HBT Financial Reports Q2 2024 Financials

TL;DR

HBT Financial's Q2 2024 10-Q is out - check the numbers for performance.

AI Summary

HBT Financial, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific figures for revenue, net income, and other key financial metrics for the second quarter and year-to-date periods are presented, reflecting the company's operational results.

Why It Matters

This filing provides investors and analysts with a detailed look at HBT Financial's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, HBT Financial is subject to various market, credit, and regulatory risks that can impact its performance.

Key Numbers

• 20240630 — End of Period (Reporting period for the 10-Q)
• 20240801 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• HBT Financial, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240801 (date) — Filing date
• BLOOMINGTON, IL (location) — Company headquarters and mailing address
• HEARTLAND BANCORP, INC. (company) — Former company name

FAQ

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-20240630.htm (10-Q) — 4804KB
• hbt-20240630xex311.htm (EX-31.1) — 10KB
• hbt-20240630xex312.htm (EX-31.2) — 10KB
• hbt-20240630xex321.htm (EX-32.1) — 5KB
• hbt-20240630xex322.htm (EX-32.2) — 5KB
• 0001628280-24-034168.txt ( ) — 20929KB
• hbt-20240630.xsd (EX-101.SCH) — 73KB
• hbt-20240630_cal.xml (EX-101.CAL) — 164KB
• hbt-20240630_def.xml (EX-101.DEF) — 528KB
• hbt-20240630_lab.xml (EX-101.LAB) — 1026KB
• hbt-20240630_pre.xml (EX-101.PRE) — 797KB
• hbt-20240630_htm.xml (XML) — 5121KB

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 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 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 57 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 93 Item 4.

Controls and Procedures

Controls and Procedures 95

OTHER INFORMATION

PART II. OTHER INFORMATION 96 Item 1.

Legal Proceedings

Legal Proceedings 96 Item 1A.

Risk Factors

Risk Factors 96 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 96 Item 3. Defaults Upon Senior Securities 96 Item 4. Mine Safety Disclosures 96 Item 5. Other Information 97 Item 6. Exhibits 97 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) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 22,604 $ 26,256 Interest-bearing deposits with banks 172,636 114,996 Cash and cash equivalents 195,240 141,252 Interest-bearing time deposits with banks 520 509 Debt securities available-for-sale, at fair value 669,055 759,461 Debt securities held-to-maturity (fair value of $ 453,753 at 2024 and $ 466,496 at 2023) 512,549 521,439 Equity securities with readily determinable fair value 3,228 3,360 Equity securities with no readily determinable fair value 2,613 2,505 Restricted stock, at cost 5,086 7,160 Loans held for sale 858 2,318 Loans, before allowance for credit losses 3,385,483 3,404,417 Allowance for credit losses ( 40,806 ) ( 40,048 ) Loans, net of allowance for credit losses 3,344,677 3,364,369 Bank owned life insurance 24,235 23,905 Bank premises and equipment, net 65,711 65,150 Bank premises held for sale 317 — Foreclosed assets 320 852 Goodwill 59,820 59,820 Intangible assets, net 19,262 20,682 Mortgage servicing rights, at fair value 18,984 19,001 Investments in unconsolidated subsidiaries 1,614 1,614 Accrued interest receivable 22,425 24,534 Other assets 59,685 55,239 Total assets $ 5,006,199 $ 5,073,170 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Noninterest-bearing $ 1,045,697 $ 1,072,407 Interest-bearing 3,272,996 3,329,030 Total deposits 4,318,693 4,401,437 Securities sold under agreements to repurchase 29,330 42,442 Federal Home Loan Bank advances 13,734 12,623 Subordinated notes 39,514 39,474 Junior subordinated debentures issued to capital trusts 52,819 52,789 Other liabilities 42,640 34,909 Total liabilities 4,496,730 4,583,674 COMMITMENTS AND CONTINGENCIES (Note 14) Stockholders' Equity Preferred stock, $ 0.01 par value; 25,000,000 shares authorized; n

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 $ 7.3 million as of June 30, 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 o

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