HBT Financial (HBT) sells $85M 5.75% subordinated notes due 2036

Rhea-AI Filing Summary

HBT Financial, Inc. entered into a Subordinated Note Purchase Agreement and issued $85 million of 5.75% fixed-to-floating rate subordinated notes due 2036 in a private placement to institutional investors. The notes carry a fixed 5.75% coupon until March 15, 2031, then reset quarterly to three‑month SOFR plus 233 basis points.

The notes are unsecured, subordinated obligations of HBT Financial, intended to qualify as Tier 2 regulatory capital, and are not guaranteed by subsidiaries. The company may redeem them, in whole or in part, at par plus accrued interest on or after March 15, 2031, and earlier only in limited circumstances defined in the indenture.

HBT Financial plans to use the net proceeds for general corporate purposes, which may include potential share repurchases. The company also agreed to a registration rights framework to later exchange these privately placed notes for registered subordinated notes with substantially the same terms.

Insights

Bank capital structure analyst

HBT adds $85M Tier 2 sub debt, boosting capital flexibility with modest new interest cost.

HBT Financial has issued $85 million of fixed-to-floating subordinated notes due 2036, initially paying 5.75% and then resetting to three‑month SOFR plus 233 bps. As unsecured, subordinated obligations intended as Tier 2 capital, they sit below senior debt but above equity in the capital stack.

This structure lengthens funding tenor and supports regulatory ratios without immediate equity dilution. The company states that net proceeds are for general corporate purposes, which may include share repurchases, so the ultimate balance between leverage and buybacks depends on management’s capital deployment choices.

The notes are callable at par on or after March 15, 2031, giving HBT flexibility to refinance if funding costs or credit spreads change. A registration rights agreement and planned exchange offer mean investors may later hold SEC‑registered notes with substantially similar terms.

0000775215false00007752152026-03-112026-03-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): March 11, 2026

HBT FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware			001-39085			37-1117216
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification Number)
401 North Hershey Rd Bloomington, Illinois						61704
(Address of principal executive offices)						(Zip Code)

(309) 662-4444

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01 per share			HBT			The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On March 11, 2026, HBT Financial, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain institutional accredited investors and qualified institutional buyers (collectively, the “Purchasers”) pursuant to which the Company sold and issued $85.0 million in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Notes”). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The Company intends to use the net proceeds it received from the sale of the Notes for general corporate purposes, which may include potential share repurchases. The Purchase Agreement contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.

The Notes have a stated maturity of March 15, 2036, are redeemable, in whole or in part, on or after March 15, 2031, and at any time upon the occurrences of certain events. The Notes will bear interest at a fixed rate of 5.75% per year, from and including March 11, 2026 to, but excluding March 15, 2031, or earlier redemption date. From and including March 15, 2031 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 233 basis points. As provided in the Notes, the interest rate on the Notes during the applicable floating rate period may be determined based on a rate other than three-month term SOFR.

The Notes were offered and sold by the Company in a private placement transaction in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder. On March 11, 2026, in connection with the sale and issuance of the Notes, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with the Purchasers. Under the terms of the Registration Rights Agreement, the Company has agreed to take certain actions to provide for the exchange of the Notes for subordinated notes that are registered under the Securities Act and have substantially the same terms as the Notes (the “Exchange Offer”). Under certain circumstances, if the Company fails to meet its obligations under the Registration Rights Agreement, it would be required to pay additional interest to the holders of the Notes.

The Notes were issued under an Indenture, dated March 11, 2026 (the “Indenture”), by and between the Company and UMB, N.A., as trustee (the “Trustee”). The Notes are not subject to any sinking fund and are not convertible into or exchangeable, other than pursuant to the Exchange Offer, for any other securities or assets of the Company or any of its subsidiaries. The Notes are not subject to redemption at the option of the holder. Prior to March 15, 2031, the Company may redeem the Notes, in whole but not in part, only under certain limited circumstances set forth in the Indenture. On or after March 15, 2031, the Company may redeem the Notes, in whole or in part, at its option, on at any time. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the Notes being redeemed, together with any accrued and unpaid interest on the Notes being redeemed to but excluding the date of redemption.

Principal and interest on the Notes are subject to acceleration only in limited circumstances in the case of certain bankruptcy and insolvency-related events with respect to the Company. The Notes are unsecured, subordinated obligations of the Company, are not obligations of, and are not guaranteed by, any subsidiary of the Company, and rank junior in right of payment to the Company’s current and future senior indebtedness. The Notes are intended to qualify as Tier 2 capital of the Company for regulatory capital purposes.

The forms of the Purchase Agreement, the Registration Rights Agreement, the Indenture and the Notes are attached as Exhibits 10.1, 10.2, 4.1 and 4.2, respectively, to this Current Report on Form 8-K (the “Report”) and are incorporated herein by reference. The foregoing descriptions of the Purchase Agreement, the Registration Rights Agreement, the Indenture and the Notes are summaries and are qualified in their entirety by reference to the full text of such documents.

Item 2.03 Creation of a Direct Financing Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 7.01 Regulation FD Disclosure.

On March 11, 2026, the Company issued a press release announcing the completion of the offering of the Notes, a copy of which is furnished as Exhibit 99.1 to this Report.

In connection with the offering of the Notes, the Company delivered an investor presentation to potential investors on a confidential basis, a copy of which is furnished as Exhibit 99.2 to this Report.

The information contained in Item 7.01, including Exhibits 99.1 and 99.2 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Cautionary Note Regarding Forward-Looking Statements

This Report includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including but not limited to statements about the anticipated use of net proceeds from the offering, the Exchange Offer and other matters. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking statements presented in this Report are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this Report. Forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” “annualized,” “target” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. Factors that may cause actual results to differ materially from those made or suggested by the forward-looking statements contained in this Report include those identified in the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2026, and subsequent filings with the SEC. Any forward-looking statements presented herein are made only as of the date of this Report, 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.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number			Description of Exhibit
4.1			Indenture, dated March 11, 2026, by and between HBT Financial, Inc. and UMB Bank, N.A., as trustee.
4.2			Forms of 5.75% Fixed-to-Floating Rate Subordinated Note due 2036 (included as Exhibit A-1 and Exhibit A-2 to the Indenture filed as Exhibit 4.1 hereto).
10.1			Form of Subordinated Note Purchase Agreement, dated March 11, 2026, by and among HBT Financial, Inc. and the Purchasers.
10.2			Form of Registration Rights Agreement, dated March 11, 2026, by and among HBT Financial, Inc. and the Purchasers.
99.1			Press Release dated March 11, 2026.
99.2			Investor Presentation of HBT Financial, Inc.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 hereunto duly authorized.

			HBT FINANCIAL, INC.
			By:			/s/ Peter R. Chapman
						Name: Peter R. Chapman
						Title: Chief Financial Officer
Date: March 11, 2026

Exhibit 99.1

HBT Financial, Inc. Announces

Issuance of $85 Million in Subordinated Notes

Bloomington, IL, March 11, 2026 – HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial”), the holding company for Heartland Bank and Trust Company (“Heartland Bank”), today announced the issuance and sale of $85 million in aggregate principal amount of Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Notes”) to certain qualified institutional buyers and institutional accredited investors in a private placement transaction. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include potential share repurchases.

The Notes will bear interest at an initial fixed rate of 5.75% for five years and will reset quarterly thereafter to the then current three-month SOFR rate plus 233 basis points. The Company may redeem the Notes, in whole or in part, at its option, on or after March 15, 2031, or prior to such date, in whole but not in part, under certain limited circumstances. The Notes are intended to qualify as Tier 2 capital of the Company for regulatory purposes.

Piper Sandler & Co. acted as sole placement agent. Vedder Price P.C. served as legal counsel to the placement agent and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to the Company.

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, eastern Iowa, and suburban St. Louis through 83 full-service branches. As of December 31, 2025, HBT Financial had total assets of $5.1 billion, total loans of $3.5 billion, and total deposits of $4.4 billion.

CONTACT:

Peter Chapman

HBTIR@hbtbank.com

(309) 664-4556

Fixed Income Presentation March 2026 CONFIDENTIAL

2 Forward-Looking Statements Readers should note that in addition to the historical information contained herein, this presentation contains, and future oral and written statements of the HBT Financial, Inc. (the “Company”, “our” or “us”) 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 the words “believe,” “may,” “will,” “should,” “could,” “expect,” “estimate,” “intend,” “anticipate,” “project,” “plan,” “propose,” “seek,” “continue,” “predict,” as well as the negative forms of those words, or similar expressions. Any forward-looking statements presented herein are made only as of the date of this presentation, 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, conflicts in the Middle East and recent military activity in Venezuela), 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 securit ies 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 internal disclosure controls and procedures; (xxv) potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction with CNB Bank Shares, Inc. (“CNB”); (xxvi) the ultimate timing, outcome and results of integrating the operations of CNB into those of the Company; (xxvii) the effects of the merger with CNB in the Company’s future financial condition, results of operations, strategy and plans; and (xxviii) 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 are frequently based on assumptions that may or may not materialize and are subject to numerous uncertainties, 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.

3 Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures. While the Company believes these are useful measures for investors, they are not presented in accordance with GAAP. You should not consider non- GAAP measures in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Because not all companies use identical calculations, the presentation herein of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Tax-equivalent adjustments assume a federal tax rate of 21% and state tax rate of 9.5%. For a reconciliation of the non-GAAP measures we use to the most closely comparable GAAP measures, see the Appendix to this presentation. Disclaimers This Confidential Investor Presentation is confidential and does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company, or any of its affiliates or subsidiaries, including Heartland Bank and Trust Company. The information in this Confidential Investor Presentation may not be reproduced or redistributed, passed on or divulged, directly or indirectly, to any other person and is subject to the letter agreement regarding confidentiality between the Company and the original recipient of this Confidential Investor Presentation. The Company reserves the right to request the return of this Confidential Investor Presentation at any time. This Confidential Investor Presentation is for informational purposes only and is being furnished on a confidential basis to a limited number of institutional accredited investors and qualified institutional buyers. Any such offering may be made only by a purchase agreement and the information contained herein will be superseded in its entirety by such purchase agreement. This Confidential Investor Presentation does not contain all the information you should consider before investing in securities of the Company and should not be construed as investment, legal, regulatory or tax advice. Each potential investor should review the purchase agreement, make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities mentioned in this Confidential Investor Presentation (including, without limitation, reviewing the information being provided by the Company concurrently with this Confidential Investor Presentation) and should consult its own legal counsel and financial, accounting, regulatory and tax advisors to determine the consequences of such an investment prior to making an investment decision and should not rely on any information set forth in this Confidential Investor Presentation. The securities referenced in this Confidential Investor Presentation have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be re-offered or re-sold absent registration or an exemption from registration under applicable law. Such securities have not been approved or disapproved by the Securities and Exchange Commission, any state securities commission or any other regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of any proposed offering of these securities or the accuracy or adequacy of this Confidential Investor Presentation. Any representation to the contrary is a criminal offense. The securities mentioned in this presentation are not savings or deposit accounts and are not insured by the Federal Deposit Insurance Corporation or by any other government agency. Certain of the information contained in this Confidential Investor Presentation may be derived from information provided by industry sources. The Company believes that such information is accurate and that the sources from which it has been obtained are reliable. The Company cannot guarantee the accuracy of such information, however, and has not independently verified such information. Except where information is provided as of a specified date, this Confidential Investor Presentation speaks as of the date hereof. The delivery of this Confidential Investor Presentation will not, under any circumstances, create an implication that there has been no change in the affairs of the Company since the date of this Confidential Investor Presentation. The Company is not making any implied or express representation or warranty as to the accuracy or completeness of the information summarized herein or made available in connection with any further investigation of the Company. The Company expressly disclaims any and all liability which may be based on such information, errors therein or omissions therefrom.

4 Issuer: HBT Financial, Inc. Security Type: Fixed-to-Floating Subordinated Notes Due 2036 Offering Size: $75,000,000 Rating¹: BBB Kroll Issuance Type: Private Placement with Registration Rights Term: 10 Years Call: 5 Years Use of Proceeds: The Company shall use the net proceeds from the sale of Subordinated Notes for general corporate purposes and potential share repurchases Sole Placement Agent: Piper Sandler & Co Terms of Proposed Capital Raise 1 A credit rating is not a recommendation to buy, sell or hold any securities of the Company and may be revised or withdrawn at any time

5 Company Snapshot Overview ✓ Company incorporated in 1982 from a base of family-owned banks and completed its IPO in October 2019 ✓ Headquartered in Bloomington, Illinois, with operations throughout Illinois, eastern Iowa, and St. Louis ✓ Strong, granular, and low-cost deposit franchise with 1.16%* cost of deposits and 95.4% core deposits1 ✓ Conservative credit culture, with net charge-offs to average loans of 0.05% and 0.07% for the year ended December 31, 2024 and 2025, respectively ✓ High profitability sustained through economic cycles Loan Composition Deposit Composition Commercial Real Estate Note: Financial data as of and for the three months ended December 31, 2025 unless otherwise indicated; * Annualized measure; FTE: Fully tax equivalent; 1 Non-GAAP financial measure. See “Non-GAAP Reconciliations” in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. Commercial Financial Highlights ($mm) 2022 2023 2024 2025As of or for the year ended B a la n c e S h e e t Total assets $4,287 $5,073 $5,033 $5,071 Total loans 2,620 3,404 3,466 3,456 Total deposits 3,587 4,401 4,318 4,359 Core deposits (%)1 99.2 % 93.8 % 95.3 % 95.4 % Loans-to-deposits 73.0 % 77.3 % 80.3 % 79.3 % CET1 (%) 13.1 % 12.1 % 13.2 % 14.4 % TCE / TA1 8.1 % 8.2 % 9.4 % 10.8 % K e y P e rf o rm a n c e In d ic a to rs Adjusted ROAA1 1.31 % 1.59 % 1.50 % 1.58 % Adjusted ROATCE1 15.8 % 20.9 % 17.2 % 15.8 % NIM (FTE)1 3.60 % 4.15 % 4.01 % 4.17 % Yield on loans 4.91 % 6.04 % 6.36 % 6.34 % Cost of deposits 0.07 % 0.60 % 1.30 % 1.19 % Cost of funds 0.19 % 0.86 % 1.41 % 1.28 % Efficiency ratio (FTE)1 56.9 % 55.8 % 53.5 % 52.9 % C re d it NCOs / loans (0.08)% 0.01 % 0.05 % 0.07 % ACL / loans 0.97 % 1.18 % 1.21 % 1.21 % NPLs / loans 0.08 % 0.23 % 0.22 % 0.22 % NPAs / assets 0.12 % 0.17 % 0.16 % 0.17 %

6 Our History – Long track record of organic and acquisitive growth All five banks owned by HBT Financial, Inc. merge into Heartland Bank and Trust Company 1997 1964 - 1982 George Drake purchases El Paso National Bank and assembles group of banks in rural communities in central IL M.B. Drake starts bank in central IL 1920 HBT Financial, Inc. incorporates as a multi-bank holding company owning three banks 1982 1992 Fred Drake named President and CEO of Heartland Bank and Trust Company and leads its entry into Bloomington-Normal Acquisition1 of Lincoln S.B. Corp (State Bank of Lincoln) 2018 Wave of FDIC- assisted and strategic acquisitions, including expansion into the Chicago MSA 2010 - 2015 Entry into several new markets in central IL through de novo branches and acquisitions 1999 - 2008 2007 Company crosses $1bn in assets 2020 Merger of State Bank of Lincoln into Heartland Bank and Trust Company 2019 Completion of IPO in October 2023 Completed acquisition of Town and Country Financial Corporation 2026 Completed acquisition of CNB Bank Shares, Inc. 1 Although the Lincoln S.B. Corp transaction is identified as an acquisition above, the transaction was accounted for as a change of reporting entity due to its common control with the Company Entry into Iowa with NXT Bank acquisition 2021

7 Central Illinois branches Chicago MSA branches St. Louis MSA branches Iowa branches Our Markets ¹ Balances shown pro forma for CNB acquisition; Source: S&P Capital IQ; Financial data as of December 31, 2025. Full-Service Branch Locations $5.8bn $4.8bn 84 Locations Deposits¹ Loans¹ Full-Service Branches

8 Business Strategy ◼Drake family involved in central Illinois banking since 1920 ◼Management lives and works in our communities ◼Community banking and relationship-based approach stems from adherence to our Midwestern values ◼Committed to providing products and services to support the unique needs of our customer base ◼ Vast majority of loans originated to borrowers residing within 60 miles of a branch ◼Robust underwriting standards will remain a hallmark of the Company ◼Maintained sound credit quality and minimal originated problem asset levels during the Great Recession ◼Diversified loan portfolio primarily within footprint ◼Underwriting continues to be a strength as evidenced by NCOs / loans of 0.05% during 2024 and 0.07% during 2025; NPLs / loans of 0.22% at 4Q24 and 0.22% at 4Q25 ◼ Positioned to be the acquirer of choice for many potential partners in and adjacent to our existing markets ◼ Successful integration of 10 community bank acquisitions2 since 2007 ◼Chicago MSA, in particular, has ~70 banking institutions with less than $2bn in assets ◼ 1.50% adjusted ROAA3 and 4.01% NIM (FTE)4 during 2024; 1.58% adjusted ROAA3 and 4.17% NIM (FTE)4 during 2025 ◼Highly profitable through the Great Recession and the COVID-19 pandemic ◼Highly defensible market position (Top 2 deposit share rank in 6 of 7 of our largest central Illinois markets1) contributes to our strong core deposit base and funding advantage ◼Continued deployment of our excess deposit funding (79% loan- to-deposit ratio as of 4Q25) into attractive loan opportunities in larger, more diversified markets ◼ Efficient decision-making process provides a competitive advantage over the larger and more bureaucratic money center and super regional financial institutions that compete in our markets Preserve strong ties to our communities Deploy excess deposit funding into loan growth opportunities Maintain a prudent approach to credit underwriting Pursue strategic acquisitions and sustain strong profitability Small enough to know you, big enough to serve you FTE: Fully tax equivalent; 1 Source: S&P Capital IQ, data as of June 30, 2025; 2 Includes merger with Lincoln S.B. Corp in 2018, although the transaction was accounted for as a change of reporting entity due to its common control with Company; 3 Metrics based on adjusted net income, which is a non-GAAP metric; for reconciliation with GAAP metrics, see “Non-GAAP reconciliations” in Appendix; 4 Metrics presented on tax-equivalent basis; for reconciliation with GAAP metric, see “Non-GAAP reconciliations” in Appendix.

9 Experienced executive management team with deep community ties Fred L. Drake Executive Chairman 42 years with Company 45 years in industry J. Lance Carter President and Chief Executive Officer 24 years with Company 32 years in industry Lawrence J. Horvath Chief Lending Officer 15 years with Company 40 years in industry Mark W. Scheirer Chief Credit Officer 14 years with Company 33 years in industry Andrea E. Zurkamer Chief Risk Officer 12 years with Company 25 years in industry Diane H. Lanier Chief Retail Officer 28 years with Company 40 years in industry Peter Chapman Chief Financial Officer 3 years with Company 32 years in industry

10 Talented Board of Directors with deep financial services industry experience Fred L. Drake Executive Chairman • Director since 1984 • 42 years with Company • 45 years in industry J. Lance Carter Director • Director since 2011 • President & CEO of HBT Financial and Heartland Bank • 24 years with Company • 32 years in industry Patrick F. Busch Director • Director since 1998 • Vice Chairman of Heartland Bank • 30 years with Company • 47 years in industry Eric E. Burwell Director • Director since 2005 • Owner, Burwell Management Company Linda J. Koch Director • Director since 2020 • Former President & CEO of the Illinois Bankers Association • 36 years in industry Gerald E. Pfeiffer Director • Director since 2019 • Former Partner at CliftonLarsonAllen LLP • Over 50 years of industry experience Allen C. Drake Director • Director since 1981 • Retired EVP with 27 years of experience at Company Dr. C. Alvin Bowman Director • Director since 2019 • Former President of Illinois State University • 36 years in higher education Roger A. Baker Director • Director since 2022 • Former Chairman & President of NXT Bancorporation • 15 years in industry James T. Ashworth Director • Director since 2026 • Former President & Vice Chairman of CNB Bank Shares, Inc. • Over 47 years in industry Nancy L. Ruyle Director • Director since 2026 • Former Senior Partner at Ruyle & Sims • Over 40 years of legal experience

11 Investment Highlights 3 1 2 4 Track record of successfully integrating acquisitions Consistent performance through economic cycles and consistent out-performance of peers drives long-term shareholder value Strong, granular, low-cost deposit base provides funding for diversified loan portfolio and loan growth opportunities Prudent risk management

12 Consistent performance through economic cycles. . . Drivers of Profitability Strong, granular, low-cost deposits1 Relationship-based business model that has allowed us to cultivate and underwrite attractively priced loans A robust credit risk management framework to prudently manage credit quality Diversified sources of fee income, including in wealth management 4 Consistent out-performance, even during periods of broad economic stress 1 2 3 1 Source: S&P Capital IQ as available on February 25, 2026; For 2006 through June 30, 2012, the Company’s pre-tax ROAA does not include Lincoln S.B. Corp. and its subsidiaries; 1 Non-GAAP financial measure. See “Non-GAAP Reconciliations” in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures; 2 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in peer group median. 2

13 . . . and consistent out-performance of peers. . .1 Robust Capitalization Superior Profitability Exceptional Funding Base Conservative Credit Underwriting 1 11 1 Source: S&P Capital IQ as available on February 25, 2026; 1 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in peer group median.

14 . . . drives long-term shareholder value1 Cumulative Total Return (Initial investment of $100 and reinvestment of dividends) 1 Source: S&P Capital IQ as available on February 25, 2026; 1 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in peer group median. 1 Year 3 Years 5 Years HBT 22.2 % 47.1 % 103.4 % Peer Median1 9.3 % 37.4 % 75.9 % S&P 600 Small Cap Bank Index 4.6 % 17.8 % 47.3 % Cumulative Total Return (%) (Includes reinvestment of dividends) Industry Recognition ◼Ranked 1st out of 200 in the Forbes 2026 America's Best Banks ranking (based on 2025 results) ◼Ranked 16th out of 208 in S&P Global Market Intelligence's 2024 large US community bank ranking ◼Ranked 6th out of community banks with total assets of $5bn to $10bn and 7th out of 300 publicly traded banks overall in Bank Director's The Best U.S. Banks 2025 edition

15 Strong, granular, low-cost deposit base provides funding for . . . Cost of Deposits (%) Remains Consistently Below Peers 1 2 As of 12/31/25 Number of Accounts (000) Average Account Balance ($000) Weighted Average Age (Years) Noninterest-bearing 76 $13 15.3 Interest-bearing demand 53 19 20.9 Money market 6 124 11.5 Savings 44 13 18.0 Time 17 43 2.3 Total deposits 195 $21 14.0 Deposit Base Characteristics2 Source: S&P Capital IQ as available on February 25, 2026; 1 See "Peer Group Members" in the Appendix for listing of the publicly-traded bank holding companies included in peer group median; 2 Excludes overdrawn deposit accounts, reciprocal deposit accounts, and internal HBT accounts. ◼Deposit beta consistently below peers, in both rising rate and falling rate environments ◼Core deposits to total deposits3 of 95.4% as of December 31, 2025, with no reliance on brokered deposits ◼ Short duration time deposits have a weighted average remaining maturity of 4.9 months and a weighted average rate of 3.14% as of December 31, 2025 1

16 . . . diversified loan portfolio and loan growth opportunities2 December 31, 2025 Balance ($000) Percent Commercial and industrial $ 399,760 11.6 % Commercial real estate - owner occupied 320,434 9.3 % Commercial real estate - non- owner occupied 937,094 27.0 % Construction and land development 280,254 8.1 % Multi-family 544,941 15.8 % One-to-four family residential 445,463 12.9 % Agricultural and farmland 275,251 8.0 % Municipal, consumer, and other 253,012 7.3 % Total loans $ 3,456,209 100.0 % Diversified Loan Portfolio Chicago MSA ◼ Entered market in 2011 with acquisition of Western Springs National Bank ◼ In-market disruption from recent bank M&A in Chicago MSA has provided attractive source of local talent ◼ Scale and diversity of Chicago MSA provides continued growth opportunities, both in lending and deposits ◼ Loan growth in Chicago MSA spread across a variety of commercial asset classes, including multi-family, mixed use, industrial, retail, and office ◼Chicago MSA region loans grew 5.5% over the last 12 months Central Illinois ◼Deep-rooted market presence expanded through several acquisitions since 2007 ◼Central Illinois markets have been resilient during previous economic downturns ◼ Town and Country merger has provided very strong market share in a number of new markets and opportunities to expand customer relationships with HBT’s greater ability to meet larger borrowing needs Iowa ◼ Entered market in 2021 with acquisition of NXT Bancorporation, Inc. ◼Continued opportunity to accelerate loan growth in Iowa thanks to HBT’s larger lending limit and ability to add to talented banking team ◼ Iowa region loans grew 5.3% over the last 12 months Loan Growth Opportunities

17 2026 CNB Bank Shares, Inc. (CNB Bank & Trust, N.A.) Carlinville, IL $1.5bn deposits Track record of successfully integrating acquisitions BankPlus Morton, IL $231mm deposits 2007 2012 Bank of Illinois Normal, IL FDIC-assisted $176mm deposits Western Springs National Bank Western Springs, IL FDIC-assisted $184mm deposits 2011 Citizens First National Bank Princeton, IL FDIC-assisted $808mm deposits Farmer City State Bank Farmer City, IL $70mm deposits 20182010 Bank of Shorewood Shorewood, IL FDIC-assisted $105mm deposits Lincoln S.B. Corp (State Bank of Lincoln)1 Lincoln, IL $357mm deposits 2021 NXT Bancorporation, Inc. (NXT Bank) Central City, IA $182mm deposits 2015 National Bancorp, Inc. (American Midwest Bank) Schaumburg, IL $447mm deposits 2023 Town and Country Financial Corporation (Town and Country Bank) Springfield, IL $720mm deposits 3 1 Although the Lincoln Acquisition is identified as an acquisition in the above table, the transaction was accounted for as a change of reporting entity due to its common control with Company

18 Overview of CNB Bank Shares, Inc. • CNB Bank & Trust, N.A., the bank subsidiary for CNBN, has roots going back to 1888 • CNBN operates through 18 branches in central Illinois, St. Louis MSA, and southern Chicago suburbs • Profitable bank with MRQ ROAA and ROAE of 0.94% and 10.8%, respectively ¹ • Diverse loan-base with 25% commercial (including C&I and owner-occupied CRE), 36% commercial real estate (including nonowner-occupied CRE, construction and land development, and multi-family), and 25% agriculture and farmland 2 • Stable deposit base reflects strong community ties and loyalty of rural customers • Strong financial stability and significant growth opportunities, with gross loans representing 85% of total deposits ¹ CNBN (18) Branch Footprint $1.8bn Assets $1.3bn Loans $1.5bn Deposits 0.94% MRQ ROAA 3.49% MRQ NIM 0.31% NPAs / Assets Financial Highlights¹ 1) Data per September 30, 2025 company reports 2) Data per June 30, 2025 bank-level regulatory filing 3

19 CNB Transaction Highlights • Increased operating scale with assets of approximately $6.9 billion pro forma • CNB’s suburban southwestern Chicago branches contribute $502 million of loans while the St. Louis metropolitan branches add $528 million of loans and have historically had solid organic loan growth • Enhances ability to attract and retain top talent in Chicago and St. Louis MSAs • Culturally aligned with shared relationship-based approach and commitment to the communities we serve • Continues HBT’s growth strategy by merging with a high-performing community bank with a strong core deposit franchise • Jim Ashworth and Nancy Ruyle both joined the HBT Financial, Inc. Board of Directors and Heartland Bank and Trust Company Board of Directors post-closing • CNB Bank & Trust, N.A. President & CEO Andy Tinberg joined Heartland Bank and Trust Company as a senior executive officer Strategically Compelling Financially Attractive • Anticipated EPS accretion of 19% in first full-year with cost savings • Manageable TBV dilution of 3.3% at closing with an earnback of less than 1 year using the crossover method • Creates significant value for both HBT and CNB shareholders Low Risk Transaction • Partners two highly compatible franchises with deep roots in central Illinois • Similar conservative credit cultures and diversified loan portfolios • Strong pro forma capital ratios • HBT completed a comprehensive due diligence process with 71% of loan portfolio (by balance) reviewed and is an experienced acquirer with a core competency in integration processes 3

20 Prudent risk management ◼Risk management culture instilled by management ◼Well-diversified loan portfolio across commercial, regulatory CRE, and residential ◼ Primarily originated across in-footprint borrowers ◼Centralized credit underwriting group that evaluates the vast majority of exposures over $750,000 to ensure uniform application of policies and procedures ◼Conservative credit culture, strong underwriting criteria, and regular loan portfolio monitoring ◼ Between a robust internal review process and annual third-party reviews, more than 45% of loan commitments are reviewed on a rolling 24 month basis Strategy and Risk Management ◼Majority of directors are independent, with varied expertise and backgrounds ◼ Board of directors has an established Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee, and Enterprise Risk Management (ERM) Committee ◼ ERM program embodies the “three lines of defense” model and promotes business line risk ownership ◼ Independent and robust internal audit structure, reporting directly to our Audit Committee ◼ Strong compliance culture and compliance management system ◼Code of Ethics and other governance documents are available at ir.hbtfinancial.com Data Security & Privacy ◼Robust data security program, and under our privacy policy, we do not sell or share customer information with non-affiliated entities ◼ Formal company-wide business continuity plan covering all departments, as well as a cybersecurity program that includes internal and outsourced, independent testing of our systems and employees Comprehensive Enterprise Risk Management Disciplined Credit Risk Management Historical Net Charge-Offs (%) 4

21 Exceptional asset quality Strong profitability and tangible book value growth Resilient net interest margin supported by low cost deposit base ◼Nonperforming assets represented only 0.17% of total assets at December 31, 2025, compared to 0.17% at September 30, 2025 ◼Net charge-offs represented only 0.10% of average loans on an annualized basis during Q4 2025, or 0.07% for the year ended December 31, 2025, compared to 0.02% of average loans on an annualized basis during Q3 2025 ◼Net income of $18.9 million, or $0.60 per diluted share; return on average assets (ROAA) of 1.47% and return on average tangible common equity (ROATCE)1 of 14.08% ◼ Adjusted net income1 of $20.1 million, or $0.64 per diluted share; adjusted ROAA1 of 1.57% and adjusted ROATCE1 of 14.97% ◼ Tangible book value per share1 increased 3.4% from September 30, 2025 and 16.2% from December 31, 2024 ◼Resilient net interest margin of 4.12% and a net interest margin (tax-equivalent basis)1 of 4.16%, down only 1 and 2 basis points, respectively, compared to Q3 2025 ◼Cost of funds decreased 6 basis points to 1.23% and total cost of deposits decreased 3 basis points to 1.16% ◼ Total deposits increased $12.1 million, or an increase of $62.1 million when excluding the $50.0 million of wealth management customer money market deposits that were moved off-balance sheet during Q4 2025 Q4 2025 Highlights Note: Financial data as of and for the three months ended December 31, 2025 unless otherwise indicated; 1 See "Non-GAAP reconciliations" in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

22 Earnings Overview Prior Quarter Current Quarter ($000) 3Q25 Non-GAAP Adj.1 Adjusted 3Q251 4Q25 Non-GAAP Adj.1 Adjusted 4Q251 Interest and dividend income $64,336 $— $64,336 $64,391 $— $64,391 Interest expense 14,350 — 14,350 13,848 — 13,848 Net interest income 49,986 — 49,986 50,543 — 50,543 Provision for credit losses 596 — 596 1,463 — 1,463 Net interest income after provision for credit losses 49,390 — 49,390 49,080 — 49,080 Noninterest income 9,849 570 10,419 9,895 461 10,356 Noninterest expense 32,508 (391) 32,117 33,061 (999) 32,062 Income before income tax expense 26,731 961 27,692 25,914 1,460 27,374 Income tax expense 6,966 274 7,240 6,976 259 7,235 Net income $19,765 $687 $20,452 $18,938 $1,201 $20,139 Highlights Relative to Previous Quarter 2 ◼Net interest income increased $0.6 million from the third quarter of 2025 with a decrease in funding costs and higher average interest- earning asset balances partially offset by lower yields on loans as a result of decreases in benchmark interest rates ◼Net interest margin decreased 1 basis point to 4.12% ◼ Total provision for credit losses, consisting of $0.6 million for loans and $0.8 million for unfunded commitments, primarily reflects increases due to higher loan balances and changes in the portfolio, partially offset by decreases in specific reserves ◼Noninterest income was consistent with the third quarter of 2025, with improvements in wealth management fees and the mortgage servicing rights fair value adjustment mostly offset by fluctuations in the gains and losses recognized on the sale of foreclosed assets ◼ Excluding $1.0 million of acquisition-related expenses, the $0.4 million decrease in noninterest expense was primarily attributable to the absence of a $0.4 million loss on the extinguishment of debt, associated with the early payoff of $40.0 million of subordinated notes during September 2025 4Q25 NIM Analysis* Note: Financial data as of and for the three months ended December 31, 2025 unless otherwise indicated; * Annualized measure; 1 Non-GAAP financial measure. See “Non-GAAP Reconciliations” in the Appendix for reconciliation of non- GAAP financial measures to their most closely comparable GAAP financial measures; 2 Reflects contribution of loan interest income to net interest margin, excluding loan discount accretion, nonaccrual interest recoveries, and loan fees.

23 Deposit Overview Deposit Base Highlights ◼ Highly granular deposit base with balances up $12.1 million during the fourth quarter of 2025, despite $50.0 million of wealth management customer money market deposits that were moved off-balance sheet due to strong liquidity during the quarter ◼ Top 100 depositors, by balance, make up 15% of our deposit base, and the top 200 depositors make up 19% as of December 31, 2025 ◼ Excluding reciprocal deposit accounts, account balances consist of 70% retail, 21% business, and 9% public funds as of December 31, 2025 ◼ Uninsured and uncollateralized deposits estimated to be $632 million, or 14% of total deposits, as of December 31, 2025 ◼ 93% of time deposits scheduled to reprice during 2026 Interest Costs* 4Q25 Spot Interest Rates2 As of 12/31/25 Interest-bearing demand 0.63 % 0.62 % Money market 2.11 % 1.98 % Savings 0.28 % 0.28 % Time 3.16 % 3.14 % Total interest-bearing deposits 1.54 % 1.49 % Total deposits 1.16 % 1.13 % 1 Latest Rising Rate Cycle Deposit Beta (4Q21 to 2Q24): 23.6% Current Falling Rate Cycle Deposit Beta (3Q24 to 4Q25): 13.5% 1 Rate Data Source: St. Louis FRED; * Annualized measure; 1 Represents quarterly average of federal funds target rate upper limit; 2 Weighted average spot interest rates do not include impact of purchase accounting adjustment amortization. 1

24 Net Interest Margin Annual Quarterly FTE NIM*1 GAAP NIM* Accretion of acquired loan discounts contribution to NIM* FTE NIM1 GAAP NIM Accretion of acquired loan discounts contribution to NIM ◼ Fourth quarter 2025 net interest margin and net interest margin (tax- equivalent basis)1 decreased 1 and 2 basis points, respectively, from the prior quarter ◼ 33% of the loan portfolio matures or reprices within the next 3 months and 41% of the loan portfolio matures or reprices within the next 12 months Scheduled Fixed Rate Loan Maturities ($000) 1Q26 2Q26 3Q26 4Q26 Balance $ 139,037 $ 127,848 $ 53,369 $ 63,773 Weighted Average Interest Rate2 5.82 % 5.09 % 4.69 % 4.13 % Note: Financial data as of and for the three months ended December 31, 2025 unless otherwise indicated; * Annualized measure; 1 Tax-equivalent basis metric; see "Non-GAAP reconciliations" in the Appendix for reconciliation of non- GAAP financial measures to their most closely comparable GAAP financial measures; 2 Weighted average interest rates does not include impact of purchase accounting adjustment amortization or deferred loan fee amortization. 3bps 2bps 9bps 9bps 8bps 9bps 9bps 8bps 7bps 7bps

25 Loan Portfolio Overview: Commercial and Commercial Real Estate ◼ $1.76 billion portfolio as of December 31, 2025 ◼ $937 million in non-owner occupied CRE loans primarily supported by rental cash flow of the underlying properties ◼ $280 million in construction and land development loans2 primarily to developers for properties to sell upon completion or for long-term investment ◼ $545 million in multi-family loans secured by 5+ unit apartment buildings ◼Office CRE exposure characterized by solid credit metrics as of December 31, 2025 with none rated substandard, none past due 30 days or more, and a weighted average LTV of 57% Commercial Real Estate PortfolioCommercial Loan Portfolio ◼ $720 million portfolio as of December 31, 2025 ◼ $400 million in C&I loans primarily for working capital, asset acquisition, and other business purposes ◼ $320 million in owner-occupied CRE ◼Underwritten primarily based on borrower’s cash flow and majority further supported by collateral and personal guarantees; loans based primarily in- market1 1 Market area defined as within 60 miles of a branch; 2 Construction and land development loans presented by property type in chart

26 Loan Portfolio Overview: Selected Portfolios ◼ $275 million portfolio as of December 31, 2025 ◼ Borrower operations focus primarily on corn and soybean production ◼ Federal crop insurance programs mitigate production risks ◼No customer accounts for more than 2% of the agriculture portfolio ◼Weighted average LTV on farmland loans is 47% ◼ 4.5% is rated substandard as of December 31, 2025 ◼ 70% of agricultural borrowers have been with the Company for at least 10 years, and 51% for more than 20 years ◼ $253 million portfolio as of December 31, 2025 ◼Commercial tax-exempt loans which are sponsored by municipal entities for the benefit of a private entity where that private entity is responsible for repayment ◼ $42.6 million in senior living facility loans ◼ $19.8 million in medical facility loans ◼ Loans to non-depository institutions primarily secured by assignments of notes and mortgages to third party borrowers to fund real estate projects ◼ Loans to municipalities are primarily federally tax-exempt Municipal, Consumer and OtherAgriculture and Farmland

27 Loan Portfolio Overview: ACL and Asset Quality 4Q25 ACL on Loans Activity ($000) Watch List and Nonaccrual Loans ($000) As of 9/30/25 Change As of 12/31/25 Pass-Watch $ 89,732 $ 42,034 $ 131,766 Special Mention 15,090 (3,302) 11,788 Substandard 80,093 (9,350) 70,743 Nonaccrual1 7,637 (81) 7,556 CECL Methodology and Oversight ◼Discounted cash flow method utilized for majority of loan segments, except weighted average remaining maturity method used for consumer loans ◼Credit loss drivers determined by regression analysis includes Company and peer loss data and macroeconomic variables, including unemployment and GDP ◼ ACL / Loans of 1.21% as of December 31, 2025 ◼ ACL Committee provides model governance and oversight ACL on Unfunded Commitments ◼ ACL on unfunded lending-related commitments was $4.1 million as of December 31, 2025 1 Includes $2.2 million of loans that are wholly or partially guaranteed by the U.S. government as of December 31, 2025.

28 Wealth Management Overview Comprehensive Wealth Management Services ◼ Proprietary investment management solutions ◼ Financial planning ◼ Trust and estate administration Wealth Management Revenue Trends ($mm) Agricultural Services ◼ Farm management services: over 78,000 acres managed as of December 31, 2025 ◼Real estate brokerage including auction services ◼ Farmland appraisals $12.1 $7.2 $8.4 $9.2 $9.9 Over $2.4 billion of assets under management or administration as of December 31, 2025 $11.0

29 Securities Portfolio Overview Securities Overview Key Investment Portfolio Metrics ($000) AFS HTM Total Amortized Cost $ 841,867 $ 458,746 $ 1,300,613 Unrealized Gain/(Loss) (28,766) (31,947) (60,713) Allowance for Credit Losses — — — Fair Value 813,101 426,799 1,239,900 Book Yield 3.26 % 2.42 % 2.97 % Effective Duration (Years) 3.49 3.71 3.56 Amortized Cost: $1,301mm Book Yield: 2.97% Book Yield: 2.61% Book Yield: 1.33% Book Yield: 2.10% Book Yield: 4.04% Book Yield: 5.89% ◼Company’s debt securities consist primarily of the following types of fixed income instruments: ◼ Agency guaranteed MBS: MBS pass-throughs, CMOs, and CMBS ◼Municipal bonds: weighted average NRSRO credit rating of Aa2/AA ◼ Treasury, government agency debentures, and SBA-backed full faith and credit debt ◼Corporate bonds: Investment-grade corporate and bank subordinated debt ◼ Investment strategy focused on maximizing returns and managing the Company’s asset sensitivity with high credit quality intermediate duration investments ◼Company emphasizes predictable cash flows that limit faster prepayments when rates decline or extended durations when rates rise ◼During the quarter, $67.4 million of debt securities were purchased with excess liquidity on hand to maintain portfolio duration Expected Debt Securities Principal Cash Flows ($000) 1Q26 2Q26 3Q26 4Q26 Expected Principal Cash Flows1 $ 39,137 $ 24,016 $ 35,108 $ 44,101 Book Yield 2.48 % 3.39 % 3.15 % 2.61 % Financial data as of December 31, 2025, unless otherwise indicated; 1 Expected principal cash flows includes contractual maturities, projected calls, and projected mortgage-backed principal payments based on industry recognized prepayment models as of December 31, 2025.

30 Capital and Liquidity Overview As of 12/31/25 Balance of Cash and Cash Equivalents $122,269 Market Value of Unpledged Securities 845,524 Available FHLB Advance Capacity 1,058,052 Available FRB Discount Window Capacity 108,840 Available Fed Fund Lines of Credit 80,000 Total Estimated Sources of Liquidity $2,214,685 Capital and Liquidity Highlights ◼ All capital measures remain well above regulatory requirements ◼Decrease in CET1 risk-based capital ratio in 2023 was primarily a result of the Town and Country acquisition ◼ If all unrealized losses on debt securities, regardless of accounting classification, were included in tangible equity, tangible common equity to tangible assets would be 10.41%1 ◼With the loan to deposit ratio at 79%, there is more than sufficient on-balance sheet liquidity that is also supplemented by multiple untapped liquidity sources 1 1 Non-GAAP financial measure. See “Non-GAAP Reconciliations” in the Appendix for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. Liquidity Sources ($000)

31 Near-Term Outlook ◼The following guidance is for HBT on a standalone basis (excluding the CNB merger): ◼Loan volumes are expected to be down slightly in 1Q26, due to seasonal paydowns and up low-single digits during 2026. ◼Based on the current yield curve, balance sheet composition, and probability of two effective federal funds target rate reductions, we expect modest NIM expansion during 2026. ◼We expect noninterest income to grow in the low-single digits during 2026. ◼Noninterest expense is expected to be between $32 million and $34 million per quarter, up approximately 3% from 2025. ◼Asset quality is expected to remain solid, although asset quality metrics and charge-offs could deteriorate slightly should the economy soften. Additionally, deterioration in the outlook for unemployment and GDP may generate volatility in the ACL calculation. ◼The CNB merger closed on March 1, 2026. Integration planning is progressing as planned and there have not been any material changes to our expectations regarding the financial impact of the merger since our announcement.

32 Double Leverage and Interest Coverage $75M Proposed Offering Pro Forma for CNB and $75M Proposed Offering³ Net Proceeds from Proposed Holding Company Subordinated Debt Offering¹ $73,800 $73,800 Double Leverage $ in thousands For the Period Ended: 2021Y 2022Y 2023Y 2024Y 2025Y 2025Y Bank-Level Common Equity $461,339 $422,217 $563,513 $618,914 $654,269 $791,396 Consolidated Common Equity $411,881 $373,632 $489,496 $544,605 $615,498 $752,625 Double Leverage Ratio 112.0% 113.0% 115.1% 113.6% 106.3% 105.2% Net Proceeds from Proposed Holding Company Subordinated Debt Offering¹ $73,800 $73,800 Illustrative 100% of Proceeds Downstreamed to Bank Net Proceeds from Proposed Holding Company Subordinated Debt Offering Downstreamed to Bank $73,800 $73,800 Pro Forma Bank-Level Equity $728,069 $865,196 Pro Forma Consolidated Equity $615,498 $752,625 Pro Forma Double Leverage Ratio 118.3% 115.0% Interest Coverage For the Years Ended: 2021Y 2022Y 2023Y 2024Y 2025Y 2025Y Total Deposit Interest $2,472 $2,511 $25,135 $56,047 $51,689 $81,595 Other Borrowed Interest $3,348 $4,669 $12,792 $6,803 $5,200 $10,091 Total Interest Expense $5,820 $7,180 $37,927 $62,850 $56,889 $91,686 Pre-Tax Net Income $76,562 $76,190 $88,581 $97,383 $104,506 $141,543 Interest Coverage (including deposit expense) 14.15x 11.61x 3.34x 2.55x 2.84x 2.54x Interest Coverage (excluding deposit expense) 23.87x 17.32x 7.92x 15.31x 21.10x 15.03x New Holding Company Sub Debt Expense (6.00% coupon for illustrative purposes) $4,500 $4,500 Pro Forma Interest Coverage (including deposit expense)² 2.63x 2.42x Pro Forma Interest Coverage (excluding deposit expense)² 11.31x 10.39x 1 Assumes $75.0 million gross sub debt offering and net proceeds of $73.8 million after gross spread of 1.00% and $450k of additional placement agent costs; 2 Illustrative coupon of 6.00%; ³ Equity for double leverage includes purchase accounting marks. Income / expense for interest coverage excludes purchase accounting accretion and includes cost savings.

33 Illustrative Pro Forma Capital Ratios 10. 12.3 1 . 15. 16. 9.2 10.2 12.0 12.9 13. 9.1 10.1 11.9 12.9 15.1 TCE TA Leverage Ratio CET1 Ratio Tier 1 RBC Ratio Total RBC Ratio Pro Forma for CNB(1) Pro Forma for CNB + Offering(2) HBT Standalone As of December 31, 2025 1 Pro forma for CNB. Amounts based on December 31, 2025 and include purchase accounting adjustments; 2 Pro forma for $75 million proposed subordinated notes offering. Assumes 20% risk asset weighting on net proceeds; ³ Represents a non-GAAP financial measure. See Appendix for a reconciliation of these measures. Note: All offering assumptions are for illustrative purposes only.

34 Appendix

35 Non-GAAP Reconciliations Adjusted Net Income and Adjusted ROAA ($000) 2022 2023 2024 2025 3Q25 4Q25 Net income $ 56,456 $ 65,842 $ 71,780 $ 77,008 $ 19,765 $ 18,938 Adjustments: Acquisition expenses1 (1,092) (13,691) — (999) — (999) Loss on extinguishment of debt — — — (391) (391) — Gains (losses) on closed branch premises 141 75 (635) 2 (7) — Realized losses on sale of securities — (1,820) (3,697) (200) (49) (151) Mortgage servicing rights fair value adjustment 2,153 (1,615) (174) (1,883) (514) (310) Total adjustments 1,202 (17,051) (4,506) (3,471) (961) (1,460) Tax effect of adjustments2 (551) 4,711 1,284 832 274 259 Total adjustments after tax effect 651 (12,340) (3,222) (2,639) (687) (1,201) Adjusted net income $ 55,805 $ 78,182 $ 75,002 $ 79,647 $ 20,452 $ 20,139 Average assets $ 4,269,873 $ 4,927,904 $ 5,008,083 $ 5,048,549 $ 5,027,161 $ 5,099,275 Return on average assets 1.32 % 1.34 % 1.43 % 1.53 % 1.56 %* 1.47 %* Adjusted return on average assets 1.31 % 1.59 % 1.50 % 1.58 % 1.61 %* 1.57 %* * Annualized measure; 1 Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million subsequent to the Town and Country merger during first quarter of 2023; 2 Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

36 Non-GAAP Reconciliations Adjusted Earnings Per Share ($000) 4Q25 Numerator: Net income $ 18,938 Adjusted net income $ 20,139 Denominator: Weighted average common shares outstanding 31,434,409 Dilutive effect of outstanding restricted stock units 124,596 Weighted average common shares outstanding, including all dilutive potential shares 31,559,005 Earnings per share - basic $ 0.60 Earnings per share - diluted 0.60 Adjusted earnings per share - basic $ 0.64 Adjusted earnings per share - diluted 0.64

37 Non-GAAP Reconciliations (cont’d) ROATCE, Adjusted ROAE, and Adjusted ROATCE ($000) 2022 2023 2024 2025 Total stockholders’ equity $ 383,306 $ 450,928 $ 515,368 $ 581,449 Less: goodwill (29,322) (57,266) (59,820) (59,820) Less: core deposit intangible assets (1,480) (20,272) (19,247) (16,437) Average tangible common equity $ 352,504 $ 373,390 $ 436,301 $ 505,192 Net income $ 56,456 $ 65,842 $ 71,780 $ 77,008 Adjusted net income 55,805 78,182 75,002 79,647 Return on average stockholders’ equity 14.73 % 14.60 % 13.93 % 13.24 % Return on average tangible common equity 16.02 % 17.63 % 16.45 % 15.24 % Adjusted return on average stockholders’ equity 14.56 % 17.34 % 14.55 % 13.70 % Adjusted return on average tangible common equity 15.83 % 20.94 % 17.19 % 15.77 %

38 Non-GAAP Reconciliations (cont’d) ($000) 2021 2022 2023 2024 2025 Net interest income $ 122,403 $ 145,874 $ 191,072 $ 188,850 $ 198,895 Tax-equivalent adjustment1 2,028 2,499 2,758 2,242 2,203 Net interest income (tax-equivalent basis)1 $ 124,431 $ 148,373 $ 193,830 $ 191,092 $ 201,098 Average interest-earnings assets $ 3,846,473 $ 4,118,124 $ 4,675,025 $ 4,769,671 $ 4,819,667 Net interest margin 3.18 % 3.54 % 4.09 % 3.96 % 4.13 % Tax-equivalent adjustment1 0.05 % 0.06 % 0.06 % 0.05 % 0.04 % Net interest margin (tax-equivalent basis)1 3.23 % 3.60 % 4.15 % 4.01 % 4.17 % Net Interest Income (tax-equivalent basis) and Net Interest Margin (tax-equivalent basis) Net Interest Income (tax-equivalent basis) and Net Interest Margin (tax-equivalent basis) ($000) 4Q24 1Q25 2Q25 3Q25 4Q25 Net interest income $ 47,401 $ 48,708 $ 49,658 $ 49,986 $ 50,543 Tax-equivalent adjustment1 562 545 548 552 558 Net interest income (tax-equivalent basis)1 $ 47,963 $ 49,253 $ 50,206 $ 50,538 $ 51,101 Average interest-earnings assets $ 4,758,334 $ 4,798,021 $ 4,808,213 $ 4,800,519 $ 4,871,320 Net interest margin 3.96 %* 4.12 %* 4.14 %* 4.13 %* 4.12 %* Tax-equivalent adjustment1 0.05 %* 0.04 %* 0.05 %* 0.05 %* 0.04 %* Net interest margin (tax-equivalent basis)1 4.01 %* 4.16 %* 4.19 %* 4.18 %* 4.16 %* * Annualized measure; 1 Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

39 Non-GAAP Reconciliations (cont’d) Efficiency Ratio (tax-equivalent basis) ($000) 2022 2023 2024 2025 Total noninterest expense $ 105,107 $ 130,964 $ 124,007 $ 129,418 Less: amortization of intangible assets (873) (2,670) (2,839) (2,726) Noninterest expense excluding amortization of intangible assets $ 104,234 $ 128,294 $ 121,168 $ 126,692 Net interest income $ 145,874 $ 191,072 $ 188,850 $ 198,895 Total noninterest income 34,717 36,046 35,571 38,190 Operating revenue 180,591 227,118 224,421 237,085 Tax-equivalent adjustment1 2,499 2,758 2,242 2,203 Operating revenue (tax-equivalent basis)1 $ 183,090 $ 229,876 $ 226,663 $ 239,288 Efficiency ratio 57.72 % 56.49 % 53.99 % 53.44 % Efficiency ratio (tax-equivalent basis)1 56.93 % 55.81 % 53.46 % 52.95 % 1 Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

40 Non-GAAP Reconciliations (cont’d) ($000) 2021 2022 2023 2024 2025 Tangible common equity Total equity $ 411,881 $ 373,632 $ 489,496 $ 544,605 $ 615,498 Less: goodwill (29,322) (29,322) (59,820) (59,820) (59,820) Less: core deposit intangible (1,943) (1,070) (20,682) (17,843) (15,117) Tangible common equity $ 380,616 $ 343,240 $ 408,994 $ 466,942 540,561 Unrealized loss on HTM securities (31,947) Tax Effect 8,945 Tangible common equity - HTM adjusted $ 517,559 Tangible assets Total assets $ 4,314,254 $ 4,286,734 $ 5,073,170 $ 5,032,902 $ 5,071,390 Less: goodwill (29,322) (29,322) (59,820) (59,820) (59,820) Less: core deposit intangible (1,943) (1,070) (20,682) (17,843) (15,117) Tangible assets $ 4,282,989 $ 4,256,342 $ 4,992,668 $ 4,955,239 4,996,453 Unrealized loss on HTM securities (31,947) Tax Effect 8,945 Tangible assets - HTM adjusted $ 4,973,451 Total stockholders’ equity to total assets 9.55 % 8.72 % 9.65 % 10.82 % 12.14 % Tangible common equity to tangible assets 8.89 % 8.06 % 8.19 % 9.42 % 10.82 % Tangible common equity to tangible assets - HTM adjusted 10.41 % Tangible Common Equity to Tangible Assets

41 Non-GAAP Reconciliations (cont’d) ($000) 4Q24 3Q25 4Q25 Tangible common equity Total equity $ 544,605 $ 599,129 $ 615,498 Less: goodwill (59,820) (59,820) (59,820) Less: core deposit intangible (17,843) (15,760) (15,117) Tangible common equity $ 466,942 $ 523,549 $ 540,561 Shares outstanding 31,559,366 31,455,803 31,431,924 Book value per share $ 17.26 $ 19.05 $ 19.58 Tangible book value per share $ 14.80 $ 16.64 $ 17.20 Tangible Book Value Per Share

42 Non-GAAP Reconciliations (cont’d) ($000) 2022 2023 2024 2025 Total deposits $ 3,587,024 $ 4,401,437 $ 4,318,254 $ 4,359,263 Less: time deposits of $250,000 or more (27,158) (130,183) (202,196) (201,365) Less: brokered deposits — (144,880) — — Core deposits $ 3,559,866 $ 4,126,374 $ 4,116,058 $ 4,157,898 Core deposits to total deposits 99.24 % 93.75 % 95.32 % 95.38 % Core Deposits

43 Non-GAAP Reconciliations ($000) 2011 2012 2013 Income before income tax expense $ 47,301 $ 71,384 $ 46,134 Adjustments: Bargain purchase gain 25,417 11,361 — Realized gains (losses) on sale of securities — 9,683 (9,143) Net positive adjustments on FDIC indemnification asset and true-up liability — 6,687 — Net loss related to the sale of branches — — (6,860) Total adjustments 25,417 27,731 (16,003) Adjusted income before income tax expense 21,884 43,653 62,137 Average assets $ 1,831,704 $ 2,494,242 $ 3,148,005 Pre-tax return on average assets 2.58 % 2.86 % 1.47 % Adjusted pre-tax return on average assets 1.19 % 1.75 % 1.97 % Adjusted Pre-Tax ROAA (2011 to 2013)

44 Peer Group Members Ticker Symbol Company Name BFC Bank First Corporation BY Byline Bancorp, Inc. CIVB Civista Bancshares, Inc. FMNB Farmers National Banc Corp. THFF First Financial Corporation FMBH First Mid Bancshares, Inc. GABC German American Bancorp, Inc. GSBC Great Southern Bancorp, Inc. HBNC Horizon Bancorp, Inc. IBCP Independent Bank Corporation LKFN Lakeland Financial Corporation MBWM Mercantile Bank Corporation MSBI Midland States Bancorp, Inc. MOFG MidWestOne Financial Group, Inc. NIC Nicolet Bankshares, Inc. OSBC Old Second Bancorp, Inc. PEBO Peoples Bancorp Inc. QCRH QCR Holdings, Inc. SMBC Southern Missouri Bancorp, Inc. SYBT Stock Yards Bancorp, Inc.

FAQ

What did HBT Financial (HBT) announce regarding new subordinated notes?

HBT Financial issued and sold $85 million of fixed-to-floating rate subordinated notes due 2036 in a private placement to institutional investors. The notes initially pay 5.75% interest and later reset quarterly based on three-month SOFR plus 233 basis points.

What are the key terms of HBT Financial’s new subordinated notes?

The notes mature on March 15, 2036 and carry a fixed 5.75% annual rate until March 15, 2031. After that, the rate resets quarterly to three-month SOFR plus 233 basis points. They are unsecured, subordinated obligations of HBT Financial and not guaranteed by subsidiaries.

How does HBT Financial (HBT) plan to use the $85 million note proceeds?

HBT Financial plans to use the net proceeds from the $85 million subordinated notes for general corporate purposes. These purposes may include potential share repurchases, giving the company flexibility in managing capital, growth initiatives, or balance sheet optimization.

When and how can HBT Financial redeem the new subordinated notes?

HBT Financial may redeem the notes at its option, in whole or in part, on or after March 15, 2031, at 100% of principal plus accrued interest. Before that date, redemption is allowed only in limited circumstances described in the indenture governing the notes.

Will HBT Financial register the subordinated notes with the SEC?

The notes were initially sold in a private placement under exemptions from SEC registration. Under a registration rights agreement, HBT Financial agreed to pursue an exchange of these notes for SEC-registered subordinated notes with substantially the same terms, subject to specified conditions.

How will the new subordinated notes affect HBT Financial’s regulatory capital?

The company states that these subordinated notes are intended to qualify as Tier 2 capital for regulatory purposes. This treatment supports HBT Financial’s overall capital structure by adding loss-absorbing capacity below senior debt while avoiding immediate dilution of common shareholders.

Filing Exhibits & Attachments

8 documents

Press Releases

• EX-99.1 EX-99.1 4.6 KB
• EX-99.2 EX-99.2 69.5 KB

Agreements & Contracts

• EX-10.1 EX-10.1 1.1 MB
• EX-10.2 EX-10.2 198.9 KB

Other Documents

• EX-4.1 EX-4.1 771.5 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.3 KB