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 $9.2 million, or
$0.30 diluted earnings per share, for the first quarter of
2023. This compares to net income of $13.1 million, or
$0.46 diluted earnings per share, for the fourth quarter of
2022, and net income of $13.6 million, or $0.47 diluted
earnings per share, for the first quarter of 2022.
Fred L. Drake, Chairman and Chief Executive Officer of HBT
Financial, said, “It was a strong start to 2023 for HBT. We posted
excellent financial results which were underpinned by two strengths
that we have been focused on for many years. Asset quality remains
strong with low levels of problem loans and net recoveries recorded
during the quarter. In addition, our deposit base which is very
granular and nearly 70% retail as of March 31, 2023 has
remained stable in balances since December 31, 2022, and the
increase in the cost of these deposits was in line with our
expectations as our overall cost of funds increased only 19 basis
points for the quarter. These strengths contributed to strong net
income after adjusting for acquisition related expenses. In
addition to our strong financial results, we completed a successful
close of the Town and Country acquisition which is expected to
provide profitable growth, scale and enhance the long-term value of
our company. Finally, I am excited by the leadership changes we
have recently announced, as I will transition to an Executive
Chairman role and Lance Carter, who has been with the bank since
2001, will take over as Chief Executive Officer effective on May
24, 2023.”
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
$19.9 million, or $0.64 adjusted diluted earnings per
share, for the first quarter of 2023. This compares to adjusted net
income of $13.9 million, or $0.48 adjusted diluted
earnings per share, for the fourth quarter of 2022, and adjusted
net income of $12.2 million, or $0.42 adjusted diluted
earnings per share, for the first quarter of 2022 (see
"Reconciliation of Non-GAAP Financial Measures" tables).
Acquisition of Town and Country
On February 1, 2023, HBT Financial completed its previously
announced acquisition of Town and Country, the holding company for
Town and Country Bank. The acquisition further enhances HBT
Financial’s footprint in Central Illinois and expands our footprint
into metro-east St. Louis. After considering business combination
accounting adjustments, Town and Country added total assets of
$906 million, total loans held for investment of
$635 million, and total deposits of $720 million.
Cash consideration of $38.0 million and stock consideration
of approximately 3.4 million shares of HBT Financial common
stock resulted in aggregate consideration of $109.4 million.
The fair value of the shares of HBT Financial common stock issued
as part of the consideration paid to the holders of Town and
Country common stock was determined on the basis of the closing
price of $21.12 per share on February 1, 2023. Goodwill of
$30.6 million was recorded in the acquisition.
Acquisition-related expenses consisted of the following during
the first quarter of 2023 and fourth quarter of 2022:
| |
|
Three Months Ended |
| |
|
March 31, 2023 |
|
December 31, 2022 |
| |
|
(dollars in thousands) |
|
Provision for credit losses |
|
$ |
5,924 |
|
|
$ |
— |
|
| Salaries |
|
|
3,518 |
|
|
|
— |
|
| Data processing |
|
|
1,855 |
|
|
|
304 |
|
| Marketing and customer
relations |
|
|
14 |
|
|
|
— |
|
| Legal fees and other
noninterest expense |
|
|
1,753 |
|
|
|
326 |
|
|
Total acquisition-related expenses |
|
$ |
13,064 |
|
|
$ |
630 |
|
| |
Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2023 was
$46.8 million, an increase of 11.0% from $42.2 million
for the fourth quarter of 2022. The increase was primarily
attributable to the increase in earning assets following the Town
and Country merger and higher yields on interest-earning assets.
Partially offsetting these improvements were an increase in funding
costs and a decrease in nonaccrual interest recoveries to
$0.2 million during the first quarter of 2023 from
$1.3 million during the fourth quarter of 2022.
Relative to the first quarter of 2022, net interest income
increased 46.7% from $31.9 million. The increase was primarily
attributable to higher yields on interest-earning assets and the
increase in average interest-earning assets following the Town and
Country merger.
Net interest margin for the first quarter of 2023 was 4.20%,
compared to 4.10% for the fourth quarter of 2022. The increase was
primarily attributable to higher yields on interest-earning assets
and a more favorable mix of interest-earning assets, driven by the
Town and Country merger and subsequent sale of the vast majority of
the Town and Country securities portfolio, which was partially
offset by higher funding costs. The contribution of nonaccrual
interest recoveries to net interest margin was 2 basis points
during the first quarter of 2023 and 13 basis points during the
fourth quarter of 2022. Additionally, acquired loan discount
accretion contributed 7 basis points to net interest margin during
the first quarter of 2023 and 2 basis points during the fourth
quarter of 2022.
Relative to the first quarter of 2022, net interest margin
increased from 3.08%. This increase was primarily attributable to
higher yields on interest-earning assets. Nonaccrual interest
recoveries contributed 7 basis points to net interest margin, and
acquired loan discount accretion contributed 1 basis point to net
interest margin, during the first quarter of 2022.
Noninterest Income
Noninterest income for the first quarter of 2023 was
$7.4 million, a decrease of 5.7% from $7.9 million for
the fourth quarter of 2022. The decrease was primarily attributable
to realized losses on sales of securities of $1.0 million as
the vast majority of the securities portfolio acquired from Town
and Country was sold with the sale proceeds used to reduce Federal
Home Loan Bank borrowings. Partially offsetting these losses was a
$0.5 million increase in mortgage servicing revenue, primarily
due to the addition of Town and Country servicing portfolio which
nearly doubled the size of our existing mortgage servicing
portfolio.
Relative to the first quarter of 2022, noninterest income
decreased 25.9% from $10.0 million. The decline was primarily
due to a negative $0.6 million mortgage servicing rights fair
value adjustment during the first quarter of 2023 compared to a
positive $1.7 million MSR fair value adjustment during the
first quarter of 2022. Additionally, the realized losses on sales
of securities of $1.0 million were partially offset by
increases in mortgage servicing revenue and credit and debit card
income.
Noninterest Expense
Noninterest expense for the first quarter of 2023 was
$35.9 million, an 8.5% increase from $33.1 million for
the fourth quarter of 2022. The increase was primarily due to
acquisition-related expenses of $7.1 million and higher base
costs following the Town and Country merger. These increases were
mostly offset by the absence of accruals for pending legal matters
totaling $8.2 million that were included in the fourth quarter
of 2022 results.
Relative to the first quarter of 2022, noninterest expense
increased 48.7% from $24.2 million, also primarily
attributable to acquisition-related expenses.
Loan Portfolio
Total loans outstanding, before allowance for credit losses,
were $3.20 billion at March 31, 2023, compared with
$2.62 billion at December 31, 2022 and $2.49 billion at
March 31, 2022. The $575.3 million increase in total loans
from December 31, 2022 included $635.4 million of loans
acquired in the Town and Country merger. Excluding the impact of
the Town and Country merger, the $60.1 million decrease in
total loans was primarily driven by a variety of balance reductions
across the portfolio, including $21.9 million of multi-family loans
refinanced to the secondary market and $14.9 million of payoffs on
loans exited due to the current credit environment. Additionally,
significantly lower seasonal usage on grain elevator lines of
credit presented a headwind to loan growth during the first quarter
of 2023.
Deposits
Total deposits were $4.31 billion at March 31, 2023,
compared with $3.59 billion at December 31, 2022 and
$3.82 billion at March 31, 2022. The $723.5 million
increase from December 31, 2022 included $720.4 million
of deposits assumed in the Town and Country merger. Excluding the
impact of the Town and Country merger, total deposits remained
nearly unchanged, with a $30.5 million increase in
noninterest-bearing deposits and a $13.8 million increase in
time deposits mostly offset by a $28.6 million decrease in
money market accounts and a $16.3 million decrease in savings
accounts.
Adoption of CECL Methodology
On January 1, 2023, the Company adopted ASU 2016-13 (Topic 326),
Measurement of Credit Losses on Financial Instruments, commonly
referred to as the Current Expected Credit Loss (“CECL”) standard.
Upon adoption of the CECL standard, a cumulative effect adjustment
was recognized resulting in an after-tax decrease to retained
earnings of $6.9 million as of January 1, 2023. This
transition adjustment includes a $7.0 million impact due to
the increase in the allowance for credit losses on loans, a
$2.9 million impact due to the establishment of an allowance
for credit losses on unfunded commitments, and a $2.7 million
impact due to the tax effect of the transition adjustment.
Additionally, we also adopted the CECL standard using the
prospective transition approach for purchased credit deteriorated
(“PCD”) financial assets that were previously classified as
purchased credit impaired (“PCI”) and accounted for under ASC
310-30. In accordance with the CECL standard, we did not reassess
whether PCI assets met the criteria of PCD assets as of the date of
adoption. On January 1, 2023, the amortized cost basis of the PCD
assets were adjusted to reflect the addition of $0.2 million to the
allowance for credit losses. The remaining noncredit discount will
be accreted into interest income at the effective interest rate as
of January 1, 2023.
Asset Quality
Nonperforming loans totaled $6.5 million, or 0.20% of total
loans, at March 31, 2023, compared with $2.2 million, or 0.08%
of total loans, at December 31, 2022, and $2.5 million,
or 0.10% of total loans, at March 31, 2022. The
$4.4 million increase in nonperforming loans from
December 31, 2022 was primarily attributable to the Town and
Country merger, which added $3.8 million in nonaccrual loans
as of March 31, 2023, consisting primarily of one-to-four
family residential real estate loans.
The Company recorded a provision for credit losses of
$6.2 million for the first quarter of 2023 including the
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 in connection with the Town and
Country merger. The remaining provision for credit losses primarily
reflects the establishment of an allowance for credit losses of
$0.6 million on debt securities available-for-sale, related to
one bank subordinated debt security, a $0.2 million decrease
in specific reserves, and net recoveries of $0.1 million.
The Company had net recoveries of $0.1 million, or (0.02)%
of average loans on an annualized basis, for the first quarter of
2023, compared to net recoveries of $0.9 million, or (0.14)% of
average loans on an annualized basis, for the fourth quarter of
2022, and net recoveries of $1.2 million, or (0.19)% of
average loans on an annualized basis, for the first quarter of
2022.
The Company’s allowance for credit losses was 1.21% of total
loans and 595% of nonperforming loans at March 31, 2023,
compared with 0.97% of total loans and 1,175% of nonperforming
loans at December 31, 2022.
Stock Repurchase Program
During the first quarter of 2023, the Company repurchased 79,463
shares of its common stock at a weighted average price of $19.92
under its stock repurchase program. The Company’s Board of
Directors have authorized the repurchase of up to $15 million of
HBT Financial common stock under its stock repurchase program in
effect until January 1, 2024. As of March 31, 2023, the Company had
$13.4 million remaining under the current stock repurchase
authorization.
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 Illinois and Eastern Iowa through 68
full-service branches. As of March 31, 2023, HBT had total
assets of $5.0 billion, total loans of $3.2 billion, and
total deposits of $4.3 billion.
Non-GAAP Financial Measures
Some of the financial measures included in this press release
are not measures of financial performance recognized in accordance
with GAAP. These non-GAAP financial measures include 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 (including the Russian
invasion of Ukraine), 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 (including the Company’s adoption
of CECL methodology); (iv) changes in state and federal laws,
regulations and governmental policies concerning the Company’s
general business and any changes in response to the recent failures
of other banks; (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,
including from non-bank competitors such as credit unions and
“fintech” companies, 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)
fluctuations in the value of securities held in our securities
portfolio; (xiv) concentrations within our loan portfolio, large
loans to certain borrowers, and large deposits from certain
clients; (xv) the concentration of large deposits from certain
clients who have balances above current FDIC insurance limits and
may withdraw deposits to diversify their exposure; (xvi) the level
of non-performing assets on our balance sheets; (xvii)
interruptions involving our information technology and
communications systems or third-party servicers; (xviii) breaches
or failures of our information security controls or
cybersecurity-related incidents, and (xix) the ability of the
Company to manage the risks associated with the foregoing as well
as anticipated. Readers should note that the forward-looking
statements included in this press release are not a guarantee of
future events, and that actual events may differ materially from
those made in or suggested by the forward-looking statements.
Additional information concerning the Company and its business,
including additional factors that could materially affect the
Company’s financial results, is included in the Company’s filings
with the Securities and Exchange Commission.
CONTACT:Peter ChapmanHBTIR@hbtbank.com(888)
897-2276
|
HBT Financial, Inc.Unaudited Consolidated
Financial Summary |
| |
|
As of or for the Three Months Ended |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands, except per share data) |
|
Interest and dividend income |
|
$ |
51,779 |
|
|
$ |
44,948 |
|
|
$ |
33,335 |
|
| Interest expense |
|
|
4,942 |
|
|
|
2,765 |
|
|
|
1,407 |
|
| Net interest income |
|
|
46,837 |
|
|
|
42,183 |
|
|
|
31,928 |
|
| Provision for credit
losses |
|
|
6,210 |
|
|
|
(653 |
) |
|
|
(584 |
) |
| Net interest income after
provision for credit losses |
|
|
40,627 |
|
|
|
42,836 |
|
|
|
32,512 |
|
| Noninterest income |
|
|
7,437 |
|
|
|
7,889 |
|
|
|
10,043 |
|
| Noninterest expense |
|
|
35,933 |
|
|
|
33,110 |
|
|
|
24,157 |
|
| Income before income tax
expense |
|
|
12,131 |
|
|
|
17,615 |
|
|
|
18,398 |
|
| Income tax expense |
|
|
2,923 |
|
|
|
4,475 |
|
|
|
4,794 |
|
| Net income |
|
$ |
9,208 |
|
|
$ |
13,140 |
|
|
$ |
13,604 |
|
| |
|
|
|
|
|
|
|
|
|
| Earnings per share -
Basic |
|
$ |
0.30 |
|
|
$ |
0.46 |
|
|
$ |
0.47 |
|
| Earnings per share -
Diluted |
|
|
0.30 |
|
|
|
0.46 |
|
|
|
0.47 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted net
income (1) |
|
$ |
19,859 |
|
|
$ |
13,886 |
|
|
$ |
12,227 |
|
| Adjusted earnings per share -
Basic (1) |
|
|
0.64 |
|
|
|
0.48 |
|
|
|
0.42 |
|
| Adjusted earnings per share -
Diluted (1) |
|
|
0.64 |
|
|
|
0.48 |
|
|
|
0.42 |
|
| |
|
|
|
|
|
|
|
|
|
| Book value per share |
|
$ |
14.02 |
|
|
$ |
12.99 |
|
|
$ |
13.23 |
|
| Tangible book value per
share (1) |
|
|
11.45 |
|
|
|
11.94 |
|
|
|
12.16 |
|
| |
|
|
|
|
|
|
|
|
|
| Shares of common stock
outstanding |
|
|
32,095,370 |
|
|
|
28,752,626 |
|
|
|
28,967,943 |
|
| Weighted average shares of
common stock outstanding |
|
|
30,977,204 |
|
|
|
28,752,626 |
|
|
|
28,986,593 |
|
| |
|
|
|
|
|
|
|
|
|
|
SUMMARY RATIOS |
|
|
|
|
|
|
|
|
|
| Net interest margin * |
|
|
4.20 |
% |
|
|
4.10 |
% |
|
|
3.08 |
% |
| Net interest margin (tax
equivalent basis) * (1) (2) |
|
|
4.26 |
|
|
|
4.17 |
|
|
|
3.13 |
|
| |
|
|
|
|
|
|
|
|
|
| Efficiency ratio |
|
|
65.27 |
% |
|
|
65.85 |
% |
|
|
56.97 |
% |
| Efficiency ratio (tax
equivalent basis) (1) (2) |
|
|
64.43 |
|
|
|
64.94 |
|
|
|
56.26 |
|
| |
|
|
|
|
|
|
|
|
|
| Loan to deposit ratio |
|
|
74.13 |
% |
|
|
73.05 |
% |
|
|
65.19 |
% |
| |
|
|
|
|
|
|
|
|
|
| Return on average assets
* |
|
|
0.78 |
% |
|
|
1.23 |
% |
|
|
1.27 |
% |
| Return on average
stockholders' equity * |
|
|
8.84 |
|
|
|
14.17 |
|
|
|
13.58 |
|
| Return on average tangible
common equity * (1) |
|
|
10.45 |
|
|
|
15.45 |
|
|
|
14.71 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted return on average
assets * (1) |
|
|
1.69 |
% |
|
|
1.30 |
% |
|
|
1.14 |
% |
| Adjusted return on average
stockholders' equity * (1) |
|
|
19.08 |
|
|
|
14.98 |
|
|
|
12.20 |
|
| Adjusted return on average
tangible common equity * (1) |
|
|
22.55 |
|
|
|
16.33 |
|
|
|
13.22 |
|
| |
|
|
|
|
|
|
|
|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
| Total capital to risk-weighted
assets |
|
|
15.11 |
% |
|
|
16.27 |
% |
|
|
16.86 |
% |
| Tier 1 capital to
risk-weighted assets |
|
|
13.16 |
|
|
|
14.23 |
|
|
|
14.66 |
|
| Common equity tier 1 capital
ratio |
|
|
11.79 |
|
|
|
13.07 |
|
|
|
13.40 |
|
| Tier 1 leverage ratio |
|
|
10.29 |
|
|
|
10.48 |
|
|
|
9.83 |
|
| Total stockholders' equity to
total assets |
|
|
8.98 |
|
|
|
8.72 |
|
|
|
8.81 |
|
| Tangible common equity to
tangible assets (1) |
|
|
7.45 |
|
|
|
8.06 |
|
|
|
8.16 |
|
| |
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
| Net charge-offs (recoveries)
to average loans, before allowance for credit losses |
|
|
(0.02 |
)% |
|
|
(0.14 |
)% |
|
|
(0.19 |
)% |
| Allowance for credit losses to
loans, before allowance for credit losses |
|
|
1.21 |
|
|
|
0.97 |
|
|
|
0.99 |
|
| Nonperforming loans to loans,
before allowance for credit losses |
|
|
0.20 |
|
|
|
0.08 |
|
|
|
0.10 |
|
| Nonperforming assets to total
assets |
|
|
0.20 |
|
|
|
0.12 |
|
|
|
0.13 |
|
| * 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 |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| INTEREST AND DIVIDEND
INCOME |
|
(dollars in thousands, except per share data) |
|
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
42,159 |
|
|
$ |
35,839 |
|
|
$ |
26,806 |
|
|
Federally tax exempt |
|
|
952 |
|
|
|
952 |
|
|
|
662 |
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
6,616 |
|
|
|
6,421 |
|
|
|
4,649 |
|
|
Federally tax exempt |
|
|
1,197 |
|
|
|
1,184 |
|
|
|
1,040 |
|
|
Interest-bearing deposits in bank |
|
|
739 |
|
|
|
504 |
|
|
|
159 |
|
|
Other interest and dividend income |
|
|
116 |
|
|
|
48 |
|
|
|
19 |
|
|
Total interest and dividend income |
|
|
51,779 |
|
|
|
44,948 |
|
|
|
33,335 |
|
| |
|
|
|
|
|
|
|
|
|
| INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,374 |
|
|
|
849 |
|
|
|
569 |
|
|
Securities sold under agreements to repurchase |
|
|
38 |
|
|
|
10 |
|
|
|
9 |
|
|
Borrowings |
|
|
1,297 |
|
|
|
880 |
|
|
|
1 |
|
|
Subordinated notes |
|
|
470 |
|
|
|
470 |
|
|
|
470 |
|
|
Junior subordinated debentures issued to capital trusts |
|
|
763 |
|
|
|
556 |
|
|
|
358 |
|
|
Total interest expense |
|
|
4,942 |
|
|
|
2,765 |
|
|
|
1,407 |
|
|
Net interest income |
|
|
46,837 |
|
|
|
42,183 |
|
|
|
31,928 |
|
| PROVISION FOR CREDIT
LOSSES |
|
|
6,210 |
|
|
|
(653 |
) |
|
|
(584 |
) |
|
Net interest income after provision for credit
losses |
|
|
40,627 |
|
|
|
42,836 |
|
|
|
32,512 |
|
| |
|
|
|
|
|
|
|
|
|
| NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
2,658 |
|
|
|
2,642 |
|
|
|
2,404 |
|
|
Wealth management fees |
|
|
2,338 |
|
|
|
2,485 |
|
|
|
2,289 |
|
|
Service charges on deposit accounts |
|
|
1,871 |
|
|
|
1,701 |
|
|
|
1,652 |
|
|
Mortgage servicing |
|
|
1,099 |
|
|
|
593 |
|
|
|
658 |
|
|
Mortgage servicing rights fair value adjustment |
|
|
(624 |
) |
|
|
(293 |
) |
|
|
1,729 |
|
|
Gains on sale of mortgage loans |
|
|
276 |
|
|
|
194 |
|
|
|
587 |
|
|
Realized gains (losses) on sales of securities |
|
|
(1,007 |
) |
|
|
— |
|
|
|
— |
|
|
Unrealized gains (losses) on equity securities |
|
|
(22 |
) |
|
|
33 |
|
|
|
(187 |
) |
|
Gains (losses) on foreclosed assets |
|
|
(10 |
) |
|
|
(122 |
) |
|
|
40 |
|
|
Gains (losses) on other assets |
|
|
— |
|
|
|
17 |
|
|
|
193 |
|
|
Income on bank owned life insurance |
|
|
115 |
|
|
|
42 |
|
|
|
40 |
|
|
Other noninterest income |
|
|
743 |
|
|
|
597 |
|
|
|
638 |
|
|
Total noninterest income |
|
|
7,437 |
|
|
|
7,889 |
|
|
|
10,043 |
|
| |
|
|
|
|
|
|
|
|
|
| NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
19,411 |
|
|
|
13,278 |
|
|
|
12,801 |
|
|
Employee benefits |
|
|
2,335 |
|
|
|
2,126 |
|
|
|
2,444 |
|
|
Occupancy of bank premises |
|
|
2,102 |
|
|
|
1,893 |
|
|
|
2,060 |
|
|
Furniture and equipment |
|
|
659 |
|
|
|
633 |
|
|
|
552 |
|
|
Data processing |
|
|
4,323 |
|
|
|
2,167 |
|
|
|
1,653 |
|
|
Marketing and customer relations |
|
|
836 |
|
|
|
867 |
|
|
|
851 |
|
|
Amortization of intangible assets |
|
|
510 |
|
|
|
140 |
|
|
|
245 |
|
|
FDIC insurance |
|
|
563 |
|
|
|
276 |
|
|
|
288 |
|
|
Loan collection and servicing |
|
|
278 |
|
|
|
278 |
|
|
|
157 |
|
|
Foreclosed assets |
|
|
61 |
|
|
|
33 |
|
|
|
132 |
|
|
Other noninterest expense |
|
|
4,855 |
|
|
|
11,419 |
|
|
|
2,974 |
|
|
Total noninterest expense |
|
|
35,933 |
|
|
|
33,110 |
|
|
|
24,157 |
|
| INCOME BEFORE INCOME
TAX EXPENSE |
|
|
12,131 |
|
|
|
17,615 |
|
|
|
18,398 |
|
| INCOME TAX
EXPENSE |
|
|
2,923 |
|
|
|
4,475 |
|
|
|
4,794 |
|
| NET
INCOME |
|
$ |
9,208 |
|
|
$ |
13,140 |
|
|
$ |
13,604 |
|
| |
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE -
BASIC |
|
$ |
0.30 |
|
|
$ |
0.46 |
|
|
$ |
0.47 |
|
| EARNINGS PER SHARE -
DILUTED |
|
$ |
0.30 |
|
|
$ |
0.46 |
|
|
$ |
0.47 |
|
| WEIGHTED AVERAGE
SHARES OF COMMON STOCK OUTSTANDING |
|
|
30,977,204 |
|
|
|
28,752,626 |
|
|
|
28,986,593 |
|
|
HBT Financial, Inc.Unaudited Consolidated
Financial SummaryConsolidated Balance
Sheets |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands) |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
35,244 |
|
|
$ |
18,970 |
|
|
$ |
30,761 |
|
|
Interest-bearing deposits with banks |
|
|
141,868 |
|
|
|
95,189 |
|
|
|
328,218 |
|
|
Cash and cash equivalents |
|
|
177,112 |
|
|
|
114,159 |
|
|
|
358,979 |
|
| |
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits with banks |
|
|
249 |
|
|
|
— |
|
|
|
487 |
|
|
Debt securities available-for-sale, at fair value |
|
|
854,622 |
|
|
|
843,524 |
|
|
|
933,922 |
|
|
Debt securities held-to-maturity |
|
|
536,429 |
|
|
|
541,600 |
|
|
|
438,054 |
|
|
Equity securities with readily determinable fair value |
|
|
3,145 |
|
|
|
3,029 |
|
|
|
3,256 |
|
|
Equity securities with no readily determinable fair value |
|
|
1,980 |
|
|
|
1,977 |
|
|
|
1,927 |
|
|
Restricted stock, at cost |
|
|
4,991 |
|
|
|
7,965 |
|
|
|
2,739 |
|
|
Loans held for sale |
|
|
5,130 |
|
|
|
615 |
|
|
|
1,777 |
|
| |
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for credit losses |
|
|
3,195,540 |
|
|
|
2,620,253 |
|
|
|
2,487,785 |
|
|
Allowance for credit losses |
|
|
(38,776 |
) |
|
|
(25,333 |
) |
|
|
(24,508 |
) |
|
Loans, net of allowance for credit losses |
|
|
3,156,764 |
|
|
|
2,594,920 |
|
|
|
2,463,277 |
|
| |
|
|
|
|
|
|
|
|
|
|
Bank owned life insurance |
|
|
23,447 |
|
|
|
7,557 |
|
|
|
7,433 |
|
|
Bank premises and equipment, net |
|
|
65,119 |
|
|
|
50,469 |
|
|
|
52,005 |
|
|
Bank premises held for sale |
|
|
235 |
|
|
|
235 |
|
|
|
1,081 |
|
|
Foreclosed assets |
|
|
3,356 |
|
|
|
3,030 |
|
|
|
3,043 |
|
|
Goodwill |
|
|
59,876 |
|
|
|
29,322 |
|
|
|
29,322 |
|
|
Intangible assets, net |
|
|
22,842 |
|
|
|
1,070 |
|
|
|
1,698 |
|
|
Mortgage servicing rights, at fair value |
|
|
19,992 |
|
|
|
10,147 |
|
|
|
9,723 |
|
|
Investments in unconsolidated subsidiaries |
|
|
1,614 |
|
|
|
1,165 |
|
|
|
1,165 |
|
|
Accrued interest receivable |
|
|
20,301 |
|
|
|
19,506 |
|
|
|
13,527 |
|
|
Other assets |
|
|
56,617 |
|
|
|
56,444 |
|
|
|
25,550 |
|
|
Total assets |
|
$ |
5,013,821 |
|
|
$ |
4,286,734 |
|
|
$ |
4,348,965 |
|
| |
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,218,888 |
|
|
$ |
994,954 |
|
|
$ |
1,069,231 |
|
|
Interest-bearing |
|
|
3,091,633 |
|
|
|
2,592,070 |
|
|
|
2,746,838 |
|
|
Total deposits |
|
|
4,310,521 |
|
|
|
3,587,024 |
|
|
|
3,816,069 |
|
| |
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
34,919 |
|
|
|
43,081 |
|
|
|
50,834 |
|
|
Federal Home Loan Bank advances |
|
|
75,183 |
|
|
|
160,000 |
|
|
|
— |
|
|
Subordinated notes |
|
|
39,415 |
|
|
|
39,395 |
|
|
|
39,336 |
|
|
Junior subordinated debentures issued to capital trusts |
|
|
52,746 |
|
|
|
37,780 |
|
|
|
37,731 |
|
|
Other liabilities |
|
|
50,939 |
|
|
|
45,822 |
|
|
|
21,840 |
|
|
Total liabilities |
|
|
4,563,723 |
|
|
|
3,913,102 |
|
|
|
3,965,810 |
|
| |
|
|
|
|
|
|
|
|
|
| Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
327 |
|
|
|
293 |
|
|
|
293 |
|
|
Surplus |
|
|
294,441 |
|
|
|
222,783 |
|
|
|
221,735 |
|
|
Retained earnings |
|
|
228,782 |
|
|
|
232,004 |
|
|
|
203,076 |
|
|
Accumulated other comprehensive income (loss) |
|
|
(62,175 |
) |
|
|
(71,759 |
) |
|
|
(36,100 |
) |
|
Treasury stock at cost |
|
|
(11,277 |
) |
|
|
(9,689 |
) |
|
|
(5,849 |
) |
|
Total stockholders’ equity |
|
|
450,098 |
|
|
|
373,632 |
|
|
|
383,155 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
5,013,821 |
|
|
$ |
4,286,734 |
|
|
$ |
4,348,965 |
|
| |
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
|
32,095,370 |
|
|
|
28,752,626 |
|
|
|
28,967,943 |
|
|
HBT Financial, Inc.Unaudited Consolidated
Financial Summary |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands) |
|
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
333,013 |
|
|
$ |
266,757 |
|
|
$ |
291,909 |
|
|
Commercial real estate - owner occupied |
|
|
317,103 |
|
|
|
218,503 |
|
|
|
237,000 |
|
|
Commercial real estate - non-owner occupied |
|
|
854,024 |
|
|
|
713,202 |
|
|
|
687,617 |
|
|
Construction and land development |
|
|
389,142 |
|
|
|
360,824 |
|
|
|
320,030 |
|
|
Multi-family |
|
|
362,672 |
|
|
|
287,865 |
|
|
|
243,447 |
|
|
One-to-four family residential |
|
|
482,732 |
|
|
|
338,253 |
|
|
|
327,791 |
|
|
Agricultural and farmland |
|
|
243,357 |
|
|
|
237,746 |
|
|
|
232,528 |
|
|
Municipal, consumer, and other |
|
|
213,497 |
|
|
|
197,103 |
|
|
|
147,463 |
|
|
Loans, before allowance for credit losses |
|
$ |
3,195,540 |
|
|
$ |
2,620,253 |
|
|
$ |
2,487,785 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PPP LOANS (included
above) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
25 |
|
|
$ |
28 |
|
|
$ |
16,184 |
|
|
Agricultural and farmland |
|
|
— |
|
|
|
— |
|
|
|
392 |
|
|
Total PPP Loans |
|
$ |
25 |
|
|
$ |
28 |
|
|
$ |
16,576 |
|
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands) |
|
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,218,888 |
|
|
$ |
994,954 |
|
|
$ |
1,069,231 |
|
|
Interest-bearing demand |
|
|
1,270,454 |
|
|
|
1,139,150 |
|
|
|
1,167,058 |
|
|
Money market |
|
|
662,088 |
|
|
|
555,425 |
|
|
|
597,464 |
|
|
Savings |
|
|
738,719 |
|
|
|
634,527 |
|
|
|
687,147 |
|
|
Time |
|
|
420,372 |
|
|
|
262,968 |
|
|
|
295,169 |
|
|
Total deposits |
|
$ |
4,310,521 |
|
|
$ |
3,587,024 |
|
|
$ |
3,816,069 |
|
|
HBT Financial, Inc.Unaudited Consolidated
Financial Summary |
| |
|
Three Months Ended |
|
| |
|
March 31, 2023 |
|
December 31, 2022 |
|
March 31, 2022 |
|
| |
|
Average |
|
|
|
|
Yield/ |
|
Average |
|
|
|
|
Yield/ |
|
Average |
|
|
|
|
Yield/ |
|
| |
|
Balance |
|
Interest |
|
Cost * |
|
Balance |
|
Interest |
|
Cost * |
|
Balance |
|
Interest |
|
Cost * |
|
| |
|
(dollars in thousands) |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,012,320 |
|
|
$ |
43,111 |
|
5.80 |
% |
$ |
2,600,746 |
|
|
$ |
36,791 |
|
5.61 |
% |
$ |
2,507,006 |
|
|
$ |
27,468 |
|
4.44 |
% |
|
Securities |
|
|
1,411,613 |
|
|
|
7,813 |
|
2.24 |
|
|
1,396,401 |
|
|
|
7,605 |
|
2.16 |
|
|
1,321,918 |
|
|
|
5,689 |
|
1.75 |
|
|
Deposits with banks |
|
|
92,363 |
|
|
|
739 |
|
3.24 |
|
|
76,507 |
|
|
|
504 |
|
2.61 |
|
|
370,130 |
|
|
|
159 |
|
0.17 |
|
|
Other |
|
|
7,425 |
|
|
|
116 |
|
6.33 |
|
|
5,607 |
|
|
|
48 |
|
3.37 |
|
|
2,739 |
|
|
|
19 |
|
2.80 |
|
|
Total interest-earning assets |
|
|
4,523,721 |
|
|
$ |
51,779 |
|
4.64 |
% |
|
4,079,261 |
|
|
$ |
44,948 |
|
4.37 |
% |
|
4,201,793 |
|
|
$ |
33,335 |
|
3.22 |
% |
|
Allowance for credit losses |
|
|
(33,301 |
) |
|
|
|
|
|
|
|
(25,404 |
) |
|
|
|
|
|
|
|
(24,099 |
) |
|
|
|
|
|
|
|
Noninterest-earning assets |
|
|
274,870 |
|
|
|
|
|
|
|
|
188,942 |
|
|
|
|
|
|
|
|
165,752 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,765,290 |
|
|
|
|
|
|
|
$ |
4,242,799 |
|
|
|
|
|
|
|
$ |
4,343,446 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,230,644 |
|
|
$ |
458 |
|
0.15 |
% |
$ |
1,125,877 |
|
|
$ |
177 |
|
0.06 |
% |
$ |
1,143,829 |
|
|
$ |
142 |
|
0.05 |
% |
|
Money market |
|
|
634,608 |
|
|
|
935 |
|
0.60 |
|
|
572,718 |
|
|
|
379 |
|
0.26 |
|
|
598,271 |
|
|
|
121 |
|
0.08 |
|
|
Savings |
|
|
709,862 |
|
|
|
178 |
|
0.10 |
|
|
640,668 |
|
|
|
53 |
|
0.03 |
|
|
649,563 |
|
|
|
50 |
|
0.03 |
|
|
Time |
|
|
356,779 |
|
|
|
803 |
|
0.91 |
|
|
266,117 |
|
|
|
240 |
|
0.36 |
|
|
310,675 |
|
|
|
256 |
|
0.33 |
|
|
Total interest-bearing deposits |
|
|
2,931,893 |
|
|
|
2,374 |
|
0.33 |
|
|
2,605,380 |
|
|
|
849 |
|
0.13 |
|
|
2,702,338 |
|
|
|
569 |
|
0.09 |
|
|
Securities sold under agreements to repurchase |
|
|
39,619 |
|
|
|
38 |
|
0.38 |
|
|
51,703 |
|
|
|
10 |
|
0.08 |
|
|
53,054 |
|
|
|
9 |
|
0.07 |
|
|
Borrowings |
|
|
113,896 |
|
|
|
1,297 |
|
4.62 |
|
|
92,120 |
|
|
|
880 |
|
3.79 |
|
|
500 |
|
|
|
1 |
|
0.71 |
|
|
Subordinated notes |
|
|
39,403 |
|
|
|
470 |
|
4.83 |
|
|
39,384 |
|
|
|
470 |
|
4.73 |
|
|
39,325 |
|
|
|
470 |
|
4.84 |
|
|
Junior subordinated debentures issued to capital trusts |
|
|
47,586 |
|
|
|
763 |
|
6.50 |
|
|
37,770 |
|
|
|
556 |
|
5.84 |
|
|
37,721 |
|
|
|
358 |
|
3.85 |
|
|
Total interest-bearing liabilities |
|
|
3,172,397 |
|
|
$ |
4,942 |
|
0.63 |
% |
|
2,826,357 |
|
|
$ |
2,765 |
|
0.39 |
% |
|
2,832,938 |
|
|
$ |
1,407 |
|
0.20 |
% |
|
Noninterest-bearing deposits |
|
|
1,121,365 |
|
|
|
|
|
|
|
|
1,023,355 |
|
|
|
|
|
|
|
|
1,077,917 |
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
49,316 |
|
|
|
|
|
|
|
|
25,220 |
|
|
|
|
|
|
|
|
26,302 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
4,343,078 |
|
|
|
|
|
|
|
|
3,874,932 |
|
|
|
|
|
|
|
|
3,937,157 |
|
|
|
|
|
|
|
| Stockholders'
Equity |
|
|
422,212 |
|
|
|
|
|
|
|
|
367,867 |
|
|
|
|
|
|
|
|
406,289 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,765,290 |
|
|
|
|
|
|
|
$ |
4,242,799 |
|
|
|
|
|
|
|
$ |
4,343,446 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
46,837 |
|
4.20 |
% |
|
|
|
$ |
42,183 |
|
4.10 |
% |
|
|
|
$ |
31,928 |
|
3.08 |
% |
| Tax-equivalent
adjustment (2) |
|
|
|
|
|
702 |
|
0.06 |
|
|
|
|
|
698 |
|
0.07 |
|
|
|
|
|
529 |
|
0.05 |
|
| Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent
basis) (2) (3) |
|
|
|
|
$ |
47,539 |
|
4.26 |
% |
|
|
|
$ |
42,881 |
|
4.17 |
% |
|
|
|
$ |
32,457 |
|
3.13 |
% |
| Net interest rate
spread (4) |
|
|
|
|
|
|
|
4.01 |
% |
|
|
|
|
|
|
3.98 |
% |
|
|
|
|
|
|
3.02 |
% |
| Net interest-earning
assets (5) |
|
$ |
1,351,324 |
|
|
|
|
|
|
|
$ |
1,252,904 |
|
|
|
|
|
|
|
$ |
1,368,855 |
|
|
|
|
|
|
|
| Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.43 |
|
|
|
|
|
|
|
|
1.44 |
|
|
|
|
|
|
|
|
1.48 |
|
|
|
|
|
|
|
| Cost of total deposits |
|
|
|
|
|
|
|
0.24 |
% |
|
|
|
|
|
|
0.09 |
% |
|
|
|
|
|
|
0.06 |
% |
| Cost of funds |
|
|
|
|
|
|
|
0.47 |
|
|
|
|
|
|
|
0.28 |
|
|
|
|
|
|
|
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 |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands) |
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| Nonaccrual |
|
$ |
6,508 |
|
|
$ |
2,155 |
|
|
$ |
2,461 |
|
| Past due 90 days or more,
still accruing (1) |
|
|
10 |
|
|
|
1 |
|
|
|
8 |
|
| Total nonperforming
loans |
|
|
6,518 |
|
|
|
2,156 |
|
|
|
2,469 |
|
| Foreclosed assets |
|
|
3,356 |
|
|
|
3,030 |
|
|
|
3,043 |
|
| Total nonperforming
assets |
|
$ |
9,874 |
|
|
$ |
5,186 |
|
|
$ |
5,512 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit
losses |
|
$ |
38,776 |
|
|
$ |
25,333 |
|
|
$ |
24,508 |
|
| Loans, before allowance for
credit losses |
|
|
3,195,540 |
|
|
|
2,620,253 |
|
|
|
2,487,785 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| CREDIT QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
loans, before allowance for credit losses |
|
|
1.21 |
% |
|
|
0.97 |
% |
|
|
0.99 |
% |
| Allowance for credit losses to
nonaccrual loans |
|
|
595.82 |
|
|
|
1,175.55 |
|
|
|
995.86 |
|
| Allowance for credit losses to
nonperforming loans |
|
|
594.91 |
|
|
|
1,175.00 |
|
|
|
992.63 |
|
| Nonaccrual loans to loans,
before allowance for credit losses |
|
|
0.20 |
|
|
|
0.08 |
|
|
|
0.10 |
|
| Nonperforming loans to loans,
before allowance for credit losses |
|
|
0.20 |
|
|
|
0.08 |
|
|
|
0.10 |
|
| Nonperforming assets to total
assets |
|
|
0.20 |
|
|
|
0.12 |
|
|
|
0.13 |
|
| Nonperforming assets to loans,
before allowance for credit losses, and foreclosed assets |
|
|
0.31 |
|
|
|
0.20 |
|
|
|
0.22 |
|
| (1) Prior to
2023, excludes loans acquired with deteriorated credit quality that
are past due 90 or more days and accruing. Such loans totaled
$145 thousand as of December 31, 2022 and $25 thousand as
of March 31, 2022. |
| |
|
Three Months Ended |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| ALLOWANCE FOR CREDIT
LOSSES ON LOANS |
|
(dollars in thousands) |
|
Beginning balance |
|
$ |
25,333 |
|
|
$ |
25,060 |
|
|
$ |
23,936 |
|
| Adoption of ASC 326 |
|
|
6,983 |
|
|
|
— |
|
|
|
— |
|
| PCD allowance established in
acquisition |
|
|
1,247 |
|
|
|
— |
|
|
|
— |
|
| Provision for credit
losses |
|
|
5,101 |
|
|
|
(653 |
) |
|
|
(584 |
) |
| Charge-offs |
|
|
(142 |
) |
|
|
(169 |
) |
|
|
(134 |
) |
| Recoveries |
|
|
254 |
|
|
|
1,095 |
|
|
|
1,290 |
|
|
Ending balance |
|
$ |
38,776 |
|
|
$ |
25,333 |
|
|
$ |
24,508 |
|
| |
|
|
|
|
|
|
|
|
|
| Net charge-offs
(recoveries) |
|
$ |
(112 |
) |
|
$ |
(926 |
) |
|
$ |
(1,156 |
) |
| Average loans, before
allowance for credit losses |
|
|
3,012,320 |
|
|
|
2,600,746 |
|
|
|
2,507,006 |
|
| |
|
|
|
|
|
|
|
|
|
| Net charge-offs (recoveries)
to average loans, before allowance for credit losses * |
|
|
(0.02 |
)% |
|
|
(0.14 |
)% |
|
|
(0.19 |
)% |
| * Annualized
measure. |
| |
|
Three Months Ended |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| PROVISION FOR CREDIT
LOSSES |
|
(dollars in thousands) |
|
Loans (1) |
|
$ |
5,101 |
|
|
$ |
(653 |
) |
|
$ |
(584 |
) |
| Unfunded lending-related
commitments (1) |
|
|
509 |
|
|
|
— |
|
|
|
— |
|
| Debt securities |
|
|
600 |
|
|
|
— |
|
|
|
— |
|
|
Total provision for credit losses |
|
$ |
6,210 |
|
|
$ |
(653 |
) |
|
$ |
(584 |
) |
| (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 in connection with the Town and
Country merger. |
|
Reconciliation of Non-GAAP Financial Measures
–Adjusted Net Income and Adjusted Return on
Average Assets |
| |
|
Three Months Ended |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands) |
|
Net income |
|
$ |
9,208 |
|
|
$ |
13,140 |
|
|
$ |
13,604 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
Acquisition expenses (1) |
|
|
(13,064 |
) |
|
|
(630 |
) |
|
|
— |
|
|
Gains (losses) on sales of closed branch premises |
|
|
— |
|
|
|
— |
|
|
|
197 |
|
|
Realized gains (losses) on sales of securities |
|
|
(1,007 |
) |
|
|
— |
|
|
|
— |
|
|
Mortgage servicing rights fair value adjustment |
|
|
(624 |
) |
|
|
(293 |
) |
|
|
1,729 |
|
| Total adjustments |
|
|
(14,695 |
) |
|
|
(923 |
) |
|
|
1,926 |
|
| Tax effect of adjustments |
|
|
4,044 |
|
|
|
177 |
|
|
|
(549 |
) |
| Less adjustments, after tax
effect |
|
|
(10,651 |
) |
|
|
(746 |
) |
|
|
1,377 |
|
| Adjusted net income |
|
$ |
19,859 |
|
|
$ |
13,886 |
|
|
$ |
12,227 |
|
| |
|
|
|
|
|
|
|
|
|
| Average assets |
|
$ |
4,765,290 |
|
|
$ |
4,242,799 |
|
|
$ |
4,343,446 |
|
| |
|
|
|
|
|
|
|
|
|
| Return on average assets
* |
|
|
0.78 |
% |
|
|
1.23 |
% |
|
|
1.27 |
% |
| Adjusted return on average
assets * |
|
|
1.69 |
|
|
|
1.30 |
|
|
|
1.14 |
|
| * 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 in connection
with the Town and Country merger. |
|
Reconciliation of Non-GAAP Financial Measures
–Adjusted Earnings Per Share |
| |
|
Three Months Ended |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands, except per share data) |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
9,208 |
|
|
$ |
13,140 |
|
|
$ |
13,604 |
|
|
Earnings allocated to participating securities (1) |
|
|
(5 |
) |
|
|
(15 |
) |
|
|
(17 |
) |
|
Numerator for earnings per share - basic and diluted |
|
$ |
9,203 |
|
|
$ |
13,125 |
|
|
$ |
13,587 |
|
| |
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
19,859 |
|
|
$ |
13,886 |
|
|
$ |
12,227 |
|
|
Earnings allocated to participating securities (1) |
|
|
(13 |
) |
|
|
(16 |
) |
|
|
(15 |
) |
|
Numerator for adjusted earnings per share - basic and diluted |
|
$ |
19,846 |
|
|
$ |
13,870 |
|
|
$ |
12,212 |
|
| |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
30,977,204 |
|
|
|
28,752,626 |
|
|
|
28,986,593 |
|
|
Dilutive effect of outstanding restricted stock units |
|
|
69,947 |
|
|
|
91,905 |
|
|
|
43,646 |
|
|
Weighted average common shares outstanding, including all dilutive
potential shares |
|
|
31,047,151 |
|
|
|
28,844,531 |
|
|
|
29,030,239 |
|
| |
|
|
|
|
|
|
|
|
|
| Earnings per share -
Basic |
|
$ |
0.30 |
|
|
$ |
0.46 |
|
|
$ |
0.47 |
|
| Earnings per share -
Diluted |
|
$ |
0.30 |
|
|
$ |
0.46 |
|
|
$ |
0.47 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted earnings per
share - Basic |
|
$ |
0.64 |
|
|
$ |
0.48 |
|
|
$ |
0.42 |
|
| Adjusted earnings per
share - Diluted |
|
$ |
0.64 |
|
|
$ |
0.48 |
|
|
$ |
0.42 |
|
| (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 |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands) |
|
Net interest income (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
46,837 |
|
|
$ |
42,183 |
|
|
$ |
31,928 |
|
|
Tax-equivalent adjustment (1) |
|
|
702 |
|
|
|
698 |
|
|
|
529 |
|
|
Net interest income (tax equivalent basis) (1) |
|
$ |
47,539 |
|
|
$ |
42,881 |
|
|
$ |
32,457 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
4.20 |
% |
|
|
4.10 |
% |
|
|
3.08 |
% |
|
Tax-equivalent adjustment * (1) |
|
|
0.06 |
|
|
|
0.07 |
|
|
|
0.05 |
|
|
Net interest margin (tax equivalent basis) * (1) |
|
|
4.26 |
% |
|
|
4.17 |
% |
|
|
3.13 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Average interest-earning
assets |
|
$ |
4,523,721 |
|
|
$ |
4,079,261 |
|
|
$ |
4,201,793 |
|
| * 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 |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands) |
|
Efficiency ratio (tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
35,933 |
|
|
$ |
33,110 |
|
|
$ |
24,157 |
|
|
Less: amortization of intangible assets |
|
|
510 |
|
|
|
140 |
|
|
|
245 |
|
|
Adjusted noninterest expense |
|
$ |
35,423 |
|
|
$ |
32,970 |
|
|
$ |
23,912 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
46,837 |
|
|
$ |
42,183 |
|
|
$ |
31,928 |
|
|
Total noninterest income |
|
|
7,437 |
|
|
|
7,889 |
|
|
|
10,043 |
|
|
Operating revenue |
|
|
54,274 |
|
|
|
50,072 |
|
|
|
41,971 |
|
|
Tax-equivalent adjustment (1) |
|
|
702 |
|
|
|
698 |
|
|
|
529 |
|
|
Operating revenue (tax equivalent
basis) (1) |
|
$ |
54,976 |
|
|
$ |
50,770 |
|
|
$ |
42,500 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio |
|
|
65.27 |
% |
|
|
65.85 |
% |
|
|
56.97 |
% |
| Efficiency ratio (tax
equivalent basis) (1) |
|
|
64.43 |
|
|
|
64.94 |
|
|
|
56.26 |
|
| (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 |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands, except per share data) |
|
Tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
450,098 |
|
|
$ |
373,632 |
|
|
$ |
383,155 |
|
|
Less: Goodwill |
|
|
59,876 |
|
|
|
29,322 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
|
22,842 |
|
|
|
1,070 |
|
|
|
1,698 |
|
|
Tangible common equity |
|
$ |
367,380 |
|
|
$ |
343,240 |
|
|
$ |
352,135 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
5,013,821 |
|
|
$ |
4,286,734 |
|
|
$ |
4,348,965 |
|
|
Less: Goodwill |
|
|
59,876 |
|
|
|
29,322 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
|
22,842 |
|
|
|
1,070 |
|
|
|
1,698 |
|
|
Tangible assets |
|
$ |
4,931,103 |
|
|
$ |
4,256,342 |
|
|
$ |
4,317,945 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total stockholders' equity to
total assets |
|
|
8.98 |
% |
|
|
8.72 |
% |
|
|
8.81 |
% |
| Tangible common equity to
tangible assets |
|
|
7.45 |
|
|
|
8.06 |
|
|
|
8.16 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Shares of common stock
outstanding |
|
|
32,095,370 |
|
|
|
28,752,626 |
|
|
|
28,967,943 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per share |
|
$ |
14.02 |
|
|
$ |
12.99 |
|
|
$ |
13.23 |
|
| Tangible book value per
share |
|
|
11.45 |
|
|
|
11.94 |
|
|
|
12.16 |
|
|
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 |
| |
|
March 31, |
|
December 31, |
|
March 31, |
| |
|
2023 |
|
2022 |
|
2022 |
| |
|
(dollars in thousands) |
|
Average tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
422,212 |
|
|
$ |
367,867 |
|
|
$ |
406,289 |
|
|
Less: Goodwill |
|
|
49,352 |
|
|
|
29,322 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
|
15,635 |
|
|
|
1,134 |
|
|
|
1,844 |
|
|
Average tangible common equity |
|
$ |
357,225 |
|
|
$ |
337,411 |
|
|
$ |
375,123 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
9,208 |
|
|
$ |
13,140 |
|
|
$ |
13,604 |
|
| Adjusted net income |
|
|
19,859 |
|
|
|
13,886 |
|
|
|
12,227 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average
stockholders' equity * |
|
|
8.84 |
% |
|
|
14.17 |
% |
|
|
13.58 |
% |
| Return on average tangible
common equity * |
|
|
10.45 |
|
|
|
15.45 |
|
|
|
14.71 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted return on average
stockholders' equity * |
|
|
19.08 |
% |
|
|
14.98 |
% |
|
|
12.20 |
% |
| Adjusted return on average
tangible common equity * |
|
|
22.55 |
|
|
|
16.33 |
|
|
|
13.22 |
|
| * Annualized
measure. |
HBT Financial (NASDAQ:HBT)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
HBT Financial (NASDAQ:HBT)
Gráfica de Acción Histórica
De May 2023 a May 2024
