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 $17.2 million, or
$0.59 diluted earnings per share, for the fourth quarter of
2022. This compares to net income of $15.6 million, or
$0.54 diluted earnings per share, for the third quarter of
2022, and net income of $13.6 million, or $0.47 diluted
earnings per share, for the fourth quarter of 2021.
Fred L. Drake, Chairman and Chief Executive Officer of HBT
Financial, said, “We had an excellent fourth quarter to complete
2022, thanks to growth in average earning assets, expanded net
interest margin and solid non-interest income, resulting in
increased book value and tangible book value per share. We expect
to deliver good results again for our shareholders in 2023. We are
excited to close the pending merger with Town and Country Financial
Corporation (‘Town and Country’) during the first quarter, which
will add scale and efficiency, generate profitable growth and
enhance the long-term value of our company. Town and Country has a
long history in their markets and is a high performing bank – we
look forward to teaming up to build future success.”
“While the economy faces a lot of uncertainty, we are confident
in our ability to manage through challenging times. Our bank has a
strong foundation, with a proven executive team, an established
core deposit base and a conservative, well-diversified loan
portfolio.”
Adjusted Net Income
In addition to reporting GAAP results, the Company believes
adjusted net income and adjusted earnings per share, which adjust
for acquisition expenses, branch closure expenses, gains (losses)
on sale of closed branch premises, net earnings (losses) from
closed or sold operations, charges related to termination of
certain employee benefit plans, realized gains (losses) on sales of
securities, and mortgage servicing rights fair value adjustments,
provide investors with additional insight into its operational
performance. The Company reported adjusted net income of
$17.9 million, or $0.62 adjusted diluted earnings per
share, for the fourth quarter of 2022. This compares to adjusted
net income of $15.9 million, or $0.55 adjusted diluted
earnings per share, for the third quarter of 2022, and adjusted net
income of $14.2 million, or $0.49 adjusted diluted
earnings per share, for the fourth quarter of 2021 (see
“Reconciliation of Non-GAAP Financial Measures” tables).
Cash Dividend
On January 24, 2023, the Company’s Board of Directors
declared a quarterly cash dividend of $0.17 per share on the
Company’s common stock (the “Dividend”). The Dividend is payable on
February 14, 2023 to shareholders of record as of
February 7, 2023. This represents an increase of $0.01 from
the previous quarterly dividend of $0.16 per share.
Mr. Drake noted, “We are very pleased that our strong financial
performance and capital ratios have enabled us to further increase
our quarterly cash dividend while maintaining sufficient capital to
support the continued growth of the Company.”
Net Interest Income and Net Interest Margin
Net interest income for the fourth quarter of 2022 was
$42.2 million, an increase of 12.8% from $37.4 million
for the third quarter of 2022. The increase was primarily
attributable to higher yields on interest-earning assets, with the
yield on loans increasing 70 basis points to 5.61%, while the cost
of funds only increased 11 basis points to 0.28%. Contributing to
the increased loan interest income were higher nonaccrual interest
recoveries which totaled $1.3 million during the fourth
quarter of 2022 and $0.1 million during the third quarter of
2022.
Relative to the fourth quarter of 2021, net interest income
increased 28.4% from $32.9 million. The increase was primarily
attributable to higher yields on interest-earning assets, a more
favorable asset mix, and nonaccrual interest recoveries. Partially
offsetting these improvements was a decrease in PPP loan fees
recognized as loan interest income which totaled $1.6 million
during the fourth quarter of 2021. Additionally, nonaccrual
interest recoveries totaled $0.5 million during the fourth
quarter of 2021.
Net interest margin for the fourth quarter of 2022 was 4.10%,
compared to 3.65% for the third quarter of 2022. The increase was
primarily attributable to higher yields on interest-earning assets.
The contribution of nonaccrual interest recoveries to net interest
margin was 13 basis points during the fourth quarter of 2022 and 1
basis point during the third quarter of 2022. Additionally,
acquired loan discount accretion contributed 2 basis points to net
interest margin during the fourth quarter of 2022 and 2 basis
points during the third quarter of 2022.
Relative to the fourth quarter of 2021, net interest margin
increased from 3.17%. This increase was primarily attributable to
higher yields on interest-earning assets and a more favorable mix
of interest-earning assets. Nonaccrual interest recoveries
contributed 5 basis points to net interest margin, and acquired
loan discount accretion contributed 6 basis points to net interest
margin, during the fourth quarter of 2021.
Noninterest Income
Noninterest income for the fourth quarter of 2022 was
$7.9 million, a decrease of 4.2% from $8.2 million for
the third quarter of 2022. The decrease was primarily attributable
to the fourth quarter 2022 results including a negative
$0.3 million mortgage servicing rights (“MSR”) fair value
adjustment, while the third quarter of 2022 included a positive
$0.4 million MSR fair value adjustment. Partially offsetting
this decline was a $0.4 million increase in wealth management
fees, primarily due to increased farmland brokerage service
fees.
Relative to the fourth quarter of 2021, noninterest income
decreased 15.7% from $9.4 million. The decline was primarily
due to a $0.7 million decrease in gains on sale of mortgage
loans. Additionally, the fourth quarter of 2021 results included a
positive $0.3 million MSR fair value adjustment.
Noninterest Expense
Noninterest expense for the fourth quarter of 2022 was
$27.5 million, a 14.6% increase from $24.0 million for
the third quarter of 2022. The increase was primarily due to a
$2.6 million accrual related to pending legal matters, a
$0.5 million increase in salaries expense, and a
$0.4 million increase in benefits expense driven by higher
medical benefit costs.
Relative to the fourth quarter of 2021, noninterest expense
increased 12.8% from $24.4 million, also primarily
attributable to the accrual for pending legal matters and increased
salaries and benefits expenses.
Loan Portfolio
Total loans outstanding, before allowance for loan losses, were
$2.62 billion at December 31, 2022, compared with
$2.58 billion at September 30, 2022 and $2.50 billion at
December 31, 2021. The $40.3 million increase in total loans
from September 30, 2022 was primarily attributable to growth in the
multi-family and commercial and industrial categories. The
$26.1 million increase in commercial and industrial loans was
driven primarily by higher balances on lines of credit across a
variety of industries.
Deposits
Total deposits were $3.59 billion at December 31, 2022,
compared with $3.64 billion at September 30, 2022 and
$3.74 billion at December 31, 2021. The $56.4 million
decrease from September 30, 2022 was primarily attributable to
lower balances maintained in public funds and business accounts,
while balances maintained in retail accounts remained nearly
unchanged.
Asset Quality
Nonperforming loans totaled $2.2 million, or 0.08% of total
loans, at December 31, 2022, compared with $3.2 million, or
0.12% of total loans, at September 30, 2022, and $2.8 million,
or 0.11% of total loans, at December 31, 2021.
The Company recorded a negative provision for loan losses of
$0.7 million for the fourth quarter of 2022, compared to a
provision for loan losses of $0.4 million for the third
quarter of 2022. The negative provision was primarily due to
$0.9 million of net recoveries, partially offset by a
$0.3 million increase in required reserves, resulting
primarily from the increase in loans during the fourth quarter of
2022.
The Company had net recoveries of $0.9 million, or (0.14)%
of average loans on an annualized basis, for the fourth quarter of
2022, compared to net charge-offs of $0.1 million, or 0.01% of
average loans on an annualized basis, for the third quarter of
2022, and net charge-offs of $0.1 million, or 0.01% of average
loans on an annualized basis, for the fourth quarter of 2021.
The Company’s allowance for loan losses was 0.97% of total loans
and 1,175% of nonperforming loans at December 31, 2022,
compared with 0.97% of total loans and 782% of nonperforming loans
at September 30, 2022.
On January 1, 2023, the Company adopted ASU 2016-13 (Topic 326),
Measurement of Credit Losses on Financial Instruments, commonly
referenced as the Current Expected Credit Loss (“CECL”) standard.
Management is finalizing macroeconomic conditions and forecast
assumptions to be used in our CECL model; however, we expect the
initial allowance for credit losses and the reserve for unfunded
commitments together to be approximately 25% to 50% above the
existing allowance for loan loss levels. When finalized, this
one-time increase will be recorded, net of tax, as an adjustment to
beginning retained earnings. Ongoing impacts of the CECL
methodology will be dependent upon changes in economic conditions
and forecasts, the credit quality of our loan portfolio, originated
and acquired loan portfolio composition, portfolio duration, and
other factors.
Stock Repurchase Program
During the fourth quarter of 2022, the Company did not
repurchase any shares of its common stock. The Company’s Board of
Directors authorized a new stock repurchase program that took
effect upon the expiration of the Company’s prior stock repurchase
program on January 1, 2023. The new Program will be in effect
until January 1, 2024 and authorizes the Company to repurchase up
to $15 million of its common stock.
Pending Acquisition of Town and Country
On August 23, 2022, HBT and Town and Country, the holding
company for Town and Country Bank, jointly announced the signing of
a definitive agreement pursuant to which HBT will acquire Town and
Country and Town and Country Bank. The acquisition will further
enhance HBT’s footprint in Central Illinois as well as expand HBT’s
footprint into metro-east St. Louis. Acquisition-related expenses
were $0.6 million during the fourth quarter of 2022 and
$0.5 million during the third quarter of 2022. The acquisition
is expected to close on February 1, 2023.
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 provides a
comprehensive suite of business, commercial, wealth management, and
retail banking products and services to individuals, businesses and
municipal entities throughout Central and Northeastern Illinois and
Eastern Iowa through 58 full-service branches. As of December 31,
2022, HBT had total assets of $4.3 billion, total loans of
$2.6 billion, and total deposits of $3.6 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 net interest
income (tax-equivalent basis), net interest margin (tax-equivalent
basis), efficiency ratio (tax-equivalent basis), tangible common
equity to tangible assets, tangible book value per share, return on
average tangible common equity, adjusted net income, adjusted
earnings per share, adjusted return on average assets, adjusted
return on average stockholders’ equity, and adjusted return on
average tangible common equity. 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 (including effects of inflationary
pressures and supply chain constraints); (ii) the economic impact
of any future terrorist threats and attacks, widespread disease or
pandemics (including the COVID-19 pandemic in the United States),
acts of war or other threats thereof, or other adverse external
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; (iii) changes in
accounting policies and practices, as may be adopted by state and
federal regulatory agencies, the FASB or the PCAOB; (iv) changes in
state and federal laws, regulations and governmental policies
concerning the Company’s general business; (v) changes in interest
rates and prepayment rates of the Company’s assets (including the
impact of LIBOR phase-out); (vi) increased competition in the
financial services sector and the inability to attract new
customers; (vii) changes in technology and the ability to develop
and maintain secure and reliable electronic systems; (viii)
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;
(ix) the loss of key executives or employees; (x) changes in
consumer spending; (xi) unexpected outcomes of existing or new
litigation involving the Company; (xii) the economic impact of
exceptional weather occurrences such as tornadoes, floods and
blizzards; (xiii) the risk that a condition to closing of the
pending Town and Country transaction may not be satisfied, that
either party may terminate the merger agreement or that the closing
of the pending transaction might be delayed or not occur at all;
(xiv) potential adverse reactions or changes to business or
employee relationships, including those resulting from the
announcement or completion of the transaction; (xv) the diversion
of management time on transaction-related issues; (xvi) the
ultimate timing, outcome and results of integrating the operations
of Town and Country into those of HBT; (xvii) the effects of the
merger on HBT’s future financial condition, results of operations,
strategy and plans; and (xviii) the ability of the Company to
manage the risks associated with the foregoing. 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
(the “SEC”).
Important Information and Where to Find It
In connection with the proposed transaction, HBT Financial and
Town and Country filed a Registration Statement on Form S-4 of HBT
Financial that includes a proxy statement of Town and Country and a
prospectus of HBT Financial that has been distributed to the
stockholders of Town and Country. This document is not a substitute
for the proxy statement/prospectus or the Registration Statement or
for any other document that HBT Financial or Town and Country may
file with the SEC and/or send to Town and Country’s stockholders in
connection with the proposed transaction. TOWN AND COUNTRY’S
STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND
THE REGISTRATION STATEMENT AND ALL OTHER RELEVANT DOCUMENTS FILED
BY HBT FINANCIAL OR TOWN AND COUNTRY OR DISTRIBUTED TO TOWN AND
COUNTRY STOCKHOLDERS BECAUSE THEY CONTAIN IMPORTANT INFORMATION
ABOUT HBT FINANCIAL, TOWN AND COUNTRY AND THE PROPOSED
TRANSACTION.
Investors can obtain free copies of the Registration Statement
and proxy statement/prospectus, as each may be amended from time to
time, and other relevant documents filed by HBT Financial and Town
and Country with the SEC through the website maintained by the SEC
at www.sec.gov. Copies of documents filed with the SEC by HBT
Financial are available free of charge from HBT Financial’s website
at https://ir.hbtfinancial.com or by contacting HBT Financial’s
Investor Relations Department at HBTIR@hbtbank.com.
No Offer or Solicitation
This document does not constitute an offer to sell or the
solicitation of an offer to subscribe for or buy any securities
with respect to the proposed transaction or otherwise, nor shall
there be any sale, issuance or transfer of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
CONTACT:Peter ChapmanHBTIR@hbtbank.com(888)
897-2276
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
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As of or for the Three Months Ended |
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Year Ended |
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December 31, |
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September 30, |
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December 31, |
|
December 31, |
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|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands, except per share data) |
|
Interest and dividend income |
|
$ |
44,948 |
|
|
$ |
39,014 |
|
|
$ |
34,355 |
|
|
$ |
153,054 |
|
|
$ |
128,223 |
|
|
Interest expense |
|
|
2,765 |
|
|
|
1,624 |
|
|
|
1,496 |
|
|
|
7,180 |
|
|
|
5,820 |
|
|
Net interest income |
|
|
42,183 |
|
|
|
37,390 |
|
|
|
32,859 |
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|
|
145,874 |
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|
|
122,403 |
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|
Provision for loan losses |
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|
(653 |
) |
|
|
386 |
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|
|
(843 |
) |
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|
(706 |
) |
|
|
(8,077 |
) |
|
Net interest income after
provision for loan losses |
|
|
42,836 |
|
|
|
37,004 |
|
|
|
33,702 |
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|
|
146,580 |
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|
|
130,480 |
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Noninterest income |
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|
7,889 |
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|
|
8,234 |
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|
|
9,354 |
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|
|
34,717 |
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37,328 |
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Noninterest expense |
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|
27,510 |
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|
|
23,998 |
|
|
|
24,381 |
|
|
|
99,507 |
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|
|
91,246 |
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|
Income before income tax
expense |
|
|
23,215 |
|
|
|
21,240 |
|
|
|
18,675 |
|
|
|
81,790 |
|
|
|
76,562 |
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|
Income tax expense |
|
|
6,058 |
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|
|
5,613 |
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|
|
5,081 |
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|
21,317 |
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|
|
20,291 |
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Net income |
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$ |
17,157 |
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$ |
15,627 |
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$ |
13,594 |
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$ |
60,473 |
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$ |
56,271 |
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Earnings per share -
Basic |
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$ |
0.60 |
|
|
$ |
0.54 |
|
|
$ |
0.47 |
|
|
$ |
2.09 |
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$ |
2.02 |
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Earnings per share -
Diluted |
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|
0.59 |
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|
0.54 |
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|
0.47 |
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|
|
2.09 |
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2.02 |
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Adjusted net income (1) |
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$ |
17,903 |
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$ |
15,856 |
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$ |
14,160 |
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|
$ |
59,822 |
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$ |
56,840 |
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|
Adjusted earnings per share -
Basic (1) |
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|
0.62 |
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|
0.55 |
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|
|
0.49 |
|
|
|
2.07 |
|
|
|
2.04 |
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|
Adjusted earnings per share -
Diluted (1) |
|
|
0.62 |
|
|
|
0.55 |
|
|
|
0.49 |
|
|
|
2.07 |
|
|
|
2.04 |
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Book value per share |
|
$ |
13.13 |
|
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$ |
12.49 |
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$ |
14.21 |
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Tangible book value per share
(1) |
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|
12.08 |
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11.43 |
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13.13 |
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Shares of common stock
outstanding |
|
|
28,752,626 |
|
|
|
28,752,626 |
|
|
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28,986,061 |
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|
Weighted average shares of
common stock outstanding |
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28,752,626 |
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|
|
28,787,662 |
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29,036,164 |
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28,853,697 |
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27,795,806 |
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SUMMARY RATIOS |
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Net interest margin * |
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|
4.10 |
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% |
|
3.65 |
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% |
|
3.17 |
|
% |
|
3.54 |
|
% |
|
3.18 |
|
% |
Net interest margin (tax
equivalent basis) * (1)(2) |
|
|
4.17 |
|
|
|
3.72 |
|
|
|
3.22 |
|
|
|
3.60 |
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|
|
3.23 |
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|
Efficiency ratio |
|
|
54.66 |
|
% |
|
52.07 |
|
% |
|
57.15 |
|
% |
|
54.62 |
|
% |
|
56.46 |
|
% |
Efficiency ratio (tax
equivalent basis) (1)(2) |
|
|
53.91 |
|
|
|
51.31 |
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|
|
56.47 |
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|
|
53.87 |
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|
55.76 |
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|
Loan to deposit ratio |
|
|
73.05 |
|
% |
|
70.81 |
|
% |
|
66.87 |
|
% |
|
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Return on average assets
* |
|
|
1.60 |
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% |
|
1.47 |
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% |
|
1.26 |
|
% |
|
1.42 |
|
% |
|
1.41 |
|
% |
Return on average
stockholders’ equity * |
|
|
18.50 |
|
|
|
16.27 |
|
|
|
13.15 |
|
|
|
15.78 |
|
|
|
14.81 |
|
|
Return on average tangible
common equity * (1) |
|
|
20.17 |
|
|
|
17.70 |
|
|
|
14.24 |
|
|
|
17.15 |
|
|
|
15.95 |
|
|
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|
|
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|
Adjusted return on average
assets * (1) |
|
|
1.67 |
|
% |
|
1.49 |
|
% |
|
1.32 |
|
% |
|
1.40 |
|
% |
|
1.43 |
|
% |
Adjusted return on average
stockholders’ equity * (1) |
|
|
19.31 |
|
|
|
16.51 |
|
|
|
13.70 |
|
|
|
15.61 |
|
|
|
14.95 |
|
|
Adjusted return on average
tangible common equity * (1) |
|
|
21.05 |
|
|
|
17.96 |
|
|
|
14.83 |
|
|
|
16.97 |
|
|
|
16.12 |
|
|
|
|
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|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to risk-weighted
assets |
|
|
16.45 |
|
% |
|
16.34 |
|
% |
|
16.88 |
|
% |
|
|
|
|
|
|
Tier 1 capital to
risk-weighted assets |
|
|
14.41 |
|
|
|
14.26 |
|
|
|
14.66 |
|
|
|
|
|
|
|
|
Common equity tier 1 capital
ratio |
|
|
13.25 |
|
|
|
13.08 |
|
|
|
13.37 |
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
|
10.58 |
|
|
|
10.44 |
|
|
|
9.84 |
|
|
|
|
|
|
|
|
Total stockholders’ equity to
total assets |
|
|
8.83 |
|
|
|
8.52 |
|
|
|
9.55 |
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets (1) |
|
|
8.18 |
|
|
|
7.85 |
|
|
|
8.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans, before allowance for loan losses |
|
|
(0.14 |
) |
% |
|
0.01 |
|
% |
|
0.01 |
|
% |
|
(0.08 |
) |
% |
|
(0.01 |
) |
% |
Allowance for loan losses to
loans, before allowance for loan losses |
|
|
0.97 |
|
|
|
0.97 |
|
|
|
0.96 |
|
|
|
|
|
|
|
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
0.08 |
|
|
|
0.12 |
|
|
|
0.11 |
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets |
|
|
0.12 |
|
|
|
0.14 |
|
|
|
0.14 |
|
|
|
|
|
|
|
|
* Annualized measure.(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
SummaryConsolidated Statements of
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
INTEREST AND DIVIDEND
INCOME |
|
(dollars in thousands, except per share data) |
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
35,839 |
|
|
$ |
29,855 |
|
|
$ |
27,884 |
|
|
$ |
120,343 |
|
|
$ |
103,900 |
|
Federally tax exempt |
|
|
952 |
|
|
|
842 |
|
|
|
662 |
|
|
|
3,135 |
|
|
|
2,384 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
6,421 |
|
|
|
6,635 |
|
|
|
4,625 |
|
|
|
23,368 |
|
|
|
16,948 |
|
Federally tax exempt |
|
|
1,184 |
|
|
|
1,207 |
|
|
|
1,017 |
|
|
|
4,569 |
|
|
|
4,400 |
|
Interest-bearing deposits in bank |
|
|
504 |
|
|
|
458 |
|
|
|
142 |
|
|
|
1,541 |
|
|
|
527 |
|
Other interest and dividend income |
|
|
48 |
|
|
|
17 |
|
|
|
25 |
|
|
|
98 |
|
|
|
64 |
|
Total interest and dividend income |
|
|
44,948 |
|
|
|
39,014 |
|
|
|
34,355 |
|
|
|
153,054 |
|
|
|
128,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
849 |
|
|
|
587 |
|
|
|
651 |
|
|
|
2,511 |
|
|
|
2,472 |
|
Securities sold under agreements to repurchase |
|
|
10 |
|
|
|
9 |
|
|
|
11 |
|
|
|
36 |
|
|
|
34 |
|
Borrowings |
|
|
880 |
|
|
|
85 |
|
|
|
7 |
|
|
|
967 |
|
|
|
9 |
|
Subordinated notes |
|
|
470 |
|
|
|
470 |
|
|
|
470 |
|
|
|
1,879 |
|
|
|
1,879 |
|
Junior subordinated debentures issued to capital trusts |
|
|
556 |
|
|
|
473 |
|
|
|
357 |
|
|
|
1,787 |
|
|
|
1,426 |
|
Total interest expense |
|
|
2,765 |
|
|
|
1,624 |
|
|
|
1,496 |
|
|
|
7,180 |
|
|
|
5,820 |
|
Net interest income |
|
|
42,183 |
|
|
|
37,390 |
|
|
|
32,859 |
|
|
|
145,874 |
|
|
|
122,403 |
|
PROVISION FOR LOAN
LOSSES |
|
|
(653 |
) |
|
|
386 |
|
|
|
(843 |
) |
|
|
(706 |
) |
|
|
(8,077 |
) |
Net interest income after provision for loan
losses |
|
|
42,836 |
|
|
|
37,004 |
|
|
|
33,702 |
|
|
|
146,580 |
|
|
|
130,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
2,642 |
|
|
|
2,569 |
|
|
|
2,518 |
|
|
|
10,329 |
|
|
|
9,734 |
|
Wealth management fees |
|
|
2,485 |
|
|
|
2,059 |
|
|
|
2,371 |
|
|
|
9,155 |
|
|
|
8,384 |
|
Service charges on deposit accounts |
|
|
1,701 |
|
|
|
1,927 |
|
|
|
1,716 |
|
|
|
7,072 |
|
|
|
6,080 |
|
Mortgage servicing |
|
|
593 |
|
|
|
697 |
|
|
|
730 |
|
|
|
2,609 |
|
|
|
2,825 |
|
Mortgage servicing rights fair value adjustment |
|
|
(293 |
) |
|
|
351 |
|
|
|
265 |
|
|
|
2,153 |
|
|
|
1,690 |
|
Gains on sale of mortgage loans |
|
|
194 |
|
|
|
354 |
|
|
|
927 |
|
|
|
1,461 |
|
|
|
5,846 |
|
Unrealized gains (losses) on equity securities |
|
|
33 |
|
|
|
(107 |
) |
|
|
33 |
|
|
|
(414 |
) |
|
|
107 |
|
Gains (losses) on foreclosed assets |
|
|
(122 |
) |
|
|
(225 |
) |
|
|
184 |
|
|
|
(314 |
) |
|
|
310 |
|
Gains (losses) on other assets |
|
|
17 |
|
|
|
(31 |
) |
|
|
(4 |
) |
|
|
136 |
|
|
|
(723 |
) |
Income on bank owned life insurance |
|
|
42 |
|
|
|
41 |
|
|
|
41 |
|
|
|
164 |
|
|
|
41 |
|
Other noninterest income |
|
|
597 |
|
|
|
599 |
|
|
|
573 |
|
|
|
2,366 |
|
|
|
3,034 |
|
Total noninterest income |
|
|
7,889 |
|
|
|
8,234 |
|
|
|
9,354 |
|
|
|
34,717 |
|
|
|
37,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
13,278 |
|
|
|
12,752 |
|
|
|
12,486 |
|
|
|
51,767 |
|
|
|
48,972 |
|
Employee benefits |
|
|
2,126 |
|
|
|
1,771 |
|
|
|
1,964 |
|
|
|
8,325 |
|
|
|
6,513 |
|
Occupancy of bank premises |
|
|
1,893 |
|
|
|
1,979 |
|
|
|
1,777 |
|
|
|
7,673 |
|
|
|
6,788 |
|
Furniture and equipment |
|
|
633 |
|
|
|
668 |
|
|
|
793 |
|
|
|
2,476 |
|
|
|
2,676 |
|
Data processing |
|
|
2,167 |
|
|
|
1,631 |
|
|
|
2,153 |
|
|
|
7,441 |
|
|
|
7,329 |
|
Marketing and customer relations |
|
|
867 |
|
|
|
880 |
|
|
|
1,085 |
|
|
|
3,803 |
|
|
|
3,376 |
|
Amortization of intangible assets |
|
|
140 |
|
|
|
243 |
|
|
|
255 |
|
|
|
873 |
|
|
|
1,054 |
|
FDIC insurance |
|
|
276 |
|
|
|
302 |
|
|
|
280 |
|
|
|
1,164 |
|
|
|
1,043 |
|
Loan collection and servicing |
|
|
278 |
|
|
|
336 |
|
|
|
219 |
|
|
|
1,049 |
|
|
|
1,317 |
|
Foreclosed assets |
|
|
33 |
|
|
|
97 |
|
|
|
204 |
|
|
|
293 |
|
|
|
908 |
|
Other noninterest expense |
|
|
5,819 |
|
|
|
3,339 |
|
|
|
3,165 |
|
|
|
14,643 |
|
|
|
11,270 |
|
Total noninterest expense |
|
|
27,510 |
|
|
|
23,998 |
|
|
|
24,381 |
|
|
|
99,507 |
|
|
|
91,246 |
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
|
23,215 |
|
|
|
21,240 |
|
|
|
18,675 |
|
|
|
81,790 |
|
|
|
76,562 |
|
INCOME TAX
EXPENSE |
|
|
6,058 |
|
|
|
5,613 |
|
|
|
5,081 |
|
|
|
21,317 |
|
|
|
20,291 |
|
NET
INCOME |
|
$ |
17,157 |
|
|
$ |
15,627 |
|
|
$ |
13,594 |
|
|
$ |
60,473 |
|
|
$ |
56,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE -
BASIC |
|
$ |
0.60 |
|
|
$ |
0.54 |
|
|
$ |
0.47 |
|
|
$ |
2.09 |
|
|
$ |
2.02 |
|
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.59 |
|
|
$ |
0.54 |
|
|
$ |
0.47 |
|
|
$ |
2.09 |
|
|
$ |
2.02 |
|
WEIGHTED AVERAGE
SHARES OF COMMON STOCK OUTSTANDING |
|
|
28,752,626 |
|
|
|
28,787,662 |
|
|
|
29,036,164 |
|
|
|
28,853,697 |
|
|
|
27,795,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial,
Inc.Unaudited Consolidated Financial
SummaryConsolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
18,970 |
|
|
$ |
22,169 |
|
|
$ |
23,387 |
|
Interest-bearing deposits with banks |
|
|
95,189 |
|
|
|
56,046 |
|
|
|
385,881 |
|
Cash and cash equivalents |
|
|
114,159 |
|
|
|
78,215 |
|
|
|
409,268 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits with banks |
|
|
— |
|
|
|
— |
|
|
|
490 |
|
Debt securities available-for-sale, at fair value |
|
|
843,524 |
|
|
|
853,740 |
|
|
|
942,168 |
|
Debt securities held-to-maturity |
|
|
541,600 |
|
|
|
546,694 |
|
|
|
336,185 |
|
Equity securities with readily determinable fair value |
|
|
3,029 |
|
|
|
2,996 |
|
|
|
3,443 |
|
Equity securities with no readily determinable fair value |
|
|
1,977 |
|
|
|
1,977 |
|
|
|
1,927 |
|
Restricted stock, at cost |
|
|
7,965 |
|
|
|
4,050 |
|
|
|
2,739 |
|
Loans held for sale |
|
|
615 |
|
|
|
2,297 |
|
|
|
4,942 |
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for loan losses |
|
|
2,620,253 |
|
|
|
2,579,928 |
|
|
|
2,499,689 |
|
Allowance for loan losses |
|
|
(25,333 |
) |
|
|
(25,060 |
) |
|
|
(23,936 |
) |
Loans, net of allowance for loan losses |
|
|
2,594,920 |
|
|
|
2,554,868 |
|
|
|
2,475,753 |
|
|
|
|
|
|
|
|
|
|
|
Bank owned life insurance |
|
|
7,557 |
|
|
|
7,515 |
|
|
|
7,393 |
|
Bank premises and equipment, net |
|
|
50,469 |
|
|
|
50,854 |
|
|
|
52,483 |
|
Bank premises held for sale |
|
|
235 |
|
|
|
281 |
|
|
|
1,452 |
|
Foreclosed assets |
|
|
3,030 |
|
|
|
2,637 |
|
|
|
3,278 |
|
Goodwill |
|
|
29,322 |
|
|
|
29,322 |
|
|
|
29,322 |
|
Core deposit intangible assets, net |
|
|
1,070 |
|
|
|
1,210 |
|
|
|
1,943 |
|
Mortgage servicing rights, at fair value |
|
|
10,147 |
|
|
|
10,440 |
|
|
|
7,994 |
|
Investments in unconsolidated subsidiaries |
|
|
1,165 |
|
|
|
1,165 |
|
|
|
1,165 |
|
Accrued interest receivable |
|
|
19,506 |
|
|
|
16,881 |
|
|
|
14,901 |
|
Other assets |
|
|
47,461 |
|
|
|
48,182 |
|
|
|
17,408 |
|
Total assets |
|
$ |
4,277,751 |
|
|
$ |
4,213,324 |
|
|
$ |
4,314,254 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
994,954 |
|
|
$ |
1,017,710 |
|
|
$ |
1,087,659 |
|
Interest-bearing |
|
|
2,592,070 |
|
|
|
2,625,733 |
|
|
|
2,650,526 |
|
Total deposits |
|
|
3,587,024 |
|
|
|
3,643,443 |
|
|
|
3,738,185 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
43,081 |
|
|
|
48,130 |
|
|
|
61,256 |
|
Federal Home Loan Bank advances |
|
|
160,000 |
|
|
|
60,000 |
|
|
|
— |
|
Subordinated notes |
|
|
39,395 |
|
|
|
39,376 |
|
|
|
39,316 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,780 |
|
|
|
37,763 |
|
|
|
37,714 |
|
Other liabilities |
|
|
32,822 |
|
|
|
25,539 |
|
|
|
25,902 |
|
Total liabilities |
|
|
3,900,102 |
|
|
|
3,854,251 |
|
|
|
3,902,373 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
293 |
|
|
|
293 |
|
|
|
293 |
|
Surplus |
|
|
222,783 |
|
|
|
222,436 |
|
|
|
220,891 |
|
Retained earnings |
|
|
236,021 |
|
|
|
223,495 |
|
|
|
194,132 |
|
Accumulated other comprehensive income (loss) |
|
|
(71,759 |
) |
|
|
(77,462 |
) |
|
|
1,471 |
|
Treasury stock at cost |
|
|
(9,689 |
) |
|
|
(9,689 |
) |
|
|
(4,906 |
) |
Total stockholders’ equity |
|
|
377,649 |
|
|
|
359,073 |
|
|
|
411,881 |
|
Total liabilities and stockholders’ equity |
|
$ |
4,277,751 |
|
|
$ |
4,213,324 |
|
|
$ |
4,314,254 |
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
|
28,752,626 |
|
|
|
28,752,626 |
|
|
|
28,986,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
LOANS |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
266,757 |
|
$ |
240,671 |
|
$ |
286,946 |
Agricultural and farmland |
|
|
237,746 |
|
|
245,234 |
|
|
247,796 |
Commercial real estate - owner occupied |
|
|
218,503 |
|
|
226,524 |
|
|
234,544 |
Commercial real estate - non-owner occupied |
|
|
713,202 |
|
|
718,089 |
|
|
684,023 |
Multi-family |
|
|
287,865 |
|
|
260,630 |
|
|
263,911 |
Construction and land development |
|
|
360,824 |
|
|
364,290 |
|
|
298,048 |
One-to-four family residential |
|
|
338,253 |
|
|
328,667 |
|
|
327,837 |
Municipal, consumer, and other |
|
|
197,103 |
|
|
195,823 |
|
|
156,584 |
Loans, before allowance for loan losses |
|
$ |
2,620,253 |
|
$ |
2,579,928 |
|
$ |
2,499,689 |
|
|
|
|
|
|
|
|
|
|
PPP LOANS (included
above) |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
28 |
|
$ |
65 |
|
$ |
28,404 |
Agricultural and farmland |
|
|
— |
|
|
— |
|
|
913 |
Municipal, consumer, and other |
|
|
— |
|
|
— |
|
|
171 |
Total PPP Loans |
|
$ |
28 |
|
$ |
65 |
|
$ |
29,488 |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2022 |
|
2022 |
|
2021 |
|
|
(dollars in thousands) |
DEPOSITS |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
994,954 |
|
$ |
1,017,710 |
|
$ |
1,087,659 |
Interest-bearing demand |
|
|
1,139,150 |
|
|
1,131,284 |
|
|
1,105,949 |
Money market |
|
|
555,425 |
|
|
584,202 |
|
|
583,198 |
Savings |
|
|
634,527 |
|
|
641,139 |
|
|
633,171 |
Time |
|
|
262,968 |
|
|
269,108 |
|
|
328,208 |
Total deposits |
|
$ |
3,587,024 |
|
$ |
3,643,443 |
|
$ |
3,738,185 |
|
|
|
|
|
|
|
|
|
|
HBT Financial,
Inc.Unaudited Consolidated Financial
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2021 |
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Balance |
|
Interest |
|
Yield/Cost* |
|
Balance |
|
Interest |
|
Yield/Cost* |
|
Balance |
|
Interest |
|
Yield/Cost* |
|
|
|
(dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,600,746 |
|
|
$ |
36,791 |
|
5.61 |
% |
$ |
2,481,920 |
|
|
$ |
30,697 |
|
4.91 |
% |
$ |
2,432,025 |
|
|
$ |
28,546 |
|
4.66 |
% |
Securities |
|
|
1,396,401 |
|
|
|
7,605 |
|
2.16 |
|
|
1,470,092 |
|
|
|
7,842 |
|
2.12 |
|
|
1,285,672 |
|
|
|
5,642 |
|
1.74 |
|
Deposits with banks |
|
|
76,507 |
|
|
|
504 |
|
2.61 |
|
|
105,030 |
|
|
|
458 |
|
1.73 |
|
|
392,729 |
|
|
|
142 |
|
0.14 |
|
Other |
|
|
5,607 |
|
|
|
48 |
|
3.37 |
|
|
2,936 |
|
|
|
17 |
|
2.25 |
|
|
4,821 |
|
|
|
25 |
|
2.10 |
|
Total interest-earning assets |
|
|
4,079,261 |
|
|
$ |
44,948 |
|
4.37 |
% |
|
4,059,978 |
|
|
$ |
39,014 |
|
3.81 |
% |
|
4,115,247 |
|
|
$ |
34,355 |
|
3.31 |
% |
Allowance for loan losses |
|
|
(25,404 |
) |
|
|
|
|
|
|
|
(24,717 |
) |
|
|
|
|
|
|
|
(24,826 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
188,844 |
|
|
|
|
|
|
|
|
173,461 |
|
|
|
|
|
|
|
|
176,242 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,242,701 |
|
|
|
|
|
|
|
$ |
4,208,722 |
|
|
|
|
|
|
|
$ |
4,266,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,125,877 |
|
|
$ |
177 |
|
0.06 |
% |
$ |
1,137,072 |
|
|
$ |
144 |
|
0.05 |
% |
$ |
1,061,481 |
|
|
$ |
145 |
|
0.05 |
% |
Money market |
|
|
572,718 |
|
|
|
379 |
|
0.26 |
|
|
577,388 |
|
|
|
203 |
|
0.14 |
|
|
589,396 |
|
|
|
158 |
|
0.11 |
|
Savings |
|
|
640,668 |
|
|
|
53 |
|
0.03 |
|
|
649,752 |
|
|
|
53 |
|
0.03 |
|
|
630,489 |
|
|
|
53 |
|
0.03 |
|
Time |
|
|
266,117 |
|
|
|
240 |
|
0.36 |
|
|
271,870 |
|
|
|
187 |
|
0.27 |
|
|
322,800 |
|
|
|
295 |
|
0.36 |
|
Total interest-bearing deposits |
|
|
2,605,380 |
|
|
|
849 |
|
0.13 |
|
|
2,636,082 |
|
|
|
587 |
|
0.09 |
|
|
2,604,166 |
|
|
|
651 |
|
0.10 |
|
Securities sold under agreements to repurchase |
|
|
51,703 |
|
|
|
10 |
|
0.08 |
|
|
50,427 |
|
|
|
9 |
|
0.07 |
|
|
56,861 |
|
|
|
11 |
|
0.08 |
|
Borrowings |
|
|
92,120 |
|
|
|
880 |
|
3.79 |
|
|
11,967 |
|
|
|
85 |
|
2.80 |
|
|
5,309 |
|
|
|
7 |
|
0.57 |
|
Subordinated notes |
|
|
39,384 |
|
|
|
470 |
|
4.73 |
|
|
39,365 |
|
|
|
470 |
|
4.73 |
|
|
39,305 |
|
|
|
470 |
|
4.74 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,770 |
|
|
|
556 |
|
5.84 |
|
|
37,755 |
|
|
|
473 |
|
4.97 |
|
|
37,704 |
|
|
|
357 |
|
3.76 |
|
Total interest-bearing liabilities |
|
|
2,826,357 |
|
|
$ |
2,765 |
|
0.39 |
% |
|
2,775,596 |
|
|
$ |
1,624 |
|
0.23 |
% |
|
2,743,345 |
|
|
$ |
1,496 |
|
0.22 |
% |
Noninterest-bearing deposits |
|
|
1,023,355 |
|
|
|
|
|
|
|
|
1,031,407 |
|
|
|
|
|
|
|
|
1,087,468 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
25,078 |
|
|
|
|
|
|
|
|
20,736 |
|
|
|
|
|
|
|
|
25,660 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,874,790 |
|
|
|
|
|
|
|
|
3,827,739 |
|
|
|
|
|
|
|
|
3,856,473 |
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
367,911 |
|
|
|
|
|
|
|
|
380,983 |
|
|
|
|
|
|
|
|
410,190 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,242,701 |
|
|
|
|
|
|
|
$ |
4,208,722 |
|
|
|
|
|
|
|
$ |
4,266,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
42,183 |
|
4.10 |
% |
|
|
|
$ |
37,390 |
|
3.65 |
% |
|
|
|
$ |
32,859 |
|
3.17 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
698 |
|
0.07 |
|
|
|
|
|
674 |
|
0.07 |
|
|
|
|
|
514 |
|
0.05 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
42,881 |
|
4.17 |
% |
|
|
|
$ |
38,064 |
|
3.72 |
% |
|
|
|
$ |
33,373 |
|
3.22 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.98 |
% |
|
|
|
|
|
|
3.58 |
% |
|
|
|
|
|
|
3.09 |
% |
Net interest-earning assets
(5) |
|
$ |
1,252,904 |
|
|
|
|
|
|
|
$ |
1,284,382 |
|
|
|
|
|
|
|
$ |
1,371,902 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.44 |
|
|
|
|
|
|
|
|
1.46 |
|
|
|
|
|
|
|
|
1.50 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.09 |
% |
|
|
|
|
|
|
0.06 |
% |
|
|
|
|
|
|
0.07 |
% |
Cost of funds |
|
|
|
|
|
|
|
0.28 |
|
|
|
|
|
|
|
0.17 |
|
|
|
|
|
|
|
0.15 |
|
* 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
|
|
Balance |
|
Interest |
|
Yield/Cost |
|
Balance |
|
Interest |
|
Yield/Cost |
|
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,514,549 |
|
|
$ |
123,478 |
|
4.91 |
% |
$ |
2,271,544 |
|
|
$ |
106,284 |
|
4.68 |
% |
Securities |
|
|
1,403,016 |
|
|
|
27,937 |
|
1.99 |
|
|
1,148,900 |
|
|
|
21,348 |
|
1.86 |
|
Deposits with banks |
|
|
197,030 |
|
|
|
1,541 |
|
0.78 |
|
|
422,828 |
|
|
|
527 |
|
0.12 |
|
Other |
|
|
3,529 |
|
|
|
98 |
|
2.77 |
|
|
3,201 |
|
|
|
64 |
|
2.01 |
|
Total interest-earning assets |
|
|
4,118,124 |
|
|
$ |
153,054 |
|
3.72 |
% |
|
3,846,473 |
|
|
$ |
128,223 |
|
3.33 |
% |
Allowance for loan losses |
|
|
(24,703 |
) |
|
|
|
|
|
|
|
(27,999 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
176,427 |
|
|
|
|
|
|
|
|
162,064 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,269,848 |
|
|
|
|
|
|
|
$ |
3,980,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,141,402 |
|
|
$ |
607 |
|
0.05 |
% |
$ |
1,024,888 |
|
|
$ |
518 |
|
0.05 |
% |
Money market |
|
|
582,514 |
|
|
|
813 |
|
0.14 |
|
|
521,366 |
|
|
|
437 |
|
0.08 |
|
Savings |
|
|
650,385 |
|
|
|
208 |
|
0.03 |
|
|
595,887 |
|
|
|
188 |
|
0.03 |
|
Time |
|
|
283,232 |
|
|
|
883 |
|
0.31 |
|
|
295,788 |
|
|
|
1,329 |
|
0.45 |
|
Total interest-bearing deposits |
|
|
2,657,533 |
|
|
|
2,511 |
|
0.09 |
|
|
2,437,929 |
|
|
|
2,472 |
|
0.10 |
|
Securities sold under agreements to repurchase |
|
|
51,554 |
|
|
|
36 |
|
0.07 |
|
|
50,104 |
|
|
|
34 |
|
0.07 |
|
Borrowings |
|
|
26,468 |
|
|
|
967 |
|
3.65 |
|
|
1,653 |
|
|
|
9 |
|
0.54 |
|
Subordinated notes |
|
|
39,355 |
|
|
|
1,879 |
|
4.77 |
|
|
39,275 |
|
|
|
1,879 |
|
4.78 |
|
Junior subordinated debentures issued to capital trusts |
|
|
37,746 |
|
|
|
1,787 |
|
4.73 |
|
|
37,680 |
|
|
|
1,426 |
|
3.79 |
|
Total interest-bearing liabilities |
|
|
2,812,656 |
|
|
$ |
7,180 |
|
0.26 |
% |
|
2,566,641 |
|
|
$ |
5,820 |
|
0.23 |
% |
Noninterest-bearing deposits |
|
|
1,051,187 |
|
|
|
|
|
|
|
|
1,004,757 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
22,688 |
|
|
|
|
|
|
|
|
29,060 |
|
|
|
|
|
|
|
Total liabilities |
|
|
3,886,531 |
|
|
|
|
|
|
|
|
3,600,458 |
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
383,317 |
|
|
|
|
|
|
|
|
380,080 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,269,848 |
|
|
|
|
|
|
|
|
3,980,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
145,874 |
|
3.54 |
% |
|
|
|
$ |
122,403 |
|
3.18 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
2,499 |
|
0.06 |
|
|
|
|
|
2,028 |
|
0.05 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
148,373 |
|
3.60 |
% |
|
|
|
$ |
124,431 |
|
3.23 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.46 |
% |
|
|
|
|
|
|
3.10 |
% |
Net interest-earning assets
(5) |
|
$ |
1,305,468 |
|
|
|
|
|
|
|
$ |
1,279,832 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.46 |
|
|
|
|
|
|
|
|
1.50 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.07 |
% |
|
|
|
|
|
|
0.07 |
% |
Cost of funds |
|
|
|
|
|
|
|
0.19 |
|
|
|
|
|
|
|
0.16 |
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
2,155 |
|
$ |
3,206 |
|
$ |
2,763 |
|
Past due 90 days or more,
still accruing (1) |
|
|
1 |
|
|
— |
|
|
16 |
|
Total nonperforming
loans |
|
|
2,156 |
|
|
3,206 |
|
|
2,779 |
|
Foreclosed assets |
|
|
3,030 |
|
|
2,637 |
|
|
3,278 |
|
Total nonperforming
assets |
|
$ |
5,186 |
|
$ |
5,843 |
|
$ |
6,057 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
25,333 |
|
$ |
25,060 |
|
$ |
23,936 |
|
Loans, before allowance for
loan losses |
|
|
2,620,253 |
|
|
2,579,928 |
|
|
2,499,689 |
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
loans, before allowance for loan losses |
|
|
0.97 |
% |
|
0.97 |
% |
|
0.96 |
% |
Allowance for loan losses to
nonaccrual loans |
|
|
1,175.55 |
|
|
781.66 |
|
|
866.30 |
|
Allowance for loan losses to
nonperforming loans |
|
|
1,175.00 |
|
|
781.66 |
|
|
861.32 |
|
Nonaccrual loans to loans,
before allowance for loan losses |
|
|
0.08 |
|
|
0.12 |
|
|
0.11 |
|
Nonperforming loans to loans,
before allowance for loan losses |
|
|
0.08 |
|
|
0.12 |
|
|
0.11 |
|
Nonperforming assets to total
assets |
|
|
0.12 |
|
|
0.14 |
|
|
0.14 |
|
Nonperforming assets to loans,
before allowance for loan losses, and foreclosed assets |
|
|
0.20 |
|
|
0.23 |
|
|
0.24 |
|
(1) Excludes loans acquired with deteriorated
credit quality that are past due 90 or more days, still accruing
totaling $145 thousand, $22 thousand, and
$32 thousand as of December 31, 2022, September 30, 2022 and
December 31, 2021, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
ALLOWANCE FOR LOAN
LOSSES |
|
(dollars in thousands) |
|
Beginning balance |
|
$ |
25,060 |
|
|
$ |
24,734 |
|
|
$ |
24,861 |
|
|
$ |
23,936 |
|
|
$ |
31,838 |
|
|
Provision |
|
|
(653 |
) |
|
|
386 |
|
|
|
(843 |
) |
|
|
(706 |
) |
|
|
(8,077 |
) |
|
Charge-offs |
|
|
(169 |
) |
|
|
(222 |
) |
|
|
(539 |
) |
|
|
(684 |
) |
|
|
(1,414 |
) |
|
Recoveries |
|
|
1,095 |
|
|
|
162 |
|
|
|
457 |
|
|
|
2,787 |
|
|
|
1,589 |
|
|
Ending
balance |
|
$ |
25,333 |
|
|
$ |
25,060 |
|
|
$ |
23,936 |
|
|
$ |
25,333 |
|
|
$ |
23,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) |
|
$ |
(926 |
) |
|
$ |
60 |
|
|
$ |
82 |
|
|
$ |
(2,103 |
) |
|
$ |
(175 |
) |
|
Average loans, before
allowance for loan losses |
|
|
2,600,746 |
|
|
|
2,481,920 |
|
|
|
2,432,025 |
|
|
|
2,514,549 |
|
|
|
2,271,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans, before allowance for loan losses * |
|
|
(0.14 |
) |
% |
|
0.01 |
|
% |
|
0.01 |
|
% |
|
(0.08 |
) |
% |
|
(0.01 |
) |
% |
* Annualized measure.
Reconciliation of Non-GAAP Financial
Measures –Adjusted Net Income and Adjusted Return
on Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Net income |
|
$ |
17,157 |
|
|
$ |
15,627 |
|
|
$ |
13,594 |
|
|
$ |
60,473 |
|
|
$ |
56,271 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses |
|
|
(630 |
) |
|
|
(462 |
) |
|
|
(879 |
) |
|
|
(1,092 |
) |
|
|
(1,416 |
) |
|
Branch closure expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(748 |
) |
|
Gains (losses) on sales of closed branch premises |
|
|
— |
|
|
|
(38 |
) |
|
|
— |
|
|
|
141 |
|
|
|
— |
|
|
Mortgage servicing rights fair value adjustment |
|
|
(293 |
) |
|
|
351 |
|
|
|
265 |
|
|
|
2,153 |
|
|
|
1,690 |
|
|
Total adjustments |
|
|
(923 |
) |
|
|
(149 |
) |
|
|
(614 |
) |
|
|
1,202 |
|
|
|
(474 |
) |
|
Tax effect of adjustments |
|
|
177 |
|
|
|
(80 |
) |
|
|
48 |
|
|
|
(551 |
) |
|
|
(95 |
) |
|
Less adjustments, after tax
effect |
|
|
(746 |
) |
|
|
(229 |
) |
|
|
(566 |
) |
|
|
651 |
|
|
|
(569 |
) |
|
Adjusted net income |
|
$ |
17,903 |
|
|
$ |
15,856 |
|
|
$ |
14,160 |
|
|
$ |
59,822 |
|
|
$ |
56,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
4,242,701 |
|
|
$ |
4,208,722 |
|
|
$ |
4,266,663 |
|
|
$ |
4,269,848 |
|
|
$ |
3,980,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.60 |
|
% |
|
1.47 |
|
% |
|
1.26 |
|
% |
|
1.42 |
|
% |
|
1.41 |
|
% |
Adjusted return on average
assets * |
|
|
1.67 |
|
|
|
1.49 |
|
|
|
1.32 |
|
|
|
1.40 |
|
|
|
1.43 |
|
|
* Annualized measure.
Reconciliation of Non-GAAP Financial
Measures – Adjusted Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(dollars in thousands, except per share data) |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,157 |
|
|
$ |
15,627 |
|
|
$ |
13,594 |
|
|
$ |
60,473 |
|
|
$ |
56,271 |
|
Earnings allocated to participating securities (1) |
|
|
(20 |
) |
|
|
(17 |
) |
|
|
(23 |
) |
|
|
(71 |
) |
|
|
(104 |
) |
Numerator for earnings per share - basic and diluted |
|
$ |
17,137 |
|
|
$ |
15,610 |
|
|
$ |
13,571 |
|
|
$ |
60,402 |
|
|
$ |
56,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
17,903 |
|
|
$ |
15,856 |
|
|
$ |
14,160 |
|
|
$ |
59,822 |
|
|
$ |
56,840 |
|
Earnings allocated to participating securities (1) |
|
|
(21 |
) |
|
|
(17 |
) |
|
|
(24 |
) |
|
|
(70 |
) |
|
|
(105 |
) |
Numerator for adjusted earnings per share - basic and diluted |
|
$ |
17,882 |
|
|
$ |
15,839 |
|
|
$ |
14,136 |
|
|
$ |
59,752 |
|
|
$ |
56,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
28,752,626 |
|
|
|
28,787,662 |
|
|
|
29,036,164 |
|
|
|
28,853,697 |
|
|
|
27,795,806 |
|
Dilutive effect of outstanding restricted stock units |
|
|
91,905 |
|
|
|
72,643 |
|
|
|
27,577 |
|
|
|
65,619 |
|
|
|
15,487 |
|
Weighted average common shares outstanding, including all dilutive
potential shares |
|
|
28,844,531 |
|
|
|
28,860,305 |
|
|
|
29,063,741 |
|
|
|
28,919,316 |
|
|
|
27,811,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic |
|
$ |
0.60 |
|
|
$ |
0.54 |
|
|
$ |
0.47 |
|
|
$ |
2.09 |
|
|
$ |
2.02 |
|
Earnings per share -
Diluted |
|
$ |
0.59 |
|
|
$ |
0.54 |
|
|
$ |
0.47 |
|
|
$ |
2.09 |
|
|
$ |
2.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Basic |
|
$ |
0.62 |
|
|
$ |
0.55 |
|
|
$ |
0.49 |
|
|
$ |
2.07 |
|
|
$ |
2.04 |
|
Adjusted earnings per
share - Diluted |
|
$ |
0.62 |
|
|
$ |
0.55 |
|
|
$ |
0.49 |
|
|
$ |
2.07 |
|
|
$ |
2.04 |
|
(1) The Company has granted certain restricted
stock units that contain non-forfeitable rights to dividend
equivalents. Such restricted stock units are considered
participating securities. As such, we have included these
restricted stock units in the calculation of basic earnings per
share and calculate basic earnings per share using the two-class
method. The two-class method of computing earnings per share is an
earnings allocation formula that determines earnings per share for
each class of common stock and participating security according to
dividends declared (or accumulated) and participation rights in
undistributed earnings.
Reconciliation of Non-GAAP Financial
Measures – Net Interest Income and Net Interest
Margin (Tax Equivalent Basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Net interest income
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
42,183 |
|
$ |
37,390 |
|
$ |
32,859 |
|
$ |
145,874 |
|
$ |
122,403 |
|
Tax-equivalent adjustment (1) |
|
|
698 |
|
|
674 |
|
|
514 |
|
|
2,499 |
|
|
2,028 |
|
Net interest income (tax equivalent basis) (1) |
|
$ |
42,881 |
|
$ |
38,064 |
|
$ |
33,373 |
|
$ |
148,373 |
|
$ |
124,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
4.10 |
% |
|
3.65 |
% |
|
3.17 |
% |
|
3.54 |
% |
|
3.18 |
% |
Tax-equivalent adjustment * (1) |
|
|
0.07 |
|
|
0.07 |
|
|
0.05 |
|
|
0.06 |
|
|
0.05 |
|
Net interest margin (tax equivalent basis) * (1) |
|
|
4.17 |
% |
|
3.72 |
% |
|
3.22 |
% |
|
3.60 |
% |
|
3.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
4,079,261 |
|
$ |
4,059,978 |
|
$ |
4,115,247 |
|
$ |
4,118,124 |
|
$ |
3,846,473 |
|
* 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Efficiency ratio (tax
equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
27,510 |
|
$ |
23,998 |
|
$ |
24,381 |
|
$ |
99,507 |
|
$ |
91,246 |
|
Less: amortization of intangible assets |
|
|
140 |
|
|
243 |
|
|
255 |
|
|
873 |
|
|
1,054 |
|
Adjusted noninterest expense |
|
$ |
27,370 |
|
$ |
23,755 |
|
$ |
24,126 |
|
$ |
98,634 |
|
$ |
90,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
42,183 |
|
$ |
37,390 |
|
$ |
32,859 |
|
$ |
145,874 |
|
$ |
122,403 |
|
Total noninterest income |
|
|
7,889 |
|
|
8,234 |
|
|
9,354 |
|
|
34,717 |
|
|
37,328 |
|
Operating revenue |
|
|
50,072 |
|
|
45,624 |
|
|
42,213 |
|
|
180,591 |
|
|
159,731 |
|
Tax-equivalent adjustment (1) |
|
|
698 |
|
|
674 |
|
|
514 |
|
|
2,499 |
|
|
2,028 |
|
Operating revenue (tax equivalent basis)
(1) |
|
$ |
50,770 |
|
$ |
46,298 |
|
$ |
42,727 |
|
$ |
183,090 |
|
$ |
161,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
54.66 |
% |
|
52.07 |
% |
|
57.15 |
% |
|
54.62 |
% |
|
56.46 |
% |
Efficiency ratio (tax
equivalent basis) (1) |
|
|
53.91 |
|
|
51.31 |
|
|
56.47 |
|
|
53.87 |
|
|
55.76 |
|
(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 – Tangible Common Equity to Tangible
Assets and Tangible Book Value Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands, except per share data) |
|
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
$ |
377,649 |
|
$ |
359,073 |
|
$ |
411,881 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
29,322 |
|
Less: Core deposit intangible assets, net |
|
|
1,070 |
|
|
1,210 |
|
|
1,943 |
|
Tangible common equity |
|
$ |
347,257 |
|
$ |
328,541 |
|
$ |
380,616 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,277,751 |
|
$ |
4,213,324 |
|
$ |
4,314,254 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
29,322 |
|
Less: Core deposit intangible assets, net |
|
|
1,070 |
|
|
1,210 |
|
|
1,943 |
|
Tangible assets |
|
$ |
4,247,359 |
|
$ |
4,182,792 |
|
$ |
4,282,989 |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity to
total assets |
|
|
8.83 |
% |
|
8.52 |
% |
|
9.55 |
% |
Tangible common equity to
tangible assets |
|
|
8.18 |
|
|
7.85 |
|
|
8.89 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
28,752,626 |
|
|
28,752,626 |
|
|
28,986,061 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
13.13 |
|
$ |
12.49 |
|
$ |
14.21 |
|
Tangible book value per
share |
|
|
12.08 |
|
|
11.43 |
|
|
13.13 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial
Measures – Return on Average Tangible Common
Equity, Adjusted Return on Average Stockholders’
Equity and Adjusted Return on Tangible Common Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
(dollars in thousands) |
|
Average tangible
common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
$ |
367,911 |
|
$ |
380,983 |
|
$ |
410,190 |
|
$ |
383,317 |
|
$ |
380,080 |
|
Less: Goodwill |
|
|
29,322 |
|
|
29,322 |
|
|
29,322 |
|
|
29,322 |
|
|
25,057 |
|
Less: Core deposit intangible assets, net |
|
|
1,134 |
|
|
1,356 |
|
|
2,092 |
|
|
1,480 |
|
|
2,333 |
|
Average tangible common equity |
|
$ |
337,455 |
|
$ |
350,305 |
|
$ |
378,776 |
|
$ |
352,515 |
|
$ |
352,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,157 |
|
$ |
15,627 |
|
$ |
13,594 |
|
$ |
60,473 |
|
$ |
56,271 |
|
Adjusted net income |
|
|
17,903 |
|
|
15,856 |
|
|
14,160 |
|
|
59,822 |
|
|
56,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders’ equity * |
|
|
18.50 |
% |
|
16.27 |
% |
|
13.15 |
% |
|
15.78 |
% |
|
14.81 |
% |
Return on average tangible
common equity * |
|
|
20.17 |
|
|
17.70 |
|
|
14.24 |
|
|
17.15 |
|
|
15.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
stockholders’ equity * |
|
|
19.31 |
% |
|
16.51 |
% |
|
13.70 |
% |
|
15.61 |
% |
|
14.95 |
% |
Adjusted return on average
tangible common equity * |
|
|
21.05 |
|
|
17.96 |
|
|
14.83 |
|
|
16.97 |
|
|
16.12 |
|
* Annualized measure.
HBT Financial (NASDAQ:HBT)
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De May 2024 a Jun 2024
HBT Financial (NASDAQ:HBT)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024