
0.99 |
|
(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. |
Reconciliation of Non-GAAP Financial Measures
– |
Net Interest Margin (Tax Equivalent Basis) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(dollars in thousands) |
|
Net interest income (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
30,715 |
|
$ |
29,700 |
|
$ |
28,871 |
|
$ |
89,544 |
|
$ |
88,441 |
|
Tax-equivalent adjustment (1) |
|
|
508 |
|
|
503 |
|
|
495 |
|
|
1,514 |
|
|
1,441 |
|
Net interest income (tax equivalent basis) (1) |
|
$ |
31,223 |
|
$ |
30,203 |
|
$ |
29,366 |
|
$ |
91,058 |
|
$ |
89,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
3.18 |
% |
|
3.14 |
% |
|
3.39 |
% |
|
3.19 |
% |
|
3.63 |
% |
Tax-equivalent adjustment * (1) |
|
|
0.05 |
|
|
0.05 |
|
|
0.06 |
|
|
0.05 |
|
|
0.06 |
|
Net interest margin (tax equivalent basis) * (1) |
|
|
3.23 |
% |
|
3.19 |
% |
|
3.45 |
% |
|
3.24 |
% |
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
3,831,886 |
|
$ |
3,796,219 |
|
$ |
3,385,466 |
|
$ |
3,755,897 |
|
$ |
3,255,182 |
|
* |
|
Annualized
measure. |
(1) |
|
On a tax-equivalent basis assuming a federal income tax rate of
21% and a state tax rate of 9.5%. |
Reconciliation of Non-GAAP Financial Measures
– |
Efficiency Ratio (Tax Equivalent Basis) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(dollars in thousands) |
|
Efficiency ratio (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
22,167 |
|
$ |
22,154 |
|
$ |
22,485 |
|
$ |
66,865 |
|
$ |
69,291 |
|
Less: amortization of intangible assets |
|
|
252 |
|
|
258 |
|
|
305 |
|
|
799 |
|
|
927 |
|
Adjusted noninterest expense |
|
$ |
21,915 |
|
$ |
21,896 |
|
$ |
22,180 |
|
$ |
66,066 |
|
$ |
68,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
30,715 |
|
$ |
29,700 |
|
$ |
28,871 |
|
$ |
89,544 |
|
$ |
88,441 |
|
Total noninterest income |
|
|
8,392 |
|
|
8,774 |
|
|
10,052 |
|
|
27,974 |
|
|
23,364 |
|
Operating revenue |
|
|
39,107 |
|
|
38,474 |
|
|
38,923 |
|
|
117,518 |
|
|
111,805 |
|
Tax-equivalent adjustment (1) |
|
|
508 |
|
|
503 |
|
|
495 |
|
|
1,514 |
|
|
1,441 |
|
Operating revenue (tax equivalent basis)
(1) |
|
$ |
39,615 |
|
$ |
38,977 |
|
$ |
39,418 |
|
$ |
119,032 |
|
$ |
113,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
56.04 |
% |
|
56.91 |
% |
|
56.98 |
% |
|
56.22 |
% |
|
61.15 |
% |
Efficiency ratio (tax
equivalent basis) (1) |
|
|
55.32 |
|
|
56.18 |
|
|
56.27 |
|
|
55.50 |
|
|
60.37 |
|
(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 |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
|
2021 |
|
2021 |
|
2020 |
|
|
|
(dollars in thousands, except per share data) |
|
Tangible common equity |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
378,821 |
|
$ |
373,194 |
|
$ |
355,294 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
1,999 |
|
|
2,251 |
|
|
3,103 |
|
Tangible common equity |
|
$ |
353,202 |
|
$ |
347,323 |
|
$ |
328,571 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,948,226 |
|
$ |
3,953,677 |
|
$ |
3,535,223 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
1,999 |
|
|
2,251 |
|
|
3,103 |
|
Tangible assets |
|
$ |
3,922,607 |
|
$ |
3,927,806 |
|
$ |
3,508,500 |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets |
|
|
9.59 |
% |
|
9.44 |
% |
|
10.05 |
% |
Tangible common equity to
tangible assets |
|
|
9.00 |
|
|
8.84 |
|
|
9.36 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
27,334,428 |
|
|
27,355,053 |
|
|
27,457,306 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
13.86 |
|
$ |
13.64 |
|
$ |
12.94 |
|
Tangible book value per
share |
|
|
12.92 |
|
|
12.70 |
|
|
11.97 |
|
Reconciliation of Non-GAAP Financial Measures
– |
Adjusted Return on Average Stockholders' Equity and
Adjusted Return on Tangible Common Equity |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(dollars in thousands) |
|
Average tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
380,863 |
|
$ |
365,190 |
|
$ |
355,296 |
|
$ |
369,933 |
|
$ |
347,812 |
|
Less: Goodwill |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
2,152 |
|
|
2,410 |
|
|
3,284 |
|
|
2,414 |
|
|
3,589 |
|
Average tangible common equity |
|
$ |
355,091 |
|
$ |
339,160 |
|
$ |
328,392 |
|
$ |
343,899 |
|
$ |
320,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,715 |
|
$ |
13,717 |
|
$ |
10,563 |
|
$ |
42,677 |
|
$ |
24,203 |
|
Adjusted net income |
|
|
14,479 |
|
|
14,168 |
|
|
10,755 |
|
|
42,680 |
|
|
27,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity * |
|
|
14.29 |
% |
|
15.07 |
% |
|
11.83 |
% |
|
15.42 |
% |
|
9.30 |
% |
Return on average tangible
common equity * |
|
|
15.32 |
|
|
16.22 |
|
|
12.80 |
|
|
16.59 |
|
|
10.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
stockholders' equity * |
|
|
15.08 |
% |
|
15.56 |
% |
|
12.04 |
% |
|
15.43 |
% |
|
10.50 |
% |
Adjusted return on average
tangible common equity * |
|
|
16.18 |
|
|
16.76 |
|
|
13.03 |
|
|
16.59 |
|
|
11.40 |
|
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