# EDGAR Filing Document

**Accession Number:** 0000775215
**File Stem:** 0001558370-23-003141
**Filing Date:** 2023-3
**Character Count:** 50724
**Document Hash:** 6a67b99d9a776db685b309f3802d5ce3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-003141.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001558370-23-003141

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230124

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HBT Financial, Inc.
- **CENTRAL INDEX KEY:** 0000775215
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 371117216
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39085
- **FILM NUMBER:** 23716212

**BUSINESS ADDRESS:**
- **STREET 1:** 401 N. HERSHEY ROAD
- **CITY:** BLOOMINGTON
- **STATE:** IL
- **ZIP:** 61702
- **BUSINESS PHONE:** (309) 662-4444

**MAIL ADDRESS:**
- **STREET 1:** 401 N. HERSHEY ROAD
- **CITY:** BLOOMINGTON
- **STATE:** IL
- **ZIP:** 61702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEARTLAND BANCORP, INC.
- **DATE OF NAME CHANGE:** 20190624

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEARTLAND BANCORP
- **DATE OF NAME CHANGE:** 19850822

?xml version='1.0' encoding='UTF-8'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K/A**

**(Amendment No. 1)**

**CURRENT REPORT PURSUANT TO**

**SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported): January 24, 2023

**HBT FINANCIAL, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39085** | **37-1117216** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification Number) |
| **401 North Hershey RoadBloomington, Illinois** |  | **61704** |
| (Address of principal executive<br>offices) |  | (Zip Code) |

---

**(888) 897-2276**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | HBT | The Nasdaq Stock Market LLC |

---

---

| | |
|:---|:---|
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
|  | Emerging growth company ☒ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |

---

#### Explanatory Note
HBT Financial, Inc. (the "Company") is filing this amendment to its Current Report on Form 8-K dated January 24, 2023 (the "Prior Report") in order to include revised financial information for the fourth quarter and year ended December 31, 2022. The financial information was revised due to a subsequent event that occurred following the filing of the Prior Report.

#### Item 2.02. Results of Operations and Financial Condition.
On January 25, 2023, the Company announced earnings for the fourth quarter and year ended December 31, 2022. Subsequent to its earnings release, the Company obtained new information related to a litigation loss contingency that resulted in the recognition of a $13.0 million accrual and a related $7.4 million insurance recovery receivable as of December 31, 2022. During the fourth quarter and year ended December 31, 2022, the estimated net settlement amount of $5.6 million has been recognized as other noninterest expense.

The effect of the foregoing reduced net income, as originally reported on January 25, 2023, by $4.0 million to $13.1 million and $56.5 million for the fourth quarter and year ended December 31, 2022, respectively, and reduced originally reported diluted earnings per share of $0.59 and $2.09 to $0.46 and $1.95 for the fourth quarter and year ended December 31, 2022, respectively.

The Unaudited Consolidated Financial Information Summary included within the Prior Report has been updated to reflect the changes to the Company's financial information for the fourth quarter and year ended December 31, 2022, and is attached as Exhibit 99.1, and incorporated by reference herein.

*The information contained in Item 2.02, including Exhibit 99.1 furnished herewith, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or into any filing or other document pursuant to the Exchange Act, except to the extent required by applicable law or regulation.*

**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 and Section 21E of the Exchange Act. 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," "continue," or "should," 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, including the proposed settlement of the legal actions discussed in Note 23 in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 8, 2023; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) potential adverse reactions or changes to business or employee relationships, including those resulting from the acquisition of Town and Country Financial Corporation ("Town and Country"); (xiv) the diversion of management time on transaction-related issues; (xv) the ultimate timing, outcome and results of integrating the operations of Town and Country into those of the Company; (xvi) the effects of the merger on the Company's future financial condition, results of operations, strategy and plans; and (xvii) 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.

#### Item 9.01. Financial Statements and Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | [Unaudited Consolidated Financial Summary for the Fourth Quarter Ended and Year Ended December 31, 2022.](hbt-20230124xex99d1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **HBT FINANCIAL, INC.** | **HBT FINANCIAL, INC.** |
|  | By: | /s/ Peter R. Chapman |
|  |  | Name: Peter R. Chapman |
|  |  | Title: Chief Financial Officer |
| Date: March 8, 2023 |  |  |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**HBT Financial, Inc.**

**Unaudited Consolidated Financial Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of or for the Three Months Ended**  | **As of or for the Three Months Ended**  | **As of or for the Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | | | | **December 31,**  | **December 31,**  |
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** | **2022** | **2021** |
|  | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** |
| Interest and dividend income | $44948 | $39014 | $34355 | $153054 | $128223 |
| Interest expense | 2765 | 1624 | 1496 | 7180 | 5820 |
| Net interest income | 42183 | 37390 | 32859 | 145874 | 122403 |
| Provision for loan losses | (653) | 386 | (843) | (706) | (8077) |
| Net interest income after provision for loan losses | 42836 | 37004 | 33702 | 146580 | 130480 |
| Noninterest income | 7889 | 8234 | 9354 | 34717 | 37328 |
| Noninterest expense | 33110 | 23998 | 24381 | 105107 | 91246 |
| Income before income tax expense | 17615 | 21240 | 18675 | 76190 | 76562 |
| Income tax expense | 4475 | 5613 | 5081 | 19734 | 20291 |
| Net income | $13140 | $15627 | $13594 | $56456 | $56271 |
| 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 <sup>(1)</sup> | $13886 | $15856 | $14160 | $55805 | $56840 |
| Adjusted earnings per share - Basic <sup>(1)</sup> | 0.48 | 0.55 | 0.49 | 1.93 | 2.04 |
| Adjusted earnings per share - Diluted <sup>(1)</sup> | 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 <sup>(1)</sup> | 11.94 | 11.43 | 13.13 |  |  |
| Shares of common stock outstanding | 28752626 | 28752626 | 28986061 |  |  |
| Weighted average shares of common stock outstanding | 28752626 | 28787662 | 29036164 | 28853697 | 27795806 |
| **SUMMARY RATIOS** |  |  |  |  |  |
| Net interest margin \* | 4.10% | 3.65% | 3.17% | 3.54% | 3.18% |
| Net interest margin (tax equivalent basis) \* <sup>(1)(2)</sup> | 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) <sup>(1)(2)</sup> | 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 \* <sup>(1)</sup> | 15.45 | 17.70 | 14.24 | 16.02 | 15.95 |
| Adjusted return on average assets \* <sup>(1)</sup> | 1.30% | 1.49% | 1.32% | 1.31% | 1.43% |
| Adjusted return on average stockholders' equity \* <sup>(1)</sup> | 14.98 | 16.51 | 13.70 | 14.56 | 14.95 |
| Adjusted return on average tangible common equity \* <sup>(1)</sup> | 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 <sup>(1)</sup> | 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 |  |  |

---

------

\*&nbsp;&nbsp;&nbsp;&nbsp; Annualized measure.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | | | | **December 31,**  | **December 31,**  |
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** | **2022** | **2021** |
| **INTEREST AND DIVIDEND INCOME** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** |
| &nbsp;&nbsp;Loans, including fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | $35839 | $29855 | $27884 | $120343 | $103900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federally tax exempt | 952 | 842 | 662 | 3135 | 2384 |
| &nbsp;&nbsp;Securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 6421 | 6635 | 4625 | 23368 | 16948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federally tax exempt | 1184 | 1207 | 1017 | 4569 | 4400 |
| &nbsp;&nbsp;Interest-bearing deposits in bank | 504 | 458 | 142 | 1541 | 527 |
| &nbsp;&nbsp;Other interest and dividend income | 48 | 17 | 25 | 98 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest and dividend income** | 44948 | 39014 | 34355 | 153054 | 128223 |
| **INTEREST EXPENSE** |  |  |  |  |  |
| &nbsp;&nbsp;Deposits | 849 | 587 | 651 | 2511 | 2472 |
| &nbsp;&nbsp;Securities sold under agreements to repurchase | 10 | 9 | 11 | 36 | 34 |
| &nbsp;&nbsp;Borrowings | 880 | 85 | 7 | 967 | 9 |
| &nbsp;&nbsp;Subordinated notes | 470 | 470 | 470 | 1879 | 1879 |
| &nbsp;&nbsp;Junior subordinated debentures issued to capital trusts | 556 | 473 | 357 | 1787 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | 2765 | 1624 | 1496 | 7180 | 5820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | 42183 | 37390 | 32859 | 145874 | 122403 |
| **PROVISION FOR LOAN LOSSES** | (653) | 386 | (843) | (706) | (8077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income after provision for loan losses** | 42836 | 37004 | 33702 | 146580 | 130480 |
| **NONINTEREST INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;Card income | 2642 | 2569 | 2518 | 10329 | 9734 |
| &nbsp;&nbsp;Wealth management fees | 2485 | 2059 | 2371 | 9155 | 8384 |
| &nbsp;&nbsp;Service charges on deposit accounts | 1701 | 1927 | 1716 | 7072 | 6080 |
| &nbsp;&nbsp;Mortgage servicing | 593 | 697 | 730 | 2609 | 2825 |
| &nbsp;&nbsp;Mortgage servicing rights fair value adjustment | (293) | 351 | 265 | 2153 | 1690 |
| &nbsp;&nbsp;Gains on sale of mortgage loans | 194 | 354 | 927 | 1461 | 5846 |
| &nbsp;&nbsp;Unrealized gains (losses) on equity securities | 33 | (107) | 33 | (414) | 107 |
| &nbsp;&nbsp;Gains (losses) on foreclosed assets | (122) | (225) | 184 | (314) | 310 |
| &nbsp;&nbsp;Gains (losses) on other assets | 17 | (31) | (4) | 136 | (723) |
| &nbsp;&nbsp;Income on bank owned life insurance | 42 | 41 | 41 | 164 | 41 |
| &nbsp;&nbsp;Other noninterest income | 597 | 599 | 573 | 2366 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | 7889 | 8234 | 9354 | 34717 | 37328 |
| **NONINTEREST EXPENSE** |  |  |  |  |  |
| &nbsp;&nbsp;Salaries | 13278 | 12752 | 12486 | 51767 | 48972 |
| &nbsp;&nbsp;Employee benefits | 2126 | 1771 | 1964 | 8325 | 6513 |
| &nbsp;&nbsp;Occupancy of bank premises | 1893 | 1979 | 1777 | 7673 | 6788 |
| &nbsp;&nbsp;Furniture and equipment | 633 | 668 | 793 | 2476 | 2676 |
| &nbsp;&nbsp;Data processing | 2167 | 1631 | 2153 | 7441 | 7329 |
| &nbsp;&nbsp;Marketing and customer relations | 867 | 880 | 1085 | 3803 | 3376 |
| &nbsp;&nbsp;Amortization of intangible assets | 140 | 243 | 255 | 873 | 1054 |
| &nbsp;&nbsp;FDIC insurance | 276 | 302 | 280 | 1164 | 1043 |
| &nbsp;&nbsp;Loan collection and servicing | 278 | 336 | 219 | 1049 | 1317 |
| &nbsp;&nbsp;Foreclosed assets | 33 | 97 | 204 | 293 | 908 |
| &nbsp;&nbsp;Other noninterest expense | 11419 | 3339 | 3165 | 20243 | 11270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expense** | 33110 | 23998 | 24381 | 105107 | 91246 |
| **INCOME BEFORE INCOME TAX EXPENSE** | 17615 | 21240 | 18675 | 76190 | 76562 |
| **INCOME TAX EXPENSE** | 4475 | 5613 | 5081 | 19734 | 20291 |
| **NET INCOME** | $13140 | $15627 | $13594 | $56456 | $56271 |
| **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** | 28752626 | 28787662 | 29036164 | 28853697 | 27795806 |

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*HBT Financial, Inc.*

*Page 3 of 10*

**HBT Financial, Inc.**

**Unaudited Consolidated Financial Summary**

**Consolidated Balance Sheets**

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| | | | |
|:---|:---|:---|:---|
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;Cash and due from banks | $18970 | $22169 | $23387 |
| &nbsp;&nbsp;Interest-bearing deposits with banks | 95189 | 56046 | 385881 |
| &nbsp;&nbsp;Cash and cash equivalents | 114159 | 78215 | 409268 |
| &nbsp;&nbsp;Interest-bearing time deposits with banks |  |  | 490 |
| &nbsp;&nbsp;Debt securities available-for-sale, at fair value  | 843524 | 853740 | 942168 |
| &nbsp;&nbsp;Debt securities held-to-maturity | 541600 | 546694 | 336185 |
| &nbsp;&nbsp;Equity securities with readily determinable fair value | 3029 | 2996 | 3443 |
| &nbsp;&nbsp;Equity securities with no readily determinable fair value | 1977 | 1977 | 1927 |
| &nbsp;&nbsp;Restricted stock, at cost | 7965 | 4050 | 2739 |
| &nbsp;&nbsp;Loans held for sale | 615 | 2297 | 4942 |
| &nbsp;&nbsp;Loans, before allowance for loan losses | 2620253 | 2579928 | 2499689 |
| &nbsp;&nbsp;Allowance for loan losses | (25333) | (25060) | (23936) |
| &nbsp;&nbsp;Loans, net of allowance for loan losses | 2594920 | 2554868 | 2475753 |
| &nbsp;&nbsp;Bank owned life insurance | 7557 | 7515 | 7393 |
| &nbsp;&nbsp;Bank premises and equipment, net | 50469 | 50854 | 52483 |
| &nbsp;&nbsp;Bank premises held for sale | 235 | 281 | 1452 |
| &nbsp;&nbsp;Foreclosed assets | 3030 | 2637 | 3278 |
| &nbsp;&nbsp;Goodwill | 29322 | 29322 | 29322 |
| &nbsp;&nbsp;Core deposit intangible assets, net | 1070 | 1210 | 1943 |
| &nbsp;&nbsp;Mortgage servicing rights, at fair value | 10147 | 10440 | 7994 |
| &nbsp;&nbsp;Investments in unconsolidated subsidiaries | 1165 | 1165 | 1165 |
| &nbsp;&nbsp;Accrued interest receivable | 19506 | 16881 | 14901 |
| &nbsp;&nbsp;Other assets | 56444 | 48182 | 17408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $4286734 | $4213324 | $4314254 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $994954 | $1017710 | $1087659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 2592070 | 2625733 | 2650526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 3587024 | 3643443 | 3738185 |
| &nbsp;&nbsp;Securities sold under agreements to repurchase | 43081 | 48130 | 61256 |
| &nbsp;&nbsp;Federal Home Loan Bank advances | 160000 | 60000 |  |
| &nbsp;&nbsp;Subordinated notes | 39395 | 39376 | 39316 |
| &nbsp;&nbsp;Junior subordinated debentures issued to capital trusts | 37780 | 37763 | 37714 |
| &nbsp;&nbsp;Other liabilities | 45822 | 25539 | 25902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 3913102 | 3854251 | 3902373 |
| **Stockholders' Equity** |  |  |  |
| &nbsp;&nbsp;Common stock | 293 | 293 | 293 |
| &nbsp;&nbsp;Surplus | 222783 | 222436 | 220891 |
| &nbsp;&nbsp;Retained earnings | 232004 | 223495 | 194132 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | (71759) | (77462) | 1471 |
| &nbsp;&nbsp;Treasury stock at cost | (9689) | (9689) | (4906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 373632 | 359073 | 411881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $4286734 | $4213324 | $4314254 |
| **SHARE INFORMATION** |  |  |  |
| &nbsp;&nbsp;Shares of common stock outstanding | 28752626 | 28752626 | 28986061 |

---

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*HBT Financial, Inc.*

*Page 4 of 10*

**HBT Financial, Inc.**

**Unaudited Consolidated Financial Summary**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **LOANS** |  |  |  |
| &nbsp;&nbsp;Commercial and industrial | $266757 | $240671 | $286946 |
| &nbsp;&nbsp;Agricultural and farmland | 237746 | 245234 | 247796 |
| &nbsp;&nbsp;Commercial real estate - owner occupied | 218503 | 226524 | 234544 |
| &nbsp;&nbsp;Commercial real estate - non-owner occupied | 713202 | 718089 | 684023 |
| &nbsp;&nbsp;Multi-family | 287865 | 260630 | 263911 |
| &nbsp;&nbsp;Construction and land development | 360824 | 364290 | 298048 |
| &nbsp;&nbsp;One-to-four family residential | 338253 | 328667 | 327837 |
| &nbsp;&nbsp;Municipal, consumer, and other | 197103 | 195823 | 156584 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Loans, before allowance for loan losses** | $2620253 | $2579928 | $2499689 |
| **PPP LOANS (included above)** |  |  |  |
| &nbsp;&nbsp;Commercial and industrial | $28 | $65 | $28404 |
| &nbsp;&nbsp;Agricultural and farmland |  |  | 913 |
| &nbsp;&nbsp;Municipal, consumer, and other |  |  | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total PPP Loans** | $28 | $65 | $29488 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **DEPOSITS** |  |  |  |
| &nbsp;&nbsp;Noninterest-bearing | $994954 | $1017710 | $1087659 |
| &nbsp;&nbsp;Interest-bearing demand | 1139150 | 1131284 | 1105949 |
| &nbsp;&nbsp;Money market | 555425 | 584202 | 583198 |
| &nbsp;&nbsp;Savings | 634527 | 641139 | 633171 |
| &nbsp;&nbsp;Time | 262968 | 269108 | 328208 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total deposits** | $3587024 | $3643443 | $3738185 |

---

------

*HBT Financial, Inc.*

*Page 5 of 10*

**HBT Financial, Inc.**

**Unaudited Consolidated Financial Summary**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Average**<br>**Balance** | <br>**Interest** | <br>**Yield/Cost \*** | **Average**<br>**Balance** | <br>**Interest** | <br>**Yield/Cost \*** | **Average**<br>**Balance** | <br>**Interest** | <br>**Yield/Cost \*** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **ASSETS** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $2600746 | $36791 | 5.61% | $2481920 | $30697 | 4.91% | $2432025 | $28546 | 4.66% |
| &nbsp;&nbsp;&nbsp;Securities | 1396401 | 7605 | 2.16 | 1470092 | 7842 | 2.12 | 1285672 | 5642 | 1.74 |
| &nbsp;&nbsp;&nbsp;Deposits with banks | 76507 | 504 | 2.61 | 105030 | 458 | 1.73 | 392729 | 142 | 0.14 |
| &nbsp;&nbsp;&nbsp;Other | 5607 | 48 | 3.37 | 2936 | 17 | 2.25 | 4821 | 25 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4079261 | $44948 | 4.37% | 4059978 | $39014 | 3.81% | 4115247 | $34355 | 3.31% |
| &nbsp;&nbsp;&nbsp;Allowance for loan losses | (25404) |  |  | (24717) |  |  | (24826) |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-earning assets | 188942 |  |  | 173461 |  |  | 176242 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $4242799 |  |  | $4208722 |  |  | $4266663 |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand | $1125877 | $177 | 0.06% | $1137072 | $144 | 0.05% | $1061481 | $145 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market | 572718 | 379 | 0.26 | 577388 | 203 | 0.14 | 589396 | 158 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 640668 | 53 | 0.03 | 649752 | 53 | 0.03 | 630489 | 53 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 266117 | 240 | 0.36 | 271870 | 187 | 0.27 | 322800 | 295 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2605380 | 849 | 0.13 | 2636082 | 587 | 0.09 | 2604166 | 651 | 0.10 |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 51703 | 10 | 0.08 | 50427 | 9 | 0.07 | 56861 | 11 | 0.08 |
| &nbsp;&nbsp;&nbsp;Borrowings | 92120 | 880 | 3.79 | 11967 | 85 | 2.80 | 5309 | 7 | 0.57 |
| &nbsp;&nbsp;&nbsp;Subordinated notes | 39384 | 470 | 4.73 | 39365 | 470 | 4.73 | 39305 | 470 | 4.74 |
| &nbsp;&nbsp;&nbsp;Junior subordinated debentures issued to capital trusts | 37770 | 556 | 5.84 | 37755 | 473 | 4.97 | 37704 | 357 | 3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2826357 | $2765 | 0.39% | 2775596 | $1624 | 0.23% | 2743345 | $1496 | 0.22% |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 1023355 |  |  | 1031407 |  |  | 1087468 |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing liabilities | 25220 |  |  | 20736 |  |  | 25660 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 3874932 |  |  | 3827739 |  |  | 3856473 |  |  |
| **Stockholders' Equity** | 367867 |  |  | 380983 |  |  | 410190 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $4242799 |  |  | $4208722 |  |  | $4266663 |  |  |
| Net interest income/Net interest margin <sup>(1)</sup> |  | $42183 | 4.10% |  | $37390 | 3.65% |  | $32859 | 3.17% |
| Tax-equivalent adjustment <sup>(2)</sup> |  | 698 | 0.07 |  | 674 | 0.07 |  | 514 | 0.05 |
| Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) <sup>(2) (3)</sup> |  | $42881 | 4.17% |  | $38064 | 3.72% |  | $33373 | 3.22% |
| Net interest rate spread <sup>(4)</sup> |  |  | 3.98% |  |  | 3.58% |  |  | 3.09% |
| Net interest-earning assets <sup>(5)</sup> | $1252904 |  |  | $1284382 |  |  | $1371902 |  |  |
| 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 |

---

------

\*&nbsp;&nbsp;&nbsp;&nbsp; Annualized measure.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net interest margin represents net interest income divided by average total interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(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**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Average**<br>**Balance** | <br>**Interest** | <br>**Yield/Cost** | **Average**<br>**Balance** | <br>**Interest** | <br>**Yield/Cost** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $2514549 | $123478 | 4.91% | $2271544 | $106284 | 4.68% |
| &nbsp;&nbsp;&nbsp;Securities | 1403016 | 27937 | 1.99 | 1148900 | 21348 | 1.86 |
| &nbsp;&nbsp;&nbsp;Deposits with banks | 197030 | 1541 | 0.78 | 422828 | 527 | 0.12 |
| &nbsp;&nbsp;&nbsp;Other | 3529 | 98 | 2.77 | 3201 | 64 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 4118124 | $153054 | 3.72% | 3846473 | $128223 | 3.33% |
| &nbsp;&nbsp;&nbsp;Allowance for loan losses | (24703) |  |  | (27999) |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-earning assets | 176452 |  |  | 162064 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $4269873 |  |  | $3980538 |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand | $1141402 | $607 | 0.05% | $1024888 | $518 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market | 582514 | 813 | 0.14 | 521366 | 437 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 650385 | 208 | 0.03 | 595887 | 188 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 283232 | 883 | 0.31 | 295788 | 1329 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 2657533 | 2511 | 0.09 | 2437929 | 2472 | 0.10 |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 51554 | 36 | 0.07 | 50104 | 34 | 0.07 |
| &nbsp;&nbsp;&nbsp;Borrowings | 26468 | 967 | 3.65 | 1653 | 9 | 0.54 |
| &nbsp;&nbsp;&nbsp;Subordinated notes | 39355 | 1879 | 4.77 | 39275 | 1879 | 4.78 |
| &nbsp;&nbsp;&nbsp;Junior subordinated debentures issued to capital trusts | 37746 | 1787 | 4.73 | 37680 | 1426 | 3.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2812656 | $7180 | 0.26% | 2566641 | $5820 | 0.23% |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 1051187 |  |  | 1004757 |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing liabilities | 22724 |  |  | 29060 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 3886567 |  |  | 3600458 |  |  |
| **Stockholders' Equity** | 383306 |  |  | 380080 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $4269873 |  |  | 3980538 |  |  |
| Net interest income/Net interest margin <sup>(1)</sup> |  | $145874 | 3.54% |  | $122403 | 3.18% |
| Tax-equivalent adjustment <sup>(2)</sup> |  | 2499 | 0.06 |  | 2028 | 0.05 |
| Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) <sup>(2) (3)</sup> |  | $148373 | 3.60% |  | $124431 | 3.23% |
| Net interest rate spread <sup>(4)</sup> |  |  | 3.46% |  |  | 3.10% |
| Net interest-earning assets <sup>(5)</sup> | $1305468 |  |  | $1279832 |  |  |
| 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 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net interest margin represents net interest income divided by average total interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(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,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **NONPERFORMING ASSETS** |  |  |  |
| Nonaccrual | $2155 | $3206 | $2763 |
| Past due 90 days or more, still accruing <sup>(1)</sup> | 1 |  | 16 |
| **Total nonperforming loans** | 2156 | 3206 | 2779 |
| Foreclosed assets | 3030 | 2637 | 3278 |
| **Total nonperforming assets** | $5186 | $5843 | $6057 |
| Allowance for loan losses | $25333 | $25060 | $23936 |
| Loans, before allowance for loan losses | 2620253 | 2579928 | 2499689 |
| **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 | 1175.55 | 781.66 | 866.30 |
| Allowance for loan losses to nonperforming loans | 1175.00 | 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 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | | | | **December 31,**  | **December 31,**  |
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** | **2022** | **2021** |
| **ALLOWANCE FOR LOAN LOSSES** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Beginning balance | $25060 | $24734 | $24861 | $23936 | $31838 |
| Provision | (653) | 386 | (843) | (706) | (8077) |
| Charge-offs | (169) | (222) | (539) | (684) | (1414) |
| Recoveries | 1095 | 162 | 457 | 2787 | 1589 |
| **Ending balance** | $25333 | $25060 | $23936 | $25333 | $23936 |
| Net charge-offs (recoveries) | $(926) | $60 | $82 | $(2103) | $(175) |
| Average loans, before allowance for loan losses | 2600746 | 2481920 | 2432025 | 2514549 | 2271544 |
| Net charge-offs (recoveries) to average loans, before allowance for loan losses \* | (0.14)% | 0.01% | 0.01% | (0.08)% | (0.01)% |

---

------

\*&nbsp;&nbsp;&nbsp;&nbsp; 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**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | | | | **December 31,**  | **December 31,**  |
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** | **2022** | **2021** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Net income | $13140 | $15627 | $13594 | $56456 | $56271 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;Acquisition expenses | (630) | (462) | (879) | (1092) | (1416) |
| &nbsp;&nbsp;Branch closure expenses |  |  |  |  | (748) |
| &nbsp;&nbsp;Gains (losses) on sales of closed branch premises |  | (38) |  | 141 |  |
| &nbsp;&nbsp;Mortgage servicing rights fair value adjustment | (293) | 351 | 265 | 2153 | 1690 |
| Total adjustments | (923) | (149) | (614) | 1202 | (474) |
| Tax effect of adjustments | 177 | (80) | 48 | (551) | (95) |
| Less adjustments, after tax effect | (746) | (229) | (566) | 651 | (569) |
| Adjusted net income | $13886 | $15856 | $14160 | $55805 | $56840 |
| Average assets | $4242799 | $4208722 | $4266663 | $4269873 | $3980538 |
| 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 |

---

------

\*&nbsp;&nbsp;&nbsp;&nbsp; Annualized measure.

**Reconciliation of Non-GAAP Financial Measures –** 

**Adjusted Earnings Per Share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | | | | **December 31,**  | **December 31,**  |
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** | **2022** | **2021** |
|  | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** |
| **Numerator:** |  |  |  |  |  |
| &nbsp;&nbsp;Net income | $13140 | $15627 | $13594 | $56456 | $56271 |
| &nbsp;&nbsp;Earnings allocated to participating securities <sup>(1)</sup> | (15) | (17) | (23) | (66) | (104) |
| &nbsp;&nbsp;Numerator for earnings per share - basic and diluted | $13125 | $15610 | $13571 | $56390 | $56167 |
| &nbsp;&nbsp;Adjusted net income | $13886 | $15856 | $14160 | $55805 | $56840 |
| &nbsp;&nbsp;Earnings allocated to participating securities <sup>(1)</sup> | (16) | (17) | (24) | (65) | (105) |
| &nbsp;&nbsp;Numerator for adjusted earnings per share - basic and diluted | $13870 | $15839 | $14136 | $55740 | $56735 |
| **Denominator:** |  |  |  |  |  |
| &nbsp;&nbsp;Weighted average common shares outstanding | 28752626 | 28787662 | 29036164 | 28853697 | 27795806 |
| &nbsp;&nbsp;Dilutive effect of outstanding restricted stock units | 91905 | 72643 | 27577 | 65619 | 15487 |
| &nbsp;&nbsp;Weighted average common shares outstanding, including all dilutive potential shares | 28844531 | 28860305 | 29063741 | 28919316 | 27811293 |
| **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 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | | | | **December 31,**  | **December 31,**  |
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** | **2022** | **2021** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Net interest income (tax equivalent basis)** |  |  |  |  |  |
| &nbsp;&nbsp;Net interest income | $42183 | $37390 | $32859 | $145874 | $122403 |
| &nbsp;&nbsp;Tax-equivalent adjustment <sup>(1)</sup> | 698 | 674 | 514 | 2499 | 2028 |
| &nbsp;&nbsp;Net interest income (tax equivalent basis) <sup>(1)</sup> | $42881 | $38064 | $33373 | $148373 | $124431 |
| **Net interest margin (tax equivalent basis)** |  |  |  |  |  |
| &nbsp;&nbsp;Net interest margin \* | 4.10% | 3.65% | 3.17% | 3.54% | 3.18% |
| &nbsp;&nbsp;Tax-equivalent adjustment \* <sup>(1)</sup> | 0.07 | 0.07 | 0.05 | 0.06 | 0.05 |
| &nbsp;&nbsp;Net interest margin (tax equivalent basis) \* <sup>(1)</sup> | 4.17% | 3.72% | 3.22% | 3.60% | 3.23% |
| Average interest-earning assets | $4079261 | $4059978 | $4115247 | $4118124 | $3846473 |

---

------

\*&nbsp;&nbsp;&nbsp;&nbsp; Annualized measure.

&nbsp;&nbsp;&nbsp;&nbsp;(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**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | | | | **December 31,**  | **December 31,**  |
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** | **2022** | **2021** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Efficiency ratio (tax equivalent basis)** |  |  |  |  |  |
| &nbsp;&nbsp;Total noninterest expense | $33110 | $23998 | $24381 | $105107 | $91246 |
| &nbsp;&nbsp;Less: amortization of intangible assets | 140 | 243 | 255 | 873 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted noninterest expense** | $32970 | $23755 | $24126 | $104234 | $90192 |
| &nbsp;&nbsp;Net interest income | $42183 | $37390 | $32859 | $145874 | $122403 |
| &nbsp;&nbsp;Total noninterest income | 7889 | 8234 | 9354 | 34717 | 37328 |
| &nbsp;&nbsp;**Operating revenue** | 50072 | 45624 | 42213 | 180591 | 159731 |
| &nbsp;&nbsp;Tax-equivalent adjustment <sup>(1)</sup> | 698 | 674 | 514 | 2499 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating revenue (tax equivalent basis)** <sup>(1)</sup> | $50770 | $46298 | $42727 | $183090 | $161759 |
| Efficiency ratio | 65.85% | 52.07% | 57.15% | 57.72% | 56.46% |
| Efficiency ratio (tax equivalent basis) <sup>(1)</sup> | 64.94 | 51.31 | 56.47 | 56.93 | 55.76 |

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

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*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**

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| | | | |
|:---|:---|:---|:---|
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** |
|  | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** |
| **Tangible common equity** |  |  |  |
| &nbsp;&nbsp;Total stockholders' equity | $373632 | $359073 | $411881 |
| &nbsp;&nbsp;Less: Goodwill | 29322 | 29322 | 29322 |
| &nbsp;&nbsp;Less: Core deposit intangible assets, net | 1070 | 1210 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tangible common equity** | $343240 | $328541 | $380616 |
| **Tangible assets** |  |  |  |
| &nbsp;&nbsp;Total assets | $4286734 | $4213324 | $4314254 |
| &nbsp;&nbsp;Less: Goodwill | 29322 | 29322 | 29322 |
| &nbsp;&nbsp;Less: Core deposit intangible assets, net | 1070 | 1210 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tangible assets** | $4256342 | $4182792 | $4282989 |
| 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 | 28752626 | 28752626 | 28986061 |
| Book value per share | $12.99 | $12.49 | $14.21 |
| Tangible book value per share | 11.94 | 11.43 | 13.13 |

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**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**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | | | | **December 31,**  | **December 31,**  |
|  | **December 31,** <br>**2022** | **September 30,** <br>**2022** | **December 31,** <br>**2021** | **2022** | **2021** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Average tangible common equity** |  |  |  |  |  |
| &nbsp;&nbsp;Total stockholders' equity | $367867 | $380983 | $410190 | $383306 | $380080 |
| &nbsp;&nbsp;Less: Goodwill | 29322 | 29322 | 29322 | 29322 | 25057 |
| &nbsp;&nbsp;Less: Core deposit intangible assets, net | 1134 | 1356 | 2092 | 1480 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Average tangible common equity** | $337411 | $350305 | $378776 | $352504 | $352690 |
| Net income | $13140 | $15627 | $13594 | $56456 | $56271 |
| Adjusted net income | 13886 | 15856 | 14160 | 55805 | 56840 |
| 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 |

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\*&nbsp;&nbsp;&nbsp;&nbsp; Annualized measure.

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