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 $15.6 million, or
$0.54 diluted earnings per share, for the third quarter of
2022. This compares to net income of $14.1 million, or
$0.49 diluted earnings per share, for the second quarter of
2022, and net income of $13.7 million, or $0.50 diluted
earnings per share, for the third quarter of 2021.
Fred L. Drake, Chairman and Chief Executive Officer of HBT
Financial, said, “We delivered another strong financial performance
in the third quarter with earnings increasing from the prior
quarter, while we continued to maintain exceptional asset quality
and strong capital ratios. We generated our strongest loan growth
of the year which enabled us to drive further improvement in our
mix of earning assets. Combined with stable deposit costs, this
resulted in significant expansion in our net interest margin. While
continuing to generate strong financial results, we signed a merger
agreement with Town and Country Financial Corporation (“Town and
Country”) that we believe will create additional long-term value
for shareholders. The transaction remains on track to close during
the first quarter of 2023, and we look forward to welcoming our new
customers and colleagues, and capitalizing on our expanded
footprint in Illinois that we believe will enhance our ability to
continue generating profitable growth in the years to come.”
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
$15.9 million, or $0.55 adjusted diluted earnings per
share, for the third quarter of 2022. This compares to adjusted net
income of $13.8 million, or $0.48 adjusted diluted
earnings per share, for the second quarter of 2022, and adjusted
net income of $14.5 million, or $0.53 adjusted diluted
earnings per share, for the third quarter of 2021 (see
"Reconciliation of Non-GAAP Financial Measures" tables).
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2022 was
$37.4 million, an increase of 8.8% from $34.4 million for
the second quarter of 2022. The increase was primarily attributable
to higher yields on interest-earning assets, with the yield on
loans increasing 27 basis points to 4.91%, and stable deposit
costs, with cost of total deposits only increasing 1 basis point to
0.06%. Paycheck Protection Program (“PPP”) loan fees recognized as
loan interest income totaled $0.1 million during the third
quarter of 2022 and $0.6 million during the second quarter of
2022.
Relative to the third quarter of 2021, net interest income
increased 21.7% from $30.7 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, a more favorable asset mix, and higher
yields on interest-earning assets. PPP loan fees recognized as loan
interest income totaled $3.0 million during the third quarter
of 2021.
Net interest margin for the third quarter of 2022 was 3.65%,
compared to 3.34% for the second 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 1
basis point during the third quarter of 2022 and 6 basis points
during the second quarter of 2022. Additionally, the contribution
of acquired loan discount accretion to net interest margin was 2
basis points during the third quarter of 2022 and 3 basis points
during the second quarter of 2022.
Relative to the third quarter of 2021, net interest margin
increased from 3.18%. This increase was primarily attributable to a
more favorable mix of interest-earning assets and higher yields on
interest-earning assets. PPP loan fees recognized as loan interest
income contributed 31 basis points to net interest margin and
acquired loan discount accretion contributed 2 basis points to net
interest margin during the third quarter of 2021.
Noninterest Income
Noninterest income for the third quarter of 2022 was
$8.2 million, a decrease of 3.7% from $8.6 million for
the second quarter of 2022. The decrease was primarily attributable
to a $0.3 million decrease in wealth management fees, due to a
decline in assets under management resulting from the 2022 market
performance, and a $0.1 million decrease in card income due to
lower debit and credit card transaction volume.
Relative to the third quarter of 2021, noninterest income
decreased 1.9% from $8.4 million. A $0.9 million decrease
in gains on sale of mortgage loans resulting from a lower level of
mortgage refinancing activity was mostly offset by a
$0.6 million improvement to gains (losses) on other assets, as
the 2021 results included impairment losses of $0.6 million
related to branches closed during 2021.
Noninterest Expense
Noninterest expense for the third quarter of 2022 was
$24.0 million, a slight increase from $23.8 million for
the second quarter of 2022. Decreases in data processing and
marketing expenses were mostly offset by an increase in other
noninterest expense, primarily resulting from legal and
professional fees related to the pending acquisition of Town and
Country.
Relative to the third quarter of 2021, noninterest expense
increased 8.3% 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
$2.58 billion at September 30, 2022, compared with
$2.45 billion at June 30, 2022 and $2.15 billion at
September 30, 2021. The $128.1 million increase in total loans
from June 30, 2022 was primarily attributable to broad growth in
all of our geographic markets and a moderation in payoffs and
prepayments.
Deposits
Total deposits were $3.64 billion at September 30, 2022,
compared with $3.70 billion at June 30, 2022 and
$3.42 billion at September 30, 2021. The $58.5 million
decrease from June 30, 2022 was primarily attributable to lower
balances maintained in retail accounts and a seasonal decrease in
public fund accounts following annual real estate tax
collections.
Asset Quality
Nonperforming loans totaled $3.2 million, or 0.12% of total
loans, at September 30, 2022, compared with $3.4 million, or
0.14% of total loans, at June 30, 2022, and $5.5 million, or
0.26% of total loans, at September 30, 2021.
The Company recorded a provision for loan losses of $0.4 million
for the third quarter of 2022, compared to $0.1 million for the
second quarter of 2022. The provision was primarily due to the
increase in loans during the third quarter of 2022, resulting in a
$1.1 million increase in required reserves, and a decrease in
specific reserves on loans individually evaluated for impairment,
resulting in a $0.7 million decrease in required reserves.
The Company had net charge-offs of $0.1 million, or 0.01%
of average loans on an annualized basis, for the third quarter of
2022, compared to net recoveries of $0.1 million, or (0.01)% of
average loans on an annualized basis, for the second quarter of
2022, and net recoveries of $21 thousand, or less than 1 basis
point of average loans on an annualized basis, for the third
quarter of 2021.
The Company’s allowance for loan losses was 0.97% of total loans
and 781.66% of nonperforming loans at September 30, 2022,
compared with 1.01% of total loans and 721.11% of nonperforming
loans at June 30, 2022.
Capital
At September 30, 2022, the Company exceeded all regulatory
capital requirements under Basel III as summarized in the following
table:
|
|
Well Capitalized |
|
|
Regulatory |
|
September 30, 2022 |
Requirements |
Total capital to risk-weighted assets |
16.34 |
% |
10.00 |
% |
Tier 1 capital to risk-weighted assets |
14.26 |
% |
8.00 |
% |
Common equity tier 1 capital ratio |
13.08 |
% |
6.50 |
% |
Tier 1 leverage ratio |
10.44 |
% |
5.00 |
% |
Total stockholders' equity to total assets |
8.52 |
% |
N/A |
|
Tangible common equity to tangible assets (1) |
7.85 |
% |
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 2022, the Company repurchased 78,571
shares of its common stock at a weighted average price of $18.22
under its stock repurchase program. The stock repurchase program
has been paused until completion of the vote of Town and Country’s
shareholders on the merger. 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 September 30, 2022, the Company
had $10.2 million remaining under the current stock repurchase
authorization.
Pending Acquisition of Town and Country
On August 23, 2022, HBT and Town and Country, the holding
company for Town and Country Bank, jointly announced the signing of
a definitive agreement pursuant to which HBT will acquire Town and
Country and Town and Country Bank. The acquisition will further
enhance HBT’s footprint in Central Illinois as well as expand HBT’s
footprint into metro-east St. Louis. Acquisition-related expenses
were $0.5 million during the third quarter of 2022.
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 58 full-service branches. As of September 30,
2022, HBT had total assets of $4.2 billion, total loans of
$2.6 billion, and total deposits of $3.6 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; (xiii) the possibility that stockholders of Town and
Country may not approve the merger agreement; (xiv) the risk that a
condition to closing of the proposed transaction may not be
satisfied, that either party may terminate the merger agreement or
that the closing of the proposed transaction might be delayed or
not occur at all; (xv) potential adverse reactions or changes to
business or employee relationships, including those resulting from
the announcement or completion of the transaction; (xvi) the
diversion of management time on transaction-related issues; (xvii)
the ultimate timing, outcome and results of integrating the
operations of Town and Country into those of HBT; (xviii) the
effects of the merger on HBT’s future financial condition, results
of operations, strategy and plans; (xix) regulatory approvals of
the transaction; and (xx) 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 (the
“SEC”).
Important Information and Where to Find It
In connection with the proposed transaction, HBT and Town and
Country filed materials with the SEC, including a Registration
Statement on Form S-4 of HBT that includes a proxy statement of
Town and Country and a prospectus of HBT. After the Registration
Statement is declared effective by the SEC, HBT and Town and
Country intend to mail a definitive proxy statement/prospectus to
the stockholders of Town and Country. This press release is not a
substitute for the proxy statement/prospectus or the Registration
Statement or for any other document that HBT or Town and Country
may file with the SEC and send to Town and Country’s stockholders
in connection with the proposed transaction. TOWN AND COUNTRY’S
STOCKHOLDERS ARE URGED TO CAREFULLY AND THOROUGHLY READ THE PROXY
STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT, AS MAY BE
AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT
DOCUMENTS FILED BY HBT OR TOWN AND COUNTRY WITH THE SEC, WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT HBT, TOWN AND COUNTRY, THE PROPOSED TRANSACTION, THE RISKS
RELATED THERETO AND RELATED MATTERS.
Investors will be able to obtain free copies of the Registration
Statement and proxy statement/prospectus, as each may be amended
from time to time, and other relevant documents filed by HBT and
Town and Country with the SEC (when they become available) through
the website maintained by the SEC at www.sec.gov. Copies of
documents filed with the SEC by HBT will be available free of
charge from HBT’s website at https://ir.hbtfinancial.com or by
contacting HBT’s Investor Relations Department at
HBTIR@hbtbank.com.
Participants in the Proxy Solicitation
HBT, Town and Country and their respective directors and certain
of their executive officers and other members of management and
employees may be deemed, under SEC rules, to be participants in the
solicitation of proxies from Town and Country’s stockholders in
connection with the proposed transaction. Information regarding the
executive officers and directors of HBT is included in its
definitive proxy statement for its 2022 annual meeting filed with
the SEC on April 5, 2022. Information regarding the executive
officers and directors of Town and Country and additional
information regarding the persons who may be deemed participants
and their direct and indirect interests, by security holdings or
otherwise, will be set forth in the Registration Statement and
proxy statement/prospectus and other materials when they are filed
with the SEC in connection with the proposed transaction. Free
copies of these documents may be obtained as described in the
paragraphs above.
No Offer or Solicitation
This press release does not constitute an offer to sell or the
solicitation of an offer to subscribe for or buy any securities or
a solicitation of any vote or approval with respect to the proposed
transaction or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
CONTACT:Tony RossiHBTIR@hbtbank.com(310)
622-8221
HBT Financial,
Inc.Unaudited Consolidated Financial
SummaryConsolidated Statements of
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
INTEREST AND DIVIDEND
INCOME |
|
(dollars in thousands, except per share data) |
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
29,855 |
|
|
$ |
27,843 |
|
|
$ |
25,604 |
|
|
$ |
84,504 |
|
|
$ |
76,016 |
|
Federally tax exempt |
|
|
842 |
|
|
|
679 |
|
|
|
572 |
|
|
|
2,183 |
|
|
|
1,722 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
6,635 |
|
|
|
5,663 |
|
|
|
4,632 |
|
|
|
16,947 |
|
|
|
12,323 |
|
Federally tax exempt |
|
|
1,207 |
|
|
|
1,138 |
|
|
|
1,103 |
|
|
|
3,385 |
|
|
|
3,383 |
|
Interest-bearing deposits in bank |
|
|
458 |
|
|
|
420 |
|
|
|
190 |
|
|
|
1,037 |
|
|
|
385 |
|
Other interest and dividend income |
|
|
17 |
|
|
|
14 |
|
|
|
14 |
|
|
|
50 |
|
|
|
39 |
|
Total interest and dividend income |
|
|
39,014 |
|
|
|
35,757 |
|
|
|
32,115 |
|
|
|
108,106 |
|
|
|
93,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
587 |
|
|
|
506 |
|
|
|
564 |
|
|
|
1,662 |
|
|
|
1,821 |
|
Securities sold under agreements to repurchase |
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
26 |
|
|
|
23 |
|
Borrowings |
|
|
85 |
|
|
|
1 |
|
|
|
1 |
|
|
|
87 |
|
|
|
2 |
|
Subordinated notes |
|
|
470 |
|
|
|
469 |
|
|
|
470 |
|
|
|
1,409 |
|
|
|
1,409 |
|
Junior subordinated debentures issued to capital trusts |
|
|
473 |
|
|
|
400 |
|
|
|
357 |
|
|
|
1,231 |
|
|
|
1,069 |
|
Total interest expense |
|
|
1,624 |
|
|
|
1,384 |
|
|
|
1,400 |
|
|
|
4,415 |
|
|
|
4,324 |
|
Net interest income |
|
|
37,390 |
|
|
|
34,373 |
|
|
|
30,715 |
|
|
|
103,691 |
|
|
|
89,544 |
|
PROVISION FOR LOAN
LOSSES |
|
|
386 |
|
|
|
145 |
|
|
|
(1,667 |
) |
|
|
(53 |
) |
|
|
(7,234 |
) |
Net interest income after provision for loan
losses |
|
|
37,004 |
|
|
|
34,228 |
|
|
|
32,382 |
|
|
|
103,744 |
|
|
|
96,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
2,569 |
|
|
|
2,714 |
|
|
|
2,509 |
|
|
|
7,687 |
|
|
|
7,216 |
|
Wealth management fees |
|
|
2,059 |
|
|
|
2,322 |
|
|
|
2,036 |
|
|
|
6,670 |
|
|
|
6,013 |
|
Service charges on deposit accounts |
|
|
1,927 |
|
|
|
1,792 |
|
|
|
1,677 |
|
|
|
5,371 |
|
|
|
4,364 |
|
Mortgage servicing |
|
|
697 |
|
|
|
661 |
|
|
|
699 |
|
|
|
2,016 |
|
|
|
2,095 |
|
Mortgage servicing rights fair value adjustment |
|
|
351 |
|
|
|
366 |
|
|
|
40 |
|
|
|
2,446 |
|
|
|
1,425 |
|
Gains on sale of mortgage loans |
|
|
354 |
|
|
|
326 |
|
|
|
1,257 |
|
|
|
1,267 |
|
|
|
4,919 |
|
Unrealized gains (losses) on equity securities |
|
|
(107 |
) |
|
|
(153 |
) |
|
|
28 |
|
|
|
(447 |
) |
|
|
74 |
|
Gains (losses) on foreclosed assets |
|
|
(225 |
) |
|
|
(7 |
) |
|
|
(14 |
) |
|
|
(192 |
) |
|
|
126 |
|
Gains (losses) on other assets |
|
|
(31 |
) |
|
|
(43 |
) |
|
|
(672 |
) |
|
|
119 |
|
|
|
(719 |
) |
Income on bank owned life insurance |
|
|
41 |
|
|
|
41 |
|
|
|
— |
|
|
|
122 |
|
|
|
— |
|
Other noninterest income |
|
|
599 |
|
|
|
532 |
|
|
|
832 |
|
|
|
1,769 |
|
|
|
2,461 |
|
Total noninterest income |
|
|
8,234 |
|
|
|
8,551 |
|
|
|
8,392 |
|
|
|
26,828 |
|
|
|
27,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
12,752 |
|
|
|
12,936 |
|
|
|
11,835 |
|
|
|
38,489 |
|
|
|
36,486 |
|
Employee benefits |
|
|
1,771 |
|
|
|
1,984 |
|
|
|
1,455 |
|
|
|
6,199 |
|
|
|
4,549 |
|
Occupancy of bank premises |
|
|
1,979 |
|
|
|
1,741 |
|
|
|
1,610 |
|
|
|
5,780 |
|
|
|
5,011 |
|
Furniture and equipment |
|
|
668 |
|
|
|
623 |
|
|
|
657 |
|
|
|
1,843 |
|
|
|
1,883 |
|
Data processing |
|
|
1,631 |
|
|
|
1,990 |
|
|
|
1,767 |
|
|
|
5,274 |
|
|
|
5,176 |
|
Marketing and customer relations |
|
|
880 |
|
|
|
1,205 |
|
|
|
883 |
|
|
|
2,936 |
|
|
|
2,291 |
|
Amortization of intangible assets |
|
|
243 |
|
|
|
245 |
|
|
|
252 |
|
|
|
733 |
|
|
|
799 |
|
FDIC insurance |
|
|
302 |
|
|
|
298 |
|
|
|
279 |
|
|
|
888 |
|
|
|
763 |
|
Loan collection and servicing |
|
|
336 |
|
|
|
278 |
|
|
|
400 |
|
|
|
771 |
|
|
|
1,098 |
|
Foreclosed assets |
|
|
97 |
|
|
|
31 |
|
|
|
242 |
|
|
|
260 |
|
|
|
704 |
|
Other noninterest expense |
|
|
3,339 |
|
|
|
2,511 |
|
|
|
2,787 |
|
|
|
8,824 |
|
|
|
8,105 |
|
Total noninterest expense |
|
|
23,998 |
|
|
|
23,842 |
|
|
|
22,167 |
|
|
|
71,997 |
|
|
|
66,865 |
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
|
21,240 |
|
|
|
18,937 |
|
|
|
18,607 |
|
|
|
58,575 |
|
|
|
57,887 |
|
INCOME TAX
EXPENSE |
|
|
5,613 |
|
|
|
4,852 |
|
|
|
4,892 |
|
|
|
15,259 |
|
|
|
15,210 |
|
NET
INCOME |
|
$ |
15,627 |
|
|
$ |
14,085 |
|
|
$ |
13,715 |
|
|
$ |
43,316 |
|
|
$ |
42,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE -
BASIC |
|
$ |
0.54 |
|
|
$ |
0.49 |
|
|
$ |
0.50 |
|
|
$ |
1.50 |
|
|
$ |
1.56 |
|
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.54 |
|
|
$ |
0.49 |
|
|
$ |
0.50 |
|
|
$ |
1.49 |
|
|
$ |
1.56 |
|
WEIGHTED AVERAGE
SHARES OF COMMON STOCK OUTSTANDING |
|
|
28,787,662 |
|
|
|
28,891,202 |
|
|
|
27,340,926 |
|
|
|
28,887,757 |
|
|
|
27,377,809 |
|
HBT Financial,
Inc.Unaudited Consolidated Financial
SummaryConsolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
22,169 |
|
|
$ |
25,478 |
|
|
$ |
36,508 |
|
Interest-bearing deposits with banks |
|
|
56,046 |
|
|
|
134,553 |
|
|
|
435,421 |
|
Cash and cash equivalents |
|
|
78,215 |
|
|
|
160,031 |
|
|
|
471,929 |
|
|
|
|
|
|
|
|
|
|
|
Debt securities available-for-sale, at fair value |
|
|
853,740 |
|
|
|
924,706 |
|
|
|
896,218 |
|
Debt securities held-to-maturity |
|
|
546,694 |
|
|
|
548,236 |
|
|
|
318,730 |
|
Equity securities with readily determinable fair value |
|
|
2,996 |
|
|
|
3,103 |
|
|
|
3,366 |
|
Equity securities with no readily determinable fair value |
|
|
1,977 |
|
|
|
1,952 |
|
|
|
1,867 |
|
Restricted stock, at cost |
|
|
4,050 |
|
|
|
2,813 |
|
|
|
2,739 |
|
Loans held for sale |
|
|
2,297 |
|
|
|
5,312 |
|
|
|
8,582 |
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for loan losses |
|
|
2,579,928 |
|
|
|
2,451,826 |
|
|
|
2,147,812 |
|
Allowance for loan losses |
|
|
(25,060 |
) |
|
|
(24,734 |
) |
|
|
(24,861 |
) |
Loans, net of allowance for loan losses |
|
|
2,554,868 |
|
|
|
2,427,092 |
|
|
|
2,122,951 |
|
|
|
|
|
|
|
|
|
|
|
Bank owned life insurance |
|
|
7,515 |
|
|
|
7,474 |
|
|
|
— |
|
Bank premises and equipment, net |
|
|
50,854 |
|
|
|
51,433 |
|
|
|
49,337 |
|
Bank premises held for sale |
|
|
281 |
|
|
|
319 |
|
|
|
1,462 |
|
Foreclosed assets |
|
|
2,637 |
|
|
|
2,891 |
|
|
|
7,315 |
|
Goodwill |
|
|
29,322 |
|
|
|
29,322 |
|
|
|
23,620 |
|
Core deposit intangible assets, net |
|
|
1,210 |
|
|
|
1,453 |
|
|
|
1,999 |
|
Mortgage servicing rights, at fair value |
|
|
10,440 |
|
|
|
10,089 |
|
|
|
7,359 |
|
Investments in unconsolidated subsidiaries |
|
|
1,165 |
|
|
|
1,165 |
|
|
|
1,165 |
|
Accrued interest receivable |
|
|
16,881 |
|
|
|
14,263 |
|
|
|
13,376 |
|
Other assets |
|
|
48,182 |
|
|
|
32,324 |
|
|
|
16,211 |
|
Total assets |
|
$ |
4,213,324 |
|
|
$ |
4,223,978 |
|
|
$ |
3,948,226 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,017,710 |
|
|
$ |
1,028,790 |
|
|
$ |
1,003,723 |
|
Interest-bearing |
|
|
2,625,733 |
|
|
|
2,673,196 |
|
|
|
2,415,833 |
|
Total deposits |
|
|
3,643,443 |
|
|
|
3,701,986 |
|
|
|
3,419,556 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
48,130 |
|
|
|
51,091 |
|
|
|
47,957 |
|
Federal Home Loan Bank advances |
|
|
60,000 |
|
|
|
— |
|
|
|
— |
|
Subordinated notes |
|
|
39,376 |
|
|
|
39,356 |
|
|
|
39,297 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,763 |
|
|
|
37,747 |
|
|
|
37,698 |
|
Other liabilities |
|
|
25,539 |
|
|
|
19,989 |
|
|
|
24,897 |
|
Total liabilities |
|
|
3,854,251 |
|
|
|
3,850,169 |
|
|
|
3,569,405 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
293 |
|
|
|
293 |
|
|
|
275 |
|
Surplus |
|
|
222,436 |
|
|
|
222,087 |
|
|
|
191,413 |
|
Retained earnings |
|
|
223,495 |
|
|
|
212,506 |
|
|
|
184,919 |
|
Accumulated other comprehensive income (loss) |
|
|
(77,462 |
) |
|
|
(52,820 |
) |
|
|
4,537 |
|
Treasury stock at cost |
|
|
(9,689 |
) |
|
|
(8,257 |
) |
|
|
(2,323 |
) |
Total stockholders’ equity |
|
|
359,073 |
|
|
|
373,809 |
|
|
|
378,821 |
|
Total liabilities and stockholders’ equity |
|
$ |
4,213,324 |
|
|
$ |
4,223,978 |
|
|
$ |
3,948,226 |
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
|
28,752,626 |
|
|
|
28,831,197 |
|
|
|
27,334,428 |
|
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
LOANS |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
240,671 |
|
$ |
249,839 |
|
$ |
261,763 |
Agricultural and farmland |
|
|
245,234 |
|
|
230,370 |
|
|
229,718 |
Commercial real estate - owner occupied |
|
|
226,524 |
|
|
228,997 |
|
|
203,096 |
Commercial real estate - non-owner occupied |
|
|
718,089 |
|
|
656,093 |
|
|
579,860 |
Multi-family |
|
|
260,630 |
|
|
269,452 |
|
|
215,245 |
Construction and land development |
|
|
364,290 |
|
|
332,041 |
|
|
232,291 |
One-to-four family residential |
|
|
328,667 |
|
|
325,047 |
|
|
294,612 |
Municipal, consumer, and other |
|
|
195,823 |
|
|
159,987 |
|
|
131,227 |
Loans, before allowance for loan losses |
|
$ |
2,579,928 |
|
$ |
2,451,826 |
|
$ |
2,147,812 |
|
|
|
|
|
|
|
|
|
|
PPP LOANS (included
above) |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
65 |
|
$ |
2,823 |
|
$ |
55,374 |
Agricultural and farmland |
|
|
— |
|
|
9 |
|
|
3,462 |
Municipal, consumer, and other |
|
|
— |
|
|
— |
|
|
985 |
Total PPP Loans |
|
$ |
65 |
|
$ |
2,832 |
|
$ |
59,821 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
DEPOSITS |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,017,710 |
|
$ |
1,028,790 |
|
$ |
1,003,723 |
Interest-bearing demand |
|
|
1,131,284 |
|
|
1,162,292 |
|
|
1,013,678 |
Money market |
|
|
584,202 |
|
|
581,058 |
|
|
519,343 |
Savings |
|
|
641,139 |
|
|
654,953 |
|
|
611,050 |
Time |
|
|
269,108 |
|
|
274,893 |
|
|
271,762 |
Total deposits |
|
$ |
3,643,443 |
|
$ |
3,701,986 |
|
$ |
3,419,556 |
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, 2022 |
|
June 30, 2022 |
|
September 30, 2021 |
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Balance |
|
Interest |
|
Yield/Cost* |
|
Balance |
|
Interest |
|
Yield/Cost* |
|
Balance |
|
Interest |
|
Yield/Cost* |
|
|
|
(dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,481,920 |
|
|
$ |
30,697 |
|
4.91 |
% |
$ |
2,467,851 |
|
|
$ |
28,522 |
|
4.64 |
% |
$ |
2,135,476 |
|
|
$ |
26,176 |
|
4.86 |
% |
Securities |
|
|
1,470,092 |
|
|
|
7,842 |
|
2.12 |
|
|
1,422,096 |
|
|
|
6,801 |
|
1.92 |
|
|
1,180,513 |
|
|
|
5,735 |
|
1.93 |
|
Deposits with banks |
|
|
105,030 |
|
|
|
458 |
|
1.73 |
|
|
240,692 |
|
|
|
420 |
|
0.70 |
|
|
513,158 |
|
|
|
190 |
|
0.15 |
|
Other |
|
|
2,936 |
|
|
|
17 |
|
2.25 |
|
|
2,809 |
|
|
|
14 |
|
2.07 |
|
|
2,739 |
|
|
|
14 |
|
2.00 |
|
Total interest-earning assets |
|
|
4,059,978 |
|
|
$ |
39,014 |
|
3.81 |
% |
|
4,133,448 |
|
|
$ |
35,757 |
|
3.47 |
% |
|
3,831,886 |
|
|
$ |
32,115 |
|
3.33 |
% |
Allowance for loan losses |
|
|
(24,717 |
) |
|
|
|
|
|
|
|
(24,579 |
) |
|
|
|
|
|
|
|
(26,470 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
173,461 |
|
|
|
|
|
|
|
|
177,433 |
|
|
|
|
|
|
|
|
159,635 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,208,722 |
|
|
|
|
|
|
|
$ |
4,286,302 |
|
|
|
|
|
|
|
$ |
3,965,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,137,072 |
|
|
$ |
144 |
|
0.05 |
% |
$ |
1,159,077 |
|
|
$ |
144 |
|
0.05 |
% |
$ |
1,020,216 |
|
|
$ |
129 |
|
0.05 |
% |
Money market |
|
|
577,388 |
|
|
|
203 |
|
0.14 |
|
|
582,016 |
|
|
|
110 |
|
0.08 |
|
|
510,183 |
|
|
|
96 |
|
0.07 |
|
Savings |
|
|
649,752 |
|
|
|
53 |
|
0.03 |
|
|
661,661 |
|
|
|
52 |
|
0.03 |
|
|
608,436 |
|
|
|
48 |
|
0.03 |
|
Time |
|
|
271,870 |
|
|
|
187 |
|
0.27 |
|
|
284,880 |
|
|
|
200 |
|
0.28 |
|
|
275,224 |
|
|
|
291 |
|
0.42 |
|
Total interest-bearing deposits |
|
|
2,636,082 |
|
|
|
587 |
|
0.09 |
|
|
2,687,634 |
|
|
|
506 |
|
0.08 |
|
|
2,414,059 |
|
|
|
564 |
|
0.09 |
|
Securities sold under agreements to repurchase |
|
|
50,427 |
|
|
|
9 |
|
0.07 |
|
|
51,057 |
|
|
|
8 |
|
0.07 |
|
|
49,923 |
|
|
|
8 |
|
0.06 |
|
Borrowings |
|
|
11,967 |
|
|
|
85 |
|
2.80 |
|
|
440 |
|
|
|
1 |
|
1.34 |
|
|
326 |
|
|
|
1 |
|
0.46 |
|
Subordinated notes |
|
|
39,365 |
|
|
|
470 |
|
4.73 |
|
|
39,346 |
|
|
|
469 |
|
4.79 |
|
|
39,285 |
|
|
|
470 |
|
4.74 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,755 |
|
|
|
473 |
|
4.97 |
|
|
37,738 |
|
|
|
400 |
|
4.26 |
|
|
37,688 |
|
|
|
357 |
|
3.76 |
|
Total interest-bearing liabilities |
|
|
2,775,596 |
|
|
$ |
1,624 |
|
0.23 |
% |
|
2,816,215 |
|
|
$ |
1,384 |
|
0.20 |
% |
|
2,541,281 |
|
|
$ |
1,400 |
|
0.22 |
% |
Noninterest-bearing deposits |
|
|
1,031,407 |
|
|
|
|
|
|
|
|
1,072,883 |
|
|
|
|
|
|
|
|
1,016,384 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
20,736 |
|
|
|
|
|
|
|
|
18,673 |
|
|
|
|
|
|
|
|
26,523 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,827,739 |
|
|
|
|
|
|
|
|
3,907,771 |
|
|
|
|
|
|
|
|
3,584,188 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
380,983 |
|
|
|
|
|
|
|
|
378,531 |
|
|
|
|
|
|
|
|
380,863 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,208,722 |
|
|
|
|
|
|
|
$ |
4,286,302 |
|
|
|
|
|
|
|
$ |
3,965,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
37,390 |
|
3.65 |
% |
|
|
|
$ |
34,373 |
|
3.34 |
% |
|
|
|
$ |
30,715 |
|
3.18 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
674 |
|
0.07 |
|
|
|
|
|
598 |
|
0.05 |
|
|
|
|
|
508 |
|
0.05 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
38,064 |
|
3.72 |
% |
|
|
|
$ |
34,971 |
|
3.39 |
% |
|
|
|
$ |
31,223 |
|
3.23 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.58 |
% |
|
|
|
|
|
|
3.27 |
% |
|
|
|
|
|
|
3.11 |
% |
Net interest-earning assets
(5) |
|
$ |
1,284,382 |
|
|
|
|
|
|
|
$ |
1,317,233 |
|
|
|
|
|
|
|
$ |
1,290,605 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.46 |
|
|
|
|
|
|
|
|
1.47 |
|
|
|
|
|
|
|
|
1.51 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.06 |
% |
|
|
|
|
|
|
0.05 |
% |
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
|
|
Balance |
|
Interest |
|
Yield/Cost* |
|
Balance |
|
Interest |
|
Yield/Cost* |
|
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,485,501 |
|
|
$ |
86,687 |
|
4.66 |
% |
$ |
2,217,463 |
|
|
$ |
77,738 |
|
4.69 |
% |
Securities |
|
|
1,405,245 |
|
|
|
20,332 |
|
1.93 |
|
|
1,102,808 |
|
|
|
15,706 |
|
1.90 |
|
Deposits with banks |
|
|
237,646 |
|
|
|
1,037 |
|
0.58 |
|
|
432,971 |
|
|
|
385 |
|
0.12 |
|
Other |
|
|
2,829 |
|
|
|
50 |
|
2.36 |
|
|
2,655 |
|
|
|
39 |
|
1.95 |
|
Total interest-earning assets |
|
|
4,131,221 |
|
|
$ |
108,106 |
|
3.50 |
% |
|
3,755,897 |
|
|
$ |
93,868 |
|
3.34 |
% |
Allowance for loan losses |
|
|
(24,467 |
) |
|
|
|
|
|
|
|
(29,069 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
172,243 |
|
|
|
|
|
|
|
|
157,287 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,278,997 |
|
|
|
|
|
|
|
$ |
3,884,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,146,635 |
|
|
$ |
430 |
|
0.05 |
% |
$ |
1,012,557 |
|
|
$ |
373 |
|
0.05 |
% |
Money market |
|
|
585,815 |
|
|
|
434 |
|
0.10 |
|
|
498,441 |
|
|
|
279 |
|
0.07 |
|
Savings |
|
|
653,659 |
|
|
|
155 |
|
0.03 |
|
|
584,226 |
|
|
|
135 |
|
0.03 |
|
Time |
|
|
289,000 |
|
|
|
643 |
|
0.30 |
|
|
286,685 |
|
|
|
1,034 |
|
0.48 |
|
Total interest-bearing deposits |
|
|
2,675,109 |
|
|
|
1,662 |
|
0.08 |
|
|
2,381,909 |
|
|
|
1,821 |
|
0.10 |
|
Securities sold under agreements to repurchase |
|
|
51,503 |
|
|
|
26 |
|
0.07 |
|
|
47,827 |
|
|
|
23 |
|
0.06 |
|
Borrowings |
|
|
4,344 |
|
|
|
87 |
|
2.67 |
|
|
421 |
|
|
|
2 |
|
0.43 |
|
Subordinated notes |
|
|
39,345 |
|
|
|
1,409 |
|
4.79 |
|
|
39,265 |
|
|
|
1,409 |
|
4.80 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,738 |
|
|
|
1,231 |
|
4.36 |
|
|
37,671 |
|
|
|
1,069 |
|
3.79 |
|
Total interest-bearing liabilities |
|
|
2,808,039 |
|
|
$ |
4,415 |
|
0.21 |
% |
|
2,507,093 |
|
|
$ |
4,324 |
|
0.23 |
% |
Noninterest-bearing deposits |
|
|
1,060,566 |
|
|
|
|
|
|
|
|
976,884 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
21,883 |
|
|
|
|
|
|
|
|
30,205 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,890,488 |
|
|
|
|
|
|
|
|
3,514,182 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
388,509 |
|
|
|
|
|
|
|
|
369,933 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,278,997 |
|
|
|
|
|
|
|
|
3,884,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
103,691 |
|
3.36 |
% |
|
|
|
$ |
89,544 |
|
3.19 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
1,801 |
|
0.05 |
|
|
|
|
|
1,514 |
|
0.05 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
105,492 |
|
3.41 |
% |
|
|
|
$ |
91,058 |
|
3.24 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.29 |
% |
|
|
|
|
|
|
3.11 |
% |
Net interest-earning assets
(5) |
|
$ |
1,323,182 |
|
|
|
|
|
|
|
$ |
1,248,804 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.47 |
|
|
|
|
|
|
|
|
1.50 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
(dollars in thousands) |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
3,206 |
|
|
$ |
3,248 |
|
|
$ |
5,489 |
|
Past due 90 days or more,
still accruing (1) |
|
|
— |
|
|
|
182 |
|
|
|
39 |
|
Total nonperforming
loans |
|
|
3,206 |
|
|
|
3,430 |
|
|
|
5,528 |
|
Foreclosed assets |
|
|
2,637 |
|
|
|
2,891 |
|
|
|
7,315 |
|
Total nonperforming
assets |
|
$ |
5,843 |
|
|
$ |
6,321 |
|
|
$ |
12,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
25,060 |
|
|
$ |
24,734 |
|
|
$ |
24,861 |
|
Loans, before allowance for
loan losses |
|
|
2,579,928 |
|
|
|
2,451,826 |
|
|
|
2,147,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
loans, before allowance for loan losses |
|
|
0.97 |
% |
|
|
1.01 |
% |
|
|
1.16 |
% |
Allowance for loan losses to
nonaccrual loans |
|
|
781.66 |
|
|
|
761.51 |
|
|
|
452.92 |
|
Allowance for loan losses to
nonperforming loans |
|
|
781.66 |
|
|
|
721.11 |
|
|
|
449.73 |
|
Nonaccrual loans to loans,
before allowance for loan losses |
|
|
0.12 |
|
|
|
0.13 |
|
|
|
0.26 |
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
0.12 |
|
|
|
0.14 |
|
|
|
0.26 |
|
Nonperforming assets to total
assets |
|
|
0.14 |
|
|
|
0.15 |
|
|
|
0.33 |
|
Nonperforming assets to loans,
before allowance for loan losses, and foreclosed assets |
|
|
0.23 |
|
|
|
0.26 |
|
|
|
0.60 |
|
(1) Excludes loans acquired with deteriorated credit quality
that are past due 90 or more days, still accruing totaling
$22 thousand, $23 thousand, and $27 thousand as of
September 30, 2022, June 30, 2022 and September 30, 2021,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
ALLOWANCE FOR LOAN
LOSSES |
|
(dollars in thousands) |
|
Beginning balance |
|
$ |
24,734 |
|
|
$ |
24,508 |
|
|
$ |
26,507 |
|
|
$ |
23,936 |
|
|
$ |
31,838 |
|
|
Provision |
|
|
386 |
|
|
|
145 |
|
|
|
(1,667 |
) |
|
|
(53 |
) |
|
|
(7,234 |
) |
|
Charge-offs |
|
|
(222 |
) |
|
|
(159 |
) |
|
|
(278 |
) |
|
|
(515 |
) |
|
|
(875 |
) |
|
Recoveries |
|
|
162 |
|
|
|
240 |
|
|
|
299 |
|
|
|
1,692 |
|
|
|
1,132 |
|
|
Ending
balance |
|
$ |
25,060 |
|
|
$ |
24,734 |
|
|
$ |
24,861 |
|
|
$ |
25,060 |
|
|
$ |
24,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) |
|
$ |
60 |
|
|
$ |
(81 |
) |
|
$ |
(21 |
) |
|
$ |
(1,177 |
) |
|
$ |
(257 |
) |
|
Average loans, before
allowance for loan losses |
|
|
2,481,920 |
|
|
|
2,467,851 |
|
|
|
2,135,476 |
|
|
|
2,485,501 |
|
|
|
2,217,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans, before allowance for loan losses * |
|
|
0.01 |
|
% |
|
(0.01 |
) |
% |
|
— |
|
% |
|
(0.06 |
) |
% |
|
(0.02 |
) |
% |
* Annualized measure.
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands, except per share data) |
|
EARNINGS AND PER SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,627 |
|
$ |
14,085 |
|
$ |
13,715 |
|
$ |
43,316 |
|
$ |
42,677 |
|
Earnings per share -
Basic |
|
|
0.54 |
|
|
0.49 |
|
|
0.50 |
|
|
1.50 |
|
|
1.56 |
|
Earnings per share -
Diluted |
|
|
0.54 |
|
|
0.49 |
|
|
0.50 |
|
|
1.49 |
|
|
1.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (1) |
|
$ |
15,856 |
|
$ |
13,836 |
|
$ |
14,479 |
|
$ |
41,919 |
|
$ |
42,680 |
|
Adjusted earnings per share -
Basic (1) |
|
|
0.55 |
|
|
0.48 |
|
|
0.53 |
|
|
1.45 |
|
|
1.56 |
|
Adjusted earnings per share -
Diluted (1) |
|
|
0.55 |
|
|
0.48 |
|
|
0.53 |
|
|
1.45 |
|
|
1.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
12.49 |
|
$ |
12.97 |
|
$ |
13.86 |
|
|
|
|
|
|
|
Tangible book value per share
(1) |
|
|
11.43 |
|
|
11.90 |
|
|
12.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
28,752,626 |
|
|
28,831,197 |
|
|
27,334,428 |
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
28,787,662 |
|
|
28,891,202 |
|
|
27,340,926 |
|
|
28,887,757 |
|
|
27,377,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
3.65 |
% |
|
3.34 |
% |
|
3.18 |
% |
|
3.36 |
% |
|
3.19 |
% |
Net interest margin (tax
equivalent basis) * (1)(2) |
|
|
3.72 |
|
|
3.39 |
|
|
3.23 |
|
|
3.41 |
|
|
3.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
52.07 |
% |
|
54.97 |
% |
|
56.04 |
% |
|
54.60 |
% |
|
56.22 |
% |
Efficiency ratio (tax
equivalent basis) (1)(2) |
|
|
51.31 |
|
|
54.22 |
|
|
55.32 |
|
|
53.86 |
|
|
55.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to deposit ratio |
|
|
70.81 |
% |
|
66.23 |
% |
|
62.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.47 |
% |
|
1.32 |
% |
|
1.37 |
% |
|
1.35 |
% |
|
1.47 |
% |
Return on average
stockholders' equity * |
|
|
16.27 |
|
|
14.92 |
|
|
14.29 |
|
|
14.91 |
|
|
15.42 |
|
Return on average tangible
common equity * (1) |
|
|
17.70 |
|
|
16.25 |
|
|
15.32 |
|
|
16.20 |
|
|
16.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
assets * (1) |
|
|
1.49 |
% |
|
1.29 |
% |
|
1.45 |
% |
|
1.31 |
% |
|
1.47 |
% |
Adjusted return on average
stockholders' equity * (1) |
|
|
16.51 |
|
|
14.66 |
|
|
15.08 |
|
|
14.43 |
|
|
15.43 |
|
Adjusted return on average
tangible common equity * (1) |
|
|
17.96 |
|
|
15.96 |
|
|
16.18 |
|
|
15.67 |
|
|
16.59 |
|
* 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, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Net income |
|
$ |
15,627 |
|
|
$ |
14,085 |
|
|
$ |
13,715 |
|
|
$ |
43,316 |
|
|
$ |
42,677 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses |
|
|
(462 |
) |
|
|
— |
|
|
|
(380 |
) |
|
|
(462 |
) |
|
|
(537 |
) |
|
Branch closure expenses |
|
|
— |
|
|
|
— |
|
|
|
(644 |
) |
|
|
— |
|
|
|
(748 |
) |
|
Gains (losses) on sales of closed branch premises |
|
|
(38 |
) |
|
|
(18 |
) |
|
|
— |
|
|
|
141 |
|
|
|
— |
|
|
Mortgage servicing rights fair value adjustment |
|
|
351 |
|
|
|
366 |
|
|
|
40 |
|
|
|
2,446 |
|
|
|
1,425 |
|
|
Total adjustments |
|
|
(149 |
) |
|
|
348 |
|
|
|
(984 |
) |
|
|
2,125 |
|
|
|
140 |
|
|
Tax effect of adjustments |
|
|
(80 |
) |
|
|
(99 |
) |
|
|
220 |
|
|
|
(728 |
) |
|
|
(143 |
) |
|
Less adjustments, after tax
effect |
|
|
(229 |
) |
|
|
249 |
|
|
|
(764 |
) |
|
|
1,397 |
|
|
|
(3 |
) |
|
Adjusted net income |
|
$ |
15,856 |
|
|
$ |
13,836 |
|
|
$ |
14,479 |
|
|
$ |
41,919 |
|
|
$ |
42,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
4,208,722 |
|
|
$ |
4,286,302 |
|
|
$ |
3,965,051 |
|
|
$ |
4,278,997 |
|
|
$ |
3,884,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.47 |
|
% |
|
1.32 |
|
% |
|
1.37 |
|
% |
|
1.35 |
|
% |
|
1.47 |
|
% |
Adjusted return on average
assets * |
|
|
1.49 |
|
|
|
1.29 |
|
|
|
1.45 |
|
|
|
1.31 |
|
|
|
1.47 |
|
|
* Annualized measure.
Reconciliation of Non-GAAP Financial
Measures – Adjusted Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(dollars in thousands, except per share data) |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,627 |
|
|
$ |
14,085 |
|
|
$ |
13,715 |
|
|
$ |
43,316 |
|
|
$ |
42,677 |
|
Earnings allocated to participating securities (1) |
|
|
(17 |
) |
|
|
(17 |
) |
|
|
(25 |
) |
|
|
(51 |
) |
|
|
(81 |
) |
Numerator for earnings per share - basic and diluted |
|
$ |
15,610 |
|
|
$ |
14,068 |
|
|
$ |
13,690 |
|
|
$ |
43,265 |
|
|
$ |
42,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
15,856 |
|
|
$ |
13,836 |
|
|
$ |
14,479 |
|
|
$ |
41,919 |
|
|
$ |
42,680 |
|
Earnings allocated to participating securities (1) |
|
|
(17 |
) |
|
|
(17 |
) |
|
|
(27 |
) |
|
|
(49 |
) |
|
|
(81 |
) |
Numerator for adjusted earnings per share - basic and diluted |
|
$ |
15,839 |
|
|
$ |
13,819 |
|
|
$ |
14,452 |
|
|
$ |
41,870 |
|
|
$ |
42,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
28,787,662 |
|
|
|
28,891,202 |
|
|
|
27,340,926 |
|
|
|
28,887,757 |
|
|
|
27,377,809 |
|
Dilutive effect of outstanding restricted stock units |
|
|
72,643 |
|
|
|
53,674 |
|
|
|
13,921 |
|
|
|
56,761 |
|
|
|
11,412 |
|
Weighted average common shares outstanding, including all dilutive
potential shares |
|
|
28,860,305 |
|
|
|
28,944,876 |
|
|
|
27,354,847 |
|
|
|
28,944,518 |
|
|
|
27,389,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic |
|
$ |
0.54 |
|
|
$ |
0.49 |
|
|
$ |
0.50 |
|
|
$ |
1.50 |
|
|
$ |
1.56 |
|
Earnings per share -
Diluted |
|
$ |
0.54 |
|
|
$ |
0.49 |
|
|
$ |
0.50 |
|
|
$ |
1.49 |
|
|
$ |
1.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Basic |
|
$ |
0.55 |
|
|
$ |
0.48 |
|
|
$ |
0.53 |
|
|
$ |
1.45 |
|
|
$ |
1.56 |
|
Adjusted earnings per
share - Diluted |
|
$ |
0.55 |
|
|
$ |
0.48 |
|
|
$ |
0.53 |
|
|
$ |
1.45 |
|
|
$ |
1.56 |
|
(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 |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Net interest income
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
37,390 |
|
$ |
34,373 |
|
$ |
30,715 |
|
$ |
103,691 |
|
$ |
89,544 |
|
Tax-equivalent adjustment (1) |
|
|
674 |
|
|
598 |
|
|
508 |
|
|
1,801 |
|
|
1,514 |
|
Net interest income (tax equivalent basis) (1) |
|
$ |
38,064 |
|
$ |
34,971 |
|
$ |
31,223 |
|
$ |
105,492 |
|
$ |
91,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
3.65 |
% |
|
3.34 |
% |
|
3.18 |
% |
|
3.36 |
% |
|
3.19 |
% |
Tax-equivalent adjustment * (1) |
|
|
0.07 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
Net interest margin (tax equivalent basis) * (1) |
|
|
3.72 |
% |
|
3.39 |
% |
|
3.23 |
% |
|
3.41 |
% |
|
3.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
4,059,978 |
|
$ |
4,133,448 |
|
$ |
3,831,886 |
|
$ |
4,131,221 |
|
$ |
3,755,897 |
|
* 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, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Efficiency ratio (tax
equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
23,998 |
|
$ |
23,842 |
|
$ |
22,167 |
|
$ |
71,997 |
|
$ |
66,865 |
|
Less: amortization of intangible assets |
|
|
243 |
|
|
245 |
|
|
252 |
|
|
733 |
|
|
799 |
|
Adjusted noninterest expense |
|
$ |
23,755 |
|
$ |
23,597 |
|
$ |
21,915 |
|
$ |
71,264 |
|
$ |
66,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
37,390 |
|
$ |
34,373 |
|
$ |
30,715 |
|
$ |
103,691 |
|
$ |
89,544 |
|
Total noninterest income |
|
|
8,234 |
|
|
8,551 |
|
|
8,392 |
|
|
26,828 |
|
|
27,974 |
|
Operating revenue |
|
|
45,624 |
|
|
42,924 |
|
|
39,107 |
|
|
130,519 |
|
|
117,518 |
|
Tax-equivalent adjustment (1) |
|
|
674 |
|
|
598 |
|
|
508 |
|
|
1,801 |
|
|
1,514 |
|
Operating revenue (tax equivalent basis)
(1) |
|
$ |
46,298 |
|
$ |
43,522 |
|
$ |
39,615 |
|
$ |
132,320 |
|
$ |
119,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
52.07 |
% |
|
54.97 |
% |
|
56.04 |
% |
|
54.60 |
% |
|
56.22 |
% |
Efficiency ratio (tax
equivalent basis) (1) |
|
|
51.31 |
|
|
54.22 |
|
|
55.32 |
|
|
53.86 |
|
|
55.50 |
|
(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, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands, except per share data) |
|
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
359,073 |
|
$ |
373,809 |
|
$ |
378,821 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
1,210 |
|
|
1,453 |
|
|
1,999 |
|
Tangible common equity |
|
$ |
328,541 |
|
$ |
343,034 |
|
$ |
353,202 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,213,324 |
|
$ |
4,223,978 |
|
$ |
3,948,226 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
1,210 |
|
|
1,453 |
|
|
1,999 |
|
Tangible assets |
|
$ |
4,182,792 |
|
$ |
4,193,203 |
|
$ |
3,922,607 |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets |
|
|
8.52 |
% |
|
8.85 |
% |
|
9.59 |
% |
Tangible common equity to
tangible assets |
|
|
7.85 |
|
|
8.18 |
|
|
9.00 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
28,752,626 |
|
|
28,831,197 |
|
|
27,334,428 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
12.49 |
|
$ |
12.97 |
|
$ |
13.86 |
|
Tangible book value per
share |
|
|
11.43 |
|
|
11.90 |
|
|
12.92 |
|
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 |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Average tangible
common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
380,983 |
|
$ |
378,531 |
|
$ |
380,863 |
|
$ |
388,509 |
|
$ |
369,933 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
23,620 |
|
|
29,322 |
|
|
23,620 |
|
Less: Core deposit intangible assets, net |
|
|
1,356 |
|
|
1,597 |
|
|
2,152 |
|
|
1,597 |
|
|
2,414 |
|
Average tangible common equity |
|
$ |
350,305 |
|
$ |
347,612 |
|
$ |
355,091 |
|
$ |
357,590 |
|
$ |
343,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,627 |
|
$ |
14,085 |
|
$ |
13,715 |
|
$ |
43,316 |
|
$ |
42,677 |
|
Adjusted net income |
|
|
15,856 |
|
|
13,836 |
|
|
14,479 |
|
|
41,919 |
|
|
42,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity * |
|
|
16.27 |
% |
|
14.92 |
% |
|
14.29 |
% |
|
14.91 |
% |
|
15.42 |
% |
Return on average tangible
common equity * |
|
|
17.70 |
|
|
16.25 |
|
|
15.32 |
|
|
16.20 |
|
|
16.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
stockholders' equity * |
|
|
16.51 |
% |
|
14.66 |
% |
|
15.08 |
% |
|
14.43 |
% |
|
15.43 |
% |
Adjusted return on average
tangible common equity * |
|
|
17.96 |
|
|
15.96 |
|
|
16.18 |
|
|
15.67 |
|
|
16.59 |
|
* Annualized measure.
HBT Financial (NASDAQ:HBT)
Historical Stock Chart
From Jun 2024 to Jul 2024
HBT Financial (NASDAQ:HBT)
Historical Stock Chart
From Jul 2023 to Jul 2024