$HBT

HBT Financial, Inc.

CIK:0000775215|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Loans, including fees:
Taxable	$ 73,668	$ 53,156	$ 132,549	$ 106,525
Federally tax exempt	1,539	1,215	2,856	2,383
Debt securities:
Taxable	11,167	7,434	20,711	14,370
Federally tax exempt	1,001	457	1,659	926
Interest-bearing deposits in bank	1,024	1,544	2,300	2,609
Other interest and dividend income	184	113	347	244
Total interest and dividend income	88,583	63,919	160,422	127,057
INTEREST EXPENSE
Deposits	17,253	12,835	31,362	25,774
Securities sold under agreements to repurchase	14	0	30	22
Borrowings	170	30	379	139
Subordinated notes	1,245	469	1,523	939
Junior subordinated debentures issued to capital trusts	845	927	1,685	1,817
Total interest expense	19,527	14,261	34,979	28,691
Net interest income	69,056	49,658	125,443	98,366
PROVISION FOR CREDIT LOSSES	676	526	520	1,102
Net interest income after provision for credit losses	68,380	49,132	124,923	97,264
NONINTEREST INCOME
Mortgage servicing	1,143	1,042	2,126	2,032
Mortgage servicing rights fair value adjustment	(751)	(751)	(554)	(1,059)
Gains on sale of mortgage loans	412	459	743	711
Unrealized gains (losses) on equity securities	191	23	79	31
Gains (losses) on foreclosed assets	(129)	14	(89)	27
Gains (losses) on other assets	(2)	(128)	(212)	(74)
Income on bank owned life insurance	206	167	394	331
Other noninterest income	937	776	1,789	1,576
Total noninterest income	11,841	9,140	22,785	18,446
NONINTEREST EXPENSE
Salaries	21,981	16,452	45,042	33,505
Employee benefits	4,185	3,580	8,105	6,865
Occupancy of bank premises	3,509	2,471	6,633	5,096
Furniture and equipment	931	575	1,539	1,020
Data processing	3,763	2,687	15,557	5,404
Marketing and customer relations	1,386	1,020	2,530	2,164
Amortization of intangible assets	1,455	694	2,342	1,389
FDIC insurance	677	551	1,265	1,113
Loan collection and servicing	555	360	1,251	743
Foreclosed assets	40	67	100	72
Other noninterest expense	3,964	3,457	10,519	6,478
Total noninterest expense	42,446	31,914	94,883	63,849
INCOME BEFORE INCOME TAX EXPENSE	37,775	26,358	52,825	51,861
INCOME TAX EXPENSE	9,931	7,128	13,781	13,556
NET INCOME	$ 27,844	$ 19,230	$ 39,044	$ 38,305
EARNINGS PER SHARE - BASIC (in dollars per share)	$ 0.77	$ 0.61	$ 1.12	$ 1.21
EARNINGS PER SHARE - DILUTED (in dollars per share)	$ 0.76	$ 0.61	$ 1.12	$ 1.21
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (in shares)	36,373,749	31,510,759	34,785,701	31,547,669
Card income
NONINTEREST INCOME
Revenue	$ 3,428	$ 2,797	$ 6,179	$ 5,345
Wealth management fees
NONINTEREST INCOME
Revenue	3,917	2,826	7,681	5,667
Service charges on deposit accounts
NONINTEREST INCOME
Revenue	$ 2,489	$ 1,915	$ 4,649	$ 3,859

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 39,044	$ 38,305
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	2,072	1,535
Provision for credit losses	520	1,102
Net amortization of debt securities	47	1,409
Deferred income tax expense	8,755	1,091
Stock-based compensation	952	874
Net accretion of discount and deferred loan fees on loans	(4,971)	(3,801)
Net unrealized gain on equity securities	(79)	(31)
Net loss on disposals of bank premises and equipment	2	83
Net gain on sales of bank premises held for sale	0	(59)
Impairment losses on bank premises held for sale	210	50
Net gain on sales of foreclosed assets	(52)	(41)
Write-down of foreclosed assets	141	14
Amortization of intangibles	2,342	1,389
Decrease in fair value of mortgage servicing rights	554	1,059
Amortization of discount and issuance costs on subordinated notes and debentures	59	70
Amortization of discount on Federal Home Loan Bank advances	62	97
Amortization of premium on time deposits	(856)	0
Mortgage loans originated for sale	(31,720)	(23,453)
Proceeds from sale of mortgage loans	30,156	23,434
Net gain on sale of mortgage loans	(743)	(711)
Increase in cash surrender value of bank owned life insurance	(394)	(331)
Decrease in accrued interest receivable	2,492	4,146
Decrease (increase) in other assets	(245)	424
Decrease in other liabilities	(2,611)	(2,662)
Net cash provided by operating activities	45,737	43,993
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of debt securities	313,077	0
Proceeds from sales and redemptions of equity securities	60	54
Proceeds from paydowns, maturities, and calls of debt securities	80,359	86,079
Purchase of debt securities	(293,511)	(125,579)
Purchase of equity securities	(163)	(34)
Purchase of loans	0	(9,782)
Net decrease in loans	3,903	129,077
Proceeds from redemption of restricted stock	4,230	107
Purchases of bank premises and equipment	(4,271)	(3,383)
Proceeds from sales of bank premises held for sale	0	186
Proceeds from sales of foreclosed assets	812	469
Net cash received in acquisition of CNB Bank Shares, Inc.	15,036	0
Proceeds from sale of brokerage operations acquired from CNB Bank Shares, Inc.	649	0
Net cash provided by investing activities	120,181	77,194
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in deposits	(117,259)	(11,723)
Net decrease in repurchase agreements	(18,354)	(28,413)
Proceeds from long-term Federal Home Loan Bank advances	0	1,800
Repayment of long-term Federal Home Loan Bank advances	(71,839)	(7,888)
Issuance of subordinated notes, net of issuance costs	83,997	0
Taxes paid related to the vesting of restricted stock units	(644)	(691)
Repurchase of common stock	(16,159)	(2,903)
Cash dividends and dividend equivalents paid	(15,679)	(13,319)
Net cash used in financing activities	(155,937)	(63,137)
NET INCREASE IN CASH AND CASH EQUIVALENTS	9,981	58,050
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	122,269	137,692
CASH AND CASH EQUIVALENTS AT END OF PERIOD	132,250	195,742
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	34,107	29,168
Net cash paid for income taxes:
Federal	5,998	9,150
Total	9,333	14,145
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES
Transfers of loans to foreclosed assets	541	965
Transfers of bank premises and equipment to bank premises held for sale	337	0
Illinois
Net cash paid for income taxes:
State	2,900	4,650
Other states
Net cash paid for income taxes:
State	$ 435	$ 345

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 28,634	$ 24,423
Interest-bearing deposits with banks	103,616	97,846
Cash and cash equivalents	132,250	122,269
Interest-bearing time deposits with banks	245	0
Debt securities available-for-sale, at fair value	1,085,908	813,101
Debt securities held-to-maturity (fair value of $408,474 at 2026 and $426,799 at 2025)	443,042	458,746
Equity securities with readily determinable fair value	3,546	3,322
Equity securities with no readily determinable fair value	6,438	2,612
Restricted stock, at cost	6,000	4,979
Loans held for sale	3,857	1,263
Loans, before allowance for credit losses	4,752,418	3,456,209
Allowance for credit losses	(60,564)	(41,690)
Loans, net of allowance for credit losses	4,691,854	3,414,519
Bank owned life insurance	37,883	24,660
Bank premises and equipment, net	91,418	73,642
Bank premises held for sale	337	0
Foreclosed assets	766	1,126
Goodwill	81,949	59,820
Intangible assets, net	42,858	15,117
Mortgage servicing rights, at fair value	19,339	16,944
Investments in unconsolidated subsidiaries	1,614	1,614
Accrued interest receivable	35,082	23,779
Other assets	43,260	33,877
Total assets	6,727,646	5,071,390
Deposits:
Noninterest-bearing	1,313,650	1,049,043
Interest-bearing	4,444,336	3,310,220
Total deposits	5,757,986	4,359,263
Federal Home Loan Bank advances	12,363	12,301
Subordinated notes	84,026	0
Junior subordinated debentures issued to capital trusts	52,939	52,909
Other liabilities	55,599	31,419
Total liabilities	5,962,913	4,455,892
COMMITMENTS AND CONTINGENCIES (Note 16)
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value; 125,000,000 shares authorized; shares issued of 38,451,113 at 2026 and 32,899,104 at 2025; shares outstanding of 36,365,612 at 2026 and 31,431,924 at 2025	385	329
Surplus	447,030	298,548
Retained earnings	390,528	367,163
Accumulated other comprehensive income (loss)	(29,527)	(23,018)
Treasury stock at cost, 2,085,501 shares at 2026 and 1,467,180 at 2025	(43,683)	(27,524)
Total stockholders’ equity	764,733	615,498
Total liabilities and stockholders’ equity	$ 6,727,646	$ 5,071,390