Third Quarter
Highlights
- Net income
of $19.7 million, or
$0.62 per diluted share; return on
average assets (ROAA) of 1.58%;
return on average stockholders' equity (ROAE) of
17.02%; and return on average tangible
common equity
(ROATCE)(1) of
20.70%
- Adjusted net
income(1) of
$20.3 million; or
$0.63 per diluted share; adjusted
ROAA(1) of
1.62%; adjusted
ROAE(1) of
17.51%; and adjusted
ROATCE(1) of
21.29%
- Asset quality
remained strong with nonperforming assets to total assets
of 0.16%
- Net interest
margin of 4.07% and net interest
margin (tax-equivalent
basis)(1) of
4.13%
BLOOMINGTON, Ill., Oct. 23, 2023 (GLOBE NEWSWIRE)
-- HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT
Financial” or “HBT”), the holding company for Heartland Bank and
Trust Company, today reported net income of $19.7 million, or
$0.62 diluted earnings per share, for the third quarter of
2023. This compares to net income of $18.5 million, or
$0.58 diluted earnings per share, for the second quarter of
2023, and net income of $15.6 million, or $0.54 diluted
earnings per share, for the third quarter of 2022.
J. Lance Carter, President and Chief Executive
Officer of HBT Financial, said, “This was another strong quarter of
profitability with a ROAA of 1.58%, a ROATCE of 20.70%, and our
highest quarterly diluted earnings per share since our IPO in
October of 2019. Our balance sheet strength continues to show with
our core deposit franchise allowing us to maintain a low cost of
funds of 0.96% and credit quality remaining solid with
nonperforming assets at only 0.16% of total assets. Our net
interest margin remained very solid at 4.13% on a tax-equivalent
basis(1) as loan growth and asset
mix improvement continue to partially offset funding cost
increases. We have continued to maintain our consistently
conservative underwriting standards while also increasing loans by
3% during the quarter. In addition, our loan portfolio remains very
well diversified with limited exposure to higher risk segments,
such as office commercial real estate. Despite a decrease in
accumulated other comprehensive income (loss) due to rising
interest rates during the quarter, we were able to increase all
capital measures and maintain a strong capital base providing us
with flexibility for future capital deployment. We believe our
consistent financial performance will enable us to continue
enhancing the value of our franchise.”
____________________________________
(1) See "Reconciliation of Non-GAAP Financial
Measures" below for reconciliation of non-GAAP financial measures
to their most closely
comparable GAAP financial measures.
Adjusted Net Income
In addition to reporting GAAP results, the Company
believes non-GAAP measures such as adjusted net income and adjusted
earnings per share, which adjust for acquisition expenses, branch
closure expenses, gains (losses) on 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 $20.3 million, or $0.63 adjusted diluted
earnings per share, for the third quarter of 2023. This compares to
adjusted net income of $18.8 million, or $0.58 adjusted diluted
earnings per share, for the second quarter of 2023, and adjusted
net income of $15.9 million, or $0.55 adjusted diluted earnings per
share, for the third quarter of 2022 (see "Reconciliation of
Non-GAAP Financial Measures" tables below for reconciliation of
non-GAAP financial measures to their most closely comparable GAAP
financial measures).
Net Interest Income and Net Interest
Margin
Net interest income for the third quarter of 2023
was $48.3 million, a slight decrease from $48.9 million for the
second quarter of 2023. The decrease was primarily attributable to
an increase in funding costs which were largely offset by higher
yields on loans and a more favorable interest-earning asset
mix.
Relative to the third quarter of 2022, net interest
income increased 29.1% from $37.4 million. The increase was
primarily attributable to the increase in average interest-earning
assets following the Town and Country Financial Corporation (“Town
and Country”) merger completed in the first quarter of 2023 and
higher yields on interest-earning assets.
Net interest margin for the third quarter of 2023
was 4.07%, compared to 4.16% for the second quarter of 2023, and
net interest margin (tax-equivalent basis)(1) for the
third quarter of 2023 was 4.13% compared to 4.22% for the second
quarter of 2023. The decrease was primarily attributable to higher
funding costs with the cost of funds increasing to 0.96% for the
third quarter of 2023, compared to 0.71% for the second quarter of
2023, partially offset by higher yields on loans and a more
favorable interest-earning asset mix.
Relative to the third quarter of 2022, net interest
margin increased from 3.65%. This increase was primarily
attributable to higher yields on interest-earning assets.
____________________________________
(1) See "Reconciliation of Non-GAAP Financial
Measures" below for reconciliation of non-GAAP financial measures
to their most closely
comparable GAAP financial measures.
Noninterest Income
Noninterest income for the third quarter of 2023
was $9.5 million, a decrease of 4.3% from $9.9 million for the
second quarter of 2023. The decrease was primarily attributable to
$0.8 million of losses realized on the sale of debt securities
during the third quarter of 2023 which were not present in the
second quarter of 2023 results. Partially offsetting these losses
was a $0.6 million gain on sale of foreclosed assets compared to a
$0.1 million loss included in the second quarter of 2023
results.
Relative to the third quarter of 2022, noninterest
income increased 15.3% from $8.2 million. The increase was
primarily attributable to the Town and Country merger completed in
the first quarter of 2023 which contributed to a $0.5 million
increase in mortgage servicing income, a $0.3 million increase in
wealth management fees, and a $0.2 million increase in card
income.
Noninterest Expense
Noninterest expense for the third quarter of 2023
was $30.7 million, a 9.7% decrease from $34.0 million for the
second quarter of 2023. The decrease was primarily attributable to
the realization of planned cost reductions following the Town and
Country core system conversion completed in April 2023.
Additionally, the absence of $0.8 million of legal fees and
$0.8 million of accruals related to pending legal matters
previously disclosed during the second quarter of 2023 further
contributed to the decrease in noninterest expense during the third
quarter of 2023.
Relative to the third quarter of 2022, noninterest
expense increased 27.8% from $24.0 million, primarily attributable
to the addition of Town and Country’s operations.
Acquisition-related expenses recognized are
summarized below. No acquisition-related expenses were recognized
subsequent to the second quarter of 2023, and we do not expect
material acquisition-related expenses related to Town and Country
in subsequent quarters.
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended
September 30,
|
|
(dollars in thousands) |
September
30,
2023 |
|
June 30,
2023 |
|
September
30,
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
5,924 |
|
$ |
— |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
|
— |
|
|
66 |
|
|
— |
|
|
3,584 |
|
|
— |
|
Furniture and equipment |
|
— |
|
|
39 |
|
|
— |
|
|
39 |
|
|
— |
|
Data processing |
|
— |
|
|
176 |
|
|
— |
|
|
2,031 |
|
|
— |
|
Marketing and customer relations |
|
— |
|
|
10 |
|
|
— |
|
|
24 |
|
|
— |
|
Loan collection and servicing |
|
— |
|
|
125 |
|
|
— |
|
|
125 |
|
|
— |
|
Legal fees and other noninterest expense |
|
— |
|
|
211 |
|
|
462 |
|
|
1,964 |
|
|
462 |
|
Total noninterest expense |
|
— |
|
|
627 |
|
|
462 |
|
|
7,767 |
|
|
462 |
|
Total acquisition-related expenses |
$ |
— |
|
$ |
627 |
|
$ |
462 |
|
$ |
13,691 |
|
$ |
462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio
Total loans outstanding, before allowance for
credit losses, were $3.34 billion at September 30, 2023,
compared with $3.24 billion at June 30, 2023 and $2.58 billion
at September 30, 2022. The $98.1 million increase from
June 30, 2023 was primarily attributable to draws on existing
construction projects and new fundings to primarily existing
customers, in part driven by seasonally higher agricultural line of
credit usage. Balance increases in the commercial real estate -
non-owner occupied and multi-family categories were driven
predominately by the completion of projects previously in the
construction and land development category.
Deposits
Total deposits were $4.20 billion at
September 30, 2023, compared with $4.16 billion at
June 30, 2023 and $3.64 billion at September 30, 2022.
The $33.5 million increase from June 30, 2023 was primarily
attributable to a $64.0 million increase in brokered deposits,
partially offset by decreases in balances held in mainly smaller
balance accounts.
Asset Quality
Nonperforming loans totaled $6.7 million, or 0.20%
of total loans, at September 30, 2023, compared with $7.5
million, or 0.23% of total loans, at June 30, 2023, and $3.2
million, or 0.12% of total loans, at September 30, 2022.
Additionally, of the $6.7 million of nonperforming loans held as of
September 30, 2023, $2.0 million is either wholly or partially
guaranteed by the U.S. Government. The $0.9 million decrease in
nonperforming loans from June 30, 2023 was primarily
attributable to reductions as the result of foreclosures and
charge-offs on several smaller credits.
The Company recorded a provision for credit losses
of $0.5 million for the third quarter of 2023. The provision for
credit losses primarily reflects a $0.9 million increase in
required reserves driven by growth of the loan portfolio, a $0.8
million increase in required reserves resulting from changes in
economic and qualitative factors, a $0.8 million decrease in
reserves on debt securities available-for-sale, a $0.5 million
decrease in specific reserve, 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 third
quarter of 2023, compared to net recoveries of $0.1 million, or
0.01% of average loans on an annualized basis, for the second
quarter of 2023, and net charge-offs of $0.1 million, or 0.01% of
average loans on an annualized basis, for the third quarter of
2022.
The Company’s allowance for credit losses was 1.16%
of total loans and 582% of nonperforming loans at
September 30, 2023, compared with 1.17% of total loans and
502% of nonperforming loans at June 30, 2023. In addition, the
allowance for credit losses on unfunded lending-related commitments
totaled $4.4 million as of September 30, 2023.
Stock Repurchase Program
During the third quarter of 2023, the Company
repurchased 91,728 shares of its common stock at a weighted average
price of $18.48 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 September 30,
2023, the Company had $7.6 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
September 30, 2023, HBT had total assets of $5.0 billion,
total loans of $3.3 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
Israeli-Palestinian conflict and 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 the current expected credit losses (“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 and the recent and
potential additional rate increases by the Federal Reserve); (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 Chapman
HBTIR@hbtbank.com
(309) 664-4556
|
HBT Financial, Inc. |
Unaudited Consolidated Financial Summary |
|
|
As of or for the Three Months Ended |
|
Nine Months Ended September
30,
|
|
(dollars in thousands, except per share data) |
September 30,
2023 |
|
June 30,
2023 |
|
September 30,
2022 |
|
2023 |
|
2022 |
|
Interest and dividend income |
$ |
59,041 |
|
|
$ |
56,768 |
|
|
$ |
39,014 |
|
|
$ |
167,588 |
|
|
$ |
108,106 |
|
|
Interest expense |
|
10,762 |
|
|
|
7,896 |
|
|
|
1,624 |
|
|
|
23,600 |
|
|
|
4,415 |
|
|
Net interest income |
|
48,279 |
|
|
|
48,872 |
|
|
|
37,390 |
|
|
|
143,988 |
|
|
|
103,691 |
|
|
Provision for credit losses |
|
480 |
|
|
|
(230 |
) |
|
|
386 |
|
|
|
6,460 |
|
|
|
(53 |
) |
|
Net interest income after provision for credit losses |
|
47,799 |
|
|
|
49,102 |
|
|
|
37,004 |
|
|
|
137,528 |
|
|
|
103,744 |
|
|
Noninterest income |
|
9,490 |
|
|
|
9,914 |
|
|
|
8,234 |
|
|
|
26,841 |
|
|
|
26,828 |
|
|
Noninterest expense |
|
30,671 |
|
|
|
33,973 |
|
|
|
23,998 |
|
|
|
100,577 |
|
|
|
71,997 |
|
|
Income before income tax expense |
|
26,618 |
|
|
|
25,043 |
|
|
|
21,240 |
|
|
|
63,792 |
|
|
|
58,575 |
|
|
Income tax expense |
|
6,903 |
|
|
|
6,570 |
|
|
|
5,613 |
|
|
|
16,396 |
|
|
|
15,259 |
|
|
Net income |
$ |
19,715 |
|
|
$ |
18,473 |
|
|
$ |
15,627 |
|
|
$ |
47,396 |
|
|
$ |
43,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Diluted |
$ |
0.62 |
|
|
$ |
0.58 |
|
|
$ |
0.54 |
|
|
$ |
1.49 |
|
|
$ |
1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (1) |
$ |
20,279 |
|
|
$ |
18,772 |
|
|
$ |
15,856 |
|
|
$ |
58,910 |
|
|
$ |
41,919 |
|
|
Adjusted earnings per share - Diluted (1) |
|
0.63 |
|
|
|
0.58 |
|
|
|
0.55 |
|
|
|
1.86 |
|
|
|
1.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
14.36 |
|
|
$ |
14.15 |
|
|
$ |
12.49 |
|
|
|
|
|
|
|
|
|
|
Tangible book value per share (1) |
|
11.80 |
|
|
|
11.58 |
|
|
|
11.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
31,774,140 |
|
|
|
31,865,868 |
|
|
|
28,752,626 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock
outstanding |
|
31,829,250 |
|
|
|
31,980,133 |
|
|
|
28,787,662 |
|
|
|
31,598,650 |
|
|
|
28,887,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
4.07 |
% |
|
|
4.16 |
% |
|
|
3.65 |
% |
|
|
4.14 |
% |
|
|
3.36 |
% |
|
Net interest margin (tax-equivalent basis) * (1)(2) |
|
4.13 |
|
|
|
4.22 |
|
|
|
3.72 |
|
|
|
4.20 |
|
|
|
3.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
51.85 |
% |
|
|
56.57 |
% |
|
|
52.07 |
% |
|
|
57.73 |
% |
|
|
54.60 |
% |
|
Efficiency ratio (tax-equivalent basis) (1)(2) |
|
51.25 |
|
|
|
55.89 |
|
|
|
51.31 |
|
|
|
57.04 |
|
|
|
53.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to deposit ratio |
|
79.63 |
% |
|
|
77.91 |
% |
|
|
70.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
1.58 |
% |
|
|
1.49 |
% |
|
|
1.47 |
% |
|
|
1.29 |
% |
|
|
1.35 |
% |
|
Return on average stockholders' equity * |
|
17.02 |
|
|
|
16.30 |
|
|
|
16.27 |
|
|
|
14.22 |
|
|
|
14.91 |
|
|
Return on average tangible common equity * (1) |
|
20.70 |
|
|
|
19.91 |
|
|
|
17.70 |
|
|
|
17.17 |
|
|
|
16.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average assets * (1) |
|
1.62 |
% |
|
|
1.51 |
% |
|
|
1.49 |
% |
|
|
1.61 |
% |
|
|
1.31 |
% |
|
Adjusted return on average stockholders' equity *
(1) |
|
17.51 |
|
|
|
16.57 |
|
|
|
16.51 |
|
|
|
17.68 |
|
|
|
14.43 |
|
|
Adjusted return on average tangible common equity *
(1) |
|
21.29 |
|
|
|
20.23 |
|
|
|
17.96 |
|
|
|
21.34 |
|
|
|
15.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to risk-weighted assets |
|
15.09 |
% |
|
|
15.03 |
% |
|
|
16.34 |
% |
|
|
|
|
|
|
|
|
|
Tier 1 capital to risk-weighted assets |
|
13.18 |
|
|
|
13.12 |
|
|
|
14.26 |
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio |
|
11.88 |
|
|
|
11.78 |
|
|
|
13.08 |
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
10.34 |
|
|
|
10.07 |
|
|
|
10.44 |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to total assets |
|
9.14 |
|
|
|
9.06 |
|
|
|
8.52 |
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets (1) |
|
7.64 |
|
|
|
7.54 |
|
|
|
7.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) to average loans |
|
(0.01) |
% |
|
|
(0.01) |
% |
|
|
0.01 |
% |
|
|
(0.01) |
% |
|
|
(0.06) |
% |
|
Allowance for credit losses to loans, before allowance
for credit losses |
|
1.16 |
|
|
|
1.17 |
|
|
|
0.97 |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to loans, before allowance for
credit losses |
|
0.20 |
|
|
|
0.23 |
|
|
|
0.12 |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
0.16 |
|
|
|
0.21 |
|
|
|
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Annualized measure. |
(1) See "Reconciliation of Non-GAAP Financial Measures"
below for reconciliation of non-GAAP financial measures to their
most closely
comparable GAAP financial measures. |
(2) On a tax-equivalent basis assuming a federal
income tax rate of 21% and a state tax rate of 9.5%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial, Inc. |
Unaudited Consolidated Financial Summary |
Consolidated Statements of Income |
|
|
Three Months Ended |
|
Nine Months Ended September 30,
|
|
(dollars in thousands, except per share data) |
September 30,
2023 |
|
June 30,
2023 |
|
September 30,
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
49,640 |
|
|
$ |
47,149 |
|
|
$ |
29,855 |
|
|
$ |
138,948 |
|
|
$ |
84,504 |
|
|
Federally tax exempt |
|
1,072 |
|
|
|
1,040 |
|
|
|
842 |
|
|
|
3,064 |
|
|
|
2,183 |
|
|
Securities: |
|
|
|
|
|
|
|
|
|
Taxable |
|
6,451 |
|
|
|
6,518 |
|
|
|
6,635 |
|
|
|
19,585 |
|
|
|
16,947 |
|
|
Federally tax exempt |
|
978 |
|
|
|
1,162 |
|
|
|
1,207 |
|
|
|
3,337 |
|
|
|
3,385 |
|
|
Interest-bearing deposits in bank |
|
714 |
|
|
|
781 |
|
|
|
458 |
|
|
|
2,234 |
|
|
|
1,037 |
|
|
Other interest and dividend income |
|
186 |
|
|
|
118 |
|
|
|
17 |
|
|
|
420 |
|
|
|
50 |
|
|
Total interest and dividend
income |
|
59,041 |
|
|
|
56,768 |
|
|
|
39,014 |
|
|
|
167,588 |
|
|
|
108,106 |
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Deposits |
|
7,211 |
|
|
|
4,323 |
|
|
|
587 |
|
|
|
13,908 |
|
|
|
1,662 |
|
|
Securities sold under agreements to repurchase |
|
35 |
|
|
|
34 |
|
|
|
9 |
|
|
|
107 |
|
|
|
26 |
|
|
Borrowings |
|
2,108 |
|
|
|
2,189 |
|
|
|
85 |
|
|
|
5,594 |
|
|
|
87 |
|
|
Subordinated notes |
|
470 |
|
|
|
469 |
|
|
|
470 |
|
|
|
1,409 |
|
|
|
1,409 |
|
|
Junior subordinated debentures issued to capital
trusts |
|
938 |
|
|
|
881 |
|
|
|
473 |
|
|
|
2,582 |
|
|
|
1,231 |
|
|
Total interest expense |
|
10,762 |
|
|
|
7,896 |
|
|
|
1,624 |
|
|
|
23,600 |
|
|
|
4,415 |
|
|
Net interest income |
|
48,279 |
|
|
|
48,872 |
|
|
|
37,390 |
|
|
|
143,988 |
|
|
|
103,691 |
|
|
PROVISION FOR CREDIT LOSSES |
|
480 |
|
|
|
(230 |
) |
|
|
386 |
|
|
|
6,460 |
|
|
|
(53 |
) |
|
Net interest income after provision for
credit
losses |
|
47,799 |
|
|
|
49,102 |
|
|
|
37,004 |
|
|
|
137,528 |
|
|
|
103,744 |
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
2,763 |
|
|
|
2,905 |
|
|
|
2,569 |
|
|
|
8,326 |
|
|
|
7,687 |
|
|
Wealth management fees |
|
2,381 |
|
|
|
2,279 |
|
|
|
2,059 |
|
|
|
6,998 |
|
|
|
6,670 |
|
|
Service charges on deposit accounts |
|
2,040 |
|
|
|
1,919 |
|
|
|
1,927 |
|
|
|
5,830 |
|
|
|
5,371 |
|
|
Mortgage servicing |
|
1,169 |
|
|
|
1,254 |
|
|
|
697 |
|
|
|
3,522 |
|
|
|
2,016 |
|
|
Mortgage servicing rights fair value adjustment |
|
23 |
|
|
|
141 |
|
|
|
351 |
|
|
|
(460 |
) |
|
|
2,446 |
|
|
Gains on sale of mortgage loans |
|
476 |
|
|
|
373 |
|
|
|
354 |
|
|
|
1,125 |
|
|
|
1,267 |
|
|
Realized gains (losses) on sales of securities |
|
(813 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,820 |
) |
|
|
— |
|
|
Unrealized gains (losses) on equity securities |
|
(46 |
) |
|
|
7 |
|
|
|
(107 |
) |
|
|
(61 |
) |
|
|
(447 |
) |
|
Gains (losses) on foreclosed assets |
|
550 |
|
|
|
(97 |
) |
|
|
(225 |
) |
|
|
443 |
|
|
|
(192 |
) |
|
Gains (losses) on other assets |
|
52 |
|
|
|
109 |
|
|
|
(31 |
) |
|
|
161 |
|
|
|
119 |
|
|
Income on bank owned life insurance |
|
153 |
|
|
|
147 |
|
|
|
41 |
|
|
|
415 |
|
|
|
122 |
|
|
Other noninterest income |
|
742 |
|
|
|
877 |
|
|
|
599 |
|
|
|
2,362 |
|
|
|
1,769 |
|
|
Total noninterest income |
|
9,490 |
|
|
|
9,914 |
|
|
|
8,234 |
|
|
|
26,841 |
|
|
|
26,828 |
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
|
15,644 |
|
|
|
16,660 |
|
|
|
12,752 |
|
|
|
51,715 |
|
|
|
38,489 |
|
|
Employee benefits |
|
2,616 |
|
|
|
2,707 |
|
|
|
1,771 |
|
|
|
7,658 |
|
|
|
6,199 |
|
|
Occupancy of bank premises |
|
2,573 |
|
|
|
2,785 |
|
|
|
1,979 |
|
|
|
7,460 |
|
|
|
5,780 |
|
|
Furniture and equipment |
|
667 |
|
|
|
809 |
|
|
|
668 |
|
|
|
2,135 |
|
|
|
1,843 |
|
|
Data processing |
|
2,581 |
|
|
|
2,883 |
|
|
|
1,631 |
|
|
|
9,787 |
|
|
|
5,274 |
|
|
Marketing and customer relations |
|
1,679 |
|
|
|
1,359 |
|
|
|
880 |
|
|
|
3,874 |
|
|
|
2,936 |
|
|
Amortization of intangible assets |
|
720 |
|
|
|
720 |
|
|
|
243 |
|
|
|
1,950 |
|
|
|
733 |
|
|
FDIC insurance |
|
512 |
|
|
|
630 |
|
|
|
302 |
|
|
|
1,705 |
|
|
|
888 |
|
|
Loan collection and servicing |
|
345 |
|
|
|
348 |
|
|
|
336 |
|
|
|
971 |
|
|
|
771 |
|
|
Foreclosed assets |
|
76 |
|
|
|
97 |
|
|
|
97 |
|
|
|
234 |
|
|
|
260 |
|
|
Other noninterest expense |
|
3,258 |
|
|
|
4,975 |
|
|
|
3,339 |
|
|
|
13,088 |
|
|
|
8,824 |
|
|
Total noninterest expense |
|
30,671 |
|
|
|
33,973 |
|
|
|
23,998 |
|
|
|
100,577 |
|
|
|
71,997 |
|
|
INCOME BEFORE INCOME TAX EXPENSE |
|
26,618 |
|
|
|
25,043 |
|
|
|
21,240 |
|
|
|
63,792 |
|
|
|
58,575 |
|
|
INCOME TAX EXPENSE |
|
6,903 |
|
|
|
6,570 |
|
|
|
5,613 |
|
|
|
16,396 |
|
|
|
15,259 |
|
|
NET INCOME |
$ |
19,715 |
|
|
$ |
18,473 |
|
|
$ |
15,627 |
|
|
$ |
47,396 |
|
|
$ |
43,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - BASIC |
$ |
0.62 |
|
|
$ |
0.58 |
|
|
$ |
0.54 |
|
|
$ |
1.50 |
|
|
$ |
1.50 |
|
|
EARNINGS PER SHARE - DILUTED |
$ |
0.62 |
|
|
$ |
0.58 |
|
|
$ |
0.54 |
|
|
$ |
1.49 |
|
|
$ |
1.49 |
|
|
WEIGHTED AVERAGE SHARES OF COMMON
STOCK OUTSTANDING |
|
31,829,250 |
|
|
|
31,980,133 |
|
|
|
28,787,662 |
|
|
|
31,598,650 |
|
|
|
28,887,757 |
|
|
|
HBT Financial, Inc. |
Unaudited Consolidated Financial Summary |
Consolidated Balance Sheets |
|
(dollars in thousands) |
September 30,
2023 |
|
June 30, 2023 |
|
September 30,
2022
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
24,757 |
|
|
$ |
28,044 |
|
|
$ |
22,169 |
|
|
Interest-bearing deposits with banks |
|
87,156 |
|
|
|
81,764 |
|
|
|
56,046 |
|
|
Cash and cash equivalents |
|
111,913 |
|
|
|
109,808 |
|
|
|
78,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits with banks |
|
500 |
|
|
|
— |
|
|
|
— |
|
|
Debt securities available-for-sale, at fair value |
|
753,163 |
|
|
|
822,788 |
|
|
|
853,740 |
|
|
Debt securities held-to-maturity |
|
527,144 |
|
|
|
533,231 |
|
|
|
546,694 |
|
|
Equity securities with readily determinable fair value |
|
3,106 |
|
|
|
3,152 |
|
|
|
2,996 |
|
|
Equity securities with no readily determinable fair value |
|
2,300 |
|
|
|
2,275 |
|
|
|
1,977 |
|
|
Restricted stock, at cost |
|
11,165 |
|
|
|
11,345 |
|
|
|
4,050 |
|
|
Loans held for sale |
|
3,563 |
|
|
|
8,829 |
|
|
|
2,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, before allowance for credit losses |
|
3,342,786 |
|
|
|
3,244,655 |
|
|
|
2,579,928 |
|
|
Allowance for credit losses |
|
(38,863 |
) |
|
|
(37,814 |
) |
|
|
(25,060 |
) |
|
Loans, net of allowance for credit losses |
|
3,303,923 |
|
|
|
3,206,841 |
|
|
|
2,554,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank owned life insurance |
|
23,747 |
|
|
|
23,594 |
|
|
|
7,515 |
|
|
Bank premises and equipment, net |
|
64,713 |
|
|
|
65,029 |
|
|
|
50,854 |
|
|
Bank premises held for sale |
|
35 |
|
|
|
35 |
|
|
|
281 |
|
|
Foreclosed assets |
|
1,519 |
|
|
|
3,080 |
|
|
|
2,637 |
|
|
Goodwill |
|
59,820 |
|
|
|
59,876 |
|
|
|
29,322 |
|
|
Intangible assets, net |
|
21,402 |
|
|
|
22,122 |
|
|
|
1,210 |
|
|
Mortgage servicing rights, at fair value |
|
20,156 |
|
|
|
20,133 |
|
|
|
10,440 |
|
|
Investments in unconsolidated subsidiaries |
|
1,614 |
|
|
|
1,614 |
|
|
|
1,165 |
|
|
Accrued interest receivable |
|
23,447 |
|
|
|
19,900 |
|
|
|
16,881 |
|
|
Other assets |
|
58,538 |
|
|
|
62,158 |
|
|
|
48,182 |
|
|
Total assets |
$ |
4,991,768 |
|
|
$ |
4,975,810 |
|
|
$ |
4,213,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
1,086,877 |
|
|
$ |
1,125,823 |
|
|
$ |
1,017,710 |
|
|
Interest-bearing |
|
3,111,191 |
|
|
|
3,038,700 |
|
|
|
2,625,733 |
|
|
Total deposits |
|
4,198,068 |
|
|
|
4,164,523 |
|
|
|
3,643,443 |
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
28,900 |
|
|
|
38,729 |
|
|
|
48,130 |
|
|
Federal Home Loan Bank advances |
|
177,650 |
|
|
|
177,572 |
|
|
|
60,000 |
|
|
Subordinated notes |
|
39,454 |
|
|
|
39,435 |
|
|
|
39,376 |
|
|
Junior subordinated debentures issued to capital trusts |
|
52,774 |
|
|
|
52,760 |
|
|
|
37,763 |
|
|
Other liabilities |
|
38,671 |
|
|
|
51,939 |
|
|
|
25,539 |
|
|
Total liabilities |
|
4,535,517 |
|
|
|
4,524,958 |
|
|
|
3,854,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
327 |
|
|
|
327 |
|
|
|
293 |
|
|
Surplus |
|
295,483 |
|
|
|
294,875 |
|
|
|
222,436 |
|
|
Retained earnings |
|
256,050 |
|
|
|
241,777 |
|
|
|
223,495 |
|
|
Accumulated other comprehensive income (loss) |
|
(78,432 |
) |
|
|
(70,662 |
) |
|
|
(77,462 |
) |
|
Treasury stock at cost |
|
(17,177 |
) |
|
|
(15,465 |
) |
|
|
(9,689 |
) |
|
Total stockholders’ equity |
|
456,251 |
|
|
|
450,852 |
|
|
|
359,073 |
|
|
Total liabilities and stockholders’
equity |
$ |
4,991,768 |
|
|
$ |
4,975,810 |
|
|
$ |
4,213,324 |
|
|
SHARES OF COMMON STOCK OUTSTANDING |
|
31,774,140 |
|
|
|
31,865,868 |
|
|
|
28,752,626 |
|
|
|
HBT Financial, Inc. |
Unaudited Consolidated Financial Summary |
|
(dollars in thousands) |
September 30,
2023 |
|
June 30, 2023 |
|
September 30,
2022
|
|
|
|
|
|
|
|
|
|
|
LOANS |
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
386,933 |
|
$ |
385,768 |
|
$ |
240,671 |
|
Commercial real estate - owner occupied |
|
297,242 |
|
|
303,522 |
|
|
226,524 |
|
Commercial real estate - non-owner occupied |
|
901,929 |
|
|
882,598 |
|
|
718,089 |
|
Construction and land development |
|
371,158 |
|
|
335,262 |
|
|
364,290 |
|
Multi-family |
|
388,742 |
|
|
375,536 |
|
|
260,630 |
|
One-to-four family residential |
|
488,655 |
|
|
482,442 |
|
|
328,667 |
|
Agricultural and farmland |
|
275,239 |
|
|
259,858 |
|
|
245,234 |
|
Municipal, consumer, and other |
|
232,888 |
|
|
219,669 |
|
|
195,823 |
|
Total loans |
$ |
3,342,786 |
|
$ |
3,244,655 |
|
$ |
2,579,928 |
|
|
(dollars in thousands) |
September 30,
2023 |
|
June 30, 2023 |
|
September 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS |
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
1,086,877 |
|
$ |
1,125,823 |
|
$ |
1,017,710 |
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
1,134,721 |
|
|
1,181,187 |
|
|
1,131,284 |
|
Money market (1) |
|
673,780 |
|
|
730,652 |
|
|
584,202 |
|
Savings |
|
623,083 |
|
|
657,506 |
|
|
641,139 |
|
Time (1) |
|
679,607 |
|
|
469,355 |
|
|
269,108 |
|
Total interest-bearing deposits |
|
3,111,191 |
|
|
3,038,700 |
|
|
2,625,733 |
|
Total deposits |
$ |
4,198,068 |
|
$ |
4,164,523 |
|
$ |
3,643,443 |
|
|
|
|
|
|
|
|
|
|
|
(1) Time deposits include $115.0 million of
brokered deposits as of September 30, 2023 and money market
deposits include $51.0 million
of brokered deposits as of
June 30, 2023. There were no brokered deposits as of
September 30, 2022. |
|
HBT Financial, Inc. |
Unaudited Consolidated Financial Summary |
|
|
Three Months Ended |
|
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022
|
|
(dollars in thousands) |
Average
Balance |
|
Interest |
|
Yield/Cost
* |
|
Average
Balance |
|
Interest |
|
Yield/Cost
* |
|
Average
Balance |
|
Interest |
|
Yield/Cost
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
3,296,703 |
|
|
$ |
50,712 |
|
6.10 |
% |
|
$ |
3,238,774 |
|
|
$ |
48,189 |
|
5.97 |
% |
|
$ |
2,481,920 |
|
|
$ |
30,697 |
|
4.91 |
% |
|
Securities |
|
1,324,686 |
|
|
|
7,429 |
|
2.22 |
|
|
|
1,384,180 |
|
|
|
7,680 |
|
2.23 |
|
|
|
1,470,092 |
|
|
|
7,842 |
|
2.12 |
|
|
Deposits with banks |
|
77,595 |
|
|
|
714 |
|
3.65 |
|
|
|
84,366 |
|
|
|
781 |
|
3.71 |
|
|
|
105,030 |
|
|
|
458 |
|
1.73 |
|
|
Other |
|
9,347 |
|
|
|
186 |
|
7.90 |
|
|
|
8,577 |
|
|
|
118 |
|
5.52 |
|
|
|
2,936 |
|
|
|
17 |
|
2.25 |
|
|
Total interest-earning assets |
|
4,708,331 |
|
|
$ |
59,041 |
|
4.97 |
% |
|
|
4,715,897 |
|
|
$ |
56,768 |
|
4.83 |
% |
|
|
4,059,978 |
|
|
$ |
39,014 |
|
3.81 |
% |
|
Allowance for credit losses |
|
(38,317 |
) |
|
|
|
|
|
|
|
|
(39,484 |
) |
|
|
|
|
|
|
|
|
(24,717 |
) |
|
|
|
|
|
|
|
Noninterest-earning assets |
|
294,818 |
|
|
|
|
|
|
|
|
|
299,622 |
|
|
|
|
|
|
|
|
|
173,461 |
|
|
|
|
|
|
|
|
Total assets |
$ |
4,964,832 |
|
|
|
|
|
|
|
|
$ |
4,976,035 |
|
|
|
|
|
|
|
|
$ |
4,208,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,160,654 |
|
|
$ |
761 |
|
0.26 |
% |
|
$ |
1,224,285 |
|
|
$ |
683 |
|
0.22 |
% |
|
$ |
1,137,072 |
|
|
$ |
144 |
|
0.05 |
% |
|
Money market |
|
683,859 |
|
|
|
2,041 |
|
1.18 |
|
|
|
675,530 |
|
|
|
1,516 |
|
0.90 |
|
|
|
577,388 |
|
|
|
203 |
|
0.14 |
|
|
Savings |
|
639,384 |
|
|
|
249 |
|
0.15 |
|
|
|
687,014 |
|
|
|
189 |
|
0.11 |
|
|
|
649,752 |
|
|
|
53 |
|
0.03 |
|
|
Time |
|
585,372 |
|
|
|
4,160 |
|
2.82 |
|
|
|
447,146 |
|
|
|
1,935 |
|
1.74 |
|
|
|
271,870 |
|
|
|
187 |
|
0.27 |
|
|
Total interest-bearing deposits |
|
3,069,269 |
|
|
|
7,211 |
|
0.93 |
|
|
|
3,033,975 |
|
|
|
4,323 |
|
0.57 |
|
|
|
2,636,082 |
|
|
|
587 |
|
0.09 |
|
|
Securities sold under agreements
to repurchase |
|
33,807 |
|
|
|
35 |
|
0.41 |
|
|
|
34,170 |
|
|
|
34 |
|
0.40 |
|
|
|
50,427 |
|
|
|
9 |
|
0.07 |
|
|
Borrowings |
|
157,908 |
|
|
|
2,108 |
|
5.30 |
|
|
|
173,040 |
|
|
|
2,189 |
|
5.07 |
|
|
|
11,967 |
|
|
|
85 |
|
2.80 |
|
|
Subordinated notes |
|
39,444 |
|
|
|
470 |
|
4.72 |
|
|
|
39,424 |
|
|
|
469 |
|
4.78 |
|
|
|
39,365 |
|
|
|
470 |
|
4.73 |
|
|
Junior subordinated debentures
issued to capital trusts |
|
52,767 |
|
|
|
938 |
|
7.05 |
|
|
|
52,752 |
|
|
|
881 |
|
6.70 |
|
|
|
37,755 |
|
|
|
473 |
|
4.97 |
|
|
Total interest-bearing liabilities |
|
3,353,195 |
|
|
$ |
10,762 |
|
1.27 |
% |
|
|
3,333,361 |
|
|
$ |
7,896 |
|
0.95 |
% |
|
|
2,775,596 |
|
|
$ |
1,624 |
|
0.23 |
% |
|
Noninterest-bearing deposits |
|
1,105,472 |
|
|
|
|
|
|
|
|
|
1,145,089 |
|
|
|
|
|
|
|
|
|
1,031,407 |
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
46,564 |
|
|
|
|
|
|
|
|
|
43,080 |
|
|
|
|
|
|
|
|
|
20,736 |
|
|
|
|
|
|
|
|
Total liabilities |
|
4,505,231 |
|
|
|
|
|
|
|
|
|
4,521,530 |
|
|
|
|
|
|
|
|
|
3,827,739 |
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
459,601 |
|
|
|
|
|
|
|
|
|
454,505 |
|
|
|
|
|
|
|
|
|
380,983 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
4,964,832 |
|
|
|
|
|
|
|
|
$ |
4,976,035 |
|
|
|
|
|
|
|
|
$ |
4,208,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net interest
margin (1) |
|
|
|
|
$ |
48,279 |
|
4.07 |
% |
|
|
|
|
|
$ |
48,872 |
|
4.16 |
% |
|
|
|
|
|
$ |
37,390 |
|
3.65 |
% |
|
Tax-equivalent adjustment (2) |
|
|
|
|
|
675 |
|
0.06 |
|
|
|
|
|
|
|
715 |
|
0.06 |
|
|
|
|
|
|
|
674 |
|
0.07 |
|
|
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent
basis) (2) (3) |
|
|
|
|
$ |
48,954 |
|
4.13 |
% |
|
|
|
|
|
$ |
49,587 |
|
4.22 |
% |
|
|
|
|
|
$ |
38,064 |
|
3.72 |
% |
|
Net interest rate spread (4) |
|
|
|
|
|
|
|
3.70 |
% |
|
|
|
|
|
|
|
3.88 |
% |
|
|
|
|
|
|
|
|
3.58 |
% |
|
Net interest-earning assets (5) |
$ |
1,355,136 |
|
|
|
|
|
|
|
$ |
1,382,536 |
|
|
|
|
|
|
$ |
1,284,382 |
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to interest-bearing liabilities |
|
1.40 |
|
|
|
|
|
|
|
|
1.41 |
|
|
|
|
|
|
|
1.46 |
|
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.69 |
% |
|
|
|
|
|
|
|
0.41 |
% |
|
|
|
|
|
|
|
|
0.06 |
% |
|
Cost of funds |
|
|
|
|
|
|
|
0.96 |
|
|
|
|
|
|
|
|
0.71 |
|
|
|
|
|
|
|
|
|
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
|
Nine Months Ended
|
|
|
September 30, 2023 |
|
September 30, 2022
|
|
(dollars in thousands) |
Average
Balance |
|
Interest
|
|
|
Yield/Cost * |
|
Average
Balance |
|
Interest
|
|
|
Yield/Cost *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
3,183,641 |
|
|
$ |
142,012 |
|
|
5.96 |
% |
|
$ |
2,485,501 |
|
|
$ |
86,687 |
|
|
4.66 |
% |
|
Securities |
|
1,373,175 |
|
|
|
22,922 |
|
|
2.23 |
|
|
|
1,405,245 |
|
|
|
20,332 |
|
|
1.93 |
|
|
Deposits with banks |
|
84,720 |
|
|
|
2,234 |
|
|
3.53 |
|
|
|
237,646 |
|
|
|
1,037 |
|
|
0.58 |
|
|
Other |
|
8,457 |
|
|
|
420 |
|
|
6.64 |
|
|
|
2,829 |
|
|
|
50 |
|
|
2.36 |
|
|
Total interest-earning assets |
|
4,649,993 |
|
|
$ |
167,588 |
|
|
4.82 |
% |
|
|
4,131,221 |
|
|
$ |
108,106 |
|
|
3.50 |
% |
|
Allowance for credit losses |
|
(37,053 |
) |
|
|
|
|
|
|
|
|
|
(24,467 |
) |
|
|
|
|
|
|
|
|
Noninterest-earning assets |
|
289,843 |
|
|
|
|
|
|
|
|
|
|
172,243 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,902,783 |
|
|
|
|
|
|
|
|
|
$ |
4,278,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
1,204,937 |
|
|
$ |
1,902 |
|
|
0.21 |
% |
|
$ |
1,146,635 |
|
|
$ |
430 |
|
|
0.05 |
% |
|
Money market |
|
664,846 |
|
|
|
4,492 |
|
|
0.90 |
|
|
|
585,815 |
|
|
|
434 |
|
|
0.10 |
|
|
Savings |
|
678,495 |
|
|
|
616 |
|
|
0.12 |
|
|
|
653,659 |
|
|
|
155 |
|
|
0.03 |
|
|
Time |
|
463,937 |
|
|
|
6,898 |
|
|
1.99 |
|
|
|
289,000 |
|
|
|
643 |
|
|
0.30 |
|
|
Total interest-bearing deposits |
|
3,012,215 |
|
|
|
13,908 |
|
|
0.62 |
|
|
|
2,675,109 |
|
|
|
1,662 |
|
|
0.08 |
|
|
Securities sold under agreements
to repurchase |
|
35,844 |
|
|
|
107 |
|
|
0.40 |
|
|
|
51,503 |
|
|
|
26 |
|
|
0.07 |
|
|
Borrowings |
|
148,443 |
|
|
|
5,594 |
|
|
5.04 |
|
|
|
4,344 |
|
|
|
87 |
|
|
2.67 |
|
|
Subordinated notes |
|
39,424 |
|
|
|
1,409 |
|
|
4.78 |
|
|
|
39,345 |
|
|
|
1,409 |
|
|
4.79 |
|
|
Junior subordinated debentures
issued to capital trusts |
|
51,054 |
|
|
|
2,582 |
|
|
6.76 |
|
|
|
37,738 |
|
|
|
1,231 |
|
|
4.36 |
|
|
Total interest-bearing liabilities |
|
3,286,980 |
|
|
$ |
23,600 |
|
|
0.96 |
% |
|
|
2,808,039 |
|
|
$ |
4,415 |
|
|
0.21 |
% |
|
Noninterest-bearing deposits |
|
1,123,917 |
|
|
|
|
|
|
|
|
|
|
1,060,566 |
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
46,310 |
|
|
|
|
|
|
|
|
|
|
21,883 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
4,457,207 |
|
|
|
|
|
|
|
|
|
|
3,890,488 |
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
445,576 |
|
|
|
|
|
|
|
|
|
|
388,509 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
4,902,783 |
|
|
|
|
|
|
|
|
|
|
4,278,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/Net interest margin (1) |
|
|
|
|
$ |
143,988 |
|
|
4.14 |
% |
|
|
|
|
|
$ |
103,691 |
|
|
3.36 |
% |
|
Tax-equivalent adjustment (2) |
|
|
|
|
|
2,092 |
|
|
0.06 |
|
|
|
|
|
|
|
1,801 |
|
|
0.05 |
|
|
Net interest income (tax-equivalent basis)/
Net interest margin (tax-equivalent basis) (2) (3) |
|
|
|
|
$ |
146,080 |
|
|
4.20 |
% |
|
|
|
|
|
$ |
105,492 |
|
|
3.41 |
% |
|
Net interest rate spread (4) |
|
|
|
|
|
|
|
|
3.86 |
% |
|
|
|
|
|
|
|
|
|
3.29 |
% |
|
Net interest-earning assets (5) |
$ |
1,363,013 |
|
|
|
|
|
|
|
|
$ |
1,323,182 |
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to interest-bearing liabilities |
|
1.41 |
|
|
|
|
|
|
|
|
|
1.47 |
|
|
|
|
|
|
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
|
0.45 |
% |
|
|
|
|
|
|
|
|
|
0.06 |
% |
|
Cost of funds |
|
|
|
|
|
|
|
|
0.72 |
|
|
|
|
|
|
|
|
|
|
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 |
|
(dollars in thousands) |
September 30,
2023 |
|
June 30, 2023 |
|
September 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual |
$ |
6,678 |
|
|
$ |
7,534 |
|
|
$ |
3,206 |
|
|
Past due 90 days or more, still accruing (1) |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
Total nonperforming loans |
|
6,678 |
|
|
|
7,535 |
|
|
|
3,206 |
|
|
Foreclosed assets |
|
1,519 |
|
|
|
3,080 |
|
|
|
2,637 |
|
|
Total nonperforming assets |
$ |
8,197 |
|
|
$ |
10,615 |
|
|
$ |
5,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans that are wholly or partially guaranteed by the
U.S.
Government |
$ |
1,968 |
|
|
$ |
2,332 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Allowance for credit losses |
$ |
38,863 |
|
|
$ |
37,814 |
|
|
$ |
25,060 |
|
|
Loans, before allowance for credit losses |
|
3,342,786 |
|
|
|
3,244,655 |
|
|
|
2,579,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans, before allowance for credit
losses |
|
1.16 |
% |
|
|
1.17 |
% |
|
|
0.97 |
% |
|
Allowance for credit losses to nonaccrual loans |
|
581.96 |
|
|
|
501.91 |
|
|
|
781.66 |
|
|
Allowance for credit losses to nonperforming loans |
|
581.96 |
|
|
|
501.84 |
|
|
|
781.66 |
|
|
Nonaccrual loans to loans, before allowance for credit losses |
|
0.20 |
|
|
|
0.23 |
|
|
|
0.12 |
|
|
Nonperforming loans to loans, before allowance for credit
losses |
|
0.20 |
|
|
|
0.23 |
|
|
|
0.12 |
|
|
Nonperforming assets to total assets |
|
0.16 |
|
|
|
0.21 |
|
|
|
0.14 |
|
|
Nonperforming assets to loans, before allowance for credit losses,
and
foreclosed assets |
|
0.25 |
|
|
|
0.33 |
|
|
|
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Prior to 2023, excludes loans acquired with
deteriorated credit quality that are past due 90 or more days and
accruing. Such loans
totaled $22 thousand as of
September 30, 2022. |
|
|
|
|
|
|
|
|
|
|
|
|
|
HBT Financial, Inc. |
Unaudited Consolidated Financial Summary |
|
|
Three Months Ended |
|
Nine Months Ended
September 30,
|
|
(dollars in thousands) |
September
30,
2023 |
|
June 30,
2023 |
|
September
30,
2022 |
|
2023 |
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
$ |
37,814 |
|
|
$ |
38,776 |
|
|
$ |
24,734 |
|
|
$ |
25,333 |
|
|
$ |
23,936 |
|
|
Adoption of ASC 326 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,983 |
|
|
|
— |
|
|
PCD allowance established in acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,247 |
|
|
|
— |
|
|
Provision for credit losses |
|
983 |
|
|
|
(1,080 |
) |
|
|
386 |
|
|
|
5,004 |
|
|
|
(53 |
) |
|
Charge-offs |
|
(412 |
) |
|
|
(179 |
) |
|
|
(222 |
) |
|
|
(733 |
) |
|
|
(515 |
) |
|
Recoveries |
|
478 |
|
|
|
297 |
|
|
|
162 |
|
|
|
1,029 |
|
|
|
1,692 |
|
|
Ending balance |
$ |
38,863 |
|
|
$ |
37,814 |
|
|
$ |
25,060 |
|
|
$ |
38,863 |
|
|
$ |
25,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
$ |
(66 |
) |
|
$ |
(118 |
) |
|
$ |
60 |
|
|
$ |
(296 |
) |
|
$ |
(1,177 |
) |
|
Average loans |
|
3,296,703 |
|
|
|
3,238,774 |
|
|
|
2,481,920 |
|
|
|
3,183,641 |
|
|
|
2,485,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) to average loans * |
|
(0.01) |
% |
|
|
(0.01) |
% |
|
|
0.01 |
% |
|
|
(0.01) |
% |
|
|
(0.06) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Annualized measure. |
|
|
Three Months Ended |
|
|
Nine Months Ended
September 30,
|
|
(dollars in thousands) |
September
30,
2023 |
|
June 30,
2023 |
|
September
30,
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
983 |
|
|
$ |
(1,080 |
) |
|
$ |
386 |
|
|
$ |
5,004 |
|
|
$ |
(53 |
) |
|
Unfunded lending-related commitments (1) |
|
297 |
|
|
|
650 |
|
|
|
— |
|
|
|
1,456 |
|
|
|
— |
|
|
Debt securities |
|
(800 |
) |
|
|
200 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total provision for credit losses |
$ |
480 |
|
|
$ |
(230 |
) |
|
$ |
386 |
|
|
$ |
6,460 |
|
|
$ |
(53 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Nine Months Ended September
30,
|
|
(dollars in thousands) |
September
30,
2023 |
|
June 30,
2023 |
|
September 30,
2022 |
|
2023 |
|
2022 |
|
Net income |
$ |
19,715 |
|
|
$ |
18,473 |
|
|
$ |
15,627 |
|
|
$ |
47,396 |
|
|
$ |
43,316 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses (1) |
|
— |
|
|
|
(627 |
) |
|
|
(462 |
) |
|
|
(13,691 |
) |
|
|
(462 |
) |
|
Gains (losses) on sales of closed branch
premises |
|
— |
|
|
|
75 |
|
|
|
(38 |
) |
|
|
75 |
|
|
|
141 |
|
|
Realized gains (losses) on sales of securities |
|
(813 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,820 |
) |
|
|
— |
|
|
Mortgage servicing rights fair value
adjustment |
|
23 |
|
|
|
141 |
|
|
|
351 |
|
|
|
(460 |
) |
|
|
2,446 |
|
|
Total adjustments |
|
(790 |
) |
|
|
(411 |
) |
|
|
(149 |
) |
|
|
(15,896 |
) |
|
|
2,125 |
|
|
Tax effect of adjustments |
|
226 |
|
|
|
112 |
|
|
|
(80 |
) |
|
|
4,382 |
|
|
|
(728 |
) |
|
Total adjustments after tax effect |
|
(564 |
) |
|
|
(299 |
) |
|
|
(229 |
) |
|
|
(11,514 |
) |
|
|
1,397 |
|
|
Adjusted net income |
$ |
20,279 |
|
|
$ |
18,772 |
|
|
$ |
15,856 |
|
|
$ |
58,910 |
|
|
$ |
41,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
$ |
4,964,832 |
|
|
$ |
4,976,035 |
|
|
$ |
4,208,722 |
|
|
$ |
4,902,783 |
|
|
$ |
4,278,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
1.58 |
% |
|
|
1.49 |
% |
|
|
1.47 |
% |
|
|
1.29 |
% |
|
|
1.35 |
% |
|
Adjusted return on average assets * |
|
1.62 |
|
|
|
1.51 |
|
|
|
1.49 |
|
|
|
1.61 |
|
|
|
1.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
|
Nine Months Ended
September 30,
|
|
(dollars in thousands, except per share amounts) |
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022 |
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
19,715 |
|
|
$ |
18,473 |
|
|
$ |
15,627 |
|
|
$ |
47,396 |
|
|
$ |
43,316 |
|
|
Earnings allocated to participating securities
(1) |
|
(10 |
) |
|
|
(11 |
) |
|
|
(17 |
) |
|
|
(26 |
) |
|
|
(51 |
) |
|
Numerator for earnings per share - basic and
diluted |
$ |
19,705 |
|
|
$ |
18,462 |
|
|
$ |
15,610 |
|
|
$ |
47,370 |
|
|
$ |
43,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
$ |
20,279 |
|
|
$ |
18,772 |
|
|
$ |
15,856 |
|
|
$ |
58,910 |
|
|
$ |
41,919 |
|
|
Earnings allocated to participating securities
(1) |
|
(10 |
) |
|
|
(10 |
) |
|
|
(17 |
) |
|
|
(33 |
) |
|
|
(49 |
) |
|
Numerator for adjusted earnings per share -
basic and diluted |
$ |
20,269 |
|
|
$ |
18,762 |
|
|
$ |
15,839 |
|
|
$ |
58,877 |
|
|
$ |
41,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
31,829,250 |
|
|
|
31,980,133 |
|
|
|
28,787,662 |
|
|
|
31,598,650 |
|
|
|
28,887,757 |
|
|
Dilutive effect of outstanding restricted stock
units |
|
137,187 |
|
|
|
99,850 |
|
|
|
72,643 |
|
|
|
102,574 |
|
|
|
56,761 |
|
|
Weighted average common shares
outstanding, including all dilutive potential
shares |
|
31,966,437 |
|
|
|
32,079,983 |
|
|
|
28,860,305 |
|
|
|
31,701,224 |
|
|
|
28,944,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Basic |
$ |
0.62 |
|
|
$ |
0.58 |
|
|
$ |
0.54 |
|
|
$ |
1.50 |
|
|
$ |
1.50 |
|
|
Earnings per share - Diluted |
$ |
0.62 |
|
|
$ |
0.58 |
|
|
$ |
0.54 |
|
|
$ |
1.49 |
|
|
$ |
1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share - Basic |
$ |
0.64 |
|
|
$ |
0.59 |
|
|
$ |
0.55 |
|
|
$ |
1.86 |
|
|
$ |
1.45 |
|
|
Adjusted earnings per share - Diluted |
$ |
0.63 |
|
|
$ |
0.58 |
|
|
$ |
0.55 |
|
|
$ |
1.86 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Nine Months Ended
September 30,
|
|
(dollars in thousands) |
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (tax-equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
48,279 |
|
|
$ |
48,872 |
|
|
$ |
37,390 |
|
|
$ |
143,988 |
|
|
$ |
103,691 |
|
|
Tax-equivalent adjustment (1) |
|
675 |
|
|
|
715 |
|
|
|
674 |
|
|
|
2,092 |
|
|
|
1,801 |
|
|
Net interest income (tax-equivalent basis) (1) |
$ |
48,954 |
|
|
$ |
49,587 |
|
|
$ |
38,064 |
|
|
$ |
146,080 |
|
|
$ |
105,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax-equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin * |
|
4.07 |
% |
|
|
4.16 |
% |
|
|
3.65 |
% |
|
|
4.14 |
% |
|
|
3.36 |
% |
|
Tax-equivalent adjustment * (1) |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.07 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
Net interest margin (tax-equivalent basis) * (1) |
|
4.13 |
% |
|
|
4.22 |
% |
|
|
3.72 |
% |
|
|
4.20 |
% |
|
|
3.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets |
$ |
4,708,331 |
|
|
$ |
4,715,897 |
|
|
$ |
4,059,978 |
|
|
$ |
4,649,993 |
|
|
$ |
4,131,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
Nine Months Ended
September 30,
|
|
(dollars in thousands) |
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (tax-equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
$ |
30,671 |
|
|
$ |
33,973 |
|
|
$ |
23,998 |
|
|
$ |
100,577 |
|
|
$ |
71,997 |
|
|
Less: amortization of intangible assets |
|
720 |
|
|
|
720 |
|
|
|
243 |
|
|
|
1,950 |
|
|
|
733 |
|
|
Adjusted noninterest expense |
$ |
29,951 |
|
|
$ |
33,253 |
|
|
$ |
23,755 |
|
|
$ |
98,627 |
|
|
$ |
71,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
48,279 |
|
|
$ |
48,872 |
|
|
$ |
37,390 |
|
|
$ |
143,988 |
|
|
$ |
103,691 |
|
|
Total noninterest income |
|
9,490 |
|
|
|
9,914 |
|
|
|
8,234 |
|
|
|
26,841 |
|
|
|
26,828 |
|
|
Operating revenue |
|
57,769 |
|
|
|
58,786 |
|
|
|
45,624 |
|
|
|
170,829 |
|
|
|
130,519 |
|
|
Tax-equivalent adjustment (1) |
|
675 |
|
|
|
715 |
|
|
|
674 |
|
|
|
2,092 |
|
|
|
1,801 |
|
|
Operating revenue (tax-equivalent basis)
(1) |
$ |
58,444 |
|
|
$ |
59,501 |
|
|
$ |
46,298 |
|
|
$ |
172,921 |
|
|
$ |
132,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
51.85 |
% |
|
|
56.57 |
% |
|
|
52.07 |
% |
|
|
57.73 |
% |
|
|
54.60 |
% |
|
Efficiency ratio (tax-equivalent basis) (1) |
|
51.25 |
|
|
|
55.89 |
|
|
|
51.31 |
|
|
|
57.04 |
|
|
|
53.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
September 30,
2023 |
|
June 30, 2023 |
|
September 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
$ |
456,251 |
|
|
$ |
450,852 |
|
|
$ |
359,073 |
|
|
Less: Goodwill |
|
59,820 |
|
|
|
59,876 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
21,402 |
|
|
|
22,122 |
|
|
|
1,210 |
|
|
Tangible common equity |
$ |
375,029 |
|
|
$ |
368,854 |
|
|
$ |
328,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,991,768 |
|
|
$ |
4,975,810 |
|
|
$ |
4,213,324 |
|
|
Less: Goodwill |
|
59,820 |
|
|
|
59,876 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
21,402 |
|
|
|
22,122 |
|
|
|
1,210 |
|
|
Tangible assets |
$ |
4,910,546 |
|
|
$ |
4,893,812 |
|
|
$ |
4,182,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to total assets |
|
9.14 |
% |
|
|
9.06 |
% |
|
|
8.52 |
% |
|
Tangible common equity to tangible assets |
|
7.64 |
|
|
|
7.54 |
|
|
|
7.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding |
|
31,774,140 |
|
|
|
31,865,868 |
|
|
|
28,752,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
14.36 |
|
|
$ |
14.15 |
|
|
$ |
12.49 |
|
|
Tangible book value per share |
|
11.80 |
|
|
|
11.58 |
|
|
|
11.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine Months Ended
September 30,
|
|
(dollars in thousands) |
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tangible Common Equity |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
$ |
459,601 |
|
|
$ |
454,505 |
|
|
$ |
380,983 |
|
|
$ |
445,576 |
|
|
$ |
388,509 |
|
|
Less: Goodwill |
|
59,875 |
|
|
|
59,876 |
|
|
|
29,322 |
|
|
|
56,406 |
|
|
|
29,322 |
|
|
Less: Intangible assets, net |
|
21,793 |
|
|
|
22,520 |
|
|
|
1,356 |
|
|
|
20,005 |
|
|
|
1,597 |
|
|
Average tangible common equity |
$ |
377,933 |
|
|
$ |
372,109 |
|
|
$ |
350,305 |
|
|
$ |
369,165 |
|
|
$ |
357,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
19,715 |
|
|
$ |
18,473 |
|
|
$ |
15,627 |
|
|
$ |
47,396 |
|
|
$ |
43,316 |
|
|
Adjusted net income |
|
20,279 |
|
|
|
18,772 |
|
|
|
15,856 |
|
|
|
58,910 |
|
|
|
41,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders' equity * |
|
17.02 |
% |
|
|
16.30 |
% |
|
|
16.27 |
% |
|
|
14.22 |
% |
|
|
14.91 |
% |
|
Return on average tangible common equity * |
|
20.7 |
|
|
|
19.91 |
|
|
|
17.7 |
|
|
|
17.17 |
|
|
|
16.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average stockholders'
equity * |
|
17.51 |
% |
|
|
16.57 |
% |
|
|
16.51 |
% |
|
|
17.68 |
% |
|
|
14.43 |
% |
|
Adjusted return on average tangible common
equity * |
|
21.29 |
|
|
|
20.23 |
|
|
|
17.96 |
|
|
|
21.34 |
|
|
|
15.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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