HBT Financial, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>HBT Financial, Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and position.</b>

AI Summary

HBT Financial, Inc. (HBT) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. HBT Financial, Inc. filed a 10-Q report for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's Standard Industrial Classification is 'STATE COMMERCIAL BANKS' (6022). HBT Financial, Inc. was formerly known as Heartland Bancorp, Inc. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking HBT Financial, Inc., this filing contains several important signals. This 10-Q filing provides a detailed look at HBT Financial's financial health and operational results for the first quarter of 2024, crucial for investors assessing its current standing. Understanding the specific financial figures and any changes from previous periods in this report is key to evaluating HBT Financial's strategic direction and market competitiveness.

Risk Assessment

Risk Level: low — HBT Financial, Inc. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial disclosures for HBT Financial, Inc., with no immediate red flags indicated in the provided header information.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue streams, expenses, and balance sheet changes for Q1 2024 compared to prior periods.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filed As Of Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 2019-06-24 — Date of Name Change (FORMER COMPANY: HEARTLAND BANCORP, INC.)
• 1985-08-22 — Date of Name Change (FORMER COMPANY: HEARTLAND BANCORP)

Key Players & Entities

• HBT Financial, Inc. (company) — FILER: COMPANY DATA: COMPANY CONFORMED NAME
• Heartland Bancorp, Inc. (company) — FORMER COMPANY
• STATE COMMERCIAL BANKS (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 6022 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-01 (date) — FILED AS OF DATE
• 2024-01-01 (date) — Reporting period start date
• 2023-03-31 (date) — Comparative period end date

FAQ

Industry Context

HBT Financial, Inc. operates within the commercial banking sector, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, HBT Financial is subject to regulations from bodies like the Federal Reserve and state banking authorities, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the detailed financial statements (income statement, balance sheet, cash flow) for Q1 2024.
2. Compare key performance metrics (e.g., net interest margin, loan growth, deposit growth) against prior periods and industry benchmarks.
3. Review any new accounting standards or regulatory updates mentioned in the filing that could impact future financial reporting.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for HBT Financial, Inc. in the fiscal year 2024, providing updated financial information compared to the previous quarter (Q4 2023) and the same quarter last year (Q1 2023).

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share HBT The Nasdaq Stock Market L
• $1.235 billion — he fiscal year in which the Company has $1.235 billion or more in annual revenues, (3) the dat
• $1.0 billion — ssued, publicly or privately, more than $1.0 billion in non-convertible debt securities. The

Filing Documents

• hbt-20240331.htm (10-Q) — 3844KB
• hbt-ex101.htm (EX-10.1) — 54KB
• hbt-ex102.htm (EX-10.2) — 53KB
• hbt-ex103.htm (EX-10.3) — 49KB
• hbt-20240331xex311.htm (EX-31.1) — 10KB
• hbt-20240331xex312.htm (EX-31.2) — 10KB
• hbt-20240331xex321.htm (EX-32.1) — 5KB
• hbt-20240331xex322.htm (EX-32.2) — 5KB
• 0001628280-24-019634.txt (&nbsp;) — 18512KB
• hbt-20240331.xsd (EX-101.SCH) — 72KB
• hbt-20240331_cal.xml (EX-101.CAL) — 160KB
• hbt-20240331_def.xml (EX-101.DEF) — 523KB
• hbt-20240331_lab.xml (EX-101.LAB) — 1011KB
• hbt-20240331_pre.xml (EX-101.PRE) — 788KB
• hbt-20240331_htm.xml (XML) — 4290KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1. Consolidated Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statement of Changes in Stockholders' Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 79 Item 4.

Controls and Procedures

Controls and Procedures 81

OTHER INFORMATION

PART II. OTHER INFORMATION 82 Item 1.

Legal Proceedings

Legal Proceedings 82 Item 1A.

Risk Factors

Risk Factors 82 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 82 Item 3. Defaults Upon Senior Securities 82 Item 4. Mine Safety Disclosures 82 Item 5. Other Information 83 Item 6. Exhibits 83 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly 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 national governments to any such adverse external events; changes in accounting

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS HBT FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (dollars in thousands, except per share data) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 19,989 $ 26,256 Interest-bearing deposits with banks 240,223 114,996 Cash and cash equivalents 260,212 141,252 Interest-bearing time deposits with banks 515 509 Debt securities available-for-sale, at fair value 669,020 759,461 Debt securities held-to-maturity (fair value of $ 458,640 at 2024 and $ 466,496 at 2023) 517,472 521,439 Equity securities with readily determinable fair value 3,324 3,360 Equity securities with no readily determinable fair value 2,622 2,505 Restricted stock, at cost 5,155 7,160 Loans held for sale 3,479 2,318 Loans, before allowance for credit losses 3,345,962 3,404,417 Allowance for credit losses ( 40,815 ) ( 40,048 ) Loans, net of allowance for credit losses 3,305,147 3,364,369 Bank owned life insurance 24,069 23,905 Bank premises and equipment, net 64,755 65,150 Bank premises held for sale 317 — Foreclosed assets 277 852 Goodwill 59,820 59,820 Intangible assets, net 19,972 20,682 Mortgage servicing rights, at fair value 19,081 19,001 Investments in unconsolidated subsidiaries 1,614 1,614 Accrued interest receivable 23,117 24,534 Other assets 60,542 55,239 Total assets $ 5,040,510 $ 5,073,170 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Noninterest-bearing $ 1,047,074 $ 1,072,407 Interest-bearing 3,313,500 3,329,030 Total deposits 4,360,574 4,401,437 Securities sold under agreements to repurchase 31,864 42,442 Federal Home Loan Bank advances 12,725 12,623 Subordinated notes 39,494 39,474 Junior subordinated debentures issued to capital trusts 52,804 52,789 Other liabilities 46,368 34,909 Total liabilities 4,543,829 4,583,674 COMMITMENTS AND CONTINGENCIES (Note 14) Stockholders' Equity Preferred stock, $ 0.01 par value; 25,000,000 shares authorized

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 – ACCOUNTING POLICIES Basis of Presentation HBT Financial, Inc. ("HBT Financial" or the "Company") is headquartered in Bloomington, Illinois and is the holding company for Heartland Bank and Trust Company ("Heartland Bank" or the "Bank"). The Bank provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa. Additionally, the Company is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory agencies. The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") interim reporting requirements. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to rules and regulations of the SEC. These interim unaudited consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 6, 2024. The unaudited consolidated financial statements include all normal, recurring adjustments necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year. The Company qualifies as an "emerging growth company" as defined by the Jumpstart Our Business Startups Act ("JOBS Act"). The JOBS Act permits emerging growth companies an extended transition period for complying with new or revised accounting standards affecting public companies. The Company may remain an emerging growth company until the earliest to occur of: (1) the end of the fiscal ye

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The Company's investment in the qualified affordable housing project meets the definition of a variable interest entity ("VIE") as the entity is structured such that the limited partner investors lack substantive voting rights. The managing member has both the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could be significant to the entity. Accordingly, the Company is not the primary beneficiary and is not required to consolidate this entity. The Company's maximum exposure to loss is limited to the carrying amount of the investment, which was $ 7.5 million as of March 31, 2024. Segment Reporting The Company's operations consist of one reportable segment. The Company's chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or stockholders' equity. Subsequent Events In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Impact of Recently Adopted Accounting Standards On January 1, 2024, the Company adopted ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) . ASU 2023-02 permits an election to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits, regardless of the tax credit program from which the income tax credits are received, provided that certain conditions are met. The proportional amortization method results in the cost

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method . ASU 2022-01 replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. ASU 2022-01 also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a

View Full Filing

View this 10-Q filing on SEC EDGAR