HBT Financial Files Q3 2024 10-Q

TL;DR

HBT Financial's Q3 2024 10-Q is in. Check financials.

AI Summary

HBT Financial, Inc. filed its 10-Q for the period ending September 30, 2024. The company, headquartered in Bloomington, IL, operates as a commercial bank. This filing details its financial performance and position for the third quarter of 2024.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20241030 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• HBT Financial, Inc. (company) — Filer of the 10-Q
• Bloomington, IL (location) — Company headquarters
• 20240930 (date) — End of reporting period
• 20241030 (date) — Filing date

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-20240930.htm (10-Q) — 4798KB
• hbt-20240930xex311.htm (EX-31.1) — 10KB
• hbt-20240930xex312.htm (EX-31.2) — 10KB
• hbt-20240930xex321.htm (EX-32.1) — 5KB
• hbt-20240930xex322.htm (EX-32.2) — 5KB
• 0001628280-24-044316.txt ( ) — 21002KB
• hbt-20240930.xsd (EX-101.SCH) — 72KB
• hbt-20240930_cal.xml (EX-101.CAL) — 167KB
• hbt-20240930_def.xml (EX-101.DEF) — 528KB
• hbt-20240930_lab.xml (EX-101.LAB) — 1040KB
• hbt-20240930_pre.xml (EX-101.PRE) — 804KB
• hbt-20240930_htm.xml (XML) — 5099KB

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 59 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 95 Item 4.

Controls and Procedures

Controls and Procedures 97

OTHER INFORMATION

PART II. OTHER INFORMATION 98 Item 1.

Legal Proceedings

Legal Proceedings 98 Item 1A.

Risk Factors

Risk Factors 98 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 98 Item 3. Defaults Upon Senior Securities 98 Item 4. Mine Safety Disclosures 98 Item 5. Other Information 99 Item 6. Exhibits 99 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 conflict in the Middle East 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 p

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) September 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 26,776 $ 26,256 Interest-bearing deposits with banks 152,895 114,996 Cash and cash equivalents 179,671 141,252 Interest-bearing time deposits with banks — 509 Debt securities available-for-sale, at fair value 710,303 759,461 Debt securities held-to-maturity (fair value of $ 463,259 at 2024 and $ 466,496 at 2023) 505,075 521,439 Equity securities with readily determinable fair value 3,364 3,360 Equity securities with no readily determinable fair value 2,638 2,505 Restricted stock, at cost 5,086 7,160 Loans held for sale 2,959 2,318 Loans, before allowance for credit losses 3,369,830 3,404,417 Allowance for credit losses ( 40,966 ) ( 40,048 ) Loans, net of allowance for credit losses 3,328,864 3,364,369 Bank owned life insurance 24,405 23,905 Bank premises and equipment, net 65,919 65,150 Bank premises held for sale 317 — Foreclosed assets 376 852 Goodwill 59,820 59,820 Intangible assets, net 18,552 20,682 Mortgage servicing rights, at fair value 17,496 19,001 Investments in unconsolidated subsidiaries 1,614 1,614 Accrued interest receivable 24,160 24,534 Other assets 40,109 55,239 Total assets $ 4,990,728 $ 5,073,170 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Noninterest-bearing $ 1,008,359 $ 1,072,407 Interest-bearing 3,272,341 3,329,030 Total deposits 4,280,700 4,401,437 Securities sold under agreements to repurchase 29,029 42,442 Federal Home Loan Bank advances 13,435 12,623 Subordinated notes 39,533 39,474 Junior subordinated debentures issued to capital trusts 52,834 52,789 Other liabilities 37,535 34,909 Total liabilities 4,453,066 4,583,674 COMMITMENTS AND CONTINGENCIES (Note 14) Stockholders' Equity Preferred stock, $ 0.01 par value; 25,000,000 shares authoriz

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 September 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 t

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