HBT Financial, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>HBT Financial, Inc. has submitted its 2023 Form 10-K, detailing its financial performance and position as of year-end.</b>

AI Summary

HBT Financial, Inc. (HBT) filed a Annual Report (10-K) with the SEC on March 6, 2024. HBT Financial, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the company's financial performance and business operations for the year 2023. Key financial data and disclosures for the fiscal year 2023 are included. The report details the company's financial position as of December 31, 2023. HBT Financial, Inc. is classified under SIC code 6022 for State Commercial Banks.

Why It Matters

For investors and stakeholders tracking HBT Financial, Inc., this filing contains several important signals. This 10-K filing provides investors and analysts with a comprehensive overview of HBT Financial's financial health, operational results, and strategic direction for the fiscal year 2023. The detailed financial statements and risk factor disclosures within the report are crucial for understanding the company's performance in the commercial banking sector and its outlook.

Risk Assessment

Risk Level: medium — HBT Financial, Inc. shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess HBT Financial's performance and potential risks in the current economic climate.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-06 — Filing Date (Filed as of date)
• 0000775215 — Central Index Key (Filer's identifier)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks)
• DE — State of Incorporation (Company's state of incorporation)
• 1231 — Fiscal Year End Month/Day (Company's fiscal year end)

Key Players & Entities

• HBT Financial, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 6022 (industry_code) — Standard Industrial Classification
• DE (location) — State of incorporation
• BLOOMINGTON (location) — Business address city
• IL (location) — Business address state
• HEARTLAND BANCORP, INC. (company) — Former company name
• 20190624 (date) — Date of name change

FAQ

Industry Context

HBT Financial, Inc. operates within the commercial banking industry, a sector characterized by interest rate sensitivity, regulatory compliance, and competition for deposits and loans.

Regulatory Implications

As a commercial bank, HBT Financial is subject to regulations from federal and state authorities, including oversight from banking regulators concerning capital requirements, risk management, and consumer protection.

What Investors Should Do

1. Analyze the detailed financial statements for revenue streams, net income, and asset/liability management.
2. Review the Management's Discussion and Analysis (MD&A) for insights into operational performance and strategic initiatives.
3. Examine the risk factors section for potential challenges and their impact on the company's future operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date HBT Financial, Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share HBT The Nasdaq Stock Market
• $18 — gistrant's common stock on that date of $18.44, as quoted on The Nasdaq Global Sele
• $5.1 b — cember 31, 2023, we had total assets of $5.1 billion, loans held for investment of $3.
• $3.4 b — 1 billion, loans held for investment of $3.4 billion, and total deposits of $4.4 billi
• $4.4 billion — of $3.4 billion, and total deposits of $4.4 billion. Through our bank subsidiary, Heartland
• $937.2 m — Town and Country added total assets of $937.2 million, total loans held for investment
• $635.4 m — ion, total loans held for investment of $635.4 million, and total deposits of $720.4 mil
• $720.4 million — f $635.4 million, and total deposits of $720.4 million. Total consideration consisted of 3.4
• $38.0 million — res of HBT Financial's common stock and $38.0 million in cash. Based upon the closing price o
• $21.12 — price of HBT Financial common stock of $21.12 on February 1, 2023, the aggregate cons
• $109.4 million — gregate consideration was approximately $109.4 million. Goodwill of $30.5 million was recorded
• $30.5 million — proximately $109.4 million. Goodwill of $30.5 million was recorded in the acquisition. NXT B
• $239.9 m — adjustments, NXT added total assets of $239.9 million, total loans of $194.6 million, a
• $194.6 m — ssets of $239.9 million, total loans of $194.6 million, and total deposits of $181.6 mil
• $181.6 million — f $194.6 million, and total deposits of $181.6 million. 3 Table of Contents Total conside

Filing Documents

• hbt-20231231.htm (10-K) — 4972KB
• hbt-20231231xex211.htm (EX-21.1) — 2KB
• hbt-20231231xex231.htm (EX-23.1) — 2KB
• hbt-20231231xex311.htm (EX-31.1) — 10KB
• hbt-20231231xex312.htm (EX-31.2) — 10KB
• hbt-20231231xex321.htm (EX-32.1) — 5KB
• hbt-20231231xex322.htm (EX-32.2) — 5KB
• hbt-20231231xex971.htm (EX-97.1) — 34KB
• hbt-20231231_g1.jpg (GRAPHIC) — 105KB
• 0001628280-24-009388.txt (&nbsp;) — 22922KB
• hbt-20231231.xsd (EX-101.SCH) — 110KB
• hbt-20231231_cal.xml (EX-101.CAL) — 227KB
• hbt-20231231_def.xml (EX-101.DEF) — 689KB
• hbt-20231231_lab.xml (EX-101.LAB) — 1368KB
• hbt-20231231_pre.xml (EX-101.PRE) — 1074KB
• hbt-20231231_htm.xml (XML) — 4538KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 39 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II. 41 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Securities 41 Item 6. [Reserved] 42 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 74 Item 8 .

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 76 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 151 Item 9A.

Controls and Procedures

Controls and Procedures 151 Item 9B. Other Information 151 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 152 PART III . 152 Item 10. Directors, Executive Officers and Corporate Governance 152 Item 11.

Executive Compensation

Executive Compensation 152 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 152 Item 13. Certain Relationships and Related Transactions, and Director Independence 152 Item 14. Principal Accounting Fees and Services 153 PART IV. 153 Item 15. Exhibits and Financial Statement Schedules 153 Item 16. Form 10-K Summary 155 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report are forward-looking statements. Forward-looking statements may include statements relating to our plans, strategies and expectations, near-term loan growth, net interest margin, mortgage banking profits, wealth management fees, expenses, asset quality, capital levels, continued earnings, and liquidity. Forward-looking statements are generally identifiable by use of the words "believe," "may," "will," "should," "could," "expect," "estimate," "intend," "anticipate," "project," "plan" or similar expressions. Forward-looking statements are frequently based on assumptions that may or may not materialize and are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from the results anticipated or projected and which could materially and adversely affect our operating results, financial condition or prospects include, but are not limited to: the strength of the local, state, national, and international economies (including effects of inflationary pressures and supply chain constraints); the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, 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 n

BUSINESS

ITEM 1. BUSINESS COMPANY OVERVIEW HBT Financial, Inc. (the "Company" or "HBT Financial"), a Delaware corporation incorporated in 1982, is a bank holding company headquartered in Bloomington, Illinois that has elected to be regulated as a financial holding company. As of December 31, 2023, we had total assets of $5.1 billion, loans held for investment of $3.4 billion, and total deposits of $4.4 billion. Through our bank subsidiary, Heartland Bank and Trust Company ("Heartland Bank" or the "Bank"), we provide a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and Eastern Iowa. The Company's common stock is traded on the Nasdaq Global Select Market under the symbol "HBT." The roots of our Company can be traced back to 1920 when M.B. Drake, the grandfather of our Executive Chairman, Fred Drake, helped found a community bank in Cornland, Illinois. The Drake family went on to operate several banks throughout Central Illinois, and in 1982, George Drake (M.B.'s son and Fred's father) incorporated the Company as one of the first multi-bank holding companies in Illinois. Since that time, we have grown both organically and through the successful integration of more than a dozen community bank acquisitions. The foundation for our success has been built upon a steadfast commitment to our core operating principles: Prioritize safety and soundness. We engage in safe and sound banking practices that preserve the asset quality of our balance sheet and protect our deposit base. Maintain strong profitability. We have produced consistently strong earnings even through challenging cycles such as the 2008-2009 global financial crisis as well as the COVID-19 pandemic. Continue disciplined growth. We have a strong track record of successful organic and acquisitive growth with our seasoned senior management team. Uphold our Midwestern values. We convey the values of the Midwest through hard work and persevera

View Full Filing

View this 10-K filing on SEC EDGAR