EXHIBIT 99.1
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
| | | | | | | | | | | | | | | | |
| | As of or for the Three Months Ended | | Year Ended | | |||||||||||
| | December 31, | | September 30, | | December 31, | | December 31, | | |||||||
|
| 2022 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | | |||||
| | (dollars in thousands, except per share data) | | |||||||||||||
Interest and dividend income | | $ | 44,948 | | $ | 39,014 | | $ | 34,355 | | $ | 153,054 | | $ | 128,223 | |
Interest expense | | | 2,765 | | | 1,624 | | | 1,496 | | | 7,180 | | | 5,820 | |
Net interest income | | | 42,183 | | | 37,390 | | | 32,859 | | | 145,874 | | | 122,403 | |
Provision for loan losses | | | (653) | | | 386 | | | (843) | | | (706) | | | (8,077) | |
Net interest income after provision for loan losses | | | 42,836 | | | 37,004 | | | 33,702 | | | 146,580 | | | 130,480 | |
Noninterest income | | | 7,889 | | | 8,234 | | | 9,354 | | | 34,717 | | | 37,328 | |
Noninterest expense | | | 33,110 | | | 23,998 | | | 24,381 | | | 105,107 | | | 91,246 | |
Income before income tax expense | | | 17,615 | | | 21,240 | | | 18,675 | | | 76,190 | | | 76,562 | |
Income tax expense | | | 4,475 | | | 5,613 | | | 5,081 | | | 19,734 | | | 20,291 | |
Net income | | $ | 13,140 | | $ | 15,627 | | $ | 13,594 | | $ | 56,456 | | $ | 56,271 | |
| | | | | | | | | | | | | | | | |
Earnings per share - Basic | | $ | 0.46 | | $ | 0.54 | | $ | 0.47 | | $ | 1.95 | | $ | 2.02 | |
Earnings per share - Diluted | | | 0.46 | | | 0.54 | | | 0.47 | | | 1.95 | | | 2.02 | |
| | | | | | | | | | | | | | | | |
Adjusted net income (1) | | $ | 13,886 | | $ | 15,856 | | $ | 14,160 | | $ | 55,805 | | $ | 56,840 | |
Adjusted earnings per share - Basic (1) | | | 0.48 | | | 0.55 | | | 0.49 | | | 1.93 | | | 2.04 | |
Adjusted earnings per share - Diluted (1) | | | 0.48 | | | 0.55 | | | 0.49 | | | 1.93 | | | 2.04 | |
| | | | | | | | | | | | | | | | |
Book value per share | | $ | 12.99 | | $ | 12.49 | | $ | 14.21 | | | | | | | |
Tangible book value per share (1) | | | 11.94 | | | 11.43 | | | 13.13 | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares of common stock outstanding | | | 28,752,626 | | | 28,752,626 | | | 28,986,061 | | | | | | | |
Weighted average shares of common stock outstanding | | | 28,752,626 | | | 28,787,662 | | | 29,036,164 | | | 28,853,697 | | | 27,795,806 | |
| | | | | | | | | | | | | | | | |
SUMMARY RATIOS | | | | | | | | | | | | | | | | |
Net interest margin * | | | 4.10 | % | | 3.65 | % | | 3.17 | % | | 3.54 | % | | 3.18 | % |
Net interest margin (tax equivalent basis) * (1)(2) | | | 4.17 | | | 3.72 | | | 3.22 | | | 3.60 | | | 3.23 | |
| | | | | | | | | | | | | | | | |
Efficiency ratio | | | 65.85 | % | | 52.07 | % | | 57.15 | % | | 57.72 | % | | 56.46 | % |
Efficiency ratio (tax equivalent basis) (1)(2) | | | 64.94 | | | 51.31 | | | 56.47 | | | 56.93 | | | 55.76 | |
| | | | | | | | | | | | | | | | |
Loan to deposit ratio | | | 73.05 | % | | 70.81 | % | | 66.87 | % | | | | | | |
| | | | | | | | | | | | | | | | |
Return on average assets * | | | 1.23 | % | | 1.47 | % | | 1.26 | % | | 1.32 | % | | 1.41 | % |
Return on average stockholders' equity * | | | 14.17 | | | 16.27 | | | 13.15 | | | 14.73 | | | 14.81 | |
Return on average tangible common equity * (1) | | | 15.45 | | | 17.70 | | | 14.24 | | | 16.02 | | | 15.95 | |
| | | | | | | | | | | | | | | | |
Adjusted return on average assets * (1) | | | 1.30 | % | | 1.49 | % | | 1.32 | % | | 1.31 | % | | 1.43 | % |
Adjusted return on average stockholders' equity * (1) | | | 14.98 | | | 16.51 | | | 13.70 | | | 14.56 | | | 14.95 | |
Adjusted return on average tangible common equity * (1) | | | 16.33 | | | 17.96 | | | 14.83 | | | 15.83 | | | 16.12 | |
| | | | | | | | | | | | | | | | |
CAPITAL | | | | | | | | | | | | | | | | |
Total capital to risk-weighted assets | | | 16.27 | % | | 16.34 | % | | 16.88 | % | | | | | | |
Tier 1 capital to risk-weighted assets | | | 14.23 | | | 14.26 | | | 14.66 | | | | | | | |
Common equity tier 1 capital ratio | | | 13.07 | | | 13.08 | | | 13.37 | | | | | | | |
Tier 1 leverage ratio | | | 10.48 | | | 10.44 | | | 9.84 | | | | | | | |
Total stockholders' equity to total assets | | | 8.72 | | | 8.52 | | | 9.55 | | | | | | | |
Tangible common equity to tangible assets (1) | | | 8.06 | | | 7.85 | | | 8.89 | | | | | | | |
| | | | | | | | | | | | | | | | |
ASSET QUALITY | | | | | | | | | | | | | | | | |
Net charge-offs (recoveries) to average loans, before allowance for loan losses | | | (0.14) | % | | 0.01 | % | | 0.01 | % | | (0.08) | % | | (0.01) | % |
Allowance for loan losses to loans, before allowance for loan losses | | | 0.97 | | | 0.97 | | | 0.96 | | | | | | | |
Nonperforming loans to loans, before allowance for loan losses | | | 0.08 | | | 0.12 | | | 0.11 | | | | | | | |
Nonperforming assets to total assets | | | 0.12 | | | 0.14 | | | 0.14 | | | | | | | |
* 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 2 of 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Statements of Income
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended | |||||||||||
| | December 31, | | September 30, | | December 31, | | December 31, | |||||||
|
| 2022 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | |||||
INTEREST AND DIVIDEND INCOME | | (dollars in thousands, except per share data) | |||||||||||||
Loans, including fees: | | | | | | | | | | | | | | | |
Taxable | | $ | 35,839 | | $ | 29,855 | | $ | 27,884 | | $ | 120,343 | | $ | 103,900 |
Federally tax exempt | | | 952 | | | 842 | | | 662 | | | 3,135 | | | 2,384 |
Securities: | | | | | | | | | | | | | | | |
Taxable | | | 6,421 | | | 6,635 | | | 4,625 | | | 23,368 | | | 16,948 |
Federally tax exempt | | | 1,184 | | | 1,207 | | | 1,017 | | | 4,569 | | | 4,400 |
Interest-bearing deposits in bank | | | 504 | | | 458 | | | 142 | | | 1,541 | | | 527 |
Other interest and dividend income | | | 48 | | | 17 | | | 25 | | | 98 | | | 64 |
Total interest and dividend income | | | 44,948 | | | 39,014 | | | 34,355 | | | 153,054 | | | 128,223 |
| | | | | | | | | | | | | | | |
INTEREST EXPENSE | | | | | | | | | | | | | | | |
Deposits | | | 849 | | | 587 | | | 651 | | | 2,511 | | | 2,472 |
Securities sold under agreements to repurchase | | | 10 | | | 9 | | | 11 | | | 36 | | | 34 |
Borrowings | | | 880 | | | 85 | | | 7 | | | 967 | | | 9 |
Subordinated notes | | | 470 | | | 470 | | | 470 | | | 1,879 | | | 1,879 |
Junior subordinated debentures issued to capital trusts | | | 556 | | | 473 | | | 357 | | | 1,787 | | | 1,426 |
Total interest expense | | | 2,765 | | | 1,624 | | | 1,496 | | | 7,180 | | | 5,820 |
Net interest income | | | 42,183 | | | 37,390 | | | 32,859 | | | 145,874 | | | 122,403 |
PROVISION FOR LOAN LOSSES | | | (653) | | | 386 | | | (843) | | | (706) | | | (8,077) |
Net interest income after provision for loan losses | | | 42,836 | | | 37,004 | | | 33,702 | | | 146,580 | | | 130,480 |
| | | | | | | | | | | | | | | |
NONINTEREST INCOME | | | | | | | | | | | | | | | |
Card income | | | 2,642 | | | 2,569 | | | 2,518 | | | 10,329 | | | 9,734 |
Wealth management fees | | | 2,485 | | | 2,059 | | | 2,371 | | | 9,155 | | | 8,384 |
Service charges on deposit accounts | | | 1,701 | | | 1,927 | | | 1,716 | | | 7,072 | | | 6,080 |
Mortgage servicing | | | 593 | | | 697 | | | 730 | | | 2,609 | | | 2,825 |
Mortgage servicing rights fair value adjustment | | | (293) | | | 351 | | | 265 | | | 2,153 | | | 1,690 |
Gains on sale of mortgage loans | | | 194 | | | 354 | | | 927 | | | 1,461 | | | 5,846 |
Unrealized gains (losses) on equity securities | | | 33 | | | (107) | | | 33 | | | (414) | | | 107 |
Gains (losses) on foreclosed assets | | | (122) | | | (225) | | | 184 | | | (314) | | | 310 |
Gains (losses) on other assets | | | 17 | | | (31) | | | (4) | | | 136 | | | (723) |
Income on bank owned life insurance | | | 42 | | | 41 | | | 41 | | | 164 | | | 41 |
Other noninterest income | | | 597 | | | 599 | | | 573 | | | 2,366 | | | 3,034 |
Total noninterest income | | | 7,889 | | | 8,234 | | | 9,354 | | | 34,717 | | | 37,328 |
| | | | | | | | | | | | | | | |
NONINTEREST EXPENSE | | | | | | | | | | | | | | | |
Salaries | | | 13,278 | | | 12,752 | | | 12,486 | | | 51,767 | | | 48,972 |
Employee benefits | | | 2,126 | | | 1,771 | | | 1,964 | | | 8,325 | | | 6,513 |
Occupancy of bank premises | | | 1,893 | | | 1,979 | | | 1,777 | | | 7,673 | | | 6,788 |
Furniture and equipment | | | 633 | | | 668 | | | 793 | | | 2,476 | | | 2,676 |
Data processing | | | 2,167 | | | 1,631 | | | 2,153 | | | 7,441 | | | 7,329 |
Marketing and customer relations | | | 867 | | | 880 | | | 1,085 | | | 3,803 | | | 3,376 |
Amortization of intangible assets | | | 140 | | | 243 | | | 255 | | | 873 | | | 1,054 |
FDIC insurance | | | 276 | | | 302 | | | 280 | | | 1,164 | | | 1,043 |
Loan collection and servicing | | | 278 | | | 336 | | | 219 | | | 1,049 | | | 1,317 |
Foreclosed assets | | | 33 | | | 97 | | | 204 | | | 293 | | | 908 |
Other noninterest expense | | | 11,419 | | | 3,339 | | | 3,165 | | | 20,243 | | | 11,270 |
Total noninterest expense | | | 33,110 | | | 23,998 | | | 24,381 | | | 105,107 | | | 91,246 |
INCOME BEFORE INCOME TAX EXPENSE | | | 17,615 | | | 21,240 | | | 18,675 | | | 76,190 | | | 76,562 |
INCOME TAX EXPENSE | | | 4,475 | | | 5,613 | | | 5,081 | | | 19,734 | | | 20,291 |
NET INCOME | | $ | 13,140 | | $ | 15,627 | | $ | 13,594 | | $ | 56,456 | | $ | 56,271 |
| | | | | | | | | | | | | | | |
EARNINGS PER SHARE - BASIC | | $ | 0.46 | | $ | 0.54 | | $ | 0.47 | | $ | 1.95 | | $ | 2.02 |
EARNINGS PER SHARE - DILUTED | | $ | 0.46 | | $ | 0.54 | | $ | 0.47 | | $ | 1.95 | | $ | 2.02 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING | | | 28,752,626 | | | 28,787,662 | | | 29,036,164 | | | 28,853,697 | | | 27,795,806 |
HBT Financial, Inc.
Page 3 of 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
Consolidated Balance Sheets
| | | | | | | | | |
|
| December 31, | | September 30, |
| December 31, | |||
|
| 2022 |
| 2022 |
| 2021 | |||
| | (dollars in thousands) | |||||||
ASSETS | | | | | | | | | |
Cash and due from banks | | $ | 18,970 | | $ | 22,169 | | $ | 23,387 |
Interest-bearing deposits with banks | | | 95,189 | | | 56,046 | | | 385,881 |
Cash and cash equivalents | | | 114,159 | | | 78,215 | | | 409,268 |
| | | | | | | | | |
Interest-bearing time deposits with banks | | | — | | | — | | | 490 |
Debt securities available-for-sale, at fair value | | | 843,524 | | | 853,740 | | | 942,168 |
Debt securities held-to-maturity | | | 541,600 | | | 546,694 | | | 336,185 |
Equity securities with readily determinable fair value | | | 3,029 | | | 2,996 | | | 3,443 |
Equity securities with no readily determinable fair value | | | 1,977 | | | 1,977 | | | 1,927 |
Restricted stock, at cost | | | 7,965 | | | 4,050 | | | 2,739 |
Loans held for sale | | | 615 | | | 2,297 | | | 4,942 |
| | | | | | | | | |
Loans, before allowance for loan losses | | | 2,620,253 | | | 2,579,928 | | | 2,499,689 |
Allowance for loan losses | | | (25,333) | | | (25,060) | | | (23,936) |
Loans, net of allowance for loan losses | | | 2,594,920 | | | 2,554,868 | | | 2,475,753 |
| | | | | | | | | |
Bank owned life insurance | | | 7,557 | | | 7,515 | | | 7,393 |
Bank premises and equipment, net | | | 50,469 | | | 50,854 | | | 52,483 |
Bank premises held for sale | | | 235 | | | 281 | | | 1,452 |
Foreclosed assets | | | 3,030 | | | 2,637 | | | 3,278 |
Goodwill | | | 29,322 | | | 29,322 | | | 29,322 |
Core deposit intangible assets, net | | | 1,070 | | | 1,210 | | | 1,943 |
Mortgage servicing rights, at fair value | | | 10,147 | | | 10,440 | | | 7,994 |
Investments in unconsolidated subsidiaries | | | 1,165 | | | 1,165 | | | 1,165 |
Accrued interest receivable | | | 19,506 | | | 16,881 | | | 14,901 |
Other assets | | | 56,444 | | | 48,182 | | | 17,408 |
Total assets | | $ | 4,286,734 | | $ | 4,213,324 | | $ | 4,314,254 |
| | | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | |
Liabilities | | | | | | | | | |
Deposits: | | | | | | | | | |
Noninterest-bearing | | $ | 994,954 | | $ | 1,017,710 | | $ | 1,087,659 |
Interest-bearing | | | 2,592,070 | | | 2,625,733 | | | 2,650,526 |
Total deposits | | | 3,587,024 | | | 3,643,443 | | | 3,738,185 |
| | | | | | | | | |
Securities sold under agreements to repurchase | | | 43,081 | | | 48,130 | | | 61,256 |
Federal Home Loan Bank advances | | | 160,000 | | | 60,000 | | | — |
Subordinated notes | | | 39,395 | | | 39,376 | | | 39,316 |
Junior subordinated debentures issued to capital trusts | | | 37,780 | | | 37,763 | | | 37,714 |
Other liabilities | | | 45,822 | | | 25,539 | | | 25,902 |
Total liabilities | | | 3,913,102 | | | 3,854,251 | | | 3,902,373 |
| | | | | | | | | |
Stockholders' Equity | | | | | | | | | |
Common stock | | | 293 | | | 293 | | | 293 |
Surplus | | | 222,783 | | | 222,436 | | | 220,891 |
Retained earnings | | | 232,004 | | | 223,495 | | | 194,132 |
Accumulated other comprehensive income (loss) | | | (71,759) | | | (77,462) | | | 1,471 |
Treasury stock at cost | | | (9,689) | | | (9,689) | | | (4,906) |
Total stockholders’ equity | | | 373,632 | | | 359,073 | | | 411,881 |
Total liabilities and stockholders’ equity | | $ | 4,286,734 | | $ | 4,213,324 | | $ | 4,314,254 |
| | | | | | | | | |
SHARE INFORMATION | | | | | | | | | |
Shares of common stock outstanding | | | 28,752,626 | | | 28,752,626 | | | 28,986,061 |
HBT Financial, Inc.
Page 4 of 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
| | | | | | | | | |
|
| December 31, | | September 30, |
| December 31, | |||
|
| 2022 |
| 2022 |
| 2021 | |||
| | (dollars in thousands) | |||||||
LOANS | | | | | | | | | |
Commercial and industrial | | $ | 266,757 | | $ | 240,671 | | $ | 286,946 |
Agricultural and farmland | | | 237,746 | | | 245,234 | | | 247,796 |
Commercial real estate - owner occupied | | | 218,503 | | | 226,524 | | | 234,544 |
Commercial real estate - non-owner occupied | | | 713,202 | | | 718,089 | | | 684,023 |
Multi-family | | | 287,865 | | | 260,630 | | | 263,911 |
Construction and land development | | | 360,824 | | | 364,290 | | | 298,048 |
One-to-four family residential | | | 338,253 | | | 328,667 | | | 327,837 |
Municipal, consumer, and other | | | 197,103 | | | 195,823 | | | 156,584 |
Loans, before allowance for loan losses | | $ | 2,620,253 | | $ | 2,579,928 | | $ | 2,499,689 |
| | | | | | | | | |
PPP LOANS (included above) | | | | | | | | | |
Commercial and industrial | | $ | 28 | | $ | 65 | | $ | 28,404 |
Agricultural and farmland | | | — | | | — | | | 913 |
Municipal, consumer, and other | | | — | | | — | | | 171 |
Total PPP Loans | | $ | 28 | | $ | 65 | | $ | 29,488 |
| | | | | | | | | |
| | December 31, | | September 30, |
| December 31, | |||
|
| 2022 |
| 2022 |
| 2021 | |||
| | (dollars in thousands) | |||||||
DEPOSITS | | | | | | | | | |
Noninterest-bearing | | $ | 994,954 | | $ | 1,017,710 | | $ | 1,087,659 |
Interest-bearing demand | | | 1,139,150 | | | 1,131,284 | | | 1,105,949 |
Money market | | | 555,425 | | | 584,202 | | | 583,198 |
Savings | | | 634,527 | | | 641,139 | | | 633,171 |
Time | | | 262,968 | | | 269,108 | | | 328,208 |
Total deposits | | $ | 3,587,024 | | $ | 3,643,443 | | $ | 3,738,185 |
HBT Financial, Inc.
Page 5 of 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| ||||||||||||||||||||||
|
| December 31, 2022 |
| September 30, 2022 |
| December 31, 2021 | | ||||||||||||||||||
|
| Average |
| | |
| |
| Average |
| | |
| |
| Average |
| | |
| | | |||
|
| Balance | | Interest |
| Yield/Cost * |
| Balance | | Interest |
| Yield/Cost * |
| Balance | | Interest |
| Yield/Cost * | | ||||||
|
| (dollars in thousands) | | ||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans | | $ | 2,600,746 | | $ | 36,791 |
| 5.61 | % | $ | 2,481,920 | | $ | 30,697 |
| 4.91 | % | $ | 2,432,025 | | $ | 28,546 |
| 4.66 | % |
Securities | |
| 1,396,401 | |
| 7,605 |
| 2.16 | |
| 1,470,092 | | | 7,842 |
| 2.12 | |
| 1,285,672 | |
| 5,642 |
| 1.74 | |
Deposits with banks | |
| 76,507 | |
| 504 |
| 2.61 | |
| 105,030 | | | 458 |
| 1.73 | |
| 392,729 | |
| 142 |
| 0.14 | |
Other | |
| 5,607 | |
| 48 |
| 3.37 | |
| 2,936 | | | 17 |
| 2.25 | |
| 4,821 | |
| 25 |
| 2.10 | |
Total interest-earning assets | |
| 4,079,261 | | $ | 44,948 |
| 4.37 | % |
| 4,059,978 | | $ | 39,014 |
| 3.81 | % |
| 4,115,247 | | $ | 34,355 |
| 3.31 | % |
Allowance for loan losses | |
| (25,404) | | | | | | |
| (24,717) | | | | | | |
| (24,826) | | | | | | |
Noninterest-earning assets | |
| 188,942 | | | | | | |
| 173,461 | | | | | | |
| 176,242 | | | | | | |
Total assets | | $ | 4,242,799 | | | | | | | $ | 4,208,722 | | | | | | | $ | 4,266,663 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand | | $ | 1,125,877 | | $ | 177 |
| 0.06 | % | $ | 1,137,072 | | $ | 144 |
| 0.05 | % | $ | 1,061,481 | | $ | 145 |
| 0.05 | % |
Money market | |
| 572,718 | |
| 379 |
| 0.26 | |
| 577,388 | |
| 203 |
| 0.14 | |
| 589,396 | |
| 158 |
| 0.11 | |
Savings | |
| 640,668 | |
| 53 |
| 0.03 | |
| 649,752 | |
| 53 |
| 0.03 | |
| 630,489 | |
| 53 |
| 0.03 | |
Time | |
| 266,117 | |
| 240 |
| 0.36 | |
| 271,870 | |
| 187 |
| 0.27 | |
| 322,800 | |
| 295 |
| 0.36 | |
Total interest-bearing deposits | |
| 2,605,380 | |
| 849 |
| 0.13 | |
| 2,636,082 | |
| 587 |
| 0.09 | |
| 2,604,166 | |
| 651 |
| 0.10 | |
Securities sold under agreements to repurchase | |
| 51,703 | |
| 10 |
| 0.08 | |
| 50,427 | | | 9 |
| 0.07 | |
| 56,861 | |
| 11 |
| 0.08 | |
Borrowings | |
| 92,120 | |
| 880 |
| 3.79 | |
| 11,967 | | | 85 |
| 2.80 | |
| 5,309 | |
| 7 |
| 0.57 | |
Subordinated notes | | | 39,384 | | | 470 | | 4.73 | | | 39,365 | | | 470 | | 4.73 | | | 39,305 | | | 470 | | 4.74 | |
Junior subordinated debentures issued to capital trusts | |
| 37,770 | |
| 556 |
| 5.84 | |
| 37,755 | | | 473 |
| 4.97 | |
| 37,704 | |
| 357 |
| 3.76 | |
Total interest-bearing liabilities | |
| 2,826,357 | | $ | 2,765 |
| 0.39 | % |
| 2,775,596 | | $ | 1,624 |
| 0.23 | % |
| 2,743,345 | | $ | 1,496 |
| 0.22 | % |
Noninterest-bearing deposits | |
| 1,023,355 | | | |
|
| |
| 1,031,407 | |
|
|
|
| |
| 1,087,468 | |
|
|
|
| |
Noninterest-bearing liabilities | |
| 25,220 | | | |
|
| |
| 20,736 | |
|
|
|
| |
| 25,660 | |
|
|
|
| |
Total liabilities | |
| 3,874,932 | | | |
|
| |
| 3,827,739 | |
|
|
|
| |
| 3,856,473 | |
|
|
|
| |
Stockholders' Equity | |
| 367,867 | | | |
|
| |
| 380,983 | |
|
|
|
| |
| 410,190 | |
|
|
|
| |
Total liabilities and stockholders’ equity | | $ | 4,242,799 | | | |
|
| | $ | 4,208,722 | |
|
|
|
| | $ | 4,266,663 | |
|
|
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income/Net interest margin (1) | | | | | $ | 42,183 | | 4.10 | % | | | | $ | 37,390 |
| 3.65 | % | | | | $ | 32,859 |
| 3.17 | % |
Tax-equivalent adjustment (2) | | | | |
| 698 | | 0.07 | | | | |
| 674 |
| 0.07 | | | | |
| 514 |
| 0.05 | |
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3) | | | | | $ | 42,881 | | 4.17 | % |
| | | $ | 38,064 |
| 3.72 | % |
| | | $ | 33,373 |
| 3.22 | % |
Net interest rate spread (4) | |
| | |
| | | 3.98 | % |
|
| |
|
|
| 3.58 | % |
|
| |
|
|
| 3.09 | % |
Net interest-earning assets (5) | | $ | 1,252,904 | | | | |
| | $ | 1,284,382 | |
|
|
|
| | $ | 1,371,902 | |
|
|
|
| |
Ratio of interest-earning assets to interest-bearing liabilities | |
| 1.44 | |
| | |
| |
| 1.46 | |
|
|
|
| |
| 1.50 | |
|
|
|
| |
Cost of total deposits | |
| | |
| | | 0.09 | % |
|
| |
|
|
| 0.06 | % |
|
| |
|
|
| 0.07 | % |
Cost of funds | | | | | | | | 0.28 | | | | | | | | 0.17 | | | | | | | | 0.15 | |
* 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.
Page 6 of 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
| | | | | | | | | | | | | | | | | |
| | Year Ended | | ||||||||||||||
|
| December 31, 2022 |
| December 31, 2021 | | ||||||||||||
|
| Average |
| |
| |
| Average |
| |
| | | ||||
|
| Balance | | Interest |
| Yield/Cost |
| Balance | | Interest |
| Yield/Cost | | ||||
|
| (dollars in thousands) | |||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | |
Loans | | $ | 2,514,549 | | $ | 123,478 |
| 4.91 | % | $ | 2,271,544 | | $ | 106,284 |
| 4.68 | % |
Securities | |
| 1,403,016 | |
| 27,937 |
| 1.99 | |
| 1,148,900 | | | 21,348 |
| 1.86 | |
Deposits with banks | |
| 197,030 | |
| 1,541 |
| 0.78 | |
| 422,828 | | | 527 |
| 0.12 | |
Other | |
| 3,529 | |
| 98 |
| 2.77 | |
| 3,201 | | | 64 |
| 2.01 | |
Total interest-earning assets | |
| 4,118,124 | | $ | 153,054 |
| 3.72 | % |
| 3,846,473 | | $ | 128,223 |
| 3.33 | % |
Allowance for loan losses | |
| (24,703) | | | |
|
| |
| (27,999) | |
|
|
|
| |
Noninterest-earning assets | |
| 176,452 | | | |
|
| |
| 162,064 | |
|
|
|
| |
Total assets | | $ | 4,269,873 | | | |
|
| | $ | 3,980,538 | |
|
|
|
| |
| | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
|
| |
|
|
|
| |
|
| |
|
|
|
| |
Liabilities | |
|
| |
|
|
|
| |
|
| |
|
|
|
| |
Interest-bearing deposits: | |
|
| |
|
|
|
| |
|
| |
|
|
|
| |
Interest-bearing demand | | $ | 1,141,402 | | $ | 607 |
| 0.05 | % | $ | 1,024,888 | | $ | 518 |
| 0.05 | % |
Money market | |
| 582,514 | | | 813 |
| 0.14 | |
| 521,366 | | | 437 |
| 0.08 | |
Savings | |
| 650,385 | | | 208 |
| 0.03 | |
| 595,887 | | | 188 |
| 0.03 | |
Time | |
| 283,232 | | | 883 |
| 0.31 | |
| 295,788 | | | 1,329 |
| 0.45 | |
Total interest-bearing deposits | |
| 2,657,533 | |
| 2,511 |
| 0.09 | |
| 2,437,929 | |
| 2,472 |
| 0.10 | |
Securities sold under agreements to repurchase | |
| 51,554 | | | 36 |
| 0.07 | |
| 50,104 | | | 34 |
| 0.07 | |
Borrowings | |
| 26,468 | | | 967 |
| 3.65 | |
| 1,653 | | | 9 |
| 0.54 | |
Subordinated notes | | | 39,355 | | | 1,879 | | 4.77 | | | 39,275 | | | 1,879 | | 4.78 | |
Junior subordinated debentures issued to capital trusts | |
| 37,746 | | | 1,787 |
| 4.73 | |
| 37,680 | | | 1,426 |
| 3.79 | |
Total interest-bearing liabilities | |
| 2,812,656 | | $ | 7,180 |
| 0.26 | % |
| 2,566,641 | | $ | 5,820 |
| 0.23 | % |
Noninterest-bearing deposits | |
| 1,051,187 | |
| |
|
| |
| 1,004,757 | |
|
|
|
| |
Noninterest-bearing liabilities | |
| 22,724 | |
| |
|
| |
| 29,060 | |
|
|
|
| |
Total liabilities | |
| 3,886,567 | |
| |
|
| |
| 3,600,458 | |
|
|
|
| |
Stockholders' Equity | |
| 383,306 | |
| |
|
| |
| 380,080 | |
|
|
|
| |
Total liabilities and stockholders’ equity | | $ | 4,269,873 | | | |
|
| |
| 3,980,538 | |
|
|
|
| |
| | | | | | | | | | | | | | | | | |
Net interest income/Net interest margin (1) | | | | | $ | 145,874 | | 3.54 | % |
| | | $ | 122,403 |
| 3.18 | % |
Tax-equivalent adjustment (2) | | | | |
| 2,499 | | 0.06 | |
| | |
| 2,028 |
| 0.05 | |
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3) | | | | | $ | 148,373 | | 3.60 | % |
| | | $ | 124,431 |
| 3.23 | % |
Net interest rate spread (4) | |
| | |
| | | 3.46 | % |
|
| |
|
|
| 3.10 | % |
Net interest-earning assets (5) | | $ | 1,305,468 | | | | |
| | $ | 1,279,832 | |
|
|
|
| |
Ratio of interest-earning assets to interest-bearing liabilities | |
| 1.46 | |
| | |
| |
| 1.50 | |
|
|
|
| |
Cost of total deposits | |
| | |
| | | 0.07 | % |
|
| |
|
|
| 0.07 | % |
Cost of funds | | | | | | | | 0.19 | | | | | | | | 0.16 | |
(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.
Page 7 of 10
HBT Financial, Inc.
Unaudited Consolidated Financial Summary
| | | | | | | | | | |
| | December 31, | | September 30, | | December 31, | | |||
|
| 2022 |
| 2022 |
| 2021 |
| |||
|
| (dollars in thousands) | | |||||||
NONPERFORMING ASSETS | | | | | | | | | | |
Nonaccrual | | $ | 2,155 | | $ | 3,206 |
| $ | 2,763 | |
Past due 90 days or more, still accruing (1) | |
| 1 | |
| — |
| | 16 | |
Total nonperforming loans | |
| 2,156 | |
| 3,206 |
| | 2,779 | |
Foreclosed assets | |
| 3,030 | |
| 2,637 |
| | 3,278 | |
Total nonperforming assets | | $ | 5,186 | | $ | 5,843 | | $ | 6,057 | |
| | | | | | | | | | |
Allowance for loan losses | | $ | 25,333 | | $ | 25,060 | | $ | 23,936 | |
Loans, before allowance for loan losses | | | 2,620,253 | | | 2,579,928 | | | 2,499,689 | |
| | | | | | | | | | |
CREDIT QUALITY RATIOS | |
|
| |
|
| |
|
| |
Allowance for loan losses to loans, before allowance for loan losses | |
| 0.97 | % |
| 0.97 | % |
| 0.96 | % |
Allowance for loan losses to nonaccrual loans | | | 1,175.55 | | | 781.66 | | | 866.30 | |
Allowance for loan losses to nonperforming loans | |
| 1,175.00 | |
| 781.66 | |
| 861.32 | |
Nonaccrual loans to loans, before allowance for loan losses | | | 0.08 | | | 0.12 | | | 0.11 | |
Nonperforming loans to loans, before allowance for loan losses | |
| 0.08 | |
| 0.12 | |
| 0.11 | |
Nonperforming assets to total assets | |
| 0.12 | |
| 0.14 | |
| 0.14 | |
Nonperforming assets to loans, before allowance for loan losses, and foreclosed assets | |
| 0.20 | |
| 0.23 | |
| 0.24 | |
(1) | Excludes loans acquired with deteriorated credit quality that are past due 90 or more days, still accruing totaling $145 thousand, $22 thousand, and $32 thousand as of December 31, 2022, September 30, 2022 and December 31, 2021, respectively. |
| | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended | | |||||||||||
| | December 31, | | September 30, | | December 31, | | December 31, | | |||||||
|
| 2022 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | | |||||
ALLOWANCE FOR LOAN LOSSES | | (dollars in thousands) | | |||||||||||||
Beginning balance | | $ | 25,060 | | $ | 24,734 | | $ | 24,861 | | $ | 23,936 | | $ | 31,838 | |
Provision | | | (653) | | | 386 | | | (843) | | | (706) | | | (8,077) | |
Charge-offs | | | (169) | | | (222) | | | (539) | | | (684) | | | (1,414) | |
Recoveries | | | 1,095 | | | 162 | | | 457 | | | 2,787 | | | 1,589 | |
Ending balance | | $ | 25,333 | | $ | 25,060 | | $ | 23,936 | | $ | 25,333 | | $ | 23,936 | |
| | | | | | | | | | | | | | | | |
Net charge-offs (recoveries) | | $ | (926) | | $ | 60 | | $ | 82 | | $ | (2,103) | | $ | (175) | |
Average loans, before allowance for loan losses | | | 2,600,746 | | | 2,481,920 | | | 2,432,025 | | | 2,514,549 | | | 2,271,544 | |
| | | | | | | | | | | | | | | | |
Net charge-offs (recoveries) to average loans, before allowance for loan losses * | | | (0.14) | % | | 0.01 | % | | 0.01 | % | | (0.08) | % | | (0.01) | % |
* Annualized measure.
HBT Financial, Inc.
Page 8 of 10
Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets
| | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended | | |||||||||||
| | December 31, | | September 30, | | December 31, | | December 31, | | |||||||
|
| 2022 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | | |||||
| | (dollars in thousands) | | |||||||||||||
Net income | | $ | 13,140 | | $ | 15,627 | | $ | 13,594 | | $ | 56,456 | | $ | 56,271 | |
Adjustments: | | | | | | | | | | | | | | | | |
Acquisition expenses | | | (630) | | | (462) | | | (879) | | | (1,092) | | | (1,416) | |
Branch closure expenses | | | — | | | — | | | — | | | — | | | (748) | |
Gains (losses) on sales of closed branch premises | | | — | | | (38) | | | — | | | 141 | | | — | |
Mortgage servicing rights fair value adjustment | | | (293) | | | 351 | | | 265 | | | 2,153 | | | 1,690 | |
Total adjustments | | | (923) | | | (149) | | | (614) | | | 1,202 | | | (474) | |
Tax effect of adjustments | | | 177 | | | (80) | | | 48 | | | (551) | | | (95) | |
Less adjustments, after tax effect | | | (746) | | | (229) | | | (566) | | | 651 | | | (569) | |
Adjusted net income | | $ | 13,886 | | $ | 15,856 | | $ | 14,160 | | $ | 55,805 | | $ | 56,840 | |
| | | | | | | | | | | | | | | | |
Average assets | | $ | 4,242,799 | | $ | 4,208,722 | | $ | 4,266,663 | | $ | 4,269,873 | | $ | 3,980,538 | |
| | | | | | | | | | | | | | | | |
Return on average assets * | | | 1.23 | % | | 1.47 | % | | 1.26 | % | | 1.32 | % | | 1.41 | % |
Adjusted return on average assets * | | | 1.30 | | | 1.49 | | | 1.32 | | | 1.31 | | | 1.43 | |
* Annualized measure.
Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended | |||||||||||
| | December 31, | | September 30, | | December 31, | | December 31, | |||||||
|
| 2022 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | |||||
| | (dollars in thousands, except per share data) | |||||||||||||
Numerator: | | | | | | | | | | | | | | | |
Net income | | $ | 13,140 | | $ | 15,627 | | $ | 13,594 | | $ | 56,456 | | $ | 56,271 |
Earnings allocated to participating securities (1) | | | (15) | | | (17) | | | (23) | | | (66) | | | (104) |
Numerator for earnings per share - basic and diluted | | $ | 13,125 | | $ | 15,610 | | $ | 13,571 | | $ | 56,390 | | $ | 56,167 |
| | | | | | | | | | | | | | | |
Adjusted net income | | $ | 13,886 | | $ | 15,856 | | $ | 14,160 | | $ | 55,805 | | $ | 56,840 |
Earnings allocated to participating securities (1) | | | (16) | | | (17) | | | (24) | | | (65) | | | (105) |
Numerator for adjusted earnings per share - basic and diluted | | $ | 13,870 | | $ | 15,839 | | $ | 14,136 | | $ | 55,740 | | $ | 56,735 |
| | | | | | | | | | | | | | | |
Denominator: | | | | | | | | | | | | | | | |
Weighted average common shares outstanding | | | 28,752,626 | | | 28,787,662 | | | 29,036,164 | | | 28,853,697 | | | 27,795,806 |
Dilutive effect of outstanding restricted stock units | | | 91,905 | | | 72,643 | | | 27,577 | | | 65,619 | | | 15,487 |
Weighted average common shares outstanding, including all dilutive potential shares | | | 28,844,531 | | | 28,860,305 | | | 29,063,741 | | | 28,919,316 | | | 27,811,293 |
| | | | | | | | | | | | | | | |
Earnings per share - Basic | | $ | 0.46 | | $ | 0.54 | | $ | 0.47 | | $ | 1.95 | | $ | 2.02 |
Earnings per share - Diluted | | $ | 0.46 | | $ | 0.54 | | $ | 0.47 | | $ | 1.95 | | $ | 2.02 |
| | | | | | | | | | | | | | | |
Adjusted earnings per share - Basic | | $ | 0.48 | | $ | 0.55 | | $ | 0.49 | | $ | 1.93 | | $ | 2.04 |
Adjusted earnings per share - Diluted | | $ | 0.48 | | $ | 0.55 | | $ | 0.49 | | $ | 1.93 | | $ | 2.04 |
(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 9 of 10
Reconciliation of Non-GAAP Financial Measures –
Net Interest Income and Net Interest Margin (Tax Equivalent Basis)
| | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended | | |||||||||||
| | December 31, | | September 30, | | December 31, | | December 31, | | |||||||
|
| 2022 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | | |||||
| | (dollars in thousands) | | |||||||||||||
Net interest income (tax equivalent basis) | | | | | | | | | | | | | | | | |
Net interest income | | $ | 42,183 | | $ | 37,390 | | $ | 32,859 | | $ | 145,874 | | $ | 122,403 | |
Tax-equivalent adjustment (1) | | | 698 | | | 674 | | | 514 | | | 2,499 | | | 2,028 | |
Net interest income (tax equivalent basis) (1) | | $ | 42,881 | | $ | 38,064 | | $ | 33,373 | | $ | 148,373 | | $ | 124,431 | |
| | | | | | | | | | | | | | | | |
Net interest margin (tax equivalent basis) | | | | | | | | | | | | | | | | |
Net interest margin * | | | 4.10 | % | | 3.65 | % | | 3.17 | % | | 3.54 | % | | 3.18 | % |
Tax-equivalent adjustment * (1) | | | 0.07 | | | 0.07 | | | 0.05 | | | 0.06 | | | 0.05 | |
Net interest margin (tax equivalent basis) * (1) | | | 4.17 | % | | 3.72 | % | | 3.22 | % | | 3.60 | % | | 3.23 | % |
| | | | | | | | | | | | | | | | |
Average interest-earning assets | | $ | 4,079,261 | | $ | 4,059,978 | | $ | 4,115,247 | | $ | 4,118,124 | | $ | 3,846,473 | |
* 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 | | Year Ended | | |||||||||||
| | December 31, | | September 30, | | December 31, | | December 31, | | |||||||
|
| 2022 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | | |||||
| | (dollars in thousands) | | |||||||||||||
Efficiency ratio (tax equivalent basis) | | |
| | |
| | |
| | |
| | |
| |
Total noninterest expense | | $ | 33,110 | | $ | 23,998 | | $ | 24,381 | | $ | 105,107 | | $ | 91,246 | |
Less: amortization of intangible assets | | | 140 | | | 243 | | | 255 | | | 873 | | | 1,054 | |
Adjusted noninterest expense | | $ | 32,970 | | $ | 23,755 | | $ | 24,126 | | $ | 104,234 | | $ | 90,192 | |
| | | | | | | | | | | | | | | | |
Net interest income | | $ | 42,183 | | $ | 37,390 | | $ | 32,859 | | $ | 145,874 | | $ | 122,403 | |
Total noninterest income | | | 7,889 | | | 8,234 | | | 9,354 | | | 34,717 | | | 37,328 | |
Operating revenue | | | 50,072 | | | 45,624 | | | 42,213 | | | 180,591 | | | 159,731 | |
Tax-equivalent adjustment (1) | | | 698 | | | 674 | | | 514 | | | 2,499 | | | 2,028 | |
Operating revenue (tax equivalent basis) (1) | | $ | 50,770 | | $ | 46,298 | | $ | 42,727 | | $ | 183,090 | | $ | 161,759 | |
| | | | | | | | | | | | | | | | |
Efficiency ratio | | | 65.85 | % | | 52.07 | % | | 57.15 | % | | 57.72 | % | | 56.46 | % |
Efficiency ratio (tax equivalent basis) (1) | | | 64.94 | | | 51.31 | | | 56.47 | | | 56.93 | | | 55.76 | |
(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 10 of 10
Reconciliation of Non-GAAP Financial Measures –
Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
| | | | | | | | | | |
|
| December 31, | | September 30, |
| December 31, | | |||
|
| 2022 |
| 2022 |
| 2021 | | |||
| | (dollars in thousands, except per share data) | | |||||||
Tangible common equity | | | | | | | | | | |
Total stockholders' equity | | $ | 373,632 | | $ | 359,073 | | $ | 411,881 | |
Less: Goodwill | | | 29,322 | | | 29,322 | | | 29,322 | |
Less: Core deposit intangible assets, net | | | 1,070 | | | 1,210 | | | 1,943 | |
Tangible common equity | | $ | 343,240 | | $ | 328,541 | | $ | 380,616 | |
| | | | | | | | | | |
Tangible assets | | | | | | | | | | |
Total assets | | $ | 4,286,734 | | $ | 4,213,324 | | $ | 4,314,254 | |
Less: Goodwill | | | 29,322 | | | 29,322 | | | 29,322 | |
Less: Core deposit intangible assets, net | | | 1,070 | | | 1,210 | | | 1,943 | |
Tangible assets | | $ | 4,256,342 | | $ | 4,182,792 | | $ | 4,282,989 | |
| | | | | | | | | | |
Total stockholders' equity to total assets | | | 8.72 | % | | 8.52 | % | | 9.55 | % |
Tangible common equity to tangible assets | | | 8.06 | | | 7.85 | | | 8.89 | |
| | | | | | | | | | |
Shares of common stock outstanding | | | 28,752,626 | | | 28,752,626 | | | 28,986,061 | |
| | | | | | | | | | |
Book value per share | | $ | 12.99 | | $ | 12.49 | | $ | 14.21 | |
Tangible book value per share | | | 11.94 | | | 11.43 | | | 13.13 | |
Reconciliation of Non-GAAP Financial Measures –
Return on Average Tangible Common Equity,
Adjusted Return on Average Stockholders' Equity and Adjusted Return on Tangible Common Equity
| | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended | | |||||||||||
| | December 31, | | September 30, | | December 31, | | December 31, | | |||||||
|
| 2022 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | | |||||
| | (dollars in thousands) | | |||||||||||||
Average tangible common equity | | | | | | | | | | | | | | | | |
Total stockholders' equity | | $ | 367,867 | | $ | 380,983 | | $ | 410,190 | | $ | 383,306 | | $ | 380,080 | |
Less: Goodwill | | | 29,322 | | | 29,322 | | | 29,322 | | | 29,322 | | | 25,057 | |
Less: Core deposit intangible assets, net | | | 1,134 | | | 1,356 | | | 2,092 | | | 1,480 | | | 2,333 | |
Average tangible common equity | | $ | 337,411 | | $ | 350,305 | | $ | 378,776 | | $ | 352,504 | | $ | 352,690 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 13,140 | | $ | 15,627 | | $ | 13,594 | | $ | 56,456 | | $ | 56,271 | |
Adjusted net income | | | 13,886 | | | 15,856 | | | 14,160 | | | 55,805 | | | 56,840 | |
| | | | | | | | | | | | | | | | |
Return on average stockholders' equity * | | | 14.17 | % | | 16.27 | % | | 13.15 | % | | 14.73 | % | | 14.81 | % |
Return on average tangible common equity * | | | 15.45 | | | 17.70 | | | 14.24 | | | 16.02 | | | 15.95 | |
| | | | | | | | | | | | | | | | |
Adjusted return on average stockholders' equity * | | | 14.98 | % | | 16.51 | % | | 13.70 | % | | 14.56 | % | | 14.95 | % |
Adjusted return on average tangible common equity * | | | 16.33 | | | 17.96 | | | 14.83 | | | 15.83 | | | 16.12 | |
* Annualized measure.