Business
HBT Financial, Inc. Announces Third Quarter 2022 Financial Results
Third Quarter Highlights Net income of $15.6 million, or $0.54 per diluted share; return on average assets (ROAA) of 1.47%; return on average stockholders'
About this update from Hbt Financial, Inc.
[{"type":"text","content":"Third Quarter Highlights Net income of $15.6 million, or $0.54 per diluted share; return on average assets (ROAA) of 1.47%; return on average stockholders' equity (ROAE) of 16.27%; and return on average tangible common equity (ROATCE)(1) of 17.70%Adjusted net income(1) of $15.9 million; or $0.55 per diluted share; adjusted ROAA(1) of 1.49%; adjusted ROAE(1) of 16.51%; and adjusted ROATCE(1) of 17.96%Asset quality remained strong with nonperforming assets to total assets of 0.14%Cost of total deposits remained low at 0.06% (1) See \"Reconciliation of Non-GAAP Financial Measures\" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. BLOOMINGTON, Ill., Oct. 24, 2022 (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 $15.6 million, or $0.54 diluted earnings per share, for the third quarter of 2022. This compares to net income of $14.1 million, or $0.49 diluted earnings per share, for the second quarter of 2022, and net income of $13.7 million, or $0.50 diluted earnings per share, for the third quarter of 2021. Fred L. Drake, Chairman and Chief Executive Officer of HBT Financial, said, “We delivered another strong financial performance in the third quarter with earnings increasing from the prior quarter, while we continued to maintain exceptional asset quality and strong capital ratios. We generated our strongest loan growth of the year which enabled us to drive further improvement in our mix of earning assets. Combined with stable deposit costs, this resulted in significant expansion in our net interest margin. While continuing to generate strong financial results, we signed a merger agreement with Town and Country Financial Corporation (“Town and Country”) that we believe will create additional long-term value for shareholders. The transaction remains on track to close during the first quarter of 2023, and we look forward to welcoming our new customers and colleagues, and capitalizing on our expanded footprint in Illinois that we believe will enhance our ability to continue generating profitable growth in the years to come.” Adjusted Net Income In addition to reporting GAAP results, the Company believes adjusted net income and adjusted ear...