Companies: 10,793     total market cap: $139.368 T
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HBT Financial
HBT
#6000
Rank
$1.02 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$28.25
Share price
-1.46%
Change (1 day)
31.70%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. HBT Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

HBT Financial - 10-Q quarterly report FY2025 Q1


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to
Commission file number: 001-39085
HBT Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
37-1117216
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
401 North Hershey Rd
Bloomington, Illinois 61704
(309) 662-4444
(Address of principal executive offices,
including zip code)
(Registrant’s telephone number,
including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHBT
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 23, 2025, there were 31,495,434 shares outstanding of the registrant’s common stock, $0.01 par value.

TABLE OF CONTENTS
HBT Financial, Inc.
Page
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Item 2.
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Item 3.
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Item 4.
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Item 1A.
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Item 6.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this Quarterly Report are forward-looking statements. Forward-looking statements may include statements relating to our plans, strategies and expectations, near-term loan growth, net interest margin, mortgage banking profits, wealth management fees, expenses, asset quality, capital levels, continued earnings, and liquidity. Forward-looking statements are generally identifiable by use of the words "believe," "may," "will," "should," "could," "expect," "estimate," "intend," "anticipate," "project," "plan" or similar expressions. Forward-looking statements are frequently based on assumptions that may or may not materialize and are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from the results anticipated or projected and which could materially and adversely affect our operating results, financial condition or prospects include, but are not limited to:
•the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints);
•effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations;
•the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse 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;
•new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board;
•changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023;
•the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers;
•changes in interest rates and prepayment rates of the Company’s assets;
•increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers;
•changes in technology and the ability to develop and maintain secure and reliable electronic systems;
•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;
•the loss of key executives and employees, talent shortages and employee turnover;
•changes in consumer spending;
•unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company;
•the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards;
•fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates;
•credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers;
•the overall health of the local and national real estate market;
•the ability to maintain an adequate level of allowance for credit losses on loans;
•the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure;
•the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds;
•the level of nonperforming assets on our balance sheets;
•interruptions involving our information technology and communications systems or third-party servicers;
•the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud;
1
•the effectiveness of the Company’s risk management framework and internal disclosure controls and procedures;
•our asset quality and any loan charge-offs;
•the effects of changes in interest rates on our net interest income, net interest margin, our investments, our loan originations, and our modeling estimates relating to interest rate changes;
•our access to sources of liquidity and capital to address our liquidity needs;
•our inability to receive dividends from the Bank, pay dividends to our common stockholders or satisfy obligations as they become due;
•the effects of problems encountered by other financial institutions;
•our ability to achieve organic loan and deposit growth and the composition of such growth;
•our ability to successfully develop and commercialize new or enhanced products and services;
•current and future business, economic and market conditions in the United States (“U.S.”) generally or in the States of Illinois and Iowa in particular;
•the geographic concentration of our operations in the States of Illinois and Iowa;
•our ability to attract and retain customer deposits;
•our ability to maintain the Bank’s reputation;
•possible impairment of our goodwill and other intangible assets;
•market perceptions associated with certain aspects of our business;
•our ability to meet our obligations as a public company, including our obligations under Section 404 of the Sarbanes-Oxley Act of 2002;
•the ability of the Company to manage the risks associated with the foregoing as well as anticipated; and
•the factors discussed in "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" or elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange (“SEC”) Commission on March 7, 2025.
These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statement in the future, or to reflect circumstances and events that occur after the date on which the forward-looking statement was made.
2
PART I. FINANCIAL INFORMATION
ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Unaudited)
(dollars in thousands, except per share data)March 31,
2025		December 31,
2024
ASSETS
Cash and due from banks$25,005 $29,552 
Interest-bearing deposits with banks186,586 108,140 
Cash and cash equivalents211,591 137,692 
Debt securities available-for-sale, at fair value706,135 698,049 
Debt securities held-to-maturity (fair value of $445,762 at 2025 and $445,186 at 2024)
490,398 499,858 
Equity securities with readily determinable fair value3,323 3,315 
Equity securities with no readily determinable fair value2,629 2,629 
Restricted stock, at cost5,086 5,086 
Loans held for sale2,721 1,586 
Loans, before allowance for credit losses3,461,778 3,466,146 
Allowance for credit losses(42,111)(42,044)
Loans, net of allowance for credit losses3,419,667 3,424,102 
Bank owned life insurance24,153 23,989 
Bank premises and equipment, net67,272 66,758 
Bank premises held for sale190 317 
Foreclosed assets460 367 
Goodwill59,820 59,820 
Intangible assets, net17,148 17,843 
Mortgage servicing rights, at fair value18,519 18,827 
Investments in unconsolidated subsidiaries1,614 1,614 
Accrued interest receivable22,735 24,770 
Other assets38,731 46,280 
Total assets$5,092,192 $5,032,902 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing$1,065,874 $1,046,405 
Interest-bearing3,318,716 3,271,849 
Total deposits4,384,590 4,318,254 
Securities sold under agreements to repurchase2,698 28,969 
Federal Home Loan Bank advances7,209 13,231 
Subordinated notes39,573 39,553 
Junior subordinated debentures issued to capital trusts52,864 52,849 
Other liabilities40,201 35,441 
Total liabilities4,527,135 4,488,297 
COMMITMENTS AND CONTINGENCIES (Note 14)
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding
— — 
Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 32,899,104 at 2025 and 32,827,039 at 2024; shares outstanding of 31,631,431 at 2025 and 31,559,366 at 2024
329 328 
Surplus297,024 297,297 
Retained earnings329,169 316,764 
Accumulated other comprehensive income (loss)(38,446)(46,765)
Treasury stock at cost, 1,267,673 shares at 2025 and 1,267,673 at 2024
(23,019)(23,019)
Total stockholders’ equity565,057 544,605 
Total liabilities and stockholders’ equity$5,092,192 $5,032,902 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
3
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended March 31,
(dollars in thousands, except per share data)20252024
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable$53,369 $51,926 
Federally tax exempt1,168 1,094 
Debt securities:
Taxable6,936 6,204 
Federally tax exempt469 597 
Interest-bearing deposits in bank1,065 1,952 
Other interest and dividend income131 188 
Total interest and dividend income63,138 61,961 
INTEREST EXPENSE
Deposits12,939 13,593 
Securities sold under agreements to repurchase22 152 
Borrowings109 125 
Subordinated notes470 470 
Junior subordinated debentures issued to capital trusts890 933 
Total interest expense14,430 15,273 
Net interest income48,708 46,688 
PROVISION FOR CREDIT LOSSES576 527 
Net interest income after provision for credit losses48,132 46,161 
NONINTEREST INCOME
Card income2,548 2,616 
Wealth management fees2,841 2,547 
Service charges on deposit accounts1,944 1,869 
Mortgage servicing990 1,055 
Mortgage servicing rights fair value adjustment(308)80 
Gains on sale of mortgage loans252 298 
Realized gains (losses) on sales of securities— (3,382)
Unrealized gains (losses) on equity securities8 (16)
Gains (losses) on foreclosed assets13 87 
Gains (losses) on other assets54 (635)
Income on bank owned life insurance164 164 
Other noninterest income800 943 
Total noninterest income9,306 5,626 
NONINTEREST EXPENSE
Salaries17,053 16,657 
Employee benefits3,285 2,805 
Occupancy of bank premises2,625 2,582 
Furniture and equipment445 550 
Data processing2,717 2,925 
Marketing and customer relations1,144 996 
Amortization of intangible assets695 710 
FDIC insurance562 560 
Loan collection and servicing383 452 
Foreclosed assets5 49 
Other noninterest expense3,021 2,982 
Total noninterest expense31,935 31,268 
INCOME BEFORE INCOME TAX EXPENSE25,503 20,519 
INCOME TAX EXPENSE6,428 5,261 
NET INCOME$19,075 $15,258 
EARNINGS PER SHARE - BASIC$0.60 $0.48 
EARNINGS PER SHARE - DILUTED$0.60 $0.48 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING31,584,98931,662,954
See accompanying Notes to Consolidated Financial Statements (Unaudited)
4
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20252024
NET INCOME$19,075 $15,258 
OTHER COMPREHENSIVE INCOME
Unrealized gains (losses) on debt securities available-for-sale11,085 (2,255)
Reclassification adjustment for losses on sale of debt securities available-for-sale realized in income— 3,382 
Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity504 501 
Unrealized gains on derivative instruments1 64 
Reclassification adjustment for net settlements on derivative instruments(36)(132)
Total other comprehensive income, before tax11,554 1,560 
Income tax expense3,235 445 
Total other comprehensive income8,319 1,115 
TOTAL COMPREHENSIVE INCOME$27,394 $16,373 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
5
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
Common StockAccumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders’
Equity
(dollars in thousands, except per share data)Shares
Outstanding		AmountSurplusRetained
Earnings		Treasury
Stock
Balance, December 31, 202431,559,366 $328 $297,297 $316,764 $(46,765)$(23,019)$544,605 
Net income— — — 19,075 — — 19,075 
Other comprehensive income— — — — 8,319 — 8,319 
Stock-based compensation— — 419 — — — 419 
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings72,065 1 (692)— — — (691)
Cash dividends and dividend equivalents ($0.21 per share)
— — — (6,670)— — (6,670)
Balance, March 31, 202531,631,431 $329 $297,024 $329,169 $(38,446)$(23,019)$565,057 
Balance, December 31, 202331,695,828 $327 $295,877 $269,051 $(57,163)$(18,596)$489,496 
Cumulative effect of change in accounting principle (ASU 2023-02)— — — 116 — — 116 
Net income— — — 15,258 — — 15,258 
Other comprehensive income— — — — 1,115 — 1,115 
Stock-based compensation— — 509 — — — 509 
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings96,341 1 (332)— — — (331)
Repurchase of common stock(179,281)— — — — (3,410)(3,410)
Cash dividends and dividend equivalents ($0.19 per share)
— — — (6,072)— — (6,072)
Balance, March 31, 202431,612,888 $328 $296,054 $278,353 $(56,048)$(22,006)$496,681 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
6
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$19,075 $15,258 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense756 729 
Provision for credit losses576 527 
Net amortization of debt securities777 1,036 
Deferred income tax expense782 1,154 
Stock-based compensation419 509 
Net accretion of discount and deferred loan fees on loans(1,887)(1,854)
Net realized loss on sales of securities— 3,382 
Net unrealized loss (gain) on equity securities(8)16 
Net loss on disposals of bank premises and equipment5 55 
Net gain on sales of bank premises held for sale(59)— 
Impairment losses on bank premises held for sale— 580 
Net gain on sales of foreclosed assets(27)(113)
Write-down of foreclosed assets14 26 
Amortization of intangibles695 710 
Decrease (increase) in fair value of mortgage servicing rights308 (80)
Amortization of discount and issuance costs on subordinated notes and debentures35 35 
Amortization of discount on Federal Home Loan Bank advances66 102 
Amortization of premium on time deposits— (30)
Mortgage loans originated for sale(8,315)(12,459)
Proceeds from sale of mortgage loans7,432 11,596 
Net gain on sale of mortgage loans(252)(298)
Increase in cash surrender value of bank owned life insurance(164)(164)
Decrease in accrued interest receivable 2,035 1,417 
Decrease (increase) in other assets2,270 (5,574)
Increase in other liabilities5,907 10,212 
Net cash provided by operating activities30,440 26,772 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
7
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
Three Months Ended March 31,
(dollars in thousands)20252024
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of interest-bearing time deposits with banks— (6)
Proceeds from sales of debt securities— 66,812 
Proceeds from sales and redemptions of equity securities— 20 
Proceeds from paydowns, maturities, and calls of debt securities36,553 29,563 
Purchase of debt securities(24,367)(4,757)
Purchase of equity securities— (117)
Purchase of loans(9,782)(4,448)
Net decrease in loans15,369 64,761 
Proceeds from redemption of restricted stock— 2,005 
Purchases of bank premises and equipment(1,275)(1,286)
Proceeds from sales of bank premises held for sale186 — 
Proceeds from sales of foreclosed assets159 865 
Net cash provided by investing activities16,843 153,412 
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits66,336 (40,833)
Net decrease in repurchase agreements(26,271)(10,578)
Proceeds from long-term Federal Home Loan Bank advances1,800 — 
Repayment of long-term Federal Home Loan Bank advances(7,888)— 
Taxes paid related to the vesting of restricted stock units(691)(331)
Repurchase of common stock— (3,410)
Cash dividends and dividend equivalents paid(6,670)(6,072)
Net cash provided by (used in) financing activities26,616 (61,224)
NET INCREASE IN CASH AND CASH EQUIVALENTS73,899 118,960 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD137,692 141,252 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$211,591 $260,212 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest$15,039 $15,926 
Net refund received for income taxes$— $(749)
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfers of loans to foreclosed assets$239 $203 
Transfers of bank premises and equipment to bank premises held for sale$— $317 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
8
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1 – ACCOUNTING POLICIES
Basis of Presentation
HBT Financial, Inc. (“HBT Financial” or the “Company”) is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company (“Heartland Bank” or the “Bank”). The Bank provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa. Additionally, the Company is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory agencies.
The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) interim reporting requirements. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to rules and regulations of the SEC. These interim unaudited consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025.
The unaudited consolidated financial statements include all normal, recurring adjustments necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.
Use of Estimates
The accompanying consolidated financial statements have been prepared in conformity with GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported results of operations for the periods then ended.
Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or stockholders’ equity.
Subsequent Events
In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

9
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands income tax disclosure requirements. The amendments require annual disclosure of certain information relating to the rate reconciliation, income taxes paid by jurisdiction, income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign, income tax expense (benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments also eliminate certain requirements relating to unrecognized tax benefits and certain deferred tax disclosure relating to subsidiaries and corporate joint ventures. The amendments in this update are effective for years beginning after December 15, 2024. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Early adoption is permitted. This standard did not have a material impact on the Company’s consolidated results of operations or financial position.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 provides more decision-useful information about a public entity's expenses by requiring additional detail on expenses reported in income statements. Under the ASU, public entities will provide detailed disclosure in interim and annual periods of specified categories underlying certain expense captions. The ASU requires public entities to apply the amendments prospectively, with an option to use retrospective application. The amendments in this update are effective for years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This standard is not expected to have a material impact on the Company's consolidated results of operations or financial position.
10
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 2 – SECURITIES
Debt Securities
The amortized cost and fair values of debt securities, with gross unrealized gains and losses and allowance for credit losses, are as follows:
March 31, 2025
(dollars in thousands)Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Available-for-sale:
U.S. Treasury$109,688$—$(6,825)$—$102,863
U.S. government agency53,61146(1,877)—51,780
Municipal149,697—(17,359)—132,338
Mortgage-backed:
Agency residential246,3561,011(11,151)—236,216
Agency commercial126,4486(10,051)—116,403
Corporate68,693322(2,480)—66,535
Total available-for-sale$754,493$1,385$(49,743)$—$706,135
March 31, 2025
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-maturity:
U.S. government agency$88,477$—$(6,800)$81,677$—
Municipal35,19947(271)34,975—
Mortgage-backed:
Agency residential83,308—(4,417)78,891—
Agency commercial283,41414(33,209)250,219—
Total held-to-maturity$490,398$61$(44,697)$445,762$—
11
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
December 31, 2024
(dollars in thousands)Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
Available-for-sale:
U.S. Treasury$119,690$—$(8,545)$—$111,145
U.S. government agency55,742—(2,544)—53,198
Municipal150,163—(19,484)—130,679
Mortgage-backed:
Agency residential241,342253(14,227)—227,368
Agency commercial128,8233(12,145)—116,681
Corporate61,732156(2,910)—58,978
Total available-for-sale$757,492$412$(59,855)$—$698,049
December 31, 2024
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-maturity:
U.S. government agency$88,472$—$(8,819)$79,653$—
Municipal35,86248(371)35,539—
Mortgage-backed:
Agency residential85,643—(5,796)79,847—
Agency commercial289,881—(39,734)250,147—
Total held-to-maturity$499,858$48$(54,720)$445,186$—
As of March 31, 2025 and December 31, 2024, the Bank had debt securities with a carrying value of $429.0 million and $468.8 million, respectively, which were pledged to secure public deposits, securities sold under agreements to repurchase, available borrowing capacity, and for other purposes required or permitted by law.
The amortized cost and fair value of debt securities by contractual maturity, as of March 31, 2025, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost
Fair Value
Amortized
Cost
Fair Value
Due in 1 year or less$49,390 $48,619 $6,431 $6,431 
Due after 1 year through 5 years179,558 168,306 52,779 50,793 
Due after 5 years through 10 years128,903 115,347 62,214 57,281 
Due after 10 years23,838 21,244 2,252 2,147 
Mortgage-backed:
Agency residential246,356 236,216 83,308 78,891 
Agency commercial126,448 116,403 283,414 250,219 
Total$754,493 $706,135 $490,398 $445,762 
12
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of March 31, 2025 and December 31, 2024, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:
March 31, 2025
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$— $— $(6,825)$102,863 $(6,825)$102,863 
U.S. government agency(26)2,969 (1,851)44,059 (1,877)47,028 
Municipal(5)2,162 (17,354)129,705 (17,359)131,867 
Mortgage-backed:
Agency residential(935)40,523 (10,216)123,996 (11,151)164,519 
Agency commercial(54)3,087 (9,997)111,959 (10,051)115,046 
Corporate(33)3,967 (2,447)39,526 (2,480)43,493 
Total available-for-sale$(1,053)$52,708 $(48,690)$552,108 $(49,743)$604,816 
December 31, 2024
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$— $— $(8,545)$111,145 $(8,545)$111,145 
U.S. government agency(141)7,594 (2,403)45,604 (2,544)53,198 
Municipal(8)2,634 (19,476)127,776 (19,484)130,410 
Mortgage-backed:
Agency residential(2,041)81,055 (12,186)129,178 (14,227)210,233 
Agency commercial(125)3,327 (12,020)112,118 (12,145)115,445 
Corporate(4)1,996 (2,906)43,064 (2,910)45,060 
Total available-for-sale$(2,319)$96,606 $(57,536)$568,885 $(59,855)$665,491 
As of March 31, 2025, there were 600 debt securities in an unrealized loss position for a period of twelve months or more, and 63 debt securities in an unrealized loss position for a period of less than twelve months.
U.S. Treasury, U.S. government agency, and agency mortgage-backed securities are considered to have no risk of credit loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as prepayment and liquidity risks.
13
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Municipal securities include general obligation bonds which have a very low historical default rate due to issuers generally having taxing authority to service the debt and represent approximately 72% of the total fair value of our municipal securities portfolio as of March 31, 2025. The remainder of the municipal securities are also of high credit quality with ratings of Aa3/AA- or better. The Company evaluates credit risk through monitoring credit ratings and reviews of available financial data. The changes in fair value in these portfolios are considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks. The estimated allowance for credit losses for the municipal debt securities held-to-maturity was deemed insignificant.
Corporate securities include investment grade corporate and bank subordinated debt securities. The Company evaluates credit risk through monitoring credit ratings, reviews of available issuer financial data, and sector trends. The changes in fair value in corporate securities were considered to be primarily driven by changes in market interest rates and other non-credit risks, such as call and liquidity risks.
As of March 31, 2025, the Company did not intend to sell the debt securities that are in an unrealized loss position, and it was more likely than not that the Company would recover the amortized cost prior to being required to sell the debt securities.
Accrued interest on debt securities is excluded from the estimate of credit losses and totaled $5.0 million and $5.1 million as of March 31, 2025 and December 31, 2024, respectively.
Sales of debt securities were as follows during the three months ended March 31:
Three Months Ended March 31,
(dollars in thousands)20252024
Proceeds from sales$— $66,812 
Gross realized gains— — 
Gross realized losses— (3,382)
14
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Equity Securities
Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in unrealized gains (losses) on equity securities on the consolidated statements of income. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for identical or similar securities of the same issuer.
The initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses were as follows:
March 31, 2025
(dollars in thousands)Readily
Determinable
Fair Value		No Readily
Determinable
Fair Value
Initial cost$3,124 $2,998 
Cumulative net unrealized gains (losses)199 (369)
Carrying value$3,323 $2,629 
December 31, 2024
(dollars in thousands)Readily
Determinable
Fair Value		No Readily
Determinable
Fair Value
Initial cost$3,124 $2,998 
Cumulative net unrealized gains (losses)191 (369)
Carrying value$3,315 $2,629 
As of March 31, 2025 and December 31, 2024, the cumulative net unrealized losses on equity securities with no readily determinable fair value reflect impairments of $0.2 million and downward adjustments based on observable price changes of an identical investment of $0.2 million. There have been no upward adjustments based on observable price changes to equity securities with no readily determinable fair value.
Unrealized gains (losses) on equity securities were as follows during the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(dollars in thousands)20252024
Readily determinable fair value$8 $(16)
No readily determinable fair value— — 
Unrealized gains (losses) on equity securities$8 $(16)
15
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 3 – LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES
Major categories of loans are summarized as follows:
(dollars in thousands)March 31, 2025December 31, 2024
Commercial and industrial$441,261 $428,389 
Commercial real estate - owner occupied321,990 322,316 
Commercial real estate - non-owner occupied891,022 899,565 
Construction and land development376,046 374,657 
Multi-family424,096 431,524 
One-to-four family residential455,376 463,968 
Agricultural and farmland292,240 293,375 
Municipal, consumer, and other259,747 252,352 
Loans, before allowance for credit losses3,461,778 3,466,146 
Allowance for credit losses(42,111)(42,044)
Loans, net of allowance for credit losses$3,419,667 $3,424,102 
Allowance for Credit Losses
Management estimates the allowance for credit losses using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The discounted cash flow method is used to estimate expected credit losses for all loan categories, except for consumer loans where the weighted average remaining maturity method is utilized.
At March 31, 2025, the economic forecast used by management anticipates a mild economic slowdown, but not a recession, over the next 4 quarters considered in the forecast period, with the unemployment rate remaining stable and gross domestic product ("GDP") growth slowing slightly and then increasing. After the forecast period, the Company reverts to long-term averages over a 4-quarter reversion period. Additionally, management has made qualitative adjustments to the loss estimates to reflect other factors that influence credit losses.
16
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables detail activity in the allowance for credit losses:
Three Months Ended March 31, 2025
(dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate
Owner
Occupied		Commercial
Real Estate
Non-owner
Occupied		Construction
and Land
Development		Multi-FamilyOne-to-four
Family
Residential		Agricultural
and
Farmland		Municipal,
Consumer,
and
Other		Total
Beginning balance$5,357 $3,107 $11,707 $4,302 $4,331 $3,908 $1,170 $8,162 $42,044 
Provision for credit losses1,055 192 (514)324 (213)(112)108 (344)496 
Charge-offs(385)(1)— (6)— (85)— (188)(665)
Recoveries59 2 — 1 — 44 38 92 236 
Ending balance$6,086 $3,300 $11,193 $4,621 $4,118 $3,755 $1,316 $7,722 $42,111 
Three Months Ended March 31, 2024
(dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate
Owner
Occupied		Commercial
Real Estate
Non-owner
Occupied		Construction
and Land
Development		Multi-FamilyOne-to-four
Family
Residential		Agricultural
and
Farmland		Municipal,
Consumer,
and
Other		Total
Beginning balance$4,980 $2,272 $7,714 $5,998 $3,837 $5,204 $975 $9,068 $40,048 
Provision for credit losses239 (117)2,102 (454)8 (421)32 (829)560 
Charge-offs(15)— — — — (21)— (191)(227)
Recoveries26 2 242 1 — 84 7 72 434 
Ending balance$5,230 $2,157 $10,058 $5,545 $3,845 $4,846 $1,014 $8,120 $40,815 
17
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Gross charge-offs, further sorted by origination year, were as follows during the three months ended March 31, 2025 and 2024.
Gross Charge-Offs for the Three Months Ended March 31, 2025
Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
(dollars in thousands)20252024202320222021Prior
Commercial and industrial$— $— $319 $— $46 $— $20 $— $385 
Commercial real estate - owner occupied— — — — 1 — — — 1 
Commercial real estate - non-owner occupied— — — — — — — — — 
Construction and land development— — — 2 — 4 — — 6 
Multi-family— — — — — — — — — 
One-to-four family residential— — — 1 — 81 3 — 85 
Agricultural and farmland— — — — — — — — — 
Municipal, consumer, and other67 60 1 — — — 60 — 188 
Total$67 $60 $320 $3 $47 $85 $83 $— $665 
Gross Charge-Offs for the Three Months Ended March 31, 2024
Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
(dollars in thousands)20242023202220212020Prior
Commercial and industrial$— $3 $— $— $— $11 $1 $— $15 
Commercial real estate - owner occupied— — — — — — — — — 
Commercial real estate - non-owner occupied— — — — — — — — — 
Construction and land development— — — — — — — — — 
Multi-family— — — — — — — — — 
One-to-four family residential— — 3 — — 6 12 — 21 
Agricultural and farmland— — — — — — — — — 
Municipal, consumer, and other44 56 6 — — — 85 — 191 
Total$44 $59 $9 $— $— $17 $98 $— $227 


18
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present loans and the related allowance for credit losses by category:
March 31, 2025
(dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate
Owner
Occupied		Commercial
Real Estate
Non-owner
Occupied		Construction
and Land
Development		Multi-FamilyOne-to-four
Family
Residential		Agricultural
and
Farmland		Municipal,
Consumer,
and
Other		Total
Loan balances:
Collectively evaluated for impairment$440,377 $321,683 $878,296 $375,802 $424,006 $451,824 $292,225 $245,578 $3,429,791 
Individually evaluated for impairment884 307 12,726 244 90 3,552 15 14,169 31,987 
Total$441,261 $321,990 $891,022 $376,046 $424,096 $455,376 $292,240 $259,747 $3,461,778 
Allowance for credit losses:
Collectively evaluated for impairment$5,939 $3,300 $10,803 $4,571 $4,028 $3,659 $1,316 $5,761 $39,377 
Individually evaluated for impairment147 — 390 50 90 96 — 1,961 2,734 
Total$6,086 $3,300 $11,193 $4,621 $4,118 $3,755 $1,316 $7,722 $42,111 
December 31, 2024
(dollars in thousands)Commercial
and
Industrial		Commercial
Real Estate
Owner
Occupied		Commercial
Real Estate
Non-owner
Occupied		Construction
and Land
Development		Multi-FamilyOne-to-four
Family
Residential		Agricultural
and
Farmland		Municipal,
Consumer,
and
Other		Total
Loan balances:
Collectively evaluated for impairment$427,737 $322,159 $884,832 $374,408 $431,432 $459,790 $293,240 $241,765 $3,435,363 
Individually evaluated for impairment652 157 14,733 249 92 4,178 135 10,587 30,783 
Total$428,389 $322,316 $899,565 $374,657 $431,524 $463,968 $293,375 $252,352 $3,466,146 
Allowance for credit losses:
Collectively evaluated for impairment$5,344 $3,107 $11,201 $4,269 $4,239 $3,747 $1,170 $5,901 $38,978 
Individually evaluated for impairment13 — 506 33 92 161 — 2,261 3,066 
Total$5,357 $3,107 $11,707 $4,302 $4,331 $3,908 $1,170 $8,162 $42,044 
19
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans:
March 31, 2025
Amortized CostAllowance
for Credit
Losses
Primary Collateral Type
(dollars in thousands)Real EstateVehiclesOtherTotal
Commercial and industrial$— $775 $109 $884 $147 
Commercial real estate - owner occupied307 — — 307 — 
Commercial real estate - non-owner occupied12,726 — — 12,726 390 
Construction and land development244 — — 244 50 
Multi-family90 — — 90 90 
One-to-four family residential3,552 — — 3,552 96 
Agricultural and farmland— — 15 15 — 
Municipal, consumer, and other14,159 — 10 14,169 1,961 
Total$31,078 $775 $134 $31,987 $2,734 
December 31, 2024
Amortized CostAllowance
for Credit
Losses
Primary Collateral Type
(dollars in thousands)Real EstateVehiclesOtherTotal
Commercial and industrial$— $627 $25 $652 $13 
Commercial real estate - owner occupied157 — — 157 — 
Commercial real estate - non-owner occupied14,733 — — 14,733 506 
Construction and land development249 — — 249 33 
Multi-family92 — — 92 92 
One-to-four family residential4,178 — — 4,178 161 
Agricultural and farmland— — 135 135 — 
Municipal, consumer, and other10,569 5 13 10,587 2,261 
Total$29,978 $632 $173 $30,783 $3,066 
Accrued interest on loans is excluded from the estimate of credit losses and totaled $17.5 million and $19.6 million as of March 31, 2025 and December 31, 2024, respectively.
20
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Past Due and Nonaccrual Status
Past due status is based on the contractual terms of the loan. Typically, loans are placed on nonaccrual when they reach 90 days past due, or when, in management’s opinion, there is reasonable doubt regarding the collection of the amounts due through the normal means of the borrower. Interest accrued and unpaid at the time a loan is placed on nonaccrual status is reversed from interest income. Interest payments received on nonaccrual loans are recognized in accordance with our significant accounting policies. Once a loan is placed on nonaccrual status, the borrower must generally demonstrate at least six months of payment performance and we must believe that all remaining principal and interest is fully collectible, before the loan is eligible to return to accrual status.
The following tables present loans by category based on current payment and accrual status:
March 31, 2025
Accruing Interest
(dollars in thousands)Current30 - 89 Days
Past Due		90+ Days
Past Due		NonaccrualTotal
Loans
Commercial and industrial$438,705 $1,672 $— $884 $441,261 
Commercial real estate - owner occupied320,877 806 — 307 321,990 
Commercial real estate - non-owner occupied890,989 33 — — 891,022 
Construction and land development375,802 — — 244 376,046 
Multi-family417,452 6,554 — 90 424,096 
One-to-four family residential450,754 1,070 — 3,552 455,376 
Agricultural and farmland292,075 150 — 15 292,240 
Municipal, consumer, and other259,650 83 4 10 259,747 
Total$3,446,304 $10,368 $4 $5,102 $3,461,778 
December 31, 2024
Accruing Interest
(dollars in thousands)Current30 - 89 Days
Past Due		90+ Days
Past Due		NonaccrualTotal
Loans
Commercial and industrial$425,859 $1,878 $— $652 $428,389 
Commercial real estate - owner occupied321,805 354 — 157 322,316 
Commercial real estate - non-owner occupied897,445 299 — 1,821 899,565 
Construction and land development373,933 475 — 249 374,657 
Multi-family431,432 — — 92 431,524 
One-to-four family residential459,069 721 — 4,178 463,968 
Agricultural and farmland293,231 9 — 135 293,375 
Municipal, consumer, and other251,798 182 4 368 252,352 
Total$3,454,572 $3,918 $4 $7,652 $3,466,146 
21
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present nonaccrual loans with and without a related allowance for credit losses:
March 31, 2025
(dollars in thousands)Nonaccrual
With
Allowance for
Credit Losses		Nonaccrual
With No
Allowance for
Credit Losses		Total
Nonaccrual
Commercial and industrial$445 $439 $884 
Commercial real estate - owner occupied— 307 307 
Commercial real estate - non-owner occupied— — — 
Construction and land development214 30 244 
Multi-family90 — 90 
One-to-four family residential582 2,970 3,552 
Agricultural and farmland— 15 15 
Municipal, consumer, and other— 10 10 
Total$1,331 $3,771 $5,102 
December 31, 2024
(dollars in thousands)Nonaccrual
With
Allowance for
Credit Losses		Nonaccrual
With No
Allowance for
Credit Losses		Total
Nonaccrual
Commercial and industrial$185 $467 $652 
Commercial real estate - owner occupied— 157 157 
Commercial real estate - non-owner occupied— 1,821 1,821 
Construction and land development216 33 249 
Multi-family92 — 92 
One-to-four family residential654 3,524 4,178 
Agricultural and farmland— 135 135 
Municipal, consumer, and other— 368 368 
Total$1,147 $6,505 $7,652 
22
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Credit Quality Indicators
The Company assigns a risk rating to all loans and periodically performs detailed internal reviews of all loans that are part of relationships with over $750 thousand in total exposure to identify credit risks and to assess the overall collectability of the portfolio. These risk ratings are also subject to review by the Company’s regulators, external loan review, and internal loan review. During the internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which the borrowers operate and the fair values of collateral securing the loans. Risk ratings are reviewed annually, at a minimum, and on an as needed basis depending on the specific circumstances of the loan. These credit quality indicators are used to assign a risk rating to each individual loan. Risk ratings are grouped into the following major categories:
Pass – a pass loan is a credit with no existing or known potential weaknesses deserving of management’s close attention.
Pass-Watch – a pass-watch loan is still considered a "pass" credit and is not a classified or criticized asset, but is a reflection of a borrower who exhibits credit weaknesses or downward trends warranting close attention and increased monitoring. These potential weaknesses may result in deterioration of the repayment prospects for the loan. No loss of principal or interest is expected, and the borrower does not pose sufficient risk to warrant a special mention, substandard, or doubtful classification.
Special Mention – a special mention loan has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the assets or in the institution's credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.
Substandard – a substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized as probable that the borrower will not pay principal and interest in accordance with the contractual terms.
Doubtful – a doubtful loan has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. There were no loans classified as doubtful as of March 31, 2025 and December 31, 2024.


23
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present loans by category based on their assigned risk ratings determined by management:
March 31, 2025
(dollars in thousands)PassPass-WatchSpecial MentionSubstandardTotal
Commercial and industrial$413,933 $15,961 $4,574 $6,793 $441,261 
Commercial real estate - owner occupied294,305 16,315 3,988 7,382 321,990 
Commercial real estate - non-owner occupied842,602 15,907 — 32,513 891,022 
Construction and land development352,844 1,587 20,844 771 376,046 
Multi-family406,806 10,663 6,537 90 424,096 
One-to-four family residential439,022 8,259 798 7,297 455,376 
Agricultural and farmland262,265 17,219 8,093 4,663 292,240 
Municipal, consumer, and other244,622 910 — 14,215 259,747 
Total$3,256,399 $86,821 $44,834 $73,724 $3,461,778 
December 31, 2024
(dollars in thousands)PassPass-WatchSpecial MentionSubstandardTotal
Commercial and industrial$404,779 $16,429 $1,957 $5,224 $428,389 
Commercial real estate - owner occupied297,150 14,969 2,713 7,484 322,316 
Commercial real estate - non-owner occupied843,487 21,594 — 34,484 899,565 
Construction and land development351,657 1,376 20,847 777 374,657 
Multi-family411,842 3,855 15,735 92 431,524 
One-to-four family residential448,869 6,641 710 7,748 463,968 
Agricultural and farmland269,926 18,154 521 4,774 293,375 
Municipal, consumer, and other236,686 929 4,107 10,630 252,352 
Total$3,264,396 $83,947 $46,590 $71,213 $3,466,146 

24
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Risk ratings of loans, further sorted by origination year, are as follows as of March 31, 2025:
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20252024202320222021Prior
Commercial and industrial
Pass$15,183 $61,571 $55,516 $44,509 $10,641 $28,677 $195,989 $1,847 $413,933 
Pass-Watch— 576 1,614 510 1,053 1,704 9,618 886 15,961 
Special Mention— — — — — — 4,574 — 4,574 
Substandard— 1 1,902 1,233 821 — 2,209 627 6,793 
Total$15,183 $62,148 $59,032 $46,252 $12,515 $30,381 $212,390 $3,360 $441,261 
Commercial real estate - owner occupied
Pass$13,677 $57,045 $24,637 $53,818 $46,820 $78,189 $19,153 $966 $294,305 
Pass-Watch1,640 3,941 260 3,377 2,353 1,444 3,300 — 16,315 
Special Mention— 1,847 — — 272 369 1,500 — 3,988 
Substandard— 815 680 672 3,818 1,332 — 65 7,382 
Total$15,317 $63,648 $25,577 $57,867 $53,263 $81,334 $23,953 $1,031 $321,990 
Commercial real estate - non-owner occupied
Pass$39,275 $85,190 $104,130 $240,197 $211,177 $137,266 $23,773 $1,594 $842,602 
Pass-Watch— 2,550 412 1,733 3,977 7,235 — — 15,907 
Special Mention— — — — — — — — — 
Substandard24,786 5,489 209 — — 2,029 — — 32,513 
Total$64,061 $93,229 $104,751 $241,930 $215,154 $146,530 $23,773 $1,594 $891,022 
Construction and land development
Pass$35,049 $173,174 $45,656 $65,104 $21,987 $1,212 $10,427 $235 $352,844 
Pass-Watch19 249 — — — 17 699 603 1,587 
Special Mention12,093 — — 8,751 — — — — 20,844 
Substandard— 475 — 214 — 82 — — 771 
Total$47,161 $173,898 $45,656 $74,069 $21,987 $1,311 $11,126 $838 $376,046 
Multi-family
Pass$12,572 $45,184 $89,288 $81,284 $87,835 $88,007 $2,197 $439 $406,806 
Pass-Watch110 2,667 16 — — 7,866 — 4 10,663 
Special Mention6,537 — — — — — — — 6,537 
Substandard— 90 — — — — — — 90 
Total$19,219 $47,941 $89,304 $81,284 $87,835 $95,873 $2,197 $443 $424,096 
One-to-four family residential
Pass$17,329 $34,019 $84,902 $79,177 $69,500 $93,164 $54,636 $6,295 $439,022 
Pass-Watch89 2,869 1,196 726 302 2,634 137 306 8,259 
Special Mention— — — — 586 212 — — 798 
Substandard328 234 335 527 455 5,017 16 385 7,297 
Total$17,746 $37,122 $86,433 $80,430 $70,843 $101,027 $54,789 $6,986 $455,376 
Agricultural and farmland
Pass$20,374 $33,833 $33,398 $29,748 $26,891 $29,898 $87,437 $686 $262,265 
Pass-Watch1,200 466 2,006 273 852 1,326 10,995 101 17,219 
Special Mention2,528 — 670 1,333 944 — 2,618 — 8,093 
Substandard— 330 51 486 7 3,138 386 265 4,663 
Total$24,102 $34,629 $36,125 $31,840 $28,694 $34,362 $101,436 $1,052 $292,240 
25
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20252024202320222021Prior
Municipal, consumer, and other
Pass$26,085 $61,718 $34,258 $18,437 $23,004 $48,456 $32,663 $1 $244,622 
Pass-Watch— 100 44 4 10 750 2 — 910 
Special Mention— — — — — — — — — 
Substandard15 8 4 29 — 14,158 1 — 14,215 
Total$26,100 $61,826 $34,306 $18,470 $23,014 $63,364 $32,666 $1 $259,747 
Total by risk rating
Pass$179,544 $551,734 $471,785 $612,274 $497,855 $504,869 $426,275 $12,063 $3,256,399 
Pass-Watch3,058 13,418 5,548 6,623 8,547 22,976 24,751 1,900 86,821 
Special Mention21,158 1,847 670 10,084 1,802 581 8,692 — 44,834 
Substandard25,129 7,442 3,181 3,161 5,101 25,756 2,612 1,342 73,724 
Total$228,889 $574,441 $481,184 $632,142 $513,305 $554,182 $462,330 $15,305 $3,461,778 

26
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Risk ratings of loans, further sorted by origination year, are as follows as of December 31, 2024:
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20242023202220212020Prior
Commercial and industrial
Pass$46,635 $43,007 $44,701 $11,617 $17,913 $41,397 $197,516 $1,993 $404,779 
Pass-Watch475 1,310 186 1,121 — 1,775 10,613 949 16,429 
Special Mention— 281 272 173 — — 1,231 — 1,957 
Substandard— 1,913 1,016 721 — — 939 635 5,224 
Total$47,110 $46,511 $46,175 $13,632 $17,913 $43,172 $210,299 $3,577 $428,389 
Commercial real estate - owner occupied
Pass$63,546 $23,607 $56,509 $48,867 $39,679 $44,108 $19,766 $1,068 $297,150 
Pass-Watch6,478 395 3,698 2,111 542 1,374 371 — 14,969 
Special Mention1,877 — — 150 — — 686 — 2,713 
Substandard819 700 506 3,707 1,241 511 — — 7,484 
Total$72,720 $24,702 $60,713 $54,835 $41,462 $45,993 $20,823 $1,068 $322,316 
Commercial real estate - non-owner occupied
Pass$92,125 $108,688 $245,168 $222,479 $84,054 $65,935 $23,425 $1,613 $843,487 
Pass-Watch3,173 421 6,656 4,031 2,442 4,871 — — 21,594 
Special Mention— — — — — — — — — 
Substandard23,245 9,191 — — — 2,048 — — 34,484 
Total$118,543 $118,300 $251,824 $226,510 $86,496 $72,854 $23,425 $1,613 $899,565 
Construction and land development
Pass$181,274 $73,773 $65,045 $21,542 $590 $693 $8,228 $512 $351,657 
Pass-Watch— — — — — 18 697 661 1,376 
Special Mention— — 8,750 12,097 — — — — 20,847 
Substandard475 — 216 — — 86 — — 777 
Total$181,749 $73,773 $74,011 $33,639 $590 $797 $8,925 $1,173 $374,657 
Multi-family
Pass$46,969 $80,450 $88,823 $101,284 $50,652 $40,839 $2,375 $450 $411,842 
Pass-Watch2,791 — 567 — — 492 — 5 3,855 
Special Mention6,936 — — — 8,799 — — — 15,735 
Substandard92 — — — — — — — 92 
Total$56,788 $80,450 $89,390 $101,284 $59,451 $41,331 $2,375 $455 $431,524 
One-to-four family residential
Pass$44,914 $87,184 $79,834 $71,466 $57,258 $43,455 $59,446 $5,312 $448,869 
Pass-Watch1,126 1,271 936 242 405 2,252 134 275 6,641 
Special Mention— — — 592 118 — — — 710 
Substandard281 522 861 473 382 4,824 16 389 7,748 
Total$46,321 $88,977 $81,631 $72,773 $58,163 $50,531 $59,596 $5,976 $463,968 
Agricultural and farmland
Pass$42,272 $35,593 $32,146 $28,714 $27,865 $7,656 $94,977 $703 $269,926 
Pass-Watch100 2,671 1,424 1,403 508 861 10,633 554 18,154 
Special Mention134 87 — — — — 300 — 521 
Substandard332 51 494 9 3,183 — 319 386 4,774 
Total$42,838 $38,402 $34,064 $30,126 $31,556 $8,517 $106,229 $1,643 $293,375 
27
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20242023202220212020Prior
Municipal, consumer, and other
Pass$77,779 $37,678 $14,475 $23,204 $12,479 $37,460 $33,611 $— $236,686 
Pass-Watch103 50 6 12 — 757 1 — 929 
Special Mention— — — — — 4,107 — — 4,107 
Substandard21 5 33 — — 10,570 1 — 10,630 
Total$77,903 $37,733 $14,514 $23,216 $12,479 $52,894 $33,613 $— $252,352 
Total by risk rating
Pass$595,514 $489,980 $626,701 $529,173 $290,490 $281,543 $439,344 $11,651 $3,264,396 
Pass-Watch14,246 6,118 13,473 8,920 3,897 12,400 22,449 2,444 83,947 
Special Mention8,947 368 9,022 13,012 8,917 4,107 2,217 — 46,590 
Substandard25,265 12,382 3,126 4,910 4,806 18,039 1,275 1,410 71,213 
Total$643,972 $508,848 $652,322 $556,015 $308,110 $316,089 $465,285 $15,505 $3,466,146 
Modifications
There were no loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024. As of March 31, 2025 and December 31, 2024, modified loans totaled $0.5 million and $0.5 million, respectively, and were current and performing in accordance with the modified terms.
Pledged Loans
As of March 31, 2025 and December 31, 2024, the Company pledged loans totaling $1.89 billion and $1.91 billion, respectively, to the Federal Home Loan Bank of Chicago (“FHLB”) to secure available FHLB advance borrowing capacity.
NOTE 4 – LOAN SERVICING
Mortgage loans serviced for others, which are not included in the accompanying consolidated balance sheets, amounted to $1.52 billion and $1.55 billion as of March 31, 2025 and December 31, 2024, respectively. Activity in mortgage servicing rights was as follows:
Three Months Ended March 31,
(dollars in thousands)20252024
Beginning balance$18,827 $19,001 
Capitalized servicing rights95 130 
Fair value adjustments attributable to payments and principal reductions(453)(429)
Fair value adjustments attributable to changes in valuation inputs and assumptions50 379 
Ending balance$18,519 $19,081 
28
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 5 – FORECLOSED ASSETS
Foreclosed assets activity was as follows:
Three Months Ended March 31,
(dollars in thousands)20252024
Beginning balance$367 $852 
Transfers from loans239 203 
Proceeds from sales(159)(865)
Net gain on sales27 113 
Direct write-downs(14)(26)
Ending balance$460 $277 
Gains (losses) on foreclosed assets included the following:
Three Months Ended March 31,
(dollars in thousands)20252024
Direct write-downs$(14)$(26)
Net gain on sales27 113 
Gains on foreclosed assets$13 $87 
As of March 31, 2025 and December 31, 2024, the carrying value of foreclosed one-to-four family residential real estate properties held was $0.4 million and $0.3 million, respectively. As of March 31, 2025, there were 11 one-to-four family residential real estate loans in the process of foreclosure totaling $1.1 million. As of December 31, 2024, there were 19 one-to-four family residential real estate loans in the process of foreclosure totaling $1.8 million.
NOTE 6 – DEPOSITS
The Company’s deposits are summarized below:
(dollars in thousands)March 31, 2025December 31, 2024
Noninterest-bearing deposits$1,065,874 $1,046,405 
Interest-bearing deposits:
Interest-bearing demand1,143,677 1,099,061 
Money market812,146 820,825 
Savings575,558 566,533 
Time787,335 785,430 
Total interest-bearing deposits3,318,716 3,271,849 
Total deposits$4,384,590 $4,318,254 
Reciprocal deposits included in interest-bearing demand deposits, money market deposits, and time deposits totaled $264.4 million and $229.4 million as of March 31, 2025 and December 31, 2024, respectively. There were no brokered deposits as of March 31, 2025 and December 31, 2024.

29
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $209.2 million and $202.2 million as of March 31, 2025 and December 31, 2024, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $460.8 million and $455.2 million as of March 31, 2025 and December 31, 2024, respectively.
The components of interest expense on deposits were as follows:
Three Months Ended March 31,
(dollars in thousands)20252024
Interest-bearing demand$1,453 $1,311 
Money market4,397 4,797 
Savings370 443 
Time6,719 5,925 
Brokered— 1,117 
Total interest expense on deposits$12,939 $13,593 
NOTE 7 – DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are negotiated contracts entered into by two issuing counterparties containing specific agreement terms, including the underlying instrument, amount, exercise price, and maturities. The derivatives accounting guidance requires that the Company recognize all derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. The Company may utilize interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position.
Interest Rate Swaps Designated as Cash Flow Hedges
For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on interest rate swaps designated as cash flow hedging instruments, net of tax, is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings.
The interest rate swap agreement designated as a cash flow hedge was as follows:
March 31, 2025December 31, 2024
(dollars in thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Fair value recorded in other assets$7,000 $3 $7,000 $38 
The interest rate swap agreement matured in April 2025. The effect of interest rate swap agreements designated as cash flow hedges on the consolidated statements of income was as follows:
Location of gross gain (loss) reclassified
from accumulated other
comprehensive income (loss) to income		Amounts of gross gain (loss)
reclassified from accumulated
other comprehensive income (loss)
Three Months Ended
March 31,
(dollars in thousands)20252024
Designated as cash flow hedges:
Junior subordinated debentures interest expense$36$132 
30
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Interest Rate Swaps Not Designated as Hedging Instruments
The Company may offer interest rate swap agreements to its commercial borrowers in connection with their risk management needs. The Company manages the interest rate risk associated with these contracts by entering into an equal and offsetting derivative with a third-party financial institution. While these interest rate swap agreements generally work together as an economic interest rate hedge, the Company did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.
The interest rate swap agreements not designated as hedging instruments were as follows:
March 31, 2025December 31, 2024
(dollars in thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Fair value recorded in other assets:
Interest rate swaps with a commercial borrower counterparty$— $— $— $— 
Interest rate swaps with a financial institution counterparty78,195 4,288 79,416 5,515 
Total fair value recorded in other assets$78,195 $4,288 $79,416 $5,515 
Fair value recorded in other liabilities:
Interest rate swaps with a commercial borrower counterparty$78,195 $(4,288)$79,416 $(5,515)
Interest rate swaps with a financial institution counterparty— — — — 
Total fair value recorded in other liabilities$78,195 $(4,288)$79,416 $(5,515)
As of March 31, 2025, the interest rate swap agreements not designated as hedging instruments had contractual maturities between 2027 and 2035.
The effect of interest rate contracts not designated as hedging instruments recognized in other noninterest income on the consolidated statements of income was as follows:
Three Months Ended
March 31,
(dollars in thousands)20252024
Not designated as hedging instruments:
Gross gains$1,649 $2,038 
Gross losses(1,649)(2,038)
Net gains (losses)$— $— 
31
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Risk Participation Agreements
We have entered into a risk participation agreement to share credit exposure with a counterparty in an interest rate swap agreement associated with a loan participation. Under the risk participation agreement, the Company sold a portion of its credit exposure, receiving an up-front fee, and will be required to make a payment to the counterparty if the loan customer defaults on its obligations. The risk participation agreement matures in 2035 and is summarized as follows:
(dollars in thousands)March 31, 2025December 31, 2024
Risk participation agreements sold
Number of risk participation agreements1 1 
Notional amount$5,268 $5,268 
Fair value(10)(10)
NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the activity and accumulated balances for components of other comprehensive income (loss):
Unrealized Gains (Losses)
on Debt Securities
(dollars in thousands)Available-for-SaleHeld-to-MaturityDerivatives Total
Three Months Ended March 31, 2025
Balance, December 31, 2024$(39,408)$(7,119)$(238)$(46,765)
Other comprehensive income before reclassifications11,085 — 1 11,086 
Reclassifications— 504 (36)468 
Other comprehensive income (loss), before tax11,085 504 (35)11,554 
Income tax expense (benefit)3,104 141 (10)3,235 
Other comprehensive income (loss), after tax7,981 363 (25)8,319 
Balance, March 31, 2025$(31,427)$(6,756)$(263)$(38,446)
Three Months Ended March 31, 2024
Balance, December 31, 2023$(48,579)$(8,549)$(35)$(57,163)
Other comprehensive income (loss) before reclassifications(2,255)— 64 (2,191)
Reclassifications3,382 501 (132)3,751 
Other comprehensive income (loss), before tax1,127 501 (68)1,560 
Income tax expense (benefit)322 143 (20)445 
Other comprehensive income (loss), after tax805 358 (48)1,115 
Balance, March 31, 2024$(47,774)$(8,191)$(83)$(56,048)
Reclassifications from accumulated other comprehensive income (loss) for unrealized gains (losses) on debt securities available-for-sale are included in either gains (losses) on sales of securities or provision for credit losses in the accompanying consolidated statements of income.
32
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Reclassifications from accumulated other comprehensive income (loss) for unrealized gains on debt securities held-to-maturity are included in securities interest income in the accompanying consolidated statements of income.
Reclassifications from accumulated other comprehensive income (loss) for the fair value of derivative financial instruments represent net interest payments received or made on derivatives designated as cash flow hedges. See Note 7 for additional information.
NOTE 9 – EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution from the Company’s outstanding restricted stock units and performance restricted stock units.
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended March 31,
(dollars in thousands)20252024
Numerator:
Net income$19,075 $15,258 
Denominator:
Weighted average common shares outstanding31,584,98931,662,954
Dilutive effect of outstanding restricted stock units126,682140,233
Weighted average common shares outstanding, including all dilutive potential shares31,711,67131,803,187
Earnings per share - basic$0.60 $0.48 
Earnings per share - diluted$0.60 $0.48 
33
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 10 – STOCK-BASED COMPENSATION PLANS
The Company has adopted the HBT Financial, Inc. Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The Omnibus Incentive Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards and (vii) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,820,000 shares.
The following is a summary of stock-based compensation expense (benefit):
Three Months Ended March 31,
(dollars in thousands)20252024
Restricted stock units$273 $273 
Performance restricted stock units146 236 
Total awards classified as equity419 509 
Stock appreciation rights(9)(129)
Total stock-based compensation expense$410 $380 
34
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Restricted Stock Units
A restricted stock unit grants a participant the right to receive one share of the Company’s common stock, following the completion of the requisite service period. Restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and is recognized on a straight-line basis over the service period for the entire award. Dividend equivalents on restricted stock units, which are either accrued until vested, are classified as dividends charged to retained earnings.
During the three months ended March 31, 2025 and 2024, the total grant date fair value of the restricted stock units granted was $1.1 million and $1.0 million, respectively, based on the grant date closing prices. The total intrinsic value of restricted stock units that vested during the three months ended March 31, 2025 and 2024 was $1.4 million and $1.4 million, respectively.
The following is a summary of restricted stock unit activity:
Three Months Ended March 31,
20252024
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Beginning balance108,603$19.71 128,159$19.56 
Granted43,39725.00 51,24619.06 
Vested(56,922)19.59 (70,540)18.96 
Forfeited(131)19.06 —— 
Ending balance94,947$22.20 108,865$19.71 
As of March 31, 2025, unrecognized compensation cost related to the non-vested restricted stock units was $1.7 million. This cost is expected to be recognized over the weighted average remaining service period of 1.8 years.
35
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Performance Restricted Stock Units
A performance restricted stock unit is similar to a restricted stock unit, except that the number of shares of the Company’s common stock awarded is based on a performance condition and the completion of the requisite service period. The number of shares of the Company’s common stock that may be earned ranges from 0% to 150% of the number of performance restricted stock units granted. Performance restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and an assessment of the probable outcome of the performance condition. Compensation cost is recognized on a straight-line basis over the service period of the entire award. Changes in the performance condition probability assessment result in cumulative catch-up adjustments to the compensation cost recognized. Dividend equivalents on performance restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.
During the three months ended March 31, 2025 and 2024, the total fair value of the performance restricted stock units granted was $0.4 million and $0.4 million, respectively, based on the grant date closing prices and an assessment of the probable outcome of the performance condition on the grant date. The total intrinsic value of performance restricted stock units that vested during the three months ended March 31, 2025 and 2024 was $1.1 million and $0.8 million, respectively.
The following is a summary of performance restricted stock unit activity:
Three Months Ended March 31,
20252024
Performance
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Performance
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Beginning balance70,333 $19.59 79,097 $18.25 
Granted16,662 25.00 19,933 19.06 
Adjustment for performance condition11,864 18.66 14,349 15.53 
Vested(42,783)18.66 (43,046)15.53 
Forfeited(2,451)16.27 — — 
Ending balance53,625 $22.07 70,333 $19.59 
As of March 31, 2025, unrecognized compensation cost related to non-vested performance restricted stock units was $0.6 million, based on the current assessment of the probable outcome of the performance conditions. This cost is expected to be recognized over the weighted average remaining service period of 1.3 years.
36
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Stock Appreciation Rights
A stock appreciation right grants a participant the right to receive an amount of cash, the value of which equals the appreciation in the Company’s stock price between the grant date and the exercise date. Stock appreciation rights are classified as liabilities. The liability is based on an option-pricing model used to estimate the fair value of the stock appreciation rights. Compensation cost for non-vested stock appreciation rights is recognized on a straight line basis over the service period of the entire award.
The following is a summary of stock appreciation rights activity:
Three Months Ended March 31,
20252024
Stock
Appreciation
Rights		Weighted
Average
Grant Date
Assigned Value		Stock
Appreciation
Rights		Weighted
Average
Grant Date
Assigned Value
Beginning balance73,440$16.32 73,440$16.32 
Granted—— —— 
Exercised(6,120)16.32 —— 
Expired—— —— 
Forfeited—— —— 
Ending balance67,320$16.32 73,440$16.32 
As of March 31, 2025, all stock appreciation rights were exercisable and had a weighted average remaining term of 4.4 years. There was no unrecognized compensation cost for stock appreciation rights as of March 31, 2025.

As of March 31, 2025 and December 31, 2024, the liability recorded for outstanding stock appreciation rights was $0.5 million and $0.5 million, respectively. The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price.
March 31, 2025December 31, 2024
Risk-free interest rate3.95 %4.37 %
Expected volatility29.29 %30.95 %
Expected life (in years)4.44.7
Expected dividend yield3.75 %3.47 %
37
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 11 – REGULATORY CAPITAL
The Company (on a consolidated basis) and the Bank are each subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by the regulators that, if undertaken, could have a direct material effect on the consolidated financial statements of the Company and the Bank. Additionally, the ability of the Company to pay dividends to its stockholders is dependent upon the ability of the Bank to pay dividends to the Company.
Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. As allowed under the regulations, the Company and the Bank elected to exclude accumulated other comprehensive income, including unrealized gains and losses on debt securities, in the computation of regulatory capital. Prompt corrective action provisions are not applicable to bank holding companies.
Additionally, the Company and the Bank must maintain a “capital conservation buffer” to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The capital conservation buffer is 2.5% of risk-weighted assets.
As of March 31, 2025 and December 31, 2024, the Company and the Bank each met all capital adequacy requirements to which they were subject. The actual and required capital amounts and ratios of the Company (on a consolidated basis) and the Bank were as follows:
March 31, 2025
ActualFor Capital
Adequacy
Purposes		To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)$666,223 16.85 %$316,382 8.00 %N/AN/A
Tier 1 Capital (to Risk Weighted Assets)584,169 14.77 237,287 6.00 N/AN/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)532,919 13.48 177,965 4.50 N/AN/A
Tier 1 Capital (to Average Assets)584,169 11.64 200,694 4.00 N/AN/A
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)$650,411 16.46 %$316,147 8.00 %$395,183 10.00 %
Tier 1 Capital (to Risk Weighted Assets)607,930 15.38 237,110 6.00 316,147 8.00 
Common Equity Tier 1 Capital (to Risk Weighted Assets)607,930 15.38 177,832 4.50 256,869 6.50 
Tier 1 Capital (to Average Assets)607,930 12.12 200,557 4.00 250,696 5.00 
38
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
December 31, 2024
ActualFor Capital
Adequacy
Purposes		To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)$652,563 16.51 %$316,145 8.00 %N/AN/A
Tier 1 Capital (to Risk Weighted Assets)573,203 14.50 237,109 6.00 N/AN/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)521,968 13.21 177,831 4.50 N/AN/A
Tier 1 Capital (to Average Assets)573,203 11.51 199,167 4.00 N/AN/A
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)$635,878 16.11 %$315,825 8.00 %$394,781 10.00 %
Tier 1 Capital (to Risk Weighted Assets)596,071 15.10 236,869 6.00 315,825 8.00 
Common Equity Tier 1 Capital (to Risk Weighted Assets)596,071 15.10 177,651 4.50 256,608 6.50 
Tier 1 Capital (to Average Assets)596,071 11.98 199,030 4.00 248,787 5.00 
NOTE 12 – SEGMENT INFORMATION
The Company’s operations consist of one reportable segment. The President and Chief Executive Officer is the designated chief operating decision maker. The chief operating decision maker uses consolidated financial information for purposes of allocating resources and assessing performance. The chief operating decision maker uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used to assess performance and in establishing compensation. Interest income from loans and investments as well as noninterest income from deposit customer activity, wealth management activities, and mortgage servicing generate the significant revenues. Interest expense, provisions for credit losses, and noninterest expenses such as compensation, occupancy, and data processing costs constitute the significant expenses. Significant revenues and expenses regularly provided to the chief operating decision maker are detailed in the consolidated statements of income.
NOTE 13 – FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:
Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.
Level 2 - Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 - Significant unobservable inputs that reflect a Company’s own assumptions about the assumptions that market participants would use in pricing as asset or liability.
39
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Company uses fair value to measure certain assets and liabilities on a recurring basis, such as investment securities, mortgage servicing rights, and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for loans held for sale, collateral-dependent loans, bank premises held for sale, and foreclosed assets.
Recurring Basis
The following is a description of the methods and significant assumptions used to measure the fair value of assets and liabilities on a recurring basis.
Investment Securities
When available, the Company uses quoted market prices to determine the fair value of securities; such items are classified in Level 1 of the fair value hierarchy. For the Company’s securities where quoted prices are not available for identical securities in an active market, the Company determines fair value utilizing vendors who apply matrix pricing for similar bonds where no price is observable or may compile prices from various sources. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace. Fair values from these models are verified, where possible, against quoted market prices for recent trading activity of assets with similar characteristics to the security being valued. Such methods are generally classified as Level 2; however, when prices from independent sources vary, cannot be obtained or cannot be corroborated, a security is generally classified as Level 3. The change in fair value of debt securities available-for-sale is recorded through an adjustment to the consolidated statement of comprehensive income. The change in fair value of equity securities with readily determinable fair values is recorded through an adjustment to the consolidated statement of income.
Mortgage Servicing Rights
The Company has elected to record its mortgage servicing rights at fair value. Mortgage servicing rights do not trade in an active market with readily observable prices. Accordingly, the Company determines the fair value of mortgage servicing rights by estimating the fair value of the future cash flows associated with the mortgage loans being serviced as calculated by an independent third party. Key economic assumptions used in measuring the fair value of mortgage servicing rights include, but are not limited to, prepayment speeds and discount rates. Due to the nature of the valuation inputs, mortgage servicing rights are classified as Level 3. The change in fair value is recorded through an adjustment to the consolidated statement of income.
Derivative Financial Instruments
Derivative financial instruments are carried at fair value as determined by dealer valuation models. Based on the inputs used, the derivative financial instruments subjected to recurring fair value adjustments are classified as Level 2. For derivative financial instruments designated as hedging instruments, the change in fair value is recorded through an adjustment to the consolidated statement of comprehensive income. For derivative financial instruments not designated as hedging instruments, the change in fair value is recorded through an adjustment to the consolidated statement of income.

40
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 by level within the fair value hierarchy:
March 31, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available-for-sale:
U.S. Treasury$— $102,863 $— $102,863 
U.S. government agency— 51,780 — 51,780 
Municipal— 132,338 — 132,338 
Mortgage-backed:
Agency residential— 236,216 — 236,216 
Agency commercial— 116,403 — 116,403 
Corporate— 66,535 — 66,535 
Equity securities with readily determinable fair values3,323 — — 3,323 
Mortgage servicing rights— — 18,519 18,519 
Derivative financial assets— 4,291 — 4,291 
Derivative financial liabilities— 4,298 — 4,298 
December 31, 2024
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available-for-sale:
U.S. Treasury$— $111,145 $— $111,145 
U.S. government agency— 53,198 — 53,198 
Municipal— 130,679 — 130,679 
Mortgage-backed:
Agency residential— 227,368 — 227,368 
Agency commercial— 116,681 — 116,681 
Corporate— 58,978 — 58,978 
Equity securities with readily determinable fair values3,315 — — 3,315 
Mortgage servicing rights— — 18,827 18,827 
Derivative financial assets— 5,553 — 5,553 
Derivative financial liabilities— 5,525 — 5,525 

41
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present additional information about the unobservable inputs used in the fair value measurement of the mortgage servicing rights (dollars in thousands):
March 31, 2025Fair ValueValuation TechniqueUnobservable InputsRange
(Weighted Average)
Mortgage servicing rights$18,519 Discounted cash flowsConstant pre-payment rates (CPR)
0.6% to 94.3% (7.9%)
Discount rate
9.0% to 11.0% (9.6%)
December 31, 2024Fair ValueValuation TechniqueUnobservable InputsRange
(Weighted Average)
Mortgage servicing rights$18,827 Discounted cash flowsConstant pre-payment rates (CPR)
0.8% to 94.3% (7.6%)
Discount rate
9.0% to 96.4% (10.4%)
Nonrecurring Basis
The following is a description of the methods and significant assumptions used to measure the fair value of assets and liabilities on a nonrecurring basis.
Loans Held for Sale
Mortgage loans originated and held for sale are carried at the lower of cost or estimated fair value. The Company obtains quotes or bids on these loans directly from purchasing financial institutions. Typically, these quotes include a premium on the sale and thus these quotes generally indicate fair value of the held for sale loans is greater than cost. Loans held for sale have been classified as Level 2.
Collateral-Dependent Loans
Periodically, a collateral-dependent loan is evaluated individually and is reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of collateral-dependent loans have been classified as Level 3.
Bank Premises Held for Sale
Bank premises held for sale are recorded at the lower of cost or fair value, less estimated selling costs, at the date classified as held for sale. Values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of collateral-dependent loans have been classified as Level 3.
Foreclosed Assets
Foreclosed assets are recorded at fair value based on property appraisals, less estimated selling costs, at the date of the transfer. Subsequent to the transfer, foreclosed assets are carried at the lower of cost or fair value, less estimated selling costs. Values are estimated using recent appraisals and customized discounting criteria. Due to the significance of unobservable inputs, fair values of collateral-dependent loans have been classified as Level 3.
42
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables summarize assets measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024 by level within the fair value hierarchy:
March 31, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans held for sale$— $2,721 $— $2,721 
Collateral-dependent loans— — 29,253 29,253 
Bank premises held for sale— — 190 190 
Foreclosed assets— — 460 460 
December 31, 2024
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans held for sale$— $1,586 $— $1,586 
Collateral-dependent loans— — 27,717 27,717 
Bank premises held for sale— — 317 317 
Foreclosed assets— — 367 367 
The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements (dollars in thousands):
March 31, 2025Fair ValueValuation
Technique		Unobservable InputsRange
(Weighted Average)
Collateral-dependent loans$29,253 Appraisal of collateralAppraisal adjustmentsNot meaningful
Bank premises held for sale190 AppraisalAppraisal adjustments
7% (7%)
Foreclosed assets460 AppraisalAppraisal adjustments
7% (7%)
December 31, 2024
Fair Value
Valuation Technique
Unobservable Inputs
Range
(Weighted Average)
Collateral-dependent loans$27,717 Appraisal of collateralAppraisal adjustmentsNot meaningful
Bank premises held for sale317 AppraisalAppraisal adjustments
7% (7%)
Foreclosed assets367 AppraisalAppraisal adjustments
7% (7%)
Other Fair Value Methods
The following methods and assumptions were used by the Company in estimating fair value disclosures of its other financial instruments.
Cash and Cash Equivalents
The carrying amounts of these financial instruments approximate their fair values.
Restricted Stock
The carrying amount of FHLB stock approximates fair value based on the redemption provisions of the FHLB.
43
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Loans
The fair value estimation process for the loan portfolio uses an exit price concept and reflects discounts the Company believes are consistent with discounts in the marketplace. Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type such as commercial and industrial, agricultural and farmland, commercial real estate – owner occupied, commercial real estate – non-owner occupied, multi-family, construction and land development, one-to-four family residential, and municipal, consumer, and other. The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for similar maturities. The fair value analysis also includes other assumptions to estimate fair value, intended to approximate those a market participant would use in an orderly transaction, with adjustments for discount rates, interest rates, liquidity, and credit spreads, as appropriate.
Investments in Unconsolidated Subsidiaries
The fair values of the Company’s investments in unconsolidated subsidiaries are presumed to approximate carrying amounts.
Time and Brokered Time Deposits
Fair values of certificates of deposit with stated maturities have been estimated using the present value of estimated future cash flows discounted at rates currently offered for similar instruments. Time deposits also include public funds time deposits.
Securities Sold Under Agreements to Repurchase
The fair values of repurchase agreements with variable interest rates are presumed to approximate their recorded carrying amounts.
FHLB Advances
The fair values of FHLB advances are estimated using discounted cash flow analyses based on current rates offered for borrowings with similar remaining maturities and characteristics.
Subordinated Notes
The fair values of subordinated notes are estimated using discounted cash flow analyses based on rates observed on recent debt issuances by other financial institutions.
Junior Subordinated Debentures
The fair values of subordinated debentures are estimated using discounted cash flow analyses based on rates observed on recent debt issuances by other financial institutions.
Accrued Interest
The carrying amounts of accrued interest approximate fair value.
44
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table provides summary information on the carrying amounts and estimated fair values of the Company’s other financial instruments:
(dollars in thousands)Fair Value
Hierarchy
Level		March 31, 2025December 31, 2024
Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Financial assets:
Cash and cash equivalentsLevel 1$211,591 $211,591 $137,692 $137,692 
Debt securities held-to-maturityLevel 2490,398 445,762 499,858 445,186 
Restricted stockLevel 35,086 5,086 5,086 5,086 
Loans, netLevel 33,419,667 3,358,974 3,424,102 3,418,318 
Investments in unconsolidated subsidiariesLevel 31,614 1,614 1,614 1,614 
Accrued interest receivableLevel 222,735 22,735 24,770 24,770 
Financial liabilities:
Time depositsLevel 3787,335 781,985 785,430 779,997 
Securities sold under agreements to repurchaseLevel 22,698 2,698 28,969 28,969 
FHLB advancesLevel 37,209 6,303 13,231 13,159 
Subordinated notesLevel 339,573 39,095 39,553 38,316 
Junior subordinated debenturesLevel 352,864 47,966 52,849 47,942 
Accrued interest payableLevel 24,487 4,487 5,096 5,096 
The Company estimated the fair value of lending related commitments as described in Note 14 to be immaterial based on limited interest rate exposure due to their variable nature, short-term commitment periods, and termination clauses provided in the agreements.
Limitations
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
Fair values have been estimated using data which management considered the best available and estimation methodologies deemed suitable for the pertinent category of financial instrument.
45
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 14 – COMMITMENTS AND CONTINGENCIES
Financial Instruments
The Bank is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets.
The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.
Such commitments and conditional obligations were as follows:
Contractual Amount
(dollars in thousands)March 31, 2025December 31, 2024
Commitments to extend credit$841,562 $845,413 
Standby letters of credit31,336 18,329 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, by the Bank upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies, but may include real estate, accounts receivable, inventory, property, plant, and equipment, and income-producing properties.
Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those standby letters of credit are primarily issued to support extensions of credit. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The Bank secures the standby letters of credit with the same collateral used to secure the related loan.
Allowance for Credit Losses on Unfunded Lending-related Commitments
The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on unfunded commitments is included in other liabilities on the consolidated balance sheets and is adjusted through a charge to provision for credit loss expense on the consolidated statements of income. The allowance for credit losses on unfunded commitments estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance for credit losses on unfunded commitments was $3.2 million and $3.1 million as of March 31, 2025 and December 31, 2024, respectively.

46
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Legal Contingencies
In the normal course of business, the Company, or its subsidiaries, are involved in various legal proceedings. In the opinion of management, any liability resulting from pending proceedings would not be expected to have a material adverse effect on the Company's consolidated financial statements.
Heartland Bank and Trust Company v. Meadows Mennonite Retirement Community Association, Inc.
This lawsuit arises out of a suit filed in the Circuit Court of Woodford County, Illinois, (the "Trial Court") by the Bank for breach of a note and commercial security agreement. The defendant, Meadows Mennonite Retirement Community Association, Inc. ("Meadows"), a beneficiary of a trust for which Bank was trustee, filed a counterclaim for rescission of the note seeking compensatory and punitive damages, including attorneys’ fees. The Trial Court entered summary judgement in favor of the Bank on its claim and against Meadows on its counterclaim. In September 2024, the Appellate Court of Illinois Fourth District (the "Appellate Court") entered an order directing that summary judgment should be entered in favor of Meadows and against the Bank, rescinding the note and commercial security agreement and remanded the case to the Trial Court to determine Meadows' compensatory and punitive damages, including reasonable attorneys’ fees.
In April 2025, the Bank reached an agreement in principle to settle this case in which the Bank and Meadows would mutually release each other from further liability and claims, with no payments made by either the Bank or Meadows. The settlement in principle does not include an admission of liability or wrongdoing by the Bank, and the Bank expressly denies any liability or wrongdoing with respect to any matter alleged in the case. The Bank has agreed to the settlement in principle to avoid the cost, risks, and distraction of continued litigation. The Company believes the settlement in principle is in the best interests of the Company and its shareholders.
47
ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Unless the context requires otherwise, references in this report to the “Company,” “we,” “us” and “our” refer to HBT Financial, Inc. and its subsidiaries.
The following is management’s discussion and analysis of the financial condition as of March 31, 2025 (unaudited), as compared with December 31, 2024, and the results of operations for the three months ended March 31, 2025 and 2024 (unaudited). Management’s discussion and analysis should be read in conjunction with the Company’s unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q, as well as the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025. Results of operations for the three months ended March 31, 2025 and 2024 are not necessarily indicative of results to be attained for the year ended December 31, 2025, or for any other period.
OVERVIEW
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. We provide a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa. As of March 31, 2025, the Company had total assets of $5.1 billion, loans held for investment of $3.5 billion, and total deposits of $4.4 billion.
Market Area
As of March 31, 2025, our branch network included 66 full-service branch locations throughout Illinois and eastern Iowa. We hold a leading deposit share in many of our central Illinois markets, which we define as a top three deposit share rank, providing the foundation for our strong deposit base. The stability provided by this low-cost funding is a key driver of our strong track record of financial performance. Below is a summary of our loan and deposit balances by geographic region:
March 31, 2025December 31, 2024
(dollars in thousands)LoansDepositsLoansDeposits
Central$1,665,447 $3,019,629 $1,676,842 $2,984,820 
Chicago MSA1,436,341 1,248,547 1,443,777 1,218,098 
Illinois3,101,788 4,268,176 3,120,619 4,202,918 
Iowa359,990 116,414 345,527 115,336 
Total$3,461,778 $4,384,590 $3,466,146 $4,318,254 
48
RESULTS OF OPERATIONS
Overview of Recent Financial Results
Three Months Ended March 31,
(dollars in thousands, except per share amounts)20252024
Total interest and dividend income$63,138 $61,961 
Total interest expense14,430 15,273 
Net interest income48,708 46,688 
Provision for credit losses576 527 
Net interest income after provision for credit losses48,132 46,161 
Total noninterest income9,306 5,626 
Total noninterest expense31,935 31,268 
Income before income tax expense25,503 20,519 
Income tax expense6,428 5,261 
Net income$19,075 $15,258 
Adjusted net income (1)
$19,253 $18,073 
Pre-provision net revenue (1)
$26,079 $21,046 
Pre-provision net revenue less net charge-offs (recoveries) (1)
25,650 21,253 
Adjusted pre-provision net revenue (1)
26,328 24,983 
Adjusted pre-provision net revenue less net charge-offs (recoveries) (1)
25,899 25,190 
Share and Per Share Information
Earnings per share - diluted$0.60 $0.48 
Adjusted earnings per share - diluted (1)
0.61 0.57 
Weighted average shares of common stock outstanding31,584,989 31,662,954 
Summary Ratios
Net interest margin *4.12  %3.94  %
Net interest margin (tax-equivalent basis) * (1) (2)
4.16 3.99 
Yield on loans *6.39 6.33 
Yield on interest-earning assets *5.34 5.23 
Cost of total deposits *1.21 1.26 
Cost of funds *1.32 1.37 
Efficiency ratio53.85  %58.41  %
Efficiency ratio (tax-equivalent basis) (1) (2)
53.35 57.78 
Adjusted efficiency ratio (tax-equivalent basis) (1) (2)
53.12 53.77 
Return on average assets *1.54  %1.23  %
Return on average stockholders' equity *13.95 12.42 
Return on average tangible common equity * (1)
16.20 14.83 
Adjusted return on average assets * (1)
1.55  %1.45  %
Adjusted return on average stockholders' equity * (1)
14.08 14.72 
Adjusted return on average tangible common equity * (1)
16.36 17.57 
_________________________________________________
*    Annualized measure.
(1)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measures to their most closely comparable GAAP measures.
(2)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
49
Comparison of the Three Months Ended March 31, 2025 to the Three Months Ended March 31, 2024
For the three months ended March 31, 2025, net income was $19.1 million, increasing by $3.8 million, or 25.0%, when compared to net income for the three months ended March 31, 2024. Notable changes include the following:
•Realized losses of $3.4 million on the sale of debt securities included in the first quarter 2024 results were not present in the first quarter 2025 results;
•A $2.0 million increase in net interest income, primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on debt securities;
• A $0.9 million increase in salaries and benefits expense, primarily driven by annual merit increases and higher medical benefits expense;
•The absence of $0.6 million of impairment losses on bank premises related to the closure of two branch premises recognized in the first quarter of 2024;
•A $0.3 million negative mortgage servicing rights ("MSR") fair value adjustment included in the first quarter 2025 results, compared to a $0.1 million positive MSR fair value adjustment included in the first quarter 2024 results; and
•A $1.2 million increase in income tax expense, primarily due to an increase in pre-tax income as a result of the items noted above.
Net Interest Income
Net interest income equals the excess of interest income on interest earning assets (including discount accretion on acquired loans plus certain loan fees) over interest expense incurred on interest-bearing liabilities. Net interest margin, which is expressed as the percentage of net interest income to average interest-earning assets, is utilized to measure and explain changes in net interest income.
The following table sets forth average balances, average yields and costs, and certain other information. Average balances are daily average balances. Nonaccrual loans are included in the computation of average balances but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees and costs, discounts and premiums, as well as purchase accounting adjustments that are accreted or amortized to interest income or expense.
50
Three Months Ended
March 31, 2025March 31, 2024
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,460,906 $54,537 6.39 %$3,371,219 $53,020 6.33 %
Debt securities1,204,424 7,405 2.49 1,213,947 6,801 2.25 
Deposits with banks120,014 1,065 3.60 167,297 1,952 4.69 
Other12,677 131 4.19 12,986 188 5.82 
Total interest-earning assets4,798,021 $63,138 5.34 %4,765,449 $61,961 5.23 %
Allowance for credit losses(42,061)(40,238)
Noninterest-earning assets276,853 278,253 
Total assets$5,032,813 $5,003,464 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,120,608 $1,453 0.53 %$1,127,684 $1,311 0.47 %
Money market807,728 4,397 2.21 812,684 4,797 2.37 
Savings569,494 370 0.26 611,224 443 0.29 
Time784,099 6,719 3.48 664,498 5,925 3.59 
Brokered— — — 82,150 1,117 5.47 
Total interest-bearing deposits3,281,929 12,939 1.60 3,298,240 13,593 1.66 
Securities sold under agreements to repurchase8,754 22 1.02 32,456 152 1.89 
Borrowings12,890 109 3.41 13,003 125 3.87 
Subordinated notes39,563 470 4.82 39,484 470 4.78 
Junior subordinated debentures issued to capital trusts52,856 890 6.83 52,796 933 7.11 
Total interest-bearing liabilities3,395,992 $14,430 1.72 %3,435,979 $15,273 1.79 %
Noninterest-bearing deposits1,045,733 1,036,402 
Noninterest-bearing liabilities36,373 37,107 
Total liabilities4,478,098 4,509,488 
Stockholders' Equity554,715 493,976 
Total liabilities and stockholders’ equity$5,032,813 $5,003,464 
Net interest income/Net interest margin (1)
$48,708 4.12 %$46,688 3.94 %
Tax-equivalent adjustment (2)
545 0.04 575 0.05 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$49,253 4.16 %$47,263 3.99 %
Net interest rate spread (4)
3.62 %3.44 %
Net interest-earning assets (5)
$1,402,029 $1,329,470 
Ratio of interest-earning assets to interest-bearing liabilities1.411.39
Cost of total deposits1.21 %1.26 %
Cost of funds1.32 1.37 
_________________________________________________
*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 "Non-GAAP Financial Information" for reconciliation of non-GAAP measure to their most closely comparable GAAP 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.

51
The following table sets forth the components of loan interest income and their contributions to the total loan yield.
Three Months Ended March 31,
20252024
(dollars in thousands)InterestYield Contribution *InterestYield Contribution *
Contractual interest$51,435 6.03 %$50,517 6.04 %
Loan fees1,363 0.16 1,041 0.12 
Accretion of acquired loan discounts1,112 0.13 1,195 0.14 
Nonaccrual interest recoveries627 0.07 267 0.03 
Total loan interest income$54,537 6.39 %$53,020 6.33 %
_________________________________________________
*    Annualized measure.
The following table sets forth the components of net interest income and their contributions to the net interest margin.
Three Months Ended March 31,
20252024
(dollars in thousands)InterestNet Interest Margin Contribution *InterestNet Interest Margin Contribution *
Interest income:
Contractual interest on loans$51,435 4.35 %$50,517 4.26 %
Loan fees1,363 0.12 1,041 0.09 
Accretion of acquired loan discounts1,112 0.09 1,195 0.10 
Nonaccrual interest recoveries627 0.05 267 0.02 
Debt securities7,405 0.63 6,801 0.57 
Interest-bearing deposits in bank1,065 0.09 1,952 0.17 
Other131 0.01 188 0.02 
Total interest income63,138 5.34 61,961 5.23 
Interest expense:
Deposits12,939 1.09 13,593 1.15 
Other interest-bearing liabilities1,491 0.13 1,680 0.14 
Total interest expense14,430 1.22 15,273 1.29 
Net interest income48,708 4.12 46,688 3.94 
Tax-equivalent adjustment (1)
545 0.04 575 0.05 
Net interest income (tax-equivalent) (1) (2)
$49,253 4.16 %$47,263 3.99 %
_________________________________________________
*    Annualized measure.
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(2)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measure to their most closely comparable GAAP measures.
52
Rate/Volume Analysis
The following table sets forth the dollar amount of changes in interest income and interest expense for the major categories of our interest-earning assets and interest-bearing liabilities. Information is provided for each category of interest-earning assets and interest-bearing liabilities with respect to changes attributable to volume (i.e., changes in average balances multiplied by the prior-period average rate), and changes attributable to rate (i.e., changes in average rate multiplied by prior-period average balances). For purposes of this table, changes attributable to both volume and rate that cannot be segregated have been allocated proportionately to the change due to volume and the change due to rate.
Three Months Ended March 31, 2025
vs.
Three Months Ended March 31, 2024
Increase (Decrease) Due toTotal
(dollars in thousands)VolumeRate
Interest-earning assets:
Loans$1,414 $103 $1,517 
Debt securities(54)658 604 
Deposits with banks(480)(407)(887)
Other(4)(53)(57)
Total interest-earning assets876 301 1,177 
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand(8)150 142 
Money market(29)(371)(400)
Savings(29)(44)(73)
Time1,031 (237)794 
Brokered(1,117)— (1,117)
Total interest-bearing deposits(152)(502)(654)
Securities sold under agreements to repurchase(80)(50)(130)
Borrowings(1)(15)(16)
Subordinated notes1 (1)— 
Junior subordinated debentures issued to capital trusts1 (44)(43)
Total interest-bearing liabilities(231)(612)(843)
Change in net interest income$1,107 $913 $2,020 
Comparison of the Three Months Ended March 31, 2025 to the Three Months Ended March 31, 2024
Net interest income for the three months ended March 31, 2025 was $48.7 million, increasing $2.0 million, or 4.3%, when compared to the three months ended March 31, 2024. The increase is primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on debt securities. Also contributing was a $0.7 million increase in nonaccrual interest recoveries and loan fees.
Net interest margin increased to 4.12% for the three months ended March 31, 2025, compared to 3.94% for the three months ended March 31, 2024. The increase was primarily attributable to higher yields on interest-earning assets, a decrease in funding costs, and an increase in nonaccrual interest recoveries and loan fees. The contribution of acquired loan discount accretion to net interest margin was 9 basis points for the three months ended March 31, 2025 compared to 10 basis points for the three months ended March 31, 2024. Additionally, the contribution of nonaccrual interest recoveries and loan fees to net interest margin increased to 17 basis points during the three months ended March 31, 2025, compared to 11 basis points for the three months ended March 31, 2024.
53
The quarterly net interest margins were as follows:
20252024
Three months ended:
March 314.12 %3.94 %
June 30— 3.95 
September 30— 3.98 
December 31— 3.96 
In early 2024, our net interest margin was relatively stable, with increases in our loans and debt security yields being mostly offset by increases in funding costs. In September 2024, the Federal Open Market Committee ("FOMC") began lowering interest rates, with the target range for the federal funds rate decreasing by 100 basis points to a range of 4.25% to 4.50% by the end of 2024. These changes contributed to a decrease in funding costs while maturing fixed rate loans and securities continued to reprice at higher rates, driving our net interest margin higher in the first quarter of 2025.
Decreases in market interest rates, and potential future decreases, may put downward pressure on our net interest margin, as the negative impact on floating rate loans may not be fully offset by the positive impacts of maturing fixed rate loans and securities repricing at higher rates or potential decreases in deposit costs. Generally, we expect increases in market interest rates will increase our net interest income and net interest margin in future periods, while decreases in market interest rates may decrease our net interest income and net interest margin in future periods; however, this depends upon the timing and extent of interest rate fluctuations and may not always be the case.
54
Provision for Credit Losses
The following table sets forth the components of provision for credit losses for the periods indicated:
Three Months Ended March 31,
(dollars in thousands)20252024
PROVISION FOR CREDIT LOSSES
Loans$496 $560 
Unfunded lending-related commitments80 (33)
Total provision for credit losses$576 $527 
Comparison of the Three Months Ended March 31, 2025 to the Three Months Ended March 31, 2024
The Company recorded a provision for credit losses of $0.6 million for the three months ended March 31, 2025. The 2025 provision for credit losses primarily reflects a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $0.1 million increase in required reserves driven by changes within the portfolio; and a $0.3 million decrease in specific reserves.
Credit losses are highly dependent on current and forecast economic conditions. Potential deterioration of economic conditions may lead to higher credit losses and adversely impact our financial condition and results of operations. The economic forecasts utilized in estimating the allowance for credit losses on loans and unfunded lending-related commitments include the unemployment rate and changes in GDP as macroeconomic variables, although other economic metrics are considered on a qualitative basis.
55
Noninterest Income
The following table sets forth the major categories of noninterest income for the periods indicated:
Three Months Ended March 31,
(dollars in thousands)20252024$ Change% Change
Card income$2,548 $2,616 $(68)(2.6)%
Wealth management fees2,841 2,547 294 11.5 
Service charges on deposit accounts1,944 1,869 75 4.0 
Mortgage servicing990 1,055 (65)(6.2)
Mortgage servicing rights fair value adjustment(308)80 (388)NM
Gains on sale of mortgage loans252 298 (46)(15.4)
Realized gains (losses) on sales of securities— (3,382)3,382 NM
Unrealized gains (losses) on equity securities8 (16)24 NM
Gains (losses) on foreclosed assets13 87 (74)(85.1)
Gains (losses) on other assets54 (635)689 NM
Income on bank owned life insurance164 164 — — 
Other noninterest income800 943 (143)(15.2)
Total$9,306 $5,626 $3,680 65.4 %
_________________________________________________
NM    Not meaningful.
Comparison of the Three Months Ended March 31, 2025 to the Three Months Ended March 31, 2024
Total noninterest income for the three months ended March 31, 2025, was $9.3 million, an increase of $3.7 million, or 65.4%, from the three months ended March 31, 2024. Notable changes in noninterest income include the following:
•Realized losses of $3.4 million on the sale of debt securities included in the first quarter 2024 results were not present in the first quarter 2025 results;
•The absence of $0.6 million of impairment losses on bank premises related to the closure of two branch premises recognized in the first quarter of 2024;
•A $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results compared to a $0.1 million positive MSR fair value adjustment included in the first quarter 2024 results; and
•A $0.3 million increase in wealth management fees, driven primarily by higher assets under management and an increase in farm management income.
56
Noninterest Expense
The following table sets forth the major categories of noninterest expense for the periods indicated:
Three Months Ended March 31,
(dollars in thousands)20252024$ Change% Change
Salaries$17,053 $16,657 $396 2.4 %
Employee benefits3,285 2,805 480 17.1 
Occupancy of bank premises2,625 2,582 43 1.7 
Furniture and equipment445 550 (105)(19.1)
Data processing2,717 2,925 (208)(7.1)
Marketing and customer relations1,144 996 148 14.9 
Amortization of intangible assets695 710 (15)(2.1)
FDIC insurance562 560 2 0.4 
Loan collection and servicing383 452 (69)(15.3)
Foreclosed assets5 49 (44)(89.8)
Other noninterest expense3,021 2,982 39 1.3 
Total$31,935 $31,268 $667 2.1 %
Comparison of the Three Months Ended March 31, 2025 to the Three Months Ended March 31, 2024
Total noninterest expense for the three months ended March 31, 2025, was $31.9 million, an increase of $0.7 million, or 2.1%, from the three months ended March 31, 2024. Notable changes in noninterest expense include the following:
•A $0.5 million increase in employee benefits expense, primarily driven by increased medical benefits cost;
•A $0.4 million increase in salaries expense, primarily driven by annual merit increases; and
•A $0.2 million decrease in data processing expense.
Income Taxes
During the three months ended March 31, 2025 and 2024, we recorded income tax expense of $6.4 million, or an effective tax rate of 25.2%, and $5.3 million, or an effective tax rate of 25.6%, respectively. The lower effective tax rate during the first quarter of 2025 was primarily attributable to a $0.2 million tax benefit from stock-based compensation that vested during the first quarter of 2025, compared to a $0.1 million tax benefit during the first quarter of 2024. Additionally, during the second quarter of 2025, we expect to recognize an additional $0.3 million of tax expense related to the reversal of a stranded tax effect included in accumulated other comprehensive income in connection with the maturity of a derivative designated as a cash flow hedge.
57
FINANCIAL CONDITION
(dollars in thousands, except per share data)March 31,
2025		December 31,
2024		$ Change% Change
Cash and cash equivalents$211,591 $137,692 $73,899 53.7 %
Debt securities available-for-sale, at fair value706,135 698,049 8,086 1.2 
Debt securities held-to-maturity490,398 499,858 (9,460)(1.9)
Loans held for sale2,721 1,586 1,135 71.6 
Loans, before allowance for credit losses3,461,778 3,466,146 (4,368)(0.1)
Less: allowance for credit losses42,111 42,044 67 0.2 
Loans, net of allowance for credit losses3,419,667 3,424,102 (4,435)(0.1)
Goodwill59,820 59,820 — — 
Intangible assets, net17,148 17,843 (695)(3.9)
Other assets184,712 193,952 (9,240)(4.8)
Total assets$5,092,192 $5,032,902 $59,290 1.2 %
Total deposits$4,384,590 $4,318,254 $66,336 1.5 %
Securities sold under agreements to repurchase2,698 28,969 (26,271)(90.7)
Borrowings7,209 13,231 (6,022)(45.5)
Subordinated notes39,573 39,553 20 0.1 
Junior subordinated debentures52,864 52,849 15 — 
Other liabilities40,201 35,441 4,760 13.4 
Total liabilities4,527,135 4,488,297 38,838 0.9 
Total stockholders' equity565,057 544,605 20,452 3.8 
Total liabilities and stockholders' equity$5,092,192 $5,032,902 $59,290 1.2 %
Tangible assets (1)
$5,015,224 $4,955,239 $59,985 1.2 %
Tangible common equity (1)
488,089 466,942 21,147 4.5 
Core deposits (1)
$4,175,367 $4,116,058 $59,309 1.4 %
Share and Per Share Information
Book value per share$17.86 $17.26 $0.60 3.5 %
Tangible book value per share (1)
15.43 14.80 0.63 4.3 
Shares of common stock outstanding31,631,43131,559,366
Balance Sheet Ratios
Loan to deposit ratio78.95 %80.27 %
Core deposits to total deposits (1)
95.23 95.32 
Stockholders' equity to total assets11.10 10.82 
Tangible common equity to tangible assets (1)
9.73 9.42 
_________________________________________________
(1)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measure to their most closely comparable GAAP measures.
58
Notable changes in our consolidated balance sheet include the following:
•Deposits increased $66.3 million, primarily as a result of higher balances maintained in existing retail accounts;
•The vast majority of repurchase agreement account balances were transitioned to reciprocal interest-bearing demand deposit accounts during the first quarter of 2025; and
•Loans were nearly unchanged with payoffs mostly offset by higher line of credit utilization.
Loan Portfolio
The following table sets forth the composition of the loan portfolio, excluding loans held-for-sale, by type of loan.
March 31, 2025December 31, 2024
(dollars in thousands) Balance Percent Balance Percent
Commercial and industrial$441,261 12.7 %$428,389 12.4 %
Commercial real estate - owner occupied321,990 9.3 322,316 9.3 
Commercial real estate - non-owner occupied891,022 25.7 899,565 25.9 
Construction and land development376,046 10.9 374,657 10.8 
Multi-family424,096 12.3 431,524 12.4 
One-to-four family residential455,376 13.2 463,968 13.4 
Agricultural and farmland292,240 8.4 293,375 8.5 
Municipal, consumer, and other259,747 7.5 252,352 7.3 
Loans, before allowance for credit losses3,461,778 100.0 %3,466,146 100.0 %
Allowance for credit losses(42,111)(42,044)
Loans, net of allowance for credit losses$3,419,667 $3,424,102 
Loans, before allowance for credit losses were $3.46 billion at March 31, 2025, nearly unchanged from December 31, 2024. Notable changes include the following:
•A $23.2 million increase in grain elevator lines of credit in the commercial and industrial segment, primarily due to seasonally higher line utilization;
•A $12.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2024; and
•Larger payoffs in the one-to-four family residential, multi-family, and commercial real estate – non-owner occupied segments, which were partially offset by draws on existing loans in the construction and development segment and new originations in the municipal, consumer, and other segment.
59
Commercial Real Estate Portfolios
Commercial real estate – owner occupied loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The commercial real estate – owner occupied portfolio composition, segmented by the owner’s business classification, as of March 31, 2025 was as follows:
March 31, 2025
(dollars in thousands)BalanceSubstandard
Risk Rating
Manufacturing$49,831 $333 
Auto repair and dealers35,392 — 
Health care and social assistance34,184 — 
Accommodation and food services32,088 3,885 
Grain elevators27,104 — 
Retail trade26,329 — 
Construction19,916 1,534 
Real estate, rental, and leasing19,168 26 
Wholesale trade14,084 — 
Other services (except public administration)13,493 252 
Arts, entertainment, and recreation11,636 74 
Administrative and support services10,487 — 
Professional, scientific, and technical services7,596 — 
Agriculture, forestry, fishing, and hunting6,523 — 
Education services6,435 1,278 
Finance and insurance4,553 — 
Other3,171 — 
Total$321,990 $7,382 
Commercial real estate – non-owner occupied loans are primarily made based on projected cash flows from the rental or sale of the underlying collateral. The commercial real estate – non-owner occupied portfolio composition, segmented by the property type, as of March 31, 2025 was as follows:
March 31, 2025
(dollars in thousands)BalanceSubstandard
Risk Rating
Weighted Average LTV(1)
Warehouse and manufacturing$182,012 $— 54 %
Retail181,822 7,468 55 
Office161,274 4,834 58 
Senior Living105,303 12,726 53 
Hotel85,419 7,485 56 
Mixed use (commercial and residential)66,453 — 63 
Medical office32,981 — 58 
Gas station24,594 — 61 
Auto repair and dealers20,367 — 54 
Restaurant and bar12,528 — 59 
Other18,269 — 54 
Total$891,022 $32,513 56 %
_________________________________________________
(1)     Weighted average LTV is based on the most recent appraisals available, which are generally obtained at the time of origination.
Multi-family loans totaled $424.1 million as of March 31, 2025, and are primarily made based on projected cash flows from the rental or sale of the underlying collateral. As of March 31, 2025, multi-family loans had a weighted average LTV of 57%, based on the most recent appraisals available, which are generally obtained at the time of origination.
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Construction and land development loans totaled $376.0 million as of March 31, 2025. The majority of these loans consist of multi-family and one-to-four family residential construction projects to either be sold upon completion or held for long-term investment, but also include other property types to be owner occupied upon completion. Construction and land development loans are primarily based on projected cash flows from the rental or sale of the underlying collateral, or based on the identified cash flows of the borrower.
Management’s disciplined approach to credit risk management is exercised through portfolio diversification, robust underwriting policies, and routine loan monitoring practices in order to identify and mitigate any credit weakness as early as possible. Management continually monitors and evaluates commercial real estate concentrations by property class, industry, and relative to the Bank’s regulatory capital to remain in line with board-established limits and adapt to changing industry conditions. A centralized credit underwriting group, independent of the originating lender, evaluates a vast majority of the commercial exposures over $750 thousand annually, if not more frequently, through a standardized credit review process to ensure uniform application of policies and procedures as well as analyze credit performance. All loans require appropriate internal approval, with a centralized credit approval group reviewing all exposures over $500 thousand. Additionally, a robust internal review process reviews more than 45% of loan commitments on a rolling 24 month basis that is in addition to an annual third-party review of a sample of the portfolio.
For commercial real estate – non-owner occupied and multi-family loans over $1 million, we evaluate, on a quarterly basis, the impact of current interest rates on the underlying cash flows of the properties securing these loans, based on the most recent cash flow data available. Individual credits with a maturity scheduled within the next five quarters that are presenting stress under current renewal terms are identified, so that ample time is available to develop solutions to manage credit risk. This testing is completed in addition to the various sensitivity testing completed at the initial extension of credit.
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Loan Portfolio Maturities
The following table summarizes the scheduled maturities of the loan portfolio as of March 31, 2025. Demand loans (loans having no stated repayment schedule or maturity) and overdraft loans are reported as being due in one year or less.
(dollars in thousands)1 Year
or Less		After 1 Year
Through
5 Years		After 5 Years
Through
15 Years		After
15 Years		Total
Commercial and industrial$235,320 $143,402 $62,539 $— $441,261 
Commercial real estate - owner occupied45,757 176,841 79,641 19,751 321,990 
Commercial real estate - non-owner occupied194,642 585,146 110,776 458 891,022 
Construction and land development169,493 178,573 15,502 12,478 376,046 
Multi-family97,943 282,885 41,968 1,300 424,096 
One-to-four family residential84,811 156,438 89,168 124,959 455,376 
Agricultural and farmland125,872 125,026 36,703 4,639 292,240 
Municipal, consumer, and other116,135 46,114 65,679 31,819 259,747 
Total$1,069,973 $1,694,425 $501,976 $195,404 $3,461,778 
The following table summarizes loans maturing after one year, segregated into variable and fixed interest rates.
Variable Interest Rates
(dollars in thousands)Repricing
1 Year
or Less		Repricing
After
1 Year		Total
Variable
Interest Rates		Predetermined
(Fixed)
Interest Rates		Total
Commercial and industrial$46,948 $6,362 $53,310 $152,631 $205,941 
Commercial real estate - owner occupied66,863 42,581 109,444 166,789 276,233 
Commercial real estate - non-owner occupied95,306 21,425 116,731 579,649 696,380 
Construction and land development68,490 13,448 81,938 124,615 206,553 
Multi-family60,795 14,592 75,387 250,766 326,153 
One-to-four family residential74,821 56,670 131,491 239,074 370,565 
Agricultural and farmland6,172 12,176 18,348 148,020 166,368 
Municipal, consumer, and other36,638 19,380 56,018 87,594 143,612 
Total$456,033 $186,634 $642,667 $1,749,138 $2,391,805 
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Nonperforming Assets
Our nonperforming loans and nonperforming assets were as follows:
(dollars in thousands)March 31, 2025December 31, 2024
NONPERFORMING ASSETS
Nonaccrual$5,102$7,652 
Past due 90 days or more, still accruing44 
Total nonperforming loans5,1067,656 
Foreclosed assets460367 
Total nonperforming assets$5,566$8,023 
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$1,350 $1,573 
Allowance for credit losses$42,111 $42,044 
Loans, before allowance for credit losses3,461,778 3,466,146 
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses1.22 %1.21 %
Allowance for credit losses to nonaccrual loans825.38549.45
Allowance for credit losses to nonperforming loans824.74549.16
Nonaccrual loans to loans, before allowance for credit losses0.150.22
Nonperforming loans to loans, before allowance for credit losses0.150.22
Nonperforming assets to total assets0.110.16
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets0.160.23
Total nonperforming assets were $5.6 million at March 31, 2025, a decrease of 30.6%, when compared to $8.0 million at December 31, 2024. Additionally, of the $5.1 million of nonperforming loans held as of March 31, 2025, $1.4 million are either wholly or partially guaranteed by the U.S. Government. The $2.5 million decrease in nonperforming assets from December 31, 2024 was primarily attributable to the pay-off of a $1.6 million nonaccrual commercial real estate – non-owner occupied credit.
Risk Classification of Loans
Our risk classifications of loans were as follows:
(dollars in thousands)March 31, 2025December 31, 2024
Pass$3,256,399 $3,264,396 
Pass-watch86,821 83,947 
Special mention44,834 46,590 
Substandard73,724 71,213 
Total$3,461,778 $3,466,146 
Loans rated pass-watch or worse were relatively stable as of March 31, 2025, increasing $3.6 million, or 1.8%, from December 31, 2024.
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Net Charge-offs (Recoveries)
The following table summarizes net charge-offs (recoveries) to average loans by loan category.
Three Months Ended March 31,
(dollars in thousands)20252024
Net charge-offs (recoveries)
Commercial and industrial$326 $(11)
Commercial real estate - owner occupied(1)(2)
Commercial real estate - non-owner occupied— (242)
Construction and land development5 (1)
Multi-family— — 
One-to-four family residential41 (63)
Agricultural and farmland(38)(7)
Municipal, consumer, and other96 119 
Total$429 $(207)
Average loans
Commercial and industrial$444,711 $411,384 
Commercial real estate - owner occupied323,501 297,342 
Commercial real estate - non-owner occupied890,466 882,704 
Construction and land development368,489 366,912 
Multi-family433,053 414,315 
One-to-four family residential460,809 491,769 
Agricultural and farmland278,054 277,439 
Municipal, consumer, and other261,823 229,354 
Total$3,460,906 $3,371,219 
Charge-offs (recoveries) to average loans *
Commercial and industrial0.30 %(0.01)%
Commercial real estate - owner occupied— — 
Commercial real estate - non-owner occupied— (0.11)
Construction and land development0.01 — 
Multi-family— — 
One-to-four family residential0.04 (0.05)
Agricultural and farmland(0.06)(0.01)
Municipal, consumer, and other0.15 0.21 
Total0.05 %(0.02)%
_________________________________________________
*    Annualized measure.
The net charge-offs (recoveries) to average total loans ratio has remained low for several years. While we believe our continuous credit monitoring and collection efforts have resulted in lower levels of credit losses, we also recognize that substantial federal economic stimulus during the COVID-19 pandemic and the relatively stable economic conditions after the pandemic have also contributed to reduced credit losses.
Additionally, heightened net charge-offs within the commercial and industrial segment are primarily related to equipment finance loans which were purchased as part of a pool of loans during 2023.
64
Securities
The Company’s investment policy emphasizes safety of the principal, liquidity needs, expected returns, cash flow targets, and consistency with our interest rate risk management strategy. The composition and maturities of the debt securities portfolio as of March 31, 2025, are summarized in the following table. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Security yields have not been adjusted to a tax-equivalent basis.
March 31, 2025
Available-for-SaleHeld-to-MaturityTotal
(dollars in thousands)Amortized
Cost		Weighted
Average
Yield		Amortized
Cost		Weighted
Average
Yield		Amortized
Cost		Weighted
Average
Yield
Due in 1 year or less
U.S. Treasury$29,969 1.20 %$— — %$29,969 1.20 %
U.S. government agency12,395 2.69 — — 12,395 2.69 
Municipal7,026 1.84 6,431 3.01 13,457 2.40 
Mortgage-backed:
Agency residential250 3.86 — — 250 3.86 
Agency commercial10,189 1.91 — — 10,189 1.91 
Total$59,829 1.72 %$6,431 3.01 %$66,260 1.84 %
Due after 1 year through 5 years
U.S. Treasury$70,019 1.35 %$— — %$70,019 1.35 %
U.S. government agency25,261 2.34 34,975 2.22 60,236 2.27 
Municipal57,415 1.65 17,804 3.13 75,219 2.00 
Mortgage-backed:
Agency residential10,470 2.63 11,058 2.12 21,528 2.37 
Agency commercial71,200 1.65 87,183 2.36 158,383 2.04 
Corporate26,863 5.25 — — 26,863 5.25 
Total$261,228 2.05 %$151,020 2.40 %$412,248 2.18 %
Due after 5 years through 10 years
U.S. Treasury$9,700 1.66 %$— — %$9,700 1.66 %
U.S. government agency15,955 3.42 53,502 2.64 69,457 2.82 
Municipal70,358 1.77 8,712 3.64 79,070 1.98 
Mortgage-backed:
Agency residential52,533 2.12 — — 52,533 2.12 
Agency commercial8,187 2.33 154,191 1.81 162,378 1.83 
Corporate32,890 4.53 — — 32,890 4.53 
Total$189,623 2.50 %$216,405 2.09 %$406,028 2.28 %
Due after 10 years
Municipal$14,898 1.69 %$2,252 3.43 %$17,150 1.92 %
Mortgage-backed:
Agency residential183,103 4.01 72,250 3.64 255,353 3.91 
Agency commercial36,872 2.45 42,040 2.10 78,912 2.26 
Corporate8,940 6.27 — — 8,940 6.27 
Total$243,813 3.72 %$116,542 3.08 %$360,355 3.51 %
Total
U.S. Treasury$109,688 1.34 %$— — %$109,688 1.34 %
U.S. government agency53,611 2.74 88,477 2.48 142,088 2.58 
Municipal149,697 1.72 35,199 3.25 184,896 2.01 
Mortgage-backed:
Agency residential246,356 3.55 83,308 3.44 329,664 3.52 
Agency commercial126,448 1.95 283,414 2.02 409,862 2.00 
Corporate68,693 5.03 — — 68,693 5.03 
Total$754,493 2.67 %$490,398 2.43 %$1,244,891 2.58 %
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SOURCES OF FUNDS
Deposits
Management continues to focus on growing deposits through the Company’s relationship-driven banking philosophy and community-focused marketing programs. Additionally, the Bank continues to add and improve digital banking services to solidify deposit relationships.
The following table sets forth the distribution of average deposits, by account type:
Three Months Ended March 31,Percent
Change in
Average
Balance
20252024
(dollars in thousands)Average
Balance
Percent of
Total Deposits
Weighted
Average Cost *
Average
Balance
Percent of
Total Deposits
Weighted
Average Cost *
Noninterest-bearing$1,045,733 24.1 %— %$1,036,402 23.9 %— %0.9 %
Interest-bearing demand1,120,608 25.9 0.53 1,127,684 26.0 0.47 (0.6)
Money market807,728 18.7 2.21 812,684 18.8 2.37 (0.6)
Savings569,494 13.2 0.26 611,224 14.1 0.29 (6.8)
Time784,099 18.1 3.48 664,498 15.3 3.59 18.0 
Brokered— — — 82,150 1.9 5.47 (100.0)
Total deposits$4,327,662 100.0 %1.21 %$4,334,642 100.0 %1.26 %(0.2)%
_________________________________________________
*Annualized measure.
Average deposit balances were relatively stable in 2025 compared to 2024, with growth in time deposits mostly offset by the planned repayment of brokered time deposits at scheduled maturities. Additionally, the vast majority of repurchase agreement account balances were transitioned to reciprocal interest-bearing demand accounts during the first quarter of 2025.
The following table sets forth time deposits by remaining maturity as of March 31, 2025:
(dollars in thousands)3 Months or
Less		Over 3 through
6 Months		Over 6 through
12 Months		Over
12 Months		Total
Time deposits:
Amounts less than $100,000$112,241$115,071$60,785$38,476$326,573
Amounts of $100,000 or more but less than $250,00089,252101,06441,74919,474251,539
Amounts of $250,000 or more83,49342,86761,66521,198209,223
Total time deposits$284,986$259,002$164,199$79,148$787,335
As of March 31, 2025 and 2024, the Bank’s uninsured deposits were estimated to be $894.4 million and $949.4 million, respectively.
66
LIQUIDITY
Bank Liquidity
The overall objective of bank liquidity management is to ensure the availability of sufficient cash funds to meet all financial commitments and to take advantage of investment opportunities. The Bank manages liquidity in order to meet deposit withdrawals on demand or at contractual maturity, to repay borrowings as they mature, and to fund new loans and investments as opportunities arise.
The Bank continuously monitors its liquidity positions to ensure that assets and liabilities are managed in a manner that will meet all of our short-term and long-term cash requirements. The Bank manages its liquidity position to meet our daily cash flow needs, while maintaining an appropriate balance between assets and liabilities to meet the return on investment objectives. The Bank also monitors liquidity requirements in light of interest rate trends, changes in the economy, the scheduled maturity and interest rate sensitivity of the investment and loan portfolios and deposits, and regulatory capital requirements.
As part of the Bank’s liquidity management strategy, the Bank is also focused on minimizing costs of liquidity and attempts to decrease these costs by promoting noninterest-bearing and low-cost deposits. While the Bank does not control the types of deposit instruments our clients choose, those choices can be influenced with the rates and the deposit specials offered.
Our on-balance sheet sources of liquidity included cash and cash equivalents as well as unpledged securities which may be sold or pledged as collateral to meet liquidity needs. As of March 31, 2025 and December 31, 2024, our on-balance sheet sources of liquidity included the following:
(dollars in thousands)March 31, 2025December 31, 2024
Cash and cash equivalents$211,591 $137,692 
Fair value of unpledged securities743,840 705,106 
Total cash and unpledged securities$955,431 $842,798 
Additional sources of liquidity include borrowings from the FHLB, the Federal Reserve discount window, and federal fund lines of credit. Interest is charged on outstanding borrowings at the prevailing market rate. As of March 31, 2025, our current borrowings and additional available borrowing capacity were as follows:
March 31, 2025
(dollars in thousands)Current BalanceAdditional
Available Capacity
FHLB$7,209 $1,028,078 
Federal Reserve— 106,279 
Federal funds lines of credit— 80,000 
Total$7,209 $1,214,357 
Further, the Bank could utilize brokered deposits as an additional source of liquidity, as needed.
As of March 31, 2025, management believed the current liquidity and available sources of liquidity are adequate to meet all of the reasonably foreseeable short-term and intermediate-term demands of the Bank. As of March 31, 2025, the Bank had no material commitments for capital expenditures.
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Holding Company Liquidity
The Holding Company, or HBT Financial, Inc. on an unconsolidated basis, is a corporation separate and apart from the Bank and, therefore, it must provide for its own liquidity. As of March 31, 2025, the Holding Company had cash and cash equivalents of $13.9 million.
The Holding Company’s main source of funding is dividends declared and paid to it by the Bank. Dividends paid by the Bank to the Holding Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. Management believes that such limitations will not impact the Holding Company’s ability to meet its ongoing short-term or intermediate-term cash obligations. During the three months ended March 31, 2025 and 2024, the Bank paid $7.5 million and $8.0 million in dividends to the Holding Company, respectively.
The liquidity needs of the Holding Company on an unconsolidated basis consist primarily of operating expenses, interest payments on the subordinated notes and junior subordinated debentures, and shareholder distributions in the form of dividends and stock repurchases. During the three months ended March 31, 2025 and 2024, holding company operating expenses consisted of interest expense of $1.4 million and $1.4 million, respectively, and other operating expenses of $1.0 million and $1.1 million, respectively.
Additionally, the Holding Company paid $6.7 million and $6.1 million of dividends to stockholders during the three months ended March 31, 2025 and 2024, respectively.
As of March 31, 2025, management was not aware of any known trends, events or uncertainties that had or were reasonably likely to have a material impact on the Holding Company’s liquidity.
As of March 31, 2025, management believed the current liquidity and available sources of liquidity are adequate to meet all of the reasonably foreseeable short-term and intermediate-term demands of the Holding Company. As of March 31, 2025, the Holding Company had no material commitments for capital expenditures.
68
CAPITAL RESOURCES
The overall objectives of capital management are to ensure the availability of sufficient capital to support loan, deposit and other asset and liability growth opportunities and to maintain capital to absorb unforeseen losses or write-downs that are inherent in the business risks associated with the banking industry. The Company seeks to balance the need for higher capital levels to address such unforeseen risks and the goal to achieve an adequate return on the capital invested by our stockholders.
Regulatory Capital Requirements
The Company and Bank are each subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the financial statements of the Company and the Bank.
In addition to meeting minimum capital requirements, the Company and the Bank must also maintain a “capital conservation buffer” to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. The capital conservation buffer requirement is 2.5% of risk-weighted assets.
As of March 31, 2025 and December 31, 2024, the Company and the Bank met all capital adequacy requirements to which they were subject. As of those dates, the Bank was “well capitalized” under the regulatory prompt corrective action provisions.
The following table sets forth actual capital ratios of the Company and the Bank as of the dates indicated, as well as the minimum ratios for capital adequacy purposes with the capital conservation buffer, and the minimum ratios to be well capitalized under regulatory prompt corrective action provisions.
March 31,
2025		December 31,
2024
For Capital
Adequacy Purposes
With Capital
Conservation Buffer (1)
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions (2)
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)16.85 %16.51 %10.50 %N/A
Tier 1 Capital (to Risk Weighted Assets)14.77 14.50 8.50 N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)13.48 13.21 7.00 N/A
Tier 1 Capital (to Average Assets)11.64 11.51 4.00 N/A
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)16.46 %16.11 %10.50 %10.00 %
Tier 1 Capital (to Risk Weighted Assets)15.38 15.10 8.50 8.00 
Common Equity Tier 1 Capital (to Risk Weighted Assets)15.38 15.10 7.00 6.50 
Tier 1 Capital (to Average Assets)12.12 11.98 4.00 5.00 
_________________________________________________
(1)The Tier 1 capital to average assets ratio (known as the “leverage ratio”) is not impacted by the capital conservation buffer.
(2)The prompt corrective action provisions are not applicable to bank holding companies.
N/A   Not applicable.
As of March 31, 2025, management was not aware of any known trends, events or uncertainties that had or were reasonably likely to have a material impact on the Company’s capital resources.
Cash Dividends
During 2024, the Company paid quarterly cash dividends of $0.19 per share. In January 2025, the Company announced an increase of $0.02 and paid a $0.21 per share dividend during the first quarter of 2025.
69
Stock Repurchase Program
The Company did not repurchase any shares of its common stock during the three months ended March 31, 2025. The Company’s Board of Directors have authorized the repurchase of up to $15.0 million of its common stock under its stock repurchase program in effect until January 1, 2026. As of March 31, 2025, the Company had $15.0 million remaining under the current stock repurchase authorization.
OFF-BALANCE SHEET ARRANGEMENTS
As a financial services provider, the Bank routinely is a party to various financial instruments with off-balance sheet risks, such as commitments to extend credit, standby letters of credit, unused lines of credit, commitments to sell loans, and interest rate swaps. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process afforded to loans originated by the Bank. For additional information, see “Note 14 – Commitments and Contingencies” to the consolidated financial statements.
CRITICAL ACCOUNTING ESTIMATES
Critical accounting estimates are those that are critical to the portrayal and understanding of the Company’s financial condition and results of operations and require management to make assumptions that are difficult, subjective, or complex. These estimates involve judgments, assumptions, and uncertainties that are susceptible to change. In the event that different assumptions or conditions were to prevail, and depending on the severity of such changes, the possibility of a materially different financial condition or materially different results of operations is a reasonable likelihood. Further, changes in accounting standards could impact the Company’s critical accounting estimates. The following accounting estimate could be deemed critical:
Allowance for Credit Losses
The allowance for credit losses reflects an estimate of lifetime expected credit losses. Measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is established through a provision for credit losses which is charged to expense. Additions to the allowance for credit losses are expected to maintain the adequacy of the total allowance for credit losses. Loan losses are charged off against the allowance for credit losses when the Company determines the loan balance to be uncollectible. Cash received on previously charged off amounts is recorded as a recovery to the allowance for credit losses.
Management uses the discounted cash flow method to estimate expected credit losses for all loan categories, except for consumer loans where the weighted average remaining maturity method is utilized. The Company uses regression analysis of historical internal and peer data to determine which macroeconomic variables are most closely correlated with credit losses, such as the unemployment rate and changes in GDP. Management leverages economic projections from a reputable third party to form its economic forecasts with a reversion to historical averages for periods beyond a reasonable and supportable forecast period.
Nonaccrual loans and loans which do not share risk characteristics with other loans in the pool are individually evaluated to determine expected credit losses.
The allowance for credit losses on unfunded commitments is estimated in the same manner as the associated loans, adjusted for anticipated funding rate.
70
NON-GAAP FINANCIAL INFORMATION
This Quarterly Report on Form 10-Q contains certain financial information determined by methods other than those in accordance with GAAP. 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 closely comparable GAAP financial measures below.
Non-GAAP Financial MeasureDefinitionHow the Measure Provides Useful Information to Investors
Adjusted Net Income
•Net income, with the following adjustments:
-excludes acquisition expenses, including the day 2 provision for credit losses on non-PCD loans and unfunded commitments,
-excludes branch closure expenses,
-excludes gains (losses) on closed branch premises,
-excludes realized gains (losses) on sales of securities,
-excludes mortgage servicing rights fair value adjustment, and
-the income tax effect of these pre-tax adjustments.
•Enhances comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects.
•We also sometimes refer to ratios that include Adjusted Net Income, such as:
-Adjusted Return on Average Assets, which is Adjusted Net Income divided by average assets.
-Adjusted Return on Average Equity, which is Adjusted Net Income divided by average equity.
-Adjusted Earnings Per Share – Basic, which is Adjusted Net Income allocated to common shares divided by weighted average common shares outstanding.
-Adjusted Earnings Per Share – Diluted, which is Adjusted Net Income allocated to common shares divided by weighted average common shares outstanding, including all dilutive potential shares.
•Adjusted Return on Average Assets is a performance measure utilized in determining executive compensation.

Pre-Provision Net Revenue
•Net interest income, plus noninterest income, less noninterest expense.
•Provides investors with information regarding profitability excluding provision for credit losses and income tax expense, which may fluctuate from period to period.
•We also sometimes refer to measures that include Pre-Provision Net Revenue, such as:
-Adjusted Pre-Provision Net Revenue which reflects the adjustments considered in Adjusted Net Income, as necessary.
-Pre-Provision Net Revenue Less Charge-offs (Recoveries).
-Adjusted Pre-Provision Net Revenue Less Charge-offs (Recoveries) which reflects the adjustments considered in Adjusted Net Income, as necessary.
•Adjusted Pre-Provision Net Revenue Less Net Charge-Offs (Recoveries) is a performance measure utilized in determining executive compensation.
71
Non-GAAP Financial MeasureDefinitionHow the Measure Provides Useful Information to Investors
Net Interest Income (Tax-Equivalent Basis)
•Net interest income adjusted for the tax-favored status of tax-exempt loans and securities. (1)
•We believe the tax-equivalent basis is the preferred industry measurement of net interest income.
•Enhances comparability of net interest income arising from taxable and tax-exempt sources.
•We also sometimes refer to Net Interest Margin (Tax-Equivalent Basis), which is Net Interest Income (Tax-Equivalent Basis) divided by average interest-earning assets.
Efficiency Ratio (Tax-Equivalent Basis)
•Noninterest expense less amortization of intangible assets divided by the sum of net interest income (tax-equivalent basis) and noninterest income. (1)
•Provides a measure of productivity in the banking industry.
•Calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue.
•We also sometimes refer to Adjusted Efficiency Ratio (Tax-Equivalent Basis) which reflects the adjustments considered in Adjusted Net Income, as necessary.
•Adjusted Efficiency Ratio (Tax-Equivalent Basis) is a performance measure utilized in determining executive compensation.
Ratio of Tangible Common Equity to Tangible Assets
•Tangible Common Equity is total stockholders’ equity less goodwill and other intangible assets.
•Tangible Assets is total assets less goodwill and other intangible assets.
•Generally used by investors, our management, and banking regulators to evaluate capital adequacy.
•Facilitates comparison of our earnings with the earnings of other banking organization with varying amounts of goodwill or intangible assets.
•We also sometimes refer to ratios that include Tangible Common Equity, such as:
-Tangible Book Value Per Share, which is Tangible Common Equity divided by shares of common stock outstanding.
-Return on Average Tangible Common Equity, which is net income divided by average Tangible Common Equity.
-Adjusted Return on Average Tangible Common Equity, which is Adjusted Net Income divided by average Tangible Common Equity.
Core Deposits
•Total deposits, excluding:
-Time deposits of $250,000 or more, and
-Brokered deposits
•Provides investors with information regarding the stability of the Company’s sources of funds.
•We also sometimes refer to the ratio of Core Deposits to total deposits.
_________________________________________________
(1)Tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
72
Reconciliation of Non-GAAP Financial Measure —
Adjusted Net Income and Adjusted Return on Average Assets
Three Months Ended March 31,
(dollars in thousands)20252024
Net income$19,075 $15,258 
Less: adjustments
Gains (losses) on closed branch premises59 (635)
Realized gains (losses) on sales of securities— (3,382)
Mortgage servicing rights fair value adjustment(308)80 
Total adjustments(249)(3,937)
Tax effect of adjustments (1)
71 1,122 
Total adjustments after tax effect(178)(2,815)
Adjusted net income$19,253 $18,073 
Average assets$5,032,813 $5,003,464 
Return on average assets *1.54 %1.23 %
Adjusted return on average assets *1.55 1.45 
_________________________________________________
*    Annualized measure.
(1)Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measure —
Adjusted Earnings Per Share
Three Months Ended March 31,
(dollars in thousands, except per share amounts)20252024
Numerator:
Net income$19,075 $15,258 
Adjusted net income$19,253 $18,073 
Denominator:
Weighted average common shares outstanding31,584,989 31,662,954 
Dilutive effect of outstanding restricted stock units126,682 140,233 
Weighted average common shares outstanding, including all dilutive potential shares31,711,671 31,803,187 
Earnings per share - basic$0.60 $0.48 
Earnings per share - diluted$0.60 $0.48 
Adjusted earnings per share - basic$0.61 $0.57 
Adjusted earnings per share - diluted$0.61 $0.57 

73
Reconciliation of Non-GAAP Financial Measure —
Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Charge-offs (Recoveries),
Adjusted Pre-Provision Net Revenue, and
Adjusted Pre-Provision Net Revenue Less Charge-offs (Recoveries)
Three Months Ended March 31,
(dollars in thousands)20252024
Net interest income$48,708 $46,688 
Noninterest income9,306 5,626 
Noninterest expense(31,935)(31,268)
Pre-provision net revenue26,079 21,046 
Less: adjustments
Gains (losses) on closed branch premises59 (635)
Realized gains (losses) on sales of securities— (3,382)
Mortgage servicing rights fair value adjustment(308)80 
Total adjustments(249)(3,937)
Adjusted pre-provision net revenue$26,328 $24,983 
Pre-provision net revenue$26,079 $21,046 
Less: net charge-offs (recoveries)429 (207)
Pre-provision net revenue less net charge-offs (recoveries)$25,650 $21,253 
Adjusted pre-provision net revenue$26,328 $24,983 
Less: net charge-offs (recoveries)429 (207)
Adjusted pre-provision net revenue less net charge-offs (recoveries)$25,899 $25,190 
74
Reconciliation of Non-GAAP Financial Measure —
Net Interest Income and Net Interest Margin (Tax-Equivalent Basis)
Three Months Ended March 31,
(dollars in thousands)20252024
Net interest income (tax-equivalent basis)
Net interest income$48,708 $46,688 
Tax-equivalent adjustment (1)
545 575 
Net interest income (tax-equivalent basis) (1)
$49,253 $47,263 
Net interest margin (tax-equivalent basis)
Net interest margin *4.12 %3.94 %
Tax-equivalent adjustment * (1)
0.04 0.05 
Net interest margin (tax-equivalent basis) * (1)
4.16 %3.99 %
Average interest-earning assets$4,798,021 $4,765,449 
_________________________________________________
*    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 Measure —
Efficiency Ratio (Tax-Equivalent Basis) and Adjusted Efficiency Ratio (Tax-Equivalent Basis)
Three Months Ended March 31,
(dollars in thousands)20252024
Total noninterest expense$31,935 $31,268 
Less: amortization of intangible assets695 710 
Noninterest expense excluding amortization of intangible assets$31,240 $30,558 
Net interest income$48,708 $46,688 
Total noninterest income9,306 5,626 
Operating revenue58,014 52,314 
Tax-equivalent adjustment (1)
545 575 
Operating revenue (tax-equivalent basis) (1)
58,559 52,889 
Less: adjustments to noninterest income
Gains (losses) on closed branch premises59 (635)
Realized gains (losses) on sales of securities— (3,382)
Mortgage servicing rights fair value adjustment(308)80 
Total adjustments to noninterest income(249)(3,937)
Adjusted operating revenue (tax-equivalent basis) (1)
$58,808 $56,826 
Efficiency ratio53.85 %58.41 %
Efficiency ratio (tax-equivalent basis) (1)
53.35 57.78 
Adjusted efficiency ratio (tax-equivalent basis) (1)
53.12 53.77 
_________________________________________________
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
75
Reconciliation of Non-GAAP Financial Measure —
Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)March 31, 2025December 31, 2024
Tangible Common Equity
Total stockholders' equity$565,057 $544,605 
Less: Goodwill59,820 59,820 
Less: Intangible assets, net17,148 17,843 
Tangible common equity$488,089 $466,942 
Tangible Assets
Total assets$5,092,192 $5,032,902 
Less: Goodwill59,820 59,820 
Less: Intangible assets, net17,148 17,843 
Tangible assets$5,015,224 $4,955,239 
Total stockholders' equity to total assets11.10 %10.82 %
Tangible common equity to tangible assets9.73 9.42 
Shares of common stock outstanding31,631,43131,559,366
Book value per share$17.86 $17.26 
Tangible book value per share15.43 14.80 
Reconciliation of Non-GAAP Financial Measure —
Return on Average Tangible Common Equity, Adjusted Return on Average Stockholders’ Equity, and Adjusted Return on Average Tangible Common Equity
Three Months Ended March 31,
(dollars in thousands)20252024
Average Tangible Common Equity
Total stockholders' equity$554,715 $493,976 
Less: Goodwill59,820 59,820 
Less: Intangible assets, net17,480 20,334 
Average tangible common equity$477,415 $413,822 
Net income$19,075 $15,258 
Adjusted net income19,253 18,073 
Return on average stockholders' equity *13.95 %12.42 %
Return on average tangible common equity *16.20 14.83 
Adjusted return on average stockholders' equity *14.08 %14.72 %
Adjusted return on average tangible common equity *16.36 17.57 
*    Annualized measure.
76
Reconciliation of Non-GAAP Financial Measure —
Core Deposits
(dollars in thousands)March 31, 2025December 31, 2024
Core Deposits
Total deposits$4,384,590 $4,318,254 
Less: time deposits of $250,000 or more209,223 202,196 
Less: brokered deposits— — 
Core deposits$4,175,367 $4,116,058 
Core deposits to total deposits95.23 %95.32 %
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Managing risk is an essential part of successfully managing a financial institution. Our most prominent risk exposures are interest rate risk and credit risk.
Interest Rate Risk
Our most significant form of market risk is interest rate risk inherent in the normal course of lending and deposit-taking activities. Interest rate risk is the potential reduction of net interest income as a result of changes in interest rates. Management believes that our ability to successfully respond to changes in interest rates will have a significant impact on our financial results. To that end, management actively monitors and manages our interest rate exposure.
The Company’s Asset/Liability Management Committee (“ALCO”), which is authorized by the Company’s board of directors, monitors our interest rate sensitivity and makes decisions relating to that process. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital in either a rising or declining interest rate environment. Profitability is affected by fluctuations in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis.
We monitor the impact of changes in interest rates on our net interest income and economic value of equity (“EVE”) using rate shock analysis. Net interest income simulations measure the short-term earnings exposure from changes in market rates of interest in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate net interest income under varying hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time. A decrease in EVE due to a specified rate change indicates a decline in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet.
The base and shock scenarios in the rate shock analysis assume a static balance sheet, static interest rates, no changes to product mix shift, and cash flow reinvestment at current market interest rates. We also make assumptions for our deposit betas and asset prepayments, based on historical experience.
Deposit Betas
Deposit pricing changes are primarily driven by changes in the federal funds rate, with the relationship between deposit rates and federal funds rate defined as deposit beta. We define cumulative deposit beta as the change in our quarterly cost of deposits divided by the change in the upper level of the stated federal funds rate range over a specified period. During the most recent rising rate cycle, which was from the fourth quarter of 2021 through the second quarter of 2024, our cumulative deposit beta was 23.6%. Since the start of the current falling rate cycle, which began with the third quarter of 2024, our cumulative deposit beta has been 15.1%.
Asset Prepayments
We include prepayment assumptions for both our loan and securities portfolios, based on historical experience. Generally, mortgage portfolio prepayments increase in lower rate environments, while commercial and consumer portfolios have historically remained more consistent throughout rate cycles.
78
The following table sets forth the estimated impact on our EVE and net interest income of immediate and parallel changes in interest rates at the specified levels.
Change in Interest Rates (basis points)Estimated
Increase (Decrease)
in EVE		Increase (Decrease) in
Estimated Net Interest Income
Year 1Year 2
March 31, 2025
+40029.8 %7.8 %14.8 %
+30024.6 6.2 11.7 
+20017.9 4.7 8.6 
+1009.6 2.8 4.8 
-100(11.5)(4.6)(6.6)
-200(23.6)(6.4)(11.1)
-300(22.5)(7.3)(15.0)
-400(15.2)(7.8)(16.6)
December 31, 2024
+40022.0 %4.9 %11.3 %
+30018.3 3.9 9.0 
+20013.4 3.2 6.7 
+1007.3 2.0 3.8 
-100(9.1)(4.2)(6.2)
-200(20.3)(5.5)(10.2)
-300(22.1)(5.7)(14.0)
-400(14.1)(5.8)(15.9)
Certain shortcomings are inherent in the methodology used in the above interest rate risk measurements. Modeling changes in EVE and net interest income requires that we make certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. The EVE and net interest income table presented above assumes that the composition of our interest-rate-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and, accordingly, the data does not reflect any actions that we may undertake in response to changes in interest rates, such as changes in rates paid on certain deposit accounts based on local competitive factors, which could change the actual impact on EVE and net interest income. The table also assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or the repricing characteristics of specific assets and liabilities. Accordingly, although the EVE and net interest income table provides an indication of our sensitivity to interest rate changes at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net interest income and will differ from actual results.
Credit Risk
Credit risk is the risk that borrowers or counterparties will be unable or unwilling to repay their obligations in accordance with the underlying contractual terms. We manage credit risk in the loan portfolio by adhering to well-defined underwriting criteria and account administration standards established by management. Our loan policy documents underwriting standards, approval levels, exposure limits and other limits or standards deemed necessary and prudent. Portfolio diversification at the borrower, industry, and product levels is actively managed to mitigate concentration risk. In addition, credit risk management also includes an independent loan review process that assesses compliance with loan policy, compliance with loan documentation standards, accuracy of the risk rating and overall credit quality of the loan portfolio.
79
ITEM 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this report was carried out under the supervision and with the participation of the Company’s Chief Executive Officer, Chief Financial Officer and other members of the Company’s senior management. The Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2025, the end of the period covered by this report, the Company’s disclosure controls and procedures were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is: (i) accumulated and communicated to the Company’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) or Rule 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
We are sometimes party to legal actions that are routine and incidental to our business. Management, in consultation with legal counsel, does not expect the ultimate disposition of any or a combination of these matters to have a material adverse effect on our assets, business, cash flow, financial condition, liquidity, prospects and results of operations; however, given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business, including laws and regulations governing consumer protection, fair lending, fair labor, privacy, information security, and anti-money laundering and anti-terrorism laws, we, like all banking organizations, are subject to heightened legal and regulatory compliance and litigation risk.
ITEM 1A.    RISK FACTORS
There have been no material changes to the risk factors disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025.
ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
On December 17, 2024, the Company’s board of directors approved a stock repurchase program that authorizes the Company to repurchase up to $15.0 million of its common stock. The stock repurchase program will be in effect until January 1, 2026, with the timing of purchases and number of shares repurchased dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. The Company is not obligated to purchase any shares under the stock repurchase program, and the stock repurchase program may be suspended or discontinued at any time without notice.
The following table sets forth information about the Company’s purchases of its common stock during the first quarter of 2025:
PeriodTotal Number
of Shares
Purchased		Average
Price Paid
Per Share		Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs		Approximate Dollar Value of
Shares That May Yet be Purchased
 Under the Plans or Programs
(in thousands)
January 1 - 31, 2025—$— —$15,000 
February 1 - 28, 2025—— —15,000 
March 1 - 31, 2025—— —15,000 
Total—$— —$15,000 
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.    MINE SAFETY DISCLOSURES
None.
81
ITEM 5.    OTHER INFORMATION
During the fiscal quarter ended March 31, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement.
ITEM 6.    EXHIBITS
Exhibit No.Description
10.1
10.2
10.3
10.4
10.5
31.1
31.2
32.1 *
32.2 *
101.INSInline XBRL Instance Document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101).
_________________________________________________
*This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent the Company specifically incorporates it by reference.
82
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
HBT FINANCIAL, INC.
May 2, 2025By:/s/ Peter R. Chapman
Peter R. Chapman
Chief Financial Officer
(on behalf of the registrant and as principal financial officer)
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