HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial”
or “HBT”), the holding company for Heartland Bank and Trust
Company, today reported net income of $14.1 million, or
$0.49 diluted earnings per share, for the second quarter of
2022. This compares to net income of $13.6 million, or
$0.47 diluted earnings per share, for the first quarter of
2022, and net income of $13.7 million, or $0.50 diluted
earnings per share, for the second quarter of 2021.
Fred L. Drake, Chairman and Chief Executive Officer
of HBT Financial, said, “During the second quarter, we had
significant expansion in our net interest margin, disciplined
expense control, and continued strong asset quality, which enabled
us to generate a higher level of earnings and returns compared to
the prior quarter. Given our asset sensitive balance sheet, we
expect to continue benefiting from higher interest rates, which
along with our expectation for a higher level of loan growth in the
second half of the year, should result in further increases in net
interest income. As we look ahead, our franchise is built upon the
foundation of a very stable deposit base and conservatively
underwritten, well diversified loan portfolio that we believe will
help us to effectively manage through any potential economic
downturn and continue delivering strong financial performance.
Combined with our exceptionally strong balance sheet, we believe
our consistent financial performance will enable us to continue
enhancing the value of our franchise and returning capital to our
shareholders through our quarterly dividend and share repurchase
program.”
Adjusted Net Income
In addition to reporting GAAP results, the Company
believes adjusted net income and adjusted earnings per share, which
adjust for acquisition expenses, branch closure expenses, gains
(losses) on sale of closed branch premises, net earnings (losses)
from closed or sold operations, charges related to termination of
certain employee benefit plans, realized gains (losses) on sales of
securities, and mortgage servicing rights fair value adjustments,
provide investors with additional insight into its operational
performance. The Company reported adjusted net income of
$13.8 million, or $0.48 adjusted diluted earnings per
share, for the second quarter of 2022. This compares to adjusted
net income of $12.2 million, or $0.42 adjusted diluted
earnings per share, for the first quarter of 2022, and adjusted net
income of $14.2 million, or $0.52 adjusted diluted
earnings per share, for the second quarter of 2021 (see
"Reconciliation of Non-GAAP Financial Measures" tables).
Net Interest Income and Net Interest
Margin
Net interest income for the second quarter of 2022
was $34.4 million, an increase of 7.7% from $31.9 million
for the first quarter of 2022. The increase was primarily
attributable to higher yields on interest-earning assets. Paycheck
Protection Program (“PPP”) loan fees recognized as loan interest
income totaled $0.6 million during the second quarter of 2022
and $0.7 million during the first quarter of 2022. As of
June 30, 2022, the remaining deferred PPP loan fees to be
recognized as income totaled $0.1 million.
Relative to the second quarter of 2021, net
interest income increased 15.7% from $29.7 million. The
increase was primarily attributable to higher average balances of
interest-earning assets following the NXT Bancorporation, Inc.
(“NXT”) acquisition in the fourth quarter of 2021. PPP loan fees
recognized as loan interest income totaled $2.4 million during
the second quarter of 2021.
Net interest margin for the second quarter of 2022
was 3.34%, compared to 3.08% for the first quarter of 2022. The
increase was primarily attributable to higher yields on
interest-earning assets. The contribution of PPP loan fees to net
interest margin was 6 basis points during the second quarter of
2022 and 7 basis points during the first quarter of 2022.
Additionally, the contribution of acquired loan discount accretion
to net interest margin increased to 3 basis points during the
second quarter of 2022 from 1 basis point during the first quarter
of 2022.
Relative to the second quarter of 2021, net
interest margin increased from 3.14%. This increase was primarily
attributable to a more favorable mix of interest-earning assets.
PPP loan fees recognized as loan interest income contributed 25
basis points to net interest margin and acquired loan discount
accretion contributed 2 basis points to net interest margin during
the second quarter of 2021.
Noninterest Income
Noninterest income for the second quarter of 2022
was $8.6 million, a decrease of 14.9% from $10.0 million
for the first quarter of 2022. The decrease was primarily
attributable to a positive $0.4 million mortgage servicing rights
(“MSR”) fair value adjustment included in the second quarter of
2022 results, compared to a positive $1.7 million MSR fair value
adjustment included in the first quarter of 2022 results.
Additionally, card income increased by $0.3 million during the
second quarter of 2022, primarily due to increased card transaction
volume. The increase in card income was mostly offset by a
$0.3 million decrease in gains on sale of mortgage loans
primarily as a result of a lower level of mortgage refinancing
activity.
Relative to the second quarter of 2021, noninterest
income decreased 2.5% from $8.8 million, primarily due to a
$1.2 million decrease in gains on sale of mortgage loans
resulting from a lower level of mortgage refinancing activity. This
decrease was mostly offset by increases in service charges on
deposit accounts, wealth management fees, and card income.
Noninterest Expense
Noninterest expense for the second quarter of 2022
was $23.8 million, a decrease of 1.3% from $24.2 million
for the first quarter of 2022. The decrease was primarily
attributable to a $0.5 million decrease in employee benefits
expense as the first quarter of 2022 results included accelerated
recognition of $0.6 million of stock compensation expense as a
result of a modification to all existing restricted stock unit and
performance restricted stock unit agreements to address treatment
upon retirement. Total compensation costs related to the modified
agreements remains the same.
Relative to the second quarter of 2021, noninterest
expense increased 7.6% from $22.2 million. The increase was
primarily attributable to a higher base level of noninterest
expense following the NXT acquisition, primarily related to
personnel costs and branch operations expenses.
Loan Portfolio
Total loans outstanding, before allowance for loan
losses, were $2.45 billion at June 30, 2022, compared with
$2.49 billion at March 31, 2022 and $2.15 billion at
June 30, 2021. The $36.0 million decrease in total loans from
March 31, 2022 was primarily attributable to a
$41.2 million seasonal decrease in grain elevator operating
lines within the commercial and industrial portfolio and a
$13.7 million decrease from the ongoing forgiveness of PPP
loans. These decreases were partially offset by a
$26.0 million increase in multi-family loans.
Deposits
Total deposits were $3.70 billion at June 30,
2022, compared with $3.82 billion at March 31, 2022 and
$3.42 billion at June 30, 2021. The $114.1 million
decrease from March 31, 2022 was primarily attributable to
lower balances maintained in retail and business accounts,
partially offset by a seasonal increase in public fund accounts as
a result of real estate tax collections.
Asset Quality
Nonperforming loans totaled $3.4 million, or
0.14% of total loans, at June 30, 2022, compared with
$2.5 million, or 0.10% of total loans, at March 31, 2022,
and $7.4 million, or 0.34% of total loans, at June 30,
2021.
The Company recorded a provision for loan losses of
$0.1 million for the second quarter of 2022, compared to a negative
provision for loan losses of $0.6 million for the first quarter of
2022. The provision was primarily due to changes to qualitative
factors reflecting a slight deterioration in the economic
environment since the first quarter of 2022, resulting in a
$0.4 million increase in required reserve; a decrease in
specific reserves on loans individually evaluated for impairment,
resulting in a $0.2 million decrease in required reserves; and
$0.1 million of net recoveries during the quarter.
The Company had net recoveries of
$0.1 million, or (0.01)% of average loans on an annualized
basis, for the second quarter of 2022, compared to net recoveries
of $1.2 million, or (0.19)% of average loans on an annualized
basis, for the first quarter of 2022, and net charge-offs of $90
thousand, or 0.02% of average loans on an annualized basis, for the
second quarter of 2021.
The Company’s allowance for loan losses was 1.01%
of total loans and 721.11% of nonperforming loans at June 30, 2022,
compared with 0.99% of total loans and 992.63% of nonperforming
loans at March 31, 2022.
Capital
At June 30, 2022, the Company exceeded all
regulatory capital requirements under Basel III as summarized in
the following table:
|
|
|
|
|
Well Capitalized |
|
|
Regulatory |
|
June 30, 2022 |
Requirements |
Total capital to risk-weighted assets |
16.76% |
10.00% |
Tier 1 capital to risk-weighted assets |
14.59% |
8.00% |
Common equity tier 1 capital ratio |
13.36% |
6.50% |
Tier 1 leverage ratio |
10.05% |
5.00% |
Total stockholders' equity to total assets |
8.85% |
N/A |
Tangible common equity to tangible assets (1) |
8.18% |
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 second quarter of 2022, the Company
repurchased 136,746 shares of its common stock at a weighted
average price of $17.61 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 January 1, 2023. As of June 30, 2022, the Company
had $11.6 million remaining under the current stock repurchase
authorization.
About HBT Financial, Inc.
HBT Financial, Inc., headquartered in Bloomington,
Illinois, is the holding company for Heartland Bank and Trust
Company, and has banking roots that can be traced back to 1920. HBT
provides a comprehensive suite of business, commercial, wealth
management, and retail banking products and services to
individuals, businesses and municipal entities throughout Central
and Northeastern Illinois and Eastern Iowa through 61 branches. As
of June 30, 2022, HBT had total assets of $4.2 billion, total
loans of $2.5 billion, and total deposits of
$3.7 billion.
Non-GAAP Financial Measures
Some of the financial measures included in this
press release are not measures of financial performance recognized
in accordance with GAAP. These non-GAAP financial measures include
net interest income (tax-equivalent basis), net interest margin
(tax-equivalent basis), efficiency ratio (tax-equivalent basis),
tangible common equity to tangible assets, tangible book value per
share, return on average tangible common equity, adjusted net
income, adjusted earnings per share, adjusted return on average
assets, adjusted return on average stockholders' equity, and
adjusted return on average tangible common equity. Our management
uses these non-GAAP financial measures, together with the related
GAAP financial measures, in its analysis of our performance and in
making business decisions. Management believes that it is a
standard practice in the banking industry to present these non-GAAP
financial measures, and accordingly believes that providing these
measures may be useful for peer comparison purposes. These
disclosures should not be viewed as substitutes for the results
determined to be in accordance with GAAP; nor are they necessarily
comparable to non-GAAP financial measures that may be presented by
other companies. See our reconciliation of non-GAAP financial
measures to their most directly comparable GAAP financial measures
in the "Reconciliation of Non-GAAP Financial Measures" tables.
Forward-Looking Statements
Readers should note that in addition to the
historical information contained herein, this press release
contains, and future oral and written statements of the Company and
its management may contain, "forward-looking statements" within the
meanings of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "will," "propose," "may,"
"plan," "seek," "expect," "intend," "estimate," "anticipate,"
"believe," "continue," or “should,” or similar terminology. Any
forward-looking statements presented herein are made only as of the
date of this press release, and the Company does not undertake any
obligation to update or revise any forward-looking statements to
reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise.
Factors that could cause actual results to differ
materially from these forward-looking statements include, but are
not limited to: (i) the strength of the local, state, national and
international economies (including effects of inflationary
pressures and supply chain constraints); (ii) the economic impact
of any future terrorist threats and attacks, widespread disease or
pandemics (including the COVID-19 pandemic in the United States),
acts of war or other threats thereof, or other adverse external
events that could cause economic deterioration or instability in
credit markets, and the response of the local, state and national
governments to any such adverse external events; (iii) changes in
accounting policies and practices, as may be adopted by state and
federal regulatory agencies, the FASB or the PCAOB; (iv) changes in
state and federal laws, regulations and governmental policies
concerning the Company’s general business; (v) changes in interest
rates and prepayment rates of the Company’s assets (including the
impact of LIBOR phase-out); (vi) increased competition in the
financial services sector and the inability to attract new
customers; (vii) changes in technology and the ability to develop
and maintain secure and reliable electronic systems; (viii)
unexpected results of acquisitions, which may include failure to
realize the anticipated benefits of acquisitions and the
possibility that transaction costs may be greater than anticipated;
(ix) the loss of key executives or employees; (x) changes in
consumer spending; (xi) unexpected outcomes of existing or new
litigation involving the Company; (xii) the economic impact of
exceptional weather occurrences such as tornadoes, floods and
blizzards; and (xiii) the ability of the Company to manage the
risks associated with the foregoing. Readers should note that the
forward-looking statements included in this press release are not a
guarantee of future events, and that actual events may differ
materially from those made in or suggested by the forward-looking
statements. Additional information concerning the Company and its
business, including additional factors that could materially affect
the Company’s financial results, is included in the Company’s
filings with the Securities and Exchange Commission.
CONTACT:Tony
RossiHBTIR@hbtbank.com (310) 622-8221
HBT Financial,
Inc.Unaudited Consolidated Financial
SummaryConsolidated Statements of
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
INTEREST AND DIVIDEND
INCOME |
|
(dollars in thousands, except per share data) |
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
27,843 |
|
|
$ |
26,806 |
|
|
$ |
25,278 |
|
|
$ |
54,649 |
|
|
$ |
50,412 |
|
Federally tax exempt |
|
|
679 |
|
|
|
662 |
|
|
|
540 |
|
|
|
1,341 |
|
|
|
1,150 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
5,663 |
|
|
|
4,649 |
|
|
|
4,058 |
|
|
|
10,312 |
|
|
|
7,691 |
|
Federally tax exempt |
|
|
1,138 |
|
|
|
1,040 |
|
|
|
1,144 |
|
|
|
2,178 |
|
|
|
2,280 |
|
Interest-bearing deposits in bank |
|
|
420 |
|
|
|
159 |
|
|
|
115 |
|
|
|
579 |
|
|
|
195 |
|
Other interest and dividend income |
|
|
14 |
|
|
|
19 |
|
|
|
12 |
|
|
|
33 |
|
|
|
25 |
|
Total interest and dividend income |
|
|
35,757 |
|
|
|
33,335 |
|
|
|
31,147 |
|
|
|
69,092 |
|
|
|
61,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
506 |
|
|
|
569 |
|
|
|
613 |
|
|
|
1,075 |
|
|
|
1,257 |
|
Securities sold under agreements to repurchase |
|
|
8 |
|
|
|
9 |
|
|
|
8 |
|
|
|
17 |
|
|
|
15 |
|
Borrowings |
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
2 |
|
|
|
1 |
|
Subordinated notes |
|
|
469 |
|
|
|
470 |
|
|
|
469 |
|
|
|
939 |
|
|
|
939 |
|
Junior subordinated debentures issued to capital trusts |
|
|
400 |
|
|
|
358 |
|
|
|
357 |
|
|
|
758 |
|
|
|
712 |
|
Total interest expense |
|
|
1,384 |
|
|
|
1,407 |
|
|
|
1,447 |
|
|
|
2,791 |
|
|
|
2,924 |
|
Net interest income |
|
|
34,373 |
|
|
|
31,928 |
|
|
|
29,700 |
|
|
|
66,301 |
|
|
|
58,829 |
|
PROVISION FOR LOAN
LOSSES |
|
|
145 |
|
|
|
(584 |
) |
|
|
(2,162 |
) |
|
|
(439 |
) |
|
|
(5,567 |
) |
Net interest income after provision for loan
losses |
|
|
34,228 |
|
|
|
32,512 |
|
|
|
31,862 |
|
|
|
66,740 |
|
|
|
64,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
2,714 |
|
|
|
2,404 |
|
|
|
2,449 |
|
|
|
5,118 |
|
|
|
4,707 |
|
Wealth management fees |
|
|
2,322 |
|
|
|
2,289 |
|
|
|
2,005 |
|
|
|
4,611 |
|
|
|
3,977 |
|
Service charges on deposit accounts |
|
|
1,792 |
|
|
|
1,652 |
|
|
|
1,390 |
|
|
|
3,444 |
|
|
|
2,687 |
|
Mortgage servicing |
|
|
661 |
|
|
|
658 |
|
|
|
711 |
|
|
|
1,319 |
|
|
|
1,396 |
|
Mortgage servicing rights fair value adjustment |
|
|
366 |
|
|
|
1,729 |
|
|
|
(310 |
) |
|
|
2,095 |
|
|
|
1,385 |
|
Gains on sale of mortgage loans |
|
|
326 |
|
|
|
587 |
|
|
|
1,562 |
|
|
|
913 |
|
|
|
3,662 |
|
Unrealized gains (losses) on equity securities |
|
|
(153 |
) |
|
|
(187 |
) |
|
|
6 |
|
|
|
(340 |
) |
|
|
46 |
|
Gains (losses) on foreclosed assets |
|
|
(7 |
) |
|
|
40 |
|
|
|
216 |
|
|
|
33 |
|
|
|
140 |
|
Gains (losses) on other assets |
|
|
(43 |
) |
|
|
193 |
|
|
|
(48 |
) |
|
|
150 |
|
|
|
(47 |
) |
Income on bank owned life insurance |
|
|
41 |
|
|
|
40 |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
Other noninterest income |
|
|
532 |
|
|
|
638 |
|
|
|
793 |
|
|
|
1,170 |
|
|
|
1,629 |
|
Total noninterest income |
|
|
8,551 |
|
|
|
10,043 |
|
|
|
8,774 |
|
|
|
18,594 |
|
|
|
19,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
12,936 |
|
|
|
12,801 |
|
|
|
12,173 |
|
|
|
25,737 |
|
|
|
24,651 |
|
Employee benefits |
|
|
1,984 |
|
|
|
2,444 |
|
|
|
1,409 |
|
|
|
4,428 |
|
|
|
3,094 |
|
Occupancy of bank premises |
|
|
1,741 |
|
|
|
2,060 |
|
|
|
1,463 |
|
|
|
3,801 |
|
|
|
3,401 |
|
Furniture and equipment |
|
|
623 |
|
|
|
552 |
|
|
|
603 |
|
|
|
1,175 |
|
|
|
1,226 |
|
Data processing |
|
|
1,990 |
|
|
|
1,653 |
|
|
|
1,721 |
|
|
|
3,643 |
|
|
|
3,409 |
|
Marketing and customer relations |
|
|
1,205 |
|
|
|
851 |
|
|
|
843 |
|
|
|
2,056 |
|
|
|
1,408 |
|
Amortization of intangible assets |
|
|
245 |
|
|
|
245 |
|
|
|
258 |
|
|
|
490 |
|
|
|
547 |
|
FDIC insurance |
|
|
298 |
|
|
|
288 |
|
|
|
244 |
|
|
|
586 |
|
|
|
484 |
|
Loan collection and servicing |
|
|
278 |
|
|
|
157 |
|
|
|
333 |
|
|
|
435 |
|
|
|
698 |
|
Foreclosed assets |
|
|
31 |
|
|
|
132 |
|
|
|
319 |
|
|
|
163 |
|
|
|
462 |
|
Other noninterest expense |
|
|
2,511 |
|
|
|
2,974 |
|
|
|
2,788 |
|
|
|
5,485 |
|
|
|
5,318 |
|
Total noninterest expense |
|
|
23,842 |
|
|
|
24,157 |
|
|
|
22,154 |
|
|
|
47,999 |
|
|
|
44,698 |
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
|
18,937 |
|
|
|
18,398 |
|
|
|
18,482 |
|
|
|
37,335 |
|
|
|
39,280 |
|
INCOME TAX
EXPENSE |
|
|
4,852 |
|
|
|
4,794 |
|
|
|
4,765 |
|
|
|
9,646 |
|
|
|
10,318 |
|
NET
INCOME |
|
$ |
14,085 |
|
|
$ |
13,604 |
|
|
$ |
13,717 |
|
|
$ |
27,689 |
|
|
$ |
28,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE -
BASIC |
|
$ |
0.49 |
|
|
$ |
0.47 |
|
|
$ |
0.50 |
|
|
$ |
0.96 |
|
|
$ |
1.06 |
|
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.49 |
|
|
$ |
0.47 |
|
|
$ |
0.50 |
|
|
$ |
0.95 |
|
|
$ |
1.05 |
|
WEIGHTED AVERAGE
SHARES OF COMMON STOCK OUTSTANDING |
|
|
28,891,202 |
|
|
|
28,986,593 |
|
|
|
27,362,579 |
|
|
|
28,938,634 |
|
|
|
27,396,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial,
Inc.Unaudited Consolidated Financial
SummaryConsolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
25,478 |
|
|
$ |
30,761 |
|
|
$ |
47,861 |
|
Interest-bearing deposits with banks |
|
|
134,553 |
|
|
|
328,218 |
|
|
|
497,742 |
|
Cash and cash equivalents |
|
|
160,031 |
|
|
|
358,979 |
|
|
|
545,603 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits with banks |
|
|
— |
|
|
|
487 |
|
|
|
— |
|
Debt securities available-for-sale, at fair value |
|
|
924,706 |
|
|
|
933,922 |
|
|
|
836,267 |
|
Debt securities held-to-maturity |
|
|
548,236 |
|
|
|
438,054 |
|
|
|
309,132 |
|
Equity securities with readily determinable fair value |
|
|
3,103 |
|
|
|
3,256 |
|
|
|
3,338 |
|
Equity securities with no readily determinable fair value |
|
|
1,952 |
|
|
|
1,927 |
|
|
|
1,552 |
|
Restricted stock, at cost |
|
|
2,813 |
|
|
|
2,739 |
|
|
|
2,739 |
|
Loans held for sale |
|
|
5,312 |
|
|
|
1,777 |
|
|
|
5,951 |
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for loan losses |
|
|
2,451,826 |
|
|
|
2,487,785 |
|
|
|
2,152,119 |
|
Allowance for loan losses |
|
|
(24,734 |
) |
|
|
(24,508 |
) |
|
|
(26,507 |
) |
Loans, net of allowance for loan losses |
|
|
2,427,092 |
|
|
|
2,463,277 |
|
|
|
2,125,612 |
|
|
|
|
|
|
|
|
|
|
|
Bank owned life insurance |
|
|
7,474 |
|
|
|
7,433 |
|
|
|
— |
|
Bank premises and equipment, net |
|
|
51,433 |
|
|
|
52,005 |
|
|
|
51,900 |
|
Bank premises held for sale |
|
|
319 |
|
|
|
1,081 |
|
|
|
121 |
|
Foreclosed assets |
|
|
2,891 |
|
|
|
3,043 |
|
|
|
7,757 |
|
Goodwill |
|
|
29,322 |
|
|
|
29,322 |
|
|
|
23,620 |
|
Core deposit intangible assets, net |
|
|
1,453 |
|
|
|
1,698 |
|
|
|
2,251 |
|
Mortgage servicing rights, at fair value |
|
|
10,089 |
|
|
|
9,723 |
|
|
|
7,319 |
|
Investments in unconsolidated subsidiaries |
|
|
1,165 |
|
|
|
1,165 |
|
|
|
1,165 |
|
Accrued interest receivable |
|
|
14,263 |
|
|
|
13,527 |
|
|
|
12,785 |
|
Other assets |
|
|
32,324 |
|
|
|
25,550 |
|
|
|
16,565 |
|
Total assets |
|
$ |
4,223,978 |
|
|
$ |
4,348,965 |
|
|
$ |
3,953,677 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,028,790 |
|
|
$ |
1,069,231 |
|
|
$ |
1,011,481 |
|
Interest-bearing |
|
|
2,673,196 |
|
|
|
2,746,838 |
|
|
|
2,413,153 |
|
Total deposits |
|
|
3,701,986 |
|
|
|
3,816,069 |
|
|
|
3,424,634 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
51,091 |
|
|
|
50,834 |
|
|
|
46,756 |
|
Subordinated notes |
|
|
39,356 |
|
|
|
39,336 |
|
|
|
39,277 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,747 |
|
|
|
37,731 |
|
|
|
37,681 |
|
Other liabilities |
|
|
19,989 |
|
|
|
21,840 |
|
|
|
32,135 |
|
Total liabilities |
|
|
3,850,169 |
|
|
|
3,965,810 |
|
|
|
3,580,483 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
293 |
|
|
|
293 |
|
|
|
275 |
|
Surplus |
|
|
222,087 |
|
|
|
221,735 |
|
|
|
191,185 |
|
Retained earnings |
|
|
212,506 |
|
|
|
203,076 |
|
|
|
175,328 |
|
Accumulated other comprehensive income (loss) |
|
|
(52,820 |
) |
|
|
(36,100 |
) |
|
|
8,386 |
|
Treasury stock at cost |
|
|
(8,257 |
) |
|
|
(5,849 |
) |
|
|
(1,980 |
) |
Total stockholders’ equity |
|
|
373,809 |
|
|
|
383,155 |
|
|
|
373,194 |
|
Total liabilities and stockholders’ equity |
|
$ |
4,223,978 |
|
|
$ |
4,348,965 |
|
|
$ |
3,953,677 |
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
|
28,831,197 |
|
|
|
28,967,943 |
|
|
|
27,355,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
LOANS |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
249,839 |
|
$ |
291,909 |
|
$ |
321,352 |
Agricultural and farmland |
|
|
230,370 |
|
|
232,528 |
|
|
231,527 |
Commercial real estate - owner occupied |
|
|
228,997 |
|
|
237,000 |
|
|
212,597 |
Commercial real estate - non-owner occupied |
|
|
656,093 |
|
|
687,617 |
|
|
531,803 |
Multi-family |
|
|
269,452 |
|
|
243,447 |
|
|
212,079 |
Construction and land development |
|
|
332,041 |
|
|
320,030 |
|
|
204,619 |
One-to-four family residential |
|
|
325,047 |
|
|
327,791 |
|
|
302,888 |
Municipal, consumer, and other |
|
|
159,987 |
|
|
147,463 |
|
|
135,254 |
Loans, before allowance for loan losses |
|
$ |
2,451,826 |
|
$ |
2,487,785 |
|
$ |
2,152,119 |
|
|
|
|
|
|
|
|
|
|
PPP LOANS (included
above) |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
2,823 |
|
$ |
16,184 |
|
$ |
115,538 |
Agricultural and farmland |
|
|
9 |
|
|
392 |
|
|
8,711 |
Municipal, consumer, and other |
|
|
— |
|
|
— |
|
|
1,273 |
Total PPP Loans |
|
$ |
2,832 |
|
$ |
16,576 |
|
$ |
125,522 |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
DEPOSITS |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,028,790 |
|
$ |
1,069,231 |
|
$ |
1,011,481 |
Interest-bearing demand |
|
|
1,162,292 |
|
|
1,167,058 |
|
|
1,023,565 |
Money market |
|
|
581,058 |
|
|
597,464 |
|
|
506,880 |
Savings |
|
|
654,953 |
|
|
687,147 |
|
|
603,849 |
Time |
|
|
274,893 |
|
|
295,169 |
|
|
278,859 |
Total deposits |
|
$ |
3,701,986 |
|
$ |
3,816,069 |
|
$ |
3,424,634 |
|
|
|
|
|
|
|
|
|
|
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
AverageBalance |
|
Interest |
|
Yield/Cost* |
|
AverageBalance |
|
Interest |
|
Yield/Cost* |
|
AverageBalance |
|
Interest |
|
Yield/Cost* |
|
|
(dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
2,467,851 |
|
|
$ |
28,522 |
|
4.64 |
% |
$ |
2,507,006 |
|
|
$ |
27,468 |
|
4.44 |
% |
$ |
2,234,388 |
|
|
$ |
25,818 |
|
4.63 |
% |
Securities |
|
1,422,096 |
|
|
|
6,801 |
|
1.92 |
|
|
1,321,918 |
|
|
|
5,689 |
|
1.75 |
|
|
1,121,104 |
|
|
|
5,202 |
|
1.86 |
|
Deposits with banks |
|
240,692 |
|
|
|
420 |
|
0.70 |
|
|
370,130 |
|
|
|
159 |
|
0.17 |
|
|
438,001 |
|
|
|
115 |
|
0.11 |
|
Other |
|
2,809 |
|
|
|
14 |
|
2.07 |
|
|
2,739 |
|
|
|
19 |
|
2.80 |
|
|
2,726 |
|
|
|
12 |
|
1.83 |
|
Total interest-earning assets |
|
4,133,448 |
|
|
$ |
35,757 |
|
3.47 |
% |
|
4,201,793 |
|
|
$ |
33,335 |
|
3.22 |
% |
|
3,796,219 |
|
|
$ |
31,147 |
|
3.29 |
% |
Allowance for loan losses |
|
(24,579 |
) |
|
|
|
|
|
|
|
(24,099 |
) |
|
|
|
|
|
|
|
(28,939 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
177,433 |
|
|
|
|
|
|
|
|
165,752 |
|
|
|
|
|
|
|
|
156,559 |
|
|
|
|
|
|
|
Total assets |
$ |
4,286,302 |
|
|
|
|
|
|
|
$ |
4,343,446 |
|
|
|
|
|
|
|
$ |
3,923,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,159,077 |
|
|
$ |
144 |
|
0.05 |
% |
$ |
1,143,829 |
|
|
$ |
142 |
|
0.05 |
% |
$ |
1,019,488 |
|
|
$ |
127 |
|
0.05 |
% |
Money market |
|
582,016 |
|
|
|
110 |
|
0.08 |
|
|
598,271 |
|
|
|
121 |
|
0.08 |
|
|
502,448 |
|
|
|
94 |
|
0.08 |
|
Savings |
|
661,661 |
|
|
|
52 |
|
0.03 |
|
|
649,563 |
|
|
|
50 |
|
0.03 |
|
|
601,615 |
|
|
|
46 |
|
0.03 |
|
Time |
|
284,880 |
|
|
|
200 |
|
0.28 |
|
|
310,675 |
|
|
|
256 |
|
0.33 |
|
|
290,865 |
|
|
|
346 |
|
0.48 |
|
Total interest-bearing deposits |
|
2,687,634 |
|
|
|
506 |
|
0.08 |
|
|
2,702,338 |
|
|
|
569 |
|
0.09 |
|
|
2,414,416 |
|
|
|
613 |
|
0.10 |
|
Securities sold under agreements to repurchase |
|
51,057 |
|
|
|
8 |
|
0.07 |
|
|
53,054 |
|
|
|
9 |
|
0.07 |
|
|
47,170 |
|
|
|
8 |
|
0.07 |
|
Borrowings |
|
440 |
|
|
|
1 |
|
1.34 |
|
|
500 |
|
|
|
1 |
|
0.71 |
|
|
440 |
|
|
|
— |
|
0.39 |
|
Subordinated notes |
|
39,346 |
|
|
|
469 |
|
4.79 |
|
|
39,325 |
|
|
|
470 |
|
4.84 |
|
|
39,265 |
|
|
|
469 |
|
4.80 |
|
Junior subordinated debentures issued to capital trusts |
|
37,738 |
|
|
|
400 |
|
4.26 |
|
|
37,721 |
|
|
|
358 |
|
3.85 |
|
|
37,671 |
|
|
|
357 |
|
3.80 |
|
Total interest-bearing liabilities |
|
2,816,215 |
|
|
$ |
1,384 |
|
0.20 |
% |
|
2,832,938 |
|
|
$ |
1,407 |
|
0.20 |
% |
|
2,538,962 |
|
|
$ |
1,447 |
|
0.23 |
% |
Noninterest-bearing deposits |
|
1,072,883 |
|
|
|
|
|
|
|
|
1,077,917 |
|
|
|
|
|
|
|
|
992,699 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
18,673 |
|
|
|
|
|
|
|
|
26,302 |
|
|
|
|
|
|
|
|
26,988 |
|
|
|
|
|
|
|
Total liabilities |
|
3,907,771 |
|
|
|
|
|
|
|
|
3,937,157 |
|
|
|
|
|
|
|
|
3,558,649 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
378,531 |
|
|
|
|
|
|
|
|
406,289 |
|
|
|
|
|
|
|
|
365,190 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
4,286,302 |
|
|
|
|
|
|
|
$ |
4,343,446 |
|
|
|
|
|
|
|
$ |
3,923,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
$ |
34,373 |
|
3.34 |
% |
|
|
|
$ |
31,928 |
|
3.08 |
% |
|
|
|
$ |
29,700 |
|
3.14 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
598 |
|
0.05 |
|
|
|
|
|
529 |
|
0.05 |
|
|
|
|
|
503 |
|
0.05 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
$ |
34,971 |
|
3.39 |
% |
|
|
|
$ |
32,457 |
|
3.13 |
% |
|
|
|
$ |
30,203 |
|
3.19 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
3.27 |
% |
|
|
|
|
|
|
3.02 |
% |
|
|
|
|
|
|
3.06 |
% |
Net interest-earning assets
(5) |
$ |
1,317,233 |
|
|
|
|
|
|
|
$ |
1,368,855 |
|
|
|
|
|
|
|
$ |
1,257,257 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
1.47 |
|
|
|
|
|
|
|
|
1.48 |
|
|
|
|
|
|
|
|
1.50 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
0.05 |
% |
|
|
|
|
|
|
0.06 |
% |
|
|
|
|
|
|
0.07 |
% |
* 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.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, 2022 |
|
June 30, 2021 |
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
|
|
Balance |
|
Interest |
|
Yield/Cost* |
|
Balance |
|
Interest |
|
Yield/Cost* |
|
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,487,320 |
|
|
$ |
55,990 |
|
4.54 |
% |
$ |
2,259,136 |
|
|
$ |
51,562 |
|
4.60 |
% |
Securities |
|
|
1,372,284 |
|
|
|
12,490 |
|
1.84 |
|
|
1,063,312 |
|
|
|
9,971 |
|
1.89 |
|
Deposits with banks |
|
|
305,053 |
|
|
|
579 |
|
0.38 |
|
|
392,213 |
|
|
|
195 |
|
0.10 |
|
Other |
|
|
2,775 |
|
|
|
33 |
|
2.43 |
|
|
2,612 |
|
|
|
25 |
|
1.93 |
|
Total interest-earning assets |
|
|
4,167,432 |
|
|
$ |
69,092 |
|
3.34 |
% |
|
3,717,273 |
|
|
$ |
61,753 |
|
3.35 |
% |
Allowance for loan losses |
|
|
(24,340 |
) |
|
|
|
|
|
|
|
(30,390 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
171,624 |
|
|
|
|
|
|
|
|
156,093 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,314,716 |
|
|
|
|
|
|
|
$ |
3,842,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,151,495 |
|
|
$ |
286 |
|
0.05 |
% |
$ |
1,008,664 |
|
|
$ |
244 |
|
0.05 |
% |
Money market |
|
|
590,098 |
|
|
|
231 |
|
0.08 |
|
|
492,472 |
|
|
|
183 |
|
0.07 |
|
Savings |
|
|
655,645 |
|
|
|
102 |
|
0.03 |
|
|
571,921 |
|
|
|
87 |
|
0.03 |
|
Time |
|
|
297,706 |
|
|
|
456 |
|
0.31 |
|
|
292,509 |
|
|
|
743 |
|
0.51 |
|
Total interest-bearing deposits |
|
|
2,694,944 |
|
|
|
1,075 |
|
0.08 |
|
|
2,365,566 |
|
|
|
1,257 |
|
0.11 |
|
Securities sold under agreements to repurchase |
|
|
52,050 |
|
|
|
17 |
|
0.07 |
|
|
46,761 |
|
|
|
15 |
|
0.06 |
|
Borrowings |
|
|
470 |
|
|
|
2 |
|
1.01 |
|
|
470 |
|
|
|
1 |
|
0.42 |
|
Subordinated notes |
|
|
39,335 |
|
|
|
939 |
|
4.82 |
|
|
39,255 |
|
|
|
939 |
|
4.83 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,730 |
|
|
|
758 |
|
4.05 |
|
|
37,663 |
|
|
|
712 |
|
3.81 |
|
Total interest-bearing liabilities |
|
|
2,824,529 |
|
|
$ |
2,791 |
|
0.20 |
% |
|
2,489,715 |
|
|
$ |
2,924 |
|
0.24 |
% |
Noninterest-bearing deposits |
|
|
1,075,387 |
|
|
|
|
|
|
|
|
956,806 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
22,466 |
|
|
|
|
|
|
|
|
32,077 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,922,382 |
|
|
|
|
|
|
|
|
3,478,598 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
392,334 |
|
|
|
|
|
|
|
|
364,378 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,314,716 |
|
|
|
|
|
|
|
|
3,842,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
66,301 |
|
3.21 |
% |
|
|
|
$ |
58,829 |
|
3.19 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
1,127 |
|
0.05 |
|
|
|
|
|
1,006 |
|
0.06 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
67,428 |
|
3.26 |
% |
|
|
|
$ |
59,835 |
|
3.25 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
|
3.11 |
% |
Net interest-earning assets
(5) |
|
$ |
1,342,903 |
|
|
|
|
|
|
|
$ |
1,227,558 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.48 |
|
|
|
|
|
|
|
|
1.49 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.06 |
% |
|
|
|
|
|
|
0.08 |
% |
* 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.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
3,248 |
|
$ |
2,461 |
|
$ |
6,823 |
|
Past due 90 days or more,
still accruing (1) |
|
|
182 |
|
|
8 |
|
|
583 |
|
Total nonperforming
loans |
|
|
3,430 |
|
|
2,469 |
|
|
7,406 |
|
Foreclosed assets |
|
|
2,891 |
|
|
3,043 |
|
|
7,757 |
|
Total nonperforming
assets |
|
$ |
6,321 |
|
$ |
5,512 |
|
$ |
15,163 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
24,734 |
|
$ |
24,508 |
|
$ |
26,507 |
|
Loans, before allowance for
loan losses |
|
|
2,451,826 |
|
|
2,487,785 |
|
|
2,152,119 |
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
loans, before allowance for loan losses |
|
|
1.01 |
% |
|
0.99 |
% |
|
1.23 |
% |
Allowance for loan losses to
nonaccrual loans |
|
|
761.51 |
|
|
995.86 |
|
|
388.49 |
|
Allowance for loan losses to
nonperforming loans |
|
|
721.11 |
|
|
992.63 |
|
|
357.91 |
|
Nonaccrual loans to loans,
before allowance for loan losses |
|
|
0.13 |
|
|
0.10 |
|
|
0.32 |
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
0.14 |
|
|
0.10 |
|
|
0.34 |
|
Nonperforming assets to total
assets |
|
|
0.15 |
|
|
0.13 |
|
|
0.38 |
|
Nonperforming assets to loans,
before allowance for loan losses and foreclosed assets |
|
|
0.26 |
|
|
0.22 |
|
|
0.70 |
|
(1) Excludes loans acquired with deteriorated
credit quality that are past due 90 or more days, still accruing
totaling $23 thousand, $25 thousand, and $27 thousand as of
June 30, 2022, March 31, 2022 and June 30, 2021,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
ALLOWANCE FOR LOAN
LOSSES |
|
(dollars in thousands) |
|
Beginning balance |
|
$ |
24,508 |
|
|
$ |
23,936 |
|
|
$ |
28,759 |
|
|
$ |
23,936 |
|
|
$ |
31,838 |
|
|
Provision |
|
|
145 |
|
|
|
(584 |
) |
|
|
(2,162 |
) |
|
|
(439 |
) |
|
|
(5,567 |
) |
|
Charge-offs |
|
|
(159 |
) |
|
|
(134 |
) |
|
|
(402 |
) |
|
|
(293 |
) |
|
|
(597 |
) |
|
Recoveries |
|
|
240 |
|
|
|
1,290 |
|
|
|
312 |
|
|
|
1,530 |
|
|
|
833 |
|
|
Ending
balance |
|
$ |
24,734 |
|
|
$ |
24,508 |
|
|
$ |
26,507 |
|
|
$ |
24,734 |
|
|
$ |
26,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) |
|
$ |
(81 |
) |
|
$ |
(1,156 |
) |
|
$ |
90 |
|
|
$ |
(1,237 |
) |
|
$ |
(236 |
) |
|
Average loans, before
allowance for loan losses |
|
|
2,467,851 |
|
|
|
2,507,006 |
|
|
|
2,234,388 |
|
|
|
2,487,320 |
|
|
|
2,259,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans, before allowance for loan losses * |
|
|
(0.01 |
) |
% |
|
(0.19 |
) |
% |
|
0.02 |
|
% |
|
(0.10 |
) |
% |
|
(0.02 |
) |
% |
* Annualized measure.
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands, except per share data) |
|
EARNINGS AND PER SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,085 |
|
$ |
13,604 |
|
$ |
13,717 |
|
$ |
27,689 |
|
$ |
28,962 |
|
Earnings per share -
Basic |
|
|
0.49 |
|
|
0.47 |
|
|
0.50 |
|
|
0.96 |
|
|
1.06 |
|
Earnings per share -
Diluted |
|
|
0.49 |
|
|
0.47 |
|
|
0.50 |
|
|
0.95 |
|
|
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (1) |
|
$ |
13,836 |
|
$ |
12,227 |
|
$ |
14,168 |
|
$ |
26,063 |
|
$ |
28,201 |
|
Adjusted earnings per share -
Basic (1) |
|
|
0.48 |
|
|
0.42 |
|
|
0.52 |
|
|
0.90 |
|
|
1.03 |
|
Adjusted earnings per share -
Diluted (1) |
|
|
0.48 |
|
|
0.42 |
|
|
0.52 |
|
|
0.90 |
|
|
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
12.97 |
|
$ |
13.23 |
|
$ |
13.64 |
|
|
|
|
|
|
|
Tangible book value per share
(1) |
|
|
11.90 |
|
|
12.16 |
|
|
12.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
28,831,197 |
|
|
28,967,943 |
|
|
27,355,053 |
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
28,891,202 |
|
|
28,986,593 |
|
|
27,362,579 |
|
|
28,938,634 |
|
|
27,396,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
3.34 |
% |
|
3.08 |
% |
|
3.14 |
% |
|
3.21 |
% |
|
3.19 |
% |
Net interest margin (tax
equivalent basis) * (1)(2) |
|
|
3.39 |
|
|
3.13 |
|
|
3.19 |
|
|
3.26 |
|
|
3.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
54.97 |
% |
|
56.97 |
% |
|
56.91 |
% |
|
55.96 |
% |
|
56.31 |
% |
Efficiency ratio (tax
equivalent basis) (1)(2) |
|
|
54.22 |
|
|
56.26 |
|
|
56.18 |
|
|
55.23 |
|
|
55.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to deposit ratio |
|
|
66.23 |
% |
|
65.19 |
% |
|
62.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.32 |
% |
|
1.27 |
% |
|
1.40 |
% |
|
1.29 |
% |
|
1.52 |
% |
Return on average
stockholders' equity * |
|
|
14.92 |
|
|
13.58 |
|
|
15.07 |
|
|
14.23 |
|
|
16.03 |
|
Return on average tangible
common equity * (1) |
|
|
16.25 |
|
|
14.71 |
|
|
16.22 |
|
|
15.45 |
|
|
17.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
assets * (1) |
|
|
1.29 |
% |
|
1.14 |
% |
|
1.45 |
% |
|
1.22 |
% |
|
1.48 |
% |
Adjusted return on average
stockholders' equity * (1) |
|
|
14.66 |
|
|
12.20 |
|
|
15.56 |
|
|
13.40 |
|
|
15.61 |
|
Adjusted return on average
tangible common equity * (1) |
|
|
15.96 |
|
|
13.22 |
|
|
16.76 |
|
|
14.55 |
|
|
16.81 |
|
* 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 |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Net income |
|
$ |
14,085 |
|
|
$ |
13,604 |
|
|
$ |
13,717 |
|
|
$ |
27,689 |
|
|
$ |
28,962 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
(157 |
) |
|
|
— |
|
|
|
(157 |
) |
|
Branch closure expenses |
|
|
— |
|
|
|
— |
|
|
|
(104 |
) |
|
|
— |
|
|
|
(104 |
) |
|
Gains (losses) on sales of closed branch premises |
|
|
(18 |
) |
|
|
197 |
|
|
|
— |
|
|
|
179 |
|
|
|
— |
|
|
Mortgage servicing rights fair value adjustment |
|
|
366 |
|
|
|
1,729 |
|
|
|
(310 |
) |
|
|
2,095 |
|
|
|
1,385 |
|
|
Total adjustments |
|
|
348 |
|
|
|
1,926 |
|
|
|
(571 |
) |
|
|
2,274 |
|
|
|
1,124 |
|
|
Tax effect of adjustments |
|
|
(99 |
) |
|
|
(549 |
) |
|
|
120 |
|
|
|
(648 |
) |
|
|
(363 |
) |
|
Less adjustments, after tax
effect |
|
|
249 |
|
|
|
1,377 |
|
|
|
(451 |
) |
|
|
1,626 |
|
|
|
761 |
|
|
Adjusted net income |
|
$ |
13,836 |
|
|
$ |
12,227 |
|
|
$ |
14,168 |
|
|
$ |
26,063 |
|
|
$ |
28,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
4,286,302 |
|
|
$ |
4,343,446 |
|
|
$ |
3,923,839 |
|
|
$ |
4,314,716 |
|
|
$ |
3,842,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.32 |
|
% |
|
1.27 |
|
% |
|
1.40 |
|
% |
|
1.29 |
|
% |
|
1.52 |
|
% |
Adjusted return on average
assets * |
|
|
1.29 |
|
|
|
1.14 |
|
|
|
1.45 |
|
|
|
1.22 |
|
|
|
1.48 |
|
|
* Annualized measure.
Reconciliation of Non-GAAP Financial
Measures – Adjusted Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(dollars in thousands, except per share data) |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,085 |
|
|
$ |
13,604 |
|
|
$ |
13,717 |
|
|
$ |
27,689 |
|
|
$ |
28,962 |
|
Earnings allocated to participating securities (1) |
|
|
(17 |
) |
|
|
(17 |
) |
|
|
(25 |
) |
|
|
(34 |
) |
|
|
(56 |
) |
Numerator for earnings per share - basic and diluted |
|
$ |
14,068 |
|
|
$ |
13,587 |
|
|
$ |
13,692 |
|
|
$ |
27,655 |
|
|
$ |
28,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
13,836 |
|
|
$ |
12,227 |
|
|
$ |
14,168 |
|
|
$ |
26,063 |
|
|
$ |
28,201 |
|
Earnings allocated to participating securities (1) |
|
|
(17 |
) |
|
|
(15 |
) |
|
|
(26 |
) |
|
|
(32 |
) |
|
|
(54 |
) |
Numerator for adjusted earnings per share - basic and diluted |
|
$ |
13,819 |
|
|
$ |
12,212 |
|
|
$ |
14,142 |
|
|
$ |
26,031 |
|
|
$ |
28,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
28,891,202 |
|
|
|
28,986,593 |
|
|
|
27,362,579 |
|
|
|
28,938,634 |
|
|
|
27,396,557 |
|
Dilutive effect of outstanding restricted stock units |
|
|
53,674 |
|
|
|
43,646 |
|
|
|
17,701 |
|
|
|
48,688 |
|
|
|
10,137 |
|
Weighted average common shares outstanding, including all dilutive
potential shares |
|
|
28,944,876 |
|
|
|
29,030,239 |
|
|
|
27,380,280 |
|
|
|
28,987,322 |
|
|
|
27,406,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic |
|
$ |
0.49 |
|
|
$ |
0.47 |
|
|
$ |
0.50 |
|
|
$ |
0.96 |
|
|
$ |
1.06 |
|
Earnings per share -
Diluted |
|
$ |
0.49 |
|
|
$ |
0.47 |
|
|
$ |
0.50 |
|
|
$ |
0.95 |
|
|
$ |
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Basic |
|
$ |
0.48 |
|
|
$ |
0.42 |
|
|
$ |
0.52 |
|
|
$ |
0.90 |
|
|
$ |
1.03 |
|
Adjusted earnings per
share - Diluted |
|
$ |
0.48 |
|
|
$ |
0.42 |
|
|
$ |
0.52 |
|
|
$ |
0.90 |
|
|
$ |
1.03 |
|
(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 Income and Net Interest
Margin (Tax Equivalent Basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Net interest income
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
34,373 |
|
$ |
31,928 |
|
$ |
29,700 |
|
$ |
66,301 |
|
$ |
58,829 |
|
Tax-equivalent adjustment (1) |
|
|
598 |
|
|
529 |
|
|
503 |
|
|
1,127 |
|
|
1,006 |
|
Net interest income (tax equivalent basis) (1) |
|
$ |
34,971 |
|
$ |
32,457 |
|
$ |
30,203 |
|
$ |
67,428 |
|
$ |
59,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
3.34 |
% |
|
3.08 |
% |
|
3.14 |
% |
|
3.21 |
% |
|
3.19 |
% |
Tax-equivalent adjustment * (1) |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.06 |
|
Net interest margin (tax equivalent basis) * (1) |
|
|
3.39 |
% |
|
3.13 |
% |
|
3.19 |
% |
|
3.26 |
% |
|
3.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
4,133,448 |
|
$ |
4,201,793 |
|
$ |
3,796,219 |
|
$ |
4,167,432 |
|
$ |
3,717,273 |
|
* 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 |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Efficiency ratio (tax
equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
23,842 |
|
$ |
24,157 |
|
$ |
22,154 |
|
$ |
47,999 |
|
$ |
44,698 |
|
Less: amortization of intangible assets |
|
|
245 |
|
|
245 |
|
|
258 |
|
|
490 |
|
|
547 |
|
Adjusted noninterest expense |
|
$ |
23,597 |
|
$ |
23,912 |
|
$ |
21,896 |
|
$ |
47,509 |
|
$ |
44,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
34,373 |
|
$ |
31,928 |
|
$ |
29,700 |
|
$ |
66,301 |
|
$ |
58,829 |
|
Total noninterest income |
|
|
8,551 |
|
|
10,043 |
|
|
8,774 |
|
|
18,594 |
|
|
19,582 |
|
Operating revenue |
|
|
42,924 |
|
|
41,971 |
|
|
38,474 |
|
|
84,895 |
|
|
78,411 |
|
Tax-equivalent adjustment (1) |
|
|
598 |
|
|
529 |
|
|
503 |
|
|
1,127 |
|
|
1,006 |
|
Operating revenue (tax equivalent basis)
(1) |
|
$ |
43,522 |
|
$ |
42,500 |
|
$ |
38,977 |
|
$ |
86,022 |
|
$ |
79,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
54.97 |
% |
|
56.97 |
% |
|
56.91 |
% |
|
55.96 |
% |
|
56.31 |
% |
Efficiency ratio (tax
equivalent basis) (1) |
|
|
54.22 |
|
|
56.26 |
|
|
56.18 |
|
|
55.23 |
|
|
55.59 |
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands, except per share data) |
|
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
373,809 |
|
$ |
383,155 |
|
$ |
373,194 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
1,453 |
|
|
1,698 |
|
|
2,251 |
|
Tangible common equity |
|
$ |
343,034 |
|
$ |
352,135 |
|
$ |
347,323 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,223,978 |
|
$ |
4,348,965 |
|
$ |
3,953,677 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
1,453 |
|
|
1,698 |
|
|
2,251 |
|
Tangible assets |
|
$ |
4,193,203 |
|
$ |
4,317,945 |
|
$ |
3,927,806 |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets |
|
|
8.85 |
% |
|
8.81 |
% |
|
9.44 |
% |
Tangible common equity to
tangible assets |
|
|
8.18 |
|
|
8.16 |
|
|
8.84 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
28,831,197 |
|
|
28,967,943 |
|
|
27,355,053 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
12.97 |
|
$ |
13.23 |
|
$ |
13.64 |
|
Tangible book value per
share |
|
|
11.90 |
|
|
12.16 |
|
|
12.70 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial
Measures – Return on Average Tangible Common
Equity, Adjusted Return on Average Stockholders'
Equity and Adjusted Return on Tangible Common Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Average tangible
common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
378,531 |
|
$ |
406,289 |
|
$ |
365,190 |
|
$ |
392,334 |
|
$ |
364,378 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
23,620 |
|
|
29,322 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
1,597 |
|
|
1,844 |
|
|
2,410 |
|
|
1,720 |
|
|
2,547 |
|
Average tangible common equity |
|
$ |
347,612 |
|
$ |
375,123 |
|
$ |
339,160 |
|
$ |
361,292 |
|
$ |
338,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,085 |
|
$ |
13,604 |
|
$ |
13,717 |
|
$ |
27,689 |
|
$ |
28,962 |
|
Adjusted net income |
|
|
13,836 |
|
|
12,227 |
|
|
14,168 |
|
|
26,063 |
|
|
28,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity * |
|
|
14.92 |
% |
|
13.58 |
% |
|
15.07 |
% |
|
14.23 |
% |
|
16.03 |
% |
Return on average tangible
common equity * |
|
|
16.25 |
|
|
14.71 |
|
|
16.22 |
|
|
15.45 |
|
|
17.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
stockholders' equity * |
|
|
14.66 |
% |
|
12.20 |
% |
|
15.56 |
% |
|
13.40 |
% |
|
15.61 |
% |
Adjusted return on average
tangible common equity * |
|
|
15.96 |
|
|
13.22 |
|
|
16.76 |
|
|
14.55 |
|
|
16.81 |
|
* Annualized measure.
HBT Financial (NASDAQ:HBT)
Historical Stock Chart
From May 2024 to Jun 2024
HBT Financial (NASDAQ:HBT)
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From Jun 2023 to Jun 2024