Business
HBT Financial, Inc. Announces First Quarter 2024 Financial Results
First Quarter Highlights Net income of $15.3 million, or $0.48 per diluted share; return on average assets (“ROAA”) of 1.23%; return on average stockholders'
About this update from Hbt Financial, Inc.
[{"type":"text","content":"First Quarter Highlights Net income of $15.3 million, or $0.48 per diluted share; return on average assets (“ROAA”) of 1.23%; return on average stockholders' equity (“ROAE”) of 12.42%; and return on average tangible common equity (“ROATCE”)(1) of 14.83%Adjusted net income(1) of $18.1 million; or $0.57 per diluted share; adjusted ROAA(1) of 1.45%; adjusted ROAE(1) of 14.72%; and adjusted ROATCE(1) of 17.57%Asset quality remained strong with nonperforming assets to total assets of 0.20%, close to a historic lowNet interest margin and net interest margin (tax-equivalent basis)(1) remained stable at 3.94% and 3.99%, respectively BLOOMINGTON, Ill., April 22, 2024 (GLOBE NEWSWIRE) -- 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 $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024. This compares to net income of $18.4 million, or $0.58 diluted earnings per share, for the fourth quarter of 2023, and net income of $9.2 million, or $0.30 diluted earnings per share, for the first quarter of 2023. J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “This has been an excellent start to 2024 as we continue to show the strength of our franchise. Our profitability remained very strong with an adjusted ROAA(1) of 1.45% and an adjusted ROATCE(1) of 17.57%. Our net interest margin (tax-equivalent basis)(1) was stable at 3.99%, as the increase in funding costs has slowed. Deposits, excluding brokered deposits, increased slightly during the quarter while loans had a small decline. The decrease in loans included the payoff of several loans that had interest rates lower than the current yield on cash, so it did not have a material impact on profitability. Credit quality has remained strong, as evidenced by a net recovery for the quarter and nonperforming loans to total assets still being near a historic low. Despite an increase in interest rates having a negative impact on accumulated other comprehensive income (loss) during the quarter, we saw increases to all capital ratios and an increase to tangible book value per share(1) by $0.29. Tangible book value per share(1) has now grown by $1.74, or 15.2%, since March 31, 2023.”____________________________________(1) See “Reconcili...