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 $18.5 million, or
$0.58 diluted earnings per share, for the second quarter of
2023. This compares to net income of $9.2 million, or
$0.30 diluted earnings per share, for the first quarter of
2023, and net income of $14.1 million, or $0.49 diluted
earnings per share, for the second quarter of 2022.
J. Lance Carter, President and Chief Executive Officer of HBT
Financial, said, “I had the honor of being named CEO of HBT
Financial and Heartland Bank and Trust Company during the second
quarter. I look forward to continuing to work closely with Fred
Drake, Executive Chairman; the rest of Board of Directors; and our
executive team to deliver the consistently solid financial
performance to which we are accustomed. I am very pleased with our
financial performance for the second quarter of 2023. With a ROAA
of 1.49% and a ROATCE of 19.91%, we continue to produce strong
returns. Our granular deposit base and excellent credit quality
continue to support our strong results. Although we continue to see
pressure on deposit pricing, we were able to maintain a solid net
interest margin of 4.16%, down only 4 basis points from last
quarter. We completed our system conversion for our Town and
Country Financial Corporation (“Town and Country”) acquisition and
have fully integrated the Town and Country team. We look forward to
recognizing the enhanced long-term value provided by the increased
scale and new markets that this acquisition has provided.”
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
$18.8 million, or $0.58 adjusted diluted earnings per
share, for the second quarter of 2023. This compares to adjusted
net income of $19.9 million, or $0.64 adjusted diluted
earnings per share, for the first quarter of 2023, and adjusted net
income of $13.8 million, or $0.48 adjusted diluted
earnings per share, for the second quarter of 2022 (see
"Reconciliation of Non-GAAP Financial Measures" tables).
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2023 was
$48.9 million, an increase of 4.3% from $46.8 million for
the first quarter of 2023. The increase was primarily attributable
to the increase in earning assets following the Town and Country
merger completed on February 1, 2023 and higher yields on
interest-earning assets. Partially offsetting this improvement was
an increase in funding costs.
Relative to the second quarter of 2022, net interest income
increased 42.2% from $34.4 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 second quarter of 2023 was 4.16%,
compared to 4.20% for the first quarter of 2023, and net interest
margin (tax equivalent basis) for the second quarter of 2023 was
4.22% compared to 4.26% for the first quarter of 2023. The decrease
was primarily attributable to higher funding costs with the cost of
funds increasing to 0.71% for the second quarter of 2023, compared
to 0.47% for the first quarter of 2023, which outpaced the
increased asset yields which rose by 19 basis points to 4.83%.
Acquired loan discount accretion contributed 9 basis points to net
interest margin during the second quarter of 2023 and 7 basis
points during the first quarter of 2023.
Relative to the second quarter of 2022, net interest margin
increased from 3.34%. This increase was primarily attributable to
higher yields on interest-earning assets. Acquired loan discount
accretion contributed 3 basis points to net interest margin, during
the second quarter of 2022.
Noninterest Income
Noninterest income for the second quarter of 2023 was
$9.9 million, an increase of 33.3% from $7.4 million for
the first quarter of 2023. The increase was primarily attributable
to the absence of realized losses on sales of securities of
$1.0 million included in the first quarter of 2023 results as
well as a $0.8 million change in the mortgage servicing rights
fair value adjustment. Additionally, increases in card income of
$0.2 million and mortgage servicing income of
$0.2 million primarily reflect the addition of Town and
Country’s operations for the first full quarter.
Relative to the second quarter of 2022, noninterest income
increased 15.9% from $8.6 million. The increase was primarily
attributable to the Town and Country merger with a
$0.6 million increase in mortgage servicing income, a
$0.2 million increase in card income, and a $0.1 million
increase in service charges on deposit accounts.
Noninterest Expense
Noninterest expense for the second quarter of 2023 was
$34.0 million, a 5.5% decrease from $35.9 million for the
first quarter of 2023. Acquisition-related noninterest expenses
totaled $0.6 million during the second quarter of 2023,
compared to $7.1 million during the first quarter of 2023.
Excluding acquisition-related noninterest expenses, the
$4.6 million increase in noninterest expense was primarily
attributable to $0.8 million of legal fees and
$0.8 million of accruals related to pending legal matters
previously disclosed and incurred during the second quarter of 2023
that were not present in the first quarter of 2023 results.
Settlements have been reached with plaintiffs in these matters
which are now pending final court approval. Additionally, the
second quarter of 2023 results included a full quarter’s impact of
Town and Country’s operations.
Relative to the second quarter of 2022, noninterest expense
increased 42.5% from $23.8 million, primarily attributable to
the addition of Town and Country’s operations, additional legal
costs and settlement accrual.
Acquisition-related expenses during the first and second quarter
of 2023 are summarized below. There were no acquisition-related
expenses during the second quarter of 2022. We do not expect
material acquisition-related expenses related to Town and Country
in subsequent quarters.
|
|
Three Months Ended |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
|
(dollars in thousands) |
PROVISION FOR CREDIT LOSSES |
|
$ |
— |
|
|
$ |
5,924 |
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
Salaries |
|
|
66 |
|
|
|
3,518 |
|
Furniture and equipment |
|
|
39 |
|
|
|
— |
|
Data processing |
|
|
176 |
|
|
|
1,855 |
|
Marketing and customer relations |
|
|
10 |
|
|
|
14 |
|
Loan collection and servicing |
|
|
125 |
|
|
|
— |
|
Legal fees and other noninterest expense |
|
|
211 |
|
|
|
1,753 |
|
Total noninterest expense |
|
|
627 |
|
|
|
7,140 |
|
Total
acquisition-related expenses |
|
$ |
627 |
|
|
$ |
13,064 |
|
|
|
|
|
|
|
|
|
|
Loan Portfolio
Total loans outstanding, before allowance for credit losses,
were $3.24 billion at June 30, 2023, compared with
$3.20 billion at March 31, 2023 and $2.45 billion at June
30, 2022. The $49.1 million increase from March 31, 2023 was
primarily attributable to a $52.8 million increase in
commercial and industrial loans driven by new loan fundings and the
purchase of $37.0 million of loans from two new strategic
partners. The $53.9 million decrease in the construction and
development loans was generally driven by the completion of a
number of sizeable projects that are now amortizing and have been
moved into other real estate loan categories, with the largest
being a $29.5 million project that moved to the commercial real
estate - non-owner occupied category. Additionally, we received a
payoff on a $12.4 million substandard relationship in the
commercial real estate - non-owner occupied category.
Deposits
Total deposits were $4.16 billion at June 30, 2023,
compared with $4.31 billion at March 31, 2023 and
$3.70 billion at June 30, 2022. The $146.0 million
decrease from March 31, 2023 was primarily attributable to
decreases in balances held in existing retail and business accounts
partially offset by a seasonal increase in public fund account
balances and the addition of $51.0 million of brokered
deposits. Additionally, a higher than historical average net
deposit inflow on March 31, 2023, as referenced in our first
quarter of 2023 investor presentation, included $36 million
related to one account which was withdrawn at the beginning of the
second quarter of 2023.
Asset Quality
Nonperforming loans totaled $7.5 million, or 0.23% of total
loans, at June 30, 2023, compared with $6.5 million, or
0.20% of total loans, at March 31, 2023, and $3.4 million, or
0.14% of total loans, at June 30, 2022. The $1.0 million
increase in nonperforming loans from March 31, 2023 was primarily
attributable to a $1.3 million increase in nonaccrual
one-to-four family residential real estate loans.
The Company recorded a negative provision for credit losses of
$0.2 million for the second quarter of 2023. The negative
provision for credit losses primarily reflects a $1.1 million
decrease in specific reserves, a $1.1 million increase in
required reserves driven by growth of the loan portfolio and
unfunded commitments, a $0.4 million decrease in required
reserves resulting from changes in economic and qualitative
factors, a $0.2 million increase in reserves on debt
securities available-for-sale, related to one bank subordinated
debt security, and net recoveries of $0.1 million.
The Company had net recoveries of $0.1 million, or (0.01)%
of average loans on an annualized basis, for the second quarter of
2023, compared to net recoveries of $0.1 million, or (0.02)% of
average loans on an annualized basis, for the first quarter of
2023, and net recoveries of $0.1 million, or (0.01)% of
average loans on an annualized basis, for the second quarter of
2022.
The Company’s allowance for credit losses was 1.17% of total
loans and 502% of nonperforming loans at June 30, 2023,
compared with 1.21% of total loans and 595% of nonperforming loans
at March 31, 2023.
Stock Repurchase Program
During the second quarter of 2023, the Company repurchased
229,502 shares of its common stock at a weighted average price
of $18.07 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 June
30, 2023, the Company had $9.3 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
67 full-service branches. As of June 30, 2023, HBT had
total assets of $5.0 billion, total loans of
$3.2 billion, and total deposits of $4.2 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 |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(dollars in thousands, except per share data) |
Interest and dividend income |
|
$ |
56,768 |
|
|
$ |
51,779 |
|
|
$ |
35,757 |
|
|
$ |
108,547 |
|
|
$ |
69,092 |
|
Interest expense |
|
|
7,896 |
|
|
|
4,942 |
|
|
|
1,384 |
|
|
|
12,838 |
|
|
|
2,791 |
|
Net interest income |
|
|
48,872 |
|
|
|
46,837 |
|
|
|
34,373 |
|
|
|
95,709 |
|
|
|
66,301 |
|
Provision for credit
losses |
|
|
(230 |
) |
|
|
6,210 |
|
|
|
145 |
|
|
|
5,980 |
|
|
|
(439 |
) |
Net interest income after
provision for credit losses |
|
|
49,102 |
|
|
|
40,627 |
|
|
|
34,228 |
|
|
|
89,729 |
|
|
|
66,740 |
|
Noninterest income |
|
|
9,914 |
|
|
|
7,437 |
|
|
|
8,551 |
|
|
|
17,351 |
|
|
|
18,594 |
|
Noninterest expense |
|
|
33,973 |
|
|
|
35,933 |
|
|
|
23,842 |
|
|
|
69,906 |
|
|
|
47,999 |
|
Income before income tax
expense |
|
|
25,043 |
|
|
|
12,131 |
|
|
|
18,937 |
|
|
|
37,174 |
|
|
|
37,335 |
|
Income tax expense |
|
|
6,570 |
|
|
|
2,923 |
|
|
|
4,852 |
|
|
|
9,493 |
|
|
|
9,646 |
|
Net income |
|
$ |
18,473 |
|
|
$ |
9,208 |
|
|
$ |
14,085 |
|
|
$ |
27,681 |
|
|
$ |
27,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic |
|
$ |
0.58 |
|
|
$ |
0.30 |
|
|
$ |
0.49 |
|
|
$ |
0.88 |
|
|
$ |
0.96 |
|
Earnings per share -
Diluted |
|
|
0.58 |
|
|
|
0.30 |
|
|
|
0.49 |
|
|
|
0.88 |
|
|
|
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (1) |
|
$ |
18,772 |
|
|
$ |
19,859 |
|
|
$ |
13,836 |
|
|
$ |
38,631 |
|
|
$ |
26,063 |
|
Adjusted earnings per share -
Basic (1) |
|
|
0.59 |
|
|
|
0.64 |
|
|
|
0.48 |
|
|
|
1.23 |
|
|
|
0.90 |
|
Adjusted earnings per share -
Diluted (1) |
|
|
0.58 |
|
|
|
0.64 |
|
|
|
0.48 |
|
|
|
1.22 |
|
|
|
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
14.15 |
|
|
$ |
14.02 |
|
|
$ |
12.97 |
|
|
|
|
|
|
|
Tangible book value per share
(1) |
|
|
11.58 |
|
|
|
11.45 |
|
|
|
11.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
31,865,868 |
|
|
|
32,095,370 |
|
|
|
28,831,197 |
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
31,980,133 |
|
|
|
30,977,204 |
|
|
|
28,891,202 |
|
|
|
31,481,439 |
|
|
|
28,938,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
4.16 |
|
% |
|
4.20 |
|
% |
|
3.34 |
|
% |
|
4.18 |
|
% |
|
3.21 |
|
Net interest margin (tax
equivalent basis) * (1)(2) |
|
|
4.22 |
|
|
|
4.26 |
|
|
|
3.39 |
|
|
|
4.24 |
|
|
|
3.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
56.57 |
|
% |
|
65.27 |
|
% |
|
54.97 |
|
% |
|
60.74 |
|
% |
|
55.96 |
|
Efficiency ratio (tax
equivalent basis) (1)(2) |
|
|
55.89 |
|
|
|
64.43 |
|
|
|
54.22 |
|
|
|
59.99 |
|
|
|
55.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to deposit ratio |
|
|
77.91 |
|
% |
|
74.13 |
|
% |
|
66.23 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.49 |
|
% |
|
0.78 |
|
% |
|
1.32 |
|
% |
|
1.15 |
|
% |
|
1.29 |
|
Return on average
stockholders' equity * |
|
|
16.30 |
|
|
|
8.84 |
|
|
|
14.92 |
|
|
|
12.73 |
|
|
|
14.23 |
|
Return on average tangible
common equity * (1) |
|
|
19.91 |
|
|
|
10.45 |
|
|
|
16.25 |
|
|
|
15.31 |
|
|
|
15.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
assets * (1) |
|
|
1.51 |
|
% |
|
1.69 |
|
% |
|
1.29 |
|
% |
|
1.60 |
|
% |
|
1.22 |
|
Adjusted return on average
stockholders' equity * (1) |
|
|
16.57 |
|
|
|
19.08 |
|
|
|
14.66 |
|
|
|
17.77 |
|
|
|
13.40 |
|
Adjusted return on average
tangible common equity * (1) |
|
|
20.23 |
|
|
|
22.55 |
|
|
|
15.96 |
|
|
|
21.36 |
|
|
|
14.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to risk-weighted
assets |
|
|
15.03 |
|
% |
|
15.11 |
|
% |
|
16.76 |
|
% |
|
|
|
|
|
Tier 1 capital to
risk-weighted assets |
|
|
13.12 |
|
|
|
13.16 |
|
|
|
14.59 |
|
|
|
|
|
|
|
Common equity tier 1 capital
ratio |
|
|
11.78 |
|
|
|
11.79 |
|
|
|
13.36 |
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
|
10.07 |
|
|
|
10.29 |
|
|
|
10.05 |
|
|
|
|
|
|
|
Total stockholders' equity to
total assets |
|
|
9.06 |
|
|
|
8.98 |
|
|
|
8.85 |
|
|
|
|
|
|
|
Tangible common equity to
tangible assets (1) |
|
|
7.54 |
|
|
|
7.45 |
|
|
|
8.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans, before allowance for credit losses |
|
|
(0.01 |
) |
% |
|
(0.02 |
) |
% |
|
(0.01 |
) |
% |
|
(0.01 |
) |
% |
|
(0.10 |
) |
Allowance for credit losses to
loans, before allowance for credit losses |
|
|
1.17 |
|
|
|
1.21 |
|
|
|
1.01 |
|
|
|
|
|
|
|
Nonperforming loans to loans,
before allowance for credit losses |
|
|
0.23 |
|
|
|
0.20 |
|
|
|
0.14 |
|
|
|
|
|
|
|
Nonperforming assets to total
assets |
|
|
0.21 |
|
|
|
0.20 |
|
|
|
0.15 |
|
|
|
|
|
|
|
________________________* 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 |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
INTEREST AND DIVIDEND
INCOME |
|
(dollars in thousands, except per share data) |
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
47,149 |
|
|
$ |
42,159 |
|
|
$ |
27,843 |
|
|
$ |
89,308 |
|
|
$ |
54,649 |
|
Federally tax exempt |
|
|
1,040 |
|
|
|
952 |
|
|
|
679 |
|
|
|
1,992 |
|
|
|
1,341 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
6,518 |
|
|
|
6,616 |
|
|
|
5,663 |
|
|
|
13,134 |
|
|
|
10,312 |
|
Federally tax exempt |
|
|
1,162 |
|
|
|
1,197 |
|
|
|
1,138 |
|
|
|
2,359 |
|
|
|
2,178 |
|
Interest-bearing deposits in bank |
|
|
781 |
|
|
|
739 |
|
|
|
420 |
|
|
|
1,520 |
|
|
|
579 |
|
Other interest and dividend income |
|
|
118 |
|
|
|
116 |
|
|
|
14 |
|
|
|
234 |
|
|
|
33 |
|
Total interest and dividend income |
|
|
56,768 |
|
|
|
51,779 |
|
|
|
35,757 |
|
|
|
108,547 |
|
|
|
69,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
4,323 |
|
|
|
2,374 |
|
|
|
506 |
|
|
|
6,697 |
|
|
|
1,075 |
|
Securities sold under agreements to repurchase |
|
|
34 |
|
|
|
38 |
|
|
|
8 |
|
|
|
72 |
|
|
|
17 |
|
Borrowings |
|
|
2,189 |
|
|
|
1,297 |
|
|
|
1 |
|
|
|
3,486 |
|
|
|
2 |
|
Subordinated notes |
|
|
469 |
|
|
|
470 |
|
|
|
469 |
|
|
|
939 |
|
|
|
939 |
|
Junior subordinated debentures issued to capital trusts |
|
|
881 |
|
|
|
763 |
|
|
|
400 |
|
|
|
1,644 |
|
|
|
758 |
|
Total interest expense |
|
|
7,896 |
|
|
|
4,942 |
|
|
|
1,384 |
|
|
|
12,838 |
|
|
|
2,791 |
|
Net interest income |
|
|
48,872 |
|
|
|
46,837 |
|
|
|
34,373 |
|
|
|
95,709 |
|
|
|
66,301 |
|
PROVISION FOR CREDIT
LOSSES |
|
|
(230 |
) |
|
|
6,210 |
|
|
|
145 |
|
|
|
5,980 |
|
|
|
(439 |
) |
Net interest income after provision for credit
losses |
|
|
49,102 |
|
|
|
40,627 |
|
|
|
34,228 |
|
|
|
89,729 |
|
|
|
66,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
2,905 |
|
|
|
2,658 |
|
|
|
2,714 |
|
|
|
5,563 |
|
|
|
5,118 |
|
Wealth management fees |
|
|
2,279 |
|
|
|
2,338 |
|
|
|
2,322 |
|
|
|
4,617 |
|
|
|
4,611 |
|
Service charges on deposit accounts |
|
|
1,919 |
|
|
|
1,871 |
|
|
|
1,792 |
|
|
|
3,790 |
|
|
|
3,444 |
|
Mortgage servicing |
|
|
1,254 |
|
|
|
1,099 |
|
|
|
661 |
|
|
|
2,353 |
|
|
|
1,319 |
|
Mortgage servicing rights fair value adjustment |
|
|
141 |
|
|
|
(624 |
) |
|
|
366 |
|
|
|
(483 |
) |
|
|
2,095 |
|
Gains on sale of mortgage loans |
|
|
373 |
|
|
|
276 |
|
|
|
326 |
|
|
|
649 |
|
|
|
913 |
|
Realized gains (losses) on sales of securities |
|
|
— |
|
|
|
(1,007 |
) |
|
|
— |
|
|
|
(1,007 |
) |
|
|
— |
|
Unrealized gains (losses) on equity securities |
|
|
7 |
|
|
|
(22 |
) |
|
|
(153 |
) |
|
|
(15 |
) |
|
|
(340 |
) |
Gains (losses) on foreclosed assets |
|
|
(97 |
) |
|
|
(10 |
) |
|
|
(7 |
) |
|
|
(107 |
) |
|
|
33 |
|
Gains (losses) on other assets |
|
|
109 |
|
|
|
— |
|
|
|
(43 |
) |
|
|
109 |
|
|
|
150 |
|
Income on bank owned life insurance |
|
|
147 |
|
|
|
115 |
|
|
|
41 |
|
|
|
262 |
|
|
|
81 |
|
Other noninterest income |
|
|
877 |
|
|
|
743 |
|
|
|
532 |
|
|
|
1,620 |
|
|
|
1,170 |
|
Total noninterest income |
|
|
9,914 |
|
|
|
7,437 |
|
|
|
8,551 |
|
|
|
17,351 |
|
|
|
18,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
16,660 |
|
|
|
19,411 |
|
|
|
12,936 |
|
|
|
36,071 |
|
|
|
25,737 |
|
Employee benefits |
|
|
2,707 |
|
|
|
2,335 |
|
|
|
1,984 |
|
|
|
5,042 |
|
|
|
4,428 |
|
Occupancy of bank premises |
|
|
2,785 |
|
|
|
2,102 |
|
|
|
1,741 |
|
|
|
4,887 |
|
|
|
3,801 |
|
Furniture and equipment |
|
|
809 |
|
|
|
659 |
|
|
|
623 |
|
|
|
1,468 |
|
|
|
1,175 |
|
Data processing |
|
|
2,883 |
|
|
|
4,323 |
|
|
|
1,990 |
|
|
|
7,206 |
|
|
|
3,643 |
|
Marketing and customer relations |
|
|
1,359 |
|
|
|
836 |
|
|
|
1,205 |
|
|
|
2,195 |
|
|
|
2,056 |
|
Amortization of intangible assets |
|
|
720 |
|
|
|
510 |
|
|
|
245 |
|
|
|
1,230 |
|
|
|
490 |
|
FDIC insurance |
|
|
630 |
|
|
|
563 |
|
|
|
298 |
|
|
|
1,193 |
|
|
|
586 |
|
Loan collection and servicing |
|
|
348 |
|
|
|
278 |
|
|
|
278 |
|
|
|
626 |
|
|
|
435 |
|
Foreclosed assets |
|
|
97 |
|
|
|
61 |
|
|
|
31 |
|
|
|
158 |
|
|
|
163 |
|
Other noninterest expense |
|
|
4,975 |
|
|
|
4,855 |
|
|
|
2,511 |
|
|
|
9,830 |
|
|
|
5,485 |
|
Total noninterest expense |
|
|
33,973 |
|
|
|
35,933 |
|
|
|
23,842 |
|
|
|
69,906 |
|
|
|
47,999 |
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
|
25,043 |
|
|
|
12,131 |
|
|
|
18,937 |
|
|
|
37,174 |
|
|
|
37,335 |
|
INCOME TAX
EXPENSE |
|
|
6,570 |
|
|
|
2,923 |
|
|
|
4,852 |
|
|
|
9,493 |
|
|
|
9,646 |
|
NET
INCOME |
|
$ |
18,473 |
|
|
$ |
9,208 |
|
|
$ |
14,085 |
|
|
$ |
27,681 |
|
|
$ |
27,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE -
BASIC |
|
$ |
0.58 |
|
|
$ |
0.30 |
|
|
$ |
0.49 |
|
|
$ |
0.88 |
|
|
$ |
0.96 |
|
EARNINGS PER SHARE -
DILUTED |
|
$ |
0.58 |
|
|
$ |
0.30 |
|
|
$ |
0.49 |
|
|
$ |
0.88 |
|
|
$ |
0.95 |
|
WEIGHTED AVERAGE
SHARES OF COMMON STOCK OUTSTANDING |
|
|
31,980,133 |
|
|
|
30,977,204 |
|
|
|
28,891,202 |
|
|
|
31,481,439 |
|
|
|
28,938,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial, Inc.Unaudited Consolidated
Financial SummaryConsolidated Balance
Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
28,044 |
|
|
$ |
35,244 |
|
|
$ |
25,478 |
|
Interest-bearing deposits with banks |
|
|
81,764 |
|
|
|
141,868 |
|
|
|
134,553 |
|
Cash and cash equivalents |
|
|
109,808 |
|
|
|
177,112 |
|
|
|
160,031 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits with banks |
|
|
— |
|
|
|
249 |
|
|
|
— |
|
Debt securities available-for-sale, at fair value |
|
|
822,788 |
|
|
|
854,622 |
|
|
|
924,706 |
|
Debt securities held-to-maturity |
|
|
533,231 |
|
|
|
536,429 |
|
|
|
548,236 |
|
Equity securities with readily determinable fair value |
|
|
3,152 |
|
|
|
3,145 |
|
|
|
3,103 |
|
Equity securities with no readily determinable fair value |
|
|
2,275 |
|
|
|
1,980 |
|
|
|
1,952 |
|
Restricted stock, at cost |
|
|
11,345 |
|
|
|
4,991 |
|
|
|
2,813 |
|
Loans held for sale |
|
|
8,829 |
|
|
|
5,130 |
|
|
|
5,312 |
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for credit losses |
|
|
3,244,655 |
|
|
|
3,195,540 |
|
|
|
2,451,826 |
|
Allowance for credit losses |
|
|
(37,814 |
) |
|
|
(38,776 |
) |
|
|
(24,734 |
) |
Loans, net of allowance for credit losses |
|
|
3,206,841 |
|
|
|
3,156,764 |
|
|
|
2,427,092 |
|
|
|
|
|
|
|
|
|
|
|
Bank owned life insurance |
|
|
23,594 |
|
|
|
23,447 |
|
|
|
7,474 |
|
Bank premises and equipment, net |
|
|
65,029 |
|
|
|
65,119 |
|
|
|
51,433 |
|
Bank premises held for sale |
|
|
35 |
|
|
|
235 |
|
|
|
319 |
|
Foreclosed assets |
|
|
3,080 |
|
|
|
3,356 |
|
|
|
2,891 |
|
Goodwill |
|
|
59,876 |
|
|
|
59,876 |
|
|
|
29,322 |
|
Intangible assets, net |
|
|
22,122 |
|
|
|
22,842 |
|
|
|
1,453 |
|
Mortgage servicing rights, at fair value |
|
|
20,133 |
|
|
|
19,992 |
|
|
|
10,089 |
|
Investments in unconsolidated subsidiaries |
|
|
1,614 |
|
|
|
1,614 |
|
|
|
1,165 |
|
Accrued interest receivable |
|
|
19,900 |
|
|
|
20,301 |
|
|
|
14,263 |
|
Other assets |
|
|
62,158 |
|
|
|
56,617 |
|
|
|
32,324 |
|
Total assets |
|
$ |
4,975,810 |
|
|
$ |
5,013,821 |
|
|
$ |
4,223,978 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,125,823 |
|
|
$ |
1,218,888 |
|
|
$ |
1,028,790 |
|
Interest-bearing |
|
|
3,038,700 |
|
|
|
3,091,633 |
|
|
|
2,673,196 |
|
Total deposits |
|
|
4,164,523 |
|
|
|
4,310,521 |
|
|
|
3,701,986 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
38,729 |
|
|
|
34,919 |
|
|
|
51,091 |
|
Federal Home Loan Bank advances |
|
|
177,572 |
|
|
|
75,183 |
|
|
|
— |
|
Subordinated notes |
|
|
39,435 |
|
|
|
39,415 |
|
|
|
39,356 |
|
Junior subordinated debentures issued to capital trusts |
|
|
52,760 |
|
|
|
52,746 |
|
|
|
37,747 |
|
Other liabilities |
|
|
51,939 |
|
|
|
50,939 |
|
|
|
19,989 |
|
Total liabilities |
|
|
4,524,958 |
|
|
|
4,563,723 |
|
|
|
3,850,169 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
327 |
|
|
|
327 |
|
|
|
293 |
|
Surplus |
|
|
294,875 |
|
|
|
294,441 |
|
|
|
222,087 |
|
Retained earnings |
|
|
241,777 |
|
|
|
228,782 |
|
|
|
212,506 |
|
Accumulated other comprehensive income (loss) |
|
|
(70,662 |
) |
|
|
(62,175 |
) |
|
|
(52,820 |
) |
Treasury stock at cost |
|
|
(15,465 |
) |
|
|
(11,277 |
) |
|
|
(8,257 |
) |
Total stockholders’ equity |
|
|
450,852 |
|
|
|
450,098 |
|
|
|
373,809 |
|
Total liabilities and stockholders’ equity |
|
$ |
4,975,810 |
|
|
$ |
5,013,821 |
|
|
$ |
4,223,978 |
|
|
|
|
|
|
|
|
|
|
|
SHARE INFORMATION |
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
|
31,865,868 |
|
|
|
32,095,370 |
|
|
|
28,831,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial, Inc.Unaudited Consolidated
Financial Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
|
(dollars in thousands) |
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
385,768 |
|
|
$ |
333,013 |
|
|
$ |
249,839 |
|
Commercial real estate - owner occupied |
|
|
303,522 |
|
|
|
317,103 |
|
|
|
228,997 |
|
Commercial real estate - non-owner occupied |
|
|
882,598 |
|
|
|
854,024 |
|
|
|
656,093 |
|
Construction and land development |
|
|
335,262 |
|
|
|
389,142 |
|
|
|
332,041 |
|
Multi-family |
|
|
375,536 |
|
|
|
362,672 |
|
|
|
269,452 |
|
One-to-four family residential |
|
|
482,442 |
|
|
|
482,732 |
|
|
|
325,047 |
|
Agricultural and farmland |
|
|
259,858 |
|
|
|
243,357 |
|
|
|
230,370 |
|
Municipal, consumer, and other |
|
|
219,669 |
|
|
|
213,497 |
|
|
|
159,987 |
|
Loans, before allowance for credit losses |
|
$ |
3,244,655 |
|
|
$ |
3,195,540 |
|
|
$ |
2,451,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP LOANS (included
above) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
22 |
|
|
$ |
25 |
|
|
$ |
2,823 |
|
Agricultural and farmland |
|
|
— |
|
|
|
— |
|
|
|
9 |
|
Total PPP Loans |
|
$ |
22 |
|
|
$ |
25 |
|
|
$ |
2,832 |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
|
(dollars in thousands) |
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,125,823 |
|
|
$ |
1,218,888 |
|
|
$ |
1,028,790 |
|
Interest-bearing demand |
|
|
1,181,187 |
|
|
|
1,270,454 |
|
|
|
1,162,292 |
|
Money market |
|
|
730,652 |
|
|
|
662,088 |
|
|
|
581,058 |
|
Savings |
|
|
657,506 |
|
|
|
738,719 |
|
|
|
654,953 |
|
Time |
|
|
469,355 |
|
|
|
420,372 |
|
|
|
274,893 |
|
Total deposits |
|
$ |
4,164,523 |
|
|
$ |
4,310,521 |
|
|
$ |
3,701,986 |
|
HBT Financial, Inc.Unaudited Consolidated
Financial Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
|
AverageBalance |
|
Interest |
|
Yield/Cost* |
|
AverageBalance |
|
Interest |
|
Yield/Cost* |
|
AverageBalance |
|
Interest |
|
Yield/Cost* |
|
|
|
(dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,238,774 |
|
|
$ |
48,189 |
|
5.97 |
% |
$ |
3,012,320 |
|
|
$ |
43,111 |
|
5.80 |
% |
$ |
2,467,851 |
|
|
$ |
28,522 |
|
4.64 |
% |
Securities |
|
|
1,384,180 |
|
|
|
7,680 |
|
2.23 |
|
|
1,411,613 |
|
|
|
7,813 |
|
2.24 |
|
|
1,422,096 |
|
|
|
6,801 |
|
1.92 |
|
Deposits with banks |
|
|
84,366 |
|
|
|
781 |
|
3.71 |
|
|
92,363 |
|
|
|
739 |
|
3.24 |
|
|
240,692 |
|
|
|
420 |
|
0.70 |
|
Other |
|
|
8,577 |
|
|
|
118 |
|
5.52 |
|
|
7,425 |
|
|
|
116 |
|
6.33 |
|
|
2,809 |
|
|
|
14 |
|
2.07 |
|
Total interest-earning assets |
|
|
4,715,897 |
|
|
$ |
56,768 |
|
4.83 |
% |
|
4,523,721 |
|
|
$ |
51,779 |
|
4.64 |
% |
|
4,133,448 |
|
|
$ |
35,757 |
|
3.47 |
% |
Allowance for credit losses |
|
|
(39,484 |
) |
|
|
|
|
|
|
|
(33,301 |
) |
|
|
|
|
|
|
|
(24,579 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
299,622 |
|
|
|
|
|
|
|
|
274,870 |
|
|
|
|
|
|
|
|
177,433 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,976,035 |
|
|
|
|
|
|
|
$ |
4,765,290 |
|
|
|
|
|
|
|
$ |
4,286,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,224,285 |
|
|
$ |
683 |
|
0.22 |
% |
$ |
1,230,644 |
|
|
$ |
458 |
|
0.15 |
% |
$ |
1,159,077 |
|
|
$ |
144 |
|
0.05 |
% |
Money market |
|
|
675,530 |
|
|
|
1,516 |
|
0.90 |
|
|
634,608 |
|
|
|
935 |
|
0.60 |
|
|
582,016 |
|
|
|
110 |
|
0.08 |
|
Savings |
|
|
687,014 |
|
|
|
189 |
|
0.11 |
|
|
709,862 |
|
|
|
178 |
|
0.10 |
|
|
661,661 |
|
|
|
52 |
|
0.03 |
|
Time |
|
|
447,146 |
|
|
|
1,935 |
|
1.74 |
|
|
356,779 |
|
|
|
803 |
|
0.91 |
|
|
284,880 |
|
|
|
200 |
|
0.28 |
|
Total interest-bearing deposits |
|
|
3,033,975 |
|
|
|
4,323 |
|
0.57 |
|
|
2,931,893 |
|
|
|
2,374 |
|
0.33 |
|
|
2,687,634 |
|
|
|
506 |
|
0.08 |
|
Securities sold under agreements to repurchase |
|
|
34,170 |
|
|
|
34 |
|
0.40 |
|
|
39,619 |
|
|
|
38 |
|
0.38 |
|
|
51,057 |
|
|
|
8 |
|
0.07 |
|
Borrowings |
|
|
173,040 |
|
|
|
2,189 |
|
5.07 |
|
|
113,896 |
|
|
|
1,297 |
|
4.62 |
|
|
440 |
|
|
|
1 |
|
1.34 |
|
Subordinated notes |
|
|
39,424 |
|
|
|
469 |
|
4.78 |
|
|
39,403 |
|
|
|
470 |
|
4.83 |
|
|
39,346 |
|
|
|
469 |
|
4.79 |
|
Junior subordinated debentures issued to capital trusts |
|
|
52,752 |
|
|
|
881 |
|
6.70 |
|
|
47,586 |
|
|
|
763 |
|
6.50 |
|
|
37,738 |
|
|
|
400 |
|
4.26 |
|
Total interest-bearing liabilities |
|
|
3,333,361 |
|
|
$ |
7,896 |
|
0.95 |
% |
|
3,172,397 |
|
|
$ |
4,942 |
|
0.63 |
% |
|
2,816,215 |
|
|
$ |
1,384 |
|
0.20 |
% |
Noninterest-bearing deposits |
|
|
1,145,089 |
|
|
|
|
|
|
|
|
1,121,365 |
|
|
|
|
|
|
|
|
1,072,883 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
43,080 |
|
|
|
|
|
|
|
|
49,316 |
|
|
|
|
|
|
|
|
18,673 |
|
|
|
|
|
|
|
Total liabilities |
|
|
4,521,530 |
|
|
|
|
|
|
|
|
4,343,078 |
|
|
|
|
|
|
|
|
3,907,771 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
454,505 |
|
|
|
|
|
|
|
|
422,212 |
|
|
|
|
|
|
|
|
378,531 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,976,035 |
|
|
|
|
|
|
|
$ |
4,765,290 |
|
|
|
|
|
|
|
$ |
4,286,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
48,872 |
|
4.16 |
% |
|
|
|
$ |
46,837 |
|
4.20 |
% |
|
|
|
$ |
34,373 |
|
3.34 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
715 |
|
0.06 |
|
|
|
|
|
702 |
|
0.06 |
|
|
|
|
|
598 |
|
0.05 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
49,587 |
|
4.22 |
% |
|
|
|
$ |
47,539 |
|
4.26 |
% |
|
|
|
$ |
34,971 |
|
3.39 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.88 |
% |
|
|
|
|
|
|
4.01 |
% |
|
|
|
|
|
|
3.27 |
% |
Net interest-earning assets
(5) |
|
$ |
1,382,536 |
|
|
|
|
|
|
|
$ |
1,351,324 |
|
|
|
|
|
|
|
$ |
1,317,233 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.41 |
|
|
|
|
|
|
|
|
1.43 |
|
|
|
|
|
|
|
|
1.47 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.41 |
% |
|
|
|
|
|
|
0.24 |
% |
|
|
|
|
|
|
0.05 |
% |
Cost of funds |
|
|
|
|
|
|
|
0.71 |
|
|
|
|
|
|
|
0.47 |
|
|
|
|
|
|
|
0.14 |
|
________________________* Annualized
measure.(1) Net interest margin represents net
interest income divided by average total interest-earning
assets.(2) On a tax-equivalent basis assuming a
federal income tax rate of 21% and a state income tax rate of
9.5%.(3) See "Reconciliation of Non-GAAP Financial
Measures" below for reconciliation of non-GAAP financial measures
to their most closely comparable GAAP financial
measures.(4) Net interest rate spread represents
the difference between the yield on average interest-earning assets
and the cost of average interest-bearing
liabilities.(5) Net interest-earning assets
represents total interest-earning assets less total
interest-bearing liabilities.
HBT Financial, Inc.Unaudited Consolidated
Financial Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AverageBalance |
|
Interest |
|
Yield/Cost * |
|
AverageBalance |
|
Interest |
|
Yield/Cost * |
|
|
|
(dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,126,173 |
|
|
$ |
91,300 |
|
5.89 |
% |
$ |
2,487,320 |
|
|
$ |
55,990 |
|
4.54 |
% |
Securities |
|
|
1,397,821 |
|
|
|
15,493 |
|
2.24 |
|
|
1,372,284 |
|
|
|
12,490 |
|
1.84 |
|
Deposits with banks |
|
|
88,343 |
|
|
|
1,520 |
|
3.47 |
|
|
305,053 |
|
|
|
579 |
|
0.38 |
|
Other |
|
|
8,004 |
|
|
|
234 |
|
5.89 |
|
|
2,775 |
|
|
|
33 |
|
2.43 |
|
Total interest-earning assets |
|
|
4,620,341 |
|
|
$ |
108,547 |
|
4.74 |
% |
|
4,167,432 |
|
|
$ |
69,092 |
|
3.34 |
% |
Allowance for credit losses |
|
|
(36,410 |
) |
|
|
|
|
|
|
|
(24,340 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
287,314 |
|
|
|
|
|
|
|
|
171,624 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,871,245 |
|
|
|
|
|
|
|
$ |
4,314,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
1,227,447 |
|
|
$ |
1,141 |
|
0.19 |
% |
$ |
1,151,495 |
|
|
$ |
286 |
|
0.05 |
% |
Money market |
|
|
655,182 |
|
|
|
2,451 |
|
0.75 |
|
|
590,098 |
|
|
|
231 |
|
0.08 |
|
Savings |
|
|
698,375 |
|
|
|
367 |
|
0.11 |
|
|
655,645 |
|
|
|
102 |
|
0.03 |
|
Time |
|
|
402,212 |
|
|
|
2,738 |
|
1.37 |
|
|
297,706 |
|
|
|
456 |
|
0.31 |
|
Total interest-bearing deposits |
|
|
2,983,216 |
|
|
|
6,697 |
|
0.45 |
|
|
2,694,944 |
|
|
|
1,075 |
|
0.08 |
|
Securities sold under agreements to repurchase |
|
|
36,879 |
|
|
|
72 |
|
0.39 |
|
|
52,050 |
|
|
|
17 |
|
0.07 |
|
Borrowings |
|
|
143,632 |
|
|
|
3,486 |
|
4.89 |
|
|
470 |
|
|
|
2 |
|
1.01 |
|
Subordinated notes |
|
|
39,414 |
|
|
|
939 |
|
4.81 |
|
|
39,335 |
|
|
|
939 |
|
4.82 |
|
Junior subordinated debentures issued to capital trusts |
|
|
50,183 |
|
|
|
1,644 |
|
6.61 |
|
|
37,730 |
|
|
|
758 |
|
4.05 |
|
Total interest-bearing liabilities |
|
|
3,253,324 |
|
|
$ |
12,838 |
|
0.80 |
% |
|
2,824,529 |
|
|
$ |
2,791 |
|
0.20 |
% |
Noninterest-bearing deposits |
|
|
1,133,292 |
|
|
|
|
|
|
|
|
1,075,387 |
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
46,181 |
|
|
|
|
|
|
|
|
22,466 |
|
|
|
|
|
|
|
Total liabilities |
|
|
4,432,797 |
|
|
|
|
|
|
|
|
3,922,382 |
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
438,448 |
|
|
|
|
|
|
|
|
392,334 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,871,245 |
|
|
|
|
|
|
|
|
4,314,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net
interest margin (1) |
|
|
|
|
$ |
95,709 |
|
4.18 |
% |
|
|
|
$ |
66,301 |
|
3.21 |
% |
Tax-equivalent adjustment
(2) |
|
|
|
|
|
1,417 |
|
0.06 |
|
|
|
|
|
1,127 |
|
0.05 |
|
Net interest income
(tax-equivalent basis)/ Net interest margin (tax-equivalent basis)
(2) (3) |
|
|
|
|
$ |
97,126 |
|
4.24 |
% |
|
|
|
$ |
67,428 |
|
3.26 |
% |
Net interest rate spread
(4) |
|
|
|
|
|
|
|
3.94 |
% |
|
|
|
|
|
|
3.14 |
% |
Net interest-earning assets
(5) |
|
$ |
1,367,017 |
|
|
|
|
|
|
|
$ |
1,342,903 |
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.42 |
|
|
|
|
|
|
|
|
1.48 |
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.33 |
% |
|
|
|
|
|
|
0.06 |
% |
Cost of funds |
|
|
|
|
|
|
|
0.59 |
|
|
|
|
|
|
|
0.14 |
|
________________________* 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
|
|
(dollars in thousands) |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
|
$ |
7,534 |
|
|
$ |
6,508 |
|
|
$ |
3,248 |
|
|
Past due 90 days or more,
still accruing (1) |
|
|
1 |
|
|
|
10 |
|
|
|
182 |
|
|
Total nonperforming
loans |
|
|
7,535 |
|
|
|
6,518 |
|
|
|
3,430 |
|
|
Foreclosed assets |
|
|
3,080 |
|
|
|
3,356 |
|
|
|
2,891 |
|
|
Total nonperforming
assets |
|
$ |
10,615 |
|
|
$ |
9,874 |
|
|
$ |
6,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
|
$ |
37,814 |
|
|
$ |
38,776 |
|
|
$ |
24,734 |
|
|
Loans, before allowance for
credit losses |
|
|
3,244,655 |
|
|
|
3,195,540 |
|
|
|
2,451,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to
loans, before allowance for credit losses |
|
|
1.17 |
|
% |
|
1.21 |
|
% |
|
1.01 |
|
% |
Allowance for credit losses to
nonaccrual loans |
|
|
501.91 |
|
|
|
595.82 |
|
|
|
761.51 |
|
|
Allowance for credit losses to
nonperforming loans |
|
|
501.84 |
|
|
|
594.91 |
|
|
|
721.11 |
|
|
Nonaccrual loans to loans,
before allowance for credit losses |
|
|
0.23 |
|
|
|
0.20 |
|
|
|
0.13 |
|
|
Nonperforming loans to loans,
before allowance for credit losses |
|
|
0.23 |
|
|
|
0.20 |
|
|
|
0.14 |
|
|
Nonperforming assets to total
assets |
|
|
0.21 |
|
|
|
0.20 |
|
|
|
0.15 |
|
|
Nonperforming assets to loans,
before allowance for credit losses, and foreclosed assets |
|
|
0.33 |
|
|
|
0.31 |
|
|
|
0.26 |
|
|
________________________(1) Prior to 2023,
excludes loans acquired with deteriorated credit quality that are
past due 90 or more days and accruing. Such loans totaled
$23 thousand as of June 30, 2022.
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2023 |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
ALLOWANCE FOR CREDIT
LOSSES ON LOANS |
|
(dollars in thousands) |
|
Beginning balance |
|
$ |
38,776 |
|
|
$ |
25,333 |
|
|
$ |
24,508 |
|
|
$ |
25,333 |
|
|
$ |
23,936 |
|
|
Adoption of ASC 326 |
|
|
— |
|
|
|
6,983 |
|
|
|
— |
|
|
|
6,983 |
|
|
|
— |
|
|
PCD allowance established in
acquisition |
|
|
— |
|
|
|
1,247 |
|
|
|
— |
|
|
|
1,247 |
|
|
|
— |
|
|
Provision for credit
losses |
|
|
(1,080 |
) |
|
|
5,101 |
|
|
|
145 |
|
|
|
4,021 |
|
|
|
(439 |
) |
|
Charge-offs |
|
|
(179 |
) |
|
|
(142 |
) |
|
|
(159 |
) |
|
|
(321 |
) |
|
|
(293 |
) |
|
Recoveries |
|
|
297 |
|
|
|
254 |
|
|
|
240 |
|
|
|
551 |
|
|
|
1,530 |
|
|
Ending balance |
|
$ |
37,814 |
|
|
$ |
38,776 |
|
|
$ |
24,734 |
|
|
$ |
37,814 |
|
|
$ |
24,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) |
|
$ |
(118 |
) |
|
$ |
(112 |
) |
|
$ |
(81 |
) |
|
$ |
(230 |
) |
|
$ |
(1,237 |
) |
|
Average loans, before
allowance for credit losses |
|
|
3,238,774 |
|
|
|
3,012,320 |
|
|
|
2,467,851 |
|
|
|
3,126,173 |
|
|
|
2,487,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans, before allowance for credit losses * |
|
|
(0.01 |
) |
% |
|
(0.02 |
) |
% |
|
(0.01 |
) |
% |
|
(0.01 |
) |
% |
|
(0.10 |
) |
% |
________________________* Annualized measure.
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
PROVISION FOR CREDIT
LOSSES |
|
(dollars in thousands) |
Loans (1) |
|
$ |
(1,080 |
) |
|
$ |
5,101 |
|
|
$ |
145 |
|
|
$ |
4,021 |
|
|
$ |
(439 |
) |
Unfunded lending-related
commitments (1) |
|
|
650 |
|
|
|
509 |
|
|
|
— |
|
|
|
1,159 |
|
|
|
— |
|
Debt securities |
|
|
200 |
|
|
|
600 |
|
|
|
— |
|
|
|
800 |
|
|
|
— |
|
Total provision for credit losses |
|
$ |
(230 |
) |
|
$ |
6,210 |
|
|
$ |
145 |
|
|
$ |
5,980 |
|
|
$ |
(439 |
) |
________________________(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 during the first quarter of 2023.
Reconciliation of Non-GAAP Financial Measures
–Adjusted Net Income and Adjusted Return on
Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
(dollars in thousands) |
|
Net income |
|
$ |
18,473 |
|
|
$ |
9,208 |
|
|
$ |
14,085 |
|
|
$ |
27,681 |
|
|
$ |
27,689 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses (1) |
|
|
(627 |
) |
|
|
(13,064 |
) |
|
|
— |
|
|
|
(13,691 |
) |
|
|
— |
|
|
Gains (losses) on sales of closed branch premises |
|
|
75 |
|
|
|
— |
|
|
|
(18 |
) |
|
|
75 |
|
|
|
179 |
|
|
Realized gains (losses) on sales of securities |
|
|
— |
|
|
|
(1,007 |
) |
|
|
— |
|
|
|
(1,007 |
) |
|
|
— |
|
|
Mortgage servicing rights fair value adjustment |
|
|
141 |
|
|
|
(624 |
) |
|
|
366 |
|
|
|
(483 |
) |
|
|
2,095 |
|
|
Total adjustments |
|
|
(411 |
) |
|
|
(14,695 |
) |
|
|
348 |
|
|
|
(15,106 |
) |
|
|
2,274 |
|
|
Tax effect of adjustments |
|
|
112 |
|
|
|
4,044 |
|
|
|
(99 |
) |
|
|
4,156 |
|
|
|
(648 |
) |
|
Less adjustments, after tax
effect |
|
|
(299 |
) |
|
|
(10,651 |
) |
|
|
249 |
|
|
|
(10,950 |
) |
|
|
1,626 |
|
|
Adjusted net income |
|
$ |
18,772 |
|
|
$ |
19,859 |
|
|
$ |
13,836 |
|
|
$ |
38,631 |
|
|
$ |
26,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
4,976,035 |
|
|
$ |
4,765,290 |
|
|
$ |
4,286,302 |
|
|
$ |
4,871,245 |
|
|
$ |
4,314,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
* |
|
|
1.49 |
|
% |
|
0.78 |
|
% |
|
1.32 |
|
% |
|
1.15 |
|
% |
|
1.29 |
|
% |
Adjusted return on average
assets * |
|
|
1.51 |
|
|
|
1.69 |
|
|
|
1.29 |
|
|
|
1.60 |
|
|
|
1.22 |
|
|
________________________* 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
during the first quarter of 2023.
Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(dollars in thousands, except per share data) |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,473 |
|
|
$ |
9,208 |
|
|
$ |
14,085 |
|
|
$ |
27,681 |
|
|
$ |
27,689 |
|
Earnings allocated to participating securities (1) |
|
|
(11 |
) |
|
|
(5 |
) |
|
|
(17 |
) |
|
|
(16 |
) |
|
|
(34 |
) |
Numerator for earnings per share - basic and diluted |
|
$ |
18,462 |
|
|
$ |
9,203 |
|
|
$ |
14,068 |
|
|
$ |
27,665 |
|
|
$ |
27,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
18,772 |
|
|
$ |
19,859 |
|
|
$ |
13,836 |
|
|
$ |
38,631 |
|
|
$ |
26,063 |
|
Earnings allocated to participating securities (1) |
|
|
(10 |
) |
|
|
(13 |
) |
|
|
(17 |
) |
|
|
(23 |
) |
|
|
(32 |
) |
Numerator for adjusted earnings per share - basic and diluted |
|
$ |
18,762 |
|
|
$ |
19,846 |
|
|
$ |
13,819 |
|
|
$ |
38,608 |
|
|
$ |
26,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
31,980,133 |
|
|
|
30,977,204 |
|
|
|
28,891,202 |
|
|
|
31,481,439 |
|
|
|
28,938,634 |
|
Dilutive effect of outstanding restricted stock units |
|
|
99,850 |
|
|
|
69,947 |
|
|
|
53,674 |
|
|
|
84,981 |
|
|
|
48,688 |
|
Weighted average common shares outstanding, including all dilutive
potential shares |
|
|
32,079,983 |
|
|
|
31,047,151 |
|
|
|
28,944,876 |
|
|
|
31,566,420 |
|
|
|
28,987,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic |
|
$ |
0.58 |
|
|
$ |
0.30 |
|
|
$ |
0.49 |
|
|
$ |
0.88 |
|
|
$ |
0.96 |
|
Earnings per share -
Diluted |
|
$ |
0.58 |
|
|
$ |
0.30 |
|
|
$ |
0.49 |
|
|
$ |
0.88 |
|
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Basic |
|
$ |
0.59 |
|
|
$ |
0.64 |
|
|
$ |
0.48 |
|
|
$ |
1.23 |
|
|
$ |
0.90 |
|
Adjusted earnings per
share - Diluted |
|
$ |
0.58 |
|
|
$ |
0.64 |
|
|
$ |
0.48 |
|
|
$ |
1.22 |
|
|
$ |
0.90 |
|
________________________(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 |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
(dollars in thousands) |
|
Net interest income
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
48,872 |
|
|
$ |
46,837 |
|
|
$ |
34,373 |
|
|
$ |
95,709 |
|
|
$ |
66,301 |
|
|
Tax-equivalent adjustment (1) |
|
|
715 |
|
|
|
702 |
|
|
|
598 |
|
|
|
1,417 |
|
|
|
1,127 |
|
|
Net interest income (tax equivalent basis) (1) |
|
$ |
49,587 |
|
|
$ |
47,539 |
|
|
$ |
34,971 |
|
|
$ |
97,126 |
|
|
$ |
67,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
|
4.16 |
|
% |
|
4.20 |
|
% |
|
3.34 |
|
% |
|
4.18 |
|
% |
|
3.21 |
|
% |
Tax-equivalent adjustment * (1) |
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
Net interest margin (tax equivalent basis) * (1) |
|
|
4.22 |
|
% |
|
4.26 |
|
% |
|
3.39 |
|
% |
|
4.24 |
|
% |
|
3.26 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
4,715,897 |
|
|
$ |
4,523,721 |
|
|
$ |
4,133,448 |
|
|
$ |
4,620,341 |
|
|
$ |
4,167,432 |
|
|
________________________* 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 |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
(dollars in thousands) |
|
Efficiency ratio (tax
equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
33,973 |
|
|
$ |
35,933 |
|
|
$ |
23,842 |
|
|
$ |
69,906 |
|
|
$ |
47,999 |
|
|
Less: amortization of intangible assets |
|
|
720 |
|
|
|
510 |
|
|
|
245 |
|
|
|
1,230 |
|
|
|
490 |
|
|
Adjusted noninterest expense |
|
$ |
33,253 |
|
|
$ |
35,423 |
|
|
$ |
23,597 |
|
|
$ |
68,676 |
|
|
$ |
47,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
48,872 |
|
|
$ |
46,837 |
|
|
$ |
34,373 |
|
|
$ |
95,709 |
|
|
$ |
66,301 |
|
|
Total noninterest income |
|
|
9,914 |
|
|
|
7,437 |
|
|
|
8,551 |
|
|
|
17,351 |
|
|
|
18,594 |
|
|
Operating revenue |
|
|
58,786 |
|
|
|
54,274 |
|
|
|
42,924 |
|
|
|
113,060 |
|
|
|
84,895 |
|
|
Tax-equivalent adjustment (1) |
|
|
715 |
|
|
|
702 |
|
|
|
598 |
|
|
|
1,417 |
|
|
|
1,127 |
|
|
Operating revenue (tax equivalent basis)
(1) |
|
$ |
59,501 |
|
|
$ |
54,976 |
|
|
$ |
43,522 |
|
|
$ |
114,477 |
|
|
$ |
86,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
56.57 |
|
% |
|
65.27 |
|
% |
|
54.97 |
|
% |
|
60.74 |
|
% |
|
55.96 |
|
% |
Efficiency ratio (tax
equivalent basis) (1) |
|
|
55.89 |
|
|
|
64.43 |
|
|
|
54.22 |
|
|
|
59.99 |
|
|
|
55.23 |
|
|
________________________(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
|
|
(dollars in thousands, except per share data) |
|
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
450,852 |
|
|
$ |
450,098 |
|
|
$ |
373,809 |
|
|
Less: Goodwill |
|
|
59,876 |
|
|
|
59,876 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
|
22,122 |
|
|
|
22,842 |
|
|
|
1,453 |
|
|
Tangible common equity |
|
$ |
368,854 |
|
|
$ |
367,380 |
|
|
$ |
343,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,975,810 |
|
|
$ |
5,013,821 |
|
|
$ |
4,223,978 |
|
|
Less: Goodwill |
|
|
59,876 |
|
|
|
59,876 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
|
22,122 |
|
|
|
22,842 |
|
|
|
1,453 |
|
|
Tangible assets |
|
$ |
4,893,812 |
|
|
$ |
4,931,103 |
|
|
$ |
4,193,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to
total assets |
|
|
9.06 |
|
% |
|
8.98 |
|
% |
|
8.85 |
|
% |
Tangible common equity to
tangible assets |
|
|
7.54 |
|
|
|
7.45 |
|
|
|
8.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock
outstanding |
|
|
31,865,868 |
|
|
|
32,095,370 |
|
|
|
28,831,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
14.15 |
|
|
$ |
14.02 |
|
|
$ |
12.97 |
|
|
Tangible book value per
share |
|
|
11.58 |
|
|
|
11.45 |
|
|
|
11.90 |
|
|
|
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 |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
(dollars in thousands) |
|
Average tangible
common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
454,505 |
|
|
$ |
422,212 |
|
|
$ |
378,531 |
|
|
$ |
438,448 |
|
|
$ |
392,334 |
|
|
Less: Goodwill |
|
|
59,876 |
|
|
|
49,352 |
|
|
|
29,322 |
|
|
|
54,643 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
|
22,520 |
|
|
|
15,635 |
|
|
|
1,597 |
|
|
|
19,097 |
|
|
|
1,720 |
|
|
Average tangible common equity |
|
$ |
372,109 |
|
|
$ |
357,225 |
|
|
$ |
347,612 |
|
|
$ |
364,708 |
|
|
$ |
361,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,473 |
|
|
$ |
9,208 |
|
|
$ |
14,085 |
|
|
$ |
27,681 |
|
|
$ |
27,689 |
|
|
Adjusted net income |
|
|
18,772 |
|
|
|
19,859 |
|
|
|
13,836 |
|
|
|
38,631 |
|
|
|
26,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity * |
|
|
16.30 |
|
% |
|
8.84 |
|
% |
|
14.92 |
|
% |
|
12.73 |
|
% |
|
14.23 |
|
% |
Return on average tangible
common equity * |
|
|
19.91 |
|
|
|
10.45 |
|
|
|
16.25 |
|
|
|
15.31 |
|
|
|
15.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average
stockholders' equity * |
|
|
16.57 |
|
% |
|
19.08 |
|
% |
|
14.66 |
|
% |
|
17.77 |
|
% |
|
13.40 |
|
% |
Adjusted return on average
tangible common equity * |
|
|
20.23 |
|
|
|
22.55 |
|
|
|
15.96 |
|
|
|
21.36 |
|
|
|
14.55 |
|
|
________________________* 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