HBT Financial, Inc. Announces Second Quarter 2025 Financial Results

Rhea-AI Summary

HBT Financial (NASDAQ: HBT) reported strong second quarter 2025 results with net income of $19.2 million, or $0.61 per diluted share. The company's adjusted net income reached $19.8 million, or $0.63 per diluted share, driven by a 5.2% increase in adjusted pre-provision net revenue compared to Q1 2025.

Key highlights include a net interest margin increase to 4.14%, strong asset quality with nonperforming assets at just 0.13% of total assets, and net charge-offs of 0.12%. Total loans decreased to $3.35 billion, while deposits stood at $4.31 billion. The company maintained robust capital ratios, with total capital to risk-weighted assets at 17.74%.

Positive

• Net income increased to $19.2 million from $18.1 million year-over-year
• Net interest margin improved by 2 basis points to 4.14%
• Strong asset quality with nonperforming assets at only 0.13% of total assets
• Tangible book value per share increased 17.4% over the last 12 months
• Total capital ratio remains strong at 17.74%, well above regulatory requirements

Negative

• Total loans decreased by $113.6 million from previous quarter
• Total deposits declined by $78.1 million quarter-over-quarter
• Net charge-offs increased to $1.0 million from $0.4 million in previous quarter
• Noninterest income decreased 4.9% year-over-year
• Noninterest expense increased 4.6% compared to Q2 2024

Insights

Financial Analyst

HBT Financial delivered strong Q2 2025 results with improved profitability metrics despite loan portfolio contraction, maintaining excellent asset quality and strong capital position.

HBT Financial reported solid Q2 2025 results with $19.2 million in net income ($0.61 EPS), a slight improvement from $19.1 million ($0.60 EPS) in Q1 2025 and a 6.1% increase from $18.1 million in Q2 2024. On an adjusted basis, the bank earned $19.8 million ($0.63 per share).

The bank's profitability metrics remained impressive with return on average assets (ROAA) at 1.53% and return on average tangible common equity (ROATCE) at 15.55%. These metrics improved on an adjusted basis to 1.58% and 16.02%, respectively – significantly outperforming industry averages.

Net interest margin expanded by 3 basis points quarter-over-quarter to 4.19% (tax-equivalent), driven by improved yields on debt securities and lower funding costs. This margin expansion occurred despite a $113.6 million decrease in the loan portfolio, which typically would pressure margins.

Asset quality remained excellent with nonperforming assets at just 0.13% of total assets. The allowance for credit losses stood at 1.24% of total loans and covered nonperforming loans by 741× – an extraordinarily conservative coverage ratio. Net charge-offs remained minimal at 0.12% of average loans (annualized).

The loan portfolio contraction of $113.6 million was primarily due to $72 million in paydowns from property sales, a $25.1 million seasonal reduction in grain elevator lines, and additional payoffs across segments. Management expects loan growth to resume in Q3 due to stronger loan pipelines and fewer projected payoffs.

Capital levels strengthened with tangible common equity to tangible assets increasing to 10.21% from 9.73% in Q1. Tangible book value per share grew $0.59 to $16.02, representing quarterly growth of 3.8% and year-over-year growth of 17.4%. The bank continued its share repurchase program, buying back 135,997 shares at an average price of $21.30.

Second Quarter Highlights

• Net income of $19.2 million, or $0.61 per diluted share; return on average assets (“ROAA”) of 1.53%; return on average stockholders' equity (“ROAE”) of 13.47%; and return on average tangible common equity (“ROATCE”)⁽¹⁾ of 15.55%
• Adjusted net income⁽¹⁾ of $19.8 million; or $0.63 per diluted share; adjusted ROAA⁽¹⁾ of 1.58%; adjusted ROAE⁽¹⁾ of 13.87%; and adjusted ROATCE⁽¹⁾ of 16.02%
• Asset quality remained strong with nonperforming assets to total assets of 0.13% and net charge-offs to average loans of 0.12%, on an annualized basis
• Net interest margin increased 2 basis points to 4.14% and net interest margin (tax-equivalent basis)⁽¹⁾ increased 3 basis points to 4.19%

BLOOMINGTON, Ill., July 21, 2025 (GLOBE NEWSWIRE) -- HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $19.2 million, or $0.61 diluted earnings per share, for the second quarter of 2025. This compares to net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025, and net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “During the second quarter of 2025, our team continued to deliver consistently strong earnings with adjusted net income⁽¹⁾ of $19.8 million, or $0.63 per diluted share. This was driven by an increase in adjusted pre-provision net revenue⁽¹⁾ of 5.2%, compared to the first quarter of 2025. Adjusted ROAA⁽¹⁾ was 1.58% and adjusted ROATCE⁽¹⁾ was 16.02% for the second quarter while our net interest margin on a tax equivalent basis⁽¹⁾ increased 3 basis points to 4.19%. Our strong profitability coupled with an improvement in our accumulated other comprehensive income due to lower interest rates resulted in a $0.59 increase in our tangible book value per share⁽¹⁾ to $16.02, an increase of 3.8% for the quarter and 17.4% over the last 12 months.

Our balance sheet remains strong as all capital ratios increased during the quarter and asset quality remained stable with nonperforming assets to total assets of only 0.13%. We saw a decrease in loans during the quarter as seasonal paydowns on grain elevator lines of credit caused a decrease in commercial and industrial loans and a higher amount of property sales caused higher payoffs in several other portfolios. We expect to see loan growth return in the third quarter of 2025 due to higher loan pipelines at the end of the second quarter than at the end of the first quarter and fewer payoffs projected.

Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic and interest rate environments. Our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise.”
_{____________________________________
⁽¹⁾ See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}

Adjusted Net Income

In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.8 million, or $0.63 adjusted diluted earnings per share, for the second quarter of 2025. This compares to adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025, and adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

Net Interest Income and Net Interest Margin

Net interest income for the second quarter of 2025 was $49.7 million, an increase of 2.0% from $48.7 million for the first quarter of 2025. The increase was primarily attributable to improved yields on debt securities and lower funding costs which were partially offset by a decrease in average loan balances.

Relative to the second quarter of 2024, net interest income increased 5.6% from $47.0 million. The increase was primarily attributable to lower funding costs, improved yields on debt securities, and higher average loan balances. Additionally, a $0.5 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income.

Net interest margin for the second quarter of 2025 was 4.14%, compared to 4.12% for the first quarter of 2025, and net interest margin (tax-equivalent basis)⁽¹⁾ for the second quarter of 2025 was 4.19%, compared to 4.16% for the first quarter of 2025. The increase was primarily attributable to improved yields on debt securities, which increased 11 basis points to 2.60%, and lower funding costs, which decreased 3 basis points to 1.29%.

Relative to the second quarter of 2024, net interest margin increased 19 basis points from 3.95% and net interest margin (tax-equivalent basis)⁽¹⁾ increased 19 basis points from 4.00%. The increase was primarily attributable to lower funding costs, higher yields on interest-earning assets, and an increase in nonaccrual interest recoveries and loan fees. The increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 4 basis points of the increase in net interest margin.
_{____________________________________
⁽¹⁾ See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}

Noninterest Income

Noninterest income for the second quarter of 2025 was $9.1 million, a 1.8% decrease from $9.3 million for the first quarter of 2025. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $0.8 million negative MSR fair value adjustment included in the second quarter 2025 results compared to a $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results. Partially offsetting this decrease were seasonal increases in card income of $0.2 million and gains on sale of mortgage loans of $0.2 million.

Relative to the second quarter of 2024, noninterest income decreased 4.9% from $9.6 million. The decrease was primarily attributable to changes in the MSR fair value adjustment, with a $0.8 million negative MSR fair value adjustment included in the second quarter 2025 results compared to a $0.1 million negative MSR fair value adjustment included in the second quarter 2024 results. Partially offsetting the decrease was a $0.2 million increase in wealth management fees.

Noninterest Expense

Noninterest expense for the second quarter of 2025 was $31.9 million, nearly unchanged from the first quarter of 2025. A $0.6 million decrease in salaries expense, which was impacted by seasonal variations in vacation accruals, was largely offset by a $0.4 million increase in other noninterest expense and a $0.3 million increase in employee benefits expense, primarily driven by higher medical benefit costs.

Relative to the second quarter of 2024, noninterest expense increased 4.6% from $30.5 million. The increase was primarily attributable to a $0.7 million increase in employee benefits expense, primarily driven by higher medical benefit costs, a $0.3 million increase in other noninterest expense, and a $0.2 million increase in bank occupancy expense, primarily due to planned building maintenance and upgrades.

Income Taxes

During the second quarter of 2025 our effective tax rate increased to 27.0% when compared to 25.2% during the first quarter of 2025. This increase was primarily related to $0.3 million of additional tax expense 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 during the second quarter of 2025. Additionally, the first quarter of 2025 included a $0.2 million tax benefit from stock-based compensation that vested during the quarter.

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.35 billion at June 30, 2025, compared with $3.46 billion at March 31, 2025, and $3.39 billion at June 30, 2024. The $113.6 million decrease from March 31, 2025 was primarily attributable to $72.0 million of paydowns from property sales, a seasonal reduction of $25.1 million in grain elevator lines of credit included in the commercial and industrial segment, and additional payoffs across other segments. These reductions were partially offset by draws on existing loans in the construction and development segment and new originations to existing customers. Additionally, increases in the multi-family and commercial real estate – non-owner occupied segments were primarily due to completed projects being moved out of the construction and land development category.

Deposits

Total deposits were $4.31 billion at June 30, 2025, compared with $4.38 billion at March 31, 2025, and $4.32 billion at June 30, 2024. The $78.1 million decrease from March 31, 2025 was primarily attributable to higher outflows for tax payments by depositors and lower balances maintained in existing retail accounts which were partially offset by higher public funds balances.

Asset Quality

Nonperforming assets totaled $6.5 million, or 0.13% of total assets, at June 30, 2025, compared with $5.6 million, or 0.11% of total assets, at March 31, 2025, and $8.8 million, or 0.17% of total assets, at June 30, 2024. Additionally, of the $5.6 million of nonperforming loans held as of June 30, 2025, $1.9 million were either wholly or partially guaranteed by the U.S. government. The $0.9 million increase in nonperforming assets from March 31, 2025 was primarily attributable to higher nonperforming loan balances in the commercial and industrial and the construction and land development segments.

The Company recorded a provision for credit losses of $0.5 million for the second quarter of 2025. The provision for credit losses primarily reflects a $1.0 million increase in required reserves driven by changes in the economic forecast; a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $1.2 million decrease in required reserves driven by changes within the portfolio; and a $0.1 million decrease in specific reserves.
The Company had net charge-offs of $1.0 million, or 0.12% of average loans on an annualized basis, for the second quarter of 2025, compared to net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025, and net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024. Charge-offs during second quarter of 2025 were primarily recognized in the commercial and industrial and one-to-four family residential segments.

The Company’s allowance for credit losses was 1.24% of total loans and 741% of nonperforming loans at June 30, 2025, compared with 1.22% of total loans and 825% of nonperforming loans at March 31, 2025. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.1 million as of June 30, 2025, compared with $3.2 million as of March 31, 2025.

Capital

As of June 30, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

		June 30, 2025			For Capital Adequacy Purposes With Capital Conservation Buffer
Total capital to risk-weighted assets		17.74	%		10.50	%
Tier 1 capital to risk-weighted assets		15.60			8.50
Common equity tier 1 capital ratio		14.26			7.00
Tier 1 leverage ratio		11.86			4.00

The ratio of tangible common equity to tangible assets⁽¹⁾ increased to 10.21% as of June 30, 2025, from 9.73% as of March 31, 2025, and tangible book value per share⁽¹⁾ increased by $0.59 to $16.02 as of June 30, 2025, when compared to March 31, 2025.

During the second quarter of 2025, the Company repurchased 135,997 shares of its common stock at a weighted average price of $21.30 under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of June 30, 2025, the Company had $12.1 million remaining under the stock repurchase program.
_{____________________________________
⁽¹⁾ See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}

About HBT Financial, Inc.

HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of June 30, 2025, HBT Financial had total assets of $5.0 billion, total loans of $3.3 billion, and total deposits of $4.3 billion.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) 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; (iii) 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; (iv) 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; (v) 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; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) 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; (ix) 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; (x) 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; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) 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; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) 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; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) 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; (xx) 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; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) 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; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT:
Peter Chapman
HBTIR@hbtbank.com 
(309) 664-4556

HBT Financial, Inc. Unaudited Consolidated Financial Summary
		As of or for the Three Months Ended												Six Months Ended June 30,
(dollars in thousands, except per share data)		June 30, 2025				March 31, 2025				June 30, 2024					2025				2024
Interest and dividend income		$	63,919			$	63,138			$	62,824			$	127,057			$	124,785
Interest expense			14,261				14,430				15,796				28,691				31,069
Net interest income			49,658				48,708				47,028				98,366				93,716
Provision for credit losses			526				576				1,176				1,102				1,703
Net interest income after provision for credit losses			49,132				48,132				45,852				97,264				92,013
Noninterest income			9,140				9,306				9,610				18,446				15,236
Noninterest expense			31,914				31,935				30,509				63,849				61,777
Income before income tax expense			26,358				25,503				24,953				51,861				45,472
Income tax expense			7,128				6,428				6,883				13,556				12,144
Net income		$	19,230			$	19,075			$	18,070			$	38,305			$	33,328
Earnings per share - diluted		$	0.61			$	0.60			$	0.57			$	1.21			$	1.05
Adjusted net income (1)		$	19,803			$	19,253			$	18,139			$	39,056			$	36,212
Adjusted earnings per share - diluted (1)			0.63				0.61				0.57				1.23				1.14
Book value per share		$	18.44			$	17.86			$	16.14
Tangible book value per share (1)			16.02				15.43				13.64
Shares of common stock outstanding			31,495,434				31,631,431				31,559,366
Weighted average shares of common stock outstanding, including all dilutive potential shares			31,588,541				31,711,671				31,666,811				31,649,766				31,734,999
SUMMARY RATIOS
Net interest margin *			4.14	%			4.12	%			3.95	%			4.13	%			3.95	%
Net interest margin (tax-equivalent basis) * (1)(2)			4.19				4.16				4.00				4.18				3.99
Efficiency ratio			53.10	%			53.85	%			52.61	%			53.47	%			55.40	%
Efficiency ratio (tax-equivalent basis) (1)(2)			52.61				53.35				52.10				52.97				54.83
Loan to deposit ratio			77.75	%			78.95	%			78.39	%
Return on average assets *			1.53	%			1.54	%			1.45	%			1.53	%			1.34	%
Return on average stockholders' equity *			13.47				13.95				14.48				13.70				13.46
Return on average tangible common equity * (1)			15.55				16.20				17.21				15.87				16.03
Adjusted return on average assets * (1)			1.58	%			1.55	%			1.45	%			1.56	%			1.45	%
Adjusted return on average stockholders' equity * (1)			13.87				14.08				14.54				13.97				14.63
Adjusted return on average tangible common equity * (1)			16.02				16.36				17.27				16.18				17.42
CAPITAL
Total capital to risk-weighted assets			17.74	%			16.85	%			16.01	%
Tier 1 capital to risk-weighted assets			15.60				14.77				13.98
Common equity tier 1 capital ratio			14.26				13.48				12.66
Tier 1 leverage ratio			11.86				11.64				10.83
Total stockholders' equity to total assets			11.58				11.10				10.18
Tangible common equity to tangible assets (1)			10.21				9.73				8.74
ASSET QUALITY
Net charge-offs (recoveries) to average loans *			0.12	%			0.05	%			0.08	%			0.09	%			0.03	%
Allowance for credit losses to loans, before allowance for credit losses			1.24				1.22				1.21
Nonperforming loans to loans, before allowance for credit losses			0.17				0.15				0.25
Nonperforming assets to total assets			0.13				0.11				0.17

____________________________________

_{⁽¹⁾ See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
⁽²⁾ On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.} 

HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Statements of Income
	Three Months Ended												Six Months Ended June 30,
(dollars in thousands, except per share data)	June 30, 2025				March 31, 2025				June 30, 2024					2025				2024
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	53,156			$	53,369			$	52,177			$	106,525			$	104,103
Federally tax exempt		1,215				1,168				1,097				2,383				2,191
Debt securities:
Taxable		7,434				6,936				6,315				14,370				12,519
Federally tax exempt		457				469				521				926				1,118
Interest-bearing deposits in bank		1,544				1,065				2,570				2,609				4,522
Other interest and dividend income		113				131				144				244				332
Total interest and dividend income		63,919				63,138				62,824				127,057				124,785
INTEREST EXPENSE
Deposits		12,835				12,939				14,133				25,774				27,726
Securities sold under agreements to repurchase		—				22				129				22				281
Borrowings		30				109				121				139				246
Subordinated notes		469				470				469				939				939
Junior subordinated debentures issued to capital trusts		927				890				944				1,817				1,877
Total interest expense		14,261				14,430				15,796				28,691				31,069
Net interest income		49,658				48,708				47,028				98,366				93,716
PROVISION FOR CREDIT LOSSES		526				576				1,176				1,102				1,703
Net interest income after provision for credit losses		49,132				48,132				45,852				97,264				92,013
NONINTEREST INCOME
Card income		2,797				2,548				2,885				5,345				5,501
Wealth management fees		2,826				2,841				2,623				5,667				5,170
Service charges on deposit accounts		1,915				1,944				1,902				3,859				3,771
Mortgage servicing		1,042				990				1,111				2,032				2,166
Mortgage servicing rights fair value adjustment		(751	)			(308	)			(97	)			(1,059	)			(17	)
Gains on sale of mortgage loans		459				252				443				711				741
Realized gains (losses) on sales of securities		—				—				—				—				(3,382	)
Unrealized gains (losses) on equity securities		23				8				(96	)			31				(112	)
Gains (losses) on foreclosed assets		14				13				(28	)			27				59
Gains (losses) on other assets		(128	)			54				—				(74	)			(635	)
Income on bank owned life insurance		167				164				166				331				330
Other noninterest income		776				800				701				1,576				1,644
Total noninterest income		9,140				9,306				9,610				18,446				15,236
NONINTEREST EXPENSE
Salaries		16,452				17,053				16,364				33,505				33,021
Employee benefits		3,580				3,285				2,860				6,865				5,665
Occupancy of bank premises		2,471				2,625				2,243				5,096				4,825
Furniture and equipment		575				445				548				1,020				1,098
Data processing		2,687				2,717				2,606				5,404				5,531
Marketing and customer relations		1,020				1,144				996				2,164				1,992
Amortization of intangible assets		694				695				710				1,389				1,420
FDIC insurance		551				562				565				1,113				1,125
Loan collection and servicing		360				383				475				743				927
Foreclosed assets		67				5				10				72				59
Other noninterest expense		3,457				3,021				3,132				6,478				6,114
Total noninterest expense		31,914				31,935				30,509				63,849				61,777
INCOME BEFORE INCOME TAX EXPENSE		26,358				25,503				24,953				51,861				45,472
INCOME TAX EXPENSE		7,128				6,428				6,883				13,556				12,144
NET INCOME	$	19,230			$	19,075			$	18,070			$	38,305			$	33,328
EARNINGS PER SHARE - BASIC	$	0.61			$	0.60			$	0.57			$	1.21			$	1.05
EARNINGS PER SHARE - DILUTED	$	0.61			$	0.60			$	0.57			$	1.21			$	1.05
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		31,510,759				31,584,989				31,579,457				31,547,669				31,621,205

HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Balance Sheets
(dollars in thousands)	June 30, 2025				March 31, 2025				June 30, 2024
ASSETS
Cash and due from banks	$	25,563			$	25,005			$	22,604
Interest-bearing deposits with banks		170,179				186,586				172,636
Cash and cash equivalents		195,742				211,591				195,240
Interest-bearing time deposits with banks		—				—				520
Debt securities available-for-sale, at fair value		773,206				706,135				669,055
Debt securities held-to-maturity		481,942				490,398				512,549
Equity securities with readily determinable fair value		3,346				3,323				3,228
Equity securities with no readily determinable fair value		2,609				2,629				2,613
Restricted stock, at cost		4,979				5,086				5,086
Loans held for sale		2,316				2,721				858
Loans, before allowance for credit losses		3,348,211				3,461,778				3,385,483
Allowance for credit losses		(41,659	)			(42,111	)			(40,806	)
Loans, net of allowance for credit losses		3,306,552				3,419,667				3,344,677
Bank owned life insurance		24,320				24,153				24,235
Bank premises and equipment, net		68,523				67,272				65,711
Bank premises held for sale		140				190				317
Foreclosed assets		890				460				320
Goodwill		59,820				59,820				59,820
Intangible assets, net		16,454				17,148				19,262
Mortgage servicing rights, at fair value		17,768				18,519				18,984
Investments in unconsolidated subsidiaries		1,614				1,614				1,614
Accrued interest receivable		20,624				22,735				22,425
Other assets		37,553				38,731				59,685
Total assets	$	5,018,398			$	5,092,192			$	5,006,199
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,034,387			$	1,065,874			$	1,045,697
Interest-bearing		3,272,144				3,318,716				3,272,996
Total deposits		4,306,531				4,384,590				4,318,693
Securities sold under agreements to repurchase		556				2,698				29,330
Federal Home Loan Bank advances		7,240				7,209				13,734
Subordinated notes		39,593				39,573				39,514
Junior subordinated debentures issued to capital trusts		52,879				52,864				52,819
Other liabilities		30,702				40,201				42,640
Total liabilities		4,437,501				4,527,135				4,496,730
Stockholders' Equity
Common stock		329				329				328
Surplus		297,479				297,024				296,430
Retained earnings		341,750				329,169				290,386
Accumulated other comprehensive income (loss)		(32,739	)			(38,446	)			(54,656	)
Treasury stock at cost		(25,922	)			(23,019	)			(23,019	)
Total stockholders’ equity		580,897				565,057				509,469
Total liabilities and stockholders’ equity	$	5,018,398			$	5,092,192			$	5,006,199
SHARES OF COMMON STOCK OUTSTANDING		31,495,434				31,631,431				31,559,366

HBT Financial, Inc. Unaudited Consolidated Financial Summary
(dollars in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
LOANS
Commercial and industrial	$	419,430		$	441,261		$	400,276
Commercial real estate - owner occupied		317,475			321,990			289,992
Commercial real estate - non-owner occupied		907,073			891,022			889,193
Construction and land development		310,252			376,046			365,371
Multi-family		453,812			424,096			429,951
One-to-four family residential		451,197			455,376			484,335
Agricultural and farmland		271,644			292,240			285,822
Municipal, consumer, and other		217,328			259,747			240,543
Total loans	$	3,348,211		$	3,461,778		$	3,385,483

(dollars in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
DEPOSITS
Noninterest-bearing deposits	$	1,034,387		$	1,065,874		$	1,045,697
Interest-bearing deposits:
Interest-bearing demand		1,097,086			1,143,677			1,094,797
Money market		831,292			812,146			769,386
Savings		568,971			575,558			582,752
Time		774,795			787,335			796,069
Brokered		—			—			29,992
Total interest-bearing deposits		3,272,144			3,318,716			3,272,996
Total deposits	$	4,306,531		$	4,384,590		$	4,318,693

HBT Financial, Inc. Unaudited Consolidated Financial Summary
	Three Months Ended
	June 30, 2025										March 31, 2025										June 30, 2024
(dollars in thousands)	Average Balance				Interest			Yield/Cost *			Average Balance				Interest			Yield/Cost *			Average Balance				Interest			Yield/Cost *
ASSETS
Loans	$	3,417,582			$	54,371		6.38	%		$	3,460,906			$	54,537		6.39	%		$	3,374,058			$	53,274		6.35	%
Debt securities		1,217,386				7,891		2.60				1,204,424				7,405		2.49				1,187,795				6,836		2.31
Deposits with banks		160,726				1,544		3.85				120,014				1,065		3.60				211,117				2,570		4.90
Other		12,519				113		3.66				12,677				131		4.19				12,588				144		4.60
Total interest-earning assets		4,808,213			$	63,919		5.33	%			4,798,021			$	63,138		5.34	%			4,785,558			$	62,824		5.28	%
Allowance for credit losses		(42,118	)									(42,061	)									(40,814	)
Noninterest-earning assets		270,580										276,853										283,103
Total assets	$	5,036,675									$	5,032,813									$	5,027,847
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,125,787			$	1,569		0.56	%		$	1,120,608			$	1,453		0.53	%		$	1,123,592			$	1,429		0.51	%
Money market		813,531				4,463		2.20				807,728				4,397		2.21				788,744				4,670		2.38
Savings		569,193				374		0.26				569,494				370		0.26				592,312				393		0.27
Time		780,536				6,429		3.30				784,099				6,719		3.48				763,507				7,117		3.75
Brokered		—				—		—				—				—		—				38,213				524		5.51
Total interest-bearing deposits		3,289,047				12,835		1.57				3,281,929				12,939		1.60				3,306,368				14,133		1.72
Securities sold under agreements to repurchase		1,420				—		0.05				8,754				22		1.02				30,440				129		1.70
Borrowings		7,225				30		1.70				12,890				109		3.41				13,466				121		3.60
Subordinated notes		39,582				469		4.76				39,563				470		4.82				39,504				469		4.78
Junior subordinated debentures issued to capital trusts		52,871				927		7.03				52,856				890		6.83				52,812				944		7.18
Total interest-bearing liabilities		3,390,145			$	14,261		1.69	%			3,395,992			$	14,430		1.72	%			3,442,590			$	15,796		1.85	%
Noninterest-bearing deposits		1,044,539										1,045,733										1,043,614
Noninterest-bearing liabilities		29,486										36,373										39,806
Total liabilities		4,464,170										4,478,098										4,526,010
Stockholders' Equity		572,505										554,715										501,837
Total liabilities and stockholders’ equity	$	5,036,675									$	5,032,813									$	5,027,847
Net interest income/Net interest margin (1)					$	49,658		4.14	%						$	48,708		4.12	%						$	47,028		3.95	%
Tax-equivalent adjustment (2)						548		0.05								545		0.04								553		0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)					$	50,206		4.19	%						$	49,253		4.16	%						$	47,581		4.00	%
Net interest rate spread (4)								3.64	%									3.62	%									3.43	%
Net interest-earning assets (5)	$	1,418,068									$	1,402,029									$	1,342,968
Ratio of interest-earning assets to interest-bearing liabilities		1.42										1.41										1.39
Cost of total deposits								1.19	%									1.21	%									1.31	%
Cost of funds								1.29										1.32										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 “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
⁽⁴⁾ Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
⁽⁵⁾ Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.} 

HBT Financial, Inc. Unaudited Consolidated Financial Summary
	Six Months Ended
	June 30, 2025										June 30, 2024
(dollars in thousands)	Average Balance				Interest			Yield/Cost *			Average Balance				Interest			Yield/Cost *
ASSETS
Loans	$	3,439,124			$	108,908		6.39	%		$	3,372,640			$	106,294		6.34	%
Debt securities		1,210,941				15,296		2.55				1,200,871				13,637		2.28
Deposits with banks		140,483				2,609		3.75				189,207				4,522		4.81
Other		12,597				244		3.93				12,787				332		5.22
Total interest-earning assets		4,803,145			$	127,057		5.33	%			4,775,505			$	124,785		5.25	%
Allowance for credit losses		(42,089	)									(40,526	)
Noninterest-earning assets		273,193										280,676
Total assets	$	5,034,249									$	5,015,655
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,123,212			$	3,022		0.54	%		$	1,125,638			$	2,740		0.49	%
Money market		810,645				8,860		2.20				800,714				9,467		2.38
Savings		569,343				744		0.26				601,768				836		0.28
Time		782,307				13,148		3.39				714,003				13,042		3.67
Brokered		—				—		—				60,181				1,641		5.48
Total interest-bearing deposits		3,285,507				25,774		1.58				3,302,304				27,726		1.69
Securities sold under agreements to repurchase		5,067				22		0.89				31,448				281		1.80
Borrowings		10,042				139		2.79				13,235				246		3.73
Subordinated notes		39,573				939		4.79				39,494				939		4.78
Junior subordinated debentures issued to capital trusts		52,864				1,817		6.93				52,804				1,877		7.15
Total interest-bearing liabilities		3,393,053			$	28,691		1.71	%			3,439,285			$	31,069		1.82	%
Noninterest-bearing deposits		1,045,133										1,040,007
Noninterest-bearing liabilities		32,404										38,457
Total liabilities		4,470,590										4,517,749
Stockholders' Equity		563,659										497,906
Total liabilities and stockholders’ equity	$	5,034,249										5,015,655
Net interest income/Net interest margin (1)					$	98,366		4.13	%						$	93,716		3.95	%
Tax-equivalent adjustment (2)						1,093		0.05								1,128		0.04
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)					$	99,459		4.18	%						$	94,844		3.99	%
Net interest rate spread (4)								3.62	%									3.43	%
Net interest-earning assets (5)	$	1,410,092									$	1,336,220
Ratio of interest-earning assets to interest-bearing liabilities		1.42										1.39
Cost of total deposits								1.20	%									1.28	%
Cost of funds								1.30										1.39

____________________________________
_{⁽¹⁾ Net interest margin represents net interest income divided by average total interest-earning assets.
⁽²⁾ On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
⁽³⁾ See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
⁽⁴⁾ Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
⁽⁵⁾ Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.} 

HBT Financial, Inc. Unaudited Consolidated Financial Summary
(dollars in thousands)	June 30, 2025				March 31, 2025				June 30, 2024
NONPERFORMING ASSETS
Nonaccrual	$	5,615			$	5,102			$	8,425
Past due 90 days or more, still accruing		9				4				7
Total nonperforming loans		5,624				5,106				8,432
Foreclosed assets		890				460				320
Total nonperforming assets	$	6,514			$	5,566			$	8,752
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government	$	1,878			$	1,350			$	2,132
Allowance for credit losses	$	41,659			$	42,111			$	40,806
Loans, before allowance for credit losses		3,348,211				3,461,778				3,385,483
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses		1.24	%			1.22	%			1.21	%
Allowance for credit losses to nonaccrual loans		741.92				825.38				484.34
Allowance for credit losses to nonperforming loans		740.74				824.74				483.94
Nonaccrual loans to loans, before allowance for credit losses		0.17				0.15				0.25
Nonperforming loans to loans, before allowance for credit losses		0.17				0.15				0.25
Nonperforming assets to total assets		0.13				0.11				0.17
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets		0.19				0.16				0.26

	Three Months Ended												Six Months Ended June 30,
(dollars in thousands)	June 30, 2025				March 31, 2025				June 30, 2024					2025				2024
ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	42,111			$	42,044			$	40,815			$	42,044			$	40,048
Provision for credit losses		595				496				677				1,091				1,237
Charge-offs		(1,252	)			(665	)			(870	)			(1,917	)			(1,097	)
Recoveries		205				236				184				441				618
Ending balance	$	41,659			$	42,111			$	40,806			$	41,659			$	40,806
Net charge-offs	$	1,047			$	429			$	686			$	1,476			$	479
Average loans		3,417,582				3,460,906				3,374,058				3,439,124				3,372,640
Net charge-offs to average loans *		0.12	%			0.05	%			0.08	%			0.09	%			0.03	%

____________________________________

_{* Annualized measure.}

	Three Months Ended										Six Months Ended June 30,
(dollars in thousands)	June 30, 2025				March 31, 2025			June 30, 2024				2025			2024
PROVISION FOR CREDIT LOSSES
Loans	$	595			$	496		$	677		$	1,091		$	1,237
Unfunded lending-related commitments		(69	)			80			499			11			466
Total provision for credit losses	$	526			$	576		$	1,176		$	1,102		$	1,703

Reconciliation of Non-GAAP Financial Measures – Adjusted Net Income and Adjusted Return on Average Assets

		Three Months Ended												Six Months Ended June 30,
(dollars in thousands)		June 30, 2025				March 31, 2025				June 30, 2024					2025				2024
Net income		$	19,230			$	19,075			$	18,070			$	38,305			$	33,328
Less: adjustments
Gains (losses) on closed branch premises			(50	)			59				—				9				(635	)
Realized gains (losses) on sales of securities			—				—				—				—				(3,382	)
Mortgage servicing rights fair value adjustment			(751	)			(308	)			(97	)			(1,059	)			(17	)
Total adjustments			(801	)			(249	)			(97	)			(1,050	)			(4,034	)
Tax effect of adjustments (1)			228				71				28				299				1,150
Total adjustments after tax effect			(573	)			(178	)			(69	)			(751	)			(2,884	)
Adjusted net income		$	19,803			$	19,253			$	18,139			$	39,056			$	36,212
Average assets		$	5,036,675			$	5,032,813			$	5,027,847			$	5,034,249			$	5,015,655
Return on average assets *			1.53	%			1.54	%			1.45	%			1.53	%			1.34	%
Adjusted return on average assets *			1.58				1.55				1.45				1.56				1.45

____________________________________

_{* Annualized measure.}

_{⁽¹⁾ Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.}

Reconciliation of Non-GAAP Financial Measures – Adjusted Earnings Per Share — Basic and Diluted

		Three Months Ended									Six Months Ended June 30,
(dollars in thousands, except per share amounts)		June 30, 2025			March 31, 2025			June 30, 2024				2025			2024
Numerator:
Net income		$	19,230		$	19,075		$	18,070		$	38,305		$	33,328
Adjusted net income		$	19,803		$	19,253		$	18,139		$	39,056		$	36,212
Denominator:
Weighted average common shares outstanding			31,510,759			31,584,989			31,579,457			31,547,669			31,621,205
Dilutive effect of outstanding restricted stock units			77,782			126,682			87,354			102,097			113,794
Weighted average common shares outstanding, including all dilutive potential shares			31,588,541			31,711,671			31,666,811			31,649,766			31,734,999
Earnings per share - basic		$	0.61		$	0.60		$	0.57		$	1.21		$	1.05
Earnings per share - diluted		$	0.61		$	0.60		$	0.57		$	1.21		$	1.05
Adjusted earnings per share - basic		$	0.63		$	0.61		$	0.57		$	1.24		$	1.15
Adjusted earnings per share - diluted		$	0.63		$	0.61		$	0.57		$	1.23		$	1.14

Reconciliation of Non-GAAP Financial Measures – Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries), Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)

		Three Months Ended												Six Months Ended June 30,
(dollars in thousands)		June 30, 2025				March 31, 2025				June 30, 2024					2025				2024
Net interest income		$	49,658			$	48,708			$	47,028			$	98,366			$	93,716
Noninterest income			9,140				9,306				9,610				18,446				15,236
Noninterest expense			(31,914	)			(31,935	)			(30,509	)			(63,849	)			(61,777	)
Pre-provision net revenue			26,884				26,079				26,129				52,963				47,175
Less: adjustments
Gains (losses) on closed branch premises			(50	)			59				—				9				(635	)
Realized gains (losses) on sales of securities			—				—				—				—				(3,382	)
Mortgage servicing rights fair value adjustment			(751	)			(308	)			(97	)			(1,059	)			(17	)
Total adjustments			(801	)			(249	)			(97	)			(1,050	)			(4,034	)
Adjusted pre-provision net revenue		$	27,685			$	26,328			$	26,226			$	54,013			$	51,209
Pre-provision net revenue		$	26,884			$	26,079			$	26,129			$	52,963			$	47,175
Less: net charge-offs			1,047				429				686				1,476				479
Pre-provision net revenue less net charge-offs		$	25,837			$	25,650			$	25,443			$	51,487			$	46,696
Adjusted pre-provision net revenue		$	27,685			$	26,328			$	26,226			$	54,013			$	51,209
Less: net charge-offs			1,047				429				686				1,476				479
Adjusted pre-provision net revenue less net charge-offs		$	26,638			$	25,899			$	25,540			$	52,537			$	50,730

Reconciliation of Non-GAAP Financial Measures – Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)

		Three Months Ended												Six Months Ended June 30,
(dollars in thousands)		June 30, 2025				March 31, 2025				June 30, 2024					2025				2024
Net interest income (tax-equivalent basis)
Net interest income		$	49,658			$	48,708			$	47,028			$	98,366			$	93,716
Tax-equivalent adjustment (1)			548				545				553				1,093				1,128
Net interest income (tax-equivalent basis) (1)		$	50,206			$	49,253			$	47,581			$	99,459			$	94,844
Net interest margin (tax-equivalent basis)
Net interest margin *			4.14	%			4.12	%			3.95	%			4.13	%			3.95	%
Tax-equivalent adjustment * (1)			0.05				0.04				0.05				0.05				0.04
Net interest margin (tax-equivalent basis) * (1)			4.19	%			4.16	%			4.00	%			4.18	%			3.99	%
Average interest-earning assets		$	4,808,213			$	4,798,021			$	4,785,558			$	4,803,145			$	4,775,505

____________________________________

_{* Annualized measure.}

_{⁽¹⁾ On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.} 

Reconciliation of Non-GAAP Financial Measures – Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)

		Three Months Ended												Six Months Ended June 30,
(dollars in thousands)		June 30, 2025				March 31, 2025				June 30, 2024					2025				2024
Total noninterest expense		$	31,914			$	31,935			$	30,509			$	63,849			$	61,777
Less: amortization of intangible assets			694				695				710				1,389				1,420
Noninterest expense excluding amortization of intangible assets		$	31,220			$	31,240			$	29,799			$	62,460			$	60,357
Net interest income		$	49,658			$	48,708			$	47,028			$	98,366			$	93,716
Total noninterest income			9,140				9,306				9,610				18,446				15,236
Operating revenue			58,798				58,014				56,638				116,812				108,952
Tax-equivalent adjustment (1)			548				545				553				1,093				1,128
Operating revenue (tax-equivalent basis) (1)			59,346				58,559				57,191				117,905				110,080
Less: adjustments to noninterest income
Gains (losses) on closed branch premises			(50	)			59				—				9				(635	)
Realized gains (losses) on sales of securities			—				—				—				—				(3,382	)
Mortgage servicing rights fair value adjustment			(751	)			(308	)			(97	)			(1,059	)			(17	)
Total adjustments to noninterest income			(801	)			(249	)			(97	)			(1,050	)			(4,034	)
Adjusted operating revenue (tax-equivalent basis) (1)		$	60,147			$	58,808			$	57,288			$	118,955			$	114,114
Efficiency ratio			53.10	%			53.85	%			52.61	%			53.47	%			55.40	%
Efficiency ratio (tax-equivalent basis) (1)			52.61				53.35				52.10				52.97				54.83
Adjusted efficiency ratio (tax-equivalent basis) (1)			51.91				53.12				52.02				52.51				52.89

____________________________________
_{⁽¹⁾ On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.}

Reconciliation of Non-GAAP Financial Measures – Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share

(dollars in thousands, except per share data)		June 30, 2025				March 31, 2025				June 30, 2024
Tangible Common Equity
Total stockholders' equity		$	580,897			$	565,057			$	509,469
Less: Goodwill			59,820				59,820				59,820
Less: Intangible assets, net			16,454				17,148				19,262
Tangible common equity		$	504,623			$	488,089			$	430,387
Tangible Assets
Total assets		$	5,018,398			$	5,092,192			$	5,006,199
Less: Goodwill			59,820				59,820				59,820
Less: Intangible assets, net			16,454				17,148				19,262
Tangible assets		$	4,942,124			$	5,015,224			$	4,927,117
Total stockholders' equity to total assets			11.58	%			11.10	%			10.18	%
Tangible common equity to tangible assets			10.21				9.73				8.74
Shares of common stock outstanding			31,495,434				31,631,431				31,559,366
Book value per share		$	18.44			$	17.86			$	16.14
Tangible book value per share			16.02				15.43				13.64

Reconciliation of Non-GAAP Financial Measures – Return on Average Tangible Common Equity, Adjusted Return on Average Stockholders' Equity and Adjusted Return on Average Tangible Common Equity

		Three Months Ended												Six Months Ended June 30,
(dollars in thousands)		June 30, 2025				March 31, 2025				June 30, 2024					2025				2024
Average Tangible Common Equity
Total stockholders' equity		$	572,505			$	554,715			$	501,837			$	563,659			$	497,906
Less: Goodwill			59,820				59,820				59,820				59,820				59,820
Less: Intangible assets, net			16,782				17,480				19,605				17,130				19,970
Average tangible common equity		$	495,903			$	477,415			$	422,412			$	486,709			$	418,116
Net income		$	19,230			$	19,075			$	18,070			$	38,305			$	33,328
Adjusted net income			19,803				19,253				18,139				39,056				36,212
Return on average stockholders' equity *			13.47	%			13.95	%			14.48	%			13.70	%			13.46	%
Return on average tangible common equity *			15.55				16.20				17.21				15.87				16.03
Adjusted return on average stockholders' equity *			13.87	%			14.08	%			14.54	%			13.97	%			14.63	%
Adjusted return on average tangible common equity *			16.02				16.36				17.27				16.18				17.42

____________________________________

_{* Annualized measure.}

FAQ

What was HBT Financial's (NASDAQ: HBT) earnings per share in Q2 2025?

HBT Financial reported diluted earnings per share of $0.61 in Q2 2025, with adjusted earnings per share of $0.63.

How did HBT's net interest margin perform in Q2 2025?

HBT's net interest margin increased to 4.14%, up 2 basis points from the previous quarter and 19 basis points year-over-year.

What was HBT Financial's loan portfolio size as of June 30, 2025?

HBT Financial's total loans outstanding were $3.35 billion as of June 30, 2025, down from $3.46 billion at March 31, 2025.

How strong is HBT Financial's asset quality in Q2 2025?

Asset quality remained strong with nonperforming assets at 0.13% of total assets and an allowance for credit losses covering 741% of nonperforming loans.

What is HBT Financial's capital position as of Q2 2025?

HBT maintained strong capital ratios with total capital to risk-weighted assets at 17.74%, well above the required 10.50% regulatory minimum.