HBT Financial (HBT) 8-K HBT Financial, Inc. Announces First Quarter 2022 Financial Results

EXHIBIT 99.1

HBT FINANCIAL, INC. ANNOUNCES

FIRST QUARTER 2022 FINANCIAL RESULTS

First Quarter Highlights

● Net income of $13.6 million, or $0.47 per diluted share; return on average assets (ROAA) of 1.27%; return on average stockholders' equity (ROAE) of 13.58%; and return on average tangible common equity (ROATCE)⁽¹⁾ of 14.71%

● Adjusted net income⁽¹⁾ of $12.2 million; or $0.42 per diluted share; adjusted ROAA⁽¹⁾ of 1.14%; adjusted ROAE⁽¹⁾ of 12.20%; and adjusted ROATCE⁽¹⁾ of 13.22%

(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Bloomington, IL, April 25, 2022 – 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 $13.6 million, or $0.47 diluted earnings per share, for the first quarter of 2022. This compares to net income of $13.6 million, or $0.47 diluted earnings per share, for the fourth quarter of 2021, and net income of $15.2 million, or $0.55 diluted earnings per share, for the first quarter of 2021.

Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “We saw positive trends in a number of areas during the first quarter, including solid inflows of low-cost deposits and improved asset quality, which contributed to our strong financial performance despite a more challenging environment for generating loan growth. We are seeing increased competition in loan pricing in our markets, particularly in commercial real estate lending, which has started to impact new loan production, which remained relatively flat in the first quarter. Although this competitive environment and the developing macroeconomic trends, including higher input costs and interest rates, may make it more challenging to replicate the strong loan growth we experienced at the end of 2021, we believe the strength of our deposit base and asset quality, as well as our diversified business mix will enable us to continue to generate solid financial performance for our shareholders.”

Adjusted Net Income

In addition to reporting GAAP results, the Company believes 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 $12.2 million, or $0.42 adjusted diluted earnings per share, for the first quarter of 2022. This compares to adjusted net income of $14.2 million, or $0.49 adjusted diluted earnings per share, for the fourth quarter of 2021, and adjusted net income of $14.0 million, or $0.51 adjusted diluted earnings per share, for the first quarter of 2021 (see "Reconciliation of Non-GAAP Financial Measures" tables).

HBT Financial, Inc.

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Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2022 was $31.9 million, a decrease of 2.8% from $32.9 million for the fourth quarter of 2021. The decrease was primarily attributable to lower Paycheck Protection Program (“PPP”) loan fees recognized as loan interest income which totaled $0.7 million during the first quarter of 2022 and $1.6 million during the fourth quarter of 2021. As of March 31, 2022, the remaining deferred PPP loan fees to be recognized as income totaled $0.8 million.

Relative to the first quarter of 2021, net interest income increased $2.8 million, or 9.6%. The increase was primarily attributable to higher average loan and securities balances. These higher average balances more than offset a decrease in PPP loan fees recognized as loan interest income, which were $2.2 million during the first quarter of 2021.

Net interest margin for the first quarter of 2022 was 3.08%, compared to 3.17% for the fourth quarter of 2021. The decrease was primarily attributable to lower PPP loan fees recognized as loan interest income. The contribution of PPP loan fees to net interest margin was 7 basis points during the first quarter of 2022 and 15 basis points during the fourth quarter of 2021. Additionally, the contribution of acquired loan discount accretion to net interest margin decreased to 1 basis point during the first quarter of 2022 from 6 basis points during the fourth quarter of 2021.

Relative to the first quarter of 2021, net interest margin decreased from 3.25%. This decrease was also primarily attributable to lower PPP loan fees recognized as loan interest income which contributed 25 basis points to net interest margin during the first quarter 2021. The contribution of acquired loan discount accretion to net interest margin was 1 basis point during the first quarter of 2021.

Noninterest Income

Noninterest income for the first quarter of 2022 was $10.0 million, an increase of 7.4% from $9.4 million for the fourth quarter of 2021. The increase was primarily attributable to a positive $1.7 million mortgage servicing rights (“MSR”) fair value adjustment included in the first quarter of 2022 results, compared to a positive $0.3 million MSR fair value adjustment included in the fourth quarter of 2021 results. Additionally, the first quarter of 2022 results included $0.2 million of gains on sale of closed branch premises, with no similar gains recognized in the fourth quarter of 2021. Partially offsetting these improvements was a $0.3 million decrease in gains on sale of mortgage loans as a result of a lower level of mortgage refinancing activity and normal seasonality.

Relative to the first quarter of 2021, noninterest income decreased 7.1% from $10.8 million, primarily attributable to a $1.5 million decrease in gains on sale of mortgage loans due to a lower level of mortgage refinancing activity. Partially offsetting this decrease were a $0.4 million increase in service charges on deposit accounts and a $0.3 million increase in wealth management fees, driven by higher values of managed assets during first quarter of 2022 compared to the first quarter of 2021.

Noninterest Expense

Noninterest expense for the first quarter of 2022 was $24.2 million, a decrease of 0.9% from $24.4 million for the fourth quarter of 2021. The decrease was primarily attributable to $0.9 million of non-recurring NXT Bancorporation, Inc. (NXT) acquisition-related expenses included in the fourth quarter of 2021 results. Partially offsetting this decrease was an increase in employee benefits expense, primarily due to accelerated recognition of $0.6 million of stock compensation expense during the first quarter of 2022 as a result of a modification to all existing restricted stock unit (“RSU”) and performance restricted stock unit (“PRSU”) agreements to address treatment upon retirement. Total compensation costs related to the modified agreements remains the same.

Relative to the first quarter of 2021, noninterest expense increased 7.2% from $22.5 million. The increase was also primarily attributable to the modification of the RSU and PRSU agreements previously discussed and a higher base level of noninterest expense following the NXT acquisition, primarily related to personnel costs and branch operation expenses.

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Loan Portfolio

Total loans outstanding, before allowance for loan losses, were $2.49 billion at March 31, 2022, compared with $2.50 billion at December 31, 2021 and $2.27 billion at March 31, 2021. The decrease in total loans from the end of the prior quarter was primarily attributable to the ongoing forgiveness of PPP loans.

Deposits

Total deposits were $3.82 billion at March 31, 2022, compared with $3.74 billion at December 31, 2021 and $3.36 billion at March 31, 2021. The $77.9 million increase from the end of the prior quarter was primarily attributable to increased balances held in interest-bearing demand and savings accounts, partially offset by run-off of higher cost time deposit accounts.

Asset Quality

Nonperforming loans totaled $2.5 million, or 0.10% of total loans, at March 31, 2022, compared with $2.8 million, or 0.11% of total loans, at December 31, 2021, and $9.1 million, or 0.40% of total loans, at March 31, 2021.

The Company recorded a negative provision for loan losses of $0.6 million for the first quarter of 2022, compared to a negative provision for loan losses of $0.8 million for the fourth quarter of 2021. The negative provision was primarily due to net recoveries of $1.2 million and improvements in qualitative factors which resulted in a $1.1 million decrease in required reserves, primarily reflecting improved economic conditions. Partially offsetting these improvements was a $1.7 million increase in specific reserves on loans individually evaluated for impairment.

Net recoveries for the first quarter of 2022 were $1.2 million, or (0.19)% of average loans on an annualized basis, compared to net charge-offs of $82 thousand, or 0.01% of average loans on an annualized basis, for the fourth quarter of 2021, and net recoveries of $0.3 million, or (0.06)% of average loans on an annualized basis, for the first quarter of 2021.

The Company’s allowance for loan losses was 0.99% of total loans and 992.63% of nonperforming loans at March 31, 2022, compared with 0.96% of total loans and 861.32% of nonperforming loans at December 31, 2021.

Capital

At March 31, 2022, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

			Well Capitalized
			Regulatory
	March 31, 2022		Requirements
Total capital to risk-weighted assets	16.86	%	10.00	%
Tier 1 capital to risk-weighted assets	14.66	%	8.00	%
Common equity tier 1 capital ratio	13.40	%	6.50	%
Tier 1 leverage ratio	9.83	%	5.00	%
Total stockholders' equity to total assets	8.81	%	N/A
Tangible common equity to tangible assets (1)	8.16	%	N/A

(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

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Stock Repurchase Program

During the first quarter of 2022, the Company repurchased 50,062 shares of its common stock at a weighted average price of $18.84 under its stock repurchase program. The Company’s Board of Directors authorized the repurchase of up to $15 million of its common stock under its stock repurchase program in effect until January 1, 2023. As of March 31, 2022, the Company had $14.1 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 Central and Northeastern Illinois and Eastern Iowa through 61 branches. As of March 31, 2022, HBT had total assets of $4.3 billion, total loans of $2.5 billion, and total deposits of $3.8 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, adjusted net income, 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.

HBT Financial, Inc.

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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" or "continue," 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, 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; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out); (vi) increased competition in the financial services sector 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; and (xiii) the ability of the Company to manage the risks associated with the foregoing. 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:

Tony Rossi

HBTIR@hbtbank.com

(310) 622-8221

HBT Financial, Inc.

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HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Statements of Income

	Three Months Ended
	March 31,		December 31,		March 31,
	2022		2021		2021
INTEREST AND DIVIDEND INCOME	(dollars in thousands, except per share data)
Loans, including fees:
Taxable	$	26,806	$	27,884	$	25,134
Federally tax exempt		662		662		610
Securities:
Taxable		4,649		4,625		3,633
Federally tax exempt		1,040		1,017		1,136
Interest-bearing deposits in bank		159		142		80
Other interest and dividend income		19		25		13
Total interest and dividend income		33,335		34,355		30,606
INTEREST EXPENSE
Deposits		569		651		644
Securities sold under agreements to repurchase		9		11		7
Borrowings		1		7		1
Subordinated notes		470		470		470
Junior subordinated debentures issued to capital trusts		358		357		355
Total interest expense		1,407		1,496		1,477
Net interest income		31,928		32,859		29,129
PROVISION FOR LOAN LOSSES		(584)		(843)		(3,405)
Net interest income after provision for loan losses		32,512		33,702		32,534
NONINTEREST INCOME
Card income		2,404		2,518		2,258
Wealth management fees		2,289		2,371		1,972
Service charges on deposit accounts		1,652		1,716		1,297
Mortgage servicing		658		730		685
Mortgage servicing rights fair value adjustment		1,729		265		1,695
Gains on sale of mortgage loans		587		927		2,100
Gains (losses) on securities		(187)		33		40
Gains (losses) on foreclosed assets		40		184		(76)
Gains (losses) on other assets		193		(4)		1
Income on bank owned life insurance		40		41		—
Other noninterest income		638		573		836
Total noninterest income		10,043		9,354		10,808
NONINTEREST EXPENSE
Salaries		12,992		12,578		12,596
Employee benefits		2,499		2,017		1,722
Occupancy of bank premises		2,060		1,777		1,938
Furniture and equipment		552		793		623
Data processing		1,653		2,153		1,688
Marketing and customer relations		851		1,085		565
Amortization of intangible assets		245		255		289
FDIC insurance		288		280		240
Loan collection and servicing		157		219		365
Foreclosed assets		132		204		143
Other noninterest expense		2,728		3,020		2,375
Total noninterest expense		24,157		24,381		22,544
INCOME BEFORE INCOME TAX EXPENSE		18,398		18,675		20,798
INCOME TAX EXPENSE		4,794		5,081		5,553
NET INCOME	$	13,604	$	13,594	$	15,245
EARNINGS PER SHARE - BASIC	$	0.47	$	0.47	$	0.55
EARNINGS PER SHARE - DILUTED	$	0.47	$	0.47	$	0.55
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		28,986,593		29,036,164		27,430,912

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HBT Financial, Inc.

Consolidated Financial Summary

Consolidated Balance Sheets

	March 31,		December 31,		March 31,
	2022		2021		2021
	(dollars in thousands)
ASSETS
Cash and due from banks	$	30,761	$	23,387	$	22,976
Interest-bearing deposits with banks		328,218		385,881		406,760
Cash and cash equivalents		358,979		409,268		429,736
Interest-bearing time deposits with banks		487		490		—
Debt securities available-for-sale, at fair value		933,922		942,168		856,835
Debt securities held-to-maturity		438,054		336,185		192,994
Equity securities with readily determinable fair value		3,256		3,443		3,332
Equity securities with no readily determinable fair value		1,927		1,927		1,552
Restricted stock, at cost		2,739		2,739		2,498
Loans held for sale		1,777		4,942		12,882
Loans, before allowance for loan losses		2,487,785		2,499,689		2,270,705
Allowance for loan losses		(24,508)		(23,936)		(28,759)
Loans, net of allowance for loan losses		2,463,277		2,475,753		2,241,946
Bank owned life insurance		7,433		7,393		—
Bank premises and equipment, net		52,005		52,483		52,548
Bank premises held for sale		1,081		1,452		121
Foreclosed assets		3,043		3,278		4,748
Goodwill		29,322		29,322		23,620
Core deposit intangible assets, net		1,698		1,943		2,509
Mortgage servicing rights, at fair value		9,723		7,994		7,629
Investments in unconsolidated subsidiaries		1,165		1,165		1,165
Accrued interest receivable		13,527		14,901		12,718
Other assets		25,550		17,408		18,781
Total assets	$	4,348,965	$	4,314,254	$	3,865,614
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,069,231	$	1,087,659	$	968,991
Interest-bearing		2,746,838		2,650,526		2,386,975
Total deposits		3,816,069		3,738,185		3,355,966
Securities sold under agreements to repurchase		50,834		61,256		41,976
Subordinated notes		39,336		39,316		39,257
Junior subordinated debentures issued to capital trusts		37,731		37,714		37,665
Other liabilities		21,840		25,902		33,344
Total liabilities		3,965,810		3,902,373		3,508,208
Stockholders' Equity
Common stock		293		293		275
Surplus		221,735		220,891		191,004
Retained earnings		203,076		194,132		165,735
Accumulated other comprehensive income (loss)		(36,100)		1,471		1,906
Treasury stock at cost		(5,849)		(4,906)		(1,514)
Total stockholders’ equity		383,155		411,881		357,406
Total liabilities and stockholders’ equity	$	4,348,965	$	4,314,254	$	3,865,614
SHARE INFORMATION
Shares of common stock outstanding		28,967,943		28,986,061		27,382,069

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HBT Financial, Inc.

Consolidated Financial Summary

	March 31,		December 31,		March 31,
	2022		2021		2021
	(dollars in thousands)
LOANS
Commercial and industrial	$	291,909	$	286,946	$	412,812
Agricultural and farmland		232,528		247,796		228,032
Commercial real estate - owner occupied		237,000		234,544		224,599
Commercial real estate - non-owner occupied		687,617		684,023		516,963
Multi-family		243,447		263,911		236,381
Construction and land development		320,030		298,048		215,375
One-to-four family residential		327,791		327,837		300,768
Municipal, consumer, and other		147,463		156,584		135,775
Loans, before allowance for loan losses	$	2,487,785	$	2,499,689	$	2,270,705
PPP LOANS (included above)
Commercial and industrial	$	16,184	$	28,404	$	175,389
Agricultural and farmland		392		913		8,921
Municipal, consumer, and other		—		171		6,249
Total PPP Loans	$	16,576	$	29,488	$	190,559

	March 31,		December 31,		March 31,
	2022		2021		2021
	(dollars in thousands)
DEPOSITS
Noninterest-bearing	$	1,069,231	$	1,087,659	$	968,991
Interest-bearing demand		1,167,058		1,105,949		1,008,954
Money market		597,464		583,198		499,088
Savings		687,147		633,171		593,472
Time		295,169		328,208		285,461
Total deposits	$	3,816,069	$	3,738,185	$	3,355,966

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HBT Financial, Inc.

Consolidated Financial Summary

	Three Months Ended
	March 31, 2022						December 31, 2021						March 31, 2021
	Average						Average						Average
	Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *		Balance		Interest		Yield/Cost *
	(dollars in thousands)
ASSETS
Loans	$	2,507,006	$	27,468	4.44	%	$	2,432,025	$	28,546	4.66	%	$	2,284,159	$	25,744	4.57	%
Securities		1,321,918		5,689	1.75			1,285,672		5,642	1.74			1,004,877		4,769	1.92
Deposits with banks		370,130		159	0.17			392,729		142	0.14			345,915		80	0.09
Other		2,739		19	2.80			4,821		25	2.10			2,498		13	2.04
Total interest-earning assets		4,201,793	$	33,335	3.22	%		4,115,247	$	34,355	3.31	%		3,637,449	$	30,606	3.41	%
Allowance for loan losses		(24,099)						(24,826)						(31,856)
Noninterest-earning assets		165,752						176,242						155,622
Total assets	$	4,343,446					$	4,266,663					$	3,761,215
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,143,829	$	142	0.05	%	$	1,061,481	$	145	0.05	%	$	997,720	$	117	0.05	%
Money market		598,271		121	0.08			589,396		158	0.11			482,385		89	0.07
Savings		649,563		50	0.03			630,489		53	0.03			541,896		41	0.03
Time		310,675		256	0.33			322,800		295	0.36			294,172		397	0.55
Total interest-bearing deposits		2,702,338		569	0.09			2,604,166		651	0.10			2,316,173		644	0.11
Securities sold under agreements to repurchase		53,054		9	0.07			56,861		11	0.08			46,348		7	0.06
Borrowings		500		1	0.71			5,309		7	0.57			500		1	0.44
Subordinated notes		39,325		470	4.84			39,305		470	4.74			39,245		470	4.85
Junior subordinated debentures issued to capital trusts		37,721		358	3.85			37,704		357	3.76			37,655		355	3.83
Total interest-bearing liabilities		2,832,938	$	1,407	0.20	%		2,743,345	$	1,496	0.22	%		2,439,921	$	1,477	0.25	%
Noninterest-bearing deposits		1,077,917						1,087,468						920,514
Noninterest-bearing liabilities		26,302						25,660						37,223
Total liabilities		3,937,157						3,856,473						3,397,658
Stockholders' Equity		406,289						410,190						363,557
Total liabilities and stockholders’ equity	$	4,343,446					$	4,266,663					$	3,761,215
Net interest income/Net interest margin (1)			$	31,928	3.08	%			$	32,859	3.17	%			$	29,129	3.25	%
Tax-equivalent adjustment (2)				529	0.05					514	0.05					503	0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)			$	32,457	3.13	%			$	33,373	3.22	%			$	29,632	3.30	%
Net interest rate spread (4)					3.02	%					3.09	%					3.16	%
Net interest-earning assets (5)	$	1,368,855					$	1,371,902					$	1,197,528
Ratio of interest-earning assets to interest-bearing liabilities		1.48						1.50						1.49
Cost of total deposits					0.06	%					0.07	%					0.08	%

*       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.

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HBT Financial, Inc.

Consolidated Financial Summary

	March 31,			December 31,			March 31,
	2022			2021			2021
	(dollars in thousands)
NONPERFORMING ASSETS
Nonaccrual	$	2,461		$	2,763		$	9,106
Past due 90 days or more, still accruing (1)		8			16			10
Total nonperforming loans		2,469			2,779			9,116
Foreclosed assets		3,043			3,278			4,748
Total nonperforming assets	$	5,512		$	6,057		$	13,864
Allowance for loan losses	$	24,508		$	23,936		$	28,759
Loans, before allowance for loan losses		2,487,785			2,499,689			2,270,705
CREDIT QUALITY RATIOS
Allowance for loan losses to loans, before allowance for loan losses		0.99	%		0.96	%		1.27	%
Allowance for loan losses to nonaccrual loans		995.86			866.30			315.82
Allowance for loan losses to nonperforming loans		992.63			861.32			315.48
Nonaccrual loans to loans, before allowance for loan losses		0.10			0.11			0.40
Nonperforming loans to loans, before allowance for loan losses		0.10			0.11			0.40
Nonperforming assets to total assets		0.13			0.14			0.36
Nonperforming assets to loans, before allowance for loan losses and foreclosed assets		0.22			0.24			0.61

(1) Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $25 thousand, $32 thousand, and $29 thousand as of March 31, 2022, December 31, 2021, and March 31, 2021, respectively.

	Three Months Ended
	March 31,			December 31,			March 31,
	2022			2021			2021
ALLOWANCE FOR LOAN LOSSES	(dollars in thousands)
Beginning balance	$	23,936		$	24,861		$	31,838
Provision		(584)			(843)			(3,405)
Charge-offs		(134)			(539)			(195)
Recoveries		1,290			457			521
Ending balance	$	24,508		$	23,936		$	28,759
Net charge-offs (recoveries)	$	(1,156)		$	82		$	(326)
Average loans, before allowance for loan losses		2,507,006			2,432,025			2,284,159
Net charge-offs (recoveries) to average loans, before allowance for loan losses *		(0.19)	%		0.01	%		(0.06)	%

*       Annualized measure.

HBT Financial, Inc.

Page 11 of 14

HBT Financial, Inc.

Consolidated Financial Summary

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
	2022			2021			2021
	(dollars in thousands, except per share data)
EARNINGS AND PER SHARE INFORMATION
Net income	$	13,604		$	13,594		$	15,245
Earnings per share - Basic		0.47			0.47			0.55
Earnings per share - Diluted		0.47			0.47			0.55
Adjusted net income (1)	$	12,227		$	14,160		$	14,033
Adjusted earnings per share - Basic (1)		0.42			0.49			0.51
Adjusted earnings per share - Diluted (1)		0.42			0.49			0.51
Book value per share	$	13.23		$	14.21		$	13.05
Tangible book value per share (1)		12.16			13.13			12.10
Shares of common stock outstanding		28,967,943			28,986,061			27,382,069
Weighted average shares of common stock outstanding		28,986,593			29,036,164			27,430,912
SUMMARY RATIOS
Net interest margin *		3.08	%		3.17	%		3.25	%
Net interest margin (tax equivalent basis) * (1)(2)		3.13			3.22			3.30
Efficiency ratio		56.97	%		57.15	%		55.73	%
Efficiency ratio (tax equivalent basis) (1)(2)		56.26			56.47			55.03
Loan to deposit ratio		65.19	%		66.87	%		67.66	%
Return on average assets *		1.27	%		1.26	%		1.64	%
Return on average stockholders' equity *		13.58			13.15			17.01
Return on average tangible common equity * (1)		14.71			14.24			18.33
Adjusted return on average assets * (1)		1.14	%		1.32	%		1.51	%
Adjusted return on average stockholders' equity * (1)		12.20			13.70			15.65
Adjusted return on average tangible common equity * (1)		13.22			14.83			16.88

*       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.

Page 12 of 14

Reconciliation of Non-GAAP Financial Measures –

Adjusted Net Income and Adjusted Return on Average Assets

	Three Months Ended
	March 31,			December 31,			March 31,
	2022			2021			2021
	(dollars in thousands)
Net income	$	13,604		$	13,594		$	15,245
Adjustments:
Acquisition expenses		—			(879)			—
Gains (losses) on sales of closed branch premises		197			—			—
Mortgage servicing rights fair value adjustment		1,729			265			1,695
Total adjustments		1,926			(614)			1,695
Tax effect of adjustments		(549)			48			(483)
Less adjustments, after tax effect		1,377			(566)			1,212
Adjusted net income	$	12,227		$	14,160		$	14,033
Average assets	$	4,343,446		$	4,266,663		$	3,761,215
Return on average assets *		1.27	%		1.26	%		1.64	%
Adjusted return on average assets *		1.14			1.32			1.51

*       Annualized measure.

Reconciliation of Non-GAAP Financial Measures –

Adjusted Earnings Per Share

	Three Months Ended
	March 31,		December 31,		March 31,
	2022		2021		2021
	(dollars in thousands, except per share data)
Numerator:
Net income	$	13,604	$	13,594	$	15,245
Earnings allocated to participating securities (1)		(17)		(23)		(31)
Numerator for earnings per share - basic and diluted	$	13,587	$	13,571	$	15,214
Adjusted net income	$	12,227	$	14,160	$	14,033
Earnings allocated to participating securities (1)		(15)		(24)		(28)
Numerator for adjusted earnings per share - basic and diluted	$	12,212	$	14,136	$	14,005
Denominator:
Weighted average common shares outstanding		28,986,593		29,036,164		27,430,912
Dilutive effect of outstanding restricted stock units		43,646		27,577		2,489
Weighted average common shares outstanding, including all dilutive potential shares		29,030,239		29,063,741		27,433,401
Earnings per share - Basic	$	0.47	$	0.47	$	0.55
Earnings per share - Diluted	$	0.47	$	0.47	$	0.55
Adjusted earnings per share - Basic	$	0.42	$	0.49	$	0.51
Adjusted earnings per share - Diluted	$	0.42	$	0.49	$	0.51

(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.

HBT Financial, Inc.

Page 13 of 14

Reconciliation of Non-GAAP Financial Measures –

Net Interest Income and Net Interest Margin (Tax Equivalent Basis)

	Three Months Ended
	March 31,			December 31,			March 31,
	2022			2021			2021
	(dollars in thousands)
Net interest income (tax equivalent basis)
Net interest income	$	31,928		$	32,859		$	29,129
Tax-equivalent adjustment (1)		529			514			503
Net interest income (tax equivalent basis) (1)	$	32,457		$	33,373		$	29,632
Net interest margin (tax equivalent basis)
Net interest margin *		3.08	%		3.17	%		3.25	%
Tax-equivalent adjustment * (1)		0.05			0.05			0.05
Net interest margin (tax equivalent basis) * (1)		3.13	%		3.22	%		3.30	%
Average interest-earning assets	$	4,201,793		$	4,115,247		$	3,637,449

*       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
	March 31,			December 31,			March 31,
	2022			2021			2021
	(dollars in thousands)
Efficiency ratio (tax equivalent basis)
Total noninterest expense	$	24,157		$	24,381		$	22,544
Less: amortization of intangible assets		245			255			289
Adjusted noninterest expense	$	23,912		$	24,126		$	22,255
Net interest income	$	31,928		$	32,859		$	29,129
Total noninterest income		10,043			9,354			10,808
Operating revenue		41,971			42,213			39,937
Tax-equivalent adjustment (1)		529			514			503
Operating revenue (tax equivalent basis) (1)	$	42,500		$	42,727		$	40,440
Efficiency ratio		56.97	%		57.15	%		55.73	%
Efficiency ratio (tax equivalent basis) (1)		56.26			56.47			55.03

(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc.

Page 14 of 14

Reconciliation of Non-GAAP Financial Measures –

Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share

	March 31,			December 31,			March 31,
	2022			2021			2021
	(dollars in thousands, except per share data)
Tangible common equity
Total stockholders' equity	$	383,155		$	411,881		$	357,406
Less: Goodwill		29,322			29,322			23,620
Less: Core deposit intangible assets, net		1,698			1,943			2,509
Tangible common equity	$	352,135		$	380,616		$	331,277
Tangible assets
Total assets	$	4,348,965		$	4,314,254		$	3,865,614
Less: Goodwill		29,322			29,322			23,620
Less: Core deposit intangible assets, net		1,698			1,943			2,509
Tangible assets	$	4,317,945		$	4,282,989		$	3,839,485
Total stockholders' equity to total assets		8.81	%		9.55	%		9.25	%
Tangible common equity to tangible assets		8.16			8.89			8.63
Shares of common stock outstanding		28,967,943			28,986,061			27,382,069
Book value per share	$	13.23		$	14.21		$	13.05
Tangible book value per share		12.16			13.13			12.10

Reconciliation of Non-GAAP Financial Measures –

Adjusted Return on Average Stockholders' Equity and Adjusted Return on Tangible Common Equity

	Three Months Ended
	March 31,			December 31,			March 31,
	2022			2021			2021
	(dollars in thousands)
Average tangible common equity
Total stockholders' equity	$	406,289		$	410,190		$	363,557
Less: Goodwill		29,322			29,322			23,620
Less: Core deposit intangible assets, net		1,844			2,092			2,686
Average tangible common equity	$	375,123		$	378,776		$	337,251
Net income	$	13,604		$	13,594		$	15,245
Adjusted net income		12,227			14,160			14,033
Return on average stockholders' equity *		13.58	%		13.15	%		17.01	%
Return on average tangible common equity *		14.71			14.24			18.33
Adjusted return on average stockholders' equity *		12.20	%		13.70	%		15.65	%
Adjusted return on average tangible common equity *		13.22			14.83			16.88

*       Annualized measure.