Companies: 10,796     total market cap: $140.832 T
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HBT Financial
HBT
#6022
Rank
$1.03 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$28.46
Share price
0.74%
Change (1 day)
32.68%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. HBT Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

HBT Financial - 10-Q quarterly report FY2025 Q3


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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 September 30, 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 October 23, 2025, there were 31,431,924 shares outstanding of the registrant’s common stock, $0.01 par value.

TABLE OF CONTENTS
HBT Financial, Inc.
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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 bank failures;
•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;
•technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence;
•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;
1
•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;
•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;
•the possibility that stockholders of CNB Bank Shares, Inc. ("CNBN") may not approve the merger agreement between HBT and CNBN with respect to the proposed merger transaction;
•the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the proposed transaction might be delayed or not occur at all;
•potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction;
•the diversion of management time on transaction-related issues;
•the ultimate timing, outcome and results of integrating the operations of CNBN into those of HBT;
•the effects of the merger in HBT’s future financial condition, results of operations, strategy and plans;
•regulatory approvals of the transaction;
•the effects of the current U.S. government shutdown, including the impact of prolonged closures or staffing reductions at government agencies effecting 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)September 30,
2025		December 31,
2024
ASSETS
Cash and due from banks$21,767 $29,552 
Interest-bearing deposits with banks133,366 108,140 
Cash and cash equivalents155,133 137,692 
Debt securities available-for-sale, at fair value793,730 698,049 
Debt securities held-to-maturity (fair value of $431,493 at 2025 and $445,186 at 2024)
466,565 499,858 
Equity securities with readily determinable fair value3,279 3,315 
Equity securities with no readily determinable fair value2,609 2,629 
Restricted stock, at cost4,979 5,086 
Loans held for sale1,432 1,586 
Loans, before allowance for credit losses3,400,029 3,466,146 
Allowance for credit losses(41,900)(42,044)
Loans, net of allowance for credit losses3,358,129 3,424,102 
Bank owned life insurance24,489 23,989 
Bank premises and equipment, net69,965 66,758 
Bank premises held for sale— 317 
Foreclosed assets1,007 367 
Goodwill59,820 59,820 
Intangible assets, net15,760 17,843 
Mortgage servicing rights, at fair value17,254 18,827 
Investments in unconsolidated subsidiaries1,614 1,614 
Accrued interest receivable23,575 24,770 
Other assets35,687 46,280 
Total assets$5,035,027 $5,032,902 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing$1,034,181 $1,046,405 
Interest-bearing3,313,006 3,271,849 
Total deposits4,347,187 4,318,254 
Securities sold under agreements to repurchase— 28,969 
Federal Home Loan Bank advances7,271 13,231 
Subordinated notes— 39,553 
Junior subordinated debentures issued to capital trusts52,894 52,849 
Other liabilities28,546 35,441 
Total liabilities4,435,898 4,488,297 
COMMITMENTS AND CONTINGENCIES (Note 15)
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 31,455,803 at 2025 and 31,559,366 at 2024
329 328 
Surplus297,992 297,297 
Retained earnings354,864 316,764 
Accumulated other comprehensive income (loss)(27,119)(46,765)
Treasury stock at cost, 1,443,301 shares at 2025 and 1,267,673 at 2024
(26,937)(23,019)
Total stockholders’ equity599,129 544,605 
Total liabilities and stockholders’ equity$5,035,027 $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 September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2025202420252024
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable$52,818 $53,650 $159,343 $157,753 
Federally tax exempt1,245 1,133 3,628 3,324 
Debt securities:
Taxable8,320 6,453 22,690 18,972 
Federally tax exempt459 502 1,385 1,620 
Interest-bearing deposits in bank1,350 2,230 3,959 6,752 
Other interest and dividend income144 149 388 481 
Total interest and dividend income64,336 64,117 191,393 188,902 
INTEREST EXPENSE
Deposits12,995 14,649 38,769 42,375 
Securities sold under agreements to repurchase— 134 22 415 
Borrowings31 119 170 365 
Subordinated notes387 470 1,326 1,409 
Junior subordinated debentures issued to capital trusts937 1,012 2,754 2,889 
Total interest expense14,350 16,384 43,041 47,453 
Net interest income49,986 47,733 148,352 141,449 
PROVISION FOR CREDIT LOSSES596 603 1,698 2,306 
Net interest income after provision for credit losses49,390 47,130 146,654 139,143 
NONINTEREST INCOME
Card income2,732 2,753 8,077 8,254 
Wealth management fees3,122 2,670 8,789 7,840 
Service charges on deposit accounts2,093 2,081 5,952 5,852 
Mortgage servicing1,019 1,113 3,051 3,279 
Mortgage servicing rights fair value adjustment(514)(1,488)(1,573)(1,505)
Gains on sale of mortgage loans390 461 1,101 1,202 
Realized gains (losses) on sales of securities(49)— (49)(3,382)
Unrealized gains (losses) on equity securities(67)136 (36)24 
Gains (losses) on foreclosed assets148 (44)175 15 
Gains (losses) on other assets(14)(2)(88)(637)
Income on bank owned life insurance169 170 500 500 
Other noninterest income820 855 2,396 2,499 
Total noninterest income9,849 8,705 28,295 23,941 
NONINTEREST EXPENSE
Salaries16,351 16,325 49,856 49,346 
Employee benefits3,314 2,997 10,179 8,662 
Occupancy of bank premises2,826 2,695 7,922 7,520 
Furniture and equipment737 446 1,757 1,544 
Data processing2,791 2,640 8,195 8,171 
Marketing and customer relations1,035 1,380 3,199 3,372 
Amortization of intangible assets694 710 2,083 2,130 
Loss on extinguishment of debt391 — 391 — 
FDIC insurance561 572 1,674 1,697 
Loan collection and servicing264 476 1,007 1,403 
Foreclosed assets62 19 134 78 
Other noninterest expense3,482 3,062 9,960 9,176 
Total noninterest expense32,508 31,322 96,357 93,099 
INCOME BEFORE INCOME TAX EXPENSE26,731 24,513 78,592 69,985 
INCOME TAX EXPENSE6,966 6,333 20,522 18,477 
NET INCOME$19,765 $18,180 $58,070 $51,508 
EARNINGS PER SHARE - BASIC$0.63 $0.58 $1.84 $1.63 
EARNINGS PER SHARE - DILUTED$0.63 $0.57 $1.84 $1.62 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING31,481,13531,559,36631,525,24731,600,442
See accompanying Notes to Consolidated Financial Statements (Unaudited)
4
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
NET INCOME$19,765 $18,180 $58,070 $51,508 
OTHER COMPREHENSIVE INCOME
Unrealized gains on debt securities available-for-sale7,239 21,334 25,393 20,603 
Reclassification adjustment for losses on sale of debt securities available-for-sale realized in income49 — 49 3,382 
Reclassification adjustment for amortization of net unrealized losses on debt securities transferred to held-to-maturity518 506 1,514 1,495 
Unrealized gains (losses) on derivative instruments— (24)— 54 
Reclassification adjustment for net settlements on derivative instruments— (55)(38)(305)
Total other comprehensive income, before tax7,806 21,761 26,918 25,229 
Income tax expense2,186 6,094 7,272 7,055 
Total other comprehensive income5,620 15,667 19,646 18,174 
TOTAL COMPREHENSIVE INCOME$25,385 $33,847 $77,716 $69,682 
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, June 30, 202531,495,434 $329 $297,479 $341,750 $(32,739)$(25,922)$580,897 
Net income— — — 19,765 — — 19,765 
Other comprehensive income— — — — 5,620 — 5,620 
Stock-based compensation— — 513 — — — 513 
Repurchase of common stock(39,631)— — — — (1,015)(1,015)
Cash dividends and dividend equivalents ($0.21 per share)
— — — (6,651)— — (6,651)
Balance, September 30, 202531,455,803 $329 $297,992 $354,864 $(27,119)$(26,937)$599,129 
Balance, June 30, 202431,559,366 $328 $296,430 $290,386 $(54,656)$(23,019)$509,469 
Net income— — — 18,180 — — 18,180 
Other comprehensive income— — — — 15,667 — 15,667 
Stock-based compensation— — 380 — — — 380 
Cash dividends and dividend equivalents ($0.19 per share)
— — — (6,034)— — (6,034)
Balance, September 30, 202431,559,366 $328 $296,810 $302,532 $(38,989)$(23,019)$537,662 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
6
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (CONTINUED)
(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— — — 58,070 — — 58,070 
Other comprehensive income— — — — 19,646 — 19,646 
Stock-based compensation— — 1,387 — — — 1,387 
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings72,065 1 (692)— — — (691)
Repurchase of common stock(175,628)— — — — (3,918)(3,918)
Cash dividends and dividend equivalents ($0.63 per share)
— — — (19,970)— — (19,970)
Balance, September 30, 202531,455,803 $329 $297,992 $354,864 $(27,119)$(26,937)$599,129 
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— — — 51,508 — — 51,508 
Other comprehensive income— — — — 18,174 — 18,174 
Stock-based compensation— — 1,265 — — — 1,265 
Issuance of common stock upon vesting of restricted stock units, net of tax withholdings96,341 1 (332)— — — (331)
Repurchase of common stock(232,803)— — — — (4,423)(4,423)
Cash dividends and dividend equivalents ($0.57 per share)
— — — (18,143)— — (18,143)
Balance, September 30, 202431,559,366 $328 $296,810 $302,532 $(38,989)$(23,019)$537,662 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
7
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(dollars in thousands)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$58,070 $51,508 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense2,347 2,207 
Provision for credit losses1,698 2,306 
Net amortization of debt securities1,859 2,886 
Deferred income tax expense725 361 
Stock-based compensation1,387 1,265 
Net accretion of discount and deferred loan fees on loans(5,473)(5,497)
Net realized loss on sales of securities49 3,382 
Net unrealized loss (gain) on equity securities36 (24)
Net loss on disposals of bank premises and equipment90 57 
Net gain on sales of bank premises held for sale(52)— 
Impairment losses on bank premises held for sale50 580 
Net gain on sales of foreclosed assets(224)(105)
Write-down of foreclosed assets49 90 
Amortization of intangibles2,083 2,130 
Decrease in fair value of mortgage servicing rights1,573 1,505 
Net loss on extinguishment of subordinated debt391 — 
Amortization of discount and issuance costs on subordinated notes and debentures101 104 
Amortization of discount on Federal Home Loan Bank advances128 305 
Amortization of premium on time deposits— (86)
Mortgage loans originated for sale(36,348)(46,706)
Proceeds from sale of mortgage loans37,603 47,267 
Net gain on sale of mortgage loans(1,101)(1,202)
Increase in cash surrender value of bank owned life insurance(500)(500)
Decrease in accrued interest receivable 1,195 374 
Decrease in other assets219 5,003 
Increase (decrease) in other liabilities(4,788)4,879 
Net cash provided by operating activities61,167 72,089 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
8
HBT FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
Nine Months Ended September 30,
(dollars in thousands)20252024
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of interest-bearing time deposits with banks— 520 
Purchase of interest-bearing time deposits with banks— (11)
Proceeds from sales of debt securities1,276 66,812 
Proceeds from sales and redemptions of equity securities54 58 
Proceeds from paydowns, maturities, and calls of debt securities128,291 85,208 
Purchase of debt securities(166,907)(67,286)
Purchase of equity securities(34)(171)
Purchase of loans(9,782)(4,448)
Net decrease in loans78,157 42,815 
Proceeds from redemption of restricted stock107 2,074 
Purchases of bank premises and equipment(5,657)(3,930)
Proceeds from sales of bank premises and equipment13 — 
Proceeds from sales of bank premises held for sale319 — 
Proceeds from sales of foreclosed assets1,140 1,143 
Net cash provided by investing activities26,977 122,784 
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits28,933 (120,651)
Net decrease in repurchase agreements(28,969)(13,413)
Proceeds from long-term Federal Home Loan Bank advances1,800 907 
Repayment of long-term Federal Home Loan Bank advances(7,888)(400)
Repayment of subordinated notes(40,000)— 
Taxes paid related to the vesting of restricted stock units(691)(331)
Repurchase of common stock(3,918)(4,423)
Cash dividends and dividend equivalents paid(19,970)(18,143)
Net cash used in financing activities(70,703)(156,454)
NET INCREASE IN CASH AND CASH EQUIVALENTS17,441 38,419 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD137,692 141,252 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$155,133 $179,671 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest$44,191 $47,745 
Net cash paid for income taxes$21,040 $17,326 
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfers of loans to foreclosed assets$1,605 $652 
Transfers of bank premises and equipment to bank premises held for sale$— $317 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
9
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.
Recent Legislation
On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic research and development expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. This legislation 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)
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.
NOTE 2 – BUSINESS COMBINATIONS
CNB Bank Shares, Inc.
On October 20, 2025, HBT Financial and CNB Bank Shares, Inc. ("CNBN"), the holding company for CNB Bank & Trust, N.A. ("CNB Bank"), jointly announced the signing of a merger agreement pursuant to which HBT Financial will acquire CNBN and CNB Bank. The combined company will have increased density in the central Illinois, Chicago MSA, and St. Louis MSA markets.
Under the terms of the merger agreement, total consideration consists of approximately 5.5 million shares of HBT Financial's common stock and $33.8 million in cash. CNBN shareholders may elect to receive either (i) 1.0434 shares of HBT Financial's common stock for each share of CNBN, or (ii) $27.73 per share in cash, or (iii) a combination of cash and stock consideration, subject to adjustment and to the election and proration provisions in the merger agreement. Upon closing the transaction, shareholders of CNBN are expected to hold approximately 15% of HBT Financial's outstanding common stock.
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, approval of CNBN shareholders, and regulatory approvals. There were no significant acquisition expenses related to the planned acquisition of CNBN during the three and nine months ended September 30, 2025 and 2024.
11
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 3 – 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:
September 30, 2025
(dollars in thousands)Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Available-for-sale:
U.S. Treasury$99,759$—$(4,946)$—$94,813
U.S. government agency51,930147(1,334)—50,743
Municipal149,723165(13,436)—136,452
Mortgage-backed:
Agency residential324,9573,099(8,410)—319,646
Agency commercial133,79753(8,143)—125,707
Corporate67,565642(1,838)—66,369
Total available-for-sale$827,731$4,106$(38,107)$—$793,730
September 30, 2025
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-maturity:
U.S. government agency$88,489$—$(5,340)$83,149$—
Municipal30,599389(83)30,905—
Mortgage-backed:
Agency residential78,23311(3,030)75,214—
Agency commercial269,24423(27,042)242,225—
Total held-to-maturity$466,565$423$(35,495)$431,493$—
12
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 September 30, 2025 and December 31, 2024, the Bank had debt securities with a carrying value of $515.6 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 September 30, 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$36,083 $35,875 $7,998 $7,895 
Due after 1 year through 5 years181,704 172,003 54,356 52,911 
Due after 5 years through 10 years127,320 118,397 54,797 51,375 
Due after 10 years23,870 22,102 1,937 1,873 
Mortgage-backed:
Agency residential324,957 319,646 78,233 75,214 
Agency commercial133,797 125,707 269,244 242,225 
Total$827,731 $793,730 $466,565 $431,493 
13
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of September 30, 2025 and December 31, 2024, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:
September 30, 2025
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$— $— $(4,946)$94,813 $(4,946)$94,813 
U.S. government agency(20)2,953 (1,314)40,068 (1,334)43,021 
Municipal(42)2,010 (13,394)127,231 (13,436)129,241 
Mortgage-backed:
Agency residential(170)20,124 (8,240)124,013 (8,410)144,137 
Agency commercial(158)14,114 (7,985)105,305 (8,143)119,419 
Corporate(14)3,804 (1,824)27,152 (1,838)30,956 
Total available-for-sale$(404)$43,005 $(37,703)$518,582 $(38,107)$561,587 
December 31, 2024
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$— $— $(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 September 30, 2025, there were 564 debt securities in an unrealized loss position for a period of twelve months or more, and 28 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.
14
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 76% of the total fair value of our municipal securities portfolio as of September 30, 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 municipal securities were 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 September 30, 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 $5.3 million and $5.1 million as of September 30, 2025 and December 31, 2024, respectively.
Sales of debt securities were as follows during the three and nine months ended September 30:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Proceeds from sales$1,276$—$1,276 $66,812 
Gross realized gains——— — 
Gross realized losses(49)—(49)(3,382)
15
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:
September 30, 2025
(dollars in thousands)Readily
Determinable
Fair Value		No Readily
Determinable
Fair Value
Initial cost$3,124 $2,978 
Cumulative net unrealized gains (losses)155 (369)
Carrying value$3,279 $2,609 
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 September 30, 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 $0.2 million. There have been no upward adjustments based on observable price changes to equity securities with no readily determinable fair value.
Unrealized gains (losses) on equity securities were as follows during the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Readily determinable fair value$(67)$136 $(36)$24 
No readily determinable fair value——— — 
Unrealized gains (losses) on equity securities$(67)$136 $(36)$24 
16
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4 – LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES
Major categories of loans are summarized as follows:
(dollars in thousands)September 30, 2025December 31, 2024
Commercial and industrial$395,859 $428,389 
Commercial real estate - owner occupied312,192 322,316 
Commercial real estate - non-owner occupied931,723 899,565 
Construction and land development269,924 374,657 
Multi-family514,801 431,524 
One-to-four family residential443,215 463,968 
Agricultural and farmland280,309 293,375 
Municipal, consumer, and other252,006 252,352 
Loans, before allowance for credit losses3,400,029 3,466,146 
Allowance for credit losses(41,900)(42,044)
Loans, net of allowance for credit losses$3,358,129 $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 September 30, 2025, the economic forecast used by management anticipates a mild slowdown for the fourth quarter of 2025 followed by a gradual increase in economic activity over the remainder of the four quarter forecast period. The forecast has the unemployment rate increasing slightly during the fourth quarter of 2025 then decreasing slightly in 2026, while gross domestic product ("GDP") growth slows during the fourth quarter of 2025 and then increases in 2026. 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.
17
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 September 30, 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$6,310 $3,311 $11,635 $3,450 $4,554 $3,677 $1,558 $7,164 $41,659 
Provision for credit losses110 342 212 (604)272 (117)(151)311 375 
Charge-offs(398)(114)— — — (31)(15)(165)(723)
Recoveries459 3 — — — 57 11 59 589 
Ending balance$6,481 $3,542 $11,847 $2,846 $4,826 $3,586 $1,403 $7,369 $41,900 
Three Months Ended September 30, 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$4,761 $2,191 $9,816 $6,155 $3,712 $4,785 $1,059 $8,327 $40,806 
Provision for credit losses980 36 (598)423 78 26 226 (425)746 
Charge-offs(734)(6)— — — (125)— (236)(1,101)
Recoveries27 10 329 — — 44 2 103 515 
Ending balance$5,034 $2,231 $9,547 $6,578 $3,790 $4,730 $1,287 $7,769 $40,966 
Nine Months Ended September 30, 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 losses2,002 514 140 (1,452)538 82 190 (548)1,466 
Charge-offs(1,442)(115)— (8)(43)(548)(24)(460)(2,640)
Recoveries564 36 — 4 — 144 67 215 1,030 
Ending balance$6,481 $3,542 $11,847 $2,846 $4,826 $3,586 $1,403 $7,369 $41,900 
Nine Months Ended September 30, 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 losses1,219 (49)1,247 578 141 (470)302 (985)1,983 
Charge-offs(1,242)(6)— — (188)(200)— (562)(2,198)
Recoveries77 14 586 2 — 196 10 248 1,133 
Ending balance$5,034 $2,231 $9,547 $6,578 $3,790 $4,730 $1,287 $7,769 $40,966 
18
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 September 30, 2025 and 2024.
Gross Charge-Offs for the Three Months Ended September 30, 2025
Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
(dollars in thousands)20252024202320222021Prior
Commercial and industrial$12 $1 $172 $189 $— $— $24 $— $398 
Commercial real estate - owner occupied— — 114 — — — — — 114 
Commercial real estate - non-owner occupied— — — — — — — — — 
Construction and land development— — — — — — — — — 
Multi-family— — — — — — — — — 
One-to-four family residential— — — 31 — — — — 31 
Agricultural and farmland— — — — — — 15 — 15 
Municipal, consumer, and other86 5 — — — — 74 — 165 
Total$98 $6 $286 $220 $— $— $113 $— $723 
Gross Charge-Offs for the Three Months Ended September 30, 2024
Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
(dollars in thousands)20242023202220212020Prior
Commercial and industrial$— $734 $— $— $— $— $— $— $734 
Commercial real estate - owner occupied6 — — — — — — — 6 
Commercial real estate - non-owner occupied— — — — — — — — — 
Construction and land development— — — — — — — — — 
Multi-family— — — — — — — — — 
One-to-four family residential— — 1 — — 124 — — 125 
Agricultural and farmland— — — — — — — — — 
Municipal, consumer, and other154 3 5 — — — 74 — 236 
Total$160 $737 $6 $— $— $124 $74 $— $1,101 


19
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Gross charge-offs, further sorted by origination year, were as follows during the nine months ended September 30, 2025 and 2024.
Gross Charge-Offs for the Nine Months Ended September 30, 2025
Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
(dollars in thousands)20252024202320222021Prior
Commercial and industrial$12 $1 $696 $195 $46 $— $492 $— $1,442 
Commercial real estate - owner occupied— — 114 — 1 — — — 115 
Commercial real estate - non-owner occupied— — — — — — — — — 
Construction and land development— 2 — 2 — 4 — — 8 
Multi-family— 43 — — — — — — 43 
One-to-four family residential— 20 — 45 — 480 3 — 548 
Agricultural and farmland— 9 — — — — 15 — 24 
Municipal, consumer, and other242 71 2 — — — 145 — 460 
Total$254 $146 $812 $242 $47 $484 $655 $— $2,640 
Gross Charge-Offs for the Nine Months Ended September 30, 2024
Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
(dollars in thousands)20242023202220212020Prior
Commercial and industrial$— $1,063 $75 $— $— $11 $93 $— $1,242 
Commercial real estate - owner occupied6 — — — — — — — 6 
Commercial real estate - non-owner occupied— — — — — — — — — 
Construction and land development— — — — — — — — — 
Multi-family— — — 188 — — — — 188 
One-to-four family residential— — 8 13 4 131 44 — 200 
Agricultural and farmland— — — — — — — — — 
Municipal, consumer, and other282 59 11 — — — 210 — 562 
Total$288 $1,122 $94 $201 $4 $142 $347 $— $2,198 


20
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:
September 30, 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$393,876 $310,943 $919,019 $269,924 $514,763 $440,058 $279,140 $238,180 $3,365,903 
Individually evaluated for impairment1,983 1,249 12,704 — 38 3,157 1,169 13,826 34,126 
Total$395,859 $312,192 $931,723 $269,924 $514,801 $443,215 $280,309 $252,006 $3,400,029 
Allowance for credit losses:
Collectively evaluated for impairment$5,875 $3,239 $11,401 $2,846 $4,788 $3,586 $1,403 $5,800 $38,938 
Individually evaluated for impairment606 303 446 — 38 — — 1,569 2,962 
Total$6,481 $3,542 $11,847 $2,846 $4,826 $3,586 $1,403 $7,369 $41,900 
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 $42,044 
21
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans:
September 30, 2025
Amortized CostAllowance
for Credit
Losses
Primary Collateral Type
(dollars in thousands)Real EstateVehiclesOtherTotal
Commercial and industrial$— $530 $1,453 $1,983 $606 
Commercial real estate - owner occupied1,249 — — 1,249 303 
Commercial real estate - non-owner occupied12,704 — — 12,704 446 
Construction and land development— — — — — 
Multi-family38 — — 38 38 
One-to-four family residential3,157 — — 3,157 — 
Agricultural and farmland736 — 433 1,169 — 
Municipal, consumer, and other9,882 — 3,944 13,826 1,569 
Total$27,766 $530 $5,830 $34,126 $2,962 
December 31, 2024
Amortized CostAllowance
for Credit
Losses
Primary Collateral Type
(dollars in thousands)Real EstateVehiclesOtherTotal
Commercial and industrial$— $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 $18.1 million and $19.6 million as of September 30, 2025 and December 31, 2024, respectively.
22
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:
September 30, 2025
Accruing Interest
(dollars in thousands)Current30 - 89 Days
Past Due		90+ Days
Past Due		NonaccrualTotal
Loans
Commercial and industrial$393,129 $747 $— $1,983 $395,859 
Commercial real estate - owner occupied309,156 1,787 — 1,249 312,192 
Commercial real estate - non-owner occupied931,380 311 — 32 931,723 
Construction and land development269,924 — — — 269,924 
Multi-family514,763 — — 38 514,801 
One-to-four family residential439,260 798 — 3,157 443,215 
Agricultural and farmland279,066 74 — 1,169 280,309 
Municipal, consumer, and other251,837 155 5 9 252,006 
Total$3,388,515 $3,872 $5 $7,637 $3,400,029 
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 
23
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:
September 30, 2025
(dollars in thousands)Nonaccrual
With
Allowance for
Credit Losses		Nonaccrual
With No
Allowance for
Credit Losses		Total
Nonaccrual
Commercial and industrial$1,200 $783 $1,983 
Commercial real estate - owner occupied454 795 1,249 
Commercial real estate - non-owner occupied— 32 32 
Construction and land development— — — 
Multi-family38 — 38 
One-to-four family residential— 3,157 3,157 
Agricultural and farmland— 1,169 1,169 
Municipal, consumer, and other— 9 9 
Total$1,692 $5,945 $7,637 
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 
24
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. During these 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. These credit quality indicators are used to assign a risk rating to each individual loan. Risk ratings are reviewed annually, at a minimum, and on an as needed basis depending on the specific circumstances of the loan. These risk ratings are also subject to review by the Company’s regulators, external loan review, and internal loan review. 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 September 30, 2025 and December 31, 2024.


25
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:
September 30, 2025
(dollars in thousands)PassPass-WatchSpecial MentionSubstandardTotal
Commercial and industrial$364,841 $21,376 $4,117 $5,525 $395,859 
Commercial real estate - owner occupied286,103 14,718 4,112 7,259 312,192 
Commercial real estate - non-owner occupied876,934 26,999 268 27,522 931,723 
Construction and land development259,875 1,243 — 8,806 269,924 
Multi-family514,164 599 — 38 514,801 
One-to-four family residential429,459 6,689 912 6,155 443,215 
Agricultural and farmland246,433 17,245 5,681 10,950 280,309 
Municipal, consumer, and other237,305 863 — 13,838 252,006 
Total$3,215,114 $89,732 $15,090 $80,093 $3,400,029 
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 

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 September 30, 2025:
(dollars in thousands)Term Loans by Origination YearRevolving
Loans		Revolving
Loans
Converted
to Term		Total
20252024202320222021Prior
Commercial and industrial
Pass$39,870 $51,810 $43,806 $35,614 $8,797 $17,320 $165,297 $2,327 $364,841 
Pass-Watch460 153 1,250 190 890 174 17,914 345 21,376 
Special Mention— — — — — — 4,117 — 4,117 
Substandard226 506 939 1,137 130 722 503 1,362 5,525 
Total$40,556 $52,469 $45,995 $36,941 $9,817 $18,216 $187,831 $4,034 $395,859 
Commercial real estate - owner occupied
Pass$39,894 $58,444 $22,452 $47,997 $45,191 $61,428 $10,146 $551 $286,103 
Pass-Watch272 1,483 204 2,308 1,909 1,275 7,267 — 14,718 
Special Mention— 1,732 — 1,164 — — 1,216 — 4,112 
Substandard2,085 782 260 782 1,146 716 1,423 65 7,259 
Total$42,251 $62,441 $22,916 $52,251 $48,246 $63,419 $20,052 $616 $312,192 
Commercial real estate - non-owner occupied
Pass$156,569 $84,892 $99,663 $198,497 $210,085 $103,551 $22,241 $1,436 $876,934 
Pass-Watch8,513 321 400 1,706 2,920 12,511 628 — 26,999 
Special Mention— — — — 268 — — — 268 
Substandard19,891 5,441 198 — — 1,992 — — 27,522 
Total$184,973 $90,654 $100,261 $200,203 $213,273 $118,054 $22,869 $1,436 $931,723 
Construction and land development
Pass$123,346 $84,892 $24,951 $1,501 $12,922 $1,032 $10,996 $235 $259,875 
Pass-Watch18 246 — — — 16 963 — 1,243 
Special Mention— — — — — — — — — 
Substandard— — — 8,756 — 50 — — 8,806 
Total$123,364 $85,138 $24,951 $10,257 $12,922 $1,098 $11,959 $235 $269,924 
Multi-family
Pass$82,488 $78,820 $91,823 $106,536 $81,973 $70,177 $1,298 $1,049 $514,164 
Pass-Watch— — 17 — 582 — — — 599 
Special Mention— — — — — — — — — 
Substandard— 38 — — — — — — 38 
Total$82,488 $78,858 $91,840 $106,536 $82,555 $70,177 $1,298 $1,049 $514,801 
One-to-four family residential
Pass$56,482 $28,649 $69,499 $70,458 $60,668 $77,874 $58,881 $6,948 $429,459 
Pass-Watch112 290 1,377 899 1,036 2,437 268 270 6,689 
Special Mention— — — 912 — — — — 912 
Substandard386 107 393 358 326 4,340 22 223 6,155 
Total$56,980 $29,046 $71,269 $72,627 $62,030 $84,651 $59,171 $7,441 $443,215 
Agricultural and farmland
Pass$38,434 $29,295 $28,591 $17,037 $25,846 $21,475 $84,074 $1,681 $246,433 
Pass-Watch2,384 538 1,157 3,232 975 806 7,057 1,096 17,245 
Special Mention1,811 — 1,655 — 5 — 2,210 — 5,681 
Substandard1,328 330 677 1,819 905 3,094 2,157 640 10,950 
Total$43,957 $30,163 $32,080 $22,088 $27,731 $25,375 $95,498 $3,417 $280,309 
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
20252024202320222021Prior
Municipal, consumer, and other
Pass$57,421 $21,035 $17,860 $18,005 $22,598 $45,837 $54,549 $— $237,305 
Pass-Watch18 98 9 — 1 735 2 — 863 
Special Mention— — — — — — — — — 
Substandard4 3 3 3 7 13,817 1 — 13,838 
Total$57,443 $21,136 $17,872 $18,008 $22,606 $60,389 $54,552 $— $252,006 
Total by risk rating
Pass$594,504 $437,837 $398,645 $495,645 $468,080 $398,694 $407,482 $14,227 $3,215,114 
Pass-Watch11,777 3,129 4,414 8,335 8,313 17,954 34,099 1,711 89,732 
Special Mention1,811 1,732 1,655 2,076 273 — 7,543 — 15,090 
Substandard23,920 7,207 2,470 12,855 2,514 24,731 4,106 2,290 80,093 
Total$632,012 $449,905 $407,184 $518,911 $479,180 $441,379 $453,230 $18,228 $3,400,029 

28
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 
29
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 and nine months ended September 30, 2025 and 2024. As of September 30, 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 September 30, 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 5 – LOAN SERVICING
Mortgage loans serviced for others, which are not included in the accompanying consolidated balance sheets, amounted to $1.45 billion and $1.55 billion as of September 30, 2025 and December 31, 2024, respectively. Activity in mortgage servicing rights was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Beginning balance$17,768 $18,984 $18,827 $19,001 
Capitalized servicing rights163 198 442 538 
Fair value adjustments attributable to payments and principal reductions(558)(598)(1,579)(1,569)
Fair value adjustments attributable to changes in valuation inputs and assumptions(119)(1,088)(436)(474)
Ending balance$17,254 $17,496 $17,254 $17,496 
30
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 6 – FORECLOSED ASSETS
Foreclosed assets activity was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Beginning balance$890 $320 $367 $852 
Transfers from loans640 278 1,605 652 
Proceeds from sales(671)(178)(1,140)(1,143)
Net gain on sales183 10 224 105 
Direct write-downs(35)(54)(49)(90)
Ending balance$1,007 $376 $1,007 $376 
Gains (losses) on foreclosed assets included the following:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Direct write-downs$(35)$(54)$(49)$(90)
Net gain on sales183 10 224 105 
Gains (losses) on foreclosed assets$148 $(44)$175 $15 
As of September 30, 2025 and December 31, 2024, the carrying value of foreclosed one-to-four family residential real estate properties held was $0.7 million and $0.3 million, respectively. As of September 30, 2025, there were 3 one-to-four family residential real estate loans in the process of foreclosure totaling $0.4 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 7 – DEPOSITS
The Company’s deposits are summarized below:
(dollars in thousands)September 30, 2025December 31, 2024
Noninterest-bearing deposits$1,034,181 $1,046,405 
Interest-bearing deposits:
Interest-bearing demand1,102,815 1,099,061 
Money market883,327 820,825 
Savings562,149 566,533 
Time764,715 785,430 
Total interest-bearing deposits3,313,006 3,271,849 
Total deposits$4,347,187 $4,318,254 
Reciprocal deposits included in interest-bearing demand deposits, money market deposits, and time deposits totaled $315.4 million and $229.4 million as of September 30, 2025 and December 31, 2024, respectively. There were no brokered deposits as of September 30, 2025 and December 31, 2024.

31
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 $200.1 million and $202.2 million as of September 30, 2025 and December 31, 2024, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $443.9 million and $455.2 million as of September 30, 2025 and December 31, 2024, respectively.
The components of interest expense on deposits were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Interest-bearing demand$1,676 $1,408 $4,698 $4,148 
Money market4,638 4,726 13,498 14,193 
Savings399 396 1,143 1,232 
Time6,282 7,702 19,430 20,744 
Brokered— 417 — 2,058 
Total interest expense on deposits$12,995 $14,649 $38,769 $42,375 
NOTE 8 – DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are negotiated contracts entered into by two issuing counterparties containing specific agreement terms, including the underlying instrument, amount, exercise price, and maturities. The derivatives accounting guidance requires that the Company recognize all derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. The Company may utilize interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position.
Interest Rate Swaps Designated as Cash Flow Hedges
For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on interest rate swaps designated as cash flow hedging instruments, net of tax, is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings.
The interest rate swap agreement designated as a cash flow hedge was as follows:
September 30, 2025December 31, 2024
(dollars in thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Fair value recorded in other assets$— $— $7,000 $38 
The interest rate swap agreement matured in April 2025. The effect of interest rate swap agreements designated as cash flow hedges on the consolidated statements of income was as follows:
Location of gross gain (loss) reclassified
from accumulated other
comprehensive income (loss) to income		Amounts of gross gain (loss)
reclassified from accumulated
other comprehensive income (loss)		Amounts of gross gain (loss)
reclassified from accumulated
other comprehensive income (loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(dollars in thousands)2025202420252024
Designated as cash flow hedges:
Junior subordinated debentures interest expense$—$55 $38$305 
32
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:
September 30, 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$6,382 $103 $— $— 
Interest rate swaps with a financial institution counterparty74,224 3,073 79,416 5,515 
Total fair value recorded in other assets$80,606 $3,176 $79,416 $5,515 
Fair value recorded in other liabilities:
Interest rate swaps with a commercial borrower counterparty$74,224 $(3,073)$79,416 $(5,515)
Interest rate swaps with a financial institution counterparty6,382 (103)— — 
Total fair value recorded in other liabilities$80,606 $(3,176)$79,416 $(5,515)
As of September 30, 2025, the interest rate swap agreements not designated as hedging instruments had contractual maturities between 2027 and 2040.
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
September 30,		Nine Months Ended
September 30,
(dollars in thousands)2025202420252024
Not designated as hedging instruments:
Gross gains$867 $5,554 $3,852 $8,375 
Gross losses(867)(5,554)(3,852)(8,375)
Net gains (losses)$— $— $— $— 
33
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)September 30, 2025December 31, 2024
Risk participation agreements sold
Number of risk participation agreements1 1 
Notional amount$5,268 $5,268 
Fair value(10)(10)
NOTE 9 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the activity and accumulated balances for components of other comprehensive income (loss):
Unrealized Gains (Losses)
on Debt Securities
(dollars in thousands)Available-for-SaleHeld-to-MaturityDerivatives Total
Three Months Ended September 30, 2025
Balance, June 30, 2025$(26,336)$(6,403)$— $(32,739)
Other comprehensive income before reclassifications7,239 — — 7,239 
Reclassifications49 518 — 567 
Other comprehensive income, before tax7,288 518 — 7,806 
Income tax expense2,042 144 — 2,186 
Other comprehensive income, after tax5,246 374 — 5,620 
Balance, September 30, 2025$(21,090)$(6,029)$— $(27,119)
Three Months Ended September 30, 2024
Balance, June 30, 2024$(46,658)$(7,841)$(157)$(54,656)
Other comprehensive income (loss) before reclassifications21,334 — (24)21,310 
Reclassifications— 506 (55)451 
Other comprehensive income (loss), before tax21,334 506 (79)21,761 
Income tax expense (benefit)5,974 142 (22)6,094 
Other comprehensive income (loss), after tax15,360 364 (57)15,667 
Balance, September 30, 2024$(31,298)$(7,477)$(214)$(38,989)
34
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Unrealized Gains (Losses)
on Debt Securities
(dollars in thousands)Available-for-SaleHeld-to-MaturityDerivatives Total
Nine Months Ended September 30, 2025
Balance, December 31, 2024$(39,408)$(7,119)$(238)$(46,765)
Other comprehensive income before reclassifications25,393 — — 25,393 
Reclassifications49 1,514 (38)1,525 
Other comprehensive income (loss), before tax25,442 1,514 (38)26,918 
Income tax expense (benefit)7,124 424 (276)7,272 
Other comprehensive income, after tax18,318 1,090 238 19,646 
Balance, September 30, 2025$(21,090)$(6,029)$—$(27,119)
Nine Months Ended September 30, 2024
Balance, December 31, 2023$(48,579)$(8,549)$(35)$(57,163)
Other comprehensive income before reclassifications20,603 — 54 20,657 
Reclassifications3,382 1,495 (305)4,572 
Other comprehensive income (loss), before tax23,985 1,495 (251)25,229 
Income tax expense (benefit)6,704 423 (72)7,055 
Other comprehensive income (loss), after tax17,281 1,072 (179)18,174 
Balance, September 30, 2024$(31,298)$(7,477)$(214)$(38,989)
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.
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 8 for additional information.
35
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 10 – 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 September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Numerator:
Net income$19,765 $18,180 $58,070 $51,508 
Denominator:
Weighted average common shares outstanding31,481,13531,559,36631,525,24731,600,442
Dilutive effect of outstanding restricted stock units106,800118,180103,682115,266
Weighted average common shares outstanding, including all dilutive potential shares31,587,93531,677,54631,628,92931,715,708
Earnings per share - basic$0.63 $0.58 $1.84 $1.63 
Earnings per share - diluted$0.63 $0.57 $1.84 $1.62 
NOTE 11 – 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 September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Restricted stock units$310 $263 $888 $798 
Performance restricted stock units203 117 499 467 
Total awards classified as equity513 380 1,387 1,265 
Stock appreciation rights(2)64 136 5 
Total stock-based compensation expense$511 $444 $1,523 $1,270 
36
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 accrued until vested, are classified as dividends charged to retained earnings.
During the nine months ended September 30, 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 nine months ended September 30, 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 September 30,
20252024
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Beginning balance94,947 $22.20 108,865 $19.71 
Granted— — — — 
Vested— — — — 
Forfeited— — (131)19.06 
Ending balance94,947 $22.20 108,734 $19.71 
Nine Months Ended September 30,
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 (131)19.06 
Ending balance94,947$22.20 108,734$19.71 
As of September 30, 2025, unrecognized compensation cost related to the non-vested restricted stock units was $1.1 million. This cost is expected to be recognized over the weighted average remaining service period of 1.5 years.
37
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 nine months ended September 30, 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 nine months ended September 30, 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 September 30,
20252024
Performance
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Performance
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
Beginning balance53,625$22.07 70,333$19.59 
Granted—— —— 
Adjustment for performance condition—— —— 
Vested—— —— 
Forfeited—— —— 
Ending balance53,625$22.07 70,333$19.59 
Nine Months Ended September 30,
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 September 30, 2025, unrecognized compensation cost related to non-vested performance restricted stock units was $0.4 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 1.0 year.
38
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 September 30,
20252024
Stock
Appreciation
Rights
Outstanding		Weighted
Average
Grant Date
Assigned Value		Stock
Appreciation
Rights
Outstanding		Weighted
Average
Grant Date
Assigned Value
Beginning balance67,320$16.32 73,440$16.32 
Granted—— —— 
Exercised—— —— 
Expired—— —— 
Forfeited—— —— 
Ending balance67,320$16.32 73,440$16.32 
Nine Months Ended September 30,
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 September 30, 2025, all stock appreciation rights were exercisable and had a weighted average remaining term of 3.9 years. There was no unrecognized compensation cost for stock appreciation rights as of September 30, 2025.

39
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of September 30, 2025 and December 31, 2024, the liability recorded for outstanding stock appreciation rights was $0.6 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.
September 30, 2025December 31, 2024
Risk-free interest rate3.69 %4.37 %
Expected volatility29.50 %30.95 %
Expected life (in years)3.94.7
Expected dividend yield3.33 %3.47 %
NOTE 12 – 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 September 30, 2025 and December 31, 2024, the Company and the Bank each met all capital adequacy requirements to which they were subject.

40
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The actual and required capital amounts and ratios of the Company (on a consolidated basis) and the Bank were as follows:
September 30, 2025
ActualFor Capital Adequacy PurposesTo Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Consolidated HBT Financial, Inc.
Total Capital (to Risk Weighted Assets)$650,579 16.77 %$310,429 8.00 %N/AN/A
Tier 1 Capital (to Risk Weighted Assets)607,963 15.67 232,821 6.00 N/AN/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)556,683 14.35 174,616 4.50 N/AN/A
Tier 1 Capital (to Average Assets)607,963 12.16 199,931 4.00 N/AN/A
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)$639,469 16.49 %$310,147 8.00 %$387,684 10.00 %
Tier 1 Capital (to Risk Weighted Assets)596,853 15.40 232,610 6.00 310,147 8.00 
Common Equity Tier 1 Capital (to Risk Weighted Assets)596,853 15.40 174,458 4.50 251,994 6.50 
Tier 1 Capital (to Average Assets)596,853 11.95 199,820 4.00 249,775 5.00 
December 31, 2024
ActualFor Capital Adequacy PurposesTo 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 
41
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 13 – 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 14 – 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.
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.

42
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.

43
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 September 30, 2025 and December 31, 2024 by level within the fair value hierarchy:
September 30, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available-for-sale:
U.S. Treasury$— $94,813 $— $94,813 
U.S. government agency— 50,743 — 50,743 
Municipal— 136,452 — 136,452 
Mortgage-backed:
Agency residential— 319,646 — 319,646 
Agency commercial— 125,707 — 125,707 
Corporate— 66,369 — 66,369 
Equity securities with readily determinable fair values3,279 — — 3,279 
Mortgage servicing rights— — 17,254 17,254 
Derivative financial assets— 3,176 — 3,176 
Derivative financial liabilities— 3,186 — 3,186 
December 31, 2024
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available-for-sale:
U.S. Treasury$— $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 

44
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):
September 30, 2025Fair ValueValuation TechniqueUnobservable InputsRange
(Weighted Average)
Mortgage servicing rights$17,254 Discounted cash flowsConstant pre-payment rates (CPR)
4.9% to 94.3% (8.2%)
Discount rate
9.0% to 92.2% (9.5%)
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 bank premises held for sale 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 foreclosed assets have been classified as Level 3.
45
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 September 30, 2025 and December 31, 2024 by level within the fair value hierarchy:
September 30, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans held for sale$— $1,432 $— $1,432 
Collateral-dependent loans— — 31,164 31,164 
Foreclosed assets— — 1,007 1,007 
December 31, 2024
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans held for sale$— $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):
September 30, 2025Fair ValueValuation
Technique		Unobservable InputsRange
(Weighted Average)
Collateral-dependent loans$31,164 Appraisal of collateralAppraisal adjustmentsNot meaningful
Foreclosed assets1,007 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.
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
46
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 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.
47
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		September 30, 2025December 31, 2024
Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Financial assets:
Cash and cash equivalentsLevel 1$155,133 $155,133 $137,692 $137,692 
Debt securities held-to-maturityLevel 2466,565 431,493 499,858 445,186 
Restricted stockLevel 34,979 4,979 5,086 5,086 
Loans, netLevel 33,358,129 3,314,510 3,424,102 3,418,318 
Investments in unconsolidated subsidiariesLevel 31,614 1,614 1,614 1,614 
Accrued interest receivableLevel 223,575 23,575 24,770 24,770 
Financial liabilities:
Time depositsLevel 3764,715 760,928 785,430 779,997 
Securities sold under agreements to repurchaseLevel 2— — 28,969 28,969 
FHLB advancesLevel 37,271 6,542 13,231 13,159 
Subordinated notesLevel 3— — 39,553 38,316 
Junior subordinated debenturesLevel 352,894 51,650 52,849 47,942 
Accrued interest payableLevel 23,946 3,946 5,096 5,096 
The Company estimated the fair value of lending related commitments as described in Note 15 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.
48
HBT FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 15 – 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)September 30, 2025December 31, 2024
Commitments to extend credit$819,768 $845,413 
Standby letters of credit31,028 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, 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 $3.3 million and $3.1 million as of September 30, 2025 and December 31, 2024, respectively.
Legal Contingencies
Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company's consolidated financial statements.
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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 September 30, 2025 (unaudited), as compared with December 31, 2024, and the results of operations for the three and nine months ended September 30, 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 and nine months ended September 30, 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 September 30, 2025, the Company had total assets of $5.0 billion, loans held for investment of $3.4 billion, and total deposits of $4.3 billion.
Market Area
As of September 30, 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:
September 30, 2025December 31, 2024
(dollars in thousands)LoansDepositsLoansDeposits
Central$1,567,112 $2,974,679 $1,676,842 $2,984,820 
Chicago MSA1,482,861 1,263,226 1,443,777 1,218,098 
Illinois3,049,973 4,237,905 3,120,619 4,202,918 
Iowa350,056 109,282 345,527 115,336 
Total$3,400,029 $4,347,187 $3,466,146 $4,318,254 
Pending CNB Bank Shares, Inc. Acquisition
On October 20, 2025, HBT Financial and CNB Bank Shares, Inc. ("CNBN"), the holding company for CNB Bank & Trust, N.A. ("CNB Bank"), jointly announced the signing of a merger agreement pursuant to which HBT Financial will acquire CNBN and CNB Bank. As of September 30, 2025, CNBN had totals assets of $1.8 billion, total loans of $1.3 billion, and total deposits of $1.5 billion. The combined company will have increased density in the central Illinois, Chicago MSA, and St. Louis MSA markets. The acquisition is expected to close in the first quarter of 2026, subject to CNBN shareholder approval, regulatory approvals, and other customary closing conditions.
50
RESULTS OF OPERATIONS
Overview of Recent Financial Results
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share amounts)2025202420252024
Total interest and dividend income$64,336 $64,117 $191,393 $188,902 
Total interest expense14,350 16,384 43,041 47,453 
Net interest income49,986 47,733 148,352 141,449 
Provision for credit losses596 603 1,698 2,306 
Net interest income after provision for credit losses49,390 47,130 146,654 139,143 
Total noninterest income9,849 8,705 28,295 23,941 
Total noninterest expense32,508 31,322 96,357 93,099 
Income before income tax expense26,731 24,513 78,592 69,985 
Income tax expense6,966 6,333 20,522 18,477 
Net income$19,765 $18,180 $58,070 $51,508 
Adjusted net income (1)
$20,452 $19,244 $59,508 $55,456 
Pre-provision net revenue (1)
$27,327 $25,116 $80,290 $72,291 
Pre-provision net revenue less net charge-offs (1)
27,193 24,530 78,680 71,226 
Adjusted pre-provision net revenue (1)
28,288 26,604 82,301 77,813 
Adjusted pre-provision net revenue less net charge-offs (1)
28,154 26,018 80,691 76,748 
Share and Per Share Information
Earnings per share - diluted$0.63 $0.57 $1.84 $1.62 
Adjusted earnings per share - diluted (1)
0.65 0.61 1.88 1.75 
Weighted average shares of common stock outstanding31,481,135 31,559,366 31,525,247 31,600,442 
Summary Ratios
Net interest margin *4.13  %3.98  %4.13  %3.96  %
Net interest margin (tax-equivalent basis) * (1) (2)
4.18 4.03 4.18 4.01 
Yield on loans *6.35 6.45 6.37 6.38 
Yield on interest-earning assets *5.32 5.35 5.33 5.29 
Cost of total deposits *1.19 1.35 1.20 1.31 
Cost of funds *1.29 1.47 1.30 1.42 
Efficiency ratio53.17  %54.24  %53.37  %55.00  %
Efficiency ratio (tax-equivalent basis) (1) (2)
52.68 53.71 52.88 54.45 
Adjusted efficiency ratio (tax-equivalent basis) (1) (2)
51.55 52.35 52.18 52.71 
Return on average assets *1.56  %1.44  %1.54  %1.37  %
Return on average stockholders' equity *13.31 13.81 13.57 13.58 
Return on average tangible common equity * (1)
15.28 16.25 15.66 16.11 
Adjusted return on average assets * (1)
1.61  %1.53  %1.58  %1.48  %
Adjusted return on average stockholders' equity * (1)
13.77 14.62 13.90 14.62 
Adjusted return on average tangible common equity * (1)
15.81 17.20 16.05 17.34 
_________________________________________________
*    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%.
51
Comparison of the Three Months Ended September 30, 2025 to the Three Months Ended September 30, 2024
For the three months ended September 30, 2025, net income was $19.8 million, increasing by $1.6 million, or 8.7%, when compared to net income for the three months ended September 30, 2024. Notable changes include the following:
•A $2.3 million increase in net interest income, primarily attributable to lower funding costs and improved yields on debt securities which were partially offset by a decrease in loan yields;
•A $0.5 million negative mortgage servicing rights fair value adjustment included in the third quarter of 2025 results compared to a $1.5 million negative mortgage servicing rights fair value adjustment included in the third quarter 2024 results;
•A $0.4 million loss on the extinguishment of debt, associated with the early payoff of $40.0 million of subordinated notes in September 2025;
•A $0.6 million increase in income tax expense, primarily due to an increase in pre-tax income as a result of the items noted above.
Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024
For the nine months ended September 30, 2025, net income was $58.1 million, increasing by $6.6 million, or 12.7%, when compared to net income for the nine months ended September 30, 2024. Notable changes include the following:
•A $6.9 million increase in net interest income, primarily attributable to lower funding costs, higher yields on debt securities, and higher average loan balances;
•A $49 thousand loss on sales of securities during the nine months ended September 30, 2025 compared to a $3.4 million of loss on sales of securities during the same period in 2024;
•A $2.0 million increase in salaries and benefits expense, primarily driven by higher medical benefits expenses and annual merit increases;
•A $0.9 million increase in wealth management fees, primarily driven by higher values of assets under management;
•The absence of $0.6 million of impairment losses on bank premises related to the closure of two branch premises recognized in the nine months ended September 30, 2024;
•A $0.4 million loss on the extinguishment of debt, associated with the early payoff of $40.0 million of subordinated notes in September 2025; and
•A $2.0 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 tables set 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 as well as purchase accounting adjustments that are accreted or amortized to interest income or expense.
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Three Months Ended
September 30, 2025September 30, 2024
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,379,637 $54,063 6.35 %$3,379,299 $54,783 6.45 %
Debt securities1,265,683 8,779 2.75 1,191,642 6,955 2.32 
Deposits with banks142,659 1,350 3.75 185,870 2,230 4.77 
Other12,540 144 4.51 12,660 149 4.68 
Total interest-earning assets4,800,519 $64,336 5.32 %4,769,471 $64,117 5.35 %
Allowance for credit losses(41,711)(40,780)
Noninterest-earning assets268,353 278,030 
Total assets$5,027,161 $5,006,721 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,113,391 $1,676 0.60 %$1,085,609 $1,408 0.52 %
Money market833,812 4,638 2.21 800,651 4,726 2.35 
Savings568,001 399 0.28 573,077 396 0.27 
Time771,360 6,282 3.23 804,379 7,702 3.81 
Brokered— — — 29,996 417 5.54 
Total interest-bearing deposits3,286,564 12,995 1.57 3,293,712 14,649 1.77 
Securities sold under agreements to repurchase6 — — 29,426 134 1.80 
Borrowings7,256 31 1.68 13,691 119 3.47 
Subordinated notes32,714 387 4.69 39,524 470 4.73 
Junior subordinated debentures issued to capital trusts52,887 937 7.04 52,827 1,012 7.63 
Total interest-bearing liabilities3,379,427 $14,350 1.68 %3,429,180 $16,384 1.90 %
Noninterest-bearing deposits1,028,608 1,013,893 
Noninterest-bearing liabilities30,050 39,903 
Total liabilities4,438,085 4,482,976 
Stockholders' Equity589,076 523,745 
Total liabilities and stockholders’ equity$5,027,161 $5,006,721 
Net interest income/Net interest margin (1)
$49,986 4.13 %$47,733 3.98 %
Tax-equivalent adjustment (2)
552 0.05 552 0.05 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$50,538 4.18 %$48,285 4.03 %
Net interest rate spread (4)
3.64 %3.45 %
Net interest-earning assets (5)
$1,421,092 $1,340,291 
Ratio of interest-earning assets to interest-bearing liabilities1.421.39
Cost of total deposits1.19 %1.35 %
Cost of funds1.29 1.47 
_________________________________________________
*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.
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Nine Months Ended
September 30, 2025September 30, 2024
(dollars in thousands)Average BalanceInterestYield/Cost *Average BalanceInterestYield/Cost *
ASSETS
Loans$3,419,077 $162,971 6.37 %$3,374,875 $161,077 6.38 %
Debt securities1,229,388 24,075 2.62 1,197,772 20,592 2.30 
Deposits with banks141,216 3,959 3.75 188,087 6,752 4.80 
Other12,579 388 4.12 12,744 481 5.04 
Total interest-earning assets4,802,260 $191,393 5.33 %4,773,478 $188,902 5.29 %
Allowance for credit losses(41,962)(40,611)
Noninterest-earning assets271,193 279,789 
Total assets$5,031,491 $5,012,656 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand$1,119,902 $4,698 0.56 %$1,112,198 $4,148 0.50 %
Money market818,453 13,498 2.20 800,693 14,193 2.37 
Savings568,891 1,143 0.27 592,134 1,232 0.28 
Time778,618 19,430 3.34 744,349 20,744 3.72 
Brokered— — — 50,046 2,058 5.49 
Total interest-bearing deposits3,285,864 38,769 1.58 3,299,420 42,375 1.72 
Securities sold under agreements to repurchase3,361 22 0.89 30,769 415 1.80 
Borrowings9,103 170 2.49 13,387 365 3.64 
Subordinated notes37,261 1,326 4.76 39,504 1,409 4.76 
Junior subordinated debentures issued to capital trusts52,871 2,754 6.97 52,812 2,889 7.31 
Total interest-bearing liabilities3,388,460 $43,041 1.70 %3,435,892 $47,453 1.84 %
Noninterest-bearing deposits1,039,564 1,031,239 
Noninterest-bearing liabilities31,242 38,943 
Total liabilities4,459,266 4,506,074 
Stockholders' Equity572,225 506,582 
Total liabilities and stockholders’ equity$5,031,491 $5,012,656 
Net interest income/Net interest margin (1)
$148,352 4.13 %$141,449 3.96 %
Tax-equivalent adjustment (2)
1,645 0.05 1,680 0.05 
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3)
$149,997 4.18 %$143,129 4.01 %
Net interest rate spread (4)
3.63 %3.45 %
Net interest-earning assets (5)
$1,413,800 $1,337,586 
Ratio of interest-earning assets to interest-bearing liabilities1.421.39
Cost of total deposits1.20 %1.31 %
Cost of funds1.30 1.42 
_________________________________________________
*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.

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The following table sets forth the components of loan interest income and their contributions to the total loan yield.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(dollars in thousands)InterestYield
Contribution *		InterestYield
Contribution *		InterestYield Contribution *InterestYield Contribution *
Contractual interest$51,576 6.06 %$52,160 6.14 %$154,538 6.04 %$153,668 6.08 %
Loan fees1,491 0.18 1,051 0.12 4,445 0.17 3,202 0.13 
Accretion of acquired loan discounts892 0.10 1,232 0.15 3,000 0.12 3,409 0.14 
Nonaccrual interest recoveries104 0.01 340 0.04 988 0.04 798 0.03 
Total loan interest income$54,063 6.35 %$54,783 6.45 %$162,971 6.37 %$161,077 6.38 %
_________________________________________________
*    Annualized measure.
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The following table sets forth the components of net interest income and their contributions to the net interest margin.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(dollars in thousands)InterestNet Interest Margin Contribution *InterestNet Interest Margin Contribution *InterestNet Interest Margin Contribution *InterestNet Interest Margin Contribution *
Interest income:
Contractual interest on loans$51,576 4.26 %$52,160 4.35 %$154,538 4.30 %$153,668 4.30 %
Loan fees1,491 0.12 1,051 0.09 4,445 0.13 3,202 0.09 
Accretion of acquired loan discounts892 0.07 1,232 0.10 3,000 0.08 3,409 0.10 
Nonaccrual interest recoveries104 0.01 340 0.03 988 0.03 798 0.02 
Debt securities8,779 0.73 6,955 0.58 24,075 0.67 20,592 0.58 
Interest-bearing deposits in bank1,350 0.12 2,230 0.19 3,959 0.11 6,752 0.19 
Other144 0.01 149 0.01 388 0.01 481 0.01 
Total interest income64,336 5.32 64,117 5.35 191,393 5.33 188,902 5.29 
Interest expense:
Deposits12,995 1.08 14,649 1.22 38,769 1.08 42,375 1.19 
Other interest-bearing liabilities1,355 0.11 1,735 0.15 4,272 0.12 5,078 0.14 
Total interest expense14,350 1.19 16,384 1.37 43,041 1.20 47,453 1.33 
Net interest income49,986 4.13 47,733 3.98 148,352 4.13 141,449 3.96 
Tax-equivalent adjustment (1)
552 0.05 552 0.05 1,645 0.05 1,680 0.05 
Net interest income (tax-equivalent) (1) (2)
$50,538 4.18 %$48,285 4.03 %$149,997 4.18 %$143,129 4.01 %
_________________________________________________
*    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.
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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 September 30, 2025
vs.
Three Months Ended September 30, 2024
Nine Months Ended September 30, 2025
vs.
Nine Months Ended September 30, 2024
Increase (Decrease) Due toTotalIncrease (Decrease) Due toTotal
(dollars in thousands)VolumeRateVolumeRate
Interest-earning assets:
Loans$5 $(725)$(720)$2,107 $(213)$1,894 
Debt securities452 1,372 1,824 556 2,927 3,483 
Deposits with banks(461)(419)(880)(1,486)(1,307)(2,793)
Other(1)(4)(5)(6)(87)(93)
Total interest-earning assets(5)224 219 1,171 1,320 2,491 
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand37 231 268 29 521 550 
Money market191 (279)(88)310 (1,005)(695)
Savings(4)7 3 (48)(41)(89)
Time(306)(1,114)(1,420)925 (2,239)(1,314)
Brokered(417)— (417)(2,058)— (2,058)
Total interest-bearing deposits(499)(1,155)(1,654)(842)(2,764)(3,606)
Securities sold under agreements to repurchase(67)(67)(134)(251)(142)(393)
Borrowings(42)(46)(88)(98)(97)(195)
Subordinated notes(80)(3)(83)(80)(3)(83)
Junior subordinated debentures issued to capital trusts1 (76)(75)3 (138)(135)
Total interest-bearing liabilities(687)(1,347)(2,034)(1,268)(3,144)(4,412)
Change in net interest income$682 $1,571 $2,253 $2,439 $4,464 $6,903 
Comparison of the Three Months Ended September 30, 2025 to the Three Months Ended September 30, 2024
Net interest income for the three months ended September 30, 2025 was $50.0 million, increasing $2.3 million, or 4.7%, when compared to the three months ended September 30, 2024. The increase is primarily attributable to lower funding costs and improved yields on debt securities which were partially offset by a decrease in loan yields. Additionally, a $0.4 million increase in loan fees was mostly offset by a $0.3 million decrease in acquired loan discount accretion.
Net interest margin increased to 4.13% for the three months ended September 30, 2025, compared to 3.98% for the three months ended September 30, 2024. The increase was primarily attributable to lower funding costs and higher yields on debt securities. Additionally, a 3 basis point increase in the contribution of loan fees to net interest margin was offset by a 3 basis point decrease in the contribution of acquired loan discount accretion to net interest margin when comparing each of the three months ended September 30, 2025 and 2024.
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Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024
Net interest income for the nine months ended September 30, 2025 was $148.4 million, increasing $6.9 million, or 4.9%, when compared to the nine months ended September 30, 2024. The increase is primarily attributable to lower funding costs, higher yields on debt securities, and higher average loan balances. Additionally, a $1.4 million increase in loan fees and nonaccrual interest recoveries was partially offset by a $0.4 million decrease in acquired loan discount accretion.
Net interest margin increased to 4.13% for the nine months ended September 30, 2025, compared to 3.96% for the nine months ended September 30, 2024. The increase was primarily attributable to a decrease in funding costs, higher yields on debt securities, and a favorable shift in the mix of interest-earning assets. Additionally, the increase in the contribution of loan fees and nonaccrual interest recoveries accounted for 5 basis points of the increase in net interest margin and were partially offset by a 2 basis point decrease in the contribution from acquired loan discount accretion.
The quarterly net interest margins were as follows:
20252024
Three months ended:
March 314.12 %3.94 %
June 304.14 3.95 
September 304.13 3.98 
December 31— 3.96 
In early 2024, our net interest margin was relatively stable, with increases in our loans and debt securities 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. In September 2025, the FOMC further reduced the target range for the federal funds rate by 25 basis points to a range of 4.00% to 4.25%. These changes have contributed to a decrease in funding costs and yields on variable rate loans while maturing fixed rate loans and securities continued to reprice at higher rates, driving our net interest margin higher during the first three quarters of 2025, relative to 2024.
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 both short-term and long-term interest rate fluctuations and may not always be the case.
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Provision for Credit Losses
The following table sets forth the components of provision for credit losses for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
PROVISION FOR CREDIT LOSSES
Loans$375 $746 $1,466 $1,983 
Unfunded lending-related commitments221 (143)232 323 
Total provision for credit losses$596 $603 $1,698 $2,306 
Comparison of the Three Months Ended September 30, 2025 to the Three Months Ended September 30, 2024
The Company recorded a provision for credit losses of $0.6 million during the three months ended September 30, 2025, compared to a $0.6 million provision during the three months ended September 30, 2024. The third quarter of 2025 provision for credit losses primarily reflects a $1.2 million increase in required reserves driven by increased loan balances and changes within the portfolio; a $0.3 million increase in specific reserves; a $0.6 million decrease in required reserves resulting from changes in qualitative factors; and a $0.3 million decrease in required reserves driven by changes in the economic forecast.
Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024
The Company recorded a provision for credit losses of $1.7 million for the nine months ended September 30, 2025, compared to a $2.3 million provision during the nine months ended September 30, 2024. The 2025 provision for credit losses primarily reflects a $1.1 million increase in required reserves resulting from changes in qualitative factors; a $0.7 million increase in required reserves resulting from changes in economic forecasts; a $0.1 million increase in required reserves driven by changes within the portfolio; and a $0.1 million decrease in specific reserves.
The provision for credit losses is highly dependent on current and forecast economic conditions. Potential deterioration of economic conditions may lead to higher credit losses and adversely impact our financial condition and results of operations. The economic forecasts utilized in estimating the allowance for credit losses on loans and unfunded lending-related commitments include the unemployment rate and changes in GDP as macroeconomic variables, although other economic metrics are considered on a qualitative basis.
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Noninterest Income
The following table sets forth the major categories of noninterest income for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)20252024$ Change% Change20252024$ Change% Change
Card income$2,732 $2,753 $(21)(0.8)%$8,077 $8,254 $(177)(2.1)%
Wealth management fees3,122 2,670 452 16.9 8,789 7,840 949 12.1 
Service charges on deposit accounts2,093 2,081 12 0.6 5,952 5,852 100 1.7 
Mortgage servicing1,019 1,113 (94)(8.4)3,051 3,279 (228)(7.0)
Mortgage servicing rights fair value adjustment(514)(1,488)974 NM(1,573)(1,505)(68)NM
Gains on sale of mortgage loans390 461 (71)(15.4)1,101 1,202 (101)(8.4)
Realized gains (losses) on sales of securities(49)— (49)NM(49)(3,382)3,333 NM
Unrealized gains (losses) on equity securities(67)136 (203)NM(36)24 (60)NM
Gains (losses) on foreclosed assets148 (44)192 NM175 15 160 1066.7 
Gains (losses) on other assets(14)(2)(12)NM(88)(637)549 NM
Income on bank owned life insurance169 170 (1)(0.6)500 500 — — 
Other noninterest income820 855 (35)(4.1)2,396 2,499 (103)(4.1)
Total$9,849 $8,705 $1,144 13.1 %$28,295 $23,941 $4,354 18.2 %
_________________________________________________
NM    Not meaningful.
Comparison of the Three Months Ended September 30, 2025 to the Three Months Ended September 30, 2024
Total noninterest income for the three months ended September 30, 2025, was $9.8 million, an increase of $1.1 million, or 13.1%, from the three months ended September 30, 2024. Notable changes in noninterest income include the following:
•A $0.5 million negative mortgage servicing rights fair value adjustment included the third quarter of 2025 results, primarily reflecting the net decrease in the servicing portfolio due to payments and principal reductions, compared to a $1.5 million negative mortgage servicing rights fair value adjustment included in the third quarter 2024 results;
•A $0.5 million increase in wealth management fees, driven by higher values of assets under management and an increase in agricultural real estate brokerage commissions; and
•A $0.1 million unrealized loss on equity securities included in the third quarter of 2025 results compared to a $0.1 million unrealized gain on equity securities included in the third quarter of 2024 results.
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Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024
Total noninterest income for the nine months ended September 30, 2025, was $28.3 million, an increase of $4.4 million, or 18.2%, from the nine months ended September 30, 2024. Notable changes in noninterest income include the following:
•A $49 thousand loss on sales of securities during the nine months ended September 30, 2025 compared to a $3.4 million of loss on sales of securities during the same period in 2024;
•A $0.9 million increase in wealth management fees, primarily driven by higher values of assets under management; and
•The absence of $0.6 million of impairment losses on bank premises related to the closure of two branch premises recognized in the 2024 results.
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Noninterest Expense
The following table sets forth the major categories of noninterest expense for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)20252024$ Change% Change20252024$ Change% Change
Salaries$16,351 $16,325 $26 0.2 %$49,856 $49,346 $510 1.0 %
Employee benefits3,314 2,997 317 10.6 10,179 8,662 1,517 17.5 
Occupancy of bank premises2,826 2,695 131 4.9 7,922 7,520 402 5.3 
Furniture and equipment737 446 291 65.2 1,757 1,544 213 13.8 
Data processing2,791 2,640 151 5.7 8,195 8,171 24 0.3 
Marketing and customer relations1,035 1,380 (345)(25.0)3,199 3,372 (173)(5.1)
Amortization of intangible assets694 710 (16)(2.3)2,083 2,130 (47)(2.2)
Loss on extinguishment of debt391 — 391 NM391 — 391 NM
FDIC insurance561 572 (11)(1.9)1,674 1,697 (23)(1.4)
Loan collection and servicing264 476 (212)(44.5)1,007 1,403 (396)(28.2)
Foreclosed assets62 19 43 226.3 134 78 56 71.8 
Other noninterest expense3,482 3,062 420 13.7 9,960 9,176 784 8.5 
Total$32,508 $31,322 $1,186 3.8 %$96,357 $93,099 $3,258 3.5 %
Comparison of the Three Months Ended September 30, 2025 to the Three Months Ended September 30, 2024
Total noninterest expense for the three months ended September 30, 2025, was $32.5 million, an increase of $1.2 million, or 3.8%, from the three months ended September 30, 2024. Notable changes in noninterest expense include the following:
•A $0.4 million loss on the extinguishment of debt associated with the early payoff of $40.0 million of subordinated notes in September 2025;
•A $0.3 million increase in benefits expense, primarily driven by higher medical benefits costs;
•A $0.3 million increase in furniture and equipment expense, primarily due to planned maintenance and upgrades; and
•A $0.2 million increase in data processing expense.
Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024
Total noninterest expense for the nine months ended September 30, 2025, was $96.4 million, an increase of $3.3 million, or 3.5%, from the nine months ended September 30, 2024. Notable changes in noninterest expense include the following:
•A $1.5 million increase in employee benefits expense, primarily driven by higher medical benefits cost;
•A $0.5 million increase in salaries expense, primarily driven by annual merit increases;
•A $0.4 million increase in bank occupancy expense, primarily due to planned building maintenance and upgrades; and
•A $0.4 million loss on the extinguishment of debt associated with the early payoff of $40.0 million of subordinated notes in September 2025.
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Income Taxes
During the three months ended September 30, 2025 and 2024, we recorded income tax expense of $7.0 million, or an effective tax rate of 26.1%, and $6.3 million, or an effective tax rate of 25.8%, respectively. During the nine months ended September 30, 2025 and 2024, we recorded income tax expense of $20.5 million, or an effective tax rate of 26.1%, and $18.5 million, or an effective tax rate of 26.4%, respectively.
The higher effective tax rate during the third quarter of 2025 was primarily attributable to a lower proportion of tax-exempt interest income to pre-tax income during 2025 relative to 2024. The higher effective tax rate during the nine months ended September 30, 2024 was primarily attributable to an additional $0.5 million of tax expense for a deferred tax asset write-down, recognized during the second quarter of 2024, as a result of an Illinois tax change. Additionally, $0.3 million of additional tax expense was recognized during the second quarter of 2025, related to the nonrecurring 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.
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FINANCIAL CONDITION
(dollars in thousands, except per share data)September 30,
2025		December 31,
2024		$ Change% Change
Cash and cash equivalents$155,133 $137,692 $17,441 12.7 %
Debt securities available-for-sale, at fair value793,730 698,049 95,681 13.7 
Debt securities held-to-maturity466,565 499,858 (33,293)(6.7)
Loans held for sale1,432 1,586 (154)(9.7)
Loans, before allowance for credit losses3,400,029 3,466,146 (66,117)(1.9)
Less: allowance for credit losses41,900 42,044 (144)(0.3)
Loans, net of allowance for credit losses3,358,129 3,424,102 (65,973)(1.9)
Goodwill59,820 59,820 — — 
Intangible assets, net15,760 17,843 (2,083)(11.7)
Other assets184,458 193,952 (9,494)(4.9)
Total assets$5,035,027 $5,032,902 $2,125 — %
Total deposits$4,347,187 $4,318,254 $28,933 0.7 %
Securities sold under agreements to repurchase— 28,969 (28,969)(100.0)
Borrowings7,271 13,231 (5,960)(45.0)
Subordinated notes— 39,553 (39,553)(100.0)
Junior subordinated debentures52,894 52,849 45 0.1 
Other liabilities28,546 35,441 (6,895)(19.5)
Total liabilities4,435,898 4,488,297 (52,399)(1.2)
Total stockholders' equity599,129 544,605 54,524 10.0 
Total liabilities and stockholders' equity$5,035,027 $5,032,902 $2,125 — %
Tangible assets (1)
$4,959,447 $4,955,239 $4,208 0.1 %
Tangible common equity (1)
523,549 466,942 56,607 12.1 
Core deposits (1)
$4,147,096 $4,116,058 $31,038 0.8 %
Share and Per Share Information
Book value per share$19.05 $17.26 $1.79 10.4 %
Tangible book value per share (1)
16.64 14.80 1.84 12.4 
Shares of common stock outstanding31,455,80331,559,366
Balance Sheet Ratios
Loan to deposit ratio78.21 %80.27 %
Core deposits to total deposits (1)
95.40 95.32 
Stockholders' equity to total assets11.90 10.82 
Tangible common equity to tangible assets (1)
10.56 9.42 
_________________________________________________
(1)See "Non-GAAP Financial Information" for reconciliation of non-GAAP measure to their most closely comparable GAAP measures.
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Notable changes in our consolidated balance sheet include the following:
•A $66.1 million decrease in loans, primarily attributable to early payoffs from property sales and refinancings;
•A $62.4 million increase in debt securities, primarily attributable to a reinvestment of cash flows from loan paydowns into debt securities and a $25.4 million increase in the fair value of debt securities available-for-sale;
•The $40.0 million of subordinated notes outstanding at December 31, 2024 were paid off in September 2025;
•A $28.9 million increase in deposits, primarily attributable to $45.0 million of wealth management customer reciprocal money market deposits being brought on balance sheet which was partially offset by a $20.7 million decrease in time deposits; and
•A vast majority of repurchase agreement account balances were transitioned to reciprocal interest-bearing demand deposit accounts.
Loan Portfolio
The following table sets forth the composition of the loan portfolio, excluding loans held-for-sale, by type of loan.
September 30, 2025December 31, 2024
(dollars in thousands) Balance Percent Balance Percent
Commercial and industrial$395,859 11.7 %$428,389 12.4 %
Commercial real estate - owner occupied312,192 9.2 322,316 9.3 
Commercial real estate - non-owner occupied931,723 27.4 899,565 25.9 
Construction and land development269,924 7.9 374,657 10.8 
Multi-family514,801 15.1 431,524 12.4 
One-to-four family residential443,215 13.0 463,968 13.4 
Agricultural and farmland280,309 8.3 293,375 8.5 
Municipal, consumer, and other252,006 7.4 252,352 7.3 
Loans, before allowance for credit losses3,400,029 100.0 %3,466,146 100.0 %
Allowance for credit losses(41,900)(42,044)
Loans, net of allowance for credit losses$3,358,129 $3,424,102 
Loans, before allowance for credit losses were $3.40 billion at September 30, 2025, a decrease of $66.1 million, or 1.9%, from December 31, 2024. Notable changes include the following:
•A $104.7 million decrease in construction and land development loans, primarily attributable to transfers of completed projects into other categories, as well as payoffs from property sales and refinancings;
•A $12.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2024; and
•An $83.3 million increase in multi-family loans and a $32.2 million increase in commercial real estate – non-owner occupied loans, primarily attributable to new originations as well as completed construction projects transferred from the construction and land development category, partially offset by early payoffs.
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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 September 30, 2025 was as follows:
September 30, 2025
(dollars in thousands)BalanceSubstandard
Risk Rating
Manufacturing$49,442 $429 
Auto repair and dealers34,345 244 
Health care and social assistance32,346 1,376 
Real estate, rental, and leasing29,315 388 
Retail trade28,536 — 
Accommodation and food services25,304 328 
Grain elevators17,537 1,423 
Construction15,893 1,558 
Other services (except public administration)13,836 248 
Wholesale trade13,579 — 
Administrative and support services10,611 — 
Arts, entertainment, and recreation9,414 68 
Agriculture, forestry, fishing, and hunting6,411 — 
Education services6,210 1,146 
Professional, scientific, and technical services6,131 51 
Finance and insurance3,181 — 
Other10,101 — 
Total$312,192 $7,259 
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 September 30, 2025 was as follows:
September 30, 2025
(dollars in thousands)BalanceSubstandard
Risk Rating
Weighted Average LTV(1)
Retail$198,732 $7,417 55 %
Warehouse and manufacturing186,780 — 54 
Office167,899 32 57 
Senior Living122,922 12,672 63 
Hotel82,506 7,401 54 
Mixed use (commercial and residential)66,614 — 62 
Medical office32,176 — 57 
Gas station24,477 — 61 
Auto repair and dealers19,171 — 54 
Restaurant and bar12,509 — 58 
Other17,937 — 55 
Total$931,723 $27,522 57 %
_________________________________________________
(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 $514.8 million as of September 30, 2025, and are primarily made based on projected cash flows from the rental of the underlying collateral. As of September 30, 2025, multi-family loans had a weighted average LTV of 56%, 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 $269.9 million as of September 30, 2025. The majority of these loans consist of multi-family and one-to-four family residential construction projects either to be sold upon completion or held for long-term investment, but also include other property types that may be rented, sold, or 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 the vast majority of exposures over $500 thousand. Additionally, more than 45% of loan commitments are reviewed on a rolling 24 month basis between a robust internal review process and 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 September 30, 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$183,042 $156,932 $55,885 $— $395,859 
Commercial real estate - owner occupied45,461 173,051 76,760 16,920 312,192 
Commercial real estate - non-owner occupied209,766 603,507 104,831 13,619 931,723 
Construction and land development160,644 101,445 7,123 712 269,924 
Multi-family93,369 371,727 48,435 1,270 514,801 
One-to-four family residential84,937 157,976 71,120 129,182 443,215 
Agricultural and farmland116,596 126,764 31,861 5,088 280,309 
Municipal, consumer, and other105,124 45,371 67,593 33,918 252,006 
Total$998,939 $1,736,773 $463,608 $200,709 $3,400,029 
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$65,346 $3,630 $68,976 $143,841 $212,817 
Commercial real estate - owner occupied50,733 42,885 93,618 173,113 266,731 
Commercial real estate - non-owner occupied140,349 32,276 172,625 549,332 721,957 
Construction and land development29,402 1,668 31,070 78,210 109,280 
Multi-family91,975 12,173 104,148 317,284 421,432 
One-to-four family residential72,230 62,795 135,025 223,253 358,278 
Agricultural and farmland7,696 10,920 18,616 145,097 163,713 
Municipal, consumer, and other14,724 23,218 37,942 108,940 146,882 
Total$472,455 $189,565 $662,020 $1,739,070 $2,401,090 
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Nonperforming Assets
Our nonperforming loans and nonperforming assets were as follows:
(dollars in thousands)September 30, 2025December 31, 2024
NONPERFORMING ASSETS
Nonaccrual$7,637$7,652 
Past due 90 days or more, still accruing54 
Total nonperforming loans7,6427,656 
Foreclosed assets1,007367 
Total nonperforming assets$8,649$8,023 
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government$1,760 $1,573 
Allowance for credit losses$41,900 $42,044 
Loans, before allowance for credit losses3,400,029 3,466,146 
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses1.23 %1.21 %
Allowance for credit losses to nonaccrual loans548.64549.45
Allowance for credit losses to nonperforming loans548.29549.16
Nonaccrual loans to loans, before allowance for credit losses0.220.22
Nonperforming loans to loans, before allowance for credit losses0.220.22
Nonperforming assets to total assets0.170.16
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets0.250.23
Total nonperforming assets were $8.6 million at September 30, 2025, an increase of 7.8%, when compared to $8.0 million at December 31, 2024. Additionally, of the $7.6 million of nonperforming loans held as of September 30, 2025, $1.8 million are either wholly or partially guaranteed by the U.S. Government. The $0.6 million increase in nonperforming assets from December 31, 2024 was primarily attributable to an increase in foreclosed assets.
Risk Classification of Loans
Our risk classifications of loans were as follows:
(dollars in thousands)September 30, 2025December 31, 2024
Pass$3,215,114 $3,264,396 
Pass-watch89,732 83,947 
Special mention15,090 46,590 
Substandard80,093 71,213 
Total$3,400,029 $3,466,146 
Loans rated pass-watch or worse decreased $16.8 million, or 8.3%, from December 31, 2024 to September 30, 2025, primarily attributable to the pay-offs across the multi-family and construction and land development segments.
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Net Charge-offs (Recoveries)
The following table summarizes net charge-offs (recoveries) to average loans by loan category.
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net charge-offs (recoveries)
Commercial and industrial$(61)$707 $878 $1,165 
Commercial real estate - owner occupied111 (4)79 (8)
Commercial real estate - non-owner occupied— (329)— (586)
Construction and land development— — 4 (2)
Multi-family— — 43 188 
One-to-four family residential(26)81 404 4 
Agricultural and farmland4 (2)(43)(10)
Municipal, consumer, and other106 133 245 314 
Total$134 $586 $1,610 $1,065 
Average loans
Commercial and industrial$412,004 $395,431 $425,942 $402,807 
Commercial real estate - owner occupied315,285 282,143 320,283 291,371 
Commercial real estate - non-owner occupied915,168 885,529 902,389 885,021 
Construction and land development295,144 373,218 343,970 364,598 
Multi-family485,452 424,879 446,911 422,968 
One-to-four family residential444,420 484,247 453,116 487,949 
Agricultural and farmland275,064 290,426 278,044 284,465 
Municipal, consumer, and other237,100 243,426 248,422 235,696 
Total$3,379,637 $3,379,299 $3,419,077 $3,374,875 
Charge-offs (recoveries) to average loans *
Commercial and industrial(0.06)%0.71 %0.28 %0.39 %
Commercial real estate - owner occupied0.14 (0.01)0.03 — 
Commercial real estate - non-owner occupied— (0.15)— (0.09)
Construction and land development— — — — 
Multi-family— — 0.01 0.06 
One-to-four family residential(0.02)0.07 0.12 — 
Agricultural and farmland0.01 — (0.02)— 
Municipal, consumer, and other0.18 0.22 0.13 0.18 
Total0.02 %0.07 %0.06 %0.04 %
_________________________________________________
*    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, equipment finance loans which were purchased as part of a pool of loans during 2023 contributed to heightened net charge-offs within the commercial and industrial segment.
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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 September 30, 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.
September 30, 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$19,987 0.95 %$— — %$19,987 0.95 %
U.S. government agency9,498 2.53 5,000 1.10 14,498 2.04 
Municipal4,600 1.56 2,998 3.06 7,598 2.15 
Mortgage-backed:
Agency residential217 2.92 — — 217 2.92 
Agency commercial7,445 1.85 2,847 2.21 10,292 1.95 
Corporate1,998 6.00 — — 1,998 6.00 
Total$43,745 1.75 %$10,845 1.93 %$54,590 1.79 %
Due after 1 year through 5 years
U.S. Treasury$70,047 1.35 %$— — %$70,047 1.35 %
U.S. government agency23,806 2.33 37,351 2.44 61,157 2.40 
Municipal64,544 1.65 17,005 3.18 81,549 1.97 
Mortgage-backed:
Agency residential9,256 2.74 10,788 2.10 20,044 2.40 
Agency commercial70,777 1.65 100,910 2.29 171,687 2.03 
Corporate23,307 6.72 — — 23,307 6.72 
Total$261,737 2.12 %$166,054 2.40 %$427,791 2.23 %
Due after 5 years through 10 years
U.S. Treasury$9,725 1.66 %$— — %$9,725 1.66 %
U.S. government agency18,626 3.62 46,138 2.66 64,764 2.94 
Municipal63,469 1.87 8,659 3.64 72,128 2.08 
Mortgage-backed:
Agency residential58,737 2.40 — — 58,737 2.40 
Agency commercial6,264 2.31 127,375 1.83 133,639 1.85 
Corporate35,500 5.95 — — 35,500 5.95 
Total$192,321 2.96 %$182,172 2.13 %$374,493 2.55 %
Due after 10 years
Municipal$17,110 2.21 %$1,937 3.47 %$19,047 2.34 %
Mortgage-backed:
Agency residential256,747 4.50 67,445 3.62 324,192 4.32 
Agency commercial49,311 3.45 38,112 1.91 87,423 2.78 
Corporate6,760 6.41 — — 6,760 6.41 
Total$329,928 4.26 %$107,494 3.01 %$437,422 3.96 %
Total
U.S. Treasury$99,759 1.30 %$— — %$99,759 1.30 %
U.S. government agency51,930 2.83 88,489 2.48 140,419 2.61 
Municipal149,723 1.80 30,599 3.32 180,322 2.06 
Mortgage-backed:
Agency residential324,957 4.07 78,233 3.41 403,190 3.94 
Agency commercial133,797 2.36 269,244 2.02 403,041 2.13 
Corporate67,565 6.26 — — 67,565 6.26 
Total$827,731 3.15 %$466,565 2.42 %$1,294,296 2.89 %
71
SOURCES OF FUNDS
Deposits
Management continues to focus on growing deposits through the Company’s relationship-driven banking philosophy and community-focused marketing programs.
The following table sets forth the distribution of average deposits, by account type:
Three Months Ended September 30,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$1,028,608 23.8 %— %$1,013,893 23.5 %— %1.5 %
Interest-bearing demand1,113,391 25.8 0.60 1,085,609 25.2 0.52 2.6 
Money market833,812 19.3 2.21 800,651 18.6 2.35 4.1 
Savings568,001 13.2 0.28 573,077 13.3 0.27 (0.9)
Time771,360 17.9 3.23 804,379 18.7 3.81 (4.1)
Brokered— — — 29,996 0.7 5.54 (100.0)
Total deposits$4,315,172 100.0 %1.19 %$4,307,605 100.0 %1.35 %0.2 %
Nine Months Ended September 30,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$1,039,564 24.0 %— %$1,031,239 23.8 %— %0.8 %
Interest-bearing demand1,119,902 25.9 0.56 1,112,198 25.7 0.50 0.7 
Money market818,453 18.9 2.20 800,693 18.5 2.37 2.2 
Savings568,891 13.2 0.27 592,134 13.7 0.28 (3.9)
Time778,618 18.0 3.34 744,349 17.2 3.72 4.6 
Brokered— — — 50,046 1.1 5.49 (100.0)
Total deposits$4,325,428 100.0 %1.20 %$4,330,659 100.0 %1.31 %(0.1)%
_________________________________________________
*Annualized measure.
Average deposit balances have been relatively stable in 2025 compared to 2024, with growth in money market and time deposits being offset by decreases in savings and 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 half of 2025 and $45.0 million of wealth management customer reciprocal money market deposits were brought on balance sheet at the end of the third quarter of 2025.
The following table sets forth time deposits by remaining maturity as of September 30, 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$105,540$106,623$73,867$34,806$320,836
Amounts of $100,000 or more but less than $250,00088,01182,87655,26217,639243,788
Amounts of $250,000 or more43,59282,36469,5934,542200,091
Total time deposits$237,143$271,863$198,722$56,987$764,715
As of September 30, 2025 and December 31, 2024, the Bank’s uninsured deposits were estimated to be $964.5 million and $949.4 million, respectively.
72
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 September 30, 2025 and December 31, 2024, our on-balance sheet sources of liquidity included the following:
(dollars in thousands)September 30, 2025December 31, 2024
Cash and cash equivalents$155,133 $137,692 
Fair value of unpledged securities728,368 705,106 
Total cash and unpledged securities$883,501 $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 September 30, 2025, our current borrowings and additional available borrowing capacity were as follows:
September 30, 2025
(dollars in thousands)Current BalanceAdditional
Available Capacity
FHLB$7,271 $1,004,044 
Federal Reserve— 108,038 
Federal funds lines of credit— 80,000 
Total$7,271 $1,192,082 
Furthermore, the Bank could utilize brokered deposits as an additional source of liquidity, as needed.
As of September 30, 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 September 30, 2025, the Bank had no material commitments for capital expenditures.
73
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 September 30, 2025, the Holding Company had cash and cash equivalents of $10.7 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 September 30, 2025 and 2024, the Bank paid $25.0 million and $8.0 million in dividends to the Holding Company, respectively. During the nine months ended September 30, 2025 and 2024, the Bank paid $62.5 million and $26.0 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 debt, and shareholder distributions in the form of dividends and stock repurchases. During the three months ended September 30, 2025 and 2024, holding company operating expenses consisted of interest expense of $1.3 million and $1.5 million, respectively, and other operating expenses of $1.5 million and $1.0 million, respectively. During the nine months ended September 30, 2025 and 2024, holding company operating expenses consisted of interest expense of $4.1 million and $4.3 million, respectively, and other operating expenses of $3.7 million and $3.1 million, respectively. Additionally, the Holding Company paid $6.7 million and $6.0 million of dividends to stockholders during the three months ended September 30, 2025 and 2024, respectively, and paid $20.0 million and $18.1 million of dividends to stockholders during the nine months ended September 30, 2025 and 2024, respectively.
As of September 30, 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 September 30, 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 September 30, 2025, the Holding Company had no material commitments for capital expenditures.
74
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 September 30, 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.
September 30,
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)16.77 %16.51 %10.50 %N/A
Tier 1 Capital (to Risk Weighted Assets)15.67 14.50 8.50 N/A
Common Equity Tier 1 Capital (to Risk Weighted Assets)14.35 13.21 7.00 N/A
Tier 1 Capital (to Average Assets)12.16 11.51 4.00 N/A
Heartland Bank and Trust Company
Total Capital (to Risk Weighted Assets)16.49 %16.11 %10.50 %10.00 %
Tier 1 Capital (to Risk Weighted Assets)15.40 15.10 8.50 8.00 
Common Equity Tier 1 Capital (to Risk Weighted Assets)15.40 15.10 7.00 6.50 
Tier 1 Capital (to Average Assets)11.95 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 September 30, 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 quarterly cash dividends of $0.21 during the first three quarters of 2025.
75
Stock Repurchase Program
Under the Company's stock repurchase program, the Company repurchased 39,631 shares of its common stock at a weighted average price of $25.36 during the three months ended September 30, 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 September 30, 2025, the Company had $11.1 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 15 – 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.
76
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,
-losses on extinguishment of debt,
-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.
77
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%.
78
Reconciliation of Non-GAAP Financial Measure —
Adjusted Net Income and Adjusted Return on Average Assets
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net income$19,765 $18,180 $58,070 $51,508 
Less: adjustments
Loss on extinguishment of debt(391)— (391)— 
Gains (losses) on closed branch premises(7)— 2 (635)
Realized gains (losses) on sales of securities(49)— (49)(3,382)
Mortgage servicing rights fair value adjustment(514)(1,488)(1,573)(1,505)
Total adjustments(961)(1,488)(2,011)(5,522)
Tax effect of adjustments (1)
274 424 573 1,574 
Total adjustments after tax effect(687)(1,064)(1,438)(3,948)
Adjusted net income$20,452 $19,244 $59,508 $55,456 
Average assets$5,027,161 $5,006,721 $5,031,491 $5,012,656 
Return on average assets *1.56 %1.44 %1.54 %1.37 %
Adjusted return on average assets *1.61 1.53 1.58 1.48 
_________________________________________________
*    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 September 30,Nine Months Ended September 30,
(dollars in thousands, except per share amounts)2025202420252024
Numerator:
Net income$19,765 $18,180 $58,070 $51,508 
Adjusted net income$20,452 $19,244 $59,508 $55,456 
Denominator:
Weighted average common shares outstanding31,481,13531,559,36631,525,247 31,600,442 
Dilutive effect of outstanding restricted stock units106,800118,180103,682 115,266 
Weighted average common shares outstanding, including all dilutive potential shares31,587,93531,677,54631,628,929 31,715,708 
Earnings per share - basic$0.63 $0.58 $1.84 $1.63 
Earnings per share - diluted$0.63 $0.57 $1.84 $1.62 
Adjusted earnings per share - basic$0.65 $0.61 $1.89 $1.75 
Adjusted earnings per share - diluted$0.65 $0.61 $1.88 $1.75 

79
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 September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net interest income$49,986 $47,733 $148,352 $141,449 
Noninterest income9,849 8,705 28,295 23,941 
Noninterest expense(32,508)(31,322)(96,357)(93,099)
Pre-provision net revenue27,327 25,116 80,290 72,291 
Less: adjustments
Loss on extinguishment of debt(391)— (391)— 
Gains (losses) on closed branch premises(7)— 2 (635)
Realized gains (losses) on sales of securities(49)— (49)(3,382)
Mortgage servicing rights fair value adjustment(514)(1,488)(1,573)(1,505)
Total adjustments(961)(1,488)(2,011)(5,522)
Adjusted pre-provision net revenue$28,288 $26,604 $82,301 $77,813 
Pre-provision net revenue$27,327 $25,116 $80,290 $72,291 
Less: net charge-offs134 586 1,610 1,065 
Pre-provision net revenue less net charge-offs$27,193 $24,530 $78,680 $71,226 
Adjusted pre-provision net revenue$28,288 $26,604 $82,301 $77,813 
Less: net charge-offs134 586 1,610 1,065 
Adjusted pre-provision net revenue less net charge-offs$28,154 $26,018 $80,691 $76,748 
80
Reconciliation of Non-GAAP Financial Measure —
Net Interest Income and Net Interest Margin (Tax-Equivalent Basis)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net interest income (tax-equivalent basis)
Net interest income$49,986 $47,733 $148,352 $141,449 
Tax-equivalent adjustment (1)
552 552 1,645 1,680 
Net interest income (tax-equivalent basis) (1)
$50,538 $48,285 $149,997 $143,129 
Net interest margin (tax-equivalent basis)
Net interest margin *4.13 %3.98 %4.13 %3.96 %
Tax-equivalent adjustment * (1)
0.05 0.05 0.05 0.05 
Net interest margin (tax-equivalent basis) * (1)
4.18 %4.03 %4.18 %4.01 %
Average interest-earning assets$4,800,519 $4,769,471 $4,802,260 $4,773,478 
_________________________________________________
*    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 September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Total noninterest expense$32,508 $31,322 $96,357 $93,099 
Less: amortization of intangible assets694 710 2,083 2,130 
Noninterest expense excluding amortization of intangible assets$31,814 $30,612 $94,274 $90,969 
Less: adjustments to noninterest expense
Loss on extinguishment of debt391 — 391 — 
Total adjustments to noninterest expense391 — 391 — 
Adjusted noninterest expense$31,423 $30,612 $93,883 $90,969 
Net interest income$49,986 $47,733 $148,352 $141,449 
Total noninterest income9,849 8,705 28,295 23,941 
Operating revenue59,835 56,438 176,647 165,390 
Tax-equivalent adjustment (1)
552 552 1,645 1,680 
Operating revenue (tax-equivalent basis) (1)
60,387 56,990 178,292 167,070 
Less: adjustments to noninterest income
Gains (losses) on closed branch premises(7)— 2 (635)
Realized gains (losses) on sales of securities(49)— (49)(3,382)
Mortgage servicing rights fair value adjustment(514)(1,488)(1,573)(1,505)
Total adjustments to noninterest income(570)(1,488)(1,620)(5,522)
Adjusted operating revenue (tax-equivalent basis) (1)
60,957 58,478 $179,912 $172,592 
Efficiency ratio53.17 %54.24 %53.37 %55.00 %
Efficiency ratio (tax-equivalent basis) (1)
52.68 53.71 52.88 54.45 
Adjusted efficiency ratio (tax-equivalent basis) (1)
51.55 52.35 52.18 52.71 
_________________________________________________
(1)On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
81
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)September 30, 2025December 31, 2024
Tangible Common Equity
Total stockholders' equity$599,129 $544,605 
Less: Goodwill59,820 59,820 
Less: Intangible assets, net15,760 17,843 
Tangible common equity$523,549 $466,942 
Tangible Assets
Total assets$5,035,027 $5,032,902 
Less: Goodwill59,820 59,820 
Less: Intangible assets, net15,760 17,843 
Tangible assets$4,959,447 $4,955,239 
Total stockholders' equity to total assets11.90 %10.82 %
Tangible common equity to tangible assets10.56 9.42 
Shares of common stock outstanding31,455,80331,559,366
Book value per share$19.05 $17.26 
Tangible book value per share16.64 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 September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Average Tangible Common Equity
Total stockholders' equity$589,076 $523,745 $572,225 $506,582 
Less: Goodwill59,820 59,820 59,820 59,820 
Less: Intangible assets, net16,095 18,892 16,781 19,607 
Average tangible common equity$513,161 $445,033 $495,624 $427,155 
Net income$19,765 $18,180 $58,070 $51,508 
Adjusted net income20,452 19,244 59,508 55,456 
Return on average stockholders' equity *13.31 %13.81 %13.57 %13.58 %
Return on average tangible common equity *15.28 16.25 15.66 16.11 
Adjusted return on average stockholders' equity *13.77 %14.62 %13.90 %14.62 %
Adjusted return on average tangible common equity *15.81 17.20 16.05 17.34 
_________________________________________________
*    Annualized measure.
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Reconciliation of Non-GAAP Financial Measure —
Core Deposits
(dollars in thousands)September 30, 2025December 31, 2024
Core Deposits
Total deposits$4,347,187 $4,318,254 
Less: time deposits of $250,000 or more200,091 202,196 
Less: brokered deposits— — 
Core deposits$4,147,096 $4,116,058 
Core deposits to total deposits95.40 %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 16.5%.
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.
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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
September 30, 2025
+40030.1 %6.0 %15.4 %
+30024.5 5.1 12.4 
+20017.5 4.0 9.1 
+1009.4 2.5 5.2 
-100(10.7)(4.1)(6.9)
-200(19.1)(4.8)(10.9)
-300(12.9)(5.0)(13.8)
-400(4.7)(4.8)(14.2)
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.
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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 September 30, 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 September 30, 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 $15.0 million of its common stock. The stock repurchase program will be in effect until January 1, 2026, with the timing of purchases and number of shares repurchased dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. The Company is not obligated to purchase any shares under the stock repurchase program, and the stock repurchase program may be suspended or discontinued at any time without notice.
The following table sets forth information about the Company’s purchases of its common stock during the third quarter of 2025:
PeriodTotal Number
of Shares
Purchased		Average
Price Paid
Per Share		Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs		Approximate Dollar Value of
Shares That May Yet be Purchased
 Under the Plans or Programs
(in thousands)
July 1 - 31, 2025—$— —$12,103 
August 1 - 31, 202521,81325.02 21,81311,557 
September 1 - 30, 202517,81825.78 17,81811,098 
Total39,631$25.36 39,631$11,098 
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.    MINE SAFETY DISCLOSURES
None.
87
ITEM 5.    OTHER INFORMATION
During the fiscal quarter ended September 30, 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
2.1 *
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).
_________________________________________________
*The Company has omitted schedules and similar attachments to the subject agreement pursuant to Item 601(b) of Regulation S-K. The Company will furnish a copy of any omitted schedule or similar attachment to the SEC upon request.
**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.
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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.
October 31, 2025By:/s/ Peter R. Chapman
Peter R. Chapman
Chief Financial Officer
(on behalf of the registrant and as principal financial officer)
89

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